8th May, 2016 by Punch Newspapers

Alleged wife’s killer speaks from hiding • The Shondes

Pages 4 & 5

Four power plants shut after militants’ attacks Page 34

The

MONDAY, MAY 9, 2016 VOL 40 NO. 21,176 www.punchng.com

Pipeline bombings: FG deploys team to unmask N’Delta Page 2 Avengers The Punch Newspapers

@mobilepunch

@+Punchng1

N200

Senate forgery: AGF orders

DPP to try suspects

Page 2

• Culprits to face criminal conspiracy, forgery charges in two weeks Audu’s mansion

Alamieyeseigha’s mansion

Dasuki paid me monthly, says Okupe Page 7

PDP BoT receives petitions against Sheriff, meets today Page 7

• Photos: Dailymail.co.uk

Alamieyeseigha, Audu’s London mansions exposed –Page 8

Family tackles DSS as son dies in agency’s custody Pages 4 & 5

Alleged wife’s killer speaks from hiding • The Shondes

Pages 4 & 5

Four power plants shut after militants’ attacks Page 34

The

MONDAY, MAY 9, 2016 VOL 40 NO. 21,176 www.punchng.com

Pipeline bombings: FG deploys team to unmask N’Delta Page 2 Avengers The Punch Newspapers

@mobilepunch

@+Punchng1

N200

Senate forgery: AGF orders

DPP to try suspects

Page 2

• Culprits to face criminal conspiracy, forgery charges in two weeks Audu’s mansion

Alamieyeseigha’s mansion

Dasuki paid me monthly, says Okupe Page 7

PDP BoT receives petitions against Sheriff, meets today Page 7

• Photos: Dailymail.co.uk

Alamieyeseigha, Audu’s London mansions exposed –Page 8

Family tackles DSS as son dies in agency’s custody Pages 4 & 5

Alleged wife’s killer speaks from hiding • The Shondes

Pages 4 & 5

Four power plants shut after militants’ attacks Page 34

The

Pipeline bombings: FG deploys team to unmask N’Delta Avengers Page 2

MONDAY, MAY 9, 2016 VOL 40 NO. 21,176 www.punchng.com

The Punch Newspapers

@mobilepunch

@+Punchng1

N200

Senate forgery: AGF orders

DPP to try suspects

Page 2

• Culprits to face criminal conspiracy, forgery charges in two weeks Audu’s mansion

Alamieyeseigha’s mansion

Dasuki paid me monthly, says Okupe Page 7

FG plans concession of 2nd Niger Bridge, four airports

Page 8

• Photos: Dailymail.co.uk

Alamieyeseigha, Audu’s London mansions exposed –Page 8

Five die as P’Harcourt NPA warehouse collapses

Page 12

MONDay, MAY 9, 2016

news

Senate forgery: AGF orders DPP to try suspects Ade Adesomoju, Abuja

he Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami, has given the Director of Public Prosecutions of the Federation and the police a two-week ultimatum to prefer charges against suspects, who allegedly forged the Senate Standing Orders used for the proclamation of the current 8th Senate, The PUNCH has learnt. The Senate Standing Orders 2015, alleged to be a forged version of the 2011 version, was used for the leadership election of the Senate, which produced Dr. Bukola Saraki as the Senate President and Ike Ekweremadu as his deputy, shortly after the 8th Senate was proclaimed on June 9, 2015. Top sources in the Federal Ministry of Justice and the police headquarters confirmed that Malami had given the police and the DPP of the Federation, Mr. Mohammed Diri, two weeks to file charges against the suspected forgers. It was learnt that Malami called for the file on the case last week and found out that the ministry had since July 29, 2015, some months before his appointment, recommended the prosecution of the yet-to-be-identified suspects. The minister was also said to have discovered in the file that the ministry had requested the police to further investigate the case in order to unravel the suspects and the roles played by them in the case. The sources confirmed that the suspects would be charged with criminal conspiracy, forgery, breach of official trust and unlawful assembly said to have contravened various provisions of Penal Code in about one or two weeks. This confirmed The PUNCH’s exclusive story published on April 4, 2016, that the Director of Public Prosecutions of the Federation, had, on July 29, 2015, issued a legal advice for the prosecution of the suspects after considering the report of investigation submitted to him by the police. The PUNCH had reported that the legal advice, addressed to the Deputy Inspector-General of Police, Criminal Investigation Department of the Force Headquarters, Dan’Azumi Doma, was received by the recipient’s office on July 29, 2015, the same date it was issued by the DPPF. The document showed that it was issued in response to the report of police investigation, with reference number CB: 3514/XFQ/ABJ/Vol./23/17, which was sent to the Ministry of Justice by Doma, quoting the number given to the case by the police as FHQ/X/ABJ/ SEB/365/2015. The legal advice as reported by The PUNCH had sought further police investigation to unravel who played what roles in the forgery case in order to identify who to prosecute for flouting the various provisions of the Penal Code. “When the minister saw all these in Have a story for us? Contact: Politics: 08033461633 politics@punchng.com; General News: 08165625046 Online: 08033430804 generalnews@punchng.com; Business: 07068835954 business@punchng.com

the file, he had to call on the officers in charge of the case and asked them to liaise with the police and come up with the charges within two weeks,” the source said. One of the sources said the minister was patiently taking his time to take decision on the case because “he is aware that there are a lot of vested interests that are out to frustrate the case.” The source added, “But I can assure you, in one or two weeks’ time, the minister’s decision on the case is going to be made known to the public and you will be impressed.” Our correspondent had sighted the legal advice issued by the Federal Ministry of Justice with reference number, DPPA/ ADV/258/15, recommending that some suspects, whom the police refused to name in their investigative report, should be prosecuted. The legal opinion, which analysed the evidence thrown up by the police investigation, had indicated that the “leadership election, based on the forged document, cannot stand and it is null and void”. The legal advice added, “Further investigation should reveal: “Who authorised the promulgation of the Senate Standing Order 2015? “Who published the Senate Standing Order 2015? “Who approved the Senate Standing

Order 2015? “Who paid for the publishing of the Senate Standing Order 2015? and “Who distributed the Senate Standing Order 2015?” In addition, the legal advice recommended the yet-to-be-identified suspects to be prosecuted “for criminal conspiracy, contrary to provision of Section 97 of the Penal Code; forgery, contrary to Section 99 of Penal Code; breach of official trust and unlawful assembly contrary to Section 102 of the Penal Code.” The legal advice also recommended that the various versions of the Senate Standing Orders since 1999 should be collected as part of evidence needed for the prosecution of the case. When contacted on Sunday, Malami’s Special Adviser on Media and Publicity, Mr. Salihu Isah, said he had no information on the case and requested to be given time to find out. “I have not received any briefing on it. Give me some time to make inquiries about it,” Isah said. The Force Public Relations Officer, Bisi Kolawole, an Assistant Commissioner of Police, did not respond to calls put across to her mobile by our correspondent on Sunday. The police had investigated the alleged forgery of the Senate Orders following a petition by Senator Sulaiman Hunkuyi

of the All Progressives Congress from Kaduna State. The petition had alleged that some parts of the 2015 Senate Order were different from the one ratified by the 6th Senate and was used by the 7th Senate, as Standing Orders 2011. The police had, during their investigation on July 6, questioned some members of the 7th and the 8th Senate as well as some management employees of the Senate, including the Clerk of the National Assembly, Alhaji Salisu Maikasuwa. It was alleged that the 2011 version of the Senate Orders was secretly altered by some individuals to produce the 2015 edition. The 13-page police report of the police investigation had confirmed that the amendment to the 2011 version of the Senate Standing Order to produce the 2015 edition was “criminally” done as it was carried out by only a group of senators. The police report, however, failed to indict any particular person and also did not recommend anybody for prosecution. The Deputy IGP, Doma, who was said to have signed the report, had recommended that the report be forwarded to the AGF to determine whether a crime had been committed or the alleged offence could be regarded as an internal affair of the Senate.

Pipeline bombings: FG deploys team to unmask N’Delta Avengers Fidelis Soriwei, Abuja

he Federal Government has set machinery in motion to uncover those behind the recent bombings of oil installations in the Niger Delta apart from the express directive to the military to halt the return of militancy in the region. As part of the efforts in security and government circles to identify the masterminds of the attacks on the oil facilities, the Special Adviser to the President on Niger Delta, Brig.-Gen. Paul Boroh (retd.), has dispatched a team of investigators to the Niger Delta. A new militant group in the oil-rich region, the Niger Delta Avengers, has claimed responsibility for the recent attacks on the SPDC platform at Forcados, the Chevron Okan platform at Abiteye in Escravos, and the pipelines transporting crude oil to the Warri and the Kaduna refineries. The Chief Security Officer to the Amnesty Office, Lt. Col. Olusegun Okungbure, told our correspondent on the telephone on Sunday that the office was working with security agencies in the area of sharing information and intelligence on how to curb the sabotage of oil platforms in the region. Okungbure stated that a meeting had also been scheduled between officials of the Delta State Government and stakeholders in the area on how to bring

the attacks to an end. He stated, “The Special Adviser has sent people to the region to see if we can identify the perpetrators of this act. “Secondly, he has also condemned the attacks on all these oil platforms. He has also interfaced with the security agencies for the protection of the pipelines and security in the general area. “Even as we speak now, we just finished a form of telephone conversation with the JTF Commander, who just returned from Delta State. These are some of the things we are doing.” Okungbure added that the office had asked the ex-militants, captured under the Amnesty Programne, to assist in fishing out those behind the current attacks on the oil facilities. He said the current attacks constituted a threat to the reputation of the 30,000 youths captured in the programme. “We have even tasked the ex-agitators, the ones captured in the programme, that they should be able to fish out these people because their own reputation of embracing peace and accepting amnesty is being threatened by this kind of attacks. ‘‘I think everyone is well aware of the implications,” he said. Meanwhile, the Defence Headquarters has warned that the military would not tolerate acts that constitute a threat to the nation’s existence. The Acting Director, Defence

Information, Brig. Gen. Rabe Abubakar, said in a statement on Sunday that the military would not condone acts that could cause a breakdown of law and order in the society. He urged individuals or groups “seeking relevance” to embrace the stipulations of the law and to avoid brigandage. Abubukar added, “The Defence Headquarters hereby warns that it will not condone any unwholesome acts by persons or group seeking to engage in acts that are capable of causing a breakdown of law and order in any part of the country. “Citizens are advised to refrain from taking the laws into their hands and avoid actions that may cause a breach to harmonious co-existence. “The DHQ also wishes to advise the general public to ignore inciting pictures, videos and statements posted on some social media platforms which are now confirmed to be the creation of Photoshop, with the intention of causing disharmony and divisions among different nationalities.” He assured the citizenry of the determination of the military and the security agencies to sustain the tempo of operations against terrorists, oil thieves, cattle rustlers and other acts of criminality in the society. The Defence spokesman advised lawabiding citizens to report suspicious persons and objects to the security operatives for immediate action.

Code of Ethics

• We are guided by the principles of factual, balanced and fair reporting and commentaries. • We believe that these principles and ethical

conduct are the basis of public trust and confidence. • We believe that a system of self regulation, through a professional code of ethics under an

independent body would best serve the interest of the profession and society. • We subscribe to the Ombudsman mechanism established by the

Newspaper Proprietors’ Association of Nigeria, supported by other stakeholders, to mediate complaints against the press on ethical conduct and recommend redress.

For more information, please contact: Office of the Ombudsman, Newspaper Proprietors’ Association of Nigeria 8, Maryland Crescent, Maryland, Ikeja. Or e-mail: ngrombudsman@yahoo. com

MONDAY, MAY 9, 2016

metro 4

MONDAY, MAY 9, 2016

Afeez Hanafi

... City, Crime, Courts

Family

Lagos water destroys houses in Ogun, displaces residents

wellers of Iludun community, OkeAro, in the Ifo Local Government Area of Ogun State, say they are overwhelmed by the wastewater discharge from Adiyan Waterworks owned by the Lagos State Water Corporation. They said no fewer than 10 houses in the community had been ravaged by the flood that resulted from high volume of the wastewater while at least 70 residents, including landlords, had been forced to relocate. It was learnt that the flood was caused by the failure of the Lagos State Government to dredge a river in the area, which collects the water. Residents, who spoke with PUNCH Metro, said the river was dredged last about eight years ago, making the river to overflow its bank and ravage buildings. In a visit to the affected community on Thursday, our correspondent observed the effects of the flood in some sinking deserted houses, while a section of a drainage channel through which the water flows into the river had turned into a gully. A landlord, Akinwale Ibikunle, whose house is located near the gully, said a child fell there sometime last year and sustained serious injuries. “The boy should be around 10. He was taken to Igbobi Hospital in Lagos. There was also a time that one herdsman fell into the gully with his cows. He hit his head on the stone while he was struggling to rescue the cows. He was rescued, but the cows died. I learnt he died some days after. “Some years ago, what is now a gully was an ordinary gutter that we crossed easily. We can no longer send our children on errands for fear of being trapped. We want the government to do something about it,” he said. A resident, Azeez Ajayi, said the erosion worsened four years ago. He said, “When I moved into Iludun 15 years ago, there was nothing like this. In fact, we don’t experience flood in the rainy season. It is the waste water that caused it and a lot of residents have been displaced. My house is always flooded. I have spent a lot of money maintaining my house because I have no other place to go. “Hardly will the water not be released in a day. The problem became worse four years ago and we have been complaining to Lagos and Ogun states governments since then. At least, 70 persons had packed out of this community.” A pastor, Adedeji Toluwase, of Power Reign Prayer Ministries, said membership

08185225745, 08055126196

Olaleye Aluko

• One of the ravaged houses of the church had drastically reduced as result of the development, adding that they had worshipped outside the church on many occasions. “Last Monday, the flood brought in a big snake into my room,” he added. Evangelist Esther Arowolo of the New Born Apostolic Church said, “Our surroundings are always submerged in water. We just rebuilt a part of the church that crumbled a few months ago. Three landlords, who were my neighbours, had vacated their houses. Several houses are sinking.” Another affected landlord and the chairman of a committee set up to look into the disaster, Evangelist Olade Odulana, said his wife and five children had moved to another community. He said the committee petitioned the Lagos State Water Corporation on February 2, 2015, and when there was no response, “we wrote to the Ogun State Governor, Ibikunle Amosun. But things are becoming worse by the day and up to 10 houses have been destroyed.” Odulana explained that two reminders were sent to Amosun after some officials from the state ministry of environment visited the community. One of the reminders dated February 16, 2016, read in part, “This is to remind you sir concerning the petition and a reminder we addressed to your office about the menace in our community, which is caused by the wastewater from (Lagos State Water Corporation) Adiyan Waterworks. The worst is still happening to us despite the fact that we are in dry season. “The river where the wastewater is channelled to is overflowing and needs dredging. Come to our aid.” Attempts to get reactions of the Lagos State Government proved abortive as calls put across to the line of the state

Commissioner for Information and Strategy, Mr. Steve Ayorinde, rang out. He had also yet to reply to a text message sent to him since Thursday. However, a reply from the Ogun State Ministry of Environment to the community, dated April 19, 2016, and signed by one Mr. Tunji Adenuga, stated that the Lagos State Government had started working to stem the flood. It read in part, “This ministry has taken action on the matter

Photo: Afeez Hanafi by writing the Lagos State Water Corporation and the corporation has forwarded to the ministry a reply to our letter, apologising for its action and informing us of the steps taken to minimise the effect of wastewater discharge from Adiyan Waterworks.” Adenuga confirmed the letter from the Lagos State Government to PUNCH Metro on the telephone. “They wrote to us twice that they are working on it,” Adenuga added.

he family members of a 39-year-old man, Damilare Eyitayo, have accused the Lagos State Command of the Department of State Services of torturing their son to death. This is just as the DSS claimed that the suspect died after jumping out of the van when he was arrested and was being taken away, during which he injured himself. The DSS added that the deceased was given the best of medical treatment, but he later died. PUNCH Metro gathered that Eyitayo, who hailed from Oyo State and lived in the Iyana Ipaja area, was arrested on April 4, 2016, by the DSS operatives during an investigation into a syndicate that specialised in cloning the phone numbers of government functionaries. Our correspondent learnt that at about 2am, the DSS operatives, said to have been accompanied by policemen and soldiers, stormed Aje Street, Pleasure, in the Iyana Ipaja area, in search of one Rilwanu, a suspect. It was learnt that Rilwanu had gone into hiding, but his wife, whose name had yet to be known, led the operatives

to the house of his best friend (Eyitayo), after which the deceased was arrested. The family claimed that Eyitayo was taken to the DSS office, where he was allegedly tortured until he collapsed, leading to his death. It was learnt that on April 6, the landlord of Eyitayo’s house, identified simply as Pa Shobiyi, was invited to the DSS Lagos office in Shangisha and was informed that Eyitayo had died. It was gathered that the family members were later invited on Saturday, April 23, and the news of Eyitayo’s death was broken to them. Speaking with PUNCH Metro, Eyitayo’s elder brother, Oyetunji, said although Eyitayo was Rilwanu’s friend, his brother did not deserve to be tortured to death because he was not the one the DSS wanted. Oyetunji added that the deceased was preparing to get married in December 2016. He said, “We suspect foul play. The DSS did not inform the family until April 23. Why did they hide his death from us? Every time I went there, they said the official handling the matter was not around and I could not see Damilare (Eyitayo). His death

Alleged killer husband speaks Samson Folarin

he man who allegedly killed his wife in the Egbeda, Lagos area, Lekan Shonde, has told PUNCH Metro that his wife, Ronke provoked him by describing vividly how her lover slept with her in a hotel in Abuja. Lekan, a depot worker in the Apapa area of Lagos State, said his wife of eight years changed after she allegedly started dating the general manager of a publishing company. The Abeokuta, Ogun State indigene, said he regretted marrying Ronke, explaining that his late mother had warned him against the union, but he never listened. Our correspodnent had reported that Lekan and his wife, Ronke, lived on Tiemo Close, Off Awori Street, in the Egbeda-Idimu area. The marriage, which was blessed with two children, aged six and four, was said to have been marred with domestic violence. The crisis culminated in the death of Ronke on Thursday, after which her husband fled the house and locked up the children with their dead mother.

He said the last time he beat his wife was three years ago after a disagreement, saying he had never touched her afterwards.

He said, “Since I married my wife eight years ago, she has never bought anything into the house. I gave her N5,000 on Saturdays and N3,000 on

Tuesdays for soup. I also gave her money to make her hair. “She was working with GTB as a marketer, but she got sacked three years ago. For that

• The couple

File photo

MONDAY, MAY 9, 2016

ICE farmers in Abia State have decried the incessant destruction of their farms by Fulani herdsmen at Idima Abam and Ndi Oji Abam, in the Arochukwu Local Government Area of the state. The farmers said activities of the herdsmen posed a threat to their business in the state.

Rice farmers decry destruction of farms by herdsmen

Ogbonnaya Ikokwu, Umuahia

The state president of Rice Farmers Association of Nigeria, Chief Okechukwu Origa, also sought the Abia State Government’s assistance to check the herdsmen and enhance their (rice

farmers’) production capacity. The farmers also urged the state government to help in improving and rebranding their rice to a global brand, noting that their rice was more nutritious than imported brands. They called for financial assistance,

as well as the provision of chemicals for them to kick off the new rice season, adding that massive rice farming in the state would reduce youth unemployment. Origa said, “Commercial rice farming is capital-intensive; so we require

government and non-governmental organisations to help us. “Other challenges facing us are lack of farm truck, tractors, grading of access roads to farmlands for easy evacuation of rice produce to markets.”

tackles DSS as son dies in agency’s custody is painful. He was set to marry in December 2016. “He was not a member of any syndicate. He was a friend to Rilwanu, and the suspect had fled knowing what he did. Damilare’s offence was that he was a friend to a suspect. Now, the DSS is begging us to leave everything to God.” The family lawyer, Babs Animashaun, told PUNCH Metro that the family had submitted a request for a coroner inquest to the Attorney General, Lagos State Ministry of Justice, to know the manner and the cause of Eyitayo’s death. He said, “We were informed that the deceased was arrested because he was a friend to a suspect that the DSS was interested in arresting. We were also informed that it was the wife of the suspect, after she had been beaten by the gunwielding officials, that told them her husband was not around and led them to the house of the deceased. “When the DSS operatives got to the deceased’s house, he was thoroughly beaten before he was taken away. We were informed that the deceased died same day in the DSS custody.

“We hereby request that an inquest be conducted into the circumstances of the death of the deceased to ascertain the cause and manner of death.” The landlord, Shobiyi, said, “When the DSS officials called

• Eyitayo

me to their office in Shangisha, they said Eyitayo died during interrogation. One of the officials asked me to find the deceased’s family members. “About three weeks later, his family members were traced

Photo: Family

and we all went to the DSS office where they heard the news.” The Lagos State DSS Director, Kunle Ajanaku, told PUNCH Metro that Eyitayo became violent and jumped out of the van. He added that the DSS officials rushed him to the hospital for care before he died. He said, “It is regrettable that the man died. We do not engage in extrajudicial killing. When you talk of the best practices in terms of human rights and how we detain suspects, the DSS comes near first. “This is a syndicate that has been able to clone the phone number of a governor. The state government submitted a petition that all the suspects involved should be arrested and prosecuted. “Some of the suspects were traced to the deceased’s house. It took surveillance and technicality for weeks to trace his place. Instead of him to cooperate with officials, he resisted and turned violent. When they managed to take him into the vehicle, he struggled and escaped from the van. “He was pursued and in the process, he fell down twice. As a result of his violence,

we handcuffed and chained him. When he was brought to our office here, we saw his condition and rushed him to

the hospital. He died while in the hospital. “We have sent the case file to the Directorate of Public Prosecutions for advice. We are ready to listen to the family. An autopsy will be conducted; we do not have anything to hide.”

• The suspects

Photo: Femi Makinde

Femi Makinde, Osogbo

Adetokunbo, for allegedly stealing some components of a transformer. The Commandant of the NSCDC in Osun State, Mr. Olusola Ayodele, said this on Friday during the parade of Adetokunbo and an accomplice, Muideen Agunbiade, at the command in Osogbo. The transformer, from where the duo allegedly stole 12 coils, was installed inside the Osun State Civil Service Secretariat in Abere. Adetokunbo, 55, is the Higher Electrical Officer in charge of the power house that supplies electricity to the secretariat. Ayodele said, “The NSCDC officers attached to the secretariat, who were on stop-and-search operation, discovered the transformer’s components inside a Nissan Sunny car where the suspects hid them while transporting them to where they would be sold.” The NSCDC boss said the command would not tolerate vandalism and any unlawful act in the state. Ayodele said the suspect would be charged to court soon. The civil servant told journalists that he was caught the first time he would be engaging in the act and blamed his involvement on lack of money to pay his children’s fees. Agunbiade said the civil servant wanted to borrow some money from him, but he told him that he did not have money to give out. The contractor added that Adetokunbo persuaded him to come to the secretariat to remove the coils.

NSCDC arrests civil servant for stealing transformer parts

he Osun State Command of the Nigeria Security and Civil Defence Corps has apprehended a senior civil servant with the Osun State Ministry of Works, Mr. Julius

from hiding •Wife’s family thinks he’s suicidal period, I was the one feeding her and taking responsibility for everything in the family. I would wash her pants, bathe the children and buy foodstuffs in the house. She later got a job with a publishing company owned by her uncle. “But my wife changed sometime in March, when she started dating the general manger of a publishing company. My wife was going to the office from Monday to Sunday and she wasn’t going to church again, all because of this man. She called him ‘Eyitemi’ (My own). “Last week Friday, she went to Abuja and came back on Monday. She never told me that the lover was there with her. I learnt later that the lover was there and they slept together in the same room for four days. “When she came back, she didn’t know I was inside the house. She started talking with the man on the phone that he really had fun with him and I didn’t know how to make love. She again said her private parts were paining her.” He said he confronted his late wife and she confirmed that she was dating the other man, adding that she asked her to concentrate on a relationship.

Lekan said his wife refused to leave the house despite his insistence on her leaving. Recounting the incident of that night which led to her death, he said they had had an argument over money. He said, “It was around 9pm on Thursday. We had paid our nanny N20,000. Then we needed to pay our children’s teachers N30,000. I discovered she had taken N20,000 and when I asked her to return my money, she said she had spent it. “I was angry because for the past three months, she didn’t allow me to have sex with her. I pushed her hand away from me on the staircase and I left her. She never tumbled or fell. In fact that night, I bought the food that we both ate because she said she didn’t want to cook. “I didn’t know anything had happened to her until Friday when I saw her on the staircase. I thought she was still pretending. I just left her and walked away.” Asked why he shut the gate against his children, he said he never did, adding that it was his son that closed that gate. Lekan also denied taking the victim’s phone away, saying he

left it on the bed. He said he had no reason to kill his wife, adding that he bought her two cars and always provided for her needs. He said, “Jide, her family’s second child lived with me for three to four years. Their eldest daughter, Bolatito, has lived with me too. “Although I am not a saint, I don’t drink, I don’t smoke. I am a responsible man. The problem with my wife was that she was temperamental. She shouted at me whenever she talked. “I am a Lagos boy and I can be in this Lagos for the next 30 years and nobody would see me.” Meanwhile, Ronke’s sibling, Bolatito, said their mother had just arrived in Lagos from Ilorin, Kwara State, adding that the family would not want to talk about the incident yet. Our correspondent gathered that Ronke’s brother and the second born of the family, died in a ghastly motor accident in Abuja. Bolatito, who is the first born, is the surviving child of three children. She said, “My mother just arrived from Ilorin and the family wants to devote time to

attend to her; we don’t want to talk about the incident. I am not in the right frame of mind to talk. “But all I want to say is that her husband is somewhere out there and has been calling. The police should reach out to the telecommunications company to know where he is. He called me and he said he wanted to see me. “He also said he wanted to see his children and I should tell him where they are because we might never see him again.” The aunt of the victim, Bunmi, explained that the suspect had been threatening suicide, saying their mother had forgiven him. She said, “Mummy is very sad with this, but she has forgiven him and does not want him to commit suicide.” A family source told PUNCH Metro that the domestic violence had been on for some time, saying at a point, the matter was reported at a police station. He said the suspect always accused his wife of extramarital affair. He said, “He always beat her because of his belief that she was into an extra-marital affair. “The beating reduced a bit

when the wife of her late brother who was one month pregnant before his death, moved into the house with them. She stayed for about eight months. She was like her saviour.” The Convener of the Women Arise for Change Initiative, Mrs. Joe Odumakin, while condoling with the family, said the group would pursue the case till the end. She said, “I am shattered and heart-broken. Their mother had been a widow since they were all little and she has lost two of three children in less than one year. And it is hard to believe that the killer husband has been chatting with people, asking to see his children and blatantly lying that he only slapped her. “Neighbours must learn to intervene when they hear unusual noise. And women, who are in abusive relationships, must speak out before it is too late. Lekan should come out and submit himself so he could be tried in a court, where he will have the chance to prove his innocence.” NB: Lekan spoke with PUNCH Metro on the telephone line provided by his in-law, Bolatito, which was also confirmed by the police spokesperson, Dolapo Badmos.

