Wednesday, september 21, 2016 by Newtelegraphonline

MPC ignores finance minister, retains 14% interest rate

lEmefiele justifies retention of lending rate lFinancial experts disagree Abdulwahab Isa Abuja

he Central Bank of Nigeria (CBN) yester-

day kept its benchmark interest rate at 14 per cent, defying Finance Minister

Kemi Adeosun’s call to reduce borrowing costs. Adeosun had, last Mon-

day, asked the apex bank to lower interest rates so that the government can bor-

Customs seizes rice worth N598bn in eight months

row domestically to boost the economy. But members of the Monetary Policy Committee (MPC) decided to leave

it unchanged this month after raising the benchmark rate by 200 basis points to 14 per cent when it last met in July. Specifically, the MPC CONTINUED ON PAGE 4

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Plan to raise $15bn:

FG to sell refineries, NLNG shares, presidential aircraft Senate backs govt, lists ways out of recession RMAFC faults Dangote on sales of assets }2 Osinbajo, govs meet over dwindling allocation

Wife of the President, Mrs. Aisha Muhammadu Buhari (left), with wife of the US President, Michelle Obama, during the Broadway on global girls' empowerment Initiative in New York…yesterday

President Muhammadu Buhari (left) with United States President, Barrack Obama, during a bilateral meeting in New York … yesterday

PDP crisis: Sheriff, Makarfi reconcile }4

Electronic implant could end agony of Arthritis }6

NEWS

WeDNESDAY, SEPTEMBER 21, 2016 NEW TELEGRAPH

FG to sell refineries, NLNG shares, presidential aircraft

Anule Emmanuel Abuja

he Federal Government has concluded arrangements to sell the nation's critical assets in order to raise $15 billion to rescue the country out of economic recession. Minister of Budget and National Planning, Senator Udoma Udo Udoma, disclosed this at a cabinet retreat hosted at the presidential villa, Abuja. New Telegraph investigations revealed that

some of the assets being considered for sale are government shares in Joint Venture Companies (JVCs) and the Nigeria Liquefied Natural Gas (NLNG). The national assets to be sold include the four refineries in Kaduna, Wari, and Port Harcourt as well as some aircraft in the presidential fleet. Speaking at the justconcluded cabinet retreat, Udoma in a document entitled “Turning a Crisis into an Opportunity: the Economy and the 2017 Budget,” obtained by New Tele-

graph yesterday, explained that the sale of government assets, Advance Payment for License renewals, infrastructure concessioning and use of recovered funds from corrupt officials were part of strategies put in place by government to bridge the huge funding gap. Our correspondent confirmed that the Presidential Air Fleet (PAF) contains 10 aircraft. These are Boeing Business Jet (Boeing 737-800 or AirForce One), one Gulfstream 550, one Gulfstream V (Gulfstream

Osinbajo, govs meet over states’ dwindling monthly allocation Anule Emmanuel Abuja

ice-President Yemi Osinbajo yesterday met with representatives of the Nigerian Governors' Forum (NGF) in Abuja on the dwindling monthly allocation to the 36 states of the federation. Monthly disbursements to the three tiers of government – Federal, States and Local Governments – has witnessed a shortfall of about N250 billion. A top government official in the presidency, who prefers anonymity, said the governors wanted to correct the erroneous belief that they receive huge allocations and divert to private pockets while the citizens continue to suffer. The August allocation shared to the three tiers of government dropped by N115.369 billion to N443.663 billion as against July's buoyant allocation of N559.032 billion. Governors had, at an extra-ordinary meeting of NGF last Friday, set up a three-man committee comprising Governors Udom Emmanuel (Akwa Ibom), Muhammad Abubakar (Bauchi) and Rauf Aregbesola (Osun) to meet with the Federal Government to discuss the resolution of the shortfall of their allocation, which has been dwindling in recent times. Only the Akwa Ibom and Bauchi governors made it to the meeting while Osun governor was said to be out of the country. He was represented at the meeting by the Chairman and Director General of the Forum. The Federal Government had deducted N32 billion from the allocations of states from the Federation Account in the month of April 2016 for different loans incurred. Osun State was said to be worst hit, according to

Economic Confidential, an economic intelligence magazine, as its allocation of N2.030 billion was wiped away by the deduction of N2.391 billion, leaving a deficit of N361 million to be paid in subsequent months by the state. Bayelsa was next with N3.207 billion deducted from its N4.812 billion, Cross River State with a total deduction of N1.405 billion; Ogun State, N1.185 billion; Plateau State, N1.248 billion and Ekiti State with N1.067 billion. The sum of about N3.078 billion of the total amount was deducted for bailout funds granted the states by the Federal Government. At least eight states had no deductions on bailout funds for the month of April 2016. The states are Akwa Ibom, Anambra, Jigawa, Kogi, Lagos, Rivers, Yobe and the Federal Capital Territory as they either did not collect the bailout funds from the Federal Government or appropriate time for the deduction have not fallen due and are yet to commence. Speaking to State House correspondents at the end of the meeting, Emmanuel, who did not give details of their meeting with the vice president, said the meeting was in the interest of Nigerians. He said: "We were mandated by the Governors’ Forum to come and discuss some certain issues with the vice president and that's why you saw two of us here; we were supposed to be three, but the third governor could not make it. So, that is why we came to discuss some issues with the vice president and it has been a very good meeting and we tackled some issues. "I keep reassuring Nigerians, we want to be together in Nigeria. So, whatever we discussed, it is in the interest of our citizens and we make sure

we put our heads together to solve our challenges as a developing nation. "Let me assure Nigerians that there is no developing country that doesn't go through what we go through and how do we make effort to face the challenges? That's why you see us putting heads together, trying to appraise and try to find a solution that will be enduring."

500), two Falcons 7X, one Hawker Sidley 4000, two AgustaWestland AW 139 helicopters and two Agusta Westland AW 101 helicopters. Each of the two Falcon 7X jets was purchased in 2010 by the Federal Government for $51.1 million, while the Gulfstream 550 costs $53.3 million. The Federal Government, through the Nigerian National Petroleum Corporation (NNPC), owns 49 per cent shares in NLNG Limited while Shell Gas B.V. owns 25.6 per cent, Total LNG Nigeria Ltd owns 15 per cent and Eni International owns 10.4 per cent. In the four refineries in Warri, Port Harcourt and Kaduna, the Federal Government has 100 per cent stake, which is up for sale. The government has, since 1999 when the country returned to democracy, expended N264 billion on maintenance of the four refineries. In spite of billions claimed to have been spent by the NNPC over the last 16 years on Turn Around Maintenance (TAM), the country’s refineries have remained in comatose.

The four refineries located in Port Harcourt (two), Warri and Kaduna have a combined capacity to refine 445,000 barrels of crude per day. The Senate yesterday threw its weight behind the Federal Government in the planned sales of the national assets. Senate President Bukola Saraki, at a plenary, urged President Muhammadu Buhari to sell some important national assets as part of efforts to boost the country's dwindling foreign reserves. According to Saraki, "The executive must raise capital from asset sales and other sources to shore up foreign reserves. This will calm investors, discourage currency speculation and stabilise the economy. "The measures should include part sale of NLNG Holdings; reduction of government’s share in upstream oil joint venture operations; sale of government stake in financial institutions e.g. Africa Finance Corporation; and the privatization and concession of major/regional airports and refineries.” Governor of the Central

Bank of Nigeria (CBN), Mr. Godwin Emefiele, and Africa’s richest man, Aliko Dangote,have expressed support for the sale of the national assets. Emefiele said the best option open to government is to sell the assets. “In the short run, we can sell assets… before the government came on board, I had opined that there was need for the government to scale down or sell off some of its investments in oil and gas, particularly in the NNPC and NLNG as at that time when the price of oil was around $50-$55 per barrel. “We actually commissioned some consultants that conducted the study and, at the end of that study, we were told that if we sold 10% to 15% of our holding in the oil and gas sector, we could realise up to $40 billion,” the CBN governor said at the weekend. At the weekend, Africa’s richest man, Aliko Dangote, specifically told the Federal Government to sell its stake in the NLNG, to beef up foreign reserves. A communique issued at the end of the ministeCONTINUED ON PAGE 4

L-R: Chief Executive Officer, Safaricom, Bob Collymore; CIO, New York State Common Retirement Fund, Ms. Vicki Fuller; Chairman Heirs Holdings/ recipient of the 'Person of the Year’ award, Mr. Tony Elumelu and Chief Executive Officer, Public Investment Corporation of South Africa, Dr. Daniel Matjila, at the AI Investment Summit in New York …on Monday

Revenue Commission faults Dangote on sale of NLNG Abdulwahab Isa Abuja

he Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has cautioned Federal Government over call by President of Dangote Group, Aliko Dangote, to sell off Nigerian Liquefied Natural Gas (NLNG) and other federation assets as a way of recovering from current recession. In a statement signed by the Commission’s Acting Chairman, Shettima Umar Abba Gana, RMAFC argued that it would be unwise for the Federal Government to dispose of its crown jewels that generate revenue and keep the federation account healthy

over the long term. Aliko, Africa's richest man had, during an interview with a cable television, the CNBC Africa, advised that as a way of augmenting the current revenue shortfall occasioned by economic recession, government should consider selling off some of its assets. Citing the NEITI 2013 audit and financial report of Nigeria’s oil and gas industry, RMAFC disclosed that the sum of $12.9 billion was received by the Nigerian National Petroleum Corporation (NNPC) from the NLNG over an eightyear period, which the corporation did not remit to the federation account. The audit, according to the commission, also revealed that NLNG paid

the sum of $1.289 billion as dividends for 2013. He said: “It is the considered view of the commission that Nigeria’s assets like NLNG and other strategic national resources should not be sold to meet short-term financial obligation.” The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele had, in a recent interview, disclosed that the sum of $10 billion would be realised from the sale of these assets. The commission is of the opinion that the same amount could be borrowed from the International Monetary Fund (IMF) and the revenue from these assets could be used to amortise the loans over an agreed period.

It should be noted that after the amortisation of the loans, those assets would still be owned by the federation in addition to their regular dividends and revenue. The commission advised that instead of selling off such vital assets, which generate funds for the federation, wealthy Nigerians should be encouraged to set up their own LNG projects. Nigeria ranks seventh in the world and first in Africa with natural gas reserves base totalling 188 trillion cubic feet (tcf) as at May 1, 2015. In addition, Nigeria’s natural gas is regarded as one of the best in the world as it has low hydrogen sulphide (H2S) or carbon dioxide (CO2) impurity levels.

WeDNESDAY, SEPTEMBER 21, 2016 NEW TELEGRAPH

NEWS

WeDNESDAY, SEPTEMBER 21, 2016 NEW TELEGRAPH

PDP crisis: Sheriff, Makarfi reconcile

Onyekachi Eze Abuja

he Ahmed Makarfi and Ali Modu Sheriff factions of the Peoples Democratic

Party (PDP) have agreed to sheathe their swords and resolve the over four months leadership crisis that engulfed the party. The two factional leaders met for several hours, for the first time, yester-

FG to sell refineries, NLNG shares, presidential aircraft CONTINUED FROM PAGE 2

rial retreat indicate that the Budget and National Planning Minister had explained that "government was working hard to resolve the militant disruptions in the Niger Delta, and, in addition, a fiscal stimulus strategy was being developed involving, amongst other things, a plan to generate and inject large amount of funds, principally in foreign currency, estimated at $10 - $15 billion into the economy through Asset Sales, Advance Payment for License renewals, infrastructure." The Federal Government intends to achieve the sale of the assets through introduction of measures, including presidential orders that could fast track transaction processes. Buhari is expected to send to the leadership of the Senate soon an Emergency Economic Recovery Bill (EERB) that will take care of some of the challenges that are likely to thwart the sale process.

"Government was also planning to introduce measures for fast-tracking procedures so as to speed up the processes for getting these funds into the economy. Some of these will be achieved by Presidential Orders and Directives. "In addition, an Emergency Economic Recovery Bill is also being prepared for submission to the National Assembly to deal with those changes requiring legislation," Udoma said. The key resolutions, according to the communiqué issued at the end of the retreat and obtained yesterday by New Telegraph, are: (i) The programme of action for dealing with the recession and the current effort of government in developing an Economic Emergency Recovery Bill to address the situation, as well as the plan to bridge the funding gap was endorsed by participants; (ii) The need to prioritise capital spending in the 2017 CONTINUED ON PAGE 5

day and agreed to heal the wounds and work towards a united PDP. This position was made known at a joint press conference by Senator Ben Obi, Secretary of the PDP National Caretaker Committee and Dr. Cairo Ojougboh, Acting Deputy National Chairman of Sheriff faction. Ojougboh, who read the resolutions reached at the meeting, noted that the two factional leaders met and took "a holistic review of the state of affairs" of PDP. The statement was jointly signed by Makarfi and Sheriff. The statement read in part: "In reviewing the crisis that has engulfed our party since the loss of the 2015 general election after 16 years of uninterrupted

leadership at the centre, it became obvious to both of us as principal actors that it is time to heal the wounds, and bring about a united, focused and constructive opposition party that can bring sanity to our democratic process, bringing relief to the teeming supporters of our great party and to the benefit of our great country, Nigeria. "Based on the above, we have both agreed to: consult widely with all relevant organs of the party; set up a joint committee that will carry out a holistic reconciliation of all aggrieved segments of our party across the country and in Diaspora; pursue the vision of the founding fathers of our great party.” The duo stated that the details of the resolutions

would be made public soonest. "We, therefore, call on all party members to remain calm and refrain from any actions and utterances that could further bring about divisions or dispute in the party. The meeting came barely few hours after Makarfi admitted that the two factions have been meeting secretly since the August 17 botched national convention, to resolve the intractable crisis. "There must be flexibility when you are talking of reconciliation. And, of course, the overwhelming views of majority of the members, even whoever you may classify as minority, cannot also be ignored. You must make concession here and there and I believe that the party

L-R: Executive Chairman, Federal Inland Revenue Service (FIRS), Dr. William Babatunde Fowler; ComptrollerGeneral of Customs, Col. Hameed Ali (Rtd) and Corps Marshal, Federal Roads Safety Corps (FRSC), Dr. Boboye Oyeyemi after a collaborative meeting at the Customs headquarters in Abuja…yesterday

MPC ignores finance minister, retains 14% interest rate CONTINUED FROM PAGE 1

members, which met in Abuja, elected to retain Monetary Policy Rate (MPR) at 14 per cent; Cash Reserve Ratio (CRR) at 22.5 per cent; Liquidity Ratio at 30 per cent; and Asymmetric Window at +200 and -500 basis points around the MPR. MPR is the benchmark rate by which the CBN determines interest rate and it indirectly influences other interest rates in the economy, while the CRR is a portion of banks’ deposits kept by banks with the CBN. Nigeria is going through its first recession in more than 20 years, triggered by low oil prices. Inflation rose to an 11-year high of 17.6 per cent last August. The naira has traded at a record low of N425 to the dollar on the parallel market since last week. CBN Governor, Godwin Emefiele, said the MPC had considered calls for a rate cut, but concluded that the biggest challenges the economy faces were "unsystematic and incomplete structural reforms" which raised "cost, risk and uncertainty".

The committee members told the government to "intensify" infrastructure spending to stimulate growth. Emefiele said: “Members stressed that improved fiscal activities, especially the active implementation of the 2016 federal budget, and payment of salaries by states and local governments, would go a long way in contributing to economic recovery.” The governor noted that similar gesture was approved in the past, but failed to achieve desired impact. Defending the committee's action, Emefiele said: "Both the monetary and fiscal authorities all have the intention to achieve growth, but the direction through which we want to achieve it may differ for as long as you still achieve the growth. “The issues here are, when you say reduce interest rates, there are two possibilities here. You are saying because you want more credit to the private sector at lower rate. Two, which I have heard the fiscal authority talk about is that, they need to be able

is ready to do that. But that will be the basis of rational and reasonable demands so that we can all work as one family," Makarfi had told newsmen on Monday. PDP has been factionalised since May 21 National Convention in Port Harcourt, Rivers State, when the delegates agreed to appoint a seven-member National Convention Committee with Makarfi as Chairman and Obi as Secretary. The convention also dissolved the former National Working Committee (NWC) headed by Sheriff. Sheriff and two other former NWC members have challenged the action in court, leading to the sealing off, of the party's national secretariat since June this year.

to borrow at lower rate to spend. "Our own view at the MPC, which was exhaustively discussed, is that in the past, there was a time when the MPC took the decision to reduce the policy rate and the cash reserves. These were intended to lower rate and encourage spending to the private sector. After we did that, the following meeting, we said because we did not see the impact of credit to the private sector, that we needed to further reduce the CRR. And during that first session when we reduced the CRR from 30.5 per cent to 25 per cent, it provided an opportunity for N1 trillion that was injected by the CBN into the economy and were made available to the banks. “But rather than loan these monies to agriculture, manufacturing and Small and Medium Enterprises (SMEs), we found that those credit went to readers who used them in demanding for foreign exchange, which ended up putting pressure in the foreign exchange. That was what happened." Consequently, he said

the MPC decided to reduce the CRR then from 25 per cent to 22.5 per cent, which is, “where it is right now and that was going to provide close to about N350 billion to N500 billion through that avenue. But we said we are not going to allow the banks disburse the cash until they send proposals to the CBN primarily on agricultural projects, manufacturing projects and other kinds of projects that would sour industrial capacity and manufacturing output.” He noted that most of the proposals received were mainly for purposes of refinancing the liquidity of the banks and the apex bank thought that was not what it wanted. “That is why we have been circumspect in releasing some of those liquidity,” he said. Emefiele added that members of MPC decided to retain the prevailing rates in order to encourage capital flow, which he said stood at $1 billion between July till date. He said: "The second part of it is that when you lower the interest rate, it will make it possible for

the fiscal authorities to borrow at a lower rate. But we are saying fine, if you borrow at lower rates to stimulate spending, what that does is that it simulates demand for goods. But when you stimulate demand for goods by providing cash or money to be spent without taking action to boost industrial capacity, manufacturing capacity and output, what happens is that you will see a situation where too much money will be chasing too few goods, which would worsen the inflationary conditions that we are now. “And that is why we are saying that the option that we would like to adopt is while the fiscal is going ahead to spend, what we want to do is to retain the rate where they are so that that will again encourage inflow of capital because between July and now, we have seen flow of above $1 billion.” Analysts and economists were divided on whether the banking watchdog would keep its benchmark interest rate at 14 per cent and reiterate its focus on resuscitating growth.

One of the economists that spoke with Reuters praised the CBN for shrugging off political pressure. "CBN's refusal to bow to government pressure is a notable sign of the institution's independence," said John Ashbourne of Capital Economics. But Razia Khan, Chief Economist Africa at Standard Chartered Bank, said the CBN disappointed her. "The Central Bank of Nigeria disappointed our expectation for further gradual interest rate tightening. "While the MPC resisted giving in to political pressure to cut interest rates, and positive real market interest rates provide an important mitigant to the lack of further policy tightening, nonetheless, we expect markets to be disappointed with this outcome." Prof. Sheriffdeen Tella, a senior economist at the Olabisi Onabanjo University, Ago- Iwoye, Ogun, said, “everybody is expecting the CBN to cut down lending rate.” Tella said that retaining the MPR at 14 per cent was not in tandem with fiscal policy measures, which according to him, was supposed to be expansionary.

NEWS

WeDNESDAY, SEPTEMBER 21, 2016 NEW TELEGRAPH

Recession: Senate lists measures to exit recession

lSaraki: There’s hunger everywhere Chukwu David Abuja

he Senate has given the Federal Government guidelines to follow in putting an end to the economic recession facing the country. The Senate President, Bukola Saraki, gave the guidelines yesterday in an address to mark the resumption of the lawmakers from a seven-week recess. He lamented that Nigerians were groaning in pains, resulting from the near total collapse of the economy, leading to hunger and starvation across the length and breadth of the country. The Senate enjoined the executive to boost the country's dwindling foreign reserves by selling some important national assets, including part sale of the Nigeria Liquefied Natural Gas (NLNG) Holdings and some other resources.

On steps to be taken by the Muhammadu Buhari administration to quickly exit the country from recession, Saraki said: "The executive must immediately put in place leadershiplevel engagement platform with the private sector. This must be one that is pro-business and shows unequivocally that government is ready to partner with the private sector towards economic revival. This is a critical signpost towards market confidence, which is a key ingredient to help us revamp the economy out of recession. "The executive must raise capital from asset sales and other sources to shore up foreign reserves. This will calm investors, discourage currency speculation and stabilise the economy. "The measures should include part sale of NLNG Holdings; reduction of government’s share in upstream oil joint venture operations; sale of government’s stake in financial

institutions e.g. Africa Finance Corporation; and the privatization and concession of major/regional airports and refineries. "The executive must consider tweaking the pension funds policy within international best practice safeguards to accommodate investment in infrastructure and mortgages. "The executive and CBN must agree on a policy of monetary easing to stimulate the economy and harmonise monetary and fiscal policy until economic recovery is attained. We must ensure local government borrowing does not crowd out credit for the private sector. "The executive must retool its export promotion policy scheme with export incentives such as the resumption of the Export Expansion Grant (EEG); and introduce export-financing initiatives. "The executive is urged to engage in meaningful dialogue with those aggrieved in the Niger Delta

L-R: Edo State Governor Adams Oshiomhole; Ohengie N'Ogbeson, High Chief Ediagbonya and Ohe-Iso N'ugbekun, High Priest Osarumwense Amayo, during the endorsement of Mr. Godwin Obaseki, the All Progressives Congress (APC) governorship candidate in Edo State by the Chief Priests in Edo State…yesterday

FG to sell refineries, NLNG shares, presidential aircraft CONTINUED FROM PAGE 4

budget in the area of infrastructure development, agriculture and social intervention; (iii) The retreat participants agreed on 2-3 quick-win areas to be implemented before the end of 2016 and six priority/ programme project areas for the 2017 Budget. The quick wins agreed on are: (i) Immediate implementation of the social intervention programmes (School Feeding, N-Power; Science, Technology, Engineering and Mathematics (STEM) scheme; Conditional Cash Transfer (CCT), etc.; (ii) Effective communication of government projects, programmes and policies to the citizens will go a long way in mobilising support for government to succeed; (iii) Local debt repayment, including debt owed states and contractors to stimulate spending.

Meanwhile, government has confirmed that the 2016 Budget poor performance is reflective of the low revenue out-turns attributable to the global and domestic developments earlier highlighted. “Oil revenues fell significantly in the second quarter compared to the first quarter as a result of increased oil pipeline vandalism and production shut-ins. “Non-oil revenues also declined due to the acute shortage of foreign exchange,” Udoma said. The minister said that the failure to diversify the economy and implement the national goals due to lack of discipline in the past had made the country witness negative growth. Udoma said the major factor responsible for the recession was the overdependence of the economy on revenues from a single

commodity, petroleum. According to him, revenue source is not sustainable since the country doesn’t control the price of crude oil. He said unsustainable structure was characterised by some indices, including “oil sector less than nine per cent of Gross Domestic Product (GDP), but about 80 per cent of government revenue and 95 per cent of Forex.” Other indices are “nonoil sector about 90 per cent of GDP (of which 52 per cent was indirectly dependent on oil) but less than 20 per cent of government revenue. According to him, another index is declining capital expenditure with rising recurrent expenditure (2015 about 10 per cent capital) and import dependent consumption growth model with stagnant growth in investment to GDP.

and avoid an escalation of the conflict in the region. The National Assembly is very ready to play any role in the process and offer ideas on approaches that will deliver quick win-win in order to move the region and the economy forward. "The executive must, as a deliberate response, consider immediate release of funds to ensure the implementation of the budget for the near short term to inject money into the economy. "Similarly, the agricultural sector and the agroallied businesses should be directly supported to boost value addition and job creation.” He noted that his experience with his constituents during the recess indicated that the people were no longer interested on who caused the present nosedive of the economy, but a quick solution to their choking predicaments. His words: “Distinguished colleagues, we cannot afford further distraction and fixation to politics that would not and does not add food on the table of our people, or add one megawatt of electricity to our grid. Everywhere you go, there is hunger in our land and our people want solutions to their problems. "I believe we can make the recession we face today

the shortest in our history and use the lessons coming out of it to consolidate our development. But it all starts now, if we all can believe.” Saraki regrettably narrated the agonies of Nigerians as witnessed during the just-concluded recess by the National Assembly members, stressing the need for the present administration to take urgent and resultoriented steps to tackle the problems. "I recall unforgettably, how one of the women came straight to me with a look of utter desperation and all she could mutter out was: ‘Please our Senator, do what you can to put an end to this suffering, it is becoming unbearable.’ I don’t know what your experience was, but if your experience mirrored mine, then the challenge before us could not have been made clearer. "I remember trying to explain to my people that this kind of thing does not happen overnight; that the seeds for the condition that we suffer from today must have been planted by past administrations that refused to do what was necessary. "However, I soon realised that my people are not so interested in how we got here or who to blame for our current situation. They

N315.613bn The total value of payment channels made by ATM of Nigeria in January 2015. Source: National Bureau of Statistics

only wanted to know that government has plans to get them out of this current predicament. To them, the only explanation that makes sense at the moment is that which puts food on the table, reduces price of rice, gari, salt, sugar, meat and saves jobs," he stated. He said that Nigerians under the current economic situation, needed leadership with clear vision to rescue them from their pains and give them hope of a better future. "It is clear to me that when people are desperately hungry, what they need is leadership with a clear vision; leadership whose daily actions reflect the very urgency of the people’s condition. "I say this to urge us that we must have an urgent debate on the way forward. But in having this debate, we must resist the temptation of drowning the debate with apportioning blames that will neither bring solutions to the problem or reduce the cost of rice, maize or cooking oil in the market. Rather, this debate must be solution-driven. It must be people-oriented and less political," he urged.

NATIONAL YOUTH SERVICE CORPS DIRECTORATE HEADQUARTERS, ABUJA

ADDENDUM The attention of the intended Bidders and the general public is hereby drawn to our earlier advertisement (Invitation to bid for the procurement and supply of Capital Items for 2016 Financial Year) which appeared in the Federal Tenders Journal, New Telegraph and Blueprint newspapers of Monday, 22nd August, 2016. The general public is hereby notified of the change of date for the closing of submission and opening of Bids. (i) SUBMISSION OF BIDS AND OPENING OF TECHNICAL BIDS. The new deadline for the submission of Documents and Opening of Technical Bids is 10th October, 2016 By 11.00am prompt at the Conference Hall, 6th floor, NYSC NDHQ, Maitama, Abuja. (ii) Please note that all other information on the last advertisement still remain valid. All inconveniences are highly regretted. Signed Management

NEWS | national

wednesday, september 21, 2016 NEW TELEGRAPH

How we'll tackle human Ondo: APC dumps Abraham, Oke, others trafficking, by Buhari Anule Emmanuel Abuja

resident Muhammadu Buhari has said that with the efforts being taken by his administration to get the economy back on track, issues of human trafficking will soon be addressed. The president said that the anti-corruption campaign of his administration and the economic programme of diversification would significantly address the lack of job opportunities and deprivation that make Nigerian youths vulnerable to recruitment by human traffickers. President Buhari stated this yesterday in New York at the meeting on Modern Slavery hosted by the Prime Minister of United Kingdom, Theresa May on the sidelines of the 71st Session of the United Nations General Assembly (UNGA71), at the residence of the United Kingdom Permanent Representative to the UN. In a statement by Femi Adesina, Special Adviser to the president on Media

and Publicity, President Buhari said, "We are also investing more on infrastructure development, education and health for our people. When the results of our efforts become manifest, the attraction of seeking greener pastures abroad will lessen,” he declared. Buhari commended the British Prime Minister for drawing the attention of the international community to such a serious matter to coincide with a time that the global focus is on migration and refugee crisis. He also called for practical and innovative measures “to address all the modern day human tragedies.” The president noted that: “More worrisome is the fact that human trafficking and modern day slavery have created a dangerous political economy of their own. In consequence, this international criminality is defined by the activities of human traffickers that lure unsuspecting victims into forced labour, inhuman treatment, money laundering and prostitution.”

He said Nigeria “is ready and willing to partner with other countries and international organisations to confront this phenomenon. We have a strong commitment to combating the menace of modern slavery, and will redouble our efforts to prohibit human trafficking, while providing succour to its hapless victims.” Buhari assured his audience “to count on the support of Nigeria in dealing with this evil, which constitutes an unacceptable stain on human dignity and conscience in the 21stcentury.” On measures taken by the country against the evil practice, he said the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) and the Nigeria Immigration Service (NIS) have taken steps to establish a joint operational Working Group to combat human trafficking and smuggling of migrants from the country. “We are aware of the challenge for Nigeria, but our resolve to combat it is strong and unshakable,” the president declared.

Johnchuks Onuanyim Abuja

he All Progressives Congress yesterday officially sealed the fate of Engr. Segun Abraham, Chief Olusola Oke and Senator Ajayi Boroffice to fly the flag of the party in Ondo State as its governorship candidate. The party took the decision after the National Working Committee meeting that lasted for over five hours at the National Secretariat of the party. A member of the NWC told the New Telegraph that the NWC has decided to jettison the recommendation of the Appeal Committee that the governorship primaries won by Chief Rotimi Akeredolu should be canceled. Engr. Segun Abraham, Chief Olusola Oke and Senator Ajayi Boroffice

The average price of Premium Motor Spirit (Petrol) of Kebbi State in July 2016. Source: National Bureau of Statistics

Anule Emmanuel Abuja

ice-President Yemi Osinbajo, has commended the successful conclusion of five-year partnership with the United Kingdom Department for International Development (DFID), in infrastructure development. The partnership has been possible through the department’s Nigeria Infrastructure Advisory Facility (NAIF). The commendation by the Vice President came yesterday at the unveiling in Abuja of the NAIF’s Compendium of Achievements as the fiveyear partnership came to

an end. Osinbajo stressed that the Muhammadu Buhari administration came into office with the aim of revitalizing the Nigerian economy. He described as immeasurable the support provided by the DFID to successfully execute the projects. Osinbajo said: "NAIF’s goal to enhance the management of Nigeria’s infrastructure development towards power sector reform, more impactful capital spending, transport, roads, climate change and urban planning and development is aligned with and invaluable to this administration. "As we all know, in-

frastructure is critical to spurring the economic growth, reducing poverty and improving live opportunities for millions of Nigerians.” He noted that "improved infrastructure increases job creation, disposable income, security, through equipping Nigerians to tackle the constraints holding back the growth and entrepreneurial spirit of this country. "It is completely clear to me that accelerated infrastructure development is critical to sustainable growth in Nigeria. "NAIF has been a unique, strong and close counterpart of the Federal Government of Nigeria for about five years."

Appolonia Adeyemi tiny electronic implant could end the agony of rheumatoid arthritis (RA) for hundreds of thousands of sufferers. According to findings of a new study which was published in the ‘New England Journal of Medicine’, the pacemaker-like micro-regulator device, which is fitted under the skin near the collarbone, sends electrical pulses to a key nerve that helps block the pain of inflamed joints. Rheumatoid arthritis (RA) is an autoimmune disease in which the body's immune system – which normally protects its health by attacking foreign substances like bacteria and viruses – mistakenly attacks the joints. That inflammation from RA causes redness, warmth, swelling, and pain within the joint and

Tax collection pushes monthly allocation to N510.2bn Abdulwahab Isa Abuja

ue to slight increase in tax revenue collected by Federal Inland Revenue Service ( FIRS) , the total revenue available for distribution to the three tiers of government for August increased by N16.442 billion to N510.270 billion as against previous month figure of N493.828 billion. The amount comprised statutory revenue of N315.045 billion, N6.330 billion refunded by Nigerian National Petroleum Corporation ( NNPC), proposed distribution of N35 billion excess Petroleum

But yesterday, they officially agreed that the recommendation of the appeal committee to cancel the Ondo State governorship primaries would create a bigger gulf in the Ondo APC and at the national level. Meanwhile, the APC has congratulated the governor of Kogi State, Alhaji Yahaya Bello over his victory at the Supreme Court. Oyegun called on all party stakeholders and teeming members to close ranks and unite as a strong political force in support of the administration of Governor Yahaya Bello.

Electric implant could end agony of Arthritis

A N153

Speaker, House of Representatives Yakubu Dogara, arriving for a plenary as the National Assembly Resumes from six weeks recess in Abuja … yesterday

Osinbajo hails DFID on infrastructure

that came second, third and fourth were the major petitioners against the primaries that had 24 aspirants. But the NWC member the stated that "the adoption of such recommendation would be injurious to the party". On his part, National Chairman, Chief John Odigie-Oyegun, refused to speak on the outcome of the meeting, as he stated that the meeting would continue tomorrow (Today). The national leadership of the party had met on Monday to consider the report but could not officially arrive at a conclusion.

Profit Tax ; exchange rate gain of N84.263 billion and Value Added Tax collection. Minister of Finance, Kemi Adeosun, confirmed the figures yesterday in Abuja while briefing the media on outcome of Federation Account Allocation Committee( FAAC). During the month under review, the minister put the gross statutory revenue received at N315.045 billion, an amount she said was higher than N287.819 billion received in previous month by N27.226 billion. Of the net statutory sum of N303.722 billion, Federal Government got highest allocation sum.

affects joints on both sides of the body, such as both hands, both wrists, or both knees. The mailonline reported that the development of this device, lends hope to millions globally who suffer from RA. The debilitating disease is caused by the body’s own immune system attacking joint tissue, causing inflammation, stiffness, and fatigue. If left untreated, joints can lose shape and alignment and nearby cartilage and bone can be damaged, leading to permanent disability. Currently, patients typically take a cocktail of powerful drugs to dampen the immune system. People who use them are more likely to become ill from infections such as pneumonia. But experts have found that using electrical pulses to stimulate the vagus nerve can have a similar effect without the side effects. The vagus sends signals from the brain to key organs such as the spleen, triggering a decrease in the production of proteins called cytokines that help control the immune system and can cause inflammation. Scientists said that resulted in reduced swelling in joints and a decrease in joint pain and damage in people with rheumatoid arthritis. Scientists behind the device, now being tested in the Netherlands, hope it would be available in the in the United Kingdom (UK) by 2020. One patient who took part in a pilot study said it was so successful it felt as if she did not have the disease any more. She said: “I have my life back, like before I got arthritis.”

national | news

wednesday, september 21, 2016 NEW TELEGRAPH

Kogi guber tussle: Supreme Court affirms Bello's election Tunde Oyesina Abuja

he Supreme Court yesterday affirmed the election of Governor Yahaya Bello of the All Progressives Congress (APC) in Kogi State. The apex court, however, in a unanimous decision, dismissed the appeals brought by the governorship candidate of the Peoples Democratic Party (PDP), retired Captain Idris Wada and the running mate to the late governorship candidate of the All Progressives Congress (APC), Prince Abubakar Audu, James Faleke, respectively. The court consequently fixed September 30 to give the reasons for its judgement. The apex court in four

separate appeals held that Bello was properly substituted to replace the late Abubakar Audu as the candidate of the APC during the 2015 governorship election in the state. In the first appeal filed by James Faleke, who was the running mate to the late Abubakar Audu, the court held that his appeal was unmeritorious and it was subsequently dismissed on that ground. But reacting to the judgement yesterday, Faleke said he has no regret challenging Bello’s election as he did so in ‘good faith and to protect the more than 240, 000 electorate that voted for the Audu/Faleke ticket.’ In the judgement delivered by Justice Kudirat Kekere-Ekun, the apex court rejected the arguments of the counsel to Faleke, Chief Wole Olani-

pekun (SAN). The court, however, did not give detail explanation for its position but fixed September 30, 2016 to give reasons for its decision. The second appeal filed by the immediate-past governor of the state, Idris Wada, was also dismissed. Justice Nwali, Sylvester Ngwuta, who delivered the judgement of the court in that appeal, held that the appeal lacked merit. The court refused to order a fresh governorship election in the state as prayed by the appellant. The Supreme Court held that section 141 of the Electoral Act 2010 relied upon by the former governor to pray for a fresh elec-

tion was no longer a law in Nigeria, having been set aside in 2011 by a Federal High Court in a matter between Labour Party (LP), the Attorney General and the Independent National Electoral Commission (INEC). In two other appeals filed by African Democratic Congress (ADC) and Labour Party, the court in a similar way dismissed them for lacking in merit. Justice John Iyang Okoro, who gave the judgement in the appeal by ADC, held that the appeal was devoid of merit. In the matter concerning Labour Party, Justice Musa Dattijo Mohammed, upheld the preliminary ob-

jection of Governor Bello against the appeal and struck out the appeal for being incompetent. The apex court upheld the concurrent findings of the Court of Appeal delivered on August 4, 2016 and that of the state governorship election tribunal, delivered on June 6, 2016. Reasons for the four judgements will be given by the court on September 30, 2016. Earlier, counsel to Faleke, Olanipekun had urged the court to invoke section 187 of the constitution to declare his client winner of the election on the combined effect of his joint ticket with late Abubakar Audu and that

the election had technically been concluded at the time Audu died. Wada, in his submission by Chris Uche (SAN), had urged the court to invoke section 141 of the Electoral Act against Governor Bello on the grounds that he, Bello, did not participate in the stages of the election. Meanwhile, Faleke yesterday reacted to the judgement by the Supreme Court, saying he has no regrets challenging Governor Bello’s election. He said he took the step in “good faith to protect the interest of the 240,000 electorate that voted for the Audu/ Faleke ticket.”

