Mon, Feb 18 2013 The Guardian Nigeria

TheGuardian Conscience, Nurtured by Truth

Monday, February 18, 2013

Vol. 29, No. 12,471

www.ngrguardiannews.com

N150

How I ‘died’ and came back,

by Patience Jonathan From Madu Onuorah and Tsokar Karls, Abuja T was an open admission of a Ipublic secret that was kept from the until yesterday as the wife of the President, Dame Patience Jonathan, finally owned up on her health situation.

She disclosed that she was in Germany for medical treatment, telling worshippers at the Aso Rock Chapel, Presidential Villa, Abuja, that she actually died but “God woke me up after seven days.”

• Undergoes nine surgeries abroad

Mrs. Jonathan confirmed that she went through about nine operations within one month, adding that even some of her aides gave her up for dead.

Some of the aides, she lamented, not only leaked the rumour of her death, but also sold off some of her personal items.

Mrs. Jonathan, who did not speak on the details of the illness, explained that “it was not an easy experience for me. I actually died. I passed out for more than a week. My intestine and tummy were opened.

I am not Lazarus. But my experience was similar to his. My

doctors said all hope was lost.

It was God himself in His infinite mercy that said I would return to Nigeria. God woke me up after seven days.

“I remember when Chief (Olusegun) Obasanjo was the President of the country. I was close to his late wife, Stella. We

worshipped together in this (Aso Rock) chapel. It was a painful moment for me that time when she died and her body was brought here. That was how my body would have been brought here.

“I know that some people somehow rumoured that I was dead. They are people that I trust and rely on. To them, I was dead and I would never return

Why APGA cannot join APC, by Obi - Page 5

to the country alive. Some of them even sold my things off. I won’t say everything here. It is the Lord’s doing that I returned alive. When God says yes, nobody can say no.

“People are always afraid of operation (surgery) but in my own case, while my travail lasted, I was begging for it (surgery) after the third operation because I was going to the theatre everyday. It was God who saw me through. I did

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Gunmen kidnap seven foreigners, kill guard From Isa Abdulsalami (Jos), Ali Garba (Bauchi) and Njadvara Musa (Maiduguri) (With agency report) UNMEN on the prowl in G the northern part of the country at the weekend kid-

Pastor Ayo Oristejafor (left) praying for President Goodluck Jonathan (third left), wife, Patience (second right) and children, during Patience’s thanksgiving service at the State House, Abuja… yesterday.

PHOTO: PHILIP OJISUA

napped seven foreign workers and killed a guard.

The police authorities confirmed the development yesterday. Two Lebanese, an Italian and a Greek have been confirmed by their governments to be among those seized in the attack late Saturday on a Setraco construction site in the town of Jama’are in Bauchi State.

Bauchi, among the states in northern Nigeria where Boko Haram has carried out repeated attacks, saw two separate gun attacks earlier Saturday, but it was not clear if the group was behind the weekend violence.

“From the report we have received, the hostages are seven in all. They include four Lebanese, an Italian, a Briton and a Greek,” Bauchi State police spokesman Hassan Auyo said.

There has been no confirmation that a Briton was among those kidnapped or that the

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Presidency seeks AGF’s advice on right of veto by lawmakers From Azimazi Momoh Jimoh and Mathias Okwe, Abuja ISTURBED by a possible veD to of the 2013 budget by the National Assembly, the Presidency has directed the Attorney-General of the Federation (AGF) to furnish it with legal advice on the provision of the constitution on the application of veto power.

This came as the House of Representatives said at the weekend that the ultimate power to define the actual and final size of the country’s budget was with the National Assembly.

• Reps insist on ultimate powers over budget Speaking through the Chairman of its Committee on Appropriation, John Eno, at the weekend, the House ruled out the possibility of taking the Presidency to the Supreme Court on the 2013 budget bill.

Also, the Presidency yesterday explained its position on some of the contentious issues in the budget which have delayed its signing. These issues include constituency projects injected into the budget by the legislators and the reduction

in the personnel estimates submitted by the Executive.

At a press conference in Abuja at the weekend, the Chief Economic Adviser to the President, Dr. Nwanze Okeidegbe, said that in the interim, the Executive and Legislative arms had reached an understanding on how government would continue to function pending the resolution of the contentious issues and subsequent signing into law of the budget bill by the President.

He spoke on some of the contentious areas: “ I want to start by stressing that President Goodluck Jonathan wants to sign the 2013 budget as soon as possible if our discussions with the National Assembly lead to a resolution of certain key issues. Remember that the Executive submitted the budget to the NASS in October 2012. Nigerians were very happy about this because it was a refreshing difference from the delays we had got used to. We

worked very hard to achieve this. So, we definitely want budget implementation to begin as soon as possible so that Nigerians can start enjoying the many benefits in the budget “The NASS returned the budget in December 2012. Upon review by the Executive, some grey areas were identified and needed to be resolved. Since then, we have been working in partnership with the NASS to resolve the issues around the budget. The President wants the issues resolved in a manner that will protect the best

interest of the Nigerian people. He supports a collaborative approach in the discussions with the National Assembly.

“We don’t want the current situation surrounding the budget to degenerate into an impasse because Nigerians want results not disagreements. That is why we have asked the Attorney-General of the Federation to furnish us with legal advice on the constitutionality of a veto and its application.

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THE GUARDIAN, Monday, February 18, 2013

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Reps insist on ultimate powers over budget CONTINUED FROM PAGE 1 “There is an issue on constituency projects which is on the table and discussion is still ongoing and it is very difficult to give a definite answer on the matter when discussions are on-going but we are making progress in reaching understanding and accommodation on the issues on the table.

“The overhead as passed by the National Assembly is higher than was submitted by the Executive and again, we are having discussion and progress is being made but not fully resolved. On capital votes, there were some re-allocations. Some went up and some went down and some were removed, thus making it difficult to implement. As a result of that, we have pointed out those areas and both the National Assembly and the Executive are discussing with a view to resolving them.

“There were differences in what the Executive submitted in the votes for personnel and what came back from the National Assembly as the votes were cut down. This has remained unresolved. It would be difficult to pay salaries with the personnel votes they passed and this may lead to industrial challenges. But as I said, we have been in discussion on it,” Nwanze said further.

Insisting on the powers of the lawmakers over the budget, Eno said: “This issue has come up before. The fact is that the parliament or the National Assembly does not have any reason whatsoever to go to court to seek interpretation. We have no doubt as to what our powers are. The Executive arm is the arm of government that doubts those powers.

“Under the late Yar’Adua, we got to this point when he actually tried to request that we go jointly to approach the Supreme Court for interpretation. I remember then that our answer was that the Supreme Court would not entertain that kind of thing.

Somebody will need to... One party will need to go to court.

Two of us cannot go like that.

Look, the issues are clear; the constitution that says that if Mr. President does not assent, that the document can become law not requiring the assent of Mr. President anymore.

What it means simply is that the final power rests with the National Assembly.”

Stressing further the powers

of the parliament over the budget, the lawmakers said: “I think that what the House is lacking really is the will to want to do what it should do. I think that it has to do with the lingering argument on who has the powers over the budget. Whether it is the Executive, whether it is the National Assembly. And until this is resolved, perhaps this budget row will keep lingering on and

on.”

He, however, dismissed as false, reports that the leadership of the National Assembly used his committee to pad the 2013 budget to realize enough money for members to fund their 2015 election campaigns.

“Let me thank you very well for that question because it allows me to say whether as chairman of appropriation

committee of the House, the leadership has directed me to increase the budget of any MDA or not. At least I can speak for myself even if I cannot speak for any other chairman of any committee. The talk about the leadership directing me to pad is not true because I do not have such powers. Even if those powers were there, I think for example, what we tried to do espe-

cially in the 2013 budget would have made it impossible. I have already told you that standing committees become sub-committees of appropriation committee during budget.

“When the budget comes, we give it to them to go and do.

What they bring, the appropriation committee does not have the powers to change those budgets. Unless you are

saying that the leadership directs those standing committees to do that padding. If it is me receiving that directive, I do not have any power to pad the budget that has been submitted to me by the standing committees. I do not have.

Whatever becomes the budget is whatever the standing committees have done. So, the leadership that I find today,

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Wives of former Heads of State, Maryam Abacha (left) and Fatima Abubakar, during the thanksgiving service at the State House, Abuja…yesterday.

PHOTO: PHILIP OJISUA

kidnappers seize seven foreigners, kill guard in Bauchi CONTINUED FROM PAGE 1 number of Lebanese was four.

“We are aware of reports and are making enquiries with the local authorities,” the Agence France Presse (AFP) quoted the Britain’s Foreign Office as saying.

The Lebanese foreign ministry said two of its citizens were among those seized, while officials in Athens and Rome confirmed their citizens were kidnapped.

Bauchi’s police chief Mo-

hammed Ladan said a guard was shot dead in the raid in Jama’are, about 200 kilometres (125 miles) from the state capital Bauchi city.

Setraco Nigeria, a construction and civil engineering company, is a subsidiary of Lebanese-owned Setraco International Holding group.

The Nigerian subsidiary, which was established in 1977, is currently working on expanding a major road in northern Nigeria.

The attack on the construction site came after the same gunmen were repelled while trying to storm a police station and a prison in the town, the police chief said.

Gunmen also launched a

similar attack on a police station in the town of Kafin Madaki, 40 kilometres (25 miles) from the state capital, triggering a shootout, Ladan said, adding that “the attackers fled without causing any damage.”

Boko Haram, a group blamed for hundreds of deaths in northern Nigeria since 2009, has claimed several attacks on police stations.

Also, the Joint Task Force (JTF) in Yobe State has solicited the full co-operation of residents and other communities in the state to end the Boko Haram insurgency by providing “credible and useful” information on the hideouts of terrorists and their activities.

The solicitation for co-opera-

tion of residents was made yesterday in a special letter by the JTF commander.

The commander in the letter, made available to reporters in Damaturu, said: “A time came when criminals and terrorists attempted to snatch this Godgiven freedom from you (residents), but with the intervention and sacrifices of JTF, relative peace and security are now being experienced.

This is however, not where we want to be. We want Yobe State to return fully to her rightful place in the comity of states, where peace and security thrives and you have the freedom to undertake all lawful activities.”

The security of lives and prop-

erty of residents, according to JTF spokesman, Lt. Lazarus Eli, can only be achieved when residents fully co-operate with the security task force, by providing “timely and useful information and abide by laid down rules and regulations.”

The letter also reads in part: “Nobody has the right to deprive your wife the right to have her husband and your children the right to have their loving father. Provide us with information and we will stop them from achieving their evil plans. I am expecting your calls on the following telephone numbers07065066662, 07010482820, 08098948202 and 08098948158.”

Patience Jonathan undergoes nine surgeries CONTINUED FROM PAGE 1 eight or nine operations within one month. It was not an easy one.

“The day I came back, I said God I have nothing to say. I offer myself to you. I will be doing things that will touch the lives of the less-privileged. God gave me second chance because I reached there. He knew I have not completed the assignments He gave me, that was why I was sent back.”

President Goodluck Jonathan said that the recovery of his wife from the undisclosed “lifethreatening illness” would put an end to the mystery of death of a leader or spouse at the seat of power in Aso Rock.

Jonathan, who spoke at the

thanksgiving and praise reception for the recovery of his wife at the Banquet Hall, Presidential Villa, Abuja, expressed regret that insinuation of mystery of death at the Villa was rife during his wife’s illness.

The President expressed gratitude to God for the life of Patience, stating that “if anything had happened, there would have been different stories from false prophets and many other things would have followed. We all know we will all die but the best time to die is not when you are serving your nation. The story was that one of us will die (President or First Lady), but today, we are celebrating her. Her recovery has put an end to that belief. I am not too good at celebra-

tions. But I think we have to thank God for keeping the life of my wife”.

Jonathan used the opportunity to caution against words and actions of Nigerians, which tend to divide the country. “If you love this country, you will not talk about divisions. Even the little (crude) oil we have is not enough to cause division among us. This will be a particularly good year for Nigeria. With what the Super Eagles have started, I believe things will start turning around for our good.”

It was the first admission of the extent of her illness.

On her arrival from the medical treatment last October 17, Mrs. Jonathan claimed she did not undergo any surgery at a

German hospital. She told journalists: “I don’t know the hospital they are even talking about, I did not do any tummy tuck, my husband likes me the way I am.”

Also at the service were the Vice President, Namadi Sambo, Secretary to the Government of the Federation Anyim Pius Anyim, former Head of State, Gen. Yakubu Gowon and state governors, widow of the late Head of State, Maryam Abacha, wife of former Head of State, Fatima Abubakar, wife of former Vice President, Titi Abubakar, members of the Federal Executive Council, presidential aides and top businessmen.

Over 20 artistes also performed at the ceremony.

THE GUARDIAN, Monday, February 18, 2013

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THE GUARDIAN, Monday, February 18, 2013

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Presidency seeks AGF’s advice on right of veto by lawmakers CONTINUED FROM PAGE 2

Former Head of State, Gen. Yakubu Gowon (left), former Head of Interim National Government (ING), Ernest Shonekan and former Ghanaian President John Kufuor, during the First Lady, Patience Jonathan’s thanksgiving service at the State House, Abuja… yesterday.

HOTO: PHILIP OJISUA

Ondo State Governor Olusegun Mimiko (left), his wife, Olukemi, and General Overseer, Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, during a ministration by Adeboye on An Evening of Holy Ghost Rally at the Democracy Park in Akure…at the weekend.

check, I do not think that it is that kind of leadership that would want to do so. And for me specifically, I do not have such directives. And I do not have such powers to pad any committee’s budget because some members or some people in the leadership are already thinking about 2015.

Anybody who is saying so, I beg you, it is not true. Do not accept it.”

On the lawmakers’ penchant for budgetary increase, Eno stated that the National Assembly simply attempted to help in moving funds to areas they were most required so that abandoned projects could be attended to “If in the last three to five years, some particular projects have since been abandoned, in their wisdom, our standing committees can take some monies from other areas of the budget bill and try to make sure that they save these particular projects from their abandoned status. I do not think you are going to call this ‘padding’ of budget.

Rather, what has happened is that work has been done on the appropriation bill by different sub-committees; the product of that has all been brought back to the appropriation committee, the appropriation committee has been able to make a bill out of it which has been passed by the two chambers of the National Assembly. And I do not think that what has been done is what is not done within the constitutional powers that I think the National Assembly has.”

According to him, the current members of the National Assembly deserve commendation from Nigerians because they have observed the highest level of discipline in budget making more than the previous sessions of the assembly.

“There is too much talk about raising the size of budgets.

