Wednesday, may 11, 2016 new telegraph by Newtelegraphonline

New policy on fuel pricing, subsidy underway –Kachikwu Ibraheem Musa Kaduna

he Minister of State for Petroleum Resources, Dr. Ibe

Kachickwu, yesterday said that the Federal Government would, in the next few days, unveil new policy to address the problem of

fuel subsidy in the country. The minister also said that it was necessary for the country's oil sector to reflect global pricing of the

product. The minister had now confirmed the speculations that the central government is planning to

hike the prices of petroleum products. There are reports that a litre of petrol may sell for N110 against the present

Arik, others to benefit from $20bn Afreximbank loan

N86.50k controlled price. Kachickwu, who spoke during a town hall meeting in Kaduna, said that the introduction of price modulation had helped to CONTINUED ON PAGE 4

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Wednesday, May 11, 2016

FG spends N10bn annually to feed prison inmates }5

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EFCC secures order to keep Fani-Kayode in custody }5

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N150

Niger Delta boils as militants kill soldiers Dambazau

Fani-Kayode

Ajimobi

Olonisakin

lGunmen attack Rivers judiciary complex, two die lMilitary vows to crush Niger Delta Avengers }2 British PM: Nigeria is 'fantastically corrupt' }4

L-R: Chairman, Economic and Financial Crimes Commission (EFCC), Ibrahim Magu; National Security Adviser, Babagana Monguno; Minister of State for Foreign Affairs; Khadija Ibrahim; representative of Queen Elizabeth II, Major Jeremy Fern and President Muhammadu Buhari, at a London airport...yesterday.

Biafra: Buhari’s comment sparks protest in Aba lPresident can’t stop self-determination, says MASSOB }5 New treatment approach for HIV soon –WHO }6

NEWS

WednESday, May 11, 2016 NEW TELEGRAPH

Niger Delta boils as militants kill soldiers

Emmanuel Marsha and Pauline Onyibe

he oil-rich Niger Delta is boiling again. Gunmen yesterday killed three soldiers in the Foropa area of Bayelsa State, a day after five policemen were killed in Rivers State by gunmen. Foropa is in the Southern Ijaw Local Government Area of Bayelsa State. The three soldiers were attached to the Joint Force (JF), Operation Pulo Shield (OPS) in Bayelsa State. It was gathered that the gunmen, suspected to be militants, operated in a speedboat. The gunmen were said to have carted away two AK47 riffles, a General Purpose Machine Gun (GPMG) and other ammunition at the Foropa checkpoint. A security source said the militants struck about 1:30a.m. in a surprise attack, adding that the soldiers could have been sleeping when the incident occurred. According to him, “It was a surprise attack because the gunmen caught the soldiers unawares. They opened fire on them, killed three of them and carted away their arms and ammunition.” He further said that there had been deliberate attacks on armed security agents and formations in the region by suspected militants. “These militants attack security agents, ostensibly to steal their arms and ammunition. Criminally minded youths are stockpiling arms again. This calls for vigilance among security operatives.” It was gathered that residents of Foropa were fleeing the community for fear of military invasion and indiscriminate arrest of innocent persons. Bodies of the slain soldiers were evacuated by the security outfit before dawn. Spokesman of the security outfit, Col. Isa Ado, was not available for comments, as calls made to his mobile phone were not answered. Meanwhile, in the neighbouring Rivers State, hoodlums also killed security guards at the Rivers State Judiciary Complex. The attack forced the au-

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

£88.79m

The total aggregate payments received by Tottenham for the English 2014/2015 season. Source: Goal.com

thorities to close down the complex, which was shut down for almost two years during the last years of the immediate past Rotimi Amaechi administration. The judiciary complex, which houses the state High Court, was attacked about 3a.m. by hoodlums, who wielded machetes. There were bloodstains in the area where the killing took place and it was unclear whether or not the two guards that were killed were hacked to death or clubbed. According to the Chief Security Officer of the judiciary complex, Datubo Douglas, the guards were four before the hoodlums arrived, but one escaped unhurt, while the fourth guard was badly injured. He said that the injured guard was rushed to an undisclosed hospital. Following the killing, security operatives have been deployed in the court premises, while workers who reported for duty were asked to go home. Spokesman of the State Police Command, Ahmad Mohammad, a Deputy

Superintendent of Police, said that investigations have commenced on the killing in a bid to fish out the killers. He said: “When we got the information, our men stormed the scene and discovered that the assailants had fled. But from our initial analysis, it appeared the security men were sleeping when they were attacked. From all indications, the assailants used hard objects to hit them on

the head.” Meanwhile, the 2 Brigade of the Nigerian Army, Port Harcourt, yesterday paraded 17 suspected cultists and kidnappers, who were said to be terrorizing Rivers State and its environs. They were picked up in various parts of the state, including Ogba/Egbema/ Ndoni and Ahoada East and Ahoada West Local Government areas, where recent killings occurred.

Spokesman of 2 Brigade, Captain Eli Lazarus, who addressed reporters, noted that the arrest of the suspects followed raids by the army after it stepped up its operations. Some of the suspects, according to Lazarus, were neck-deep in criminality. Among the weapons recovered from them were 16 AK-47 assault rifles, five general purpose machine guns, two rifles, 11 short Dane guns, 508 rounds of

7.62 mm (NATO) ammunition and six locally-made pistols. Also on display were two Beretta pistols, three cartridges, 313 rounds of 7.62mm (special ammunition) and two revolver pistols. Also recovered from the suspects were, a pair of military boots, three military belts, one fragmented jacket, three line yards, nine pieces of dynamite and one cartridge belt.

L-R: Business Group Head, Lagos 2, UBA Plc., Mr. Johnson Agoreyo; Chairman, UBA Group, Mr. Tony Elumelu; Ugandan President Yoweri Museveni; Chairman, UBA Uganda, Dr. Eric Adriko and Regional CEO (Anglophone Africa), Mr. Oliver Alawuba, after a meeting at the Presidential Palace in Entebbe… yesterday.

Military vows to crush Niger Delta Avengers lResidents flee Gbaramatu over imminent showdown

Emmanuel Onani, Dominic Adewole and Gabriel Efeduku

or the umpteenth time, the Defence Headquarters (DHQ) has threatened to “deploy every available resource to deal decisively with any threat to economic lifeline of the nation.” The DHQ, which confirmed the emergence of a new group in the Niger Delta – The Niger Delta Avengers – further vowed to “employ all available means and measures within its Rule of Engagement to crush any individual or group that engages in the destruction of strategic assets and facilities of government in the Niger Delta or any other location.” The DHQ’s warning, which was contained in a statement by its spokesman, Brig.-Gen. Rabe Abubakar, came in the wake of the latest disruption of oil facilities in Delta State. Some suspected militants had blown up a Chevron facility in Warri, Delta State. The attack has forced Chevron to halt its operations within the oilrich region. So far, a gang known as the Niger Delta Avengers has claimed responsibility for the attack. The group had launched

attack on Chevron Valve Platform on May 4. It carried out other attacks on the Chevron Well D25 in Abiteye and gas lines feeding the Warri and Kaduna refineries, belonging to the Nigerian National Petroleum Corporation (NNPC) on May 5. The attacks also affected major pipelines with direct link to the Abiteye, Alero, Dibi, Otunana and Makaraba flow stations, which feed the Chevron Tank Farm in the area. Consequently, the DHQ said it would not sit idly and watch individuals or group sabotage the economy, through pipeline vandalism, oil theft, or kidnap of expatriate workers for ransom. “The DHQ is not unaware of the emergence of a group in the Niger Delta who have vowed to cripple economic activities through pipeline vandalism, oil theft and kidnap of expatriate workers in that region; it will not hesitate to deploy every available resource to deal decisively with any threat to economic lifeline of the nation. “The military will employ all available means and measures within its Rule of Engagement to crush any individual or group that engages in the destruction of strategic assets and facilities of government in the Niger

Delta or any other location and they will stand to regret the consequences of their actions. “The whole world has seen what they are causing in terms of economic terrorism against the nation and would be treated as criminals in line with the laws of the land,” the DHQ said. It, however, assured that it would work in synergy with other relevant security agencies, to guarantee security for oil companies and law-abiding citizens in the Niger Delta and other parts of the country. This is as it vowed to unmask perpetrators of the crime. In the meantime, the DHQ has advised “community leaders, traditional rulers and the general public to cooperate with the security agencies to ensure the apprehension of the culprits for the interest of our great nation; as no individual or group interest is above national interest of this country.” There are fears that the military could storm Gbaramatu area any moment. The indigenes and residents have, since the NNPC/Chevron facilities were blown up last week, been living in apprehension that their communities would soon be a battlefield. New Telegraph learnt that some residents are

currently fleeing the area for fear of being caught in the crossfire that may ensue. An indigene of the community, who simply identified himself as Pere, said residents were scared of the likely consequences of the face-off. Corroborating Pere, the Legal Adviser to the Ijaw National Congress (INC) and the first female commissioner in the defunct Bendel State, Mrs. Veronica Bamuza-Mutu, urged the Federal Government to desist from deploying military might against the perpetrators to prevent innocent Nigerians from being the casualties. Meanwhile, some exmilitant commanders in the Niger Delta yesterday condemned renewed attacks on oil facilities across the zone. They also appealed to the Federal Government to do everything possible to halt the situation. Former ex-militant commander, Josiah Oyakoghan, aka Oyimi, who spoke in an interview on behalf of the 13 ex-militant commanders in Delta State, frowned at how faceless groups go about blowing up oil facilities of multinational companies. The commanders said that they have embraced amnesty during the time of late President Umaru Yar’Adua with a promise

not to go back to destruction of the country’s property. Oyimi stated that the fury of Niger Delta Avengers (NDA) cannot be addressed with continual destruction of oil pipelines, noting that some leaders in the communities where these pipelines were being blown up were very much aware of their activities, but opted for silence. “One wonders what kind of anger could trigger the so-called NDA to bring down the country’s economy when President Muhamadu Buhari is trying to restructure the nation for our common good. “It is too sad to witness that oil pipelines have been callously vandalised by the so-called NDA because our country has lost huge sums of petro-dollars and large volume of crude oil. All these put together constitute both economic and social losses to government and Nigerians. Those behind this latest act of criminality should have a rethink on the dangerous path they are planning to walk. I need not remind any of them of the dire consequences of testing the might of the present administration.” Also, Ijaws in Delta State yesterday appealed to all aggrieved youths in the Niger Delta to explore lawful means to prosecute their agenda despite the Buhari’s administrative policies against the region.

WednESday, May 11, 2016 NEW TELEGRAPH

NEWS

WednESday, May 11, 2016 NEW TELEGRAPH

My assets declaration form was tampered with –Saraki Tunde Oyesina ABUJA

enate President Bukola Saraki yesterday alleged that his assets declaration form of 2003 has been tampered with. He said this explained why the original copy of the form was not presented before the Code of Conduct Tribunal (CCT). He made the allegation yesterday during his trial before the tribunal sitting in Abuja. Saraki is standing trial over alleged false assets declaration while he was the governor of Kwara

State between 2003 and 2007. At the resumed trial yesterday, counsel to Saraki, Paul Erokoro (SAN) made the allegation while cross-examining the prosecution witness, Micheal Wetkas. Under cross examination, Wetkas was asked whether he saw the original copy of Exhibit 1 which is Saraki's assets declaration form in the course of investigation, he (Wetkas) initially stated that he never saw the original copy, but on a second thought he reversed himself and said he sighted the form from one Samuel Majemu of

the Code of Conduct Bureau (CCB). When asked why the original copy of the form was not brought before the tribunal, Wetkas stated that he always worked with the Certified True Copy furnished by the CCB because it is a replica of the original and it serves the same purpose. It was at that point that Erokoro submitted that: "Whoever is prosecuting the defendant is hiding something, by not bringing the original copy before this tribunal. If it is important for the investigative team to see the original, then why is it not important for the

British PM: Nigeria is 'fantastically corrupt'

lCameron’s statement not a reflection of Buhari’s work

Wale Elegbede and Emmanuel Anule

rime Minister of the United Kingdom, David Cameron, was yesterday picked on cameras describing Nigeria and Afghanistan as ‘fantastically corrupt’ countries. Cameron, in a pooled video, was shown talking with the Queen, the Archbishop of Canterbury, Justin Welby; Speaker John Bercow and Commons Leader, Chris Grayling about the forthcoming global anti-corruption summit which begins tomorrow in London. The conversation took place at Buckingham Palace at an event to mark the Queen's 90th birthday. President Muhammadu Buhari, yesterday, travelled to the United Kingdom to attend the summit. The president, alongside his Afghan counterpart, Ashraf Ghani, is believed to have written essays for a book accompanying the summit. The PM was filmed telling the Queen: “We've got some leaders of some fantastically corrupt countries coming to Britain. “We've got Nigeria and Afghanistan, possibly the two most corrupt countries in the world.” The Queen did not respond to Cameron's comments. But the Archbishop of Canterbury, Welby, intervened and made a remark believed to be referring to Buhari, saying: "But this particular president is not corrupt... he's trying very hard.” Trying to lighten the mood, Commons Speaker Bercow joked: "They are coming at their own expense, one assumes". Cameron laughed and said: "I would... yes!" He added: "Because

it's an anti-corruption summit, everything has to be open. There are no closed-door sessions; it's all in front of the press. It could be quite interesting." Nigeria is ranked 136 on the Transparency International’s latest Corruption Perceptions Index; an annual ranking of countries while Afghanistan is at number 166, second-from-bottom, in the campaign group’s index. Reacting to Cameron's comments, the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, said Buhari is working hard to put the country on the right track. He said the British Prime Minister's statement was not a reflection of the work being done by the present government. Garba said: "It is certainly not reflective of the good work that the president is doing. The eyes of the world are on what is happening here. "The Prime Minister must be looking at an old snapshot of Nigeria. Things are changing with corruption and everything else.” According to the presidential spokesman, "that we believe is the reason they chose him as a keynote speaker at the presummit conference. "Thank you to the Archbishop. We very much cherish the good relationship between our

1.30%

The percentage of individuals using the internet in Armenia in 2000. Source: Itu.int

46%

The percentage of the population under 15 years of DR Congo in 2012. Source: Un.org

two countries and nothing should stand in the way of improving those relations," Garba added.

tribunal to see it?" Wetkas, however, denied the allegation, saying the form was filled and signed by Saraki before a competent judge. When the witness was asked if he was aware that the assets declaration form submitted by the defendant in 2003 was tampered with since it contained some entries of properties that were not put on sale by the Federal Government until 2006, Wetkas said: "As far as I am concerned, exhibit one was signed by the defendant himself on September 16, 2003." Also, when asked if he inserted No.15a and b, McDonald Street, Ikoyi, Lagos, he denied. When also asked if he knew who did it, the witness stated that the "Code of Conduct Bureau is a responsible organisation and he would not believe it would have done that.” Still under cross exami-

nation, the witness admitted that the defendant was worth $22 million, £12 million, €2.6 million and N4 billion in cash, movable and landed assets before he became governor in 2003 as it was contained in his assets declaration form of 2003. Erokoro, however, led Wetkas in reading from the asset declaration form, which Saraki submitted to the CCB on assumption of office as governor in 2003. Eroloro submitted that he needed to take Wetkas through the form to debunk the impression created by the witness earlier in his evidence-inchief that Saraki would not have been able to buy property without obtaining a bank loan. Wetkas confirmed that there were 16 vehicles which cumulatively worth N263,400,000. The vehicles are Mercedes Benz S320 valued at N16 million; Mercedes

Benz S500 valued at N20 million; Mercedes Benz G500 valued at N6 million; Mercedes Benz V220 valued at N2 million; Ferrari 456GT valued at N25 million; Navigator valued at N15 million and Mercedes MN240 valued at N8.5 million and Peugeot 405 valued at N2.9 million. Other vehicles include Mercedes CLK 320 valued at N9 million; Mercedes E320 valued at N11 million; Mercedes G500 bullet proof valued at N45 million; Mercedes S500 valued at N30 million; Lexus jeep bullet-proof valued at N30 million; Lincoln Navigator bullet proof valued at N25 million. He confirmed that Saraki’s landed property was worth between N2.5 billion and N3.5 billion. He said Saraki’s cash was worth about N50 million. The tribunal adjourned till today for continuation of trial.

L-R: Executive Director, Commercial and Institutional Banking, Sterling Bank Plc., Mr. Lanre Adesanya; winner of Sterling Bank Meet the Executive competition, Mr. Jide Ipaye; Managing Director, Mr. Yemi Adeola and Executive Director, Operations and Services, Mr. Yemi Odubiyi, at the presentation of cheques to the winners in Lagos... yesterday. PHOTO: SULEIMAN HUSAINI

New policy on fuel pricing, subsidy underway –Kachikwu CONTINUED FROM PAGE 1

stabilise the problem. “We are coming up with a policy in the next few days that will allow us develop the price modulation that allows us swing our price along with international pricing. “We are now transiting into fuel modulating pricing because we do not have sufficient foreign exchange to continue fuel importation we have been doing. “Therefore, the Nigerian National Petroleum Corporation (NNPC) has to produce about 100 per cent of the product, that is the cause of the scarcity.” He said that the NNPC did not also have the logistics and coverage for effective distribution of the product. The minister said that there was no budgetary allocation for fuel subsidy in the 2016 budget. He said: “The Federal Government has struggled

to offset about N600 billion subsidy balance when the administration came into power.” According to him, the government must be able to attract investors to invest in pipelines in order to achieve the target because the administration has no funds to build them up. “In addition, more refineries have to be built, and the target is to build three more refineries to be located in Kaduna, Port-Harcourt and Warri, taking advantage on the shared facilities. “If we do this, by 2018, if all our refineries are working, we will drop importation by 60 per cent. And by 2019 if the four located refineries begin to work and am sure they will, we will actually begin to export petroleum product for the first time in this country,” he said. On the uncompleted Petroleum Institute in Kaduna, the minister said that

the ministry had created a Skill Learning Department to coordinate staff training and the running of its specialised centres in Warri, Lagos and Kaduna. Kachikwu said that the department would provide research and training skills needed for effective refining and other services in the oil sector. He said the Kaduna Institute was programmed to provide skills to Higher National Diploma graduates in refining and solar energy to prepare them for hiring in the oil industry. On oil exploration in Northern Nigeria, the minister said that the government had invited investors to explore for oil in the region. “I am one of those who believe that with modern technology, oil and gas exist in every part of Nigeria,” he said. According to him, research conducted in the last six months revealed

that there is both oil and gas in the North. “We are putting a lot of investment and we are inviting people to invest money. We have set up a department, which is doing three things for the North. “First, we are going bullishly and trying to find oil and it is in our own interest, especially given the problems we find with pipelines. “We are focusing on clean energy, solar; we should be able to provide sufficient solar energy in the Northern part of this country. “We are putting a concept of partnership in oil. Every system has a relationship with oil in different perspectives. “The programme is building 700 marketing outlets all over the country with one per local government, we are asking the state government to coventure with us and give land to do this.”

NEWS

WednESday, May 11, 2016 NEW TELEGRAPH

Biafra: Buhari’s comment sparks protest in Aba Igbeaku Orji, Uchenna Inya and Charles Onyekwere

embers of the Indig enous Peoples of Biafra (IPOB) and Movement for the Actualisation of the Sovereign State of Biafra (MASSOB) yesterday grounded commercial activities in the commercial city of Aba, Abia State. The pro-Biafran groups marched through the city in protest of the comments of President Muhammadu Buhari on Monday that Nigeria would remain one indivisible entity under his leadership. The placard-carrying protesters in their hundreds, wielding the Biafran flag, marched from

the city’s main park near the Aba Town Hall, to AbaOwerri Road, Umungasi, Abayi, terminating at the Osisioma Junction on the Enugu-Port Harcourt Expressway. The placards had inscriptions such as, “We are tired of being part of Nigeria.” “We want to be free from Nigeria; that’s our hearts desire.” “We want liberation.” “We want to be free and the whole world should hear us this time.” The protest was peaceful, but the consequent traffic hold up was traumatic to motorists who had to follow the protesters at their slow speed. Buhari had stated in Katsina, his home state, that he would rather die than give in to the pressure by those agitating for

a separate political entity from the Nigerian nation. He stated that the country will remain an indivisible country while he is in charge as the country's president. Buhari said: “That boy (Nnamdi Kanu of the Indigenous People of Biafra, IPOB), who is calling for the separation of Nigeria, he was not born when we fought for the country’s unity during the civil war.” He said that it was quite unfortunate that over two million people were killed during the civil war, all in an effort to maintain the unity of the country. “I am ready to fight back to defend the country from those agitating for the creation of Biafra State, even if we will get drowned,” the president stated.

Irked by the comment, the agitators for a Biafran nation took to the streets to drive home their displeasure with the president’s stand, which is opposed to their expectation of a sovereign state called Biafra out of the Nigerian nation. The protesters, who chanted songs of freedom, insisted on having a country called Biafra out of Nigeria, saying through their placards that the world should know that they are no longer interested in one Nigeria. They said that to have the nation of Biafra was their inalienable right. As a result, vehicles entering or leaving the commercial city were caught up in the traffic jam that lasted several hours. The protesters were,

however, not disturbed by security operatives, probably because of the killing in Aba last week of a butcher at Waterside abattoir, at Ogbor Hill. "The presence of the security operatives may trigger off an unprecedented reaction from the generality of Aba residents who are still disenchanted over the unwarranted killing by that soldier. This may have informed why they kept their distance,” a protester, Godwin Igbokwe, said. Meanwhile, MASSOB yesterday stated that Buhari cannot stop the proBiafran groups from their agitations. MASSOB leader, Uchenna Madu, urged the president to be cautious on issues that borders on Nigeria’s diplomatic relations with other strong nations. “Buhari’s statement can be described as that of a man who has lost focus on international policy regu-

lations and charter on selfdetermination. “He talks with military mentality of 1960 during Nigeria-Biafra war, not knowing that the methods and strategy of the current Biafra struggle for restoration differs from the old one. “The world now is a global village and autocratic and tyrannical leadership doesn’t prevail in this present world. It is a free platform for everyone to express himself/herself. “Biafra struggle is a survival and advancement which Buhari can never stop. Obasanjo, Yar’Adua and Jonathan could not stop it. “Buhari’s system of governance openly and evidently supports, motivates and inspires the zeal of Biafra struggle because God, history and humanity are on our side. Biafra revolution is indestructive,” Madu said.

Arik, others to benefit from $20bn Afreximbank loan Minister of Information and Culture, Alhaji Lai Mohammed (left), adrressing participants at a town hall meeting in Kaduna … yesterday. PHOTO: NAN

Wole Shadare Johannesburg

EFCC secures order to keep Fani-Kayode in custody

lCommission to arraign ex-Chief of Air Staff over arms scandal Emmanuel Onani Abuja

he Economic and Financial Crimes Commission (EFCC) has secured a Remand Order to keep a former Minister of Aviation, Chief Femi FaniKayode, in custody, New Telegraph has gathered. A highly-placed source at the EFCC, who spoke on the condition of anonymity, said the remand order would enable the commission to keep Fani-Kayode in its custody, pending conclu-

sion of investigation into the N840 million campaign money, which the former minister was alleged to have received as the Director of Media and Publicity of the Peoples Democratic Party (PDP) Presidential Campaign Organisation in the 2015 elections. This was as New Telegraph learnt that the antigraft agency will arraign an ex-Chief of Air Staff (CAS), Air Marshal MD Umar (rtd), before a Federal High Court in Abuja today. The EFCC had, in a let-

ter dated May 6, invited Fani-Kayode to appear at the commission's headquarters in Abuja on Monday. However, Fani-Kayode, who honoured the invitation on Monday, was not granted bail, as indications have emerged that he will remain in the custody of the EFCC until investigation into the allegation is concluded. Meanwhile, the EFCC may have concluded investigation of a former CAS, Umar, as it arraigns him today before Justice Binta

Murtala Nyako of a Federal High Court sitting in Abuja. A source at the commission, who spoke in confidence with New Telegraph yesterday, said Umar will be arraigned on charges bordering on alleged corruption. It will be recalled that the Presidential Panel set up by President Muhammadu Buhari to audit arms procurements between 2007 and 2015, had indicted Umar and many other retired and senior military officers.

FG spends N10bn annually to feed prison inmates

he Federal Government spends N10 billion annually to feed 70,000 prisons inmates and persons awaiting trials. It is also considering privatising the prisons for effective management. Minister of Interior, Lt.-Gen Abdurrahman Dambazau (rtd), made the disclosure yesterday in Kaduna at a town hall meeting on President Muhammadu Buhari's one year in office. The theme of the meet-

ing is “Change starts with me.” “Our prisons are congested with close to 70,000 prisons inmates and awaiting trials. “Quite a number of them are there because they cannot pay fines and some of them do not have fair justice. We required N10 billion every year to feed them,” he said. The minister said government would explore ways to reduce the huge feeding cost of the inmates

and was considering privatising the prisons for effective management. Dambazau also said that the clash between herdsmen and farmers was a challenge to the government. “This is an issue that is bothering us because it has a long history and not only in the country; Ghana has a similar challenge. “We held a strategic meeting so as to see how we can tackle it, but we realise it is not only in Ni-

geria, so we need to look at it in a wider scope. “It is a problem that moves around the whole Africa region,” the minister said. He said that the Federal Government would introduce biometric identification at border posts to tackle problems of arms and drugs smuggling. Dambazau said that the use of the biometric identification would check human trafficking and tighten security at the borders.

igeria’s flag carrier airline, Arik, and some others within the continent could be injected with funds by the African Export-Import Bank (Afreximbank) to revive their operations, if an arrangement to this effect scales through. To this end, over $20 billion (about N4 trillion) has been earmarked as part of syndicated loans to assist the carriers get out of the woods. Senior Manager, Syndicated and Special Finance Department, Afreximbank, Samuel Mugoya, unfolded the plans yesterday in Johannesburg, South Africa, in a paper he presented at the 25th Annual Air Finance in Africa summit. Although, Mugoya did not disclose the actual amount his firm intends to bailout Arik, a source told New Telegraph that it could be up to $200 million, adding that the Nigerian carrier was in dire need of expanding its operations. While delivering a paper on, “Challenges in Syndicating Aviation Finance Deals for Africa,” he stated that over 90 per cent of the airline’s revenue comes in naira, whereas its expenses are done in the United States dollars. Mugoya equally stated that Africa needed to do more on aviation infrastructure, adding that his interaction with airlines in Nigeria showed that the quality of the runways were bad, posing serious danger to aircraft.

His words: “We are working to finance Arik Air’s operations by preparing loans for the airline. Aviation in Africa is still lagging behind. For instance, Arik generates 90 per cent of its revenue in naira, but makes expenses in dollars like buying of aircraft spare parts and maintenance of its fleet. That is a real problem not only for Arik, but other airlines. “On aviation infrastructure, Africa needs to improve in order to compete with big airlines. From my interactions with airline operators in Nigeria, they complain of the quality of runway of most of the airports.” He further disclosed that out of the 54 countries in Africa, only three, South Africa, Botswana and Mauritius, are investment rated, describing others, including Nigeria, Egypt and others as “junk rated.” Speaking in the same vein, a former Secretary General of African Airlines Association (AFRAA) and the convener of the summit, Nick Fadugba, said in order to syndicate deals, airlines needed to come together and cooperate. “How are you going to finance airplane acquisition when virtually all countries in Africa are junk rated? “This is not a good record. We need leadership in Africa. We lack strategy and implementation for all the grand schemes.” He regretted that African airlines were in intensive ward, lamenting that the continent enjoyed only 18 per cent of the entire global air traffic.