32.16m

The total volume of payment channels made by ATM of Nigeria in February 2015. Source: National Bureau of Statistics

Customs impounds rice worth N598bn in eight months Bayo Akomolafe

igeria Customs Service (NCS) yesterday said it has impounded rice worth N597.7 billion smuggled in to the country through the land borders between January and August, 2016. It’s Public Relations Officer, Mr. Wale Adeniyi, a deputy comptroller, disclosed this in Abuja yesterday. He said the value of the commodity seized during the period was N267.2 billion higher than the N330.5 billion rice seized in the same period in 2015. According to the public relations officer, the increase in the seizures was an indication that the customs was operating zero-tolerance to illegal importation of rice. He noted that the ser-

vice’s relationship with its counterpart in Benin Republic had helped to facilitate the spate of confiscation of the commodity along the borders of the two countries. Adeniyi said: “Our seizure on rice from January to August was N597.7 billion as against N330.5 billion during the same period in 2015. This shows a huge increase; the number of seizures from the statistics shows that smugglers now know that it is no longer profitable to bring in rice through the borders. “So, since importation of rice is now restricted to the ports, even smugglers with one bag of rice are arrested. We have a number of arrests, particularly those using motorcycles, donkeys and even small vehicles."

Kogi State Governor, Yahaya Bello (middle), cheering with his supporters after his victory at the Supreme Court in Abuja…yesterday

James Faleke after the Supreme court dismissed his appeal against Kogi State Governor, Yahaya Bello in Abuja …yesterday

Army chief hails officers' renewed zeal in fighting terrorism Cephas Iorhemen MAKURDI

he Chief of Army Staff (COAS) , Lt.General Tukur Yusuf Buratai, yesterday poured encomiums on both officers and men of the Nigerian Army over their renewed efforts at combating the current security challenges facing the country. Buratai gave the commendation in his opening address at this year's COAS combined second

and third quarter conference at the Nigeria Army School of Military Engineering (NASME) in Makurdi, the Benue State capital. He said those efforts and commitments have relatively manifested in providing a more secured and conducive environment that promotes the rejuvenation of socio-economic activities in the country. Buratai said in order to consolidate on the gains so far attained by the Nigerian Army; he has directed the conduct of major train-

ing exercises in identified and potential trouble spots across the country with a view to clamping down on criminal elements from perpetrating their illicit acts against the country. He maintained that in spite of the improvement in security in the NorthEast, disturbing incidents have been on the increase in recent times in other parts of the country such as the South-South, where Niger Delta Avengers have been targeting national oil assets, a development he said has greatly affected

the generation of revenue into government coffers. Meanwhile, the Benue State Governor, Samuel Ortom, represented by his Deputy, Benson Abounu, commended the Nigerian Army for decimating Boko Haram in the North-East and restoring peace in the state, where herdsmen held sway for some years. Ortom said within a short time, the army under the leadership of Lt.General Tukur Buratai, was able to dislodge Boko Haram and reduce it to infinitesimal size.

Dangote named co-chair of US-Africa Business Centre NCAA cautions on danger of Samsung Galaxy phone to air safety Wole Shadare T T he United States Chamber of Commerce in a show of further commitment to the collaboration between the business community in the United States (US) and Africa yesterday named Africa’s most successful businessman, Aliko Dangote, as the co-chair of its US-Africa Business Centre. Dangote will serve alongside Jay Ireland, President and CEO of GE Africa, as a leader for the US-Africa Business Centre Board of Directors. “We are honoured to have Aliko Dangote on board to help guide the

business communities’ efforts in the pursuit of a new era of unprecedented growth between the United States and Africa,” said Scott Eisner, president of the US-Africa Business Centre. “The future of job creation lies in the hearts and minds of business leaders and their enterprises across Africa. We are fortunate to have an opportunity to tap into the expertise of Dangote and our board to ensure that United States companies have strong partners across Africa and can provide access to African companies interested in the US

market.” One of Africa’s leading industrialists, Dangote is a member of several national and foreign organisations where he devotes his resources to contribute to the growth and development of African society. In October 2013, he was named by Forbes as the Most Powerful Man in Africa. “Taking on this role with the US Chamber sends a clear message across Africa: American companies no longer see Africa as a stepping stone to global trade, but rather, as the future of trade,” said Dangote.

he Nigerian Civil Aviation Authority (NCAA) yesterday directed passengers not to turn on or charge their Samsung Galaxy Note 7 devises on board aircraft. Spokesman for the NCAA, Sam Adurogboye, in a statement yesterday said this was consequent upon recent incidents and concerns raised by Samsung about its Galaxy Note 7 devices. Adurogboye noted that in addition, these phones must not be stowed away in any checked-in baggage.

He added that NCAA is appealing to the passengers’ responsibilities in relation to ensuring safety and security of air transportation. Importantly, all airlines, he reiterated, are hereby advised to emphasise the prohibition of this devices on board during passenger briefings by the Cabin Crew. Similarly, he said all those responsible for searching or screening checked-in baggage are expected to intensify the procedures to identify possible checked-in Samsung Galaxy Note 7. It will be recalled that

Samsung has recalled over 2.5 million Galaxy Note 7 devices. This became necessary due to several reported cases of overheating and outright explosion. However, investigation has traced these problems to charging and the company is limiting battery charging on Galaxy Note 7 devices to prevent inferno. "The NCAA therefore calls on all passengers and airline operators to ensure total adherence to this directive as safety and security of air transportation is paramount to the Authority."

wednesday, september 21, 2016 NEW TELEGRAPH

METRO

ABIODUN BELLO abiodun.bello@newtelegraphonline.com 08023938212

...CRIME, CITY WATCH, COURTS

Abducted landlords’ families abandon homes

Oshorun Estate gate

Camillus Nnaji

amily members of the three landlords abducted at Isheri, a border community between Lagos and Ogun states, have abandoned their houses. On Saturday morning, gunmen believed to be kidnappers invaded the area and abducted three landlords from Oshorun Estate and an aerobics instructor. Those abducted are Dr. Bello Omololu, Mr. Esang, Mr. Kennedy and the instructor, Mr. Ayo. The landlords were about to begin their weekly exercise routine in front of Lekki Gardens Estate when the kidnappers struck. An estate manager, who identified himself simply as Mr. Victor, told our corre-

spondent yesterday that the families of the three abducted landlords had evacuated the estate temporarily. According to him, the landlords have embarked on meetings on how to prevent a reoccurrence of the incident. He said: “There is no need going to their houses because all the families of the victims have temporarily left the estate. If the estate president is around, maybe he would have spoken to you, because I cannot say much.” Meanwhile, house owners at Oshorun Estate have beefed up security to stave of incursion of criminals. A resident said the shock from the abduction led landlords to hire more private and estate guards. He said: “They knew the landlords do exercise every Saturday. They knew also

that the landlords are rich. In fact, one of them works with Chevron.” When our correspondent visited Oshorun Estate, there were several security operatives and private guards in the area. A security guard, who gave his name as Mr. Adebayo, said some landlords had employed more security guards to beef up their personal security. He said: “Because of the shock and fear of what happened, some landlords have employed new guards who resumed work today (yesterday). Some of them are still in hospitals because of injuries they sustained. The Estate Association has also beefed up security in the estate.” Also, policemen attached to the Rapid Response Squad (RRS), Zone 2 Police Command and patrol vehicles were stationed in the area.

Customs seize N20m fake malaria drugs Kunle Olayeni Abeokuta

igeria Customs Service (NCS) said it had confiscated 33 cartons of substandard anti-malarial and antibiotic drugs estimated at N20 million in Ogun State. The drugs, intercepted at the Nigeria-Benin Republic border, were to be sold in the open market. The state Customs Area Controller, Multafu Waindu, who disclosed this yesterday, also said the agency had seized 500 bags of smuggled rice with duty value of N5.1 million. Briefing journalists at the Idiroko border post, Waindu disclosed that the substandard medicaments were imported illegally through the border. According to him, the NCS officials intercepted the drugs with anti-malarial injections while the suspected importer escaped. He added that the 500 bags of smuggled rice were confiscated during a raid on an illegal warehouse at Okere Creek near Bawe Gbo in Ipokia Local Government Area. The controller stated that the NCS officials acted on a tip-off. According to him, the NCS subsequently safely deposited the contraband on its premises in Idiroko. He said: “Just last week, our operatives raided an illegal warehouse at Okere Creek near Bawe Gbo in Ipokia. The raid resulted in the confiscation of 500 bags of smuggled rice with duty paid value of N5.1 million. “Also seized are 33 cartons of substandard medicaments imported illegally through the Nigeria-Benin Republic border. “These medicaments which include six cartons of Fluclox injection, four cartons of Meropen injection, four cartons of Gold win dusting powder, four cartons of Ondecan injection, five cartons of Meropen injection, seven cartons Himadium capsules, six cartons of Artemether anti-malarial injection.”

City Briefs 12-year-old JSS 1 student commits suicide Lagos community gets multi-purpose hall Ola James Warri

12-year-old Junior Secondary School (JSS) 1 student has reportedly committed suicide at Ugbuwangue area of Warri metropolis in Delta State. The boy, identified simply as Godwin, was said to be living with his paternal Uncle, Mr. OkotieEboh, prior to the incident last Saturday. It was learnt that the victim was found dead inside his room by the housemaid. The maid also discovered the rope which Godwin used to hang his neck attached to a window protector.

A witness said the maid discovered the body when one of their neighbours told her after she returned from an errand that Godwin unusually refused to answer his calls to help him with the washing of his car. “While looking for Godwin to convey the neighbour’s message to him that the maid saw his body, with his tongue and mouth widely opened,” the witness said. It was also learnt that the maid screamed which attracted the neighbours who called OkotieEboh and his wife. Okotie-Eboh, a source said, called his wife’s younger sister’s husband to drive him to the police station to make a report.

Flora Onwudiwe

agos State Commissioner for Women Affairs and Poverty Alleviation (WAPA), Mrs. Lola Akande, said the newly inaugurated multi-purpose complex hall at Ilashe, a coastal community in Oriade Local Council Development Area, would boost economic activities in the area. The project has a skill acquisition centre, gari processing centre, cold room for storage, a viewing centre and market stalls. Akande said the project was aimed at promoting eco-

nomic and social development of the people of Ilashe community and its environs. She said: “The commissioning was in line with the all-inclusive and participatory policy thrust of the Governor Akinwunmi Ambode administration and its total commitment to eradicating poverty in all forms among the citizenry, including women and children. “The viewing centre would keep the people inform about government policies and programmes and also serve as a relaxation point to unwind, while the gari processing centre would assist farmers

in processing their farm produce, especially gari. “The ministry would supervise the entire facilities and manage the skill acquisition centre, while other facilities would be handed over to the community.” Akande, however, appealed to the people to make the best use of the facilities and protect them from being vandalised. The Sole Administrator of Oriade Local Council Development Area, Mr. Habib Aileru, commended the state government for the complex as it would make life more meaningful to the people of the coastal area.

METRO

wednesday, september 21, 2016 NEW TELEGRAPH

I use human skull for consultation –Herbalist Igbeaku Orji Umuahia

The farm workers’ house

Police recover kidnapped farm worker’s phone Taiwo Jimoh

etectives attached to the Lagos State Police Command have recovered the phone of the farm worker, Baba Togo, who was kidnapped at a farm settlement on Igbodu-Isiwo Road area of Epe on Friday. Baba Togo, two farm owners and a six-months-old baby were abducted while working in their farms. According to police sources, Baba Togo’s phone was recovered by policemen who combed the farmlands after the incident. The phone was said to have been retrieved in one of the farmlands. The recovery of the phone has led to arrest of several people, especially farm workers in the area. It was learnt that a special team of police-

men is at Agbowa Police Station, investigating the abduction and hunting for the kidnapped victims. A farm worker said: “After police recovered the phone, they scrolled through the contacts and started arresting farmers who are in Baba Togo’s phone contact.” On Friday morning, gunmen invaded a farm settlement at Epe and abducted Mrs. Oluwatoyosi Aboderin, her sister’s six-month-old baby, another female farmer, Mrs. Ogechi Maku, and a farm worker identified as Baba Togo. On Tuesday, the kidnappers demanded N70 million ransom for the two farm owners, Baba Togo and the six-monthold baby. The abductors demanded N50 million to release Aboderin, her sister’s sixmonth-old baby and Maku, they asked for N20 million for Baba Togo to be freed. A worker in the farm, who identified

himself simply as Mathin, said those of them who still remained in the farm were living in fear. He said: “When the operatives of the Special Anti-Robbery Squad (SARS) came into the settlement, they started arresting innocent workers whose names were in the phone contact of Baba Togo. His phone was found in a nearby bush.” The state Police Public Relations Officer (PPRO), Dolapo Badmos, said the police were on the trail of the abductors. She said: “We have intensified search for the kidnaped farmers and the baby. The Lagos State Commissioner of Police, Mr. Fatai Owoseni, has ordered the Special Anti-Robbery Squad (SARS) operatives to be on the alert. The commissioner has also vowed to rescue the victims and the six-month-old baby unhurt.”

Flood kills 18, destroys 10,657 houses

Ola James (with Agency report)

t least 18 people have been killed while more than 10,000 houses and over 13,000 farmlands have been destroyed by flood in Jigawa, Delta and Cross River states in the last two months. The Executive Secretary, Jigawa State Emergency Management Agency (SEMA), Alhaji Yusif Sani, said flood had killed 18 persons and destroyed 6,637 houses in about 19 local government areas. Sani said this while briefing journalists on the activities of the agency yesterday

in Dutse. The executive secretary said that the incidents occurred during the current rainy season. He explained that the persons died in Gwaram, Dutse, Jahun, Gumel and Ringim local government areas. Sani said that the flood destroyed 141 houses in Dutse; 419 in Jahun; 525 in Hadejia, 417 in Babura; 525 in Ringim; 822 in Gumel; 529 in Malammadori and 126 in Birninkudu local government areas. According to him, the disaster also claimed 68 houses in Taura; 120 in Kazaure; 691 in Maigatari; 336 in Gagarawa; 67 in Buji; 96 in

Kirikasamma; 101 in Garki; 856 in Kiyawa; 87 in Kafinhausa; 57 in Gwaram and 54 in Suletankarkar local government areas. Sani added that some of deaths were as a result of building collapse. He added that three persons also sustained injuries when some of the buildings crashed. According to him, government has already provided cash assistance to be given to the victims in phases. He said: “The state has already started intervening in order to mitigate the suffering of the victims. “We started with Jahun Local Government Area where we gave over N2.3 million to the victims to buy foodstuff. “And this will continue until we reach all the victims in the state.” But in the last three days, about 20 houses and valuables worth millions of naira have been destroyed

by flood in parts of Delta State. Several people also sustained serious injuries as they were struggling to get out of the severely flooded areas where they were trapped for several hours. In Warri, seven buildings were badly affected as the torrential rains swept across the notorious and water prone area of Okumagba Avenue, Marine Quarters, Ugboroke, Ajamimogha, Orhunwhorun and Aladja. Investigation showed that residents of Marine Quarters had to combat various kinds of dangerous reptiles such as snake, alligators, giant lizards etc. It was a sad story at Ughelli, Agbarha-Otor and Okumagba Avenue axis as four buildings were destroyed while sympathisers rescued an elderly man trapped by the ravaging flood. Most hit are the coastal communities such as OgbeIjoh, Patani and scores of villages in Burutu Local Government Area as well as fishing camps in the communities.

28-year-old herbalist, Oluebube Nwachukwu, has told the police in Abia State that he usually consults mediums with human skull and bone found with him. Nwachukwu, who was arrested at Amangwo, Olokoro, in Umuahia South Local Government Area, was among suspects paraded yesterday by the state Commissioner of Police, Mr. Leye Oyebade. Oyebade said Nwachukwu was arrested on Sunday through “information by a good citizen, with a skull and bone suspected to be that of a murdered victim”. But the suspect said he inherited the items from his late uncle, who was also a herbalist. Nwachukwu said the human skull, the bone and the other items were not as fresh as they appeared because they were older than him. He said: “I have no regret over my arrest since we don’t use the power to hurt anyone, or do we block the success of others with it.” According to him, he has been in the business of consulting mediums in the past six years. He said: “I use the items for incantation when people come to me for help.” Nwachukwu gave the name of his shrine as Miracle Spiritual Temple, Olokoro. According to him, the police would not have been able to arrest him but for the family members who arrested him and handed him over to the police. He said: “My family members arrested me and handed me over to the police because they are not comfortable with what I do. Some of the things I do frighten them and so they told the police that I want to kill them.” According to him, he works for people who consult him for madness, convulsion or any other kind of problem. Aside the human skull and bone, he was also in possession of snail shells, a small bell, a carved female head and the head of a dead animal. Other suspects paraded were Chibueze Nzerem, arrested for armed robbery, Ben Ozinna, involved in the production of fake food drinks and a suspected fraudster, Samuel Kalu.

Nwachukwu

NEWS | national

wednesday, september 21, 2016 NEW TELEGRAPH

Education Minister threatens to sack Unity Schools' principals

Yekeen Nurudeen Abuja

he Minister of Education, Malam Adamu Adamu, has threatened

to sack any principal of Unity School who violated the directive on collection of only authorised school fees by collecting illegal fees. This was contained in a statement by the Depu-

CONFIRMATION/change OF NAME

Dada

I, formerly known and addressed as Osifala Mercy Abiola now wish to be known and addressed as Dada Mercy Abiola. All former documents remain valid. General public should please take note.

Oji

I, formerly known and addressed as Miss Ihuoma Oluchukwu Ikechukwu now wish to be known and addressed as Mrs. Ihuoma Oluchukwu Oji. All former documents remain valid. General public should please take note.

Olowonjin

I, formerly known and addressed as Mr. Bamidele Maryanne Olubu now wish to be known and addressed as Mr. Olowonjin Maryanne Oluwabunmi. All former documents remain valid. The general public should please take note.

Ugwu

I, formerly known as Onah Onyebuchi Anthony now wish to be known and addressed as Ugwu Onah Onyebuchi Anthony. All former documents remain valid. Fidelity bank Plc and the general public please take note.

Ikieghazi

I, formerly known and addressed as Miss Chika Confidence Nwankwoala now wish to be known and addressed as Mrs. Ikieghazi Weytobara Confidence. All former documents remain valid. Ecobank Plc, Fidelity bank Plc and the general public note.

Jed

This is to confirm that Alamene Jed is the same person as John Elijah Diepreye Alamene with which my First bank BVN was registered. That henceforth I wish to be known and addressed as Alamene Jed. All former documents remain valid. First bank Plc, FCMB Plc and the general public please take note.

Bello

I, formally known and addressed as Mrs. Titilayo Olubukola Oladapo now wish to be known as Mrs. Titiloya Olubukola Bello. All former documents remain valid and general public take note.

Uche

I, formerly known and addressed as Miss.Chisom Grace Onuoha, now wish to be known and addressed as Mrs. Chisom Grace Uche. All document bearing my former names remain valid. General public please note.

Olusola

I, formerly known and addressed as Ogundoro Olusola Adeola, now wish to be known and addressed as Olusola Adeola Bosede. All document bearing my former names remain valid. Banks and general public please note.

Ugwumba

This is to confirm that Ugwumba Favour Nene is the same person as Ugwumba Nene Patience with my correct date of birth is 11/01/1990, instead of 01/01.1990 in my BVN account. That henceforth I wish to be known and addressed as Ugwumba Nene Patience. All former documents remain valid. General public please take note.

Nutayi

I, formerly known as Alade Olayinka Olamide now wish to be known and addressed as Mrs. Nutayi Olayinka Olamide. All former documents remain valid. General public please take note.

ty Director, Press, of the Ministry, Mr Ben Goong, which was issued in Abuja yesterday. This followed media reports that some principals of Federal Governmentowned schools and the Unity Colleges were collecting fees well over the amount stipulated by the ministry. He directed that all authorised cost items, including boarding fees must be communicated to parents in writing and copied to the ministry before any payment could be demanded.

According to the minister, any principal who did otherwise would have his or herself to blame. “For the avoidance of doubt, the authorised school fees for Unity Colleges for the 2016/2017 academic year has been placed on the ministry’s website –www.education. gov.ng “Any school principal who collects or has collected a penny outside the authorised fees as clearly stated must refund same to affected parents or guardians immediately.’’ He said

Adamu also advised parents whose wards were in unity colleges to report any infraction on the directive to the Federal Ministry of Education for appropriate sanction. The minister said that one of the pillars of his Ministerial Action Plan, “Education for Change”, which would soon be launched, was to make education accessible and affordable to all Nigerians. He said that he would not tolerate any act capable of sabotaging the goal. According to the minister, the time has come for “Nigeri-

ans to enjoy the benefits of ‘Change’ which they voted for and I will stop at nothing to deliver same in the education sector.” Adamu said one of the reasons for the recent harmonisation of fees in unity colleges was to ensure that parents paid averagely less, as well as eliminate indiscriminate collections. He said that the indiscriminate collection of fees had resulted in parents in some unity schools paying much higher than their counterparts in other unity colleges. L-R: Deputy Editor/ Group Head, Newsroom, New Telegraph newspapers, Mr. Geoffrey Ekenna; Editor, Mr. Ayodele Ojo; Public Relations Officer, StarTmes, Mr. Israel Bolaji and Admin Manager, Mr. Robbinson Eze, during a courtesy visit by StarTimes to New Telegraph Corporate Office in Lagos…on Monday.

Odokwo

I, formerly known as Miss Arit Sunday Odokwo now wish to be known and addressed as Mrs Arit Nsikak Joshua. All former documents remain valid. General public please take note.

Iwuji

I, formerly known as Nnabugwu Stanley Ejealor now wish to be known and addressed as Iwuji Stanley Ejealor. All former documents remain valid. Banks and the general public please take note.

Ayebatonye

I, formerly known as Ayebatonye Racheal Diepreye now wish to be known and addressed as Ayebatonye Racheal. All former documents remain valid. UBA, First bank Plc and the general public please take note.

Obi

I, formerly known as Augustine Chidi Obiekosi now wish to be known and addressed as Augustine Chidi Obi. All former documents remain valid. Zenith bank Plc, First bank Plc, Diamond bank Plc and the general public please take note.

Ajayi

I, formerly known, called and addressed as Olabisi Monica Fatusin now wish to be known, called and addressed as Olabisi Monica Ajayi. All former documents remains valid.General public should please take note.

Ilori

I, formerly known and addressed as Miss.Stella Adenike Ariyo, now wish to be known and addressed as Mrs. Stella Adenike Ilori. All document bearing my former names remain valid. Oyo State Hospital Management, Banks and general public please note.

Friday

This is to confirm that Eteure Friday Ajiro-Oghene and Eteure Stephen Friday refers to the same person. Henceforth, wish to be known and addressed as Eteure Stephen Friday. All former documents remain valid. General public please take note.

PUBLIC NOTICE

OAKCREST TRADERS ASSOCIATION IKEJA

The general public is hereby notified that the above named has applied for registration with the Corporate Affairs Commission Abuja under Part C of the Companies and Allied Matters Act 1990. The Trustees are: 1. Amaechi Uwachummadu Livinus - Chairman 2. Omegah Boniface Chukwunonyerem 3. Aidenojie Victoria Ajiededawe 4. Okolie Christian Chidozi - Secretary 5. Okolie Remigius Njikoka 6. Fredrick Romanus AIM AND OBJECTIVE ARE: 1. To foster the unity and progress among members. Any objection to the registration should be forwarded to the Registrar-General, Corporate Affairs Commission, plot 420 Tigris Crescent, off Aguiyi Ironsi Street, Maitama, Abuja within 28 days of this publication. SIGNED: TRUSTEES

Akeem Nafiu and John Chikezie

here was a mild drama yesterday at an Igbosere Magistrates’ Court, Lagos as an 18-year-old boy, Avekpon Benard, standing trial alongside 22 others over conduct likely to cause a breach of peace defecated in the dock. The incident occurred while the court registrar was reading the charges to the accused. It was learnt that Benard had earlier informed the investigating police officer (IPO) that he was pressed and wanted to use the toilet just before the court sitting. The IPO was said to have stopped him from going to the toilet under the excuse that other

Accused defecates in court defendants cannot be left unguarded. Unable to hold himself; the accused was left with no option than to defecate inside the dock. The courtroom was later filled with foul smell while Benard was taken out to clean up. Subsequently, he was arraigned alongside his coaccused on a three-count charge of conspiracy, breach of peace and unlawful possession of harmful objects by the police. They all pleaded not guilty to the charge. They were alleged to have conspired with others on the run to commit the alleged offence Those arraigned alongside Benard are Samuel Nnamdi (28), Emmanuel Shakiru (25), Okpe John

Agbakoba to Falana: I didn’t lead any delegation to Aondoakaa Wale Elegbede

ormer President of the Nigerian Bar Association (NBA), Dr. Olisa Agbakoba, (SAN), has refuted claims by an activistlawyer, Mr. Femi Falana (SAN), that he in 2007, led a delegation of bar leaders to the then Minister of Justice and AttorneyGeneral of the Federation,

Mike Aondoakaa (SAN), with a view to divesting the Economic and Financial Crimes Commission (EFCC) of its prosecutorial powers. Falana, had in an article in a national newspaper yesterday described the clamour by the NBA to strip anti-graft agencies of its prosecutorial powers as a misplaced move aimed at weakening the agencies.

(26), Clement Ogar (28), Donald Lowatur (23), Monday Mbang (21), Matthew Sunday (22), Francis Esthaphanus (22), Kennis John (26), Romero Dossu (37), Makande Samson (34), Utibe Sunday (45), Dona Afonyo (35) and Rasheed Kogbe (38). Others are Adam Monda (23), Glegbe Alfred (27), Rubben Lokosso (26), Benjamin Nichodemus (33) Edwe Gbovis (18), Samson

Dimeji (20), Augustine Okon (32) and Adebayo Dauda (26). Magistrate A. O. Ogunbowale granted them bail in the sum of N50,000 each with one surety each in like sum. The sureties, according to the magistrate, must be blood relations of the accused and their addresses verified by the court. Further hearing in the matter has been adjourned to October 6.

Delta NLC chair dies •Okowa mourns Dominic Adewole ASABA

he chairman of the Delta State council of the Nigeria Labour Congress (NLC), Comrade David Ofoeyeno, is dead. He died of protracted ailment, which kept him away from office since after his public appearance at the Workers' Day celebration. He is the second person to die on the seat as the state chairman. Prior to his death, he doubled as the President of the state council of the Nigeria Union of Local Government Employee

(NULGE). Governor Ifeanyi Okowa, in a statement signed by his Chief Press Secretary, Mr Charles Ehiedu Aniagwu, in Asaba yesterday, expressed deep shock and described him as "a well known and respected labour leader." The governor said as a personal friend whose invaluable support and contributions to labour movement has impacted positively on his SMART agenda, "he will be missed." The statement urged the Ofoeyeno family to see his death as "an act of God", admonishing his children to emulate the exemplary life of their father.

WEDNESDAY, SEPTEMBER 21, 2016 NEW TELEGRAPH

Akinlude PDP ‘ll bounce back in 2019

Politics On the surface, the Change Begins With Me campaign of the All Progressives Congress (APC)-led Federal Government is a novel concept which is primarily aimed at injecting value system in individuals and the nation at large. However, the campaign has been dogged by pitfalls since it was launched less than a week ago, WALE ELEGBEDE reports

Interview Govt working to stimulate economy by spending – Emefiele

FELIX NWANERI

GROUP PoLITICAL EDITOR nwanerif@newtelegraphonline.com

A campaign gone awry

f there is any part where the Nigerian system has decayed over the years, it is in the aspect of values and moral system. In fact, one does not need to be a sociologist to identify that the rot that has eaten deep into the political and social fabric of the country can genuinely be traced to the demise of values in the polity. While history and its scholars will be quick to point fingers at the military for the decay when they made incursion into the country's political system in 1966, some others, however, believe that successive leaders of the country including civilian governments appear to have enjoyed the rot over the years because it allowed them not to be responsible to those they are governing. Not minding the provisions of Section 23 and 24 of the 1999 Constitution, which stipulates that the national ethics shall be discipline, integrity, dignity of labour and ensuring that the good name of Nigeria is preserve, among others, the level of indiscipline, corruption and dwindling trust, has made the story of the nation degenerate. From homes to schools, the decay has been limitless. In tertiary institutions, the story is not different as many supposed lecturers engage in illicit affairs with their students in exchange for marks. Also, those outside the shore of the

Mohammed displaying the campaign's logo

country have also been having a brunch on the vices in the nation as they had to deal with internet fraud on a daily basis. Regardless of spirited efforts of the National Orientation Agency (NOA), to address the ugly trend, the dysfunction in public value system appears to have defied all sorts of medications, even from the agency saddled with such responsibility. If the verdict of Nigerians at the 2015 general elections can be interpreted, it speaks glowingly about the disdain of the electorate against the 16 years rule of the Peoples Democratic Party (PDP), which many believe has since 1999 aided, either implicitly or explicitly, the degeneration of value system in the country. For those in this line of thought, it wasn't a difficult venture to cast their ballots for the All Progressives Congress (APC) and its then candidate, President Muhammadu Buhari. Determined to sanitise the polity, President Buhari alongside his Minister of Information and Culture, Alhaji Lai Mohammed, last week Thursday, decided to take the bull by the horn, when the administration launched the "Change Begins With Me” campaign in Abuja, 16 months after it took over the rein of power in the country. The campaign, which is aimed at reversing the ruinous trend of misplaced value, was also initiated to eradicate the social ills that have

The goal of the campaign is to entrench values of accountability

ravaged every units of development in the nation. In sum, the campaign is aimed at developing a national sense of responsibility which informs the citizenry that the change every Nigerian desires can only emanate from the individual; which in turn will influence the entire collective and deliver the administration’s change mantra. Speaking at the launch, President Buhari said the goal of the campaign is to entrench values of accountability, integrity and inculcate positive attitudinal change in Nigerians, adding that the campaign would trigger positive change that will boost Nigeria’s image, enable the country gain acceptability and command respect in the comity of nations. The President said with the campaign, the desired change from the old order to a new one, was assured. His words: “Nigeria today is passing through a challenging moment where hardly anything works in a normal manner. Many have attributed this phenomenon to the total breakdown of our core values over the years. “There is no doubt that our value system has been badly eroded over the years. The long-cherished and time-honoured, time-tested virtues of honesty, integrity, hard work, punctuality, good neighbourliness, abhorrence of corruption and patriotism, have given way in

the main to dishonesty, indolence, unbridled corruption and widespread impunity. “The resultant effect of this derailment in our value system is being felt in the social, political and economic spheres. It is the reason that some youths will take to cultism and brigandage instead of studying hard or engaging in decent living; it is the reason that some elements will break pipelines and other oil facilities, thus robbing the nation of much-needed resources; it is the reason that money belonging to our commonwealth will be brazenly stolen by the same public officials to whom they were entrusted; it is the reason why motorists drive through red traffic lights; it is the reason that many will engage in thuggery and vote-stealing during elections; it is part of what has driven our economy into deep problem out of which we are now working hard to extricate ourselves. “Every one of us must have a change from our old ways of doing things, we cannot fold our arms and allow things to continue the old way. We must resist the temptation to fall back on the same partisanship, pettiness and immaturity that have poisoned our country for so long. Let us summon a new spirit of responsibility, spirit of service, of patriotism and sacrifice, Let us all resolve to pitch in and work hard and look after, not only ourselves but one another. “What the current problem has taught us is that we cannot have a thriving army of rent seekers and vested interests, while the majority suffers. Rather than sit back and complain endlessly, we have decided to act pragmatically, with the launch of this National Re-orientation Campaign. The campaign will not be a sprint but a marathon that will run the course of our tenure. We are under no illusion that the changes we seek will happen overnight, but we have no doubt that the campaign will help restore our value system and rekindle our nationalistic fervor. “I am therefore appealing to all Nigerians to be part of this campaign. Our citizens must realize that the change they want to see begins with them, and that personal and social reforms are not theoretic exercise. If you have not seen the change in you, you cannot see it in others or even the larger society. In other words, before you ask ‘where is the change they promised us’, you must first ask how far have I changed my ways ‘what have I done to be part of the change for the greater good of society. “While the government will drive the Change Begins With CONTINUED ON PAGE 12

POLITICS PLATFORM

WEDNESDAY, SEPTEMBER 21, 2016 NEW TELEGRAPH

PDP ‘ll bounce back Change Begins With Me: in 2019 – Akinlude 5 Questions C O N T I N U E D F R O M PA G E 1 1

Chieftain of the Peoples Democratic Party (PDP), Chief Willy Akinlude, in this interview, speaks on the state of the economy, the need for the two factions of the PDP to reconcile ahead of the 2019 genereal elections, among others. WALE ELEGBEDE reports

What is your take on the current economic recession in the country? Well, my own opinion is that we are trying to get our own freedom and independence. Since 1960, the way we got our independence was not the correct way, but we are going through a recession now, so we want to experience what we call independence. At the appropriate time, I think God will take control of everything. Are you saying that the recession will redefine the country? Something like that. Well, people are crying, like I said earlier on, we are trying to get our independence in Nigeria; we want to know the way forward. We have experienced so many things and we are still experiencing a lot of things, and I think maybe within the next six to nine months things will be better. Well, I was very happy that the Catholic Bishop of Sokoto, Bishop Kukah, told Mr. President to stop blaming past government because Nigerians voted for him to solve the problems of the country. They knew that Jonathan was unable to govern that was why they voted for him and that he should not blame anybody. He should face the problem of the country squarely. Nigerians voted for them for a purpose and the purpose is for them to solve the problem. So that is it. When will the crisis threatening the existence of the PDP end? Yes, at the appropriate time, the leaders of the PDP will take control

Akinlude

and God will help them to take control of the situation right now, because no one knows what to do right now. The PDP is having serious problem. You can see that the planned convention of the party was cancelled because there was a court judgment but the truth is that the leaders of our party should quickly find a solution to the crisis, they have to do something. However, we heard from the grapevine that the governors are trying to form a new political party but I will advise them to bury such thought people are watching them. They shouldn’t think that just because of their present position they can force a party out and people will just join them. For you to be a political leader that people will follow, your antecedents must be seen and known. Definitely, we are going to make a headway soon because the top echelon of our party are going to meet very soon to chart a way forward. Is the crisis in Lagos PDP an offshoot of what is happening at the national level of the party? Presently, we are having two factions in the state chapter because the people at the national headquarters have not sorted out their problems. I can assure you that once they settled, the party in Lagos State will unite. What is happening in Abuja is affecting most state chapters not only Lagos. For me, PDP is my party and I am supporting the Chief Kola Balogun group simply because he is a complete gentleman who understands the present political terrain and a problem solver who doesn’t use sentiment in his sense of judgment. But do you think a factionalised PDP can wrestle power in 2019 from the APC? Yes, we can! We will reconcile and go back to the drawing board. Mark my word, PDP is bouncing bank and it will be with the forthcoming governorship polls in Edo and Ondo states. I admit it might not come easy, in fact it could even extend to the courts but we will bounce back. Many Nigerians are already saying that the PDP could have done better in this present circumstance. The argument appears plausible to me because the economic situation in the country is affecting everybody, and it was not like that during the PDP. The PDP did better. Look at the downward state of our naira now; look at the situation we find ourselves right now, it’s is a very painful situation.