MONDAY, MAY 9, 2016

news photo

CWEIC appoints Ambode VP, advises on UK investments Sesan Olufowobi

•Kogi State Governor, Alhaji Yahaya Bello; (left) and the Attah Igala, Michael Idakwo Ameh Oboni II, during the celebration of 100 days in office of the governor in Kogi State... on Friday. Photo: Kogi State Government House

•L-R: Vice President, Association of Assets Custodians of Nigeria, Akeem Oyewale; President, AACN, Taiwo Sonola; and General Secretary, AACN, Biodun Adebimpe, during a briefing on the 5th Annual Investor Conference of AACN holding in London, in Lagos… on Friday. Photo: AACN

he Lagos State Governor, Mr. Akinwunmi Ambode, has been appointed the Vice President of the Commonwealth Enterprise and Investment Council (CWEIC). CWEIC is an interest group established to promote trade and investment by facilitating engagement between government and the private sector throughout the Commonwealth. The Chief Executive Officer of CWEIC, Oliver Everett, who announced Ambode’s appointment while meeting with a group of Nigerian businessmen at the Lagos House in Alausa, Ikeja, said the Lagos governor would be in office alongside Jeffrey Mountevans, the Lord Mayor of the City of London, as co-Vice President of the council for the next one year, subject to renewal for another year. Everett, who was in Nigeria to talk about investment opportunities in Commonwealth nations, especially in Europe, said, “The appointment of Ambode is a major pointer to the fact that Nigeria and indeed Lagos, is open for real and serious investments.” At the meeting, which was facilitated by the Office of the Special Adviser on Oversees Affairs and Investment, otherwise known as Lagos Global, Everett advised businessmen from Nigeria to avoid production of sugary drinks, saying a lot of people in Europe were already avoiding such drinks because of obesity, and would rather prefer natural drinks.

He said Nigerians in the United Kingdom were the fourth largest spenders, adding that there was a huge market for Nigerian goods for them, as well as for Europeans who love made-in-Nigeria goods. Everett commended the anti-corruption efforts of President Muhammadu Buhari, saying the war on corruption embarked upon by the President since assuming office about a year ago had positively changed the perception of investors about the safety

of their investments in Nigeria. “In terms of investment, there is huge interest in Nigeria at the moment. I think it is a well known fact that that there was a lack of confidence about where money invested in Nigeria might end up. “That is why the crackdown on corruption by President Buhari has made a huge difference to that perception and there is now great willingness for investors to come to Nigeria,” he said.

Sesan Olufowobi

he Ogun State Government says the immunisation campaign in the state has received a boost with the arrival of the first batch of consignment from the European Union Support Immunisation Governance in Nigeria. The state government stated that EUSIGN donated 45 solar refrigerators, solar generators and panels to the government for proper preservation of immunisation vaccines in the state. While receiving the items on behalf of the state government, the Commissioner for Health, Dr Babatunde Ipaye, said, “The solar refrigerators and generators will keep immunisation vaccines potent, safe and viable without having to depend on electricity.” Ipaye added, according to a statement on Sunday, that the catalyst for efficient

health care service delivery was to have a well funded Primary Health Care system in place. He added that 40 Primary Health Care centres across the state would bring health care service delivery closer to the people. He said, “Each local government area will benefit from the refrigerators and solar generators, although priority will be given to health facilities with more patronage and productivity.” Ipaye said an integrated team had been set up to preserve and secure the items to be distributed to all the 20 LGAs of the state. The EUSIGN State Technical Assistant, Mr. Saliu Nasir, stated that the gesture was to help the state improve its health care delivery to the people. He stated that EUSIGN would hand over the items to the government, adding that more of such development would come to the state.

responsibilities and produce a virile, competent and dedicated workforce. He said, “I urge the commission to ensure that there is adequate training and re-training of the workforce in all cadres, in order to improve the capability and productivity of the workers, as well as expose them to the latest techniques necessary for effective discharge of duties in their respective LGAs/ LCDAs. “The commission should allow itself to have a human face at all times.” Alimi said the commission should not hesitate to solicit the assistance of the Assembly whenever it deemed necessary. The Chairman of the Local Government Service Commission, Babatunde Rotinwa, in his remark, commended the Committee

on Local Government Administration and Community Affairs for supporting the commission, adding that it would at all times ensure that it worked with the committee and the Ministry of Local Government and Community Affairs. Rotinwa said, “The commission will continue to do its best to ensure that it performs its statutory functions, especially in the career management and welfare of workers of the LGAs/LCDAs. “Our officials in the 57 LGAs/LCDAs should, however, come alive to their responsibilities and ensure that people at the grass roots enjoy the dividends of democracy.” Other members of the committee during the visit were Ogundimu Oluyinka, Solaja-Saka Nurudeen and Famakinwa Adedayo.

Ogun receives items to boost immunisation

Lagos Assembly pledges support for LG commission Samson Folarin

T • L-R: Marketing Manager, GOtv, Johnson Ivase; Public Relations Manager, GOtv, Efe Obiomah; and Managing Director, Strategic Outcomes Limited, Jenkins Alumona, during the GOtv media round table in Lagos... on Friday. Photo: GOtv

• L-R: Managing Director, Davo Dani Microfinance Bank Limited, Mr. Ndoma Odey; Chairman, Mr. Austin Enajemo-Isire; and Head, Human Resources, Mrs. Effeh Aggie, at a press conference on the bank’s licence in Lagos... on Friday. Photo: Segun Bakare

he Lagos State House of Assembly has promised to support the L ocal G ove rnm e nt Service Commission to enhance service delivery to residents in all the 57 local government and local council development areas in the state. The Chairman, Lagos State House of Assembly Committee on Local Government Administration and Community Affairs, Alimi Kazeem, who spoke during a familiarisation visit to the commission at the Old Secretariat, Ikeja, said the support would also ensure improved productivity of its workforce. A statement on Sunday said Kazeem explained that the collaboration would enable the commission to fulfil its ministerial

news Acquire skills, NYSC DG tells corpers Michael Olugbola

he Director-General of the National Youth Service Corps, Brig. Gen. Suleman Kazaure, has urged corps members to enrol for skill acquisition programmes during their one-year service to the nation. The DG gave the charge on Sunday while addressing the 2016 Batch ‘A’ corps members at the orientation camp in Iyana Ipaja, Lagos State. He appealed to them to explore Skills Acquisition and Entrepreneurship Development Programme offered by the NYSC to prepare them for self-employment. Kazaure said, “I don’t want you to go in search of jobs. Instead, you should create jobs for others. If you can secure a white-collar job, fine. But do not spend too much time searching for it when you have the chance to be your own boss.” He also urged the corps members to positively impact the communities they were posted to and respect their culture and tradition. “I urge you to integrate well with your host communities, appreciate and respect their cultures. Also, know that indecent dressing is not allowed both in and outside of the camp. You should add value to your host communities. Desist from Indian hemp and hard drugs in general,” he added Kazaure enjoined the corps members to be good ambassadors of their families and the country, adding that the NYSC would reward commitment, dedication and excellence in service awards, including presidential handshake, cash price and automatic employment. The Lagos State Coordinator of the corps, Mr. Cyril Akhanemhe, said the regimented nature of camp life was not meant to impose hardship on corps members, noting that the idea was to prepare them for the challenges of service and leadership. Akhanemhe assured the corps members of adequate security and welfare throughout their stay in the camp. “Don’t engage in illegal activities and unauthorised journeys; attending night parties is not allowed,” he warned.

Lijadu dies

he family of a former Managing Director of the National Insurance Corporation of Nigeria, Mr. Olayinka Lijadu, has announced his death. Lijadu, who was survived by his wife, children and grandchildren, died on May 1, 2016. In a statement by the family, the proprietor of Insurance Technical Services Limited, was described as loving and generous. “He will be missed and fondly remembered,” the statement added.

MONDAY, MAY 9, 2016

Dasuki paid me monthly, says Okupe Eniola Akinkuotu, Abuja

former Senior Special Assistant on Public Affairs to ex-President Goodluck Jonathan, Dr. Doyin Okupe, has revealed that his office was funded monthly by the embattled former National Security Adviser, Col. Sambo Dasuki (retd.). Okupe, who served under Jonathan from 2012 to 2015, said this on his official Twitter handle. He, however, said he had nothing to do with the arms scam which cost the country over $15bn in stolen funds. Okupe said, “I was not paid arms deal money. The NSA paid for the running of my office monthly from August 2012. Dasukigate was in

• EFCC grills Fani-Kayode today

2014.I did not take part in the campaign.” The former spokesman for Jonathan, however, received bashing from several of his followers online who wondered why his office should get security votes. A Twitter user, Ojezs, asked, “You’re just implicating yourself. Is it the NSA office that employed you?” Another user, Ayoola Ayodeji, wrote, “You probably mistake some of us for hungry people. A day will come when you won’t be able to sleep because poor people are outside your gate.” In his response, Okupe wrote, “You guys are idiotic. You wait and pray for the

innocent to be punished. It will not happen. You must think some of us are terrified.” It had been reported in January that Okupe got at least N1.6bn off Dasuki in three shady cyber security contracts. One of the contracts had instructions to hunt down unfriendly media websites with Distributed Denial of Service attacks. It was believed to be a project conceived to shut down online media platforms perceived as friendly towards Muhammadu Buhari, the then presidential candidate of the All Progressives Congress ahead of the 2015 election. The other contract was to intercept all optic fibre

“Your present achievements and attainment have no colouration but purely based on merit. Your achievements, irrespective of your source, are a clear testimony to the absolute trust and confidence your respective employers have in you. “Please, bear in mind that the reward for hard work is more work. Remain focused and be more committed to your duties,” the statement quoted Oba Fasiku as saying.

Friday had left, detectives were still keeping surveillance on his home located at 5, Zuma Close, Aso Drive. Fani-Kayode, who was the spokesperson for the Goodluck Jonathan Campaign Organisation, during the 2015 presidential election, was invited by the EFCC for receiving N840m during the build-up to the election. According to documents sighted by our correspondent, the money was deposited into Fani-Kayode’s Zenith Bank account, Maitama Branch with number 1004735721 on February 19, 2015. The account has since been frozen by the EFCC. The EFCC has invited a former Minister of Aviation, Fani-Kayode, for receiving N840m from the Director of Finance, Goodluck Jonathan C a m p a i g n O rg a n i s a t i o n , Senator Nenadi Usman. Fani-Kayode, who was the Director of Publicity for Jonathan’s campaign organisation, was said to have received the money in January, 2015. The money was said to have emanated from the Central Bank of Nigeria. In a letter signed by Mr. Mohammed Umar Abba on behalf of the Acting Chairman, Mr. Ibrahim Magu, the commission explained that Fani-Kayode’s name featured prominently in the alleged scam and he was needed to clarify some issues. The letter read in part, “The commission is investigating a case of criminal conspiracy, fraud and money laundering involving Joint Trust Dimensions Limited which you featured prominently. In view of the above, you are requested to kindly report for an interview on Monday by 10am.” The money, which FaniKayode has confessed to receiving, was said to have emanated from the account of the Central Bank of Nigeria. The former minister, however, said he did not know that the money emanated from the CBN as he received the money from Nenadi Usman who was the Director of Finance of the campaign.

was being called upon to weigh its powers as stipulated in the party’s constitution. Part IX 32 (5) of the PDP constitution empowers the BoT to “ensure highest standards of morality in all activities of the party by acting as the conscience of the party, with power to call to order any officer of the party whose conduct falls below the norms.” The petitions were said to be on the zoning of the national offices and the need to either cancel or suspend the convention. One of the groups that have submitted petitions to the BoT, it was gathered, is the one known as Stakeholders of the PDP, which is said to be led by

Dr. Raymond Dokpesi. A member of the group, who spoke to our correspondent on condition of anonymity, said, “We have written to the BoT on the need to sack the entire members of the NWC on May 21. “We are also demanding that a caretaker committee be constituted to manage the affairs of the party for sometime before convention is held.” Members of the Dokpesi group were said to have scheduled a meeting for Thursday in Abuja. It was gathered that a governor from the SouthSouth (name withheld), has signified his intention to be at the meeting.

cables landing in Nigeria. The third was a passive mass and targeted GSM interception that had the ability to decrypt ciphers and operate undetected. The contracts that were allegedly awarded to Okupe’s cronies, reinforces claims that the former NSA merely doled out cash and contracts to cronies and political associates and violated procurement regulations in the process. Meanwhile, a former Minister of Aviation, Chief Femi Fani-Kayode is expected to be grilled by detectives at the Economic and Financial Crimes Commission on Monday (today). It was learnt that even though the EFCC operatives who stormed his home last

• L-R: The Mai of Kaltungo, Gombe State, Alhaji Sale Muhammadu Umar; Governor, Rotary International District 9125, Dr. Mike Omotosho; and past District Governor, R.I 3170 India, Mr. Raju Doshi, during the 2016 7th District Conference in Abuja... on Friday. Photo: Sam Adeko

Ekiti group honours Aderiye, Ogunleye

Toluwani Eniola

former National Publicity Secretary of the defunct Social Democratic Party, Chief Ishola Filani, has urged Nigerians not to be deterred by the current hard times but make the best of every challenging situation. Filani gave the charge in Lagos on Sunday during a reception organised by the Ikole Elite Forum in honour of the Chairman of the Lagos State Health Services Commission, Dr. Bayo Aderiye, and the VicePresident, Human Resources, Shell Sub-Saharan Africa, Mr. Kayode Ogunleye. The elder statesman, who was the chairman on the occasion, said both Aderiye and Ogunleye had brought honour to Ekiti State and urged the youths to emulate them. Aderiye and Ogunleye were honoured for their commitment to excellence in their respective fields of endeavour. Filani urged all accomplished persons in the group to mentor youths and encourage them to become valuable members of the country. He said, “It gladdens my heart to see sons and daughters of our great town achieve greatness. The reception of today could not have come at a better time. It is a refreshing development

as this is coming on the heels of our common effort in grappling with the abysmal level of moral decadence that our youths have fallen into. “The high level of unemployment created by our nation’s battered economy, that have turned our young men and women into political loafers, has made such an event like that of today a rarity. “Today clearly demonstrates to us that all hope is not lost and that as a people, we can turn our despair into prosperity. We can

take our destiny into our hands and make the best of every challenging situation we find ourselves.” The Elekole of Ikole-Ekiti, Oba Adewumi Fasiku, said Aderiye and Ogunleye’s achievements had justified the saying that hard work and dedication were prerequisites to success. In a statement read on his behalf on the occasion, the monarch said he was proud to be associated with Aderiye and Ogunleye.

Sheriff: PDP BoT receives petitions, meets today Olusola Fabiyi, Abuja

he Board of Trustees of the Peoples Democratic Party has received petitions from different groups within the party on how to solve the crisis rocking the former ruling party, The PUNCH has gathered. A member of the Board, who spoke with our correspondent on condition of anonymity in Abuja on Sunday, said the BoT would consider the petitions before it. The petitions, it was gathered, were aimed at putting the party in the right track ahead of its national convention slated for Port Harcourt, Rivers State capital on May 21. Majority of the stakeholders

of the party are insisting that its National Chairman, Ali Modu Sheriff, should not be a contestant for the same office at the convention. Besides this, they are also saying the office of the national chairman should not be zoned to the North-East where Sheriff hails from. Some are still contesting that the office should be zoned to the South-West, a region that has yet to produce the national chairman in the over 16 years of the party. The Acting Chairman of the Board, Walid Jibrin, confirmed to our correspondent that the party’s BoT meeting would hold but he did not divulge its agenda. It was learnt that the Board

MONDAY, MAY 9, 2016

news

Police arrest suspected kidnappers Simon Utebor, Yenagoa

he police in Bayelsa State have arrested three suspected kidnappers and recovered arms and ammunition. The names of the arrested suspects were given as Junior Prince, 29; David Okpara, 23; and Samuel Yellow, alias Sammy. The fourth suspect, identified simply as Ndubuisi, is still on the run. They were said to have gone to the residence of one Dr. Uche Nwachukwu at Otiotio in the Yenagoa Local Government Area of Bayelsa on May 3, 2016 and abducted his wife, Immaculate. The Police Public Relations Officer, Bayelsa State Command, Mr. Asinim Butswat, said the anti-kidnapping unit of the command swung into action and investigation led to the arrest of Junior Prince and David Okpara at Choba in Port Harcourt, Rivers State. He said the arrest to the rescue of Immaculate on May 6. Butswat said the suspects confessed to the crime and revealed that Samuel Yellow, alias Sammy, from Ahoada, Rivers State, but resident at Okutukutu, Yenagoa, Bayelsa State, invited them from Ahoada for ‘business’. He said, “Upon interrogation, the suspects led police to the house of Samuel at Okutukutu, Yenagoa at about 3.30pm on May 7, 2016 when he was arrested.”

Anambra PDP congress

Tony Okafor, Awka

he Anambra Peoples Democratic Party is set to conduct its state congress on Tuesday. A source in the state police command, who pleaded anonymity, told our correspondent that scores of policemen had been mobilised for the exercise. The source said, “You know this is politics. We are trying to be careful about it so that nobody would accuse us of taking sides. “We are on top of the situation and we are aware of the different interests in the party, but as an unbiased umpire, we must be neutral but professional in the exercise of our duty.” Leader of the congress committee that monitored the ward and local government congresses in 326 wards and 21 local government areas of the state, Alhaji Shettima Gwandu, had described the two congresses held a few days ago as successful and encouraging.

FG to concession 2nd Niger Bridge, four airports Olalekan Adetayo, Abuja

he Federal Government has listed six strategic intervention areas to be covered by the 2016 budget signed into law by President Muhammadu Buhari on Friday. According to a series of tweets from Aso Rock twitter handle, on Sunday, the intervention areas include

Governance, Transparency and Security; Diversification (Industrialisation, Agriculture, Solid Minerals, Tourism, Entertainment); Critical Infras tructure (Power, Rail, Roads and Housing); Oil and Gas Reforms; Ease of Doing Business and Social Investment. Under Governance, Transparency and Security,

the Federal Government intends to put in place what it called appropriate forex regime that would lead to a stable and predictable forex exchange rate. The government also targets 25 per cent reduction in the cost of procurement by the Bureau of Public Procurement. “The government will enforce the Administration

of Criminal Justice Act (2015); develop elite unit of prosecutors for cases of corruption and other serious crimes; and designate special judges to ensure a speedy dispensation of justice in cases of corruption and other serious crimes,” the document added. Under Diversification through industrialisation, the government plans to

• L-R: Awardee/Vice-President, Human Resources, Shell sub-Saharan Africa, Mr. Olukayode Ogunleye; Iyaloja of Ikole Ekiti, Chief Dupe Igbalajobi; Chairman on the occasion, Chief Ishola Filani; another awardee/Chairman, Lagos State Health Service Commission, Dr. Adebayo Aderiye; and his wife, Olayinka, during a reception in honour of Ogunleye and Aderiye by Ikole Elite Forum in Lagos...on Sunday. Photo: Saheed Olugbon

Buhari’ll focus on rail projects, says Odigie-Oyegun John Alechenu, Abuja

he National Chairman of the All Progressives Congress, Chief John Odigie-Oyegun, has said the execution of national railway projects is a major priority of the President Muhammadu Buhari-led administration. Odigie-Oyegun explained that this was reflected in the recently assented N6.06tn 2016 national budget. The party chairman said this at a dinner held in his honour by the Abuja branch of the Old Boys’ Association of Saint Patrick’s College,

Asaba, on Saturday. He graduated from the school in 1957. According to him, the decision of the administration to commit 30 per cent of the 2016 budgetary provision to capital projects was a demonstration of government’s commitment towards reviving Nigeria’s critical infrastructure. He said, “As of today, the economy is in the process of being reflated. This means that money is being put into the system. Contractors are being mobilised to go back to work. New contracts will

be awarded. “The railway will be one of the very first priorities. We will, for the first time, go from Kano to Lagos through Benin City all the way to Calabar by rail.” He appealed for patience and cooperation from Nigerians, saying the administration was working to pull the country out of her present hardship. Speaking about the administration’s plans to create a safety net to cater for the poorest and most vulnerable Nigerians as well as other economic initiatives aimed at diversifying the

‘Palaces of Corruption’, The Daily Mail published pictures of the palatial homes of the prominent Nigerians including those of the convicted ex-Governor of Delta State, Mr. James Ibori, who is still serving time in a UK prison. “Properties bought with dirty money often sit empty for long periods. Those living nearby have no idea who their neighbours are, undermining any sense of community. Most importantly, those properties are taken off the market, further squeezing housing supply,” the report read in part. According to the report, Professor Bolaji Owasanoye

of the Nigerian Institute of Advanced Legal Studies, who is the Executive Secretary of the Presidential Advisory Committee against Corruption, lamented that UK banks were not doing enough to curb corruption. He said, “It’s great Mr. Cameron (UK Prime Minister) is taking this seriously. But Britain isn’t doing as much as it should, in terms of ending the secrecy and making its banks more accountable.” A former Minister of Petroleum Resources, Diezani Alison-Madueke, who has been accused of stealing billions of dollars in public funds, is also in the UK.

Alamieyeseigha, Audu, Ibori’s London mansions exposed

Eniola Akinkuotu, Abuja

he London mansions of deceased former Governor of Baylesa State, Diepreye Alamieyeseigha, and another dead exgovernor, Abubakar Audu of Kogi State, have been revealed by a United Kingdom-based media ahead of President Muhammadu Buhari’s visit to London for an anticorruption summit. The Chairman of the Economic and Financial Crimes Commission, Mr. Ibrahim Magu, is also expected to be at the event which holds on Tuesday (tomorrow). In a report entitled:

economy, he said, “The result at the end of the day is going to be a more vibrant nation which every Nigerian will be proud of.” Earlier, the President of the old boys’ association, Mr. Tony Anyameluhor, said, “Many Nigerians will appreciate what God has done by bringing in a party with zero tolerance for corruption; a party that upholds the principle of one person one vote, grounded in free and fair elections at all levels. “Less than one year of this administration, looted funds are being repatriated and they are going to be judiciously used for the benefit of all Nigerians. “No doubt, the APC administration is faced with many challenges which it inherited. What is required from Nigerians is patience as it is easier to destroy than to rebuild.”

utilise 5,000 hectares of irrigable land in 12 River Basin Development Authorities and also utilise 22 dams for commercial farming. While adopting and implementing the Solid Minerals Development Roadmap, the government intends to activate and revive industrial parks, Free Trade Zones and Export Processing Zones; and also implement the Nigerian Industrial Revolution Plan. On critical infrastructure, the government plans to privatise the National Integrated Power Projects across the country and optimise the 7,000MW installed capacity by completing ongoing infrastructural projects in generation, transmission and gas as well as ensuring that tariff reflects all costs. Under the 2016 N6.06tn budget, the government also plans to commence the construction of new rail line connecting Abuja to Ajaokuta; commence the construction of a standard gauge of Lagos-Kano rail line and complete the rehabilitation of Abuja, Kano, Lagos and Port Harcourt airports and explore concession options. The tweets also said that plans were also under way to concession the Second Niger Bridge. The government would also construct 3,552 mixed housing units as pilot schemes in each of the 36 states and Abuja under the National Housing Project, the tweets said. Under Ease of Doing Business, the Federal Government has a goal of pushing Nigeria up by 20 places on Ease of Doing Business rankings. This would be done by establishing a presidential council on Ease of Doing Business in H1 2016. The government also plans to fast-track visa application and issuance process including visa-on-arrival for business visitors as well as reduce port clearing time for goods to 72hours. Under social investment, the government plans to cater for 5.5m children per annum under the School Feeding Programme in collaboration with the 36 states and Federal Capital Territory, among others.

Evans appoints new MD

he Board of Directors, Evans Brothers (Nigeria Publishers) Limited, has appointed of Mr. Lukman Dauda as the Managing Director/Chief Executive Officer of the company. A statement from the company said the new MD was a seasoned accountant and administrator who had acquired diverse experience spanning over two decades in the book and publishing

industry. The statement said Dauda served as the Head of Internal Audit, the Chief Accountant and Company Secretary at one time or the other before his appointment into the board as an Executive Director in 2013. He has also attended various seminars and workshops on publishing both within and outside Nigeria.