NEWS | national

wednesday, may 11, 2016 NEW TELEGRAPH

'New treatment approach for HIV soon' S Appolonia Adeyemi

cientists have applauded a new treatment approach which would prevent HIV globally, saying that there is proof that the therapy could work. The World Health Organisation (WHO) and the Joint United Nations Programme on HIV/AIDS plan to use the approach called ‘treatment as prevention’ to eliminate the global pandemic, which the WHO said will have occurred when only one person out of 1, 000 becomes

infected each year. The findings are published online May 9 in the ‘Lancet Infectious Diseases.’ Also, a nearly two-decade analysis by researchers from University of California, Los Angeles (UCLA) and in Denmark, has yielded the first proof that the approach could work. The human immunodeficiency virus is a lentivirus that causes HIV infection and over time acquired immunodeficiency syndrome. HIV is a virus that

gradually attacks the immune system, which is our body’s natural defence against illness. If a person becomes infected with HIV, they will find it harder to fight off infections and diseases. The virus destroys a type of white blood cell called a T-helper cell and makes copies of itself inside them. T-helper cells are also referred to as CD4 cells. Reviewing Danish medical records, the researcher found that the treatment-as-prevention strategy has brought Denmark's HIV epidemic to

the brink of elimination. The study found that in 2013, the country had only 1.4 new HIV infections per 1,000 men who have sex with men, Denmark's major risk group. "The Danes have done what nobody else in the world has been able to do," said Sally Blower, the study's senior author and the director of the Center for Biomedical Modeling at UCLA. "They have almost eliminated their HIV epidemic, and they have achieved this simply by providing treatment." The paper notes, how-

ever, that the treatment programmes in Denmark are exceptional. "Treatment makes people less infectious," said Justin Okano, the study's lead author and a statistician in Blower's research group. "In Denmark, 98 per cent of patients take all of their HIV medications, which is why treatment as prevention has worked there. Unfortunately, adherence levels are nowhere near as high in other countries." According to the researchers, the findings are based on a sophisticated statistical analysis of data from the ongoing Danish HIV Cohort Study, which began in 1995. That project, which tracks all Danish men who have sex

with men, and who have been diagnosed with HIV, was established and is run by Jan Gerstoft and Niels Obel, clinicians and epidemiologists in Denmark, who also are co-authors of the new study. A co-author of the study, Laurence Palk, said for the treatment-as-prevention approach to eliminate HIV epidemics throughout the world, all countries would need to emulate Denmark's treatment programmes. "Even in resource-rich countries, this would take a huge amount of money and effort," she said. "The goal of elimination through treatment is aspirational, but Denmark has shown that at least, in resource-rich countries, it's achievable."

16.7

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

Boko Haram: Buhari host security summit in Abuja

L-R: Vice President, Prof. Yemi Osinbajo; Ogun State Governor, Ibikunle Amosun and former President of Colombia, Cesar Gaviria Trujillo, at the 3rd Ogun State Investors Forum in Abeokuta....yesterday

Anule Emmanuel Abuja

Dangote’s donations to IDPs grow to N6.3bn in five years

ithin a spate of five years, the total amount donated to various camps of the Internally Displaced Persons (IDPs) across the country by the Dangote Foundation has grown significantly to N6.3 billion. The business mogul, Aliko Dangote, on Monday, announced on behalf of the foundation, the sum of N2 billion as a palliative to lift up IDPs in camps in Borno State, describing the situation in the entire North East as requiring all possible humanitarian assistance. The sum of N364 million was donated to IDPs across Kaduna, Bauchi and Gombe states after

the post-election violence in 2011 rendered many homeless, while in another breath, the sum of N100 million and N60 million were respectively donated to victims of flood disaster in Lagos and Oyo State in 2011. Dangote Foundation donated N2.5 billion in 2012 to IDPs affected by the flood disaster that affected 22 states of the federation and N39.34 million to those IDPs displaced by communal clash in Benue state in 2014. While N42.5 million was used in feeding 5, 000 IDP households across Borno, Yobe and Adamawa states last year, N100 million and N50 million were re-

Group kicks against London anti-graft summit Caleb Onwe ABUJA

civil society organisation, Vanguard for Transparent Leadership and Democracy (VATLAD) has kicked against Nigeria's participation in the anti-corruption conference holding in London, United Kingdom. The group, which described the conference as fraudulent and deceitful, accused the British Government of covertly aiding and abetting massive

corruption in developing countries, thereby making its economy the ultimate beneficiary of the slush funds looted from these countries. VATLAD National President, Emmanuel Igbini, urged President Muhammadu Buhari to shun the invitation extended to him by the British Prime Minister, David Cameron, as the “global war on corruption conference" was an insult on the collective intelligence of the citizens of developing nations.

spectively contributed to the appeal fund raised by Daily Trust to cater for the IDPs in the North-East and to support the Adamawa Peace Initiative all for the IDPs. The sum of N1 billion was also recently pledged to Victim Support Fund for IDPs across the North-East. Moved by the plight of the estimated 1.7 million people displaced by the Boko Haram insurgency in their camps, who were said to be consuming close to 2, 000 bags of rice daily, Dangote assured the state government and the IDPs that he would do everything within his power to assist them and alleviate their sufferings. He also made a commitment to

end malnutrition and hunger in the camps and other parts of the country. He said: “The first major challenge is the physiological needs of these people, and food, nutrition rank right on top of that ladder. So, we will first make serious effort to ensure that hunger is eliminated from the IDP camps and thereafter, we will begin to make effort to create jobs and boost entrepreneurship. “The effort to create jobs and boost enterprise in this case will not be about making money or returning investment, rather it will be primarily to create opportunities for the people,” he said.

resident Muhammadu Buhari will on Saturday host a security summit to further strengthen the war against insurgency in the country. The French President, Fancois Holand and Cameroonian President, Paul Biya, are among leaders billed to attend the event. The Special Adviser to the President on Media and Publicity, Mr. Mr. Femi Adesina, said the summit is in furtherance of the ongoing efforts by the Buhari administration to enhance the security of lives, property and investments in Nigeria and neighbouring countries. He said it was second the regional security summit to be attended by the leaders.

Hajj: FCT board refunds part of hajj fares

Resident doctors to embark on Yekeen Nurudeen Abuja 5-day warning strike May 11 he National Associa- 8. He said government even months after the tion of Resident Doc- was yet to meet their de- S2015 hajj exercise the, T tors of Nigeria (NARD) mands as promised. the Federal Capital Teryesterday said it will embark on a five-day warning strike on May 11. President of the association, Dr. Muhammad Askira, disclosed this at a news conference yesterday in Abuja. Askira said the decision was part of resolutions reached by the association at its extraordinary executive council meeting held on May

The president said the demands by the association include remuneration and residency training programmes, adding that some members in some states are yet to be paid their salaries. He also said that doctors in Federal Teaching Hospitals were among those whose salaries were yet to be paid.

President Buhari and the French President, who is scheduled to arrive in Abuja on Friday on an official visit to Nigeria, will be joined at the summit by the Presidents of Cameroon, Niger Republic, Chad and Benin Republic. The United States, Britain, Equatorial Guinea, the European Union, ECOWAS, the Economic Community of Central African States and the Gulf of Guinea Commission, will also be represented at the summit, which will have the successful conclusion of ongoing military operations against Boko Haram at the top of its agenda. The speedy resolution of the humanitarian crises caused by the barbaric atrocities of the terrorist group will also feature prominently on the summit's agenda.

ritory (FCT) Muslim Pilgrims Welfare Board is to refund to pilgrims, who performed hajj through the board in 2015, for services not rendered during the exercise. A statement from the board’s spokesperson, Muhammad Lawal Aliyu, said the refund was as a result of the collection of the funds from the National Hajj

Commission of Nigeria (NAHCON) as refund for services not rendered to pilgrims during the 2015 hajj exercise. The spokesperson said a total of 2, 845 pilgrims, who participated in the 2015 hajj, are to receive the sum of N21, 192.14 each as refund. Pilgrims, who participated in the exercise through the Board in 2015, were asked to forward their application for the refund stating their bank account details to the director of the board as no cash payment would be entertained.

WednESday, May 11, 2016 NEW TELEGRAPH

Central Bank of Nigeria www.cbn.gov.ng In furtherance of the transparency and full disclosure stance of the Central bank of Nigeria, the Monetary Policy Committee has decided that henceforth the lending rates obtainable in all Deposit Money Banks (DMBs) be made public to guide business decisions. Consequently, find below the applicable rates for each of the DMBs as at May 6, 2016. The rates will also be available on the website of the Central Bank of Nigeria. Average Deposit and Lending Rates as at May 6, 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 0.08 0.90 0.48 0.01 0.67 2.00 -

Ave.Int Rate 3.60 3.90 3.60 3.60 3.30 3.60 3.60 -

0.90 0.66 0.19 0.03 0.50 0.22 0.75 0.67 0.50

3.60 3.30 2.98 3.30 3.50 3.60 3.60 3.60 3.60 3.60 3.56 3.60

Lending Rate Time Deposit Ave.Int Rate 6.47 2.59 6.91 6.11 5.16 7.50 6.50 4.49 7.33 7.78 5.99 9.00 8.67 7.46 7.47 4.78 4.72 6.03 6.61 6.00 9.00 6.50 5.00

Agriculture Prime

Max.

Mining & Quarrying Prime

Max.

7.00 16.00 14.00 14.00 19.00 6.00 6.00 9.00 -

25.00 21.00 24.00 22.00 27.00 27.00 28.00 24.00 -

16.00 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 -

12.00 23.00 n/a 9.00 5.50 16.00 7.00 26.50 7.00 24.00 9.00 17.00

20.00 26.00 n/a 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 0.08 0.90 0.48 0.01 0.67 2.00 -

Ave.Int Rate 3.60 3.90 3.60 3.60 3.30 3.60 3.60 -

0.90 0.66 0.19 0.03 0.50 0.22 0.75 0.67 0.50

3.60 3.30 2.98 3.30 3.50 3.60 3.60 3.60 3.60 3.60 3.56 3.60

Oil & Gas Prime 16.00 16.00 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. 25.00 21.00 24.00 25.00 28.00 28.00 28.00 27.00 15.06 18.00 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 16.00 14.00 17.00 15.00 7.00 19.00 20.00 15.75 14.00 11.50 23.00 19.00 14.50 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 27.00 15.75 18.00 23.00 27.00 30.00 17.00 31.00 27.00 25.00 27.00 28.50 29.00 30.00 27.00 22.00

Real Estate & Const Prime 12.00 16.00 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 22.00 19.00 18.00 23.00 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 6.47 2.59 6.91 6.11 5.16 7.50 6.50 4.49 7.33 7.78 5.99 9.00 8.67 7.46 7.47 4.78 4.72 6.03 6.61 6.00 9.00 6.50 5.00

General Comm. Prime

Max.

12.00 16.00 14.00 17.00 15.00 17.50 19.00 20.00 14.00 12.00 23.00 21.00 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 18.00 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 22.00 -

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 16.00 14.00 17.00 15.00 17.50 19.00 20.00 9.78 14.00 10.90 23.00 19.00 15.95 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 18.00 21.00 28.00 30.00 15.95 31.00 27.00 25.00 27.00 28.50 29.00 30.00 29.00 25.00

Fin. & Ins. Prime 10.00 16.00 14.00 17.00 21.00 17.50 19.00 20.00 19.00 14.00 15.00 23.00 21.00 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 18.00 22.00 26.00 30.00 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 27.00 16.00

12.50 9.00 21.00 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, MAY 11, 2016 NEW TELEGRAPH

METRO

ABIODUN BELLO

...CRIME, CITY WATCH, COURTS

Alvan Ikoku College employee threatens suicide

Steve Uzoechi OWERRI

olice ye s t e r d ay stopped a female employee of Alvan Ikoku College of Education, Owerri, Imo State, from jumping to her death. This came a few days after a Cameroonian, identified as Frederick Gino, climbed an electric pole at Adebisi Ogunniyi Crescent, Lekki Phase 1, Lagos, in an attempt to commit suicide. Gino reportedly demanded to be given N5 million before he would climb down. It took the efforts of emergency responders such the Lagos State Emergency Agency (LASEMA) and the state Fire Service as well as the police to rescue him. In the Owerri incident, the woman (name withheld) had climbed a water tank stanchion (overhead tank stand) as tall as a three-storey building and threatened to jump down. The woman refused all entreaties for her to climb down from the tank. According to witnesses, the woman said should only come down after she had dialogued with

Governor Rochas Okorocha. The state Police Public Relations Officer (PPRO), Mr. Andrew Enwerem, said the woman attempted to take her life but was rescued unhurt by policemen who were invited by her neighbours around 5am yesterday. According to Enwerem, the woman climbed the tank about 5am and was shouting that she was frustrated and tired of life. He said: “A woman was rescued from committing suicide in the early hours of today (yesterday) by the police. We got a distress call that a woman was going to commit suicide on MCC Road in Owerri and a team of policemen was dispatched to the scene. The woman was brought down from the tank. “As I speak with you, she has been identified as an employee of the college and she is still in police custody. She will be released to her family after preliminary investigations.” Those around the ITC park section of MCC Road confirmed police statement. They said the distraught woman insisted on speaking with Okorocha.

Okorocha

EFCC arrests Adegboruwa, LG chair for N79m fraud Emmanuel Onani and Taiwo Jimoh

fficials of the Economic and Financial Commission (EFCC) have arrested a prominent Lagosbased lawyer and human rights activist, Ebun-Olu Adegboruwa, for N61.6 million fraud. EFCC officials stormed his Lekki residence yesterday afternoon and accused him of obtaining money under false pretence for renting out a forfeited asset without due authorisation. Also yesterday, the commission arrested the Chairman of Kuje Area Council in the Federal Capital Territory (FCT), Tete Ishaku Shaban, for N17.5 million fraud. Adegboruwa was said to have conspired with some other persons to lease a property situated at House 105 NICON Town Estate, Lekki Lagos, to one Shelf Drilling Nigeria Limited at the sum of N61, 631,944.65. The said money was alleged to have been credited to his Zenith Bank’s account, from where he disbursed the funds to others who par-

took in the transaction, including churches. The EFCC accused the legal practitioner of acting illegally by leasing out a property, which is a subject of an Interim Forfeiture Order by a Lagos State High Court. The Head, Media and Publicity of EFCC, Wilson Uwujaren, later confirmed Adegboruwa’s arrest in a statement. He said: “The property is under an interim forfeiture order by a Lagos State High Court. The money was credited to his Zenith Bank account, from where he disbursed the funds to his accomplices. The matter will soon be charged to court.” Meanwhile, Shaban’s arrest, Uwujaren said, bordered on alleged abuse of office and obtaining by false pretence to the tune of N17.5 million. The EFCC spokesman said the suspect’s arrest followed a complaint made by Najumudeen Gidado, who he said, “alleged that sometime in 2014, his company, Trade Executive Network Limited, bid for the reconstruction and modernisation of Kuje

Main Market in Abuja.” Uwujaren said the complainant claimed that his company was awarded the contract and a Memorandum of Understanding (MoU), was signed. He said: “Gidado further alleged that Shaban later demanded N17, 500,000 to facilitate the approval of the contract for his company, which he obliged.”

Adegboruwa

abiodun.bello@newtelegraphonline.com 08023938212

Uwais’ son killed fighting for ISIS Juliana Francis

brahim, son of former Chief Justice of Nigeria (CJN), Mohammed Uwais, was killed yesterday at Aleppo, Syria during airstrikes. Ibrahim, who joined Islamic State of Iraq and Syria (ISIS) last year, was killed during airstrikes carried out by the United States. According to SaharaReporters, Ibrahim, who secretly travelled to Syria in February 2015 to join ISIS, was one of numerous Islamist terrorists who died as US military aircraft bombarded ISIS camps near Aleppo. The deceased was said to have died on the battle field, leaving behind two wives. It was learnt that Ibrahim left Nigeria in 2015, telling close family members he was headed to Turkey to explore business opportunities. He took along his two wives and five kids. However, Ibrahim slipped from Turkey into Syria with his entire family and joined the army of ISIS. ISIS agenda, like Boko Haram in Nigeria, is to carve out an Islamist caliphate. Uwais was the Chief Justice of the Supreme Court of Nigeria from 1995 until 2006. Later he chaired a commission which published a controversial report on electoral reform.

Gunmen kidnap man in his farm Taiwo Jimoh

unmen suspected to be kidnappers yesterday invaded a farm at Mowo Nla at Ikorodu area of Lagos State and abducted a man identified as Tolulope Ogunimo. The kidnappers shot sporadically into the air before whisking Ogunimo away. The victim was said to be working on his farm when the abductors stormed the farm about 9am. It was learnt that the kidnappers had contacted the family members demanding ransom of N8 million. The family was said to have begged them to reduce it to a reasonable amount. A family member, who pleaded anonymity, told our correspondent on phone that everyone was praying and hopeful that he would return safely. “When he was leaving for the farm, he promised to returned early only for his wife to receive a call from someone that they had kidnapped him and then switched off the phone. “Immediately, some other family members and I rushed to the farm and informed the Ijede police area commander who came and combed the farm without a trace of him. He just bought the land for farming three years ago,” the family member said. When contacted, the state Police Public Relations Officer (PPRO), SP Dolapo Badmos, said the command was working on his rescue.

METRO

WEDNESDAY, MAY 11, 2016 NEW TELEGRAPH

Oyo teacher collapses on duty, sustains head injury Sola Adeyemo Ibadan

teacher at the Saint Luke’s Grammar School, Molete, Ibadan, Mr. Lukuman Nasiru, reportedly slumped yesterday and sustained injury on his head while teaching in the classroom. Nasiru (37), an Accounting teacher, was said to have collapsed while teaching SS2 students and was rushed to Molete Health Care Centre around 10am. He was said to have been bleeding profusely since morning when the incident happened and was unconscious. The Vice-Principal of the school, Mr. Emmanuel Olajide, reportedly died last week owing to hunger. Speaking on the incident, the wife of the victim, Mrs. Modupe Nasiru, who could not control her emotion, appealed to well-meaning individuals and govern-

ment to come to her aid with a view to transferring her husband to a standard hospital for adequate treatment as his condition was critical. She said: “My husband has been vomiting blood since morning when he collapsed and has become unconscious since then. There is no money to take him to a standard hospital for proper medical attention for now and we don’t have anybody to run to for assistance. “Our two children are even staying with my mother when we could not afford money to take care of them as a result of my husband’s salaries that have not been paid. I appeal to well-meaning people to come and assist us to save the life of my husband.” Meanwhile, a member of the Oyo State House of Assembly representing Ibadan South East Local Government, Hon. Ademola Ige, yesterday visited the victim in the hospital where he was receiving treat-

ife of Lagos State governor, Mrs. Bolanle Ambode, yesterday advised victims of domestic violence and families of those who died of domestic violence, to approach the Office of the Public Defender, Ministry of Justice, Ministry of Youth & Social Development or the Ministry of Women Affairs and Poverty Alleviation for free legal assistance. She described as unacceptable, a situation where a man would turn his wife to punching bag at any slightest disagreement. Ambode, who condemned domestic violence, urged any woman going through troubled marriages to cry out before it is too late. Speaking on the backdrop

of the case of Mr. Lekan Shonde, who allegedly beat his wife to death at Egbeda area of the state, the governor’s wife said assault on wife, childbeating and other forms of uncivilised behaviour against women and children seemed to have caught the fancy of some men who, according to her, are still living in the primitive times. Ambode added that wife beating on the excuse that she had either insulted the husband or refused to carry out his orders would no longer be acceptable. She said: “How do you explain a situation where the man you married and one who claims to love you, would descend so heavily on you at the slightest provocation? If he is not complaining about delayed dinner, it is another flimsy excuse that is not ten-

A woman and a boy standing on the spot where the house was demolished

Uchenna Inya ABAKALIKI

A Gov. Ajumobi

able anywhere. They do it every now and then even to the extent of killing the helpless woman. For how long will this go on?” The governor’s wife advised any woman who found herself in an abusive relationship to retrace her steps when it was still possible, so that she could live

Ambode

Consultant remanded for ‘demolishing’ widow’s house

ment. He gave him financial assistance with a call on other individuals to come to his aid to get proper medical attention.

Domestic violence: Seek help, Ambode’s wife tells victims Muritala Ayinla

to tell her own story. She rejected the excuse of societal stigmatisation of women who abandoned unpleasant marriages. According to her, when the woman dies in such a cruel marriage, what then does the society say? She added: “Many victims of domestic violence become victims of their own psychological realities. The world of these women is lonely, isolated and filled with fear, with no emotional outlet whatsoever. Sadly, victims wait until it is too late.” Ambode said domestic abuse should be moved from being viewed as a social problem to being seen as a criminal justice issue. She added: “We should cease to treat domestic violence as a case of ‘family affair’ and such do not become involved.”

n Abakaliki Magistrates’ Court yesterday remanded in prison a consultant with the Federal Teaching Hospital Abakaliki (FETHA) and Mater Miserecodae Hospital, Afikpo all in Ebonyi State, Dr. Ndubuisi Ekumankama and Mr. Boniface Ama. The men were accused of demolishing a building belonging to a widow, Mrs. Victoria Kalu, of Amangwu Edda autonomous community in Afikpo South Local Government Area. Ekumankama, the town union president of the community, Ama and others at large were said to have demolished the widow’s building on February 19 and were arrested by the state police in connection with the matter. Yesterday, they made their first appearance in Magistrates’ Court 2 on a two-count charge of conspiracy, rioting and demolition of a house belonging to the widow, which was built for her by her stepson, Nnachi Agha, valued at N9 million. After the charges were read to the accused, their counsel, E. Ogban, applied for bail on liberal terms as the offence, according to him, was not a capital offence. In his ruling, the chief magistrate, Nnachi Olughu, noted that the court lacked the jurisdiction to entertain the matter as it was a case of riotous assembly which had life jail as penalty and ordered that the accused be remanded in prison custody. He directed the police to send the case file and exhibits to the Director of Public Prosecution (DPP) and adjourned the matter till July 8.

City Briefs

Ronke’s killing, unjustifiable, say Nigerians Suspect arrested, treating Juliana Francis

riends, colleagues and Nigerians have taken to Facebook to express shock and outrage over the murder of Mrs. Ronke Shonde allegedly by her husband, Lekan. Eyi Oludeji said there was no justifiable reason for a man to kill another, let alone his wife. Adebayo Hameed said the incident was hard for him to believe. He described it as saddening. Olubis Williams Adenuga said: “I still find it hard and difficult to believe that this happened to this beautiful family friend! Uncle Lekan! You can’t just intentionally kill your wife! You guys loved each other. What went wrong?

How, when and where? You don’t drink nor smoke. “You’re cool-headed and a caring father to your children. When did all this start? What went wrong? I can’t just believe this or am I dreaming? I still believe you didn’t kill your lovely wife until I hear from your mouth! Who is go-

The couple

ing to take care of Tiara your lovely princess and Temi your look-alike son? Ronke Bewaji may your beautiful soul rest in peace!” Ngozi Uzochukwu wrote: “What sad news! Shonde is a nice and cool person since I have known him. He’s a loving and caring father. May the gently soul of his wife rest in peace, amen.” Those who commented on Ronke’s Facebook, called her sister, saying they would miss her. Sheriff Ogunbekun said: “These senseless killings happen to men too. A lawyer that was supposed to know better killed her husband in Ibadan recently.” Ekundayo Adeniran said he was still stunned over the incident.

gunshot wounds

Taiwo Jimoh

33-year-old man, Sunday James, described as a serial killer who escaped with gun wounds from Akwa-Ibom State, was arrested in Lagos yesterday. It was gathered that the James was arrested by policemen attached to Ajangbadi Police Division where he was receiving treatment at No. 113, Orisha Imuda Street, from the gunshot wounds. The suspect was said to be treating the gunshot wounds in his private part at the clinic when the policemen picked him up. James reportedly confessed to the police that he sustained the wounds during one of his

exploits in Akwa Ibom State. He, however, relocated to Lagos for treatment because of the critical nature of the wounds on his testis. The state Police Public Relations Officer (PPRO), SP Dolapo Badmos, said the command would extend its investigations to Akwa Ibom State Police Command.

James

NEWS | national

wednesday, may 11, 2016 NEW TELEGRAPH

We’re hunting for armed herdsmen –CDS Chukwu David Abuja

hief of Defence Staff (CDS), Lt Gen. Gabriel Olonisakin, yesterday said that the nation's security forces had been

deployed to hunt down marauders attacking farming communities in the country under the guise of herdsmen. Olonisakin, who was represented by Maj. Gen. Edward Nzeh, at a one-day public hearing on "tackling the perennial conflicts

The number of fixed (wired)-broadband subscriptions per 100 inhabitants of developed countries in 2011. Source: Itu.int

FG to harmonise varsity tuition fees –Minister

he Federal Government has said it would harmonise tuition fees in all federal universities to stop arbitrary charge of fees by some university authorities. The Minister of Education, Malam Adamu Adamu, made this known while fielding questions on the News Agency of Nigeria (NAN) Forum in Abuja yesterday. The Minister said: “Since the protests started, we have summoned the authorities of the universities and sat down with them and we are going to harmonise everything. “Because, I think it is N45,000 that is the maximum that should be charged. I know in some places, there has been other arrangement. “But the ministry would harmonise everything and I believe there will be no more protests over fees, ” she said. The Minister also disclosed that says the Federal Government was working toward establishing six new universities of

science and technology to expand access to tertiary education. According to Adamu, ‘’the future of the world depended on science and technology. This government has already decided to even add more; it is going to establish six new universities of science and technology.’’ It would be recalled that the Universities of Lagos, Ibadan and Port Harcourt were recently shut down following students’ protests over increase in fees, lack of water and power supply on the campuses. Adamu said that the Federal Government was discussing with management of the affected universities, adding that efforts were also ongoing to introduce harmonised fees for all federal universities. Adamu, who decried the excessive fees charged by private tertiary institutions in the country, explained that the government does not have the power to regulate fees in that sector.