Me’ campaign, it must be strongly supported by all concerned, individually. In this regard the private sector is a major stakeholder. Indeed when the campaign succeeds, it will impact heavily on the private sector. A punctual, diligent and hardworking staff can only be of benefit of not just himself or herself or the organization they work for but to various governments whether at local, state or Federal level.” Likewise, Mohammed, whose ministry oversees the campaign, said: “About three to five years back now, the role models in the society were people of doubtful character. Money was worshipped; nobody cared where and how one got the money; these are the misplaced values that we are tackling now.” While stating that the campaign is meant for all Nigerian irrespective of their clan, tribe, religion or level, he noted: “We believe that what is wrong with Nigeria is not limited to the elite, the political class and the civil service; if we want that change, therefore, it must address all the issues and target every strata of the society.” With many Nigerians already seeing the evolvement of new attitudes from the newly conceived orientation campaign, an unusual narrative of alleged intellectual property rights surfaced less than two days after the launch from a creative writer, Akin Fadeyi. According to Fadeyi, the Minister stole the concept of the campaign from him in an apparent breach of the country’s copyright law. He noted further that the concept of the campaign was submitted to the federal government though the minister with the name “Not In My Country,” but he was surprised to see idea renamed as “Change Begins With Me” without any recourse to him. But coming in defence of the minister and the project, a Marketing Communication Consultant, Brian Ebden, who worked with Mohammed alongside Kolawole Ayanwale, founder and CEO of CentreSpread, the advertising firm contracted for the recently launched campaign, said the claims of copyright theft was only sheer lies. Ebden, who backed his claims with email conversations sighted by New Telegraph between him, the minister and other staff of the ministry as far back as Wednesday October 14,2015, said the "Change Begins with Me” project had been in the pipeline before Mohammed became a minister. The minister was inaugurated in November 2015. In one of the emails, dated October 31, 2015, Mr. Ebden sent Mr. Mohammed samples of the jingles produced for “Change Begins with Me” as well as the logo. “Further to our meeting yesterday and as promised, please see attached hereto, the document for your perusal and consideration. I have also attached the TVC pilots as well as the Radio Ads and Jingle

L-R: President Buhari, Mohammed, Chief of Staff to the President, Abba Kyari, Secretary to the Government of the Federation (SGF), Babachir Lawal and others at the campaign's launch

options separately,” Mr. Ebden said, adding: "If you require any further information, please do not hesitate to contact me at your earliest convenience.” He insisted that nothing was plagiarised because none of those making the ridiculous claim admitted meeting Mohammed on any proposal before he was nominated and sworn into office. His words: “It is on record, as I stated in the statement that the whole ”Change Begins with Me” concept was formulated and concluded long before the minister was sworn into office in November 2015. “The irrefutable evidence to attest to all these facts are available and only confirms this position. The facts speak for themselves and, in my opinion, all those who are making these spurious claims need to urgently apologise to the minister.” Similarly, another consultant on the project, Akinwale Goodluck, who was a former employee of a multi-national telecommunication firm, MTN Nigeria, said it is very surprising that anyone would suggest that the Change begins with me campaign was not the brainchild of the minister. He said: “I state without any equivocation that Alhaji Lai Mohammed had discussed the Change begins with me campaign extensively as early as the 10th of November 2015. It is therefore impossible that the idea of the Change begins with me campaign was first proposed to the Hon. Minister at a meeting in December. Absolutely impossible!” With the dust of the alleged copyright

CROSSFIRE Rather than keep blaming the previous government ....Buhari administration must realise that this not a time to apportion blames, but a period to rally Nigerians -Yerima Shettima

PDP didn’t leave anything. They stole everything; nothing was left. So, why should we not put the blame on them? We put the blame where it is supposed to be -Joe Igbokwe

POLITICS PLATFORM

WEDNESDAY, SEPTEMBER 21, 2016 NEW TELEGRAPH

Entrenching values of accountability

infringement yet to settle, a journalist with ThisDay Newspaper, Adeola Akinremi, spotted quotes lifted from the 2008 inauguration address of the President of the United States, Barak Obama, in the speech delivered by President Buhari at the launch of the campaign in Abuja. Akinremi established in his writing a case of plagiarism against the president when he identified Obama’s quote without acknowledgment to the US president. The identified plagiarise quote reads: “We must resist the temptation to fall back on the same partisanship, pettiness and immaturity that have poisoned our country for so long. Let us summon a new spirit of responsibility, spirit of service, of patriotism and sacrifice, Let us all resolve to pitch in and work hard and look after, not only ourselves but one another. What the current problem has taught us is that we cannot have a thriving army of rent seekers and vested interests, while the majority suffers.” In his speech on November 4, 2008, after his victory over Republican John McCain in the race for the White House, Obama told his

What the president’s speechwriters did wrong was that they failed to acknowledge the author

enthusiastic supporters: ”Let’s resist the temptation to fall back on the same partisanship and pettiness and immaturity that has poisoned our politics for so long. So, let us summon a new spirit of patriotism, of responsibility, where each of us resolves to pitch in and work harder and look after not only ourselves but each other. “Let us remember that, if this financial crisis taught us anything, it’s that we cannot have a thriving Wall Street while Main Street suffers.” Although it has been established that the president was not directly indicted in the plagiarise speech, Akinremi, however said: ”It is immoral to plagiarize other people’s work, but even worse to use dishonesty to launch a campaign about honesty.” Admitting the gaffe, the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, said in a statement that ”serious oversight will be investigated thoroughly and appropriate sanction meted. “It was observed that the similarities between a paragraph in President Obama’s 2008 Victory Speech and what President Buhari read in paragraph nine of

the sixteen-paragraph address while inaugurating the campaign on Thursday, September 8, are too close to be passed as coincidence. “There was a mistake by an overzealous staff and we regret that this has happened. Already, a Deputy Director in the Presidency has accepted responsibility for the insertion of the contentious paragraph,” the statement said. In an apparent move aimed at ensuring that such plagiarise ’insertions’ did not find its way into the president’s speech again, it was reported that the Presidency has firmed up plans to install plagiarism detection software in the computers of its speechwriters. Speaking on the blots the new campaign is enmeshed in, the Executive Director, Rights Monitoring Group (RMG), Mr. Olufemi Aduwo, said the concept of the “Change Begins With Me campaign” was almost coming late, arguing that the APC government should have come up with the initiative when it newly came into office. “You can quote anybody anywhere in the world but what the president’s speechwriters did wrong was that they failed to acknowledge the author. The concept should have started at least two weeks into the government and could have been done in a more practical manner like wiping out security votes of government officials, he should have reduced his aircraft fleet; even the Pope of the world does not have 11 airplane. “Also, we don’t understand the concept behind it because it is neither here nor there; change begins with me in what direction? I remembered that in 1999 when Chief Olusegun Obasanjo came in as president, he launched Nigeria Rebirth, which is the same thing with what they are doing now. If a leader makes a change, people will automatically follow.” As the fundamentals of the campaign continues to come under scrutiny, it is clear that leaders at all levels must be the catalyst of the change they desire among their subjects and as the new orientation moves to redefine citizenship and patriotism, Nigerians should take a cue from President Buhari’s charge that they “look beyond this incident and focus on the message of change which the country needs in order to restore our cherished value systems.”

POLITRICKS Fringe parties as alternatives in Ondo Accepting defeat before election

he notion that politicians are incurable optimist is playing out in Ondo State, where aspirants who lost out in the governorship primaries of the All Progressives Congress (APC), are looking towards fringe parties to realise their respective ambitions. Upon the emergence of Rotimi Akeredolu as APC standard bearer for the governorship election in the state and the inability of the losers to force their way through the appeal committee to reschedule the primaries, some of the aspirants decided to cash in on their

Plan B, which is to make use of fringe parties to realise their ambition of contesting the November 26 election. Already, two of the aspirants are said to have set up their structures and machineries in Action Alliance (AA) and the Unity Party of Nigeria (UPN). In fact, it was gathered that talks with the leadership of the parties have reached advanced stages. With others expected to join the fray, who says they cannot spring a surprise and pull the rug off the APC and the Peoples Democratic Party (PDP).

head of the September 28 rescheduled governorship election in Edo State, the coast is becoming clearer that some political parties would not have a good outing, following recent massive defection and outcry by leaders of fringe parties in the state. Since the postponement of the governorship poll from September 10 to September 28, there have been reports of party leaders dumping their platforms to pitch tent with either the All Progressives Congress (APC) or Peo-

ples Democratic Party (PDP). Some of the gubernatorial candidates, badly hit by the postponement, have also written to the Independent National Electoral Commission (INEC) to bring the election closer on account that they lack the financial musclesto pursue their ambition. Without any iota of doubt, the attitude of the party leaders is pointing to the fact they may have accepted defeat even before going to poll, and therefore the outcome of the election will not be a surprise to them.

POLITICAL NOTES

Another mega party in the offing? W

ill it take another mega party to unseat a ruling party come 2019 as witnessed in 2015? This is the question on the lips of most political analysts and observers as politicians’ kick-start early campaigns for the next general elections. Though the election is still three years from now, there are indications of the possibility of a new party emerging on the political scene. The new party is being planned by some chieftains in the ruling All Progressives Congress (APC) and major opposition party – Peoples Democratic Party (PDP). Interestingly, these bigwigs are strange bedfellows. Their different political leanings, notwithstanding, two things are bringing them together – the quest for power and control of resources. Ordinarily, the arrowheads of the new party, especially those from the APC would have remained where they are given the fact that their party is in control of the federal government, but ambition is making them to realign political forces. Most of them have their eyes on the presidency but feel that they present arrangement may not allow them actualize their ambitions as President Muhammadu Buhari is likely to take another shot at the plum job. There are others who felt neglected by the Muhammadu Buhari government. This set of aggrieved APC members claim that they contributed to the emergence of Buhari as president but were shut out in appointments by the president. It is the same ambition that is driving the PDP elements in the arrangement. Their party has already zoned its presidential ticket to the northern part of the country, so it would foolhardy for them to remain under the big umbrella. So, the early move to form a new party by the two camps is to avoid being caught unawares when the race for 2019 commences. Though the president has not spoken of a second term, some chieftains of his party are already flying the kite in that regard. Those behind the bid are using the early campaign to scare away some elements who are desperate to step in his shoes in 2019. Amidst the scheming, the question observers are asking, is: Can the new platform mobilize the kind of support that saw APC upstage PDP in 2015?

FELIX NWANERI

POLITICS \ INTERVIEW

WEDNESDAY, SEPTEMBER 21, 2016 NEW TELEGRAPH

Govt working to stimulate economy by spending – Emefiele Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, believes that the nation’s economy will likely come out of recession by the fourth quarter of this year given the various measures put in place by the Federal Government and the monetary authorities. He spoke in an interview with media executives in Lagos at the weekend. New Telegraph reports Nigeria is in recession; the first in decades or few decades. Things are bad, people are suffering, how did we get here? I think I must apologise when you say that people are suffering. I must apologise that this is happening to our people, but I must confess that what is happening today is as a result of a global crisis. Global crisis in the sense that we have seen commodity prices dropping, we’ve seen geo-political tension, political tension between Russia, and Ukraine while indeed the United States (US) and European Union (EU) are on one side watching; political tension between Iran and Saudi Arabia, trying to play their game as usual and of course the US Fed’s actions since 2009. Following the mortgage crisis of 2009, which started in the US , there has been a couple of actions, which given the size of US economy in the world, has had certain impact both positive and negative on emerging markets and frontier markets, where Nigeria unfortunately stands today. But I think when you want to address the issue of how we got here, it is important for us to go back to history to begin to tell ourselves that, or remind ourselves that there was a time in this country when this country survived only on revenues from agricultural produce; there was a time in this country when we survived from revenue from groundnut pyramid in the northern part of Nigeria; there was a time when this country survived from the revenues from the western part of the country, and I am talking about cocoa to the extent that the tallest building at that time, the Cocoa House, was built from the revenue of the export of cocoa; there was a time when this country survived with revenue the country generated from the production and export of palm oil and palm oil products in mid-western and the south–eastern part of the country. At that time, I’m talking about the 50s and the 60s and indeed up to early 90s, Nigeria was the largest producer and exporter of palm produce in the world. Unfortunately we abandoned these sectors because we found oil. I wish what we did at that time was to ensure that we held strong to our potential in the agricultural sector, if we had held strong to our potential in the agricultural sector, and in the same vein, held strong to the potential that we found because we found oil in Nigeria, our story would have been different today. Unfortunately what happened was that because we found oil, we let our guards down in the agricultural sector, and I’ll give you an example, this for me is a case

of a country that unfortunately didn’t plan properly. Example is a country like Norway, a country with a population of less than five million people. Norway produces agricultural produce particularly fish. It produces and exports fish today, Norway also produces also crude oil, to the extent that today, it is a country that has one of the highest investments in Sovereign Wealth Funds. Norway indeed has $873 billion in its Sovereign Wealth Fund. Despite having $873 billion in its Sovereign Wealth Fund, Norway also takes very seriously the output from fish production to the extent that the country survives on what I call its annual basis from revenue that it generates from the export of fish. What does the country do with revenue from crude? It invests it, and at every point, the country is about to use the funds from crude oil, it only uses it for infrastructure purposes. That is a country that has planned for its people. Soon after we introduced the forex restriction on the importation of

Emefiele

By allowing the import of goods that can be produced in Nigeria, we export wealth... and import poverty to our country

fish, the country’s farmers started complaining to the extent that the parliament in Norway has met twice to see to how to ameliorate the adverse impacts of not being able to export fish to Nigeria on its farmers. Indeed, the country has sent several trade delegations to Nigeria to encourage us to lift the restriction, so that they can export fish to Nigeria and we in turn pay them our hard earned dollars, which we do not have at this time. What we should all realise is that by allowing the import of goods that can be produced in Nigeria, we export wealth and jobs to those countries and import poverty to our country. Does it mean that Nigeria failed to plan in the time of plenty like Norway that you just cited? Unfortunately we didn’t plan for our people and that’s why we are where we are today, and I will give you a few examples again. In September 2008, Nigeria’s foreign reserve stood at $62 billion, what did we do with $62 billion? At a time when crude oil price was at about $120 per barrel, what did the country do? What we should have done is save the money, if we couldn’t save the money; invest it in infrastructure, industry; infrastructure and industry that would grow productivity and the wealth of our people. But what did we do? The Central Bank of Nigeria (CBN) of that time went about li-

censing class ‘A’, class ‘B’, class ‘C’ Bureau-De-Change (BDC). For class ‘A’ bureau-de-change, Central Bank was allocating $1m per week, for class ‘B’ bureau-dechange, Central Bank was allocating $750,000 per week, and for class ‘C’ bureau-de-change, Central Bank was allocating $500,000 per week to the extent that between 2005, when CBN started selling dollar cash and 2016 January, when we stopped it, the CBN had sold dollar cash of up to $66 billion to BDCs. In 11 years, the CBN allocated $66 billion averaging $6 billion per year. If this didn’t happen, we would comfortably be having well over $90 billion in our reserve account today and we will not be struggling to pay our bills today. If we had thought of other ways to utilize our reserves in 2008 when it was as high as $62 billion, perhaps, certainly we would not be where we are. We had a situation where at that time, as the Managing Director of Zenith Bank Plc, a deputy governor of the Central Bank would call to quarrel with me to say why was I not coming to the Central Bank to collect dollar in cash to sell to bureau-de-change. I was called to be queried that some people in Kano, some people in Port-Harcourt and in Lagos were calling to say Zenith Bank was not selling dollar cash to bureau-de-change but of course the bank didn’t see any serious need to disburse dollar

POLITICS \ INTERVIEW

WEDNESDAY, SEPTEMBER 21, 2016 NEW TELEGRAPH

Emefiele

cash to bureau-de-change at that time. That was what we did with part of our $62 billion. I will go further; between 2009 or 2010 and 2014, of course you remember 2009 was when we had the crisis, when it started with Lehman Brothers collapse. America pumped a lot of money to stimulate the economy, and as a result of that, some of those funds flowed into emerging markets including Nigeria. At that time again Nigeria removed all forms of capital control to encourage the flow of capital into Nigeria. So, what happened in five straight years was that we saw crude oil price at above $105 per barrel. We also saw unhindered flow of capital into emerging markets like Nigeria to the extent that by 2013, we had $23 billion in capital flow into Nigeria. What did we also do? The CBN started encouraging Nigerians to buy shares/ securities abroad. Although the dividends and proceeds of sale of the shares were to be repatriated through the CBN, we do not have any records to show that the dividends and proceeds of the shares sale were repatriated. People just had all the discretion to transfer funds as wished just because we thought we had a lot and didn’t think about a day like today when crude prices will be so low. We should have at that time built our reserves. What did we do with our reserves at that time? I repeat those were some of the actions we took as Central Bank that resulted in the situation that we are today. Now, I want to take us back a little. In January 2014, the country had forex reserve which stood at $40.6 billion at that time when crude price was about $110 per barrel. Sometime in September 2013, the country was generating from crude oil export on a monthly basis, an average of about $3.2 billion. By June 2014, when I took over as the Governor of the CBN, the reserve had dropped to $37 billion and crude price was about $108 per barrel. At that time receipts from crude sale had dropped to just about $1.7 billion monthly. Soon after that we saw the crisis all over again and between that August and September 2014, up to this time, which is about two years,

we have seen consistent drop in the prices of crude to the extent that by 2015, our reserves had dropped to $31 billion. At that time crude price had dropped to about $48 per barrel and the country’s receipt from export on crude had dropped to about $1.3 billion. At the same time, the demand for foreign exchange for import remained high. You liken it to a situation where you have a man who has three children, and on a monthly basis, he earns N10,000 when things were good. And how did he distribute the N10,000; he gave each of the children, N2,500 for their upkeep and of course he had N2,500 for himself. Unfortunately, when things became bad like we are now, his salary had dropped from N10,000 to N2,500. Unfortunately the three children still wanted to continue to collect N2,500 stipend. So, how would he survive and how would he fend for the family? All he needs to do is to think about a couple of options. Either to work harder to earn more money, which is to increase supply or to work harder and begin to ask the children really what were doing with N2,500 monthly allowance when things were good because things are no longer as good as they were before. So, we begin to look at what you were really spending on, were you using it for frivolities. That is the situation we find ourselves today. And when this happens, we started by saying that there was the need for an adjustment in the currency. We adjusted the currency from N155 to N168 sometime around November 2014. As if that was not enough, our friends kept saying that our currency was over-valued and we asked a few of our friends if you think the currency was over-valued what do you think it should be at, some said well N180 will be fine, some said N190 will be fine and by March just to satisfy them, so that the FX supply can come, we adjusted to N197. We went back and said look we have N197. Is there a way you can come back again and let’s begin to see business as usual, they said well sorry we are not convinced, the fundamentals don’t look right; for that reason we are not coming unless you continue to adjust and we

TSA is a programme that several governments in the past have tried to implement, but unfortunately they did not have the will to do so

said we could not continue to do an indeterminate adjustment to the currency. Of course they were not happy with us and we held faith to the fact that we felt N197 to a dollar was adequate and appropriate at that time. Of course, we held faith and after that, we began to say: What are the items that we were importing? We went into a demand management mode and we said for now let’s leave it the way it is, lets look at what are the items that we were consuming. To give you some perspective, in 2005, Nigeria’s import bill was only about N70 billion. By 2015 Nigeria’s import bill had risen to about N790 billion. What were we consuming? We needed to be sure that what we were consuming at the time when we didn’t have foreign currency. We began to ask ourselves: Are these things what can be produced in Nigeria. And in the midst of it, we found that importation of petroleum products was taking about 30 per cent of our import. Importation of items like rice, fish, sugar, tomato and what people call tooth-pick and the rest of them were consuming about 10 to 15 per cent. We felt that if there was an opportunity for us to curb the demand for these items, then we should be able to see demand at a level where it could be close to supply for us to have an appropriate price for the currency. And that was how we went into let us diversify the economy. Let us grow our rice in Nigeria and again I will give you an example. I was on my way abroad on an official trip, I met a gentleman whose company produces aluminum cans and he said ‘Governor, at this time when there is no foreign exchange, we need to look at aluminum cans. He said there are some of our companies, which import aluminum cans for beer and soft drinks. We can produce it.’ Today, because we included aluminum cans in the list of 41 items, their sales have gone up 10 fold. We also have a company that produces starch and glucose from cassava. They went to some of their customers that were importing this item and said ‘look, we can produce this glucose and starch for you.’ The importer told them that ‘we would come to see you when our stocks go low.’ Their stock never went low and they never did because they were still importing. After the restriction, the importer’s stock truly went low and they had no choice but to patronise the locally made glucose. Today the turnover of the company producing starch /glucose has gone up astronomically and they have created more jobs for Nigerians. Gentlemen, by the restriction on the importation of toothpicks, we now have toothpicks being produced at Sango Otta, in Ogun State from bamboo. That company has created jobs for Nigerians. That, in my view is the positive impact of our Demand Management Strategy. Today, we have a company that has embarked on the establishment of factories to produce 650,000 barrel per day of refined petroleum products, the same company will be producing polyethylene and polypropylene granules and fertilizer. This company plans to invest up to $11 billion in these projects. Gentlemen, by 2017/2018, we will be self-sufficient in local production of petroleum products, polypropylene and fer-

tilizers. These are the positive effects of our Demand Management Strategy. So it has worked. In a time of recession, you need to spend to achieve growth. However, on the other hand, you have to be very careful so that excessive spending does not result in sky-rocketing inflation. You can imagine that as at December 2015, the rate of inflation was just about nine per cent but below 10 per cent in January and now, in fact as at March 2016 and now it has moved from 10 to 17.6 per cent. That is the reason the CBN considered it's mandate of price stability as core. That is why at the last Monetary Policy Committee (MPC) meeting, members tried to weigh the balance between growth and inflation and noted that if we allow inflation to grow at the rate that is so astronomical and uncontrollable, that could be a problem. And that is why we decided at that meeting that lets alter the rate. But the primary motive why we altered that rate in upward direction is to attract foreign direct investment inflow. We did that to achieve the higher yield. How do you expect the recession to be over with prices going up and manufacturers lacking raw materials? Let me say this; I must confess that I wasn't optimistic that the Foreign Direct Investment (FDI) will come initially but with what we have seen in three months, almost $1 billion, I feel very confident that there will be more inflow into the system and more and more people will have foreign exchange available for them to do their businesses. That will improve the industrial capacity. The rate may be high now, but there's high possibility that with more availability of foreign exchange, the rate will come down. I am very optimistic that a lot of positive things will happen. Now in terms of short run, I have talked about encouraging inflows to come in. I have talked about how the fiscal authority is trying to push in liquidity to stimulate consumption, demand consumption expenditure and of course, when consumer consumption is stimulated, demand for goods will go up and if these demands go up, the industrial capacity, then you will see the activities. If we maintain a steady course in the way we are going, and if all those who have foreign exchange repatriate them, more and more people will have foreign exchange to do their business, that will improve industrial capacity. The rates may be high now but now there is the possibility that as we receive more and more foreign exchange, the rate will come down. I am really optimistic that this will happen. Also in the short run, we can sell assets. You will recall that as at April 2015, I had an interview with Financial Times of London even before the government came on board. I had opined that there was need for the government to scale down or sell off some of its investments in oil and gas, particularly in the Nigerian National Petroleum Corporation (NNPC) and Nigeria LNG Ltd (NLNG) as at that time, when the price of oil was around $50 to $55 per barrel. CONTINUED ON PAGE 18

WEDNESDAY, SEPTEMBER 21, 2016 NEW TELEGRAPH

Opinion A plagiarist as President TREASURES BOLA BOLAWOLE turnpot@gmail.com 0807-552-5533 (sms only)

hese are not the best of times for President Muhammadu Buhari; he is confronted on all fronts by myriad problems, some of them self-inflicted. He has the Chibok girls albatross around his neck; he had promised while campaigning for president to rescue the girls within three months of assuming office. He has spent 15 months already; yet, no dice. In addition to Boko Haram, he has on his plate the murderous Fulani herdsmen up North; resurgent Biafra in the South-east; and neo-separatist Niger Delta Avengers in the South-south. After much hesitation, the FG has admitted that the economy is in recession; and cries of ‘restructure the country’ have risen to a din. Crippling power outages continue unabated; another fuel hike threatens; the rate of criminal activities everywhere is alarming, even as job loss is counted in their thousands monthly. In the midst of all of these, the Buhari administration, as well as its chief propagandist, Lai Mohammed, has been accused of plagiarism. While Mohammed, who is the Minister of Information, was accused by Akin Fadeyi, a privately-employed person working hard to eke out a living in so hostile an economic environment, as having stolen his idea, the President in his own case is accused of plagiarising a speech belonging to no less an illustrious personality than United States’ President Barak Obama. I know Akin Fadeyi; together with boss Gbenga X-Adebija and those wonderful ladies at Cadbury’s PR Department, they were a wonderful team. Thanks, folks! I have followed Akin as he sold his “Not in my Country” idea

all over the country, wearing those school-boy uniforms; donning his boyish looks; and working his arse out. It pains that some smart alec would eventually corner what ought to have been his just reward. Mohammed has, however, denied that he stole Akin’s ideas, insisting he started nurturing his own idea before he became Minister. I have no evidence to call Lai a liar on this issue. My own experience as a privately-employed person, though, is that there are brazen thieves in the corridors of power who specialise in stealing the ideas of others. I know for real that this is also the experience of many other consultants. You make a presentation and they tell you it will not fly; the moment you turn your back, they reach out for a letter-head of their own and dub your presentation and present it as theirs. The next time you hear of it is when execution of what you were told would not fly is on-going! The smarter ones among them would say: “O, if only you had come earlier; we just approved a similar project last month”. It’s a lie; the moment you leave, he dubs your idea. If you are privately-employed and eke out a living on the ideas you generate, you will be better able to put yourself in Akin Fadeyi’s shoes. Take heart, dear brother; as my grandma would say, ‘the water you are destined to drink will not pass you by’. As for those shameless thieves, they should note “The Guardian” newspapers’ motto: “Conscience is an open sore; only truth heals it”. Let their conscience prick and judge them eternally! Plagiarism is a criminal offence; it is the theft of intellectual property; whether or not it is also corruption, we leave that for Buhari, the anti-corruption crusader, to say! We all know his predecessor, Goodluck Jonathan, said stealing is not corruption! Whatever the President thinks of it, it is another unmistakeable demonstration of the anti-intellectualism of Buhari\the Buhari administration. This government and President are too intellectually shallow for comfort; they are not deep at all. On the major issues of our time, be it resurgent Biafra; neo-Niger Delta militants;

Where was Buhari in 2008 when Obama made his acceptance speech?

restructuring; economic recession, their views are pedestrian and the recommendations ineffectual. Does the President read at all? Is he abreast of national and international events? For instance, did he read the 2016 budget before presenting it to the National Assembly? If he did, he must have noticed the obvious discrepancies and padding in that document. I am privileged to know that many leaders are so lazy they don’t scrutinise speeches prepared for them before going public with them. I have also been privileged to write speeches for leaders. I made it a point of duty to pick their brains. Only a few of them liked that. I once took up a leader on a speech he had just read; I was shocked when he retorted “which speech?” I replied “the one you just read” He called the drafter of the speech and said “Bola is talking about your speech; answer him!” Many of our leaders don’t believe or even remember the speeches they make. How, then, can they deliver on the promises made in such speeches? Is that not what has plagued Buhari\APC concerning their campaign promises, which they have since reneged at one after the other? Even CHANGE must now begin with us, not them – as if we were the ones who promised change! Those calling for the head of Buhari’s speechwriter badly miss the point. Where was Buhari in 2008 when Obama made his acceptance speech? The event was epochal; everyone followed it; and the speech was not ordinary. Speech-writing is like writing a newspaper editorial: Someone drafts it; other members of the Editorial Board vet it; newspapers differ on how they proceed to thereafter adopt is as the views of the newspaper, but once it is so adopted and published, it becomes the opinion of the newspaper and not of the person who drafted it or even of the Editorial Board members. There is a chain of command or line of authority. How many gate-keepers did the plagiarised speech pass through before finally landing on Buhari’s table? Why did none of them notice the offence? So, more heads than one need to roll if that is the way the Presidency has decided to handle this matter.

Will Buhari keep fiddling while Nigeria 'burns'? Roland Terkula

wrote an opinion piece in the thick of the presidency’s needless war against the Senate leadership wherein I cautioned President Muhammadu Buhari against becoming Nigeria’s Nero Claudius. I urged him to face the enormous task of governance, especially the economy, which was already beginning to go south. The ascension of Nero Claudius Drasus Germaniscus to the throne in 54AD was received with a vortex of jubilation among the Roman plebeians and the patricians. But, shortly after, it was discovered that Nero had an ear problem, among other ailments, which led him into rampant paranoia and melancholy of suspicion of not only the Roman senators, but also his mother, brothers and subalterns. Nero thrived on cold revenge and was so self-indulgent. Thus, Petronius refers to him as the “incendiary of the Roman expire”. He fought practically everybody, but met his waterloo when he descended on the Roman Senators with charges of conspiracy. Nigerians gave their mandate

to Buhari and the All Progressives Congress (APC) in March, 2015 on several irresistible campaign promises that included, but not limited to an unbiased fight against corruption, stable power supply, Naira-Dollar parity, reduction of pump price of petroleum products (they lampooned N86 reduction by ex-President Goodluck Jonathan), mass employment, economic diversification, food surpluses, N5,000 monthly stipend to the unemployed, school feeding, defeat of Boko Haram and insecurity, etc. Strangely, the very party everybody looked up to with great expectation became self-destruct, tyrannical, laggard, and inept once in power. Bedeviled by power-jostling, the APC would not even allow Members of the 8th National Assembly to freely choose their principal officers in accordance with Section 50 of the 1999 Constitution. For going against their dictatorial tendencies, the presidency and APC cabal have done everything reprehensible to democratic norms to overthrow the Senate leadership and emasculate the National Assembly. Well meaning Nigerians warned, but the fiddling continued.

With the move to overthrow Senator Bukola Saraki as Senate President vide the Code of Conduct Tribunal (CCT) not coming as quickly as expected, Plan-B was activated to oust both Saraki and his Deputy, Senator Ike Ekweremadu, relying on trumped-up charges of forgery of Senate Standing Rule. However, in a strongly-worded resolution entitled “Threat to our Democracy”, sponsored by Senator Dino Melaye (APC-Kogi West), the Senate cried out that the planned attempt to arraign the leadership of the Senate over an internal matter of the Upper Chamber and spurious forgery claims was a smoke screen for an impending attempt to overthrow the legislative arm of the government. Also, the House of Representatives of the National Assembly in its motion on the “Threat to Democracy” frowned at the rising executive impunity, noting that the planned arraignment of Saraki and Ekweremadu was "a deliberate and concerted attack on the National Assembly to render it useless”. The House recalled that a Federal High Court in Abuja had in July and August 2015, ruled that the allegation of forgery Standing Rule was

an internal affair of the National Assembly and not the business of the executive. Also, senior lawyers, including Chief Mike Ozekhome, warned that the Attorney-General of the Federation (AGF), Abubakar Malami, who was until his appointment a counsel to the Senate Unity Forum (presidency’s foot soldiers in the Senate) in the suit by Senator Gilbert Nnaji challenging the constitutionality of the Police investigation of Senate Standing Rule, could not charge these men to court while the suit was still pending. But the fiddling continued. Without fair hearing; without interrogation; without any mention of either Saraki or Ekweremadu by the petitioners; without any of the APC Senators or NASS bureaucrats interrogated by the Police accusing them of any wrongdoing; without the police report indicting them; and without waiting for the exhaustion of the suit challenging the constitutionality of the Executive (police) investigation, the AGF docked the Senate’s presiding officers and brought executive-legislature relations to the lowest ebb. Peeved by the impunity. •Terkula wrote in from Makurdi.

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Time to fix Owo-Ikare Road

he deplorable condition and persistent nightmare the people of Akokoland in Ondo State and other commuters plying the Owo-Ikare Akoko Road, as well as Ikare-Okeagbe-Omuo Ekiti Road are passing through have reached an uncomplimentary dimension. Indeed, the continued neglect of the less than 100-kilometer federal road is indicative of a failed system, instigated by the deliberate insensitivity of the Federal Government and the Ondo State Government, to unleashagony on the people. Apparently, the neglect of the road, without any palliative measure or rehabilitation carried out on it in the last few years, is suggestive of the untoward attitude and hatred of government for the people, as if Ondo North Senatorial District, comprising Akoko and Owo is not part of the state in terms of social and infrastructural development. It is, however, disgusting for government either at federal, state or local government level, which prides itself to be sensitive to the needs of people to have neglected and closed its eyes permanently on such important road, given its economic and commercial benefits to the people and nation in general. The road, which was last constructed and asphalted in the late 90s by the Petroleum Trust Fund (PTF), which General

Muhammadu Buhari superintended under the regime of the late General Sani Abacha, is the only major road linking the South-West to the Northern part of the country, apart from the Ibadan-Oyo-Ilorin road. In actual fact, Owo-Ikare Road has in the last few years served as the only connecting route for motorists and other commuters from Lagos, Oyo, Osun, Ondo States to Abuja, and for such road to remain in a total deplorable state leaves much to be desired. Of course, in a society such as ours, where the cost

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The situation is equally precarious as travelling after 7 pm or before 6 am has been ruled out. It was on the same road that the Regent of Akungba-Akoko, Princess Oluwatoyin Omosowon, was kidnapped along with Asala Oyewunmi and Dele Obote, her driver and an official of the Adekunle Ajasin University on June 2, 2015 while returning

The Owo-Ikare Akoko Road is now death trap and den of armed robbers

of air transportation is high and railway is epileptic and grossly inadequate, any responsible government should take the challenge of fixing its roads as one of its priorities without recourse to any political consideration. But, like many other failed roads in the country, the OwoIkare Akoko Road is now death trap and den of armed robbers and kidnappers. More worrisome is the harrowing experience of the local traders and farmers, who are being robbed of the wares and farm produce at will by hoodlums, who now prowl the road, especially on market days in the area.

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from Akure. They were said to be held by their abductors for more than one week under dehumanizing condition before they were freed after

paying some ransom. Ordinarily, the road, which would have taken less than 30 minutes from Ikare to Owo, now takes more than one and half hours with commuters holding their heart in their mouth apparently for fear of being robbed or attacked. More than one year after the President Buhari administration came into power, it is sad that the government has not done anything no matter how insignificant and has no plan to reconstruct or carry out palliative repairs on the road. Investigations revealed that the Ikare-Okeagbe Road was awarded to to Philko Nigeria Limited, a

construction company based in Kano in 2009, which had since 2013 removed the last set of its equipment on the road, when the Federal Government refused to release funds for the road project. Similarly, the Owo-Ikare Road is what it is today due to the failure of the State Government to sustain the contract of a construction company hired by the late Dr. Olusegun Agagu administration to maintain and carry out repair work on the road. Regrettably, further neglect of the road by the Minister of Power, Works and Housing, Mr. Babatunde Fashola (SAN) or to foreclose its timely rehabilitation will further cast aspersion on the integrity of Federal Government to alleviate the plight of Nigerians, in terms meeting their infrastructural and social needs. Provision of good road is one inalienable right the government owes to its people, and which to serious government at all levels should be sacrosanct. However, the failure of government to provide the people with good roads across the length and breadth of the country is tantamount to lack of seriousness. The need to fix Owo-Ikare and Ikare-Okeagbe-Akoko road should be a matter of urgent consideration, at least to save the people from the harrowing experience of robbery attacks, kidnapping and damage to vehicles the road users go through daily.

POLITICS

C O N T I N U E D F R O M PA G E 1 5

We actually commissioned some consultants who conducted the study and at the end of that study, we were told if we sell between 10 to 15 per cent of our holding in the oil and gas sector that we could realise up to $40 billion. Unfortunately, the markets have become soft. If we chose to do that now, we could still get $10-$15 billion or maybe $20 billion. If we have that kind of liquidity, it will be easy for us to really stimulate spending and also to turn the economy around. That proposal is still on the table because I have also heard that some of our colleagues in the Federal Executive Council (FEC) have talked about it and a lot of people too. If we take that option, I am optimistic that we will be able to stimulate the economy and earn foreign currency that we can really use to kick-start and stimulate the economy. Don't forget that even in the US, when the economic crisis started, the government stimulated the economy with about $900 billion and subsequently injected $85 billion monthly for an extended period of time. In Japan and Europe with low rate of inflation, they have negative interest rate. Anytime they want to stimulate the economy by liquidity, if you push the inflation it will not affect prices. We are trying to fight inflation to remain at a point, where it will not be too high and become injurious to our people. What measures is government taking to get out of the recession and its intention to come up with a bill to shorten the procurement process and the absence of chief executives in most of the agencies where the spending actually take place? Unfortunately, I don't agree with you because we have cabinet members and most of these agencies are headed by ministers and we have people who are working in acting capacity. There are other people who are there as executive directors, and I do know that once we are able to shorten the procurement process, the absence of chief executives will not hamper spending. You are talking about more spending and the fiscal side driving at more revenue through taxation. How do you align the monetary with fiscal so that you can drive common purpose? Let me assure you that both the monetary and fiscal are working together and that is why you could see a situation, where today, even where we have revenue shortage or deficit, the monetary authority is trying to bridge the gap. We said that we can give you a bridge to go ahead and spend, when you obtain a foreign loan or when your revenue improves you can repay the bridge that we have created for you in order to stimulate spending. That is a practical case of collaboration between the monetary and fiscal authorities. Now, when you talk about increases in taxes, there are lots of proposals presented to the Federal Government that for instance, Value Added Tax (VAT) should go up. And I must confess that taxes in Nigeria, particularly the VAT is among the lowest in the world. In spite of that the government has been very reluctant to increase the VAT rate because it really understands the suffering and the yearning of the Nigerian people.