MONDAY, MAY 9, 2016

news

Malami denies alleged refusal to recover N300bn loot Ade Adesomoju, Abuja

he Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami, has denied the claim by the Chief Executive Officer of Panic Alert Security Systems, Mr. George Uboh, that he (AGF) had uncovered over N300bn looted from the Federal Government and kept in secret accounts. Malami stated this in his response to the petition sent to President Muhammadu Buhari by Uboh, alleging, among others, that the minister failed to recover N300bn, which, he claimed, to have traced within 27 days of being engaged by the AGF. The petitioner also alleged that the minister had an unholy alliance with the “banking sector mafia” not to cooperate with PASS in the task of tracing and recovering the loot. He also accused Malami of blocking the recovery of the over N1tn proceeds of fraud and corruption recovered by the Economic and Financial Crimes Commission but allegedly diverted and kept in secret accounts by the anticorruption agency. But Malami, in his response, with reference number, HAGF/SH/2016/ Vol. 1/20, sent to the President through the Chief of Staff, Abba Kyari, said instead of tracing, recovering and remitting the hidden loot as stated in the terms of engagement, Uboh was “merely on a voyage of information and windowshopping”. He said he revoked the letter of engagement, dated February 9, 2016, through a letter dated March 24, 2016, when he discovered that Uboh had unilaterally extended the scope of the engagement. He said he found out that beyond the 13 banks,

which he limited Uboh’s engagement to, the PASS boss “actually wrote several banks, private individuals, corporate entities (national and multinationals), government agencies and virtually all ministries of the Federal Government. He said the petitioner solicited “data, information, official records, remittances (funds and stocks) and records of the whereabouts of all forfeited assets not yet disposed by some of the FGN agencies, amongst other things”. According to the minister, among those written by

Uboh aside the 13 banks he was engaged for were all ministers, Managing Directors of 25 Money Deposit Banks in Nigeria; Chairman, Independent Corrupt Practices and other offences Commission; InspectorGeneral of the Police; Acting MD, Niger Delta Development Commission; MD, Petroleum Products Marketing Company; MD, Nigerian Ports Authority, and the Acting Chairman of the EFCC. Others, he added, included the immediate Past Comptroller-General of Customs, Alhaji Dikko

Inde; the immediate past AGF and Minister of Justice, Mr. Bello Adoke; a former Minister of State for Finance/ Minister of Finance, Mrs Nenadi Usman; and the immediate past Governor of Akwa Ibom State, Senator Godswill Akpabio, among over 30 others. Malami stated, “In a manner that clearly demonstrated that PASS was merely on a voyage of information and window– shopping, PASS, upon receipt of the letters hereinabove mentioned, went to town and unilaterally expanded the scope of its brief far beyond

the 13 banks covered by his brief and embarked on subtle threats to all Nigerian banks, some private individuals and entities solely to shop for data and information to execute the brief contrary to the representations made to me. “It’s only a defence for the ultra vires were the fraudulent, baseless, unsubstantiated and illogical inferences that my letter of introduction dated February 17, 2016 has endlessly expanded/enlarged the scope of its instructions while in actual sense, the said letter was expressly issued ‘pursuant to a February 9,

2016’s letter of engagement’ earlier given to PASS.” Malami denied having any “unholy alliance” with some banks to frustrate the recovery of the looted funds. “I must state that the above allegations are untrue, incorrect, false, a figment of the imagination of the author and a smear campaign by Dr. Uboh to tarnish my name,” he said. He added that after the disengagement, Uboh cooked up letters to give the impression that he had traced the money and brought it to the attention of the AGF office.

Femi Makinde, Kamarudeen Ogundele and Godwin Akor he National Unity and Peace Corps has offered to monitor the movement of cattle and other animals in the country in order to stop the frequent clashes between herdsmen and farmers. The Osun State Commandant of NUPEC, Mr. Moses Ayodele, said this in a speech he delivered at the passing-out parade of members of the group in Ede, Osun State, on Saturday. Ayodele promised that the corps would work hard to ensure national unity and peaceful coexistence in the country. He added, “NUPEC will undertake animal policing and monitoring to avert incessant conflicts between herdsmen and farmers and also control, regulate, police and monitor other animals and serve as law enforcement body of animals in Nigeria. “NUPEC will be involved in conflict resolution, total harmony and unity of neighbours and peaceful accommodation and tolerance among communities.”

He added that the corps would teach the youths to accept Nigeria as one nation and as people destined to live together as one family by ensuring that the NorthSouth dichotomy was abolished. The Osun State commandant of the NUPEC appealed to the Federal Government to ensure the speedy passage of the legislation seeking the establishment of the corps to start its operations without any hindrance. The Commandant-General of the NUPEC, Dr. Chinedu Nneji, who commended the corps graduates for their commitment and endurance throughout the orientation course, urged them to remain disciplined. The DG, who was represented by the Assistant Commandant-General, Fredrik Obidigwe, said the legislation to legalise the organisation would soon be completed. He said the corps was committed to ensuring that Nigerians remained one irrespective of ethnic or religious affiliation. The Deputy Governor of Osun State, Mrs. Titi Laoye-

Tomori, lauded the corps, saying the state government would not relent in supporting the organisation and would assist them to succeed. However, a chieftain of the Christian Association of Nigeria, Rev. Testimony Onifade, has said the activities of killer herdsmen in recent time suggested they have godfathers. Onifade, a Special Assistant to CAN Vice-President, Rev. Supo Ayokunle, said the herdsmen could not be carrying AK-47 rifles and other sophisticated riffles without the backing of highly-

placed people. He stressed that government must ensure the arrest and prosecution of their sponsors to tackle the problem. Onifade spoke in Igede Ekiti on Saturday during a Baptist Church of Nigeria special programme. He said, “What the Fulani herdsmen used to carry are sticks and cutlasses, but today, they parade AK 47 rifles. Where did they get them? “Their actions in recent time are barbaric and wicked. I can read political, tribal and ethnic colourations

to the way they act. I want to believe that President Muhammadu Buhari, despite being a Fulaniman, cannot support such madness and he shouldn’t also keep quiet.” Meanwhile, a socio-cultural organisation, Opiatoha K’Idoma, has expressed dissatisfaction with the way the Inspector-General of Police, Mr. Solomon Arase, has handled the killing of farmers by suspected herdsmen across the country. The body believed that the IGP had not been proactive in stemming the tide of the spate of killings.

the Nimbo community in the Uzo-Uwani Local Government Area of Enugu State and the Agatu community in Benue State, where hundreds of persons were killed by Fulani herdsmen, the group warned that the matter must not be swept under the carpet. He added, “Violent extremism and insurgencies fester and proliferate when treated with levity and nonchalance by the government and its security agencies. “The ‘Kwanta-Kwanta’ group that robbed and terrorised traders and road users along the Biu-Maiduguri axis in the early 90s and the Boko Haram now terrorising the North-East are clear cases in point. “We, in NAS, are concerned that history may repeat itself if the murderous menace of these rampaging marauders is not tackled boldly and decisively. “It is pertinent to point out the tendency we have as a

nation to pass the buck and use stereotypes to either do nothing or absolve criminals of shouldering the responsibility for their crimes. “Cultism has been a toga used several times by our security agencies and government to describe murder, armed robbery, arson, rape, aggravated assault and other felonies, just because they may have been committed by students on or off our tertiary institutions’ campuses. “This is wrong and has been responsible for the impunity exhibited by the perpetrators of these crimes. “We, as a nation, are faced with an escalating, clear and present danger posed by these rampaging murderous marauders. There must be no ethnic colouration for crime especially now we must collectively work assiduously towards nation-building.”

Peace corps offers to stop herdsmen, farmers clashes

Shielding nomadic killers will heighten ethnic tension –Group Mudiaga Affe, Calabar

he National Association of Seadogs, Pyrates Confraternity, has cautioned security agencies not to shield nomadic marauders attacking various communities in the guise of herdsmen. The National President of NAS, Mr. Ifeanyi Onochie, who stated this against the backdrop of escalating killings and violent attacks on innocent Nigerians by the Fulani herdsmen, said the country was currently threatened by the multifaceted challenge of insecurity. He said, in a statement on Sunday, that the association was deeply concerned that Nigeria’s security agencies had proved incapable of confronting the rampaging marauders before, during or after each orgy of wanton and well-orchestrated killings. Citing the recent attacks on

MONDAY, MAY 9, 2016

word

“To address an economy takes time; a government cannot just come up and sack people. These are human beings and these are people who have responsibilities. So, if you want to gradually reduce the headcount, there is a way to do it and the first thing is who are you even paying? Do you even know who your workers are?” — Minister of Finance, Mrs. Kemi Adeosun

AM BUS

... personal finance, small business, financial information Transport business you can start now (3) I

n Start Your Own Transportation Service, the Staff of Entrepreneur Media explains how you can launch a profitable transport service, whether you want to start a long-haul operation or an in-town service. In this edited excerpt, the authors briefly discuss ways you can get started in the transport industry. Boats Transporting boats is another specialty business that can be lucrative and interesting if you’re in a maritime area. Keep in mind that this will be a seasonal business -- and extremely busy during the pre- and post-boating season since everyone will want their boat in the water or taken out of the water in the same general time frame. You’ll need to decide what kind of boats you want to transport. A speedboat for the lake has a very different trailer requirement than a large sailboat with a mast and a keel. Although motorboat transport would likely be a higher-volume business, it’s also something many boat owners can do themselves. But if you keep your prices reasonable and become known for taking extra good care of the boats you transport, you may find people hiring you to take care of this for them anyway. Motorboat owners are likely to have room in their yard to store them, but if you can provide covered storage, you can have an added-value component to your business. You can also add the service of shrink-wrapping the boat before storage. The startup funding for boat transport is modest but perhaps surprisingly higher than you might think, especially given the cost of pickup trucks. You’ll need an appropriately sized truck and perhaps two or three different-sized trailers. Also important is liability insurance to cover the boats you transport and the possibilities of things that can happen when you haul things. That storage option is a good expansion aspect to the boat hauling business. Air transport Transport by air, whether plane or helicopter, involves significant start-up costs for equipment, licensing (for yourself and/or employees), and insurance. Small plane transport can be of goods or people like hunters or skiers headed to remote territory, delivering goods or mail to islands, or even transporting freight internationally. You’d need to get your ducks in a row using a facility that has excellent cargo handling and inspection equipment (especially for agricultural products and other items highly regulated when they move around the country) and customs if you plan to do any international shipping since moving products by air is all about speed. Marine shipping Transport by boat is a huge business. It’s also a huge business to start. Marine shipping is often done by tankers stacked with containers that get lifted off the trailer of an 18-wheeler and stacked on the boat, typically entails international import/ export business, and requires knowledge of customs regulations in general and for specific merchandise. If you’re an expert scheduler and coordinator, perhaps this is the business for you. But, like air transport, be prepared for a lot of research, planning, and need for significant startup resources. Medical transport Medical transport is an important business . There are several ways to focus this business. Some require no more than a regular vehicle, driving licence, and a solid driving record. You could focus on transporting seniors to medical appointments locally, or, if you live in an area that’s some distance from a city, you could focus on driving people long distances to specialist appointments at world-class hospitals. If you have an EMT licence, other medical credentials, or are willing to get them, you could start a business that contracts with hospitals to drive admitted patients to other medical facilities for specialised treatment; this would also require some specialty equipment like oxygen delivery and perhaps a vehicle that can transport a patient in a wheelchair. Senior services America is aging at a fast pace. As older citizens relinquish their driver’s licences, there’s opportunity for driving seniors to places they can no longer take themselves. Beyond medical appointments, you could drive seniors to the grocery store or to outings at the mall. If you’re in an area where seniors tend to be low-income, you could consider setting up as a non-profit and getting grant support to help seniors in your region be more mobile. Grant funders, corporate sponsors, and the Federal Government are often looking to utilise their funds for human service programmes coming to the aid of the most vulnerable citizens. • www.entrepreneur.com

Awards, empowerment opportunities for entrepreneurs IFE ADEDAPO highlights local and international business competitions that Nigerian enterprises can take advantage of

y benefiting from internship opportunities, business funding, free leadership training, mentorship, and entrepreneurial skills training; young African graduates are offered a chance to escape from the unemployment loop and create wealth for themselves. Moreover, due to lack of experience in business management, experts note that most start-ups fail within their first two years. While many entrepreneurs have complained that the Nigerian government is not extending adequate support to them, non-profit organisations, investors and corporate organisations globally have risen to the challenge of grooming business leaders for the future. Available opportunities for start-ups and enterprises that require expansion are highlighted below: SOCAP entrepreneur scholarships In preparations for the 2016 Social Capital Markets forum which will take place in San Francisco, the SOCAP16 is accepting applications for its Social Entrepreneur Scholarship. According to information on its website, the application, which will close in June 20, 2016, is open to social innovators who are using business to drive positive change in the world. It says, “Entrepreneurs are the heart of SOCAP. Dating from our first event in 2008, SOCAP has awarded full scholarships to hundreds of entrepreneurs who are working on the frontlines of impact. In 2015, we gave scholarships to over 150 of the world’s most innovative social entrepreneurs, who came to the Fort Mason Centre from over 35 countries across the globe.” “SOCAP16 will gather impact investors, social entrepreneurs, foundations, corporations, global nonprofits, and other valuable strangers all contributing to a vibrant marketplace for socially, environmentally and economically sustainable solutions.” Highlighting the benefits to be enjoyed by successful entrepreneurs, it says they will be given free SOCAP16

full conference pass valued at $1495; impact accelerator entrepreneur pre-conference programme; hostel accommodations for the duration of the conference; recognition and high visibility in the SOCAP programme coupled with dedicated mentorship from notable impact leaders. Chimamanda Adichie writing competition To improve the craft of writers and encourage published and unpublished writers, the Creative Director, Farafina Trust, Chimamanda Adichie, will be hosting a creative writing workshop in Lagos. According to information on the Farafina Trust blog, participants will be assigned a wide range of reading exercises, as well as daily writing exercises in a classroom setting. It says that the workshop is sponsored by Nigerian Breweries Plc while the Caine prize-winning Kenyan writer, Binyavanga Wainaina, Aslak Sira Myhre and others will coteach the workshop alongside Adichie. It explains that participants are expected to bring different perspectives to the art of storytelling. “Participation is limited only to those who apply and are accepted,” it adds. To participate, it says applicants are to send a writing sample, fiction or non-fiction, of between 200 and 800 words.

Stock Market 06/05/2016 Top Gainers Opening price

Top Losers Opening price

Closing Gain %Diff. price

Closing price

Loss %Diff.

219.92

20.44 10.25

MANSARD

2.24

2.13

-0.11

-4.91

TIGERBRANDS 3.66

3.99

0.33

9.02

FLOURMILL

20.51

22.34

1.83

8.92

PORTPAINT

2.28

2.17

-0.11

-4.82

TRANSCORP

1.00

1.05

0.05

5.00

CAVERTON

1.73

1.65

-0.08

-4.62

CADBURY

15.68

16.46

0.78

4.97

21.30

20.62

-0.68

-3.19

MOBIL

147.80

155.09

7.29

4.93

AIRSERVICE

1.69

1.77

0.08

4.73

UCAP

1.70

1.65

-0.05

-2.94

DIAMONDBNK 1.34

1.40

0.06

4.48

UBA

3.47

3.40

-0.07

-2.02

UNIONDICON 11.21

11.70

0.49

4.37

DANGSUGAR

5.90

5.79

-0.11

-1.86

WEMABANK

0.77

0.03

4.05

199.48

0.74

SINESS According to it, deadline for submission is May 20, 2016. And successful writers will be notified by June 10, 2016. Farafina Trust explains, “Accommodation in Lagos will be provided for all accepted applicants who are able to attend for the 10-day duration of the workshop. A literary evening of readings, open to the public, will be held at the end of the workshop on July 1, 2016.” $50,000 school enterprise challenge In order to create socially responsible young entrepreneurs, the School Enterprise Challenge is set to award students and schools with profitable enterprises with $50,000. It says the challenge is a global business planning awards programme run by the educational charity, ‘Teach A Man To Fish.’ Stating the objectives of the programme, information on its website indicates that the award will assist students to generate real profits to help support their educational activities; give students the chance to gain hands-on experience of running sustainable business that will grow and develop every year. “In 2015, more than 2900 schools from 106 countries registered to take part in The School Enterprise Challenge. The School Enterprise Challenge awards programme runs from March to October 2016 with $50,000 in prizes on offer,” According to it, registrations are on for the enterprise challenge till May, 14, 2016. The charity organisation adds, “A school enterprise is a business that is owned by a school but that is staffed and operated by the students that attend it. Enterprises should be sustainable, selling products or services on a consistent basis ( that is not just at a one-off event) and at least part of the profits should be reinvested in the school’s educational activities or growing the business further.” Cartier Women’s Initiative Awards For profit-oriented women-owned businesses that have been in operation in the past three years, Cartier Women’s Initiative Award offers funding, coaching, networking opportunities and exposure. Information on its website says that successful applicants will enjoy one-on-one personalised business coaching, entrepreneurship workshops, press conference, presentation to the jury members and networking opportunities. It explains that the international business plan competition by Cartier, the Women’s Forum, McKinsey & Company and INSEAD Business School offers a trophy designed by Cartier, an additional year of coaching, US$ 20,000 in funding and media visibility to successful enterprises. “The business you submit for the Cartier Women’s Initiative Awards is an original business idea. You cannot apply with a company you have bought, with the sister company or the subsidiary of an existing corporation,” it adds. Explaining other eligibility criteria, it says, “The business you submit for the Cartier Women’s Initiative Awards must have at least two years of operations and sales to account for but cannot be older than three years. Your project must have been created between August, 2013 and August, 2014. “If a project is founded by a team, the lead entrant must hold the position of CEO, Chairman or President and own the highest or a significant share of the company. Two cofounders may represent a project, provided that they are both women.” The application closes on August 31, 2016.

figure $45.5bn

The Vice-President, Prof. Yemi Osinbajo, has said that it is unpalatable that Nigeria will, in the next few years, be importing approximately 25 million tonnes of processed steel and aluminum products per annum at an estimated cost of $45.5bn

ambusiness@punchng.com 08071036140

Would you invest in forex trading? ’Kunle Adeyeri Jennifer Abraham adefullhouse@yahoo.com 08039391041

ould you invest in stock or shares even after the collapse of the stock market in 2008? Alternatively, would you invest your money in forex trading, which many consider to be ‘volatile’, a gambling game or a drain? Many have also encountered what happened in the stock market. Many Nigerians may say ‘No’ to the first question on the stock market. But that is an unwise decision. Those who have the market knowledge have really profited more even after the recession. I will like you to compare the stock prices after market collapse of 2008 to what is obtainable now to the following stocks of Cadbury, Nestle, NBL, Unilever, GTB, Lafarge, Guinness and Transcorp, to mention a few. The same also applies to forex trading. Many who lost investments or funds in the 2007-2009 era may also say no to forex trading. I do get questions on whether forex trading still exists or whether it still brings returns? Many do not know some of us who remain steadfast have upped our skills with a high level of professionalism in trading and managing funds/investments. That

has also translated into managing high net worth accounts or VIP accounts holders with fairly good returns and allaying fears of losses. Online forex trading gained its popularity much in the year 2006-2007 in Nigeria and was widely accepted from the fact that it was projected as a quick money spinner in the hard currency so to speak. This was thus seen as a get rich quick scheme. Many adverts of invest $200 and grow it to $20,000 in six months were common place. Many pseudo-traders and demo account traders cum trainers sprang up everywhere. Not long, the results of lack of in-depth knowledge about the market began to prevail and the result was a disaster. Losses were recorded and accounts were burnt out. This resulted in some looking at the forex trading as a scam or a gamble. Since 2012 that I have been on this column, many have been convinced through my write-ups, accurate market signals and my training activities, which have produced successful traders. Rather than sit back and castigate the market like novice investors in the

Novus Agro Nigeria Commodity Index

Monday

MARKET COMMODITY

WHOLESALE

RETAIL

stock market, it is high time to come and learn or invest in the forex market. It is just left for you to find the professionals who can pull your investment through or impart the required knowledge in you to become a skilful trader. Traders worth their salt should boldly be able to advise investors on levels of investment so as to be focused themselves. As I encourage a minimum level of $1k investment for trainees who want to trade their accounts themselves, so also will I stand my ground to have VIP investors who can invest from $20k and above, after all I have got a track record to show on returns and on assured safety of their funds. I throw the ball in your court to answer the question and take a decision now: would you in invest in forex trading? Of recent, I wrote through this column that there is potential boom for Nigeria in the major commodity earner, the crude oil. If you read that article, you will see this is gradually happening. Much liquidity is coming soon to make the stock market and forex trading ventures to be embraced again. No matter the deterrents, prepare now. Visit our website www. kardsfx.com for upcoming training and other related enquiries. Happy trading. Market tips for the week Monday 09 – Friday 13 May, 2016 Please note the suggested

Prices from Apr 29- May 05, 2016

LAST WEEK’S PRICE

VARIANCE R(N)

Bag (Kg) Price (N) LM

Price (N) P/kg (N)

W(N)

W (N)

R (N)

Drum Beans (Olotu)

100Kg

20,600

312

214

20,000 300

600

Garri (White)

60Kg

19,200 Congo

192

160

18,333 183

867

Groundnut (Edible)

100Kg

28,000 Congo

360

243

200

Market

Congo

28,000 360

Maize (White)

100Kg 9,500 Congo

150 125

Onion (Violet)

100Kg

12,000

Palm oil (Red)

25Lt

6,500

200

267

Rice (Imported)

50Kg

13,500 Congo

480

400

13,500 477

Sorghum (Red)

100Kg

10,000

Congo

180

114

10,000 180

Soya Beans

100Kg

13,000

Congo

230

192

13,333 230

-333

Oyo State

Bottle

KEY: W - Wholesale; R - Retail; N - Naira; P/kg - Price per kg; Kg – Kilograms; Lt - Litre Source: Novus Agro Nigeria [Email: info@novusagro.com//Tel: +234-1-4538127]

9,500 150 12,000 - 6,500

entry points/ranges. The buy trades will most probably trend down at the week early days like Monday to Tuesday. You may therefore trade them on sell pending when they reach the SEPs and vice-versa for SELL trades too Entry (SEP) and exit (TP/ SL) could also be at trader’s discretion. USDCAD (BUY): Entry between 1.2747 and 1.2805. TP1: 1.3213 TP2:1.3350 AUDUSD (SELL): Entry between 0.7450 and 0.7500. TP1: 0.7185 EUR/JPY (BUY): Entry between 120.40 and 121.50 TP1: 124 AUDNZD (BUY): Entry between 1.0797 and 1.0803. TP1: 1.0676 EURCAD (BUY): Entry between 1.4586 and 1.4600 TP1: 1.5205 GBP/CAD(BUY): Entry between 1.8510 and 1.8520 TP1: 1.8855 TP2:1.9050 Visit our website www. kardsfx.com or our office at 2nd Floor. 67 Obafemi Awolowo Way, Opposite Olowu Bus Stop for more assistance on your investment or account management, account opening and training. Terms and conditions apply. Registration for June 2016 Batch training, which begins on Monday May 30 is currently on. Enrol now for your weekday, group, oneon-one or online class. Call 01-3429029, 08039391041, 08148405500 or send a mail for details to kardsngrltd@ yahoo.com oradefullhouse@ yahoo.com.

CBN (May 5, 2016) BUYING

Bodija

MONDAY, MAY 9, 2016

SELLING

Euro 224.1848 225.3286 WAUA 277.598 279.0143 $ 196 197 Swiss 203.3406 204.378 ₤

284.298

285.7485

CFA

0.3246 0.3446

MONDAY, MAY 9, 2016

news

Four die in Lagos-Kano train accident Rasheed Bisiriyu and Success Nwogu

our people travelling on a Lagos-Kano train died on Saturday when the train derailed at Jebba, Kwara State, with three other passengers injured. The dead victims were said to have been trapped inside a guard van reserved for security personnel aboard the train. The accident, which occurred around 7am, reportedly affected the train from the rear and destroyed its two baggage vans, one guard van and a power car. Our correspondents learnt on Sunday that the accident occurred at the entrance of a railway station in Jebba, a town, which borders Kwara and Niger states. The train, which left Lagos around noon on Friday and expected in Kano the following day, had about 1,000 passengers. The Deputy Director, Nigerian Railway Corporation, Mr. Abdulraouf Akinwoye, confirmed the accident to journalists on Sunday, adding that the remains of the dead had been deposited at the mortuary. He also said that those injured in the accidents were treated at a nearby hospital and had been discharged. Akinwoye told one of our correspondents on the telephone that the remaining stock of the train were recovered later and cleared to continue with the journey to Kano. Sequel to the accident, the NRC management team led by its acting Managing Director, Mr. Fidet Okhiria, had reportedly relocated to the Jebba derailment site, with the corporation’s engineers for the assessment of the accident and prompt remedial actions. It was learnt that the NRC management had commenced investigations into the cause(s) of the accident. Meanwhile, Okhiria was reported in a statement by Akinwoye to have sympathised with families of the deceased and injured victims. He described the accident as unfortunate and urged train passengers not to be discouraged, adding that necessary efforts had been taken to intensify the safety and security measures on all intraand inter-state train services. The NRC boss also said that relevant officials of the NRC were already at Jebba, the site of the accident, working to ensure that the damaged track was restored. He added that all trains across the rail network nationwide were moving normally. Meanwhile, the Kwara State Governor, Alhaji Abdulfatah Ahmed, has commiserated with the families of passengers that died in the train accident. Ahmed, in a statement on Sunday by his Chief Press Secretary, Abdulwahab Oba, described the accident as painful and unfortunate.

No foreign check-up for workers from 2017 –Adewole Etim Ekpimah, Uyo

he Federal Government is to end medical tourism to Europe, America and Asia in 2017, the Minister for Health, Prof. Isaac Adewole, has said. Adewole, who stated this on Friday during a one-

day working visit to the University of Uyo Teaching Hospital, explained that medical tourism to foreign countries was a serious drain on the country’s resources. He said the Federal Government would partner Akwa Ibom State

government and inject resources into the Ibom Specialist Hospital as a step towards ending medical tourism. He had called on the Executive Director of Sovereign Wealth Investment Authority to

detonators, and 11 AK47 rifles with 30 rounds of live ammunition. The other items said to be found in their possession were 200 rounds of 7.6 millimetres live ammunition, two suitcases containing explosives, and a water container filled with explosives. According to the prosecution, the convicts violated Sections 13(2) and 17(b) of the Terrorism Act 2013. They were also pronounced guilty of violating Sections 1, 8, 27 (1) (a) and (b) of the Firearms (special provisions) Act, Cap F28, Laws of the Federation, 2004.

on the commissioner, Dr. Dominic Ukpong, to partner us; we have developed guidelines for ensuring that we do not allow people to go abroad for diseases that can be managed in this country. “It is a significant drain on the nation’s resources when you know how much civil and public servants collect to go to India and other places. Even for myomectomy someone is asking for N10m to go to India and this is something that is done in Lagos for N150,000, yet someone spends N10m for the same thing to go to India. “We know it is a syndicate and I want to also plead with my colleagues. I learnt that for each four cases they send to India, they collect the money for the fifth one. We must stop it; for every little case, government officials want to go to India for treatment,” Adewole said. He stated that the Federal Government was committed to making sure that the Ibom Specialist Hospital worked so that the country could put an end to medical tourism, while people from other West African countries would come to Nigeria for treatment. The Chief Medical Director of UUTH, Prof. Etete Peters, said there was paucity of funds for the hospital to complete the ongoing projects as well as procure medical equipment. He added that the capital budget performance of the hospital in the last two years was less than 30 per cent of the appropriation. According to him, the hospital is also plagued with shortage of manpower following massive retirement of nurses and other employees. He added that lack of funds had prevented the recruitment of 141 medical personnel of various cadres, especially nurses and resident doctor. Peters requested the minister’s permission to employ five consultants to fill core clinical areas which have no consultants. And these, he said, include a neurosurgeon, chemical pathologist, dental surgeon, e ndocrinologist, and a pathologist.

correspondent that five persons were found in the rubble after a search was conducted a few minutes after the collapse. “It happened yesterday (Saturday) around 5pm and five persons, who were trapped in the rubble, were found dead,” the source said. Another source, who is also a worker in the NPA, Area A, explained that those affected as a result of the incident were not inside the warehouse when the walls caved in.