Dasuki-gate: More revelations underway –Mohammed Ibraheem Musa Kaduna

inister of Information and Culture, Alhaji Lai Mohammed, has said that the amount of money that may have been stolen in the arms scandal involving former National Security Adviser, retired Col. Sambo Dasuki may be up to $15 billion. The Minister, who said this at a town hall meeting in Kaduna yesterday, noted that the $2.1billion discovered in the course of investigating the arms deal ‘is a tip of the iceberg.’ Mohammed said that the President Muhammadu Buhari-led administration was however succeeding in the fight against corruption and insurgency, saying Nige-

rians are now less tolerant of corruption and corrupt people than before. Also speaking at the event, Minister of State for Petroleum Resources, Dr Ibe kachikwu, said the government was trying not only to end the problems of fuel scarcity but also to start exporting refined petroleum products by 2019. According to him, the government must be able to attract investors to invest in pipelines in order to achieve the target because the administration has no funds to build them up. In addition, “more refineries have to be built, and the target is to build three more refineries to be located in Kaduna, Port-Harcourt and Warri, taking advantage on the shared facilities,’’ he added.

between the herdsmen and farmers", organised in Abuja by the Senate Joint Committee on Agriculture and National Security and Intelligence, noted that President Muhammadu Buhari had ordered him to tackle the menace and secure peace in all the communities recently attacked by the herdsmen. He said that troops had been deployed to hunt down marauders terrorizing farming communities across the country, noting that a joint task force would be set up in the short run to actualize this goal. Nzeh also said that the CDS was working out a strategy to secure and

protect ranches whenever and wherever they were established in the country. He also said that security had been mandated to fish our criminal elements among the herdsmen and retrieve their dangerous weapons, so that they could be peace in the land. Also, Federal Government yesterday, said that establishment of ranches across the country would provide a lasting solution to the frequent violent clashes between the herdsmen and farmers in Nigeria. Minister of State, Agriculture, Senator Heineken Lokpobiri, stated this

while making a presentation at the public hearing, which was attended by many stakeholders. Lokpobiri noted that the constant problem between the Fulani nomadic herdsmen and communities particularly in the Southern Nigeria was the direct effect of the climate change resulting from global warming and desertification in the Northern Nigeria, which negatively affected the vegetation of the region. He explained that these herdsmen had no option than to migrate southwards to find pastures for their animals which now faced starvation in

the North. The Minister however, observed that nomadic cattle rearing had become obsolete and out of tune with contemporary realities in the world, saying that the Ministry of Agriculture was designing a policy to modernize the old system and bring into operation the modern and more productive cattle rearing method. He stated that similar conflicts occurred in the United States of America many years ago but the government of the country resorted to ranching, which according to him, ended the crisis permanently in that country.

Ondo State Governor, Segun Mimiko (left), with former Military Head of state, Ibrahim Babangida, during Mimiko’s visit to Babangida in Minna…yesterday

Cuba’s Communist Party invites APC leaders Johnchuks Onuanyim Abuja

nother Communist Party of Cuba has invited the National Chairman of the All Progressives Congress, Chief John Odigie-Oyegun, to the country. Inviting Oyegun at the National Headquarters of the APC in Abuja, the Cuban Ambassador to Nigeria, Carlos Trejo Sosa, said "on behalf of the Central Committee of the Communist Party of Cuba, we invite the National Leadership of the All Progressives Congress

(APC) to visit the Republic of Cuba. The Cuban Ambassador submitted to the APC National Chairman the letter of invitation signed by the Head of the International Relations Department, Central Committee of the Communist Party of Cuba, Jose Ramon Balaguer Cabrera. The letter addressed to the APC National Chairman read: “On behalf of the Central Committee of the Communist Party of Cuba, we would like to express to you the most heartfelt expressions of friendship and solidarity of the Cuban people to-

Ex-customs boss accuses cct chairman of bribery Tunde Oyesina ABUJA

retired Customs Comptroller, Rasheed Taiwo Owolabi, standing trial on false asset declaration charges yesterday insisted that the chairman of the Code of Conduct Tribunal (CCT), Mr. Umar Danladi, requested the sum of N10 million from him as bribe. Owolabi, however, in a fresh suit asked Umar to disqualify himself from the tribunal panel that will try him.

Owolabi, in a motion on noticefiledbyhiscounsel,Festus Keyamo, submitted that his client reported Umar to the Economic and Financial CrimesCommission(EFCC), promptinghis(Umar’s)arrest and interrogation on the alleged bribery request. Owolabi also submitted that he will never get fair trial and justice from the CCT boss, having implicated him in the bribery saga which led to the ongoing trial of his Personal Assistant, Ali Gambo Abdullahi, for criminal offence at an Abuja High Court.

wards the Nigerian people and the political force that you preside over. “We are confident that under the leadership of the All Progressives Congress, the existing historical links between our two peoples will continue to strengthen. “We take up this opportunity to invite you to visit our country leading a delegation of your party. Your visit will be an excellent occasion to exchange opinions of mutual interest.” During the visit, the Cuban Ambassador identified technology transfer and healthcare, particu-

larly preventive medicine, as areas the Republic of Cuba was willing to partner with Nigeria. The Cuban Ambassador said the invitation coincided with 30 days festivities to celebrate the abolition of slave trade in the Republic of Cuba. Responding, the APC National Chairman hailed the good and longstanding relationship between Nigeria and the Republic of Cuba. He thanked the Central Committee of the Communist Party of Cuba for the invitation extended to the APC leadership to visit the Republic of Cuba.

FG’ll partner labour on peace, security –SGF Ebere Ameh

he Secretary to the Federal Government, Mr. Babachir David Lawal, has said that the Federal Government would partner labour unions in the country, to achieve peace and security across the West African Sub-region. Lawal made this known when he received the President of the Organization of Trade Unions of West Africa (OTUWA), Comrade Mademba Sock and his delegation, who

paid him a working visit yesterday. In a statement signed by the Director (Press), Office of the SFG, Bolaji Adebiyi, the SGF applauded the decision of OTUWA, to relocate its headquarters to Abuja and observed that the proximity of the union to the Economic Commission of West African States (ECOWAS) would enhance the anticipated and much desired cooperation with the regional body.

WEDNESDAY, MAY 11, 2016 NEW TELEGRAPH

Interview Ndoma-Egba: Buhari taking difficult decisions

Politics The crisis of confidence rocking the relationship between Edo State Governor, Adams Oshiomhole and his deputy, Dr. Pius Odubu, has set the stage for a test of might as the ruling All Progressives Congress (APC) prepares for the primaries to elect its candidate for the September 10 governorship election in the state. CAJETAN MMUTA reports

Leaked numbers Constituents bombard govs, lawmakers

FELIX NWANERI

GROUP PoLITICAL EDITOR nwanerif@newtelegraphonline.com

Torn by ambition

he unfolding political intrigues close to the much expected primaries of the various political parties preparatory for the epic battle for who succeeds Governor Adams Oshiomhole of Edo State speaks volume of what may be expected from the fronts of both the commanders and the foot soldiers in the fight. Interestingly, the Independent National Electoral Commission (INEC) has fixed September 10 for the gubernatorial poll. And while governors of Peoples Democratic Party (PDP) controlled states in the South-South are waiting in the wings for Edo State to join their ranks, the ruling All Progressives Congress (APC) in the state and at the centre is not leaving anything to chance to retain the state. This has set the stage for a battle of might, and as the clock ticks to September, the actors are not sleeping. Strategies are being perfected by the day, even though it is clear that majority of the aspirants, who have indicated interest to occupy the Dennis Osadebay House after Oshiomhole, are mere pretenders. With a groundswell of activities in place, the aspirants are neck deep in their plots and far reaching consultations across the three senatorial districts of the state to sway to their respective sides, a large chunk of the over three thou-

Oshiomhole (left) and Odubu when the going was good.

sand delegates, who will decide the fate of the aspirants. For the APC, what seems to be unsettling the ruling party is Governor Oshiomhole’s unwavering support for one of the aspirants and chairman of Edo State Economic Team, Mr. Godwin Obaseki. The coming on board of Mr. Obaseki into the politics of the state that prides itself as the “Heart Beat” of the nation, and at an auspicious time the governorship slot has tactically been zoned to the southern senatorial district where he also comes from as well as Oshiomhole’s best choice, is seen by aggrieved party stakeholders as a wild storm. But no matter the protest and frowns, Oshiomhole, in one of the meetings with APC leaders in the state had made his point clear that he cannot be dismissed with a wave of hand, especially now that it matters most for him to choose his favourite as a successor. While the dust over the governor’s choice reeks through the fabrics of the APC foundation, there appears an unspoken power play amongst interest groups and forces within the Osadebay Avenue. This has assumed a dangerous dimension within the ranks of some power hangers-on, who do not want to quit the stage even after Oshiomhole’s exit. Such dangerous political promptings is what has degenerated into an unfounded report

God knows that he has never had any pact with any witch/ native doctor to kill anyone or avenge for him

of juju scare or what can best be tagged as voodoo politics and now allegation of assassination plot between Oshiomhole and Odubu. As it stands, the cordial relationship between the duo is fast crumbling. A report had it that Oshiomhole accused Odubu of a secret plot to either harm or eliminate him through a witchdoctor but festering cold war over the allegation was resolved by concerned APC leaders who waded into the matter. The meeting was said to have been called by the state Commissioner of Works, Osarodion Ogie, a strong loyalist of Governor Oshiomhole. Although Odubu claimed innocence of the allegation and pledged loyalty to his boss, he is said to be strongly aggrieved over alleged strip of the position to oversee activities at the 18 councils of the state and a plot to either sack or punish his loyalists in government. Odubu, in recent times, has shunned public activities. His governorship ambition is said not to have received Oshiomhole blessing although the governor has not asked any of the aspirants to step down. Besides, the deputy governor is said to be opposed to Oshiomhole’s support for Obaseki as well as not happy over the governor’s inability to muster the courage to settle the obvious silent disagreement among some of his loyalists in the governorship race. To keen observers, it is not out

of place that Odubu may have also failed to read Oshiomhole’s body language that he should not join the gubernatorial contest having been in government with him for eight years and a member of the National Assembly between 1999 and 2007. But some believe that being the most experienced and perhaps, the most loyal deputy governor in the country, Odubu should be allowed to bring his wealth of experience to bear in running the affairs of the state after his boss. This calculation, no doubt, has split the APC leaders along ethnic and interest line. Apart from Obudu, other aspirants eyeing the exalted seat on the platform of the APC include Engr. Chris Ogiemwonyi; Barr. Kenneth Imansuagbon; Comrade Peter Esele; Don Pedro Obaseki, Maj. General Charles Airhiavbere (rtd), Prof. Fredrick Amadasun, Mrs. Tina Agbarha, Mr. Matthew Atamah and Prof. Oserheimen Osunbor. It was learnt that during a meeting to settle the rift between Oshiomhole and Odubu, the governor opened the tinder’s box, reveling that he was reliably informed his deputy allegedly hired a witchdoctor to kill him. But Odubu, who denied the allegation, said the allegation was the making of politicians, who are out to rubbish the long standing cordial relationship between him and his boss. According to a statement by the Chief Press Secretary to the deputy governor, Kelly Odaro, the alleged plan to sponsor native doctors to kill Oshiomhole was the handwork of mischief makers and blackmailers. The statement read in part: “As a practicing Catholic, Dr. Odubu will not do anything that is unbecoming of a true Christian in the name of politics. God knows that he has never had any pact with any witch/native doctor to kill anyone or avenge for him and he will never condescend to that extent as long as God lives. It is against his faith. “The Bible teaches that even when the innocent suffers and mischief makers and traducers appear to triumph by cheap blackmail, it is for God alone to avenge. The Deputy Governor will by the special grace of God, continue to disappoint the dubious expectations of those who are bent on driving a wedge between him and the Comrade Governor. “It is his nature and character to be loyal to those who God has set over him because they are His instruments. At times like this, blackmailers are at their best but the Deputy Governor has decided to take solace in God who knows CONTINUED ON PAGE 12

POLITICS

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

the hearts of men, trusting and believing as always that God will vindicate the just. Odubu has no rift with the Comrade Governor who he reveres and deeply appreciates.” Besides absolving himself of the allegation, the Orhionmwon born politician, in turn accused the governor of relegating his office to the background and persecuting all his perceived supporters over his governorship ambition. Speaking at a press conference to officially declare his intention to contest for the APC governorship ticket, he said that there is no love lost between himself and Oshiomhole, stressing that he was in politics to serve the people and urged other aspirants to desist from campaign of calumny against him. His words: “It is an old and tired concocted lie to tarnish my image in the eye of the public. It is politically motivated. You are aware that the governorship election is around the corner, and I am one of those vying for the APC ticket. They failed when they tried it during my re-nomination as deputy governor in 2012, they certainly will fail again. “Oshiomhole has acknowledged this severally that I am the best deputy governor in Nigeria and the most loyal deputy governor. I believe I have done my bit by providing and complimenting the effort of Oshiomhole." He promised not to probe his principal if elected governor and to support whoever emerges as candidate of the APC during the party’s primaries in the state. "I make bold to say that this administration of Comrade Adams Oshiomhole is the most transparent government in Nigeria. Oshiomhole's government was the first to embrace and deploy ICT in government affairs in Edo State, also among the first to implement and domesticate due process. We today have a Due Process office here in Edo State," he said. The allegations and denials, notwithstanding, the raging voodoo politics and theory has attracted the ire of many, including the opposition PDP, which urged the Arch-Bishop of the Benin Catholic Archdiocese, Most Reverend (Dr.) Augustine Obiora Akubeze, to call Governor Oshiomhole and his deputy to order. The state chairman of the party, Chief Dan Orbih, wondered why Oshiomhole should reason that his deputy would want him dead at the twilight of his administration when the deputy would have benefitted more if this was done at the beginning of the administration. Orbih taunted that it was a common knowledge that the governorship ticket of the APC in Edo State after Oshiomhole's administration was a poisoned chalice and decried that the governor and his deputy have reduced governance to fetish issues, asking the duo to exorcise themselves of fetish tendencies and face the challenge of providing leadership and good governance to Edo people, especially as their tenure in office ends soon. Also reacting, an APC chieftain in Edo South senatorial district, Rev. Michael Egharevba, condemned the introduction of diabolism into politics of the state and urged the people to also frown at such ugly scenario.

WEDNESDAY, MAY 11, 2016 NEW TELEGRAPH

Oshiomhole, deputy trade blames over voodoo politics

Obaseki

He said: “The governor needs always to be protected, first by God and secondly by law and thirdly by his subordinates. There shouldn’t be any act of insubordination from any corner of governance as that will not augur well for anybody doing that. It has not gotten to a level for anybody to be inordinately ambitious for a particular position to the extent of resorting to diabolism or allegation of plans to kill or murder. “In my view, it doesn’t make any body to attain power; power comes from God and not through native doctors. In any case, if anyone has any allegation that somebody is intending to harm him and if there is an opportunity, such person is at liberty to air it or say so for the world to judge. Let those who have ambition do it from the Godly point of view and not through any other means. Power comes from above. Nothing should turn the hand of God. It is God’s prerogative to favour who He wants to favour and not by any man.” Despite the admonition to the warring camps to sheath their swords, the festering political drama got messier on April 30 when suspected thugs allegedly attacked Odubu’s campaign train at the APC secretariat in Auchi, headquarters of Etsako West Local Government Area of the state. The deputy governor and his team were in the council to meet with delegates ahead of the party primaries. During the attack, seven persons including a policeman, an operative of the Department of State Service (DSS) and three civilians sustained gunshot injuries. The Odubu Campaign Organisation had alleged that the aspirant was earlier denied access into the party Secretariat at Fugar, headquarters of Etsako Central Local Government Area on the instruction of a Deputy Director of Protocol in Government House, Benin. Odubu was scheduled to meet with party delegates from the area but met the gates of the secretariat under lock and key, a situation that was said to have angered some delegates who forced

Ogiemwonyi

Edo State, being the only state in the South-South controlled by APC, must be jealously protected

the gate open to enable the deputy governor meet with them. Reacting to both incidents, the Odubu Campaign Organisation, called on the APC National Chairman, Chief John Odigie-Oyegun and the party’s National Working Committee (NWC) to take drastic measures to curtail the excesses of some powerful politicians within the party ahead of the gubernatorial election or risk losing the state to the PDP. The organisation said the attacks were perpetrated by those who are averse to a free, fair and credible democratic process with a view to intimidate, harass and put pressure on Odubu to quit the governorship contest. The Director of Strategic Research and Planning of the campaign organisation, Hon. Samson Osagie, said: “We wish to notify the national chairman and members of the National Working Committee of the APC that they must pay proper attention to the happenings in the Edo State chapter of the party as we move closer to the governorship election on September 10. Edo State being the only state in the South-South controlled by APC must be jealously protected for the party to retain its foothold in the zone.” Osagie posited that as an ardent and firm believer in the tenets of democracy, Odubu will continue to market himself to the delegates of the APC with a view to getting them to nominate him as the flag bearer of the party. In a swift reaction, the chairman of APC in Etsako West council, Alhaji Abubakar Akokhia, debunked the claim by the campaign body. He said that he and Dr. Odubu were together throughout the period the said shooting lasted near the council secretariat, insisting that the attack was not targeted at the deputy governor. The party chieftain added that it may not be far from the truth that the attack may have been carried out by a large army of supporters who accompanied the deputy governor on the tour to meet with delegates in the area

and therefore urged him to reduce the number of supporters accompanying him on such trips to avoid similar occurrence in future. On its part, the state government described Odubu's assassination claim as false. The state Commissioner for Information and Orientation, Prince Kassim Afegbua, in a statement, said while it condemned in very strong terms the ugly incident, the conclusion by Odubu’s campaign organisation was hasty. He said: “While we condemn in very strong terms the ugly incident at Auchi, we note, however, that the conclusion of the Odubu Campaign Organisation on alleged assassination attempt appears hasty as preliminary reports suggest that the fracas at Auchi was caused by thugs loyal to the Odubu campaign imported in two truckloads to Auchi, who attacked other party loyalists not sold to the Deputy Governor’s aspiration. “It is instructive to note that the Deputy Governor was inside the secretariat building of the APC in the company of the party chairman in the local government, Alhaji Umoru Akokhia, addressing the delegates, while thugs loyal to him, who had become unruly fired gunshots at other APC loyalists who were outside protesting against his visit. “We gathered authoritatively that the first shots were, in fact, fired by Odubu’s security details in an attempt to scare away the party faithful who were against the hoodlums imported to their domain by the Odubu Campaign Organisation, before thugs loyal to him fired at the party’s loyalists. “It should be noted that among those who sustained injuries are APC loyalists, who are presently receiving medical attention in the hospital. It is laughable that the Odubu Campaign Organisation will allege that the Deputy Governor, with full compliments of security details, was shot at yet no casualty was recorded on the other side and nobody apprehended. “Given the above scenario, we find it lousy for anyone to impute assassination theory as propounded by the Odubu Campaign Organisation especially when investigations are still ongoing and the Police are yet to submit their findings on the fracas. A responsible campaign organisation should have waited for investigation reports before jumping into reckless conclusions.” The state government admonished gubernatorial aspirants who truly wants to govern the state to live by the rules of the game and not the size of their guns and political thugs as campaigns are generally a very interesting aspect of democracy hence it must not be reduced to bloodletting. While the last has not been heard of the claims and counterclaims between the gladiators in the APC, it is feared that the political horse trading if not properly handled, may rock the boat of the ruling party and in the process pave way for the PDP to regain power in the state.

WEDNESDAY, MAY 11, 2016 NEW TELEGRAPH

Senator Victor NdomaEgba is the immediate past Senate Leader and currently a member of the Board of Trustees (BoT) of the All Progressives Congress (APC). In this interview with Clement James, he speaks on the controversy surrounding the budget, the proposed grazing zones for herdsmen, among other issues. Excerpts:

The issue of budget has dominated the news for some time now and something must be done to streamline the process in future. What is your suggestion? There is a fundamental issue and that issue is derived from the constitutional provisions. If you look at the relevant provisions guiding the budget, you will see that it says the President or the governor shall make proposals and that the National Assembly or the State Assembly shall appropriate. Now, some people interpret this proposal to mean that the proposal made by the President should be sacrosanct, that nobody should tamper with it. There is the other school of thought that says, look, the power to appropriate lies with the National Assembly, yours is only a proposal. When it comes to the National Assembly, we have the power to appropriate. So, there has been that argument as to the extent of the President’s power, vis-a-vis that of the National Assembly. In mature democracies like the United States, that has gone beyond debate because they have evolved a system that is working. But in our own case, those contentions will ever be present. In the time of President Yara’dua, may his soul rest in peace, if you remember when he first took over, it took him up to June to sign the budget and it was this same contention that made him think of going to the Supreme Court to seek for the interpretation of the issue and extent of his power. He was encouraged and convinced by certain people to go to the Supreme Court. But we advised him and said look, if you go to the court, you will probably have thirty days to file your case and the other side will have sixty days to file their reply, and that will take up to July. In July, the Supreme Court will be on vacation and they will not drop their vacation because of your case and they will resume in September. Now, by the constitution, you can apply the previous year’s budget only up the end June; so after the end of June what happens? There is a constitutional lacuna. So, we now agreed on the elimination issue. You will give the National Assembly a threshold and they can use it to put whatever they deem will be of use to their constituencies. Now people think that when you say constituency

POLITICS \ INTERVIEW

Ndoma-Egba: Buhari taking difficult decisions

Ndoma-Egba

project, it is something that the representative can surreptitiously put into the budget. There is no project that is not a constituency project because it must be in a constituency. The only difference is that some are proposed by the Executive arm and others are proposed by the National Assembly. So, my take on it is that this argument will continue for a long time. So we just have to find a compromise on the issue of budgeting. I suggest a compromise; the National Assembly should a have a threshold. If you take the United States for instance, the budget of the Congress is simply attached to that of the President and sent back for his assent. But theirs has evolved over time and they have a formula. So we just have to find a level playing ground on this and it is possible. The budget is an economic document but it is also a political document. How can you rate the state of the economy in Cross River State, given that we are about to celebrate one year of the Ben Ayade administration? It is dire, very dire and I don’t really need statistics to tell you the state of the economy. Once upon a time when I go home and I am leaving, people will offer to fill my tank, some will bring food stuff, etc. But now it doesn’t happen. You have to give to the people. So the economy is very dire, and when you have collapsed infrastructure, it worsens the state of the economy. Take the farmer in

the village that goes to harvest his crops, if the road is not good, those crops will spoil. So for him, that is his economy and with the state of our infrastructure, things have worsened. There was a time I used to close in my Chamber in Calabar and drive down to Ikom under two hours and by the next morning, I am back here to attend to court matters. But today, it is five hours plus and that means one would have wasted five productive hours and this will negatively impact on the economy.

I can see the political will to take very difficult decisions that were avoided in the past

Have you settled in APC? Yes, I have settled in APC and I have been appointed to the Board of Trustees of the party which is the highest organ of the party; so I am settled. I am being given assignments to do so am thoroughly settled and I have even forgotten that I was anywhere else before. What’s the national economy like? Like in the state, things are bad. The Naira crashed against the dollar which is the main currency naira is denominated against. The power situation has become very bad and this affects businesses; I mean even for us who are in private business, we now have to spend so much of our money on diesel. So you can imagine the road side mechanic or the vulcanizer or the woman who sells pure water who depend essentially on public power supply. So things are also very difficult at the national level. Earlier,

I talked about collapsed public infrastructure; it is the same at the national level. Most of the places that the roads are bad are federal roads and we don’t have many of them in the state, so you can imagine where there are more federal roads. And there is population expansion, even though we have not reached explosion. Public schools and hospitals are still not where they should be, so things are bad. But did they get bad overnight? Now, we have a monoproduct economy, just depending on oil for our public revenue and for many years, we had a boom. Oil was selling for above $100 per barrel. Now a government came in and the price of oil crashed to as low as twenty something naira per barrel. Would you blame that government? Oil price collapse is a global phenomenon and every resource-dependent country suffers negatively and massively when the price crashes. So, the situation is not peculiar to Nigeria. The important thing is, are we seeing evidence of proper steps being taken to honestly and genuinely address these problems? I will say yes. One, I can see the political will to take very difficult decisions that were avoided in the past. I give you one example – the Treasury Single Account. It has always been in the constitution that all federal revenue must go into a consolidated account but it was never implemented. So we had MDAs that were operating thirty or more accounts so nobody had a complete picture of our revenue situation. But today, because somebody has the will, that has been addressed and the situation is now in line with the constitution. Take the fight against corruption; before it was lip-service. Now you can see an invigorated fight. But beyond that, the fight has assumed a new dimension; corruption now is a subject of public discourse and I believe that the whole essence of this public conversation is so that we as a people can reach a consensus that never again shall we get to this level of depravity. You can say that things have been slow, yes, but when you are trying to address these challenges, the necessary will be slow and don’t forget that expectations were very high. If we are not getting the expected results now, should we make haste for the purpose of making haste or we should be methodical and get things done rightly? What is your stand on the issue of herdsmen and the proposal that grazing zones should be established for them in the country? A friend of mine, Ambassador Garrick, who was an Ambassador in Brazil wrote a beautiful article recently on the “Economics of the Cow.” He compared our cows with that of Colombia, looking at both the meat and milk as well as cheese production in that country, CONTINUED ON PAGE 18

POLITICS PLATFORM

APC not fair to Saraki, says Baraje Alhaji Abubakar Kawu Baraje was National Chairman of the NewPDP which broke from the then ruling Peoples Democratic Party (PDP) in 2013 to merge with the All Progressives Congress (APC). He speaks on the trial of the Senate President, Bukola Saraki, and the state of the governing party. BIODUN OYELEYE reports Why is APC keeping silent on the trial of the Senate President Bukola Saraki at the Code of Conduct Tribunal (CCT)? Many of us have been surprised or taken aback that the party has not been living to expectations about the trial of the Senate president of the Federal Republic of Nigeria; living up to expectation in terms of making the Senate president have a sense of belonging as part of the party which is very important for any member, let alone the calibre of the Senate president, who has sacrificed lot of resources for the party. I have been trying to make the party realise that not only the Senate president but everybody that contributed to the success of the party matters from the highest to the lowest hierarchy. We have gotten to a level where we have to be realistic and ensure that the right thing is done at the right time and in the right manner, moreso from the fact that we belong to a group that is not very satisfied with the performance of the party. How would you assess the performance of the APC- led government at the centre? I want to say that there had been distractions. The Buhari-led administration is well intentioned. Lots of things went wrong before Buhari came in and to build is difficult. When there are lots of distractions, you would lose focus and the APC has lots of distraction created by the party itself. In line with the constitution of the country, we have three arms of government. These are the pillars that should hold the country’s fabrics together and if one of the pillars get jeopardised, what do you expect. The Senate president is the chairman of the legislative arm in Nigeria and he is not getting the support that he should get simply because some very few individuals thought they are more powerful than the party itself. As disorganised as PDP was, everybody was a member. It was because of the tradition of impunity that was creeping into the PDP that made us raise the alarm and that was why we left and you can see the consequences. Now the same scenario is creeping into the APC. We must sound a note of warning to President Buhari to shine his eyes. There are people in the party, who claim to be working for the success of the party but actually doing that for their own selfish interests. But it will lead them to nowhere. We will never romance impunity. President Buhari should be wary of them and play more politics now. He has gone into the house and has seen how bad it is; he has reorganised the house and what is left now is to consolidate on the reorganisation to build on the foundation.

5 Questions

Baraje

Will you consider leaving the party if this alleged impunity continues? Every politician or group has aspirations in any part of the world and not only in Nigeria. The time we were going into merger to become the APC, our aspiration was that the then government of PDP was not giving us that desired governance and Nigerians were suffering. We want to be part of the solution to the problem and to make life easy for our people, but how far have we achieved those aspirations? There is nothing on ground now. Some will say that our group has the Senate president but he has not been in peace. Since the coming of Olusegun Obasanjo in 1999, no Senate president has had dry, blatant, politically tyrannical and open persecution as Saraki. What is your take on the trial of Saraki? The case of Saraki has not followed due process and rule of law. It was the due process that was missing in the case of Asiwaju Bola Tinubu and he was discharged but not acquitted. So, why is Saraki’s case different? So, as regards whether we are comfortable with where we are and whether we are joining other groups, every politician has aspirations about development of his people and if you cannot achieve it in one place, you go to another place. It doesn’t mean that I am a political prostitute but that I am a principled person and will not stop until I get what I want, which in this case is good governance, equality, democratic dividends for my people. Impunity, lawlessness and lack of due process were not what formed APC. With the intervention of some leaders like us, that party will continue to thrive, but for it not to go the way of PDP, the president must play politics. Is the coalition of strange bedfellows responsible for the APC’s crisis? The problem has not been that of coalition of strange bedfellows. What we did was to come together and salvage Nigeria and if we had other motives, it has started playing out, especially to some of us who can read between the lines because the scenes and scenarios we have seen is not for President Buhari, and that is why he should play more politics. The fact is what we have agreed to do, and we are still planting the ideologies of the APC and people based on their selfish ideas are smuggling the ideas of 2019 through the back door; that is rubbish.