But let us not forget that if you compare this seventh assembly to the previous assemblies, I think we deserve some praises in terms of our responsible approach and disciplined approach to the budget. Prior to the seventh assembly, if you compare the aggregate expenditure figures between what proposals the president came with and what eventually got out of the National Assembly, the difference will be at least N200 billion. Beginning from 2012 including 2013, the increase in terms of size of budgets has hovered around N50 billion.”

Controversy trails alleged resignation of Ogun commissioner From Charles Coffie Gyamfi, Abeokuta ACTS on the alleged resigFtorney-General nation of Ogun State Atand Commissioner for Justice, Mr. Wemimo Ogunde, have emerged.

Ogunde, son of the late famous Theatre icon, Hubert Ogunde, was said to have thrown in the towel on Wednesday February 6, 2013 although Information and Strategy Commissioner, Alhaji Yusuph Olaniyonu, denied that he resigned.

The Guardian learned that the resignation was the climax of a series of disagreements between him and Governor Ibikunle Amosun on issues bordering on the

• He hasn’t quit, says govt commissioner’s professional responsibilities.

A source said that on many occasions, Ogunde and Amosun had open disagreements over issues bordering on the former’s professional calling.

But it climaxed on Monday February 4 when he and the governor, according to the source, had an open confrontation over certain laws, which are being enforced in Lagos “to be imported to Ogun State.”

The Guardian was also told that attempts by the government to “farm out commercial and legislative drafting

jobs to ‘outsiders’ were always frustrated by Ogunde who always insisted that the Ministry of Justice has enough competent staff members to handle any government job.”

The source said that the governor had directed Ogunde to draft 13 of the Lagos laws for the Ogun State House of Assembly’s approval so that the Abeokuta government could enforce them.

He mentioned such laws to include Land Use Charge Law, New Town Development Law, Road Toll Law and Parking Scheme Law. But the source said that the commis-

sioner had always argued that not all the laws in Lagos could not be “imported wholesale to Ogun State because the situations and environments in the two states are different.

“But the governor insisted that the commissioner must carry out his directive,” said the source who stressed that at the State Executive Council meeting on Tuesday February 5, Amosun asked Ogunde if he had completed drafting the said laws.

“He (Ogunde) stood his ground, arguing that not all the said laws would be suitable for the state,” the source stated.

Ogunde was said to have explained further that even

those laws that would be good for Ogun State, would need enough time to be properly drafted since they affected the destiny of human beings.

The source said that Ogunde’s answer did not go down well with Amosun “who became angry.”

Ogunde was also said to have become enraged and while tempers were still high, Amosun stormed out of the meeting. As soon as he left, Ogunde also packed his books and files and stormed out to the discomfort of the other state executive members.

Ogunde was said to have submitted his resignation letter that Wednesday and left for London the following day (Thursday). The Guardian

confirmed this.

The investigations showed that the relationship between Ogunde and Amosun had always been unhealthy as they had “severally disagreed on issues.”

Another source that spoke to The Guardian but also did not want to be quoted said that due to the frosty relationship between the duo, the Ministry of Justice was starved of funds and the necessary facilities to enable him perform effectively.

Some lawyers who The Guardian spoke to described Ogunde as a thorough bred professional.

However, Olaniyonu told The Guardian that Ogunde “has not resigned.”

THE GUARDIAN, Monday, February 18, 2013

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News Why APGA cannot join APC, by Obi From Muyiwa Adeyemi (Ado Ekiti), Lawrence Njoku (Enugu), Charles Ogugbuaja (Owerri) and Ezeocha Nzeh (Abuja) OVERNOR Peter Obi of Anambra State yesterday said that the All Progressives Grand Alliance (APGA) would not join the newly formed All Progressives Congress (APC).

While Obi declared this yesterday, Governor Kayode Fayemi of Ekiti State has expressed optimism that the APC would restore true federalism and encourage partnership with various social groups and individuals.

Likewise, leaders of the Congress for Progressive Change (CPC) in Enugu State have vowed to ensure the re-

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Fayemi, CPC list gains of merger alisation of the objectives of APC, just as the APC, to consolidate its gains, has appointed the Imo State Governor, Rochas Okorocha, as its South-East co-ordinator.

Obi, who assumed the role of APGA national leader after the party’s caucus and stakeholders’ meeting at the weekend in Abuja, said the party could not afford to lose its identity and logo in order to be part of the new APC, adding that doing so would lead APGA into extinction.

However, he stated that while the party was not in

any merger talks with any group, it would not stop any of its members who intended to join the group, adding that it was all about personal decision.

Nevertheless, he slammed the involvement of Senator Annie Okonkwo in the merger deal on behalf of APGA. He insisted that as far as APGA records were concerned, Okonkwo was not considered as member of the party and should only negotiate the merger as an individual. According to Obi, Okorocha’s comments at the

merger meeting that there were two groups in APGA was said out of sheer sentiment, as APGA is one and remains indivisible.

Obi noted that joining the merger would amount to the party losing its identity, which he said would be contrary to the ideals of its late leader, Dim Chukwuemeka Odumegwu-Ojukwu, who noted that it was better for the Igbo to be a majority in a minority by sticking to APGA, rather than joining a majority group where they would lose their identity and remain unheard.

For Fayemi, the new mega party will not limit its membership drive to its South

West members but will rather open its doors to other progressive platforms and interest groups outside the merger, as well as individuals who are willing to be part of the new arrangement aimed at rescuing the nation.

Fayemi, who is the chairman of APC’s Contact and Mobilisation Committee in the South West, made the disclosure in a statement in AdoEkiti yesterday, stating that the new party was committed to the birth of a better nation. According to him, the birth of APC at a time Nigerians are earnestly yearning for accountable, responsive and responsible leadership is significant.

16 feared killed in Kano auto crash From John Akubo, Dutse GHASTLY motor accident at Durbundai Village in Takai council of Kano State has claimed about 16 lives.

According to an eyewitness, the crash, which occurred at the weekend, also left injured another seven persons, who are now receiving treatment at Rasheed Shekoni Hospital in Dutse.

The eyewitness told The Guardian that the two vehicles - a Toyota Siena and a Ford bus - which were coming from opposite directions, had a head on collision and claimed the lives of 11passengers instantly.

Chairman of Birninkudu council, Alhaji Khali Ibrahim, confirmed the accident, saying: “Yes it is true, the victims were on their way to Tsangaya Village in Albasu council of Kano State to attend a wedding when the accident occurred. 11 people died on the spot, three others died later in the hospital same Saturday while other two passed on yesterday.”

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Red Cross seeks aid for vulnerable groups From Collins Olayinka, Abuja HE International Committee of the Red Cross (ICRC) yesterday marked its 150th anniversary with a call on world leaders to ensure the protection of rights of vulnerable groups in conflict situations.

In a statement in Abuja at the weekend, the group said that at a time people were suffering the agonies of war in Syria, Mali, the Democratic Republic of Congo and elsewhere, the ICRC was more determined than ever to carry on with its humanitarian mission.

Commenting on the landmark anniversary, ICRC President, Peter Maurer, said: “This anniversary provides us with an opportunity to look critically at our past, and also to develop awareness of the strengths that have helped us in our activities carried out for millions of victims of armed conflict and other violence’’.

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Chairman of Dokita Editorial Board, Prof. Akin Omigbodun (left), University of Ilorin (UNILORIN) Medical students – Abdulkareem Ahmed, Ahmodu Sumaila, Efuntoye Ayodeji and Joge Olatobi – displaying the trophy won by UNILORIN at the Fidson Health’s 7th biennial Prof. Olu Akinkugbe Inter-medical Schools Quiz Competition held at the Olabisi Onabanjo University Teaching Hospital, Shagamu, Ogun State…at the weekend.

PHOTO: OSENI YUSUF

Controversy trails NDA admissions, spokesman denies alleged rot From Hendrix Oliomogbe, Asaba N alarm has been raised that the rot in the Nigerian educational system might gradually set into the elite Nigerian Defence Academy (NDA), Kaduna, if immediate steps are not taken by the relevant authorities to arrest the slide.

A worried middle ranking

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military officer, who for obvious reasons does not want his name in print, confided that the rate at which retired and serving military officers and politicians lobby for their candidates to be admitted into the institution was alarming.

However, the NDA Public Relations Officer, Col. Abubukar Edun, dismissed

the allegation as baseless, saying that admission into the institution was very transparent. Currently, the source said, a critical look at the student population of 1,500 will show that over half of the cadets, who applied to be trained as officers of the Nigerian Army, Navy and Air Force, were admitted based on recommendations by

politicians and top military officers.

Unlike in the past when selection was wholly based on merit after an entrance examination and a rigorous physical test, the anonymous officer lamented that currently, over half of the cadets were scions, friends and family members of politicians and top military officers.

All the same, Edun explained that all a potential cadet needed to do was to buy a form, adding that such person must write and pass the Joint Admissions and Matriculations Board (JAMB) examination and have a minimum of five credits, including English and Mathematics, before being considered for admission’’.

NCCA plans fresh insurance scheme for travellers From Wole Shadare (Lagos) and Nkechi Onyedika (Port-Harcourt) O reduce the hardship encountered by families of air crash victims and enable them earn more than the statutory $100, 000 compensation, the Nigeria Civil Aviation Authority (NCAA) is planning a fresh insurance scheme for prospective travellers.

In a related development, Bellview Airlines yesterday faulted the findings of the Accident Investigation Bureau (AIB) on its 2005 plane crash, accusing the agency of allowing internal politics and bias to distort its

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• Bellview faults AIB’s report on crash interpretation of the material facts of the accident.

Meanwhile, in a way to end speculations on the actual causes of air crashes, the NCAA and some airline operators have acquired the Automated Flight Information Reporting System (AFIRS).

Also, the Minister of Information, Mr. Labaran Maku, has deplored the slow pace of work at the Port Harcourt International Airport and urged the contractor, Inter-Bau Construction, to expedite ac-

tion on the project and ensure its delivery by April 2013.

Maku made the call when the delegation of the National Good Governance tour inspected the airport project yesterday in Port Harcourt. He lamented that the project, which ought to be delivered by December 2012, has been extended to April 2013, and called on the contractor to complete it on time in order to ameliorate the hardship faced by travellers using the airport.

The insurance scheme, regarded as no-fault insurance scheme, would allow prospec-

tive travellers to accumulate or buy more insurance from airlines. This is totally different from the normal claims paid to passengers in the event of an accident. Speaking to reporters in Lagos at the weekend, the NCAA DirectorGeneral, Dr. Harold Demuren, said the planned scheme was already on in Europe and the United States, describing it as the best way to go.

Demuren disclosed that the accruable funds would be managed separately by the Central Bank of Nigeria (CBN), with input from the Minister of Aviation. Demuren explained that though money

would not buy back lives, he believes that the $100, 000 compensation was very meagre.

There are indications that in the event of an accident, victim’s family could be paid as much as $300, 000 depending on the consistency of the deceased in raking up more premiums. On the absence of standard aircraft maintenance hangars in the country, the NCAA chief charged the Federal Airports Authority of Nigeria (FAAN) to make land available to airline operators, who were willing to build hangars, and encourage them to do so.

CD elects new executives, flays state of nation

By Tunde Akinola HE Campaign for Democracy (CD) has called on Nigerians to join their collective interests as change agents across Nigeria to rise against the deplorable situation in the country and stop the impending disaster looming over nation.

According to a communique signed by its President, Dr. Joe Okei-Odumakin, after its convention over the weekend, CD, after “exhaustive” deliberation on the state of the nation, said Nigeria used to be at par on developmental indices with countries like China, but it is today fairing worse.

According to CD, Nigeria, which poses as the sixth largest producer of oil in the world, now harbours a large chunk of the poorest people on earth with over 70 per cent of its population living in abject poverty, while unemployment is at all time high, with youth unemployment at over 60 million.

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THE GUARDIAN, Monday, February 18, 2013

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Nigerian hospitals have weak emergency departments, study reveals

By Chukwuma Muanya ATIENTS in dire need of P emergency medical care in Nigeria have slim chances of survival since most emergency departments (EDs) in Nigerian hospitals lack technological and human resources to save lives.

A new study by United States and Nigerian researchers published in EMJ On-line First concluded: “Although ED location and layout in Abuja do not differ greatly from that in a typical United States (U.S.) city, ED utilisation was lower and fewer resources and capabilities were available.

“The lack of technological and human resources raise

Ugolor alleges threat to life

questions about what critical technologies are needed in resource-limited settings and whether Nigeria should consider training emergency medicine physicians to meet its workforce needs.”

EDs are the basic units of international emergency medicine but often differ in fundamental features.

According to the researchers from the Department of Emergency Medicine, Brigham and Women’s Hospital, Boston, Massachusetts and Department of Emergency Medicine, Massachusetts General Hospital, Boston, Massachusetts, United States; Department of Operations Research, Population Council, Abuja; and Department of Health Policy, Diadem

Consults, Abuja, led by Dr. George Eluwa, all EDs open 24 hours per day, seven days per week to the general public were surveyed using the national ED inventories survey instrument.

ED workers were asked about ED characteristics with reference to calendar year 2008.

Results of the study show 24 EDs participated (83 per cent response). All were located in hospitals, which ranged in size from six to 250 beds. The majority (92 per cent CI 73 per cent to 100 per cent) had a contiguous layout with medical and surgical care provided in one area.

All EDs saw both adults and children, with a median of 1,500 annual visits. Almost half of respondents thought their EDs operated under

capacity, none thought that their EDs were over capacity.

Only four per cent of EDs surveyed had dedicated CT scanners, 25 per cent had cardiac monitoring and none had negative-pressure rooms.

There was wide variation in the types of emergencies that were identified as being treatable 24 hour per day, seven days per week; these appeared to correlate with ED consultants availability.

On the surface, EDs in Abuja appear to resemble many EDs in the United States. The large majority has a contiguous layout with medical and surgical emergencies seen in one area. Most are independent departments in their own right, while others function under the auspices of the departments of medicine or

surgery.

However, Abuja EDs differ significantly from United States EDs in several major ways. First, visit volumes are very low for the individual EDs. This is consistent with the finding that almost half of the respondents characterise their EDs as under capacity and none as over capacity.

Moreover, it is not only the individual EDs that have low visit volumes: a rough calculation based on the median of 1,500 visits per hospital yields 54 EDs’ visits per 1,000 population. The same metric in the United States is 415, an almost eight-fold difference in utilisation. This measure is similarly many times less than in other developed countries such as the United Kingdom and Australia.

From Alemmma-Ozioruva Aliu, Benin City S the House of A Representatives prepares for its meeting with the State Security Service (SSS) and the Attorney General of the Federation over the killing of the Principal Private Secretary to Governor Adams Oshiomhole of Edo State, Olaitan Oyerinde, the Executive Director of the African Network for Environment and Economic Justice (ANEEJ), Rev. David Ugolor, at the weekend alleged threat to his life.