The source, who preferred not to be named, pointed out that the walls fell and affected the bathroom and toilet close to the warehouse. “Those that died were around the bathroom and toilet area and the walls that fell affected them. Their bodies were found when the people began to open up blocks and search the rubble,” the source added. Several efforts made to speak with any official of the NPA in Port Harcourt proved futile.

add the hospital to the list of facilities that would be upgraded in 2016. “With Ibom Specialist Hospital, I will certainly not approve that any Nigerian should use government resources to go abroad for treatment. I am also calling

•L-R: Director, Corps Mobilisation, Mrs. Victoria Okakwu; Director-General, National Youth Service Corps, Brig. Gen. Sule Kazaure; and Lagos State Coordinator, NYSC, Mr. Cyril Akhanemhe, during Kazaure’s visit to 2016 batch “A” corps members in Lagos... on Sunday. Photo: Saheed Olugbon

A’Court affirms 25 years imprisonment for B’Haram convicts T Ramon Oladimeji

he Lagos Division of the Court of Appeal has affirmed the September 30, 2015 judgment of a Federal High Court in Lagos which convicted three men of participating in acts of terrorism and belonging to the outlawed Boko Haram sect. The lower court judge, Justice Ibrahim Buba, who pronounced the convicts guilty, had sentenced the three of them to a prison term of 25 years each. The convicts are Ali Mohammed, Adamu Karumi and Ibrahim Usman. They were arraigned in November 2013 along with 14 others before Justice Buba, who found them guilty in September 2014 and sentenced them to a prison term of 25 years each. But displeased with their conviction and imprisonment, the convicts subsequently approached the Court of Appeal seeking to overturn the judgment. But the Lagos State Ministry of Justice, which charged them to court and secured their convictions, said in a statement by its Public Relations Officers, Mrs. Bola Akingbade, that their appeal was dismissed

by the Court of Appeal for lacking in merit. According to the ministry, the convicts had contended that they were charged and convicted under an inapplicable law. They had also contended that the 25 years imprisonment imposed on them was excessive and urged the higher court to reverse their conviction. But the appellate court refused their prayers. Mohammed, Karumi and Usman were arraigned on eight counts in November 2013 before Justice Buba along with 14 other suspected Boko Haram members. Those charged with them were Bala Haruna, Idris Ali, Mohammed Murtala, Kadiri Mohammed and Mustapha Daura. Others were Abba Duguri, Sanni Adamu, Danjuma Yahaya and Musa Audu and Mati Daura, Farouk Haruna, Abdullahi Azeez, Ibrahim Bukar and Zula Diani. But in the course of trial, the then Lagos State Attorney-General, Mr. Ade Ipaye, had by nolle prosequi discontinued criminal proceedings against 13 of the suspects, leaving only Mohammed, Karumi, Usman and Haruna.

In his judgment on September 30, 2014, Justice Buba however discharged and acquitted Haruna but c o nvi c t e d M o h a m m e d , Karumi and Usman and sentenced them to 25 years imprisonment each. The convicts were tried for acts of terrorism which the state said they carried out on March 21, 2013 at Plot 5, Road 69, Lekki Phase I Housing Estate, and No. 24, Oyegbeni St., Ijora-Oloye, Apapa-Iganmu, Lagos. They were said to have been caught in possession of three packets of explosive cons truction pipe s , 15

Five die as P’Harcourt NPA warehouse collapses Chukwudi Akasike, Port Harcourt

T least, five persons were feared killed when a warehouse in Area A of the Nigerian Ports Authority in Port Harcourt collapsed. The incide nt, w hich happened at about 5pm on Saturday, was said to have caused confusion within the NPA in the Rivers State. It was learnt that the warehouse was an old facility used in storing Dangote salt. An NPA worker told our

MONDAY, MAY 9, 2016

homes &

property

NSA to honour environmental safety professionals Stories: Maureen IhuaMaduenyi

he organisers have called for nominations for the 2016 edition of the Nigeria Safety Award for Excellence Hall of Fame, which recognises outstanding health, safety and environment initiatives. According to the organisers, the selection process for the awards holding in Lagos in September will be through a formal verification process where organisations and individuals that have achieved excellence in their fields of work will be nominated. “The award has been endorsed by the Institute of Safety Professionals of Nigeria; Lagos State Safety Commission; Fire Protection Association of Nigeria; Federal Road Safety Corps; Society of Occupational and Environmental Heath Physicians of Nigeria;

American Society of Safety Engineers, Nigerian Chapter; National Industrial Safety Council of Nigeria and the entire safety stakeholders in Nigeria,” the organisers said. The Managing Editor, Safety Record Newspapers, the organisers of the award, Dr. Femi Da-Silva, said safety professionals in the country should participate in the online nomination, which would end on May 30. He said the award was instituted as a contribution to advance the culture of safety in the country, adding that several incidents that had resulted in disasters could have been averted if safety issues were taken seriously. Da-Silva said, “The consequence of the countless dangers encountered in the country is the near absence of safety standards in most areas of public exposure in Nigeria today.

“The award is open to any individual and organisation committed to practising health, safety and environmental management at the workplace in Nigeria. It

is an invaluable platform set up to endorse organisations and individuals’ HSE practice, and a means to celebrate success in keeping employees healthy and safe.”

NIOB begins training, certification of artisans

he Nigerian Institute of Building says that as a response to the challenge of the scarcity of competent artisans in the country’s construction industry, it has organised a workshop for builders across the nation to develop their skills. The institute said the workshop, which was entitled: ‘Agenda for skills development in the Nigerian building industry’ and held in Abuja, Lagos, Enugu and Kano, was aimed at upgrading the skills of builders towards theoretical and practical training of building artisans. The President, NIOB, Mr.

Tijani Shuaib, said the training of artisans and craftsmen in the construction industry was a response to the Federal Government’s desire to create jobs and empower the youth. He added, “The training will advance the drive for the assessment and certification of artisans and craftsmen by the institute as a certificate-awarding body, encourage members to open up training centres, and ultimately ensure that Nigerian youths are gainfully engaged and that the best workmen are used for construction works for quality outputs to curb building collapse.

MONDAY, MAY 9, 2016

homes &

property

Developer wants policies to control land-grabbing Stories: Maureen Ihua-Maduenyi

overnment at all levels need to as a matter of urgency put solid structure and policies in place to end the menace and activities of land grabbers in the country, the Chairman and Chief Executive Officer, Concord Estate and Properties Limited, Chief Isiaka Adekunle, has said. According to Adekunle, land grabbers, also known as the ‘omo oniles’, have devised more audacious ways of achieving their aim of stripping lawful owners of their landed properties by writing petitions to the police with a view to laying claim to such properties. He said, “Land grabbers always write frivolous petitions to the police so as to claim land and properties from their original owners. This often leads to arrests and detention of land owners for more than a week in police custody without any charge. “The complicity of the police in the whole development is disheartening. Some police officers allow themselves to be dragged into land issues by ‘omo oniles’, thus corrupting themselves. The Inspector-General of Police, Mr. Solomon Arase, as well as the state commissioners for police for both Lagos and Ogun have to ensure that such errant officers are identified and dealt with appropriately.” Adekunle said to end the ‘omo onile’ menace, the police leadership should invite all prominent land agents and property investors to a round-table talk where issues relating to land disputes in Ogun and Lagos states, which have become hotbeds for land grabbers, would be resolved.

Nigerite unveils boards for 3D walls

igerite Limited has unveiled the Kalsi craft, a new product under its dry construction solution, Kalsi, which was introduced into the local market about two years ago. According to the firm, because of the challenge of housing deficit and the timeline involved in the construction process in the country, investment in dry construction should be encouraged. Nigerite’s product application architect, Mr. Jesse Onovre, said at the just concluded Lagos Architects’ Forum, where his company was one of the sponsors, that Kalsi products had some advantages over traditional masonry construction. He stated that the dry construction method offered unique delivery that was cost-effective and suitable for modern building systems.

“Police bosses need to quickly set up committees within the force to handle any land matter that involves criminal intention and refer the civil aspect of it to seasoned property investors to handle,” he said.

Adekunle urged President Muhammadu Buhari to ensure that the change agenda of his government spread across all sectors of the economy, including the housing sector. “The housing sector has

been overlooked by previous governments,” he added.

MONDAY, MAY 9, 2016

information

technology

Cyberspace policing requires new strategies, legislation — NCC DG Everest Amaefule, Abuja

he complexity of policing the cyberspace to safeguard the nation’s intellectual property rights underlines the need to review existing legislation and enforcement strategies to address digital piracy, the Director-General of the National Copyright Commission, Mr. Afam Ezekudo, has said. Ezekudo, who said this in a statement made available to our correspondent against the backdrop of the 2016 World Intellectual Property Day, added that sharing and remixing of books, songs, movies, art works and other forms of IP had become the order of the day. The NCC boss said, “In this era of WiFi, all forms

of literary works, audiovisual and other forms of IP travel across borders with little or no regard for copyright, thereby affecting the way and manner in which consumable culture is created, distributed and appreciated. “Today, the flexibility with which IP is created, accessed and financed, has far-reaching effects on the reward system of creators, bordering particularly on areas of remuneration, exploitation and protection. “The process of satisfying the demand of the digital world, if not properly guided, poses the potential of enormous damage to IP rights. Millions of books, songs and movies are released every day online into the waiting hands of online pirates who have

mastered the art of digital piracy.” He added, “This nearfree access to cultural consumables also poses challenges to enforcement agencies like ours in discharging our mandate. The complexities of policing the cyberspace further stresses the need to review our legislation and enforcement strategies to address digital

piracy, strengthen existing collaborations with countries with which we have treaty obligations, enlighten local and foreign stakeholders on the emerging trends in the IP sector. “It also imposes a greater responsibility on the creators themselves. The sheer volume of digital traffic means the stakeholders have to collaborate with

agencies in protecting their works. They need to invest in cutting-edge technology that helps protect their works in the digital environment.” In the near future, he added, the terrain of IP enforcement is likely to shift more and more from the terrestrial terrain to the virtual. According to him, navigating this brave new

world will require all the resources available to agencies and stakeholders to be channelled towards the fight. Ezekude said as Nigeria embraces all the benefits that the digital-technology brings to life; the citizens must be critical and mindful not to use the same to violate the rights of teeming intellectual property creators.

Huawei advises power firms on integration Femi Asu

o build a better connected smart grid, power utilities need to focus on the integration of power, service and information, Huawei, a global Information and Communications Technology solutions provider, has said. The company said in a report that traditional energy consumption methods were expensive and inefficient and could no longer meet contemporary requirements. It, however, said a new era of Information and Communications Technology was emerging, offering a plethora of technologies that could be harnessed and combining the power of the Internet and the energy revolution to connect all energy resources. The report stated, “Future electric power systems must utilise advanced ICT technologies, including Big Data, as well as the massive amounts of data accumulated by various modules within the power systems. “Power utilities must integrate various modules, including production, distribution, consumption, and storage, from the system lifecycle perspective to form global system solutions. These systems must learn, adapt, and evolve by themselves.

Only by achieving these objectives are power utilities able to provide clean and economical electricity while striking a balance between demand and supply.” The company said in 2014 it proposed the idea of a better connected grid, adding that since then, it had been committed to applying leading ICT technologies in the electric power industry and helping the industry resolve problems that occur during its evolution. It said, “In essence, a better connected grid is a fully connected grid that constitutes the ICT infrastructure of the energy Internet. Huawei believes that the core issue for the energy Internet is to rebuild the conventional mindset of energy enterprises using the concept of full connectivity.

• L-R: Chief Technical Officer, Business Connecxion, Mr. Chuka Acha; Chief Financial Officer, Ms. Olushike Bamishebi; Managing Director, Mr. John Sviridov; and General Manager, Services, Mr. Emmanuel Akhidenor, at the Nigeria Communications Week Beacon of Information and Communications Technology Awards in Lagos... on Saturday. Photo: Segun Bakare

CSL stockbrokers’ trading portal begins operations Ozioma Ubabukoh

SL Stockbrokers Limited, a member of the First City Monument Bank Group Plc, has commenced operation of its trading portal, which will further enhance the trading experience of its customers, investors and other operators in the market.

In addition, the leading stockbroking and investment management firm has unveiled a new proposition called ‘CSLInvest’. This is a mobile app designed to keep clients and investors up to date on transactions, investment opportunities and other activities in the market, regardless of location.

MTN loses 6.5 million data subscribers, Glo gains Ozioma Ubabukoh

he 2016 first quarter telecoms industry report has shown that MTN Nigeria lost 6.5 million Internet subscribers between the months of January and March. From a report published on the website of the Nigerian Communications Commission, the company began the year with

39,924,737 data customers, “but ended the quarter with 33,356,595.” It showed that another telco, Globacom, garnered 1,448,354 fresh data customers in the first three months of 2016, representing 80 per cent of the total number of new Internet subscribers acquired by all the telecommunications networks.

In January alone, Globacom pulled 354,178 new data subscribers, had 248,593 in February and 845, 583 in March, upping the cumulative figure of its data subscribers to 26, 530,420 in the first quarter. According to the report, a total figure of 1,820,651 new data customers subscribed to the four major telecoms networks in the period under review.

This, the company said, would automatically result in the provision of market insight to assist clients and aid them to make informed investment decisions, and even perform their own trading by themselves if they so wish. “The portal, which eliminates delays associated with manual operations, is robust and offers real-time funding, while providing all activities offered by the stockbroker,” it said in a statement. CSL is the only stockbroking firm in the country that currently offers bank account integration and real-time funding at zero cost. According to CSL, the introduction of the portal and mobile app is part of the strategy of

CSL to boost operational efficiency and fast-track its drive to be the leading conduit for portfolio investment in sub-Saharan Africa. Towards this end, it has also introduced online service booths in Enugu, Kano and Port Harcourt, while the branches in Lagos and Abuja will continue to operate, both online and manually to serve its teeming customers nationwide. Commenting on these developments, the Managing Director of CSL Stockbrokers, Mr. Gboyega Balogun, said the introduction of the portal and app confirmed the substance and intent of the firm to deepen and raise the bar on the way and manner transactions were carried out in the nation’s stock market.

MONDAY, MAY 9, 2016

information

technology

Tradenigeria.ng platform to boost business growth

Stories: Ozioma Ubabukoh

he Nigerian small, medium and large entrepreneurs sector has received a boost with the introduction of Tradenigeria.ng, an interactive business-based platform, anchored on

promoting entrepreneurship, business development and market growth in the country. “With Nigeria’s current economy no longer relying on oil and gas, the silver lining is that this creates more opportunity for innovation and entrepreneurship to

emerge. “Nigerians are entrepreneurial by nature, and combining this drive with technology is one of the clear ways to ensure that businesses are highlighted and receive the traffic and client interest that they need

in order to succeed,” the Director of TradeNigeria.ng, Ms. Michelle Smeillie, said. According to her, the business platform aims to fill a gap for businesses to launch their products into the market, learn best practices on how to succeed in business

SB Telecoms honours punctual employees

n a bid to promote punctuality and efficiency at the workplace, SB Telecoms and Devices has said it will honour the most punctual employees in Nigeria with the Time and Access Management Systems Ambassadors Award at the TAMS Summit on May 19, 2016. The time management event will take place in Lagos during which over 15 employees from the public and private sectors of the economy will be honoured for punctuality at their respective workplaces over the last one year. Speaking on the awards, the Chief Executive Officer, SB Telecoms and Devices, Mr. Afolabi Abiodun, said the awards event was organised to recognise employees of organisations who understood the importance of punctuality at the workplace, as well

as its overall contribution to the organisation’s effectiveness. “The soul of any business in this world is punctuality. For any business to be effective, it must be able to strictly follow a timeline to achieve its desired result and for such an organisation to achieve that, employees must be able to effectively

conclude their tasks before deadlines,” Abiodun said. He added, “The TAMS Ambassadors award, therefore, honours employees who are always punctual at their workplace and diligently work on the tasks assigned to them. “These sets of people need to be encouraged, and shown as an example to other employees in

organisations across the country. This is necessary because in this era when people arrive their workplace ridiculously late, giving all sorts of excuses, these few people, through our TAMS Application Portal, will be rewarded for always being punctual and diligent at their workplaces during the course of the past one year.”

Ugbe, said the channel addition would further boost local programming on the GOtv platform. “We regularly assess the quality and relevance of our content to ensure that it caters to the different tastes and preferences of our subscribers. The launch of Naija FM Lagos on GOtv is driven by our understanding that local content is important to our subscribers,” he said. He also noted that no other

digital terrestrial television operator in Nigeria had shown more commitment and support for local content than GOtv. Also speaking on the development, the Managing Director of Megalectrics Ltd, owners of Naija FM, Chris Ubosi, said, “We are delighted to partner MultiChoice Nigeria on the launch of Naija FM 102.7, Lagos, on GOtv. The partnership is significant as it creates an additional medium for us to reach our audience.”

Naija FM Lagos now on GOtv

Otv has introduced a new audio channel, Naija FM 102.7, on its platform. The Lagos-based pidgin English audio channel, which was launched on April 14 on GOtv, is available on channel 301 to all subscribers. Naija FM Lagos is the second audio channel to launch on GOtv in Nigeria. The Managing Director, MultiChoice Nigeria, John

in Nigeria as well as to be motivated by the story of other successful businesses in Nigeria. “Nigeria is a tough market and there are those that are sinking and those that are swimming. TradeNigeria. ng aims to be the support system for everyone looking to develop and grow their Nigeria-based businesses, including global companies

entering the market,” she said. “Advertising and digital marketing is a great way to engage with your clients as Nigeria has the highest number of Internet users in Africa. The Tradenigeria.ng model is not advertising, but creating awareness through the sharing of your company story, which engages your core audience,” she added.

MONDAY, MAY 9, 2016

international

business

China trade shrank in April — Report

hina’s trade shrank in April in a sign government stimulus is failing to jolt the world’s second-largest economy out of a prolonged slowdown, the Associated Press reported. Exports contracted by 1.8 per cent from a year earlier to $172.7bn, falling back into negative territory after March’s temporary burst of 11.5 per cent growth, customs data showed Sunday. Imports plunged 10.9 per cent to $127.2bn after the previous month’s 13.8 per cent contraction. Weak demand from consumers in China and worldwide is hampering government efforts to reverse an economic slowdown that dragged growth to a sevenyear low of 6.7 per cent in the first quarter of the year. Beijing has eased controls on credit growth and real estate purchases in hopes of stimulating activity but analysts said the impact was likely to be temporary. hey said March’s unexpectedly strong trade growth also was a fluke due to comparison with weak

US consumer borrowing up by 10% in March

he United States consumers sharply increased use of their credit cards in March, pushing up total borrowing at the fastest pace in more than a decade, the Associated Press reported. The Federal Reserve reported Friday that total consumer borrowing rose $29.7bn in March, a 10 per cent jump from the previous month. It was the largest percentage gain since a surge of 18.4 per cent in November 2001, when consumer borrowing surged in response to government officials urging Americans to boost spending to support the economy following the September terrorist attacks. Total borrowing rose to a fresh record of $3.59tn. Borrowing in the category that includes credit cards jumped $11.1bn, or 14.2 per cent, the biggest one-month gain in this category since July 2000. Borrowing for auto and student loans rose $18.6bn, up 8.5 per cent. The overall increase of $29.7bn tied the dollar rise in November 2001. Both are the largest dollar rises on record. The big jump in borrowing in March was a surprise. Economists had been forecasting a more moderate gain of $15.6bn, based on reports that consumer spending barely rose in March.

numbers last year and the resumption of business after the Lunar New Year holiday in February. Surveys of manufacturers showed factory activity weakened in April and the number of people employed declined. The ruling Communist Party is in the midst of a marathon effort to nurture more self-sustaining growth based on domestic consumption instead of trade and investment. But its plans call for trade to keep growing in order to avoid job losses in exportrelated industries that employ tens of millions of workers. Economic growth has declined steadily over the past five years. Much of that was intentional but the unexpectedly severe weakness over the past two years has forced Beijing to resort to multiple rounds of mini-stimulus through stepped up bank lending and spending on construction of public works, temporarily setting back its efforts to generate consumer-driven growth. So far this year, exports have contracted by 7.6 per cent compared with a year

earlier and imports are down 12.8 per cent, according to the General Administration of Customs. That is down sharply from previous years when trade grew by double digits. Weakness in Chinese imports has hurt its Asian neighbours, for nearly all of whom China is the biggest trading partner and a major buyer of raw materials and industrial components. The impact has been felt around the globe in commodity exporters such as Australia and Brazil. The country’s politically sensitive global trade surplus was $45.5bn in April.

MONDAY, MAY 9, 2016

international

business China’s forex reserves rise for second month C

hina’s foreign exchange reserves rose, albeit marginally, for a second consecutive month in April, indicating easing in capital outflows, according to data released by the People’s Bank of China on Saturday. South China Morning Post reported that the US$7.1bn rise beat the market forecast of a drop and took outstanding forex reserves to US$3.22tn at the end of last month. In

March, the reserves rose US$10.2bn, ending a fivemonth decline. The increase came after forex reserves began falling dramatically late last year as the central bank intervened in the market– both onshore and offshore – to defend the yuan and stem capital outflows amid a dim outlook for the country’s growth and currency. The State Administration of Foreign Exchange said

last month that the spread of offshore and onshore yuan/US dollar rates had narrowed and the pressure of capital outflows eased compared with the start of this year. The easing was also partly the result of a delay in rate hikes by the US Federal Reserve. But the uncertain timing of the second rate increase – after the first in the middle of December – remains a challenge and may put China’s capital

flows and yuan’s exchange rate at risk. In the United States, indicators such as orders for durable goods and nonfarm job creation are weak, which will addpressure on the dollar to weaken, analysts said. The US dollar index, measuring the greenback against a basket of other major currencies, dropped 1.67 per cent last month. “The central bank aims to keep a stable yuan against

Airbus sets sights on the stratosphere with glider flight

irbus completed a test flight on Saturday of a glider set to eventually travel to the edge of space, in a pioneering step into the stratosphere, South China Morning Post reported. The Perlan 2’s flight, from an airstrip in the western US state of Nevada, took place two hours after the planned 1.45am local time start time due to heavy rain. It lasted just a few minutes – instead of 30 minutes to two hours as scheduled – because the aircraft is considered more efficient in dry weather, according to chief pilot Jim Payne. “It was short,” said chief executive Tom Enders, who served as co-pilot, said after exiting the plane. “Because of the clouds, we couldn’t see any more otherwise we would still be up there.” The flight, part of a series in recent months from the mountainous area just east of the Lake Tahoe resort, aims to test how well an aircraft and its crew can fare in conditions similar to those on Mars, with extremely thin atmosphere and bitterly cold temperatures. Airbus, supporting the Mission Perlan 2 group that launched the ambitious project, aims to test every aspect of the unpowered aircraft, flying it at various

speeds and altitudes and subjecting it to different scenarios of stress and vibration. Its designers hope to show that the lightweight aircraft, with its extremely long, thin wings, is strong enough to resist intense stresses that could destroy a less solid plane. In the end, only stability, speed and efficiency were tested, as the plane flew at just 2,130 metres for its brief journey. “The air plane is very stable. We got what we called dead beat response, so the way we like it,” said Payne. Designers, drawing on computerised simulations, plan to induce highfrequency vibrations to the wings to see if the glider itself can contain those vibrations at safe levels. Ed Warnock, chief executive of the Perlan group, said his team wants to test whether it is possible for the crew to breathe only the air inside the craft without condensation damaging instruments or causing windows to fog up. “We have to control it,” he said. The Perlan 2 project has pulled together top aerospace experts and aviation engineers to

develop its space glider. Airbus, which hopes to build planes capable of flying at altitudes above those now used – potentially saving time and fuel – is earmarking up to US$4 million for the project, making it one of the largest investors. The glider, with a wing span of 27.4 metres and a weight of only 815kg, is designed to ride updrafts to an altitude of up to 27,432 metres, even though air density at that height is only 2 per cent what it is at sea level. The craft’s cabin is supposed to maintain pressure equal to that at 4,572 metres, saving the crew from having to wear bulky flight suits, Airbus said. Perlan 2 also aims to collect atmospheric data useful in fighting climate change as it travels to the edge of space. The Perlan team hopes the test flight this weekend will keep it on track to break the previous altitude record of 85,000 feet set in 1976 by the SR-71 Blackbird, a US Air Force reconnaissance plane built by Lockheed, Warnock said. The attempt will come after the Perlan 2 team moves to Argentina later

Air freight volume falls amid global slowdown

global economic slowdown and stagnating trade are becoming more evident, with global air freight volume dropping in March. Fresh data provided by the International Air Transport Association yesterday showed a two per cent yearon-year drop in March air freight volume measured in freight tonne km. The Straits Times reported that while demand weakened, freight capacity still increased by 6.9 per cent due to rising competition among airlines. The most significant fall in air freight demand was reported by carriers in the Asia-Pacific and North America, Iata added. Asia-Pacific carriers reported a 5.2 per cent yearon-year drop in volume

for March, while North America’s volume slid 1.8 per cent. In Europe, demand for air cargo grew a modest 1.3 per cent, but the volume stayed at just around 1 per cent above the early 2008 level. The weak figures in March were due partly to a higher base early last year when air freight volumes were boosted by the impact of the United States West Coast seaport strikes. But a string of disappointing purchasing managers’ index (PMI) numbers in recent days in key markets suggested a global slowdown in manufacturing and trade. Markit US manufacturing PMI came in at 50.8 in April, down from 51.5 in March. In China, the Caixin PMI

slid to 49.4 last month, down further from March’s 49.7. PMI readings that are below 50 indicate a contraction in manufacturing activities. The Nikkei whole economy PMI for export – reliant Singapore also came out yesterday, with a reading of 49.4 in April – the first contraction since May last year and the lowest reading since November 2012. Iata chief executive Tony Tyler said: “It’s shaping up to be another tough year for air cargo. February 2016 world trade volumes were only 0.4 per cent higher than at the end of 2014. And the expectations of purchasing managers give little optimism for an early uptick.”

this year. Air currents there have been powerfully bolstered by the polar vortex all the way to the stratosphere, and currents rising from the Andes are particularly strong.

the US dollar to stabilise capital movement, while it is helping exports by correcting an overvalued yuan against a basket of currencies,” a domestic broker at Minsheng Securities said in a research note. China is slated to release monthly economic data including trade, inflation and production from Sunday, offering fresh signals of the sustainability of its economic growth. The first-quarter GDP growth of 6.7 per cent is believed to have been built on old-fashioned growth models such as property and government-backed investment at the cost of tougher but much-needed reforms. However, cumulative default risks in China’s

bond market may test investors’ confidence on the resilience of the world’s second-largest economy and its financial markets. The central bank has started to publish forex reserve data measured by Special Drawing Rights (SDR), a move to cement the presence of the accounting unit of the International Monetary Fund and an effort to reduce the valuation volatility induced by big changes in major currencies. In terms of SDR, the country’s foreign exchange reserves were 2.27 trillion at the end of last month, down from 2.28 trillion at the end of March. The yuan will be officially included as a component currency of the SDR later this year.

