Wednesday, june 29, 2016 by Newtelegraphonline

NDIC: Banks’ bad loans hit N648.8bn in 2015

lTwo lenders had capital adequacy ratios below 10% Tony Chukwunyem and Abdulwahab Isa

on-Perfor ming Loans (NPLs) of

Deposit Money Banks (DMBs) in the country increased to N648.89 billion in 2015, even as two lenders’ Capital Adequacy Ratio (CAR) fell

below the prescribed threshold of 10 per cent last year. The Nigeria Deposit Insurance Corporation (NDIC) made the dis-

closure in its annual report yesterday. Highlights of the report obtained by New Telegraph showed that banks’ bad loans

Facts and Figures

increased by 82.87 per cent in 2015 compared to the previous year’s figure, which the corporation, in its 2014 annual report, had put at N354.84 billion. CONTINUED ON PAGE 4

Fraud cases = 12,279 ATM/card related fraud cases = 8,039 Fraud cases by banks’ staff = 425 Cumulative loan recovery = N27.41bn Liquidation dividend to DMBs depositors = N95.77bn Amount lost to fraud-related transactions = N18.021bn Loss to Internet banking fraud = N857m

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NIGERIA’S MOST AUTHORITATIVE NEWSPAPER IN POLITICS AND BUSINESS

Wednesday, June 29, 2016

PDP factional chairmen back Sheriff }10

/newtelegraph /newtelegraph

Vol. 3 No. 861

Sheriff

Forgery: Ekweremadu petitions UN, US, UK, EU }4

Ekweremadu

Akinyemi to SGF: Confab delegates are not ‘boys’}4

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

Akinyemi

Mobile police officer held for robbery }9

N150

Owoseni

Plot to overthrow Buhari:

Politicians, officers behind coup rumour –Army }2

lBuratai: We're developing cyber warriors to fight terrorists 28 DEAD, 60 INJURED AS BOMBERS ATTACK TURKISH AIRPORT

}44

Scenes of the attack at the Ataturk Airport, Istanbul, Turkey... yesterday.

Dasuki authorised me to pay Jonathan's cousin $40m –Witness

lAlleged N4.6bn fraud: Court remands Fani-Kayode, Usman in prison Stress leads to rapid spread of cancer }44

NEWS

WednESday, JUNE 29, 2016 NEW TELEGRAPH

Politicians, officers behind coup rumour –Army Emmanuel Onani Abuja

he Chief of Army Staff (COAS), Lt-Gen. Tukur Buratai, has accused some officers and political class of being responsible for the rumour of a plot to overthrow the government of President Muhammadu Buhari. He, however, did not disclose the identities of dramatis personae behind the rumoured coup. Buratai, who spoke yesterday at a press conference on Nigerian Army Day Celebration scheduled to hold between July 11 and 14, however, warned against any military misadventure, saying investigations were ongoing to unmask those behind the speculation. He said it would be

foolhardy for anyone to attempt to destabilise government, even as he stated that the ongoing investigation was in the interest of national security. "We are much better under democracy. Military misadventure in democracy should not repeat itself. "We see it as an attempt to show some misgivings by some officers and the political class, but they will fail,” the COAS said. A group of militants under the aegis of the Joint Niger Delta Liberation Force (JNDLF) had alleged of a sinister plot by some unnamed military officers to disrupt civil rule. “We are constrained to let the cat out of the bag today that President Muhammadu Buhari should be wary about the security of this country as some military men are making

moves to remove him from power by instigating civil unrest in the country. “Some top military men, through their civil agents, approached us to cause and continue the vandalism of oil and gas pipelines in the Niger Delta to serve as an excuse to take over the government from democracy to military rule in the country,” the group had said in a statement. Speaking on the sack of over 20 senior officers, Buratai said: “Due process was followed in their sack, and we are making clarifications.” He applauded the fact that some of the affected officers have approached the court to seek redress, noting that some of them have written to the Army, and that same was being looked at. Buratai said that the

Nigerian Army had begun the process of developing 'cyber warriors' within the Force. The COAS noted that the initiative would help the Nigerian Army fight and defeat 'terrorists', who he said, have since migrated to the cyber space, where they have launched a campaign of calumny against the Army. This was as the Army Chief insisted that the recent compulsory retirement of some senior officers, followed due process. Buratai made the disclosures yesterday in Abuja, at a press conference on Nigerian Army Day Celebration scheduled to hold between July 11 and 14. While responding to allegations by an online report recently, that the COAS owns some properties in Dubai, he simply expressed confidence that

L-R: Acting Director, Army Public Relations, Col. Sani Usman; Chief of Civil-Military Affairs, Maj.-Gen. Rogers Nicholas and Chief of Army Staff, Lt.-Gen. Tukur Buratai, briefing newsmen on the activities to mark the 2016 Army Day celebration in Abuja …yesterday. PHOTO: NAN

as the Army defeated Boko Haram in the North-East, so will it defeat terrorists on the Internet and other electronic media platforms. In the said report, Buratai was alleged to own properties, which were said to have been acquired through suspicious means. He was also alleged to have refurbished some motorbikes, and presented them as brand new ones. But, the COAS in a reaction yesterday, said: “We have already defeated the insurgents and terrorists on the land; now, they have migrated to the Internet and other electronic media. “I want to tell them that now that the insurgents have migrated to the cyber space, we will follow them there and clear their doubts; we will defeat them. “We are developing our own cyber warriors in the Nigerian Army, and we will defeat them as we defeated Boko Haram in the North-East.” Answering a question on the position of the abducted Chibok schoolgirls vis-a-vis the rescued teenage-girl, the COAS said the case of the abducted girls has been politicised. He, however, reiterated the fact that the Army will remain apolitical and professional, as it sustains its operation to rescue the schoolgirls and other captives. “You have been told that two of the Chibok girls have been rescued. I know, as it is now, the issue of the Chibok girls has

Akinyemi to SGF: Confab delegates are not ‘boys’ Wale Elegbede

ormer Minister of External Affairs and Deputy Chairman, 2014 National Conference, Prof. Bolaji Akinyemi, has chided the Secretary to the Government of the Federation (SGF), Engr. Babachir David Lawal, for referring to delegates of the conference as “boys”. He stated that the language used by Lawal is crude and unbecoming of the office he occupies. In a statement personally signed by the professor of political science and made available to New Telegraph, Akinyemi said though he has no quarrel with the opposition of government to the conference, he, however, noted that most of the delegates at the Confab were people who had paid their dues and served the country in high and exalted positions. Lawal, in an interview published over the week-

end, had said the government has not taken a decision on the 2014 National Conference, adding that, “I understand that some Nigerians want it implemented, but the government has been too busy with key areas of governance to talk about an exercise that we thought was essentially diversionary and a sort of, maybe, a ‘job for the boys’, because if you remember, it was reported that almost everybody in the committee got N7 million, and we consider it essentially as job for the boys.” Responding to Lawal, the confab co-chairman said: “As a matter of principle, since the end of the conference, I had refrained from playing an advocacy role vis-à-vis the position of this government as regards the Report of the 2014 Conference. “But my attention has just been drawn to the interview granted by the SGF… I have no quarrel

with the SGF reiterating the opposition of government to the 2014 National Conference. But I find the language in which his views are couched to be crude, rude, offensive and unbecoming of the high office of state he occupies. “He referred to the delegates as “boys”. Among the delegates are the Emir of Ilorin, the Lamido of Adamawa, King Alfred Diete Spiff, the Gbong Gwom of Jos, Emir of Yauri, Emir of Dutse, Emir of Askira, the Amanyanabo of Nembe, judges of the High Courts. Delegates included a former Chief of Defence Staff, a former Chief of Air Staff, three former Foreign Ministers, a former Inspector-General of Police, two former Senate Presidents, a former SGF, several former ministers, SANs, former governors, professors etc. “Presiding was a former Chief Justice of Nigeria and a former Minister of

External Affairs. “My own upbringing and diplomatic and scholar’s disposition will not allow me to yield to the temptation to call Engr. Lawal by the name his own choice of words has reduced him to. Most of the delegates there were people who had paid their dues, served this country in high and exalted positions, risked their lives in the civil war and other domestic insurrections and showed exceptional excellence in the performance of their duties, obviously more excellence than Engr. Lawal had demonstrated in his one year in office.” Akinyemi also denied that the delegates collected N7 million each. “In the same interview, the SGF was quoted as saying “it was reported that almost everybody in the committee got N7 million.” Come on, Mr. SGF. Grow up. You have been in the office that funded the

Conference and you have been there for over a year, and all you need to do is to send for the files to know that what members were paid is much less than N7 million per member. You do not have to depend on rumours or “dem say”. “Frankly, I will not plead for the Report of the Conference to be considered by your government. Governments come and governments go. The problems will remain. We will all be judged by whether we were part of the solution or part of the problems.”

48.9

The annual mortality rate (per 100,000) due to Alzheimer’s Disease in South Dakota State in 2010.

Source: Alz.org

$2.5m

The total amount from endorsements of Yaya Toure (Soccer) for 2015. Source: Forbes.com

been politicised. “We are not deterred by this. Anybody that we rescue is as important as the Chibok girls,” he said. He said the abducted schoolgirls could be “spread over, or they could be in one place”, adding that “we are still searching for them, and we will continue to search for them. “Today, their condition, nobody can say, but we are still working on intelligence.” Meanwhile, there are indications that the Federal Government may have given a clean bill of health to Buratai, in respect of a recent online report alleging shady acquisition of property in Dubai, the United Arab Emirate (UAE). According to PRNigeria, the said acquisitions were in line with the capital market principles of shareholding. The report said: "The capital market principle that governed the properties in issue, as it was found by investigators, was akin to having shares in companies instead of wholly owning the properties." It added that "The government, after investigating a recent media report over the acquisition of properties in Dubai, United Arab Emirates (UAE) by General Buratai, discovered that he and his wives invested as “shareholders” like many other persons in the properties mentioned in the publications and were not the sole owners." The report quoted a source as noting that: "If you know the properties being referred to, you would know that they are like quoted companies. You buy into them and get dividends as profit from your investments. You can also do your own private findings on this fact." An intelligence military officer said to have been involved in the investigation, was said to have confirmed that “the Dubai property is real estate investment tailored to operate on capital market principles of shares for dividends and profits as proceeds from investment rather than total ownership of the property.” The source further disclosed that “The large scale farm produces grains, cassavas, millets and also has fish pond apart from variety of animals and reptiles that provide specialised nutrients and medicament for different clients. The 1999 Constitution (as amended) under Fifth Schedule Part 1- permits a public officer to engage in farming."

NEWS

WednESday, JUNE 29, 2016 NEW TELEGRAPH

Dasuki authorised me to pay Jonathan's cousin $40m – Witness Tunde Oyesina ABUJA

he Prosecution Witness 1 in the ongoing trial of a cousin of former President Goodluck Jonathan, Azibaola Roberts, over alleged $40

million money laundering, yesterday told the Federal High Court sitting in Abuja that the former National Security Adviser (NSA), Col. Sambo Dasuki (rtd), instructed him to prepare the payment mandate in favour of One Plus Limited. The Federal Govern-

UN releases N3.7bn to Internally Displaced Persons

he United Nations Humanitarian Chief, Mr. Stephen O’Brien has released about N3.7 billion ($13 million) as life-saving support to the 250,000 Internally Displaced Persons (IDPs) in the North-East. The UN Office for the Coordination of Humanitarian Affairs, who announced this in a statement, said that the money was released by the Central Emergency Response Fund (CERF). “United Nations humanitarian chief, Stephen O’Brien, has released $13 million from the Central Emergency Response Fund (CERF), to provide life-saving assistance to 250,000 people in parts of the North-East of Nigeria. “The destruction of crops and looting of livestock have left many people unable to support their families. More than 50,000 people need seeds and tools for the upcoming planting

season. Women, girls, men and boys have suffered or witnessed terrible abuses. “CERF funds will enable humanitarian partners to provide critical psycho- social support and protection services. CERF funding will help them to rebuild their livelihoods,” it said. According to the statement, the Humanitarian Response Plan for Nigeria was revised upwards by N14.3 billion ($51 million) this month, and currently needs N78.4 billion (about $279 million).

The percentage of the population of men above 60 years of Brunei Darussalam in 2012. Source: Un.org

The total number of matches played by Uruguay at Brazil 2014 World Cup. Source: Fifa.com

ment is prosecuting Roberts, alongside his wife, Stella, on a seven-count charge bordering on money laundering. The witness, Ibrahim Maye Maye, told the court that Dasuki had endorsed a memo to him with details of the company's account, adding that the memo was sent to him in his capacity as the Permanent Secretary, Special Service Office, a department in the office of the Secretary to the Government of the Federation (SGF). According to him, "On August 20, 2014, the NSA endorsed a memo to me which originated from the Director of Finance and Administration in the office of the NSA, giving bank details of a company called One Plus.

"The memo also gave details of the purpose for which the company was to be paid the sum of $40 million. "The NSA instructed me to prepare payment and my understanding of that was that I should prepare the payment mandate for One Plus for his signature. "After I got the memo, I prepared the payment mandate, sent it to him, he signed and sent it back to me. "The subsequent necessary action was for me to counter sign, which I did and I sent it to the Central Bank of Nigeria (CBN) for payment." Earlier, counsel to Roberts, Chris Uche (SAN) had urged the court for a short adjournment on the

ground that he has not had ample time to meet with his client since he was granted bail to prepare his defence. He told the court that when bail was granted, he had had difficulties in perfecting the bail conditions, adding that the conditions were only perfected last week. He, however, requested for more time to prepare his defence because there were some documents that he needed to subpoena from the office of the NSA. Uche also hinged his prayer for adjournment on his indisposition. Opposing the application, prosecuting counsel, Sylvanus Tahir, told the court that they had a witness already in court who

Former Minister of Aviation, Chief Femi Fani-Kayode (second left) and former Minister of Finance, Senator Nenadi Usman, at the Federal High Court in Lagos… yesterday

Alleged N4.6bn fraud: Court remands Fani-Kayode, Usman in prison Akeem Nafiu

Federal High Court sitting in Lagos yesterday remanded in prison custody two former ministers – Femi Fani-Kayode (Aviation) and Esther Nenadi Usman (Finance) – over an alleged N4.6 billion fraud. The former ministers and other accused persons are to remain in prison pending when their bail applications will be heard on July 1. Justice Sule Hassan gave the order after FaniKayode, Usman, Danjuma Yusuf and a company, Jointrust Dimension Nigeria Limited were docked on a 17-count charge by the Economic and Financial Crimes Commission (EFCC). The two former ministers were directors of the 2015 Peoples Democratic Party (PDP) Presidential Campaign Organisation. The N4.6 billion was part of the campaign funds for the PDP presidential election in 2015. Fani-Kayode, a former Minister of Aviation,

served as Director of Media and Publicity while Usman, a former senator and onetime Minister of Finance, served as Director of Finance. The duo played crucial roles in the failed reelection bid of the then incumbent president, Dr. Goodluck Jonathan. The EFCC, in a charge marked FHC/L/ C/251c/2016, accused the defendants of conspiracy, unlawful retention of proceeds of theft and money laundering. The accused were alleged to have committed the offences between January and March 2015. On counts one to seven, they were alleged to have unlawfully retained about N3.8 billion, which they “reasonably ought to have known formed part of the proceeds of an unlawful act of stealing and corruption.” On counts eight to 14, the accused were alleged to have unlawfully used about N970 million which they “reasonably ought to have known formed part of an unlawful act of corruption.”

was stopped from going on Lesser Hajj on account of the trial. Tahir said that they had prevailed on the witness to postpone his trip and not allowing him to give his testimony would amount to a waste of effort. On the issue of indisposition, Tahir submitted that the defence had about 19 other lawyers on the team and so even without the lead counsel, trial could commence. The trial judge, Justice Nnamdi Dimgba dismissed the defence application and ordered that trial should commence since the defence had sufficient time to prepare. He later adjourned the case till July 4 and 5 for continuation of trial.

On counts 15 to 17, FaniKayode, together with a man, Olubode Oke, still at large, were alleged to have made cash payments of about N30 million in excess of the amount allowed by law without going through a financial institution. Besides, Fani-Kayode was alleged to have made payments to one Paste Poster Co. (PPC) of No. 125, Lewis St., Lagos, in excess of amounts allowed by law. The offences, according to the EFCC, contravene the provisions of Sections 15 (3), (4), 16 (2), (b) and 16 (5) of the Money Laundering (Prohibitions) (Amendment) Act, 2012 They, however, pleaded not guilty to the charge when it was read out to them. Upon their arraignment, EFCC lawyer, Rotimi Oyedepo, sought for an accelerated hearing of the case and urged the court to remand all the accused persons in prison custody pending the final determination of the case. However, defence lawyers, Fred Orbih (SAN),

Ifedayo Adedipe (SAN) and S. I. Ameh, while expressing their support for the accelerated hearing of the case were opposed to Oyedepo's request for the remand in prison custody of the accused persons pending the final determination of the matter. Speaking on the issue, Usman's lawyer, Orbih informed the court that he has filed his client's bail application and had served it on the prosecution. He later urged the court to allow him move the bail application. In the same vain, FaniKayode's lawyer, Adedipe, informed the court that he had also filed a bail application on behalf of his client and same has also been served on the prosecution. The silk added that since the service of the bail application on the EFCC since June 16, he is yet to be served with any counter-affidavit. He then urged the court to hear his client's bail application. This was also the position of the third accused person's lawyer, Ameh.

In his response, EFCC's lawyer, Oyedepo, informed the court that Usman and Yusuf's bail applications were just served on him and that he needed time to respond to the applications. Oyedepo, while conceding that Fani-Kayode's bail application has been served on the commission since June 16, said he plans to give a single response to all the applications. He then sought an adjournment to enable him respond to all the applications. In a short ruling on the issue, Justice Hassan said: "I have listened to the arguments canvassed by both parties. The prosecution was only served yesterday and in the interest of justice, it will be better if the prosecution is given the opportunity to respond to the applications. "In the instance, the matter is hereby adjourned till Friday, July 1, for hearing and ruling on bail applications," the judge said. Justice Hassan, however, ordered that the accused persons be remand-

ed in prison custody until the next adjourned date. Some of the counts in the charge read as thus: "That you, Nnenadi Esther Usman, Femi FaniKayode, Danjuma Yusuf And Jointrust Dimension Nigeria Ltd, on or about the 8th day of January, 2015, within the jurisdiction of this honourable court, conspired amongst yourselves to indirectly retain the sum of N1.5 billion, which sum you reasonably ought to have known forms part of the proceeds of an unlawful act to wit: stealing, and you thereby committed an offence contrary to Section 18(a) of the Money Laundering (Prohibition) (Amendment) Act, 2012 and punishable under Section 15(3) & 4 of the same Act. "That you, Nnenadi Esther Usman, Danjuman Yusuf And Jointrust Dimension Nigeria Ltd, on or about the 9th day of January, 2015, within the jurisdiction of this honourable court in Nigeria indirectly retained the sum of N300 million, which sum you reasonably ought to have known forms part of the proceeds of an unlawful act to wit: corruption."

NEWS

WednESday, JUNE 29, 2016 NEW TELEGRAPH

Forgery: Ekweremadu petitions UN, US, UK, EU Onwuka Nzeshi ABUJA

arely 24 hours after his arraignment in court on charges of alleged forgery of parliamentary rules, Deputy President of the Senate, Ike Ekweremadu, has written to the United Nations, United States’ Congress and the European Union (EU) Parliament, alerting the international community over what he described

as an attempt to truncate Nigeria’s democracy and silence him as the highest ranking member of the opposition in the country. In a two-page letter, titled: “Re: Trumped Up Charges Against the Presiding Officers of the 8th Senate: Nigerian Democracy is in Grave Danger,” Ekweremadu said that his trial alongside the President of the Senate, Dr. Bukola Saraki and two others was part of an orchestrated attempt to stifle the opposition and ensure

the full entrenchment of dictatorship in Nigeria. Ekweremadu, who attached copies of the court summons and other relevant documents relating to the forgery case to his letter, wants the international community to judge whether or not the trial was justified or borne out of political vendetta. According to him, neither his name nor that of the President of the Senate, featured either in the petition by the aggrieved members of the Senate

Unity Forum (SUF) or during the investigation of the petition by the police. He added that their arraignment before the court could not be divorced from the perceived bid by some elements in the Nigerian government bent on crippling the parliament in the name of fighting corruption. The letter, which was also copied to the Embassy of the United States, the United Kingdom and other foreign missions in Nigeria read in parts: "I wish to

L-R: Managing Director, Gabfol Lounge Limited, Mr. Foluso Adeagbo; Ooni of Ife, Oba Adeyeye Ogunwusi Ojaja II and his wife, Wuraola, at the Murtala Mohammed International Airport, Lagos after their arrival from New York aboard Arik Air...yesterday.

Banks’ bad loans hit N648.8bn in 2015 CONTINUED FROM PAGE 1

According to the 2015 report, “The banking industry’s total assets grew marginally by 1.36 per cent, total loans and advances rose by 5.56 per cent, shareholders’ funds, unimpaired by losses, increased by 14.02 per cent while capital adequacy ratio stood at 17.66 per cent. “However, total deposit liabilities declined by 2.83 per cent, unaudited profits decreased by 2.02 per cent, while non-performing loans increased by 82.87per cent in 2015.” The report stated that NPLs to total loans ratio for the industry increased from 2.81 per cent in 2014 to 4.87 percent in 2015, albeit being within the regulatory threshold of 5 per cent. The report, however, disclosed that the banking industry’s capital base remained strong, pointing out that the CAR was 17.66 per cent in 2015 compared with 15.92 per cent in 2014, but exceeding the minimum threshold of 10 per cent and 15 per cent for national and international banks respectively. According to the NDIC, two lenders, however, seem to be in trouble, as their CARs fell below the prescribed threshold of 10 per cent in 2015. It will be recalled that the Central Bank of Nigeria (CBN), in its Financial Stability Report (FSR)

released last month, attributed the rise in the industry’s NPLs in 2015 to the continued fall in oil prices during the period under review. Meanwhile, the corporation’s annual report also showed that the total amount of funds lost to fraud-related transactions in the banking industry dipped by N7.59 billion from N25.608 billion figure of 2014 to N18.021 billion in 2015. The decrease in amount lost to fraud represents 29.63 per cent, while a total of. 12,279 fraud cases were reported during the year, representing an increase of 15.71 per cent against 10,612 fraud cases reported in 2014. The actual loss suffered by insured banks also decreased by N3.02 billion or 48.79 per cent from N6.19 billion in 2014 to N3.17 billion in 2015, NDIC’s annual statement indicated. "The actual loss sustained in respect to Internet banking fraud was N857 million, representing 27 per cent of total loss of the industry. There was an increase in the frequency of ATM/card related fraud cases from 7,181 in 2014 to 8,039 in 2015, an increase of 11.95 per cent. However, the loss suffered by the industry due to such frauds declined significantly by 59.4 per cent of total industry loss to fraud and forgeries".

According to the study, of 12,279 fraud cases reported by banks, 425 cases were attributed to staff, while the number of fraud cases perpetrated by staff had decreased from 465 in 2014 to 425 in 2015. Similarly, the report noted that losses arising therefrom substantially decreased by 70 per cent from N3.165 billion in 2014 to N0.979 billion in 2015, noting that, "the highest percentage of fraud and forgery cases of 38.59 per cent were perpetrated by temporary staff." In a related development, loan recovery in the industry increased tremendously during the year under review. For 2015, NDIC put the amount of cumulative loan recovery at N27.41 billion as at 31st December 2015, compared with N26.75 billion as at 31st December 2014. Similarly, the cumulative risk assets recovered from closed Micro Finance Banks amounted to N125.61 million as at 31st December, 2015 compared with N124.38 million as at 31st December, 2014, while the debt recoveries from debtors of Primary Mortgage Banks in liquidation amounted to N24.73 million as at 31st December, 2015. The corporation disclosed that it made a cumulative payment of N6.796 billion to 426,324 insured depositors of closed

Money Deposit Banks as at 31st December 2015 as against N6.795 billion to 426,320 insured depositors in 2014. For MFBs category, the corporation said it made cumulative payment of N2.86 billion to 81,328 depositors of the closed MFBs as at 31st December 2015 as against N2.77 billion paid 80,178 depositors of closed MFBs as at 31st December 2014. Also, the corporation made cumulative payment of N45.05 million to 595 depositors of closed primary mortgage banks as at 31st December 2015 as against N2.02 million paid to 30 depositors in 2014. The sum of N95.77 billion was paid as liquidation dividend to depositors of DMBs in 2015 compared to N94.74 billion paid as at December 31st, 2014. The amount included the uninsured portion of private sector depositors of 11 out of the 13 banks closed postbank consolidation funded by the CBN. The corporation said it paid liquidation dividends to creditors of DMBs-inliquidation to the tune of N1,728.40 million in 2015 to 1,308 creditors of the 10 DMBs. The report showed that, a cumulative loan in the sum of N27.41 billion was recovered as at 31st December 2015 compared with N26.75 billion of 31st December, 2014.

forward to you the court summons containing the trumped up charges preferred against my person; the President of the Senate, His Excellency, Senator Bukola Saraki, CON; and two others. “I also wish to appeal to you to kindly find time to read through the annexures – petition by members of the Senate Unity Forum, statements by persons interrogated, and the police report – to see if we appeared anywhere in these documents. “You may, thereafter, judge for yourself whether the Federal Government, acting through the Attorney-General of the Federation, has any justification whatsoever to generate our names for trial. The list of the accused persons appear to have been politically generated because you cannot, by the documents attached, relate any of our names to the offence for which we are now being charged. “Moreover, the rules and principles of fair hearing have not been adhered to because the police have not interacted with me or

£43.4m

The net amount of money spent/ received by Manchester United in the summer 2015 transfer window. Source: 101greatgoals.com

the President of the Senate as at the time of writing this letter. “You may also wish to judge for yourself whether this trial orchestrated against me is not a political trial, calculated witchhunt, barefaced intimidation, and a clear attempt to emasculate the parliament and silence me as the leader and highest ranking member of the opposition in Nigeria. “You may further wish to judge for yourself whether this unfolding scenario, coupled with the clampdown on the opposition, such as targeted arrests and indefinite detention of opposition figures and dissenting voices in spite of court pronouncements and in clear violation of the Nigerian constitution, as well as the sustained marginalisation of the South-East and South-South geopolitical zones of Nigeria, does not constitute a grave danger to the nation’s hard-won democracy.” Ekweremadu recalled that before this time, an attempt was made on his life on November 17, 2015.

1,791m

The number of individuals using the internet in developing countries in 2013. Source: Itu.int

FIRS shuts Costain W/ Africa over N2bn tax debt

n continuation of its efforts to recover unpaid taxes, the Federal Inland Revenue Service (FIRS), yesterday in Lagos, sealed the offices of Costain West Africa Plc., First Deepwater Discovery Limited, CAT Construction Group Limited and OPI International Limited. The FIRS enforcement team, led by Anita Erinne, arrived Costain West Africa office, located at 174, Funso Williams Avenue, off Apapa/Oshodi Expressway about 1p.m. About half an hour later, the company was sealed. According to the FIRS, Costain West Africa Plc. owes N2 billion in Company Income Tax, Value Added Tax and other taxes. Also, First Deepwater Discovery Limited, located at 20, Ogunlana Drive, Surulere, has tax liabilities of N230 million, made up of withholding tax, education tax and value added tax, while CAT Construction Group Limited, located at 20C, Ogunlewe Street, off Ligali Ayorinde Street, Victoria Island, is owing N176 million in taxes. OPI International Limited, located at UBA House,

Marina, owes N3 million in company income tax and value added tax. A top management staff of OPI pleaded with the enforcement team to grant the company an extension of the grace period for the resolution of its tax liabilities. However, Anita Erinne, leader of the FIRS enforcement team, ignored pleas and ordered the office sealed after she had ordered the staff out of the office. In Onitsha, Anambra State, the FIRS team shut down four business premises. At the Building Materials International Market, Ogbunike, the team closed down the offices of Shoelz International Limited over a tax debt of N32 million. Also affected by the enforcement exercise was Midfield West Africa Limited, which defaulted on a tax obligation of N11 million. Felixo International Hotel Limited in Oba was sealed for owing taxes totalling N15 million. Also in Onitsha, Ekwenibe and Sons Trading Company Limited was shut over a tax liability of N78 million.

WednESday, JUNE 29, 2016 NEW TELEGRAPH

HIGH CHIEF GOVERNMENT EKPEMUPOLO (TOMPOLO) The Ibe-ebidouwei of Ijaw Nation

His Excellency, The President and Commander of the Arm Forces of Nigeria, Muhammandu Buhari, GCFR, Aso Rock Villa. Sir,

Your Military Has Not Returned The Golden Sword (Symbol Of Authority) And The Innocent Students As Well As The Palace Staff Picked Up At Oporoza Town, on Saturday, May 28, 2016 To Gbaramatu Kingdom

lease permit and pardon my choice of words in this letter, his excellency sir, as I am out to convey the obvious to you. It is pertinent to mention that I respect your position as the President of Nigeria and your age, as I am a well brought up African child.

seven years of that sad incident, the Federal Government is yet to pay the compensation. This incident also led to the declaration of the Presidential Amnesty programme for peace to reign, as the government find out that military action is not the best way to address the Niger Delta question, and the rest become a history in the life of those who led that invasion. I believe Mr President Today is exactly 31 days after the invasion of the traditional should learn a lesson from the 2009 military invasion and do the headquarters of Gbaramatu Kingdom, Oporoza town, by your needful. military led by Brig. General Faruk Yahaya of the 4th Brigade, Benin City, in search of me, with the allegation that I am the one behind Your excellency sir, as they say, “wonders shall never end”, am still the bombing and destruction of crude oil facilities in the Niger in a great shock as the only developmental project, which is the Delta region, and the incident happened in my absence, but I was Nigerian Maritime University, Okerenkoko, that was established informed that the army was on the loose, and committed so much by the previous administration in 2014, in the coastal area of the abomination in the community. Imagine, the traditional ruler of Niger Delta region to meet the yearnings and the aspiration of the the kingdom was literally placed on house arrest for one week. people is yet to commence academic session, even though all is set for the University to take off. For instance, there are over 20 As I said in my previous publications, the military made away gigantic buildings of various sizes with complete furniture in the with the symbol of Authority of the Gbaramatu people from temporary site Kurutie town, which some mischievous people the Egbesu Shrine, which I am the Chief Priest. They also made have given different narrations. Mr President sir, I wish to challenge away with other valuables worth several millions of naira from you to send your most trusted persons to come and see things for the community. The most annoying one is the purported arrest you, and I bet you, you will discover that some of your ministers are of ten young promising men most of whom are orphans, who not fit to work with you, because such ones are a clog in the wheel are secondary school students sitting for the West African Senior of progress as against your change mantra in which you rode Secondary School Examinations (WASSCE) and other palace staff, into power. That is not all, there is a governing council and senate and labelled them as members of the Niger Delta Avengers. As I properly constituted and a management council headed by a very write you now, these innocent young promising men are still with qualified Professor of engineering. What is more, even money was your military for no reason. This is truly man’s inhumanity to man duly appropriated in the 2015 budget for the University to take off, in our own country. We are presently being treated like conquered but was withheld for no reason. This is pure injustice of the highest people because of crude oil. This was how they arrested Chevron order. Nigeria Limited Staff on routine duty in Kokodiagbene community of Gbaramatu kingdom, and labelled them members of Niger Mr President sir, please kindly direct your army to return the looted Delta Avengers. It took spirited effort by leaders of the kingdom items including the symbol of authority, and also release those and other well-meaning Nigerians to convince the military, that innocent young men to continue their academic programme, even the arrested men were not involved in pipeline destruction. though they have missed the WASSCE for this year. Mr President, remember, there is no condition that is permanent. I have kept Mr President sir, please permit me to quickly recall a similar incident faith in this country. I have contributed in no small measure to the that occurred in May, 2009, when this same military invaded development of this country. It is my prayer that God Almighty several communities in Gbaramatu kingdom, under the command should preserve me and meet you again to tell you my side of the of late President Umaru Musa Yar’Adua. Traditional worship numerous stories you have been inundated about me. centres were desecrated, property were looted and above all, the multi-billion naira ultra-modern magnificent palace of the pere Thank you and God bless. of Gbaramatu kingdom was burned down, and his golden crown was stolen by the military. As peace loving people, the kingdom SIGNED approached the courts and demanded compensation for the unlawful invasion and destruction of property, in which the court HIGH CHIEF GOVERNMENT EKPEMUPOLO (TOMPOLO) awarded 99 billion naira in favour of Gbaramatu kingdom. After The Ibe-ebidouwei of Ijaw Nation

NEWS | national

wednesday, june 29, 2016 NEW TELEGRAPH

Tompolo to Buhari: Return symbol of our god Wale Elegbede

ormer militant leader, Government Ekpemupolo, popularly known as Tompolo, has written to President Muhammadu Buhari, asking that the military should return his symbol of authority as the chief priest of Egbesu Shrine, Oporoza, Gbaramatu Kingdom, removed from the traditional temple about a month ago. In an open letter written yesterday to the president, Tompolo said his symbol of authority was taken about 31 days ago, when soldiers invaded Oporoza to look for him on allegation that he was behind the bombing of oil facilities in the region. He added that they also placed the traditional ruler of Gbaramatu kingdom under house arrest for one week. He said: “As I said in my previous publications, the military made away with the symbol of authority of the Gbaramatu people from the Egbesu Shrine, which I am the Chief Priest. They also made away with other valuables worth several millions of naira from the community.

reason. This is truly man’s inhumanity to man in our own country. We are presently being treated like conquered people because of crude oil.” Tompolo said he was appealing to the President, “to please kindly direct your army to return the looted items, including the symbol of authority, and also release those innocent young men to continue their academic programme, even though they have missed the WAS-

Kunle Azeez

Multichoice receives CPC’s clean bill $21.7m

he Consumer Protection Council (CPC) has patted MultiChoice Nigeria on the back for the company's compliance with all its orders given after the conclusion of its investigation into the activities of multinational Digital Satellite Television (DStv). The Council also declared that its intervention into the activities of businesses through its sectoral investigation was to engender consumer confidence and to make genuine businesses more profitable. The Council’s DirectorGeneral, Mrs. Dupe Atoki, who made the disclosure at

a press conference, jointly addressed by the Council and MultiChoice Nigeria in Lagos, asserted that the yesterday’s news conference, “is a clear indication that if businesses will play by the rules and render satisfactory services to consumers, they will be validated by the CPC.” Atoki, while describing the pay-television company's compliance as "a model", emphasised that “the intervention of CPC in any business is not only to ensure consumer satisfaction by engendering value for money, but also has the long-term effect of instilling consumer confidence

SCE for this year. “Mr President, remember, there is no condition that is permanent. I have kept faith in this country. I have contributed in no small measure to the development of this country. It is my prayer that God Almighty should preserve me to meet you again to tell you my side of the numerous stories you have been inundated about me. “This was how they arrested Chevron Nigeria Limited Staff on routine

duty in Kokodiagbene community of Gbaramatu kingdom, and labelled them members of Niger Delta Avengers. It took spirited effort by leaders of the kingdom and other well -meaning Nigerians to convince the military, that the arrested men were not involved in pipeline destruction.” He noted further that: “Mr President Sir, please permit me to quickly recall a similar incident that occurred in May, 2009, when

“The most annoying one is the purported arrest of 10 young promising men, most of whom are orphans, who are secondary school students, sitting for the West African Senior Secondary School Examinations (WASSCE) and other palace staff, and labelled them as members of the Niger Delta Avengers. “As I write you now, these innocent young promising men are still with your military for no

in products and services and making genuine businesses more profitable.” While commenting on the action on MultiChoice, she referred to a self-imposed maxim of "regulating without strangulating business", submitting that “the investigation of MultiChoice Nigeria embodies the win-win outcome that this maxim represents, as it gives consumers value for money and henceforth, projects the services of MultiChoice Nigeria in a better light.” On the compliance status of the Council’s orders, she pointed out that the company, in line with CPC’s directive that

billing must be contemporaneous with service provision, had introduced a new initiative of resending reconnection messages at five minutes interval to ensure that a subscriber is immediately reconnected whenever subscription payment is received by the company’s systems. On CPC’s directive that MultiChoice should provide a window for subscribers wishing to suspend service to their decoders while away, she stated that the company, in line with the order, launched the suspension of DStv accounts service for subscribers on May 12.