Ugolor said he was being trailed by unknown cars and getting feelers that he has been targeted for assassination.

He was arrested and detained in police and prison custody for 41 days before the state Director of Public Prosecutions absolved him of any complicity in the killing of Oyerinde, who was his close friend. He was with the late Olaitan a few hours before he was killed.

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From Terhemba Daka, Abuja HE Federal Capital Territory (FCT) Administration says it has earmarked the sum of N500 million from SURE-P to provide palliatives to take care of those to be affected by the new transport policy in the territory.

FCT Minister, Bala Mohammed, spoke in Abuja while receiving the report of the Ministerial Committee on the Implementation of MiniBus Feeder Routes and Traffic Regulations in his office.

The minister, who adopted all the recommendations of the committee, immediately lifted the suspension earlier declared for the implementation of routes delineation for high capacity buses, minibuses, taxis and the Keke-Napep but with a grace period of three weeks.

He said the three weeks’ grace is to give room for further publicity and adjustments.

He explained that the administration was not implementing the new land transport policy to inflict pains on commuters, but that the decision was taken in the overall interest of the country and in particular, residents of the territory.

He restated the commitment of the FCT Administration to sustain the Abuja Mass Transit Policy, particularly as it strives to implement the Federal Government’s transformation agenda in the area of transportation.

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‘Ibadan Dry Port to be completed soon’ YO State Commissioner for O Trade, Investment and Cooperatives, Mr. Bayo

Bishops at a procession during the opening of the First Plenary Session of the Catholic Bishops’ Conference of Nigeria in Abuja…yesterday PHOTO: NAN

Release Ladoja’s, Alao-Akala’s loot, ACN tells EFCC From Iyabo Lawal, Ibadan YO State chapter of the Action Congress of Nigeria (ACN) yesterday said the decision of the state government to ask the Economic and Financial Crimes Commission (EFCC) to release the money allegedly stolen by former Governor Rashidi Ladoja and his successor, Adebayo AlaoAkala, currently being tried by the commission, was to ensure that the developmental projects being carried out by its administration were not stalled by paucity of funds.

Speaking against the backdrop of allegations of witchhunting by loyalists of the former governors, the ACN, through its Publicity Secretary, Dauda Kolawole, said in order to ensure that the on-going projects were not stalled, government had to look within to ensure that all monies belonging to the people, wherever they were trapped, were collected and duly spent on the people of the state.

On claims that Governor Abiola Ajimobi was deliberately attacking Ladoja, who

FCT earmarks N500m for SURE-P

Party faults PDP over Yoruba marginalisation allegedly helped him to stabilise his government, Kolawole said: “The Executive Council, which made that resolution has two Accord Party (AP) commissioners, an Action Alliance (AA) and ACN commissioners, former Peoples Democratic Party (PDP) members and many technocrats. So, it could not have been targeted at any individual but the issue concerned, repatriating Oyo State money, so as to enable it to be expended on the people of the state from where the money was taken in the first instance. It is a matter that transcends individuals.”

On the allegation that the removal of the Accord Party caretaker chairman of Ona-Ara Local Council was political, the ACN said no governor in the history of Oyo State had demonstrated as much political tolerance and accommodation of the others as Ajimobi as he has in his cabinet former PDP stalwarts, Action Alliance as commissioners, special advisers, members of the various boards and Accord Party

members as caretaker council chairmen.

“The governor has done what every noble gentleman will do.

This man deserves kudos and not invectives from Accord Party men,” said the ACN. It recalled that when Ladoja was governor, during the local council election of 2003, one Dr. Joshua Akintaro of the Alliance for Democracy (AD) won the chairmanship seat in Ibarapa-East Local Council in spite of the political fraud perpetrated by the PDP government of Ladoja.

It said that not only was Akintaro not sworn in along with others, even when the election tribunal and the Appeal Court affirmed him as the duly elected chairman, it took his predecessor during his 11 month in office, to have Akintaro sworn in.

On the demolition of illegal structures going on in the state capital, the ACN said Ladoja and his AP loyalists do not have the moral right to condemn the government.

“We have challenged Ladoja

in an earlier release to deny that he demolished a church and a construction company’s office on Ring Road, demolished shops at Orita Aperin-Elekuro, Orita AperinAdesola, Orita Aperin-Adekile and Academy Under Bridge roads. What this means is that he desired the now highlyapplauded Ajimobi’s urban renewal effort but lacked the political will to implement it.

Meanwhile, the ACN has criticised the Peoples Democratic Party (PDP) for blaming the alleged marginalisation of the Yoruba by the Goodluck Jonathan administration on the ACN, saying the PDP has nothing but total contempt for the Yoruba in particular and Nigerians in general.

Reacting to the allegation by presidential spokesman, Dr. Doyin Okupe, that the “Yoruba people in the ACN conspired against the Yoruba” to scuttle the election of a Yoruba as House Speaker, the party’s National Publicity Secretary, Alhaji Lai Mohammed, said in a state-

ment issued in Lagos yesterday: “If the PDP had indeed wanted a Yoruba as Speaker, the party should either have won enough seats in the South-West or used its majority in the House to push through its anointed candidate. Failure to ensure the election of its candidate is a reflection of the insincerity of the PDP about the zoning of the post to Yoruba and the gross indiscipline in the party of tattered umbrella.

“In any case, the last option open to the PDP would have been to support any other Yoruba for the post across party lines. We the ACN have very capable members in the House to serve as Speaker. But the truth is that the ruling party wants a PDP member, not a Yoruba, for the post.”

He added: “Therefore, we are not surprised that the PDP easily acquiesced to the defeat of its Yoruba candidate for the post of Speaker of the House.

The PDP zoning formula is pivoted on convenience rather than principle. After all, the zoning was easily jettisoned to pave the way for Jonathan to contest as President.”

Olagbenro, has said the Ibadan Inland Container Depot currently under construction will soon be completed by the Federal Government.

Olagbenro, in a statement issued in Ibadan at the weekend, also said the project, located at Erunmu, in the state capital, has been upgraded from Inland Container Depot to the level of a dry port to ensure better performance when it eventually takes off.

He said work has resumed again at the port, with the putting in place of such facilities as roads, administrative blocks and the construction of stacking area for goods coming in and going out of the port.

While expressing the Federal Government’s commitment to the quick completion of the port, the commissioner said he met recently with officials of the Federal Ministry of Transport, adding that they gave their words that efforts were on to put all the necessary facilities in place.

One of them is the extension of the rail line from Erunmu Railway Station to the port to ensure easy movement of goods to and from the place.

Olagbenro also said that a broad-based committee comprising all stakeholders had been put together by the Federal Ministry of Transport to fast-track the take off of the project.

Tinubu’s book launch postponed HE committee for the T launch of a book: Financial water from an empty well, coauthored by Asiwaju Bola Ahmed Tinubu and Brian Brown, has announced postponement of the book launch.

The event, which was earlier billed for Thursday, February 21, will now hold on March 7 at the Civic Centre, Victoria Island, Lagos at 11 a.m.

THE GUARDIAN, Monday, February 18, 2013

NEWS

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ECOWAS parliament hails peace process in G’Bissau

Leaders in Europe laud move for Igbo unity

From John-Abba Ogbodo, Abuja

GBO leaders in Europe IIgbo, have commended Njiko a socio-political organ-

PEAKER of the Parliament of the Economic Community of West African States (ECOWAS), Senator Ike Ekweremadu has described the peace and democracy rebuilding process in Guinea Bissau as satisfactory and commendable.

According to a statement issued by his Media Adviser, Uche Anichukwu, in Abuja at the weekend, Ekweremadu made the declaration at a meeting with the Interim President of Guinea Bissau, Manuel Serifo Nhamadjo in Bissau, during a working visit by the ECOWAS Parliament, to assess the progress of the peace and democratisation process in the country.

“My impression before coming on this mission was that there was general insecurity in Guinea Bissau and that people were finding it difficult to move around, that there is tension in Guinea Bissau.

“However, I am going back with a different impression, which is that of a country that has finally found peace, and that ECOWAS has done extremely well in Guinea Bissau,” the speaker said.

He appealed to the people of Guinea Bissau to support the transition programme, work together as a people, and with ECOWAS, to resolve outstanding issues. “The ECOWAS Parliament and indeed ECOWAS will continue to support the people of Guinea Bissau to resolve all their problems and help the country achieve her potential,” he stressed.

Ekweremadu, who is also the deputy president of the Nigerian Senate, had earlier addressed members of the National Parliament of Guinea Bissau in plenary, commending them for “standing firm for democracy when it mattered most.”

From Leo Sobechi, Abakaliki

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Edo ACN denies substituting candidates for council polls From Alemma-Ozioruva Aliu, Benin City HE Edo State chapter of the Action Congress of Nigeria (ACN) has denied substituting councillorship candidates in some local government councils ahead of the April 20 election.

The party said it had rather ensured that foisting of councillorship candidates by some few persons in some councils and wards without involving the entire leadership structure in the affected areas were corrected.

This position of the party came on heels of denial of tension in the leadership of the party in Ososo community in Akoko-Edo Local Government over reported nomination of Aannena Jemitola as commissioner nominee from the council.

On the reported sacking of the party’s state secretariat last Friday by irate youths, who alleged substitution of councillorship lists in Oredo and Egor councils, the state Chairman of the ACN, Thomas Okosun denied going into hiding when the fracas broke out, adding that the party leadership rejected lists of councilors that were submitted without the input of all the leaders of the party in some wards.

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Former Military Administrator, Osun State, General Leo Ajiborisha (rtd) (left); former Governor of Ogun State, Aremo Olusegun Osoba and his wife, Derin, during the burial ceremony of Onimole of Lagos, Chief Kayode Adesina Onimole in Lagos at the weekend

Pensions team denies misusing funds NLC lauds Senate’s move against Maina From Saxone Akhaine, Kaduna and Yetunde Ebosele, Lagos HE Pensions Reform Task Team (PRTT) has described the allegation of misappropriation of pension funds made against it as baseless and untrue.

According to the PRTT, “these spurious allegations are the product of Etuk - Gaya Senate Pension Probe Committee, who bitterly hates the Pension Task Team with an intense emotion.”

But the Nigeria Labour Congress (NLC) has lauded the Senate for insisting that the embattled Chairman of the PRTT, Alhaji Abdulrasheed Maina, be made accountable for his deeds, noting that the singular action has really shown that the nation’s democracy has come an age.

In a statement recently, the PRTT spokesman, Hassan Salihu said, “there are no established facts to support all these allegations. Thus, the distinguished Senate Pension Probe Committee has grossly misinformed and misled the entire Senate with

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a fictitious report muddled up with a multitude of naked, untrue and misleading unjustifiable conclusions against the Pension Reform Task Team.

“It is important for Nigerians to equally know that since the inauguration of the Pension Team in June 2010 to date, the National Assembly has never appropriated one naira for the Pension Reform Task Team in its Appropriation Acts of 2010, 2011, 2012 and 2013.

Where and how could the Pension Team have misappropriated funds when nothing has been appropriated to it by the National Assembly?

“The Task Team is not a statutory body. Thus, the head of Service has the exclusive rights for expenditure control of his office. All financial or material engagements of the Task Team are subject of approvals from the head of Civil Service of the Federation. There is no period when the chairman of the Pension Task Team, who is an ordinary ‘assistant director’

became the head of Civil Service of the Federation.

“Hence, the Pension Team emphatically states that it has no power of approval of one naira over the pension offices that it has so far structured. Pension Task Team has not yet been provided operational budget neither has it any bank account to date.”

According to the statement, “the Task Team only deals with papers work to compute pensioners’ entitlements, after which it then send it to head of Service for approval. Nigerians should note that the Team is not in custody of recovered funds, the recoveries are executed

by Anti-graft agency where applicable.”

NLC, however, insisted that President Goodluck Jonathan should properly guard the nation’s assets and resources from the hands of looters at the corridors of power.

In a statement issued by its Vice President, Comrade Issa Aremu in Kaduna at the weekend, NLC said, “we commend the principled stand of

the Senate under the leadership of David Mark on the PRTT chairman accused of complicity in illegal diversion of almost a trillion naira pension funds meant for pensioners in the country.

“By rightly insisting that Maina be made accountable for his deeds, Nigeria’s legislature (even at the risk of being blackmailed) has proven to a ‘useful organ’ of public opinion, as well as, ‘the nation’s committee’ for handling public grievances.

Constant legislative check on the executive impunity has truly made Nigeria’s democratic process come of age.

There is no hiding place for pension scammers.”

Aremu explained that the insistence of 107 senators on Police enforcement of the warrant of arrest on Maina shows that there is no hiding place for scavengers of the nation’s pension assets.

“Woes unto all those, who criminally inflict pains and agony on retired working men and women by looting their legitimate claims,” NLC said.

isation of South East people, working for the unity of their kinsmen towards actualising Nigerian president of Igbo extraction in 2015.

At their recent meeting held in Luxemburg, Prof.

Onwuka Obioha, who gave the keynote address, advised Ndigbo to come together and eschew witchhunting and other recriminations against themselves, noting that the best way for Ndigbo to actualise the dream of 2015 presidency is to support the vision of Njiko Igbo.

In a statement signed by the 10-man delegates in Europe and read by the Coordinator, Dr. Basil Okeke, shortly after the meeting, the Igbo leaders endorsed Njiko Igbo for its ideology of Igbo unity and commended former Governor of Abia State, Orji Uzor Kalu, for the wisdom and foresight that gave birth to Njiko Igbo.

Part of the statement read: “We advise Ndigbo to rally round and support Dr. Orji Uzor Kalu, whom we believe is the true Igbo leader of our time. Being an Igbo leader is not by wealth but by the level of sacrifices made in order to protect the interests of Ndigbo.

“Constructive criticism should be welcomed in this 21st century but not when it is detrimental to the progress of one’s ideology.”

Expressing believe that Igbo presidency in 2015 is real, the leaders assured that “we shall all work together to achieve this great task.”

The representatives of Njiko Igbo in UK urged all Igbo leaders to continue to pressure Kalu to lead Ndigbo in 2015 since, according to them, “statistics have proved that he has the qualities and the spirit of unity.”

Meanwhile, the National Organising Secretary of Ohanaeze Youth Council, Mazi Okechukwu Isiguzoro has expressed dismay at the alleged misunderstanding between Kalu and Governor Theodore Orji, urging Kalu to comport himself as a statesman in his utterances about the current administration in Abia State.

The group also said the alleged controversies trailing Kalu’s claim that he has rejoined the People’s Democratic Party (PDP) as one of the founding fathers are enough evidence that he is not wanted in the party.