WEDNESDAY, MAY 11, 2016 NEW TELEGRAPH

The leak to the public of private telephone numbers of members of the National Assembly and state governors by an online medium, SaharaReporters, has generated divergent views especially on social media. WALE ELEGBEDE writes on the unfolding development

ccording to Abraham Lincoln, democracy is the government of the people, by the people and for the people. In other words, democracy means a form of government in which the government derives its power from the people and is accountable to them for the use of that power. From the popular definition by the former United States President, the involvement and the right to ask and know by the people is an integral part of democracy, which appears to be the most popular form of government in the present world. As at 2013, over 120 countries are currently practicing democracy. Democracy did not originate with the founding of the United States as the term "democracy" comes from two Greek words: "demos" (the people) and ""kratia" (power or authority), but touting itself as the beacon of democracy who the world should emulate, the US has tried to model the terms that made up the popular system to others. For example, the country has been able to ensure that under its democratic practice, citizen’s engagement and participation in policymaking is strengthened. In the United States Congress, which is a bicameral legislature consisting of 535 voting members: 435 Representatives and 100 Senators, each member has a special responsibility to their constituents because these are the only voters who get to decide if a congressional member will be re-elected. Thus, congressmen are usually looking out for the local concerns of their constituents with the aim of keeping in touch. For the constituents, reaching out to their representatives is not a big deal but just a click away from their phones. They have unrestricted access with the variety of communication methods like interactive mailing addresses, phone numbers, social media links, and email address at their disposal to reach out to their representatives. In Nigeria, citizens participation in democracy since the advent of the Fourth Republic in 1999, can be said to be a time bound relationship as the politicians usually court the favour of the electorate during election period and immediately after the process, the marriage is over until the next electioneering period. For public office holders in Nigeria, inaccessibility to those who elected them has been one of the major issues affecting the participation of citizens in the country’s democratic system of government. It is believed that immediately politicians get the votes of the electorate and got duly elected to a particular office; they shut themselves out of reach to those who elected them. In fact, some of them change their telephone contacts to stay out of contact. On the local level, the constituency offices of some lawmakers are not functional, thereby making their

Bukola Saraki, Senate President

The social media went abuzz on April 13 when online newspaper, SaharaReporters, published the telephone numbers of Senators and House of Representatives members, adding that the leak is part of its efforts to enhance transparency and open government in the country. Aside the telephone numbers, the email addresses of some lawmakers were also published in the list that the online media said would help constituents hold their elected representatives accountable for their actions or lack of them. Expectedly, the telephone lines of the lawmakers started getting busy with unending calls and text messages from Nigerians who saw the development as an opportunity for them to express themselves to their representatives. For some Nigerians, the encounter with their representatives was blissful, but for some others, it was a harrowing experience. In a post on her Facebook page, one Portia Emilia Anthony, wrote that upon laying her hand on the numbers, she called the senator representing Abia Central senatorial district, Senator Theodore Orji, alleging that lawmaker shouted at her on the phone. Recounting her encounter, she wrote, “I just got off the phone with a senator shouting down the phone that I am insulting him with the text I sent to him; that I have no right to tell him to vote against the Grazing Bill. However, in a statement by the media adviser to the lawmaker, Mr. Eddie Onuzuruike, the senator denied shouting at a caller on his telephone, saying that he engaged the caller on a conversation

CROSSFIRE Those promoting the change mantra have now chained the populace with hunger, poverty, illiteracy and embarrassing fuel queues

-Ibrahim Shekarau

The greatest insensitivity to the welfare of the people is epic corruption for which the PDP had a notorious and unrivalled record -Garba Shehu

POLITICS PLATFORM

WEDNESDAY, MAY 11, 2016 NEW TELEGRAPH

Leaked numbers: Constituents bombard govs, lawmakers

el-Rufai

Olujimi

even when she is unknown to him and not his constituent. “From all indications, Sahara Reporters that splashed the numbers of senators and urged the public to engage the legislators did not know how far bloggers and other folks would go as some have ended up embarrassing their legislators. Most of the people who responded like Emilia acted heretically as they did not have enough facts but relied on insinuations to harass their legislators. If Emilia had good intentions, why would she not start with her legislators from Cross River State, rather she called Senator Orji?” Similarly, SaharaReporters on its Twitter handle reported a screen grabbed hot exchange of words between Senate’s deputy minority whip, Senator Abiodun Olujimi and one of her constituents. Not too long after the exposure of the telephone lines of the lawmakers, the online medium came up with the private contacts of state chief executives. Out of the 36 state governors, 33 names were published by the medium. Reacting to the release of the

The telephone numbers of public officials and elected officials are not what should be hidden from the people

governor’s numbers, a respondent on a social platform, Nairaland, named Sweetguy25, said, “This is wrong. It is the prerogative and discretion of the governor to make his number public or not.” For another male respondent on the same platform named, Guseh, he said, “Thumb ' up SR! Currently chatting with El-rufai on whatsapp, first thing tomorrow morning I'll call Yahaya Bello (Kogi State Governor)” Speaking with New Telegraph on the development, Executive Chairman, Coalition Against Corrupt Leaders, (CACOL), Debo Adeniran, said he welcomes the publishing of the telephone numbers of public officials, saying that it will help in curbing corruption and does not amount to invasion of privacy. “Public officials, particularly elected ones ‘lose’ their privacy the moment they are appointed or elected to public office or government. And we must note that telephone lines are not really private, only the contents, that is calls, text messages, pictures etc. are, this is

why it is legally required for every phone line to be registered as the lines can be withdrawn or blocked lawfully at any time if the conditions necessitate that. “Moreover, the telephone numbers of public officials and elected officials are not what should be hidden from the people they are supposed to serve; in fact it will breed transparency, generate confidence of the people in the public officials and show that the officials are open to scrutiny, criticism and advice from the people.” He noted further that there is no big deal in publishing phone lines of governors and NASS members, adding that, “It’s a right of Nigerians to know the phone lines of their leaders. Any Nigerian should be able to call even the President. If the so-called leaders are truly sincere that they want to be transparent and have nothing to hide, they should advertize the telephone lines without any shove or push to demonstrate their sincerity.” Also speaking on the development, the chairman, Civil Society Network Against Corruption (CSNAC), Mr. Olanrewaju Suraju, said public office holders should understand that they are no longer private figures anymore, adding that it is no big deal making their phone contacts known. “Many of our public office holders make themselves inaccessible the moment they get into public office and that is why this publication of numbers became news, ordinarily it should not be if they have built relationships with their constituents. “I think this will put the elected and appointed officials on their toes . The whole essence for me is about making public office holders’ accountable and accessible to the people who they represent and it will create a communication process for consultations before decisions are made on behalf of the electorate. It is not entirely in a bad light and they should be positive about.” As the move to demystify governance and enhance participatory democracy continue, it is clear to public office holders now that it would be foolhardy for them to completely ignore the electorate.

POLITRICKS

Ex-governor, family at war All for Bode George hief Olabode George, a for- Chief George’s office has started t is love gone sour for for- wife and daughter, has resorted C mer Deputy National Chair- witnessing new looks with dis- Imer governor in one of the to eating from food vendors. His man of the Peoples Democratic play of banners sponsored by po- south western states follow- reason is that they are planning Party (PDP), is among notable politicians in Nigeria, especially in Lagos State. ‘BG’ as George is fondly called lost his mother, Mrs. Remilekun Violet PhillipsGeorge, last Wednesday and since then some of his friends, political associates and sympathisers have being visiting his office at Lugard Avenue in Ikoyi, Lagos to sympathise with him over his mother’s death. Since her mother's death,

litical associates to announce the passage of George's mother and mourn with the deaceased only son. Politricks want to use this medium to condole with the Atona Oodua even though it calls for celebration having survived his mother and we look forward to dinning and winning with BG and family during the funeral. We also look forward to Aso Ebi and other accessories for the burial.

ing the frosty relationship between him and member of his nuclear family. The ex-governor is presently at war with his wife and daughter over frivolous allegations and the war of attrition in the family has hit the affairs of the family as centre can no longer hold. Investigation by Poligist revealed that the ex-governor who has lost trust in members of his close family, especially his

to kill him. He even told close associates that they have made attempt to poison him in the past but failed. The ex-governor seem not to be taking the threat against his life with levity and that is why he cautious in relating with some of his close family members. As it stands, the family war may affect the goodwill the ex-governor has built over the years if urgent steps are not taking to resolve the crisis.

POLITICAL NOTES

No retreat for Fayose

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

FELIX NWANERI

WEDNESDAY, MAY 11, 2016 NEW TELEGRAPH

Opinion Tinubu’s golden silence TREASURES BOLA BOLAWOLE turnpot@gmail.com 0807-552-5533 (sms only)

hen Asiwaju Bola Ahmed Tinubu, National Leader of the All Progressive Congress, spoke out on the lingering fuel crisis last month, not only Ibe Kachikwu, junior Minister of Petroleum-cum-NNPC Managing Director, caught the flu, the whole APC structure and the Muhammadu Buhari presidency quacked. Kachikwu, who had earlier talked condescendingly to Nigerians, quickly recanted and swallowed his words. The fuel queues would now no longer take a full month plus to disappear but would do so in less than 10 days! The one who had said he was not a magician immediately borrowed the garb of Professor Peller and went to town with all manner of abracadabra that would bring respite to a hapless citizenry. Well, the queues are still with us even if they have abated a little; but we shudder to think of what the situation would have been without Tinubu’s intervention. In this regard, if you compare the Jagaban Borgu with France’s Emperor Napoleon Bonaparte, you will not be far from the truth. Historian David Thomson said of Napoleon, the conqueror of Europe: “When Napoleon sneezes, the whole of Europe catches cold”. But Tinubu has been silent on the raging fire stoked by Fulani herdsmen all over the country and especially so in the South. Tinubu may not hold any elective or appointive office in the present dispensation; nevertheless, his is the most authoritative Southern voice in a Buhari government top-heavy in favour of the North. When Fulani herdsmen rubbished Chief Olu Falae, a very important Yoruba leader, mum was the word from Tinubu, the Asiwaju of Yorubaland. Many had thought that, per-

haps, political differences informed Tinubu’s indifference to Falae’s plight. Since then, many other parts of the country have suffered the Fulani herdsmen’s scourge. In Benue and Enugu, whole communities were virtually wiped out by the herdsmen. In the Oke-Ogun area of Oyo state, the menace of the Fulani herdsmen is a daily occurrence that has become unbearable, such that in the absence of any vigorous support from government, the people have begun to organise themselves for self-help. Nobel Laureate, Prof. Wole Soyinka, recently announced in Abuja at a public function that he, too, had joined the long list of herdsmen’s victims whose property were destroyed and rights and privileges violated. Couched, as usual, in his difficult-to-decipher language, Soyinka said some herdsmen grazed their cows into his property, leaving behind a trail of destruction and violation. He said he was not around when the violation happened but that he made enquiries, which confirmed who the culprits were. He then warned that, that incident should be the first and the last of such wilful damage to his property and brazen assault on his peace. Thank goodness Soyinka was not in when the herdsmen came calling. If he were around, would the “aparo” hunter have encountered the AK-47-wielding herdsmen with Dane guns? Would they have abducted, even killed, him? One thing is sure, Soyinka has a different temperament and pedigree from Chief Olu Falae who suffered all indignities at the hands of Fulani herdsmen and lived to tell the story. Had Soyinka come face-to-face with the rampaging Fulani herdsmen, the story, obviously, would have been different. If we say Falae is not politically-correct, can we say the same of Soyinka? Why, then, did Tinubu not speak up? Fortuitously, the Presidency broke its embarrassing but suggestive – as some have said - silence on the herdsmen’s scourge the same day as Soyinka’s rage. It is 11 months since Buhari came to power and the herdsmen’s scourge has, coincidentally, grown with the enthronement of a fellow Fulani. Between Jonathan’s procrastination, even denial, of the Chibok girls’ saga and the deafening silence of Buhari

The herdsmen, most times, are employees of powerful Nigerians and, thus, wear the toga of the untouchable. As the Yoruba adage goes, if a dog has powerful backers, it will kill a monkey

on the herdsmen’s atrocities, which is worse? Former President Olusegun Obasanjo counted 18 clear days when Jonathan fiddled while close to 300 Chibok schoolgirls were carted away by insurgents; but it took Buhari 11 months before he acted on the Fulani herdsmen’s scourge! Protests against the dastardly acts of Fulani herdsmen had risen to a din in the southern parts of the country before the president acted. Nigerians, especially those at the receiving end of the wanton destruction wreaked by the Fulani herdsmen, had been left to draw their own conclusions - that the president of the country had kept silent (some are audacious enough to even say “acquiesce”) in the face of the murderous instincts of the Fulani herdsmen because he, too, is Fulani, Muslim, and a Northerner like the herdsmen. Ethnic, religious, and cultural sensibilities run high and deep here. And lest we forget, Buhari’s assets declaration shows that he has herds of cattle. It is also widespread knowledge that many other prominent Nigerians and influential non-Fulanis are owners of herds of cattle which they entrust to herdsmen. So, the herdsmen, most times, are employees of powerful Nigerians and, thus, wear the toga of the untouchable. As the Yoruba adage goes, if a dog has powerful backers, it will kill a monkey. A dangerous dimension to the Fulani herdsmen’s problem is the fact that many of them are even said not to be Nigerians. Fulanis are spread across many countries. In fact, history teaches that the Fulani in today’s Nigeria migrated from other parts of West Africa. There are suggestions making the rounds as to why the Asiwaju of Yoruba land and, indeed, Yoruba governors and many other political leaders have maintained silence over the wanton destruction of lives and property of Yoruba right on Yoruba land. One is religious affinity as many Yoruba leaders in the present dispensation are also Muslims as the Fulani herdsmen. Two is the fear of reprisals from the Fulani. Fulani leaders, including Gov. Nasir el-Rufai of Kaduna, have warned that the Fulani have long memories like the elephant and do not forget or forgive any offence done them. And with the President and Commander-in-Chief being Fulani... Is this why our leaders are afraid to speak out in defence of their own people?

Atiku Abubakar, philanthropy and human capital development Louis Okoroma

etween the 22nd and 23rd of April, 2016, a conference and panel discussion took place in London with the theme, ‘’Philanthropy: Investing in Human Capital’’. Speakers and panel discussants were made up of distinguished people from across Africa who had experiences to share on the theme of the conference. The conference took place at the prestigious London School of Economics and Political Science (LSE). Among the keynote speakers and panel discussants was Atiku Abubakar, a former Vice President of Nigeria. Atiku spoke on the topic, “Philanthropy and Human Capital Development in Africa: A contribution from Yola, Nigeria.” Atiku Abubakar was clearly in his element when he delivered his speech because for him, philanthropy and development of human resources is one area where he has done a lot over the years, and he said as much. The task of the panel of discussants was to educate the audience on how to use, or how philanthropy can be used

to identify, motivate, train and reward people in such a way as to promote development in Africa. In his contribution, Atiku first defined development as “the effort to increase the productive capacity of a society, improve the people’s wellbeing and expand the frontiers of freedom, while protecting the ecosystem for current and future generations’’. It is instructive and Nigerians need to note that Atiku Abubakar, a former Vice President of Nigeria, a leading chieftain of the ruling All Progressives Congress (APC) and one of the country’s top politicians, was a speaker and discussant at a conference where development issues was the main theme. This shows that the former Vice President, aside his achievements in politics, has other qualities that recommend him to an international audience on Africa’s development. This is no surprise as the Turaki Adamawa; in a recent post on twitter, described himself as first and foremost, a businessman, before being a politician! This is very important. It means that as a businessman and a successful one, business rather than politics defines the essen-

tial Atiku, the philanthropist and he has employed his resources, to fund both his politics, and his philanthropy. According to the former Vice President, philanthropy, entrepreneurship and human capital development has a long history in Africa as it has enabled many an African community, “to build schools, roads, churches, and mosques. An individual’s success is deemed to be of limited social value if it does not lead to the success of others in the family, clan or community’’. The above helps to explain the passion of the Turaki Adamawa for philanthropy notably the one that has informed his deliberate citing of his business ventures in his native Adamawa State even though employment opportunities in all his business and other endeavours are open to all Nigerians without favour or discrimination. The goal is to use philanthropy to transform his home State while providing equal opportunity and livelihood to all Nigerians. The flagship of the philanthropic endeavours of the Turaki, as he told the audience at LSE, is the American University of Nigeria (AUN) and its af-

filiates. The AUN, founded a little more than a decade ago, is a development university, the first of its kind in Africa, if not in the World because while indeed, most leading universities in the world impact on their environment and society in fundamental ways, the AUN is perhaps the only higher institution which from the outset has as its goal, the development and transformation of its environment and the people who inhabit it. In a thousand little ways, the university has worked hard to live up to this task to the admiration of most discerning people. Reflecting on the energy, resources and time being expended in setting up, administering and maintaining the AUN, the former Vice President gave an interesting insight into his thinking and motivation. He asked, “would it not have been cheaper, to use the resources expended on the AUN, to award more scholarships to African students to be educated at the LSE and similar leading universities in the UK and US?” •Okoroma is a Public Affairs Analyst based in Abuja. He can be reached on iheokoroma@yahoo.co.uk

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play because fairly used tyres flood the country from our porous borders. If smugglers are given an upper hand in the fight against fairly used tyres, some people have to be held responsible. Some of these waste from overseas come in handy because they are affordable. That is food for thought for the government. The economy A good tyre has to work so that big time blaming the manufacturers like Dunlop has a fourdriver who year life span and Michelin, forced out of the unfortunately after produc- country by harsh environment was not alive Beyond the tion and this could find their way back to to offer any conference, is written on the country. That is one move defence. Acthat will create thousands of it. However, cording to the therefore, there job opportunities. many drivdoctor the Beyond the conference, is need to work ers and road driver was not therefore, there is need to users hardly on top speed towards making life work towards making life take time when the bus easier for Nigerians. New tyres easier for Nigerians to find out lost one of its are beyond the reach of many vehicle owners and users. In before they buy from dealers. tyres. He said he was so sure trying to keep their cars and because the vehicle had a speed It is possible that a tyre manutrucks on the road, they settle limiter and any time the speed- factured in 2013 will not be for less. No sane Nigerian ometer moved higher than 100 sold until 2016. A buyer could who has the means and knows kilometres per hour, the warn- go and purchase it tomorrow, believing that it should be road where to buy good tyres would ing signal came to life. patronise junks sold in Ladipo worthy until 2020 while, in Earlier this week, another or Owode. actual fact, the expiry date is bus crash claimed the lives of While we discourage the use five Kano college students who 2017. of killer tyres, we believe this The FRSC has a lot to do in were travelling back to their the area of enlightenment. We conference by the FRSC will state from Lagos after taking further draw attention to the commend the commission for part in a debate. The driver danger inherent in ignoring also died and cause of accident making out time to organise the manufacturer’s warning. this conference. It must not was identified as a lost tyre. just be for drivers and commut- This meeting is a subtle way In the past couple of weeks therefore, more attention has ers. Other stakeholders like the of bringing sanity to our roads without enforcing penalties been paid on tyres as potential Police, Customs and top govand if it achieves more than cause of many a fatal traffic ernment functionaries should that we say kudos to those accident. not be left out. who initiated it. Attention is now on so many The Customs have a role to

of them embarked on the journey to Sokoto to attend the Nigeria Medical Association (NMA) conference. There were six survivors. The driver also loss his life. Cause of the accident was another tyre lost. The FRSC was quick in blaming the driver for over speeding. However, one of the survivors faulted the FRSC for

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Beyond the conference on tyres

raffic accidents account for a great percentage of deaths recorded in Nigeria. Statistics show that at least eleven compatriots lose their lives daily on our roads. This alarming development should worry those charged with maintaining sanity on the Highways. It is in this regard that the Federal Road Safety Commission (FRSC) should be commended for organising a National Conference on Tyres. There are many components of a vehicle each which play a vital role in movement. A car without brakes is as deadly as a truck without functional headlamps at night. However, recent happenings tend to give negative prominence to tyres. A member of the Federal cabinet, James Ocholi, perished in a car crash on the Kaduna Abuja Highway with his wife and son. His Lexus Sports Utility Vehicle (SUV) reportedly swerved off the road when it lost a tyre. The minister’s death was blamed on his driver who, according to the FRSC, had no valid drivers licence. Possibly, he could have matched on the brakes following the problem with the tyre which caused the vehicle to somersault. That was in March. In April, six medical doctors from Ekiti state died in a ghastly crash on the same Kaduna - Abuja road. Twelve

EDITORIAL

WEDNESDAY, MAY 11, 2016 NEW TELEGRAPH

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things about the tyre. The Standards Organisation of Nigeria (SON) is saddled with the responsibility of quality control. There are instances where sub standard tyres are imported from the Far East. These products cannot survive the rigours of travelling on Nigerian roads. Many of them have contributed to deaths on our highways.

POLITICS

WEDNESDAY, MAY 11, 2016 NEW TELEGRAPH

Taming sexual assaults in varsities CHUKWU DAVID ex-rays the concerns of the Eighth Senate on the vices of kidnapping and sexual harassment of female students in the nation's tertiary institutions by male lecturers, and the proposed laws to curb the menace

idnapping is a practice that has been known in other continents and countries of the world but it was alien to Nigeria until the eruption of militancy in the Niger Delta area of the South-South geo-political zone. The militancy came up as a reaction, from especially the youths of the Niger Delta to the scandalous neglect of the area from the vices emanating from the oil exploration and exploitation in the area, as there was virtually no deliberate effort by successive government to commensurately cushion the effects of the environmental degradation in the oil-rich region. In 2006, militant groups in Niger Delta, especially the Movement for the Emancipation of Niger Delta (MEND), resorted to taking foreign employees of oil companies hostage as part of the in the area. Since then, more than 200 foreigners have been kidnapped though most were released unharmed. After a while, the menace of kidnapping spread to other regions of the country and later became a competitive, lucrative business. Kidnapping indeed turned a booming business in the South-East geo-political enclave, particularly in Abia State. The ugly development because a nightmare to both individuals and government as the situation worsened the state of insecurity in the country. The rich; poor, young; old, weak and strong, are all affected by the social torment. However, worried by the escalating incidences of kidnapping and hostage-taking in the country, and in desperate search for solution to the enigma, the Senate last week, resolved that the National Assembly should enact a law, prescribing death sentence for kidnappers as a maximum measure towards curbing the problem. The resolution was made by the members of the Upper Chamber while considering the report of the Senate joint Committee on Police Affairs and National Security and Intelligence on 'the motion entitled, 'The unfortunate recurrence of kidnapping and hostage-taking in Nigeria--A National Wake-up Call'. The Senate sat on Thursday November 19, 2015, deliberating on the motion, after which it mandated its committees to invite the InspectorGeneral of Police (IGP), DirectorGeneral, Department of State Security (DSS) to brief the Committees on efforts to eliminate the menace. In its report, which was considered and approved by Senate in

Muray Bruce

plenary last Wednesday, agreed that capital punishment for kidnappers was the only condition that could discourage people from the criminal behaviour, which has become a bone in the throat of Nigeria. While presenting the report on kidnapping, the chairman of the joint committee, Senator Abu Ibrahim, said that the IGP, Mr. Solomon Arase, DG, DSS, Lawal Daura and the Minister of Interior, Lt. Gen (rtd) Abdulrahaman Dambazau were invited and that they had interactive session with the Committee on December 9, 2015. He said that these leaders of security agencies furnished the committee with information on the current situation with respect to the problem of kidnapping in Nigeria. Senator Ibrahim said that the committee in the course of its work, observed that though kidnapping started in the Niger Delta, the situation deteriorated because there was nothing serious done by relevant authorities to curb the menace before it escalated. The committee observed that, though kidnapping and hostagetaking were currently being tackled by security agencies, it found out that the major impediment facing the security agencies in dealing with the menace was inadequacy of funding to enable them procure modern equipment to combat the crime. To reverse this trend and improve on the situation, the Committee recommended that the funding of the security agencies should be taken as a priority project, and warned that envelop budgetary

Ibrahim

pattern for security agencies had proved ineffective over the years. It advised that envelop system should not be used for the security outfits in future. The committee further recommended that the present All Progressives Congress (APC) government should Chanel efforts towards creating employment opportunities for the teeming unemployed youths, to minimize incidences of criminality in the country, including kidnapping. It also recommended that synergy and intelligence sharing among security agencies should be vigorously pursued to make the fight against the problem easier and more result oriented. While contributing to the debate on the report, the Deputy President of the Senate, Senator Ike Ekweremadu, argued that the only way to discourage kidnapping in Nigeria was to refuse payment of ransom by relatives of victims or government officials. Also contributing, Senator Ben Murray-Bruce, noted that one of the things encouraging kidnapping in the country was the lack of consequence for criminal behaviours in Nigeria and suggested that there should be show trials for criminals as is done in other countries, so that it could serve as deterrent to prospective offenders. The lawmaker also urged the government to deal with the issue of drug abuse, which he said, was associated with criminality among young people, pointing out that there was close correlation between drug-taking and criminal

tendencies. Similarly, the Upper Chamber also moved to curb sexual rascality of male lecturers against female students in the nation's institutions of higher learning. The apex Chamber wants to achieve this, by passing a law that would impose stringent punishment on morally bankrupt male lecturers. Accordingly, senators want to pass a law, which is already being processed, prescribing a five-year jail term without any option of fine for any lecturer found guilty of harassing female students sexually. This was contained in a bill entitled: "Sexual Harassment in Tertiary Institutions Bill 2016", which was co- sponsored by 45 senators, which passed first reading in the Senate on Wednesday last week. The bill according to its lead sponsor, Senator Ovie Omo- Agege, on behalf of his co-sponsors, seeks for enactment of an Act to Make Provisions for the Prohibition of Sexual Harassment of female Students by Educators in Tertiary Educational Institutions in Nigeria and for Matters Connected Therewith, 2016. He said: "After careful and detailed research on the menace over the years, our position as proposed in this bill , is that since the female students being negatively influenced by male lecturers into sexual relationship are not capable of giving voluntary consent to that arrangement, there is need for potent law to stop the immorality." "Consequently as stated in the bill, an educator shall be guilty of committing an offence of sexual harassment against a student if he/ she has sexual intercourse with a student who is less than 18 years of age . "Has sexual intercourse with a student or demands for sex from a student or a prospective student as a condition to study in an institution or as a condition to the giving of a passing grade or the granting of honour and scholarships. "Any person who commits any of the acts specified in section 4 of this Act is guilty of an offence and shall , on conviction, be sentenced to imprisonment of up to five years but not less than two years without any option of fine" If the Present National Assembly is able to address these fundamental social problems: kidnapping and sexual harassment through legislation, the apex legislative institution would be remembered by posterity for achieving such great feats because they pose serious headache to the nation.