Otedola: Lawan, Boniface demanded bribe, says witness Tunde Oyesina Abuja

prosecution witness in the ongoing trial of a former Chairman of the House of Representatives Ad-hoc Committee on Fuel Subsidy Regime, Farouk Lawan, yesterday told an Abuja High Court that his investigations revealed that the case was that of demand and receipt of bribe. The witness, David Igbodo, who is Commissioner of Police Legal Services and Investigating Police Officer (IPO) in the office of Inspector General of Police (IGP) Special Investigation Unit, said Lawan was caught on video receiving $500,000 USD from businessman, Femi

Otedola. The Federal Government is prosecuting Lawan on a seven-count criminal charge bordering on obtaining money from Otedola in order to doctor the committee’s report in favour of Zenon Oil and Gas Limited. When the matter came up yesterday, Defence Counsel, Benson Igbanoi, objected to the admissibility of a document tendered by Prosecution Counsel in the matter, Adegboyega Awomolo (SAN), stating the requirement of certification for its admissibility into evidence. Awomolo had tendered a letter dated April 19, 2012, signed on behalf of Forte Oil. Awomolo had presented the document along with Exhibit PW2L.

this same military invaded several communities in Gbaramatu kingdom. I am still in a great shock as the only developmental project, Nigerian Maritime University, Okerenkoko, established by the previous administration in 2014 in the coastal area of the Niger Delta region to meet the yearnings and the aspiration of the people, is yet to commence academic session. Even though all is set for University’s take off,” Tompolo said.

The total pay (including salary/ winnings & endorsements) of Yaya Toure (Soccer) for 2015. Source: Forbes.com

FG toying with Niger Delta's future –UNDEDSS Wale Elegbede

he United Niger Delta Energy Development Security Strategy (UNDEDSS) has decried the attitude of the Federal Government to the lingering Niger Delta hostilities, stating that the attempt of the government to deploy sinister divide and rule tactics against the region’s key actors would be resisted. Addressing newsmen after its emergency executive meeting yesterday, UNDEDSS Secretary General, Mr. Tony Uranta, disclosed that the Niger Delta was unanimously resolved to resist any further attempts by the Federal Government to toy with Nigeria's future by continuing to maliciously deploy the military in the region or attempting to deploy sinister divide and rule tactics against the region's key actors. The UNDEDSS scribe decried what he called "the ongoing farce by too many of President Buhari's political friends and ministers, who are wasting time establishing so-called contact committees that will not resolve pertinent issues sustainably".

No adverse consequence of Brexit on Nigeria, says LCCI Taiwo Hassan

he Lagos Chamber of Commerce and Industry (LCCI), has allayed the fears that the exit of United Kingdom (UK) from the European Union (EU) will have severe consequence on the two countries’ six billion pounds worth of bilateral trades. Already, the United Kingdom’s decision to exit

the EU is causing volatility in markets all over the globe, including Africa. In a press statement from the chamber made available to the New Telegraph and signed by its Director-General, Muda Yusuf, it said that the impact of Brexit on the Nigerian economy is unlikely to be profound. Yusuf explained that negotiations on Brexit exit will still take the next two

years, adding that most of the current responses were driven by uncertainties and expectations which will fizzle out in the not too distant future. He said that the two countries’ bilateral trade would remain cordial in the aftermath of the Brexit exist, adding that Britain accounts for only 4.4 per cent of Nigerian global trade and the EU accounts for 38.8 per cent.

WednESday, JUNE 29, 2016 NEW TELEGRAPH

Central Bank of Nigeria www.cbn.gov.ng 07002255226

In furtherance of the transparency and full disclosure stance of the Central bank of Nigeria, the Monetary Policy Committee has decided that henceforth the lending rates obtainable in all Deposit Money Banks (DMBs) be made public to guide business decisions. Consequently, find below the applicable rates for each of the DMBs as at June 24, 2016. The rates will also be available on the website of the Central Bank of Nigeria. Average Deposit and Lending Rates as at June 24, 2016 Deposit Rate S/N

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

NAME OF BANK

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

Demand Savings Deposit Deposit Ave.Int Rate 0.06 0.90 0.46 0.01 0.61 2.00 -

Ave.Int Rate 3.60 3.60 3.60 3.60 3.30 3.60 3.60 -

0.70 0.60 1.36 0.01 0.50 0.05 0.75 0.67 0.50

3.60 3.60 3.60 3.60 3.53 3.60 3.60 3.60 3.60 3.60 3.60 3.60

Lending Rate Time Deposit Ave.Int Rate 6.56 3.96 8.16 6.00 5.50 8.50 6.50 6.65 9.75 9.29 6.28 9.00 11.39 8.27 8.55 5.63 7.40 6.03 6.80 6.00 9.00 6.50 5.00

Agriculture Prime

Max.

Mining & Quarrying Prime

Max.

7.00 17.00 14.00 14.00 20.00 6.00 6.00 9.00 -

25.00 21.00 24.00 22.00 27.00 27.00 28.00 27.00 -

17.00 14.00 17.00 21.00 17.50 19.00 20.00 -

21.00 24.00 25.00 24.00 21.00 28.00 27.00 -

14.00 23.00 19.00 9.00 5.50 16.00 7.00 26.50 7.00 24.00 9.00 17.00

20.00 26.00 30.00 28.00 28.00 25.00 26.00 26.50 25.00 30.00 25.00 19.00

16.00 19.00 28.00 16.00 17.00 19.00 26.50 24.00 24.00 17.00

16.00 30.00 31.00 27.00 17.00 27.00 28.50 29.00 30.00 23.00

Deposit Rate S/N

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

NAME OF BANK

Demand Savings Deposit Deposit Ave.Int Rate 0.06 0.90 0.46 0.01 0.61 2.00 -

Ave.Int Rate 3.60 3.60 3.60 3.60 3.30 3.60 3.60 -

0.70 0.60 1.36 0.01 0.50 0.05 0.75 0.67 0.50

3.60 3.60 3.60 3.60 3.53 3.60 3.60 3.60 3.60 3.60 3.60 3.60

Oil & Gas Prime 16.00 17.00 14.00 17.00 17.00 17.50 19.00 20.00 9.13 14.00 9.50 23.00 19.00 28.00 16.00 14.50 19.00 26.50 19.00 24.00 27.00 17.00

Max. 29.00 21.00 24.00 25.00 28.00 28.00 28.00 28.00 15.06 17.00 23.00 26.00 30.00 31.00 27.00 25.00 27.00 28.50 29.00 30.00 27.00 24.00

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

Max. 25.00 21.00 24.00 25.00 24.00 26.50 28.00 28.00 15.75 17.00 23.00 27.00 30.00 17.25 31.00 27.00 25.00 27.00 28.50 29.00 30.00 27.00 22.00

Real Estate & Const Prime 12.00 17.00 14.00 17.00 17.00 17.50 19.00 20.00 15.00 14.00 13.00 23.00 19.00 28.00 16.00 18.00 19.00 26.50 24.00 24.00 27.00 17.00

Max. 25.00 21.00 24.00 25.00 28.00 25.50 28.00 27.00 19.00 17.00 22.00 27.00 30.00 31.00 26.00 25.00 27.00 28.50 29.00 30.00 28.00 24.00

Lending Rate Time Deposit Ave.Int Rate 6.56 3.96 8.16 6.00 5.50 8.50 6.50 6.65 9.75 9.29 6.28 9.00 11.39 8.27 8.55 5.63 7.40 6.03 6.80 6.00 9.00 6.50 5.00

General Comm. Prime

Max.

12.00 17.00 14.00 17.00 17.00 17.50 19.00 20.00 14.00 12.00 23.00 19.00 27.00 13.75 14.50 19.00 26.50 24.00 24.00 27.00 17.00

29.00 21.00 24.00 26.00 28.00 30.00 28.00 27.00 17.00 23.00 29.00 30.00 31.00 28.00 25.00 27.00 29.00 29.00 30.00 28.00 27.00

Mortgage Prime

Max.

13.00 14.00 17.00 14.00 17.50 19.00 20.00 -

25.00 24.00 25.00 26.75 19.95 28.00 30.00 -

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

24.00 26.00 30.00 31.00 26.00 18.00 27.00 28.50 29.00 30.00 27.00 23.00

Transp. & Comm. Prime 13.00 17.00 14.00 17.00 16.00 17.50 19.00 20.00 9.78 14.00 10.90 23.00 19.00 11.75 28.00 16.00 14.00 19.00 26.50 19.00 24.00 27.00 17.00

Max. 27.00 21.00 24.00 25.00 28.00 23.50 28.00 27.00 22.00 17.00 21.00 28.00 30.00 11.75 31.00 27.00 25.00 27.00 28.50 29.00 30.00 29.00 25.00

Fin. & Ins. Prime 10.00 17.00 14.00 17.00 21.00 17.50 19.00 20.00 19.00 14.00 16.00 23.00 19.00 15.20 28.00 13.75 18.00 19.00 26.50 19.00 24.00 27.00 17.00

Max. 25.00 21.00 24.00 25.00 28.00 25.50 28.00 27.00 19.00 17.00 20.00 26.00 30.00 15.20 31.00 27.00 18.50 27.00 28.50 29.00 30.00 27.00 24.00

Govt. Prime

Max.

8.00 14.00 17.00 15.00 17.50 19.00 19.00 14.00

18.00 24.00 23.00 19.00 23.00 28.00 28.00 16.00

12.50 9.00 19.00 9.00 14.00 16.00 19.00 26.50 24.00 24.00 27.00 17.00

18.00 9.00 30.00 28.00 24.00 16.00 27.00 26.50 29.00 30.00 26.00 24.00

These are the interest rates banks charge the public on loans and advances. It reflects the cost of borrowings and also includes all charges and commissions levied by banks. Signed:

Management

WEDNESDAY, JUNE 29, 2016 NEW TELEGRAPH

METRO Taiwo Jimoh

ne of the benefits of residing in police barracks is the belief that as a resident, one would always be safe from robbers, thieves and burglars. For any criminal to brave entering any police barracks to rob or steal is tantamount to treading where angels fear to tread. Today, residents of Alausa Barracks are complaining bitterly of incessant robbery attacks and breaking and entry. The barracks is right across the Lagos State Government’s Secretariat; a symbol of security and progress. Right inside the barracks is the Alausa Police Station. Yet, robbers and thieves have serially sneered at the police station and cheerfully gone about their operations. These complaints came to the fore after last Thursday’s incident. Thieves broke into apartments of policemen via windows and carted away valuables. The angry residents said this was not the first time such atrocity would be happening. According to the residents, one consistent feature of the robbers is that they always wear face masks. One of them said: “This is the fourth time it would be happening. There was a time robbers came into the barracks, robbed and raped. We are now scared.” Recalling last week’s Thursday incident, a resident said: “The robbers came through the Mammy Market around 2a.m. They pulled off the window of one of the senior officers’ apartments and stole phones.” They apparently had all the time in the world for they also went into the sitting room of a particular flat and stole laptops.

City Briefs Flora Onwudiwe

ommandant, Nigerian Armed Forces Resettlement Centre (NAFRC), Oshodi, Air Vice Marshal (AVM) Michael Iloenyosi has handed over symbol of authority to his successor, AVM Christopher Gudi. The handing over ceremony, which took place at the NAFRC headquarters’ parade ground, Lagos, had in attendance the General Officer Commanding (GOC), 81 Division of the Nigerian Army (NA), Major General Isidore Edet, the Flag Officer Commanding (FOC), Western Naval Command (WNC), Rear Admiral Fergusson Bobai, who was represented by Rear Admiral T. C. Udofia while the Air Officer Commanding (AOC),

ABIODUN BELLO

...CRIME, CITY WATCH, COURTS

Fear as robbers raid Lagos police barracks

Police Barrack Alausa, Ikeja, Lagos. PHOTO: SULEIMAN HUSAINI

One of the victims, identified simply as Mrs. Dosumu, said: “The robbery was not the first in the barracks. On that fateful day, there was no power supply before my children and I went to bed. We plugged and left our laptops and phones on a table near the window. We hoped that when they restored power, the phones and laptops would have charged before dawn. “It was when power was restored around 5a.m. that we knew that robbers had pulled down the window of our apartment and carted away our valuables. We reported the matter at Alausa Police Station.” Dosumu described the secu-

rity situation in the barracks as pathetic. She added: “This is not the first our own apartment had been robbed. There was a time robbers came and dared to venture into apartments of those living upstairs to rob.” Dosumu said that after the Thursday incident, “police wanted to raid some youths in the barracks, but I was advice by the wife of one of the Assistant Commissioner of Police (ACP) to stop the policemen from embarking on the raid”. When our correspondent visited the barracks, one of the damaged windows of a victim was seen dangling.

Another resident, who pleaded anonymity, said: “The robbery incident took everybody in the barracks by surprise. My family and I just moved into the barracks two months ago. We came from Ondo State to Lagos Command. It is strange to hear that people steal in barracks. I was shocked when I heard about the incident. Some of the robberies must be youths within who are jobless.” The state Police Public Relations Officer (PPRO), SP Dolapo Badmos, refused to speak on the robbery attack. She neither picked several calls put through to her mobile line nor responded to a text message on the issue.

NAFRC commandant retires

Iloenyosi (third left) at the event

Logistics Command, Ikeja, Air Vice Marshal Sani Ahmed represented the Chief of Air Staff

(CAS), Air Marshal Sadique Abubakar. Iloenyosi who became

the NAFRC commandant 10 months ago, said “my desire was to transform the centre into a model for others, improve the quality of training, the welfare of trainees, personnel and civilian staff serving in NAFRC.” Iloenyosi was appointed as the 27th commandant of NAFRC. The retired commandant, who hails from Abagana Local Government Area of Anambra State, was enlisted into the Nigeria Air Force in November 1979 as a member of Cadet Military Training Course and was commissioned to the rank of pilot officer in May 1982.

abiodun.bello@newtelegraphonline.com 08023938212

Gunmen kill four in Kaduna community Ibraheem Musa Kaduna

unmen invaded Gurguzu village near Maguzawa, a suburb of Rigasa in Igabi Local Government Area of Kaduna State and killed four persons. In the Monday evening attack, the assailants also injured about six people. The gunmen on motorcycles invaded a farm about 6p.m. and shot the people. As a result, about 500 people are now taking refuge at a primary school in Rigasa. The state government has, however, asked the citizens to remain calm and go about their lawful business, as it has launched a manhunt for the killers. Briefing journalists after the State Security Council meeting yesterday, the Assistant Commissioner of Police, Ahmed Abdullahi, said that command had immediately deployed its men when the killing occurred. He said: “Peace has returned and our men are patrolling the whole place.” Reports on social media had indicated that several people were killed by the gunmen and the entire village was sacked by the attackers. Speaking on the situation on ground, the Chairman, Interim Management Committee of Igabi Local Government, Jabir Khamis, said government was taking care of the 500 displaced people. He also said that peace had been restored in the affected village.

Police warn abandoned vehicles’ owners P

olice in Lagos State have urged owners of recovered or abandoned vehicles parked at Badagry Police Station to come forward to claim them within two weeks or forfeit them. The vehicles are Mazda car marked KRD 606 CM, Nissan Primera with registration number FST 879 BZ and another Mazda marked CZ 421 MUS. The police also warned that the vehicles would be auctioned if not claimed.

METRO

WEDNESDAY, JUNE 29, 2016 NEW TELEGRAPH

Mobile police sergeant held for robbery Juliana Francis

etectives attached to the Lagos State Police Command have arrested a serving mobile police sergeant for armed robbery. The mobile officer, identified simply as Zakaria, was attached to Mopol 20, Lagos State. Zakaria allegedly specialised in receiving stolen vehicles. He was arrested by policemen attached to the Federal Special AntiRobbery Squad (FSARS). Police discovered that Zakaria used to sell the stolen cars to ready buyers and give others out for car hire service. The downfall of Zakaria began after he was fingered by a suspected car thief identified as Olaitan Olajide. Olajide was arrested after he stole one of the cars parked inside

Lagos CP, Owoseni

a Catholic church in Festac area of AmuwoOdofin. Olajide, who confessed that he specialised in removing cars parked on church premises during worship hours, said that he had stolen numerous cars. A police source said: “The suspect boasted to policemen quizzing him

that there was no vehicle tracker he could not disable. He said he was a battery charger before he started stealing vehicles. When he was arrested, he mentioned Zakaria as the person who used to receive stolen vehicles from him.” The policemen argued over the best way to arrest Zakaria. They knew

if they asked Zakaria outright, he would deny being part of Olajide’s network. They decided to trick him. The source added: “In order to arrest Zakaria, police told Olajide to call him. The policemen told Olajide to tell Zakaria that he had a Pajero Jeep for sale. When Olajide called Zakaria, they greeted like old friends. When Olajide told him about the Pajero Jeep, Zakaria asked how much. Olajide said N5 million. Zakaria said he did not have that amount for now. The suspect told him to come and check out the jeep first. When he came to check out the car, FSARS operatives arrested him.” Police investigating the crime have discovered that a Federal Road Safety Commission (FRSC) official is also involved in the gang.

Bakers vow to raise price of bread Sola Adeyemo Ibadan

akers have threatened to jack up price of bread unless the Federal Government ensured the stability of price of raw materials. The Ibadan chapter of the Association of Master Bakers and Caterers of Nigeria issued the warning yesterday after an emergency meeting at its office at Olomi on Lagos-Ibadan Expressway. Members of the association, who also staged a protest, displayed placards with various inscriptions such as: “Price of flour and other bread ingredients is now on the high side,” “Federal Government should look into it,” “We can no longer bear the burden otherwise the price of loaves will be increased any moment from now.” The association, in a communiqué jointly signed by its Chairman and Secretary, Alhaji Rasaq Adelakun and Evangelist Paul Obafemi, said the current hike in price of its raw materials had become a burden on its members, a development which had denied them adequate profit in their businesses. The statement reads in part: “It has become imperative for our association to bring to the notice of the Federal Government how increase in prices of bread ingredients has remained unstable in the market. “The development has forced our members to struggle to make bread available at affordable

prices, despite the unstable market price of ingredients. While this lasted, our members have remained resolute to ensure that our numerous clients get bread at affordable price and in the same quality. “But we were committed to this course. The continuous hike has

made that decision more difficult for us, hence, our reason to cry out loud to the Federal Government to bail us out in this regard. If this persists, we could be forced to increase the prices of loaves any moment from now. “It is our wish to bring to the notice of the Federal

Bread

Government and our esteemed customers that in recent times, prices of ingredients we use in baking have continued to increase.” Some of the affected ingredients, according to the bakers, are: flour, sugar, yeast, salt, rolls of nylon, fuel, EDC, vegetable oil, butter among others. They said: “Price of flour has risen from N7,500 to N10,00; sugar from N8,500 to N11,000; yeast from N3,000 to N7,000; salt was N2,200 but now is N3,000; nylon roll rose from N11,000 to N29,000, diesel (litre) N130 increased to N180, EDC per 20 litre N13,000 to N19,000, vegetable oil/ preservative N11,000 to N22,000, sachet of butter N100 to N150, among others.”

Severing baby’s genitals, wicked, says gov’s wife Dan Atori MINNA

ife of the Niger State governor, Dr. Amina Bello, has described as wicked the action of a housewife, Baraatu Rabiu, who reportedly severed the genitals of her two-monthold stepson. Baraatu had reportedly severed the penis of the baby, Buhari Dauda, who was left in her care last weekend at Daikpe village, Kuta community in Shiroro Local Government Area. However, the baby survived the attack after doctors battled to save his life. A paediatric surgeon at the Ibrahim Babangida Specialist Hospital, Minna, Dr. Ibrahim Abdullahi, promised that Buhari had been reacting to treatment and now in a stable condition. Abdullahi said in an interview with our correspondent that “although the little boy has survived the attack, he has been inflicted with a permanent scar in his life. He would grow up into adulthood without a functional penis. “In fact, I can assure you that the boy will survive the attack but

he would not have a functional male organ”. But yesterday, the governor’s wife vowed to do everything possible to ensure justice was done in the case. Bello described the act as horrendous and the height of wickedness. She added that Baraatu must face the law. Reacting to the incident in a statement signed by her Press Secretary, Aisha Wakaso, the governor’s said it was heartbreaking to see an innocent boy go through such a near death experience. However, Bello expressed happiness that the boy was still alive and promised that everything would be done to bring the perpetrator of the dastardly act to justice. She said: “I have already put machinery in motion to ensure that the boy receives the best medical attention possible, so he can recover very quickly.” The governor’s wife also appealed to members of the public to always exercise restraint when they are angry, so that innocent children or even adults would not become unfortunate victims of unwarranted violence.

Baraatu

Seven-month-old baby needs N3m for surgery Camillus Nnaji

seven-month-old baby, Treasure Omogiate, who has been diagnosed with congenital heart disease, requires N3 million for an open heart surgery. Treasure was also diagnosed with hernia which also requires surgical operation. The baby’s mother, Mrs. Grace Omogiate, a private school teacher, said she and her husband had drained their purse and abandoned their jobs because of Treasure’s condition. Omogiate said the N3 million was required to foot the medical bill for the child’s surgery in India. The mother of four, who hails from Edo State but resides in Ogun State, said when they noticed that the baby was not grow-

ing well, was always crying and was restless, they decided to take her to Lagos University Teaching Hospital (LUTH) Idi-Araba, Lagos. A medical report signed by Professor C. A. N. Okoromah decribes Treasure as a paediatric cardiology patient at LUTH. After clinical evaluation, the baby, according to the report, has “symptomatic congenital heart disease confirmed by echocardiography as large perimembranous ventricular septal defect, small patent Ductus Arteriosus and Dysplastic Pulmonary valve”. The report reads in part: “Treasure will require further cardiovascular evaluation and possible open heart surgery to correct his heart defects in order to forestall irreversible and threatening complications.”

Another medical report signed by C. O. Onwudiwe, a unit consultant in LUTH, says Treasure has “right inguinascrotal hernia which parents said has been there from birth”. The mother said: “He was admitted at LUTH for two weeks after which the doctor recommended surgery. The doctor said the baby should not live on drugs, but surgery is required immediately. Treasure’s condition has affected the entire family drastically. Since November 2015, I have not gone to work. I could not make it because I cannot keep him in day care. We initially visited Kanu Heart Foundation in Ikeja, Lagos for assistance but we were told that over 1,000 heart patients were on their waiting list. “I’m not working again but depending on whatever my husband, Mr. Festus Omogiate, a

civil servant provides. We need peoples help to save this baby. People should please come to our assistance, no donation is too small. And God will continue to bless all those who will assist us to save Treasure.” Those who want to help Treasure can contact the editor.

Treasure

News|NATIONAL

WEDNESDAY, JUNE 29, 2016 NEW TELEGRAPH

Badeh wants me to claim N1.4bn property – Witness Tunde Oyesina ABUJA

Prosecution Witness in the ongoing trial of a former Chief of Defence Staff (CDS), Air Chief Marshal Alex Badeh before the Federal High Court sitting in Abuja over alleged diversion of funds belonging to the Nigerian Air Force

(NAF) yesterday insisted that he was pressured by the defendant to claim the property allegedly acquired with the proceeds of crime. Badeh is standing trial alongside Iyalikam Nigeria Limited for allegedly abusing his office as CDS by using the dollar equivalent of the sum of N1.4 billion removed from the accounts of NAF to purchase properties in choice areas of Abuja be-

tween January and December 2013 – an offence which contravenes Section 15 (2) (d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act. When the matter came up yesterday, the witness, Mustapha Yerima, who had earlier testified as PW4, further testified to the effect that Air Commodore Salisu Abdullahi Yushau (rtd) had invited

him over to the Defence House, after his (Yushau’s) retirement to coordinate the handover of documents and discuss progress of construction of the plaza, then ongoing. According to him, “In my evidence-in-chief, I testified that PW1 (Yushau) called a meeting after he had retired from the Nigerian Air Force. The meeting held at the Defence House and we discussed progress of work in the plaza. Barrister Timothy Muje and Barrister Umar were in attendance. I had met Umar once or twice before that meeting, but there isn’t much familiarity between us.”

L-R: Corporate Affairs Adviser, Nigerian Breweries Plc, Mr. Kufre Ekanem; past winner, NB Golden Pen Awards, Mr. Canice Opara; Managing Director/ CEO, Neo Media and Marketing, Mr. Ehi Braimah and Corporate Communications/ Public Affairs Manager, Nigerian Breweries Plc, Mr. Patrick Olowokere, during the 8th Nigerian Breweries Golden Pen Awards press conference in Lagos… yesterday. PHOTO: SULEIMAN HUSAINI

US centre poised to boost trade with Nigeria Wole Shadare

Chicago-based NonGovernmental Organisation (NGO), Africa Economic and Business Development Centre, has pledged to help Nigeria grow its business potentials by partnering entrepreneurs to facilitate easy business start-ups, especially for the lessprivileged. Besides business promotion, the centre will also help in encouraging, inspiring and motivating youths and young adults

in entrepreneurship by promoting peace and unity with the various participating countries that will in no small measure honour the continent of Africa. Towards this end, the organisation will be visiting Nigeria in August with its team, comprising American businessmen and women, including Dr. Clyde Rivers, who is also the acting Ambassador at Large for the Republic of Burundi, as appointed by President Pierre Nkurunziza.

FG to overhaul YouWin programme for optimum efficiency Abdulwahab Isa Abuja

he Federal Government has announced plans to rejig the multibillion naira youth empowerment entrepreneurship progrmme, YouWin, with a view to making it realise its primary objectives. To this end, the Federal Ministry of Finance, who supervises the programme, in a statement issued by Director (Information) Salisu Na’Inna Dambatta, has fixed a stakeholders’ consultation of the YouWin programme for July 22, 2016, in Abuja. YouWin programme took off in 2011, with the enrolment of 18, 000 young entrepreneurs trained in various aspects of Small and Medium Enterprises management and business skills. Of this number, 3, 900 of them, including 1, 200 women, were each given non-repayable take-off grants for businesses of their choice ranging from

Finance Minister reopens NERFUND Abdulwahab Isa Abuja

wo weeks after it was shut down on the order of the Minister of Finance, Mrs. Kemi Adeosun, to forestall staff protests from degenerating into the destruction of the facility, the Minister has directed staff of the National Economic Reconstruction Fund (NERFUND) to resume work today. Adeosun gave the directive in a statement issued yesterday by the Director of Information, Salisu Inna

Dambatta, which states that all contentious issues had been resolved. However, some members of staff of NERFUND, who spoke with New Telegraph on condition of anonymity, expressed surprise at the minister’s directive. One of the senior staff of NERFUND said: “You are just telling me now about the Minister’s directive. To the best of my knowledge, the Minister or any of her top officers has not called us for a meeting after NERFUND was indefinitely shut down some weeks ago. Asking questions about whether all contentious issues have

been resolve is untenable. Get back to the Ministry that issued the statement to ask that question.” Contacted on telephone yesterday to find out if NERFUND Managing Director and the Executive Director have been replaced, which was one of the basis for the protest, Dambatta declined further explanation. “I was a given specific instruction and that is what

N1 million up to a maximum of N10 million. The third edition of the programme, which is still running with 1,500 beneficiaries, has received N11.2 billion in funding and so far grants totaling N7.4 billion have been disbursed to the awardees. In June 2016 alone, N1.687 billion was paid to 638 awardees. The Minister of Finance, Mrs. Kemi Adeosun, said as part of the change agenda of the current administration, the YouWin programme has to be restructured to ensure efficiency, transparency and accountability in investing the capital grants given to the beneficiaries by the Federal Government. Adeosun confirmed that all FG commitments under the YouWIN programme will be fully met, but due diligence would be carried out on every beneficiary, using tools like the Bank Verification Number (BVN) and others before disbursements. I passed across in a statement,” he said. It will be recalled that members of staff of the agency were directed in a circular signed by the Permanent Secretary, Federal Ministry of Finance, Dr. Mahmoud Isa-Dutse, on June 15, 2016, to stay away from work to forestall further breakdown of law and order as a result of disputes between the Executive Management, Senior Management and other staff of the organisation.

740,724 £115.3m

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

The amount of money spent by Manchester United in the summer 2015 transfer window. Source: 101greatgoals.com

PDP factional chairmen pass vote of confidence on Sheriff Your actions’re eroding democratic principles, Onyekachi Eze ABUJA

arely a day after 24 state chairmen of the Peoples Democratic Party (PDP) adopted Senator Ahmed Makarfi as Chairman of the National Caretaker Committee of the party, some people who claimed to be PDP state chairmen, yesterday, passed a vote of confidence on the former National Chairman, Senator Ali Modu Sheriff. Also, the immediate past National Vice Chairman (South-South), Dr. Cairo Ojougboh, was named as Acting Deputy National Chairman to Sheriff.

Sheriff had last week, said his National Working Committee (NWC) would meet to appoint a someone from South-South as replacement to Prince Uche Secondus, who was the immediate National Deputy Chairman. Prince Boroye Biyi (Ondo State chairman) who moved the motion for the vote of confidence on behalf of the chapter chairmen, said it was based on the fact that PDP has come back to life since Sheriff became the National Chairman. The motion was seconded by Alhaji Lawal Gana, who said he was the Yobe State chairman.

Sheriff, who earlier addressed the ‘chairmen’, said those present were “authentic state chairmen” of PDP, and accused the chairman of the Federal Capital Territory (FCT), Alhaji Yunisa Suleiman, of lying to the chairmen that he was not around to receive them. Suleiman, who led 24 state chairmen to visit Makarfi on Monday, advised Sheriff to “accept the decisions of the Port Harcourt convention of May 21, which was convened by NEC under his leadership, believing that other opportunities may arrive in the future for him to serve the party in great capacity.”

Secondus tells Buhari

Onyekachi Eze ABUJA

ormer Deputy National Chairman of the Peoples Democratic Party (PDP), Prince Uche Secondus, has told President Muhammadu Buhari that his actions since he assumed office are eroding democratic principles. Secondus in a statement yesterday also noted that the President is waging war on all fronts, which he said is slowing down economic activities in the country. According to the PDP

chieftain, “even the Boko Haram issue that was supposed to be progressing well has run into troubled waters, because of the confusion in the ruling party.” He accused the President of pursuing his anti-corruption fight in a way that saw governors with immunity being harassed daily while some of his ministers alleged to be corrupt, continued to move about freely. “Rather than confront the various challenges overwhelming the country, APC is currently bleeding, soaked in its own greed and the obvious consequence

is that a house divided against itself is bound to fall and the party is already falling. “Today under the APC leadership, the country has become a whole theatre of acrimony with agitation here and there with no clear sign of solution in sight, forcing political watchers to question if the country is disintegrating,” he added. Secondus noted that in the last one year, the All Progressives Congress (APC) was busy creating more battle fronts and compounding the challenges of the county.

WEDNESDAY, JUNE 29, 2016 NEW TELEGRAPH

Oyo Hope rises for LG poll after long wait

Politics There seems no end in sight to the crisis rocking the Peoples Democratic Party (PDP) as the gladiators in the battle for the party’s leadership have moved the battleground to Edo State ahead of the September 10 governorship election in the state. WALE ELEGBEDE reports

Interview Only founding fathers’ll reinvent PDP – Ekpenyong

FELIX NWANERI

GROUP PoLITICAL EDITOR nwanerif@newtelegraphonline.com

Sheriff, Makarfi shift battleground to Edo

he hostilities over the leadership of the Peoples Democratic Party (PDP) between Senator Ahmed Makarfi-led National Caretaker Committee and the former National Chairman of the party, Senator Ali Modu Sheriff, is yet to subside despite several interventions by the party's stakeholders. If anything, the crisis has taken a fresh twist. After PDP's botched National Convention last May, it has been one day one trouble for the former ruling party. As court injunctions overlap themselves, the two warring factions engaged each other in a bid to take over the running of the party’s headquarters in Abuja. When the bickering reached points were supporters of both factions started engaging in physical combats, the party’s Wadata and Legacy House, came under lock and key for about nine days by men of the Nigeria Police Force. Interestingly, not even a peace parley for both Sheriff and Makarfi by the immediate past Inspector General of Police, Mr. Solomon Arase, could end the feud. Given its status as the main opposition party in the September 10, governorship election in Edo State, the Independent National Electoral Commission (INEC), had few weeks back put the party on a notice that the crisis within its fold may make it ineligible for the election. Speaking on a radio program in Abuja, the commission’s Deputy Director for Public Affairs, Nick Dazang, said the crisis may affect the party’s participation in the governorship election if not resolved soon. “The primaries are supposed to

Sheriff

take place between June 2 and July 4. So, we expect that between now and then the PDP should be able to resolve some of these issues in the interest of that election. “In this instance when we are pressed for time if the parties in the dispute resort to court, it is going to take long before the issues are resolved and they collect these forms. So we advise that they resolve some of these issues in good time to collect the forms so that they can hold the primaries and the candidates that will contest under their platform can emerge. They have between now and July 4 to do that,” he said. With the All Progressives Congress (APC) already home and dry over the choice of Godwin Obaseki as its candidate for the poll from the party’s June 18 primaries, the PDP decided to take the nudge from the INEC serious and followed through with a primary election in Benin, the Edo State capital on the June 20. At the end of the primaries, chaired by Governor Dave Umahi of Ebonyi State, Pastor Osagie Ize-Iyamu, emerged as the candidate of the party. The joy of some members of the party celebrating the emergence of Ize-Iyamu was, however, cut short, when the party’s former chairman, Sheriff, declared the primaries illegal and a contraption of an illegal caretaker committee, urging members to disregard the exercise.

Makarfi

He wants to make it look like the PDP is in crisis so that INEC would not take... any candidate

In a letter addressed to INEC chairman and signed by Sheriff and the former National Secretary, Prof. Wale Oladipo, the faction urged the commission not to give legitimacy to the process that produced Ize-Iyamu, adding that it would soon conduct a ‘proper primaries’ in the state for the election. Marching his words with action, Sheriff, just after four days of Ize-Iyamu’s emergence, went on to inaugurate five committees for the conduct of another primary which he scheduled for today, June 29 in Benin. The committees are: Screening, Appeal, Ad-Hoc delegate, Ad-Hoc delegate appeal and the main Gubernatorial Primary. Discounting the former chairman’s move for another primaries, the Makarfi-led faction, said Sheriff is out to destroy the party, urging members to be vigilant of his antics. In a statement by its spokesperson, Adedayo Adeyeye, the caretaker committee said, “Senator Sheriff and his cohorts lack the locus to take any decision on behalf of the party. Clearly, part of the desperation of Senator Sheriff and his paymasters to orchestrate confusion that would lead to the failure of the Party in the forthcoming gubernatorial election in Edo State; an election that the Party is otherwise very well placed to win.” Also hitting hard at Sheriff over

his call for another primaries in Edo, the former deputy National Chairman of the party, Chief Olabode George, said the former governor of Borno State should dance away from this political lunacy because there is a subsisting legal directive that he should not parade himself as chairman of the party. He said, “Sheriff has ceased to be chairman of the party. You cannot be the midwife and be the new born baby. He has ceased to perform any function; he is an ex-acting chairman of the party, and he should please go home. The implication of what he is doing, as politicians, we know that we have elections in two states this year. He wants to make it look like the PDP is in crisis so that INEC would not take from A or B and so, PDP will not have any candidate. As far as I am concerned, by the constitution of the party, he is a former acting chairman of the party.” On his part, the state chairman of the PDP, Chief Dan Orbih, also accused Sheriff of working with the Edo State governor, Comrade Adams Oshiomole to destroy PDP in the state ahead of the election, stating that the purported suspension of his executive and the appointment of Ebenezer Alabi as the caretaker committee chairman of the party in the state is a ruse. “For us in Edo State, we want to ignore the statement from Sheriff because to me I see his statement talking of the suspension of a duly elected State Executive Council as the ranting of a sinking former acting National chairman. Let me use this opportunity to say that Sheriff from all indications is working with Governor Adams Oshiomhole and APC in Edo State to see how they can cause disaffection among the members of our party,” he said. Meanwhile, the lawmaker representing Egor/Ikpoba Okha Federal Constituency in Edo State, Honourable Ehiozuwa JohnsonAgbonayinma, said he had picked up the nomination form for a primary to be organised by the Sherrif ’s faction. He said he purchased the form in Abuja. As the rumble continues, both INEC and the judiciary may have to be the final arbiter in the crisis rocking the party ahead of the Edo governorship election since several political solutions to the crisis didn’t succeed. It is, however anticipated that the party would have put its house in order ahead of the Ondo State governorship election scheduled for November.