Vendors threaten protest over alleged harassment by Oyo officials From Iyabo Lawal, Ibadan HE Association of Newspaper Vendors in Oyo State has threatened to embark on protest, beginning from today, over alleged arrest, harassment and intimidation of its members by agents of the state government.

According to a statement by the association’s Chairman and Secretary, Olalekan Ahmed and Tunde Abimbola respectively, the harassment of vendors has been on since December 2012. They alleged that several efforts by the

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association to curtail the menace had proved abortive.

The association’s officials said several steps to make the government see reasons and make its agencies stop the harassment and intimidation had been largely thwarted by some overzealous officials in the Governor Abiola Ajimobi’s administration.

The group particularly accused officials supervising the environmental arm of YES-O of inciting them to confiscate and arrest vendors for selling newspapers at major highways in Ibadan, the state

capital.

Among the steps the group had taken was the meeting it held with the Commissioner for Environment, Lowo Obisesan and the Special Adviser to the Governor on Media, Dr. Festus Adedayo, where the association was said to have been assured by Obisesan and Adedayo that they would call their YES-O men to order.

The association lamented that in spite of the assurance at the meeting, the harassment of vendors has not abated, describing the trend as

unfortunate.

“We were accompanied to that meeting by some senior management staff of a national daily. It was at that meeting that it was discovered that the governor was not aware of the plight of the vendors.

“To our greatest surprise, the governor’s convoy was passing through Gate area on Thursday February 14 around 2.00pm and some officials within the governor’s convoy stopped and seized all the newspapers displayed for sale by our vendors.

“It is our belief that the action could not have been taking place without the knowledge of Governor Ajimobi,” the vendors said.

Their statement reads in part: “It our belief that newspapers and magazines sale cannot be carried out off the streets or inside our houses, and since all efforts to make the Oyo State government see reasons with us have proved abortive, we have no option than to withdraw our vendors from the streets and embark on strike until the situation improves.”

THE GUARDIAN, Monday, February 18, 2013

8 NEWS

Court to hear Ladoja’s appeal April 8

By Joseph Onyekwere HE Lagos Division of the Court of Appeal on Friday said it would on April 8 hear the appeal filed by former governor of Oyo State, Rasheed Ladoja, seeking to quash his prosecution by the Economic and Financial Crimes Commission (EFCC) over corruption and fraud charges.

Presiding judge, Justice Chima Nweze, fixed the date on Friday, on the grounds that the case ought to have been listed for hearing of appeal, instead of for hearing of motion as wrongly listed by the court registrar, since the appeal was ripe for hearing.

The court then adjourned the case to April 8 for hearing of the appeal.

The EFCC had re-arraigned the accused before Justice Ramat Mohammed of the Federal High Court in November 2008. Ladoja was re-arraigned alongside one of his former aides, Waheed Akanbi, on an amended 10count charge of alleged money laundering in the tune of N4.7 billion through the account of Heritage Apartments Ltd at Guaranty Trust Bank.

The accused had both pleaded not guilty to the charge.

The appellant’s counsel, Chief Wole Olanipekun (SAN), had raised an objection to the charge against the accused, asking the trial court to quash same on the grounds that the charge levied against him were vague and did not link him with the commission of any crime to warrant his arraignment.

But the EFCC counsel, Mr.

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Festus Keyamo, in response argued that the objection raised by defence counsel was belated, as the accused had already been arraigned on the charge and his plea taken.

Keyamo argued that such objection ought to have been raised immediately after his arraignment or before taking his plea, and not when trial had commenced mid-way.

Justice Mohammed agreed with Keyamo and held in his ruling that objection to a defect in a charge can only be made on the day of arraignment when the applicant is taking his plea and not afterwards.

He held that any of such objections on the framing of charges against Ladoja by the EFCC could not, therefore, succeed. He also held that it was too late to object to the charge when the accused had already taken his plea.

The judge also ruled that the proof of evidence placed before the court by the EFCC had links with the charges preferred against Ladoja and that a prima facie case had been disclosed against him.

He, therefore, quashed all the motions filed against the EFCC to quash the charge and ordered trial of the accused.

As a result of this ruling, Olanipekun filed an appeal to the Court of Appeal in 2010, seeking an order to quash the charge preferred against the accused.

He contends in his notice of appeal that the proof of evidence placed before the court by the prosecution had no nexus with the charge and does not disclose any prima facie case against the accused.

Catholic Church still in CAN, say Onaiyekan, Kaigama From Joke Falaju, Abuja GAINST the backdrop of A insinuations that the Catholic Church has pulled

President General, Middle-Belt Youth Congress, Abuka Onalo Oma-Baba (left); Publicity Secretary, Nigeria People’s Centenary Group, Mr. Adewale Adeoye; the Deputy Convener, Lanrewaju Suraj and South-South Co-chairman, Werinipre Digifa, during a press briefing by the centenary group to announce the summit marking the 100 years of amalgamation at Femi Falana Chamber in Lagos…at the weekend

Lagos PDP scores Fashola low on performance • Party lauds Jonathan over roads From John-Abba Ogbodo (Abuja) and Seye Olumide (Lagos) AGOS State chapter of the Peoples Democratic Party (PDP) has described the Governor Babatunde Fashola-led Action Congress of Nigeria (ACN) government as a failure.

A statement by spokesman of the party, Mr. Taofeek Gani, yesterday described the ongoing project tour of Fashola as a manipulation, which was aimed at justifying the very bogus claim of 89 per cent budget success in 2012.

The PDP accused Fashola of doing more of propaganda over his claimed achievements than the reality on ground, asserting that the socalled project tour is a charade and the budget success

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as claimed by ACN only exposed the desperation of the ACN government to force mediocrity into the state.

“We are indeed not comfortable to allow the ACN government to continue to run a propagandists government. Especially because Lagos is fast moving away from ‘Centre of Excellence’ to ‘Centre of Mediocrity’.

Imagine the on-going charade being referred to as project tour and the claim that this administration attained 89 per cent budget success in the Year 2012.

Honestly, this is deceitful, fraudulent and deliberately meant to fake performance.”

Gani said the PDP is particularly surprised that Fashola can boldly lay claim to such

bogus success when his government has continuously plunged the state into local and foreign debts of over N900 billion, even when the state realises over N40 billion monthly as internally generated revenue (IGR) and has collected over N16 trillion from the Federal Government since 1999.

“Notwithstanding these monies, the few major projects being flaunted on the tour are not directly linked to the said budget but actually on contributions of private investors, philanthropists, concessionaires, Federal Government and community associations.

Such projects include: the Lekki-Epe Expressway, BRT, light rail, rehabilitation of Oshodi-Oke road, modern markets.

“We wonder how the government could have awarded performance success to itself when it has actually failed to address its promises to Lagosians such as: the 4th Mainland Bridge, rehabilitation of Isheri-Oke-Afa road, provision of qualitative and affordable education, affordable housing, payment of N18,000 minimum wage, provision of employment, potable water, qualitative and affordable health services, affordable markets, among others.

“The party believes that these prevalent deficiencies in the state indeed manifest in the number of factories producing cachet water, private hospitals, hoodlums, street traders, traffic jams all over the state”.

PDP, however, rated any budget year of Lagos under former Governor Bola Tinubu and Fashola as not exceeding 45 per cent and challenges the government to a live-debate “we have our data and thus convinced that under Governors Tinubu and Fashola, Lagos has never attained over 45 per cent success in its budget implementation. We challenge them to a project tour where representatives of NUJ, Labour, students’ leadership, opposition parties, NGOs, civil society organisations, among others, will partake. As a matter of fact, we shall acknowledge and do a public apology if our claim is wrong.”

out of Christian Association of Nigeria (CAN), the President of Catholic Bishops’ Conference of Nigeria (CBCN), Bishop Ignatus Kaigama and the Archbishop of Abuja Diocese, Cardinal John Onaiyekan, have reiterated the commitment of the church to Christian unity.

Kaigama, while delivering his presidential address at the take-off of the Plenary Meeting of the CBCN yesterday in Abuja, said their call for dialogue on some national CAN issues must not be misconstrued for ulterior motives.

He stated: “Those who screamed the headline ‘Catholic Church pulls out of CAN’, were not expressing our views and those who, without finding out the truth of the matter made weighty and indicting statements against the Catholic Church, need to exercise restraint and prudence in the future”.

Kaigama cautioned Christians against allowing media headlines to trivalise fundamental Christian issues, thereby setting Christians against one another.

Kwara ACN warns govt over danger of floods From Abiodun Fagbemi, Ilorin WARA Action Congress of K Nigeria (ACN) governorship candidate in the 2011 polls, Mohammed Dele Belgore (SAN), yesterday called on the Kwara State government to, “as a matter of urgency, take concrete steps to avoid another flooding across the state.”

Belgore said the government has not taken “any serious, concrete and aggressive measures” to prevent a recurrence of the 2012 flooding, which claimed lives and destroyed property and farmlands in many parts of the state.

“As another rainy season beckons, we call on relevant authorities in Kwara State, to as a matter of urgency, take concrete steps to avoid another flooding across the state,” Belgore said in a statement by his media aide, Rafiu Ajakaye.

Aregbesola urges religious tolerance, tours U.S.

By Tunde Akinola O promote his drive to T become a model for sustainable socio-economic

development, Osun State Governor Rauf Aregbesola will from today begin a weeklong working visit to the United States of America.

According to the Director, Bureau of Communications and Strategy, Office of the Governor, Mr. Semiu Okanlawon, the governor will use the occasion to advance his innovation and economic development efforts in meetings with Harvard Kennedy School, other academic institutions and potential investors.

Okanlawon also said the governor’s itinerary includes several speaking engagements in Boston, Pittsburgh and Washington DC, among others, showcasing the achievements and opportunities in Osun as an investment destination in Nigeria.

THE GUARDIAN, Monday, February 18, 2013

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WorldReport Syrian rebels on offensive, opposition flays Hezbollah YRIAN rebels pressed on Sports” with the “battle of the airin the north yesterday, attacking three key facilities as the main opposition bloc accused staunch Damascus ally, Hezbollah, of “military intervention” in the country.

This came as United Nations (UN) and Arab peace envoy, Lakhdar Brahimi, urged backing for an opposition offer for talks with the regime of Bashar al-Assad after UN rights chief, Navi Pillay, called for international action against the Syrian president.

Pillay urged that some sort of international action be taken against Assad and he be investigated for “crimes against humanity and war crimes.”

“We urge that action be taken immediately. If there is doubt or hesitation, it is because people are assessing the value of military intervention in places like Libya, Syria and Afghanistan,” Pillay told Britain’s Channel 4 television.

On the ground, troops parried fierce rebel attacks near Aleppo airport, the adjacent Nayrab military airbase and Kwiyres airbase east of Aleppo city overnight, the Syrian Observatory for Human Rights said.

The insurgents launched their offensive against airports in the north on February 12, and have since seized AlJarrah military airport and Base 80, which was tasked with securing Aleppo’s civilian airport.

Tanzania destroys 3,000 illegal weapons UTHORITIES in Tanzania A at the weekend reportedly destroyed over 3,000 illegal firearms, in an operation aimed at curbing crime in the East African region.

A report by Xinhua claimed that the country’s Vice President Mohamed Gharib Bilal witnessed the burning of 3,181 illegal firearms at Ukonga Prisons’ grounds on the outskirts of Dar es Salaam, the east African country’s commercial capital.

Bilal said the destroyed firearms were used by people to commit armed robberies within the East African member countries of Tanzania, Kenya, Uganda, Burundi and Rwanda.

He said most of the armed robberies occur on borders among the East African partner states, adding that it was estimated that there were 500,000 illegal firearms in the region.

He said 200,000 illegal firearms have already been surrendered and destroyed in the east African region since the operation began last year.

Late last year, Tanzanian police authorities announced a three- month grace period for people possessing unlicenced firearms in the country to surrender them to district commissioners, ward executive officers, regional and district police officers or to any police station.

Pakistanis mourn, protest after bomb kills 81 Deadly blast target Shiite neighborhoods in Iraq AKISTANIS rose yesterday P in protest across the country, demanding protection for Shiite Muslims after a bomb blast targeting the minority community killed 81 people, the latest in a series of bloody sectarian attacks in the country, a report by Agence France Presse (AFP) indicated.

A banned militant group, Lashkar-e-Jhangvi (LeJ), claimed responsibility for Saturday’s attack – as it did for the snooker hall bombing and a February 1 attack on a Shiite mosque in northwest Pakistan that killed 24.

There was anger and frustration among Shiites at the apparent inability or unwillingness of the authorities to tackle the LeJ. Activists said the failure of the judiciary to prosecute sectarian killers allows them to operate with impunity.

According to agency reports, the bomb containing nearly a tonne of explosives, hidden in a water tanker, tore through a crowded market in Hazara town, a Shiite-dominated area on the edge of Quetta, the capital of southwestern Baluchistan province, on Saturday evening.

This was also followed yesterday by a spate of bombs

Pakistani Shiite Muslims women protest Saturday’s bomb attack in Quetta as the death toll from the devastating bomb attack on Shiite Muslims in southwest Pakistan rose to 81…yesterday.

PHOTO: AFP explosion in Baghdad, which killed no fewer than 21 people and wounding 125 others, police said.

The Cable News Network (CNN) claimed that the blasts – six car bombs and three roadside explosions – mainly targetted outdoor markets in Shiite neighborhoods, quoting Baghdad police as saying.

Overall violence has dropped significantly in Iraq since the peak of sectarian violence, between 2005 and

2007. Yet such attacks continue as the 10-year anniversary of the U.S-led invasion of Iraq nears next month.

The U.S. Embassy in Baghdad condemned the attacks.

Recent attacks in Shiite areas have spread fear among Iraqis that sectarian warfare may ravage the country again.

Moreso, Sunnis have demanded that the Shiite-led government stop what they call second-class treatment of Iraq’s Sunni community.

However, mourners gathered yesterday in Pakistan as people sifted through the rubble of the explosion, many weeping as they discovered limbs and pieces of flesh torn apart by the blast, which wounded 178 people.

A witness, Zainab Bibi, 38, said the carnage was “like the day of judgment had come”.

“Initially I could not see anything because of a thick cloud of dust but I could hear loud screaming,” she told AFP.

Pope asks church, faithful to ‘renew’ as thousands flock to prayers S tens of thousands of pil- spirit wants us to deviate “We will be with you... waved to the crowds and A grims and tourists from the road towards God.” always” and said they want- thanked them for turning attended his penultimate Families with young chil- ed to show Benedict that his out in such large numbers, Angelus prayers, Pope Benedict XVI has called on the church and its faithful to “renew themselves.”