MONDAY, MAY 9, 2016

book

review

Adamolekun’s I Remember, a book for all Anthony Akinola

aving read Prof. Ladipo Adamolekun’s illuminating autobiography, I Remember, I felt justified by my enthusiasm in accepting from the publishers, the privilege and challenge of bringing it to the attention of prospective readers via a review. There are not many individuals who approach life as if they have had a premonition that they could be important at some point in history. The culture of documenting events, whether in a diary or a notebook, requires exceptional discipline and commitment. Adamolekun reveals that he has kept a diary since he was 19, and the foresight is a trait he might have inherited from his parents — both father and mother are said to have kept records in their own ways. This has resulted in a most authentically-documented personal history. Adamolekun hardly requires an elaborate introduction. He is one of Nigeria’s most outstanding academics, an excellent scholar who once rejected a prominent political appointment in order not to truncate his drive towards the very top of his academic calling. A beneficiary of many scholarships, he has won several awards, including the Nigeria National Order of Merit, the country’s “highest national prize for academic and intellectual attainment.” His academic discipline, public administration, has more or less become synonymous with his name. His numerous academic publications, according to WorldCat Identities, enjoy close to 3,000 library holdings worldwide. There can hardly be any doubt that Adamolekun is truly an accomplished scholar. Autobiographers share their experiences of both failures and triumphs. So, what factors or experiences have shaped the life of this autobiographer, and endeared him so much to a community of knowledgeable and decent people? The first influence in his life, as is the case with most individuals, is parental. He is lucky to have had parents who, even when they themselves did not have the privilege of formal education, encouraged education in the family. Young Ladipo Adamolekun, 14th in a family of

•Adamolekun 19 children, had the “good luck” of having to be guided or coached by older siblings, including the legendary Nathaniel Adamolekun, who was the first indigenous registrar of the University of Ibadan. The Adamolekun family, though a polygamous one (Baba had three wives), enjoyed peace and harmony among its members. The autobiographer attributed what I once described as “management of polygamy” to “fairness” on the part of a father who never spared the rod. Of course, a background of strong Christian culture also contributed to the healthy co-existence in the family. Even when the patriarch of the family had sponsored the education of his children through hard-earned agricultural proceeds, children provided a helping hand to one another once they were in paid employment. So, the first important lesson in this autobiography is that of guidance and good home management by parents. The role of parents can only be foundational. It would require a combination of talent and hard work for any individual to achieve as much as Ladipo Adamolekun has achieved in his academic career and other endeavours. He

made a First in French at UI in 1968. But it is in the field of Public Administration — his research interest at the University of Oxford — that the world of scholars now celebrates him. Reading through his autobiography, it would appear that his engagements at Oyemekun Grammar School (Akure, Ondo State) where he first met his best friend, Prof. Kole Omotoso, had prepared him for that discipline. He was the Librarian and Senior Prefect as well as Head Boy at Oyemekun. At the Christ School, Ado-Ekiti, where Adamolekun obtained his higher school certificate, he was also entrusted with leadership roles: he was a prefect and head of the school’s Literary and Debating Society. Dr. Abiodun Adu, now a consultant gynaecologist in the United Kingdom and his junior at Christ School, talks about him, albeit with nostalgic admiration, “Oga was one smallish genius often seen with nothing but heavy books in his hands.” Adamolekun’s library, in his hometown, Ladipo Adamolekun Public Affairs Library, has about 4,500 books. The delicate frame and gentle disposition of Adamolekun must not be taken for granted. Just as it is with many smart minds, Wole Soyinka and Gani Fawehinmi, for instance, there is a stubborn or rebellious edge to his character. He is very strong-headed in matters of principle and conviction. Even at secondary school, he did not hesitate to tear up his examination sheet before a teacher who had awarded him marks in English, which made a mockery of the high marks he had attained in a mock examination in which he came first in the class. As a political activist of the Awoist persuasion, he once risked his life by shouting at a convoy of ruinous NNDP politicians sometime in 1965. But it has not been all joy and celebration for Adamolekun. The darkest moment in his life was when his beautiful and intelligent wife of more than 30 years, Dr. Olukemi Adamolekun (nee Ajayi), was murdered by armed robbers in Ibadan on May 4, 2002. The narration of his years of nightmare is moving. A genuinely loving and devoted husband and father, it took many years of pleading and

persuasion by family members and friends for him to remarry eventually in 2007. His new wife, Olajumoke, is equally beautiful and intelligent. Both are warmly acknowledged in I Remember. There is a saying that the proof of the pudding is in the eating. Adamolekun’s autobiography has some messages for all of us. His upbringing has a message for parents generally; his exploits as a student have a strong message for students. Of course, his experiences as an accomplished academic at various universities, particularly at the Obafemi Awolowo University, Ile-Ife, and as a leading professional at the World Bank, should provide useful guidance to those who seek to operate at the highest level of professional calling. His description of academic standards at UI in the 1960s should forever shame those who have been responsible for the current decadence of educational standards in the country. Adamolekun, even in retirement, has continued to project the highest ideals of a true academic determined, as he obviously is, to leave the society better than he met it. His publisher, Chief Joop Berkhout, enthused over Adamolekun as the quintessential professor and not the “Tokunbo” (half-baked) type. I agree. I Remember is an impressive and wellindexed 352-page publication of Safari Books Ltd. Ibadan. Adamolekun’s account of his life is a balanced narration, unlike the hagiographic sketches that are sometimes labelled as biographies or autobiographies. As expected, the style of presentation is fluent. Significantly, in my view, he did not insult or malign the character of another in a quest for self-promotion. The only missing links are his philanthropic gestures, known to this reviewer, which he might have chosen not to trumpet out of sheer modesty. A book that serves as a role model for generations, it is with great enthusiasm and a sense of professional honesty that I recommend I Remember to individuals and libraries worldwide. •The reviewer, Akinola, wrote in this from Oxford, United Kingdom.

international

business C

Jobs dip on Alberta losses, manufacturing drops

anada’s labour market eased in April owing to another round of job losses in Alberta and steep declines in the manufacturing sector. The Globe and Mail reported that Alberta lost a net 21,000 jobs, with nearly every part of its economy taking a hit from the weak oil prices and shrinking energy industry. More losses are expected as the province grapples with a fire that is devastating Fort McMurray, the heart of the oil sands. The fires have destroyed neighbourhoods and businesses, putting even more Albertans out of work as residents are evacuated from the area. “We expect the downtrend to continue given the disruption to the energy sector caused by wildfires,” said Matthieu Arseneau, senior economist with National Bank Financial.

Alberta’s jobless rate rose one notch to 7.2 per cent in April, surpassing the national average of 7.1 per cent, according Statistics Canada’s monthly jobs report released on Friday. Over all, Canada shed a net 2,100 positions, missing expectations for a small job gain. But the small loss, which Statscan equates to zero, comes after the country created 41,000 jobs in March. “Canadian jobs surged in March, so the labour market could be forgiven for taking a breather in April,” said Nick Exarhos, economist with CIBC, in a research note. The services sectors created 35,000 new positions, with gains in trade and accommodation and food services. But the country lost 16,500 factory jobs, the second consecutive month of losses. Employment in the sector has now contracted to its lowest

level on record. “It’s not looking good,” said Charles St-Arnaud of Nomura Securities. “It’s a sharp reversal of the increase that we saw in late 2015,” he added. As a proportion of total employment, manufacturing now accounts for nine per cent of all employed persons compared with 10 per cent at the end of 2009 and about 20 per cent in the 1970s. The low factory

employment comes after a report showed manufacturing sales slipping more than expected in February. Since December, 52,000 factory jobs have vanished, with Alberta responsible for about half the losses. “The declines over this period were mostly the result of contraction in Alberta’s manufacturing industries, but also due to general weakness observed in

manufacturing across almost every other province,” said Andrew Fields, labour analyst with Statistics Canada. British Columbia was one of the bright spots in the jobs report. The province created 13,000 new positions and its unemployment rate decreased to 5.8 per cent, the lowest in the country. The province’s economy is forecast to grow about 3 per cent in 2016, higher than the national

average. Across the country, the private sector created 14,400 jobs while the public sector added 8,400 positions. Selfemployment declined by 24,900 spots and employers added 22,800 jobs. Analysts polled by Bloomberg had expected the economy to create 1,000 jobs and the jobless rate to inch up one notch to 7.2 per cent from 7.1 per cent in March.

Computer-assisted driving raises security issues

f cars become big computers, they are subject to the same cyber threats as other devices. The Press Enterprise reported that the push for computer-assisted driving raises a number of issues that haven’t yet been addressed, according to Vincent Nestler, a professor with Cal State San Bernardino’s Cyber Security Center.

In a phone interview, he pointed out that most vehicles on the road won’t have a lot of wireless technology other than GPS, but GPS is hackable. “That’s one of the way, theoretically, that the Iranians were able to down one of our drones.” He also pointed to a 2015 experiment in which hackers took control of a 2012 Chevrolet Impala

from the Virginia State Police’s fleet. According to reports, the Impala wasn’t on the network. But computerassisted driving would require vehicles to communicate with their environments, including such objects as traffic signals and other cars. “If we start having cars communicate with each other, whether it’s

Bluetooth or wireless or some other mechanism, that now is an avenue of a way in,” Nestler said. “Either I’m able to get into the car that’s beaconing the signal, or I’m able to spoof signals to a car … that can cause a car to do things we might not want it to.” People are at work trying to exploit vehicles’ weaknesses, he said.

MONDAY, MAY 9, 2016

leisure funky husband

Naughty by nature

MONDAY, MAY 9, 2016

By Femora

Puzzle No. 1486

90’s One Hit Wonder (3)

By Tayo Olujimi

ACROSS 5 Deep Blue ___: ‘Breakfast at Tiffany’s. 6 Lisa ___: ‘Stay’. 7 ___-N-Effect: ‘Rump Shaker’. 8 ‘Closing Time’ 9 The ____: ‘Lovefool’.

No jokes

By Neearo

DOWN 1 Los del ___: ‘Macarena’. 2 Lou ___: ‘Mambo No. 5’. 3 The ___ Pipe: ‘The Freshman’. 4 ‘Tubthumping’. 5 The Verve: ‘Bittersweet ___’.

Solution to Friday’s Puzzle 1485

Solution to Friday’s puzzle

Today’s Puzzle

How to play Sudoku Sudoku doesn’t require any special maths skills or calculations. It is a simple and fun game of logic — all that’s needed are brains and concentration. There is really only one rule to Sudoku: Fill in the game board so that the numbers 1 through 9 occur exactly once in each row, column, and 3x3 box. The numbers can appear in any order and diagonals are not considered. Your initial game board will consist of several numbers that are already placed. Those numbers cannot be changed. Your goal is to fill in the empty squares following the simple rule above.

MONDAY, MAY 9, 2016

sports

MONDAY, MAY 9, 2016

Atletico’s title dream over

• Watford’s Ben Watson (second left) and Liverpool’s Jordon Ibe during the English Premier League match played at Anfield in Liverpool...on Sunday. Photo: AFP

iuseppe Rossi scored a last-minute winner as relegated Levante came from behind to end Atletico Madrid’s Primera Division title hopes with a 2-1 win, Sky Sports reports. Fernando Torres gave Atletico the lead early on, but Victor’s 30th-minute header levelled before Italian forward Rossi fired home from the edge of the box at the death. Barcelona’s 5-0 victory against Espanyol leaves Atletico three points behind the defending champions with one game to play and unable to overtake them because of the head-to-head results between the two teams. Diego Simeone’s men can still reclaim second spot from neighbours - and Champions League final opponents - Real Madrid, should results go for them on the final weekend of the season. The day started positively for the Argentinian head coach when Torres produced an excellent effort to open the scoring inside two minutes. The former Liverpool and Chelsea striker collected the ball from Koke on the edge of the area before perfectly executing a lobbed finish over Levante goalkeeper Diego

Mikel pained by loss, Kelechi, Iwobi play draw Pius Ayinor

ikel Obi believes Chelsea paid the price for not taking their opportunities in Saturday’s 3-2 defeat at Sunderland. After leading 2-1 at the break courtesy of goals by Diego Costa and Nemanja Matic, the Blues headed home with nothing after Sam Allardyce’s

side scored twice in a threeminute second-half spell. A win may have put some pressure on the teams ahead of them. A pained Mikel told Chelsea website, “We started the game well and for the first 30 to 35 minutes we had control and we were playing well. We were creating chances, moving the ball quickly and players wanted to get involved.

Olarinoye, others mourn Aiyegbeni Olufemi Atoyebi, Ibadan

he South-West zone coordinator of the sports ministry, Steve Olarinoye, has described the death of boxing promoter and hotelier, Francis Aiyegbeni, as a great loss to sports in Nigeria. Sixty nine-year-old Aiyegbeni died at the Intensive Care Unit of the University College Hospital, Ibadan on Saturday, where he was rushed to after his condition worsened at the Police Hospital, Eleiyele. Unconfirmed report said he suffered serious cardiac related ailment. Effort to speak with the deceased’s children by our

correspondent was not successful. A call to one of his daughters, Faith was not answered and a text message sent was not replied. Olarionye said, “His death is a great loss to sports generally but especially boxing where he made name. He was a highly committed lover of boxing. The sports family will definitely miss him.” Similarly, a statement from the Oyo State Chapter of the Sport Writers Association of Nigeria, which was signed by the secretary of the association, Mr. Lanre Agiri, said it would be difficult to replace the late sports philanthropist.

“In the second half we came out and we wanted to carry on where left off but we didn’t kill the game when we had the chances to do it. “Then Ivanovic went down, the referee didn’t blow the whistle, we stopped a little and they scored the second goal. From then, they had some momentum, they built on that and got the third goal.” The Super Eagles captain believes Sunderland were helped by a sell-out crowd at the Stadium of Light, but remains convinced Chelsea should have won the game. “Their fans were on top of them and supporting them, and rightly so because they have to save their Premier League status,” he said

“They came out to fight and play. But if we killed the game when we had the chances and opportunities I don’t think they would have come back into the game.” On Sunday, Arsenal practically guaranteed a Champions League spot after playing out a thrilling 2-2 draw with Manchester City at the Etihad Stadium. Eagles pair of Kelechi Iheanacho and Alex Iwobi made the starting line-up for City and Arsenal respectively. Iwobi was substituted in 59th minute while Iheanacho was asked out in the 71st minute. Odion Ighalo continued on a dry goals spell but was in the starting line up for Watford who lost 2-0 against Liverpool at Anfield.

Ighalo featured for the entire duration of the match. The attacker could be hoping to score in their next game following a poor run of 12 matches without a goal in the Premier League. He has also failed to score for the Eagles this year.

lym p i an B r o w n Ebewele has said Nigeria would not make any meaningful progress in the development of sports if the country continues to use insincere, greedy and manipulative sports administrators especially at the level of the sports federations. Ebewele, a celebrated

athletics coach who rose to become a director and a commissioner of sports in Edo State, made the comment at a presentation he made at the Sports Reform Committee’s retreat in Abuja over the weekend. He said, “Nigeria is the only country in the world that does not use her best in nearly all fields of public

Marino for his 11th goal of the season. Atletico were full of confidence going into the game on the back of six straight league wins and their success in Europe. But they were almost pegged back in the 12th minute when Verza latched on to a pass and produced a powerful drive from 18 yards which was kept out by Jan Oblak. The hosts continued to push for an equaliser and drew level with half an hour played. Colombian forward Mauricio Cuero produced a precise ball into the Atletico box and striker Victor rose above the defenders to steer a header into the top right corner. Atletico went in level at the break and, with both Barca and Real both ahead, knew they would have to push for a winner in the second half. Simeone, serving the second game of a three-match touchline ban, took immediate action, introducing top scorer Antoine Griezmann and Belgian winger Yannick Carrasco in place of Argentinian duo Angel Correa and Augusto Fernandez. In spite of the positive substitutions, the away side were struggling to regain the advantage. Carrasco fired over from distance before Griezmann threatened twice. The France forward saw his shot towards the left corner turned behind for a corner by Marino before again being denied by the keeper after latching on to a defencesplitting pass.

Costa is no criminal – Del Bosque

pain coach Vicente del Bosque insists Diego Costa is no criminal but admits the Chelsea striker is prone to getting caught up in “unsavoury incidents.” Costa has been involved in numerous controversial on-field incidents, the latest coming in last week’s fiery 2-2 draw against Tottenham when he clashed with Mousa

Nigeria’s best should manage sports – Ebewele

endeavour especially sports. The country will go to the Olympics and come back empty-handed and the federation presidents will turn around and blackmail and blame the ministry for their failure. “Nigeria will not make any significant progress as long as the civil servants drive the sports development process.”

Dembele, resulting in the Spurs midfielder being banned for six matches by the Football Association, Sky Sports reports. The 27-year-old also created a stir after he turned his back on the country of his birth Brazil to play for his adopted homeland Spain at the 2014 World Cup. The striker has since mustered just one goal in 10 international appearances but still looks set to be selected by Del Bosque in his squad for Euro 2016. “We can justify if he has played well or badly, but he has committed no crime,” Del Bosque said. “With us he has always acted correctly. There have been some unsavoury incidents, but he hasn’t committed any crime and he always comes here with plenty of desire.”

I had different opportunities to play in the Premier League but something always got in the way. You can’t have everything. I’ve always dreamed of playing in England. Unfortunately it never happened and, even though I’m delighted with the career I’ve had, that is the one regret I do have – Clarence Seedorf

MONDAY, MAY 9, 2016

sports

My City best yet to come —Iheanacho M

•The ARM Pensions footballers during a novelty match held in honour late Ayodeji Omotoso in Lekki, Lagos...on Saturday. Photo: ARM

Zenith b’ball playoffs: Dolphins hit semis Idris Adesina

efending champions of the Zenith Bank Women’s Basketball League, Dolphins, on Sunday booked their place in the semifinals of the Final 8

Playoffs of the league after defeating IGP Queens 7466 at the Indoor Sports hall of the National Stadium, Lagos. Dolphins, who thrashed Delta Force 83-65 in their first match on Saturday, trailed the IGP Queens in

ARM honours late Omotoso

sset and Resource Management organised a novelty match in honour of one of their own who died last year. The game for the late Ayodeji Omotoso was held on Saturday at Funturf located in the Lekki Phase. The CEO of ARM, Ms. Jumoke Ogundare, who addressed his colleagues at the venue for the game said, “Mr. Ayodeji Omotoso was a loving, hardworking, caring, ever-smiling and sportsloving man who left us a year ago unexpectedly. The company decided that one of the best ways to remember him was not by crying but through what he loved – football.” It was for that reason that

the company decided to put together a unit company’s football match called the DO’s Cup in his honour. She described him as a man who put his heart in everything he does including football. The third place match between ARM Investment and ARM Life ended 1 -1 at regular time and was then decided on penalties in favour of ARM Investment 3-1. ARM Pensions defeated Mixta Nigeria 3-0 in the final game. The company plans to make the event bigger in the coming years by involving professional footballers as a way of immortalising him. ARM wants to help young player achieve their dreams.

Odusanya picked up N100,000 while Fatima Kazeem of Rivers and Toyin Jimoh came third and fourth with a cash of N50,000 and N45,000 respectively. In the junior boys’ singles, Amadi Omeh of Ondo defeated Olayinka Oladipupo of Rivers 4-2 to become the winner with a cash of award of N50,000. Oladipupo got N30,000. In the junior girls’ singles, Esther Oribamishe of Ekiti defeated Nimota Aregbesola of Lagos 4-2 to win the title with cash of N50,000. Aregbesola got N30, 000. In the cadet girls, Iyanuoluwa Falana defeating Sukurat Aiyelabegan 4-2 to win the first prize of N40,000. The veterans were not left out as Onyeka Ogbu defeated Olu Akerele 3-2 to win a water dispenser.

Taraba, Ekiti rule Aso t’tennis

araba and Ekiti states on Saturday won the men and women’s singles at the 2016 Aso TableTennis Naional Championship, the News Agency of Nigeria reports. The four-day tournament at the Abuja Stadium saw Seun Ajetunmobi of Taraba beating Onaolapo Ojo of Ondo 4-0 in the men’s singles final to become champion with a cash award of N200,000. Onaolapo bagged N100,000 for his effort while Olajide Omotayo and Makanjuola Kazeem both of Taraba came third and fourth with a cash of N50,000 and N45,000 respectively. In the women’s singles, Esther Oribamishe of Ekiti defeated Bose Odusanya of Lagos 4-0 in the final to cart home N200, 000.

the first three quarters of the game but came out in the fourth quarter to win the match. IGP Queens started strongly, shooting into the lead to finish the first quarter 23-19. But Dolphins came back into the game to reduce the tally. They finished at half time with a deficit of five points – 40-35. The third quarter saw the strongest rally from the Queens and they finished 60-48 to establish a 12-point lead. Three successive threepoint throw from Juliet Currency reduced the deficit for Dolphins in the last quarter as the defending champions came from behind to win the game. Coach of the side, Ochuko Okworogun, told our correspondent that the game was won from the technical angle. “I told them at the end of the third quarter that they should go into the game and block all those shots from the girls who were scoring for the Queens and that was done,” she said. “We are taking each game as it comes as we work towards the title defence.” Dolphins will continue their defence on Monday when they play Plateau Rocks in their last group match. In other matches, Delta Force lost Plateau Rocks 58-54 while Benue Princesses beat AHIP Queens 62-47. Results Premier League Spurs 1 Southampton 2 City 2 Arsenal 2 Liverpool 2 Watford 0 La Liga Barcelona 5 Espanyol 0 Palmas 0 Bilbao 0 Levante 2 Atletico 1 Real 3 Valencia 2

anchester City can expect more from Kelechi Iheanacho next season as 19-year-old seeks to build on an impressive debut campaign. The Nigeria striker has vindicated Manuel Pellegrini’s decision not

to buy another striker this season with his dynamic performances – often from the substitutes’ bench – scoring 13 goals. A tally of seven in the Premier League has helped keep City on track for a top-four finish and eased

home. Kano Pillars beat Ikorodu United 2-1 to put pressure on Rangers. Pillars are second on the table with 27 points from 15 matches, a point behind leaders Rangers. Abia Warriors also have 27 points, but they are third by virtue of goals difference. Ikorodu United remain rock bottom of the table on nine points. Emmanuel Edmund opened scoring for Pillars after 15 minutes, when he coolly finished off courtesy of good play by Rabiu Shehu. But visiting Ikorodu United restored parity on 27 minutes, when Yemi Olasupo headed home. However, skipper Rabiu Ali, who had promised to score two goals in this match, delivered the winning goal in the 77th minute with an unstoppable pile driver.

3SC hold Rangers

nugu Rangers are back on top of the Premier League despite dropping their first points at home this season on the back of a 1-1 draw with Shooting Stars on Sunday, AfricanFootball. com reports. Rangers now have 28 points from 15 matches, a point ahead of secondplaced Kano Pillars with Abia Warriors a close third. Chisom Egbuchulam put Rangers ahead from the penalty spot after 80 minutes after he was upended inside the box. However, Tope Orelope, who came close to signing for Rangers in the close season, drew Shooting Stars level in stoppage time also from the penalty spot after Matthew Etim handled the ball inside his own box. Plateau United were held to a goalless draw by Sunshine Stars and Lobi Starsbeat MFM FC 1-0 at

the pressure on leading marksman Sergio Aguero. Iheanacho has vowed to have even more of an impact going forward, though, and hopes to establish himself as a firstteam regular in 2016-17. “My record isn’t bad. This season has been great for me and for the team as well,” he told Sky Sports News. “I’ve been getting goals in the team and helping them. “It’s not bad this season, but I’ve got to keep working hard. This is not going to be the best season ever, I’m just starting and there will (be) more good to come. “I’ll just keep working hard and working on everything in training and in games and I’ll get there. “I was hoping to play a first-team game and be among them one day, I had ideas about that so I was hoping I would join them some day. It was a surprise for me when they said I was part of the team so I was happy and I’m pleased to join them. “Now I’m convinced I’m part of the squad, but it will not get into my head. I will just keep working hard and keep believing in myself. I will help the team anyway I can.”