WEDNESDAY, SEPTEMBER 21, 2016 NEW TELEGRAPH

Past govts' failure to plan cause of recession – Emefiele

Emefiele

But what the government admitted of which you and I also know is that there are so many people side tracking and avoiding payment of VAT taxes thereby hampering the implementation of VAT regime. However the government is working to widen the scope horizontally, so as to capture more people to pay taxes. That is what I'm aware the government is doing and not at this time for the government to be pushing for increment in taxes. You have explained how external shocks contributed to the recession in Nigeria but you have not addressed the issue of internal problems arising from the delay in putting in place the necessary structural adjustments, which may have slowed down the economy right from the onset of this recession. For instance, marketers are talking about stopping the importation of fuel, because of the impact of the fall in the value of the naira. Also there's need for rethink about the Treasury Single Account (TSA) that is currently being sterilized in the CBN, of which some of the money could be used to spend our way out of recession. I will take the issue of TSA first. As far as I'm concerned TSA is a programme that several governments in the past have tried to implement but unfortunately they did not have the will to do so. And I will give you an example. Is it fair that the government allows ministries and agencies to release its money to the banks and those banks don't pay any interest to the government. At best they pay one or two per cent but at the same time when government wants to borrow by selling treasury bills, government goes back to these banks and these banks use the liquidity that the government gave through ministries and pass back to the Federal Government at between 12 and14 per cent. This is colossal waste of resources on the part of government. So, people believe that because

Government is pushing that we must diversify the economy and that items we are importing and which can be produced in Nigeria must be produced here

TSA is sitting in the Central Bank is part of what is causing the crunch, it is not true. Because when government was going to withdraw the TSA, the MPC also looks at its own ways of releasing some funds into the system through the Cash Reserve Ratio (CRR) that was held so that the money cycles back into the CBN, so that the government gets its money back. So, I do not agree that the TSA is a major issue here. Secondly, on the necessary structural adjustments, again, it is unfair to blame this government for not taking decisions on structural adjustments and I will tell you this. Normally, when you have an adjustment in currency worldwide, those adjustments must be followed with structural reforms. Just as President Muhammadu Buhari talked about, in 1984, our currency was about one naira to a dollar. After that, we went into Structural Adjustment Programme (SAP), which was meant to build structural adjustments or structural reforms but when the crude price started to improve, everybody abandoned the structural reforms and that was why we could not see to effectively diversify the economy. There was a government that came at that time and said let’s pursue Green Revolution, and another government said everybody should go the farm. But immediately crude prices started going up, everybody abandoned Green Revolution; everybody abandoned Go Back to the Farm. And that’s why we are saying now that yes, an adjustment is going on, adjustment in the currency has happened there is a need for us to follow through with some structural reforms that would lead to diversifying the economy. How? For instance, we are lucky that we have somebody who has decided to invest in a refinery with the capacity for 650,000 barrels per day. We are lucky the same person has decided to invest in petrochemical and fertilizer. These three projects alone are costing nothing less than $11 billion. And these three products – petroleum, petrochemical and fertilizer – take nothing less than 35 per cent of our import bill. What happens by the end of 2017 to 2018, when we stop the importation of these products? You will see that we are able to conserve our reserves because the demand for foreign exchange for these items will reduce. What does it take to produce these items? To produce fertilizer you need gas and to produce petrochemical products like polythene, you need gas also. And to produce petroleum products, all you need is crude oil. So, all you need to do is to import the machines. So, I'm saying that the structural adjustment will work. Government is pushing that we must diversify the economy and that items we are importing and which can be produced in Nigeria must be produced here. That is why government has continued to support the restriction on foreign exchange for items like rice, fish and tomatoes. I have told you the successes we have attained. I can say that for the

first time, I'm seeing a toothpick that is produced in Nigeria. The vice president gave me a sample of that toothpick on Wednesday. And what does it take to produce toothpick, bamboo and the machine you need to produce toothpick is less than $50,000. The machine can be installed in a room. We must embrace structural reforms to the extent that you must tell yourself that there was recession and global economic crisis, where your revenue dropped. You went with that drop in revenue went into the valley. When there is structural adjustment program and fortunately your revenue also grows, you adopt structural reform strategy so that where there's another round of recession; you will be able to withstand it because economic crises come in seasons, they come and they go. When next an economic crisis comes in, it's either that you are at par with it or even stand taller and enjoy growth rather than going into the valley. Those are the kind of things we are talking. You also talked about petroleum products pricing. Petroleum pricing is something that citizens have taken passionately. I think Nigerians love and trust Mr. President that is why despite the increase in the prices, Nigerians accepted it because they found out that because of shortage of foreign exchange, marketers stopped importing products. NNPC was saddled entirely with the responsibility of importing petroleum products. Of course, it became so bad that it became embarrassing to the citizens to the point that elsewhere; people were buying fuel at N86 while others are buying as high as N150 a litre and at N200 in different parts of the country. People began to agitate that if I could buy at N200 or N150, just make it available. That informed the decision to increase the pump price from N86 to N145 per litre, so that people can move around to conduct their businesses. Hence, at that rate, it will be possible for them to source their foreign exchange at a price not less than N280 to a dollar. It is unfortunate this has attracted high rate of inflation. With the rise in petrol price from N86 to N145, which is about 80 per cent increase; it means the transporter has no choice than to increase the price of transportation fare by 80 per cent. That is why the adverse impact on prices has been so colossal on our people but government will continue to do its best to moderate and we the monetary authorities will look for our own way to inject liquidity, so that what has gone up through the exchange rate the manufacturers can get it through moderated interest and improved industrial capacity. It will help to moderate prices, so the impact of exchange rate is not so adverse on prices. It is a delicate balance and we must give credit to the fiscal and monetary authorities for what they are doing to ensure that the impact is reduced and that we turn round the corner as soon as possible. to be CONTINUED

WEDNESday, SEPTEMBER 21, 2016 NEW TELEGRAPH

Life in the city Change comes to Agege

The Mega City

Life in Mega City Debating the infrastructural development in Lagos

...EXCLUSIVE LAGOS MAGAZINE

21 22

Corporate beggars on the prowl A corporately dressed man begging for alms

As the recession bites harder, Nigerians are devising means to beat the hard times. While some look for means of augmenting their income, some tightened their loins to meet up with the three square meals daily requirement. Others simply devise a cunning means of swindling innocent individuals of their hard earned money. They do this in corporate and unsuspecting manners. LADESOPE LADELOKUN writes

C OLUWATOSIN OMONIYI CITY Editor

tosin.omoniyi@newtelegraphonline.com

lad in fitted black suit, drop dead gorgeous, best describes her outfit. With her moderate make up, she could easily pass for a bank manager. But this pretty chocolate looking lady is neither a bank manager nor a lawyer. Rather, the street is her office and begging is her profession. “Sir, I have a business appointment by 11a.m. on the Island, but my car suddenly devel-

Times are hard. People will naturally beg. No law says one cannot beg

oped a mechanical fault. I unknowingly left my ATM card at home and I don’t have a dime on me. Please, I need your assistance. Help me with whatever you can afford.” She said Moved by her story, Biodun Kalejaiye, an accountant with a construction company, told New Telegraph he gave her N1,000. “I had expected that she would board a bus immediately in order not to miss her appointment on the Island. We even exchanged phone numbers. But about 30minutes later, I saw the same lady with another man in the same neighbourhood, pocketing the money she got from another ‘operation’. It was then it dawned on me that she was one of those corporate beggars and she had played a fast one on me.” Another drama was by the ATM stand. A tall fine

looking man approached Bolanle Odinaka at the ATM point when she was withdrawing money. According to her, he approached her to give him N1,000 so that he would be able to fuel his car away from that point. Touched, she gave him the money and he left immediately but it was to another ATM point begging. “So, I decided to wait and watch this man. To my dismay, he pocketed money he got using same technique from about five different persons!” She said. In the same vein, Chief Emeka Offia, Ezendiigbo of Ibeju land, Lagos, narrated his experience. “Last Friday, I was by the ATM and a young man came to me and showed me some papers. He said he was about to be employed and needed to make some phoCONTINUED ON PAGE 20

20 LIFE/MEGA CITY

WEDNESday, SEPTEMBER 21, 2016 NEW TELEGRAPH

CONTINUED FROM PAGE 19

tocopies. He sought financial assistance. I told him N200 should be enough, but he wanted me to give him N500 and I gave him. So, he left. On my way coming, the same person came to me again for assistance. I asked if he was not the same person I met earlier in the day, he just sluggishly left. I know he was doing that because of hardship.He was well dressed, with a tie on; one would have thought he’s a bank worker.” Another Lagos resident, Chinedu Okafor, had his side of the begging experience: ’’I’ve had several experiences. There was a time a young man came to me that he had been robbed and he needed money to board a bus home. When a bus came, I told him to board the bus and I volunteered to pay. He insisted that I gave him money. It then became obvious that he needed money. “There was also a time I saw three women, dressed in party attire and even carrying gifts. They said they were going to Sango (outskirt of Lagos) and the money they had on them was not enough to take them home. I prevailed on my boss that day to give them money. He gave them N500. As we just moved, my boss saw them from the side mirror, begging another passer-by” It is not uncommon to see well dressed and ablebodied folks that concoct all manner of stories to make their unsuspecting victims part with their hard-earned money on the streets of Lagos. Described by many as ‘corporate begging’, it is another means

A 'blind' beggar

of eking a living. In Lagos, for instance, gone are the days when

Begging is a natural part of life. When you don’t beg in good faith, it’s a crime

A corporate beggar in Lagos

begging is associated with only the physically challenged or those who have poverty etched on their faces. While the rising case of “corporate” begging has been blamed by many on the economy of the country, some blame it on laziness. For Mr. Ali Odubairo, a business man, people beg out of laziness and those who offer them money fuel the social malaise. “The issue has to do with extreme laziness. More so, they are doing it because people give them money. But if people refuse to give, they will be forced to leave the street. I don’t think it’s the situation of the country. There are other things to do. Take pride aside, there are menial jobs. The summary is they are here because we give.” Abdulaziz Waheed, an Islamic cleric, says there is general misconception that Islam encourages begging. Islam encourages us to be kind but discourages laziness. He said, “Instead of begging, it’s better to go into the bush to cut trees for firewood and sell.” For Pastor Kunle Ogunniyi, he believes that the

Holy Spirit should be allowed to direct when it comes to giving and receiving. He said, “In the process of giving, some wicked people transfer problems to your life. In giving, you have to be led by the spirit.” A professor of law and civil servant, who spoke on condition of anonymity said, “As a general rule, no law says one cannot beg. But, if you beg and you constitute nuisance to the society, it’s a crime and it’s a civil wrong. For instance, if there’s a hospital and you go from one doctor to another, disturbing people whose lives are in danger, you are a nuisance to them. Begging is a natural part of life. When you don’t beg in good faith, it’s a crime,” he said. The Professor, however, sees nothing bad in begging. “To me, we are not to deemphasize begging. More so, times are hard. People will naturally beg. I would not canvass for a serious legislative approach. There’s nothing wrong if people beg in good faith. I think it’s more of a social issue than a legislative issue. Let it be a value orientation issue,” he said.

LIFE/IN THE CITY 21

WEDNESday, SEPTEMBER 21, 2016 NEW TELEGRAPH

Change comes to Agege Mbah Merit

he recent wave of change in the country has left an indelible mark on the citizenry in every state of the federation. The people of Lagos State are not left behind. The rapid rate with which infrastructural developmental projects are being executed in the state serves as a proof to that. It has become very obvious that the Lagos State government is putting things in order to ensure that the citizens get satisfaction. Good roads, bridges, street lights are provided when and where necessary. However, while some enjoy what has been done, some do not even have a feel yet. The residents of pen cinema, Agege, Lagos have been expecting a wave of change to blow towards their side with full force. Though they have a good number of motorable roads, the traffic snarl people encounter daily is not a pleasurable experience. However, residents and visitors to this area of Lagos will soon be liberated from the weighty repression of perennial traffic snarl they daily experience. This is because Governor Akinwunmi Ambode has announced plans to activate multifaceted projects designed to improve the standard of living in the State, among which is the commencement of construction of a Fly-over Bridge at the popular Pen Cinema junction of the state. Speaking with a staff at the state Ministry of Works, he said that the State Government also announced readiness to commence the deployment of 13,000 Closed Circuit Television (CCTV) Cameras, additional 6,000 street lights and security sensors for surveillance and crime prevention across the state from October, 2016. While explaining the scope of the Pen Cinema Fly-over, he said that the construction would be completed within 18 to 24 months, adding that the project would commence after the conclusion of the preliminary works. According to him, the flyover would be constructed from Oba Ogunji via Ijaiye Road into Agunbiade, adding that it would be 700meters long with some junction improvement at Pen Cinema. “We will expand Oba Ogunji Road and create barriers. The project will also accommodate a generous walkway similar to the Ikorodu Expressway and the bridge will have a free flow all the way to Agunbiade,” he explained. New Telegraph had sought the opinion of residents on the proposed bridge. While some are glad at the announcement, some are apprehensive over the consequences of the construction. Mrs. Temitope Badmus, a resident said that since there are about 10 Housing Estates in the area, it is very important for the state government to construct the bridge. Badmus said that the construction would not only enhance the socio-economic activities but also the health and security of

Ambode reveals plan to reduce traffic on Agege road by constructing flyover bridge

Along Pen Cinema road, Agege

commuters and motorists. “It is very important the government constructs this bridge. Even if you pass through Pen Cinema-Agege around 10pm and 11pm, there will still be traffic jam. The number of estates growing around Agege surpasses the infrastructure around the area," she said. Izuchukwu Ekwueme, a dealer in rugs, said he is aware of the bridge, and concurs to the fact that a bridge is needed because of the railway. According to him, “humans have been crushed in the process of crossing the road. So, the bridge will do them a lot of good. Instead of crossing through the rail lines, people will just walk through the fly over of the bridge but thinking of the demolitions

For every development, there must be a sacrifice. We are ready to pay

that come with bridge construction, plus this hard times, it would not be easy because by January 15, 2017, the building where he trades will be demolished by its owner to build a two storey which is strictly going to be for business and the rent hijacked to N40,000 per month. “That alone is sickening. So if the government would agree, they should give us more time because bridge construction brings bad market as people will hardly move around freely.” Gbenga Husenni, a landlord at Agege, said the bridge is a good idea and since it’s a commercial area, it will make the area more viable and more developed but in cases of demolitions, the government should compensate the concerned. Kenny Abiodun, a worker with

photo: pulse.ng

one of the private companies in Agege, said that the only reason a bridge is needed is because of the railway located in the middle of Agege. Aside that, there is no need for a bridge. “For every development, there must be a sacrifice. So, we are ready to pay the sacrifices,” he said. However, some traders view the opposite. A popular boutique owner along the Agege who pleaded anonymity told New Telegraph that he is aware but does not know when work will commence. He said, “The only thing I noticed is that some men came around the previous week to measure the road; when we asked them what the measurement is for, they told us that they have no idea.” Surprisingly, he said that he does not see the need for a bridge. “The situation in Nigeria is tough now. So, I do not see the need for a bridge here yet because business has to go on for people to survive. If the government goes on with the proposed bridge construction, stealing will increase drastically in this area because some shops will be affected.” He however urged the government to hasten the work if the construction could not wait so that traders like him would be able to recover whatever they lost during construction. Adaobi Nwajideobi, a trader in that area said she is not aware of the bridge and on hearing it, she is not happy because it will affect her business since she trades close to the main road and that is where she feeds from.

22 LIFE/MEGA CITY

WEDNESday, SEPTEMBER 21, 2016 NEW TELEGRAPH

A pedestrian bridge at Aruna bus stop, Ikorodu

Debating the infrastructural development in Lagos Ladesope Ladelokun

overnments of mega cities the world over ensure they make provisions for certain things which would make life more meaningful to their citizens. Good road networks, reliable medical facilities, potable water, fly overs and every other things that come under the name infrastructure. Lagos, a mega city, is not an exception. The government of Lagos is doing everything possible to ensure the city meets up with standard. That probably explains the reason a huge percentage of state’s budget is earmarked for infrastructural development in recent times. In the last administration, On-going Infrastructural development Lagos state spent N1.132 trillion on infrastructural development, according to the then Commis- except maintenance of roads sioner of Budget and Economic and drainages. What I see is a Planning, Mr. Ben Akabueze. He governor raising his own projstated that the money was spent ects. He’s not fully supporting on 8,961 projects during Governor existing ones. If he continues Babtunde Fashola’s administra- this way, his own successor tion. The current administration will also abandon his projects has also earmarked a huge portion and start his own. What about of its budget on infrastructural de- Lagos homes? Look at the way velopment. it is. As per infrastructural deNew Telegraph had sought the velopment, I’ve not seen any.’’ opinions of Lagos residents on Disagreeing with Engineer government’s efforts in this area. Kunle, a source who craved While many believe the Akin- anonymity believes a lot has wunmi Ambode administration been done in the area of infrahas done a lot in the area of infrastructural development by the structural development, some be- Ambode administration as he lieve not much has been achieved. referred to the governor as a Engineer Kunle Salu, a resident silent achiever. According to of Lagos, told New Telegraph that, him, “The current government “I’ve not seen what has been done is working but what I observe

What they are doing is cosmetics. They patch up a few places and they are out

is that this governor does not make noise.” Reacting to the allegation of abandoned projects, He said: “The Lagos/ Badagry Expressway project has not stopped. He never abandoned the construction of BRT lane from mile 12 to Ikorodu. The light rail project is still on. He has mandated local government chairmen to complete at least two roads every year. He has started the Abule-Egba flyover to decongest traffic. What about the light up Lagos project? Then, there is the rehabilitation of Apapa / Oshodi Expressway. Berger Bridge has been completed. Very soon, by next month, the construction of Agege fly over

will start. What about the relocation of Okobaba saw millers from Ebute Meta to Agbowa? His administration spent over a billion naira to complete projects he inherited.’’ Eze Franklin, a Building Engineer and a Lagos resident doesn’t think the current Ambode administration has done nothing spectacular in the area of infrastructural development. “What they are doing is cosmetics. They patch up a few places and they are out. Money is gone and they are comfortably happy with their family members. In terms of infrastructural development, nothing has changed.” When asked if he has seen the Berger Bridge and other ongoing projects, Eze thundered: “Is that what we should be commending a governor for? Is he using his money? How much does the bridge cost? Let’s open the books. If you are given the same opportunity, you will spend far less than whatever they are posting to us they have spent. Fashola was telling us he spent this and that when he was there. When this new one came, he exposed everything.” He added: “In every aspect of governance, what we experience in the National Assembly happens so that they can use the money on frivolities. Padding is everywhere. And let’s get external people to get comparative costs. Let me take you down memory lane. The other day, Dangote told us the refineries he is building has the capacity to generate 10,000 megawatts of electricity. Nigeria as a country cannot produce 5,000 megawatts. If you look at the cost he is spending on 10, 000 megawatts, if the Federal Government or state government is to do the same project, they would spend ten times over. You give an individual the same thing to do; it will be at a cheaper cost. If the government were going to do the same capacity that Dangote has posted, ask Dangote how much he spent, let’s see what the government will tell us they are going to spend to do their own.” A Lagos based lawyer, Barrister Fafolu Ayodeji, commended the efforts of the government in terms of infrastructural development. He also encouraged Lagos residents to support the current administration. He said, “Ambode is really trying. I think he is building on what Fashola did. By paying our tax regularly, I think there is a lot to gain.’’ An official at the Ministry of Works and Infrastructure, who pleaded anonymity believes that the state government is trying its best in the area of infrastructural development. He also added that the government is aware of the pains of Lagos residents, especially those affected by the demolition of structures as some residents are being compensated. In his words, ‘‘only last Friday, a man from Alimosho came to pick his cheque. You can check the notice board for pictures.’’ He finally assured affected residents that the challenges encountered now are not going to be over soonest but urged them to be patient with the state government.

LIFE/IN THE CITY 23

WEDNESday, SEPTEMBER 21, 2016 NEW TELEGRAPH

Alani Oluseyi

n rainy mornings, you will see them drenchedpeasants-shivering in their emaciated bones. That is a line from Syl Cheney Coker's myopia. The peasants that Coker was referring to are probably those who are under the burden of hardship in that country but a second look at that line would explain the attitude of Lagos traders to their businesses. Of course, they are not peasants but a group of people with a defiant spirit, ever ready to work, going against the odd, defiling the rain to come out to trade. Indeed, the coinage that one cannot be in Lagos and be idle, appropriately defines Lagos traders. Despite the fact that there had been consistent torrential downpour in Lagos, business women and men still came out en masse to attend to their daily activities. Due to the heaviness of that rain, one would think that some traders, especially people whose wares are allergic to water would not come out, but they do. Bread sellers came out, cloth sellers were also under the rain! A bread seller was sighted at Agege, Lagos, with her wares arranged logically on a wooden table with a nylon covering the ware and an umbrella for overall cover. And bread lovers were actually thronging in front of her stall. Her sales boys, clad in a nylon and rain boot, entered the middle of the road to sell to those who cannot come down from their vehicles and other passers-by. A man who also deals in second hand clothes(okirika) was seen at Iyana Ipaja axis of Lagos with a nylon slung on his shoulder with his wares in it. Surprisingly, he had a bell in his hand, under that heavy rain without an umbrella advertising his products. However, there is no rose without a thorn. As determined as these traders are, they still experience some challenges, not only the sellers including the buyers as well. While the buyers groan about not having the chance to negotiate as they please, the sellers complain of minimised profits. Oreoluwa Adeleke, a cloth seller in Berger area of Lagos, said as difficult as it is, she must go out to make her sales. She emphasised

Defying the rains Kids hawking their wares in the rain

that, for her, she survives on daily income. As such, come rain come sunshine, she must go out to do her business. “During rainy season, we make fewer profits. For now in this rainy season, we sell goods at give away prices. Thing are difficult to keep. So, you will be willing to sell your goods at cheaper rates no matter how little the profit is. For me, I can't say this rainy season is a blessing because the rain has destroyed so many things and impeding our business movements.” Explaining further, she said

Commuters using the canoe at the Alagbole-Akute bridge during flooding

For now in this rainy season, we sell goods at give away prices

she could save about N500 daily but with this raining season, it she said could barely save N200 daily. In a chat with Mrs. Ajayi, known as Iya Ekiti, a moimoi(bean paste) seller, she said the rain had really caused a sharp decline in sales and profit. "Market is not good at this rainy season. This one is different from the former ones I have witnessed. I believe that rain is a blessing because it's from God; it is the just the world that is changing. To be sincere, during the dry season, I make four de-

A trader selling inside the rain

rica( a large measuring tin cup) of beans to make moi-moi but now that it's raining, the story is different. It is hard to sell two cups of moi-moi daily.” Lekan Alaba,15, who is a street vendor selling newspapers, said for him, it is compulsory that he comes out daily to assist his parents in the family business daily else, he won’t get transport fare to school. “Rain or no rain, I must come out to sell to our customers. Once I cover myself and keep the paper away from getting wet, business moves on,” he said.

24 LIFE/MEGA CITY

WEDNESday, SEPTEMBER 21, 2016 NEW TELEGRAPH

Ezurike Ugochukwu

L-R: Sector Commander, Hygenius Omeje; Zonal commander,G. Ngueke; Deputy Corps Marshal Ademola Lawal and the state Vice Chairman of RTEAN, Alhaji Suleman Onobanjo

Limiting your speed for safety vehicle owners will start to install it in their vehicles because they give their vehicles to drivers and most times they are not there to know what the drivers do with the cars behind them.” He explained that speeding consumes more fuel, and reduces the life span of vehicles “Over speeding results to road crash and when that happens, it depletes the GDP of the nation,” he said. At a question and answer section, a driver, Adekunle Arogundade, expressed fear that the speed limit may put drivers at risk on the highways when their speed are restrained since there is no reasonable security on the highway when hoodlums would want to prey on them. He whined that since there are no tyre manufacturing

Road accidents account for almost 80 per cent of death on highways

companies in the country, a situation he said has contributed to the high cost of tyres, mostly, now that FRSC has started enforcement on the use of expired tyres. Austin Oyebitele, secretary in one of the RTEAN chapels at Mile 2, International Park maintained he has learnt a lot from the lecture. According to him, their passengers, drivers as well as vehicles will be safe when the speed limit device is enforced. “Now that the Federal Government has introduced a device that will control our drivers on the highway without our having to talk to them, death toll will be reduced on our roads.” Oyebitele further said the FRSC should device a mechanism that checks trustworthiness of tyres as they are intro-

ducing speed limiters. “Most of the tyres imported into the country are substandard, as most of them burst within three months of use while some of the fairly used (Tokunbo) tyres last up to a year or more,” he emphasised. Responding, DCM Lawal said, the unions and drivers could come together, poll resources together and buy from importers; such could reasonably reduce the cost price. “On the issue of insecurity on our roads, there is no correlation between the issues of security and speed. All you need to do is to drive defensively. You have to apply defensive driving in event of any hazard. Those of them that have been over speeding, they have been encountering some security hitches as well which speed has not been able to solve,” he said.

QUOTE

OF THE WEEK

“The manufacturing scene in Lagos is a vibrant and buzzing one and the food and beverage sector representing over 30% of the industry –is one of the most dynamic industries in Nigeria.” - George Pearson, media coordinator of the forthcoming printing and plastics exhibition tagged “Propak” in Lagos.

IN NUMBERS 80 percent of the 500,000 outlawed substances and materials illegally imported into Nigeria are found in Lagos state

SE PT .

n a bid to reduce the spate of road accidents on Nigeria roads, the Federal Road Safety Corps, FRSC, Lagos command has decided to enforce speed limit device into Nigerian vehicles. Road accidents, according to Deputy Corps Marshal, Ademola Lawal, has accounted to almost 80 per cent of death on high ways. DCM Lawal, who represented the Corps Marshal, FRSC, Boboye Oyeyemi, at a stakeholder workshop organized by the Lagos State command of the FRSC at Alimosho Unit command, to enlighten drivers and vehicle owners on the need to install the speed limit device in their vehicles just as the deadline for enforcement-October 1, approaches. At the lecture, which took place at the Road Transport Employers Association of Nigeria (RTEAN) state secretariat, Igando road recently, DCM Lawal said, one of the strategic roles of the FRSC this year is to widely consult with stakeholders in any policy she wants to implement; one of which is the speed limiter. The Corps Marshal said that, “all the while, we have been using the manual method to bring down the speed and it has not been yielding result. We said, now that the world is going computerised, we deemed it necessary to introduce the idea of the speed limiter, it was sold to all stake holders, and they all bought into it.” Lawal said the Nigerian President gave a date, the National Assembly also got involved and all the stakeholders in the industry participated before the new date of October 1, was adopted. According to him, the enforcement will start with commercial vehicles, as it is believed commercial vehicles move more commuters around than privates. He added that vehicles that violate the order will be impounded and held at the FRSC premises till the device is installed. He expressed happiness that the campaign is yielding result even when it has not been enforced, as some private sectors have started using the device because they know the advantage. “I’m convinced many private

WEDNESDAY, SEPTEMBER 21, 2016 NEW TELEGRAPH

Money

Business WHAT'S NEW Importers in Nigeria, others owe India $3.10bn

Concern grows as forex scarcity persists

Maritime Foreign trawlers take over Nigerian waters

28 31

Rates Dashboard INFLATION RATE August 2016 ..........................17.61 % July 2016.................................17.1% June 2016 ..............................16.5%

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

EXCHANGE RATE

(Parallel Market as at September 16)

USD . . . . . . . . . . . . . . . . . . . . . . N423 Pounds . . . . . . . . . . . . . . . . . . . N550 Euro . . . . . . . . . . . . . . . . . . . . . . N470

l Foreign Reserves – $44. 87bn as at 1 6/9/2016

(Interbank as at September 16)

USD . . . . . . . . . . . . . . . . . . . . . N305 Pounds . . . . . . . . . . . . . . . . . . N406 Euro . . . . . . . . . . . . . . . . . . . . . N344

Source: CBN

p.26

Forte Oil stock loses N220bn p.26

L-R: Minister of State for Industry, Trade and Investment, Aisha Abubakar; Minister of Finance, Kemi Adeosun; Minister of Budget and National Planning, Mr. Udo Udoma and Vice President, Yemi Osinbajo, during the Presidential quarterly Business Forum in Abuja. PHOTO: TIMOTHY IKUOMENISAN

DESPERATION Quest for dollars intensifies Tony Chukwunyem

T The Business Desk Ayodele Aminu

Deputy Editor (Business)

Bayo Akomolafe

Asst. Editor (Maritime)

Sunday Ojeme

Asst. Editor (Insurance)

Tony Chukwunyem

Asst. Editor (Money Market)

Dayo Ayeyemi Property Editor

Adeola Yusuf Energy Editor

Wole Shadare Aviation Editor

Chris Ugwu

Capital Market Editor

Abdulwahab Isa Finance Editor

Taiwo Hassan

Industry, Agric & Brands Editor

Kunle Azeez

Senior Correspondent

Chuks Onuanyin Energy

Nnamdi Amadi Reporter

Johnson Adebayo

Asst Production Editor

he acute shortage of foreign exchange in the system is compelling many bank customers, especially importers and Bureaux De Change (BDC) operators, to switch their accounts to lenders that can supply them dollars, New Telegraph has learnt. A banking industry source said the number of dormant current accounts in most banks had been on the increase in recent months, adding that investigations have shown that the owners of such accounts switched to rival lenders in their quest to access forex. According to the source, “the shortage of forex in the system is causing a lot of problems for banks. Many banks are unable to meet their customers’ demand for forex, so, the frustrated customers are moving their accounts to banks where they are certain of getting forex to buy.” Industry watchers point out that scarcity of forex in the system remains a major issue, which can be seen from the fact that most banks have now suspended international transactions on naira denominated Automated Teller Machine (ATM) cards. As at last week, the few banks that were yet to take this step had started sending emails to their customers, notifying them of the development. One of such emails sighted by this newspaper, which was entitled: “Suspension of International Transactions on naira debit & Credit Cards,” stated, “… Your naira debit and credit cards

Forex scarcity: Customers switch bank accounts can only be used for local transactions at Point of Sale (POS), ATM and Online for Nigerian retailers. Owing to the current volatility in the foreign exchange market, we no longer offer access to goods and services priced in foreign currency, including purchases offshore and online on international websites. “We wish to encourage our customers to make use of the many options for foreign purchases, including our Dollar and GBP Debit Cards, Form A and M and also online transfers of foreign currency from our domiciliary accounts, which are available in Pounds, US Dollar and Euro.” A top official of a Tier one bank, which has suspended these transactions said he was worried that the lender could lose customers to rival lenders that still allow such transactions. “The problem is that we have a huge backlog of Letters of Credit (LCs) that we have to settle. So, given the scarcity of forex, we had to suspend international transactions via debit cards,” he stated. A Lagos-based BDC operator, who did not want to be named, said: “I had to open new accounts with two tier one banks when the new generation bank I use consistently failed to meet my forex demands. If the banks I now use start telling me stories about forex, I will leave them and move to any bank that has forex to sell to me.” The scarcity of forex has persisted despite the Central Bank of Nigeria (CBN)’s floating the naira on June 20. The development has led to a weakening of naira on the parallel market with

N1.46 trillion Being the amount OPS members lost in six months due to forex scarcity

the local currency trading at N425 to the dollar last Monday compared with its N307.25/$ on the official FMDQ platform. The consensus among forex dealers last weekend was that while speculators are doing their best to weaken the naira, the shortage of dollars in the system is the main reason for the local currency’s depreciation. In a chat with New Telegraph, the President, Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, complained that most banks were yet to comply with the CBN’s directive that they sell $50,000 from diaspora remittances to BDC operators on a weekly basis. He disclosed that the development had led the association to consider Travelex as the sole supplier of forex licensed BDCs. Similarly, the Lagos Chamber of Commerce and Industry (LCCI), which revealed last December that its members lost about N1.46 trillion in six months as a result of forex scarcity, said the situation had not significantly improved despite the liberalisation of the forex market. Indeed, a few weeks ago, the CBN appears to have acknowledged that forex scarcity in the system was still an issue when it issued a circular directing banks and other authorised dealers in the foreign exchange market to ensure that they channelled 60 per cent of total FX purchases from all sources (interbank inclusive) to end users strictly for the purpose of importation of raw materials, plant and machinery.

WEDNESDAY, SEPTEMBER 21, 2016 NEW TELEGRAPH

BUSINESS |NEWS

Importers in Nigeria, others owe India $3.10bn SOLUTION A vostro account is being considered by India to enable Nigeria and other importing countries pay their debts.

Bayo Akomolafe

mporters from Nigeria, Angola, Algeria, Egypt and other African countries owe some Indian automobile and pharmaceutical products’ exporters about $3.10 billion. It was learnt that the exporters were unable to receive payment for the consignments shipped to the countries due to an acute shortage of dollars used globally for international trade. India is a major exporter of automobile and pharma products to countries such as Nigeria, Algeria and Botswana. According to a report by the Society of Indian Automobile Manufacturers (SIAM), some exporters have not received payment of $8.86 billion in FY16 for automobile exports. It said that African countries alone accounted for 35 per cent ($3.10 billion) of the total overseas shipments in value terms, noting that at the beginning of the year, Nigeria had imported goods valued at $34.22 million. It was revealed that pharma exports from India to Nigeria are valued at $21.53 mil-

DWINDLING The firm’s share price closed last Friday at N161.01 per share as against the opening share price of N330 in January

Chris Ugwu

tock price of Forte Oil Plc has recorded a 51.21 per cent drop in value in the last eight and half months (between January and September 16, 2016), costing the company’s shareholders about N220.016 billion of their wealth. This is despite the fact that investors of the most top oil and gas companies quoted on the Nigerian Stock Exchange (NSE) has recorded significant gains during the same period following the partial deregulation of the downstream sector by the Federal Government. Investors had reacted positively to the removal of subsidy by the Federal Government and increase in petrol price from N86.50 to N145 per litre.

lion, while automobiles and auto parts export was valued at $ 12.69 million. The report said that SIAM had been mounting pressure on the Indian Ministry of Commerce and Industry to create a mechanism, which would allow cash-strapped African countries to clear payments that had been stuck for months to the exporters. It was learnt that a payment model had been suggested by the Indian Commerce Ministry, which would allow payment for oil imports from the countries to be used for paying for Indian exports such as automobiles and pharmaceuticals. The report revealed that India local currency, rupee,

would be an inherent advantage in the payment mechanism where payment for exports to Nigeria and other countries would be made into a vostro account that would then be used to settle export dues. A vostro account is a bank account held by a foreign bank with an Indian bank. The report said that while the Ministry of Commerce and Industry had suggested the plan, the final decision would be with the Reserve Bank of India. The countries being considered under the plan constitute those, which are bulk exporters of oil to India such as Nigeria and Angola. Already, calls for adopting the model had first come

from automobile manufacturers who export substantially to rapidly growing African economies such as Nigeria, Algeria and Egypt. Meanwhile, a report by the Pharmaceutical Export Promotion Council of India (Pharmexcil), linked the drop in Indian pharmaceutical products’ exports to Nigeria since the beginning of the year to foreign exchange shortages. It said that importers in Nigeria had not been placing much order for pharmaceutical products due to dearth of forex. The council report noted that Nigeria pharmaceutical imports grew by 12.72 per cent last year. The study noted that dur-

ing 2015-16, the Indian pharma industry achieved about 10 per cent growth in exports with the value touching $17 billion, but in 2016, it said that pharmaceutical products export was not rosy as usual, especially in Nigeria. India’s total pharmaceutical exports to Nigeria increased to $610 million in 2015 from $161.7 million in 2014 and $139.2 million in 2013. The report added that prior to Nigeria’s weak currency, India had maintained its lead over China in pharmaceutical exports with a year-on-year growth of 7.55 per cent to $12.54 billion in 2015, according to data from India’s Ministry of Commerce and Industry.