From his window overlooking St Peter’s Square, Benedict said: “The Church calls on all its members to renew themselves... which constitutes a fight, a spiritual battle, because the evil

dren, pensioners and nuns packed into the square in the sunshine and said they had come to pay their respects to the pope, make their goodbyes or share in a historic event ahead of the 85-year old’s resignation.

Groups of scouts held up banners reading “We have loved you so much!” and

shock decision to stand down on February 28 had not shaken their faith in him.

“He has done it for the good of the Church, and will keep serving us. He is retiring to pray — and God knows we need his prayers!” said Germana Blaiotta.

A serene-looking Benedict

calling it a “sign of affection and spiritual closeness”, as the onlookers called out “viva il papa” (long live the pope).

Benedict’s brother said in an interview with Spanish newspaper ABC published yesterday that the pontiff was seeking greater tranquility with his retirement.

Top regional official says Darfur needs N6b for economic recovery BOUT 10 years after an A insurrection began in Sudan’s war-ravaged Darfur, the region’s top official, Eltigani Seisi, yesterday claimed that the area needs an estimated $6 billion for economic recovery, appealing for international support.

Seisi made the comments in an interview with Agence France Presse (AFP) ahead of an April 7-8 donors’ conference in Qatar.

But analysts are sceptical that major funds will be forthcoming.

“If the international community refrains from providing support, then how could we be able to stabilise the situation on the ground?

“And how could the people of

If the international community refrains from providing support, then how could we be able to stabilise the situation on the ground? And how could the people of Darfur have dividends for peace?

Darfur have dividends for peace?” “ Seisi queried.

The United Nations Secretary General Ban Ki-moon reported in January that a 2011 armistice deal, signed in Doha, has yet to bring “concrete peace dividends” for Darfur’s neediest.

Also, the UN said 1.4 million still live in camps for people displaced by fighting.

“I am increasingly concerned that this lack of meaningful progress will erode the confidence of the people of Darfur

and the international community in the Doha document,” Ban said.

He called it “particularly regrettable” that provisions for the voluntary return of the displaced, the disbanding of militia, and reconstruction and development have not been implemented.

Sudan’s government signed the peace deal with an alliance of rebel splinter factions but major insurgents rejected it.

The rebellion, by groups complaining about an imbal-

ance of power and wealth in the country, has been compounded by inter-Arab violence, banditry and tribal fighting.

Seisi heads the Darfur Regional Authority set up to implement the Doha agreement.

He said the Khartoum government, after delays, has now transferred an initial contribution of about $200 million for a reconstruction and development fund. Seisi had earlier described the payment as “absolutely necessary” to persuade other contributors.

Sudan’s economy has struggled after losing about half its fiscal revenues when South Sudan separated in 2011 with most of the united country’s oil production.

Experts warn over emergence of Egypt’s youth anarchist groups NALYSTS have warned that A the emergence of violent youth groups in Egypt and possibly their rising frequency on camera are likely to create more social troubles and further hinder the nation’s march to stability, Xinhua stated.

The Black Bloc, a new anarchist group, along with other undeclared Egypt’s youth groups, are getting addicted to vandalism to express their opinions, press the government to respond to their demands, while claiming that they are protecting protesters against the Muslim Brotherhood (MB) and security forces’ oppressing practices.

“Violence VS violence,” the Black Bloc wrote on its Facebook page. The group made its first appearance in the second anniversary of the January 25, 2011 “revolution,” by setting ablaze four buses belonging to the MB near the iconic Tahrir Square in the capital, Cairo.

Masked and dressed in black from head to toe, members of the bloc resort to the “blackism” ideology based on chaotic and anarchic actions, said Samir Ghatas, chief of Cairobased Maqdes Centre for Political Studies.

As for Mamdouh Attyah, a strategic expert, the youth groups are not merely “groups or pages on the internet,” they are resisting the administration by resorting to violence to “protect the citizens’ rights” in reality.

Attyah said although its members are enjoying enthusiastic youth soul, they lack the weapons and funding that might help in building groups with organisational structure or militias.

African-American History: February 18, 1688 Germantown Quakers hold first formal protest against slavery in English America HE first organised protest T against slavery in the Americas was held in 1688 by four Pennsylvania Quakers from Germantown Meeting under the care of Abington (often called Dublin) monthly meeting.

Gerret Hendericks, Derick up de Graeff, Francis Daniell Pastorius, and Abraham up den Graef organised the protest and presented their opposition to slavery and the trafficking of human beings at the monthly meeting at Dublin in Philadelphia.

In the document, the Quakers use a golden rule to argue against such inhumane treatment of their fellow man regardless of the colour of their skin. “We shall doe to all men licke as we will be done ourselves; macking no difference of what generation, descent or colour they are,” the rule stated.

Seeing the injustices of the slave trade, they courageously took a stand against slavery based on their religious and moral beliefs.

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THE GUARDIAN, Monday, February 18, 2013

Politics Why this new merger is different, by Adamu Former lawmaker and governorship candidate on the platform of Congress of Progressive Change (CPC) Farouk Adamu Aliyu spoke with JOHN AKUBO in Dutse on the edge the merger will offer the parties coming together. Excerpts HAT is your outlook on the merger of W some political parties and the formation of the All Progressive Congress (APC)?

This merger will bring progress democratically to this country. The truth of the matter is that we are all from different political parties but the reality is that all the other parties need to come together. We have come together to bring true democracy because the situation where one party dominates the political space is not good for democracy. We have come together to confront the monster, which is the Peoples Democratic Party (PDP).

Some members of the PDP like the governor of Adamawa State, Sule Lamido have described the merger as mere propaganda that will not stand the test of time…

Lamido should not speak on this. In the first place, it is Lamido who said that nobody should confront President Goodluck Jonathan because he is an incumbent President yet he goes about campaigning to be the President.

Has he forgotten that Jonathan is an incumbent President? The PDP is a conglomeration of many strange bedfellows. When the PDP was formed people came from different parties. Lamido was part of the Social Democratic Party (SDP), Adamu Ciroma who was in the then National party of Nigeria (NPN) all joined to form PDP. What is wrong in some of the other parties coming together to confront PDP? For me there is nothing like propaganda; time will tell. We are trying to bring about real checks and balances so that there will be true democracy, so that no party become an octopus. We want to avoid a situation where people will sit in their rooms and write election results.

The other parties tried it in 2011 but failed.

Why would now be different?

Well the difference between those other attempts and this very one is that those other ones were arrangements of convenience for election purposes but this is an arrangement for the survival of democracy; it is an arrangement to make sure that people should have an alternative, another solid party in this country. We are already working even though the

Adamu next election is still two years away. I don’t believe in the excuse that the earlier attempts failed but this time around there is enough time and the hypocrites should return to PDP. But those who are serious are in the majority and we will get there.

Do you share the fears that the quest for the presidential ticket may yet divide the other parties?

Well it is part of politics. Is the PDP not fighting now between Atiku Abubakar, Lamido, Jonathan and the governors like Babangida Aliyu and others who want to get the ticket of PDP? There is nothing wrong when people in a new party try to vie for positions. In the long run it will unite us.

In the 2011 election there was an attempt for

the Action Congress of Nigeria (ACN) and the CPC to merge but it did not work…

There was not enough time then. It was just about two months to the election and the CPC was barely six months trying to align with ACN. Time is very important and we thank God that we have time now.

Has Governor Lamido declared his political ambition?

We have all seen his campaign vehicles, posters and car stickers. The State House of Assembly has also endorsed him, so what are we saying about an official campaign? It is an open secret.

What of the dissenting voice from the All Progressive Grand Alliance (APGA)?

In the first place the Imo State Governor

Rochas Okorocha was at the meeting with another senator from Anambra State. The party I am sure will clear things at the appropriate time.

Will you trust the Independent National Electoral Commission (INEC) this time around?

We are aiming for a free and fair election in the new party. The INEC has promised to use the biometric system for the next election. The INEC chairman Prof Attahiru Jega was given over N100 billion to procure the equipment for the biometric system but during the election those item were not used. We are going to insist on one-man, one-vote in this election.

Despite the merger, what do you make of the crises in all the parties including PDP, is it a good omen for 2015?

Of course it is. Politics is all about interests; personal or group so of course, the struggle in any parties is part of politicking. On the long run the people will decide whether the interest that each party puts forward is acceptable to the people; all we want is for people to have the opportunity to vote for whomever they want.

We have nothing against the PDP except that we want free and fair election. If they win fairly we will concede defeat and if they are defeated they should concede so that there will be democracy and good governance. Our point is that the people will have the opportunity to decide who governs them.

Were you surprised when the PDP congratulated the new party after the merger was announced?

I think it is a good omen for the PDP to have accepted the need for a party that can check what they are doing. We also commend them for doing that and it is for the collective interest of our country because it belongs to all of us.

When it comes to Nigeria it is all of us and just not PDP or CPC. We have nothing personal against the PDP; it is just the differences of opinion. We don’t agree with how they perceive the country should be governed and how we perceive it. They know that without other credible parties there will be anarchy. It could get to a stage where the masses will view everything as conspiracy of the elite and there could be chaos.

We are all one and we should subsume our personal interest when it clashes with that of the nation. Some people are surprised seeing President Jonathan and Maj.-Gen. Muhammadu Buhari at the flag-off of the centenary celebrations. Why should they be? There is nothing personal between Buhari and Goodluck; it is just differences in opinion. It is good Buhari was at the ceremony because it was about Nigeria and not just about President Goodluck or PDP.

APGA appoints Okwu as interim National Chairman From Ezeocha Nzeh, Abuja HE leadership of the All Progressives Grand Alliance, (APGA) might have taken the first concrete step aimed at resolving its leadership crisis by opting out of further litigation and picking the former chairman of the proscribed Citizen Popular party (CPP), as its acting national chairman.

The development is sequel to the sacking of the Sir Victor Umeh-led National Executive Committee by an Enugu High Court.

Okwu’s appointment is a necessary step into reconstituting a new National Executive Committee (NEC).

An Enugu High Court, presided over by the Chief Judge of the state, Justice Innocent Umezuruike last week declared the 2011 national convention that re-elected the Victor Umeh led NEC as illegal, insisting that the convention breached Article 18 of the party’s constitution. Umezuruike therefore asked members of the party to take steps to hold a fresh national

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convention that will lead to the election of a new NEC. Rising from a national caucus and stakeholders meeting of the party at the weekend in Abuja, the party stated that it has reviewed the court judgment and concluded that it would abide by the judgment and not embark on any appeal.

A member of the party’s Board of Trustees, (BoT), Tim Menakaya, who read the communiqué at the end of the meeting stated that the caucus elected Okwu, who rejoined APGA in November last year after the Independent National Electoral Commission, (INEC) delisted his party, the CPP. Okwu was elected through a majority vote of the stakeholders present at the meeting. Okwu was also a foundation National Working Committee (NWC) member of APGA before he was expelled in 2005 alongside the founding national chairman, Chief Chekwas Okorie.

Menakaya announced the decision to reabsorb all other mem-

Okwu

Umeh

bers of the sacked NWC and NEC members under Umeh as members of the interim committee, including Sanni Shinkafi who was appointed the acting national secretary. He stressed that they will remain in office, pending the conduct of a national convention.

The new NEC, which was noted to serve on interim capacity, was mandated to conduct all congresses and national convention of the party on or before April 30.

In attendance at the meeting were the Anambra State Governor, Peter Obi, his deputy, Emeka Sibeudu,

former minister of information and the party’s senatorial candidate for Anambra Central District in the last election, Prof. Dora Akunyili and some national assembly members from the party.

Meanwhile, Menakaya, the only surviving member of the APGA Board of Trustees, was appointed as the acting chairman of the Board, while members of other zones were instructed to nominate at least two members to the BoT. Okwu disclosed that he bowed to pressure to return to APGA, and that he was prepared to restore the lost glory and hope in the party as its acting national chairman.

“I am prepared to deliver this challenge and duty. Since 2002, I have been playing a role in Nigerian politics in terms of both party and interparty activities. I want to bring these roles here to reposition APGA. I have come back to my political base. Part of my mandate is reconciliation and I intend to reach out to everybody down to my former chairman, Okorie. We should all expect a new look APGA soon.”

THE GUARDIAN, Monday, February 18, 2013

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THE GUARDIAN, Monday, February 18, 2013

TheMetroSection Killed by STF…over driver’s naughtiness From Isa Abdulsalami; Jos

‘

The driver failed to stop and instead tried to forcefully manoeuvre his way out, despite the soldier’s instructions for him to stop.

The driver’s action was suspicious. Consequently, the soldier cocked and released a shot, which pierced through the left shoulder of the driver and unfortunately, hit Mr. Wagley Dauda on his chest

’

HE Special Task Force (STF),OperT ation Safe Haven, incredibly, admitted its men shot and killed a passenger and wounded its driver yesterday in Jos, one of Nigeria’s flash points. .

Addressing a press conference at the STF Headquarters in Jos, STF Spokesman, Captain Salisu Ibrahim Mustapha, said that at about 11.30a.m. yesterday, “an unfortunate incident happened where a personnel of the Special Task Force on duty shot a driver of an Opel Vectra with registration number EW336AA (Lagos), Mr. Salisu Musa and a passenger, Mr. Wadley Dauda (a member of staff of the University of Jos Security Department).

“Preliminary investigation conducted revealed that the soldier attempted to stop the driver who took one way while approaching his guard location at Green Park NASCO Headquarters, Jos. “However, the driver failed to stop

The late Dauda

and instead tried to forcefully manoeuvre his way out despite the soldier’s instructions for him to stop.

The driver’s action was suspicious.

Consequently, the soldier cocked and released a shot, which pierced through the left shoulder of the driver and unfortunately, hit Mr.

Wagley Dauda on his chest.”

According to Captain Mustapha, the victims were immediately evacuated to Jos University Teaching Hospital for treatment by personnel of the Task Force. “However, Mr. Wadley died in the theatre while receiving medical attention.

Meanwhile, the soldier is under custody undergoing investigation.”

Captain Mustapha expressed worry about the incident.

“The incident is worrisome and unfortunate considering the circumstances, which led to it. It was an act of lawlessness exhibited by the driver, who tried to escape and not subject himself for search to a security agent on duty.

“The Special Task Force wishes to use this opportunity to call on the good citizens of the Plateau to always cooperate with security agents at various duty locations.

These men are deployed to maintain law and order and therefore, need our cooperation to do so. By so doing, collectively we shall restore Plateau to its original and divine status as “Home of Peace and Tourism.”

Mustapha emphasized that the soldier of the STF is under investigation to know whether the soldier kept to the rules of engagement when the soldier did what he did and whether he exhausted all avenues before firing.