'Ranching, not grazing zones'll solve herdsmen's problem' C O N T I N U E D F R O M PA G E 1 3

and our cows donâ&#x20AC;&#x2122;t compare and that is why we cannot export meat because by the time you take a cow on foot from Maiduguri to Calabar, the muscles would have toughened and the meat also would have been tough. The cow is stressed and cannot produce milk maximally. So, economically, this normadic method of breeding cows no longer makes sense. We must find a better way especially now that we are talking about diversification. Agriculture and animal husbandry are perhaps the quickest method to diversify the economy. In those days, one of the major exports from Nigeria was hides and

skin. So for our cows to maximize their potentials, whether in meat or milk, we have to restrict them and feed them properly. We must go to ranching. This carrying of cows on foot, apart from the security problem, there could be natural phenomenon. And donâ&#x20AC;&#x2122;t forget that the Lake Chad had shrunk, there is desert encroachment so the only available land is in the south and the Pastoralists will move down South and they will move in an increasing number. We must we think out of the box, we must introduce ranching. In the late seventies and early eighties, Chief I. I. Murphy had a sizable number of cows but they were not on the

road. He had a ranch in a place called Gabu which is in Yala Local Government Area of Cross River State. So, if we really want to diversify our economy, we cannot continue with this nomadic method of rearing cows. I think the security issues are just a wakeup call for us to think outside the box of new ways of raising cows and it will not just be raising of cows, but raising them in a way that will be economically profitable. I will subscribe to ranching any day and not the establishment of grazing zones. And donâ&#x20AC;&#x2122;t forget that we have cattle in the Obudu Ranch Resort and they are not on the road, yet they are very healthy.

WEDNESDAY, MAY 11, 2016 NEW TELEGRAPH

The Mega City

Life in the city Reining in KAI at Ikeja-along bus stop

THE PEOPLE’S VOICE Outrage against extortion

21 23

...EXCLUSIVE LAGOS MAGAZINE

A breath of fresh air for Badagry

The on-going road construction at Ajara Erikiti-Iragon

As part of the moves to explore tourism potential in the Badagry area of Lagos, the state government is embarking on linking rustic communities to the ancient town through massive construction of bridges and access roads. MURITALA AYINLA reports

or the residents of Ajara, Age-Ilaso, Poka, Erikiti in Badagry Local Government Area, nothing could be more beneficial to them than the provision of good access roads.

OLUWATOSIN OMONIYI CITY Editor

tosin.omoniyi@newtelegraphonline.com

That would enable them feel the impact of the government and enhance their conditions of living. They have been in existence for over a century without any social amenities. They have been living and procreating in the primitive era. Despite their proximity to the ancient town of Badagry, very few of them visit the Badagry township for one reason or the other as they are constantly discouraged by the poor access roads linking them to the ancient town. Those who must travel to Badagry, would have to wade through many rivers, streams and thick forest before getting to the town. Hence, many of their farm produce perish at will

The road was hampering development of the area

or have to be sold at giveaway prices due to bad access roads. On several occasions, these residents found it difficult to take sick patients in need of emergency medical attention to hospitals in the nearby Badagry town and sometimes, innocent lives are lost, there by, turning many children to orphans; husbands to widower; wives to widows. Managing emergency disaster has also been difficult for these residents as none of the government emergency management agencies could reach them whenever disaster strikes on the axis due to lack of access roads. But to address the challenges confronting these communities and save lives of the residents from the deplorable state of access roads in the communities, Governor Akinwunmi Ambodeled administration is embarking on massive construction of access roads, bridges as well as surface dressing of the existing roads in the rustic communities in Badagry town.

In addition to the proposed Sea Port in Badagry, the projects such as: Surface Dressing of outskirt of Ajara Erikiti-Iragon road; the construction of Ajara Age_Ilaso Poka/Erikiti Road; construction of AradagunIworo Ajido Road among others, are also ongoing. Access road to Badagry landfill (Kese) has also been completed with cement concrete with streetlights. Speaking while inspecting the ongoing bridge construction at the communities, the Commissioner for Works and Infrastructure, Ganiyu Johnson, an Engineer, said the projects were to open up Badagry and its environs, saying the current administration was planning to embark on several projects that would explore and showcase Badagry as tourists’ destination. He said: “The Lagos State government is doing everything possible to boost tourisms potential of this axis by creating CONTINUED ON PAGE 22

LIFE \ MEGA CITY

WEDNESDAY, MAY 11, 2016 NEW TELEGRAPH

Outrage against extortion IKEDC contractor working on site

Lagosians are lamenting poor power supply. That is even after the installation of the new prepaid metres ordered to be shared by the Federal Government. Victor Uddo, Abiodun Olokode and Oluwatosin Adepoju went out to get the feelings of the people

he Federal Government of Nigeria had given order to the Electricity Distribution Companies (DISCO) in the country to supply prepaid meters to electric consumers without any further delay and for free of charge. Just last month, the Minister of Power, Works and Housing, Mr. Babatunde Raji Fashola (SAN) made this declaration known at the end of his third monthly meeting with operators in the power sector at the Ugwuaji Transmission Station, Enugu. But instead of installing the prepaid metres free of charge, Lagosians are lamenting the humiliating manner and extortion they are passing through in the hands of the contractors and officials New Telegraph went to town to verify from Lagosians the veracity of the allegation that the contractors installing the pre-

paid meters for the Ikeja Electricity Distribution Company (IKEDC) are collecting illegal monies from unsuspecting members of the public before installing meters for them. At Ago-Okota communities where some prepaid meters have been installed, Enoma Street, Esuola Street, Mukandasi Street, Monsuru Bisiriyu Street, Apena Street all off Ago-Palace way, Chief Vitus Uzor Street and Prince Hamidu Williams Street at Canal estate, Okota are all affected. At Esuola Street, one of the tenants of house No 30, who prefers anonymity informed New Telegraph that “the contractors actually collected N1,500 from each flat/ apartment before connecting their apartment to the grid.” Corroborating his claim, another resident, Mr. Femi, said that “I can confirm the fact that all the houses in the street paid them at least, the sum of N1,500 before they connected after the installation of

Some of the landlords paid as much as N10,000 to get the meters

their prepaid meters.” At Prince Hamidu Williams Street, Alfa Sanni revealed that the “some landlords paid the sum of N5, 000. At least, not less than seven houses I can confirm paid it before they were connected.” The contractors, according to Ruth Adeyemi, a resident of Monsuru Bisiriyu Street, “they will first of all tell you that you have to get an external electrician to connect you after installation of the meters in your apartment, then the occupants of such apartment would plead with them to just complete it because it will be better for the contractor to complete the job they started. Some people paid N1, 500 and sum paid N2, 000 depending on your bargaining power.” Narrating his story at Chief Vitus Uzor Street at canal estate, Damien Chris, disclosed that, “on our street, people were not patient enough to ask questions on the procedure for installing a prepaid meter. As soon as any one hears that a certain amount has been paid, others will follow suit and start paying out monies to the contractors. For instance, we paid N2,000 each in my premises. ” For us in Apena Street, “we asked people in our neighbouring street of Esuola Street and they told us they paid N1,500 to

get connected. So, some of us paid the same amount of N1,500,” said Chuks Alozie. A landlord, who pleaded anonymity, living down Apena Street, also disclosed to New Telegraph that, “some of the landlords paid as much as N10,000 to get the meters installed for them, whereas those who paid less had theirs delayed, though they still connected them. It was very much later, after they had attended to the highest bidders.” A businesswoman around Mushin Local Government, Mrs. Biola Alayo, said, “Our electricity supply is not stable here and yet the money we recharged on the prepaid meter is getting exhausted because the rate of electricity appliances used by each room on a meter determines the rate at which the prepaid meter is consuming our money. We have been suffering from heat and the disturbance of mosquitoes for the past 15 days now and we have not been able to sleep because there is no electricity”. She added that the officials of the company that the installation of the prepaid meter contract was given to demanded for the sum of N15, 000, which they claimed was to be used to purchase wire for the connection of the prepaid meter after the installation.”

LIFE \ In the city

WEDNESDAY, MAY 11, 2016 NEW TELEGRAPH

THEspeak PEOPLE’S VOICE metres Lagosians on prepaid

We didn’t pay any bribe “There are five different rooms on one prepaid meter in this house. We were not told to pay any amount of money for the installation of the meter; they only gave us a form to fill before the installation can be done. They used one week for the installation of the meter. We are not enjoying constant power supply at all and it is affecting my business. Before the installation of the prepaid meter, we made a decision not to pay electricity bills on this street because they don’t give us electricity. But after some months, the Ikeja Electricity Distribution Company then Power Holding Company of Nigeria Plc (PHCN) made a promise that the power supply will improve if we start to pay our bills back and for some time, our electricity was good. But after some months, our electricity went back to the way it was before and even now that they have installed the prepaid meter, we are still not enjoying constant power supply.”

Mr. Ebenezer Abayomi-Fashion Designer of 18, Ilupeju Road, Palmgrove, Mushin, Lagos.

They demanded for N7, 000 Our electricity is not stable ever since when they have installed the prepaid meters and for this reason, we don’t know how effective the prepaid meter is. They didn’t demand for money directly. They only demanded for N7, 000 to buy new wire for the connection of the prepaid meter. It took them three days because they had to re-run the wire from the pole where the meter was installed to the house. We had a problem with the connection of the prepaid meter after the installation. We had to call IKDC to come help us to fix the problem. Mr. Lukman Daudu, Graphic Artist of 23, Oke-Arin Street, Mushin, Lagos.

We paid N15, 000 for wire We were given two meters in this house and about five rooms are sharing just only one meter. They demanded money for wire which is to be used for the connection of the prepaid meter and we paid the sum of N15, 000. It took them five days to install the prepaid meter, but we told them to finish the installation of the prepaid meter before they disconnect our electricity in order to prevent a total black out. The prepaid meter is good in the sense that Power Holding Company of Nigeria Plc don’t bring any crazy bill again. It is the amount of power you use that you get to pay for. I would have preferred each room to be given separate meters because some rooms use many and powerful appliances that I don’t use and yet we pay the same amount of money to recharge the meter which is partiality. To add to the injury, the prepaid meter is not working effectively as I expected it to work because the unit is too high and it is consuming money. Mr. Samuel Adeyemi, businessman of 20, Adeshiyan Street, Mushin, Lagos.

We paid for metre, installation We paid N10,000 for getting it and about N5,000 for installation. And the supply is not that constant and the meter moves fast. Mrs Yussuf Omolara 10 Bajulaiye compound, Shomolu Lagos.

They collected N15,000 from us The connection of the prepaid meter is not good at all because a single meter was given to eight rooms to share in this house and which is not meant to be so. In some houses, they gave a single meter to three rooms. They didn’t demand for money, but they collected money from us for wire which is to be used for the connection. They first demanded for N15, 000 for the wire to be used, but we only gave them N5, 000 and yet, they still used our former wire. They also demanded for N1, 000 for special stamp to be stamped on a form which we paid for twice because they said that the first one we paid for has expired. It took them four days for the installation and there was no electricity throughout those four days that were used for the installation. The use of powerful appliances like iron normally disconnects the wire that supplies power from the meter and we had to invite Ikeja Electricity Distribution Company official to help us fix the problem because the men in charge of the installation claimed that fixing of electricity problems is not their job.

Mrs. Biola Alayo, Businesswoman of 20, Oke-Arin Street, Mushin, Lagos.

We negotiated to N4, 000 We bought the wire that was used for the installation of the prepaid meter by ourselves because they said that their own wire has finished. After buying two bundles of wire, he demanded for N7, 000 for the running of the wire, but we told him that we are going to give him N4, 000. We had to invite an electrician that lives close to us to help us with the running of the wire since the installation man told us that the minimum amount he would collect is N5, 000. We later called the installation man to help us connect the meter after we had done the running of the wire by ourselves. He still demanded that we give him N1, 000 for the connection of the meter which we did because we have no other option. We don’t have constant power supply and it is affecting our business. We are not enjoying the prepaid meter because it is consuming too much of money.

Akinwunmi Adenike, businesswoman of 15, Ibiteye Street, Mushin, Lagos.

They didn’t demand for money from us We don’t have any problem with the connection of the prepaid meter. The only problem we are having here is that we face difficulties in recharging our prepaid meters. They didn’t demand for any amount of money for the connection of the prepaid meter. We don’t have power supply at all and we know that constant power supply is our problem in Nigeria. The only thing I like about the prepaid meter is that Power Holding Company of Nigeria Plc (PHCN) officials don’t get to bring bills of N15, 000 to N20, 000 again as our monthly bills. Mr. Azeez Arishekola, Fashion Designer of 17, Ibiteye Street, Mushin, Lagos.

LIFE \ MEGA CITY

WEDNESDAY, MAY 11, 2016 NEW TELEGRAPH

Inspection of the on-going road construction work CONTINUED FROM PAG E 1 9

enabling environment to do so. The Construction of Lagos- Badagry Expressway is ongoing. All these are to boost the tourism in and around Badagry, the slave trade areas and so on. By the time all these projects are completed, Badagry will be a place where everyone can come and relax. Some of these projects are expected to be handed over by November this year. When completed, the project will serve as alternative roads to Lagos-Badagry expressway for most motorists while it will also boost agric potential in the area.” The Commissioner appealed to the residents to be patient as the suffering would soon be a thing of the past, saying that government was doing everything possible to alleviate their pains and sufferings. “They should bear with us; everything is being done to ensure the project is completed as timely as possible. I want to assure them in another five months, they will smile. These are some of the pains whenever developmental projects like these are ongoing. Once the roads are completed, it will be a thing of the past,” he assured. Asked about the cost of the projects, the Commissioner said: “The cost is already captured in the state’s budget and if any clarification is needed, the state’s Ministry of Economic and Budget Planning, as well as Ministry of Finance will provide detail on that” Speaking with New Telegraph, a resident, Moses Ta-

A breath of fresh air for Badagry labi, who also lamented their plight as a result of the challenges they are facing due to the deplorable state of the roads, said no fewer than 20 communities will be linked with Ajara-Erikiti road when completed. He said: “The road is worse during rainy season such that our women and children have to wade

The nearly-completed road

through heavy flooded areas. Vehicles can’t past through, so also are motorcycles. The water used to reach our chest whenever we are passing through the flooded areas. There are about 20 communities linking the road.” Also speaking, a motorcyclist, Woteyin Sunday, said the deplorable state of the road

was hampering economic development of the areas and other communities around. According to him: “We are happy with Governor Ambode on this road construction. We appreciate him but we want him to consider us for light too. Development is far from here; no electricity at all.” Commending the state

government for coming into their aid, the Baale of Ajara community, Chief Joshua Atingan, said the road when completed, would foster development in the communities as the economic activities in the areas will be enhanced. “I am so happy that we are not forgotten, people go through hell commuting on this axis.

LIFE \ In the city

WEDNESDAY, MAY 11, 2016 NEW TELEGRAPH

Reining in KAI at Ikeja-Along Bus Stop Victor Uddo

keja along bus stop by the pedestrian bridge on the expressway way seems to becoming a fishing pond for the Lagos State owned Kick Against Indiscipline Brigade (KAI) The KAI brigade’s activities around that bus stop by the railway line are no longer news to the people passing through that route because they carry out these activities in broad daylight with impunity with their lorry, akin to “black Maria” packed beside Ikeja Local Government Secretariat waiting to receive and lock up victims ‘offenders.’ They have so perfected their siege-craft as they roam stealthily to pounce on their human prey- pedestrians who cross the main road towards the railway line side of Ikeja along bus stop. Stan Akwute will never forget in a hurry his experience in the hands of the officials of KAI in the presence of New Telegraph when three KAI officials, two on plain clothes and one on uniform, tried to lift him into their lorry following accusation that he crossed the express road. Explaining to New Telegraph, what happened, Akwute said: “I alighted from the bus which parked in the middle of the road and I jumped out and walked straight to the edge of the road. All of a sudden, I was grabbed on my waist by a KAI official, saying I was under arrest for crossing the road. All attempts to explain myself failed and the other passengers who we were in the same bus tried to also explain too. They bluntly refused to heed to anybody’s right reasoning and continued in their attempt to lift me into their lorry. It was not until some group of men called the attention of another officer who appeared to be their superior and probably in charge of the team. He intervened after those group of men spoke to him. I was released.” An attempt to speak to two of the officers who were at the scene, Abraham A., and Akintola M., were turned down as they claimed that they were not permitted to speak to the press. Speaking to New Telegraph on the activities of these KAI officials at Ikeja along bus stop, Kunle Awesu, who sells recharge cards around the local government secretariat said: “It appears there is no government to monitor the activities of this agency called KAI any more. Every day, they do the same thing here. At times, they arrest innocent people who did not cross the road. They will accuse them innocently and drag unsuspecting passersby as victims into their waiting lorry inside the hot sun and after pleading and bargains and money exchanged hands, such victim is allowed to go.” Alero Jemila, a medical student at Lagos State Teaching Hospital, Ikeja, who once fell a

KAI officers effecting the arrest of a suspect

victim into KAI’s net, narrated her ordeal. “I alighted from my aunt’s car few metres away from the busy Ikeja along bus stop. My aunt decided to move far from the very busy bus stop in order to avoid being scratched by the commercial buses. On my way to towards the road path where people usually follow into Awolowo road, all of a sudden, I felt a hand on my shoulder and a male voice said behind me in a very rude manner, stop there, why did you cross the express way? I replied that I did not cross the express and I took time to explain to him how I got there. Rather than believe me, he started directing me towards their lorry. Because I was afraid and don’t know anybody and coupled with the fact that I was already running against time for my practical, I had to part with some amount of money quietly before he allowed me to go.” Another victim, Ejiro Saturday, also narrated his experience with KAI brigade officials at the same spot. He said: “The KAI officials had to literarily carry me on their

The KAI officials had to literarily carry me on their shoulder like a log of wood

shoulder like a log of wood after beating me to submission into their lorry because I crossed the express way. Some people who sympathized with me came pleading on my behalf and agreed to bail me out with the sum of N2,500, which I had to refund later to the gentleman who paid on my behalf before they could allow me off the hook.” Kola Aminu also had a very nasty encounter with the KAI brigade officers last Friday towards close of work. He wished that the agency could be scrapped. According to him, while speaking to New Telegraph, “I wish the agency could be scrapped because it appears it is operating on counter purpose of its establishment. My conclusion is based on the activities of these officers at this Awolowo road beside the Local government secretariat. My experience with them still left a bitter pill in my mouth. They claimed that I crossed the express road, whereas eye witnesses including the conductor of the bus that I alighted from who were there at the time tried to defend me to no avail. They bundled me

into their lorry and drove me off immediately to Alausa. At their office, I tried to explain but my explanations fell on deaf ears. I was made to pay a fine of N5,000, which was not receipted.” Aminu concluded that KAI officials mostly those stationed at the Ikeja Awolowo LGA and Ikeja along are there for illegal purposes. “Most of the arrest they make, at least, the ones that I know, cannot be justified. They work in collaboration with some local government officials. When the KAI officials are not around, the local government officials stand in for them, arresting people purported to have crossed the express road. At the end of the day, they have a corner in the secretariat where they gather to share their extorted monies.” Kick Against Indiscipline (KAI) is a law enforcement agency, a unit under the Lagos State Ministry of the Environment, established in 2003 by Senator Ahmed Bola Tinubu, the former governor of Lagos State. It was established to help keep Lagos State free of street trading.

LIFE \ MEGA CITY

WEDNESDAY, MAY 11, 2016 NEW TELEGRAPH

Bringing succour to Abule-Egba Oluwatosin Adepoju

s one of the evidence of the continuity mantra propagated by the current government of Lagos State, the construction of a dual flyover bridge has commenced at Abule-Egba junction in Agbado Oke-Odo Local Government Development Area of the state. It is going on with steady and rapid development. The construction of the reinforced concrete dual flyover bridge, which started by February 2016 and meant to take 16 months is seen as part of the state Governor Akinwunmi Ambode’s ongoing road and infrastructure projects across the state handled by the Lagos State Ministry of Works and Infrastructure in conjunction with Craneburg Construction Company to reduce the high density of traffic congestion in the area. Currently, the junctions have been blocked with a road closed symbol and a boring machine making holes for iron rod casing and filling of concrete by the mixing machine to make pillars which will hold the bridge. However, as the ongoing project kick starts, the movements of private and commercial vehicles have been obstructed as the road was blocked from the Abule-Egba busstop down to Oja-Oba bus-stop, thereby stressing passengers, who now trek a long distance before getting buses to their destinations. An alternate route has however been provided for motorists pending the completion of the project. According to Mrs. Funmilola Oke, a small scale trader along the road, ever since the commence-

ment of the project , it has not being easy coming to her shop as she now has to walk some distance before getting to her shop. “Before, we sold to motorists and passengers, who stop along this road to patronise us but now, our sales have been highly affected. There is nothing we can do since it is for the betterment of the people”. She said. Miss. Aremu Abosede, who is a sales representative of an iron rod company along the road, said that although the project is a good one, as it would benefit the people, it is affecting her business as there have been no sales since the commencement of the project and they are not being compensated. “There has not been passage for trucks to supply our goods and even if we get ready buyers, trucks cannot come in to convey the goods. There has been no income at all and the government did not provide alternative for us despite the fact that we are tax payers. I think the government or the construction company should patronise us as compensation for this loss, since they use iron rods in the construction process”. According to Mrs. Kolawole Omolayo, also a trader at the bus-stop, “the construction is a good project which would benefit all and sundry and reduce traffic congestion, although it is affecting my sales which has reduced ever since the commencement. Since there is no alternative, I implore the government not to extend the project beyond the stipulated period of completion.” Moreso, the traders and residents along the alternate route provided also complain about how the diversion has made the environment not conducive with air pollution and

Flyover construction site, Abule-Egba

traffic congestion which often affect their own activities. According to one Mrs Ogunshola, who owns a shop along the alternate route for motorists, “the road is now congested with consistent traffic. We cannot even park our cars in front of our shop and the continuous speed passage by vehicles makes the environment too dusty, although there have been little improvement

in sales. She also said that the government should help control this by providing other routes and more force officials and traffic wardens to regulate the movement of vehicles along the route.” All attempts to speak with the site engineer, a staff of the Lagos State government proved futile as he declined comment saying that he was not authorised to speak.

QUOTE

OF THE WEEK

“The appointment of Ambode is a major pointer to the fact that Nigeria and indeed Lagos, is open for real and serious investments,” Oliver Everett, Chief Executive Officer of Commonwealth Enterprise and Investment Council, CWEIC.

IN NUMBERS Lagos issues N1bn pension bonds to 260 retirees

MA Y

WEDNESDAY, MAY 11, 2016 NEW TELEGRAPH

FCT

Business What's new IBTC, CSL, 8 others trade N220bn shares

Tackling Nigeria’s dwindling FDIs

Money EFCC: Disquiet over banks’ probes

27 28

Rates Dashboard INFLATION RATE March 2016...............................12.8% February 2016............................11.4% January 2016..............................9.6%

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

EXCHANGE RATE

(BDC as at April 22)

(Interbank as at April 22)

USD . . . . . . . . . . . . . . . . . . . . . . . N321 Pounds . . . . . . . . . . . . . . . . . . . N464 Euro . . . . . . . . . . . . . . . . . . . . . . N364

l Foreign Reserves – $27.123bn as at 28/4/2016

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

Source: CBN

p.26

Nigeria, others to take delivery of $20bn used electronics p.26

L-R: Minister of State for Aviation, Sen. Sirika Hadi; Permanent Secretary, Mr. Sabiu Zakari; Chairman of Aviation Security Committee, Air Comomdore Hambali Tukur and committee members and officials of the ministry, at the submission of the committee’s report to the minister in Abuja.

Visa, MasterCard, others generate 227.08bn transactions in 2015 – Report COLOSSAL

The Business Desk

Debit, prepaid cards accounted for 54.63% of purchase transactions

Ayodele Aminu

Deputy Editor (Business)

Bayo Akomolafe

Asst. Editor (Maritime)

Sunday Ojeme

Asst. Editor (Insurance)

Tony Chukwunyem

Asst. Editor (Money Market)

Dayo Ayeyemi Property Editor

Adeola Yusuf Energy Editor

Wole Shadare Aviation Editor

Chris Ugwu

Capital Market Editor

Abdulwahab Isa Finance Editor

Taiwo Hassan

Industry, Agric & Brands Editor

Kunle Azeez

Senior Correspondent

Chuks Onuanyin Energy

Nnamdi Amadi Reporter

Johnson Adebayo

Asst Production Editor

Tony Chukwunyem

lobal general purpose cards Visa, UnionPay, MasterCard, JCB, Diners Club/Discover and American Express brands generated 227.08 billion purchase transactions at merchants in 2015, an increase of 16.1per cent over 2014, according to “The Nilson Report,” the top trade newsletter covering the card and mobile payment industries. Purchase transactions included all commercial and consumer credit, debit and prepaid cards. Visa cards, which include both Visa Inc. and Visa Europe, accounted for 55.52per cent of all purchase transactions worldwide. Debit cards with the Visa brand continued to account for the most purchase transactions with a share of 35.50per cent, followed by Visa credit cards with 20.02 per cent, MasterCard credit cards with 13.14

per cent, MasterCard debit cards with 13.13 per cent, UnionPay credit cards with 6.79 per cent, UnionPay debit cards with 6.00 per cent, and American Express cards with 3.21 per cent. JCB cards with 1.23 per cent overtook Diners Club/Discover cards with 0.98 per cent. Commenting on the results, David Robertson, Publisher of T “The Nilson Report,” report said, &quot; When consumers worldwide reach into their wallets for a payment card, over half of the time, they use a Visa card.&quot; UnionPay continued to have the highest percentage increase in purchase transactions. Last year UnionPay credit and debit card purchase transactions at merchants grew by 47.0 per cent. Its year-over- year growth of 9.28 billion transactions topped the 8.09 billion increase for MasterCard, but trailed an increase of 13.16 billion for Visa. Debit and prepaid cards accounted for 54.63 per cent of purchase transactions, up from 54.05 per cent in 2014. Visa purchase transactions were 63.95 per cent debit, up from 63.71 per cent. MasterCard purchase transactions were 49.98 per cent debit, up from 47.86 per cent. UnionPay purchase transactions were 46.90 per cent debit, up from 46.00 per cent.

$3.110trn Being the growth volume of goods and services in 2015

Purchase volume for goods and services, which excludes cash advances on credit cards and cash withdrawals on debit cards, grew by 18.0 per cent or $3.110 trillion in 2015. UnionPay debit cards were the most popular payment product based on purchase volume, followed by Visa credit cards, which overtook Visa debit cards. The fourth largest was UnionPay credit cards, followed by MasterCard credit cards, MasterCard debit cards and American Express credit cards. Credit, debit, and prepaid cards in circulation totalled 10.25 billion at the end of 2015, up 8.2 per cent over year-end 2014. UnionPay accounted for 53.07 per cent of global brand cards in circulation, up from 52.09 per cent, followed by Visa with 28.95 per cent, down from 30.23 per cent, MasterCard with 15.35 per cent, up from 14.96 per cent, American Express with 1.15 per cent, down from 1.18 per cent, JCB with 0.91 per cent, down from 0.93 per cent and Diners Club/Discover with 0.56 per cent, down from 0.60 per cent. Of the total cards in circulation, 75.94 per cent were debit, up from 74.61 per cent. Debit cards in circulation grew by 716.3 million compared to a 61.4 million increase for credit cards.