MONDAY, MAY 9, 2016

My City best yet to come —Iheanacho P. 62 •Iheanacho

MONDAY, MAY 9, 2016 www.punchng.com

Improving Nigeria’s ranking in the doing business index

ccording to the World Bank’s Doing Business 2016 report, Nigeria ranked 169 out of 189 countries surveyed on the Ease of Doing Business. The report examined the business economic conditions of 189 countries across all continents with focus on regulations for starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. Although this year’s ranking represents a marginal improvement over last year’s ranking which placed the country in the 170th position, Nigeria trails behind a number of other African countries such as Mauritius (32), Rwanda (62), Botswana (72), South Africa (73) and Ghana (114) - all competing for foreign direct investments. The current ranking implies that the regulatory environment leaves much to be desired with respect to starting and operating businesses in Nigeria. Not a few owners of Micro, Small and Medium Enterprises would corroborate this view. Available data from the Central Bank of Nigeria show that the Purchasing Managers’ Index, an indicator of the economic health of the manufacturing sector, has been below 50 on the average this year- an indication that the sector has been on the decline. The most recent figure indicates that the PMI dropped to 43.7 per cent in April, compared to 45.9 per cent in the preceding month. In recognition of this challenge, the Federal Government, as a priority area this fiscal year, is reported to have set a target of moving 20 places up the World Bank’s Doing Business ranking from 169th to the 149th position. A major strategy towards achieving this target should be to direct attention at improving critical regulatory areas that recorded declines in the Doing Business ranking especially in the areas of ease of starting a business, getting electricity and access to credit. In this year’s report, while the rankings in some other areas remained unchanged from those of last year, ranking for starting business dropped eight places from 131st position in 2015 to 139th. Also, the country fell in ranking from the 181st position to 182nd with respect to getting electricity while a drop in ranking from 52nd to the 59th position was recorded with regard to access to credit. To achieve a dramatic improvement in the ranking for ease of starting a business would entail having a seamless registration of business entities in the country. In this regard, the Corporate Affairs Commission should deploy relevant technology for online transactions as well as embark on training of its staff to be able to deliver prompt and efficient services with respect to registration of companies, processing of post-incorporation filings and providing other assistance as required under the Companies and Allied Matters Act, 2004. As one of its major priorities this year, the Federal Government plans “to optimise up to 7,000 megawatts installed capacity with the associated infrastructure in order to enhance productivity and employment.” This effort will surely count in improving the country’s ranking in the area of getting electricity. Equally important is the need to ensure

Joseph Uwaleke that electricity consumers are protected from exploitation by service providers. In fact, the Consumer Protection Council had acknowledged that the complaints coming from consumers in the power sector were the highest in the country. The high number of the complaints is a clear indication of customers’ increasing dissatisfaction with the Nigerian Electricity Supply Industry. The Nigerian Electricity Regulatory Commission has a major role to play in this regard. Another target set by the Federal Government this fiscal year is to achieve a single digit lending to the real sector in order to increase output. This will certainly ease access to credit especially to micro and small businesses. The CBN and the Bankers’ Committee should cooperate to make this a reality. Also, the establishment, by the CBN, of a centralised collateral registry which broadens the range of assets that can be used as collateral will also improve access to credit. When fully deployed, the collateral registry will enable individuals to obtain loans from financial institutions using movable assets such as cars, inventories and equipment as well as and intellectual property as collateral and will facilitate access to finance to the MSMEs. Furthermore, a recent development that will facilitate access to credit is the reported plan by the Asset Management Corporation of Nigeria to appoint Asset Management Partners to help with debt recovery and resolution of nonperforming loans in the banking sector. Available data from the CBN indicate that the NPLs in the banking system rose sharply by 78 per cent year-on-year to N649.63bn in 2015. The AMPs would, among other things, work with the AMCON in tracing, identifying and locating obligors with a view to resolving their outstanding indebtedness. Reduction in non-performing loans is expected to translate to lower interest charges on loans. This is consistent with a study by Visaria which revealed that the establishment of debt recovery tribunals in India reduced non-performing loans by 28 per cent and lowered interest rates on larger loans, implying that faster processing of debt recovery cases reduces the cost of credit. Although the ranking for paying taxes was unchanged at the 181st position from that of last year, it shows that Nigeria is one of the worst performing in this regard — 8th

Expression

position from the rear. Consequently, there is the need to look into the frequent complaints by businesses of paying similar taxes on the same or substantially similar tax base or what is technically referred to as multiple taxes. These taxes as listed by Pricewaterhouse Coopers include Companies Income Tax, Information Technology Tax, Education Tax, Nigerian Content Development Levy all of which are based on income or profits and Value Added Tax, Sales Tax and Hotel Consumption Tax all based on sales. In order to address the problem of multiple taxes, approved list of taxes should be streamlined and adhered to by all tiers of government. Efforts should be made to reduce the financial burden of taxes on businesses to encourage development of the private sector. This is particularly important for MSMEs, which contribute to growth and job creation but do not add significantly to tax revenue. To protect government revenue, the focus should be on broadening the tax base and widening the tax net. To achieve the target of climbing 20 places up the World Bank’s Doing Business ranking will require giant strides towards better and more efficient business regulation. Kenya climbed 21 places between 2014 and 2015 by making critical reforms leading to improved electricity supply and access to credit. No less is expected of Nigeria. Concerned about Nigeria’s low ranking in the current World Bank index on Ease of Doing Business, the Federal Government is reported to have set up an Inter-ministerial Committee having the Vice President as chairman to recommend measures for improving the business environment in Nigeria. It is also gratifying to note that the National Assembly, according to recent reports, has compiled over 250 laws that may have been stifling the growth of business in Nigeria since independence with a view to making them more business friendly. With significant improvements in business regulation, Nigeria could in fact move up several steps above the set target in the World Bank’s Doing Business report for 2017. •Uwaleke is an Associate Professor of Finance, Head of Banking & Finance Department and Deputy Director of Research, Nasarawa State University Keffi •Henry Boyo returns next week

e-mail:yourviews@punchng.com Feedback by text? Send SMS of not more than 100 words (not abbreviations, please) to 08055923429 with your full name and address.

Salvo “We are in serious times and this is a really serious job. Obama told reporters at the White House. This is not entertainment. This is not a reality show. Every candidate, every nominee needs to be subject to exacting standards and genuine scrutiny” —The US President Barack Obama to the Republican presidential aspirant, Donald Trump

Ethical Complaints? •We, Punch Nigeria Limited, do not demand or accept gifts or gratification to publish articles or photographs, neither do our journalists. Therefore, we implore you not to offer any to our journalists. In the event that a PUNCH journalist demands such, please send your complaint(s) to ethics@punchng.com or 08168214977.

Punch Advert lines Every day Head Office Tel: 08116759808 08184737491, 09080655213, 01-7745110,

•Construction of pedestrian bridge at Berger on the Lagos-Ibadan Expressway... on Sunday.Photo: Sodiq Adelakun

Ikoyi Office Abuja Office 38, Awolowo Rd, Ikoyi, Lagos. Millennium Builders Plaza, Tel: 09053631546, Block A, 1st Floor, Rear Wing 07013430987, 01-7736123 251, Herbert Macaulay Way, Lekki Office Cadastral Zone, Opposite Opebi Office Sabrina Building Plot 55, Opebi Road, Ikeja, NNPC Towers CBD, Abuja. 5A Block A10 Lagos. Admiralty Way, Lekki Phase 1 Tel: 09-7802097 Tel: 09053631548, Tel: 09053631731, 07098100132 07013433198, 01-7647475 07013430984, 01-7749193,

Printed and Published by: PUNCH (Nig.) Limited 1, Olu Aboderin Street, Onipetesi, Ikeja, Lagos Circulation: 01-7749311 Advert: 01-7745110 ; The PUNCH 09086211321; Abuja Office: Millennium Builders’ Plaza, Block A, 1st Floor, Rear wing, 251, Herbert Macaulay Way, Cadastral Zone AO, Opposite NNPC Towers, Central Business District, Abuja. Phone: 09 -7802097; Saturday PUNCH 01-7748080; Sunday PUNCH 01-7749329; E-mail: lagospunch@punchng.com; advert@punchng.com;Ikoyi Office: 38, Awolowo Road, Ikoyi, Lagos. Phone: 01-7736123;Opebi Office: 55, Opebi Road, Ikeja, Lagos. Phone: 01-7647475. A Member of the Newspaper Proprietors’ Association of Nigeria. Editor: Martin Ayankola. All correspondence to P.M.B 21204, Ikeja, Lagos. ISSN 0331-2666

MONDAY, MAY 9, 2016

news

Kattey blames Rivers’ insecurity on bad politics Chukwudi Akasike, Port Harcourt

HE Archbishop, Province of Niger Delta, the Most Reverend Ignatius Kattey, has said that the actions of some politicians in Rivers State have contributed to the level of insecurity in the state. Kattey explained that the political game playing out in the state was worsening the security situation in Rivers. The cleric made this remark on Saturday during the third session of the Seventh Synod held at Saint Silas Anglican Church, Eneka in Obio/ Akpor Local Government Area of the state. He expressed shock that those who claimed to have the interest of the people at heart were embracing acts that could endanger the lives of the masses. He said, “We do not know how the security situation in the state has degenerated to the level it is now, but we certainly know that the political game that is playing out in the state, to say the least, has contributed immensely to this insecurity. “How can people who claim they have the interest of the masses be the ones through whom the lives of the people are endangered? “The game of politics should not be played to the detriment of the people for whom it is meant to benefit. Enough is enough!” Kattey, who is the Bishop of Niger Delta North and the President of the Synod, pointed out that Christians in politics, irrespective of their political affiliations, should embrace actions that would benefit the people. “It is very necessary at this point in the history of Rivers State to advise Christian leaders in politics whether in the Peoples Democratic Party at the state level and the All Progressives Congress at the federal level to damn their principles and stick to the permanent interest and benefits of the average Rivers man. “Christians, who are leaders in the various political parties should place and demonstrate Christian leadership qualities of service, humility and integrity to the glory of God,” Kattey added. The cleric, however, lauded the efforts of the state Governor, Chief Nyesom Wike, towards the infrastructural development of the state, especially in the area of major inter-state and intrastate road construction. Kattey said, “The governor has reconstructed over 120 kilometre of roads across the state and has started constructing roads connecting other local government areas.”

Reps score FG low on road financing John Ameh, Abuja

he House of Representatives Committee on Works said on Sunday that the Federal Government was underperforming in the funding of road projects, despite the over N200bn provided for the sector in the 2016 budget. It noted that the

money would pale into insignificance when compared with the fact that outstanding liabilities to contractors on jobs already delivered stood at “over N300bn.” The committee stated that while the N200bn in the 2016 budget was an improvement over the N18bn budgeted in 2015, the outstanding liabilities

in excess of the budget size also meant that the Federal Government must urgently consider alternative sources of funds to deliver road projects. The Chairman of the committee, Mr. Toby Okechukwu, who spoke exclusively with The PUNCH, said at the moment, the government’s total commitment to road

contracts was “a staggering N2.2tn, about the size of the recurrent budget in this year’s N6.06tn budget.” Okechukwu added, “Yes, there is over N200bn in the budget. It means that contractors can continue to work if they reach some understanding with the government in a bid to cover some mileage in road works. “But of more importance

arm-twisted by officials of his government. “I will not demand a dime from you. Any of my officials who demand money from you should be exposed. We are serious about fighting corruption in line with the policy of President Muhammadu Buhari administration at the centre. “That said, we will beam our searchlight on the operations of your respective Local Government Areas to ensure you act in line with the rule of law. Nobody influenced your appointments. I considered you as partners in my onerous task of developing the state.” The governor also thanked the outgoing council chairmen for their cooperation with

his government, assuring them of the readiness of his administration to work with their forum. Speaking on behalf of the outgoing Chairmen, the Chairman of the Conference of Local Government Chairmen in the state, Aloysius Okino, described the governor as a “magnanimous democrat and a listener who will surely take the state to the Promise Land.” In a related development, Bello has vowed to recover funds looted from the state through organised crimes such as ghost workers and ghost school syndrome as well as failed contracts in the past. The recovered funds, he said, would be used to develop the state.

The governor said this while addressing youths from the 21 local government areas of the state during an interactive forum in Lokoja as part of activities to mark his 100 days in office on Friday. Bello added that nothing would stop his resolve to recover the stolen funds which, he said, ought to have been used to better the lot of the people. He said, “The staff verification exercise had really uncovered fraudulent activities of some civil servants, this government will definitely recover these looted funds and it shall be channel toward the provision of basic social amenities to the people especially those at the grassroots.”

is that we must urgently seek alternative funding sources away from the annual ritual of statutory funding through the budget. “The Public Private Partnership is an option. Some discussions and ideas have to be generated on how to seek additional funds outside the budget. “When you realise that the total commitment to the road sector is N2.2tn, and you already have liabilities in excess of N300bn, then it will mean that the N200bn is going into work that has been done. “There has to be a way to increase funding; the annual budget ritual cannot address the funding gap.” President Muhammadu Buhari had signed the 2016 Appropriation Bill into law last Friday. The President said with the signing of the budget, N350bn would be injected into the nation’s economy immediately to stimulate growth. He also stated that the development of infrastructure, particularly roads, would be boosted with the N200bn earmarked to the sector in the budget. Buhari added, “To illustrate our renewed commitment to infrastructural development, the 2016 budget allocates over N200bn to road construction as against a paltry N18bn allocated for same purpose in the 2015 budget.” On his part, the Leader of the House, Femi Gbajabiamila, told The PUNCH that there was hope the government would achieve higher budget implementation percentage than its predecessors. According to Gbajabiamila, there is the “political will” in the current government to implement projects. “I believe with the kind of political will this President and government has shown, this budget will see the highest percentage and level of implementation seen in recent years,” he said.

Gbenro Adeoye

the elder statesman and a former Political Adviser to ex-President Shehu Shagari, said even though he was not a member of the PDP, he felt concerned about the issues affecting it as a “strong supporter.” Some aggrieved former ministers, who served under the PDP, had earlier noted that any attempt by the party’s National Chairman, Ali Modu Sheriff, to consolidate his position at its May 21 convention would spell doom for the party. Yakasai, however, advised such aggrieved PDP members to take their grievances to the appropriate organs of the party rather

than expressing their anger in the print media. He also urged them to work harder in their states to ensure that the party did well in the next general elections. “My honest opinion is that the moves are divisive,” he said. “The correct approach is to go to the proper organ of the party. Every individual in a democracy is entitled to his opinion but you cannot decide the fate of anybody on the basis of allegations by individuals. “Anybody who feels strongly about the various allegations against Sheriff, which have not been proven by the court of

law, can go and argue his matter before the National Executive Committee and the convention and if the delegates at the convention accepts his argument, then so be it. But you can’t decide the fate of a political party through a press conference. “I’m particularly unhappy with the statement credited to some former ministers, who are criticising former President Goodluck Jonathan for supporting the zoning arrangement of the party. Jonathan, until a new leader is produced, is the leader of the PDP and has the credentials to speak on behalf of the party.”

•L-R: Bishop of Ijesa North Diocese (Anglican Communion), The Rt. Rev. Dr Isaac Oluyamo; his wife, Margaret; Chairman, Osun House of Assembly Committee on Information and Strategy, Olatunbosun Oyintiloye; and the Vicar of All Saints’ Church, Esa-Odo, Ven. Joseph Oni, at the inauguration of the new Esa-Odo Missionary Archdeaconry held at All Saints Church, Esa-Odo, Obokun East LCDA... on Sunday. Photo: OSHA.

Steal Kogi’s money, go to jail, says Bello

Gbenga Odogun, Lokoja

he Kogi State Governor, Alhaji Yahaya Bello, has warned the newlyappointed administrators of local government councils in the state against sleaze, saying anyone who steals government money will be jailed. Bello, while inaugurating the new council administrators inside the Glass House in Lugard House in Lokoja on Friday, called on them to buy into the New Direction Policy of his administration by improving the lives of their people. He said, “This is a position of trust given to each of you to impact on the lives of your people. Our administration is committed to empowering the people of this state and today, you have been appointed as agents of this initiative. “The funds that come to the local government councils belong to the people and should be used to improve education, health, agriculture and rural infrastructure. The era of stashing away, local government funds in foreign and local bank accounts of private individuals is over. Under my watch, the resources of the people will work for them. Anybody caught stealing Kogi people’s money will be jailed.” Bello said his administration had granted full financial autonomy to the Local Government Areas in the state, warning the administrators against being

Yakassai knocks ex-ministers for dividing PDP

he Chairman of the Northern Elders’ Council, Alhaji Tanko Yakasai, has berated some members of the Peoples Democratic Party for openly criticising the party’s zoning arrangement. Yakasai, while reacting to the ongoing controversy in the PDP over the zoning of its office of the national chairman to the North-East, described the actions of the aggrieved party members, including former ministers, as “divisive.” Speaking in a telephone interview with our correspondent on Sunday,

MONDAY, MAY 9, 2016

editorial

Nigeria’s tough business terrain

OING business in Nigeria continues to present its peculiar challenges, not only to aspiring entrepreneurs but also to established local and foreign investors. Year after year, surveys by respected international agencies always come up with the conclusion that the country’s business terrain is one of the toughest and most unfriendly in the world. This year’s Ease of Doing Business report from the World Bank says nothing different. Indeed, it is amazing that even when the government acknowledges the existence of certain drawbacks to the smooth running of business and promises to ease off the obstacles, the situation remains more or less the same. This is what the recent data released by the World Bank, where Nigeria is ranked 169th out of 189 countries surveyed in the Ease of Doing Business, confirms. Despite promises to provide an environment conducive to business, the Doing Business 2016 report showed that the country only improved marginally from 170th last year to 169th this year. For a country with so much potential, and currently Africa’s largest economy, this is very disappointing. It can only be imagined what would happen if the authorities could take the necessary steps to position Nigeria as the preferred investment destination. All that is needed is simply an enabling environment for business to thrive. The rating of other African countries in the yearly World Bank report, which investigates regulations that enhance business activity and those that constrain it in countries around the world, only accentuates Nigeria’s dire situation. While it may be understandable that a country like South Africa, unarguably Africa’s most developed economy, fared better than Nigeria, it is quite difficult to fathom why the so-called giant of Africa is trailing countries such as Sierra Leone, Zimbabwe, Togo and Lesotho, among many others. It is a clear evidence of how much the Nigerian system stifles creativity and continues to keep the country economically and technologically down. It also explains why some business concerns have been relocating to Ghana and some other climes, where conditions are less stifling. With the prices of oil, Nigeria’s economic mainstay, at a 10-year low, a more friendly business environment would have helped to speed up the country’s economic diversification and ramp up job creation for the teeming number of school leavers currently swelling the population of those in the labour market. Needless to say, one of the factors responsible for the inclement business environment in Nigeria is the hopeless power situation. Under the Getting Electricity category, Nigeria ranks 182nd out of 189 countries, a decline from last year’s 181st position. While South Africa, for instance, boasts over 45,000 megawatts of electricity for her estimated population of 52 million people, Nigeria’s electricity output fluctuates between 2,500MW and 5,000MW. This is what is available for industrial and domestic use in a country of estimated 170 million people.

Easily the most noticeable drawback to business, the lack of constant electricity makes the cost of production prohibitively high and renders goods produced locally uncompetitive in terms of cost. It is the main reason Nigeria’s textile and garment industry, for instance, has shrunk from the peak that boasted over 175 mills in the 1980s and 1990s to less than 30 now. Nigeria also fared badly in the categories of Registering Property, Paying Taxes and Trading Across Borders, where she was ranked a joint 181st and 182nd respectively, retaining the positions for last year in the last two categories. As for Registering of Property, it was actually an improvement on that of last year which stood at 185. Enforcing Contracts and Resolving Insolvency are the other areas where businessmen encounter problems in the country. In both categories, Nigeria retained her last year’s position of 143 out of 189 countries. In the Starting a Business category, Nigeria was ranked 139th, eight steps worse off than last year’s situation. The only areas where she featured below 100 were in the Protecting Minority Investors and Getting Credit categories, where she placed 20th and 59th respectively. The former witnessed a rise from 33rd while the latter was a fall from the 52nd position. But then, what businesses go through to access credit, with the very high interest rates of between 20 per cent 30 per cent, makes the World Bank ranking contestable. For a country badly in need of foreign and local investments to boost the economy and create jobs, this is an opportunity to remove all obstacles to starting and sustaining business. It is not as if efforts had not been made in the past, they just have not been far-reaching enough. According to the World Bank report, the noticeable progress made in Protecting Minority Investors and Getting Credit has been as a result of such efforts. The former was achieved by subjecting “related-party transaction to external review” and approval by disinterested shareholders; while the latter, in a 2013 review, was as a result of improved access to credit information “by distributing credit information from retail companies.” However, despite the introduction of an online system in 2008 for company name search and increased efficiency in company registration, Nigeria still remained 139th in starting business. Dealing with Construction Permits has also been made easier by the official time limit for the issuance of such permits. But despite these token steps, it is certain that reforms have to be more radical. For instance, there is hardly anything that can be achieved if the power situation is not improved. Efforts also need to be intensified in border policing to avoiding the dumping of cheap and probably fake and inferior goods within Nigeria’s borders, which stymies local manufacturing. The issue of multiple taxation should be given a serious attention, while interest rates should be such as would make credits accessible, especially to the small- and medium-enterprises, which are the engine room of job creation in every economy. The government should also intensify efforts to provide adequate security, which is necessary for business to thrive.

LETTERS

Letters meant for this page should not be more than 150 words long, and e-mailed to: lagospunch@ punchng.com Such letters must contain writer’s full names (not initials) and address, and be typed double-space. Writers may no longer send letters in paper format.

Memo to Governor Ambode

his memorandum is being written with a heavy heart. Heavy in the sense that from my own corner of the world, I am not happy. My sadness stems from the fact that the situation can be deemed to be inclement in various areas of the state. Admittedly, this is essentially an eclectic piece. This is because, such is the vast nature of the state that I will confine my observations to places like Magodo Isheri, the Lagos-Badagry Expressway and a backwater like Oke Agbo Road in the Oto Awori Local Community Development Area. Incidentally, as would be seen by Your Excellency, all these places are on the Mainland. My exclusion of the Island is deliberate. This is because, in the previous administration a lot of attention was paid to the Island. Please, note however that my contention here is not absolute. Still, when I visited selected areas on Victoria Island and Ikoyi, there was the distinct impression that the Lagos State Government under your predecessor took care of the inhabitants of those areas. The critical question here is: Is it possible to replicate this feat on Lagos Mainland? One can almost answer this question in the negative. This is because what I have observed in various areas of the state is that, things are not what they should be. Let me begin with Magodo Estate in Isheri. Prior to your assumption of office, there was state-supplied water in that estate. But today, a different and numbing reality obtains. The immediate consequence is that in this up-scale neighbourhood, wells and boreholes are being sunk by the day. In view of your highvoltage education, I do not need to elaborate on the dire consequences of an environment that is littered with wells and boreholes. Moreover, in an environment like Magodo that lacks water, Lagos State is losing out, big time. This is because, the residents are willing to pay water rates. But since water is not being provided, they are not obliged to pay anything to the state government. At the risk of sounding hyperbolic, the lack of an indispensable commodity like water can easily be equated with state-failure. Indeed, it is this sub-theme of state failure which looms large in my consciousness when I look at the current state of the Lagos-Badagry Expressway. My thinking here is that you are supposed to extend the momentum on this road by taking it further from where your predecessor stopped. As things stand however, what we are hearing is that there is no money to complete this important project. Permit me here to suggest what can be done at a minimal level. Why not take the Lagos-Badagry stretch further than what your predecessor did, even if the road cannot be completed in one fell swoop. But even then, you the boy from Saint Jude’s School Ebute Meta, is not a minimal person, so, a lot is expected from you on this critical road which can easily be used as an index of your governance profile and status. So, the least that I can say to Your Excellency here is: Get cracking on the LagosBadagry Expressway. Before I am done, Sir, I also wish to draw your attention to one of the roads that are being constructed in one of the 57 LCDAs. My specific reference here is Oke-Agbo Road in OtoAwori area. If I may recall, work started on this road in earnest. But today, an omniscient observer could well be heard muttering the catch phrase: Broken promises. This could well be an exaggeration but then exaggeration by its very nature has a ring of truth! And finally, as I write this, I am aware that some of the guardian angels of your information order would be reading this. And to this extent, they may want to offer rebuttals. They are most welcome. But it should be noted that this writer is not a politician. Rather, I am a public-spirited citizen who is anxious about the fact that in the various areas listed above, the inhabitants of those areas are anxiously waiting for Ambode, the Fulbright Scholar to show his hand. My conviction is that you are capable of this positive showing in a way that is consistent with the fondest ideals of both Warri and the Fulbright traditions. Chief Kolade Collins Magodo, Lagos 08066623451

viewpoint

Managing expectations

at the same time to open the legitimate and legally recognised censoj@gmail.com; 08127235995 channels of honest economic engagements that would provide he tremendous support and goodwill that services to Nigerians while providing jobs and ushered in the administration of President keep the economy afloat. Muhammadu Buhari into office seem to have In the last couple of months, we got to a stage been dissipated by a lot of inaction, delay and where many Nigerians began to question the lack of clear and coherent policy framework to effectiveness of the anti-corruption mantra address the existential challenges of Nigerians. which was not delivering food to their table or The earlier days of the administration were in any way ameliorating the harsh economic spent on the euphoria of election victory and circumstances they were going through. It simply opening up the faults and misdeeds of the got to a point where it was sinisterly suggested previous Jonathan administration. At that time, that if corruption put food on the table, put it seemed the only game in town was to expose the petrol at the fuel pumps and prevented system level of decay in the past administration, a fact collapse in electricity; then, let it be. However, which was already known to the Nigerian public this was a product of a wrong administrative and formed the basis of the decision to vote out strategy that failed to carry the people along that government. through communicating to them the activities Recall the admonition of Bishop Hassan as against the intentions of government. Mathew Kukah at some point in time and his Some apologists have stated that Nigerians advice that the government should be forwardare demonstrating sheer impatience in their looking and ensure that governance is not simply assessment of the administration. But this is about addressing one simple challenge whilst not true. The leadership needs to devise a vision, ignoring others. The wild reaction of some communicate that vision of where it is leading Nigerians to his advice did not help matters and Nigeria to the people and this will provide the the government seemed to have been encouraged required buy-in and patience needed for the long to continue on its single-minded trajectory. In journey to national rebirth. The days of asking taking the decisions that seek to plug the leaks people to follow and believe blindly without a in the federal treasury, the rent-seeking economy road map, deliverables and clear milestones are and its floating system based on corruption gone and may never return. Can anyone believe simply came to a standstill. As a matter of that it was just last week that the membership strategy, it was expected that while closing the of the federal economic management team was gaps of corruption and leakages, it was imperative disclosed to Nigerians who were all along asking