He also explained that personnel of the STF, at times, had to follow one way during “emergencies” in order to meet the needs of the emergencies. He tried to hold the driver culpable because he refused to stop when ordered by the soldier, exonerating the soldier, as he did not know what he (the driver) was conveying when he refused to stop.

Delta sets up 14-man committee on water, infrastructure From Hendrix Oliomogbe, Asaba N its determination to ensure effective public water supply in the state from the public mains, the Delta State government has set up a 14member committee on infrastructure and water supply in the state. The committee is headed by Mr. Harrison Dafiovor.

The Commissioner for Water Resources Development, Dr. Chris Oghenechovwen, during the inauguration, lamented that the state gov-

I

ernment had invested immensely in water infrastructure but was yet to get corresponding returns for the benefit of the public.

According to him, the committee was set up to address the problems associated with public power supply and to regularly monitor the state government’s water projects being handled by the ministry and make reports; to visit water pumping stations regularly to find out its state of functionality with a view to

ensuring restoration of services where there had been breakdown as well as properly document water supply and sanitation facilities as well as operational records in the various pumping stations.

Oghenechovwen also said that the committee would review al project designs and specification proposals in the ministry, including the submissions of consultants, to attain uniformity of standard and to advise management as

appropriate.

He added that the committee would also collate all water schemes facilitated by the intervention agencies as the Niger Delta Development Commission (NDDC), the Millennium Development Goals (MDGs), the Delta State Oil Producing Areas Development Commission (DESOPADEC) and River Basin Development Authorities, for possible take- over by the appropriate parastatals of the ministry, as well as do regu-

lar surveillance of pipelines.

The Commissioner assured the committee of the support of the ministry to enable it to effectively exercise its mandate.

Dafiovor pledged that the committee would meet the expectation of the government.

He commended the government for finding them worthy to serve on the committee , but sought for the ceaseless support of the ministry to enable it succeed.

Immigration to establish more passport offices in Lagos IBy Odita Sunday HE new Comptroller General of the Nigeria Immigration Service (NIS), Mr. Rilwan Musa, has pledged to hasten the establishment of another Immigration passport offce in Lagos.

The NIS boss, who was in Lagos on a fact-finding visit, said the new passport office would be ready next week since the two passports offices already in existence were always overcrowded with applicants.

The new additional passport office would be located at Alausa, the seat of Lagos State government.

“We should be opening a new passport office in Lagos. We are aware of the challenges applicants face so the new them. We are still installing the necessary gadgets and equipment that would make things run smoothly in the place,” he said.

The Comptroller-General, who toured major Immigration formations in Lagos, said he was im-

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pressed with the performance of the Ikoyi Passports Office. “ I was impressed when I visited the Ikoyi Passports Office. They are a bit organized but not to the standard we want. FESTAC Passports Office is trying but it is lacking behind compared to Ikoyi.

We have come a long way on the e-passport scheme, we commenced the scheme in 2007, but you have to agree with me that Nigeria is a peculiar country. We have a situation whereby some Nigerians will not loose their passports and will come to Immigration office to say they lost their passports. “ That is the reason we are applying the stringent measure of ensuring that those who loose their passports come to Abuja to apply for a new one.

We don’t say people should come to Abuja just because we want them to come to Abuja, but because we have an agreement with the British High Commission to ensure that those who complain about the loss of their passports are really gen-

uine. “ The Immigration boss noted that the Service has sent some of its men on training at Gwoza, Borno State in line with the transformation agenda of President Jonathan in order to be equipped with measures in tackling the present security challenges.

Musa, a member of the National Institute, was appointed the acting Comptroller-General of Immigration Service by President Jonathan a few weeks ago. He took over from Mrs. Rose Uzoma, who has proceeded on pre-retirement leave. The appointment took effect from January15, 2013.

Before his appointment, Musa was the Deputy Comptroller General, Human Resources Directorate.

He was also the Assistant Comptroller General in charge of Zone ‘B’ Kaduna, ‘E’ Owerri and ‘F’ Ibadan at various times.

Musa has served at the Passport Directorate at the Service Headquarters. He holds a Masters De-

Briefs Alams Barovbe passes on PATRIOT, philanthropist, huA manist and astute politician, Chief Alams Barovbe, has passed on at the age of 76 .

He was in a vehicle involved in an accident on his way to Asaba, the Delta State capital on January 22, 2013, according to a statement by the head of the Barovbe family, Chief Johnson Barovbe.

“Chief Alams Barovbe was rushed to the Federal Medical Centre, Asaba and later to the Delta State Specialist Hospital, Oghara, where he died on January 28.”

He was robed Okakuro (Chief) of Agbon in Ethiope East Local Council of Delta State by the late Paramount Ruler, Ogunrimerime, Okpara I of Agbon Kingdom.

Barovbe

Shade Okoya bags chieftaincy title IFE of Chief Akanni Okoya, W Chief (Mrs.) Shade Okoya, will tomorrow be conferred with a chieftaincy title of Ajisewa of Oke Ona, Egba Kingdom, by Oba Adedapo Tejuosho, Karunwi III, Oranmiyan Osile Oke Ona Egba. This conferment is part of activities to mark the 75th birthday anniversary of Oba Tejuosho.

A statement by Bimbo OkoyaUrey says: “ The Iwuye ceremony will hold at the The Osile, Oke Ona, Egba, Sapon, Ago – Oko, Abeokuta, Ogun State from noon while a thanksgiving service holds at the Cathedral of St. James African Church, Idi Ape, Ago-Oko, Abeokuta, Ogun State at 10.00a.m. tomorrow, February 19, 2013”

Okoya

Social Media Week begins today CTIVITIES to mark the first SoA cial Media Week (SMW) begin today and will end on Friday.

It will feature the conferences, presentations, and workshops and participants will enjoy what promises to be one of the most unique features of the event, SMW Lagos Live series.

The SMW Lagos Live series is partnering with the biggest labels in the music industry to entertain participants at MACES Hub, Terra Kulture, Victoria Island. Participants will be thrilled by the Now Muzik/Hypertek starring 2Face Idibia, Timi Dakolo, J Martins among others.

“I just want to thank our partners and all the hot artistes who will grace the event,” says Executive Producer, SMW Live Series, Tola Odunsi.

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THE GUARDIAN, Monday, February 18, 2013

Briefs Phillips dies at 85 LDER Moses Adekunle E Abiola Phillips has died at the age of 85. He was devout Christian and a church leader.

A statement by Mr. Tokunbo Abiola Phillips, on behalf of the family, says: “A service of songs holds on Wednesday, February 20, at his residence, No. 20, Bello Street, off Ojekunle Street, Papa Ajao, Lagos at 5.00p.m.

A Christian wake holds on Thursday, February 21, at the same venue at 4.00p.m.

He will be buried on Friday, February 22, at his residence, No. 12, Ikeoluwa Street, opposite Solad Hospital, Baruwa, Ipaja, after a funeral service at 9.00a.m.

He is survived by his wife, children and grand children.

Phillips

Winners emerge in Tastee Splash Love Promo INNERS have emerged W in the grand raffle draw of Tastee Splash Some Love Promo, which was held on Saturday at the Tastee Fried Chicken’s (TFC) headquarters in Victoria Island, Lagos.

The star prize winner, Mr. Egbinola Olalekan Raufu with ticket No. 1315, won free meals and drinks for a couple for one year in any TFC outlet of his choice. The second prize winner, Mr. Romeo Orughor, Ticket No. 2054, was given free birthday parties for himself and his wife, as well as entertainment for 20 of his friends.

The third prizewinner, Mr. Ibrahim, went home with N50, 000 for each of the couple.

The Human Resources Manager, Mr. Akin Akinwunmi, said it was the tradition of TFC to reward its loyal customers, adding “ This Valentine Splash Promo started seven years ago, and the firm has not defaulted in keeping to its promises to its teeming customers.”

Raufu thanked TFC for its kind gesture but added, “ My boss sent me to buy food at TFC. I am an auxiliary staff with the CBN decided to put nor the promo and now I have won. Thank you TFC.”

Baptist College begins 10th Ministers’ Conference HE 10th ministers’ conference of Baptist College of Theology begins tomorrow to Friday at the Baptist College of Theology permanent site Agbowa Ikosi.

The Rector, Dr. Emiola Nihinlola, said the theme of this year’s conference is, “The Pastor and Christian Missions.

He added that the conference “is a platform to equip and provide spiritual empowerment for pastors to prepare them for the challenges in ministry.”

Ministering are Rev. Steve

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Police officer assaults medical doctor for interviewing his Moslem wife From Leo Sobechi, Abakaliki HERE was pandemonium on Thursday at the premises of Federal Teaching Hospital, Abakaliki; when a police officer went berserk and beat up a medical doctor. He even released teargas canisters directly on the physician’s face for allegedly asking his pregnant wife probing questions, which the officer said violated “Islamic tradition.”

Meanwhile, the Nigerian Medical Association (NMA), and the Association of Resident Doctors (ARD) of the hospital, have called on the police authorities to dismiss the aberrant officer from service, stressing that nothing short of that could restore their confidence to serve the people.

Eyewitnesses told reporters how the police officer, an Assistant Superintendent of Police (ASP), descended on the medical doctor after his wife complained that the doctor, Dr. Chukwujekwu Okafor, was “raising issues which do not lie within the contemplation of Islamic religion.”

“The angry police man came alone and single handedly started beating up the doctor. The doctor did not know what was troubling the man until the police officer asked him why he was talking to his wife. The woman came in for treatment and you know doctors ask questions to ascertain what medicine to prescribe but the police officer claimed that the doctor was not supposed to talk to his wife because ‘she is a

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moslem woman,” a source narrated.

In a bid to arrest the ugly development, Chairman, Medical Advisory Council, (CMAC) of the hospital, Dr. Chinedu Nwigwe, pleaded with incensed medical doctors and staffers of the institution not to take laws into their hands, assuring them that the law must take its due course on the matter.

Reviewing the case, Dr. Nwigwe disclosed that the police officer, after making several calls to his wife, came into the hospital and met the doctor talking to the wife, adding that having confirmed the doctor’s identity through the CMAC’s office, went back to the ward.

“He felt aggravated that since he is a Muslim, and his wife also a Muslim, nobody should talk to her. He used tear gas on the doctor.

He assaulted the doctor physically. The doctor was brought to my office. You can see the police officers, the ACP here, and I must tell you that the hospital will not take this matter lightly. We are appealing to all of you that two wrongs cannot make a right. Let us allow the judicial officers to carry out their duties.”

When contacted, the President, Association of Resident Doctors, (ARD) Fetha Chapter, Dr. Oti Kennedy, expressed dismay at the barbaric action of the police officer, lamenting that the condition of the wounded doctor was discouraging and dehumanizing.

Photonews

Asiwaju Oluyemi Ogunyomi (middle) , Deputy Clerk, House of Representatives, Muyiwa Adejokun (second right) and other guests during the funeral ceremony of Pa Reuben Ogunyomi in Ugbo, Ilaje, Ondo State...on Saturday

Seinde Fadeni (left), his wife, Mrs. Ebun Fadeni (right) and former Housing Minister, Mrs. Mobolaji Osomo during celebrations to mark Seinde’s 50th birthday in Ikoyi, Lagos...yesterday

Plateau lawmaker donates borehole to COCIN From: Isa Abdulsalami; Jos HE Chief Whip of Plateau State House of Assembly and member representing Kanke State Constituency, Timothy Golu, has donated an electric-powered borehole to the Church of Christ in Nigeria (COCIN) Rayfield Jos. Speaking at the commissioning /dedication of the borehole at the weekend, the Deputy Governor of Plateau State, Ambassador Ignatius Longjan, described the lawmaker as vibrant, dynamic, visionary and focused leader, who is always committed to alleviating the suffering of his people.

The Deputy Governor also challenged other lawmakers and well-to-do individuals to emulate the kind

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gesture of the Chief Whip by providing succour to the people in their immediate communities, stressing that access to clean water and hygiene would definitely improve on the health condition of the people.

In the same vein, the State Commissioner for Water Resources, Mallam Idi Waziri, commended the lawmaker for the initiative.

He enjoined others to partner with the Plateau State Government so that the state could achieve its Millennium Development Goals (MDGs) target of water for all by 2015.

The Chief Whip said apart from providing water for his spiritual constituency, he has also sunk boreholes for the constituency he is representing.

Managing Director Tastee Fried Chicken (TFC), Mrs Pamela Olayinka Adedayo (left), star prize winner in The Tastee Splash Some Love Valentine promo, Egbinola Olalekan Raufu and Executive Director (TFC), Olubunmi Adedayo during the prize presentation... at the weekend.

PHOTO: SUNDAY AKINLOLU

Iriekpen-Oratokhai, 72, for burial HE burial rites for Mrs. T Bosede Iriekpen-Oratokhai, (nee Obilebo) who died on January 2, 2012 at the age of 72, begin on Friday, February 22, 2013 with a lying-in-state at her residence, 20B, Eme Road Uhonumora-Ora from 4-6pm, and Service of Songs 6-8pm.

Funeral service holds on Saturday at St. Peter’s Anglican Church , UhonumoraOra from 9am -noon followed by interment.

Reception takes place at Owere Primary School play-

ground, Uhonumora-Ora, Edo State.

Iriekpen-Oratokhai

Permanent Secretary, Lagos State Ministry of Science & Technology, Nike Animashaun (left), State Commissioner for Science Technology for Science & Technology, Adebiyi Mabadeje and his Education counterpart. Yinka Oladunjoye, at the closing ceremony of Lagos State Ministry of Science & Technology (LASSTECH) Week ... at the PHOTO: FEMI ADEBESIN-KUTI weekend.

TheGuardian

14 THE GUARDIAN, Monday, February 18, 2013

Conscience, Nurtured by Truth

FOUNDER: ALEX U. IBRU (1945 – 2011)

Conscience is an open wound; only truth can heal it. Uthman dan Fodio 1754-1816

Editorial Super Eagles’ AFCON victory HE crowning of the Super Eagles as the latest African football kings T at the 2013 edition of the continental tournament in South Africa typifies the acclaimed resilience of the Nigerian spirit. It is a virtue that found a rebirth with some unlikely heroes who exhibited patriotism, discipline, hard work, perseverance, tenacity of purpose and faith in themselves. It is true that the country could have achieved more in sports in the decades past. But it is equally heartening that the soccer ambassadors rose to surmount the challenges that had subdued the country’s potential, to re-enact the Nigerian qualities. Although a new vista has opened for progress, it is not necessarily because football administrators or political leaders have provided atmosphere conducive to optimal performance for the footballers. The Super Eagles’ victory was achieved in spite of that failure. The greater lesson, therefore, is for sports administrators to wake up to their responsibility, and build on the strong character exhibited by the Super Eagles players.