DOMINANCE Ten stockbrokers are responsible for 60.97 per cent of the total value of transactions year-to-date Chris Ugwu

en leading stockbroking firms in the Nigerian capital market ended the first four months of this year with an exchange of 64.942 billion shares worth N220.032 billion. Statistics available to New Telegraph showed that the top 10 stockbrokers are responsible for 60.97 per cent of the total value between January 1, 2016 and April 4, 2016 Also, the stockbrokers are responsible for 69.97 per cent of the total volume during the period under review. Further investigation revealed that Stanbic IBTC Stockbrokers Limited dominated with 11.99 per cent or N43.283 billion exchanged for 3.835 billion shares. CSL Stockbrokers Limited followed with a record of N38.025 billion or 10.54 per cent exchanged in 4.048 billion shares. Rencap Securities Limited accounted for N28.975 billion or 8.03 per cent invested in 1.893 billion shares. Greenwich Securities Limited traded N25.253 billion or seven per cent recorded in 26.857 billion shares, while FBN Securities Limited accounted for N23.367 billion or 6.48 per cent in 1.575 billion shares. EFCP Securities Limited traded N23.351 billion or 2.47 per cent while Vetiva Capital

HAZARDOUS Global waste market sector has grown to $410 billion per annum Bayo Akomolafe

WEDNESDAY, MAY 11, 2016 NEW TELEGRAPH

BUSINESS |news

here is fear by the United Nations Environment Programme (UNEP) that Nigeria, Ghana, Togo and some developing countries would become dumping grounds for used electronics valued at $20 billion by 2017. In its report, UNEP said that the countries will host some 50 million tons of electronics such as athode ray, televisions, fridge, computers, mobile phones and freezers with ozone depleting substance. It listed the other countries to include Indonesia, India, Malaysia, Pakistan, Vietna, Côte d’Ivoire, Guinea, Sierra Leone, Tanzania, Benin and Senegal. The electronics are being shipped from Europe, North America and Asia to Africa. It said that Europe and North America were the largest producers of electronic waste. According to the report, UNEP explained that each ton is worth around $500. It added that 90 per cent of world’s electronic waste was either being illegally dumped or

IBTC, CSL, 8 others trade N220bn shares Management Limited staked shares worth N10.306 billion or 2.86 per cent exchanged in 6.785 billion shares. Chapel Hill Denham Management Limited traded N9.599 billion or 2.66 per cent while Africa Alliance Stockbrokers Limited exchanged N9.203 billion or 2.53 per cent and Cardinal Stone Securities Limited trailed with N8.663 billion or 2.40 per cent. In an effort to stimulate demand and engender competition in the stock broking community, the management of the Nigerian Stock Exchange had, in September 2011, introduced the ranking of the brokers by transaction value and volume. Market analysts have identified volume of transactions as

a major challenge facing stockbroking firms in Nigeria. According to them, there are a few stockbrokers working with these foreign institutions who collectively control the major volumes traded in the market. Market watchers believed that the dominance of these brokers appears to be the reason why they are dictating the tune in the Nigerian market for now and so anytime they start buying, the bulls return and when they stop buying and take their profit, the bears take over again, hence one of the reasons for the back and forth movements observed in the market so far. The dominance has also made some firms inactive,

thereby leading them to commit market infractions. This might not be unconnected with the management of the Nigerian Stock Exchange’s intention to get tough with any dealing member firm that is not active for six consecutive months by revoking their operating licenses. The Nigerian Stock Exchange (NSE) had blamed most of market infractions being committed at the Nigerian stock market on low capitalised brokers. The Chief Executive Officer, NSE, Mr. Oscar Onyema, said at a forum that there was need to place a high barrier to entry, adding that minimum requirement would increase professionalism and make

the market to become globally competitive. “It is the smaller brokers that commit most of the infractions because they are not robust enough to do the business. This is economically nonviable due to its low scale and pricing power. We benchmark ourselves against other Exchanges and we discovered we have low market concentration, low retail penetration and low institutional flows because of fragmented broker as against other markets that have the participation of global players,” he said. This, according to him, has made the market become unattractive to big players, as well as limits the size of the market.

L-R: Country Manager, Emirates Airline, Mr Manoj Nair; Grand Winners of Emirates FA Competition, Masters Alao Olamilekan and Alfred Chiedozie, with Sales Manager, Emirates, Mrs Mary Gbobaniyi, at the presentation of tickets to the winners, in Lagos.

Nigeria, others to take delivery of $20bn used electronics traded in those countries. The report stressed that the global waste market sector from collection to recycling was estimated at $410 billion a year, excluding a very large informal sector. The report said that final destinations of the waste vary across Africa as Ghana and Nigeria bear the brunt of the waste delivery. The UNEP report also pointed out that in 2012 alone, an estimated 500 containers of second hand electronics were imported to Nigeria every month from Europe, with each holding 500 used computers. It further noted that over 75 per cent of the containers came from Europe, approximately 15 per cent from Asia, five per cent from African ports, mainly Morocco and five per cent from North America. The report revealed that the quantity of goods, such as electronics and laptops, being dumped reached 41 million ton worth $19 billion in 2015. UN Under-Secretary-General, Achim Steiner, said: “We are witnessing an unprecedented amount of electronic waste rolling out over the world. Not only does it account for a large portion of the world’s non-recycled waste mountain, but it also poses

a growing threat to human health and the environment due to the hazardous elements it contains. “The export of hazardous waste, which includes electronics from inside the European Union to non-European Union states, is expressly forbidden, but criminals will often falsely declare it as second-hand goods in order to have it shipped off to developing countries after they have been contracted to safely dispose of it.” The under-secretary general added that mixture of large- and small-scale smuggling techniques were used all over the world through major smuggling hubs in South Asia One of the major causes of the waste problem is inconsistency in regulations between exporting and importing countries, especially around the definition of hazardous waste, the report explained. Steiner further said: “E-waste recycling is flourishing in many parts of the world. South Asia and Southeast Asia appear to be major regional destinations, including, but not limited to, China, Hong Kong, India, Pakistan and Vietnam. In West Africa, common, but not limited destinations are Ghana, Nigeria and Benin, among others.”

Audit abandoned capital projects, FG tasked Dayo Ayeyemi

he Federal Government has been urged to conduct audit of all abandoned projects in the country in order to hasten their completion. According to stakeholders who spoke on a national television programme, such abandoned projects include roads, rail, power and dams, among others. Leading the crusade, President of the Nigerian Institute of Quantity Surveyors, Mrs Mercy Iyortyer, advocated a comprehensive audit of all abandoned projects in the country to serve as guide for a holistic programme by all tiers of government. Iyortyer said the call has become necessary so as to save the country from such monumental waste usually associated with abandonment of capital projects. Also, a lecturer at the University of Abuja

and former Director of National Planning Commission, Dr. Nazif Darma, stated that such audit and completion programme for such projects would tally with the change mantra of the current administration. According to him, appraisal and programme for the completion of the abandoned capital projects would spin off job opportunities for the teeming unemployed citizens in the country. Former Governor of Abia State, Dr. Orji Uzor Kalu, one of the panelists, said that more of quantity surveyors services needed to be employed by all tiers of government for effective implementation of capital project so as to avoid abandonment, which has been a bane of development. It would be recalled that many road projects in the country have been abandoned by contractors due to dearth of fund.

WEDNESDAY, may 11, 2016 NEW TELEGRAPH

fct business watch

Tackling Nigeria’s dwindling FDIs sub-components recorded any investment: loans, which accounted for $241.81 million or 91.09 per cent of other investment, and other claims, which accounted for $23.66 million or 8.91per cent. In contrast to other investment types, Foreign Direct Investment (FDI) recorded a quarterly increase in the first quarter of 2016, from $123.16 million to $174.46 million. As a result, its share of total capital importation increased from 7.91 per cent to 24.54 per cent, although it remained the smallest part of imported capital. FDI is dominated by equity, which accounted for $173.73 million in the first quarter, or 99.58 per cent of FDI. This share represents an increase relative to the previous quarter; as a result of equity increasing by 43.60 per cent relative to the previous quarter, and other capital declining by 66.60 per cent.

Nigeria recorded dismal inflow of Foreign Direct Investments (FDIs) in the first quarter of this year. ABDULWAHAB ISA reports that strict execution of the 2016 budget and revamping of infrastructure could turn the tide

he Executive Summary report of FDI detailing investment inflow within first quarter of 2016 released last week by the National Bureau of Statistics (NBS) did not end on a cheering note. While a detailed version of FDI report is expected to be put out any moment soon, the NBS preliminary report in facts and figures showed the country’s FDI dwindled in first quarter of the year due to several factors, but mainly investors’ apathy to the operating business environment . Unfavourable business climate Major activities that played out in the early part of this year were drawback of happenings in 2014 and largely 2015. The carryovers of challenging activities in 2015 that rolled into 2016 included slump in crude oil prices at the global market, the dwindling reserves; tumbling in the value of local currency, the naira, which itself is rooted in slump in crude oil prices and activities of the insurgents’ (Boko- Harram) in the Northern part of the country. Another vital challenge was poor infrastructure facilities especially power supply, which almost grinded to a halt. The lack of stable power in the country forced major giant industries such as Dunlop, Michelin tyres and many others to re-locate their bases from Nigeria to neighboring countries. Dwindling FDI Going by NBS executive report, Nigeria’s FDI had been witnessing a consistent drop beginning from previous years before first quarter of 2016. However, the report indicated the drop in first quarter of 2016 was the worse in the last nine years with a total value of capital imported into Nigeria amounting to $710.97 million, the lowest level since the series began in 2007. This represents a decline of 54.34 per cent since the final quarter of 2015, and a year-on-year decline of 73.79 per cent. The NBS report noted: “The scale of the decline in capital importation in the first quarter of 2016 is symptomatic of the challenging period that

Minister of Finance, kemi Adeosun

the Nigerian economy is going through following the fall in crude oil prices. “Although there are number of reasons why the amount of capital imported in recent years may have been higher than usual (such as the inclusion of Nigerian in the JP Morgan Bond Index, and globally low interest rates triggering a search for higher yields over this period) the fact that the amount of capital imported has dropped to a record low, suggests that there are further reasons why Nigeria has attracted less foreign investment in recent quarters. Investors may be concerned about whether or not they will be able to repatriate the earnings from their investments, given the current controls on the exchange rate. In addition, as growth has slowed in recent quarters, there may be concerns about the profitability of such investments”. First quarter of 2016 saw a large change in the composition of capital imported. There was quarterly decline in portfolio investment of 71.55 per cent (also the largest quarterly fall on record), which accounted for 38.12 per cent of total capital imported, compared to 61.18 per cent in the previous quarter. Other Investment also recorded a sharp quarterly decline of 44.84 per cent, which prevented its share from rising higher than that of portfolio investment. Whereas Other Investment accounted for 30.91 per cent in the final quarter of 2015, this share had risen to 37.34 per cent in the first quarter of 2016. Foreign Direct Investment remained the smallest component at 24.54 per cent, despite being the only component to record a quarterly increase in investment (of 41.65 per cent).

Minister of Industry, Trade and Investment, Okechukwu Enelamah

Nigeria would not accede to currency devaluation because the country is not exporting any item that can put her in competitive position

FDIs’ ranking For a fair and better assessment of foreign investment inflows during the period under review, NBS in its recent report categorised FDIs in three components. They are, Foreign Direct Investment (FDI), Portfolio Investment and Other Investments, each comprising various subsectors. For instance, in the first quarter of 2016, the largest component of capital importation was Portfolio Investment, accounting for $271.03 million, or 38.12 per cent of all capital imported. The largest subcomponent was equity, which accounted for $201.69 million, representing 74.41per cent of portfolio investment and 28.37 per cent of total capital imported. Equity has been the largest part of portfolio investment in every quarter since 2007. Although it remains the largest subcomponent, this is despite contributing the most to the decline in portfolio investment. Equity recorded a quarterly decline of 74.54 per cent, and a yearly decline of 82.30 per cent. The second largest subcomponent of Portfolio Investment was Money Market Instruments, which accounted for $67.85 million, or 25.03 per cent of portfolio Investment, despite recording a quarterly decline of 57.62 per cent. In contrast to the same quarter of 2015, Bonds was relatively unimportant, accounting for only 0.55 per cent of portfolio investment. This followed a year-on-year decline of 99.79 per cet, from $705.12 million to $1.50 million in the first quarter of 2016. The second largest component was Other Investment, which accounted for $265.48 million, or 37.34 per cent of all capital imported. As in the final quarter of 2015, only two

Foreign policy influence In their various reports on economy forecast, both the World Bank and the International Monetary Fund (IMF) in proposing solutions to solving Nigeria’s economic challenges, advocated adoption of liberalised exchange regime and halting of oil subsidy by government. For instance, the World Bank ,in one of its recent reports called on the Federal Government to remove the subsidy on petroleum products, stating that the uncertainty about the fuel subsidy, in addition to its negative impact on Nigeria’s economy, has strongly discouraged investment in domestic oil refining. It added that the best time to remove fuel subsidy is now when global crude oil price is at its lowest level, noting that the bank foresaw continuous decline in global crude oil price. Similarly, the IMF has been consistent in its demand on the Nigerian government to devalue naira as against price fixing. The IMF had advised the Central Bank of Nigeria (CBN) to relax its forex policy, which restricts some 41 items from accessing CBN official window for their import. But this is one proposal the current regime of President Muhammadu Buhair is hesitant to adopt. On many occasions, President Buhari had said that Nigeria would not accede to currency devaluation because the country is not exporting any item that can put her in competitive position. Conclusion No doubt, Nigeria’s economy has suffered from lots of strains, which have culminated in the dismal inflow of FDIs. However, it’s not a hopeless situation. With 2016 budget signed and complimented with meticulous but gradual revamping of infrastructure and sustained improvement in power supply, the lost FDIs will trickle in.

WEDNESDAY, MAY 11, 2016 NEW TELEGRAPH

BUSINESS |MONEY

EFCC: Disquiet over banks’ probes

Recent raids by the Economic and Financial Crimes Commission (EFCC) on some banks’ headquarters could worsen the industry’s already difficult business milieu, writes TONY CHUKWUNYEM

ast Tuesday, shares of Fidelity Bank fell by 5.98 per cent to close at N1.10 per share, as investors reacted negatively to reports that top officials of the Central Bank of Nigeria (CBN)’s compliance unit had swooped on the lender’s headquarters in Lagos as part of investigations into a $115 million cash deposit deal that the second tier lender had allegedly failed to report to the Nigerian Financial Intelligence Unit (NFIU) as required by the law. An apex bank official was reported by a news agency as saying that the visit was to compare transaction documents and to find out if the cash lodgement was duly reported in line with the Money Laundering (Prohibition) Act. Under the Bank and Other Financial Institutions Act (BOFIA) and Money Laundering Act, banks are mandated to report unusual transactions to the NFIU. The banking watchdog’s officials’ visit came on the heels of the detention of the bank’s Managing Director/Chief Executive Officer, Nnamdi Okonkwo, as well as its Head of Operations, Martins Izuogbe, by the EFCC over suspicion that the $115 million was part of funds received from the former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, allegedly for bribing officials of the Independent National Electoral Commission (INEC) during the 2015 elections. Although Fidelity Bank insisted that the transaction was duly reported to the appropriate agencies, as required by law, it went ahead to issue a statement, announcing the appointment of Alhaji Mohammed Lawal Balarabe, as its Acting Managing Director/ Chief Executive. According to the statement, “In the absence of the Managing Director/ Chief Executive Officer, Mr. Nnamdi Okonkwo, the Board of Directors has appointed Alhaji Mohammed Lawal Balarabe, Executive Director, North, as Acting Managing Director/Chief Executive of Fidelity Bank Plc, with immediate effect subject to regulatory approval. “The bank reassures all its stakeholders, including over 400,000 shareholders and 3.4 million customers, of its continued seamless services.” However, the ripples generated by the EFCC investigation of Fidelity Bank had hardly died down when officials of the anti graft agency were last Wednes-

Wigwe

day sighted at Sterling Bank’s headquarters in Lagos. There are unconfirmed reports that their visit was also in connection with funds that the bank allegedly received from the former minister of petroleum resources. In a statement, the bank confirmed the visit of officials of the EFCC to its corporate head office. It, however, described the visit as routine and stated that the officials of the agency had a two-hour meeting with its Managing Director and Chief Executive, Mr. Yemi Adeola. It assured its customers and other stakeholders that it remained committed to upholding the highest tenets of corporate governance and was cooperating with law enforcement officials in their ongoing investigations. And just last Friday, as financial analysts were beginning to wonder how widespread the EFCC’s investigations of banks’ role in the alleged money laundering activities of Mrs. Diezani Alison-Madueke would be, news broke that that the Commission’s officials stormed the headquarters of Access Bank and allegedly took away the tier one lender’s Group Managing Director (GMD)/Chief Executive Officer, Mr. Herbert Wigwe, who was later released around 2.am on Saturday following the intervention of the Oba of Lagos, Oba Rilwan Akiolu; the immediate past Group Managing Director Access Bank, Mr. Aigboje AigImoukhuede and the publisher of one of the most influential newspapers in the country. EFCC set to widen probe Speculation is mounting that the anti-graft agency is set to extend its investigations to other key lenders in the industry. Indeed, according to an unconfirmed online report, the

Okonkwo

EFCC is currently looking at a leading tier one bank and focusing on the lender’s alleged role in laundering over $1 billion for the National Security Adviser’s office during the tenure of Colonel Sambo Dasuki, who is on trial for allegedly channeling billions of dollars of security funds into private hands. The news agency, which also mentioned another tier one bank connected to the alleged deal, reported an EFCC source as saying that the agency was likely to invite more bank MDs for questioning.

The EFCC would inflict severe damage to the banking industry with its approach to investigating financial transactions

Industry watchers’ concern However, while these developments have undoubtedly gripped the public’s imagination in recent weeks, financial analysts and industry watchers who spoke with New Telegraph at the weekend expressed worry over how the EFCC was going about its investigation of banks’ alleged role in helping former political office holders to launder stolen fund. One of the leading financial experts in the country, who did not want his name in print, said the EFCC would do severe damage to the banking industry with its approach to investigating financial transactions. “Honestly, there should be some element of decorum in the way the EFFCC is going about its investigations – especially when it concerns banks. There should be some discretion. “The banking industry is built on trust and when your depositors seem threatened and no longer trust you as a bank, then that institution is finished,” he said. The expert said the CEOs of these financial institutions would have been invited and it is only when they do not honour such invitations that the operatives could now move in.

“We are not in a military regime; the EFCC is operating as if we are in military regime. They should just take it easy because the banking industry is very fragile. And the moment your depositors feel threatened and no longer trusts you, that is the end,” he added. Similarly, a financial analyst and Principal Consultant, Henates and Associates, Mr. Henry Atenaga, said the EFCC’s actions could lead to people losing trust in banks. He said: “The fact is that banks’ relationship with their customers is primarily based on trust. Banks ordinarily do not like disclosing confidential dealings with their clients. It is not as if one is endorsing slush funds and all that, but the truth is that with these raids, many people are going to think twice before lodging sizeable deposits with banks.” He pointed out that the cashless policy and its restrictions on withdrawals and deposits was already making banks to have issues with some of their customers, adding that the EFCC’s actions could further discourage such customers. “Again, I am not endorsing slush funds or helping politicians to hide stolen money, but I can tell you that people will always find ways of transferring money without passing through the banking system,” he stated. Another financial analyst, who spoke on condition of anonymity, said that the EFCC appears to be abusing its powers. According to him, “you may not know that you are doing anything illegal. If someone at the EFCC suspects that maybe, you might be doing something wrong, you can be arrested and your assets can be frozen. Before you are put on trial or given the opportunity to defend yourself, the EFCC would have leaked information to the media and people would assume that you are guilty.” CBN’s assurance Apparently in a bid to calm the growing unease over EFCC’s raids, the CBN on Monday issued a statement informing bank customers and other stakeholders that it was also involved in the investigations. According to the CBN, “some of these investigations are routine and only relate to isolated transactions, therefore it is important to state that the safety and soundness of the Nigerian banking industry remain strong.” The apex bank pointed out that financial system stability remained one of its key priorities and assured customers and stakeholders that it would not allow the banking system to be used as a conduit for any illicit transactions. Conclusion But a top official of a tier one bank, who did not want to be named, argued that unless the EFCC was restrained by government, the agency could deterioCONTINUED ON PAGE 29

BUSINESS |MONEY

WEDNESDAY, MAY 11, 2016 NEW TELEGRAPH

Idika Kalu: Why previous diversification failed CLARIFICATION Infrastructure deficit hindered past attempts

Stories by Tony Chukwunyem

igeria’s huge infrastructure deficit in key areas such as power and roads thwarted efforts made by previous administrations to diversify the economy, a former

Minister of Finance, Dr. Kalu Idika Kalu, has said. Speaking on a Channels Television programme, he said that contrary to generally held belief, past administrations made significant efforts to diversify the economy but that the progress that was recorded could not be sustained because of challenges of inadequate infrastructure as well as lack of access to credit. He said: “We have diversified in the past, but we never consistently followed through on it. You need the necessary infrastructure: power, water and good roads. Also, you can’t

diversify if your exchange rate is not right and if your interest rate structure is not right.” The respected economist, who served as Finance Minister in two different administrations, also called for a review of the current forex policy. He said: “It is unbelievable that a country of our size has the kind of exchange rate divergence that we have. The exchange rate does not reflect the size of the Nigerian economy.” He argued that the solution to the current weakness of the naira was not devaluation, but a policy reset that could in-

volve getting the average between the official and the parallel markets exchange rates of the naira to the dollar. He stressed that in order to be able to effectively address its present economic challenges, the country must mobilise all its resources and should not hesitate to access funds from multilateral organisations. Minister of Finance, Mrs. Kemi Adeosun, had last week revealed that the main economic strategy of the President Muhammadu Buhari administration is to diversify the economy and cut wastage in government’s spending. L-R: Chairman, House Committee on Capital Market & Institutions, Yusuf Tajudeen; Managing Director/CEO, FMDQ OTC Securities Exchange (FMDQ), Mr. Bola Onadele. Koko, and Deputy Chairman, House Committee on Capital Market & Institutions, Tony Nwulu, during FMDQ’s visit to the House of Representatives Committee for Capital Market and Institutions, in Abuja.

IDB, UNDP partner to promote sustainable devt

he Islamic Development Bank (IDB) and the United Nations Development Programme (UNDP) have reiterated their commitment to eradicating poverty through the Sustainable Development Goals. According to a statement issued by the bank, UNDP Administrator, Helen Clark, will provide a keynote speech during this year’s IDB’s Governors’ Forum themed: “Leveraging Innovation for Sustainable Development in IDB Member Countries.” The Forum, which is a discussion platform for finance ministers from IDB member countries and other global experts, will take place on May 18, 2016, during the IDB Annual Meeting in Jakarta, Indonesia (May 15-19, 2016). In his remarks, President, IDB Group, Dr. Ahmad Ali, said: “Ms. Helen Clark is an astute administrator and an advocate for development intervention in education, health and improving governance structures around the world. She has vigorously contributed in the global effort to eradicate poverty through the Sustainable Development Goals. “Strengthening innovation

in our member countries is a top priority for IDB. I thank Ms. Clark for being part of the IDB Annual Meeting in Jakarta,” Dr. Ahmad Ali stated. “Innovation is about using the most up-to-date concepts and means available to get the best development results,” said UNDP Administrator, Helen Clark. “At UNDP, we are seeing more and more governments embracing innovation as a way of accelerating development and making it more participatory.” After the Governors’ Forum, Dr. Ahmad Ali and Ms. Helen Clark will sign a Memorandum of Understanding (MoU)with a joint action plan in order to strengthen the collaboration between the two leading development institutions.

AfDB to unveil strategies for Africa’s transformation

he African Development Bank (AfDB) Group will unveil its new agenda for the continent’s economic transformation at this year’s Annual Meetings scheduled to take place from May 23-27 in Lusaka, Zambia. In an Annual Meetings preview video message, Akinwumi Adesina, who will be presiding over his first Annual Meetings since assuming office as the bank’s 8th president on September 1, 2015, said that participants will examine a host of burning issues in Africa as well as focus on the bank’s five new priority actions – “the High 5s” – designed to scale up its operations for the continent’s transformation. These are: Light up and power Africa, Feed Africa, Industri-

Disquiet over banks’ probes CO NT INU E D F RO M PAGE 2 8

rate to a level that would see it begin to blackmail banks. He said: “We have seen it happen before during the Military era. They know that banks are very sensitive about bad publicity and would not want

She said that previous administrations in Nigeria failed to build savings while the country enjoyed massive revenue from high price of oil globally and this put the country in a tight condition when the oil price fell. The minster said: “What we are now trying to do is reset the economy so that we never end up in this situation again; and how do we do that? We have to have a more diversified economy, a more diversified revenue base. If you look at oil, its only 13 per cent of our GDP but it represent 70 per cent of government’s revenue, which means if anything happens to oil, it affects everybody. “The question we are trying to now resolve is; the remaining 87 per cent of GDP, why is it contributing so little to government’s revenue? If we are able to have those other revenues, which are much more stable, predictable and less volatile, then if the oil price goes down, we’ll be able to maintain some level of stability.” She pointed out that unlike previous budgets, 30 per cent of the 2016 budget had been set aside for capital expenditure and would cover areas like power generation, roads, rail and housing. Significantly, Adeosun’s predecessor, Dr. Ngozi Okonjo-Iweala, had said in 2014 that the nation needs $8 billion annually to bridge the huge gap in its public infrastructure.

to be associated with allegations of corruption, especially at this time. For this reason, they are arm-twisting banks to refund money legitimately earned so that they (EFFC) can tell government that they have recovered a lot of the country’s stolen wealth.”

alise Africa, Integrate Africa, and Improve the quality of life for the people of Africa. “Each of those is high on the agenda in Lusaka,” Adesina said. He noted that the three issues would take a quantum leap forward, as the bank unveils new strategies and a programme to create 25 million jobs for young people over the next decade. “All of them need to be debated and owned, as much by governments, as by business, as by civil society, as by the press, as by the people of Africa. The agenda is huge: We want to see nothing less than the social and economic transformation of Africa. We want to unleash massive potential – for Africa and for the world,” he emphasized. A central theme of the discussion will be energy, considered to be the continent’s Achilles’ heel and the central theme of the Annual Meetings –‘Energy and Climate Change.’ This topmost priority of the High 5s speaks to the Bank’s determination to tackle the severe energy deficit in the continent where 650 million people don’t have access to electricity. Governors, usually Fi-

nance or Economy Ministers, representing the 54 African and 26 non-Africa member countries of the Bank Group will review its 2015 operations report and approve its activities and budget for the coming year. In 2015, the Bank Group made loans and grants of USD 8.8 billion, a 25per cent increase on 2014. During the high-level meetings and thematic forums, participants will make in-depth assessments of the performance of Africa countries in the past year and envision how the Bank can help them cope with the difficult economic situation they face due to the global economic downturn and the fall in commodity prices. Despite the prevailing “economic headwinds”, the continent has demonstrated extraordinary resilience, posting growth rates of 4 per cent, a percentage point higher than the global average and even higher in some countries in 2015, President Adesina said. “The Annual Meetings are the Bank’s window on the world. They showcase its operational work; its knowledge work; its advocacy work; and its convening power,” Adesina said.