Eze Onyekpere

resident Muhammadu Buhari arrives in London on Tuesday to join 50 other world leaders at a landmark international anticorruption summit called by Prime Minister David Cameron. The “Anti-Corruption Summit London 2016” will bring together world leaders, business and the civil society to agree a package of practical steps to: •Expose corruption so there is nowhere to hide; •Punish the perpetrators and support those affected by corruption; •Drive out the culture of corruption wherever it exists; •And put in place infrastructure and tools that can be used by international organisations, countries and national institutions to fight corruption. In a remarkable recognition of his ongoing war against corruption in his own country, President Buhari will speak twice at this event, first as a keynote speaker at a pre-conference meeting called by the new Commonwealth Secretary-General, Baroness Patricia Scotland, and the second for eight minutes allocated to each President or head of government at the main summit, giving the clearest indication that the President’s focus has become a template for the rest of the world. Recognition apart, the President is not making pretensions about his success and achievements. Knowing the humility with which he goes about his things, he is not marching to London with a Macho image of a fighter who in a true sense of the word pushed back the Boko Haram terrorism and its threat to the nation and confronting equally, embedded corruption like no other regime. Of course, these are milestones visible to the naked eye of the international community which have earned the goodwill of the people at home and abroad. When he goes to London, President Buhari intends to share experiences with other leaders. He is of the strong conviction that increasing globalisation has made it difficult, if not impossible for stand-alone nations to combat corruption; that without global synergies against corruption, nations will fail in their efforts towards economic growth, maintaining security, reducing poverty and protecting the environment for their children. He will, in the light of this, seek support for anticorruption capacity for our national institutions and the citizenship. As his own contribution, the President has substantially aligned himself with major initiatives

for the composition? Why would a government be doing so much work without letting the citizens know what it is doing? Do you use facial expressions in the dark to communicate to persons who are not seeing you in the first instance? This may have informed the recent town hall meetings embarked upon by the Buhari administration. On the surface, the town hall meetings look very good. But a deeper appreciation demonstrates the need for the administration to present a coherent and documented strategy to Nigerians; a road map at least for the remainder of the term of office. Here, we are not talking about the communiqué of the National Economic Council or that of a specially convened Federal Executive Council meeting. It is about a well-reasoned and costed plan that addresses the needs of each sector. One great lesson emerging from developments since the election of President Buhari is the need for political parties, candidates and politicians to exercise caution in their promises to the electorate. Promises should not be made for the purpose of winning elections, or simply to out-promise the contending parties and candidates. Otherwise, they will amount to obtaining electoral votes by false pretences which should actually constitute a crime. Pray, what is obtaining by false pretences, alias 419? There is nothing that denigrates the credibility of an administration than reneging on freely made promises. The delay in the submission, approval and

MONDAY, MAY 9, 2016

assent to the 2016 federal budget complicated matters; whilst many Nigerians were losing their jobs, the tardiness and politics of the budget ensured that it was just signed on Friday and official spending beyond salaries and overheads which had been stalled can now commence. This is a lesson in how not to manage an ailing economy. The budget is a very important instrument that gives policy and resource direction for the economy; it is the instrument or agency that facilitates the surmounting of other challenges and as such should enjoy primacy of place in the order of priorities. This lesson should not be lost on the 2017 federal budget process and therefore demands early presentation and approval. The post-2016 budget assent challenge is how to expeditiously mobilise resources to ensure that the N1.8tn capital budget begins to deliver on infrastructure and services to the Nigerian people. The social component of it is also expected to address critical challenges. Thus, this is no longer the time for expression of intent on what would be done. This is now the time to begin to do the things that has already been approved in the budget. There is the fierce urgency of now in many Nigerian homes where breadwinners have lost their jobs and figures are not adding up. The cost of living has gone up at a time many workers who are lucky to still be in jobs have no guarantee of salaries at the end of the month. The value and duty of patience can only be preached in the drawing rooms of the rich and middle class whilst the members of the working class who are in dire straits need immediate answers to their existential challenges. Thus, the time to act is now. •Follow me on twitter @censoj

London 2016: A recognition of Buhari’s focus Garba Shehu enunciated by the convener, Prime Minister David Cameron that seeks to increase transparency and governance in several key areas. He has formulated a Nigerian position on how to end impunity for corruption and ensuring that those involved in grand corruption are brought to justice through the active enforcement of laws and restrictions. Equally in agreement with Cameron, he is making suggestions on ways of empowering those affected by corruption by ensuring that its proceeds are returned to those to those from whom they have been stolen. President Buhari will also join the world leaders in designing a global architecture and tools that can be used to by international organisations, countries and national institutions to fight corruption. In an outline by the Attorney-General of the Federation and Minister of Justice, Abubakar Malami SAN, specific areas of interest to Nigeria which the President will put on the table include the development of beneficial ownership information related to corporate ownership, procurement, and public contract. By this, Nigeria will seek the lifting of the veil on corporate ownerships in order to disclose the true owners of a corporate vehicle in contact bids and procurement processes. Beyond this, the corporate ownership profile may be shared with other countries or interested stakeholders. Already, there is a broad view among the participants that public contracting is a source of public corruption and must be tackled as such. Our officials recommend that contracts within a certain threshold should be published and those behind the companies’ bidding for the contract should be listed for public scrutiny both at national and state levels. To achieve this, Nigeria plans the enactment of a regulation that will authorise the Corporate Affairs Commission to obtain information on beneficial ownership of foreign companies that can be held in a different database to be managed by the CAC in Nigeria. Nigeria will be demanding the strengthening of the supervisory responsibilities of financial and non-financial services regulators and provision of specific training on compliance requirements for these sectors and will seek the establishment of an inter-agency collaboration as a key element in improving the implementation of Financial Action Task Force standards (such as the money

laundering laws, anti-corruption laws, and Financial Intelligence Centre Bill). As part of measures to enhance fiscal transparency which is required in enhancing economic growth, improved GDP and poverty reduction, officials working in budget offices as well as those responsible for approving public spending may henceforth be properly scrutinised, monitored and required to declare assets on a regular basis. The Nigerian government has in fact set for itself the objective of signing the “Open Government Partnership and Open Contracting Partnership.” A major issue of interest to this government and a few others is on greater transparency in the extractive industries (oil, gas and solid mineral sectors). The UK Government and the Organisation for Economic Cooperation and Development have identified 20 per cent of international corruption and bribery as coming for this sector. Nigeria will argue for greater fiscal transparency and the enforcement of anti-corruption laws to deal with the problem. The President is expected to give assurances that a lot of work will be done on a set of laws that will improve enforcement of anti-corruption laws. Nigeria has already begun reviewing its anticorruption laws enacted since 2000 to bring it in compliance with international developments. In addition, the country which has ratified the United Nations Convention Against Corruption UNCAC is currently reviewing the OECD Anti-Bribery Convention for possible ratification. The OECD convention is considered among the stringiest of measures against corruption in corporate governance. The government of President Buhari has also forwarded the Mutual Assistance in Criminal Matters Bill, 2016 to the National for enactment into law. When it is passed, it will enhance mutual assistance and international cooperation between Nigeria and other countries. The President will also announce that a new Nigeria Financial Intelligence Centre Bill has been drafted for this purpose and would soon be forwarded to the National Assembly. The government will also indicate support for the UK proposal on the development of the International Anti-Corruption Coordination Centre. This is to be based in London and will serve as a global forum. As part of this country’s contributions to

the evolution of the global anti-corruption infrastructure, Nigeria will seek support for the hosting of an “International Summit on Assets Recovery “ in 2017 in Abuja and for the establishment and hosting of a “Forum on Assets Recovery in Africa” to be based in Abuja. The country will also seek the support of the UK government for the establishment of an anti-corruption coordination framework at the national level. Nigeria will be fully embracing UK proposals for the summit on the restriction of the ability of those who have looted public funds from traveling and investing the proceeds of their corruption in developed countries. To this end, the Nigerian government will develop its list of those who have been convicted as well as those already prosecuted in Nigerian courts for grand corruption for the purpose of sharing them with countries that are interested in offering bilateral or multilateral cooperation to Nigeria in the recovery of looted funds. The Nigerian government is also signalling an early support for the UK proposals on assets recovery which prescribes measures substantially in tandem with a new Proceeds of Crime Bill being drafted and would soon been forwarded by President Buhari to the National Assembly for passage into law. In addition to the political spotlighting of corruption, the coming together of world leaders is a sign of hope that countries like Nigeria with systems that are lax and compromised can gain from the experience of others in improving their regulatory mechanisms as quickly as possible. This trip is important for both Nigeria and the international community which reposes a lot of hope on President Buhari who is faced with the daunting task of reversing the socioeconomic and political mess in which the previous administration left the country. In addition to the anti-corruption summit, the visit will also focus on trade and investment between Nigeria and the UK. President Buhari will welcome British investment in Nigeria. It is hoped that the bilateral discussions between the Prime Minister and our President will focus on issues of common interest and do everything to possible to take the relationship between the two countries to newer heights. •Shehu is the SSA to the President on Media and Publicity.

MONDAY, MAY 9, 2016

punch Flight schedule

AeroContractors Los-Abj: 06.50; 13.30; 16.30; 19.45 (Mon-Fri/Sat/Sun); 12.30 (Sun) 16:45 (Sat). Abj-Los: 07:30; 13.00; 19:00 (Mon- Fri/Sat); 10.30, 14:30, 19:30 (Sun, 18:30 (Sat). Los-Ben: 07.45; 11.00 ; 15.30 (Mon-Fri/Sat/Sun)12:30 (Sun, 15:30 (Sat.) Ben-Los: 09.15; 12:30; 17.00 (Mon-Fri/ Sat/Sun) 17: (sat); 14.00 (Sun). First Nation Airways Los – Abj (Mon – Fri) 0650; 0930; 1145; 1600 0650 (Saturdays)1145 (Saturdays) 1145 (Sundays)1600 (Sundays) Abj – Los (Mon – Fri) 0900; 1130; 1340; 1830 0900 (Saturdays) 1340 (Saturdays) 1340 (Sundays) 1830 (Sundays) Lagos – Port Harcourt 1445 (Mon – Fri) 1615 (Saturdays) 1445 (Sundays) Port Harcourt – Los 1650 (Mon-Fri)1820 (Saturdays) 1650 (Sundays) Medview Airlines Los-Abv: 07:00; (Mon-Fri) Los-Abj: 8:50; (Mon-Fri) Los-Abj: 12:00 (Mon-Fri) Los-Abj: 15:30 (Mon-Fri) Abj-Los: 09:00 (Mon-Fri) Abj-Los: 14:00 (Mon-Fri) Abj-Los: 15:00 (Mon-Fri) Abj-Los: 18:30 (Mon-Fri) Los-Abj: 10:00 (Sat) Los-Abj: 15:00 (Sat) Abj-Los: 17:30 (Sun) Abj-Los: 18:30 (Sun) Overland Airways

LAGOS-ILORIN 0715HRS 0800HRS 0930HRS ILORIN-LAGOS 1730HRS 1630HRS 1830HRS LAGOS-IBADAN N/A 0800HRS IBADAN-LAGOS N/A 1730HRS IBADAN-ABUJA 0745HRS 0900HRS 1300HRS ABUJA-IBADAN 1600HRS 1500HRS 1600HRS ILORIN-ABUJA 0830HRS 0950HRS 1100HRS ABUJA-ILORIN 1600HRS 1500HRS 1700HRS IBADAN-ILORIN N/A 0900HRS ILORIN-IBADAN N/A 1630HRS MON/WED/FRI TUE &THUR SUN ABUJA-BAUCHI 1030HRS 0900HRS 1300HRS BAUCHI-ABUJA 1200HRS 1030HRS 1430HRS MON/WED/FRI ABUJA-JALINGO 1100HRS JALINGO-ABUJA 1245HRS ABUJA-DUTSE 1030HRS DUTSE-ABUJA 1145HRS

DANA AIR SCHEDULE Los-Abv 8:01, 12:06, 13:05, 14:04, 16:29 (Mon-Fri) 9:00, 13;05, 16:29 (Sun) 8:01, 12:06, 16:29 (sat) Abv-Los 9:54, 10:53, 14:13, 16:02, 18:18 (Mon-Fri) 10:53, 11:07, 18:18 (Sun) 9:54, 14:13, 18:18 (sat)

Exchange Rates Euro WAUA $ Swiss ₤ CFA

CBN (May 05, 2016) Selling Buying 224.1848 225.3286 277.598 279.0143 196 197 203.3406 204.378 284.298 285.7485 0.3246 0.3446

NSE All-Share Index as at Friday, May 06, 2016 Opening – 25,563.78 Closing – 25,701.60

Oil prices as at May 08, 2016

ICE Brent Nymex DME Oman Natural Gas

$45.37 $44.66 $42.20 $2.10

+0.36 +0.34 +0.37 +0.03

iNSIDE

financial

MONDAY, MAY 9, 2016

Money

Insurance

FG, CITN move to boost tax revenue

Why Nigeria has low insurance penetration – Ajayi

Pg. 36

Pg. 41

Homes & Property

Architects want more high-rise buildings in Lagos Pg. 43

Court case stalls N833bn stamp F duty fund utilisation

or the three tiers of government looking for ways to shore their revenue base, the fund accruing from the recently reenergised stamp duty is still far from their reach. This is because the Revenue Mobilisation Allocation and Fiscal Commission has placed an embargo on the fund lodged in a Single Treasury Account with the Central Bank of Nigeria known as the Stamp Duties Account. Going by the projection of the Nigerian Postal Services and the CBN, the account may have attracted about N833bn in the first four months of the year. The Federal Government had projected that the deduction of N50 on every banking deposit into a current account with a value of N1,000 and above would give the nation as much as N2.5tn per annum. This translates to N206.33bn a month and N833.33bn for the first four months of the year. Although the implementation started in January through the issuance of a memo by the CBN, sources at the RMAFC said the revenue agency had placed an embargo on funds accruing from the duty. This is because of a court case that was instituted against the CBN and 23 banks by one of the companies allegedly appointed by NIPOST to act as its agent for the collection of the stamp duty for transactions in the banks and other financial institutions. The company, Kasmal International Services Limited, owned by Senator Buruji Kashamu, had gone to court to compel the banks to remit about N6tn to NIPOST for the stamp duties they are supposed to have collected between 2004 and 2013. The banks had allegedly failed to deduct stamp duties on electronic transactions because the Stamp Duty Act of 2004 had not made any provision for the deduction of stamp duty on electronic transactions but on transactions where stamps are supposed to be affixed. However, Kasmal International Services Limited contends that the banks are supposed to collect the duty on behalf of NIPOST. The company also claims that it is entitled to 20 per cent of the fund in accordance with the agency agreement it allegedly signed with the postal agency. It is on the strength of the subsisting court case that the RMAFC has restricted access to the stamp duty account, which is supposed to be swept into the

While the deposits hitting the current accounts of bank customers are being debited for stamp duty, the Revenue Mobilisation Allocation and Fiscal Commission has placed an embargo on the fund as a result of a court case, EVEREST AMAEFULE writes

•CBN Governor, Godwin Emefiele Federation Account for sharing among the three tiers of government. This development, investigation showed, would not only affect the fortunes of the three tiers of government, which are currently starved of funds to carry on with basic functions of governance, but also the operations of NIPOST, which has been expecting relief with the implementation of the duty. One of the things that may be affected at NIPOST is the new salary structure, which has since been submitted to the government. The government’s nod on this may have to linger. Several proposed renewal programmes of the postal system may also stay in the pipeline. The Special Assistant to the Minister of Communications on Media, Mr. Victor Oluwadamilare, declined to comment on the development. Similarly, the Public Relations Manager of NIPOST, Mr. Taiye Olaniyi, declined to speak on the subject. Attempts to speak with Acting Postmaster General of Federation, Mr. Richard Balami, on the restriction of access to the fund proved abortive. A text message sent to his mobile phone had yet to be replied as of press time. It is not only access to the stamp duty account that has been stalled by the court case instituted by Kasmal. In April, the Senate called for a

•Shittu public hearing into the controversy surrounding the sour relationship between NIPOST and the firm. The upper legislative chamber found out that it could not do much because of the court case. The work of the technical committee set up to clear the grey areas on the implementation of the stamp duty has also been stalled as a result of the court case. Part of the work of the committee is to determine what percentage of the duty should go to NIPOST as the cost of collection. Membership of the committee chaired by RMAFC is drawn from the CBN, NIPOST and Office of the Accountant-General of the Federation. The committee is also expected to examine some transactions that have been exempted from stamp duty in order to ensure that they don’t become an albatross to the implementation of the policy. It is also expected to monitor the accruals into the stamp duty account. Since the CBN took the decision to coerce banks to start deducting stamp duty in January this year, the duty has been enmeshed in one controversy or the other. There was the resistance of bank customers who said it was unjust to coerce them to pay dated duty that they get no benefit whatsoever from. There has also been controversy

The work of the technical committee set up to ‘clear the grey areas on the implementation of the stamp duty has also been stalled as a result of the court case

over the role of the different government agencies and agents in the collection of the stamp duty as well as what accrues to who. These issues have not been resolved. The appointment of agents for the collection of the stamp duty has also not gone without its controversy. Apart from the ongoing dispute on the status of Kasmal International Services Limited in relations to the stamp duty, the appointment of agents for the collection of stamp duty in other sectors of the economy has also attracted negative publicity. In March, the commencement of the process for the appointment of 20 new agents caused a spat between the Minister of Communications, Mr. Adebayo Shittu, and the former Acting Postmaster General of the Federation, Mr. Enoch Ogun. While Shittu said the process for the appointment of the agents should be suspended until the issues surrounding Kasmal was sorted out, Ogun said he received no such directive and also claimed that the appointment of agents was a routine duty handled by a standing committee charged with the responsibility. The controversy claimed the job of Ogun, who was shown the way out of the postal system even though he had been asked to head the organisation until a substantive PMG was appointed. As the controversy surrounding the attempt by the government to shore up its revenue base through the interpretation of the Stamp Duty Act of 2004 deepens, one thing that has remained constant since January is the alert informing bank customers of the deduction of N50 on deposits from their accounts. What becomes of the monies will be determined in the days ahead.

MONDAY, MAY 9, 2016

capital

market

Budget signing to boost market yields — Analysts Stanley Opara

apital market analysts have expressed optimism that the 2016 budget recently signed into law by President Muhammadu Buhari will give a lift to market performance and further boost investors’ returns. They also identified industrial goods stocks and services sector stocks as the likely biggest beneficiaries of the development. Meanwhile, following the decision of Morgan Stanley Capital International to maintain status quo on equities in the MSCI Nigeria index, or composite indices, which Nigeria is a component, the Nigerian Stock Exchange

All-Share Index hiked by 2.55 per cent week-to-date in the four-trading day week. Volume and value of transactions declined by 24.72 per cent and 9.92 per cent week-to-date, respectively, while there were 41 gainers as against 25 laggards in the week. “We anticipate that trading activities this week might sustain the current momentum, given that the much awaited 2016 budget has been signed by the President. We expect investors to key into the counters of companies that are positioned to benefit from the infrastructural and developmental investments

of the federal government,” analysts at Meristem Securities Limited said in their weekly report. They expressed optimism over the performance of the agric sector over the short to medium term, given the relevance of the sector to economic growth and the increased focus of the current administration on same. However, they reiterated that investment decisions should be based on critical evaluation of company fundamentals. On the banking sector, they said, “We see the momentum garnered by a few of the sector heavyweights being maintained over the first few trading days of this week,

which may be sufficient to push the sector to a positive return in the week. Thereafter, we anticipate that some investors will take profit, which will consequently result in prices falling back by the end of the week.” For consumer goods stocks they do not anticipate sustenance of the current positive trend, though it was acknowledged that investor’s skepticism towards the sector continued to overshadow the fundamentals of the component companies. They added, “For health stocks, investors’ bias for the sector has, thus far, been largely skewed towards companies with fair quarterly

Goldlink Insurance to raise N8bn from capital market Stanley Opara

oldlink Insurance Plc is planning to raise N8bn from the capital market to enhance its shareholders’ fund and to strengthen its balance sheet. The acting Managing Director of the company, Mrs. Olufunke Moore, who disclosed this at the Facts Behind Restructuring on the Nigerian Stock Exchange, said the funds would be raised by way of rights issue or public offer. Moore said the move was part of recommendations by the interim management board inaugurated by the National insurance

Commission in 2012 to audit the accounts for the years ended 2011, 2012, 2013 and 2014. She added that the fund raising exercise would enable the company to meet up with the share capital requirements of the 2003 Insurance Act, as composite insurer, while expressing optimism that it would return the company to solvent position in order undertake big ticket transactions. According to her, the proceeds from the offer will be deployed in upgrading its information technology framework, while some parts

ARM Securities unveils online trading portal

RM Securities Limited has introduced ARM Stocktrade, a self-service online trading portal that enables clients to execute trades real-time on the Nigerian Stock Exchange. The portal is also enabled to provide access to stockbroking accounts and gainful insight from quality research resources enabling clients to make informed stock trade decisions. ARM Securities said this in a statement on Sunday. It said the innovation would help it keep up with the commitment to exceeding clients’ expectations, Speaking on the development, a director at ARM Securities, Mrs. Kemi Oluwashina, explained that the portal was born out of the company’s desire to continually add value to its clients. She explained, “That’s why the live market feed and research pages on ARM Stocktrade portal were specially tailored to meet the growing need for relevant information on the go. “Clients who log into the portal will enjoy the ease and convenience of placing trade orders online, backed by

relevant reliable information and timely updates.” Also commenting, the Head of Marketing and Corporate Communications at Asset and Resource Management Company Limited, Taiwo Adeleye, further stated that ARM Stocktrade was adaptable to any mobile device. Clients, he noted, would be able to place orders online from their phones and receive contract notes on the same day. “This is one of the ways ARM keeps its promise of empowering its clients to realise their ambitions. Existing clients of ARM Securities Limited can log into the system immediately while new clients need only complete the simple online account opening form and upload required documents at www.armstocktrade.com to start trading,” he added. ARM Securities is an independent subsidiary of the traditional asset management arm of ARM — an asset management firm that protects and grows investments for private investors and institutions for over two decades.

of the proceeds would be invested in fixed instruments and real estate. She further stated that Goldlink would reinvigorate its marketing strategy in 2016 in pursuit of its objective of reclaiming its market shares in the insurance industry. The company, she noted, would grow its gross premium income from the set target of N5.2bn in 2016 to N10.5bn in 2019 on successful conclusion of the offer. She further explained that the interim management board reconstituted by NAICOM in February 2016 with the mandate of assuming oversight responsibilities and performing normal duties of the board of directors for sound management and growth of the company, was able to reorganise the management with resultant return of vibrancy and efficiency in managing the company. The board, she noted, also took steps to reinforce budgetary control as an effective tool for financial and expenditure management and also commenced the review of past financial and employment policy and practices of the company. It also commenced the process of sensitising prospective investors, existing shareholders and external investors to achieve the recapitalisation mandate. Speaking at the event, the Chief Executive Officer of the NSE, Mr. Oscar Onyema, explained that the Facts Behind Restructuring was a new engagement forum inaugurated by the NSE to allow companies undergoing restructuring to brief the market on their current financial and operational statuses, inform the investing public of the activities they have been engaging in to restructure their firms. He said the forum also allowed such firms to speak about the processes of

resuscitating their businesses to make them viable in order to come into full compliance with their post-listing obligations.

earnings performances. We nonetheless envisage bargain hunting activities on some sector stocks this week. “For industrial goods stocks, we envisage that investors will react positively to the recent passage of the 2016 budget in anticipation of increased demand for building materials, as the federal government commences its infrastructural development drive. “Given the news inflow regarding the eventual signing of the 2016 budget, we expect investors’ optimism to be steered this week, thus bolstering investor activities as far as insurance stocks are concerned. “For oil and gas stocks, we anticipate fair levels of bargain hunting activities by investors, while against the backdrop of the recently signed 2016 budget, we expect improved investor perception of the services sector in the weeks ahead. We also anticipate that the expected government spending will help to drive

consumer spending and general economic activities.” On the fixed income, the Meristem analysts said, “We opine that the currently weak sentiment towards fixed income assets might persist this week, thus further pressuring the yield on fixed income instruments northward.” Analysts at Vetiva Capital Management Limited, on what will shape this week’s trading, said, “We expect the market to remain upbeat in the coming sessions as investors continue to react to news flow of the signing of the budget. “We expect trading sentiment to remain upbeat in the Treasury bills market as investors continue to find solace around the short end amidst possibilities of an upward shift in the yield curve. However, we believe the bond market will remain tepid at week open as traders act cautiously ahead of the monthly bond auction scheduled for Wednesday.”

management’s medium-term strategy and the resilience of evolving business models despite the extremely challenging business environment in the year. Its financial results showed that gross earnings for the period ended December 31, 2015 grew to N146.9bn from N136.1bn recorded in 2014 financial year. Profit after tax for the period rose marginally to N13.9bn as against N13.8bn made in the comparable period last year. Whereas total equity increased by 6.0 per cent to N183.5bn from N173.1bn in 2014, net operating income stood at N83.9bn, a moderate 12.5 per cent rise from N74.6bn in 2014. Balarabe pointed out that the financial year under review was challenging due to a number of factors; the difficult operating environment, the tight monetary stance of the Central Bank of Nigeria, implementation of the Treasury Single Account and currency devaluation concerns which culminated in negative earnings headwinds in the banking industry.

Even with the prevalent economic conditions, he said the performance of the bank showed resilience to these challenges, adding that, “We are able to achieve this through a sustained income stream built on qualitative services, innovative products and a clear understanding of the varying needs of our customers.” Profit after tax for the period ended December 31, 2015 rose marginally to N13.9bn as against N13.8bn made in the comparable period last year. Earlier, the Chairman of the bank, Chief Christopher Ezeh, had in his opening remark, noted the bank performed relatively well in spite of the economic whirlwind occasioned by the free fall in the global oil prices and attendant capital controls of the CBN. Ezeh said the tough business environment reflected more on the fees and commission income of the bank, which dropped by 20.8 per cent to N23.3bn from N29.4bn due to regulatory restrictions on foreign exchange transactions.