POLITICS PLATFORM

Sheriff can't decimate PDP – Bode George

Chief Olabode George is a former Deputy National Chairman of the Peoples Democratic Party (PDP). In this interview, he speaks on the leadership crisis rocking the party, as well as the faceoff between the executive and legislature. WALE ELEGBEDE reports

Senator Ali Modu Sheriff has described the Edo PDP governorship primary as illegal. What is your reaction? First of all, as a friend, I want to appeal to him that he should dance away from this political lunacy because there is a subsisting legal directive that he should not parade himself as chairman of the party. So, what other authority does he want? He should have respect for the rule of law. There was a directive from a court that there should be no election into the office of chairman, secretary, and auditor. The party complied, and there was no election into those positions, but the convention, by our constitution has a right to set up a committee it deems fit. So, legally, the Markafi committee is constitutionally established, and they have the right to manage the party until the next convention. Sheriff has ceased to be chairman of the party. Let him remain on the path of honour, decency and go home. As far as I am concerned, by the constitution of the party, he is a former acting chairman of the party. Is this crisis not preventing the PDP from playing the role of a vibrant opposition party? What he does not understand is that PDP is not All Nigeria Peoples Party(ANPP). PDP is a formidable grassroots political party, and we have an incredible resilience. Of course, it is affecting our focus because of the court injunctions; political parties are not run that way. I want to say also that we should take part of the blame because when this judicial rascality came into the party, there is a section in the party’s constitution that forbids any individual from going to court without exhausting all the avenues within the party. So, most of these people that are headed to court, creating unnecessary diversion, should have been fired according to the party’s law. Yes, it is affecting us, but there is no problem in the PDP. Sheriff, who has just joined, should go home quietly. There is this talk that the All Progressives Congress (APC) may have planted Sheriff in the PDP? What is your take on this? I do not have concrete facts but if you look at the behavioural pattern, what would you conclude? They are all politics, and if you don't put up the real story, rumours would start flying. Whether it is true or not, I am advising him not to be a cannon fodder. He should not be used by others, what would be his benefit? Is that his intention? To decimate the PDP? He can't achieve it! PDP is deep rooted with the people. Yes, we made our mistakes, we have learned our lessons and we are ready to present new managers for the party. We must convince Nigerians that we are ready to manage them again. The Ekiti State Governor, Mr. Ayodele Fayose

5 Questions

WEDNESDAY, JUNE 29, 2016 NEW TELEGRAPH

Oyo: Hope rises Sola Adeyemo writes on the fresh plans by the Oyo State government to conduct local government election, which has raised hope of restoring democratic rule at the grassroots after a long wait

O George

had his personal account frozen by the Economic and Financial Crimes Commission (EFCC). There have been comments for and against this action. What is your position on it? I am going to be like an elder here. Ayo is my son, the first time he came to be a governor; it was impressive. Two wrongs cannot make a right. I read a presentation by a lawyer on the matter and I also read the EFCC version of the accusation leveled against Ayo. My plea is this as a concerned Nigerian; we still have the rule of law and everybody must subject himself to the rule of law. The EFCC cannot do anything to him because of Section of 308. They should be patient because the law is no respecter of anybody. I have gone through my own experiences; the law is still there. They want to fight him because they said Ayo made certain comments against the First Lady. If it is proven that it is wrong, I know Ayo would be the first to jump up and apologise, but two wrongs cannot make a right. The position of the EFCC was well stated in the newspaper but how many people would read that? So they should balance it. Everybody agrees that there should be anti-corruption crusade, but when you start to fling the sword in every direction, and only one side is being cut down, Nigerians would start to read meaning. What is your reaction to the face-off between the Senate and the Presidency given assertions by the lawmakers that they are being taken for granted? My take would be like a spectator because I am not directly involved. I think this is the time for some senior Nigerians, former presidents, and elders to get involved. The government is a tripod if one leg is wobbling, then there is instability, if two legs are wobbling, then the instability is increased. Now, of course, the judiciary won't talk even if they are aggrieved. It does not matter whether it is party A or party B. Recently, the President had a meeting with the National Assembly people during his one year anniversary. I believe something should be done. If it were our government and our party, the Board of Trustees of our party would have waded in because that’s one of their functions. I don't know whether they have a BoT or not, if they don't have, they have elders. When I listened to the language on the floor, I was a bit scared. Is it so bad? Where are the leaders of the party? If the Senate president and his deputy are being charged to court for alleged forgery, it gives me worry, and they should play it very gently.

wing to legal encumbrances that hindered proper conduct of local government elections in Oyo State during the administrations of Senator Rashidi Ladoja and that of his former Deputy and successor, Otunba Adebayo Alao-Akala, the people of the state have not witness democratically elected administrations at the councils for nine years. The impediments date back to the illegal impeachment of then Oyo State governor, Rasidi Ladoja on January 12, 2006 during the political trajectory of the self acclaimed garrison commander of Oyo State politics, Late Alhaji Lamidi Adedibu and former President Olusegun Obasanjo, which saw his then deputy, Otunba Adebayo Alao-Akala, sworn in as governor, the Oyo State Independent National Electoral Commission (OYSIEC), constituted then by the Ladoja administration was dissolved. But 11 months later, precisely December 12, 2006, when the Supreme Court declared the impeachment as illegal and reinstated Ladoja, he came back and dissolved the Alao-Akala's OYSIEC. Each of the two administrations OYSIEC members went to court, claiming truncation of their tenure but court ruled in favour of the Ladoja OYSIEC and in 2011, when Governor Abiola Ajimobi was inaugurated, he also dissolved the OYSIEC constituted by Alao-Akala. He paid the entitlements of those of Ladoja's regime. Members of the Alao-Akala constituted commission also wanted to be paid off, but Ajimobi's government declined, noting that it was the intra-party crises of the then Peoples Democratic Party (PDP) that caused the dislocation, which has persisted till date. Local government election was last conducted in the state on December 15, 2007, during the regime of Alao-Akala, who shortly after assumption of office sacked the local government chairmen elected during the poll conducted by his predecessor, Ladoja, on the eve of his departure from office in 2007. Both elections were trailed by controversies following the landslide victory of the then ruling PDP, which won all the 33 chairmanship seats at the expense of 13 other political parties that participated in the election. Record had it that PDP won 349, out of the 361 councillorship seats in the election conducted by the PDP. Similar scenario followed during the administration of Alao-Akala till it was terminated by the then Action Congress of Nigeria (ACN) which defeated the PDP in 2011, when Ajimobi won the election. From 2011 till the end of his first tenure in 2015, no council election was held as the administration claimed that it

could not conduct it owing to the matter pending in court. Consequently, caretaker chairmen have manned the 33 local government councils in the state in the last nine years. Amidst agitations, especially from the opposition parties, which felt that Ajimobi was just imposing council caretakers on them irrespective of the firm hold of the different parties in the different zones in the state, and the cry that he should conduct council polls and test how popular he is with the populace, the governor recently constituted an eight-man OYSIEC commission to midwife the council poll to be conducted in September. Members of the commission are Mr. Ajeigbe John Olajide (chairman), Mr. Adedeji Raheem Alabi, Mr. Abdulamin Akuru, Mrs. Omolola Odekumbi, Mr. Oyekanmi Rasheed, Mr. Aborishade Adeola, Mr. David Adeagbo and Alhaji Bello Alabi. Ajeigbe, who is the commission’s chairman, is a native of Itesiwaju, OkeOgun Area of the state, and former Head of Department Operations and later Training at the Oyo State office of the Independent National Electoral Commission. Ajimobi, who spoke at the inauguration, pledged to support the commission to ensure that it conducts a transparent, free, fair and credible election in order to build the confidence of the people in the sanctity of balloting. “Today is a very remarkable day. This occasion is significant because we are taking a giant step towards providing good governance at the grassroots. “We are ready with all sincerity to conduct the local government election and I assure members of OYSIEC that the task before them is surmountable. Our government has not been able to conduct LG election due to some legal entanglement that has stalled our desire to fulfill the aspirations and yearnings of the people to elect their choice of chairmen. “Today's event is therefore consequent upon the thorough screening of members of the commission by the State House of Assembly and I make bold to say that they were appointed based on their pedigree.” The governor stressed that the new OYSIEC members are non-politicians, God-fearing, well-educated and eminently capable of the task ahead of them, promising to adhere strictly to the constitutional provision that stipulates that election to local governments should take place three months after inauguration of the state electoral commission. The governor’s assurance notwithstanding, the major opposition parties

CROSSFIRE There is now a government within the government of President Buhari who has seized the apparatus of executive powers to pursue their nefarious agenda -Bukola Saraki

To claim that President Buhari is anybody's stooge is not only ridiculous, but also preposterious. It is not in the character of our president -Femi Adesina

POLITICS PLATFORM

WEDNESDAY, JUNE 29, 2016 NEW TELEGRAPH

for LG poll after long wait

Governor Ajimobi (right) congratulating Ajeigbe during the inauguration of OYSIEC.

in the state have warned that they will resist any manipulation of the process. According to the Publicity Secretary of the Accord Party, (which fielded Senator Ladoja as its governorship candidate in the last elections), Dr. Nureni Adeniran, Governor Ajimobi has no statutory power to announce a date for the election as it is only the INEC or OYSIEC that can do so. His words: “Whatever he announced amounts to playing to the gallery. It is either he does not have the understanding of the process or he is playing to the gallery. It is absurd. We believe that the OYSIEC should settle down and issue a statutory notice to all political parties and the people of the state. The notice should be given before the announcement. Most of the time, the governor does things without following the due and statutory process. “Have you ever heard a president of the country announce date of conduct of any election? Was it not Prof. Attahiru Jega, who made the announcement in the past elections? If they do anything in contravention of the law, people will react. OYSIEC has not given any statutory notice to us as

Our government has not been able to conduct LG election due to some legal entanglement

a party. There is the rumour that they want to write the figures and rig the election. It will be too dangerous for them to do that. They should just not do it because they would be orchestrating another crisis. I am just warning them. People are not morons. That he said the election will hold in September, to us in Accord Party, shows ignorance of the law. Though we are prepared and ready, we will not allow for any illegality anymore.” The PDP, which also reacted through its Publicity Secretary, Alhaji Kehinde Salawu, also expressed its readiness to contest the September election but equally warned against manipulation. He said: “We are ready. We had been expecting it. People are ready for change and ready for the election. We are watching the APC in our state. It is the normal practice throughout the nation that the governors are not predictable. People are tired of this government. We want a new change different from the APC's so-called change. The Social Democratic Party (SDP) also responded to the announcement by Governor Ajimobi. According to its Publicity

Secretary in the state, Mr. Akeem Azeez, the party is ready for the local government election but frowned at the usual practice of the ruling party winning all positions. His words: “We are ready and planning for it. We have mobilized local government chapters across the state. The only area, where we have serious concern is on the declaration of result after the election. We want a true reflection of the voting pattern of the electorate in the declared result. “It has been the usual practice in Nigeria for the ruling government to win all local government councils in their domain. Even in the local government that the ruling party never won, they will still declare result in their favour. This is not to be condoned. We want the election to be free and the government should be serious about what the governor promised. OYSIEC members are appointees of the governor. If the election is controversial, it is the OYSIEC, using the paraphernalia of the office that they manipulate to do it." On its part, the Labour Party (LP) through its spokesperson, Mr. Taiwo Ibrahim, said: “We have always been part of those clamouring for local government election in this state. We have heard about the announcement by the governor, but we are skeptical because he has taken two steps, which did not go down well with us. One, a member of the OYSIEC was a personal assistant to a former commissioner. Definitely, he is a card carrying member of the APC. Two, if the OYSIEC is independent, why would it be the governor that would make the announcement of the date of the election? But by and large, this does not mean that Labour Party will not participate in the election. Soon, we shall make public our position and agenda for the election.” With these positions, all eyes are on Governor Ajimobi and the OYSIEC to transparently midwife the poll as promised so that residents of the state could enjoy the true presence of the government at the grassroots level as it is believed that an appointed caretaker chairman is just a tool in the hand of the governor who can remove him at will if he displays disloyalty or otherwise.

POLITRICKS

A senior advocate as lawbreaker

t is an offence to use the telephone while driving in Lagos State, following the signing of the Lagos State Road Traffic Law into law by former Governor Babatunde Fashola on August 2012. The law is one of the traffic laws that drivers hold in high esteem and many on several occasions have paid heavily for violating it. While the fear of the law is the beginning of wisdom for Lagos motorists, Politicks observed a Senior Advocate of Nigeria (SAN) and a human rights

activist (name withheld) violating it last Sunday. The respected lawyer was seen using his mobile phone while driving on Isaac John Street, GRA Ikeja at 2.20pm. The notable right activist was on telephone for some minutes while driving his Black Range Rover Sport-Utility Vehicle (SUV). The SAN, who hails from one of the South-West states, is known to be a leading voice against impunity and violation of both criminal and civil laws.

Anenih missing in action

head of the September 10 governorship election in Edo State, one man that is missing in action is former Peoples Democratic Party (PDP) Board of Trustees (BoT) Chairman, Chief Tony Anenih. The man popular called Mr. Fix It, has remained silent few months to the poll to the consternation of many. While it is a fact that Anenih resigned his position as PDP BoT chairman after the party’s loss of the presidential election in 2015, many had thought that he would seize the

opportunity of the forthcoming election to return the Big Heart state to the PDP fold. The Uromi born politician had failed to unseat the outgoing governor, Comrade Adams Oshiomhole, in the 2012 gubernatorial election in the state. With Anenih’s opting to remain indifferent since the process to elect Oshiomhole’s successor began, it is certain that his deft political strategies would surely be missed by his party’s candidate, Pastor Osagie Ize-Iyamu, who is hoping to unseat the ruling All Progressives Congress (APC).

POLITICAL NOTES

A needless multi-party system T

he polity has witnessed an astronomic rise in the number of political parties since 1999 that civil rule returned. From three parties then – Alliance for Democracy (AD), All Peoples Party (APP) and the Peoples Democratic Party (PDP), the number grew to over 60. But analysts believe that majority of the parties have contributed little or nothing to the democratic process. Little wonder the Independent National Electora Commission (INEC), in 2012 de-registered many of them bringing the number to manageable 26. INEC’s action, which was in accordance with provisions of the Electoral Act, however triggered cries by the affected parties. Part V, Section 7 of the Amended Electoral Act 2011 specifically confers the electoral body with the power to deregister any political party which breaches its registration requirement(s) or fails to secure a legislative seat in either the state or federal legislature. According to the section: “The Commission (INEC) shall have powers to de-register political parties on the following grounds: (i) breach of any of the requirements for registration, and (ii) for failure to win a seat in the National Assembly or State Assembly election.” From the outcome of the 2015 general elections, only eight political parties were able to grab at least a seat in the positions contested for – presidency, governorships, national and the states Assembly. The parties are All Progressives Cpngress (APC), Peoples Democratic Party (PDP), All Progressives Grand Alliance (APGA), Accord Party (AP), Labour Party (LP), Social Democratic Party, Kowa Party and Progressive Peoples Alliance (PPA). Now that the elections are over, the ‘kindergarten parties’ are asleep. Their alarm is set to quarter to next election year, while supposed members are back to normal business. It is against this backdrop that members of a political school want INEC to wield its hammer once again on the indolent political parties to ensure sanity in the polity and compel the jokers to throw in the towel. According to this political school, futile political parties should either take a bow or be forcedly shown out. Nigeria, being a politically active country is too big for clowns who tirelessly wander the polity despite woeful outings in elections.

FELIX NWANERI

POLITICS \ INTERVIEW

WEDNESDAY, JUNE 29, 2016 NEW TELEGRAPH

Only founding fathers’ll Former Deputy Governor of Akwa Ibom State, Dr. Chris Ekpenyong, in this interview with TONY ANICHEBE, speaks on the leadership crisis rocking the Peoples Democratic Party (PDP), the Muhammadu Buhari administration, resurgence of militancy in the Niger Delta and governance in his state How would you rate the performance of the Muhammadu Buhari-led administration in the last one year? I am very committed to the unity and better life for Nigerians. The All Progressives Congress (APC) government led by President Muhammadu Buhari, promised a better life for Nigerians and further came out with a Three-point Agenda, which is security, improved economy and empowerment for our teeming unemployed youths, some with over 40 years post-National Youth Service Corps (NYSC) experience. But it is unfortunate the administration appears to center all its strength and focus on the anti-corruption war. I recall that in 1999, when Obong Victor Attah and I assumed leadership of Akwa Ibom State, people asked us to probe the previous administrations but we resolved to rather draw a line and move forward rather than embarking on such venture. I appreciate the discipline which President Buhari has brought into the polity, but the fight against corruption should not take the centre stage in place of other important administrative policies and programmes because corruption have been the bane of the nation since the first military coup in 1966. Even in 1983, when he first took over power and did the much he could for the country, his then administration was still accused of corruption too. I sincerely admire his resolve to fight corruption but he must look at the failing economy and poor living conditions of Nigerians. I think he was too busy when he was campaigning to explain in details how he hoped to reinvent the economy but I remember vividly that he said during his era as military Head of State that naira was equivalent to the dollar and that he has the magic wand to bring it down from the then N160 to at least N1 to a dollar, but we are talking of N372 to a dollar now. All the small businesses thriving before now, especially those engaged by thousand of unemployed youths have collapsed. In my view I don’t think the present administration has any economic blueprint. I have written an open letter to Mr. President advising him to jettison partisanship and go for well bred economic scholars to help him thinker with

the economy. I mentioned names like Prof. Pat Utomi and Prof. Chukwuma Soludo, among others. I told him that having Finance and Budget and Planning ministers in his cabinet is not enough to handle a complex economy like Nigeria but a team of economic experts who will analyse the problems confronting Nigeria and proffer realistic solutions. I wrote that passionate open letter to him with all sincerely and I thought he would have looked at it and take the aspect that is important. How does he hope to effectively implement the recently passed budget without an economic team? The time is fast running but the government is yet to find its rhythm, and remember that the constitution gives four years on the first instance before facing the electorate again, and if he does well, Nigerians will renew the mandate. So, his fate will be decided by Nigerians according to his performance. Activities of Niger Delta Avengers seem to be worsening the country’s economic crisis. Do you think the Federal Government’s present efforts will bring a lasting solution to the crisis in the oil-rich region? I am in sympathy with my brothers in the Niger Delta. I was eight years old in 1964, when I stayed in Port Harcourt and heard much about the activities of late Isaac Adaka Boro. Then I so much love his reactionary ideas. However, I have come to understand that reactionary ideas don’t help but fuel crisis. People have been fighting but there are various ways to address the injustices prevailing in the Niger Delta region. So, the indigenes must be willing to embrace dialogue. The problem of Niger Delta is complex and must be confronted with pragmatism. I recall that several commissions from the recent Oil Minerals Producing and Development Commission (OMPADEC) to Niger Delta Development Commission (NDDC) are yet to truly address the problems. The funds set aside for the development of the area inflicted with ecological disaster including acidic rain only finds its way into the pockets of few people. Personally, I don’t know where the Niger Delta Avengers grievances arose from because in the last six years that a Niger Delta son was in charge of the country with so much resources at his disposal, only few individuals benefited to the detriment of the larger population of the area. The acidic rain and corrosion affects all of us but the resources went to very few. So, I must say that any form of violence, especially destruction of pipelines and bombings are act of wickedness and war against the nation. There is no point taking up arms against the country. We need to sit in a round table and tell ourselves the plain truth, when this money was in the hands of a Niger Delta son, how did he appropriate it? Was it appropriated for the good of the Niger Delta people or to individuals to build castles and fly in private jets and belong to elite class to oppress the people? I am not in support of the activi-

Ekpenyong

PDP members will continue to fight until they look for the founding fathers, make restitutions and table their problems

ties of the Niger Delta Avengers or any form of militancy. They should embrace dialogue now to find a lasting solution to the problems confronting the region. Pulling down infrastructures will only worsen the already bad solution. Sincere dialogue with the Federal Government will address the problems and injustices witnessed so far in the region. I am happy that something had started with the cleaning up of Ogoni land and it will spread to other areas, so that meaningful activities like agricultural revolution will start here again. I saw the other day on television, where an analyst said that the palm oil need of the country is 1.8 metric tonnes and the country can only produce 600 metric tonnes meaning that we depend on importation to have the balance of 1.2 metric tonnes and the question is who are the producers of the palm oil? We are aware that the North has groundnut, West has Cocoa and the East which encompasses the Niger Delta produces palm oil. So, we should take the bull by the horn and return fully to agriculture, so that when they give out money to farmers in the North and West, we will demand and get our own but we must first get our land restored. So, sabotage will only worsen our predicament. If militants continue to sabotage the economy, where will the money to restore the area come from? Where are we going to get the funds to do the roads and build the rail line that our son could not do while in power for six years, which this administration is planning to do. We should blame ourselves by now there should be a rail line from

Bayelsa to Port Harcourt, Uyo, Ikot Ekpene, Aba and Kastina Ala. So, while we are saying that the present administration has no economic blueprint, Jonathan’s administration had no socio-economic blueprint for the Niger Delta. Thus as I preach dialogue as the solution to the Niger Delta crisis, I urge the Federal Government to stop further use of force. What is your take on subsidy removal and deregulation of the downstream of the petroleum sector by the Buhari administration? I am a bit confused because if the Federal Government said that they have removed the subsidy, why should it prescribe a benchmark for the sale of the product. For me, it seems there is still subsidy because if not, the downstream sector should be so liberalised that you and I can freely import petroleum products and government’s job will only be to strengthen the apparatus of quality control and management to ensure that people don’t bring in adulterated and acidic products into the country. Meanwhile, the good thing so far is the availability of the products at all stations across the country because before now, it was a big nightmare. I remember my recent visit to Lagos at the height of the last scarcity and we saw a place selling the product for N300 per litre and people were begging to be given at that rate. Now at N145, it is everywhere but where are the palliatives? This is where the issue of an economic team for the nation becomes imperative. The proceeds from the subsidy been taken away should impact on ordinary Nige-

POLITICS \ INTERVIEW

WEDNESDAY, JUNE 29, 2016 NEW TELEGRAPH

reinvent PDP – Ekpenyong rians. It should be channeled to roads, agriculture, social services, healthcare delivery, education and others. A nation that its people are not free to access these amenities is not fit to answer a nation. My idea of palliatives is one that should be seen on the quality of lives and service enjoyed by the people because government has now gotten some respite from subsidy regime, which hitherto was given to few individuals against the greater interest of the masses. Now the Federal Government should move to restore major federal roads like the Ikot Ekpene-Umuahia and Ikot Ekpene/Aba roads. Today people go through as far as my rural village to access the eastern part of the country and that was a road I did when I was the deputy governor of Akwa Ibom State. The palliatives must be used to better the lives of Nigeria. Are you satisfied with the way the anti-corruption war is being executed by the Federal Government? Well, so far so good! I learnt they have recovered about N73 billion but N73 billion naira in the life of a nation whose budgetary provision in a year is close to N6 trillion is not much. I thought they should have recovered something in that region of over one trillion and I would have doffed my cap for them. But when I saw about N73 billion, I wasn’t really satisfied but again if the only stolen money they could see is the money given out for the purchase of arms and ammunition by the last administration, which got into other hands for other purposes other than what it was meant for, then it is unfortunate. I will not accuse Mr. President of fighting a one sided war because he has access to security information more than any citizen. Yes, we have been told of the recovered funds but we are yet to be told the sources of the money. The few we have seen were those in the opposition political party with N450 million here and there said to have been given to Peoples Democratic Party (PDP) chieftains to execute elections, so that then President Goodluck Jonathan would be retained, which was not God’s wish for Nigeria. But I will tell Mr. President that what is good for the goose is equally good for the gander. We are yet to be told how APC got money to execute their own election, maybe they went to the Atlantic of the Sahara to pick up funds but by and large, the anticorruption war should be executed with much sincerity in order to move the nation forward. What is your view on the Treasury Single Account (TSA)? The TSA is like putting the resources of Nigeria into one single person’s hand. What happens to the rest of us? This has opened up the weakness of our banks. The banks should start to build structures; I mean human drivers of the economy. The banks for instance can pick up Mr. A to drive agriculture, so that the proceeds realised return to them. Banks should diversify their investments; they should identify and partner drivers and investors

in different sectors. The policy, I believe was an offshoot of the impunity exercised by Nigerians in positions of authority and those who embezzled public funds because of easy access to such funds but the ordinary Nigerians are bearing the brunt and part of it is massive job losses, which has increased the already over populated labour market. I am an engineer by profession and my views may be seen as a lay man’s view but the truth is that the policy is not the best for Nigeria at this time, considering its consequences on the lives of already impoverished masses. How would you assess the Udom Emmanuel administration in Akwa Ibom State in the last one year? When you go through the Holy Book, you will discover that kings and prophets came at specific times and for specific reasons. Thus I will say that Governor Emmanuel came at the time virus had plagued the nation’s economy but our prayer for him is that God should give him the strength, grace and ability to steer the state out of the present predicament. Why won’t I say he has done well? When our resources were overflowing, I never had a road in my local government except the one done by the Victor Attah administration, which I deputised. But without enough resources, Governor Emmanuel’s administration did more than six kilometer of road linking my village to Aba, Abia State, which is presently the saving grace of road users to the commercial city. Travellers from Akwa Ibom and Cross River states going to Aba have had a sigh of relief as a result of the road. Again we are aware that the governor came with a great psychological and mental re-orientation message for our people in the name of ‘DAKADAA,’ which means Rise up to your greatness. This alone has made our youths getting involved in meaningful ventures. But I have this prayer for him, which is to put up a structure which people will hold on to rise up as advocated by him because as DAKADAA means rise up to your greatness, people must be given something to hold on to rise up. God will give him the resources to ensure the fulfillment of this philosophy in the lives of Akwa Ibom people. One of the cardinal promises of the Emmanuel administration is the industrialisa-

Ekpenyong

The fight against corruption should not take the place of other important administrative policies and programmes

tion of the state; do you see it coming to fruition? I think the key word is the economy. The governor has good intention, he has the spirit but I think the realisation may be hampered by resources. May be during his electioneering campaign, he had thought he will meet abundant resources to turn around the state and make it an Eldorado and then finish up some of the major projects left behind by his predecessor and build industries, but the reality on ground is that he is not getting anything near what his predecessor got. Even though Akwa Ibom still gets the highest federal allocation, it is nothing compared to what we got yester years. And to help ourselves out of the present predicament, we should increase of capacity to generate our Internally Generated Revenue (IGR). I am happy with what he is doing so far. He has just resuscitated the Peacock Paints in Etinan and they are producing presently, while he is doing something about the ceramics industry. In all these, I must advise that while embarking on this industrialisation, the governor must carry the people of the state along as local drivers. Relying only on foreign drivers alone may be the misapplication of the DAKADAA philosophy. I am an industrialist and a farmer but the governor is yet to visit my farm to see things for himself. I have invited him several times, maybe he will see what I am doing and that will prop more ideas to him. He too can encourage me and that may serve as a motivation to others. Maybe, he is presently saddled with the bringing in of automobile Industries to the state without steel. As you are aware, the steel content in Akwa Ibom is virtually zero. He had recently built and commissioned a hatchery, which I appreciated so much but those are things private drivers and individuals could have done if they are motivated. For industrialisation to thrive here successfully, the private sector should be driven by the locals and not only foreigners. Your party, the Peoples Democratic Party (PDP) is presently engulfed in leadership crisis. What is your take on it and how best do you think the crisis could be resolved. My party, the PDP, which I am one of its founding members, must return to the drawing board. We formed the PDP with the likes of Atiku Abubakar, Lawan Kaita, late Solomon Lar, the prime mover Dr. Alex Ekweme, Don Etiebet, Obong Victor Attah, Tony Anenih, Samuel Ogbumudia, L aw re n c e Onoja, late Diepreye Alamieyeseigha, to mention a few. The people that

became governors then were the young people with us then. But today the founding fathers have been thrown away while strangers took over the party and we should be clapping hands for them. The last eight years witnessed total bastardisation of the PDP by the then governors. Most of them don’t have idea on how the party was formed including my own brother, who was here and now a senator. Can he tell you the place we the founding fathers met in Abuja the first time to moot the idea of the formation of the party. They destroyed the fabric of the platform they hijacked and exhibited much impunity, which made us to lose power at the centre. Today we are down from having 32 states to just 12. And instead of falling back on the elders and founding fathers for solution, they went and brought Senator Ali Modu Sheriff. My father will tell you that no stranger is welcomed into the corridor of power. Sheriff is a total stranger in PDP. When we started the PDP in 1998, Sheriff was in Alliance for Democracy (AD), from there to All Peoples Party (APP), All Nigeria Peoples Party (ANPP), and APC. All through, God has buttered his bread with opportunity to serve in different capacities and finally they brought him to come and destroy the PDP. And when elders like former President Olusegun Obasanjo talks, people will rain abuses on him. How do you think we can move forward? Since PDP has decided to look down on their founding fathers, they will not know peace until they come for restitution. So, for me, I am at home with the crisis until the people holding the party by the jugular do the proper thing. When the chips are down, they will look for the owners of the party. The only man that is qualified, if he will be cool headed is Senator Ahmed Makarfi because he was part of the young people who were there at the formation of the PDP. I couldn’t control my laughter when I heard that the serving governors brought Sheriff because he has four aircraft. So they are now using ownership of aircraft as a benchmark for party leadership. PDP members will continue to fight until they look for the founding fathers, make restitutions and table their problems before us. We have been badly cheated. They came from nowhere to hijack the party, shared positions and use the platform we formed to subject us to pains, insults and regrets. When they return and plead with us, then Nigerians will forgive them. But all said and done this is a passing phase, PDP will come out stronger. It is the founding fathers that will reinvent the PDP. Some of the people who destroyed PDP are now in APC and some of them are comfortably eating from Buhari’s administration as ministers. They wrecked havoc on the party and left and even the APC is not safe, they party will soon suffer such fate with those politicians in their ranks.

WEDNESDAY, JUNE 29, 2016 NEW TELEGRAPH

Opinion When dogs eat dogs... TREASURES BOLA BOLAWOLE turnpot@gmail.com 0807-552-5533 (sms only) “He who comes to equity must come with clean hands”.

ogs, they say, don’t eat dogs but not only are dogs eating dogs here, birds are also devouring one another’s innards. The political elite are at war and no weaponry or tactic is being spared; mudslinging inclusive. Our leaders are fighting dirty; cupboards are being prised open to expose long-held secrets. Cans of worms are flying in broad daylight. If this continues, hardly will any of the leaders have anything near a good name to return home with. Not even President Muhammadu Buhari, the one many had deemed to be incorruptible, will escape unscathed. Already, his wife, Aishat, has been caught in the vortex, accused of being involved in the Halliburton scandal involving a disgraced African\American United States of America legislator, Williams Jefferson. Efforts by presidential spokesperson, Garba Shehu, and the Minister of Information, Lai Mohammed, to extricate Aishat have not washed; instead, it has sunk the First Lady deeper into the miry clay. The other Aishat Buhari that had been named has actually come out in the social media to debunk as cock-and-bull the allegation that she, and not our First Lady, is the person involved in the bribery scandal. She lives in the United States, she says, and has not been arrested or questioned; she then challenged our own Aishat to take a step of faith, as it were, and pay a visit to the United States. If she goes and returns unscathed, then, good luck! Mrs. Buhari has got to carry this heavy cross because of the holier-than-thou postur-

ing of her husband! President Buhari cuts the picture of a saint in the midst of 140 million Nigerian thieves. He is fighting an anti-graft war in a way that assumes that everyone else, besides his closed circuit of friends and hangers-on, is tainted. Now, his opponents are fighting back or, as they say, corruption is fighting back. I dare to say that this is normal. No one is attacked who does not fight back as the first human instinct is that of survival. And what is unfolding before our very eyes is not novel. We saw it happen during the Second Republic when Joseph Tarka and Godwin Daboh tackled each other over corruption allegations and the media had to coin “If you Tarka me; I Daboh you”. We saw it again recently when former President Olusegun Obasanjo accused Vice-President Atiku Abubakar of corruption and Atiku, rather than debunk the accusation, simply counter-accused Obasanjo of being “more corrupt” than himself. Morals: He who would remove the speck in someone else’s eyes must first take note of, and remove, the moat in his own eyes. As the above quotation makes clear, he who comes to equity must come with clean hands. Not only must reformers be above board, they must, like Caesar’s wife, be manifestly seen to be so. It bears repeating that it is Buhari’s approach to his anti-graft war that is the problem and not the war itself. Everyone seems to be agreed that Nigeria at this point in time must tackle corruption. A time comes in the life of every country that the leaders are compelled by circumstances beyond their control to sit down and speak the bitter truth to one another. Such a time is this; but, unfortunately, we do not have a leader with the temperament and correct reading of the situation. Buhari prefers to fight and scatter things rather than jaw-jaw and build consensus. He is unnecessarily combative and truculent; he burns rather than build bridges, such that he ends up alienating even those who, ordinarily, would have loved to give him support. What we need at the moment is consensus-building amongst the political elite to CHANGE their wanton attitudes and re-po-

Buhari’s approach to his antigraft war that is the problem and not the war itself

sition them for the much-needed rescue mission. A collective approach which will rally everyone behind the leader after agreements must have been reached on the way forward is what will deliver the desirable dividends; not a dictatorship of one man imposing his whims and caprices on others. He will be challenged. He will be resisted. And he will not go far. The legislators are up in arms against Buhari. Henceforth, expect him to have it tough and rough in the National Assembly. It is unlikely Bukola Saraki will go down quietly, especially after all his peace overtures have been spurned. Legislators can move against Buhari via impeachment once they have the numbers. The opposition PDP is under siege ostensibly under the guise of the war against corruption. But those who are “friendly” are given soft landing whereas those who are outspoken against Buhari like Olisa Metuh and Femi Fani-Fayode are given hard and spine-breaking landing. Governor Ayo Fayose, the remaining voice of the opposition yet to be silenced, is under assault on many fronts. Recently, we heard that his wife would be sucked into the vortex. We read of the military high command responding to rumours of rumblings in the military. This president must be careful not to suffer the same affliction a second time. The army chief himself has been cited for owning properties in Dubai. Has he been investigated and were the possessions within his means? In the Buhari administration are many who have also been cited for corruption. Unfortunately, the EFCC searchlight is only on opposition figures. A president who vowed that the Naira would never be devalued is resigned to its bastardization already. Buhari also talked tough, threatening to “crush” pro-Biafra and new Niger Delta Avengers but is now on his knees begging them. What is wrong with Buhari? What is fast turning this man who was a harbinger of hope into a nightmare? His approach to issues, pure and simple! He flexes muscles; he gets carried away by the awesome powers at his disposal; he is dictatorial. That way, his opponents are increasingly being seen as under-dogs, who deserve public sympathy and support.

The Grazing Reserve Bill in Imo House Jones FCC Onwuasoanya

here have been desperate, wellcoordinated and very loud denials, rebuttals and disclaimers from the Imo State House of Assembly on the one hand, the sponsor of the bill, Hon. Uju Onwudiwe and her aides on the other. What the parties involved have succeeded in doing is to allegedly tinker with the title of this bill to deceive the gullible, while the contents have remained the same, and pathetically obnoxious. The first time I read about a grazing bill being debated on the floors of the Imo State House of Assembly, the information came from a group of online friends who are mostly from other parts of Nigeria other than the South-East, when I took them on, they brought up some evidence to back their claims up, but I still had my doubts, and refused to come public with any opinion on the matter till I have confirmed certain basics. The alleged sponsor of the bill is not one of the Imo lawmakers notorious for being used as mercenaries to shackle the State. When this issue trended on the social media for some time without any input from me, some of my friends

started sending private messages to me, enquiring on what has gone wrong with me. Some of these friends even went as far insinuating that I could have been bribed to keep quiet over the bill, so that it will sail through without trouble. When a fellow movie maker and Thespian, Chima Okereke took me up on that, I knew that the issue must really be a serious one and needed to be tackled. I never believed any Igbo, no matter the incentives would accept to smuggle in a bill that intends to snatch peoples’ lands from them and possibly give those lands to strangers, who may eventually attempt to keep those lands for themselves and possibly eject or at least, attempt to evict the original owners of the land from here. When I demanded for and got a soft copy of the bill from my friend, I could not believe what my eyes read. The Bill which pretends to be innocuous and goes by the deceitful title of“BILL FOR A LAW TO ESTABLISH AGRICULTURAL ESTATES AND FARM SETTLEMENTS IN THE THREE GEOPOLITICAL ZONES OF IMO STATE TO INCREASE, IMPROVE AND ENHANCE THE PRODUCTION OF FOOD AND CASH CROPS, LIVESTOCK, POULTRY,

FISHERY AND DAIRY AND FOR OTHER MATTERS CONNECTED THEREWITH, 2016, is a very dangerous legislative document which must not be allowed by any sane legislature to pass. Should this House of Assembly led by Rt. Hon. Acho Ihim do the unthinkable by passing this highly vesicant piece of poison called a bill, then, they would have made it clear before the whole world that they are ready to sacrifice the future of an entire people and sell Imo people off into slavery for the smallest peanut. While I was still battling to believe that the piece of pernicious document I have in my Facebook inbox is actually real and came from an individual who claims to be a true born Igbo lady, a slight ray of hope came by in the form of another private message from one Iheanyi Enwerem who signs off as a Media Adviser to the sponsor of the bill. In the private message, the young man tried to convince me that the bill in question has nothing to do with any Grazing Bill, anywhere, rather it was targeted at ensuring a massive improvement in our agricultural yield. He invited me to the office of the Honourable Member representing Isu State Constituency in the Imo State House of Assembly, for an opportunity

to interact with the woman we liked to call Igolo PPA, around 2007, when she was one of the most loyal PPA members, and who tried to convince some of us that she was actually a true Igbo woman who likes to identify with anything that guarantees the progress of the Igbo nation. I had a very busy schedule around the time he wanted me to come around, but I had to cancel some of the scenes I had to record that day in my movie and met the young man at a popular eatery in the heart of Owerri, where I got a copy of the bill from him. The first page of the bill discouraged me as it is the same with the one I got online from my friend, however I retained some hope that the main proposals in the bill will be different from what I saw online. In my curiosity, I found myself reading up the entire eleven paged document in less than one hour, for the first time. i took a longer time in reading it the second time, and I became afraid for the Igbo nation. If anybody can append his or her signature to this piece of poison for any amount of gratification in the world, it means that there is trouble in the offing. •Onwuasoanya wrote in from Owerri.