The Super Eagles’ triumph broke a 19-year jinx after the team’s last victory in Tunisia (1994), and this is significant in many ways. It came against the backdrop of scepticism and cynicism of fans about the capacity of the players, the coaching crew and their preparedness to do battle against more cohesive opponents. The usual lack of focus of Nigerian Football Federation (NFF) also gave little hope of success.

However, victory was sweet for millions of Nigerians who have yearned for a happy occasion amid the prevailing cheerless political and socio-economic clime. The occasion proved again that sports is one of the country’s foremost unifying factors, providing hope for a brighter future; and making a statement that the citizens are willing to identify with the country if the leadership plays its role appropriately.

Not surprisingly, many actors in football administration seized the occasion to blow muted trumpets and seek undeserved credit from the Super Eagles successful outing. The country is certainly in dire need of men of character who can stand up for the people at all times.

The Super Eagles’ victory is therefore a lesson in the abundant possibilities for change and development in the country. It only needs a rejuvenated leadership spirit to enable it present its best men in every sector, and achieve optimum results. The present euphoria apart, what is needed now is an institutionalised culture of excellence in the country.

The Super Eagles’ victory should serve as a springboard to rebrand Nigeria globally because football has a special significance as a tool for nation-building. Nigeria truly needs football in particular, to achieve greatness. But the anticipated turn-around cannot occur in critical sectors without attitudinal change. Over the years, football administrators have been consumed by selfish ambitions and pursuit of pecuniary ends. In the event, not only was football and footballers left to suffer, but the nation was repeatedly robbed of the good feeling that victory brings, and the chance to forge a stronger national cohesion.

This alone is sufficient incentive for government to pay more attention to sports as a whole, and football in particular.

Coach Stephen Keshi deserves the entire accolade he has enjoyed for his team’s feat. He has proved that indigenous coaches are not inferior to foreign ones. He should, however, aspire to improve in global context. The NFF should continue to support him and take the controversy about his purported resignation as an opportunity to redress past mistakes and ensure that Keshi (or any other coach) functions without encumbrances.

Team member, Victor Moses, who defied all odds to play for his country remains a metaphor for Nigeria’s greatness. He, along with other members of the team, particularly players in the local league, need to be further encouraged to remain relevant for future glory.

However, reward for sportsmen and women should be structured in a way that is sustainable. A positive reinforcement is required. And for the country to maintain a minimum level of success, adequate resources, commensurate with the target must be committed to human and material resources.

More important, administrators should strive to make sports funding private-sector driven instead of the current heavy reliance on government for support. Private sector involvement in sports encourages productivity and accountability, and this mechanism remains pivotal for sustaining greatness.

LETTERS

Glo is unfair to me IR: In law, it takes two to lean account. This is unfair to Sor make a contract – the offer- me as a customer. This mornand the offeree. If an offer ing, February 6, 2013, I is made, there must be an acceptance. The GLO network breaches this principle in respect of the Teen Jokes that are frequently sent to me. My cell phone number is 08055604081.

There was no time that I ever contracted for Teen Jokes. I am not interested in the jokes. First, the jokes are time-wasting and as dry as the dust. As much as N100 is deducted from my usually-

received this message: “Dear customer, your subscription of Teen Jokes at 8888 – has been successfully renewed.

You have been charged N100”.

Each time, I try to reject it by text message. But, instead of allowing the reply of rejection to sail through, it is blocked by the network, thus giving the false impression that I have accepted its renewal. I am not interested in Teen Jokes. For my disinterest, I vis-

ited Ikorodu office of GLO to complain, but the lady at the counter was unable to send my text message through. GLO cannot compel me to purchase unwanted products or services.

Through this medium, I am appealing to GLO to, please desist from involving me in a contract, which is devoid of acceptance. It is fraudulent and so, illegal. The Nigerian Communication Commission must step in, please.

• Victor Oshisada, Lagos.

On an epidemic of greed IR: I could conjecture that Sbetween there is a correlation the increasing access to satellite television and the epidemic of greed we are witnessing today in Nigeria.

Just with the press of a button or the click of a switch we can instantly bring the glitz and glamour of Hollywood, Mumbai, Shanghai and Dubai into sitting rooms with the result that television might be making a lot of Nigerians dissatisfied with their lives.

Television fed Nigerians dream of owning the clothes, cars, private jets and mansions they see not only on satellite TV but also in

glossy magazines. These make many Nigerians receptive to the gospel of prosperity to the effect that consumerism has become the new religion. Various brands of goods are now to be worshipped as gods, so much that 140,000 Nigerians were on “pilgrimage” to the shopping districts of London in 2012. The new evangelists are the advertising men, the sales men and brand consultants.

Today in Nigeria, people steal money they do not need simply because they seem to have a child’s conception of happiness. To a child, more sweets mean more happiness. We expect

something better from adults.

Scientific studies suggest that it is our interaction with our friends and family that make us happy, not the size of our bank accounts. A rich man could feel lonely and unhappy in his mansion if he has no friends to visit him or to appreciate him. We have all heard the phrase “The rich also cry” but the typical capitalist would say: “it is better to be rich and unhappy than to be poor and happy”.

As the author Carol Graham puts it, “we live in a world of happy peasants and miserable millionaires”.

• Augustine Togonu-Bickersteth, London, England.

THE GUARDIAN, Monday, February 18, 2013

BUSINESS 15

Business Business Interview P62 Nigeria’s big market critical for shipping services, growth, says Andersen

Bi-Courtney floors ministry, FAAN in court over airport terminal

By Wole Shadare

HE coast is now clear for the T eventual take-over of the General Aviation Terminal (GAT) of the Murtala Muhammed Airport by BiCourtney Aviation Services Limited, following the decision of the Federal High Court, Abuja, which struck out the suit filed by the Ministry of Aviation and the Federal Airports Authority of Nigeria (FAAN) over the concession of the terminal.

The court, presided over by Justice A.R. Mohammed, in a judgment delivered on Friday, described the suit by the ministry and the Federal (FAAN as an abuse of the process of the court.

According to a copy of the ruling made available to the media, Justice Mohammed held that the issues canvassed by the plaintiffs (aviation ministry and FAAN) had been conclusively determined by Justice J. Chikere of the Federal High Court in Suit No: FHC/ABJ/CJ/50/2009.

The court noted that the decision of Justice Chikere in the previous suit, which was instituted by Bi-Courtney Aviation Services Limited (BASL), was binding on all agencies of the Federal Government.

Quoting aspects of Justice Chikere’s judgment, to justify its ruling, the court stated: “The parties named in the Relief 7 are agents/agencies of the Federal Government. They are agents/agencies of a named principal that is the Federal Government. Any order against the known principal binds the agents/agencies. The agents/agencies stationed and operating at all airports terminal in Lagos State could not have operated without the support or approval of the Federal Government.

“They are therefore restrained, prevented or prohibited from operating scheduled flights in and out of Lagos State from any airport terminal other

Stella Oduah, Aviation Minister than MMA2 or an airport terminal owned/operated by the plaintiff during the concession period as stipulated in the Agreement.”

Justice Mohammed further held that the issues raised in the suit by the ministry and FAAN had equally been settled by the Court of Appeal, noting: “that was also held by the Court of Appeal that by implication, the Federal Government and its agencies have their interest adequately represented by the AttorneyGeneral of the Federation, being the Chief Law Officer of the Federation. It was further held by the Court of Appeal that as an agency of the Federal Government, the second plaintiff’s (FAAN) interest cannot be different from that of the Federal Government.”

While reacting to the judgment, Bi-Courtney Limited (BCL), in a statement by its spokesman, Dipo Kehinde, yesterday, stated, “these decisions have cleared the path for BiCourtney to take over the General Aviation Terminal, which was recently renovated by the Federal Government of Nigeria and commissioned on October 22, 2012”.

Bi-Courtney further noted

Wale Babalakin that the GAT “was declared an integral part of the MMA2 concession by the decision of the Federal High Court in 2009”.

Kehinde noted that in a desperate move to prevent the handing over of the premises to Bi-Courtney Limited, four appeals had been filed and lost by the Attorney General of the Federation, Ojemaie Holdings

(Landlord to Arik Air), NUATE and ATSSAN (Trade Unions under the Ministry of Aviation) and FAAN. The statement affirmed “it remains a monumental embarrassment and a flagrant disregard for the Rule of Law that the GAT was built by the Ministry of Aviation, when there was a clear restraining

...Court upholds CITN’s mandate to regulate tax

By Adeyemi Adepetun HE Court of Appeal, Lagos Division, at the weekend, upheld the March 12, 2007, Justice Lateefat Okunnu’s ruling of the Lagos High Court, granting Chartered Institute of Taxation of Nigeria (CITN), the power to regulate tax administration in the country.

The ruling was sequel to an appeal by the Institute of Chartered Accountants of Nigeria (ICAN), challenging the verdict of the lower court, which granted the mandate of tax administration in the country to CITN. Briefing newsmen of the

T

ruling in Lagos, the President, CITN, John Jegede explained that CITN had approached the Lagos High Court in 2005 in the case of CITN (Claimant) vs. ICAN (Defendant) to determine whether by virtue of the Acts establishing ICAN and CITN, the then Claimant was not the only body vested with power to regulate the taxation profession in Nigeria and whether members of ICAN who had not registered with CITN can practice taxation or hold themselves out as tax practitioners in Nigeria.

CONTINUED ON PAGE 16

Shale oil production to boost global economy by $2.7tr

By Roseline Okere

oil production could Sas HALE boost the world economy by much as $2.7 trillion by 2035, while reducing global oil prices by up to 40 per cent, according to a new report by PricewaterhouseCoopers (PwC).

The report said that the oil, extracted through hydraulic fracturing, or “fracking,” could add as much as 3.7 percent to

global growth, the equivalent of adding an economy about the size of the United Kingdom (UK) to the world, by 2035.

Experts in the oil and gas industry are of the view that Nigeria may lose its place in the international scene if drastic measures are not put in place to utilise the country’s gas resources, in view of the growing demand for shale gas in the international markets.

Industry experts therefore

urged Nigeria and other oil exporting countries to begin the process of diversifying their respective economies to face the challenge being posed by the shale oil production potential in the United States.

Meanwhile, the Nigerian National Petroleum Corporation (NNPC) has allayed fear of possible threat of shale oil production in some parts of the world to Nigeria’s crude oil export.

NNPC believed that the country could always seek other markets for its crude oil if the United States refuses to import Nigerian crude oil due to their recent exploitation of Shale gas.

A report released by PwC recently, stated that the extra supply could reach up to 12 per cent of global oil production, or 14 million barrels a day, and push global oil prices down by

CONTINUED ON PAGE 16

order against the Federal Government of Nigeria on the construction of the terminal. It is also a serious dent to the

image of the Federal Government as a promoter of the Rule of Law that an innocent company such as BiCourtney Limited could be deprived of the fruits of its labour by an obstinate refusal by the aviation ministry to comply with simple and clear terms of an agreement”.

For quite some time now, both FAAN and Bi-Courtney had bickered over claims and counter claims of who owns the area.

While the aviation agency continued to claim that it did not cede the ownership and management of the GAT of the Murtala Muhammed Airport, Ikeja, to Bi- Courtney Aviation Services Limited, the concessionaire of the private Terminal 2, Bi-Courtney relies on agreement it signed in 2007 that allows it to add the GAT to its area of operations to recoup its heavy investment.

THE GUARDIAN, Monday, February 18, 2013

16 BUSINESS

Investors stake N23.1 billion in FGN bonds

By Helen Oji

HE Over –The –Counter (OTC) T market for FGN bonds, last week recorded a turnover of 4.249 billion shares worth N23.177 billion in 39,391 deals ,were transacted this week, higher than a total of 3.572 billion shares valued at N24.692 billion, exchanged in 39,321 deals during the preceding week.

At the close of transactions last week, the financial services sector continued its dominance as the most active during the week, contributing 76.53per cent, 61.87percent, 60.51per cent to the total equity turnover volume, value and number of trades respectively in 3.252 billion shares valued at N14.339 billion exchanged hands by investors in 23,835 deals.

Specifically, Unity Bank Plc from the Banking subsector, International Energy

Insurance Company Plc and Sovereign Trust Insurance Plc of Insurance Carriers, Brokers and Services subsector of the financial services sub-sector was the most active during the week when measured by turnover volume, as trading in the shares of the three equities accounted for 888.7 million shares worth N700.6 million in 2,634 deals.

This represents 27.33per cent and 20.92per cent of the turnover volume recorded by the sector and total turnover for the week, respectively.

Further analysis of last week transactions showed that the Conglomerates subsector followed with a total turnover volume of 363.5 million shares worth N964.6 million in 2,053 deals.

Similar to the previous week, volume in the sector was boosted by the shares of Transnational Corporation of Nigeria Plc with a turnover vol-

ume of 355.1million shares valThree of the NSE sectorial ued at N698.5 million in 1,610 indices Bloomberg NSE 30, deals.

Bloomberg NSE Consumer Also traded during the week Goods and Bloomberg NSE were 339 units of NewGold Banking depreciated by Exchange Traded Funds (ETFs) 3.81per cent, 3.22per cent and valued at 4.40per cent respectively, N854,813, exchanged in six while Bloomberg NSE deals in contrast to a total of Insurance, Bloomberg NSE 539 units valued at N1.3 million Oil/Gas and NSE Lotus II appretransacted last week in four ciated by 4.19per cent, 1.22per deals.

In addition, 6,460 units of FGN bonds valued at N7.970 million were traded during the week in CONTINUED FROM PAGE 15 21 deals.

Jegede said the Justice However, there were no trans- Okunnu`s rulling had in actions in the State/Local 2007, among others Government Bonds and declared that: that taxation Corporate Bonds/Debentures was legally recognised in sectors.

Nigeria as a profession sepaThe NSE All/Share Index depre- rate and distinct from the ciated by 55.04 points or accountancy profession; 0.1per cent to close on Friday at that the Claimant was vested 33,258.45 while market capital- with power to regulate and ization of the listed equities control the practice of taxadepreciated by 0.1 per cent to tion in all its ramifications to close at N10.643 trillion.

Chief Economist at PwC and co-author of the report, John Hawksworth, said: “Lower global oil prices due to increased shale oil supply could have a major impact on the future evolution of the world economy by allowing more output to be produced at the same cost. These effects could build up gradually as shale oil production rolls out across the world to produce an estimated rise in global GDP of around 2.3 per cent -3.7 per cent in 2035.