Fidelity Bank pays N4.6bn dividend to shareholders

Stanley Opara

he s h a r e h o l d e r s o f Fidelity Bank Plc have approved the N4.6bn dividend payout proposed by the bank. The bank, therefore, is paying 16 kobo per ordinary share dividend to shareholders whose names appeared on the bank’s register of members as at the close of business on April 18 to 22, 2016. The Board of Directors of the bank had earlier proposed the payout for the financial year ended December 31, 2015. The 16 kobo dividend per ordinary share of 50 kobo each is subject to withholding tax at the appropriate tax rate, which will be deducted before payment. The bank added that it had maintained a tradition of consistent dividend payout in the past 10 years. Speaking at the lender’s Annual General Meeting held in Lagos, the Acting Managing Director/Chief Executive Officer, Fidelity Bank Plc, Mr. Mohammed Balarabe, said that the bank’s 2015 performance reflected the disciplined execution of the

Cross Rates: Friday USD EUR JPY GBP CHF CAD AUD HKD USD - 1.1404 0.0093 1.4427 1.0283 0.7747 0.7366 0.1288 EUR 0.8769 - 0.0082 1.2651 0.9017 0.6793 0.6459 0.1130 JPY 107.1200 122.1596 - 154.5420 110.1491 82.9809 78.9046 13.80092 GBP 0.6931 0.7905 0.0065 - 0.7127 0.5369 0.5106 0.0893 CHF 0.9725 1.1090 0.0091 1.4030 - 0.7534 0.7163 0.1253 CAD 1.2909 1.4721 0.0121 1.8624 1.3274 - 0.9509 0.1663 AUD 1.3576 1.5482 0.0127 1.9586 1.3960 1.0517 - 0.1749 HKD 7.7618 8.8516 0.0725 11.1979 7.9813 6.0127 5.7173 Currency data is in real-time. Time is ET.

Key

USD: US Dollar GBP: British Pound CHF: Swiss France HKD: Hong Kong Dollar CAD: Canadian Dollar EUR: Euro AUD: Australain Dollar JPY: Japanese Yen

MONDAY, MAY 9, 2016

business &

economy

Four power plants shut after militants’ attacks

Unsolicited SMS to attract N5m fine – NCC Ozioma Ubabukoh

document from the Legal and Regulatory Services Department of the Nigerian Communications Commission indicates that the NCC has barred mobile number operators from sending out unsolicited text messages to subscribers. The failure by any of the operators to comply with the new directive, with effect from July 1, 2016, will attract a fine of N5m, with additional N500,000 per day, for as long as the contravention persists, according to the commission. The document, which was obtained on Sunday, showed that a total of 13 MNOs were issued with the directive. They include: MTN, Airtel, Smile, Etisalat, Globacom and Visafone. Others are Starcomms, Megatech Engineering Limited, Gicell Wireless Limited, Danjay Telecoms, Gamjitel, Multilinks and Natcom. The PUNCH recalls that the commission had been inundated with complaints from subscribers about the menace of unsolicited text messages and calls from the MNOS, which were said to have impacted negatively on consumer quality experience in the telecoms industry. However, with the new law on unsolicited messages, licensees are now mandated by the Consumer Code of Practice Regulations, 2007, to conduct telemarketing in accordance with any ‘call’ or ‘do not call’ preferences recorded by the consumer at the time of entering into a contract for services or after. The document stated that the commission, through its monitoring activities, confirmed that though some MNOs had set up the DND facility on their network, the awareness by subscribers of the availability of the DND facility on the MNOs network and how to opt into the facility was “very minimal and unsatisfactory.” It said that the NCC, in line with its regulatory functions of protecting the interest of consumers as provided in Sections 4(1)(b) and 105(1) of the Nigeria Communications Act, 2003, and ensuring the development of the Nigerian communications industry, was of the opinion that the degradation of consumer quality experience through unsolicited telemarketing should be curtailed.

‘Femi Asu

o fewer than four power plants became idle on Sunday as a result of the attacks on oil and gas facilities in the Niger Delta, bringing the total number of plants not generating any megawatts of electricity to 12. There was significant reduction in generation from virtually all the other

plants producing electricity, including Egbin in Lagos State and Alaoji in Abia State. The shut power plants are Sapele I in Delta State; Geregu I and II in Kogi State; and Omotosho II in Ondo, with their installed capacities put at 240MW, 138MW, 435MW and 500MW, respectively, according to industry data obtained by our correspondent.

As of 6am on Thursday, Sapele I generated 70MW; Geregu I, 142MW; Geregu II, 135MW; and Omotosho II produced 110.2MW. Suspected militants in the Niger Delta had on Wednesday night blown up Chevron’s Okan offshore production platform, forcing the oil major to shut down the facility. On Thursday night, a

debtors. The Benin Disco, for instance, started two weeks ago. Oduntan stated that ANED was still working with the office of the Vice President to resolve the issue in the interest of all stakeholders. He said the office had come up with a new template, which all the Discos were to adopt. This will enable them to state in clear terms what each of the ministries, agencies and departments is owing to guide the Vice President’s office in the resolution of the debt crisis.

gas supply shortfall worsened after the development on Thursday. Sapele’s units ST1 and 2 were said to have been shut down due to gas constraints; with the ST3 undergoing rehabilitation; ST4 and 5 awaiting major overhaul; while ST6 tripped and shut down on gas control valve not following reference point. Geregu I saw its unit GT11 shut down due to gas constraints; GT12 for major overhaul; and GT13 was said to be out on maintenance. At Geregu II and Omotosho II, all the available units are out due to gas constraints. The total national power generation stood at 2,223.4MW as of 6am on Sunday, down from 3,183.9MW on May 5. The slide in power generation has worsened the blackout being experienced in many parts of the country, with many consumers without electricity throughout the weekend. Generation from Egbin, the nation’s biggest power station, stood at 315MW, down from 1,085MW on March 15. It generated 220MW on Thursday. The station’s unit ST1 was said to have tripped on generator CB trouble; while ST2 and 3 were not on spinning reserve due to Egbin G/S management decision. Units ST4 and 5 were reportedly out due to gas constraints. The Egbin power plant, which is situated in Lagos, has the capacity to contribute about 1,320MW to the national grid. As of May 5, eight power stations, including Shiroro Power Station in Niger State, Olorunsogo II in Ogun State, and Rivers and Trans-Amadi IPPs, both in Rivers State, were idle. Shell’s Afam VI power plant generated the highest megawatts of electricity at 501MW as of 6am on Sunday, the data showed.

completed before the end of the year. He also assured the communities of the government’s readiness to protect their interest through the right policies and regulations. Nigeria is reputed to have the second largest deposit of bitumen in the world, spanning approximately 120 kilometres. Fayemi, who was accompanied by top officials of the ministry, checked samples of bitumen in Agbabu, Ilubirin and Lado. He later had interactive sessions with leaders of the communities, where he assured them of government’s support. “We want your mineral to work for you; and we are fully ready to assist your communities to ensure that

you get the best from the process,” Fayemi said. The minister said the Federal Government would partner the states, investors and the communities to ensure that the enabling environment was created. He assured them that within the next six months, massive work would commence on the bitumen project. Explaining some of the policies that would be put in place, Fayemi said that emphasis would be placed on exploration and exploitation of mineral resources. Lamenting that about 80 per cent of asphaltic materials used for road construction in the country were still being imported in spite of the vast bitumen deposits, he said the government would focus on ensuring that only serious investors were given licences.

pipeline transporting crude oil to the Warri refinery and a 16-inch gas line, owned by the Nigerian National Petroleum Corporation, were also blown up by the suspected militants. An industry source said the damage to Chevron’s Okan platform on Wednesday had already cut supply of associated gas from the Okan field, adding that the

•L-R: Chairman, Nigerian Ports Authority Pensioners, Mr. Charles Binite; Chief Executive Officer, LiveWell Initiative, Mrs. Adebisi Bright; and Head, Institutional Banking, Lagos, Sterling Bank Plc, Mr. Adetunji Ojo, at the medical checkup programme organised by the bank for the NPA pensioners in Lagos… on Friday. Photo: Sterling Bank

N93bn debt: Power firms to disconnect MDAs, military

Stanley Opara and Nnodim Okechukwu

lectricity distribution companies are poised for a showdown with their major debtors as the latter face mass disconnection of supply in the days ahead. The firms said for months, they had been groaning under severe liquidity constraints because of unpaid electricity bills from residential, commercial and industrial consumers as well as the Ministries, Departments and Agencies of the three tiers of government. The Discos, which put the total debt at N93bn, also accused the military and security agencies of failing to pay up their bills. The Executive Director, Association of Nigerian Electricity Distributors, Mr. Sunday Oduntan, said as of April ending, the total debt of the MDAs, military and security agencies stood at approximately N93bn. This, he said, was made up of N39.1bn preprivatisation and N39.5bn post-privatisation as well as the outstanding interest of N15bn, which the bulk trader charges discos for late payment of their energy bills arising from non-settlement by consumers. A breakdown of the sum is as follows: Abuja Disco, N18.6bn; Eko

Disco, N8.6bn; Kaduna Disco, 8.2bn; Enugu Disco, N7.2bn; Ibadan Disco, N6.8bn; Ikeja Disco, N5.9bn; Port Harcourt Disco, N6.8bn; Benin Disco, N5.8bn; Jos Disco, N6.5bn; Yola Disco, N2.4bn; and Kano Disco, N1.2 bn. Oduntan said in October last year, the Discos together with the National Electricity Regulatory Agency, the Nigerian Bulk electricity Trader and electricity generating firms met with Vice President Yemi Osinbajo and a modality for the settlement of the outstanding receivables from the government agencies was worked out. He added, “The government was to work on the arrangement of deducting the outstanding receivables for utility bills of approximately N71.6bn from source. And based on this agreement, the regulator deducted the outstanding receivables of the government from the collection loss component of the sculpted tariff. “As such, the revenue shortfall, which the entire industry value chain is suffering from, has been exacerbated by the government not honouring its obligations to the electricity industry. “Cashstrapped and further squeezed of

working capital by the resistance that greeted the new power tariff structure, the distribution companies’ predicament has been made more precarious by the refusal of these historic debtors, particularly the MDAs, to pay for power consumed.” To this end, the Discos placed advertorials, giving the major debtors an ultimatum to pay up or face mass disconnection of electricity. Some of the Discos, however, have started publishing the names of the

Bidding process for bitumen begins soon – FG Everest Amaefule, Abuja

he Federal Government is set to begin the bidding process for prospective investors who want to explore the vast bitumen deposits in the country. The Minister of Solid Minerals Development, Dr. Kayode Fayemi, disclosed this during a working visit to bitumen-bearing communities in Agbabu area of Ondo State, according to a statement made available to our correspondent on Sunday by the minister’s Special Assistant on Media, Mr. Olayinka Oyebode. The minister said the licence bidding round would be for serious investors with proven work and financial plans. Fayemi said the licence issuing process would be

MONDAY, MAY 9, 2016

money

he Chartered Institute of Taxation of Nigeria says it will partner the Federal and state governments to evolve a sustainable solution to economic crisis affecting the country.

FG, CITN move to boost tax revenue however, said the would require an

empirical approach through a viable tax system that would translate to increased revenue for the

In a related development, the AGF said his appointment into the panel of the International Public Sector Accounting Standards Board Consultative Advisory Group was as a result of President Muhammadu Buhari’s resolve to fighting corruption. He said this during another meeting with members of the Business Administration Class of ’84, Ahmadu Bello University Zaria, led by Prof. Mike Ikupolati, Idris said the country

had started benefitting from some of the public financial management reforms being implemented by the OAGF. He said although the reforms such as the Government Integrated Financial Management Information System , e-payment, IPSAS and the Treasury Single Account were initiated by the previous administration, it was the present administration that had the zeal and political will to drive them to the present state of implementation.

Oyetunji Abioye

It, crisis

Proffer solutions to economic challenges, Ifeanyi Onuba AGF urges ICAN

he Accountant-General of the Federation, Mr. Ahmed Idris, has called on professional bodies in the country to embark on researches and programmes that will produce practical solutions to the numerous economic problems facing the country. Idris made the call on Friday when members of the Abuja District of the Institute of Chartered Accountants of Nigeria led by its Chairperson, Mrs. Ifeoma Okpo, visited the Treasury House, which is the headquarters of the Office of the AccountantGeneral of the Federation. He said time had come for professional bodies in the country to go beyond their normal routine programmes and focus more on developing solutions that would help the government to address economic problems like declining revenue, among others. He said, “As professionals, government will feel your impact more when you are involved in developing strategies that will address the problems bedeviling the society.”

Interbank rate rises on CBN debits Oyetunji Abioye

he nation’s overnight interbank rate has risen marginally to an average of 3.5 per cent from three per cent week-on-week, data from the FMDQ website have shown. The development followed the decline in banking system liquidity after the Central Bank of Nigeria debited banks in line with the Cash Reserves Ratio, Reuters reported quoting financial market traders said. Traders said about N21.6bn ($108.54m) in the CRR was withdrawn by the CBN from the banking system on Thursday, sinking system liquidity and pushing up the cost of borrowing among commercial banks. Even though the central bank sold N150.6bn in shortdated treasury bills at an auction on Wednesday, no cash left the system because the same amount of Treasury bills also matured, resulting in roll over. “The cost of funds among banks remained fairly stable last week because of the fact that the level of liquidity in the system was considered sufficient to support transactions,” one dealer said on Sunday.

governments. The President, CITN, Dr. Olateju Somorin, spoke in Lagos at a news conference heralding the 2016 Annual Tax Conference tagged, ‘Fiscal challenges and opportunities of the Nigerian economy.’ She said the conference, scheduled to hold in Abuja next week, was relevant in view of the economic crisis occasioned by the decline in the nation’s oil revenue. Somorin said, “Nigeria’s economic crisis has become an issue of deep concern. Unfortunately, the uncertainties about the oil price that has been looming very large on the global scene is translating to a daunting fiscal challenge for the Nigerian government. “The manufacturing subsector has not been spared

having been weakened by rising scarcity of the forex.” To increase its revenue through tax, the CITN president stressed the need for government to make massive investment in infrastructure and ensure consistent power supply. According to her, the unstable and unpredictable operating business environment, coupled with “high level of corruption” are part of obstacles scaring private investors. Somorin, who stressed that the institute has the technical competence to partner the federal and state governments in their drive to achieve set goals, said, “it became imperatively clear that there is need for the institute to use the platform of the 18th Annual Tax Conference to address and

attempt to proffer empirical solutions to these challenges.” She continued, “Apparently therefore, we feel statutorily obliged to initiate programmes and discussions that would not only help in critically addressing these issues but would also find solutions to the numerous problems bedeviling our economy. This year’s conference is specifically one in the series of such initiatives.” Speakers expected at the event include the Chairman, Federal Inland Revenue Service, Mr. Babatunde Fowler; the Director-General, Lagos Chamber of Commerce and Industry, Mr. Muda Yusuf; and the Tax Adviser to the Finance Committee of the Scottish Parliament on Fiscal Matters, Prof. Gavin McEwen.

MONDAY, MAY 9, 2016

insurance

MONDAY, MAY 9, 2016

Why Nigeria has low insurance penetration – Ajayi Stories: Nike Popoola

he Chairman & Consulting Actuary, TAF Consulting Group, Debo Ajayi, has said that insurance penetration is low in Nigeria compared to many African countries because the policyholders are not getting sufficient value from the insurance companies. He said this during an interview with our correspondent in Lagos. Ajayi said, “The average loss ratio in Nigeria is 24.2 per cent. What that really means is that out of every N100 of premium collected; only N24.2 is returned to the insured

population. “If you are in a transaction that somebody collects N100 from you and gives you N24, how sustainable is that transaction on an ongoing basis.” While citing some examples, he said in Kenya, the loss ratio is 59 per cent, which means out of every 100 Kenyan

shillings collected, they return 59 shillings. He explained that Kenyan penetration rate grew in 2008 from 2.6 per cent to 3.3 per cent in 2013, while Nigeria’s penetration rate remained 0.6 per cent. O t he r cou nt rie s l ike Tanzania, according to him, have loss ratio of between 50

and 60 per cent; Uganda has 63 per cent; South Africa has 61 per cent, while Egypt has 73 per cent. From the statistics, the United States has an average loss ratio of 95 per cent, which means that out of every 100 dollars collected, 95 dollars is returned and the remaining five per cent takes care of

down premium for the same claims or increase benefit for the same premium to raise the loss ratio. “If Nigerians are not buying insurance, it is not because they don’t have the need for insurance or they don’t value insurance but the price is too high and not sustainable,” Ajayi said.

Continental Re boss supports local solutions for Africa

he Group Managing Director, Continental Reinsurance Plc, Dr. Femi Oyetunji, has said that Africa can develop better by utilising local solutions and

the potential on the continent rather than adopting foreign methods. He said this during the third Chief Executive Officers’ Summit for African operators

sponsored by the company in Eden Island, Seychelles. Delegates from different African countries attended the summit with the theme, ‘Navigating through global

Lagos issues N1bn pension bonds to 260 retirees

he Lagos State Government has issued retirement benefit bond certificates for a total sum of N1.08bn to 260 retirees. A statement said the beneficiaries were from local governments, the State Universal Basic Education Board, Teachers’ Establishment and Pension

expenses plus investment income to make up profit. The actuarial noted that insurance penetration in Ghana went from 0.9 per cent in 2008 to 1.8 per cent in 2013 while Morocco’s figure rose from 2.9 per cent to 3.2 per cent in the period under review. He suggested that underwriters should either cut

Office and parastatals of government, under the Contributory Pension Scheme for the month of April. According to the statement obtained from the Lagos State Pension Commission, the fact that this administration has been able to maintain the trend of paying terminal

entitlements of retired employees monthly since it started in August, 2015 is highly commendable. “This payment has brought the number of retirees paid between August 2015 and April, 2016 to 3,069. The total accrued rights paid by the state government from the aforementioned month

to date is N13.7bn,” it started. During the presentation of the 26th retirement benefit bond presentation at LASPEC office recently, LASPEC stated that the Director-General, Mrs. Folasade Onanuga, advised the retirees to carefully take decisions on how the funds would be utilised.

headwinds.’ “I do not think it is by repacking products or structures borrowed from Europe or China that will change Africa, I think we must come up with African thoughts, principles and culture to transform our countries,” he said. According to him, the continent is blessed with huge potential needed for its growth and development. The group managing director said that Continental Re will continually create steps to address those challenges facing the insurance sector. “I strongly believe that we

will not get the inspiration from outside but one thing we will continue to do in Continental Re is that we are focusing on bringing back talent from the diaspora and this is one of the things we want to encourage,” he said. Oyetunji expressed the company’s commitment to continue to support underwriters and ensure capacity development in Africa. The Commissioner for Insurance, Kenya, Mr. Sammy Makove, said that in the last 10 years, Africa had witnessed strong economic growth trajectory.

MONDAY, MAY 9, 2016

homes&

MONDAY, MAY 9, 2016

property

Architects want more high-rise buildings in Lagos Maureen Ihua-Maduenyi

rchitects have said that for the city of Lagos to undergo a rapid and dynamic transformation, there is a need to rethink real estate development in the state through investment in high density high-rise buildings. Those who spoke at the recently concluded Lagos Architects’ Forum, organised by the state chapter of the Nigerian Institute of Architects, stated that the development would help in the management of land as well as reduce the activities of quacks who take advantage of the scarce resource and endanger citizens’ lives. The forum had as its theme: ‘Evolving architecture’. The Chairman, Lagos Chapter, NIA, Mr. Ladipo Lewis, said that the economic activities generated by the state could be harnessed to create better buildings and reverse the losses from the development of substandard structures. “We need to create parameters for high density vertical buildings and establish safety factors for their development,” he said. The President, NIA, Mr. Tonye Braide, stated that indigenous architects had to reengineer their approach to the practice of architecture to be in line with the new wave sweeping across the world. He said, “There are changes everywhere from the conception of urban space to the treatment of interior details. There are new technologies, which improve environmental comfort and conserve energy. There are materials, which greatly

improve cost with very low maintenance indices. The living experience has moved from the milestones of our grandfathers to the cyber age of our toddlers. “We have no option but to institute change and catch up with the world before the world leaves us far behind. We have to act and act fast. Standing still is totally unacceptable. We cannot be acclaimed leaders of the building industry and remain totally out of tune with the modern conception of design. “The demand for architects in the coming years will be enormous. Beyond this will be the demand for specialisations, which will provide a quality assurance programme, better buildings and better cities.” The Lagos State Governor, Mr. Akinwunmi Ambode, who was represented by the Permanent Secretary, Ministry of Housing, Mr. Bayo Dipe, said that in line with the state’s policy on wealth creation, the government planned to work with all the relevant building professionals to improve the construction industry. According to him, the professionals will particularly be fully involved in the construction of the proposed 4th Mainland Bridge. The governor also said that the state was working

closely with the Architects Registration Council of Nigeria to ensure that the submission and supervision of all architectural works in the state were carried out by only registered members of the institute. The President, ARCON, Alhaji Umaru Aliyu, said the construction industry

remained the most bastardised sector and urged government at all levels to revamp the sector. “The problem within the sector has become even more devastating with the economic downturn; but when an architect is engaged, the economy is inadvertently regenerated.

he Osun State Government has developed structure plans in collaboration with the UN Habitat in nine selected cities in the state to guide their development over a period. According to a statement by the state government, the plans will help guide the orderly growth and coordinated physical development of the cities. Osun State Governor, Mr. Rauf Aregbesola, was quoted as saying during the official handing over of the report on the structure plans in Osogbo that the step became necessary to address the

“Architects should provide complete building solutions not just drawings; architecture is much more than designing,” he said. Agbakoba urged the Lagos State Government to appoint an architect from the public sector to oversee construction processes in the state.

L-R: Executive Director, Stakeholder Management and Corporate Communications, Dangote Group, Mr. Ahmed Mansur; Executive Director, Strategy, Capital Projects & Portfolio Development, Dangote Group, Devakumar Edwin; and President, Afrieximbank, Dr. Benedict Oramah, during a facility visit to Dangote Refinery in Lekki, Lagos...on Friday. Photo: Dangote Group

Key infrastructural projects not supervised – Minister

Okechukwu Nnodim, Abuja

lot of important infrastructural projects across the country are not being supervised, the Federal Government has said. This, according to the government, is because

Nigeria lacks enough indigenous professionals with globally accepted skills required for the adequate supervision of multi-million naira projects in many parts of the country. The Minister of Water Resources, Mr. Suleiman Adamu, who doubles as the

President of the Association for Consulting Engineering in Nigeria, disclosed this on the sidelines of an event organised by ACEN in Abuja. “For a country with this huge population, we need to train more engineers to be able to support infrastructural development, because with

continue to design programmes and policies that would enhance healthy living among residents of the state as well as open windows for economic growth. The UN Habitat Programme Manager, Mallam Kabir Yari, was also quoted as saying that Osun was the only state in the country that had incorporated nine cities in a single project, adding that the cities were divided into three clusters to ensure effective implementation of the structure plans. He called for legal backing for the plans in order to ensure effective implementation that would help harness all the required

resources. “The policies contained in the structure plans vested the implementation of the plans in the hand of the state and local governments as stakeholders in the physical planning sector. The task of achieving the structure plans within 20 years will be the joint responsibility of all the stakeholders,” Yari said. The Permanent Secretary, Osun State Ministry of Environment, Sanitation and Physical Planning, Mr. Wale Ojo, stated that the current administration in the state was committed to the urban renewal programme with emphasis on Osogbo, Ilesa, Ile-Ife, Ikirun, Ila-Orangun, Ede, Ikire, Iwo and Ejigbo.

Osun, UN Habitat develop structure plans for cities Maureen Ihua-Maduenyi

The major strategy is to fall back on construction and the economy will be revamped,” he said. A former President of the Nigerian Bar Association, Dr. Olisa Agbakoba, who was the keynote speaker at the forum, said architects needed to rethink their profession.

problem of urbanisation with its attendant effects of indiscriminate waste disposal, unplanned development, urban sprawl, slums and inadequate infrastructural facilities. “The structure plan programme was initiated to complement the urban renewal initiative, which is aimed at ridding the cities of shanties and haphazard developments,” he said. According to him, the land use proposal policy and legislative reform contained in the plans will assist the state to realise sustainable economic development and social growth. Aregbesola said his administration would

the way things are going, you find out that a lot of important projects are not being supervised or we have to rely on foreign experts. This is why I say we need more trained professionals,” he said. The minister, however, called on Nigerians to be patient with the government, as he stressed that members of President Muhammadu Buhari’s cabinet were in tune with the change agenda of the administration. Adamu further stated that the presence of quacks in the engineering profession was a major reason why Nigeria was still recording building collapse, but was quick to state that the association was working hard to address the issue. He said, “Consulting engineering is the business arm of engineering. Consulting engineers are the ones that are responsible for designing infrastructure, for supervising and also for ensuring that many infrastructural projects are

done in accordance with global standards. “So, what we are doing is to make sure that only qualified persons are given the responsibility to design, supervise and administer infrastructure projects in order to deliver high quality jobs and eradicate quacks. The occurrence of building collapse is because the real professionals are not being utilised to provide the necessary services.” On how he would manage his office as a minister and the President of ACEN, Adamu said, “I was president of consulting engineers before I became a minister. And like I said in my speech, we have an arrangement and for now, I am just a political head of the association. “We have a full-fledged secretariat and there is a vice president who heads and chairs meetings in conjunction with other executive officials. So, my role is just to provide some political leadership and support for this professional body.”

MONDAY, MAY 9, 2016

homes &

property Rivtaf’s N26bn estate gets completion date Maureen Ihua-Maduenyi

he Golf Estate, the N26bn joint venture development by the River State Government and TAF Nigeria Homes Limited, will be completed and delivered in July, the developers have said. The mixed use development located on 38 hectares of land provided by the state government is expected to accommodate almost 800 families upon completion. The Chief Executive Officer, TAF Nigeria, the development firm, Mr. Mustapha Njie, stated that about 200 families were already occupying houses in the estate, which is being constructed in two phases. According to him, when the project began a few years ago, it was estimated to cost N12.1bn, but due to the current economic situation in the country, the cost has risen to N26bn. Njie said, “On completion, the estate will have 200 two-bedroomed apartments, 408 threebedroomed apartments, 30 three-bedroomed town and terrace houses, 32

four-bedroomed town and terrace houses, and 10 four-bedroomed villas as well as 21 five-bedroomed duplexes.

“Work on the retail and shopping mall for the estate and its environs is also ongoing, while the ninehole golf course will soon

commence. Construction work on the recreational facilities and four and fivebedroomed luxury villas are currently ongoing.”

MONDAY, MAY 9, 2016

homes &

property

Ogun inaugurates 160 housing units for workers Maureen Ihua-Maduenyi

he Ogun State Government has inaugurated 160 units of two and three-bedroomed

detached and semidetached bungalows and storey buildings as part of efforts to provide affordable housing for its workforce. According to a statement by the state government,

the phase one of the estate, named after the first Head of Service in the state, Chief Adedotun Degun, was inaugurated by the wife of the President, Hajia Aisha Buhari.