EDITORIAL

WEDNESDAY, JUNE 29, 2016 NEW TELEGRAPH

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Curbing senseless killing in Benue

hen will the massacre of innocent people stop in Benue State? Is the government of Governor Samuel Ortom helpless? Why has the state become a fertile ground for attack by the killer herdsmen? These are the one million questions begging for answers as herdsmen are on the loose in the area. No fewer than 1000 lives had been cut short by the herdsmen between April and June this year. Eight weeks ago, more than 500 Agatu people were killed. Last week, at least 59 persons were allegedly killed following the renewed hostilities between suspected Fulani herdsmen and the farmers at Turan Council ward of Logo Local Government Area. Suspected Fulani herdsmen had invaded Ugondo in Logo LGA of the state, killing no fewer than 15 persons on Saturday alone, leaving many members of the community with varying degrees of injuries while several others were still reported missing and property worth millions of naira destroyed. Yet the federal Government looks elsewhere. Is the grazing bill the panacea for the incessant killing of the Benue people? This senseless killing must stop. Governor Ortom must restore people’s hope and confidence that their lives are in safe hands. Where were the security operatives when suspected armed herdsmen allegedly stormed the Gabo Nenzev community in large numbers from the neighbouring Nasarawa State, shooting sporadically and burning down houses as the attackers were said to be

over 3000 spread across the council ward as they allegedly moved round, destroying houses and farms? Security operatives allegedly drafted to the areas watched helplessly as the herdsmen were massacring innocent people. Children were not spared in what has become a systematic plan by the herdsmen to forcefully occupy Benue State and turn it into a theatre of bloodbath. Already, residents while lamenting constant attacks by the herdsmen, displacement of Tiv settlements and destruction of their livelihood, have be-

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Ortom must not leave any stone unturned until the state is rescued from the herdsmen

gun to resort to self-help, having lost hope in the government especially as the massacre of Benue people by the herdsmen had caused untold economic hardship for the state of the nation’s ‘Food Basket.’ They said: “Recent turn of events in Buruku, Tarka, Logo, Kwande and Guma Local Government Areas of Benue State conspicuously suggests another systemic strategy by Fulani herdsmen to turn Benue state and Tiv land into an endless blood theatre and an occupied territory. “These sudden raids, killing, maiming and destruction have become a recurring decimal in the last decade. “Over the course of the years, our people have been lamenting endlessly over the quest to take

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over our cherished heritage by the Fulani herdsmen whom we accommodated out of goodwill and gave our ancestral land free for grazing, yet all we receive from them is the direct opposite of our benevolence and no one seems to hearken to our perennial cry while the willful destruction of our people’s lives and property prevails unabated thus rendering countless of them homeless and also leading to total collapse of cultural and socio-economic activities in Tiv land.” The last week attack which left 15 people dead came days after the government had

sent an executive bill to the state House of Assembly to make a law that would prevent opening grazing reserves in the state. With this constant and unending herdsmen attack on the state, there is indeed the need to halt the planned takeover of land across the country in the name of Grazing Bill in the state. This must be resisted by the Benue Assembly as the bill if it becomes law, would serve as a potent tool to rescue the state from incessant attacks by the herdsmen. The National Assembly is about to pass the bill that is set to kill whatever is left of the so-called over - centralized federal system. The bill if passed will be a rape on the nation’s nascent democracy. The Fulani National Grazing Reserve is presently before the Na-

tional Assembly. The bill has successfully scaled through second reading in both the Senate and the House of Representatives. For it to become law it is to pass through the third reading. The Bill seeks to provide for the establishment of national grazing reserves and stock routes. It is sponsored by Senator Zainab Kure. The Bill proposes to establish a National Grazing Reserve Commission (NGRC) for the country. The NGRC will be charged with the responsibility of using funds received from the Federal Government to forcefully acquire farmlands from Nigerians in all the 36 States of the country, develop same at government expense through the provision of bore holes, water reservoirs, etc; for the exclusive use of nomadic cattle rearers. Governor Ortom must not leave any stone unturned until the state is rescued from the herdsmen even if the Federal Government saddled with the responsibility of curbing the unending herdsmen activities looks elsewhere. One wonders what the Federal Government is doing to curtail the menace of these Fulani herdsmen. Are they the new face of a terror gang in the making? Stakeholders too are worried that despite various legislations, their offensive activities are on the rise. Their unending wanton destruction of lives and property in the name of grazing on farmlands, attacking farmers who resisted such violent attacks must be stopped as this threat to national security may balloon into another phase of insurgency.

POLITICS

The vexed issue of constituency projects came to the fore last week, when the legislature engaged the executive arm of government to find a meeting point. PHILIP NYAM reports

WEDNESDAY, JUNE 29, 2016 NEW TELEGRAPH

Constituency projects: FG, Reps differ on constitutionality

ince constituency projects were introduced in the Nigerian parliament, it has generated unending controversy. While legislators have always maintained that it is the only means through which they can positively impact on their constituents, many analysts believe that it is an avenue for the lawmakers to enrich themselves at the expense of the people. These sentiments played out recently in Abuja at a one-day national summit on Political representation, constitutional and zonal intervention services, organised by the House of Representatives and the Conference of Speakers in conjunction with the National Institute for Legislative Studies (NILS). Setting the tone for the summit, Vice President Yemi Osinbaji stated that the primary function of the legislature, which is to make laws has been misconstrued by most constituents hence the need to use the opportunity of the summit to properly define their roles for their constituents to know. Represented by his Special Adviser on Political Affairs, Senator Babafemi Ojudu, the Vice President urged the lawmakers to define clearly what constituency projects are “so that constituents will not conceive your primary role as building roads, providing water, and providing electricity. Most of those roles belong to the executive but often it is misconstrued.” He added: “The primary role of legislators is to make laws, but for most constituents, this does not matter. No matter the fine points of law you raise, no matter the bills and motions you raise in all your deliberations, the constituents believe that until you provide them with boreholes, until you provide them with generators or transformers and until you build roads, you have not achieved much. So, I would advise that your roles be clearly defined as people who supervise the executive and not execution of projects.” The Secretary to Government of the Federation (SGF), Mr. Babachir Lawal, introduced another perspective to the discussion, when he declared that the constituency projects have over the years been used as a conduit pipe to siphon funds. Lawal lamented that government had in the past spent huge sums of money in the name of constituency projects without commensurate results adding that the present administration was committed to correcting the anomalies of the past. He said: “It is true that the government has spent so much on

Lawal

execution of constituency intervention projects in the past without any arrangement for their monitoring, evaluation and post implementation review. It is also true that constituency projects have often been avenues for the embezzlement and diversion of projects cost in the past. This has led to gross impunity and wastages,” he alleged. The SGF assured that “presently, President Buhari is determined to correct these anomalies. This government can no longer afford to be complacent in the way it deploys scarce resources. All projects will now be properly integrated for functionality and sustainability to ensure that constituencies derive the projects with benefits. I assure you that this administration will gladly adopt any good and implementable recommendations that come out of this summit.” He however agreed that constituency projects were "in line with the change mantra of the government, which is determined to execute projects that will impact positively on the lives of people of every federal constituency and senatorial district in executable and evenly distributed manner.” The Minister for Power, Works and Housing, Mr. Babatunde Fashola, in his presentation noted that constituency projects are not provided for in the constitution. According to him, they are rather conventions. His words: “In seeking to find perhaps the legal framework for the operation of constituency project, we must avoid the risk of crowding out, where legislators at the national level are made strictly to implement constituency projects that involve primary health care centers which are projects meant for the local councils. “We should develop a legal framework for the operations

Dogara

Constituency projects have often been avenues for the embezzlement and diversion of projects

of constituency projects. To the extent therefore that constituency projects are not necessarily provided for in our constitution. They have grown by convention from jurisdiction to jurisdiction. “The point I seek to make is that we should pay attention more, first to those projects that give benefit to the greatest number of our citizens before going to those that affect those we classify as our constituents. “The final point to make is to decide a framework that ensures that these projects are really constituency projects and not the legislators' project. And I say this in view of the fact that quite a good number of these projects that were started as constituency projects were never complete once the legislator does not return to parliament. Then who takes the responsibility of continuing in completing them. Is it the new legislator who does not take ownership of it? Or is it a framework of the zone where that project is situated?" Speaker, House of Representatives, Hon. Yakubu Dogara in a paper presented at the summit maintained that contrary to the position of Fashola, constituency projects were constitutional, explaining that the idea of constituency intervention projects arose as a result of the demand by Nigerians for equitable and even distribution of infrastructural development projects. Citing sections 14 (3), 15 (4), 16 (1) and (2), and sections 13 (1) of the 1999 constitution, Dogara stressed that it is a significant constitutional duty and responsibility of a legislator to ensure that projects are evenly distributed to all federal constituencies in Nigeria. The speaker maintained that “some pundits have criticized constituency intervention projects on the ground that it offends the constitutional separation of

powers doctrine as legislators are perceived to be dabbling into exclusive functions of the executive branch. I think that this criticism misses the point. “At least in the last three budget cycles, Mr. President has always included constituency projects in the Appropriation Bills sent to the House, including that of 2016. So, the executive in effect initiates the projects under S. 81 of the Constitution, although with the tacit understanding of the Legislature.” Dogara further said that “it is erroneous to contend that there is currently no legislative framework for constituency projects in Nigeria. As I already said, the Appropriation Act is a law of the federation that contains the constituency projects, which are all domiciled in the respective MDAs. These MDAs process for tender and bidding by contractors like any other project and are awarded to qualified contractors in fulfillment of the Public Procurement Act, 2007.” The speaker noted that in dealing with constituents, legislators face the problem of lack of understanding of the constitutional role of the legislator. He therefore advised that in crafting a framework, the Constituency Development Framework (CDF) should be embraced. He said at least 23 countries have indicated intention to adopt it. His words: “This could not have come at a more auspicious time than now, given the controversy already generated by the topic in our polity. Let me say that the issue of constituency project is not a new phenomenon, it exists in other jurisdictions and Nigeria is no exception. In some jurisdictions they are known as constituency development fund, and in some other jurisdictions, they are called the air marked projects. “The concept of constituency projects is one concept that will lead to even distribution of the dividends of democracy to Nigerians. It will also lead to even developments in that day in day out capital projects as they are in both the national budget and state budgets may not spread to every nook and cranny of the nation or the state. But legislative intervention by way of constituency project has gone a very long way in deepening the delivery of democracy dividends to our people.” In a goodwill message, chairman of the Conference of Speakers, Alhaji Samaila Kamba, represented by the Speaker of Abia State House of Assembly, Hon. Martins Azubuike, said the concept of constituency projects will lead to even distribution of the dividends of democracy to Nigerians. Though the summit failed to reach a common position on the issue, there is no doubt that the debate on constituency projects would linger for a long time until the policy is properly defined and transparency and accountability ingrained into it.

WedNESday, JUNE 29, 2016 NEW TELEGRAPH

Life in the city Waiting for Friday in Lagos

The Mega City

Life in Mega City Unlocking gridlock on Third Mainland Bridge

...EXCLUSIVE LAGOS MAGAZINE

20 23

Bad attitude, low literacy puts pressure on Lagos infrastructure â&#x20AC;&#x201C;Johnson Engr. Ganiyu Johnson is the Commissioner for Works and Infrastructure in Lagos State. He gives an insight into the plans of the state government on Lagos roads and why there cannot really be a flood-free Lagos. He spoke with GEOFFREY EKENNA and OLUWATOSIN OMONIYI Johnson

What is the vision of this particular Ministry about the development of Lagos State as a Megacity? Our vision is to ensure that we are able to sustain, expand, rehabilitate, construct and reconstruct to support the existing infrastructure in order to ensure the growth of Lagos State. This simply means that there should be a constant mainte-

OLUWATOSIN OMONIYI CITY Editor

tosin.omoniyi@newtelegraphonline.com

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nance of the infrastructure, such as roads for Lagosians to enjoy. Lagos State is a Megacity naturally by its population, I believe that the population of state exacts much pressure on your department. How are you coping? That is a sign of economy growth. Even in developed countries such as Los Angeles in America, where the public transportation system is not efficient like that of Lagos State, during free period between the hours of 7pm and 10pm generally, it is bumper to bumper. It shows an economy growth. After that period, you still experience something like that but it is not that much especially around the city centers, places where there are economic activities, airport and wherever you have activities just like Lagos. It is a measure of economy growth in that city or state. How often do you carry out your

Our aim is to ensure that we are able to expand the growth of the State

maintenance? For instance, the Apapa Oshodi Expressway is a Federal road but it is used mostly by Lagosians. There was a time it was good but due to lack of maintenance culture, the road became bad. Like you rightly observed, it is a Federal Government road but nevertheless, we still intervened by trying to create succour for our people and we are mindful that there is an existing contract on that road. So, we cannot really come out fully to say we are doing reconstruction. But in the interim, we are currently on that corridor. Julius Berger is working for us, trying to desilt all the drains and carpet the road. Governor Akinwunmi Ambode is the only person who has the mandate. Currently, we are the one working from Ilasa down to Charity; this is enough commitment to tell the people of Lagos that we are after their welfare. Back to the maintenance culture question, if you look at the way we carry out our maintenance culture

especially on roads, just before the rainy season, our people went out to patch all the pot holes on the roads and immediately after the rains, we still go out to do that; that is why Public Road Corporation is established- for maintenance and rehabilitation of roads. Ministry of Environment through their efforts, they also assist in cleaning some of the tertiary drains because once the drains are blocked during rainy season, the water on the road has nowhere to flow to and it returns to the road surface. With time, the roads surface deteriorates and they are damaged. That is why we also have the same programme with Ministry of Environment. Just before the rains, they go to desilt the drains. They also do the same immediately after the rain, so that we have free flow of the flood waters. Wherever you see flood, it is just a flash flood. CONTINUED ON PAGE 24

20 LIFE/MEGA CITY

Karaoke and comedy night in Lagos

WEDNESday, JUNE 29, 2016 NEW TELEGRAPH

photo: www.fastecash.com

Waiting for Friday in Lagos Friday, which marks the beginning of a weekend, is a day that workers, businessmen and women, students and even children are always happy to see. It affords all an opportunity to enjoy some rest and attend to other social engagements after a hard week’s work. ABIODUN OLOKODE writes

n Lagos, weekend celebration begins in full starting from Friday night. To the extroverts, this period is regarded to be a period of refreshment and catching up with friends, especially the distant ones. Most Lagosians visit night clubs and bars by Friday night to grab some bottles of beer and some grilled or barbeque fish and meat with friends and girlfriends. Sales at bars and night clubs soar high. After all, its weekend get together. For most Lagosians, the weekend begins from 6pm but it gets to the peak by 10pm. For those who want to get back home on time, they begin their weekend felicitation by 6pm

and by 8-9pm, they go home. But for the die-hard weekend fun seekers, it begins by 9pm till about 4am the next day. At most bars or night clubs, tables and chairs are set in different angles depending on the number of people that will sit on them; the minimum amount spent on a table could be N10, 000. A single person will be served not less than three bottles of beer on a table coupled with some other edibles such as beef, cow tail, chicken and fish pepper soup, barbecue, suya etc. Some tables are served wines instead of beer or stout. To attract customers, these clubs would invite dancers,

It is merry, merry that must be enjoyed to the last

artists and Disc Jockey (DJ) to make the place lively and entertaining to their customers. Different classes of people on each table merry on their seats, drinking, smoking and moving their bodies to the music that is being played. Others as the case maybe would stand up and dance along. For them, it is merry! merry! merry that must be enjoyed to the last. According to a bartender, Balikis Omotayo of a bar on Fadeyi street along Ikorodu expressway, Friday nights are busiest days of the week in their bar. They experience high turn up of customers. She said, “Every Friday night, we set up all of our tables because we have plenty customers that will spend almost the whole night here. Most of them leave this place around 4am. The least bottle of drink a customer takes on Friday night is five bottles of beer and most of the tables we set are always filled up with bottles of beer.” Another bartender, Samuel

Olalere, stated that Friday nights are always busy in their bar. N10, 000 is the minimum amount spent on a table by most of their regular customers; a single person takes not less than four bottles of beer while some take wine. Sunday Ignatius, also a bartender said that Friday nights are always busy in their bar. Their customers come to the bar with their girlfriends to relax and merry after the long and busy week of work. According to him, the women are the spice of the Friday enjoyment for their customers. As such, he said their bar is always filled up to the extent that they don’t have more space to entertain some of their customers. A customer at a bar, Mr. Biodun Olayigbe, said: “My friends and I along with our girlfriends come to bar on Fridays to refresh and catch up with ourselves by discussing and drinking together. We come in by 10pm and leave the bar around 4am the next day.

LIFE/IN THE CITY 21

WEDNESday, JUNE 29, 2016 NEW TELEGRAPH

During this period, each person will take beer depending on his or her strength, but the minimum bottle a person will take is three. We do spend minimum of N5, 000 each, every Friday. But the recent inflation of goods in Nigeria’s economy seems to have reduced the rate at which we visit bars now.” On the contrary, Mr. Opeyemi Ogundele, said, “In the line of my own business, I am not opportune to go to bar on Fridays. I go to bar on Sundays with my friends and girlfriends to enjoy ourselves. We go by 5pm and return home 9pm. We spend not less than N15, 000 on a table, but now that things are expensive, we spend not less than N10, 000. The money we spend in a bar on Sundays does not affect us in any way because I believe that the little we spend in a bar does not define our success or prosperity in life.” Lagosians who don’t go to joint, bar or night clubs are also excited to know it is Friday because they spend and celebrate their weekends with their families. Busy mothers and fathers who go out very early and come back home late at night during the week see Fridays evening to prepare some special dish of delicacies, play with their children and make them happy. Even teenagers and children are always excited at the approach of Friday evenings because their parents would be around them and they know that mummy will not come to their room very early in the morning to wake them up for school in the next two days. A student of University of Lagos, Seyi Olajolo, said she feels very happy to know it is Friday, especially when she is on the campus because she does not have any lecture to attend for the next two days. During the weekend, she does some house chores such as cleaning her

Sharing a memorable time together

Clinking the glasses to a toast

It's Friday in Lagos

We do spend a minimum of N5, 000 each, every Friday

room, washing her clothes and creates time to study her books if she is on the campus. She goes for wedding ceremonies and some social events. “I always feel like the weekend should not end because I have fun, relax at home and most especially I don’t do anything stressful during weekends.” Omoniyi Damilola, who schools at the Yaba College of Technology said, “I am always happy to know it is Friday because I get to spend two days after Friday at home with my parents and siblings.

During the weekend, I cook, arrange the house, wash my clothes, sleep, study my books and visit my friends. Being with my friends, watching movies and sleeping make me feel like the weekend should never end.”

PHOTO: WWW.36NG.COM.NG

Sola Odediran said he feels elated to know that Friday is here again. Friday is one of the days he loves to wait for because it comes with feelings of relief over all academic works he had been exposed to during the long week.

PHOTO: WWW.fastecash.com

22 LIFE/MEGA CITY

WEDNESday, JUNE 29, 2016 NEW TELEGRAPH

Unlocking gridlock on Third Mainland Bridge

L-R: Engr. Ganiyu Johnson, Commissioner for Works and Infrastructure; Engr. Adebowale Akinsanya, Commissioner for Waterfront Infrastructure Development; Akinwunmi Ambode, Lagos State Governor; pointing to something of interest; Prof. Ademola Abass, Special Adviser, Lagos Global; Mrs. Yetunde Onabule, Special Adviser, Urban Development and Dr. Babatunde Adejare, Commissioner for Environment during the governorâ&#x20AC;&#x2122;s inspection visit to Oworo inward Third Mainland Bridge for construction of a modern Bus Park at Oworo Bus Stop, Lagos, on Saturday, June 25, 2016

hen Gover nor Akinwunmi Ambode of Lagos State assumed office on May 29, 2015, what appeared to be the most troubling challenge in the state was the worsening gridlock across Lagos metropolis. From Lagos Island to Mainland, motorists lamented pains of gridlock; from Costain Bus Stop near the Nigerian Breweries to Ojuelegba, commuters were frustrated with vehicles which got stuck on the road; from the popular Fadeyi Bus Stop of Ikorodu road to the Mile 12 axis of the road, it was lamentation galore as commuters spent hours in the traffic jam. The story was not different in Oshodi-Iyana Ipaja axis, Agege, Victoria, Lekki, Gbagada and other areas in the metropolis. But the gridlock of the Third Mainland Bridge was the most dreaded by motorists and commuters in the state as many of them spent about five hours moving from Lagos Island to Mainland on the bridge. To worsen the situation, constant traffic jam gave rise to the activities of petty robbers and hoodlums who took advantage of the opportunity to rob unsuspecting motorists of their possessions in traffic, thus making the residents feel insecure in spite of the man hour wasted during the traffic time. Worried by the lamentations and cries by the residents, on June 18, 2016, Ambode, alongside officials of the state government especially from the Ministry of Works and Infrastructure, embarked on a tour of some major traffic points in the metropolis with a plan of prof-

A traffic jam-free Third Mainland Bridge

fering a holistic solution to the gridlock. Hence, the governor directed the State Ministry of Transportation to identify problematic traffic points in the metropolis of which the ministry immediately embarked upon and briefed the governor on their findings. Unconvinced by the findings of the ministry, the governor on the June 18 tour, led the state delegation on-thespot-assessment- of the traffic prone areas such as Ojodu Berger Bus Stop, Iyana Oworo Bus Stop, Ketu, Abule Egba, Alimosho and Mile 12 areas with a view to finding a lasting solutions to the areas. The growing population was discovered to be one of the major causes of the challenges

which are making the infrastructure to be inadequate. This, the experts, said was responsible for the upsurge of gridlock in the state metropolis. But of all the traffic spots in the state, the Iyana Oworo axis of the Third Mainland Bridge appeared to be the worst as commuters spent about five hours daily commuting from Lagos Island to Mainland during peak periods. This is where most residents working on Lagos Island spend the better part of their time while returning from work. On daily basis, particularly between 4pm to 9pm, Lagosians returning from the Island have to contend with traffic from the UNILAG waterfront down to Iyana Oworo Bus Stop, owing to the activities of commercial buses dropping and picking pas-

The Third Mainland Bridge was the most dreaded by motorists and commuters

sengers at the bus stop without taking into cognizance the situation their activities were posing to residents. But Ambode, having inspected the spots and listened to contributions of other officials in the state transportation ministry, decided that a flyover will be constructed in some areas while lay-bys would be established in some points to unlock the gridlock. For him, the decision to embark on a personal inspection of the situation was to have a feel of what Lagosians were going through and how they intended to solve it. He said: â&#x20AC;&#x153;I have here with me, heads of agencies that are really concerned about this CONTINUED ON PAGE 23

LIFE/IN THE CITY 23

WEDNESday, JUNE 29, 2016 NEW TELEGRAPH CONTINUED FROM PAGE 22

traffic situation. I like them to speak to you directly and let you know that we are together as a team, we're going to start seeing solutions to the traffic challenges that we experience in Lagos.” He thereafter awarded the construction of multi-layer lay bys for Iyana Oworo end of the Third Mainland Bridge, flyover bridges in Abule Egba and Ajah while immediate rehabilitation roads with pothole was also ordered by him. According to him, “It's not enough for us stay in the office and believe that we can create solutions to the traffic challenge that we have in the state. So, we decided that we are going to go round ourselves and see how we can improve on the traffic situation in Lagos. What we have done in the last three hours is to show that we are greatly concerned about the traffic gridlock that we have been experiencing in the last few months.” Almost a year after, the state government seems to have finally proffered a lasting solution to the perennial gridlock on Third Mainland Bridge during peak hours with the completion of the multiple lay-bys at Iyana Oworo Bus Stop. New Telegraph observed that with the completion lay-bys, travel time from Island to Mainland on the bridge has significantly reduced from about four hours to between 16 and 20 minutes during peak periods. Speaking with New Telegraph, motorists and commuters, who spoke on their driving experience on the hitherto traffic gridlock ridden bridge, commended the state government for coming up with a strategy, which they said, has reduced their travel time on the bridge. Adediji Pius, a commuter, who works in Obalende, said that he left Lagos Island about 5:58pm and got to Oworonshoki around 6:20pm. Also speaking, Emmanuel Okorocha, said the lay-by has drastically reduced traffic on the road, saying that he spent between 3 to 4 hours from Island to Mainland, using Third Mainland Bridge previously. On his part, Richard Ayere, who hails from Cross Rivers, urged the government to focus on most traffic prone areas as it did in Oworonshoki /Third Mainland axis, saying traffic gridlock was a major challenge confronting residents in the state. Meanwhile, speaking with journalists after assessing the impact of the lay-bys on the traffic gridlock on the bridge, State's Commissioner for Transportation, Dr Dayo Mobereola, described the lay-bys as parts of the holistic measures of the Ambode led-administration to unlock the traffic gridlock. According to him, "The gridlock was caused by the vehicles, who drop passengers on the road. We have emergency lay by, lay-by for cars, staff bus, LASTMA park as well emergency park. "The problem with transportation in Lagos is the traffic at the junctionsand we are assessing it in holistic manner. By the time we are done with Oworonshoki, we will move to the other side of Oworonshoki to address the traffic challenges for those moving towards Island. "This is because in the morning,

A traffic-free Third Mainland Bridge

Unlocking gridlock on Third Mainland Bridge

as early as 5:30am, traffic begins to build up even at Gbagada axis. So, we are creating lay by on that axis. The only way we can tackle these problems is to do it in holistic manners.” Explaining the feature of the project, Director, Transportation Engineering, Mr Bolaji Bada, said that the lay by is designed to accommodate 36 cars, 18 Coaster buses and 55 commercial buses at a time. "The project content include: Parallel alternative road, Iyana Oworo lay by, Berger lay by, Lagbus. Lay by and panel wall."We are also creating another road at Olopomeji, " he added.

Under the Third Mainland Bridge

24 LIFE/MEGA CITY

WEDNESday, JUNE 29, 2016 NEW TELEGRAPH

in another one year or by the end of this year. This will bring a lot of relief to commuters along that corridor.

Is there no way of having a flood-free Lagos? Even in developed countries, we have flash flood and there is nowhere in the world that there is no flash flood. It is more of an attitudinal behaviour of our people. During heavy rains, do you know what people do? Everybody goes out to empty their wastes into a canal or channel that is supposed to be discharging water only. There is an attitudinal behaviour which we are constantly advocating too by telling our people to desist from that because that is not where they should dump their wastes. Our literacy level is still low in this country and we hope that we would get there one day. The literacy level of other developed countries you have visited is very high; they know that they are not expected to dump their wastes anyhow. That is why their roads last longer. You don’t see water on the road; nobody will park his car on the road saying he wants to change engine oil, neither will anybody say he wants to cut the road. That, we are trying to minimize because we are now providing service ducts across the new roads we are constructing where you can pass you cable through. Every 250m of our new roads, we have transverse service ducts across. We also provide service ducts longitudinally, so that you don’t have to cut our road. Lagos State has been facing some kind of discrimination issues with the Federal government for some time now in terms of refund of money spent on Federal projects. But now that we have the same party ruling both at the Federal and state level, does that make it easier for you to intervene in some federal projects? We normally intervene. Even during the era of Asiwaju Bola Ahmed Tinubu. We intervened to a period where we had to request for funds and they refused to give us. With the limited resources of the state, we could not afford to intervene on some of these roads because we have our inner roads to work on. It may interest you to know that up to this moment, the Federal Government still owe us N51billion only for road intervention made by Lagos. His Excellency, Mr. Akinwunmi Ambode is the Chief Security Officer of the state. He normally instructs us to go and do it. If the Federal Government

Johnson

‘Fourth Mainland Bridge, not a campaign material’ can pay us the money they owe us, we can continue to intervene.

It is a Federal Government road but we still intervened for our people

The current administration has been in government for a year plus now. What are those signature projects you can say that this administration would have achieved before the end of the remaining three years? I will start with the two flyovers that we have constructedAjah and Abule Egba. The third one is the network of roads in Epe. In the next three years, we are going to turn that place around to support Lekki Free Trade Zone, the Deep Sea Port and Dangote refinery. With that, we are improving the Gross Domestic Product (GDP) of the state because there would be a lot of economic activities between those two corridors. There would be goods and services moving to those places.

We would be able to house a lot of people at Epe because Real Estate will boom. These projects are legacy projects and for these projects, the people will forever be grateful to the government. There is also the Ojudu-Berger bridge. We are not only building pedestrian bridge in the place, we are also widening the roads such that vehicles coming inlet and outlet of that place will be able to veer off from the main corridor of the road because some passengers do disembark and get down there. We are expanding both left and right side of the road. We are also introducing a slip road. If you are living at Magodo Phase One, you don’t have to go through the loop down. By the time we finish the project, you will just use the slip road into Isheri road. Those are signature projects you will see

The Fourth Mainland Bridge is more than a signature project. How realistic is that project? It is not a campaign material and it is very realistic. If it is a campaign material, we would not go to the extent of signing an MOU. MOU is telling us that we have an understanding, that there are some deadlines you have to meet; if you don’t meet them, then we disengage you. It shows seriousness from us and if we are not serious, we will not do that. During the ceremony, we engaged virtually the Financial Adviser, the Contractors and even the Promoters. At Fourth Mainland Bridge, we are in the process of concluding the final design which will tell us if it is bankable or not. But we believe that it is bankable because a preliminary study that was done revealed the financial model that we are adopting. Lagos is not the state financing the project; we must get that right. N844 billion is beyond our two year budget. So, we cannot afford it. What we have done is to invite international investors and they are ready to do business with us; they have seen the preliminary report and they are interested in it because they see that it is achievable. That is the crux of the question. Some people argue that tolling a bridge would leave dead weight on it and defeat the essence of the bridge in the first place... How do you expect them to recoup their investment if they don’t toll the bridge? Who told you that they don’t toll bridges? PPP is alien to us in this part of the country. As at the time Third Mainland Bridge was concluded, nobody was talking about PPP. So, it was financed by the Federal Government and state government partially. It is the last phase of it, from Adekunle to Oworo that the state participated in co-partnering with Federal Government. The Federal and state governments were buoyant then. If we can afford it, why are we inviting investors? We are inviting investors because the state cannot do it alone any more.

QUOTE

OF THE WEEK

A virile synergy between the government and the private sector will be a spur to more development. And since the government is poised to tap all available opportunities, a CBD of our dream will be achievable”, The Special Adviser to the Governor on Central Business District, Mr. Agboola Dabiri

IN NUMBERS JU NE

CONTINUED FROM PAGE 19

Lagos records 1, 596 rape, incest cases in four years

WEDNESDAY, JUNE 29, 2016 NEW TELEGRAPH

Money

Business What's new Fixed income market records N7.4trn deals

Forex: CBN sustains intervention amid liquidity concerns

Maritime Auto policy: Ports lose 75% vehicle imports

28 31

Rates Dashboard INFLATION RATE May 2016 ................................. 15.6% April 2016...................................13.7% March 2016...............................12.8%

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

EXCHANGE RATE

(Parallel Market as at June 24 )

(Interbank as at June 24)

USD . . . . . . . . . . . . . . . . . . . . . . N333 Pounds . . . . . . . . . . . . . . . . . . . N470 Euro . . . . . . . . . . . . . . . . . . . . . . N365

l Foreign Reserves – $26.424 bn as at 23/6/2016

USD . . . . . . . . . . . . . . . . . . . . . N282 Pounds . . . . . . . . . . . . . . . . . . N400 Euro . . . . . . . . . . . . . . . . . . . . . . N314

Source: CBN

p.26

Nigeria, others consume $42.9bn cheap fish p.26

L-R: Chairman, Sterling Bank Plc. and outgoing Chairman of Nigerian Bar Association (NBA) Section on Business Law (NBA- SBL), Asue Ighodalo; Past Chairman, NBASBL, Mr. Gbenga Oyebode; and Minister of Finance, Kemi Adeosun, at the Annual Business Law Conference sponsored by the bank and held in Abuja.

GLOOMY Telecoms advocacy body says proposed communication tax bill will further lower subscribers’ purchasing power and cause more decline to operators’ revenue

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

Kunle Azeez

aning economic power of telecoms subscribers in Nigeria, has resulted in 31 per cent month-onmonth loss of revenue by telecommunications service providers in Nigeria, New Telegraph has learnt. The bulk of telecoms operators’ revenue is realised through provision of voice services but low economic power of Nigerians, resulting in dwindling Average Revenue Per User (ARPU) and consequent decline active mobile lines, are factors cutting down operators revenue. National Chairman, Association of Licensed Telecoms Operators of Nigeria (ALTON), Mr. Gbenga Adebayo, disclosed this in an exclusive interview with this newspaper. Between last December and end of April, New Telegraph’s investigation showed that telecoms companies lost about 31 per cent monthon-month revenue as a result of the downturn in the economy resulting in lowering active lines. According to investigation,

Telecoms operators’ revenue falls 31% on clients’ waning income monthly revenue accrued to Nigeria’s telecoms operators from the provision of voice services to their subscribers crashed from N241.6 billion last December to N166.4 billion by end of April this year. The figure represents the aggregate voice revenue by the operators, including the Global System for Mobile Communications (GSM), Code Division Multiple Access (CDMA) and fixed networks during the four month period, as active subscriptions fell from 151 million to 147.5 during the four months period. The decline, representing N75.2 billion revenue losses, is equivalent to 31.1 per cent fall in their income accrual. The figures, which represent the amount of money spent by telecoms subscribers in making calls on their respective networks, also represent the revenue generated by the telcos during the period. The findings were arrived at, using the current active mobile subscriptions in the country and the subsisting Average Revenue Per User (ARPU) N1,100 for Nigeria multiplied by the number of subscriber base per month. ARPU is the financial performance benchmark in the telecoms industry that measures the average monthly revenue generated by op-

N241.6 billion Being Nigeria’s telecoms operators’ monthly revenue from the provision of voice in April this year

erators from telecoms subscribers, usually monthly. In December 2015, ARPU had stood at around N1,600, but crashed in the first quarter of this year to N1,100, indicating a reduction in revenue accrued to telecoms networks. According to this newspaper’s investigation, by multiplying the total active subscription base of 151 million by an APRU of N1,600, the operators’ revenue stood at an estimated N241.6 million. However, by the time the telecoms industry regulator, the Nigerian Communications Commission (NCC) released the April 2016 subscriber data, which is the latest in the industry, the number of active subscriber had reduced to 147.5 million. With an APRU of N1,100, the estimated revenue generated by the operators stood at N162.4 billion. According to analysts, reduction in ARPU has been partly traced to the emergence of the Over the Top (OTT) players, which operators said were eating into their profitability potential. OTT services are services carried over the networks, delivering value to customers, but without any CONTINUED ON PAGE 26

BUSINESS |news

LOW CONFIDENCE Bearish sentiments prevail in both mid and long-term maturities

Chris Ugwu

urnover of transactions executed in the Fixed Income and Currency (FIC) markets for the month of May 2016 settled at N7.43 trillion, indicating a decrease of 21.22 per cent or N2.00 trillion from the value recorded in April. This also depicted a decline of 36.55 per cent N4.28 trillion year-on-year (YoY). A document obtained from FMDQ OTC Plc, an OTC securities exchange and selfregulatory organisation, by New Telegraph showed that activities in the Foreign Exchange (FX) market accounted for 13.30 per cent of total turnover, as against 16.69 per cent recorded in April. Treasury Bills (T.bills) transactions, on the other hand, continued to dominate, accounting for 43.80 per cent of the total market; 17.90 per cent lower than the previous month. Secured Money Market (Repurchase Agreements (Repos)/Buy-Backs) and FGN2 bonds transactions accounted for 31.16 per cent and 9.28 per cent of the total turnover respectively, whilst Unsecured Placements/Takings contributed 2.41 per cent to total turnover.