WEDNESDAY, MAY 11, 2016 NEW TELEGRAPH

BUSINESS | Investor

lthough the capital markets offer an alternative long-term financing source, but currently, the share of SMEs financing through capital markets is rather small in Nigeria and other African countries. Governments and regulators have also made efforts to promote the financing of SMEs through equity markets. In different parts of the world, SME markets have been established under the main Exchange or as separate Exchanges where listing criteria and disclosure requirements are eased. Some of these models failed, whereas other successful models were introduced in developed and emerging market countries. Private equity and venture investments can also be important tools for the financing of young and small enterprises. These investors usually not only finance the company, but also bring in expertise and know how. Venture investors may choose to finance such initiatives through capital markets by issuing collective investment vehicles. The development of capital markets that SMEs can tap into is one of the policy challenges under the pillar of diversified financing modalities, which requires more sophisticated and innovative institutional arrangements in order to respond effectively to their real needs. Challenges The continent’s Small and Medium Enterprises (SMEs) unlike their counterparts in developed economies are perceived as a highrisk segment of the market for banks when it comes to lending. Unstable macroeconomic policies further make banks to be conservative about exposure to them because of their higher failure rate. Although there are provisions for short-term loans but they are usually made available to larger enterprises perceived to be credit worthy. According to reports, in Nigeria for instance, even the previous public-sponsored financing programmes failed to make the desired impact due largely to high default rates. Few domestic equity sources for SMEs exist due to their inability to meet listing requirements. Despite the widely acknowledged role of small and medium scale enterprises in fostering economic growth and development, they have continued to face a variety of constraints. Some of the challenges they face are inadequate infrastructural facilities, shortage of skilled manpower, high rate of enterprise mortality, low level of entrepreneurial skills, lack of conducive operating environment, restricted market access and cumbersome regulatory requirements. However, a key problem for SMEs is the issue of access to finance. SMEs, especially in developing countries, suffer from lack of access to appropriate funds from both the money and capital markets. This is due in part to the perception of high risks resulting in high mortality rate of the business, poorly prepared project proposals, inadequate collateral, absence of verifiable history of past credits and lack of adequate historical records of the company’s transaction. SMEs are vital for economic growth and development in both industrialised and developing countries because they play a

Trading floor

Tackling stock market liquidity with SMEs It is important to bridge the financial gap in Small and Medium Enterprises (SMEs), which is key to the development of capital markets, writes CHRIS UGWU and forth movements that is being observed in the market so far.

key role in creating new jobs. They need adequate financing to meet needs at each stage of their life cycle, from creation through operation, development, restructuring, recovery and beyond. Regrettably, Nigeria’s dwindling economy is not helping most of the SME operators to optimise their potentials. Whereas, SMEs grow at almost twice the rate of Gross Domestic Product (GDP) in most markets across Asia and Middle East, Nigeria’s case is very different. This is because a cursory look at trading activities at the ASeM equity market showed that it has either remained flat or recorded marginal upswing or downswing both on market capitalisation or index. Why growth is stunted This slow growth of SMEs has given room to a situation where foreign investors still held sway in the nation’s local bourse. Market watchers are worried that if domestic investors are not expanded, the local bourse might face similar situation it witnessed during the global financial meltdown of 2007 and 2008. The aftermath of the meltdown saw nation’s capital market lose huge funds, as the Nigerian Stock Exchange’s All-Share Index fell from a height of 66,000 basis points in March 2008 to less than 22,000 points by January 2009. Also, over N8trillion or 70 per cent of the total market capitalisation of the Exchange was wiped out during this period. Analysts had noted that one of the major causes of the crash in the Nigerian capital market in 2008 was the massive exodus of foreign investors from the equities market. They believed that the dominance of foreign investors appears to be the reasons why they are dictating the tune in the Nigerian market hence, anytime they start buying, the bulls return and when they stop buying and take their profit, the bears take over again. This has been one of the reasons for the back

We must encourage our entrepreneurs to come and create more businesses and employ people

Preference for SMEs Worried by the dominance of foreign investors in the African’s capital markets, market operators have stressed the need for expansion of local institutional investment capacity to attract more retail participation and spur activities in the primary market segment. They noted that it is important for stock exchanges in the continent to encourage SMEs, which forms the bulk of local investors to help boost liquidity in the system. The experts linked the current state of depression in the equity market to sell down by foreign investors who account for over 58 per cent of market transactions. This formed one of the resolutions by African market operators at a capacity building seminar held on the local bourse recently in Lagos. The stakeholders in the African capital markets at the seminar stressed the need for stock exchanges in the continent to have preferential treatment to SMEs. This, they noted, will ensure more liquidity in the markets and grow retail investors. Speaking on the theme, “Addressing Liquidity Concerns in African Markets” at a capacity building seminar on the Exchange in Lagos, they said that local investors could finance most of the funds raised by listed companies. Chief Executive Officer of Renaissance Capital, Mr. Femi Popoola, pointed out that currently, most Exchanges favour institutional investors due to large the capital involved in the transaction, which according to him, may not grow retail investors. He said: “The conversation is always different with foreign investors because there is bigger transactions. Once they (foreigners) exit the market, the country will feel it.” Chief Executive Officer, Compass Securities Limited, Mr. Emeka Maduibike, said that the population of Africans that in-

vest in the continent are very low compared to developed countries. Also, the Chief Executive Officer of United Capital, Mrs. Toyin Sanni, urged the African stock exchanges to support Collective Investment Scheme to thrive in the market. “I don’t know why it has not been getting support. We need sponsors to succeed,” she added. The Chartered Institute of Stockbrokers had said that the Nigerian capital market was in need of entrepreneurs to boost activities and reposition the market for global competitiveness. The stockbrokers, who spoke under the aegis of the Committee saddled with the responsibilities of executing the 2015 Stockbrokers’ Annual Conference, noted that no capital market could thrive without the participation of entrepreneurs who have the capacity to bring their companies for listing on the stock exchanges. Speaking on the roles of entrepreneurs, Managing Director, Fortress Capital, Mr. Yomi Adeyemi, explained that Africa has many entrepreneurs that could compete globally. According to him, there is so much that Africans could do on their own. “We need to promote our entrepreneurs. As the present administration tries to tackle social problems, including unemployment, the roles of entrepreneurs become more glaring. We must encourage our entrepreneurs to come and create more businesses and employ people,” he said. Conclusion It should be noted that foreigners are businessmen. Their motivation is profit with purely capitalist tendencies and so, they tend to gravitate towards markets where their profit motive is actualised. It is, however, high time the various processes that have been put in place both by the regulators and other decision makers in the capital market are implemented to encourage and ginger the expansion of local investment base in the nation’s capital market.

WEDNESDAY, may 11, 2016 NEW TELEGRAPH

About 24 million ferry passengers using the Lagos waterways annually are at the mercy of amateur pilots and rickety boats. BAYO AKOMOLAFE reports that the regulators lack the capacity to enforce rules and safety standards

maritime

NIWA, LASWA lack skill to regulate waterways

tatistics by the Lagos State water guard revealed that two million people use the Lagos waterways every month. From a mere 494,010 passengers in June 2010, the number of passengers using the state’s waterways had grown to two million as at April 2016. For instance, since the beginning of this year, over eight million passengers have been ferried to various destinations by some uncertified sailors operating in chaotic and disorderly manner in the state’s 57 jetties and 12 routes. Water routes The water routes under the supervision of LASWA include Ikorodu-Marina/CMS; Marina – Mile 2; Ikorodu – Addax/Falomo; Ikorodu-Ebute Ero; Marina-Ijegun Egba-Ebute-Ojo; Mile 2 – Marina/CMS-Mekwen-Falomo and Badore – Ijede. Others are Badore – Five Cowries; Marina – Oworonshonki; Ebute Ojo – Ijegun Egba; Oworonshonki – Five Cowries and Baiyeku – Langbasa. Already, over 50 people have lost their lives between January and April 2016 due to lack of control and safety standard as operators are allowed to operate without best practices. Challenges It was learnt that rickety boats operating with fake life jackets have infiltrated the state’s waterways. Other challenges faced in the state waters include inferior quality of networks, inadequate planning and coordination, malfunctioning equipment and inadequate furniture, lack of capacity and qualified personnel, safety standards and security, environmental issues, research and technology. The Managing Director, LASWA, Abisola Kamson, an engineer had complained that managing the waterways operators had been very challenging to the authority. She added that another challenge being encountered by LASWA on waterways was the clash of interest between it and the National Inland Waterways Agency (NIWA) in the past. But she noted that the problem had been addressed by Governor, Akinwunmi Ambode, who conveyed a meeting between the two agencies in Abuja in a bid to find a lasting solution to the clash of interests as to who con-

Some boat passengers without life jackets on Lagos lagoon

trols the waterways in Lagos. Guidelines As part of efforts to sanitise the system, the state waterways authority decided to introduce some guidelines. The rules include deployment of good boats, engine speed limit, general safety measures and insurance for passengers and certified captains piloting the craft. The managing director noted that operators would be given a period to comply with the new guidelines, after which government would begin strict enforcement of the guidelines. Kamson said that plans were underway to ensure that captains piloting the jetties were duly certified after retraining in order to streamline the waterways system and make it more effective and safe. Solution Kamson said that the water guards of the authority had been providing statistics on a daily basis on the number of passengers patronising the waterways. According to her, now that LASWA and NIWA had resolved their differences, they would partner to ensure that the waterways are safe. She said that the two regulating agencies would be holding a stakeholders’ meeting with operators in the system to unveil new operating guidelines to them. Kamson said that the authority was working closely with the marine police in order to monitor the waterways and make it safe, adding that plans were underway to ensure that jetties and boat op-

Government should engage technical personnel to manage the water ways

erators not licensed by the state government are not allowed to operate on the waterways as such would constitute security threat. To achieve this, the managing director explained that LASWA was planning to channelise the waterways to enable boat operators sail on a particular route instead of navigating all routes indiscriminately. This would also enable the authority to monitor the number of approved water craft plying certain route. Kamson said that the authority had engaged the services of locals to clear the hyacinth from the water manually. In addition, she said that government was planning to procure mechanised equipment to clear the hyacinth from the waterways, noting that the is-

sue of water hyacinth obstructing movement on waterways was not peculiar to Nigeria as Los Angeles in the United State encountered similar problem. She appealed to Lagos residents to desist from dumping refuse and open defecation in water, as such practice could impede movement on waterways. Kamson said that government had spent huge money to clear all the debris from the waterways. Conclusion Government should engage technical personnel to manage the water ways. Also, there should be proper policing and regulation of water transportation in the state to curb robbery and untimely deaths from rickety ferries and boats.

Nigeria to lose N800m over auto policy, say shippers

igeria would lose over N800 million yearly if the auto policy is not simplified, Shippers Association Lagos State (SALS) has said. President of the association, Mr. Jonathan Nicol, who said this, urged government to simplify the auto policy in order to improve port activities. He said that the Port and Terminal Multiservices Limited (PTML), renowned for vehicle imports, would be shut down if government fails to

review the auto policy. Also, Nicol urged the Federal Gover nment to review import policies, especially the forex restriction on 41 items. He said that the forex restriction policy had rendered activities low at the ports and impacted negatively on importers, freight forwarders and other port users. The president noted that removing the forex restriction would enable many industries to produce at least 80 per cent installed capacity and revamp the local industries.

business \ maritime

WEDNESDAY, may 11, 2016 NEW TELEGRAPH

NIMASA to IOCs: Engage Nigerians in hydrocarbon shipping DEFENCE

Agency moves to protect marine environment from the adverse impact of oil exploration and other commercial activities Stories by Bayo Akomolafe

he Nigerian Maritime Administration and Safety Agency (NIMASA) has urged the International Oil Com-

panies (IOCs) to engage eligible Nigerians in the lifting of the country’s hydrocarbons currently being shipped by foreign companies. Director General of the agency, Dr, Dakuku Petersides, in a statement, said he would assist the indigenous operators in building the capacity in order to participate more actively in the shipping of the country’s oil and gas resources. He spoke at a workshop on “Local Content Implementation in the Nigerian Oil and Gas Industry: A Cost Reduction

Strategy,” organised by the Petroleum Technology Association of Nigeria (PETAN) on the sidelines of the 2016 Offshore Technology Conference (OTC) in Houston, Texas, United States of America. The director general noted that the maritime sector in Nigeria was the soul of the country’s economy. He decried a situation where all of Nigeria’s oil and gas resources were freighted by foreign vessels. Peterside gave assurance that NIMASA would enforce its statutory re-

sponsibilities in the area of preserving and protecting the marine environment from the adverse impact of oil exploration and other commercial activities. The director general warned that NIMASA would no longer tolerate a situation where IOCs renege on the payment of levies due to the agency, as enshrined in its enabling instruments. He said: “Apart from the fact that most of the oil and gas exploration, which is the major revenue earner of the country, are done in the maritime

environment, vessels are needed to transport these products from one point to the other, making the maritime sector integral to the whole economic process. Presenting a paper titled: “Local content and cabotage regime implementation in the Nigerian oil and gas industry as a cost reduction strategy,” Peterside noted that the oil and gas industry in Nigeria would not truly develop unless the maritime sector grew with it. He called on investors to commit more resources to building local

content in the maritime industry. Also, the NIMASA boss explained that an investment in this regard would certainly be mutually beneficial to all parties. Peterside stressed the need for skilled manpower to spearhead the development of the nation’s maritime industry. Meanwhile, the director general has led a delegation to a meeting with the United States Commercial Service, West Gulf Maritime Association and the Texas Southern University, Houston at the University’s campus to highlight the potential in Nigerian’s maritime sector. He said that the vastness of its coastline and huge population called for greater collaboration with international partners to grow skilled indigenous manpower for the development of the Nigerian maritime industry, which is capable of taking over from oil as the country’s highest revenue earner. He said: “The agency will need the expertise of the Texas Southern University in shore based technical training of maritime sector personnel to improve on its capacity to regulate maritime activities in Nigeria and stimulate the necessary growth the sector requires.

Customs seize N26.4m contraband

he Nigeria Customs Service (NCS), Federal Operations Unit, Zone A, has intercepted 1,499 bags of rice and 3,071 cartons of poultry products estimated at N26.41 million. In a statement by the command’s Public Relations Officer, Mr. Uche Ejesieme, Controller of the unit, Umar Mohammed Dahiru, explained that the smugglers obviously took advantage of the roughness and inaccessibility of the terrain to perpetrate their nefarious activities. He said that the consignments were loaded in five trucks at the Government Warehouse Annex, Ikeja. Dahiru said that the unit’s anti-smuggling surveillance team led by Deputy Superintendent of Customs, Ohagwu Jude, invaded the volatile terrain of Iteku waterside, based on an intelligence report that smugglers were using the axis to illegally bring in rice into the country.

business \ maritime

WEDNESDAY, may 11, 2016 NEW TELEGRAPH

Oil price rout: Pirates switch to kidnapping INSECURITY The Gulf of Guinea is the third most dangerous maritime area in the world

•Sea robbery hits $719.6m

Stories by Bayo Akomolafe

irate gangs in West Africa are switching to kidnapping sailors and demanding ransom rather than stealing oil cargoes. It was learnt that it had become difficult to sell stolen oil because of the low oil prices, which is less profitable. In an annual report from the US foundation, Oceans Beyond Piracy (OBP), some ransome, up to N80 million ($400,000), were paid to pirates in the Gulf of Guinea in 2015. The study estimated that the costs related to piracy and armed robbery in 2015 in the Gulf of Guinea were $719.6 million, 61 per cent of which was borne by the industry. It stressed that the 2014 cost was $983 million, 47 per cent of which was borne by the maritime sector. The report revealed that in 2015, the Gulf of Guinea was the third most dangerous maritime area globally. It noted: “Since January 1, 2016, there has been a 36 per cent increase in reported incidents compared to the same

Containers at port

period in 2015, while the number of people kidnapped from ships already matches the total for the whole of 2015.” It added that the region was the most dangerous in the world for seafarers, with pirates becoming more violent. The OBP report added that a total of 32 seafarers had been kidnapped so far this year com-

pared to 15 in 2015. Kidnapping for ransom took place mainly in the oil-producing areas off Nigeria’s coast, it noted. The report also noted that there was a sharp drop in oil theft last year, due to improved patrolling of Nigeria’s waters, and the fall in oil prices making it less profitable.

Smuggling: Customs seek Navy’s support

he Nigeria Customs Service (NCS), Zone A in Lagos, has urged the Nigerian Navy to support its anti-smuggling operation at sea. The Zonal Coordinator in charge of Zone A, Assistant Comptroller General of Customs (ACG), Charles Edike, made the call when he received the newly appointed Flag Officer Commanding (FOC), Western Naval Command, Rear Admiral Ferguson Bobai, in his office. Edike according to a statement, said that it would be impossible for Customs to effectively tackle smuggling on the waterways alone without the support of the Navy. He noted that the collaboration with the Navy had led to numerous seizure of contraband items in the past and called for more support to enable it achieve its mandate on national security. The zonal coordinator said: “There is no way we can man the entire coastline in the country effectively. Even if you bring all customs officers in Nigeria to man the coastline, we cannot cover all effectively because there are thousands of creeks here and smugglers know the terrain. “It is with your support and cooperation that we can effectively handle smuggling through the waters and do more than we are doing now.”

Edike urged the Navy to assist customs to end midstream discharge of cargoes. According to him, “there is limit to which our boats can go to the sea but you can go far into the sea. So, when you see these vessels doing midstream discharge, please arrest them and bring them to us.” Earlier, Bobai said his visit to the zonal headquarters was to build on the existing relationship between customs and the Navy. He agreed to work with the zone in line with its mandate. He noted that one of the responsibilities of the Navy was to assist customs in its duties, especially in anti-smuggling operation at sea. Bobai noted: “Having assumed command as the flag officer commanding, I felt it was very appropriate for me to come and see you and your officers so that we can deepen the already existing cooperation between the navy and the customs. “Since the customs cannot go alone to police all the creeks, we will come in to fill the gap because it is our responsibility as navy to help customs enforce their laws at sea.” Bobai also solicited the support of the customs towards the forthcoming Damond jubilee celebration of the navy scheduled to hold soon.

It said: “The pirates loot the vessel as well, sometimes spending a few hours aboard. They then escape with the three or four crew members who will be held onshore during negotiations. “In most cases, victims were held on small islands in Nigeria’s Niger Delta region. The same pirate gangs responsible

for these attacks are likely the same groups responsible for kidnapping and violence in the Niger Delta.” According to Giles Noakes of Baltic and International Maritime Council (BIMCO), a lot of people are dying from piracy, nowhere near that number died in the last few years in the Western Indian Ocean.

NPA to convert port to fisheries terminal

he Nigerian Ports Authority (NPA) has resolved to liaise with the Infrastructure Concession Regulatory Commission (ICRC) and other stakeholders to turn the Kirikiri Lighter Terminal 2 into a modern fishing terminal. Managing Director of the authority, Habib Abdullahi, also sought the support of the commission in reviewing concession agreements of ports in the country during a meeting with the Director-General of the ICRC, Mr. Aminu Dikko. The managing director according to a statement also suggested that the ports could be decongested of containers by using them to export solid minerals and agricultural produce to other parts of the world. Abdullahi explained that agricultural export could be achieved through the ports, if there were rail lines linking the port ter minals to transport agricultural produce. According to him, political will on the part of the government will go a long way in the port sector.

He said that the review of the concession agreements would boost activities at the ports and would give room for more investors to participate in port development. Also, the managing director noted that the development of access roads to Lekki Deep Seaport project would simplify business transactions. He called for the dredging and maintenance of water channels at the Calabar and Warri ports through the Public-Private Partnership (PPP). Responding, director general, ICRC promised to fully support NPA in its drive to achieve its set goals. Dikko noted that NPA could only attract investors through the ports’ master plan. He explained that the master plan would inform investors on the activities of the authority and the nation as a whole and guide them where to invest their money. He commended the authority for setting up a PPP unit and assured that the ICRC would help to build capacity of staff.

WEDNESDAY, MAY 11, 2016 NEW TELEGRAPH

Literature

Arts

A scene in Bishop Bassey

Ebere Ameh

playwright feels fulfilled when his creative output meets the obligation of theatre practice. For one who has been away for eight years from the University of Abuja, as Chief of Staff to the former Governor of Benue State, Rt. Hon. Dr. G.T Suswam, it was a home coming being in the theatre watching the performance of Bishop Bassey, one of his plays. Bishop Bassey was performed by the 300 level students of the Department of Theatre Arts, University of Abuja, at the Open Air Theatre, Gwagwalada recently. It was a Practical Class Workshop performance which focuses on the topical issue of unemployment plaguing the Nigerian youths as an issue desirous of urgent attention by the political class. The play tells the story of a university graduate, Bassey, who has been unemployed for about five years after graduating from the university. He resorts to creating one for himself through the use of the knowledge acquired from the university, being a Theatre Arts graduate. He sets up a church along with his friend Dede, but as the Church thrived, Bassey double crosses Dede and decides to keep all the proceedings from the Church offerings to

We have Ore but invest Nothing and other poems

Yacim: Why we staged Bishop Bassey for practical class workshop himself and his wife. He is however killed by hired assassins. The wife survives since she was not at home when the assassins came to commit the dastardly act. However, the playwright ends the play without giving us a clue as to what happened to the wife after the demise of her husband. Did she continue with the church business or she closed it? Perhaps Prof. Gbilekaa like our foremost playwright and poet, Professor J.P.Clark Bekeredemo may provide his audience with a trilogy.

TONY OKUYEME ARTS EDITOR

tony.okuyeme@newtelegraphonline.com

Yacim

In a chat with Roseline Yacim, the director of the play, as to why the choice of such a play, she explains that it was informed by the simplicity in language and the contemporaneity of the theme. Her words: “We decided on a very simple text (script) but with relevant meaning to the audience. Bassey’s creative idea should be seen as an inspiration, we are not saying people should follow suit by establishing churches because of offering collection but I can tell you that these things are really happening so we decided to echo the playwright’s voice by turning the written text into a performance text.” One can attest to the thrill the audience had with the one-hour production. From the beginning of the play to the end, the audience had a fun-filled evening with active participation. The entrance of some of the actors like the Usher played by Natasha Daudu due to her unique back view, costumed in a black tight fitting trouser and black jacket laced with a camisole on a pair of high-heeled shoes, drew thunderous ovation. This gave her naturally endowed back view to the audience each time she goes to pick the offering basket. The main character, Bishop Bassey played by Anthony Lawrence also gave the audience the transformation they never expected. From being an unemployed graduate wearing a pair of shorts and a faded tee-shirt in his first appearance, then in the following scene transformed to a man of God in an immaculate white suit and white shoes preaching on a pulpit with so much energy as he gyrates from

one part of the stage to another in the Church scene. The costuming of Sister Kehinde which is a blue lace ‘buba’ and ‘iro’ with a blue ‘gele’ to complement played by Kemi Babafemi who is also of the Yoruba race was another unique type-casting with the delivery of lines in the Yoruba accent. The costume of the orchestra and choir was another beauty to behold. The orchestras dressed in white shirts and black trouser with a bow tie made out of the costume of the choir. The songs used throughout the performance were creations of the students though with familiar tunes. The creativity exhibited by these students gave one a promising future for the arts as these budding artists in the near future will be stars in their own right if they keep up with the spirit of what was showcased at the performance. The Ochestra also performed the same role as the chorus in Greek plays as passive observers, commenting and anticipating the action of the principal characters without intervention. The lighting effect was quite unique. However, the effect of using light to divide the stage, where we have the Managing Director along with his Secretary in the same scene, but a clear demarcation showing two offices with the use of some lighting effect was awesome. One would have expected a partitioning to show the two offices but the demarcation was clearly carried out by the lecturers in the area of Lighting and Design, Dr. Adakole Oklobia and Mr. Segun Abodunrin.

ART

WEDNESDAY, MAY 11, 2016 NEW TELEGRAPH

Alade emerges AFWN ambassador NEWS

Moses Kadiri

or Afro pop singer, Yemi Alade, whose hit single, Johnny was an anthem among Nigerians when it was released, her emergence as the brand ambassador Africa Fashion Week Nigeria (AFWN) and Africa Fashion Week London (AFWL) is an opportunity to let Nigerians and the world know what she is about. The talented and beautiful songwriter who has been recording successes since she announced her presence in the Nigerian music landscape, after winning the maiden edition of Peak Talent Show in 2009, said: “It is one thing to come in the limelight under the umbrel- L-R: Creative Director, Africa Fashion Week Nigeria (AFWN), Oyebade; Ademiluyi; Yemi Alade and Director General, la of music and it is another Nigerian-German Business Association (NGBA), Ms. Jennifer Anoyika, during the unveiling of Alade as the 2016 brand thing to be in fashion industry; ambassador in Lagos I do fashion a lot, some people platform to build and promote call my fashion sense African. AFWN and (AFWL), Ronke them to an international stanPeople have different name for Ademiluyi, disclosed that Yemi dard.” my fashion style and I think Alade was chosen because she The Creative Director of this is one of the opportuni- represents Africa. “This year, we chose someone AFWN and AFWL, Sola Oyebode, ties to show people who I am reveals that there will be five about. We all know that there who embodies the true African shows, where new designers will is no music without fashion woman. A strong, intellectual showcase for the first time as well and no fashion without music, and musically inclined woman; and an opportunity for them to it extent to music videos among her music reflects what is good, what is great and what is best break into the industry and gain others. a bigger platform. “I didn’t see it coming but it is a about the motherland. We could not have found a better person “Each year, we keep discoverstepping stone fashion wise.” ing new designers, which is one of No doubt, the Abia state born to represent the African Fashthe things that make it so exciting. musician who has shared the ion Week Nigeria and London We are the only platform in NigeHer music stage with both international brand. She is known to the world ria that give designer’s platform and local acts like Mary J. Blige, as Mama Africa, but known to us reflects to showcase in a big show even Shina Peters, Timi Dakolo, and as Yemi Alade.” Ademiluyi hints that the band though they are just starting, this what is others, is a great addition to the year, we are going to increase the Africa Fashion Week brand as has showcased over 200 emerggood, what number of models we have several she will surely bring a lot of en- ing brands in Nigeria. “What we is great and before.” ergy and drama to the upcoming started then as a small brand to The Coordinator of the AFWN scheduled to hold in July satisfy a niche, has now gone on what is best brand, Abiola Aloba notes that at the Eko Hotel and Suites, Vic- to become an award-winning, which is well recognised globpromising, emerging talents about the toria Island, Lagos. discovered each year, add“I will also be showcasing ally. The brand is the biggest motherland are ing that some designers who are, some of my collections dur- platform in Europe, showcasing “extraordinarily good, but don’t ing the show. I might be taking African designers and Africanhave the means to show their tala bold step in the fashion in- inspired fashion,” she explains. She reiterated that the popuents. This is the only brand in dustry, this is like preparation the country that discovers new meet opportunity and there is larity and success of the brand talents,” he said. possibility that I will extend in London was what triggered “What we have done is to crethese collections that I am go- them to bring the brand home ate a platform that encourages ing into,” the songwriter and to Nigeria. “From the word go, our mannew talents. We are calling on singer says. designers to come on board so Speaking on the choice of tra was to discover young new that we can showcase them. Yemi Alade, the Founder of exciting brands by providing a

Redefining African design exhibition

he outstanding architecture of the city of Lagos was the focus of a week-long design exhibition organised by the African Alliance for New Design (AAND) as part of activities for Open House Lagos, held at A WhiteSpace, Ikoyi, Lagos. The exhibition which ended last Sunday showcased the outstanding architecture of the city. It featured a selection of built and design works from cmD+A, MOE+ Art Architecture and SI.SA, three exciting design led practices. The African Alliance for New Design - a neoteric collective of designers looking to establish a fresh wave of African Modernism - is an initiative by three dynamic architects - Tosin Oshinowo, Seun Oduwole and Papa Omotayo- who seek to explore and promote the value of good design. It was birthed out of a desire to define a new narrative where architecture goes beyond mere building and function, to investigation of the social and psychological impact of architecture on our environment.