L-R: Member, 9th Investiture Committee, Chartered Institute of Stockbrokers (CIS), Peter Aletor; first Vice President , Dapo Adekoje; second Vice President, Tunde Amolegbe and member, Investiture Committee, Temitope Popoola, during a Special Forum on preparation for 9th Investiture at Institute’s Council Chamber, in Lagos.

Forte Oil stock loses N220bn Investigations by the New Telegraph also showed that Forte Oil, which currently occupied the fourth position in terms of share price, closed last Friday at N161.01 per share as against the opening share price of N330 at the beginning of trading last January. This accounted for a drop of 51.21 per cent. Commenting on this development, a senior broker, who spoke to our correspondent on the condition of anonymity, said: “Despite the unfavourable market forces, which have eroded the stock market, the share price has been overvalued. Most often, the owners of some of these companies, who are opulent in the society, always take advantage of their majority holdings to upgrade their ratings as a way of remaining among top richest men in the country. It has become a trend that anytime they want to be rated high, they go into the market and mop up the shares owned by their companies, thereby creating demands for the stocks, which help to make the value of the shares high and subsequently being overvalued.

“If not, there is no justification for the share price to be higher than the sector leaders such as Mobil Oil Nigeria and Total Oil Nigeria whose market fundamentals are stronger than that of Forte Oil, it is all about taking the advantage of majority shareholding for statute symbol. “Despite the stock being overvalued, the market would have responded positively because of the dividend the company paid not quite long. So, there is no reason why the stock would drop so low if not that its value had been artificial.” Forte Oil had declared N3.45 kobo dividend to shareholders for the full financial year of 2015. Although the group, which is involved in retail oil business, power generation and oil lifting, recorded a sharp fall in turnover last year from N170.1 billion to N124.6 billion, it was able to hold other costs to return a profit after tax of N5.79 billion, which was higher than the N4.45 billion recorded in the previous year. The company has promised

that the dividend pay-out will also be extended to the 230 million bonus shares that were issued to existing shareholders in March. Forte Oil Plc recorded a profit before tax of N7.01 billion in the 2015 full year audited result, representing an increase of 17 per cent over the N6.01 billion made in the previous year, with earnings per share increasing by 86.8 per cent to N4.11 compared to N2.20 in the previous year. The firm said in a statement: “Forte Oil witnessed an increase in capacity utilisation at the Geregu power plant. However, margins reduced from 58 per cent to 42 per cent due to increase in gas costs caused by exchange rate fluctuations.” It added that the company’s growth in profit was attributable to the significant increase recorded in the sales of energy in the power generation segment as well as premium motor spirit, automotive gas oil, aviation turbine kerosene and the production of chemicals, lubricants and greases. The firm said the financial results were a feat in the history

of the Exchange, adding that it had also set a precedent by filing approved results 30 days after the year-end ahead of the regulatory deadline of 90 days. Group Executive Director, Finance and Risk Management, Forte Oil Plc, Mr. Julius Omodayo-Owotuga, was quoted as saying that the decline in revenue by 27 per cent was as a result of the reduction in the pump prices for most petroleum products, largely driven by the decline in crude oil prices. He said: “In addition, the company also decided to manage its foreign exchange and subsidy exposure by reducing the importation of petroleum products for the year 2015. “Other incomes increased by 190 per cent due to income from investment in securities held to maturity, freight income from the 100 trucks acquired the previous financial year and sale of investment property. The increase in administrative expenses is a result of our decision to exit dollar-denominated loans and convert the same to naira at the prevailing exchange rates.”

WEDNESDAY, september 21, 2016 NEW TELEGRAPH

fct business watch

Getting Nigeria out of recession The Federal Government, last week, announced a number of stimulus packages to steer the economy back to growth. To complement government’s effort, experts offer tips on how to deal with the nauseating situation. ABDULWAHAB ISA reports

op officers of government at the centre are nervous and working round the clock, consulting stakeholders on best ways to lift the economy from the present mess. The rate of engagement and consultations has been stepped up recently, following official confirmation by the National Bureau of Statistics (NBS), which in its second quarter 2016 economy report, put the country’s Gross Domestic Product (GDP) at -2.06 per cent. The NBS report aligned with an earlier one released by the International Monetary Fund (IMF) revealing that Nigeria’s economy was posting negative growth. According to NBS, the nation’s GDP fell by 1.70 per cent points from the growth rate of –0.36 per cent recorded in the preceding quarter, and also lowered by 4.41 per cent points from the growth rate of 2.35 per cent recorded in the corresponding quarter of 2015. From the foregoing reports by NBS and IMF respectively, the Nigerian economy is in full recession. Government officials and private sector players have been proffering solutions to get the economy out of recession. Suggestions have been made to t government on the need to re-compose the Economic Management Team (EMT) to achieve efficient and productive economy. Admitting recession In the past, there were instances the government referred to published report on economy as bias and not reflective of the actual situation on ground. Certainly, government never faulted the recent one on GDP decline and previous report by the IMF. It concurred with the findings of NBS, admitting that the economy was in silent mode. However, it gave assurance that the experience would be short lived. Speaking last week in Abuja, Minister of Finance, Mrs. Kemi Adeosun, said the current economic recession plaguing the nation would not be a prolonged one. She said the government had put up a strategic plan to halt the recession and return the economy to productive path. She said, “We have a strategic plan that will take us out of the recession we have found ourselves in; we want to make sure the recession is as short as possible because we do not want a prolonged recession. From what we are looking at, we do not think that it will be a prolonged recession; we think that some of the initiatives we are working on will

Adeosun, Finance Minister

now begin to bear fruits. We are on course and are confident that the plan we have put together will work and put the economy back on track. It is a long term plan that will reposition the economy so that we do not go into this boom and burst circles driven by the oil price. The economy has to be more resilient so that we do not find ourselves back where we are now.’’ Though the minister was dodgy, on when the recession would end, she said the fact that there were measures in place was enough indication that the end of the recession had begun and that Nigeria would come out stronger. Reflating economy Based on the expectation the government, last week, announced new measures it would be putting in place to spur major economic activities in the economy. Unveiling the details on behalf of the government, Adeosun announced that an additional N350 billion earmarked for capital projects in the 2016 budget would be released any moment. The payment of N5,000 to the vulnerable poor and the feeding scheme for primary school pupils in public schools will follow this month. The release of the additional N350 billion will bring the total capital releases made by the government to N760 billion out of N1.8 trillion capital component in the 2016 budget. “What the government wants to do is to step in and begin to spend and push more money into the economy and then get things moving again. Since the budget was passed in May, we have released cash-backed fully with N420 billion being capital releases. As we speak now, we are about releasing another N350 billion. Of the sectors we spent the money on, of course, the largest had been power, works and housing. Quite a lot has gone to defence, because we need to rebuild the credibility of our army to continue in their efforts in the new phase; also interior and transport,” she said. “There will also be the funding of about N60 billion in the social intervention programme and that’s very important in terms of putting money into people’s pockets. Those

Minister for Budget and planning, Sen. Udo Udoma

What government wants to do is to step in and begin to spend and push more money into the economy

are the programmes that we really cash-backed. The N5,000 to some of the poorest and most vulnerable, the home school feeding programme, which is very important. That will also generate economic activities in a lot of our local governments with women and maybe men cooking for the children. The graduates that will be going into primary schools as teachers so they will begin to get salaries/ stipends at the end of the month,” said the minister. The government also gave assurance that the external borrowing it hopes to source from planned $1 billion Eurobond, would be deployed in key capital projects . Adeosun said: “We are raising money. The Eurobonds capital raising is on. We are about to appoint our advisers. We are raising additional $1billion. Two weeks ago, we approved the external borrowing plan. That was very important because we said we would be borrowing the cheapest money first. We have approved that plan from the World Bank, the ADfB, with interest rates as low as 1.5 per cent with tenor as long as 40 years to intervene in some specific areas, which include agriculture, education, health, rebuilding of the North East and railway projects, which are very key to what we are doing.” She also said the ministry was working with the Nigerian National Petroleum Corporation (NNPC) to get out of the Joint Venture cash call as this was affecting funds available for government projects. “This month, for example, from the Federation Accounts Allocation Committee, we only got N41 bn from oil. We had to use N110 bn to fund cash calls. If we had that money, we could have channelled it into the economy. We are working with the Ministry of Petroleum Resources and the NNPC to get out of the cash calls. That is the long term plan; to allow those joint venture to borrow money that they need, rather than taking money from the Federation Account and that will improve the money in circulation,” She said.

rescue plan announced last week by the finance minister. Speaking with New Telegraph, professor of Economics and former Special Adviser on economic matters to former Vice- President Atiku Abubakar, Mike Kwanashe, said government’s strategic plan was in order for a country passing through a recession. “Don’t forget that recession is a policy issue and the step government has announced to reflate the economy is a good one. It’s a standard practice usually deployed to rescue an economy experiencing recession. The authority rises to the challenge by pumping money into the system, to stimulate economic activities. But the sequence has to be matched, taking cognisance of aggregate demand and aggregate spending. Pumping money will spur more activities in the economy,” he said. The former head, Economics department at Ahmadu Bello University said that to rescue an economyin recess, it requires a combination of short and long term measures. He cautioned the government to be wary of channeling its intervention funds on imports. “Once you have economy that is not producing like ours, the money pumped into economy may exit to support import without achieving its long term impact. The best way is to use such funds to stimulate local production, but again this depends on utilisation of the allocation by the MDAs. “If MDAs utilise the allocation to prop up local production, which leaves lasting positive impact, the economy will recover; but if the funds were used to import goods, it will not solve the situation,” he said. In his response, Dr. Uche Uwaleke, Head of Banking & Finance Department, Nassarawa State University, said the planned release of N350 billion and other measures were in order. “There is no doubt that the injection of N350 billion will boost aggregate demand and help the process of restarting growth of the Nigerian economy. However, for desired impact to be felt, such money should be channeled more to employment generating activities such as agriculture, infrastructure and solid minerals. Equally vital is ensuring preference for local contractors over foreign firms in the award of contracts. The major challenge I see with the conditional cash transfer scheme is identifying genuine beneficiaries in a country that lacks the requisite database of the core poor and vulnerable people. This seeming loophole creates opportunities for corruption. So, in my view, the scheme should not be implemented in a hurry.

Conclusion Instructively, the ball is in government’s court. With the instruments (monetary and fiscal) for controlling the economy effectively put to proper coordination, the current recession ought not to Experts’ concern last longer. To declare that NigeriExperts across divides - from ans are hard hit and suffocating academia to technocrats - have from hardship is understating the reacted to government’s strategic obvious

WEDNESDAY, SEPTEMBER 21, 2016 NEW TELEGRAPH

BUSINESS |MONEY

t was exactly three months yesterday since the apex bank ended its currency peg policy and liberalised the foreign exchange market. The banking watchdog had said at the time that with market forces determining the true value of the naira, foreign investors would be attracted to the Nigerian market and the attendant foreign capital inflow would lead to the local currency stabilising and eventually appreciating on the interbank forex market. As part of efforts to lure back the foreign investors, the CBN has taken several steps, such as increasing the Monetary Policy Rate (MPR) at its July Monetary Policy Committee (MPC) meeting from 12 per cent to 14 per cent, selling treasury bills/ bonds at high yields and licensing 11 new International Money Transfer operators (IMTO). In addition, the CBN recently amended its foreign exchange manual to boost portfolio investment in the country. Scarcity lingers However, these measures have so far failed to yield the desired result, as the foreign investors have, so far, displayed a lukewarm attitude to investing in the country. Analysts point out that their continued absence has impacted liquidity in the interbank market, causing the naira to weaken on the parallel market. Specifically, at the weekend, the naira traded at N424 to the dollar compared with its exchange rate of N308.69 on the official FMDQ platform. In fact, after initially strengthening following the liberalisation of the interbank forex market on June 20, the local currency has steadily weakened on the parallel market. The consensus among forex dealers at the weekend was that while speculators are doing their best to weaken the naira, the shortage of dollars in the system is the main reason for the local currency’s depreciation. For instance, in a chat with New Telegraph, the President, Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, complained that most banks were yet to comply with the CBN’s directive that they sell $50,000 from diaspora remittances to Bureaux de Change (BDC) operators on a weekly basis. He said that the development had led the association to consider Travelex as the sole supplier of forex licensed BDCs. Similarly, the Lagos Chamber of Commerce and Industry (LCCI), which revealed last December its members lost about N1.46 trillion in six months as a result of forex scarcity, said the situation had not significantly improved despite the liberalisation of the forex market. Furthermore, in a recent chat with journalists, President, Manufacturers Association of Nigeria (MAN), Frank Jacobs, disclosed that forex scarcity and rising cost of funds had sent manufacturing output plunging to below 20 per cent. Indeed, a few weeks ago, the CBN acknowledged that forex scarcity in the system was still an issue. Consequently, it issued a circular, directing banks and other authorised dealers in the

Concern grows as forex scarcity persists Three months after the Central Bank of Nigeria (CBN) liberalised the forex market, acute shortage of forex is yet to abate, triggering speculation in some quarters that the regulator might be compelled to devalue the naira again. TONY CHUKWUNYEM writes

CBN Governor, Godwin Emefiele

foreign exchange market to ensure that they channeled 60 per cent of total FX purchases from all sources (interbank inclusive) to end users strictly for the purpose of importation of raw materials, plant and machinery. The apex bank stated that it took the decision following its review of returns on the disbursement of FX and observed that a negligible proportion of FX sales were being channelled towards the importation of raw materials for the manufacturing sector. According to the circular: “Following the review of returns on the disbursement of foreign exchange to end users, it has been observed that a negligible proportion of foreign exchange sales are being channelled towards the importation of raw materials for the manufacturing sector. “Against this background and in order to address the observed imbalance, authorised dealers are hereby directed to henceforth dedicate 60 per cent of total foreign exchange purchases from all sources (interbank inclusive) to end users strictly for the purpose of importation of raw materials, plant and machinery. “The balance of 40 per cent should be used to meet other trade obligations, visible and invisible transactions. For the avoidance of doubt, authorised dealers are to continue to publish weekly sales of FX to end users in the national newspapers and to render statutory returns on same to the CBN promptly. Please ensure compliance accordingly, until otherwise advised.” Suspension of int’l deals on debt cards Industry watchers point out that scarcity of forex in the system remains a major issue that can be seen from the fact that most banks

Gwadabe

I am convinced that it would be an error to continue to allow unhindered inflow of speculative capital into our economy

have now suspended international transactions on naira denominated Automated Teller Machine (ATM) cards. As at last week, the few banks that were yet to take this step had started sending emails to their customers notifying them of the development. One of such emails sighted by New Telegraph, which was entitled: “Suspension of International Transactions on naira debit & Credit Cards,” stated, “-… Your naira debit and credit cards can only be used for local transactions at Point of Sale (POS), ATM and Online for Nigerian retailers. Owing to the current volatility in the foreign exchange market we no longer offer access to goods and services priced in foreign currency, including purchases offshore and online on international websites. “We wish to encourage our customers to make use of the many options for foreign purchases including our Dollar and GBP Debit Cards, Form A and M and also online transfers of foreign currency from our domiciliary accounts, which are available in Pounds, US Dollar and Euro.” Impact on critical sectors Significantly, analysts told this newspaper that unless the banking watchdog was able to deal with the forex shortage, the problem could trigger another round of fuel scarcity as fuel importers were already contending that the current naira/$ exchange rate is not realistic and that the naira should be further devalued. No quick fix However, findings by New Telegraph reveal that that a solution to the problem might not be found in the short to medium term, as the CBN’s hopes of luring foreign

investors who will bring in the much needed inflows to boost liquidity in the interbank market, may turn out to be misplaced. Interestingly, two members of the CBN’s rate setting bodythe Monetary Policy Committee (MPC) - Professor Chibuike Uche and Dr. Adedoyin Salami, expressed this view in their personal statements at the July MPC meeting. Both men argued that since there was no guarantee that foreign portfolio inflows will bolster the naira, the CBN would be making a mistake by hiking interest rates to attract foreign investors. As Professor Uche said: “To tighten monetary policy with the main objective of attracting foreign portfolio flows will be a major policy error. This is because history teaches us that unless foreign capital inflows are deployed to the real sectors of our economy, their impact on stabilizing the exchange rate of the naira are at best temporary. Given our current precarious economic situation therefore, I am convinced that it would be an error to continue to allow unhindered inflow of speculative capital into our economy.” Continuing, he said: “While portfolio flows can sometimes help to sustain the value of our currency, this is not sustainable in the long run. Without investments in the real sector, which admittedly will require a clear strategy to diversify our current oil dependent economy, the value of our currency will continue to slide. Speculators cherish the above dynamics. In fact, some will argue that speculators are already exploiting the above scenario and reaping handsome profits to the detriment of both the value of the naira and our economy.” Also dismissing suggestions that the CBN could use monetary policy tools to lure back foreign investors thereby boosting liquidity, Dr Salami, said: “… It may be that the most credible option open to the Central Bank for improving forex liquidity is to specifically borrow USD for the purpose.” Conclusion However, as a senior analyst at Berta Investment Ltd, Price Odiase, said : “The CBN knows that unless oil prices recover significantly, it will never have the required amount of forex to be injecting into the interbank market almost on a daily basis to defend naira. It knows that it will have no choice but to devalue the naira again if things continue like this. But they know the President is opposed to any further devaluation of the naira, so they will continue to give the impression for now that there is no cause for alarm.”

BUSINESS |MONEY

WEDNESDAY, SEPTEMBER 21, 2016 NEW TELEGRAPH

‘How Nigeria can pull out of economic recession’ ADVICE FG, States, Local govts should borrow to pay salaries

Tony Chukwunyem

gainst the background of the debate over how long Nigeria’s economic recession would last and which administration (present or past) should take greater responsibility for it, analysts at First Security Discount House (FSDH) Group have suggested ways in which the country can pull out of the current economic downturn in the short term. In a note obtained by New Telegraph, the analysts disagreed with most analysts by recommending that the government at all levels should borrow to pay salaries of their workers. They argued that this

move: “Will increase the public debt in the short-term but it will also help to increase spending power, and lower firms’ inventories of finished goods. “Consequently, the firms would employ more factors of production and pump money into the economy. In addition, there would be an increase in profits of firms, from which government can realise higher revenue in the form of taxes in the mediumto-long term,” they added. They also recommended that with the current purchasing power of civil servants depressed due to the rising inflation rate, the government should partner with the Central Bank of Nigeria (CBN) or some local banks to extend loans to civil servants to boost consumption, adding that the government should guarantee the loans and deduct monthly repayment at source. They further recommended that the government should partner with foreign development financial in-

stitutions and foreign real estate development firms to get these organisations to invest in the real estate sector in Nigeria to provide low income housing estates for workers. According to the experts: “The government should also provide lands while it provides funds through the development partners. Mortgage loans should be provided to civil servants to buy houses. The government should use the Nigeria Mortgage Refinance Company (NMRC) in conjunction with the Deposit Money Banks (DMBs) and mortgage banks to distribute the loans. Doing this will mean both the supply side and demand side are adequately taken care of. They explained : “The strategy will generate activities in the real estate, manufacturing, construction and finance sectors of the Nigerian economy. These sectors are also labour intensive and generate employment opportunities, with the capacity to increase the revenues of

both the Federal and State Governments.” In addition, the FSDH analysts recommended that the government should partner with Nigerian institutions, both financial and nonfinancial, to use goods and services that have local content such as clothes. “This will encourage investments in the textile and fashion industry,” they stated. The analysts also recommended that the government should concession the major highways and railways in the country to both local and foreign private sector investors. “We have argued that there is a need for the Federal Government of Nigeria (FGN) to involve the private sector to develop the transport network. This will create jobs and also attract foreign capital into the sector and other related manufacturing sector of the Nigerian economy,” they stressed. They predicted : “The above measures with the revolution going on in the agro-

L-G: Principal Manager, Banking and Payments System Department, Central Bank of Nigeria (CBN), Aisha Isa Olatinu; Chairman, Finance Correspondents Association of Nigeria (FICAN), Babajide Komolafe; CBN Director, Banking and Payments System Department, ‘Dipo Fatokun and Principal Manager, Banking and Payments System Department, Apan Nseobong during the FICAN Bi-Monthly Forum hosted by the CBN in Lagos.

Moody’s: Islamic banks’ strong liquidity driven by retail strengths

oody’s Investors Service has said that the Liquidity Coverage Ratios (LCRs) of Islamic banks in key Asian and Gulf Cooperation Council (GCC) countries highlight sound liquidity profiles and broad compliance with Basel III regulatory requirements. “In the report, we highlight that a key driver of LCR performance is the funding profile of banks and, in this context, over-reliance on corporate deposits and unsecured wholesale funding means higher potential liquidity pressures,” a Moody’s Vice President and Senior Analyst, Simon Chen, said. “However, banks with a greater proportion of retail deposits that are considered more ‘sticky’, typically display stronger LCRs,” adds Chen. In Asia, the retail funding of Islamic banks is constrained by their small branch networks, which results

in weaker LCRs when compared to their conventional peers. By comparison, in GCC countries, Islamic retail customers tend to be more Shari’ah sensitive, providing Islamic banks with a large base of low-cost retail savings deposits, hence supporting their stronger LCRs. Moody’s conclusions were contained in its just-released report on Islamic banks in Asia and GCC countries, “Islamic Banks: Strong Liquidity Profiles driven by Retail Focus but Deeper Sukuk Markets needed”. The report was authored by Chen and Khalid Howladar, Moody’s Global Head of Islamic Finance. “When compared with conventional peers, Islamic banks in some jurisdictions clearly face a shortage of Shari’ah-compliant High-Quality Liquid Assets (HQLAs), putting them at a disadvantage,” says Howladar. “In particular, the limited avail-

ability of HQLAs means large, lowyielding buffers of cash or bills are commonly held, posing a persistent profitability challenge for Islamic banks in most GCC countries when compared with the situation for their counterparts in Malaysia, Indonesia and Qatar - a GCC member - where the sovereigns are supportive of the industry through frequent issuance of Sukuk,” adds Howladar. At the same time, lower oil prices are reducing overall liquidity in GCC countries, pushing up market funding levels; a development that could lead to a weakening of LCR metrics for both Islamic and conventional banks. Looking ahead, liquidity for Islamic banks will continue to benefit from the expansion of their retail businesses, while the development of domestic Sukuk markets will improve their access to HQLAs, further bolstering their LCRs.

allied processing activities, and with partnering with the private sector to improve infrastructure, Nigeria will be out of the recession faster than expected.” It will be recalled that President Muhammadu Buhari had last week charged his cabinet ministers and financial experts to think out of the box to develop the most effective strategies for pulling the nation out of the current economic recession. He spoke at a retreat organised for his ministers and heads of agencies. The President said: “Indeed, the challenges we face in the current recession require out-of-the-box thinking, to deploy strategies that involve engaging meaningfully with the private sector, to raise the level of private sector investments in the economy as a whole,” the president said last Thursday at the opening of a ministerial retreat tagged: ‘Building Inter-ministerial Synergy for Effective Planning and Budgeting in Nigeria.’

Int’l dollar lending declined in Q1 –BIS

nnual growth of US dollar-denominated bank loans to nonresidents (dollar-denominated bank loans to borrowers outside the United States) turned negative in the first quarter, for the first time in several years, according to the Bank for International Settlements (BIS). In a statement, it stated that International bank claims (cross-border bank claims plus local claims in foreign currencies) rose in the first quarter of 2016, for the first time since end-March 2015. On a year-onyear basis, international bank claims declined by 4.5 per cent, undercut by an 8 per cent year-on-year contraction in interbank claims. According to the statement: “ US dollar-denominated bank loans to non-residents in the non-financial sector fell 0.7 per cent in the first quarter of 2016, the first decline since the Great Financial Crisis of 200709. As credit through debt securities markets grew by 4 per cent year on year, however, total US dollar credit (bank loans plus debt securities) to non-financial borrowers outside the United States edged up by 0.8 per cent year on year, to $7.9 trillion at endMarch 2016. Credit to non-bank borrowers (adding non-bank financial borrowers) grew 1.6 per cent year-onyear, to $9.8 trillion at end-Q1 2016.” The stock of international debt securities continued to grow, with positive net issuance in the first and second quarters of 2016. By the end of Q2 2016, international debt securities were 2.1 per cent above their level of a year earlier. The year-on-year growth rates of both US dollar cross-border loans to borrowers outside the United States and euro cross-border loans to borrowers outside the euro area turned negative in the first quarter of 2016. It was the first contraction since 2009 for dollar-denominated loans and the first since 2014 for euro-denominated loans.

WEDNESDAY, SEPTEMBER 21, 2016 NEW TELEGRAPH

BUSINESS | INVESTOR

Delisting of firms: Ensuring investors’ protection

As important as the step taken by the regulatory authorities to delist firms that violate market rules and regulations is, experts are, however, of the view that it is also very important to carry investors along during the process of implementation. CHRIS UGWU reports

ust like in other climes, before a company is listed on the Nigerian Stock Exchange (NSE), there are certain requirements they must meet. Thereafter, there are also standard requirements they must meet. These include among others, regular dissemination of information about the financial performances and any changes that can affect their operations. However, over the years, many quoted companies have been violating this important obligation, thereby keeping investors in the dark about their financial health, among others. These lapses in adherence to the principles of corporate governance have contributed majorly to crisis on the Exchange even as most countries have recovered from the global financial meltdown. Many ignorant investors have burnt their fingers by investing in some of the dormant companies, which do not furnish the market with their financials. Following serial infractions by market players, the Securities and Exchange Commission (SEC) and the Exchange wielded the big stick by either giving notice to some companies on intention to delist or to completely delist them from its official list for violating postlisting requirements. The reaffirmed commitment by the regulator to do anything to compel operators in the market to obey the rules guiding it informed the decision to tighten the noose on market infractions and other miscellaneous capital market crimes. However, shareholders have lamented the delisting of companies by the regulatory authorities, noting that the actions have not given investors the desired benefits, as it lacks protection of shareholders’ funds. Reasons for delisting According to reports, this avowed determination has seen about 77 companies delisted from the official list of the stock market in the last 10 years. Further investigation showed that of all the list, about 12 of the companies chose to

Gwarzo

delist voluntarily, 54 delisted due to regulatory instruction while 11 of the companies delisted due to reforms or expansion within the sectors they operated in. It was also discovered that most of the companies, which delisted voluntarily from the bourse, had cited harsh economic climate and parent company buy-out as reasons. Some of these companies that have been delisted due to one reason or the other include Pinnacle Point Group Plc, Afroil Plc, Starcomms Plc, Big Treat Plc, Starcomms Plc, Nigeria Wire & Cable Plc, Nigerian Sewing Machine Manufacturing Plc, Stokvis Nigeria Plc, Jos International Breweries, West Africa Glass Industries Plc, Navitues Energy Plc, Nigerin Ropes Plc, P.S Mandrides Plc, among others. Commitment to zero tolerance The NSE in an effort to achieve a world class capital market, reiterated its commitment to maintain zero tolerance posture on dealing member firms and quoted companies. This is on the back of the Exchange’s determination to shift gears to drive innovations centered on increasing global visibility for the Nigerian capital market in the current year. The Chief Executive Officer of the Exchange, Mr. Oscar Onyema, while speaking at an investors’ forum, said the Exchange would sustain a zero-tolerance stance on dealing member firms and listed companies’ violations. Onyema noted that the exchange proposed several rules to codify the accepted mode of engagement in the market, adding that of a particular interest was its proposed Related Parties Transaction rule and rules around the conduct of AGMs. He said the NSE’s focus had been on revamping corporate governance, improving human capacity, cleansing and restructuring the market, improving technology, product development, and advocacy for changes

Onyema

As they delist these companies, they don’t care for the fate of shareholders that they are meant to protect

to policy, Onyema noted that good corporate governance would ensure the existence of solid companies in Nigeria. According to him, the idea of forcing companies to list on the nation’s bourse may lead to infractions in the market. He added that a lot of energy had been committed in building the foundational aspect of the market in terms of transparency, orderliness, fairness, disclosure, and enforcement of rules and regulations. “In the short term, you will see the huge volatility but that should not distract from those fundamental elements about good companies, making good money, running under a well governed Exchange structure and a well regulated market structure. These factors will combine to shore up investors confidence in these challenging times,” he stated. Director General, SEC, Mr. Mounir Gwarzo, said the Commission had also “focused on tightening the nuts and bolts and ensuring that the necessary lubrication that keeps the engine of the capital market running smoothly are of the right specifications and in good condition.” This, he said, was in line with the institution’s mission – “to develop and regulate a capital market that is dynamic, fair, transparent and efficient, to contribute to the nation’s economic development” and vision – “to be Africa’s leading capital market regulator”. Dissenting voices Some shareholders in the capital market have demanded better protection for investors in the country, following the delisting process. The shareholders, who lamented that investors, especially domestic retail investors, always suffered significant losses whenever companies were delisted, said there was the need for the Exchange to provide more information about how it arrived at its decision.

The leaders of shareholder groups, who spoke to our correspondent, questioned why the Exchange that was trying to attract listing would delist companies and fail to engage investors about the plan. Chairman, Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie, said: “Unfortunately, the Nigerian Stock Exchange is not communicating with shareholders. As they delist these companies, they don’t care for the fate of shareholders that they are meant to protect.” Okezie argued that while the Exchange said it was protecting the shareholders, the move had been to the detriment of shareholders in the long run, especially if the companies were going concerns but were just having difficulties submitting their financials. Okezie, who described the move as hostile, said there were many questions left unanswered. He said, “The NSE needs to go all out to find out the exact state of the companies. To find out if they can overcome their problems in a short while rather than taking the hostile decision to delist them.” Shareholders under the aegis of Independent Shareholders Association of Nigeria (ISAN), who also bemoaned the delisting of listed companies by the regulatory authorities, said it did not augur well for the average investor and the nation’s capital market. The National Coordinator, Independent Shareholders Association of Nigeria, Mr. Sunny Nwosu, said: “Yes, there are some (of the companies) that look dilapidated and there are some for which I think they (the Exchange) should have done a lot of consultation, especially with the shareholders because we have suffered a lot in the system. In the same vein, the General Secretary, ISAN, Mr. Adeleke Adebayo, urged capital market regulators to allow those listed companies that are not meeting the post-listing requirements to remain a ‘public focus.’ He argued that institutional investors may develop interest in such companies and decide to invest in them. “We are losing a lot of money in the market. Nobody is thinking of giving forbearance to investors. We need to make some price adjustments not to continue to delist companies because it is not good for average investors. Let it remain a public focus. Some investors can develop interest and invest in these companies,” he said. Conclusion The regulatory action is necessary in order to protect the investing public from trading in securities of entities with no current information regarding their financial status. It is, however, advisable for the regulators to carry shareholders along on the activities to help boost market confidence.

WEDNESDAY, september 21, 2016 NEW TELEGRAPH

maritime

Some idled fishing trawlers moored at the Kirikiri Lighter Teminal, Apapa

Large fishing trawlers from China, Russia and Asian countries are sneaking into Nigeria, Benin and other West African countries to fish illegally, hauling thousands of tons of fish daily even as 38 Nigerian fishing firms have folded up. BAYO AKOMOLAFE reports

he recent attention drawn to the scourge of illegal, unreported and unregulated fishing between Nigeria and Senegal waters has led to financial and job losses. While some countries have tried to lessen this problem by placing limits on fishing, either by setting quotas on catches or by protecting certain areas to allow fish populations to recover, foreign firms have been fishing illegally in West African coast in the last 20 years. This has been taking place unhindered since 1996. According to a recent report by Global Fishing Watch (GFW), some of the foreign fishing boats have been operating illegally, even in restricted areas, ignoring quotas and international rules while also catching prohibited species. Losses It was revealed that between Nigerian and Senegal coasts, some $3.3 billion was being lost annually to Russian, Chinese and pther Asian fishermen. The report said that in 2014, all large vessels on the ocean were required to use an Automatic Identification System (AIS) that broadcasts the ship’s identity, location and catches, but some of the vessels have been giving false reports by tampering with their

Foreign trawlers take over Nigerian waters AIS system to mask illegal activities in the West African coast. It was learnt that the navies in the region are ill-equipped to tackle the menace of fishermen operating illegally in the area. Because of lack of security and harsh operating environment, the former President of Nigerian Trawler Owners Association (NITOA), Mrs Margaret Orakwusi, said that trawler operators had been devastated by piracy and illegal foreign fishermen in Nigeria due to inadequate regulation and protection by the government . She noted that the sector, which used to be ranked second among non-oil export foreign exchange earners for the country, was now nowhere on the scale due to leadership negligence. Orakwusi said that since 2007, nothing had been done to develop the fish terminal that government approved at Kirikiri Phase II. She lamented the dwindling fortunes of the fish trawling sector and called on the Federal Government to save the sector from its comatose state. The former president noted that the sector had been suffering as a result of the activities of pirates operating on the nation’s territorial waters. According to her, “a couple of years ago, we had about 38 companies involved in deep sea fishing. Right now, we are less than nine. Nigeria had over 200 trawlers, right now; we don’t have up to 100. “We used to rank number two in the non-oil export foreign exchange earners for the country. I don’t even bother to

Some of the foreign fishing boats have been operating illegally

ask for the statistics now. It is a business that has been left to die.” She said that the sector had lost billions of naira in investment, vessels and seamen, adding that investors were closing shops in Nigeria following lack of stormy operating business environment. With roughly 50 per cent of their fish stocks fully exploited, 25 per cent over exploited and the other 25 per cent completely collapsed, Chinese and other Asian fishing companies have flooded the West African coast, stealing fish due to the growing appetite for seafood among Chinese consumers. Clashes There has been reports of violent clashes between Chinese and West African fishermen where they encounter much less competition and protection. The effect on the indigenous African fishing industry is devastating, with over half the fish stocks along the coast from Nigeria to Senegal categorised as overfished. There have been reports of local fishing nets being cut by foreign trawlers, who then unload their enormous catch directly into container ships, where they are transported back to Europe or Asia, bypassing any proper inspections. The United Kingdom’s Overseas Development Institute estimated that reversing the economic losses to Nigeria, Ghana Senegal, Benin, Togo and other West Africa coasts through IUU fishing would result in the creation of 300,000

jobs and $3.3 billion revenue. The foreigners earn eight times or $3.9 billion more than what the coastal countries earn annually. Already, some coastal communities in Bayelsa State and neighbouring states have appealed to the state and the Federal Government to save them from foreign trawler owners, who engage in indiscriminate fishing on Nigerian waters. Government’s intervention Miffed by this, the Federal Government recently ordered the Nigerian Navy to stop foreign trawlers that fish in the nation’s territorial waters illegally. The communities noted that foreigners were heavily armed and attacked Nigerian fishermen at will. The Minister of State for Agriculture and Rural Development, Senator Heineken Lokpobiri, at an interactive session with stakeholders in Yenagoa, said that Nigeria would no longer tolerate foreign fishermen without permission. The minister added that the Presidency had ordered the Chief of Naval Staff to stop the intruders with immediate effect. Lokpobiri advised people of the region to invest in farming, stating that the Bank of Industry and Agricultural Development Bank would provide loans for them. Conclusion There is need by the Federal Government to establish a special taskforce from Nigerian Navy to monitor the activities of fishing companies on Nigerian waters.

business \ maritime

WEDNESDAY, september 21, 2016 NEW TELEGRAPH

Nigeria to regain 3m tons of cargoes COUNSEL Nigerian Shippers’ Council has advised Niger Republic business operators to utilise the Nigerian transit corridor

Bayo Akomolafe

hipping companies from Niger Republic, which left Nigerian ports in the last one decade, have resolved to come back to Nigerian seaports from October 2016 for cargo clearance. Over three million metric tons of Niger’s cargoes , which were formerly handled by Nigeria, are currently shared among Togo, Benin and Ghana ports. Until 2006, about 70 per cent of Niger Republic’s cargo were transited through Nigerian seaports as against the current zero per cent. It was learnt that some of the companies using the ports left Nigeria for other neighbouring ports due to high tariffs and other charges. Early this year, the NSC entered into a strategic partnership with Niger Republic to ensure that their cargoes transit through Nigerian ports, after realising that the country had lost 27 million tons of Niger’s cargoes to Ghana, Benin and Togo ports since 2006. A representative of the National Shipping Council of Niger Republic, Idi Hamissou, said at a forum with media executives, hosted by the Executive Secretary of the NSC, Hassan Bello, to announce the imminent come back to Nigerian ports. He said that shipping companies in his country had resolved to return to Nigeria to do business, following the latest reforms being implemented by the council. He explained: “We had used Nigerian ports since 1958 but

the concessioning of the ports drove our shipping companies out of Nigeria in 2006. “Going to Togo, Ghana and even Cameroon has not been easy for our shipping companies, so we’re returning to Nigerian ports next month, to be fully on ground in October.” Also, he told the News Agency of Nigeria that Niger Republic and Nigeria shared a strategic land border, spanning some 1,600 kilometre, making it imperative for the two nations to take advantage of business opportunities existing between them.

due to high tariffs, corruption and extortion. Under the Nigeria-Niger Joint Commission, the executive secretary told the Senate Committee on Marine Transport in Lagos that NSC had encouraged Niger Republic’s economic operators to utilise the Nigerian transit corridor for their imports and exports. Also, he explained that his team had discussed with Chad at the recent United African Shippers’ Council (UASC) conference held in Ghana on how to regain the cargoes. He added that Niger was

shipping about 2.5 million metric tons of its cargo from Benin Republic, 1.5 million metric tons in Togo and close to a million metric tons in Ghana, while Nigeria watched helplessly. In 2015, Bello said that it had become imperative for the country to regain the trade it had lost to its competitors. He noted that the council was not comfortable with the way Niger Republic would go all the way to Cote d’ Ivoire and Ghana to transit its cargoes when Nigeria is closer to the land-locked country.