Fixed income market records N7.4trn deals In the fixed income market, bearish sentiments prevailed in the short, mid and long-term maturities, as yields trended upwards. In the month of May, openbuy-back and overnight rates remained in the single digit range, averaging 6.54 per cent and 7.08 per cent respectively, while T.bills continued its dominance in the fixed income market, accounting for 82.51 per cent (April - 81.72 per cent) of all trades. Transactions in the FX market settled at $4.09 billion, a 32.96 per cent ($2.01 billion) drop compared with the value recorded in April. On a YoY basis, FX turnover declined by 65.00 per cent. Member-Member trades recorded $0.62 billion in turnover for May, compared to $0.71 billion recorded in April, indicating a decrease of 12.89 per cent, while on a YoY basis, MemberMember trades recorded a decline of $0.61 billion (49.86 per cent). Turnover in Member-Client trades also declined by 35.59 per cent ($3.47 billion), from the previous month and $6.98 billion (66.78 per cent) YoY On an aggregate, turnover on Spot transactions dropped 39.59 per cent to settle at $2.56 billion, while transactions in the Swaps market also fell by 15.42 per cent to end the month at $1.36 billion. The exchange rate at the CBN window remained flat at $/N196.00, whilst the naira opened the month at $/N197.33

Telecoms operators’ revenue falls 31% on clients’ waning income CONTINUED FROM PAGE 25

carrier service provider being involved in planning, selling, provisioning, or servicing them; thereby implying that traditional telcos cannot directly earn revenue from such services. Already, industry analysts say that OTT is a service-based on the Voice over IP communication protocol (VoIP), a disruptive technology that is rapidly gaining ground against traditional telephone network technologies. According to a report by the NCC on the activity of OTT in Nigeria, with the increase in uptake of mobile VoIP services provided by apps such as Google, Facebook, Skype, Viber, WhatsApp, among others, telecoms operators “face the risk of eroding revenues and profitability.” Reacting to development during the interview, Adebayo said: “In terms of total number of subscriber, active or nonactive, I think part of what may have led to the reduction in the total number of active subscriber might be the issue of disconnection given to the operators by the regulator. “The second reason that may have contributed to the loss of revenue and which I think is more significant is actually in

WEDNESDAY, JUNE 29, 2016 NEW TELEGRAPH

the buying power of the people, because people’s economic power has gone down. “So, those who normally will share service between two to three networks before now have begun to harmonise their needs by just using only one SIM and fuelling it with voice and data subscriptions and I think that is a factor that we must consider. “Without doubt, the buying power of people is going down.” Adebayo also decried the proposed introduction of Telecommunications Service Tax Bill, which is currently proposing another nine per cent tax on telecoms services on telecoms networks, saying passing such bill will further affect subscribers’ buying power and consequently shrink operators’ revenue further. “If that my analogy is correct, by the time the Communications Tax Bill is introduced, you will have more decline in the active mobile subscriptions. It is just the fact. So, I think we need to watch the number very carefully, analyse it and be able to provide a strategic direction. Otherwise, it would be a shame if we come back in six months and we now see that the number of active lines have further gone down to 100 million,” he added.

in the inter-bank market and closed at $/N198.84, translating to a depreciation of 0.76 per cent of the currency. Rates in the parallel market averaged $/N334.07 during the period under review. Turnover in the Fixed Income market settled at N3.94 trillion, 18.69 per cent (N0.91 trillion) below the previous month’s value, with transactions in the T.bills market accounting for 82.51 per cent of the turnover, as against 81.72 per cent recorded in April. Outstanding T.bills stood

at N5.42 trillion in the month whilst outstanding FGN bonds increased 0.81 per cent to close at N6.46 trillion. Trading intensity in the Fixed Income market settled at 0.60 and 0.11 for T.bills and FGN bonds respectively, with maturities between 6 months and 12 months being the most actively traded in the review period The yield curve closed the month on an upward slope. Yields across the short, mid and long-term of the curve gained an average of 0.78 per cent, 0.84 per cent and 0.40 per

cent respectively. Activities in the Secured Money Market (Repos/BuyBacks) settled at N2.31trillon, 19.42 per cent (N557.83 billion) below the value recorded in April. On a YoY basis, Repos/ Buy-Backs turnover recorded an increase of N415.40 billion (21.88 per cent). Unsecured Placements/ Takings grew by 36.74 per cent (N48.10 billion) to close the month at N179.03 billion, however, this still translates to a decline of N1.02.trillion (85.07 per cent) YoY.

L-R: Company Secretary, Lafarge Africa Plc, Uzoma Uja; Chairman, Mobolaji Balogun, and Group Managing Director/CEO, Michel Puchercos, at the company’s 57th Annual General Meeting in Lagos. PHOTO: SULEIMAN HUSAINI

Nigeria, others consume $42.9bn cheap fish ●Global market to stablise in 2016 LOSSES The low price has led to financial loss of $1 billion to Chile’s salmon imports in 2015 alone Bayo Akomolafe

llegal catches have prompted massive importation of various cheap fish valued at $42.9 billion to Nigeria, China and some countries in the last two years. Already, a measure, which would sustain legal fish catches, has received stronger boost and has entered into force, according to the United States Food and Agriculture (FAO)’s Port State Measures Agreement. The catches include ground fish, bivalves, mussels, pelagic, pangasius, pollock, tilapia haddock and saithe, seabass and seabream. It was revealed that the low price has led to a loss of $1billion to Chile’s salmon imports in 2015 alone. In the last two years,

some countries, which have imported cheap fish, are China with $7.8 billion imports; Japan, $6.1 billion; Nigeria, $1.34 billion; Zambia, $176 million; Ghana, $203.9 million; Cameroon, $381.4 million and Mozambique, $93.5 million. According to the June 2016 FAO outlook, after a year of falling prices, seafood markets are expected to stabilise in 2016. Despite the assurance of price stability by FAO, the Vietnam Association of Seafood Exporters and Producers had said that the value of its pangasius exports would continue to fall this year, for a yearon-year drop of five per cent to $1.5 billion. However, FAO said that global seafood markets would be stable in Southeast Asia, Ecuador and in the Western India. It said: “The year 2016 has started with some stability in market prices as US imports increased by 6.5 per cent during the first two months of 2016 due to lower inventories combined with stronger consumer demand during the FebruaryMarch Lent season, particularly within the catering trade.” It noted that the prevailing stability of capture fisheries supply and the steady growth of the global aquaculture sector were expected to continue,

with world per capita consumption of fish also forecast to keep growing. It noted: “The value of global trade in fish and fishery products decreased in 2015, contrary to the longterm trend. The drop was the result of a range of factors: the strengthening of the United States dollar relative to many other currencies, which contributed to a fall in dollar denominated prices for the most important traded species and the economic slowdowns of important emerging markets. “In 2016, however, more stability is expected, overall and a rebound in the value of trade is possible in the second half of the year. This would be partly led by recovery on international quotations, as a tightening of supply is likely to drive prices higher for farmed salmon, cephalopods, seabass and seabream.” The FAO outlook said that economic difficulties, a weaker currency and declining overall demand for seafood continue to represent significant challenges for importers in Japan. “In 2016, the major exporting countries will continue to benefit from the strong US dollar, which has made their exports more attractive for buyers in the United States,” it said.

WEDNESDAY, JUNE 29, 2016 NEW TELEGRAPH

FCT BUSINESS WATCH

Finance ministry: When protest is of no effect

CBN Governor, Godwin Emefiele

For two days last week, the joint personnel of the Ministry of Finance sealed the ministry over a N1.2 billion unpaid allowances and other perks. However, the minister of finance said the workers’ demand is not feasible, reports ABDULWAHAB ISA

he introduction of Treasury Single Account (TSA) policy is a bitter pill forced down the throat of government agencies. This is expected, considering the undue advantages and corrupt privileges the old order conferred on most personnel of ministries, department and agencies of government,( MDAs). With the enforcement of the TSA policy , MDAs, in compliance with government policy directive, collapsed their revenue and operational accounts in commercial banks and transferred the funds to the single designated account domiciled in Central Bank of Nigeria( CBN). Evidently, the enforcement of TSA has curbed frivolous expenditure pattern of MDAs. To the Federal Government, the policy affords it the rare privilege of keeping a tab on all financial flows and disbursements, as the entire funds are pooled into a single account of the CBN. However, an important side effect of TSA implementation, which MDAs personnel are not comfortable with, is the forfeiture of lots of privileges. Privileges such as payment of over time allowance,

Minister of Finance, Mrs Kemi Adeosun

unrestrained local and overseas training and several unmitigated allowances. With the TSA, head of government’s parastatals and CEOs are no longer in control of express authorisation of funds for payment of over time and funding of local and foreign capacity training. During the TSA era, every expenditure of government must be an item of necessity. Most of the agencies have lost their hitherto privileges to TSA enforcement. The Federal Ministry of Finance - the ministry directly responsible for implementing this all-important policy - was caught at cross road last week, faced with consequence the TSA policy. The protest The Ministry of Finance benefited from pre-TSA era. The ministry staff benefited from various allowances, unrestrained travels for both local and overseas courses. Special Overtime (SOT) allowance, performance allowance and opportunity to travel for capacity building workshops ( local and foreign) were some of the numerous privileges finance ministry staff had enjoyed every year before now. These set of privileges changed following the dwindling government resources occasioned by fall in crude oil price. Faced with a drastic fall in oil revenue, which accounts for 80 per cent of government revenue, government cut back funding for most of the items . Hard hit by discontinuation of certain privileges, the joint personnel of finance ministry, which comprised staff of the Federal Ministry of Finance, Office of the Accountant-General of the Federation and the Budget Office of the Ministry of Budget and National Planning embarked on a two-day protest last week. The protest

Payment of what the protesting staff called a Special Overtime (SOT) was stopped by the last administration in 2014

crippled official activities of the ministry . From their choice of words, it was obvious they were angry at the Minister of Finance, Mrs. Kemi Adeosun. They conveyed their displeasure via placards that bore inscriptions including, “Adeosun you’re destroying finance ministry,” “You must go, ” “You are incompetent, “ “You are killing GMB change agenda”, etc. N1.2 billion allowance At the centre of the two-day protest by the joint staff of finance ministry is the issue of staff welfare. A member of the protesting staff that spoke with New Telegraph and pleaded for identity protection said the protest was a result of halting of privileges staff were hitherto entitled to. The staff said: “Before this minister was appointed, the staff of the ministry were entitled to three training sessions a year. During the tenure of former minister, Dr. Ngozi OkonjoIweala, it was reduced to two, but when Adeosun came, she didn’t want to approve it. Payment for over time work used to be part of the ministry’s work schedule. The practice was, any staff that worked beyond the normal 4pm official closing hour was entitled to extra payment in a form of over time allowance. When Adeosun came on board, she stopped it. Again, there used to be performance allowance paid to staff every year end. This allowance is drawn from cost of revenue collection by the Federal Inland Revenue Service( FIRS). The practise is, at the end of every year, the minister of finance would take the proposal to the president for approval. This has been the practise up till the time former Minister of Finance, Dr. Ngozi Okonjo- Iweala, handed

over. But Adeosun has refused taking it to Mr. President for approval. The staff performance allowance pending on her table is N1.2 billion and she has refused to present it to the president for approval. She is boasting that she is not working for the ministry but for Nigerians and every move by the leadership of staff union for dialogue with the minister got thwarted. “ Ministry’s defence Though the minister wasn’t in the office for two days to avoid the anger of rampaging staff, she said the protest has no justifiable ground. A statement issued by the Director of Information in the ministry, Salisu Na’ inna Dambatta, in response to the staff demand for payment of over time allowance, said, “Payment of what the protesting staff called a Special Overtime (SOT), was stopped by the last administration in 2014 on the grounds that it was not listed in any extant government circular, Financial Regulations or the Public Service Rules. “The sum of N1.2 billion computed by the staff union for payment could not have been budgeted for in 2016 in the first place, not only because of the paucity of funds, but also the fact that the SOT allowance was not part of the remuneration in the Federal Public Service and the Federal Ministry of Finance. The Office of the Accountant-General of the Federation and the Budget Office of the Ministry of Budget and National Planning do not individually or collectively, owe any of their personnel their salaries.” It added: “The Management of the Federal Ministry of Finance wishes to categorically state that the protests have no justifiable grounds.” To further reinforce her claim that the payment of N1.2 billion Special Overtime Allowance was not feasible given the present circumstance. The minister, in a statement by her media aide, Festus Akanbi, urged workers to be patient and understand the current challenges facing the Nigerian economy. “The minister was at pains to point out that many people across the country were struggling to find work and that the priority for government had to be getting the whole economy back on its feet,” the statement said. Conclusion Though non-violent protest, which was deployed recently by the joint staff of the Ministry of Finance in pressing their demands is a legitimate means open to aggrieved staff, protesting ministry staff goofed in their demands. They ought to know that, with the adoption of TSA policy and the recent creation of Efficiency Unit (E- Unit) domiciled in the ministry, all previous perks and allowances considered as a waste of scarce resources by government would be done away with. The change mantra professed by the administration is at work and all must adjust to the new reality.

BUSINESS |MONEY

WEDNESDAY, JUNE 29, 2016 NEW TELEGRAPH

Forex: CBN sustains intervention amid liquidity concerns C learly, one issue currently weighing on the minds of most financial analysts is whether the Central Bank of Nigeria (CBN) has the capacity to sustain its daily intervention in the interbank forex market and thus ensure that the naira does not decline any further against the dollar from the N197 to the dollar peg under the previous forex policy to the between N280 and N284/$ range that it has slumped to since the new system took off. This is because since the implementation of the new forex policy commenced last Monday, the apex bank has sold dollars in the interbank market on a daily basis in order to trigger trading between banks, which were holding back due to liquidity concerns. Specifically, on the first day of trading under the new system, the banking watchdog said it sold $532 million on the spot market and $3.487 billion in the forwards market. A breakdown of the $3.487 billion forward sales by the regulator showed that $697 billion was for one month (1M), $1.22 billion for two months (2M) and $1.57 billion for three months (3M). Also, on the following day, (Tuesday), the apex bank reportedly sold around $100 million in the interbank market. According to traders, although this intervention did not prevent the naira from falling against the greenback, it was a marginal depreciation as the local currency declined to N284.83 to a dollar on the interbank spot market as against the N281.85 at which it closed last Monday. Again, in a bid to stabilise the market, the CBN sold dollars in the interbank last Wednesday and this time, the intervention resulted in the naira appreciating to N282.5 against the dollar from N284 it closed on Tuesday. Similarly, according to Reuters, dollar sales by the apex financial institution in the interbank market last Thursday and Friday led to the naira holding steady at N281 to the dollar on both days. The news agency reported that though the interbank opens at 8a.m, the situation for most of last week was that there would be no activity for more than three hours until the CBN intervenes to trigger trading. It quoted a trader as saying, “There’s still a lot of demand with no liquidity,” adding that it was not clear for how long the bank would continue to sell dollars on the interbank market. However, Bloomberg quoted Head of Research at SCM Capital Ltd., Sewa Wusu, as saying, “The market expects the CBN to continue to intervene on a daily basis for now as it is easily the only source of dollar supplies. Foreign direct investment and portfolio flows are yet to start flowing in, as investors wait

While the consensus in financial circles at the weekend was that the implementation of the flexible foreign exchange policy recently introduced by the Central Bank of Nigeria (CBN) began rather well last week, the apex bank’s daily intervention in the market is raising liquidity concerns, writes Tony Chukwunyem

growth remains very high. A very good reason why all looking from outside, particularly the International Monetary Fund ( IMF), could praise the FX liberalisation to high heavens remains that it guarantees easy exit and entry of capital into Nigeria “That looks good enough too for Nigerians in the thick of it all within the country provided immediate inflow is bountiful and it is sustainable. In other words, that more Fx flows in faster than it flows out immediately from (last) Monday and on sustainable basis. If not, from Monday only the naira will be searching for a bottom that is bottomless so long as crude oil earnings do not pick up,” he stated.

CBN headquarters, Abuja

on the sidelines to watch for liquidity, price discovery and stability.” The news agency also quoted analysts at Rand Merchant Bank, including Celeste Fauconnier and Nema Ramkhelawan-Bhana, as saying, “The monetary authority will be a regular participant in the interbank market, at least in the short term, to ensure that sufficient liquidity is available to facilitate two-way trade.” According to a forex dealer who did want to be named, “The CBN has no choice but to continue to sell dollars to the market to ensure that there is enough liquidity. If it stops selling dollars now where will the liquidity flow in? The foreign investors are not just going to rush in just because a flexible forex policy has been introduced. They will wait to see that the policy is sustainable.” Investors cautious Indeed, last Wednesday Reuters reported that while investors welcomed the new forex policy, “as the right first step, most plan to watch Nigeria from the sidelines anticipating more pain in store.” The news agency quoted emerging market specialist at UBS Wealth Management, Jonas David, as saying, “It is positive, it is a more credible and flexible exchange rate regime in the long-run, you will see an external rebalancing of the

The forex policy is what the economy needs at this time

economy, a fiscal adjustment and so on. But in the near term, things will get worse before they get better.” According to him, investors are concerned that the economy was sliding into recession coupled with the fact that there is a fresh spike in inflation. The report stated that with the new forex policy likely to push inflation above 20 per cent in the second half of the year, the CBN would have to hike interest rates if it wants to attract foreign investment. It quoted Kevin Daly at Aberdeen Asset Management as saying, “Right now you have negative real interest rates, and so investors will not be enamoured with buying Nigerian bonds given where inflation is or where it is headed. You need (a yield) somewhere between 15-20 per cent to make this attractive.” Also commenting on the issue in a note obtained by New Telegraph, the Principal Consultant, Henates and Associates, gave reasons why the expected in flow of foreign investment to boost the naira may not materialise in the short term. The reasons, according to him, include, “One, because this remains an under developed economy with very limited resources, almost non-existent innovation, more of quick readiness to import the latest; and because the population

Discount window In addition, analysts point out that the new forex policy which led to the CBN selling $4.2 billion to clear backlog of pent up forex demand last Monday triggered intense demand for funds in the interbank market, as lenders sourced for N1.1 trillion to fund dollar purchase. This resulted in interest rates moving north of 60 per cent last Wednesday and compelling the CBN to open its discount window to avert acute scarcity of funds in the banking system. Last Thursday, some banks increased their borrowing from the CBN’s Standing Lending Facility (SLF) to around N420 billion in a bid to ease liquidity pressure, after the apex bank debited commercial lenders for forex purchase in the new interbank forex market. Although interbank overnight rate eased 20 percentage points to 15 per cent on Friday from Thursday’s close after some banks approached the discount window for short-term cash accommodation, analysts argue that the new forex policy is likely to put more pressure on banking system liquidity. Conclusion Commenting on the new forex policy’s impact on the banking industry, a top official of a new generation bank who pleaded anonymity, said: “There is no doubt that the forex policy is what the economy needs at this time. For instance, it has narrowed the wide gap between the naira rates on the official and parallel markets. However, whether the policy is sustainable will depend on if the CBN stops being the sole supplier of dollars in the market. Foreign investors will need to bring in capital to boost the market, but at the moment, it is an open question as to whether liquidity will return or not.”

BUSINESS |MONEY

WEDNESDAY, JUNE 29, 2016 NEW TELEGRAPH

BCAN takes up case of Savannah Bank depositors Advocacy Owners have returned to court

Tony Chukwunyem

fter more than seven years of waiting in vain to hear from its owners when the lender will reopen for business, depositors of Savannah Bank may soon breathe a sigh of relief as the Bank Customers Association of Nigeria (BCAN) is now looking into the matter. In a chat with New Telegraph, President of BCAN, Dr. Uju Ogubunka, disclosed that

the association had carried out an extensive investigation and research on the issue, based on which it wrote a letter to the Central Bank of Nigeria (CBN) and was awaiting the apex bank’s reply which it had been told had already been dispatched from Abuja. According to him, membership of the association includes not only depositors of Savannah Bank but also its shareholders as well as financial consultants who have some knowledge of the discussions that the owners of Savannah Bank have held with the regulators. He said, “We have gathered all the facts. We have among us depositors of the bank, shareholders and financial consul-

tants who have done some work on the issue. We have written to the CBN and we have been told that they have replied and that their letter will soon get to us. As soon as we receive the letter, we carry out our next line of action.” Besides, he said, “We are taking this matter with all the seriousness that it deserves. Its over seven years since Savannah Bank’s licence was returned to the owners and since then many depositors who have their money trapped in the bank since it was shut down in 2002 have either died or are in poor health. They need to be able to access their funds so that they can take care of their health, pay school fees and be able to sur-

vive especially in this tough economy.” Savannah Bank was shut down by the CBN on a Friday evening in February 2002. Millions of customers and businesses that had deposited their cash takings for the week into their accounts went to the bank’s branches the following Monday to discover that they could gain entry into the banking halls. The shock was so much for some of them that they reportedly committed suicide. However, the owners of the bank led by Mrs. Patricia Nwobodo, challenged the CBN’s action in court. In 2009, seven years after the bank was shutdown, an Abuja court ruled in their favour and directed the

apex bank to restore the bank’s licence. But despite promising to reopen for business once they had taken possession of all the bank’s branches and had been able to verify its assets and liabilities, the owners are yet to engage with the depositors. The latter, on their part, wrote a petition to the former President and his Minister of Finance over their money trapped in the bank, but this produced no result. New Telegraph, however, gathered that the owners of the bank returned to court after talks between them and the regulators over some grey areas in the agreement signed for the reopening of the financial institution broke down.

Thomas Reuters, ADIB partner on ethical finance awards

L-R: Permanent Secretary, Federal Ministry of Finance, Alhaji Mahmoud Dutse; Minister of Finance, Mrs. Kemi Adeosun and Chairman of the Committee on the Review of Report on Review of Insurance (Consolidated) Bill, Dr. Omogbai Omo-Eboh, during the presentation of the committee’s report to the Minister in Abuja.

Policy remix needed to tackle pent-up risks –BIS

here is an urgent need to rebalance policy in order to shift to a more robust and sustainable global expansion and address accumulated vulnerabilities, the Bank for International Settlements (BIS) has stated in its 86th Annual Report. Consequently, the institution has called for prudential, fiscal and structural policies to play a greater role. The BIS is an international financial institution owned by central banks, which “fosters international monetary and financial cooperation and serves as a bank for central banks.” “We need policies that we will not once again regret when the future becomes today,” the BIS says in the report, released at the weekend, which describes a broad-based economic realignment as financial cycles mature, commodity prices fall, the dollar strengthens and global liquidity starts to tighten. In its flagship economic report, the BIS argues that growth rates are not far from historical averages. Still, it identifies a risky combination of unusually low productivity growth, historically high global debt and shrinking

room for policy manoeuvre, which leaves the global economy highly exposed, not least to shocks and political risks. The recommended policy rebalancing should be incorporated into a long-term framework with a stronger focus on preventing costly financial boom-bust cycles, the BIS says. Prudential, fiscal and structural policies need to work alongside monetary policy, with a clear delineation of responsibilities. The structure of taxes and subsidies could be adjusted to remove the bias towards debt accumulation, for example by eliminating the tax advantage of debt over equity, and the quality of public spending could be improved by focusing more on investment. Throughout this process, prudently assessing fiscal space and maintaining sound public finances are key. Safer and stronger banks will also contribute to a more resilient economy since better capitalised banks lend more and stronger market-makers mean more robust market liquidity. Over the last year, major economies’ interest rates - adjusted for inflation - have edged further into

negative territory and the stock of sovereign bonds trading at negative yields has hit record highs. The persistence of such exceptionally low rates has raised questions about their impact on the profitability and resilience of financial institutions, the sustainability of asset prices and the broader economy. The BIS authors look at concerns about the declining impact of monetary policy on the domestic economy and the increasing prominence of external channels of transmission, such as exchange rates. They examine the merits of a financial stability-oriented monetary policy and conclude that leaning against the wind brings the greatest benefits when monetary policymakers take financial stability into account all the time, during both booms and busts. Other new research in the Annual Report discusses anomalies in financial markets; how financial risk-taking can undermine the traditional impact of currency moves on an economy; the role of global value chains in the globalisation of inflation dynamics and the treatment of sovereign debt on banks’ balance sheets.

homson Reuters and Abu Dhabi Islamic Bank (ADIB) have unveiled details of the hosting of the 4th edition of their initiative, “The Ethical Finance Innovation Challenge and Awards (EFICA). The awards aim to recognise and reward innovation in ethical finance, and are designed to inspire real change in the banking and financial services industry by showcasing and developing new practical innovations to promote sustainability and social benefit. According to statement issued by the organisers, the EFICA awards are being given in two categories this year: the Ethical Finance Initiative Award, and the Lifetime Achievement Award. The Ethical Finance Initiative Award carries a $100,000 prize, and is for innovative solutions or initiatives that promote ethical practice and inspire real change in the financial services industry. The Lifetime Achievement Award, with a prize of $25,000, celebrates an outstanding institution or individual that has significantly helped to shape the world of financial services, by applying ethical principles. “The aim of EFICA is to motivate all positive contributions of the finance industry and recognise existing innovations in the ethical finance space. The awards also aim to create more momentum in the market place so ultimately the society can benefit from ethical finance solutions.” said ADIB Chief Executive Officer Tirad Al Mahmoud. “It is the responsibility of our sector to show we practice what we preach, and to do all we can to recognise and encourage ethical financial practices across the globe.” Entries for the awards are now being accepted from institutions, research centres and individuals and can be submitted online at [www.efica.com]. The selection process is managed by an advisory board that includes financial experts, ethical banking practitioners and Islamic scholars. The selection criteria is based on the initiatives’ ethical aspects, impact on society, innovation, and the practicality of the application. Last year, EFICA hosted more than 300 guests at its annual gala dinner. There, finalists presented their ideas to the audience who then selected the eventual winners through an electronic voting process. In the past three years, EFICA has received over 400 applications from around the world and has shortlisted 19 finalists who presented their initiatives at the EFICA gala dinner. The event hosted the Noble Laureate Professor Muhammad Younis as the keynote speaker.

BUSINESS | Investor

WEDNESDAY, JUNE 29, 2016 NEW TELEGRAPH

Demutualisation: Let best global practices prevail

As the capital market stakeholders plan an Extraordinary General Meeting (EGM) to allow for more consultations on demutualisation, Chris Ugwu writes that there is need to instill global best practices to transform the Exchange

he idea of demutualising the Nigerian Stock Exchange (NSE), which was mooted in 2001 under the administration of the former Director General Ndi Okereke-Onyiuke, has continued to generate great concerns among the operators in the market. Demutualisation is a process by which a member-owned Exchange is converted to a shareholderowned Exchange. With demutualisation, the NSE would be exposed to robust corporate governance; enhanced efficiency and transparency associated with publicly quoted companies. It allows the Exchange to be listed on its own floor where investors would have the opportunity of investing in the self-regulatory organisation. It also allows the Exchange to be competitive and to take up investments that could enhance efficiency and returns for shareholders. Demutualisation has become a worldwide phenomenon. Exchanges that have demutualised include the Singapore Stock Exchange, Japan’s Nikkei and New York’s NASDAQ, Johannesburg Stock Exchange, among others. And each of these Exchanges has gained global recognition and patronage since they went public. Benefits of demutualisation According to the Exchange, demutualisation will allow for improved operational efficiency, enhanced corporate governance and an opportunity to better articulate and execute strategy. The Exchange in its recent annual report noted that the initiative is expected to provide for greater independent investor participation, as the business will be focused as a for-profit entity with the intent of maximising shareholder value. “We also believe that demutualisation will increase the global branding and profile of the Exchange and create a currency for acquisitions, as well as other investments opportunities that may arise. The resultant effect is a transformation of the Exchange to a more nimble organisation, better equipped to respond to changing market conditions of the competitive landscape,” it noted. The President of Council of the NSE, Mr. Aigboje Aig-Imoukhuede, who noted that the Exchange will focus on demutualisation for maximum efficiency in its operations and decision-making processes,

Activities on the floor of Nigerian Stock Exchange

listed some of the benefits of demutualisation to include delivering greater returns to members, greater flexibility and access to global markets, a more flexible governance structure fostering decisive action in response to the rapid changes in the business environment, enhanced synergies with other stock exchanges, and increased access to resources for capital investment raised by way of equity offerings or private investment. Recent efforts The efforts to demutualise the NSE had achieved another milestone following the appointments of a consortium of financial, legal and tax advisers on the demutualisation initiative. NSE had last year announced the appointment of the consortium of Rand Merchant Bank (RMB) and Chapel Hill Denham (CHD) as financial advisers on the proposed demutualisation of the Exchange. Rand Merchant Bank (RMB) is the corporate and investment banking arm of FirstRand, one of Africa’s largest, listed financial services groups. Chapel Hill Denham is a leading Nigerian investment bank, providing financial advisory services to domestic and international corporations, institutions, governments and individual clients, investing in Africa. In a statement made available to news men the Exchange’s management noted that it employed a very rigorous and extensive selection process, commencing with a Request for Proposal (RFP) process, which began on March 11, 2014 inviting qualified financial consortia to submit expressions of interest (EOI). “As part of the EOI, potential financial advisors (FAs) were required to express their interests as a consortium of one international and one Nigerian investment bank, where at least one party of the consortium had participated in the demutualization of a securities exchange as lead adviser. “The qualifying consortia were sent the RFP and 13 proposals were received by deadline date. These proposals were reviewed extensively and scored (technical and financial considerations) by NSE. After a round of presentations,

only three consortia progressed to the final stage, which was aimed at picking the most competent consortium and extracting the best value for NSE,” it noted.

There is the need for the process to be done in a transparent manner

Consultation with various interests With the reported progress being made by Nigeria’s regulators on demutualisation, market watchers had hoped that before now the demutualisation process would have been concluded. But due to the inability of various interests to agree on the way forward, since the plan was conceptualised, it has pitched key capital market operators against each other. Some critics of the process had argued that some clique in the leadership of the exchange intended to hijack the demutualisation on selfish interest and called on the regulatory authorities to shelve its plan to commence the process. There is perception that the plan to demutualise NSE at a period when crisis of confidence is still rocking the stock market was a grand ploy to take the control of the Exchange by a certain clique. In order to reconcile all shades of opinion, the council of the Nigerian Stock Exchange (NSE) at its 55th Annual General Meeting (AGM) last week, agreed to put on hold vote on demutualisation to allow more consultation. Members of the local bourse, who are mostly stockbrokers, had urged the Council of the NSE to embark on more consultations before the demutualisation of the Exchange. They also said after the consultations, an EGM should be convened where the council and management of the NSE will be authorised to commence the demutualisation process. Emeka Madubuike, President of Association of Stock broking Houses of Nigeria and Mike Itegboje supported the suggestion. The speakers further urged the Council and Management of NSE to fasttrack the demutulaisation process and pick a date for the EGM. Madubuike said: “We want to put it in record that the project of demutualisation is very dear to us. An EGM should be organised to resolve the issue of demtualisation. The entire country is in support of demutualisation”

Operators’ reactions Some capital market operators tasked the regulators to ensure transparency in the demutualisation process of the NSE, adding that they should ensure that all parties are carried along in the exercise. Managing Director, Crane Securities, Mr. Mike Eze who described the planed EGM as a step in the right direction, said more consultations would help ensure a smooth exercise of the process. Eze said that operators were counting on the recent development to improvise action on the exercise and protect the interest of parties involved. He pointed out that with demutualisation, the ownership structure of the NSE would be properly put in place, noting that when this is done, corporate governance would be well structured and boost investors’ confidence to stake their fund in the market. He added that the Nigerian Stock market was worst hit by the global financial crises due to over dependence on foreign investors, as they dump their shares during the crises and moved their investment outside the country. Eze noted that demutualisation would go a long way to reduce overdependence on foreign investors and attract local ones into the market. The President of the Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie, said the exercise would attract more local and retail investors into the stock market, if carried out in an ‘all inclusive’ and transparent manner. “If the process will carry all Nigerians along and one person will not own Nigerian Stock Exchange, convert it to his own private estate, if the whole thing will go round to all Nigerians, that will foster growth because it will woo more local investors to the market. Stock exchange is non-governmental, non-profit organisation, so if it is demutualised and quoted as Plc, they will begin to make money because the private people now own it,” he said. The National President of Constance Shareholders Association of Nigeria, Mallam Shehu Mikaili said: “I think there is not yet understanding because of the way the policies is being implemented. Without understanding, there will never be a proper outcome. As far as am concern it is high time various interest were carried along. This is because there are fears that certain people believe they are main catalysts of capital market, this clique will try as much as possible to control the exchange. It is only when all interests are carried along that it takes care of both majority and minority shareholders,” he said Conclusion Since rationale for demutualisation of NSE includes the need to broaden market access by investors, improve governance, instill global best practices and form competitive alliance/strategic partnerships, there is the need for the process to be done in a transparent manner to ensure that everybody is carried along.

WEDNESDAY, june 29, 2016 NEW TELEGRAPH

maritime

Roll on Roll off vessel discharging vehicles at port

Auto policy: Ports lose 75% vehicle imports The port terminals, which used to handle over 400,000 units of vehicles annually before the introduction of the auto policy in 2013, now handle less than 100,000 units annually. BAYO AKOMOLAFE reports

he Federal Government has decided to review the National Automotive Policy (NAP) in order to set an effective implementation framework and incorporate a number of suggestions offered by local automakers and other stakeholders. The auto policy, which was introduced by the administration of former President Goodluck Jonathan in 2013, to encourage auto firms to set up assembly firms in Nigeria, had been criti-

cised by several stakeholders from inception. The policy raised the tariffs on imported vehicles from 20 per cent to 70 per cent, leading to the diversion of Nigeria-bound vehicles to the ports of neighbouring countries. It was learnt that Nigerian ports, which used to handle over 400,000 units of vehicles annually before the advent of the policy, are now handling about 25 per cent of the vehicles annually. New step Worried by this development, the Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, said in Lagos at a oneday stakeholders’ forum that the government was working with the stakeholders to achieve positive results by reviewing the auto policy in line with all the issues raised by the managing directors of some major auto companies. The stakeholders were worried about the rising cost of importation and smuggling of used vehicles into the country through unapproved routes. The minister said that the government was working on several initiatives aimed at creating the

The prices of vehicles were not published anywhere and it is left to the Customs to determine tariff rates

High spate of rice smuggling worries NCS

he Nigeria Customs Service (NCS), Ogun Area Command, has said that rice smuggling has become a matter of life and death in Ogun State. The command’s Area Controller, Waindu Multafu, who disclosed this, said that there were so many creeks around the borders being used by smugglers, who use small canoes to take the rice across rivers. He noted that rice had become the most smuggled item because of the financial benefits to the smugglers. According to him, there

was no place in customs warehouse to put rice again. He said that the service was making efforts to dispose the ones stacked in the warehouse. According to News Agency of Nigeria, Multafu said that the command was doing what was right and expected of the officers and men of the command. The controller said that the command generated over N3billion in the first quarter of 2016, adding that the amount exceeded what was collected in the

corresponding period of 2015. He noted that the command would block all revenue leakages. Multafu, however, said that the economic meltdown had affected business activities at the border posts, as it affected the seaports. According to him, because of the current exchange rate, it is not profitable to smuggle an item such as vehicle. The controller, however, said that the smugglers still floated vehicles across rivers on wooden planks.

right operating environment, adding that there would be increased tax incentives. Enelamah said: “Government is working on engaging banks and other financiers to act as technical partners both in Nigeria and outside Nigeria to provide funding for operators. Nigeria will also leverage on technology to fight smuggling of used cars across the border.” Already, Nigeria Customs Service (NCS) at the Ports and Terminal Multi-services Limited (PTML) said that it’s revenue fell by 32 per cent to N63.18 billion in 2015 as against the N91.45 billon in 2014 at the Port and Terminal Multi-services Limited (PTML). The Five Stars Logistics Terminal at Tincan Island Port also experienced the same short fall. According to NCS’s Public Relations Officer at PTML command, Mr. Steve Okonmah, the short fall in revenue was due to diversion and auto policy of the Federal Government. Diversion He noted that the policy had a devastating effect on the economy, as clearing agents had fewer jobs at the terminal because of diversion of vehicles to Cotonou Port in Republic of Benin. Okonmah noted that the command was strictly a Roll on Roll off (RORO) port. He traced the revenue short fall to low importation and high cost. Speaking on statistics of vehicle imports at the command, Okonmah noted that in 2013, vehicle imports dropped to 172,174 units; 2014, 129,361 pieces and in 2015 to 66,823 units. Implication The Managing Director of Grimaldi Agency Nigeria Limited, Mr. Ascanio Russo, said the Nigeria ports had lost N600billion to the Port of Cotonou in Republic of Benin due to diversion of vehicles. Annually, he said that the

country is losing N200billion to neighbouring ports. The managing director noted that the amount was the value of revenue that ought to have been collected by the Nigerian Customs Service (NCS), if the vehicles were shipped directly to Nigerian ports. Tariff manipulation He noted that manipulations of tariff rates by relevant agency of government were responsible for the problem. Russo added that Nigerians paid lower rates at Cotonou. Russo said that Grimaldi, the operator of PTML terminal in Tin Can Island Port, Lagos had suffered from the effect of the country’s automotive policy. Russo explained that while importers paid a fixed amount for vehicles, the percentage benchmark tariff collected at Nigerian ports was a huge source of problem for importers, saying this was the major reason for abandoning Nigerian ports. He noted that the 35 per cent tariff for used vehicles was too high and had become a source of problem. He said that the prices of vehicles were not published anywhere and it is left to the Customs to determine tariff rates. The managing director explained that the tariff regime charged by NCS entails that the importer must pay five per cent Value Added Tax (VAT), one per cent inspection levy and seven per cent port surcharge. Russo told the Minister of Transportation, Mr. Rotimi Amaechi, at a stakeholders’ forum in Lagos, that the country had a problem of trade policy. Conclusion Vehicle diversion is not a new phenomenon in the business of shipping in West Africa. However, the government need to review auto policy to discourage vehicles smuggling and roro ship diversion to neighbouring countries.

business \ maritime

WEDNESDAY, june 29, 2016 NEW TELEGRAPH

Nigeria loses N620bn to foreign liners SCARCITY

There is no Nigerian ship operating on international waters with dry cargo

Bayo Akomolafe

report by the Ministerial Committee on Modalities for the Establishment of a Nigerian Fleet has revealed that Nigeria lost N620.4 billion ($2.2 billion) in 2014 to foreign liners. The report noted that foreign ships were carrying all international cargo being generated by the country. It explained that Nigeria would have earned $2.2 billion as revenue, if 50 per cent of the ships that called at the seaports were Nigerian ships. According to the re-

port, “If 50 per cent of the over 5,000 ships that came to Nigeria in 2014 were Nigerian ships, crewed by 20 Nigerians per ship earning $3,000 per person, Nigeria would have made $2.2 billion. Its Chairman, Olu Akinsoji, in a presentation of the report to the Minister of Transportation, Rotimi Amaechi, said that the country lacked ships to carry its cargo. Also, the chairman said that Nigeria lack ships operating on international waters with dry local cargo. Akinsoji said: “These are the kinds of losses that we are making by not having ships that are carrying our cargo. Foreign ships carry all the international cargo we generated. We don’t have a ship in international waters carrying dry cargo.”