Redefining African Design and Architecture pix

AAND aims to drive this initiative by informing society on the time tested role of architects as protectors of the built environment and visualisers of the future. AAND seeks to create dialogue and improve communication between professionals, students and the public on the importance of good design. Co-founder of AAND, Tosin Oshinowo said: “We are a group of Archi-

tects who are aligned in terms of aesthetic language, urbanism, culture, product design and other topics of interest. We have come together to form AAND to bring and create awareness about the growth of creativity within the profession that is not fully being acknowledged in the wider public realm in Nigeria.” Speaking further on AAND’s philosophy, Seun Oduwole explained that “African Modernism is a vehicle to change our environment for the better, to improve life conditions, socially and economically, culturally and politically, to enhance equal opportunities for everyone through successful built work, open spaces and infrastructure”. There are plans by the Alliance to hold a design workshop for students later in the year, as part of its aims to add value to the next generation of architects. The AAND exhibition is supported by Open House Lagos, The British Council and AWCA.

Adamolekun’s autobiography, I Remember for launch

Remember, an autobiography of Professor Ladipo Adamolekun, will be presented to the public at the Nigerian Institute of International Affairs (NIIA) Hall, Kofo Abayomi Street, Victoria Island, Lagos, on Thursday. Published by Safari Books Limited, I Remember reveals the life and times of Adamolekun, his rise from a humble background to a distinguished career in academia and public service. He pulls back the curtains on the riveting recollections of his beautiful family heritage; his transition as a young promising lad with a passion for reading to a fulfilled adult who, through his doggedness and sheer dint of hard work, blazed the trail as a student at the University of Ibadan, Obafemi Awolowo University and Oxford University and reached the pinnacle of success in his careers – teaching at Ife, which peaked at a professorship at age 36, and public Administration consultancy to several Pan-African and international bodies. The six-part book covers his early years; his educational maturation at Ibadan, Ife and Oxford; his “Ife Years” devoted to teaching, research and academic administration, as well as several national and international engagements; his “World Bank Years” of multidimensional development work; and his activities in retirement as an “Independent Scholar”.

Your Ad Here project in Lagos

inal phase of the Your Ad Here project, which is an exhibition of submitted entries from the Your Ad Here open call competition, holds at A Whitespace, Ikoyi, Lagos. The competition called for artists from all over Nigeria to propose new artworks that represents daily life in Nigeria which was to be fabricated and installed as an outdoor billboard in Lagos. This Exhibition will include the winning artwork “Generatorpolis” designed by Lanre Lawal and 12 other shortlisted artworks including commissioned artwork by Nick Waplington, Matt Stokes and Karo Akpokiere. It would be recalled that out of 41 entries, the British Council announced the winning artwork titled ‘Generatorpolis’ by Lanre Lawal. This artwork is currently installed on a billboard on the Third Main Land Bridge Ring Road. #YourAdHere is a major project bringing together people living and working in Lagos and Abuja in Nigeria with British artists to create new art works that will be pasted on billboards in Lagos State. This exhibition follows an open call competition for artworks and a design workshop that took place in both Lagos and Abuja titled the Art of Billboards where participants explored the important of public space as a site for art.

LITERATURE

We have Ore but invent Nothing and other poems

rof. Remi Raji’s “Lovesong for my waste land” is where poetry intersects drama. The Poet uses action with purgation of emotion in the prologue. The thematic preoccupation of the poet literary motif hinges on the concept of land and its symbolic and metaphoric importance to the people. There is a story in our history. The Poet has been to the market place of thought. The poetic lines ride the wings of the clouds and beat the drum of peace. Truth will always challenges the tongue of lies. It is not normal when abnormality becomes the order of the day. Wanton waste of our natural resource is the paradox for the love song. The country consumes what it does not produce and produces what it does not consume. There is more than meets the eyes with these poetic lines. The Poet urges the people to fight for their collective request. Changes can only come when the people know that they are part of the system. We have to dialogue to put an end to the labyrinth of violence. We have to dialogue to correct some mistakes of the past. The land has witness The Years of the Elephant - when music was made out of the skulls of men. When two elephants fight the grass suffer it. Those who say the truth become the palace soup. The Year of the Wolf - all that was saved became food for phantoms and bandits. The Year of the Dog- Everybody barked after the band and now party of bandits. The Year of the Hyena - The Hyena claimed all our limbs except for those who spoke with their legs. The way in and out of the forest is identical. The Poet writes in “In The Beginning of Season”: what does the farmer think / when to sleep, how to harvest or what to plant? / There is a land where thirst runs through the river / p 15. This river belongs to us. It is our collective inheritance. But this river of oil is our bane of disintegration. The laughter and smile that meet peoples’ face is fake. The land is famished. The Poet buttresses in “We have Ore but invent Nothing”: We have rain but hate to plant / We have the heat and the glory of the rainbow / But we kill our own suns with hurtful glee / The earth swoons in the farmers hands / But all we do is rape the land/All we know is maim the mind / All we plant are epitaphs for the dead/p19 It is those who work that the earth support. The rain brings food to the earth. In the Year of the Elephant- People work like elephant and eat like ant. The upland sun

Book title: Lovesong for My Waste Land Author: Remi Raji Publisher: Bookcraft Year of Publication: 2005 Pages: 78 Reviewer: Oladipo Kehinde

ssss

nourishes the plants yet the farmer gaze at the sun from the window of his heart. Our can we sing the songs of victory when our voice is stolen? How can we protest when bags of rice tame our hungry mouth? What can we make out of it when we sing the national anthem in fear? The Poet put across in “Why would I Think of Love in Times of War”: why would I talk of tenderness when the argument in the rafters can start a fire? / Why would I peddle laughter in a parox-

Book stand

ysm of pain? P22. We are living in a country where everybody is a talking solution. Nobody wants to take action. Action they say speaks louder than words. Enough of false rhetoric; let leaders lead. We have paragon of failed promises. If you were the solution would you tell us the answer without excluding the question mark? We are tired of lies. In “Ten Monarchs, Ten Seasons” the Poet writes: Believe the lies and query the truth / or strangle the truth and embrace the lie / Your life shall be long / We have not reached the threshold / But the crossroads are multiplying daily / Ten Monarchs, Ten Seasons / p27. Change can only come to the land when we collectively take away power from those misusing it during the election. The state of the country is that of Victorian sensibility: a country not strong enough to divide and too weak to be united. We are not motivated to learn from the past. This is not the land our fore father’s envision. This is not the dream of the land. Tears from the eyes of the young and old; terror terrorising the peace and unity of the land. When will this land become a bride again? In “There Can be no argument on where I Stand”, the author asks these salient thought provoking questions —“Who stole the secrets of oil from the rack of Forcados? / Who at night decimated the harvest of Kano’s pyramids / And started the ululation and the curse in the morning? / Who burnt the trees of wealth: rubber, cocoa, kola and palm / Which sprawled the land and crossed many rivers? / Who bled the bellies of caves and aborted earth? /p28”. This collection of poems is an overflow of powerful recollection of the past. The land is kind enough to tell her stories of rape and wanton waste of her resources.

What we are reading

POETRIP

Edge of Knowledge Oladipo Kehinde

Chimamanda Adichie’s Americanah is a big book and it’s interesting. It’s about racism. It’s a book that covers very wide expanse of landscape, terrain and cultural experiences. I like it because it is quite original. What intrigues me, in fact I am trying to do a paper using that book and a few other books, and what I found in it is a kind of transcultural experiences, what I describe as trans-culturalism.

The Sisters Brothers by Patrick DeWitt is a remarkable novel in the comic tradition. The book is remarkable in many respects but especially so because it manages to keep a brisk pace while inserting philosophical milestones along the way. The author has a new book available and I have already placed an order for it. I can’t recommend the book enough.

TONY OKUYEME ARTS EDITOR

tony.okuyeme@newtelegraphonline.com

WEDNESDAY, MAY 11, 2016 NEW TELEGRAPH

Prof. Akachi Adimora Ezeigbo

Ade Ipadeola

I am the teacher I am the student In the school of Life The voice of my words Beats the drums of my ears Voice of reason From the school of wisdom I gather words from the clouds The moon tides with starry dreams I welcome the wings of dawn With the voice of my lips With my eyes I cover the distance between times To the house of knowledge I am the teacher I am the student In the school of life We have come a long way dancing to the rhythm of hidden syllables

BUSINESS |Money Line

WEDNESDAY, MAY 11, 2016 NEW TELEGRAPH

RenCap: Rising inflation’ll cause more naira devaluation ●Forecast interest rate hike to 16%

PREDICTION Inflation projected to hit 16.7% by year end Stores by Tony Chukwunyem

nalysts at Renaissance Capital have said that the recent rise in the rate of inflation could lead to a further depreciation of the naira. In a note made available to New Telegraph yesterday, the analysts listed the naira along with the Angolan kwanza, Ethiopian birr as African curren-

cies that are overvalued, and as such, are likely to be devalued. As the analysts put it, “In Nigeria, we see inflation continuing to accelerate owing to fuel and FX shortages (we forecast inflation of 16.7per cent at YE16), and we project a further 4-ppt interest rate hike this year (to 16per cent by YE16). This implies interest rates are likely to remain negative or, at best, just slightly positive. We think there is also a risk that weak growth could limit rate hikes. It is for these reasons we think the Nigerian naira – with an FX rate implied by its long term aver-

age Real Effective Exchange Rate (REER) of NGN255/$ – is at high risk of depreciating.” They also advised dealers to own the Ugandan shilling and the Ghanaian cedi (postelection), because according to them, these currencies are undervalued and most likely to appreciate. The analysts said, “We take the fair value to be the FX rate implied by a currency’s longterm average REER. We argue that an undervalued currency in a country with positive real interest rates, owing to tightening monetary policy, is

ForexRally to open offices in Abuja, P’Harcourt

s part of efforts to ensure that more Nigerians are able to access its services, online broker, ForexRally, is planning to expand its operations to the Federal Capital Territory (FCT)Abuja- and Port Harcourt. Chief Executive Officer, Forex Rally, Mr. Artem Trofymenko, stated this at a press conference cum award ceremony in Lagos yesterday, which the firm organised to reward winners of its “1st Nigerian Trading Championship.” The Forex Rally boss said the company was particularly interested in expanding its operations in Nigeria because of the immense potential of the country especially its huge vi-

brant youth population. He said, “I see an unlimited potential in this country. What I like about Nigeria is the entrepreneurial drive of the people. Most people are interested in business. We want to have offices in Port Harcourt and Abuja because we want to reach more young people.” He disclosed that in addition to offering world class trading platform to its numerous clients, the company also paid a lot of emphasis on boosting financial literacy in the country. “We decided to focus on education because you cannot really succeed in the financial market without getting the right education,” he said. Also speaking at the event,

the Business Development Manager of the company, Mr. Michael Akinwale, noted that there are a lot of opportunities in the country’s forex trading sector, adding that Forex Rally was out to ensure that Nigerians were adequately educated and informed on the opportunities that exist in the sector. He pointed out that the company was the first to introduce the naira trading platform in the country as well as the N5, 000 no deposit bonus initiative. The award ceremony saw several winners going home with exciting prizes including Mr. Henry Williams who won the star prize of a brand new Toyota Hilux.

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

N19,142,526.05m N18,579,219.49m 12.8 12 10.77 US$44.17 US$26,832,830,869

Mar, 2015 Mar, 2015 Mar, 2016 23/03/2016 Mar 2015 10/5/2016 9/5/2016

Tenor (Days) Call 30 90 180

FGN Bonds

TTM

Price 104.54 114.58 111.91 120.62 109.79 100.32 83.54 97.16

1.06 3.23 3.86 5.81 7.94 9.80 14.30 18.29

NIBOR

Rate (%) 4.2500 8.2420 10.1127 11.7162

Bid Yield 10.45 10.54 11.61 11.43 12.23 12.43 12.49 12.54

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

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

Price 104.69 114.88 112.21 120.92 110.09 100.62 83.84 97.46

Tenor (Months)

Offer Yield 10.30 10.44 11.52 11.36 12.18 12.38 12.44 12.50

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

NITTY

Rate (%) 5.1731 6.4137 7.3300 8.8857 9.6247 10.5416

1 2 3 6 9 12

Treasury Bills

Spot($/N)

Offer 199.24

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

Money Market

Change (%) 0.00 ↔

NIFEX

Spot($/N)

Bid 199.0000

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

196.00

197.00

Adeosun: FG to restructure govt spending

he Minister of Finance, Mrs. Kemi Adeosun, yesterday reiterated the resolve of the Federal Government to redefine spending in order to get maximum impact. The Minister, who was a guest at the Ogun State Investors’ Forum, holding in the state capital, said during a panel discussion on the economy that the current administration is determined to ensure that going forward, government spending in Nigeria will achieve maximum impact. Noting that government spending in previous years had been ineffective and not directed in the right areas, the Minister reiterated the focus of the government on investing in critical infrastructure to enable growth. During her remarks, she

Chris Ugwu

Maturity Date Discount Bid Yield Change (%) Discount Offer Yield Change (%) Rate (%) 7.34 7.47 -0.35 ▼ Open-Buy-Back (OBB) 3.75 30-Jun-16 7.59 7.73 -0.35 ▼ 6-Oct-16 8.37 8.12 8.47 -0.24 ▼ Overnight (O/N) 4.25 8.74 -0.24 ▼ 16-Mar-17 9.40 10.32 0.04 ▲ 9.15 10.02 0.04 ▲ Bid 199.14

surised consumer prices. According to the analysts, the rising transport costs and seasonality as well as forex restrictions, were driving costs of food and staples and perishables. Similarly, analysts at Access Bank’s Economic Intelligence Group, last weekend, forecast the inflation rate (year-onyear) to rise to 13.4 per cent in April 2016 from 12.8per cent recorded in March 2016. The analysts said, “Our expectation for higher inflation rate is based on an anticipated upward movement in the food sub-index and in the core sub-index. The persistent fuel scarcity across the nation may have contributed to the general increase in food and transportation prices. The significant uptick in prices from items such as tomatoes, vegetables, meat, bread and cereals will likely push inflation rate for the month of April higher,” the analysts added.

highlighted the fact that Nigeria is not an oil economy. Although oil accounts for 70 per cent of revenue, it constitutes only 13 per cent of our gross domestic product. “By fully harnessing the potential of our non-oil sectors, we can create a more diversified and resilient revenue base, which would provide the necessary fiscal buffers to insulate the economy against the impact of external shocks in the future”, the Minister stated. Adeosun also spoke on the need for the Federal Government to play its role so that states can focus on their core functions. According to her, the Federal Government will level the playing field by removing rent-seeking opportunity to unleash entrepreneurial activity and job creation.

UBA advocates inclusive devt in E’Africa

Source:CBN

Description 15.10 27-APR-2017 16.00 29-JUN-2019 15.54 13-FEB-2020 16.39 27-JAN-2022 14.20 14-MAR-2024 12.50 22-JAN-2026 10.00 23-JUL-2030 12.1493 18-JUL-2034

most likely to appreciate over the next 12 months. Of the 11 African currencies we looked at, we found that the Ghanaian cedi (GHS), after the December elections, and Ugandan shilling (UGX) fit these criteria. Uganda cut its policy rate by 1 ppt in April, but it still has one of the highest positive real interest rates in the region (11per cent). However, deeper rate cuts in Uganda would undermine the UGX.” Analysts at Financial Derivatives Company Limited (FDC) had last week predicted that inflation would rise to 13.2 per cent in April from the 12.8 per cent recorded in March. They pointed out that this would be the fourth consecutive monthly increase in 2016. They attributed the expected increase in April inflation to the lingering fuel scarcity, which according to them, hurt economic activities and pres-

0.00 ↔

Offer 199.1000

Change (%) -0.08 ▼ -0.08 ▼

Change (%) 0.00 ↔

nited Bank for Africa (UBA) is committed to deploying more resources to its East African subsidiaries in Uganda, Tanzania and Kenya. The lender in a statement also promised to further enhance the capacity of the UBA subsidiaries in financing development initiatives in the region. These were the outcomes of separate meetings in Kampala by the UBA Group Chairman Mr. Tony Elumelu with President Yoweri Museveni and Governor of the Central Bank of Uganda, Mr. Emmanuel Tumusiime-Mutebile. The Chairman of UBA Uganda Dr. Eric Adriko and other members of the Board of UBA Uganda accompanied Elumelu. “We are deeply committed to the markets in which we operate and have established a strong track record of supporting critical infrastructure and other development initiatives that drive inclusive growth and job creation, ” said the UBA Group Chairman. He informed the President

and Central Bank Governor of the Group Board approval to boost the operating capital of its East African subsidiaries, including UBA Uganda. “This move will strengthen their capacity to explore and finance emerging opportunities in the entire region. East Africa is a good investment destination for the UBA Group,” Elumelu stated. The Governor of the Central Bank of Uganda said: “I have every confidence in UBA at the meeting just as President Museveni indicated that the Ugandan government would be pleased to work with UBA on collections and other mutually beneficial areas in infrastructure financing and mobile payments when he met with the bank’s Board at the Presidential palace in Entebbe”. Though the protracted weakness in commodity prices has impacted many African economies, the UBA Group said that it remains optimistic especially as governments of various African countries embark on macro economic reforms to stabilise and diversify their respective economies.

WEDNESDAY, MAY 11, 2016 NEW TELEGRAPH

BUSINESS |Financial Market News FMDQ Daily Quotations List

10-May-16

Bonds FGN Bonds

Price

Rating/Agency

Issuer

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

Issue Date

Coupon (%)

Outstanding Value (₦’bn)

Maturity Date

TTM (Yrs)

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

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

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

581.39 480.13 20.00 100.00 300.00 351.30 233.90 576.93 605.31 719.99 266.02 75.00 150.00 200.00 591.57 1075.92 80.00

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

0.27 0.96 1.21 1.31 2.05 3.13 3.45 3.76 5.72 7.84 9.70 12.55 13.03 13.53 14.20 18.19 19.85

7.85 11.50 11.79 11.84 12.19 12.71 12.95 13.17 13.29 13.43 13.34 13.52 13.55 13.58 13.63 13.89 13.83

7.31 11.33 11.65 11.71 12.11 12.60 12.83 13.08 13.22 13.37 13.28 13.47 13.50 13.52 13.57 13.84 13.79

101.31 103.19 97.83 97.04 97.34 108.25 83.83 106.78 112.07 103.61 95.48 108.80 93.57 68.89 77.43 88.53 90.32

101.46 103.34 97.98 97.19 97.49 108.55 84.13 107.08 112.37 103.91 95.78 109.10 93.87 69.19 77.73 88.83 90.62

TOTAL OUTSTANDING VALUE

6,407.46

TOTAL MARKET CAPITALISATION

6,223.33

Rating/Agency

Description

Issuer

6362.457269

Issue Date

Coupon (%)

03-Apr-12

17.25

Outstanding Value (₦’bn)

Maturity Date

Avg. Life/TTM (Yrs)

Risk Premium (%)

Valuation Yield (%)

Modelled Price

1.20

03-Apr-17

0.47

2.94

11.80

102.44

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

0.14 0.14 0.94 0.66 1.64 1.46 1.47 1.43 1.44 1.62 2.04 3.53 2.01 4.55 4.64 2.68 2.70 3.97 3.49 3.51 4.03 6.46 3.61

4.46 3.48 1.00 5.71 2.39 1.00 1.00 3.82 3.56 3.82 2.02 2.01 1.00 1.30 3.76 2.53 1.00 1.52 4.01 1.00 2.52 1.79 3.04

9.46 8.48 12.38 15.57 14.39 12.91 12.91 15.72 15.46 15.81 14.21 15.00 13.17 14.52 16.99 15.02 13.50 14.35 16.98 13.99 15.56 15.09 16.07

100.56 100.91 97.93 98.86 99.40 101.34 101.35 98.50 98.20 99.51 102.11 98.64 102.64 96.66 93.73 98.88 103.11 102.75 98.75 106.43 104.95 107.22 102.32

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

0.39 0.46 0.58 0.94 1.15 1.39 0.84 1.17 1.33 1.33 2.39 1.44 1.52 1.64 2.49 4.51 3.01 5.53 5.64 6.01 4.18 8.39 8.39 9.52

1.00 1.34 1.00 5.49 5.25 1.88 1.88 3.15 6.35 1.00 1.17 4.42 6.11 3.28 4.47 1.00 3.55 2.51 1.00 1.00 2.77 1.00 1.00 1.00

9.43 10.12 10.41 16.87 17.01 13.76 12.72 14.92 18.20 12.85 13.52 16.32 18.05 15.28 16.87 14.22 16.20 15.79 14.29 14.31 15.97 14.40 14.40 14.35

101.28 101.78 103.04 99.66 99.41 99.04 104.84 101.05 99.66 103.59 100.91 99.26 99.88 100.94 96.46 103.34 98.38 94.44 108.13 108.54 100.07 108.97 94.44 102.70

10-Oct-20

2.53

3.37

15.79

97.93

Agency Bonds Nil

17.25 FMB II 03-APR-2017

FMBN

TOTAL OUTSTANDING VALUE

1.20

TOTAL MARKET CAPITALISATION

1.23

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

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

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

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

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

1.30 2.05 57.00 16.45 25.00 23.44 4.22 10.98 8.14 21.68 12.55 80.00 21.65 87.50 5.00 4.03 4.04 14.37 4.39 4.53 27.10 3.00 7.68

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

446.12 443.54

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

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

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

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

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

15.00 5.53 112.22 116.70 66.49 20.00 0.46 3.60 1.82 0.50 35.00 1.50 0.27 4.50 20.87 2.05 9.76 26.00 30.50 30.00 10.00 0.10 15.44 7.90

TOTAL OUTSTANDING VALUE

536.21

TOTAL MARKET CAPITALISATION

541.48

Sukuk BBB-/Agusto

10-Oct-13

14.75 OSUN II 10-OCT-2020

*OSUN

14.75

9.40

TOTAL OUTSTANDING VALUE

9.40

TOTAL MARKET CAPITALISATION

9.21

Supranational Bond AAA/S&P

IFC

10.20 IFC 11-FEB-2018

11-Feb-13

10.20

12.00

11-Feb-18

1.76

1.00

11.31

98.25

Aaa/Moody's; AAA/S&P

*AfDB

11.25 AFDB 1-FEB-2021

10-Jul-14

11.25

12.95

01-Feb-21

2.98

1.00

12.39

97.27

Bid Price

Offer Price

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

24.95 24.39 Description

Issue Date

Coupon (%)

Outstanding Value ($’mm)

Maturity Date

Bid Yield (%)

Offer Yield (%)

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

7.45

7.21

97.24

98.16

5.13 JUL 12, 2018

12-Jul-13

5.13

500.00

12-Jul-18

5.60

5.20

99.03

99.84

6.38 JUL 12, 2023

12-Jul-13

6.38

500.00

12-Jul-23

7.69

7.51

92.82

93.78

Issuer

FGN Eurobonds

Prices & Yields

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

FGN

BB-/Fitch; BB-/S&P

TOTAL OUTSTANDING VALUE

1,500.00

TOTAL MARKET CAPITALISATION

1,445.47

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

GTBANK PLC I

7.50 MAY 19, 2016

19-May-11

7.50

373.41

19-May-16

36.83

-14.71

99.49

100.38

B+/S&P

ACCESS BANK PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

8.03

7.14

99.10

100.11

B/Fitch; B/S&P

FIDELITY BANK PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

21.18

19.96

77.71

B+/Fitch; B+/S&P

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

8.03

95.50

B+/Fitch; BB-/S&P

ZENITH BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

8.61

93.97

B/Fitch; B/S&P

DIAMOND BANK PLC

8.75 May 21, 2019

21-May-14

8.75

200.00

21-May-19

17.67

16.65

79.76

81.79

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

FIRST BANK PLC ACCESS BANK PLC II FIRST BANK LTD

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

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

8.25 9.25 8.00

300.00 400.00 450.00

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

13.69 13.86 14.53

82.25 83.00 76.00

B-/S&P

ECOBANK NIG. LTD

8.75 AUG 14, 2021

14-Aug-14

8.75

250.00

14-Aug-21

12.23

11.76

84.88

86.63

Outstanding Value (₦’bn)

Maturity Date

DTM

# Risk Premium (%)

Valuation Yield (%)

Discount Rate (%)

2.77

29-Jul-16

6.18

13.16

12.79

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

79.35

3,523.41 3,095.81 Description

Issuer

Issue Date

Yield @ Issue (%)

04-Nov-15

13.75

Commercial Papers Nil

GUINNESS NIGERIA

GUINNESS CP III 29-JUL-16

TOTAL OUTSTANDING VALUE

2.77

**TREASURY BILLS^ DTM 9 16 23 30 37 44 51 65

Money Market

FIXINGS Maturity 19-May-16 26-May-16 2-Jun-16 9-Jun-16 16-Jun-16 23-Jun-16 30-Jun-16 14-Jul-16

Bid Discount (%) 0.07 2.37 3.76 3.47 4.42 4.29 4.33 5.75

Offer Discount (%) -0.18 2.12 3.51 3.22 4.17 4.04 4.08 5.50

Bid Yield (%) 0.07 2.37 3.76 3.47 4.44 4.31 4.35 5.80

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 4.5833 8.2277 10.7258 12.2741

Tenor

Rate (%)

OBB

4.33

O/N

4.92

Tenor Call 1M

REPO

Rate (%) 4.67 5.37

Foreign Exchange (Spot & Forwards) Tenor

Bid ($/N)

Offer ($/N)

Spot 7D 14D 1M 2M 3M

197.33 199.07 199.66 201.00 201.51 206.27

197.43 199.58 199.98 201.32 201.85 206.95

Rating/Agency

Issuer

WEDNESDAY, MAY 11, 2016 NEW TELEGRAPH TOTAL OUTSTANDING VALUE

INVASION Rating/Agency

Issuer

FMBN

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

Stories by Chris Ugwu

terling Bank Plc’s shares were the toast of the stock market yesterday, as investors rallied the lender’s clarification over the recent issue involving the institution and the Economic and Financial Crimes Commission (EFCC). In OUTSTANDING a statement to the NigeTOTAL VALUE TOTAL MARKET rian Stock CAPITALISATION Exchange (NSE), Corporate Bonds Sterling Bank affirmed that it A+/Agusto; A-/GCR NAHCO did not hold account for “the A-/Agusto FSDH Nil Nil Nil A/GCR BBB-/GCR Nil A-/DataPro†; CCC/GCR AAA/DataPro†; B/GCR A+/Agusto; A/GCR Bbb+/Agusto†; BBB+/GCR† BBB-/DataPro†; BB/GCR Nil A-/GCR A+/Agusto; A-/GCR Bbb/Agusto; A-/GCR BBB/GCR A/GCR BBB/GCR Bbb/Agusto; A-/GCR A/GCR A/GCR AAA/GCR