Containers stacked at AP Moller Terminal at the lagos Port Complex, Apapa

NPA appoints new managers for six ports

he Nigerian Ports Authority (NPA) has approved the appointment of new port managers for the six major seaports across the country. The appointments, which was approved by the Managing Director of the authority, Hadiza Bala Usman, takes immediate effect. An internal memorandum dated September14, 2016 emanating from the managing director’s office revealed that only one of the six old port

Large vessels raise shipping rates on W’Africa cargoes ery Large Crude Carriers (VLCCs) owners, operating between Nigeria and other West African ports and Middle East, have decided to increase freight rates from next week. It was learnt that the charterers and the increased oil volumes from West Africa had provided further support for the steps being taken by the ship brokers. A Singapore-based VLCC ship broker complained that earning had been down on world scale measure, while operating costs of around $10,500 per day were higher. “VLCCs in the West are keeping very busy; there’s

As part of effort to encourage trade facilitation in Nigeria ports, Bello noted that NSC had spent about N1billion in the past one year on ICT infrastructure to ease the stress of doing business at the ports. He noted that agencies at the ports would eventually be pruned from 10 to two. The executive secretary stressed the need to increase the efficiency of the ports in order to boost businesses. It would be recalled that the country had lost some millions of Chad’s transit cargoes to Ghana, Togo and Benin ports

quite a large list of cargoes from the Caribbean and West Africa. With supertanker rates from West Africa to China at their highest since July 28, owners will point their prow to Africa rather than the Middle East,” the broker said. Also, it was revealed that chartering data on the Reuters Eikon terminal rates for smaller Suezmax tankers, which can carry about one million barrels, half that of VLCCs, soared by 17 points on the world scale measure last week for cargoes from West Africa. Perishable reefer trade to CONTINUE ON PAGE 33

managers was retained, while the others were redeployed to NPA headquarters and zones. The new port managers are Mrs Aisha Ali-Ibrahim (Lagos Port Complex, Apapa); Noah Mathew Alaba (Tin Can Island Port); Mrs Olufunmilayo Olotu (Calabar Port); Okeke Simeon Okeke (Delta Port) and Alhassan Ismaila Abubakar (Onne Port). Umar Abubakar Garba is the only old port manager retained under the new disposition but was redeployed from

ubsidiary of SIFAX Group, SIFAX Shipping Company Limited, has been appointed as the new agent of Auto Export Shipping (AES) in Nigeria and Ghana. AES is a non-vessel operating common carrier, which handles shippers’ exports of vehicles as well as mobile industrial equipment via roll on roll off vessel services from the United States ports to various West Africa ports. In a statement by the group’s Corporate Affairs Manager, Mr. Muyiwa Akande, the President of AES, Mr. Pete Bottino, said that the new appointment, which takes effect from September, 2016, was a testament of SIFAX’s track record of excellent service in the industry. Bottino said: “AES is

Delta Port to Rivers Port in Port Harcourt. Also, Ships and Port report said that a former port manager of Lagos Port Complex, Apapa, Ezeoke Eunice Ngozi, was redeployed to Western Ports as Assistant General Manager (Operations)in the exercise, while a former Tin Can Island Port Manager, Babatunde Longe, was asked to report to NPA. headquarters as Assistant General Manager, Operations. The former Port Manager

of Rivers Port, Abdulrahman Lamina, was transferred to NPA headquarters as an Assistant General Manager, Commercial, while the former Calabar Port Manager, Emgr. Ogundele Oluseyi, was moved to Eastern Ports as Assistant General Manager, Utilities. Durowaiye Ayodele, who until the new disposition was in charge of Onne Port, was ordered to report to the General Manager in charge of Western Ports in Lagos for duty.

Shipping line hires agent in Nigeria, Ghana pleased to announce our business relationship with SIFAX Shipping Company Limited. “The company will serve as our releasing agent in Nigeria and Ghana for all our roll on roll off shipments to Lagos and Tema, which will be operated by Hyundai Glovis, one of the leading global shipping lines. “As a leading player in the maritime industry across West Africa, we are convinced in the ability of SIFAX Shipping to deliver quality service and meet all expectations.” While responding to the appointment, Group Manag-

ing Director of SIFAX Group, Mr. John Jenkins, thanked AES for the opportunity to partner with the company,. He added that SIFAX Shipping would exhibit the tradition of delivering best value, which all group subsidiaries are noted for. He said: “I have the implicit confidence that all the stakeholders in this new business deal – Hyundai Glovis, AES, agents and consignees -- would enjoy the best of excellent service that has marked out our company as the option of first choice in all the countries that we operate.”

business \ maritime

WEDNESDAY, september 21, 2016 NEW TELEGRAPH

Nigeria Customs trains Chinese on export, import ILLICIT Customs train to stop illegal activities by Chinese exporters and importers

Bayo Akomolafe

he Nigeria Customs Service (NCS) has trained their counterpart in China on the country’s import and export guidelines and procedures as part of efforts to facilitate trade between the two countries. Comptroller-General of the Nigeria Customs Service, Col. Hammed Ibrahim Ali (rtd), who was represented by the Assistant Comptroller General in charge of Zone A in Lagos, Charles Edike, said that his mandate was to strengthen trade agreement between Nigeria and her trading partners across the world. The training programme was conducted at the Chinese Embassy, Lagos at the instance of the its Consul General, Lagos Consulate, Mr. Chao Xiaoliang, who requested that their citizens be trained on Nigeria’s import/export trade laws and guidelines. Edike said that the seminar was focused on the laws guiding exports and imports. Before now, it was alleged that the Chinese citizens had infiltrated Nigerian forests, cutting trees and repackaging Nigerian made products for export. The comptroller general added that there were several cases of misconduct involving the Chinese as well as other nationals in Nigeria, which the Customs Comptroller General was not happy about. According to Edike, “his approval of the training for the Chinese people is to address such developments and let them know the laws. “ Whether these acts by the Chinese are out of ignorance or criminal tendencies, the need to educate them becomes more important at a time like this when everything is being done to fast track trade, improve revenue and eliminate delays from the ports. “We believe if they do the right thing, the Nigeria and China economies will benefit immensely. “Doing the right things consistently pays and saves such importer a lot of time and cost. Do not be deceived by anybody. The laws are sacrosanct. The guidelines are very clear. “If you are not clear, contact the nearest Customs command and you will be guided.” The assistant comptroller general said that NCS was fully committed to implementing government economic policies and enforcing the regulations guiding trade. He stressed that every kobo from revenue would be collected for government. “The Nigeria Customs will not renege on revenue collection. We will collect every kobo that government is entitled to collect from exports and imports. We shall not collect more or less. This is why we are here to let you know the laws and processes. “There must be no excuses because none will be tolerated, please be guided,” he noted. Edike recalled that the NCs generated N95. 7 billion in August 2016, noting this was the highest revenue in 10 years despite forex complexity, low im-

ports and global economic meltdown. On his part, Xiaoliang, also explained that the training was needed to guide Chinese traders, to avoid being misled into illegal businesses. Meanwhile, NCS at Tincan Island Command has generated a sum of N156.9 billion between January and August, 2016, despite the economic recession in the country. However, the revenue recorded was lower than what was generated in the same period in 2015, when it collected N162.9 billion, indicating a fall of 3.6 per cent compared to the figure generated in the first eight months of 2015. A breakdown of the revenue revealed that the command realised about N24.858 billion in January, N16.856 in February, N17.215 billion in March, N14.342 billion in April, N16.365 billion in May , N20.176 bil-

lion in June, N20.947 billion in July and N26.2 billion in August, 2016. According to its Public Relations Officer, Mr. Uche Ejesieme , the command was able to collect the amount due to the measures introduced by the management to boost revenue collection. He noted that the decline in the level of importation was due to the Central Bank of Nigeria (CBN) restriction to foreign exchange on the importation of 41 items, while the frequent depreciation in the exchange rate of the naira to the dollar has also contributed to the low revenue. It would recall that in August, 2016, NCS Spokesman in Abuja Mr Wale Adeniyi, a deputy comptroller said that there had been increase in the spate of smuggling to the country. He explained that the service seized goods valued at N4.975billion in six

months. “The total number of seizure made from January to June this year was 3,066 as against 5,485 in same period in 2015,” he stressed. The spokesman noted: “Customs has renewed commitment to fiscal policy implementation. Rice seizures account for over 70 percent of our seizures as we still have intelligence about thousands of metric tons landed in Benin Republic. We are raising the stakes to create huge disincentives to smuggling of rice and other prohibited products.” Also, the service has intercepted 31 containers laden with 14,000 bags of 50 kilogrammes of rice declared as yeast at the Tincan Island port. The service’s Deputy Comptroller General, Dan Ugo, said that the commodity was imported by Destiny Limited from China.

A roll on roll off vessel, MV Glove, discharging vehicles at the Port and Cargo Handling Services limited, Tincan Island Port, Lagos

Large vessels increase shipping rates on W’Africa cargoes CONTINUE FROM PAGE 32

grow further Shipping consultancy firm, Drewry, has said that perishable reefer cargoes being experienced in the shipping sector this year will grow to 120 million tons by 2020. Also, the Reefer Shipping Market Review and Forecast 2016/17 report, has revealed that reefer shipping and dry cargo trades had become increasingly unprofitable since the beginning of 2016. The company forecast that seaborne perishable reefer trade would increase by an average of 2.5 per cent per annum. However, with over 400 containerships with reefer capacity yet to be delivered, the firm believed that reefer utilisation would improve as a result of increased seaborne cargo volumes and rising market share for the reefer containership mode. The firm said: “On the other hand, with a reducing specialised reefer fleet, not only will this mode see its cargo volumes decrease, but also its market share will reduce year-on-year. “Nevertheless, it currently provides around five per cent of overall reefer capacity yet carries in excess of 23 per cent of total seaborne perishable reefer cargo and is set to continue to hit above its weight.”

Commodities at Lagos Port this week Vessel

Tonnage

Commodity

Day

Desert Spring

48,000tons

Wheat

Monday

Desert Hope

31,942tons

Wheat

Monday

Lady Astrid

3,000 tons

Base Oil

Monday

Falstria Swan

5,045.98tons

Base Oil

Monday

Stavenger Breeze

38,000tons

PMS

Tuesday

Asian Pearl Ii

30,000 tons

Fertilizer

Wednesday

Demeter

103FCL

Containers

Wednesday

Viking Eagle

1,28FCL

Container

Thursday

Northern Dedication

860FCL

Containers

Thursday

MSK Cadiz

920FCL

Containers

Thursday

Roadrunner

45,500tons

Sugar

Thursday

Bonaire

500FCL

Containers

Friday

Odysseus

492FCL

Containers

Friday

Summer E

850FCL

Containers

Friday

Han Long Bay

8,179tons

Steel

Saturday

Sea Lavender

30,636tons

Steel

Saturday

WEDNESDAY, SEPTEMBER 21, 2016 NEW TELEGRAPH

Literature

Arts

From Adeniran, call for peaceful restructuring of Nigeria

The Dented Anthill: Youngsters in compelling theatrical performances

Tony Okuyeme

he National Troupe of Nigeria recently rounded up the 2016 edition of its annual Children’s Creative Station Workshop (CCSW) with a command performance of the ‘Dented Anthill’, at the Cinema Hall II of the National Theatre. It was indeed a boost for children theatre in Nigeria given the rich menu of theatrical presentations and showcase of talents and creativity served against the backdrop of the need to build the nation, where ‘though tribe and tongue may differ, in brotherhood we stand…, to build a nation where no man is oppressed…” For about two hours, children – over 100 whose age ranges between 5 and 15 years – that participated in this year’s edition of the Creative Station, feted the audience that included arts and culture administrators, artists, parents and siblings of the participating children, to series of performances across various genre – musical, dance, choreography (both traditional and contemporary) – climaxing with the command performance of Dented Anthill’, a play which was created by the participants of the Creative workshop and directed by foremost dramatist and choreographer, Peter Badejo (OBE). It was a loaded programme that saw all the kids show their skills in dances and songs depicting the cultural heritage of the nation - in Hausa, Igbo, Yoruba, Ibibio, among others. There also dance presentations in English. Besides the engaging performances, there were rich displays of colourful costumes from the different parts of Nigeria. The highpoint of the show was the command performance of The Dented Anthill, a metaphor for the building and the dent in the structure of this country Nigeria and the borrowing from the ‘Ants’ world’ in rebuilding and restructuring of the society.

TONY OKUYEME ARTS EDITOR

tony.okuyeme@newtelegraphonline.com

Some of the youngsters in a cultural dance performance

The six weeks long workshop which is supported by Access Bank, Wapic Insurance, Promasidor, Mimee noodles, Sona foods and Aqua Dana kicked off on July 26th 2016 with about 120 who were engaged creatively in the areas of acting, improvisation, miming, dancing, writing, voice training and singing. The Artistic Director of the National Troupe, Mr. Akin Adejuwon stated that the workshop has since its inception in 2010 been targeted at children whose imagination and talents are reawakened, developed Some of the children in contemporary dance performance and appreciated. Badejo recalled how the idea of the script began, saying that when enthusiastic children from the invitation to participate in the various backgrounds had daily 7th Children’s Creative Station grooming in numerous dances, Workshop came to him, he saw it music and songs of different culas an opportunity to allow the voictures of Nigeria from seasoned es of children to be heard directly artistes of the National Troupe. through their input in the medium This essential preparation gave This is a of theatre expressions. the children the impetus for the metaphor for production at hand.” “In most cases, children interpret or narrate adult’s concept of According to him, with a synthe building events or situations. So, with this opsis he had prepared, they startand the opportunity there was no hesitation ed working with the children in in accepting the invite to work on developing a script for the show dent in the the project. I therefore, joined the titled ‘Dented Anthill’. structure of creative team of the Children’s Cre“This is a metaphor for the ative Station Workshop, an initiabuilding and the dent in the this country tive of the National Troupe. structure of this country NigeNigeria... “The team, ably led by the coria and the borrowing from the ordinator of the workshop, Ms. ‘Ants’ world’ in rebuilding and Josephine Igberaese, had run the restructuring of the society and Creative Station Workshop for six structure. years. So, for four weeks before my “Anthill is a natural construct arrival, the team had gone to work of ants made almost to a near perto put together and auditioned a fect architectural structure. It is group of over 100 children. These designed and constructed by ants

for housing, protection from unwanted environment, assault and climate. It houses ants in a socially defined setup. In their ever busy work routine, ants work tirelessly in social groupings constructing what might be termed the ants-city. This could be equated to a city or nation of human beings. When this fortress is disturbed it disorganizes the social setup of the ants and sends them helter-skelter. If a dent occurs to this design it affects the entire existence of the ants. From the dented part of the anthill emerges brigade of ants struggling to defend and form themselves into a working group for reconstruction and restructuring,” Badejo said. He added that, “this could be juxtaposed on our present day societies of Nigeria. History has it that as from the time of our independence in 1960, an ‘anthilllike’ structure was envisaged and in the making for the Nigerian society. The country was working towards a perfect structure, looking towards building an egalitarian society where the members would be proud to be Nigerians. As years went by the ‘dent’ happened. The Nigerian anthill got dented and things fell apart. Since then, the centre could no longer hold. Ever since, the country has gone through several amendments and repair methods but to no avail. Generations have tried to patch the wobbling structure from the top, but have not succeeded.

WEDNESDAY, SEPTEMBER 21, 2016 NEW TELEGRAPH

NEWS Nigeria’s Ifeanyichukwu makes TLC’s “Lucky 13”

wenty-year-old Nigerian Daniel Ifeanyichukwu has been announced as the 10th semi-finalist making it through to the next stage of the TLC Next Great Presenter search. TLC in association with Colgate Optic White announced this yesterday, stating that this actor from Lagos, Nigeria secured his spot in the “Lucky 13” from more than 1500 auditions received across the continent. “I am so excited and thankful that I got this great opportunity. It still feels unreal like a ‘Daniel in Wonderland’ dream or a male Cinderella story,” says Daniel. This charismatic, spontaneous and innovative entertainer believes that he is destined to be a presenter. According to him, “Growing up, my parents always said I was too talkative - in fact I used to use empty cans and my dad’s car gear as my microphone. Then, during my high school and college days, I was always involved in theatre and hosting events, which gave me an opportunity to meet people from different cultural and religious backgrounds, which I believe is key for presenting as TV content should be relatable to anyone and everyone.” Now, all roads lead to Cape Town for Boot Camp, as Daniel along with 12 contestants from all over Africa aim to turn their 90-second video audition into their dream job. During the four-day Boot Camp, they will be put through their presenting paces by the judges and industry experts as they undertake screen tests, performance coaching, fashion styling, as well as brand and media training to see who really has what it takes to be a host on Africa’s #1 lifestyle and entertainment channel. “I look forward to going to Boot Camp as it will be an opportunity for me to learn from the different judges, coaches and my fellow contestants. I also can’t wait to see the beautiful tourist sites in Cape Town,” says Daniel.

AIFF announces nominees for 2016 T

he nominees for the 2016 Abuja International Film Festival have finally been announced by the College of Screeners. A total of 721 films were received from 47 countries with Nigeria accounting for 273 films. These films cut across all genre of film making. Chairman of the college of screeners, Mr. Olumide Akindele, said this year the Screeners observed a major improvement in the quality of films from Africa with several of the themes addressing topical societal issues. According to him, they were able to screen and arrive at the final list of films in 15 categories that was released last week. “These films will all go on to compete for the 15 different award categories that will be decided by the jury in Abuja come October 7th 2016. “On behalf of the 13th AIFF college of screeners, I say a big thank you to all the film makers of the 721 films submitted for the 13th Abuja international Film Festival,” he said.

ART

CIFCET to honour Osofisan, al-Afkham, others Tony Okuyeme

rominent Nigerian dramatist, art critic and a distinguished Professor of Theatre Arts at Kwara State University, Femi Osofisan and President of International Theatre Institute, Muhammad Sayf al-Afkham are among six major international theatre artists that will be honoured at this year’s edition of Cairo International Festival for Contemporary and Experimental Theatre. The festival was founded in 1988 as Cairo International Festival for Experimental Theater. After it concluded its twenty-second edition in 2010 it was suspended and adjourned in 2011 until 2015. According to the organisers, this year ‘Contemporary’ has been introduced to the title with the hope that it would open up the scope for a wider range of participation and varied production- Osofisan styles for a broader audience. “Moreover, the festival returns without one of its former guidelines: the contest, competition or awards, rather, it returns as a theatrical panorama aiming to encompass contemporary and unique international experiments. It returns with the understanding that it is collaboration, exchange, conversations—not awards—that should be the aim of all major international festivals and assemblies. Also, this year, a large number of

Arab and International theater companies are participating in addition to a long list of Egyptian productions. The festival includes six workshops led by major international artists from Chile, USA, Pakistan and India. Additionally, there will be four major panels focusing on Arab Theatre and the west scheduled on the fringe. “The festival is pleased to honour six major international Theater artists: Femi Osofisan, Gameel Rateb; Mumbi Kaigwa, Professor Lu Ang,

Muhammad Sayf al-Afkham and Torange Yehiazerian.” Osofisan, a renowned prolific dramatist and theatre scholar, obtained his PhD at University of Ibadan, France, and is currently a Distinguished Professor of Theatre Arts at Kwara State University. Rateb is a prominent actor and director. He studied theatre in France, and since has appeared in over 40 stage productions in both France and Egypt, as well as tens of films and television series. Kaigwa is Artistic Director at The Arts Canvas where she creates campaigns that use art at address social themes such as violence, torture, human rights, peace and conflict. Ang is Professor and Dean of Department of Directing at Shanghai Theatre Academy, and Vice Chairman of Shanghai Theatre Association. He has directed over 70 theatre productions at home in China and abroad. Muhammad Sayf al-Afkham is the president of International Theater Institute, and Director General of al-Fujairah Municipality. He is also the president of the International Monodrama Forum and Director of The Fujairah Culture and Media Authority. Yehiazerian is the founding Artistic Director of Golden Thread Productions, the first American theatre company devoted to the Middle East.

Yaweh, different kind of song, says Peace Moses Kadiri

eace Henry is a gifted singer, and the new gospel sensation in the Nigerian mainstream music. The talented artiste serenaded guests with her angelic voice during the listening session of her latest single, Yaweh, and unveiling of Mec Fanny Music. The event was held at Magrello, Bode Thomas, Surulere, Lagos. The gospel artiste who could be likened to American award winning singer, songwriter Tony Braxton in terms of physique gave guests a package to savour for a long time to come. There is no doubt that she is born to shine. “I have been singing before now, going for programmes, ministering, but I decided to kickstart my music career in a professional way,” she said. According to her, she draws inspiration from singing gospel music. “In all my life it has been God. He has been there. For me…, I am a born again Christian; the only way I can give back to Him for all He has been doing for me is to worship Him with my voice. This is what I love doing. In appreciation to God and the voice He gave to me I choose to give it back to him through praising Him that is the reason I chose gospel music,” she en-

Peace Henry in performance

thused. With the single, ‘Yaweh’, Peace Henry, a graduate of History and International Relations from Abia State University, has made a bold statement that with hard work and dedication the sky is the limit. “I never planned it. I was in the studio one-day and I decided to come up with something, along the line a song dropped in my mind, that song is ‘Yaweh’. “That is the name I love calling God. He has done so much for me; He has been so awesome to me and my family. I have been praying for a day like this to come that has been my dream; I have been working so hard I am so grateful to God for making it happen. That is the reason l called Him ‘Yaweh’. It is a song that whenever I sing

it I feel so happy; and I remember the things God has done for me, my ministry. The song came from above, and dropped in my spirit; I had to go along with it.” The singer, who is from Abia State, thanked the founder of Mec Fanny Music for discovering her. ”I am already out through this unveiling; expect another wonderful song from the stable of Mec Fanny Music. The founder of the label, Mercy (aka Mec Fanny) she has been a motivator to me; she is a woman that love discovering talents, once she notice you love God and you want to serve him with your voice she will inspire you. The label is the best that I have seen. She has given me the opportunity to express myself not like other labels that will not allow you to sing the way you want to sing, the way you feel like doing your thing,” she said. The CEO of Mec Fanny Music, Mercy (aka Mec Fanny), who is also a gospel artiste, hinted that Nigerians don’t recognize gospel artistes, but she is not deterred; she went ahead and signed gospel artiste on her music label. “Peace Henry is an embodiment of talent, she has a very good voice, she is a servant of God, and I believe as she has come into the music industry she is going to bring more live to gospel music. Peace Henry will change the face people see gospel music in the country,” she said.

LITERATURE

From Adeniran, call for peaceful restructuring of Nigeria

he book, “Nigeria The Case For peaceful And Friendly Dissolution” by Adedapo Adeniran (esquire) unequivocally, the book seeks to call on the people of this country to decide for themselves on a rational basis what sort or form of future they want for themselves. First published in 1999, the book has gone through six editions, with its second and third editions in 2002. The fourth edition published in 2009 was a revised edition of that of 2008 while its fifth edition was in 2010. The sixth edition was published in 2012. All editions have taken into consideration events that shaped Nigeria’s political evolution. A recent demand for the book gave rise to its 2016 reprint in August. Born in Lagos on the March 23, 1924, Adedapo Adeniran, a London trained lawyer, writer, social critic and political commentator, in his 170-page book, notes that, “It is more than about time that the people of this country go deeply and objectively and indeed intelligently into the history of Nigeria and its politics, and decide for themselves on a rational basis what sort or form of future they want for themselves, whether to remain as one entity or to engage in dismemberment of the country. It is instructive to say that a geographical entity that does not know or understand its own history will be in perpetual wilderness.” He posits that Nigeria is nothing but an artificial and arbitrary geographical expression of the British and the French which came into being without consultation with the various ethnic groups and without due consideration for the wishes of the people. According to his narration of Nigeria’s colonial era, the fabrication called Nigeria ceased following the exit of the British. The book further discusses the boundaries and barriers that broke down and disintegrated the day the British left. In the case of ethnic incompatibility, the book cited apt examples in countries like Pakistan and Bangladesh which used to be part of India; Czechoslovakia which split into Czech and Slovak Republics; South-Eastern Asian countries North Korea, South Korea, Taiwan and Malaysia - in the same vein with Botswana, Lesotho and Swaziland, though within the confines of Republic of South Africa, all now independent and sovereign states. In discussing the bane of Southern and Northern Nigeria, the author, with a tone of hopelessness, highlights the decimations of Nigeria’s values, customs, cultures and tradition, legends and heri-

Book title: “Nigeria: The Case for Peaceful and Friendly Dissolution” (Sixth edition) Author: Adedapo Adeniran Pages: 170 Reviewer: Lanre Odukoya

tage which he hinged on imperialism. He brings to the fore elements of disintegration, the nature of republics and autonomous regions, the issues that dominated pre-independence colonial conference. In fact, he goes beyond name dropping, characters and documenting in the book - pp 63-77 - litany of contemporary political events. The author’s unalloyed assertion about Sir Frederick Lugard and the 1914 Amalgamation gives details of first hand and with primary literature evidences to the views that characterised Lugard’s ostentatious proposal

Book stand

for the amalgamation of Southern and Northern protectorate by the Colonial Office in London and of the educated Nigerian public and the press, and raised around him a growing fence of prickly antagonism. Following the amalgamation and years after the granting of independence in 1960, military incursions into governance in Nigeria and the almost three decades of misrule they foisted on the country down the years, according to the book, inevitably resulted in the mismanagement of the economy, looting of the treasury and empty, arrogant display of power, gross indiscipline, loss of sense of morality, idealistic values and priority, indiscriminate and vain flaunting of unjust enrichment, lack of economic and political controls and indeed sanctions; with reference to the wanton corruption and cruelty synonymous with the Abacha years. His prolific strength bears on the book in many ways even if he was very assertive in his submissions. He reflects widely in his book, events of international happenings, especially of Western countries culled from foreign journals and articles to buttress his case. In one submission he notes, “The world therefore is witnessing a manifestation of unstoppable awakenings or revolution, such that globalisation is not the answer.” On his analyses of movement towards disintegration, he argues that Nigeria is too large and different for any one power to govern as a single entity with contradictions of language, custom, culture, religion, habits, ethnicity, outlook and vision. The book further argues that each ethnic group has its own natural habitat and geographical location and so delineated as an entity within its natural geographical boundary and each such area should be regarded as a nation state and should be independent and sovereign with the lingua franca germane to it.

What we are reading

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

In the Country: Stories by Mia Alvar is about Filipino diaspora. The book is so brilliant because it captures diaspora mentality of people who are pushed outside their country. She starts with showing people outside their country, then she takes you back into their country again to show the circumstances that kind of pushed most of them out of the country. And you will find almost similar to situation in Nigeria. You can never overemphasise the importance of reading books. It opens your world; you travel through place, through time by reading.

TONY OKUYEME ARTS EDITOR

tony.okuyeme@newtelegraphonline.com

WEDNESDAY, SEPTEMBER 21, 2016 NEW TELEGRAPH

Molara Wood

Helon Habila

POETRIP

I HAVE Oladipo Kehinde

I clap my hands for what I have I have you in my thoughts As I walk the miles ahead To cross the bridge of the rainbow Your love direct my steps To the house of wealth The wind sings a song For the homecoming rain Here comes the rain With songs of abundance I touch the hands of the day With the words of my mouth In prayer tell at dawn For the upland sun to make way I have you in my thoughts As I walk the miles ahead To cross the bridge of the rainbow Your love direct my steps To the house of wealth

BUSINESS | MONEY LINE

WEDNESDAY, SEPTEMBER 21, 2016 NEW TELEGRAPH

Recession: Emefiele gets backing on oil assets’ sale SUPPORT Measure needed to stimulate economy in the short term

Tony Chukwunyem

entral Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele’s call that the Federal Government should consider selling stakes in joint ventures with oil majors and other assets as a short term measure to stimulate economic recovery, is receiving more backing from eminent Nigerians. The latest of such support came from the Senate President, Dr. Bukola Saraki, who told the Financial Times of London and Reuters that talks by government to borrow abroad have not succeeded yet and would in any case not generate enough funds to stimulate economic recovery. Respected Economist and Chief Executive Officer of Financial Derivatives Company (FDC) Limited, Mr Bismarck Rewane, had earlier expressed support for the call. Saraki was quoted as saying: “There is a big hole now in the fiscal deficit because that funding is not coming through. So we’ve got to look for alternative ways to fund that.” The Federal Government

has said it plans to borrow as much as $10 billion, with half of that coming from foreign sources, including a planned $1 billion Eurobond issue, to fund a budget deficit of N2.2 trillion and boost an economy hammered by low oil prices and hard currency shortages. But Saraki said that even if the loan talks succeeded, the amount raised would not be enough to plug the hole in public finances. “My take is that even if it does come through, it’s money too little, too late,” he said, referring to the loan talks. He said Nigeria needed to sell stakes in oil and gas joint ventures, oil exploration contracts and refineries to raise funds. “In my view, I really can’t see any other pathway to recovery. We need investors, we need to raise capital.” Such an asset sale would be necessary even if global crude prices recovered to $70 a barrel and Nigeria managed to restore oil production to 2 million barrels per day (bpd) with an end to militant attacks in the Niger Delta oil hub, Saraki said. The senate president also warned that Nigeria might struggle with recession for up to nine months or even longer unless it got serious about attracting investors. “If we do things right, the confidence will come in,” Saraki said. “If we carry on waiting for government revenues to go up, if we don’t do anything seen as thinking out

of the box” the recession could drag on longer. It will be recalled that in an interview with media executives at the weekend, Emefiele reiterated the need for the government to consider selling stakes in joint ventures with oil majors and other assets. He said: “You will recall that as at April 2015, I had an interview with Financial Times of London during, which even before government came on board, I had opined that there was need for the government to

eritage Bank Limited has identified major commodities that can boost foreign exchange earnings for the country. Managing Director/ Chief Executive Officer, Heritage Bank Limited, Ifie Sekibo, disclosed this at the 2016 Annual Conference organised by Finance Correspondents Association of Nigeria (FICAN) in Lekki, Lagos. He listed some of the export potential products to include cocoa, cashew, groundnut, fish, horns, sesame seed, ginger, cassava and snails. Others are tobacco, coffee, cotton lint, rubber, among others. Sekibo urged farmers and exporters of agricultural produce to seek more knowledge in order to increase the quality and quantity of their products because export business involves dealings with other world players.

MPR 91-day NTB Bonny Light Ext Res**

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

Mar, 2015 Mar, 2015 August, 2016

14 10.77 US$46.16 US$24,838,459,382

26/07/2016 Mar 2015 8/9/2016 19/9/2016 Source: CBN

FGN Bonds

TTM

Price 104.65 114.59 111.96 120.58 109.60 100.54 83.82 97.56

1.07 3.24 3.87 5.82 7.95 9.81 14.31 18.29

NIBOR

Rate (%) 4.4583 9.1071 11.0102 12.3790

Bid Yield 10.38 10.55 11.60 11.44 12.27 12.40 12.44 12.49

Change (%) -2.50 ▼ -0.74 ▼ -0.65 ▼ -0.68 ▼

Change (%) -0.02 ▼ -0.01 ▼ 0.00 ↔ 0.00 ↔ -0.07 ▼ -0.08 ▼ -0.03 ▼ 0.02 ▲

Price 104.80 114.89 112.26 120.88 109.90 100.84 84.12 97.86

Tenor (Months)

Offer Yield 10.24 10.45 11.51 11.38 12.22 12.34 12.39 12.44

Change (%) -0.02 ▼ -0.01 ▼ 0.00 ↔ 0.00 ↔ -0.07 ▼ -0.08 ▼ -0.03 ▼ 0.02 ▲

NITTY

Rate (%) 6.9949 7.2368 8.0819 9.2061 9.5872 10.5042

1 2 3 6 9 12

Treasury Bills

Spot($/N)

Offer 199.24

Change (%) 1.12 ▲ -0.27 ▼ -0.17 ▼ -0.11 ▼ 0.03 ▲ 0.42 ▲

Money Market

Change (%) 0.57 ▲

NIFEX

Spot($/N)

Bid 199.0000

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

196.00

197.00

The bank chief said the 10year tenor export stimulation facility provided by the Central Bank of Nigeria (CBN) at nine per cent interest rate is a laudable incentive for exporters. He said although lenders would want the economy to grow by lending to farmers and other productive sectors of the economy, farmers/borrowers/ exporters on their part should know that banks want their monies back and that “there is need for competence, commitment and confidence in the process.” Speaking on the topic: “Providing Finance for Exports: Expectation & Experience,” Sekibo said Nigeria can also export such manufactured goods such as cocoa cakes, butter, powder and liquor, detergents, malt drinks palm kernel cakes & oil, baby clothes, confectioneries and leather.

In the category of handicraft, Sekibo noted that Nigeria can export talking drums, calabash, wood carvings, raffia products among others, not forgetting the ever flourishing Nollywood, which is even being watched by militants (like Gendam) in neighbouring countries. Represented by Olugbenga Awe, Group Head, Agriculture Finance, Project & Development Finance Department of Heritage Bank, Sekibo regretted that exporters from Nigeria are not competitive enough, such that some Nigerian exporters go to Cameroun to bring in products, blend them to Nigerian products so that they can export. For instance, yams that are consumed in London are from Ghana, not Nigeria, he said. As a country, Nigeria cannot afford to continue going backward in terms of non-oil export he reiterated.

Maturity Date Discount Bid Yield Change (%) Discount Offer Yield Change (%) Rate (%) 7.67 7.82 -0.51 ▼ Open-Buy-Back (OBB) 3.83 30-Jun-16 7.92 8.08 -0.51 ▼ 6-Oct-16 8.59 8.34 8.71 -0.31 ▼ Overnight (O/N) 4.33 8.99 -0.31 ▼ 16-Mar-17 9.36 10.28 -0.07 ▼ 9.11 9.98 -0.07 ▼ Bid 199.14

still get $10-$15 billion or maybe $20billion. If we have that kind of liquidity, it will be easy for us to really stimulate the spending and also to turn the economy around. That proposal is still on the table because I have also heard that some of our colleagues in the FEC have talked about it and a lot of people too. If we take that option, I am optimistic we will be able to stimulate the economy and earn foreign currency that we can really use to kick-start, stimulate the economy.”

IFC, UK boost solar energy prospects in Nigeria

As at N19,142,526.05m N18,579,219.49m 17.61

scale down or sell off some of its investments in oil and gas, particularly in the NNPC and NLNG as at that time when the price of oil was around $50-$55 per barrel. We actually commissioned some consultants that conducted the study and at the end of that study we were told if we sell 10 per cent to 15 per cent of our holding in the oil and gas sector that we could realise up to $40bbillion. “Unfortunately, the markets have become soft. Now if we chose to do that now, we could

Heritage Bank’s CEO lists Nigeria’s export potential

Economic Indicators M2* CPS* INF

0.00 ↔

Offer 199.1000

Change (%) -1.75 ▼ -2.08 ▼

Change (%) 0.00 ↔

he International Finance Corporation (IFC) and the United Kingdom Department for International Development (DFID) are facilitating the deployment of off-grid and embedded solar in Nigeria. Through this partnership, IFC’s Off-Grid and Embedded Solar Market Development and Finance Programme, and DFID’s Solar Nigeria Programme are launching a new programme in Nigeria to finance and develop the solar market. One of the joint programme’s major aspects will be to provide technical support and possibly financial instruments to local financial institutions to develop business solutions for the emerging solar market, particularly solar photovoltaic technology investments. “We are committed to increase investment in off-grid energy and accelerating the delivery of solar energy systems that will help improve access to energy for more businesses,” DFID Nigeria head, Ben Mellor, said. IFC Country Manager, Eme Essien Lore, agreed, noting that the solar market has the potential for “quick wins” in bringing access to electricity for more businesses as it takes less time to install.