Reacting to the report, the minister said that the Federal Government would assist the committee to implement its findings. “I will give you people the necessary instruments to implement it. The way to implement it is not to bring it back to the minister,” Amaechi said. According to him, part of the fund to be used in the execution of

the report would come from the Cabotage Fund. He told the committee that the Cabotage Vessel Financing Fund (CVFF) was created by the Coastal and Inland Shipping (Cabotage) Act 2003, to promote ship acquisition by supporting ship owners. Ameachi said: “Section 42, Part VIII of Section 44 of the Act empowers Nigerian Maritime Administra-

tion and Safety Agency (NIMASA) to collect and administer the fund, under guidelines by the Minister of Transport, after approval by the National Assembly.” However, the minister directed that the Executive Secretary, Nigerian Shippers’ Council, Barrister Hassan Bello, should commence the implementation of the report. The chairman of the

10 firms jostle for C’River’s N225.6bn deep seaport T en foreign investors have shown interest to build the proposed N225.6billion ($800 million) deep seaport in Cross River State. The Special Adviser to the Cross River State Government on Technical Matters, Mr. Eric

Akpo, said that fund for the project would be made available by investors jostling to build the port. The special adviser dropped the hint when the Federal Government delegation on Project Steering Committee and

Project Development Committee, led by the Director of Maritime Services in the Federal Ministry of Transportation, Mr. Sani Galadanchi, visited the state. The Chairman of the Cross River Seaport Authority, Senator Flor-

L-R: Director General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, presenting a plaque to the PresidentGeneral, Maritime Workers Union of Nigeria (MWUN), Comrade Anthony Nted Emmanuel, when members of the union visited the D-G at the head office of the agency in Lagos

Vessels expected at the Lagos Port this week Ship

Terminal

Nterlink Mobility

ENL

Desert Glory

ABTL

Sierra Lara

ENL

Tonnage

committee said that the study provided three categories of maritime transportation that the country could establish a shipping company to lift dry cargo, wet cargo, coastal/offshore support service and facilities. Akinsoji added that the committee had noted the significant barriers to the full realisation of the objectives of establishing a sustainable Nigerian fleet.

Commodity

Date

33,000

Fertilizer

26-6-2016

47,043

Wheat

26-6-2016

4,100

fish

27-6-2016

Durande

APMT

132 FCL

Containers

27-6-2016

Desert Symphony

ABTL

43,231

Wheat

27-6-2016

Steel Producy

APMT

550FCL

Containers

27-6-2016

Tonian Eagle

ABTL

46,000

Wheat

28-6-2016

MSK Caboverde

APMT

1,074sFCL

Containers

28-6-2016

Quariga

APMT

462 FCL

Containers

28-6-2016

ence Ita-Giwa, earlier took the delegation on a boat cruise through the Calabar waterways to the proposed site of the deep seaport, according to a statement. Akpo explained that over 10 foreign investors had shown interest to commence work on the deep seaport. She added that 12 others had indicated interest to partake in the construction of the proposed 260-kilometre superhighway that would serve as an evacuation corridor to the port. Ita-Giwa explained that the seaport would serve as an eastern maritime gateway for the country, noting that the state infrastructure fund, which was intended to catalyse the project development, had already been signed into law. Also, the special adviser said: “We are at the level of expression of interest and we have expressions of interest from about 10 companies for the seaport and 12 companies for the superhighway. “Because of the procurement law, we are still going about selecting one of the companies that have expressed interest, but the process is on and I cannot mention a particular company. The deep seaport is projected to cost between $500million and $800million.” Akpo said that the governor had promised the people of Cross River State that the projects would not take any money from the state account. He noted that the port would be 100 per cent funded through Public Private Partnership (PPP). Akpo said that state government would only provide land for the seaport and corridor for the super highway.

business \ maritime

WEDNESDAY, june 29, 2016 NEW TELEGRAPH

INFLUENCE Stakeholders want economic regulator to transform into National Transport Commission

Bayo Akomolafe

new directive has been given to port economic regulator, Nigerian Shippers Council (NSC), by the Presidency to produce a viable blueprint for maximum exploitation of the economic potentials of the maritime industry. The directive was given in Abuja during a maritime seminar for judges, when stakeholders urged the government to allow the council to transform into the proposed National Transport Commission (NTC) in view of the impact made as a regulator in the last two and a half years. President Buhari had said in his speech at the seminar that the council had lived up to its appointment as a

Presidency seeks viable blueprint from Shippers’ Council seaport regulator created to complete the port reforms, encourage transparency, revenue generation, efficiency, competitiveness and economic viability of the seaports. Also, stakeholders said that the council had been able to provide a level playing field for all the port users in the seaport sector and had acted as an unbiased umpire, which has given everybody a shoulder to lean on. They said that the Ministry of Transportation should lobby the National Assembly to ensure

the passage of the National Transport Commission Bill that would give the council the power of enforcement to discharge its responsibilities. The Chairman of the Ports Consultative Council (PCC), Otunba Kunle Folarin, said that NSC had discharged its functions as an economic regulator professionally. Echoing him, the President of the African Freight Forwarders Association (AFFA), Chief Lexczy Nwangwu, noted that the council had almost completed work on a

standard tariff system that would facilitate the reduction of tariff in seaport sector to between 30 and 40 per cent. The Founder of the National Association of Government Approved Freight Forwarders (NAGAFF), Chief Boniface Aniebonam, said that the council had added value to the seaport sector as well as the operations of the stakeholders. According to him, the NSC had made Nigerian ports the preferred destination for oth-

er ports in the West and Central Africa sub region. The Executive Secretary of the council, Barrister Hassan Bello, explained that the council had tried to address the anomalies in the port system, which had hindered the economy from enjoying the gains of the port reforms . He said that the NSC had been able to tackle arbitrary and illegal charges imposed on port users by the concessionaires and foreign shipping lines agencies when it reduced their charges in 2014.

IMO to decide on 0.5% fuel sulphur content in October

he International Maritime Org anisation (IMO) is expected to decide on the implementation timing of the global 0.5 per cent sulphur content cap for marine fuels in October this year. Already, the International Bunker Industry Associa-

tion (IBIA) has outlined the potential implications of the regulation and options for the industry. Under IMO’s Maritime Pollution (MARPOL) Annex VI regulation, a review is up on 2018 to decide on the enforcement of the global 0.5 per cent sulphur content limit in 2020

or 2025. The Marine Environment Protection Committee (MEPC) of the organisation was set to give a clearer guidance on the implementation timing of the global regulation in October, based on the result of a low sulphur fuel availability study.

The Chief Executive at IBIA, Peter Hall, said that regardless of the global 0.5 per cent sulphur limit take off in 2020 or 2025, the change from the current 3.5 per cent to a 0.5 per cent sulphur limit was a seismic shift on an unprecedented scale in the history of refining and shipping.

MONEY

First Bank: Sustaining leadership through innovation Tony Chukwunyem

ecently, FirstBank was officially recognised as the first financial institution in the country to achieve a transaction volume of 100 million transactions in a month by Interswitch Transnational -Africa’s leading integrated payment and transaction processing company. This milestone feat, which was achieved last December, represents the total transactions processed by FirstBank’s Front End Processor running on the Interswitch transaction switching platform that seamlessly links all financial institutions in Nigeria to facilitate better and quicker transactions across all platforms. According to the Bank’s Group Head, e-business, Chuma Ezirim, FirstBank remains committed to lead the drive to move the Nigerian economy away from traditional cash and other generic payment means to modern technological varieties in ePayment. He pointed out that as Nigeria’s leading financial institution with over 10 million customers, the achievement by FirstBank in being the first lender in the country to achieve a transaction volume of 100 million transactions in a month, clearly aligns with the financial institution’s strategic intent to promote financial inclusion, support the cashless policy drive of the Central Bank of Nigeria (CBN) and boost economic growth via e-payments across Nigeria and the African continent. Reacting to the development, Divisional CEO, Switching and Processing, Interswitch, Akeem Lawal commented, “It really says something about the strength and development of electronic transactions in Nigeria that a single banking partner can record 100 million transactions in a single month. When you add this figure to that of our other partners, then you can begin to have an idea of the sheer size and de-

mand for electronic financial services in Nigeria.” Also speaking, the GMD/CEO of FirstBank, Dr. Adesola Adeduntan noted that the bank will continue to employ novel approaches in providing secure and convenient banking services for our customers and promised that the bank will continue to innovate and extend its leadership of the financial sector services with specialised and technology-driven products and services. He said, “FirstBank’s investment in e-business reflects our commitment to promoting financial inclusion, which is widely regarded as a lever for sustainable economic growth and development as well as enhancing entrepreneurship. Our passion to serve and extend financial services to the unbanked has since inspired several innovations and we thank our esteemed customers for their continued patronage and trust in our services whilst dedicating the recognition to them.” It will be recalled that FirstBank in 2012 also received a Milestone Achievement Award as the first bank to hit a 5 million mark of Verve card issuance to its customers. Also in the same year, the lender was adjudged “Africa’s Most Innovative Bank” at the African Banker Awards. Similarly, at the 2013 Africa investor Index Series Awards, the bank beat other contenders such as Mobinil, Kenya Airways, BHP Billiton, Nation Media Group, Stanbic and Uganda Sasol to the award of Most Innovative Ai SRI50 Company. The award recognises the Bank’s commitment to creatively deploying Socially Responsible Investments to enhance safe and convenient banking; financial inclusion; and support for small and medium scale businesses across the nation. The Ai Awards are the only international, pan-African awards that recog-

nise and reward Africa’s institutional investors, stock exchanges, best-performing listed companies, stockbrokers and capital market regulators. Commenting on the award, FirstBank’s spokesperson, Folake Ani-Mumuney, said the Bank had remained the market leader for over 100 years through dynamism and innovation. She explained that the Most Innovative Ai SRI50 Company award demonstrated global recognition of the giant strides the Bank has achieved over the years in the areas of deployment of technology to power its operations and services and ultimately making banking services more convenient, accessible and faster. “FirstBank is at the cutting edge of technology, attracts the best minds and demonstrates original and practical use of technology to provide customer convenience, better and cheaper services as well as greater access to financial services to over seven million customers,” Ani-Mumuney stated. Industry leader First Bank of Nigeria Limited, a subsidiary of FBN Holdings Plc, is one of Nigeria’s leading financial services institutions by total assets and gross earnings and one of the largest corporate and retail banking financial institutions in sub-Saharan Africa (excluding South Africa). Since its establishment in 1894, the Bank has consistently built relationships with customers focusing on fundamentals of good corporate governance, strong liquidity, risk management and strong capitalisation. The bank operates an extensive distribution network with over 750 business locations (623 branches, 61 quick service points and 69 cash centers/agencies), over 2,600 Automated Teller Machines (ATMs) and over 10 million customer accounts. The lender provides a comprehensive range of financial services and has international presence through its subsidiaries,

Adeduntan

FBN Bank (UK) Limited in London and Paris, FBNBank DR Congo, FBNBank Ghana, FBNBank Gambia, FBNBank Guinea, FBNBank Sierra-Leone and FBNBank Senegal as well as its Representative Offices in Johannesburg, Beijing and Abu Dhabi. In addition, the bank is the recipient of many awards. The Bank has been named “The Best Bank Brand in Nigeria” five times in a row – 2012, 2013, 2014, 2015 and 2016 – by the globally renowned “The Banker Magazine” of the Financial Times Group. Furthermore, for three consecutive years, 2012, 2013 and 2014, FirstBank was named the “Best Retail Bank in Nigeria” by the Asian Banker International Excellence in Retail Financial Services Awards. Other recent awards include the “Best Bank in Nigeria” in the Euromoney Awards for Excellence, “Best Bank in West Africa” and “Best Bank in Nigeria” in the EMEA Finance African Banking Awards for the fourth time, “Best Foreign Exchange Services in Africa” in the EMEA Finance Treasury Services Awards, “Best Banking Group in Nigeria” by World Finance Banking Awards, and “Best Financial Reporting Company” by Africa Investor.

WEDNESDAY, JUNE 29, 2016 NEW TELEGRAPH

Literature

Arts

Okotie-Eboh and Nigeria’s political evolution

We want to re-brand, reposition GOND – Liadi

date our constitution. Our present constitution is old given what is happening now in Nigeria. If you check the industry now, it is really big; unlike before when all the professional dancers, you see them around National Theatre, Iganmu, Lagos, it is no more like that. There are dance studios, dance workshops and something concerning dance everywhere, almost every day,” he said, adding that there is need for dancers to emulate their colleagues in the music and comedy sectors. We want to encourage and provide platforms for dancers and dance companies to work together in unity without seeing each other as enemies or rivals. If you watch the music industry, they are really together; you see them collaborating. Look at the comedy industry too, you see them collaborating. We want dancers to do the same thing. When any of our members have a dance project, other dancers should be there to support that project, because the success of that programme or of that artiste is our own success too. So we want to create that atmosphere for that to happen.” Liadi

Dayo Liadi is a dancer, choreographer, dance director and one of the leading voices in contemporary dance in Nigeria. Liadi, popularly known as Ijodee, is the new national president of Guild of Nigerian Dancers (GOND). In this interview, he talks about developments in the dance industry. TONY OKUYEME reports.

Congratulations on your emergence as the president of GOND. Thank you. What are your programmes and projections for GOND and dancers in Nigeria? We have so many plans for the guild. I and other national executive members have been busy meeting. Actually we have been very busy since our election penultimate Saturday, working day and night, having meetings and compiling our plans for the next two years. And it’s really enormous. We decided that first of all we

TONY OKUYEME ARTS EDITOR

tony.okuyeme@newtelegraphonline.com

will go digital; we want everybody to know about GOND. We want to reach as many people as possible; we want dancers to see and appreciate the reason for being members of GOND, to see the dividends of being members of GOND. Our programmes are focused on standardizing the dance profession in Nigeria. Our mission is to gain relevance with the society, the government and the world at large and to establish the Nigerian dance artist as a respected profession. Our core values are: unity, transparency, integrity, excellence, team work, and leadership. Our 2016 - 2018 national vision board/agenda are: rebranding of GOND; setting a functional decentralised structure; establish a stronger government and foreign affiliation; training and awareness; reinstitute recognition opportunities for dance practitioners (Awards); set a foundation for welfare/financial/earning standards for dancers. Also, we are planning to have training and awareness, as well as reorientation programme for GOND members, through workshops, symposia, residency programmes. We plan to create six regional

Our programmes are focused on standardizing the dance profession in Nigeria.

and geopolitical zones under GOND national, revive state associations and identify roles for each position; and create an effective and conducive chain of command and communication link between the national, zonal and state levels. If we have regional leaders that each of the regions are reporting to and these leaders will report to the national executive, it will make it easier for us because we cannot be everywhere. There is also need for re-registration of all members including me and other members of the national executive, because generally we discovered that what the past executive did for almost 10 years was just taking money from people without proper documentation. So, we want to re-register everybody in GOND, starting from me the president. We want to be able to know how many people we have in GOND. We also want to connect GOND to other danceorientated programmes on television such as reality shows, musical videos, live performances, dance festivals, children’s dance programmes as well as professional dance programmes all over Nigeria. Also, we plan to connect GOND to other international dance guilds, associations, funding organisations nationally and internationally. By connecting them we will be able to get information about what is happening in Nigeria and outside the country. According to him, they are also looking at the review of the constitution. “We have been holding meetings. We want to try and up-

Funding But at the moment we don’t have fund. We met zero account. So we want to try and see how we can raise fund. At the moment we are spending our own personal money to make sure we do all these. Rebranding GOND As I said, we want to create new brand materials (Website, emails addresses, letter heads, fliers, Facebook, Instagram to communicate and create a new and positive image. We will also send out message campaigns, weekly slogans, Knowledge updates, useful information, riddles, dance tips and dancer of the week profiles on GOND pages. Start “I Am GOND” Campaign with GOND officials and other individuals communicating their GOND vision.c Setting a functional decentralized structure Review and amend the constitution into one that will encompass all genres of dance in Nigeria. Importantly too, we want to connect GOND to other international dance networks, guilds, associations and dance art fund organisations nationally and internationally; organize cultural exchange programs and Residency programs; attend International festivals and organize international festivals. We also plan to organise workshops and symposiums for dancers across the established zones/ states; organise educational tours in primary, secondary and university institutions on career days and other days in different states.

ART

WEDNESDAY, JUNE 29, 2016 NEW TELEGRAPH

All theatre is necessarily political – Gbilekaa

NEWS Visitors: Uzor’s solo opens in Lagos

isitors, an exhibition of drawings by Austin Uzor opens this Sunday at Rele Gallery, Onikan, Lagos. Austin Uzor, the University of Nigeria, Nssuka (UNN) graduate, a full time studio artist, based in Enugu State has carved a niche for himself with his compelling sketches, and simple, yet complicated strokes, using ballpoint pen on paper as the basic medium he uses in producing the drawings. Lines have particular place in his art. “I always love interpreting everything in lines. I see movement in everything and lines alone can depict movement. I cross hatch, produce hatches, curved lines, scribbles and a dynamic movement of rhythmic lines in motion to establish forms. All can be seen in just one piece,” he says. The exhibition runs till July 30th.

One of the works on display

“A

rt is inevitably political because it evinces a form of social consciousness or ideology which either charts the course of effecting societal transformation or delays it,” notes Saint Tsavnav Gbilekaa, a professor of dramatic theory and criticism and current Deputy Dean of the Faculty of Arts at the University of Abuja, Abuja, Nigeria. Gbilekaa stated this in his Inaugural lecturer of the University of Abuja’s 20th Inaugural lecture with the topic: “Theatre and Politics: The Critic and Social Consciousness in Africa Theatre and Drama”, under the distinguished chairmanship of Professor Michael Adiukwu, the ViceChancellor, University of Abuja, at the Main Auditorium, Faculty of Management, Main Campus of the University, last Thursday. Discussing the paper in details, the notable theatre scholar underscored the relationship between theatre and politics, citing Augusto Boal, from the book, Theatre of the Oppressed. He said: “All the activities of man are political and theatre is one of them. Those who try to separate theatre from politics try to lead us into error and this is a political attitude.” Gbilekaa posited that, since art is inevitably political, evincing a form of social consciousness or ideology, “both the artist and the politician deal with the same subject-human beings and human relationships in a human world”. According to him, “the artist is inevitably a politician because in dealing with human relationships, the artist is dealing with the operation of power in his society including who controls that power, who maintains it and the use to which that power is put”. He asserted that Nigerian

Gbilekaa delivering the lecture

theatre has been clearly political from its inception, as Hubert Ogunde, Wole Soyinka, JP Clark, Ola Rotimi, Sonny Oti, Zulu Sofola, and Wale Ogunyemi, highlighted in their plays and literary works. He added that it later became ideological and revolutionary with playwrights like Femi Osofisan, Kole Omotoso, Harry Hagher, Olu Obafemi and others in the 70s and 80s. According to Gbilekaa, this ideological and revolutionary trend took another turn with the emergence of Theatre for Development (TfD) with playwrights like Ngugi Wa Thiongo championing the course for social consciousness in alliance with the aspirations and yearnings of the poor masses. Dignitaries in attendance at the 20th Inaugural Lecture included, former Vice Chancellor, University of Abuja, Prof. Nuhu Yakub; former Vice-Chancellor,

All the activities of man are political and theatre is one of them

Benue State University (BSU), Makurdi, Prof. David Ker; President, Society of Nigeria Theatre Artists (SONTA), Professor Sunday Ododo of the University of Maiduguri (UNIMAID); Executive Secretary, National Institute for Cultural Orientation (NICO) & Associate Professor at the Department of Theatre and Cultural Studies, Nasarawa State University Keffi (NSUK), Barclays Foubiri Ayakoroma; and Head, Department of Theatre & Cultural Studies, Nasarawa State University, Keffi (NSUK), Hajiya Lantana Ahmed. It would be recalled that the 18th Inaugural Lecture in the series of the same University was presented by an astute professor of theatre arts and feminist studies, Prof. Mabel Evwierhoma on the 21st January, 2016.

Onwumere wins journalism award in Switzerland

igerian writer and poet, Odimegwu Onwumere has won the International Journalism and Media Awards 2016 in the “International Award for Excellence in Journalism” category in Geneva, Switzerland. This award is coming barely two months after he won the Nordica Media Merit Awards

2016 in Lagos on April 9, 2016, in the Digital Category. According to him, in a congratulatory letter sent by JeanMarie Scheerlinck on behalf of the Directing Committee, Geneva, 23 June 2016, reads: “Dear Odimegwu Onwumere, Congratulations! We are happy to announce that you have won International Award for Excel-

lence in Journalism 2016. The award certificate will be sent to you in the next months... Once again, we congratulate you on your inspiring efforts and initiatives.” Elated Onwumere noted expressed joy, noting: “I’m in-seventh-heaven! “My editors and publishers abroad and home, and my fol-

L-R: Artistic Director, Toronto International Film Festival (TIFF), Mr. Cameron Bailey; Lagos State Commissioner for Information and Strategy, Mr. Steve Ayorinde; Commissioner for Tourism, Arts and Culture, Mr. Folarin Coker, TIFF’s Programmer, Mr. Keith Shiri, at a news conference on Toronto Film Festival Holding in Canada, where eight Nigerian Films would be screened in Lagos …yesterday

lowers would attest to the fact that Yours Truly have been ‘Reporting for a better Environment’ committed to urban and community life, which have spurred me into intensive creation of awareness to sensitizing the general public and pressurizing the government on the effect of bad policies to the environment and human rights as they relate to education, health, politics, human rights, child rights, environment etc. According to him, winning the International Journalism and Media Awards 2016 did not come to him as a surprise owing to years of dedication to writing that span over two decades and understanding the rules set by a Walter Lippmann. “There can be no higher law in journalism than to tell the truth and to shame the devil. “I’m so grateful that I’ve thus come this far in my chosen career as a writer. However, while journalists do not pray that there should be bad governments, but when such is inevitable, bad governance spur materials that exalt the works of journalists. There may not be journalists if

the entire world is serene and in order. “I thank the organisers of the International Journalism and Media Awards 2016, my Chi, Chukwu Abiama Ndigbo for winning this award that recognised the hard work worth doing that I’m engaged in. “I would beseech fellow writers to join me in this banquet across the world. While I’m declared winner of the International Journalism and Media Awards 2016, Geneva, Swizerland, I want to say that any person of goodwill is also a winner,” he said. Odimegwu Onwumere is a Rivers State-Nigeria based poet, writer and consultant. He has won international and local journalism awards.

Odimegwu Onwumere

LITERATURE

WEDNESDAY, JUNE 29, 2016 NEW TELEGRAPH

Okotie-Eboh and Nigeria’s political evolution

he presentation of this book, OKOTIE-EBOH: IN TIME AND SPACE (1912-1966), edited by Prof. Akinjide Osuntokun, OON, at this auspicious time of our national life cannot but be commended. The book is a testament to the memory of a man with huge achievements in the development of our country. With a forward written by Alhaji Adamu Ciroma, former Minister of Finance, this 409 pages book is divided into four chapters with an acknowledgements and an introduction. The chapter 1 aptly titled “A Short Panoramic View of Nigeria’s Political Evolution” is a deep historical development of Nigeria from when cities were conquered by the rampaging British forces, the amalgamation of the Northern and Southern Nigeria, the administration of Nigeria during the colonial era, rallying for independent, eventual independent with the high hope of a bright future (which unfortunately was dashed or mis-managed), the crisis of political consolidation and the legendary military intervention in our politics culminating in our present democratic practice. The author, an eminent historian and professor emeritus, in this chapter dwelt extensively on the historical development of Nigeria. The life and times of Chief Festus Samuel Okotie-Eboh, CMG, M.P, is the thrust of chapter 3. Born on July 18th, 1912 in Bateren, present day Warri North Local Government, Delta State, he grew up with his mother, an Urhobo woman from Orogun. This made him bilingual in both Urhobo and Itsekiri languages. Popularly referred to as Omimi Ejo, Okotie-Eboh, voluble and ebullient was a self-taught man who after his primary school education, taught in his Alma Mater (Sapele Baptist Primary School) thereafter he joined Bata Shoe Company as an accounting clerk where he built a career culminating in becoming the first Nigerian manager of this company. After being sent for further training in Prague in Czechoslovakia in 1947 and obtaining a Diploma in Business Administration and Chiropody, as expected, he left Bata Shoe Company to set-up chains of companies; AfroNigerian Export and Import Company involved in timber and rubber business, Omimi Shoe Factory (arguably the most popular among his companies), Omimi Plastics Factory and other strings of schools set-up in Sapele, e.g. Sapele Boy’s Academy, Zik College of Commerce and Sapele Academy Secondary School. These schools were founded together with his wife, Victoria, whom he married in 1942. Clearly, he had become wealthy and extremely popular in Warri division, it was at this time that he joined the National Council of

Book title: Editor: Pages: Reviewer:

OKOTIE-EBOH: IN TIME AND HISTORY Prof. Akinjide Osuntokun, OON 409 Adedeji Nurudeen Badejo

Nigerians and Cameroons (NCNC) under the leadership of Herbert Macaulay and Nnamdi Azikiwe. He won election into the Western House in 1951, but by 1954 he had become a member of the Federal Parliament in Lagos and one of the prominent leaders of NCNC. He was thereafter elected party treasurer largely because he was a man of means. He was subsequently nominated as the Minster of Labour and Social Welfare in January 1955. He formalised labour relations with Spanish authorities in Equatorial Guinea where a large number of Nigerians were working as labourers. And because of his rising national profile he became the Minister of Finance in 1957. As Nigeria’s longest serving Minister of Finance till date (he was Minister of Finance from 1957-1966, a period of 10 years), his achievements and financial acumen are well documented for the first time in our national history in

this book. Chiefly among these are the establishment of Central Bank of Nigeria and the mint company, the inauguration of the first national currency, the establishment of the Nigerian Stock Exchange, creation of the first Nigerian investment and development bank in the 1950’s and 1960’s, putting in place financial institutions such as the customs department to be part of the finance ministry, the securities commission and an efficient tax regime (He introduced pay as you earn tax system in Nigeria). The last chapter of this book contains an anthology, i.e. thoughts, correspondences and budget presentations to the parliament by OkotieEboh. We could see the illuminating and veritable thoughts of OkotieEboh in his correspondences with the leading lights of his political era. From Prime Minster Sir Abubakar Tafawa Balewa, Dr Nnamdi Azikiwe, Chief Obafemi Awolowo, Sir Ahmadu Bello, Chief Adeniran Ogunsanya to Chief Dennis Osadebey. And to international figures and institutions like David Ben-Gurion, Levi Eshkol (Prime Minister of Isreal), Commonwealth Relations Office, International Bank for Reconstruction and Development (IBRD), International Monetary Fund (IMF). His letters, as always, are witty, loaded, downto-heart and at times combative. Fifty years after the unfortunate killing of Festus Samuel OkotieEboh and the maligning of his name and character, the publication of this book will do justice to his memory, indeed, he was a wealthy man before joining the government and gave all his energy for the development of Nigeria. This is an historical book for every Nigerian. Well packaged and easy to read, the pictorial inclusion in the book makes it more endearing. On the whole, the Nigerian republic still owe the Late Chief Festus Samuel Okotie-Eboh, CMG,M.P a permanent recognition for his efforts towards the financial and physical development of this country.

What we are reading

POETRIP

Africa: Crude Continent: The Struggle for Africa’s Oil Prize by Duncan Clarke is a revelation about the history of the politics of oil in Nigeria. It dates back the colonial time. It points to the significance of history in education in this country. There is so much of our history that we don’t know and that accounts for the amount of ignorance with which we discuss issues in the country.

The Miniaturist by Jessie Burton is 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

Book stand

Prof. Jerry Buhari

Lola Shoneyin

WITHOUT A QUESTION MARK? Oladipo Kehinde I love you from the top and bottom Of my heart You are the reason why I am living and loving The season I am reaping Yes, You are the apple of my I Sugar in my T Here is my hand You are my balance Walk with me to the house of love Speak with me the language of love There are some houses without blocks Love is the building blocks of life My love for you is without a question mark?

WEDNESDAY, JUNE 29, 2016 NEW TELEGRAPH

BUSINESS | Money Line

CBN to admit BDCs into interbank market ACCESS ABCON held ‘peace talks’ with regulator

Tony Chukwunyem

he Central Bank of Nigeria (CBN) is considering admitting Bureaux de Change (BDC) operators into the interbank

forex market, President, Association of Bureau De Change Operators of Nigeria (ABCON) Aminu Gwadabe, has said. Speaking after yesterday’s peace talks with the banking watchdog in Abuja, the ABCON boss said the apex bank had finally accepted to create special window for the BDC operators and also resume weekly allocation to them. He said part of the discussion at the meeting was the

need for a partnership between the CBN and BDCs, to ensure that ongoing spike in the naira exchange rate against the dollar is significantly reduced. Besides, he said the CBN also urged operators to desist from speculation, and ensure proper rendition of returns to the CBN. “The BDCs agreed to support the CBN, and deepen their rendition of returns as well as follow the guidelines on Know

Naira weakens further on dollar shortage Tony Chukwunyem

he naira fell to N282.50 to the dollar at the end of trading yesterday slightly weaker than the N281 to the greenback it first traded early in the day, forex dealers said. According to traders, the naira declined despite the Central Bank of Nigeria (CBN) selling an undisclosed amount of hard currency on the interbank market to ease dollar shortages and provide importers the dollars to pay for the products they bring into the country. The apex bank has been selling dollars on the interbank market since it ended its 16 month-old currency peg last week, and it sold again yesterday, asking currency traders for bid-offer quotes from them , Reuters reported traders as saying. A total of $51 million traded on the interbank market just before the market closed, which traders attributed to the CBN’s

intervention. The old currency peg had set a rate of N197 to the dollar, which over-valued the naira and led to a shortage of dollars that choked off growth in the economy. The shortage was exacerbated by plunging prices for oil, Nigeria’s biggest export and its main source of hard currency. The CBN abandoned the peg to allow the currency to trade freely on the interbank market, but lack of liquidity has curbed activity, traders say, leaving the central bank as the main supplier of hard currency. Removing the peg has narrowed the gap between naira rates available on the official and black markets. Even so, the naira was trading 20 per cent lower on the unofficial market than it was on the interbank market on Tuesday, at N355 to the dollar. The regulator last Monday introduced an over-the-counter futures market for the currency,

to help manage dollar demand, quoting the naira firmer at N279 to the dollar in a month’s time and at N210 by April next year. In the non-deliverable forwards market, the naira rose against the dollar on Tuesday, with the one-month contract NGN1NDFOR= quoting the currency as firm as N283, after hitting N296 a week ago. Commenting on the new forex policy, in a recent note, Moody’s ratings said that although the CBN “is likely to continue to intervene,” the new system would “gradually eliminate any gap between unofficial exchange rates” and help boost the country’s income. Last week Bloomberg also quoted head of Africa strategy at Standard Chartered Plc. in London, Samir Gadio, as saying, “The Central Bank of Nigeria will also remain the main provider of dollar liquidity in the spot market for the time being.”

Economic Indicators N19,142,526.05m N18,579,219.49m 15.6 12 10.77 US$46.04 US$26,367,130,894

Mar, 2015 Mar, 2015 May, 2016 28/03/2016 Mar 2015 28/6/2016 27/6/2016

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

TTM

Price 104.96 114.56 112.10 120.50 109.35 100.24 83.91 98.09

1.08 3.25 3.87 5.83 7.95 9.81 14.31 18.30

NIBOR

Rate (%) 15.0000 10.6864 12.4601 13.8466

Bid Yield 10.09 10.57 11.56 11.46 12.32 12.45 12.43 12.41

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

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

Price 105.11 114.86 112.40 120.80 109.65 100.54 84.21 98.39

Tenor (Months)

NITTY

Rate (%) 5.4817 7.3699 7.8938 9.2453 9.3846 10.0913

1 2 3 6 9 12

Treasury Bills

Offer Yield 9.95 10.47 11.47 11.40 12.26 12.40 12.38 12.37

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

Money Market

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

Spot($/N)

Bid 198.45

Offer 198.55

Change (%) 0.00 ↔

NIFEX

Spot($/N)

Bid 199.0000

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

196.00

197.00

Apex bank to sell N94bn in treasury bills

he Central Bank of Nigeria (CBN) plans to raise N94 billion in shortdated Treasury bills with 3-month to 1-year maturities on July 6, the apex bank said

Source:CBN

FGN Bonds

0.00 ↔

The section 29 of the CBN AML/CFT Regulations, 2013 (as amended) requires financial institutions, including BDCs, to maintain all necessary records on transactions, both domestic and international for at least five years after completion of the transactions or such longer period as may be required by the CBN and Nigeria Financial Intelligence Unit (NFIU), provided that this requirement shall apply regardless of whether the account or business relationship is on-going or has been terminated”. BDCs are also expected to maintain records of the identification data, accounts files and business correspondence for at least five years after the termination of an account or business relationship or such longer period as may be required by the CBN and NFIU on a timely basis. BDCs are required to forward their AML/CFT Compliance Manual to the CBN for off-site review of the document as well as carry out enhanced customer due diligence for high risk customers and effective Know Your Customer (KYC) processes.

yesterday. The banking watchdog said it will raise N19 billion of the 3-month debt, 25 billion of the 6-month and 50 billion of the 1-year.

Fidelity Bank: Oil slump won’t affect diaspora remittances

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

Your Customer requirement,” he said. In a note to all BDCs, Gwadabe said: “Following the outcome of a just concluded peace talk with the CBN, ABCON leadership wishes to assure you that sales of dollar to BDCs will resume very soon. Once again, you are urged to avoid hoarding and currency speculation and all other unethical practices”. Gwadabe said operating modalities for the policy is already being worked-out and should be ready in the next one week. Part of the guidelines is that a BDC must have an office, and properly document their transactions. “The meeting was successful and in line with BDCs’ demand for a more inclusive policy. We also pledged to the CBN to sanction any operator that violates the policy guidelines,” he said. The BDCs are required by CBN’s regulation to maintain adequate accounting and other records of its transactions, render the statutory returns, renew their annual license within the stipulated period, put in place the necessary antimoney laundering policies and procedures in place.

Offer 199.1000

Change (%) 0.00 ↔

idelity Bank Plc has expressed optimism that the prevalent economic condition triggered by the slump in global oil prices will not dampen diaspora remittance to Nigeria. According to the Bank in a statement, remittances from Nigerians living abroad is expected to hit $35 billion in 2016, making Africa’s most populous country, one of the largest recipient of remittances globally. Speaking at a Prize Presentation ceremony held in Enugu, Aku Odinkemelu, Executive Director, South, Fidelity Bank Plc, said that whilst every sector has been experiencing a slowdown, diaspora remittances has continued to grow unabated. Odinkemelu pointed out that Nigeria can take advantage of the enormous, but untapped financial reservoir from the diaspora to weather the current economic storm, recognised the growing potential of this market segment in the South-East region. At the ceremony, the Bank presented a brand new Kia Rio car to a lucky customer, Malachy Igbodo, the winner of the Bank’s MoneyGram Promo. The prize presentation in Enugu, the Fidelity Bank

Executive Director said is intended to acknowledge the massive contributions of the South-East region particularly as it relates to boosting diaspora remittances and other capital inflows into the Nigerian economy. While making the presentation at the former Polo Field, Odinkemelu noted that the performance of the financial institution in the region was second to none. She added, “We are regarded as the bank for the South-East and South-South and the evidence is the growing patronage and loyalty of customers; we are determined to recognise and reward that loyalty.” Igbodo, a student and businessman, who has been using his mother’s car described himself as a surprise winner, adding that it was probably the volume of his diaspora transactions with foreign business partners that eventually raised his chances of participating and winning the raffle draw. He said: “I would say that the frequency of remittances can offer anyone the opportunity of being drawn in the raffle draw. I will not sell the car, I will use it and keep it for my children to see.”

BUSINESS |Financial Market News

WEDNESDAY, JUNE 29, 2016 NEW TELEGRAPH

BUSINESS |Financial Market News

WEDNESDAY, JUNE 29, 2016 NEW TELEGRAPH

Stock market down by N91bn BEARISH Unclear economic policy direction, Brexit concerns drag equities down

Chris Ugwu

he equities market yesterday saw sustained bearish activities, recording only 15 gainers against 34 losers, as investors dropped appetite over volatility in Nigerian economy as regards policy direction and concerns arising from Britain’s vote to

leave the European Union. At the closeof business, the overall performance measures, NSE ASI and market capitalisation, fell by 0.88 per cent each. The stock market had rallied more than 8 per cent last week, fuelled by investors hoping that a Central Bank of Nigeria’s (CBN’s) guideline on new forex policy will attract foreign investors back to the market. However, according to reports, Britain’s decision to leave the EU in last Thursday’s referendum has sent further shockwaves through financial markets last Monday, despite efforts by the country’s leaders to bring calm.

FRC links business collapse to corporate governance failure Abdulwahab Isa Abuja

he Chief Executive Officer of the Financial Reporting Council of Nigeria (FRC), Mr. Jim Obazee, has attributed the collapse of many businesses worldwide to corporate governance failures. Obazee stated while addressing participants at the final public hearing on the draft National Code of Corporate Governance (NCCG), which held in Lagos. According to a statement issued by FRC Spokesperson, Mac Agbamosa, Obazee noted that, corporate governance failures have now been proven to be at the very heart of the financial mischief, accounting for scandals, corporate collapses and financial crisis all around the world. This, he said has led to interest in corporate governance growing at an exponential rate. He said that improvements in corporate governance practice are being orchestrated at a global level, adding that international bodies such as the Organisation for Economic Development

(OED) and similar organisations in major jurisdictions are now enhancing their acceptable standards of corporate governance. Obazee said the federal government’s decision to adopt a unified code of corporate governance should be a welcome development to all entities in the country whose aims are to operate in a business friendly environment that guarantees financial credibility. While thanking President Muhammadu Buhari for his national call for change, Obazee said, “At the FRC, our understanding of the change Mr. President is talking about is a change of epic proportions. It is a change of consciousness as well as a change of behaviour. The premise of this requires an understanding of the fact that the pain to be endured from the change must be experienced as a lesser pain to that of continuing the present course”. It requires us to dream of Nigeria differently. This is the journey we must undertake now in our consideration of this National Code of Corporate Governance.

Also, according to market watchers, the president’s recent questioning of the benefit of the recent policy on currency float following weakened naira, also suggests that the country’s policy direction on the economy still remain unclear. President Muhammadu Buhari had while speaking during breaking his Ramadam fast with members of the Nigerian business community at the Presidential Villa Abuja, said the CBN policy was yet to benefit the country. He said: “I don’t like the returns I get from the CBN con-

cerning the devaluation of the Naira. In August 1985, the Naira was N1.3 to a dollar but now you need N300 or N350 to a dollar. What do we derive from that? How much benefit can we derive from this ruthless devaluation of the Naira. “I’m not an economist neither a businessman, I fail to appreciate what the economic explanation is. What has happened to us now is that we have maneuvered ourselves into mono-economy, which led to the collapse we are seeing now”. Consequently, the All-Share Index fell by 264.99 basis points

or 0.88 per cent to close at 29,575.24 index points as against 29.840.23 recorded the previous day, while the market capitalisation of equities depreciated by N91 billion or 0.88 per cent from N10.248 trillion the previous day to N10.157 trillion. Meanwhile, a turnover of 255.3 million shares exchanged in 4,812 deals was recorded in the day’s trading. The banking sub sector of the financial services sector was the most active (measured by turnover volume) with 104.6 million shares exchanged by investors in 1,539 deals.

Brexit: Bill Gates, Zuckerberg lose $3.4bn

orld’s richest man, Bill Gate, and cofounder of Facebook, Mark Zuckerberg, have lost $3.4 billion to the decision of the UK voters to leave the European Union. According to Bloomberg Billionaires ranking, both men were the worst-hit billionaires in the United States, losing $1.8 billion and $1.6 billion respectively. Interestingly, the amount lost by Gates is more than the entire wealth of Nigeria’s rich-

est woman, Folorunsho Alakija, who – according to Forbes – is worth $1.73 billion. Global markets erased another $69.2 billion from the combined net worth of the world’s 400 richest people on the first trading day of the week after the Brexit vote, bringing total loss to $196.2 billion in 48 hours. The pain on Monday was felt most by Europe’s wealthiest, as 92 billionaires lost $29.4 billion, bringing their two-day decline to $81.7 billion. These 150 billionaires from

the US and Canada lost $26.7 billion on Monday, and recorded a two-day total of $62.5 billion. China’s 26 billionaires lost $1 billion Monday, bringing their two-day total loss to $5 billion, with a 7.4 percent ($18.7 billion) decline in 2016. Georg Schaeffler, Germany’s third-richest person, fared the worst on the index Monday with $1.9 billion trimmed from his net worth. Amancio Ortega, a Spanish retailer, who is Europe’s richest person, lost $1.5 billion.

Royal Exchange reports N1.3bn loss in 2015 Chris Ugwu

oyal Exchange Plc has posted loss after tax of N1.298 billion for the financial year ended December 2015 as against a profit after tax of N304.730 million recorded a year earlier. The group in a filing with the Nigerian Stock Exchange (NSE) also reported a loss before tax of N896.961 million in contrast to profit before tax of N139.540 million in 2014. Royal Exchange’s gross premium written stood at N10.790 billion during the period under review from N9.425 billion

reported in 2014. The firm posted 88.45 per cent decline in profit after tax for the nine months ended September 30, 2015. The group’s net earnings was N75.712 million during the third quarter as against N655.906 million reported in 2014, representing a drop of 88.45 per cent. Its profit before tax equally stood at N111.341 million during the period under review in contrast to N964.568 million reported during the comparable period of 2014, accounting for a decrease of 88.45 per cent.

The group’s gross premium written shed 13.4 per cent from N7.824 billion in 2014 to N8.873 billion in 2015. While keeping its own side of the contract, the Company said during the 2014 year, it met claims obligation to the tune of N2.43 billion. Also from a profit before tax it paid a dividend of 2 kobo per 50 kobo share held by members of the company. The low profit according to the company, was as result of the rise in management expenses, which rose to N3.09 billion in 2014 compared with N2.53 billion in 2013.

Brex

NEWS | south-west

wednesday, june 29, 2016 NEW TELEGRAPH

Synagogue: Lagos court orders showing of collapsed building footage

South-West PDP faults FG on National Conference, ambassadorial list

he trial of the two engineers charged with killing 116 people in the collapsed sevenstorey guest house of Synagogue Church of All Nations took a new turn on Tuesday when the footage of the disaster was shown in court. The engineers are Akinbela Fatiregun and Oladele Ogundeji. The News Agency of Nigeria (NAN) reports that the video was shown in the crowded courtroom on the order of Justice Lateef Lawal-Akapo after admitting it as evidence in a short ruling. The footage showed an aircraft hovering above the seven-storey building moments before it collapsed and the frightened bystanders. NAN reports that during the proceedings on June 27, the Defence led by Chief E.L. Akpofure (SAN) had objected to the footage being admitted as evidence because it was “computergenerated and irrelevant”. Akpofure also noted that a witness for the state, Mr. Olutoyin Ayinde, a former Commissioner for Physical Planning and Urban Development, had in his evidence, said he could not identify the contents of the compact disc containing the footage until he was allowed to watch it. However, at the re-

AKURE

sumed hearing on Tuesday, Justice Lawal-Akapo dismissed the objection of the Defence for lack of merit. “I find no merit in the objections; they are overruled. The video clip and accompanying documents are admitted in evidence,” he ruled. Lawal-Akapo said the prerogative of a court in admitting a document as evidence was its relevance. “For a document to be tendered in evidence the guiding principle is relevance and not custody; the question to ask is whether the document is needed and admissible in law. “Applying the above test, the document about to be tendered satisfies the above conditions and Section 54 of the Evidence Act. “The argument of Mr. Olalekan Ojo that the document is a secondary evidence is grossly misplaced,” the judge said. During the cross-examination of Ayinde by Akpofure, the former commissioner, told the court that he visited the site of the collapsed building twice. “I visited the site twice on Sept.14 and Sept. 21, 2014 and I cleared all unofficial rescuers from the site and left those rescuers recognised by the Federal Government and the Lagos State Government."

Babatope Okeowo

ational Vice Chairman of the People’s Democratic Party (PDP) in the SouthWest geo-political zone, Chief Eddy Olafeso yesterday faulted the Federal Government on the claim that the 2014 National Conference was sham. Also, Olafeso described the excuse that four states of the federation do not have qualified personnel to be posted abroad as ambassadors as untenable

and an affront on the federal character principle as enshrined in the constitution of the Federal Republic of Nigeria. The Secretary to the Government of the Federation (SGF), Babachir Lawal said that the Federal Government would not implement the 2104 National Conference report because the conference was a job for the boys and that President Muhammadu Buhari is too busy to read the report. But Olafeso, who was reacting to the position of the SGF, said the best solution to the myriads

of problems bedeviling the country is the implementation of the National Conference report. According to him, it was wrong for the SGF to have described the eminent Nigerians that participated in the conference as jobless and busy bodies. His said: “To say that the National Conference was just food for the boys, where kings, emirs, notable Nigerians in all spheres of life sat for several months to discuss the way-forward for the country, the true federalism, resource control, the

Justify N1bn expenses on your training, Lagos begs workers Muritala Ayinla

he Lagos State Government yesterday appealed to the workers undergoing trainings in the state to justify the government's unprecedented N1bn expenditure in building the capacity of its workforce, saying that the goal was to maintain excellence in the service delivery. Speaking while monitoring the capacity building workshops organised for the public servants in all the state's ministries, departments and agencies, the state’s Commissioner for Establishment, Training and Pension, Dr. Akintola Benson, who

was represented by the Permanent Secretary in the Ministry, Mrs. Folashade Ogunnaike, who made the appeal, said that the N1bn earmarked for the training of workers this year is unprecedented. She urged the workers to ensure the gesture is not in vain. Ogunnaike, who led officials of the ministry to the Lagos State Public Service Staff Development Centre (PSSDC), Magodo and the Lagos Chamber of Commerce and Industry (LCCI), Alausa, where the trainings were simultaneously held, said that about 120 state public servants are trained weekly on differ-

ent management courses. She noted that the trainings are in line with the global best practice. "This is one of such programmes, and it is to build the capacity of our civil servants towards excellence in service delivery in line with the slogan of Lagos State as State of Excellence. So, we always aspire for the position of excellence and we don't want to be caught napping; we don't want other states to overtake us. We want to maintain our lead, and that is why we are constantly lifting the standard and raising the bar for the public servants in the state.

existence of the country; and you as the SGF, an engineer, a former national vice chairman of a party, will come up and just destroy the entire efforts of Nigerians, it is so very sad and unfortunate. “For us, we want the President to succeed because if he succeeds, Nigeria must have taken a positive step forward. But for people around him to throw stones at all efforts to rebuild our country, leaves so much to be desired. We are very unhappy.” The PDP chieftain said it was wrong for the Federal government to see all members of the party as corrupt and criminals and the members of the APC as saints. Olafeso said the claim that PDP ruled for 16 years cannot be true as most of the people in the ruling APC were at one time or the other in the opposition PDP. According to him, “The SGF has forgotten that 75 per cent the core leadership of APC today is equally from PDP. So, where is the rationality? Does he just wake up to open his mouth just because he can? This country is in a very sensitive state and we must be careful about our utterances. I am very disappointed in him and the APC for what he just said.”

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

Forgery: Ogun lawmaker challenges court's jurisdiction Kunle Olayeni ABEOKUTA

member of the Ogun State House of Assembly, Adebiyi Adeleye, yesterday challenged the jurisdiction of the Federal High Court sitting in Abeokuta to entertain a forgery suit against him. The embattled lawmaker, representing Remo North constituency, also submitted that the commencement of the case before the presiding judge, Justice A.T. Mohammed, was improper. Two residents of Remo North Local Government Area of the state, Olumuyiwa Onamuyiwa and Wasiu Gbadebo, had filed a suit of alleged forgery and perjury against Adeleye, a member of the All Progressives Congress (APC). In the suit no: FHC/ AB/05/34/16 filed by

counsel to the plaintiffs, Chief Mike Ozekhome (SAN), the lawmaker was accused of age falsification and presenting forged school certificates to the Independent National Electoral Commission (INEC) before the last April 11, 2015 election. INEC, which was represented by its counsel, M.O. Tairo, was joined as the first defendant in the suit. But yesterday, counsel to the lawmaker and second defendant, Olufemi Adeniyi, told the court that he had filed a response to the originating summons of the plaintiffs. Adeniyi added that he had filed an application pursuant to Section 6 subsection 6 of the 1999 Constitution and Order 48 Rule 4 of the Federal High Court (Civil Procedure Rule) 2009 to regularise the defendant's position.

L-R: Special Adviser on CBD to the Governor, Mr. Agboola Dabiri; Representative of Lagos State Governor & Secretary to the State Government, Mr. Tunji Bello and member, Lagos House of Assembly, Hon. Sola Giwa, during the Central Business District (CBD) Y2016 Stakeholders’ Forum in Lagos

World Fruit Day: Lagos prepares lands for fruit cultivation Muritala Ayinla

he Lagos State government yesterday said that it has set aside some parcel of arable farm lands for the cultivation of fruits, as part of efforts to boost fruit production in the state. Speaking on activities to mark the maiden edition of the International Fruit Day, the state's Commissioner for Agriculture, Oluwatoyin Suarau, who disclosed this, said the arable crops estate

established in Agbowa, Badagry has been surveyed and allocated to interested individual organisation. Suarau added that the two-day activity to mark the World Fruit Day would be jointly organised by the state government and the Fruitful Events Limited, adding that the central objective of the event is to celebrate the diversity of fruits and it's health benefits as well as encourage green economy and fruit farming.

Buhari’s anti-corruption fight responsible for PDP woes –APC which bound the PDP to-

Babatope Okeowo AKURE

he All Progressives Congress (APC) in Ondo State yesterday blamed the crisis rocking the rival People’s Democratic Party (PDP) at the national level on the fight against corruption by the APC led Federal Government. The Publicity Secretary of the party, Abayomi Adesanya, in a statement, said since the unifying factor

gether was being uprooted by President Muhammadu Buhari, the party has to break into pieces. According to Adesanya, "the PDP has only one bond that unites the party and its members, and since this particular factor is being uprooted by the Buhari's government, the party has one crisis or the other. PDP members were not committed to their party's growth and the nation's economic development."

News|SOUTH-EAST

WEDNESDAY, JUNE 29, 2016 NEW TELEGRAPH

Ikpeazu challenges sack, heads for Appeal Court Tunde Oyesina and Igbeaku Orji

bia State Governor, Dr Okezie Ikpeazu has filed an appeal against the judgement of a Federal High Court in Abuja which removed him from office as governor. The governor, in a notice of appeal filed by Chief Adegboyega Awomolo (SAN), raised five grounds of appeal upon which he asked the Court of Appeal to set aside the judgement and orders of

the high court. The Federal High Court in Abuja on Monday sacked the governor and ordered that the runner up in the December 18, 2015, PDP primary in Abia State, Dr Samson Uche Ogah be given certificate of return by INEC, but Ikpeazu said yesterday that the Federal High Court lacked the power to order him to vacate the seat of Abia State Governor. The notice of appeal reads: “The trial judge erred in law when he gave a consequential order that

140,000

398

The estimated number of people eligible for antiretroviral therapy in North Africa and the Middle East in December 2009. Source: Who.int

The number of deaths (per 100,000) due to Alzheimer’s Disease in South Dakota State in 2010. Source: Alz.org

the appellant vacates his office as the Governor of Abia State immediately when there was no jurisdiction in the Federal High Court to remove, vacate the occupier of the office of the governor of a state or order the removal of such officer after the unsuccessful challenge of the result of the election at the Tribunal and swearing-in of the appellant as the governor.” The governor said that the only power, authority and order exercisable by the Federal High Court was to disqualify the candidate from contesting the election based on Section 31(6) of the Electoral Act 2010. Ikepazu also faulted the judge when he held that he did not pay his tax for the years 2011, 2012 and

Why FG can’t Stop persecuting Ekweremadu, ban anti-malaria APGA tells Buhari ry on with his legislative drugs Uchenna Inya duties. What is wrong if the Uchenna Inya ABAKALIKI

he Deputy Chief of Party of the Malaria Action Programme for States (MAPS) under USAID, Mrs. Bolatito Aiyenigbe yesterday said it would be difficult for the Federal Government to ban the purchase of anti-malaria drugs in pharmaceutical stores as a way of encouraging patients to undergo malaria diagnosis before the treatment. She stated this in Abakaliki during the end of an information dissemination project in the state for the control of malaria. ‘’It is not right now to ban the purchase of anti-malaria drugs across the counter because there are many children that will die easily if they don’t get access to the drugs. “The mechanism by which the rapid test will get to every villages, every community within the state is still not yet there. For example, most of the outdated we have are purchased by the donor. The government bought some about two years ago but they have not procured another one. ‘’So you need to let the test be accessible everywhere before you can say malaria is over the counter because it is better that a child in one remote village to have access to malaria drugs than wait till when they can get health facilities which is like five hours away’’, she said. Earlier, the state Coordinator of MAPS Dr. Bartholomew Odio said the Malaria Action Programme

ABAKALIKI

he All Progressive Grand Alliance (APGA) yesterday warned the Federal Government to stop further prosecution of the Deputy Senate President, Chief Ike Ekweremadu. It described the prosecution of Ekweremadu as an affront against the Igbo. In a statement in Abakaliki, the Deputy National Secretary of the Party, Chief Jerry Obasi, noted that Igbo were displeased with the plot to remove Ekweremadu and would not be happy if such happens. He said Ekweremadu was being hunted because he emerged as deputy senate president on the platform of the PDP in an APC controlled government. ‘’Buhari and his colleagues should leave Ekweremadu alone to car-

PDP and the APC are at par in the Senate when the only way to stabilize the Senate is give and take to strike a balance. ‘’I don’t think that Ekweremadu has committed any crime to deserve the persecution from the Buhari administration. He is being persecuted because he is from PDP and deputy senate president from the PDP. “It is unfortunate that the government is involved in a lot of highhandedness, it is bringing shame to our democracy and we are setting a wrong precedence because the whole world is watching.” “They should leave Ekweremadu alone because the whole thing is becoming ethnic, it is becoming tribal. The offence Saraki committed is that he chose Ekweremadu to be his Deputy.

Ebonyi, Chinese firm partner on 10mw solar power

bonyi State Government has sought partnership with a Chinese firm, CAMC Engineering Company Ltd, in the area of power, agriculture,mining, manufacturing and health. Governor David Umahi, while receiving a delegation from UNIDO and CAMCE at the Governor’s Lodge in Abakaliki, said: “This state is very much interested in the issue of power, hospital, mining, agriculture and industry.” He, specifically, told the officials of the Chinese company led by the Director-General, Yu Tao, that his administration would be highly delighted if the com-

pany could build a 10MW solar plant in the state. “We will like if we can get like 5MW to 10MW solar plant to light up the streets in our towns. This is very important to us because we need to extend business hours and check crime in the state,” the governor said. Umahi, who described Chinese investors as very reliable and dependable, commended the United Nations Industrial Development Organisation for being another strong development partner assisting the state in various sectors like rice mills, ICT and provision of medical solar lamps.

2013, as at when due, when he was a public officer whose tax deduction was under Pay As You Earn (PAYE) scheme where tax deductions were from the source of his monthly salary by the tax authorities who issued all the tax receipts and certificates. He also said that the Abia State Board of Internal Revenue Service

that issued him with the tax certificates had not declared the certificates forged and that the trial court did not invite the issuing authorities to give evidence in the course of the trial. Ikpeazu said that the plaintiff, Dr. Samson Uchechukwu Ogah, was not a staff of the Abia Board of Internal Rev-

enue and did not have any staff of the board to testify that the tax certificates were forged. He accused the trial judge, Justice Okon Abang, of violating his right to fair hearing by embarking on judicial investigation without giving him the opportunity to address the court on the issue.

CONFIRMATION/change OF NAME

AJIBOLA

I, formerly known and addressed Ogunjobi Funmilayo, now wish to be known and addressed as Ajibola Funmilayo. All former documents remain valid. General public take note.

AJIBODE

I, formerly known and addressed Itobore Esther Oluwaseun, now wish to be known and addressed as Ajibode Esther Ayo. All former documents remain valid. General public take note.

Simeon

I, formerly known as Joyce Simeon Inokon now wish to be known and addressed as Simeon Joy. All former documents remain valid. General public should take note.

Jamal

This is to notify the general public that my correct names are Fatima Bintu Aliyu Jamal and not Bintu Alhaji Jamal as was written in my UBA account. Also my correct date of birth is August 28, 1980 and not October 10, 1990 as was written in my account. All former documents remain valid. UBA, First bank and the general public should take note.

Ikechukwu

I, formerly known as Udegbunam John now wish to be known and addressed as Udegbunam Ikechukwu. All former documents remain valid. Diamond bank Plc, Ecobank Plc and the general public should please take note.

IDRISU

I, formerly known and addressed Mashal Alahu Baba, now wish to be known and addressed as Idrisu Abdul Kadir. All former documents remain valid. General public take note.

CHIZURUM-EKWONYE

I formerly known and addressed Abosede Adebola Osobade, now wish to be known and addressed as Abosede Oretola ChizurumEkwonye. All former documents remain valid. General public take note.

Joshua

I, formerly known as Emmanuel Toonoju now wish to be known and addressed as Emmanuel Seun Joshua. Also my date of birth was wrongly written as December 1, 1979 instead of the correct date which is December 1, 1977. All former documents remain valid. The general public should please take note.

James

I, formerly known as Ebi Lawrence now wish to be known and addressed as Ebi Dickson James. All former documents remain valid. Heritage bank Plc and the general public should take note.

Onyatiebo

I, formerly known as Elizabeth Abraham Torudigigha now wish to be known and addressed as Mrs. Izulu Elizabeth Onyatiebo. All former documents remain valid. UBA Plc and the general public should please take note.

PUBLIC NOTICE

PEACE BROTHERS KEEPERS SOCIAL CLUB OF NIGERIA

The general public is hereby notified that the above named CLUB has applied to Corporate Affairs Commission for registration under part ‘C’ of the Companies and Allied Matters Act, Decree No 1 of 1990. The Trustees are: 1. Ogara Ikechukwu Gabriel - Chairman 2. Igboanugo Joseph - Secretary 3. Ebi Chidiebere - Member AIM AND OBJECTIVE 1. To protect interests 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: TRUSTEES

PUBLIC NOTICE

WOMEN AND CHILDREN EDUCATIONAL DEVELOPMENT FOR WIDOWS AND SINGLE PARENT FOUNDATION The general public is hereby notified that the above named FOUNDATION has applied to Corporate Affairs Commission for registration under part ‘C’ of the Companies and Allied Matters Act, Degree No 1 of 1990. The Trustees are: 1. Chief Edward Olusola Asaleye Jp. 2. Mrs Mary Faramade Asaleye 3. Mrs. Clara Abiola Williams 4. Dr. Christopher Oluwaseun Asaleye 5. Dr. Kunle Adegoke 6. Mr. John Abiola Asaleye 7. Mr. Gbadegesin George Adenrele 8. Mrs. Damilola Bimbo Asaleye AIMS AND OBJECTIVES 1. To cater for the vulnerable women and children in the society 2. To take care of widows, orphans children in the society Any objection to the registration should be forwarded to the RegistrarGeneral, Corporate Affairs Commission, plot 420 Tigris Crescent, off Aguiyi Ironsi Street, Maitama, Abuja within 28 days of this publication. SIGNED: TRUSTEES

OKE

I, formerly known and addressed as Damilola Sara, now wish to be known and addressed as Oke Damilola Sara. All former documents remain valid. General public take note.

Adetayo

I, formerly known and addressed as Miss Adigun Victoria Ayo, now wish to be known and addressed as Mrs. Adetayo Victoria Ayo. All former documents remain valid. Guaranty Trust Bank and general public, note.

Ogbonna

I, formerly known as Ogbonna Nelson Sopuruchi now wish to be known and addressed as Ogbonna Kingsley. All former documents remain valid. Zenith bank Plc, Keystone Bank Plc and the general public please take note.

Charles

I formerly known as Okoro Angela Ngozi now wish to be known and addressed as Charles Jessica Ngozi. All former documents remain valid. First bank Plc, Diamond bank Plc, National Examination Council of Nigeria and the general public note.

Sydney

I, formerly known as Williams Sule and Williams Ibisekpari now wish to be known and addressed as Williams Sule Sydney. All former documents remain valid. Union bank Plc and the general public should please take note.

Addakobani

I, formerly known as Addakobari Vivian now wish to be known and addressed as Addakobani Vivian. All former documents remain valid. Independent National Electoral Commission, Ecobank Plc, National Identity Management Commission and the general public should please take note.

Ogechukwu

I, Njemanze .E. Ogechukwu, a native of Mbaitolu L.G.A in Imo State do hereby state that my correct date of birth is June 1, 1988 and not June 11th as was wrongly written in my bank account details. All former documents remain valid. Sterling bank Plc and the general public should please take note.

Mayaki

I, formerly known as Margaret Ade Dada Odusanya now wish to be known and addressed as Margaret Ade Dada Mayaki. All former documents remain valid. General public should take note.

Ayuba

I, formerly known as Abiodun Fatimo now wish to be known and addressed as Ayuba Shadiat Alake. All former documents remain valid. General public should take note.

Odutola

I, formerly known as Ustaz Muhammed Kozeem now wish to be known and addressed as Odutola Muhammed Kazeem. All former documents remain valid. General public should please take note

Adewusi-Oke

I, formerly known as Oke Idera now wish to be known as Adewusi-Oke Idera Keji. All former documents remain valid general public take note.

NEWS | south-south

wednesday, june 29, 2016 NEW TELEGRAPH

Naval chief: We’ll sustain peace in Niger Delta Ola James Warri

hief of Naval Staff, Vice-Admiral Ibok EteIbas has vowed that the Nigerian Navy will not rest on its oars

in tackling the unwholesome activities of criminals in the nation’s territorial waters. Ibas, who spoke yesterday in Warri, Delta State, said the present peace process in the Niger Delta region will be sustained by the navy

and warned the militants to steer clear of the area. He said: “We will ensure that operations of oil production will no longer be disrupted, as effort will be intensified by the Nigerian Navy to guarantee safety of workers too.”

The naval chief, who was on official visit to naval installations in Warri, expressed delight over the effort shown by officers and men of NNS Delta, Warri Naval Command, in reducing all forms of criminalities in the area.

Rivers Assembly converts Arts College to Polytechnic Emmanuel Masha Port Harcourt

he Rivers State House of Assembly, yesterday, passed into law the Rivers State Taxes and Miscellaneous Bill, 2016, and Hotel Occupancy and Restaurant Consumption Bill, 2016, respectively, despite opposition from some quarters. The assembly, presided over by the Speaker, Hon. Adams Dima, also passed into law, “The Port Harcourt Polytechnic Bill”,

which has now given the Rivers State College of Arts and Science, Rumuola, a polytechnic status. The lawmakers, before passing the bills into law, debated on the three different reports submitted by the Joint Committee and as well as Education Committee, respectively. The passage of the tax bill will ensure that business people in the state will pay 4 per cent income to the state government. But the lawmakers, however, disagreed on what should be paid as percentage by

hoteliers and restaurant operators. The House Leader, Hon. Martins Amaeawhule, who represents Obio/Akpor I, and as well as member representing Ahoada West, Hon Edison Ehie in their separate arguments, insisted on 4 per cent taxation for the hospitality business. But Hon Deeya Barine, Khana I, and Hon Christian Ahiakwo, ONELGA II, on their part suggested 3 per cent taxation. Amaewhule, in his submission, said things were not as rosy as they used to

be. So, taxes must be paid, noting that "government can only function from monies realised from taxes". Barine, who stated that the list of taxes will affect the poorest people of the state, suggested that agricultural produce should not be subjected to taxation, noting that aside oil, agriculture has sustained many people, especially the poor. He said: "The poorest people of our state, they love farming, they love fishing. Many of us survived through agriculture."

L-R: Chief Olorogun Ot’ega Omerhor; National Deputy Chairman, All Progressives Congress (South), Mr. Segun Oni; Chief Great Ogboru Ovedje; National Chairman, APC, Chief John Odigie Oyegun and former Speaker, Delta State House of Assembly, Mr. Victor Ochei, during a meeting with decampees from different political parties in Delta State to APC in Abuja…yesterday.

elta State Independent Electoral Commission (DSIEC) has been ejected by its landlord over unpaid rent. Members of staff of

Calabar

he All Progressives Congress (APC) yesterday chided Governor Ben Ayade of Cross River State over what the party called ‘the frequent jamboree’ allegedly undertaken by the governor abroad. Vi c e - C h a i r m a n , South-South APC, Prince Hilliard Etta, made the allegation while speaking to journalists in Calabar, the state capital.

Dominic Adewole ASABA

elta State Government yesterday signed a Memorandum of Understanding (MoU) with Digital Gaming Systems Limited to run a lottery game company, otherwise known as Delta Lotto. Governor Ifeanyi Okowa said the idea of the lottery company was to create jobs and wealth for the people of the state. Speaking shortly after signing the MoU in Asaba, the governor recounted the rigorous process of getting the state involved in the game and ensure that the people of the state gets adequate benefits from the programme. Managing Director of the company, Chief Ken Iwelumo said the pact would offer a broad array of lottery run games to the people of the state.

Uyo

the commission were yesterday shocked to resume work at the headquarters only to meet the premises under lock and key. Locked out were the Chairman of the commission, Mr. Moses Ogbe, his Public Relations Offi-

cer, Mrs. Alero and other top management officers of the commission. Some of the staff of the commission were later sighted at a popular spot within the metropolis, trying to meet up with the business of the day.

3.41m

The total population of men in China, Hong Kong in 2012. Source: Un.org

11,890

The total area (in sq. km) of water of Zambia. Source: Worldfactsandfigures. com

APC berates Ayade over frequent trips abroad Clement James

Delta signs MoU to run lottery company

Tony Anichebe

Delta election agency ejected by landlord

Asaba

ly part of this year had been reduced drastically since the setting up of a task force group to arrest the situation. “The task force has reduced criminality in the area to a near zero level. We will leave no stone unturned to sustain this laudable effort,” stressed the naval chief.

While he assured the people that the process would be transparent with the operational company offering daily, weekly and mega games via multiple channels and product delivery system, including but not limited to fixed terminals, handheld mobile terminal, mobile phone, computers, online and system developed future, Governor Okowa congratulated the Delta people for having the system on board. He said: “We have been briefed about the whole system and it is heartwarming that there is a great prospect of creating lots of jobs for our youths. It is also expected that the state will generate revenue from the programme and the fund generated applied to social development that will benefit the people especially the poor, which makes it a win-win situation for the people.”

A’Ibom to partner research centres on agric development

PHOTO: ELOJAH OLALUYI

Dominic Adewole

On the navy school at Ibusa, Delta State, the naval boss said the college had been upgraded to a university, adding that it would soon take off as soon as accreditation and clearance were completed. Ibas also said that the recent upsurge in criminal activities in the ear-

Etta said that since the governor took over the mantle of leadership of the state on May 29, last year, he has not spent ‘one straight month’ in the state, adding that governance was suffering in the state. He said: “Governor Ben Ayade wanted to govern the state, but since he assumed the leadership of the state last year, he has spent more time outside the country than in the state. This has greatly affected governance and from all

indications, he has not spent one straight month in the state.” Etta also accused the governor of not convening the Security Council meeting since taking over, arguing that this had contributed to the current security challenge the state had faced in recent time. “From available record, since Ayade took over power, he has not convened a single Security Council meeting to review the security situation in the state. This

has contributed to the current security challenge we are facing and this is because the governor is more concerned with his personal business than the affairs of the state,” Etta alleged. The South-South chair man however wondered why the governor should leave the state for more than two weeks without transmitting power to his deputy through the state House of Assembly, saying what was happening in the state was abnormal.

kwa Ibom State government yesterday said it will partner with research centres in the country in its bid to develop the state’s agricultural sector. This, the Ministry of Agriculture said, was in line with the vision of Governor Udom Emmanuel’s policy of developing the agricultural sector for food sufficiency and the provision of jobs for the people. Speaking at the maiden seminar organised by the Centre for Wetlands and Waste Management Studies (CWWMS), University of Uyo, the Commissioner for Agriculture, Mr. Mathew Nathan Ekaette, tasked research centres in the country to come up with innovations to improve the sector. Represented by the Director in charge of Fisheries, Mr. Uwe Bassey, the commissioner said government would spare

no effort in collaborating with CWWMS and other research institutes on ideas to develop the sector. The Director of the Centre, Prof. Gabriel Umoh, said the seminar tagged; “Critical Pathways to Sustainable Water, Sanitation and Hygiene (WaSH) in Nigerian Wetlands Communities,” became imperative because of the critical nature of water to human development. He explained that the mission of the centre “is to promote the protection, conservation and sustainability of wetlands, their resources and biodiversity through research, information exchange and allied activities.” Umoh, a professor of Agricultural and Development Economics, therefore, extended his hands of fellowship to the government, organisations and agencies to partner the centre with a view to delving into critical areas of research to enhance societal and human capacity development.

News|north

WEDNESDAY, JUNE 29, 2016 NEW TELEGRAPH

Qatar donates N6.5m food items to Borno IDPs Ahmed Miringa MAIDUGURI

ood items valued at N6.5 million have been donated by the Qatar Government to the Internally Displaced Persons (IDPs) in Borno State. The donation was part of the efforts of Qatar Government assist the state government and to cushion the hardship being faced by the victims of the Boko Haram insurgency, especially during the Ramadan. Presenting the food items and materials to the Borno State government, the Director Qatar Charity Foundation, Sheik Mohammed Abdulazeem Ajur, said the relief materials would bring succour to the IDP during the Moslem fasting period. He said the donation was at the instance of the Qatar Government through the Emir of Kano under the auspices of the Foundation, as part of their contribution towards putting smiles on the faces of the IDPs.