“It also enables the production of electricity at the point of need, which eliminates transmission losses to a great extent. We are working with DFID to accelerate access to electricity for more businesses and help contribute to economic growth in the country,” she highlighted. This programme is part of the World Bank Group’s Energy Business Plan for Nigeria where each World Bank Group institution leverages its competencies and products to provide solutions for projects that encourage the viability and contribute to the sustainability of the power sector. Over the past three years, IFC has financed close to $3.5-billion in renewable-energy projects worldwide, including biomass, geothermal, hydropower, solar and wind. A study of the evaluation of solar energy variation in Nigeria, published by the International Journal of Emerging Technology and Advanced Engineering, showed that Maiduguri seemed to experience the greatest solar irradiance range in the country of between 5.5 kWh/m2 a day and 6.7 kWh/m2 a day. The country, on average, receives solar radiation of about seven kWh/m2 a day in the far north and about 3.5 kWh/m2 a day in its coastal regions.

BUSINESS |FINANCIAL MARKET NEWS

POSITIVE Renewed bargain hunting on blue chips halt market downswing

WEDNESDAY, SEPTEMBER 21, 2016 NEW TELEGRAPH

Stock market gains N127bn as CBN retains rates

Stories: Chris Ugwu

ctivities on the Nigerian Stock Exchange (NSE) yesterday closed on a positive note, driven by renewed bargain hunting activities, which lifted the NSE ASI and market capitalisation by 1.33 per cent. Investors reacted positively to Nigerian stocks following the Central Bank of Nigeria (CBN)’s decision to keep its interest rates unchanged at 14 per cent to encourage capital inflows to the economy, which recently slipped into recession. Finance Minister, Mrs. Kemi Adeosun, had earlier advised the apex bank to lower interest rates so that government can borrow domestically to boost the economy. However, the CBN Governor, Godwin Emefiele, said the MPC had considered calls for a rate cut but concluded that the biggest challenges the economy faces were unsystematic and incomplete structural reforms, which raised cost, risk and uncertainty. The committee members called on government to intensify infrastructure spending to

L-R: Chairman/ CEO, Boff & Company Insurance Brokers Limited, Chief Babajide OlakunleAgbeja; Director, Mr. Kolade Apiafi; Assistant General Manager, Mrs. Nike AkintundeLawal and General Manager, Mr. Kunle Omokemi, during a press conference on the company’s 25th anniversary in Lagos…yesterday. PHOTO: GODWIN IREKHE

stimulate growth. Halting the previous days’ losing streak, the All-Share Index grew by 370 basis points or 1.33 per cent from 27,839.93 index points the previous day to close at 28,209.93, while the market capitalisation of equities appreciated by N127 billion or 1.33 per cent to close at N9.690 trillion from N9.563 trillion. On the activity chart, bank-

ing sub-sector of the financial services sector dominated in volume terms with 74.4 million shares exchanged in 992 deals. The sub-sector was enhanced by the activities in the shares of Access Bank Plc and GTB Plc. Other financial institutions’ sub-sector boosted by the activities on the shares of FCMB Plc and Custodian and Allied Insurance Plc followed

with 63.2 million units traded in 438 deals. In all, investors exchanged a total of 231.5 million shares exchanged in 3,452 deals. Conoil Plc led the gainers’ table with a gain of 10.23 per cent to close at N38.69 per share, while Oando Nigeria Plc followed with a gain of 4.91 per cent to close at N5.34 per share. Nem Insurance Plc added 4.88

Guinness reports N2bn loss in profit

uinness Nigeria Plc has reported a loss after tax of N2.015 billion for the period ended June 30, 2016. This is in contrast to profit after tax of N7.794 billion in 2015. In a filing with the Nigerian Stock Exchange (NSE) the Brewer also announced N102 billion revenue for the period under review as against N118 billion reported in 2015, accounting for a decline of 14 per cent. Operating profit stood at N4.415 billion from N15.667 billion in 2015, representing a drop of 72 per cent. Managing Director/Chief Executive Officer, Mr. Peter Ndegwa said the combination of a tough economic environment and chal-

lenges with naira devaluation had a significant impact on the company’s overall performance. “Our performance this year was impacted by two major factors, one being the very tough economic challenges around consumer spending, driving consumer preferences towards value brands across the sector, the other, and more significant factor being the effect of FX policy and the devaluation of the Naira,” said Mr. Ndegwa. “When you take out the impact of the latter, our underlying performance for the year was broadly in line with the prior year in spite of the pressure on the top line.” This year’s report was the com-

pany’s first set of results combining sales from both beer as well as International Premium Spirits (IPS) like Johnnie Walker and Baileys, following its acquisition of distribution rights from its parent company, Diageo, in January this year. Babatunde Savage, Chairman, Guinness Nigeria Plc, said despite the continuing deterioration in the operating environment, the Board was pleased with the growth with the Guinness FES and Malta Guinness brands. “We now have a strong participation in the growing value segment of the market through Satzenbrau and Dubic,” said Mr. Savage.

Stocks, dollar passive as Fed, BOJ meetings begin

hares made modest gains and the dollar lost ground against the yen yesterday, as investors awaited the outcomes of Federal Reserve and Bank of Japan (BOJ) policy meetings that will conclude today. Nagging doubts about the firepower left available to top central banks and a slip in oil prices saw the pan-European STOXX 600 index dip in and out of the red after seven falls in the last 10 days. It was up 0.3 per cent but the oil and gas sector slipped 0.7 percent. Wall Street was set for modest gains at the open, according to stock index futures. Crude prices slipped after major producer Venezuela, mired in economic crisis, said oil markets were effectively 10 percent over-

supplied. According to Reuters News, the yen was marginally stronger in the currency markets on speculation the Bank of Japan may do little more than tinker with its stimulus programme and that the Federal Reserve is likely to stay guarded about its rate hike plans. “Everybody is just waiting for the BOJ and the Fed - why do anything today?” said Commerzbank currency strategist Esther Reichelt in Frankfurt. “Everyone has already positioned for these events and there is no new information that could give them a reason to reposition.” The yen was changing hands at 101.91 per dollar. It has risen almost 20 per cent over the past

12 months despite the BOJ’s best efforts to weaken it. The euro was flat at $1.11750. Sterling fell 0.5 per cent to $1.2955, a five-week low, on worries about the political and economic risks of Britain’s pending exit from the European Union. “The noise on Brexit over the past week has given us more reason to sell any rallies,” said Tobias Davis, head of corporate treasury sales at Western Union in London. The pre-BOJ and Fed caution kept European bond market moves small too, although longer-dated euro zone government yields edged lower with the BOJ expected to try to lever investors away from its longer-maturity bonds.

per cent to close at 86 kobo per share. On the other hand, AIICO Insurance Plc led the price losers’ table, dropping 4.84 per cent to close at 59 kobo per share. UACN Plc followed with 5.58 per cent to close at N21.00 per share while Wema Bank Plc trailed with a loss of 3.13 per cent to close at 62 kobo per share.

CIS to review economic transformation policy

trategic review of the roadmap for the Nigeria’s economic transformation would dominate discussion at the 9th Investiture of the President of the Chartered Institute of Stockbrokers (CIS), scheduled for Wednesday next week in Lagos. According to a statement made available to New Telegraph, the Investiture, being organised to present a staff of office to the new President of the Institute, Mr. Oluwaseyi Abe would attract top government functionaries, seasoned technocrats, frontline stockbrokers and national opinion leaders. The prog ramme tagged “Growth, The Only Nigerian Imperative” is expected to focus on the practical approach towards putting the Nigeria’s economy on the path of double growth digits as a prelude towards its total transformation. Specifically, the forum would enable experts to review the government’s current efforts to economy and propose credible options to take advantage of the capital market to finance infrastructural development. The Nigeria’s Vice

President, Professor Yemi Osinbajo is expected to unfold “The New Nigerian Economy at the event while the Executive Vice Chairman, Travant Group, Mr. MustaphaChike Obi, the former AMCON’s Chief Executive Officer, is the guest speaker. The renowned financial analyst, Mr. Bismarck Rewane, would moderate his paper. On the list of the panel members to discuss the papers scheduled for presentation are the two former governors of the Central Bank of Nigeria (CBN), Professor Charles Soludo and Mallam Sanusi Lamido while others are the frontline economist, Dr. Doyin Salami and the president, Issuing Houses Association of Nigeria, Mr. Sunny Ayere. Abe was elected the President of the Institute last April alongside with Mr. Adedapo Adekoje and Mr. Tunde Amolegbe as the first and second Vice President respectively. The Investiture will also be attended by the former Vice President of Nigeria, Alhaji Atiku Abubakar, Senator Bola Ahmed Tinubu and other prominent Nigerians from all walks of lives.

WeDNESDAY, SEPTEMBER 21, 2016 NEW TELEGRAPH

News|SOUTH-WEST

WEDNESDAY, SEPTEMBER 21, 2016 NEW TELEGRAPH

Oyo Assembly okays 35 LCDAs FG targets 109 senatorial districts for agric scheme – Minister

he Oyo State House of Assembly yesterday passed into law the Local Government Amendment Bill 2016 for the creation of 35 Local Council Development Areas (LCDAs). The bill was okayed by the lawmakers following a report by a Committee on Local Government Chieftaincy Matters and State Honour. The Speaker, Mr Michael Adeyemo said that the house was unanimous in the passage of the bill. Adeyemo, who lauded his colleagues for their contributions, said the passage of the bill would bring government closer to the grass roots. He however directed the clerk to produce a clean copy to the governor for assent, saying the creation of the LCDAs was long overdue considering the geographical size of the state.

However, a member, Mr Ganiyu Oseni representing Irepo/Olorunsogo/APC faulted the equitable distribution of the LCDAs, describing it as ‘injustice.’ According to him, the allocation of 11 of the 35 LCDAs to Ibadan zone was `unfair’ when compared to the number allocated to other zones in the state. Also, Mr Muideen Olagunju, (Accord-Oyo East and Oyo West) drew attention to the dissatisfaction of persons yearning for more LCDAs allocation to their zones. Messers Fatai Adesina, (Accord-Ibadan South-East 1) and Gbenga Oyekola (LP-(Atiba) expressed concern about the funding of the new LCDAs as the existing 33 local government areas were already facing challenges of paucity of funds.

Don blames economic woes on bad governance, leadership Adeolu Adeyemo Osogbo

university teacher and Vice Chancellor Adeleke University, Ede, Professor Dayo Alao yesterday heaped blames on successive governments for the nation’s economic woes, saying leadership of those governments had no doubt brought the nation to its economic kneels through bad governance. The university teacher, who spoke in Osogbo, the Osun state capital, said the nation would not have gone bad if its leaders had ruled with the fear of God even though it got its independence on a mere platter of gold. According to the vicechancellor, who traced the nation’s economic recession to bad leadership, counseled President Muhammadu Buhari to evaluate his administration’s economic policies if he must truly lift the country from the woods.

Alao said: “In South Africa, independence was not got on a platter of gold but on the blood of strugglers and nationalists. But no war was fought in Nigeria for independence. It came on a platter of gold. “Nigerian leaders, past and present are a replica of the colonial masters who impoverished Africans during the days of colonialism. So, they are the ones still colonizing us today and put us in this mess. “In the case of Nigeria, we fumbled for a very long time because we did not pass through this agony and that is why everything is not working in our favor.” “To get out of the present economic mess which has made life difficult for us, the Federal Government has to be proactive by encouraging everybody to be productive, especially those in the rural areas who have access to land and engage in agriculture. “There are a lot of agricultural products that must be exploited which can help boost our export profile.”

Kunle Olayeni Abeokuta

orried by an upsurge in unemployment, the Federal Government has unfolded plans to meaningfully engage graduates in agricultural production across the nation’s 109 senatorial districts. Minister of Water Resources, Engr. Suleiman Adamu, disclosed this at the flag-off of Graduate Farmers Employment Scheme held at the headquarters of Ogun-Osun River Basin Development Authority (OORBDA), Abeokuta. He said the President Muhammadu Buhari ad-

agos Governor, Mr. Akinwunmi Ambode yesterday disclosed that the state government would soon commence works on another 114 inner roads across the 57 Local Government and Local CouncilDevelopment Areas. Besides, Ambode tasked community leaders in all the 57 Local Government and Local Council Development Areas on security, asking them to always report both the suspected and the known cultists, kidnap-

pers and other criminals in their domains.This, he said would serve as the only effective means of curbing crimes in the state. The governor however assured residents that apart from aggressively embarking on infrastructural renewal across the state, his administration would also employ everything possible to protect lives and property. Ambode, who said this yesterday while commissioning Omo Alade Alafia and Oloruntoyin/Jebina Streets in Bariga Local Council Development

crete steps in the last six months to resuscitate the RBDAs, maximise their operations and ensure that they generate employment through irrigation farming and aquaculture under a Graduates/Youths Empowerment Scheme. Adamu pointed out that the flag-off was the second after the one held in Lower Niger River Development Basin Authority, which covers Kogi, Kwara and some parts of Niger State. He said: “This event is yet another milestone in our effort to revitalise our RBDAs, which were established with a view to boosting agricultural production in the country, through all year round farming, to guarantee Nigerians food security and

achieve integrated rural development. “The Buhari administration is committed to complete overhaul of the structure of our economy, which has largely been dependent on crude oil for decades by largely diversifying from this single export commodity to more productive activities, notably agriculture, solid minerals development and a sound industrial base. “I only want to add that I am excited at the prospect of extending the scheme to all the 109 senatorial districts of the country, after what I hope will be a successful outcome of the first 12 pilot projects that will be established by each of the RBDAs before the end of this year.”

L-R: National Coordinator, O’odua People’s Congress (OPC), Otunba Gani Adams; Princess Bisi Sango Doyin; Senator Kofoworola Bucknor Akerele and, Dr. Tokunbo Awolowo, during the 1st Memorial lecture in honor of late Mama H.I.D Awolowo, in Lagos… yesterday. PHOTO: TONY EGUAYE

INEC forecloses fresh governorship primary in Ondo Babatope Okeowo Akure

he Independent National Electoral Commission (INEC), has foreclosed possibility of a fresh governorship primary for any political parties t to pick its candidate for the November 26 governorship election in Ondo State. INEC Resident Electoral Commissioner (REC) in the state, Mr Segun Agbaje who disclosed this during an interaction with the media, yesterday said the Electoral Commission had

Lagos unveils plan for another 114 roads project Muritala Ayinla

ministration was also committed to re-energising the 12 River Basin Development Authorities (RBDAs) in the country towards attaining full commercialisation and boosting food production. Adamu, who was represented by a Director of River Basin Operation and Inspectorate in the ministry, Dr Musa Ibrahim noted that the current economic situation in the nation had made integrated farming more imperative as agriculture had the potential to boost Nigerians’ ability to feed themselves and provide the largest opportunity to create jobs for the country’s teeming population. According to him, the ministry had taken con-

Area, reiterated his administration’s determinations to make the state uncomfortable for cultists, kidnappers and other criminals. He however said it was illegal for anyone to sell on the road or engage in an unauthorised breaking of roads as it was also forbidden for anyone to convert the roads to automobile workshop, as well as refuse dump site, urging the community leaders to take ownership of the facilities as plans were underway to embark on another round of 114 roads project in all the councils in the state.

concluded all governorship primaries since Monday and no other one would ever be on its supervising radar. Going by a timetable released by the electoral umpire, all governorship primaries and issues relating to it had ended on September 19. With the timetable, Agbaje said 30 political parties would now participate in the forthcoming governorship election fixed for November 26 in the state as INEC had put in place a voting process where accreditation and voting would go simultaneously to save time and rigours of waiting associated with

N481.88bn

The total revenue of 2015 Government Quarterly Target from Petroleum Profits Tax for the 2015 Q2. Source: Firs.gov.ng

the previous arrangement. Agbaje said all parties intended to participate in the contest have concluded their primaries as at September 19 thereby foreclosing any rerun of the primary election in the state. The parties, according to him, included the Alliance for Democracy (AD), Social Democratic Party (SDP), Peoples Democratic Party (PDP), African People Alliance (APA), Peoples Redemption Party (PRP), All Progressives Congress (APC), Labour Party ( LP), Citizens Popular Party (CPP), People’s Party of Nigeria (PPN), Democratic

The estimated percentage of the antiretroviral therapy coverage (range) of North Africa and the Middle East in December 2009. Source: Who.int

Peoples Party (DPP), Democratic Peoples Congress (DPC), New Nigeria Peoples Party (NNPP), Hope Democratic Party ( HDP), National Unity Party (NUP) and Better Nigeria Progressive Party (BNPP). Others are Young Democratic Party (YDP), Accord Party (AP), All Progressives Grand Alliance (APGA), Progressive Peoples Alliance (PPA), African Democratic Congress (ADC), Action Alliance ( AA), Unity Party of Nigeria (UPN), KOWA Party (KP), People for Democratic Change (PDC), Independent Democrats (ID), Allied Congress Party of Nigeria (ACPN), National Conscience Party (NCP, United Democratic Party (UDP), United Progressive Party ( UPP) and Advanced Congress of Democrats (ACD).

Ekiti inaugurates task force on expired drugs, others Sulaiman Salawudeen Ado-Ekiti

kiti State Government has inaugurated a 10-man task force on fake and distribution of expired drugs with a view to ridding the state of products inimical to

residents. Besides, it has lifted a ban placed on logging activities especially in Ekiti West Local Government Area of the state four months after its embargo. Commissioner for Environment, Chief Bisi Kolawole, who disclosed

the unbanning of the logging at a meeting with members of the Timber Trade Association in Ado-Ekiti, the capital, recalled on why government suspended the logging activities, saying it was aimed at curtailing persistent illegal lumbering in the area.

WEDNESDAY, SEPTEMBER 21, 2016 NEW TELEGRAPH

Police arrest 12 IPOB members Igbeaku Orji, and Charles Onyekwere

welve suspected members of the pro-Biafra group, Indigenous People of Biafra (IPOB) have been arrested by the police in Enugu State. The suspected IPOB members were arrested on Monday, by security operatives who acted on information about the activities of the group. According to a release signed by the spokesman of the state Police Command, Ebere Amaraizu, a Deputy Superintendent of Police (DSP) and made available to the media, the suspects

were nabbed inside the popular Ogbete Market of Enugu State as they allegedly went into the market with public address system to threaten and inflict fears on the members of the public. They allegedly told traders to stay away from the market from September 20, 2016. Recovered from the suspects include 21 handsets of different types, various leaflets, some of which read: “ “IPOB For The Betterment Of Your Children And That Of Yourself”; “Please sit at home on 23/9/16, there will be no work, no school, no business, no market”; “Free Nnamdi Kanu”; “Free Biafra”, “All Hail Biafra”. Also recovered, accord-

ing to the statement, include flags suspected to be that of the group with their insignia, public address systems, one wireless microphone. Suspects are already helping the operatives in their investigations and will soon be charged to court. Meanwhile security has been beefed up by the command as people were seen at the market conducting their transactions as usual. It noted that in the light of the above, the Enugu State Police Command was working in partnership with security agencies and relevant stakeholders in the state, to ensure that law abiding members of the public were not in any way molested or precluded from

going about their normal lawful businesses and advised members of the public, particularly law abiding people of the state not to allow themselves, children and wards to be used by any person under any guise in the state to cause mischief, as anyone caught will be made to face the full wrath of the law. Also, the Abia State Commissioner of Police, Leye Oyebade, has warned Biafra agitators, who had announced that there would be public holiday on Friday in all South East states and abroad as a day of protest, to desist from any act capable of disrupting the public peace as the police would not stand by and allow that.

Enugu government probes communal clash A

seven-man commission of Inquiry to investigate the recent killings and destruction of property occasioned by a land dispute between Umuabo community, Ihealumona and Umuozalla community, Opi, all in Nsukka Local Government Area of Enugu State, has been inaugurated by the Deputy Governor, Mrs. Cecilia Ezeilo, at Government House, Enugu. The deputy governor observed shortly after

the formal Inauguration of the commission that the decision by the governor, Rt. Hon Ifeanyi Ugwuanyi, to set up the committee was necessitated by the need to find a permanent solution to the problem and ensure peace between the parties. She noted that the commission’s terms of reference include “investigating and ascertaining the remote and the immediate cause(s)” of the dispute between the two commu-

nities as well as ascertain the number of persons killed or injured and the properties destroyed. The commission, she said, “is also expected to identify the persons, groups or institutions directly or indirectly involved or that sponsored the dispute with a view to making recommendations on how to prevent similar dispute in future or any other recommendations it may consider appropriate in view of its

findings.” Ezeilo thanked the members for accepting to serve, noting that she was convinced they would deploy their experience, integrity and competences in the discharge of the task satisfactorily. She also urged members of the two communities as well as relevant agencies and the public to accord the commission all necessary support towards achieving its mandate.

L-R: Director Charbell Construction Ltd, Mr. Bullous; Abia state Governor, Dr. Okozie Ikpeazu and Commissioner for Works, Dr. Eziuche Ubani, during an inspection tour of the International Conference Center in Umuahia

News|south-east

41 Herdsman arraigned in Enugu over firearm Charles Onyekwere ENUGU

nugu State command of the Nigeria Police Force has arraigned a herdsman, Ibrahim Adamu before an Enugu magistrate’s court. Adamu was recently arrested with AK 47 riffle and some ammunition on August 29 at Affa in Udi local Government Area of Enugu State. He was arraigned on a three count charge for illegally possessing and having under his control Ak 47 rifle with

24 rounds of live ammunition in contravention of the firearms Act and thereby committing an offence contrary to section 6(a) and punishable under section 3(1) of the Robbery and Firearms (special provision) Act Cap.R11 vol.14, laws of the Federation of Nigeria 2004 amongst other count charges. A release from the police said that the suspect was arraigned at Court 1 in Enugu East headed by D.K Ekoh, a chief magistrate grade 1, and was later remanded in prison custody.

Ugwuanyi to demolish 141 buildings on waterways Charles Onyekwere ENUGU

he Enugu State government has indicated its intention to embark on demolition of illegal structures built beside water ways in the state especially in Enugu metropolis. Commissioner for Enugu Capital Territory Development Authority (ECTDA), Chief Chidi Aroh, who gave the indication of a possible demolition while conducting stakeholders round some building sites which his office had marked to stop work, said that about 141 of such sites have been discovered. Aroh, who addressed journalists after a tour of 14 of the 141 sites, said: “I want you to see things for yourself and advice the government on what to do so that when government takes some measures, they will not be seen as witch-hunting or victimising anybody. “We had marked some of these sites to stop work but you have seen that most of them have continued build-

ing, and when it is pulled down, people will cry out that government has demolished a building that was nearing completion.” He also pointed out that some of the owners of the buildings had never come to their office for certification and approval yet they had kept on building. Aroh also said that it was the desire of Enugu State Government to ensure that Enugu was the cleanest city in Nigeria and will not like anybody, however highly placed, or organisation mar the environmental aesthetics of the state. To show the seriousness of the impending demolition, the tour of the sites was witnessed by journalists, officials of National Environmental Standards and Regulations Enforcement Agency (NESREA), Nigeria Society of Engineers (NSE), National Emergency Management Authority (NEMA), and members of the Enugu State House of Assembly Committee on Enugu Capital Territory Development Authority.

Abia Poly in corruption scandal Igbeaku Orji UMUAHIA

Ebonyi begins repayment of FG bailout funds T Uchenna Inya ABAKALIKI

bonyi State government yesterday said it has started repaying the federal government bailout funds given to it and some distressed states. Commissioner for Finance and Economic Development, Dr. Denis Ekumankama disclosed this yesterday in Abakaliki. He explained that the state government immediately after securing the bailout funds made arrangement for the money to be deducted at source from the federation account on the allocation

accruable to the state government. Ekumankama said the present administration under Governor Umahi will not leave any loan unpaid. On the Treasury Single Account (TSA), the Commissioner said Ebonyi State government was one of the first states to key into the TSA policy which, according to him, had saved a lot of money for the state government as it blocked various leakages in the state funds. He also said the state government had through the TSA been able to save so much money which were hitherto going into private pockets, adding that

the present administration was against leakages in public funds and called for more collective efforts to achieve development. He further revealed that the state government through the ministry had increased internally generated revenue to a greater percentage due to measures put in place to control leakages and ensure accountability and probity in public spending. Ekumankama called for aggressive agricultural policy as a way out of the current economic recession, saying that the state government had initiated serious agrobased policy that would revive the state and return her back to the former status as

food basket of the entire West African region. He advocated for each state to have at least two cash crops which they will be known for, saying that Ebonyi State government had taken over rice and cashew production as her identity, and called on other states to follow suit.

The number of listed exchange traded products of Nigeria as of December 31, 2014. Source: Nigerian Stock Exchange

15,600

The total population of Cook Islands in 2011. Source: Un.org

he Abia State Polytechnic, Aba has been shaken to its foundation by allegations of corruption as present and past chairmen of the governing council hauled invectives at each other. The present chairman of the Governing Council of the Institution, Chief Chuku Wachuku, had alleged that the immediate past council headed by Prince Christopher Enweremadu mismanaged N2billion bank loan even as it awarded contracts to enrich themselves, which retarded the growth of the institution. But in a swift reaction, a former chairman of the council, Prince Enweremadu said that the council un-

der him used the money for the purpose it was meant. He explained that the loan in question was given to the Polytechnic by First Bank when other banks refused to do so because of the outstanding debt the institution had procured in the past. He further explained that N985million was used to pay the outstanding loan debt, while N25million was used to clear the new campus site known as Abia State Polytechnic, Osisioma Ngwa campus. He also said that N10 million was used for the building of new security post. According to him of the N2billion loan, his administration was able to pay outstanding salary arrears of seven months to both academic and non-academic staff of the institution.

42 News|SOUTH-SOUTH

Customs moves against rice smugglers in C’River, Cameroon border Clement James Calabar

he Nigeria Customs Service (NCS) yesterday warned those smuggling rice into the country to stop using the Cross River State/ Cameroon border, saying any such attempt to do so would be frustrated. The body said it will continue to ‘foil attempts by smugglers to bring contraband rice into the country from Cameroon through the Mfum border in Ikom, Cross River State.’ The officer command-

ing Mfum customs post, Mr. Sunday Solomon, gave the warning in Calabar while reviewing activities at the border between Nigeria and Cameroon from the state axis. Solomon said in recent time, smugglers had attempted to bring in contraband rice into the country through the axis, explaining that the intervention of his men had been misconstrued by perpetrators of the act as highhandedness. “Some desperate smugglers have been peddling baseless rumours that we are highhanded and extortion from members in an

attempt to give the Customs at the Mfum posts a bad name to enable them continue with their illegal activities,” he explained. According to him, men and officers of the command had recently intercepted several vehicles laden with rice and other contraband items, a situation he said, piqued some of those whose goods were seized, to resort to ‘blackmail against the command in an effort to stop it from performing its duties.’ “We are concentrating our efforts at doing our work to ensure that it is no more business as usual at the Mfum border post and

anyone with proof that we are highhanded and corrupt should come up with it,” he said. The officer said Customs Comptroller-General, Hameed Ali, would not tolerate indiscipline as officers at the Mfum border had been adhering strictly to the Customs codes ‘which had no place for sharp practices.’ “The driver of the vehicle that smuggled the rice, which led to the publication that we are highhanded wrote an undertaking promising never to be involved in abetting and aiding of smuggling activities and other criminality along the Mfum border,” he said. L-R: National Commissioner, Independent National Electoral Commission (INEC), Hajia Amina Zakari; Executive Director, PLAC, Clement Nwankwo and Executive Director, Human Rights Monitor, Festus Okoye, during the Nigeria Civil Society Situation room strategy meeting on rescheduled Edo governorship election in Abuja… yesterday. PHOTO: TIMOTHY IKUOMENISAN

PDP raises the alarm over INEC’s ploy to violate court order Emmanuel Masha Port Harcourt

he Peoples Democratic Party (PDP) in Rivers State has raised the alarm over an alleged plot by the Independent National Electoral Commission (INEC) to cause security breach in the state by upholding an election announced by INEC despite a subsisting court order restraining it from doing so. The party said the court order granted by Justice A. M. Liman, of the Federal High Court, Port Harcourt on June 29, 2016, in suit no FHC/PH/CS/523/2016, restrained INEC from upholding the election since it was postponed by INEC and did not hold. PDP Publicity Secretary

in the state, Hon. Samuel Nwanosike, who said this while briefing reporters at the party’s secretariat, said election did not take place in Tai Local Government Area, yet INEC was bent on announcing the result in favour of the candidate of the All Progressives Congress (APC). In the restraining order, Justice Liman said: “I am convinced that if on factual ground it is established that while the defendant has effectively suspended the election without fixing any definite date for a rerun and yet it is (as alleged) to issue out a result, there is a clear and urgent need to call upon it to explain the legitimacy of its action and it is for this reason that this application will be granted.”

Nwanosike said the state’s REC, Aniedi Ikoiwak, said he would uphold the election despite his earlier stance that election did not take place, and wondered how the APC would clear 35, 000 votes without the PDP scoring anything tangible, attributing that to the postponement of the election. He said: “We want to appeal to President Muhammadu Buhari to call Aniedi Ikoiwak to order. The President’s ‘Change Begins with Me’ campaign should be respected. We don’t want anybody to throw Rivers State

N158.79bn

The total amount of the Construction/Real Estate sector of the Nigeria Stock Exchange for 2014 Q4. Source: Nigerian Stock Exchange

Oshiomhole commissions 8.5km road Cajetan Mmuta BENIN

do State Governor, Adams Oshiomhole, yesterday recorded another milestone in his resolve to improve the lives of people of the state as he commissioned a new 8.5-kilometre Uhen-Olumoye road in

Ovia North-East council area of the state. The gesture was in continuation of the governor’s policy of delivering people-oriented projects in the state. The road is located in the local government area of a former governor of the state, Mr. Lucky Igbinedion.

Speaking during the ceremony, Governor Oshiomhole said the road project was a reward for people’s loyalty and putting their trust in him. He said: “If you had not voted for me, I wouldn’t have become governor, and if I had not become governor, I wouldn’t have been able to construct this

into crisis; Ikoiwak wants to cause security breach. “We are also calling on the Department of State Services (DSS), the Nigerian Army, and the Nigerian Police to call INEC to order, not to cause security breach in the state.” Nwanosike also alleged that INEC collation officers in the election were bona fide members of the APC, citing one Ovunda and a relation of Senator Magnus Abe, who he said had no business carrying out such critical assignment for INEC.

779,000

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

road. And the money I used for constructing this road is not from me, but from you. This work is the result of your trust. “Anything that is within my power to do for you, I will like to do because that is the only way to reward you for your trust in me.” This road is part of the debts I’m paying back, and by the special grace of God, it is not only this road.

WEDNESDAY, SEPTEMBER 21, 2016 NEW TELEGRAPH

50 get ADR certificates in Delta Dominic Adewole ASABA

o fewer than 50 members of staff of the Delta State Ministry of Justice have been certified by the Institute of Chartered Mediators and Conciliators in Alternative Dispute Resolution (ADR). Eleven participants from the ministry, including the state’s AttorneyGeneral and Commissioner for Justice, Mr. Peter Mrakpor, have enrolled for the Mediation Skills Accreditation and Certification Course at the institute. Declaring the course open in Asaba yesterday,

Mr. Victor A. A. Ojaide, member, governing council and chairman of the Delta State branch of the institute, charged the participants to take advantage of the training programme. He stressed the importance of the programme to peace and nation building, adding that the bill for the establishment of a National Alternative Dispute Resolution Regulatory Commission to regulate the practice in Nigeria has been passed by the National Assembly, but was awaiting presidential assent. The Attorney-General and Commissioner for Justice said the ministry had invested heavily on capacity building in the last one year.

Police begin manhunt for arsonists in Cross River Clement James Calabar

ross River State police command yesterday vowed to bring to justice those behind burning of the family house of a Senior Special Assistant to Governor Ben Ayade on Media, Mr. Christian Ita. To this end, the police have launched a manhunt for the arsonists. Ita’s family house, located at New Netim in Odukpani Local Government Area of the state was one of the several buildings razed by irate youths from Qua towns also in the same local government on Monday afternoon. According to the Commissioner of Police, Mr. Jimoh Ozi-Obeh, the situation had been brought under control as normal

businesses had resumed. He, however, added that the police were on the trail of those who set buildings and other property ablaze in the two communities. Although, the commissioner denied reports that one person died in the clash, he, however, said several buildings were destroyed, including that of the family house of Christian Ita. “The situation was brought under control at about 4am this morning and we are on the trail of those who took delight in burning down buildings and other property while the crisis lasted,” Ozi-Obeh said. Asked if there was any casualty, the commissioner said although there was no casualty, property worth millions of naira was destroyed by the irate youths.

Niger Delta youth leaders mark World Peace Day

group, the Coalition of Niger Delta Youth Leaders, will join the rest of the world to observe the International Day of Peace with the Niger Delta Peace Walk tagged; #WakaForPeace, scheduled for Monday, October 3, in Port Harcourt, Rivers State. Organised in conjunction with Edizwine Bar, the peace walk according to a statement, will also feature a freedom concert that will parade top talents and entertainers from the oil rich Niger Delta region of the country. The International Day of Peace, also known as Peace Day, which holds across the world today, was brought into being by United Nations Resolutions in 1981 and 2001. Each year, hundreds of students take part in observing the day. According to the Chairman of the Project Committee, #WakaForPeace, Okolie Edwin Chibuzor, adequate

arrangements had been made with security agents and ambulances made available to ensure a hitchfree procession around the metropolis. He said the call for a reign of peace in the Niger Delta would not come at a better time than now. The youth leader said: “The Niger Delta peace walk project is our own way of adding our voice to preaching peace in Nigeria and particularly, the Niger Delta region. We all know that today marks the International Peace Day all over the world. And we use the same opportunity to call for peace in the Niger Delta region and Nigeria at large. “May we all embrace peace and unity to enable us fight recession in Nigeria. We also want to use the medium to encourage the government of the day to embrace dialogue in her quest to bring peace to the Niger Delta region.”

north | news

wednesday, september 21, 2016 NEW TELEGRAPH

FG donates relief materials to Taraba IDPs Sabiu Mustapha JALINGO

Kogi: Jubilation as Supreme Niger: Parents chide Court confirms Bello’s election governor over nonremittance of SSCE fees

Zacchaeus Ozovehe Lokoja

he Federal Government has donated relief materials to the Internally Displaced Persons (IDPs) at Mutum Biyu IDPs Camp in Taraba State. The Mutum Biyu Camp, it was gathered is accommodating over 1,691 refugees, who were displaced by the ethno-religious conflicts that occurred in the last few years in the Southern part of the state, particularly in Wukari axis. The Minister of Women Affairs and Social Development, Senator Aisha Alhassan, who presented the relief items to the IDPs yesterday, said the gesture was part of President Muhammadu Buhari's initiative through the Office of the Secretary to the Federal Government, which aimed at alleviating the suffering of IDPs in the North Eastern part of the country.