The life expectancy of men at age 60 years of Bermuda in 2010. Source: Un.org

$19.2m

The total amount of salary/ winnings of Yaya Toure (Soccer) for 2015. Source: Forbes.com

Niger, Labour meeting ends in deadlock Dan Atori MINNA

trike is imminent as a meeting with the Niger State Government and the organised Labour (Nigerian Labour Congress (NLC) and Trade Union Congress (TUC) ended in deadlock, yesterday evening. That was after the state Governor, Alhaji Abubakar Sani Bello, declared he would no longer borrow money to pay the salaries of workers in the state. The governor said at the meeting, which held at the Government House, Minna, that in the past seven years, the state was receiving over N5 billion to N11billiion allocations, emphasising that recently, the state was receiving far below N2 billion monthly. Bello also said that on the issue of the monthly allocation, that decisions have been taken and options have been given to the labour unions which

include, “labour 70 per cent for payment of salaries, while the running of the affairs of the state will take 30 per cent.” The governor, who gave the floor for stakeholders to decide on more responses about the 70 per cent and 30 per cent ratio declared it would take effect from this month of June. However, the organised labour resolved that it vehemently rejected the proposal of the government of 70 per cent and 30 per cent ratios, adding that the status quo of salary payment remained. According to a statement jointly signed by the State Chairman, NLC, Idris Yahaya Ndako and Chairman TUC, Yunusa Tanimu, “We hereby give the state government two weeks ultimatum to pay all outstanding salaries for May, 2016 and subsequent months, failure of which organised labour will be left with no option than to commence further action.”

Why we can’t provide quality teaching, by Kogi teachers Muhammad Bashir Lokoja

aced by their poor welfare and non-payment of salary, public primary and junior secondary schools teachers in Kogi State have said that quality teaching in the schools can no longer be guaranteed The teachers, under the aegis of the Basic Education Staff Association of Nigeria (BESAN) yesterday disclosed this in Lokoja, while addressing

Ilorin

wara State Internal Revenue Service (KIRS) said yesterday it had collected a total of N8.09 billion into the coffers of the state government for the first half of 2016, saying plans to ensure the enforcement of payment of tax would begin next month. According to KIRS, about N6.002 billion of the amount

will be allocated to the state, while the remaining N3.097 billion is for retained earnings. Chairman of the Service, Dr. Muritala Awodun, who gave the figures at a media briefing yesterday, said the figure was higher than N7.2 billion collected for the entire 2015 by the defunct Board of Internal Revenue in the state. Giving a breakdown of the amount generated, Awodun said the service raked in N997 million in January,

government to base the payment of teachers’ salary from the bailout funds on 60 per cent, saying that teachers must be treated like other workers who were already being paid 100 per cent. “Worst still, the 60 per cent payment promised, did not go round,” Baiye said, even as the chairman took exception to the sudden increase in the PAYE deductions from the payment of the outstanding March, April and May salaries. While insisting that the

disparity must be reversed immediately, he appealed to the government to ensure the payment of leave allowance, promotion and annual incremental steps which has been outstanding for the past six years without further delay. The association declared support for the recent screening of workers in the state, but demanded that the report of the exercise should be made public as quickly as possible. The Special Adviser to the Governor on Media and Strategy, Alhaji Abdulkarim Abdulmalik in a swift reaction, said that the 60 per cent being paid to teachers from the bailout funds was based on agreement reached with the Nigeria Union of Teachers (NUT).

Kumuyi: Bello’s emergence as Kogi governor, divine Zacchaeus Ozovehe Lokoja

he General Superintendent of the Deeper Christian Life Ministry Worldwide (aka Deeper Life), Pastor Williams F. Kumuyi, has said that the emergence of Alhaji Yahaya Bello as Kogi State Governor was the will of God. Pastor Kumuyi, who said this on yesterday when he paid a visit to the Government House, Lokoja, the state capital,

Kwara revenue agency rakes in N8bn in six months BiodunOyeleye

journalists, said that the unbearable poor welfare conditions foisted on them by the state government had made quality teaching and learning impossible in the schools. The state Chairman of the association, Mr. Ohino Baiye, lamented that the government had refused to pay the teachers the approved new minimum wage of N18,000, which other workers in the state had been enjoyed since 2011. He, however, kicked against the idea by the

L-R: Niger State Governor, Dr. Abubakar Sani Bello, Speaker of the state House of Assembly, Hon. Ahmed Marafa and the Etsu Nupe, Alhaji Yahaya Abubakar, during a stakeholders’ meeting, in Minna.

when it began full operations; N1.05 billion in February; N1.25 billion in March and N2.07 billion in April, while it also realised a total of N1.45 billion in May and has so far collected a total of N1.3 billion in June. He attributed the huge revenue collected to the ability of the Service to block all revenue leakages, citing the example of tertiary institutions in the state, which until now used to allegedly under report their revenue.

auspicious time in Kogi state for a purpose, and that purpose for which the Lord has in mind will be fulfilled. “I pray that his time will witness peace, progress and prosperity for Kogi State. All the challenges we all have, as we rally round him with support and prayers, I believe that by the time he finishes his tenure, we will be able to look back and thank God that he was the one at the helm of affairs of the state.”

urged the people of the state to pray and rally support for the governor for him to fulfill the plans of God for the state. The cleric was received during the visit by the Deputy Governor, Mr. Simon Achuba; Chief of Staff to the Governor, Mr. Edward Onoja; Secretary to the State Government (SSG), Mrs. Ayoade Folashade Arike, as well as commissioners and other top government functionaries. Pastor Kumuyi, how-

ever, told his hosts that he and other members of the church were in the state for a one day crusade with the theme: “Night of Miracle Explosion”, which according to him would bring down the mighty power of God upon the people. He said: “I believe that our coming here will be a great blessing for the state. We rejoice with the executive governor about how God, Himself providentially brought him into power at such an

Cephas Iorhemen

Waku, Aondoana, others give Ortom pass mark

MAKURDI

enator Joseph Waku and other top politicians from the four Local Government Areas, comprising Governor Samuel Ortom’s constituency in Benue State, have given the governor a pass mark for his one year in office. The politicians, who spoke during a meeting with the governor at the Government House in Makurdi, explained the town hall meetings recent-

ly embarked upon by the state government, which had availed the governor the opportunity to listen to the problems of the people, was a display of the characteristics of a true democrat, poised to carry the people along in his administration. They said the governor was following the footsteps of some former governors including Alhaji Lateef Jakande in Lagos, Abubakar Rimi in Kano and Balarabe Musa of Kaduna State

respectively. Those are the meeting include a member of the state House of Assembly, Hon. Avine Agbom; former member of the House of Representatives, Prince Simon Aondoana; former President of Customary Court of Appeal, Justice Augustine Utsaha; Mrs. Helen Awunah, and the Chairman of the Nigeria Union of Local Government Employees in Guma, Comrade Elizabeth Akaa.

NEWS

WORLD \ NEWS

WEDNESDAY, JUNE 29, 2016 NEW TELEGRAPH

Fayose’s account: Court orders 28 dead, 60 injured in Istanbul EFCC to appear July 4 airport attack

Federal High Court sitting in Ado-Ekiti, yesterday ordered the Economic and Financial Crime Commission and the Zenith Bank, to show cause why an exparte order seeking to unblock a bank account belonging to the Ekiti State Governor, Ayodele Fayose should not be granted. Besides, the court granted a leave to serve other court process on the anti-graft agency. The presiding judge, Justice Taiwo Taiwo, said although Fayose enjoys immunity but that the court would not shirk its

responsibility from adjudicating on the matter as his court would do justice to parties in the case. Fayose’s lawyer, Mr. Mike Ozekhome had in an affidavit deposed to by Bimpe Olatemiju sought a mandatory order to de-freeze the governor’s account pending the determination of his interlocutory application. Ozekhome also sought the leave of the court to serve the originating summons on the defendants in their various addresses outside the jurisdiction of the court as contained in the court process, supported by a 17-paragraph affidavit.

Joined in the suit are the EFCC (1st defendant) and Zenith bank (2nd defendant). The order was supported by an 18-paragraph affidavit , a lone Exhibit, which was a letter issued to Governor Fayose by Zenith bank confirming that the EFCC actually placed a restriction order on the accounts and a written address . The order, according to Ozekhome was brought pursuant to Order 26 Rule 8(1) of the Federal High Court Civil Procedure Rule 2009 and Section 44(1) of the 1999 Constitution which gives the court the discretionary powers to adjudicate on such matter.

Stress leads to rapid spread of cancer Appolonia Adeyemi

cientists have said they have discovered that chronic stress leads to cancer spreading very rapidly throughout the body. This development was contained in the findings of a study published in the prestigious journal ‘Nature Communications’. A Monash University research team in Melbourne, Australia conducted a study on mice with breast cancer and found that increased stress levels drove metas-

tasis, the spread of cancer cells to new areas of the body. The team led by Cancer Biologist Dr. Erica Sloan and Dr. Caroline Le, said that there had long been a medical debate around the role of stress in a patient’s cancer diagnosis. While stress had never been proven to cause the cancer, these Australian researchers believe it might have played a significant role in worsening the cancer. According to them, Chronic stress was the response to emotional pressure suffered for a pro-

longed period over which an individual perceives he or she has no control. According to a report in the ‘The Age Victoria’, an online platform, Sloan said that her team discovered how increased stress transformed the body’s lymphatic system into a ‘super highway’ for breast cancer cells to spread at much faster speeds. The team discovered that adrenaline – a neurotransmitter triggered by stress to increase alertness and rapid reaction to threat – has a downside for animals and people with cancer.

wenty-eight people have been killed in two explosions at the main airport in Istanbul, Turkey’s justice minister has said. Two suspects blew themselves up at Istanbul Ataturk Airport, government officials said. Also about 60 people were injured Their explosives were detonated before they went through the X-ray machine, officials said. Gunfire was reportedly heard at the scene, while footage showed people running for cover as armed men stand outside the building. Hand grenades were thrown and police opened fire on the attackers, Turkish broadcaster Haberturk said. Around 40 people had been taken to hospital, Haberturk re-

ported. One of the explosions hit a control point at the international arrival terminal of the airport, state-run TRT television said. The other blast reportedly occurred at the domestic terminal. Taxis were ferrying the wounded from the hospital, witnesses told CNN Turk. Eyewitness Ercan Ceyhan told CNN Turk that he saw around 30 ambulances rush to the scene. In recent months Turkey has suffered several attacks linked to Kurdish or Islamic State group militants. Recent bomb attacks in Turkey have been linked to Kurdish separatists or the so-called Islamic State group. Last year, Ataturk overtook Frankfurt airport to enter the top three busi-

est airports in Europe after London Heathrow and Paris Charles de Gaulle. More than 61 million passengers travelled used the airport in 2015. A US State Department travel warning for Turkey, originally published in March and updated on Monday, urges US citizens to “exercise heightened vigilance and caution when visiting public access areas, especially those heavily frequented by tourists.” Already, the US embassy in Ankara, the Turkish capital, is sending consular officers to the airport to account for any potential US victims. But there are no indications of any American casualties at this point, a senior State Department official told CNN’s Elise Labott.

Protesters staging a proEU demonstration have moved from London’s Trafalgar Square to outside the House of Parliament.

Ojudu:Why I will testify against Saraki, Ekweremadu Labour leader Corbyn loses no-confidence Anule Emmanuel Abuja

pecial Adviser to the President Muhammadu Buhari on Political Matters, Senator Babafemi Ojudu, has said that his role as a witness in the case of forgery of the rules applied in the election of the President and Deputy Senate President of the Senate on the floor of the red chamber on June 9, 2015 has nothing to do with his appointment as aide

to the President. Ojudu said yesterday that rather, his membership of the 7th Senate and as one of the conveners of the Unity Forum that called the police attention to the forgery prompted his role presently. The Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami, has charged the Senate President Bukola Saraki and his Deputy Ike Ekweremadu for alleged forgery and conspiracy before an Abuja Federal High Court. Also included are

the immediate past clerk of the National Assembly, Alhaji Salisu Maikasuwa and the deputy clerk of the house, Mr. Benard Efeturi. Ojudu is one of the witnesses in the case. “My statement and other witnesses statement were taken months before my appointment. As a member of the Unity Forum, I am one of those who worked for Senator Ahmed Lawan as the preferred candidate for the Senate Presidency in the June 9 2015 election,” he said.

Forgery: AGF appears before Senate Committee tomorrow Chukwu David Abuja

he Attorney -General of the Federation (AGF) and Minister of Justice, Abubakar Malami, is expected to appear before the Senate Committee on Judiciary, Human Rights and Legal Matters tomorrow over the ongoing forgery case his office

instituted against the President of the Senate, Bukola Saraki, his Deputy, Ike EKweremadu and two others. Malami was earlier scheduled to appear before the committee last week Thursday after the Senate’s resolution to that effect penultimate Tuesday, through a motion by Senator Dino Melaye on the forgery case.

Melaye, who expressed serious concern over the allegation, had titled the motion “the imminent threat to our democracy”. He accused the AGF of contempt for revisiting a matter that had already been declared as internal affairs of the Senate by a competent court of jurisdiction in Abuja last year.

vote as Brexit crisis deepens

ritain’s Brexit political crisis deepened yesterday when lawmakers in the opposition Labour Party passed a motion of no confidence in its leader Jeremy Corbyn by an overwhelming margin, but Corbyn said he would not resign. In the non-binding vote, Labour lawmakers voted 172 to 40 against Corbyn, the 67-year old

left-wing activist behind a socialist rebranding of Britain’s main opposition party. The motion was proposed in the wake of Britain’s vote to leave the European Union and backed by many who felt Corbyn had not campaigned hard enough to keep the country inside the EU and that he would not be able to win a future national election.

“It is now clear that Jeremy Corbyn has lost the support of the overwhelming majority of the Parliamentary Labour Party,” Labour lawmaker Wes Streeting told Reuters. “He’s now just got to do the decent thing and accept he is not up to the job and resign with dignity so we can move on and draw a line under this sorry episode,” Streeting said.

Data files from crashed EgyptAir plane sent back to Egypt

ata files from crashed EgyptAir flight MS804 were sent to Egypt yesterday after one of the plane’s black box flight recorders was repaired in France, bringing investigators closer to explaining the doomed jet’s fate. The Airbus A320 plunged into the eastern Mediterranean Sea en route from Paris to Cairo on May 19 and all 66 people on board were killed. The cause of the crash remains unknown. The plane’s Flight Data

Recorder was repaired in laboratories belonging to France’s BEA aircraft accident investigation agency late on Monday and the data files transferred to Egypt yesterday, Egyptian investigators said. “The data file was transferred to Cairo today for decoding, validating and studying of data at the laboratories of the central department for aircraft accidents at the Ministry of Civil Aviation,” Egypt’s Aircraft Accident Investigation committee said in a statement.

The process would take several days, the committee said, and repairs on the plane’s second black box, the Cockpit Voice Recorder, started yesterday. Damaged memory chips from the black boxes were flown to France on Monday after Egyptian investigators had tried without success to repair them. The chips should allow investigators to begin transcribing and analyzing the recordings and data which may hold key insights into what caused the crash.

WEDNESDAY, JUNE 29, 2016 NEW TELEGRAPH

Sport

Sport News

Did you know?

Southampton table £20m bid for Musa

The penalty miss by Mesut Ozil against Slovakia was the 23rd in his career - more than any other player playing in Europe’s Top 5 Leagues

International Maradona, Argentina President urge Messi not to quit

NFF forces Salisu on Le Guen Insists on an indigenous assistant Coach to stay in Abuja

Adekunle Salami

Le Guen

he Nigeria Football Federation has insisted that Salisu Yusuf will be an assistant coach to the new handler of the Super Eagles which is most likely to be Paul Le Guen. Authoritative sources revealed that the football body eventually settled for the Frenchman because of his knowledge of African football especially as a former coach of Cameroon who are incidentally in the same group with Nigeria in the race for a Russia 2018 World Cup ticket. Although the French-

man is expected to bring an assistant, he is planning to come with two people to work with him instead of one. A very close source told New Telegraph: “The NFF has made it clear that he can bring one person while the federation will provide a Nigerian who knows the team very well. “For now, that Nigerian has to be Salisu. He will be well-paid and encouraged to work with the foreign coach to boost Nigeria’s chances of getting the results. “It was tough picking Le Guen and he eventually got the nod because of his knowledge of Cameroon players

Salisu

and we believe he can achieve six points with the team he knows so well.” It was also learnt that the sponsorship of the coach’s wages remained a big issue because Le Guen was the most expensive of the coaches being considered. “The quality stands Le Guen out and the federation is working hard to confirm a sponsor in the next 48 hours. Nigeria must be at the World Cup and we need the best all over to get it right especially in the group the country is drawn,” the source added. On the base of the

coach, the federation has begun moves to get a befitting accommodation for the tactician in the Federal Capital Territory since Le Guen has agreed to stay in Nigeria. It is believed that hotel arrangement could be more expensive for the federation and many other logistics are being put in place to ensure the coach starts work immediately after the NFF unveils him. Algeria and Zambia are other teams competing with Nigeria in Group B of the African World Cup qualifiers. Nigeria’s first match is away to Zambia on October 3.

CAF CC: We’re ready for Sundowns’ battle - Enyimba Charles Ogundiya PRETORIA

The Sport Team

Adekunle Salami Group Sport Editor

Emmanuel Tobi Assistant Sport Editor

Ajibade Olusesan Sport Correspondent

Charles Ogundiya Sport Correspondent

Enyimba’s Ikechukwu Ibenegbu (right)

nyimba players have declared their readiness for the crucial CAF Champions’ League group stage match against Mamelodi Sundowns, scheduled for Wednesday, (today) in Pretoria, South Africa. The players informed New Telegraph’s correspondent who is in Pretoria that they were looking forward to kickstarting their campaign after losing their first game against Zamalek of Egypt. “It was most unfortunate that we lost our first game, but now we have to give it our

all,” the captain of the team, Chinedu Udoji, said. “We have put the game against Zamalek behind us and all we are trying to do now is to give this our best shot and hopefully get something out of the game. “We are working hard to get a win which will give us an edge over Sundown especially now that El-Setif have been eliminated from the competition.” Midfielder Ikechukwu Ibenegbu said they were not going to take anything for granted against Sundowns. According to him, they are aware of the weather and will not allow that to affect their performance on the field of play. The former Warri Wolves player said; “We

have been experiencing the cold since coming here but we are ready for anything that comes our way. “To be the best, you have to beat the best and that is what we are here for. We are not going to take our opponents for granted especially playing against them on their home soil.” Another player of the team, Ike ThankGod, however called on Nigerians to pray for them as they had done enough on their part as players to achieve the needed result. Enyimba will take on Sundowns at the 28,000-capacity Luis Moripe Arena, by 7.00pm in their second match of the group stage.

SPORT NEWS

WEDNESDAY, JUNE 29, 2016 NEW TELEGRAPH

Southampton table £20m bid for Musa To replace Mane with Eagles striker

Emmanuel Tobi

nglish Premier League cl u b Southampton have tabled a bid of £20m for CSKA Moscow Nigerian forward Ahmed Musa as a replacement for Sadio Mane who joined Liverpool on Monday. Southampton moved swiftly to replace Mane with Musa who have had two bids for his services from Leicester City rejected by the Russian

side. The bid for the Super Eagles vice-captain is close to CSKA’s £25m valuation of the 23-year -old with the fee set to rise further in add ons and future payments based on his success at St. Mary’s. “Musa is back in Russia for pre-season training but I can confirm to you that few days ago we got a bid from Southampton for his services but CSKA Moscow are yet to respond, Musa

has not hidden his desire to play in England, we pray they respect his wish this time around,” a close associate of the player said. “Although the bid did not meet CSKA’s asking price but it is very close to it and in the future they could earn more depending on how Musa performs with Southampton.” Musa scored 13 goals for CSKA last season, three more than his tally in the previous season.

Musa (right)

Mikel ready to quit Chelsea Waits on Conte for decision

Mikel

ikel Obi could be set to leave Chelsea this summer in pursuit of regular first-team football, Goal understands. The midfielder, who has been with the Blues since 2006, has just one-year remaining on his current deal and is yet to receive assurances about his playing time ahead of the new season. Mikel has spoken to in-bound Chelsea boss Antonio Conte and is prepared to hold off a move away until he has further discussions with the manager when Italy’s Euro 2016 campaign ends. However, Mikel who would be keen to stay at Chelsea - is considering alternative options in case

Conte does not offer him what he wants. Chelsea have a policy of only offering one-year extensions to players over 30 which means it is in the 29-year-old’s interest to renew his contract this summer to secure a longer deal. “I have to play because one thing I don’t want to do is to sit on the bench like I did before,” Mikel told Goal . “Wherever it is, I just want to play. When this season ends we will definitely sort out the contracts.” Mikel is Chelsea’s second longest-serving player after John Terry and has won two English Premier League titles, four FA Cups, the Champions League and the Europa League during his time at at the Club.

Cameroon star dismisses Nigeria, says Algeria biggest threat Ajibade Olusesan

ameroon defender, Henri Bedimo, believes the Super Eagles of Nigeria will not pose as much threat to the Indomitable Lions’ ambition to pick the sole ticket in group B of the 2018 World Cup qualifiers as the Foxes of Algeria. All the countries in the ‘Group of Death’ including Chipolopolo of Zambia are former winners of the African Cup of Nations and the Marseille of France player said that Algeria had the best squad in the section. He said the group was the toughest in the series and his side must be wary especially of the Algerians

who are the most dangerous. “Algeria are the most formidable opponents in the group,” he told a Cameroon-based sports website, Camfoot. “They have put together a very strong side in the past few years, and we must not forget that they were the best African side at the last tournament in Brazil. They have been the strongest and most effective in almost two years, and will not want to miss the World Cup.” He admitted that the Super Eagles know the Indomitable Lions very well and could also pose some danger. “Nigeria has a well-structured team that knows Cameroon. We will really have to be careful, “he added.

Lagos plans testimonial for Amodu, Keshi

he Lagos State Government in conjunction with the Sports Writer’s Association of Nigeria and the Nigeria Football Supporters Club, have set up a committee to oversee the Lagos Farewell Testimonial Match for the two departed former Super Eagles coaches, Amodu Shaibu and Stephen Keshi, which has been scheduled for the Teslim Balogun Stadium, Surulere on July 23. The chairman of the committee who is also the President-General of the Nigeria Football Supporters Club, Dr. Rafiu Ladipo, said the tugal immediately after the event which was meant to raise money for the families of the decompetition. A United States visa has parted coaches, would also celebrate already been issued to Ogh- the two illustrious sons of Nigeria. The money raised would be added to enekaro Etebo.

Etebo misses U-23 Eagles’ trip to America

D Feirense midfielder Oghenekaro Etebo will not travel with the Nigeria U-23 squad to the United States for training camp ahead of the Olympics according to allnigeriasoccer.com. The first batch of players and officials left for Atlanta on Tuesday as the remaining batch will join them on Wednesday (today) but the former Warri Wolves star will not be part of the traveling party. Prior to his trip to Portugal to link up with CD Feirense in April, Etebo was issued a double-entry visa to the Schengen Area and it became invalid after his trip to France for the international friendlies with Mali and Luxembourg.

Thinking ahead, the 20-year-old has applied for another visa in Abuja instead of returning with the Dream Team VI squad to Nigeria at the end of the Olympic Games, as he is expected to go back to Por-

Rio: Dalung promises foreign tours for athletes

Etebo

whatever the two families get from other donations across the country. “The Farewell Testimonial match would see the Super Eagles players battle against Lagos All Stars team in the main match of the day, while the curtain raiser would be a game between the Lagos SWAN team and the Supporters Club. This would be followed by musical concert where prominent Nigerian musicians and comedians would perform in the entertainment aspect of the programme. This part of the event is coordinated by veteran music act, Chris Mba.” Ladipo noted that, the involvement of the Lagos State Sports Commission and Governor Mr. Akinwunmi Ambode, would help boost the goal of the event which is basically fund raising.

he Minister of Youth and Sports Barrister Solomon Dalung says the second phase of camping of athletes to the Rio Olympic Games will start soon. Dalung made the statement while answering questions from journalists at a conference to mark the United Nations International Day against Drug Abuse and Illicit Trafficking held at the City Hall in Lagos. He said that despite remarks that the ministry was not doing much to prepare the athletes for the games, the Ministry was working tirelessly to ensure that funds were provided for athletes

to embark on foreign training camping to polish their skills in places with comparative advantage. “We have done much in the present situation. We came third at the Africa Athletics Championships in Durban, South Africa and we have so far produced seventy- four athletes who will be competing favourably in eight different sports at the Olympics “They have just finished the first phase of camping and we are getting ready for the second phase which will be held externally where they will now meet with other contending athletes who are expected in Rio. So, we

are quite confident about what we have done so far.” he said.

Dalung

47 Shearer blasts England, wants to replace Hodgson INTERNATIONAL

WEDNESDAY, JUNE 29, 2016 NEW TELEGRAPH

Don’t quit, Maradona, Argentine F President beg Messi D

iego Maradona insists Lionel Messi must not follow through on his vow to quit international football. Argentina’s president Mauricio Macri has also personally contacted Messi to try and persuade the Barcelona star to not quit the national team. An emotional Messi dropped a bombshell following Argentina’s h e a r t b re a k i n g 4-2 penalty shoot-out loss to Chile in the Copa America Centenario final on Sunday, announcing his intention to walk away from the national team.

But Argentine legend Maradona said Messi must play at the 2018 World Cup. “Messi has to stay in the national team. He will go to Russia in form to be world champion,” Maradona said via La Nacion. “He has to rely more on boys who can help take the team forward and less on those who say they have to go.” Aspokesman for Argentina’s president told AFP: “He [Macri] called him and told him how proud he feels of the national team’s performance and asked him not to listen to the criticism.”

ormer England captain Alan Shearer described his country’s European Championship defeat at the hands of Iceland as the “worst performance” he has ever seen from the national team and has put himself forward for the head coach’s job following Roy Hodgson’s resignation. The 68-year-old Hodgson stepped down in the immediate aftermath of Monday’s 2-1

Messi

Iniesta: Spain were too focused on Italy

ndres Iniesta said Spain were too focused on Italy after the two-time European champions crashed out of the European Championship in the first knockout stage. Title holders Spain were sent packing from the tournament on Monday, accounted for 2-0 by the efficient Italians at Stade de France in Paris. Goals from Giorgi Chiellini and a stoppage time volley from Graziano Pelle condemned

Spain to a last 16 exit and star midfielder Iniesta bemoaned the fact that the 2008 and 2012 champions strayed from their natural game. “There’s little to say,” Iniesta said. “We have to accept the disappointment and that they were more efficient in the key moments and they outdid us. “I think we were focused too much on what they were doing and sometimes that can punish you.

PSG name Emery new coach

Iniesta (right)

Nigerians eager to be part of Olympic Day Run

igerians from all walks of life would join their counterparts all over the world to celebrate the Olympic Day Run on July 2, 2016 in all the states of the federation. The Olympic Day Run is an international Olympic Movement activity promoting mass participation of sports and organised by National Olympic Committees, NOCs. Augustine Odijie, Head of Administration and Logistics of NOC said yesterday that they how concluded plans to mobilise Nigerians to participate in the Olympic Day with special events featuring jog/walk from the National Stadium to Shitta Round about, through Adeniran Ogunsanya Drive to Bode Thomas, through Eric Moore to Abebe Village to Costain Bus Stop and back to the National Stadium, Surulere, Lagos. Just as Lagosians pour out to to ensure the positive values of the Olympic Movement – Excel-

defeat to Iceland which sent England crashing out of Euro 2016. Shearer has limited managerial experience having only taken charge of Newcastle United for eight games in 2009 and was unable to prevent the club from being relegated to the Championship. But the former striker insisted he would even be willing to work alongside another manager in England’s new-look set-up.

lence, Friendship and Respect are promoted, Nigerians in all other states would be celebrating the Olympic Day too in their areas. Former Olympian and Chairman of NOC Sports Commission, Henry Amike, who has been working tirelessly to encourage young and old alike to get involved in the Olympic Day for sport, cultural and educational activities said that they would also uphold the three pillars of Olympic Day which are Move, Learn and Discover. ‘’This time, we’re involving schools and their pupils knowing that tomorrow belongs to them. Starting from June 30 to July 2, art exhibitions, paintings, drama will be staged by the students and their schools under the supervision of Sports For All Officials. It’s not something to miss. You know that sports is live’’, Amike a former record holder for Nigeria said.

aris Saint-Germain have appointed former Sevilla boss Unai Emery as their new coach on a two-year contract. Emery replaces Laurent Blanc, who departed the French champions on Monday after three years in the job. Emery led Sevilla to three consecutive Europa League titles, before leaving the club earlier this month.

The former Real Sociedad midfielder coached Valencia from 2008-12, before moving to Andalusia with Sevilla. “It is with great pride that I agreed to become the Paris Saint-Germain coach,” said Emery. “The club has become one of the biggest in Europe over the past few seasons and I am both happy and honoured to be able to help realise its great ambitions.

Shearer

Wimbledon

Serena into second round

efending champion Serena Williams reached the second round of Wimbledon with a 6-2 6-4 win over Switzerland’s Amra Sadikovic. Top-seeded American Williams served five double faults and only four aces in 73 minutes against the world

number 148. The six-time champion, 34, has now won 80 and lost 10 matches at Wimbledon. “It wasn’t tougher than I thought but it was definitely tough,” she told BBC Sport. “I never underestimate anyone. I started fast, and that’s about it.”

Serena

U-17 Women FIBA: FG probes Spain visa denial Anule Emmanuel ABUJA

he Federal Government has concluded plans to probe the refusal of the Spanish Embassy to grant travelling visas to Nigeria U-17 Women Basketball team thereby stopping the team from participating at the ongoing U-17 Women basketball competition in Madrid, Spain. Minister of Sports Solomon Dalung stated this after a meeting on Tuesday with President Muhammadu Buhari at the presidential villa, Abuja.

“Before I came to the State House, I was at the Ministry of Foreign Affairs to officially protest the treatment given to Nigeria. I must really investigate more because the reasons given by the embassy of Spain hold no water. “Firstly, they said the letter signed requesting for visa was signed by a dead person. I had to, in my office today, invite the author of the letter to come to my office and he is a living person. “The second reason was that the lists sent was padded and that there was an at-

tempt to smuggle some people and traffic them across the border. The list is not up to 20 (12 and 7 officials) and these were the people that went to Madagascar for competition and there was nothing like padding in it. “The last reason was that it was out of time or it was brought in short notice, this one too did not stand the test of the investigation I did. This is why we have protested officially to the embassy and I have written the international federation on the treatment they gave to us,” Dalung added

NEWS 48On Marble

When men are pure, laws are useless; when men are corrupt, laws are broken.

Sanctity of Truth

Bola Bolawole When dogs eat dogs...

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WEDNESDAY, JUNE 29, 2016

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The Electoral (Amendment) Act 2015

ome of the participants that attended the June 6, 2016 Summit on Elections organised by the Senate Committee on INEC in collaboration with the Policy and Legal Advocacy Centre (PLAC) felt genuinely embarrassed and scandalized at the revelation that there exists in our statute books an Act known as the Electoral (Amendment) Act, 2015. Apparently, the former President of the Federal Republic of Nigeria, Dr. Goodluck Ebele Jonathan GCFR assented to the Electoral (Amendment) Bill, 2015 on the 26th day of March, 2015 and simply kept it in the closet leaving Nigerians to believe that the extant Act remained the Electoral Act 2010(as amended). Nigerians and indeed the Independent National Electoral Commission went into the 2015 general elections oblivious of the fact that there exists an Act that further amends the Electoral Act, 2010 to, among other things, provide for the tenure of the office of the Secretary, increase the number of days for application for and issuance of duplicate voter’s card, determine voting procedure as well as addressing other related issues to facilitate electioneering in Nigeria. Apparently, this bizarre and unacceptable approach to law making and assenting to laws and keeping them in the closet informed the decision of the Senate Committee on INEC to start the process of amending the Electoral Act before the commencement of political campaigns and to give the Independent National Electoral Commission sufficient time to familiarise themselves with the document and plan well for the 2019 general elections. But what will make a President assent to a Bill two days to a general election and not make it known to the Nigerian people that he has assented to a Bill and it has become law? What did he intend to achieve by hiding the Electoral (Amendment) Act, 2015? Why did he assent to the Bill in secrecy? These are germane questions that are begging for answers. These questions appear academic and the Supreme Court will normally classify them as not advancing any live issue but they are fundamental in understanding how we prefer to go to the cliff and hold the nation to ransom and move the country at all times towards a dead end. I really believe that the nation is lucky that the National Assembly did not make fundamental amendments to the Electoral Act, 2010(as amended). This is because, the Independent National Electoral Commission conducted the 2015 general elections oblivious of the fact that the President assented to the amendments to the Electoral Act. The various Election Tribunals and the lawyers that prepared petitions and responses to the petitions and filed before the courts and the various Election Tribunals did not know of the amendment to the Electoral Act. The various Courts did not know of the amendment to the Electoral Act. So, what President Goodluck Ebele Jonathan planned was to ambush the Nigerian people and other political parties by pulling out an electoral amendment act that nobody knew exists and using

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

Mahmood Yakubu, INEC boss

Chief Justice Mahmud Mohammed

same as a joker to remain in power in case he lost the President election. Fortunately, the objective and subjective conditions existing in the country at before and after the 2015 election were such that the options available to him were not much and even if he had a joker up his sleeves he could not pull it through. There is no doubt that the country would have moved back to the cliff and general lawlessness if the President had tampered with whatever document he signed and used it as a joker in election petitions tribunal. It is to avoid uncertainty and surprises that led to and necessitated drafting and signing of the ECOWAS Protocol on Democracy and Good Governance, Supplementary to the Protocol relating to the Mechanism For Conflict Prevention, Management, Resolution, Peacekeeping and Security. The Protocol makes it mandatory that State Parties shall ensure that no substantial modification shall be made to the elec-

toral laws of the member countries of ECOWAS in the last six (6) months before the elections, except with the consent of a majority of political actors. The Protocol also makes it mandatory that all the elections shall be organised on the dates or at periods fixed by the Constitution or the electoral laws. While it is acceptable to amend the electoral laws of a country when situations demand considering the fact that society is dynamic and laws are made to respond to changing dynamics and situations in the society, we must at all times find the balance between fidelity to the law and slavish attachment to constitutional and electoral design. It is true that the framers of our laws and constitution are human and are not “vested with omnipotence of God or vested with the ability to take care of all possible eventualities” we must consciously banish the ghost of obsession with constitutional and electoral design. This obsession is anchored, propelled and derivable from impatience and lack of fidelity to the law, the constitution and the judicial process. We cannot amend our laws every year and when every government comes to power. That is not the way of a democratic country. A democratic nation that believes in the rule of law and due process empowers and energises its democratic institutions and reinforces them to take care of gaps, (lacuna) and unforeseen circumstances. A democratic country believes and practices the concept of separation of powers by assigning to the judiciary the power and responsibility to interpret laws, resolve disputes and adjudicate on disputes as they arise. Some countries establish separate constitutional courts to deal with challenging

What will make a President assent to a Bill two days to a general election and not make it known?

issues with constitutional flavour. When countries, parties and stakeholders trust and respect the judiciary, they do not run to amend the law at each point in time. In such countries, the judiciary steps in and clarifies things that appear ambiguous and breathes life to the constitution and the laws. By so doing the possibility of a President assenting to a Bill and hiding same is eliminated. We must therefore deal with concrete and fundamental issues that require amendment or fill in gaps that emerge from our practice of constitutional democracy and allow the judiciary and other democratic institutions to interpret the laws. We must never be afraid of our democracy and judicial institutions. We must never be afraid of submitting challenging constitutional and electoral issues to the judiciary for adjudication. That is the only way to increase our corpus of laws, establish precedents and avoid elementary constitutional mistakes. Unfortunately, the political elite have infiltrated the judiciary. Some of them appoint their wives, brothers, cronies and political associates to the Bench. This makes it difficult for the Nigerian people to trust some of the judgements from our Courts and or submit their problems and challenges to the adjudicatory power of the courts. We also have a situation where some judges will prefer to resign from the Bench than do election petitions while some others lobby and crave for such assignments as it is a very simple avenue to wealth. Whatever the challenges are, we must keep working on our democracy and our electoral process. It will take courage, hard work and perseverance to snatch the electoral process from those that are holding it hostage. Some of them will not give up. Some of them have expertise in election rigging and malfeasance. They do not know how to canvass for votes and will therefore do everything humanly possible to abort and or distort reforms aimed at improving the electoral process.

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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.