$37.5m

The total pay (including salary/ winnings & endorsements) of Rafael Nadal (Tennis) for 2016. Source: Forbes.com

ogi State was thrown into wild jubilation yesterday following the Supreme Court judgement which upheld the election of Governor Yahaya Bello in the governorship poll. Immediately news of the judgement was received in Lokoja, the state capital, the people began to make phone calls congratulating themselves over the victory. Meanwhile, Bello said that his victory at the Supreme Court was an indication that the country has lent credence to its evolving democracy. The governor, who spoke through his Chief Press Secretary, Mr. Kingsley Fanwo, after the judgment said his victory at the apex court, is a “big honour to democracy.” Bello said: “The landmark judgement of the Supreme Court today, which affirmed my election, is a watershed in the annals of electoral jurisprudence and constitutional law in

the country. It was a long walk to victory which will reshape the constitution of the nation. “I remained humble and magnanimous in victory and I, therefore, call on those who contested with me to join me in building a greater Kogi State. The victory belongs to all Kogi people, who believe in transforming Kogi State from a potentially great state to a really great state. I am committed to serving the people and making the state the centre of excellence and the cynosure of all eyes.” The governor, who warned his supporters against "unbridled celebration," said this moment is a challenge to all Kogi people to reflect on how to make the state great, even as he said he will continue to pursue his cardinal goals of improving education, reinventing healthcare, boosting infrastructural development as well as raising the capacity of the citizens to reinvigorate the economy. He lauded the judiciary for rising to the occasion by standing firm with

what is true and just. Also reacting, the immediate past governor of the state, Idris Wada said he was yet to study the judgment. The immediate past governor, who reacted through his Special Adviser on Media and Strategy, Mr. Jacob Edi, said he could not react to the judgement until he gets the copy of the Supreme Court judgment. However, the state chapter of the Association of Local Governments of Nigeria (ALGON) has commended the Justices at the Supreme Court on the judgment re-affirming the Governor Yahaya Bello’s victory, describing it as confirmation of the Appeal Court earlier judgment. Reacting to the judgement, the State Chairman of ALGON, Alhaji Taufiq Isa described the judgment as a welcome development and a victory for the rule of law. Taufiq, who congratulated the governor and emphasised that the apex court has put to rest those laying claim to the coveted seat of Kogi State governorship.

A Pediatrician examiningchildren during the 2-Day Aro Bamgbose Free Biannual Medical Outreach At OmuAran in Kwara …yesterday. PHOTO: NAN

Zamfara receives $1.5m World Bank’s grant for health project Idris Salisu Gusau

owards improving healthcare service delivery in Zamfara State, the World Bank has released $1.5 million to the state government to strengthen maternal and child healthcare services in the state. The state Commissioner for Health, Mr. Suleman Adamu Gummi, disclosed this in a chat with New Telegraph in Gusau, saying the funds were meant to ensure equity and access to maternal and child health services across rural communities in the state. Under the project, he hinted that no fewer than

50 health facilities across the 14 Local Government Areas of the state would benefit from the programme, even as the commissioner pointed out that the funds had already been credited into the state's bank account domiciled in the Central Bank of Nigeria (CBN), Gusau Office, but could only be accessed when the work plan has been finalized and approved by the Federal Ministry of Health. The commissioner explained that the funds would be used to improve six state health indicators in the areas of nutrition, skilled birth attendants, immunization coverage, contraceptive prevalence rate, use of insecticides

Dan Atori MINNA

ew days after the release of the June/ July 2016 Senior School Certificate Examination (SSCE) results by the National Examination Council (NECO), parents and guardians are crying foul over Niger State government’s refusal to remit the fees of their children and wards. This was as the examination body has refused to release the results of the candidates who sat for the examination in the state, due to non-remittance of the registration fees by the state government. It was reliably gathered that the state government after collecting the examination fees from candidates and the money allotted for same purpose refused to remit such to the examination body, thereby denying the candidates access to their results. While their counterparts from other parts of the country had had their results released since last weekend the results were released, the candidates from Niger State who sat for the same examination are now in dilemma as they could not access their results because the state government’s failure to remit the money it collected through the Ministry of Education for the NECO examination. The Commissioner for Education, Hajiya Fatima Madugu, who confirmed the development, however, said the state government had issues to resolve with NECO, which invariably might have prompted

the withholding of the students’ examination results. The commissioner argued that current financial challenges prompted the state government not to remit the fees collected from parents and which led to the withholding of the results, and that this is not peculiar to the state alone. However, she insisted that the state government will rely on the outcome of the next FAAC meeting to sort everything out with the examination bodies. “We have about 5,000 candidates that wrote the examinations and we are indebted to NECO to the tune of about N200 million, we hope that by next week after the FAAC meeting, we will meet NECO and see how we could solve the issues amicably,” she said. Our correspondent also gathered that in the state, similar fate befell candidates of the state origin, who sat for the last West African Senior School Examination (WASSCE) as they are yet to have access to their results as the results were withheld by the examination body due the state government’s indebtedness. Consequently, parents, who condemned the action of the government over the development, however, expressed fear that their wards might miss this year’s admission as most universities are also closing admission process for new students, who are expected to submit their WAEC and NECO SSCE results for the process. Some parents and

Kano, NLC disagree over transfer of civil servants

Farmers bemoans implementation of Anchor Borrowers’programme

Muhammad Kabir

Ibrahim Abdul

KANO

he organised labour, under the umbrella of the Nigeria Labour Congress (NLC) has warned the Kano State Government against any plan or policy to slash the salary of civil servants and workers in the state's tertiary institutions. The state government had in a circular released by the state government expressed plans to reduce the salary of workers, especially those in the health sector and tertiary institutions in the state. Meanwhile, the Office of the Head of Service,

working in conjunction with the Commissioner for Information, Muhammad Garba was said to have released a circular to that effect, removing nonprofessional government workers from the Professional Salary Scheme of the state government. However, the labour union in a statement signed by the Chairman of the Kano State wing of NLC, Comrade Kabiru Ado Minjibir and the Secretary Auwalu Mudi Yakasai, and which was made available to our Correspondent, described the government’s move as one which is set out to create animosity between civil servants and state government.

Yola

armers in Adamawa State are lamenting over the late implementation of the Central Bank of Nigeria (CBN) supported Anchor Borrower Programme for rice production in the state. The farmers, who spoke to newsmen in Yola, the state capital, yesterday argued that the late implementation of the programme would affect the beneficiaries in their ability to pay the loans given to them that is meant to be repaid during harvest season. One of the farmers, Hamman-Tukur Ahmed

Jada told New Telegraph: "We are yet to get the money, while the distribution of fertilizer under the programme was flaggedoff only last Thursday unlike farmers in Kebbi, Benue and Kano States, who had received their fertilizer and other farm inputs since April.” Jada noted that farmers in those states who got their inputs on good time had commenced harvest and bagging, saying: “This has put them in a better position to repay their loans when compared to farmers in Adamawa State who got their fertilizer and other inputs late and could not utilize them for this cropping season.”

WORLD \ NEWS

WEDNESDAY, SEPTEMBER 21, 2016 NEW TELEGRAPH

UN chief blasts world leaders in farewell address

N Secretary General Ban Ki-moon delivered a full throated, and thinly veiled, broadside against a host of world leaders from Syria’s President Bashar al-Assad to South Sudan’s Salva Kiir Mayardit during his tenth and final speech at the UN General Assembly.

“In too many places, we see leaders rewriting constitutions, manipulating elections and taking other desperate steps to cling to power,” he said. “My message to all is clear: serve your people. Do not subvert democracy; do not pilfer your country’s resources; do not imprison and torture your critics.” Ban charged South Sudan’s

leaders, which includes Kiir, with having “betrayed their people” by pursuing a violent path to power. He blasted Syria’s Assad for prosecuting a brutal military campaign to cling to power at the expense of millions of brutalized victims of war. “Many groups have killed many innocents but none more so than the government of Syria,

which continues to barrel bomb neighborhoods and systematically torture thousands of detainees,” he said. Ban excoriated the outside powers that have supported the warring parties on both sides of the conflict. While Ban didn’t name names the list of regional or global powers from Russia and Iran to Turkey, Saudi Arabia, France and the

United States that supported the combatants is long. “Powerful patrons that keep feeding the war machine also have blood on their hands,” he said. “Present in this hall today are representatives of governments that have ignored, facilitated, funded, participated in or even planned and carried out atrocities inflicted by all side.”

Pope, world religious leaders vow to oppose terror in God's name

ope Francis and leaders of other world religions said ‘No to War’! yesterday, vowing to oppose terrorism in God's name and appealing to politicians to listen to "the anguished cry of so many innocents". Francis flew by helicopter to the central Italian hilltop city that was home to St. Francis, the 13th century saint revered by many religions as a patron of peace and nature and a defender of the poor. The head of the Roman Catholic Church closed a threeday meeting where about 500 representatives of Christianity, Islam, Judaism, Buddhism, Hinduism, Shintoism, Sikhism, Zoroastrianism and other faiths discussed how their members

could better promote peace and reconciliation. Francis, who delivered two addresses and shared meals with the leaders, said indifference to suffering had become "a new and deeply sad paganism" that caused some to turn away from war victims and refugees with the same ease as changing a television channel. Near the end of the gathering, members of each religion prayed in a separate locations and then joined each other in a square outside the famous pink stone basilica where St. Francis is buried. Prayers were said for the victims of war, including in Syria and Afghanistan, and for the refugees fleeing the conflicts.

South African police clash with protesters at Wits University

outh African police fired stun grenades and arrested 31 students in clashes at Johannesburg's University of the Witwatersrand yesterday, as countrywide protests demanding free tertiary education entered a third week. Demonstrations this year and in 2015 over the cost of university education prohibitive for many black students have highlighted frustration at the inequalities that persist more than two decades after the 1994 end of white minority rule. The current protests were triggered by a government recommendation that 2017 tuition fee increases be capped at 8 percent above South Africa's current inflation rate of 6 percent. Critics have said the increase

would further disadvantage black students already under-represented. Several students hurled rocks at the main building of the university known as "Wits", shattering windows, after they were prevented from entering by private security guards who retaliated by throwing rocks back at the students. The students later discarded their rocks and entered the building under heavy police presence, where they gathered in a hall seeking an audience with university authorities. Nompendulo Mkatshwa, outgoing president of the student representative council, said police had fired stun grenades at students gathered near the university.

US terror blasts: Bomb suspect's father called FBI in 2014

he father of US terror suspect Ahmad Khan Rahami called police in 2014 to say his son was a "terrorist", US officials have told the BBC. Mohammad Rahami alerted authorities after a domestic dispute, expressing concern his son was an extremist before retracting the claim. Mr. Rahami said that the FBI determined his son was not a terror threat. He is now suspected of "an act of terror" in Saturday's blasts in New Jersey and New York, say prosecutors. Mohammad Rahami

first made the statement about his son as a terrorist to New Jersey police after the younger man was arrested and accused of stabbing his brother in 2014. The information was provided to the FBI Joint Terrorism Task Force in Newark, New Jersey. "Two years ago I went to the FBI because my son was doing really bad, OK?" Mr Rahami Snr told the New York Times. "But they check almost two months, they say, 'He's OK, he's clean, he's not a terrorist. Now they say he is a terrorist. I say OK," he told the newspaper.

Congolese opposition supporters chant slogans during a march to press President Joseph Kabila to step down in the Democratic Republic of Congo's capital, Kinshasha.

44 killed as anti-Kabila protests rage

t least 44 people were killed in protests against Congolese President Joseph Kabila, including 37 killed by security forces and six police officers killed by demonstrators, Human Rights Watch (HRW) said yesterday. The protests in the Democratic Republic of Congo that started two days ago followed a decision by the election commission to seek to postpone the next presidential vote, which was due to be held in November. Kabila is barred by constitutional term limits from running again and his opponents say the election delay is a maneuver to keep him in power. The president's allies deny this and say

he will respect the constitution. HRW Africa researcher for the New York based group, Ida Sawyer, said 17 people were killed overnight and yesterday, while 20 were killed Monday. Her statement was based on what she said were credible reports. "Most were killed when security forces fired on crowds of protesters. Others died when the security forces burned down opposition party headquarters last night," she said by email. Witnesses told Reuters earlier that at least two people were killed when armed men in uniform set fire to the opposition HQ. "We've also received credible reports that protesters have killed at least six police officers and a

(ruling party) PPRD supporter and they have also burned and looted several shops and police stations," Sawyer said. Interior ministry spokesman Claude Pero Luwara said that the death toll stood at 17 and said Human Rights Watch's statement was a "typical" exaggeration by the group. The ministry earlier said three people who died were policemen. UN human rights spokesman Rupert Colville told reporters in Geneva that nearly 200 people were believed to have been arrested Monday and the UN received reports of excessive use of force by security forces. Congo has not had a peaceful transfer of power since independence from Belgium in 1960.

Obama to world leaders: Open our hearts to refugees

S President Barack Obama has urged world leaders to "open our hearts" to refugees, in his final UN speech. He told the United Nations General Assembly in New York that the world would be more secure if help was offered to those fleeing conflict. The US leader also warned against the "crude populism" he said was spreading in the US and elsewhere. About 21.3 million refugees have been forced to flee their countries over conflict or persecution, the UN says. The president's remarks come a day after a US and Russia-brokered ceasefire unravelled, partly due to a USled air strike over the weekend that mistakenly killed Syrian soldiers. Tensions continued on Monday when a strike, which witnesses say came from the air, hit an aid convoy at Urum al-Kubra, destroying 18 of 31

UN lorries and killing about 20 civilians. The UN has since suspended all aid convoys to Syria in response. Both Russia and Syria have insisted their forces were not behind the strike. Mr. Obama used his eighth and final UN address as president to call for a "course correction" to ensure that extremism and violence does not drive countries into a more divided world. "Together, now, we have to open our hearts and do more to help refugees who are desperate for a home," he said. The US president continued: "If we are honest, we know that no external power is going to be able to force different religious communities or ethnic communities to co-exist for long. "Until basic questions are answered about how communities co-exist, the embers of extremism will continue to burn. Countless human beings

will suffer." Though he made no direct mention of the US, Mr. Obama said wealthy countries with the resources should do more to help. In what appeared to be a dig at Republican presidential candidate Donald Trump, he added: "The world is too small for us to simply be able to build a wall and prevent (extremism) from affecting our own societies." Hours earlier, UN Secretary General Ban Ki-moon also expressed concern over the conflict in Syria, saying there was "no military solution". "Gulfs of mistrust divide citizens from their leaders. Extremists push people into camps of 'us' and 'them'," Mr. Ban said, taking the world stage for the last time as secretary general. "The Earth assails us with rising seas, record heat and extreme storms. And danger defines the days of many."

WEDNESDAY, SEPTEMBER 21, 2016 NEW TELEGRAPH

Sport News

Did you know?

Sport

NFF unveils World Cup incentives Friday

That the 3-1 defeat man United suffered against Watford on Sunday was the first time in 14 years that Jose Mourinho will lead a team to three successive defeats.

International Toure must apologise before recall – Guardiola

46 47

Chukwu: Judge Rohr after Zambia game

...wants team built around home-based players Charles Ogundiya

former Super Eagles coach, Christian Chukwu, has called on fans to wait for the World Cup qualifying game against Chipolopolo of Zambia before rating the new Super Eagles’ manager, Gernot Rohr’s performance. Speaking exclusively to New Telegraph, Chukwu said the game against Tanzania should not be used in judging the coach as the match was inconsequential and also the coach, Rohr, was new. “With what I saw against Tanzania, I believe the Eagles are getting better and we have hope,” he said. “The types of players in the team now are hungry for good results, with little additions here and there, I am sure they will become the team to beat. “But we have to wait till when the Super Eagles play against Zambia before forming our opinion and conclusion on the technical ability of the new coach.”

Chukwu

German coach, Rohr, was in charge when Super Eagles defeated Taifa Stars 1-0, with Manchester City youngster, Kelechi Iheanacho, scoring the only goal of the game. Speaking further, the Enugu Rangers’ technical consultant said there was need to have

m o re h o m e based players in the team to reduce expenses. He said: “Seriously I don’t like the way our football is made up of fully foreign-based players, it was not like that in the past. “You have to build national teams from the players based at home and support them with the foreign- based to save cost. “The coach should stay back in Nigeria, watch players in the league and build his team from here, the issue of paying much for flight tickets will reduce.” He said further that there was no difference between having a foreign or local coach to handle the national team. The key issue according to him, is the input of such tactician.

Super Eagles striker, Moses (right) in action against Tanzania

Mikel open to Chelsea exit

Relishes 11 years spent in London Ready for fresh challenge

The Sport Team Adekunle Salami Group Sport Editor

Emmanuel Tobi Assistant Sport Editor

Ajibade Olusesan Sport Correspondent

Charles Ogundiya Sport Correspondent

Emmanuel Tobi

uper Eagles captain Mikel Obi is ready to quit Chelsea in January if the London club fails to offer him a new deal as he enters the final year of his contract. Mikel who led Nigeria U-23 Eagles to winning bronze at the Rio Olympics, has struggled to get into Antonio Conte’s team and said he was already considering other options at his disposal. “I have one year left on my contract. When you have a year left as a football player, you have to start planning and start

thinking about what’s going to happen at the end of the season. Yes, there are going to be rumours, yes,

Mikel

there are going to be conversations between clubs,” he told Goal.com. “When you have a year left, in January, you are allowed to talk to other clubs and sign a pre-contract or have an agreement so, yes, I will talk to other clubs because you never know what is going to happen.” “I’ve been here for a long, long time. I’ve spent 11 years of my life in this football club, it is my home. “This season is the last at the club if my contract ends. I am quite relaxed about it, the future looks good.” The Jos-born player also relished his 11-year career at Stamford Bridge where he won three English Premier

League titles, two FA Cups, the Europa League and the Champions League. “I am always open to a new conversation, a negotiation [with Chelsea],” he added. “But if there’s none, the future still looks bright. One day you have to move on. I think my memories here, my achievements here, are something that no one will ever take away from me. “I have won everything there is to win with this football club. We were the first London club to win the Champions League, and forever I will be one of the first players to win the Champions League for Chelsea. Those memories will never go away.”

SPORT NEWS

WEDNESDAY, SEPTEMBER 21, 2016 NEW TELEGRAPH

NFF unveils World Cup incentives Friday Adeolu Johnson ABUJA

he Nigeria Football Federation will on Friday unveil the packages and plans it has for the Super Eagles for the must-win away match against Chipolopolo of Zambia on October 9 in Ndola. The NFF Technical Committee Vice Chair man, Alhaji Ahmed Fresh, said this in Abuja while briefing the press at the ongoing third quarter of physical fitness

for Nigeria’s referees. Fresh who is also the Chairman of the NFF Referee’s Committee added that technical body would meet before weekend to decide what form of preparation, incentives the boys will get for the crucial match. “The NFF technical committee will soon meet in next four days and we shall come out with fantastic strategies for preparation toward the match. “Everything is being put in place for us to have a suc-

cessful outing in Zambia,” he added He exuded confidence on the ability of the team’s Manager, Gernot Rohr, saying he would deliver going by his experience on the continent. “You will agree with me that we have a Grade A coach, he has the experience, he has coached many African countries and clubs. He was in Niger, Burkina Faso and he is no stranger to the Chipolopolos. So, we shall do everything humanly possible to secure the ticket,” he assured.

Zambia name squad for Nigeria Z

Dedevbo

U-20 World Cup: Dedevbo calls 30 to camp ead Coach of the H U-20 women national team, Peter Dedevbo, has

invited forward Chinwendu Ihezuo and 29 other players to camp to kick – start preparations for the 8th FIFA U-20 Women’s World Cup taking place in Papua New Guinea later this year. The Falconets, who pounded Liberia, Democratic Republic of Congo and South Africa home and away in the qualifying series, will tackle Japan, Canada and Spain (in that order) at the finals scheduled for November 13 December 3 in the tiny nation located in the Pacific Ocean. Among those invited are goalkeeper Sandra Chichi, defenders Ugochi Emenayo, Esther Elijah, midfielders Joy Bokiri and Tessy Biawho and forwards Uchenna Kalu, Yetunde Adeboyejo and Chinaza Uchendu. All the invited players are to report at the Serob Legacy Hotel, Abuja on Tuesday, September 27 with their training kits, birth certificates and international passports.

ambia has named a strong 33-man provisional squad for next month’s 2018 World Cup qualifier against Nigeria with overseas stars Rainford Kalaba, Kennedy Mweene and Stoppila Sunzu all included. The squad was picked by assistant coach Wedson Nyirenda. Zambia welcome Nigeria to Ndola on October 9.

FULL LIST: GOALKEEPERS: Jacob Banda (Zesco United), Kennedy Mwene (Mamelodi Sundowns/ South Africa), Rocha Kola (Zanaco) DEFENDERS: Lawrence Chungu (Power Dynamos), Fackson Kapumbu (Zanaco), Simon Silwimba (Zesco United), Adrian Chama (Green Buffaloes), Kabaso Chongo (T.P Mazembe/DRC), Ziyo Tembo (Zanaco), George Chilufya (Zanaco), Stoppila Sunzu (Lille/

France), Billy Mutale (Power Dynamos), Malama Donashano (Nkana) MIDFIELDERS: Charles Zulu (Zanaco), Fwayo Tembo (Power Dynamos), Kalaba Rainford (T.P Mazembe/DRC), Chota Chama Clatous, John Chin’gandu (Zesco United), Jack Chirwa (Green Buffaloes), Misheck Chaila (Zesco United), Richard Kasonde (Zanaco), Nathan Sinkala (T.P Mazembe/ DRC), Rodrick Kabwe (Zanaco), Sautu Spencer (Green Eagles), Mwape Mwelwa (Zesco United), Chisamba Lungu (Ural/Russia) STRIKERS: Justin Shonga (Nkwazi), Jackson Mwanza (Zesco United), Kalengo Winstone (AC Leopards/DRC), Lewis Macha (Kaizer Chiefs/South Africa), Patson Daka (Power Dynamos), Collins Mbesuma (Highlands Park/South Africa)

Nigeria’s defender, Efe Ambrose (left)

Keeper arrested by police after conceding 43 goals in one game

Vonderort of Germany Omagbemi: Falcons will not underrate any team SVbroke an undesirable reria, they must be respected. cord when it lost 43-0 to rival

Emmanuel Tobi

uper Falcons coach Florence Omagbemi has said Nigeria will not under –rate any of the other finalists when the 10th Africa Women Cup of Nations kicks off in Cameroon on November 19, 2016. The Falcons have been paired in Group B of the tournament alongside Mali, Ghana and debutants Kenya. “We have been playing against Ghana’s Black Queens for years. I remember when the Falcons team was newly established, our first game in the qualification series for the 1991 FIFA Women’s World Cup was against Ghana. “We have played against Mali before, and we know they are no pushovers. Now, Kenya are coming to the African championship for the first time, but from the way they qualified, after beating Alge-

“Surely, we will take the games against all three countries as seriously as we have been doing in the past. You know, we are the cup holders and every team would want to beat the Falcons.” The champions will kick off their campaign against Mali at the Limbe Stadium on November 20, before taking on the Black Queens three days later and Kenya on November 26, at the same venue.

Omagbemi

PSV Oberhausen. Keeper Marco Kwiotek was thereafter arrested by the police. According to German newspaper Express, SV Vonderort was down 35-0 at halftime – that must have been a fun team talk in the interval – and at one point it was only able to field eight players. PSV Oberhausen was so embarrassed by its lead that it made the sporting gesture of removing three of its own players to even up the numbers. After conceding a goal nearly every two minutes, Kwiotek may have wanted to completely forget about the performance. However, five days later at a training session, two police cars arrived at Vonderort’s training ground in Bottrop

(around 30 miles west of Dortmund). The 25-year-old keeper was escorted from the training field by armed officers and brought to the local police station for questioning. Kwiotek called out to players as he was led from pitch by cops at the club’s base in Bottrop, western Germany: “They just want to clear some things up.” He has not been seen since and police have refused to comment on why he was taken into custody. The circumstances of the police inquiry are unclear and Kwiotek has since failed to answer his phone. Club managing director Christian Schröer told Express that he hopes the shot stopper will be available for selection in Vonderort’s next game. Hopefully, he won’t have to reach into the net quite so often in that one.

NCC Tennis League: Edwards avenges as Anambra overwhelms Goshen

unior tennis star, Marylove Edwards, made good her threat to revenge her 2-6, 2-6 first round loss to Patience Onebamhoin at the CBN Senior Championship early in the year. Edwards, playing for Team CBN Futures beat Onebamhoin, ranked No.9, 6-2, 6-1 to earn the only point for her team in the seven-match decider. Team Kalotari won the men’s singles matches with Nonso

Madueke and Daniel Odeh beating Godgift Timibra and Emmanuel Onyejiaka in straight sets in the first and reverse singles. Team Kalotari won the men’s doubles with team captain, Sunday Maku and Kalada Kienka beating Onyekiaka and Timibra 7-5, 2-1 rtd and also the mixed doubles again with Maku pairing Lolia Kienka to defeat Edwards and Augustine Stephen 6-3, 6-3.

In a Blue Group tie at the Onitsha Sports Club, Team Anambra, reinforced with former national champion Clifford Enosoregbe, overwhelmed debutantes Team Goshen of Ilorin 7-0. However, the visitors narrowly missed winning the men’s doubles which the pair of Enosoregbe and Tochukwu Ezeh won, 6-4, 5-7, 10-8 against Layi Ifarinde and Niyi Ibiwoye. The third Tie which took place in Abuja also saw a dominant perfor-

mance from Team FCT which conceded only one point by default against Team Hope of Asaba. The NCC Tennis League will continue this weekend at two centres. In Asaba, Team Hope will host last year’s runners-up - Team Civil Defence while the city of Ilorin will witness some top level tennis for the first time with Team Goshen taking on Team Leadway of Lagos at the Kwara State Stadium.

INTERNATIONAL

WEDNESDAY, SEPTEMBER 21, 2016 NEW TELEGRAPH

Toure must apologise before recall – Guardiola

FANS’ ZONE

Reward Paralympians, Nigerians urge Buhari A cross-section of Nigerians has urged President Muhammadu Buhari to reward the victorious Team Nigeria athletes that shone brightly at the justconcluded Paralympic Games in Rio, Brazil. The athletes won eight gold, two silver and two bronze medals.

…as Ivorian star quits international football

aya Toure will not play for Manchester City again until he apologises to the English Premier League club for comments made by his agent, manager Pep Guardiola said on Tuesday. The 33-year-old Ivory Coast midfielder’s agent Dimitri Seluk had said Toure felt “humiliated” by Guardiola after being left out of City’s Champions League squad. “He must apologise. If he doesn’t, he won’t play,” Guardiola told reporters. “It was difficult to leave him out of the Champions League squad but (the) day after, his (agent) went to the media. (Toure) has not had the courage to call me. From that moment he was out.” The four-time African Footballer of the Year has only played once this season, in the second leg of a Champions League playoff tie against Steaua Bucharest when City had a 5-0 lead from the first game. Meanwhile, Toure announced earlier on Tuesday his retirement from international football.

“Writing this note was probably ‘the most difficult match of my life’,” he said in a statement on his website (officialyayatoure.com). He said the decision was not to do with his age, the intensity of training or number of games. “Football is everything to me. It gave me so many things in my career that now I don’t feel able to set new goals, as a player with the Elephants of the Ivory Coast.”

FG should establish training academy

eyond cash reward, the government should establish an academy to train them for subsequent competitions and pay them stipends so they can have something to fall back on. Orji Sylvester Student, UNN

Athletes deserve land, cash rewards he government should give them land and enough money

T Guardiola (left)

to sustain them as this would encourage and give them a bright future Azeez Omotosho Lagos

Ballon d’Or changes rules for 2016 edition Gold medalists deserve N5m I F IFA’s six-year run as cooperating partner of the Ballon d’Or Award is over, and France Football is changing some things in how they handle the honor of naming the world’s top footballer. This year, there will only be a 30-man shortlist before the awards, no narrowing of the field to three. In the past, the shortlist was 23 players, and a three-man list was presented before the ceremony. For five of the six years, this list was Lionel Messi, Cristiano

Ronaldo, and another guy. Since 2007, either Ronaldo or Messi has been in the Top Three. Messi has five awards, Ronaldo three. The time period used for voters is November 22, 2015 until November 20, 2016, and encapsulates the club season as well as EURO 2016, the Olympics, and Copa America Centenario. Voting runs from late October through November 20, and Cristiano Ronaldo the winner will be given his award on January 9.

t is not out of place for President Buhari to reward all the eight gold medalists with N5million each while silver and bronze medalists get N3million and N2million respectively. They are special athletes and deserve to be treated specially. Adenomo Momoh New York

Athletes need empowerment

hey should be empowered and structures be put in place for them to succeed. They should been given things that will last as legacy. Ebhodaghe Austin Ghana

Neymar not provoking opponents – Zidane Z

inedine Zidane feels Barcelona ace Neymar is not deliberately trying to anger opponents and reacted angrily to questions about James. Real Madrid coach Zinedine Zidane has defended Neymar following claims the Barcelona star deliberately disrespects and provokes opponents. Neymar was criticised in the wake of Barcelona’s 5-1 win over Leganes after turning on the flicks late in the game with the result beyond doubt. Zidane does not believe

Neymar is deliberately trying to provoke the opposition, though, and feels the Brazilian is just doing his own thing. “I cannot watch inside Neymar’s head, but I don’t think it’s a provocation,” Zidane said at a news conference. “Everyone interprets football as they see fit and he interprets it his way. And he does things that not many players can do. “I don’t see it as him provoking [his opponents].”

ederal Government should reward them because they achieved something great. They should be rewarded monetarily because they deserve it. Seyi Aliyu Lagos

Give them houses in Abuja

veryone should be given a house in Abuja. There should be a reward even if it is not up to N2m at least they should get N1m or N1.5 each and also for the technical team. If they can reward the athletes and the technical team, they would all feel appreciated. Mbah Casmir Enugu

pools. Last year’s runners up Zimbabwe are in Pool B that has Uganda and Mauritius. Morocco, the 2012 losing finalists, headline Pool C where they face Zambia and Madagascar while Tunisia are in Pool D alongside 2004 losing finalists Namibia and Botswana. The Pool winners will be ranked for the knockout semifinal stage on Saturday with the

he Federal Government should compensate the Paralympians with money and also provide them with equipments to prepare for the next Games. Ifeanyi Mbadugha rest playing in the classification Anambra ranking. Four-time defending champions Kenya have been into six of he Paralympians should be rewarded financially because the last seven Africa Cup finals, it will encourage them to take up sport as a source of winning in 2004, 2008, 2013 and 2015. Zimbabwe won in 2000 and livelihood which in a long way helps develop the sector in 2012 beating Kenya and Morocco Nigeria. Marizu Makozi respectively while South AfriLagos ca’s Development side claimed victory in 2014, edging out KeCompiled by Ikenna Amadi, Ifeanyi Anyaka, Ugochi nya. Akwueze, Abiodun James, Ebhodagha Samuel

Africa Rugby Sevens: Nigeria draw Kenya, Senegal

igeria Rugby team, the Black Scorpions, have been drawn against Four-time defending champions Kenya and Senedal in the Africa Rugby Cup Sevens starting Friday at the Safaricom Stadium, Kasarani, Kenya. In Pool A, minnows Nigeria and Senegal stand between Kenya and the semi-finals of the championship that has four

Cash reward ideal for Paralympians

Athletes need money

Neymar

Rio Paralympians displaying their medals on arrival in Nigeria

Financial reward best

On Marble

A lie gets halfway around the world before the truth has a chance to get its pants on.

Sanctity of Truth

Bola Bolawole A plagiarist as President

NIGERIA’S MOST AUTHORITATIVE NEWSPAPER IN POLITICS AND BUSINESS

–Winston Churchill

WEDNESDAY, SEPTEMBER 21, 2016

}16

N150

Illusion of strong leaders

hat should we do in these trying times of economic recession, insurgency, militancy and despondency in the country? How do we begin to address the challenges thrown up by the myriad of problems created for us and by us in a country in recession? Why didn’t our leaders warn us in advance that the country may likely slip into recession since they are the ones that are in government and have the statistics, the data and the projections? Is it that our economists and their economic indicators are outdated and or were not allowed to function? Is it that our economists advised correctly and those in power decided to ignore their advice? If the professionals did not advise well, what of our fortune tellers who I understand are skilled in the art of predicting the future? Is it that their art does not include predicting matters like recession, insurgency, militancy and other allied matters? I will not subscribe to the view that they failed in their vision or their vision failed them because if they cannot see tomorrow, it means that we do not need their expertise in this modern era. What of our indigenous marabouts, the prophets and other clerics that claim that they are also gifted in the art of seeing tomorrow? Is it that tomorrow is still very far and for that matter unpredictable? But they could have given an indication that would enable the Nigerian people to tighten their belts and make preparations for the challenges ahead. But if the clerics, fortune tellers and the marabous could not see tomorrow at least today is here with us. They are aware that parents are withdrawing their children from school because they cannot meet their obligations to the private schools. They are also aware that parents are reluctant to send their children to public schools as some of the public schools are not worthy to be called schools. They are aware that in so many states salaries are not being paid and some workers are living from hand to mouth. They are aware that some parents and states have recalled their children and students from schools in other countries. They are aware that the prices of goods and services have skyrocketed. Why can’t they show us the way to go? Surely, it can’t be that Nigerians are not prayerful? Our churches and Mosques are filled to the brim on Fridays and Sundays. Is it that our prayers and supplications do not impact things like the economic and other social matters? Maybe the issues at stake have nothing to do with prayers and have everything to do with our own failings and our failings as individuals and our failing to organize our affairs in a manner that will cushion the effects of global challenges in the economy and social spheres. But I still insist that it is not too late for our clerics and fortune tellers and marabouts to tell us what to do? Unless they are saying that our fate lies with voodoo economists’ and some opportunistic policy makers. We deserve to know whether our predicament will be solved if we are able to throw up a strong leader to galvanize the people, galvanize the economy and rally the people around

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

Enoch Adeboye, RCCG

a common goal. On the other hand, we need to know whether the solution to our problem lies in rebuilding our institutions and making them run professionally and ethically. You can see why it is important to mobilize the religious clerics, fortune tellers and marabouts in the country and plead with them to go into their conclaves and tell us whether we just need a strong leader with the vision, the charisma and the patriotic zeal to heal our country and return us back to the path of progress and prosperity? Or should we just commission some prayer warriors to go into action and pray us out of this our predicament. Or better still, go to our neighboring countries with strong precedent and tradition of marabouts and simply import them to do the needful? This is imperative given the current feeling of frustration and despondency in the country. But the challenge is that we have had and still continue to have strong individuals or leaders in our country and yet things are still not looking up. Some of the strong individuals and leaders zoomed into the political arena with good intentions and a clear vision and their legacy evaporated when they left office. Is it that the country did not give them sufficient support or there is something that is missing? But the evidence on ground is that at different times, Nigeria celebrated strong individuals that showed the will to change the fortunes of the country. If this is the case, how come some of their legacies disappeared like the candle in the wind the moment they left office? Maybe we just wrapped the fortunes and fate of

Ibrahim Al-Zakzaky, Muslim cleric

our institutions around individuals and left the institutions they superintend unattended. On a more serious note, in Nigeria and in so many African countries democratic institutions and democracy reinforcing institutions are nonexistent or very weak and in their place we have individuals who believe and sometimes confer the belief on themselves that they can make a difference using their expertise and skills to propel such institutions. Some of these individuals believe that God sent them to their countries as a gift. Some of the so called strong leaders built the cult of personality around them and became the all knowing that have solution to every problem and every challenge. Some of those that knew that the leader was wrong and headed to perdition failed to act on account of opportunism and sometimes poverty. Others that warned that the country was headed to the wrong direction were profiled and sometimes eliminated. So, attention is focused solely on the leader and the leader alone. In other words, some of the so called strong leaders ran down and in some cases destroyed the institutions of governance, created and imbedded to enforce the concept of separation of powers and reinforce democratic tenets. Of course since some of the strong leaders are ordained to rule, the institutions of governance must respond to their own stimuli. The challenge is that when some of the so called strong individuals leave the scene, the institutions collapse or are rendered completely ineffective and remain

moribund and unable to predict and project to the future and check the limits of governmental power and authority. We are faced with two clear choices. Should we build strong institutions that will run independent of the individuals or keep faith with strong leaders and continue to pray for the emergence of strong leaders to propel some of the democratic institutions? This is because at the centre of the challenge between strong leaders and strong institutions is the insistence by some leaders and reinforced by some of our people that they are supreme and constitutions and constitutionalism must be defined by them and be practiced in accordance with their own dictates and wishes. Some of these leaders see themselves as God sent and adorn themselves in messianic infallibility. There is no doubt that individuals do and can make a difference in the society. There is no doubt that Nigeria has produced selfless leaders that did not care about ethnicity and religion and gave their best in the service of the country. Nigeria has also created world class institutions that can address and or anticipate the myriad of problems and challenges facing the country. Unfortunately, some of the institutions created to check the limits of governmental power and authority have not been allowed to function because they are headed by unqualified persons or persons that believe that they are God’s special creation. Some of the institutions are also underfunded and used for political patronage or persecution. We know where we have gone wrong and the least we can do for our country is to acknowledge our mistakes and return to the right path. We must reassess our institutions and make them functional. We cannot run modern institutions wrapped around ethnicity, religion and personality cult. We must build and run our institutions ethically and professionally and position them in such a way that they are blind to issues of ethnicity and religion and can carry and enforce democratic tenets.

HIGH CHIEF

I'M BEST EKITI GOV–Fayose

- Hmmmn... and the most controversial!

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