“This would be roughly equivalent to adding an economy the size of the UK to total global GDP in that year. The PwC analysis suggests that shale oil production has the potential

Gombe State N20 Billion Fixed Rate Bond (Series 1) 2012/2019 ,under the N30 Billion Debt Issuance Programme was admitted on the Daily Official List of the Exchange on 11th February, 2013 while supplementary Listing

of 3,064,686,154 ordinary shares were added to the paid-up share capital of Crusader Nigeria Plc on February 15, 2013.

Court upholds CITN’s mandate to regulate tax

NNPC allays threat to Nigeria’s oil, gas export CONTINUED FROM PAGE 15 up to 40 per cent, PricewaterhouseCoopers said.

Shale oil, unconventional oil, produced from oil shale by pyrolysis, hydrogenation or thermal dissolution. These processes convert kerogen into synthetic oil and gas, which can be used as a fuel or upgraded to meet refinery feedstock specifications.

The global impact of shale oil could revolutionise the world’s energy markets over the next couple of decades, resulting in significantly lower oil prices, shifts in Gross Domestic Product, changing geopolitics and new business models for oil and gas companies, according to new analysis from PwC.

cent and 6.03per cent, respectively.

A review of the equity price movements last week indicated that 51 equities gained while 42 others recorded price declines.

104 equities remained constant. When compared with the preceding week, 73 equities gained while 18 recorded price declines.

to spread gradually from its current US base, increasing to almost 12 per cent of the world’s total oil supply by 2035.

Given the relative insensitivity of oil demand to price changes, PwC scenario analysis suggests that oil price falls of as much as 40 per cent could be needed by 2035 to increase demand sufficiently to absorb this additional supply. However, the oil price fall could be restricted to around 25 per cent if Organisation of Petroleum Exporting Countries (OPEC) reduced its output in response to offset part of the rise in shale oil output.

The report stressed the need for governments in current net oil importing countries with

potential shale oil resources to understand the likely economic payback from creating policies to encourage exploitation of shale oil, balancing these against alternative local and national environmental objectives.

It stated: “Governments in countries reliant on conventional oil exports will need to adjust to lower revenue flows in the long run and/or develop their own unconventional resources, including shale oil and gas. Shale oil (together with shale gas) could influence the dynamics of geopolitics as it increases energy independence for countries such as the US and China and reduces the influence of OPEC.

the exclusion of the Defendant and any other professional body or institute in Nigeria; that it was illegal for any member of the Defendant who is not a member of the Claimant to practise, or hold him out as practising, as a tax administrator or tax practitioner for, or in expectation of, a reward in Nigeria.

According to Jegede, other declaration in that sequence includes; that it was unlawful for the Defendant to forestall or impede the Claimant’s efforts to regulate tax practice and that an order of perpetual injunction was made restraining members of the Defendant who are not members of the Claimant from practising, representing, or holding themselves out as tax administrators or practitioners in violation of the Chartered Institute of Taxation of Nigeria Act No. 76 of 1992, Cap. C10 of the Laws of the Federation of Nigeria, 2004.

Not satisfied with the decision of Okunnu, J., the CITN boss said ICAN filed an appeal in Appeal No. CA/L/673/07 at the Court of Appeal, Lagos Division and that the appeal was decided

on Friday, February 15, 2013.

He said the Court of Appeal in its judgment upheld the 1st, 2nd and 5th reliefs granted by the court, while setting aside the 3rd and 4th reliefs earlier granted in favour of CITN. “We are happy with the outcome of the appeal as the Court of Appeal has restated: That taxation is a separate and distinct profession from accountancy in Nigeria.

“That CITN is the only professional body vested with power to regulate and control taxation in all its ramifications to the exclusion of ICAN and any other professional body in Nigeria.

“That only members of CITN can present or hold out themselves as tax practitioners and administrators”, he stated.

Jegede, who used the occasion to solicit for improved tax administration in Nigeria, said that, “despite the outcome of this judgment, CITN will continue to maintain its cordial relationship with ICAN. CITN hopes that these sister institutes would leverage on this cordial relationship to the benefit their members.”

THE GUARDIAN, Monday, February 18, 2013

17

18 BUSINESS

THE GUARDIAN, Monday, February 18, 2013

Dangote seeks improved investment profile for Africa Raises investment in Zambia to $800m HE President and Chief T Executive of Dangote Group, Alhaji Aliko Dangote has urged developed coun-

tries to promote investments in Africa rather than providing aids for the continent, arguing that through

investment in the real sector the region can achieve real growth and development.

Dangote, who was speaking at a recent event in Lagos, added that African businessmen should increase the tempo of their investments across the continent to spur growth and development in Africa.

Africa, he insisted, will be better developed through investments by Africans.

He explained that most people do not seem to know much about Africa, but have only a notion of the continent that is based on history or hearsay.

He enjoined the Western nations not to “give any more aid to Africa” but to partner with businesses there and invest.

According to him, “investors will make more

money and it’s better for everyone, and the continent will experience real growth and development” Dangote, who has investments in about 14 African countries, acknowledged that business risks exist in Africa but cannot pose much impediment to investments He said: “Before, there was the risk that governments might nationalise assets but now we have investment agreements in the country that says if it does get nationalized, they’ll have to pay us”.

Dangote argued that few people know much about Africa and instead rely on historical information or

Before, there was the risk that governments might nationalise assets but now we have investment agreements in the country that says if it does get nationalized, they’ll have to pay us hearsay for its facts. “I am not saying it is as good as elsewhere but investment in the continent comes with almost the highest ROI in the world.

“In Zambia for instance, it used to be that Zambians had to hold 51 per cent of any business operating in the nation. Today, the law has changed.”

Meanwhile, Dangote Cement is set to open another $400 million cement plant in Zambia in 2014, bringing its total investment in the country to $800 million.

According to sources from the group “the opening of the Dangote Ndola plant, which is situated in Masaiti, will make Dangote the biggest cement producer in the country producing 3000 tonnes per day.

“The local cement production scenario will never be the same again with the coming of Dangote, which has now entered the Zambian market.

Plans to open another 1.5 million tonne year capacity plant in the capital city after the completion of the Ndola

plant in 2014 have reached an advanced stage.”

Executive Director, Service Bank, Enterprise Bank Limited, Mr. Aminu Ismail; Managing Director/Chief Executive Officer, Mallam Ahmed Kuru; Executive Director, Enterprise Risk Management, Mrs. Louisa Olaloku and the Executive Director, Corporate and Investment Banking, Mr. Niyi Adebayo, at the Bank’s Media Interactive Section, at the weekend in Lagos.

BUSINESS

THE GUARDIAN, Monday, February 18, 2013

19

NCC, operators seek subscribers’ protection of telecoms infrastructure

By Adeyemi Adepetun and Bankole Orimisan OR improved telecommunications services in the country, the Nigerian Communications Commission and telecoms service providers have called on telecoms subscribers to join hands with the sector in ensuring protection of telecoms infrastructures located in their respective areas.

This appeal was made at the weekend at the 54th edition of Consumer Outreach Programme of the Commision in Ikorodu, Lagos with the theme ‘Protection of Telecom Infrastructure.’

Speaking at the event attended by residents and other stakeholders in the Ikorodu community, Executive Commissioner, Stakeholders Management, NCC, Mr. Okechukwu Itanyi, said the theme became imperative as telecoms infrastructures have a direct and indirect impact on the spread of telecom services to the nook and crannies of the country as well as the Quality of Service being experienced by the consumers.

Itanyi, who described telecoms infrastructures as the blood that sustains the industry, stressed that without telecoms infrastructure, there would be no telecom service.

He added that protection of telecoms facilities in every locality is a collective responsibility.

“It is our collective responsibility to protect these infrastructure from vandalism, stealing and any other abuses. In fact, telecom infrastructures should rank among the critical infrastructure, which should enjoy priority attention and protection in the country.

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“On this basis, I wish to enjoin you as responsible citizens of this country to know that one of our obligations is to discourage unauthorised usage and conversion to other uses of anything called telecom infrastructures,” he said.

Representatives of the telecoms firms such as MTN, Glo, Airtel and Etisalat, who bemoaned the various damage hauled against their infrastructures at different localities in the country in recent time, also appealed to the subscribers on the need to support the operators.

Meanwhile, telecoms subscribers have condemned a rip-off by the operators, which sometimes deduct their subscribers’ credit for certain unsolicited Short Message Service sent to the subscribers.

They also decried the poor customer attendance they experience, even as some other subscribers raised the issue of poor services which NCC and the operators attributed, in part, to vandalism of their infrastructure which have negative consequence on the service delivery.

Only recently, MTN reported that some of its fibre cables were damaged several locations across the country.

In a statement released by the mobile services provider, MTN Corporate Services Executive, Wale Goodluck said that the company’s engineers were currently battling to restore service quality to acceptable levels following the massive attack on the company’s extensive fibre network.

Goodluck said the fibre networks were damaged in seven different areas: between Port Harcourt and Eket, Kano and

Honeywell Flour Mills posts N33b turnover in nine months

By Helen Oji ONEyWELL Flour Mills Plc, has posted a turnover of N33 billion for the nine-month period ended 31st December, 2012 from sales of its consumer brands including Honeywell Semolina, Wheat Meal, Noodles, Spaghetti, Macaroni, and Superfine Flour.

Specifically, the company’s unaudited results for the ninemonth period ended 31st December, 2012 showed a revenue growth of 18per cent over the N27.9 billion achieved in the comparative period of 2011.

According to a statement from the company, Honeywell Flourmill also recorded a Profit Before Tax (PBT) of N2.54 billion within the same period, adding that the company experienced strong growth in all its product categories within the period, as its Management was able to ensure that resources were prudently managed.

It noted that the company has continued to invest heavily in marketing to support its brands and this investment has in the short term had an anticipated impact on margins.

“The high wheat prices at the international commodity markets and increased marketing spend impacted PBT growth. As a consequence, PBT only grew by 1% from N2.52 billion. We expect this to improve in subsequent period.

“Honeywell Flour will sustain its investments in marketing as the Company has seen and continues to see the benefits of

H

the marketing as evidenced in its high turnover growth rate.”

It added that the company, in the last quarter of 2012, completed its capacity expansion project, taking its installed milling capacity from 1,610MT/day to 2,600MT/day with the installation of stateof-the-art production facilities at its Tin Can Port, Apapa location.

“With the coming on stream of this, additional production capacity for its Flour, Semolina and Wheat Meal brands increased considerably.

Revenue is expected to increase considerably in the next quarter.”

The Company had in its recent capital investments increased its total assets by 32 per cent, from N45.4 billion as at 31st December, 2011 to N60 billion as at 31st December, 2012, adding that going forward, shareholders’ value will further appreciate significantly as the new 1,000MT/day mill is expected to boost the Company’s top- and bottomline as it continues to satisfy the growing needs of its teeming customers and consumers.

Mr Babatunde Odunayo, the Chief Executive Officer of Honeywell Flour Mills Plc said, “we continue to appreciate our ever loyal customers who are responsible for our consistent quarter-to-quarter solid performance. We are glad that our persistent focus on quality as our unique selling proposition has resonated well with our consumers, thereby resulting in the 18% growth in turnover.

Zaria, Abuja and Akwanga, Asaba and Owerri, Ahoada and Port Harcourt, Benin and Owo, and Ikeji and Owo. Goodluck said: “To put matters in perspective, MTN on average suffers more than 70 fibre cuts in various locations across the country every month, but this is most unusual in terms of the spread and the coordination.

It is almost as if it is a deliberate act targeted at disrupting service delivery.”

Goodluck concluded by appealing to the people of Nigeria.

“We have to again call on members of the public to assist by reporting any suspicious activity around telecommunications installations, which are critical national infrastructure. By so doing, you will play your part in protecting your right to good services and the full benefits of the ICT revolution.”

President of Dangote Group, Aliko Dangote (left); discussing with the Governor of Edo State, Comrade Adams Aliyu Oshiomole, during a recent visit by the Dangote team to Edo State.

20 INTERNATIONAL ECONOMY

THE GUARDIAN, Monday, February 18, 2013

G-20 pledges not to target exchange rates to aid economy ROUP of 20 finance chiefs G took a harder line against governments trying to influence exchange rates as they sought to tame speculation of a global currency war without singling out Japan for criticism.

Two days of talks between G20 finance ministers and central bankers ended in Moscow with a pledge not to “target our exchange rates for competitive purposes,” according to a statement handed to reporters today. That’s stronger than their stance three months ago and leaves Japan’s government under pressure to stop publicly giving guidance on the yen’s value.

With the yen near its lowest level against the dollar since 2010, policy makers are attempting to soothe concern that some countries are trying to weaken exchange rates to spur growth through exports. The risk is a 1930sstyle spiral of devaluations and protectionism if other countries retaliate to safeguard their own economies.

“Currency wars are globally suboptimal because if one country devalues its currency, other countries can strike back and everybody gets into a vicious circle,” Reserve Bank of India Governor Duvvuri Subbarao told reporters in Moscow at the weekend.

The new commitment is probably aimed at telling the Japanese that while they can stimulate their economy, they shouldn’t point to specific yen levels as desirable, said Chris Turner, head of foreign-exchange strategy at ING Groep NV in London.

While the currency may initially climb next week it will soon resume its slide toward 100 per dollar from 93.50 as the Bank of Japan keeps easing policy, he said.

“It makes it harder for the Japanese to talk down the yen, but they will let their policies do the talking,” said Turner.

Japan has faced suspicion

it’s trying to depreciate its currency, which lost about seven percent this year as Prime Minister Shinzo Abe, who took office in December, campaigns for looser monetary policy to end 15 years of deflation.

Japanese officials in Moscow denied driving down their currency, arguing its fall was a byproduct — not a focus — of their effort to revive the world’s third-largest economy.

“The Bank of Japan’s measures have been and will remain targeted at achieving a robust economy through stable prices,” Bank of Japan Governor Masaaki Shirakawa said today. The G-20 statement is “absolutely in the same spirit as our monetary policy,” he said. Finance Minister Taro Aso said a stronger Japan would “have a positive impact on the global economy.”

“There was no censure of the Japanese attitude, which was considered a policy to develop its economy and not to intentionally devalue,” said Brazilian Finance Minister Guido Mantega, who popularized the term “currency war” in 2010.

“Talk of currency wars is overblown,” said International Monetary Fund Managing Director Christine Lagarde. “People did talk about their currency worries.”

The Japanese defense echoes comments by U.S central bankers, who have run into criticism from emerging market officials such as Mantega for embracing stimulus, which has then under-

mined the dollar and strengthened other currencies.

In a nod to such complaints, the G-20 members agreed to monitor and minimize any “negative spillovers” and said that monetary policy should always be aimed at domestic needs, according to the statement.

Developed nations should “pay attention to the effects their monetary policies have on external markets,” Chinese Vice Finance Minister Zhu Guangyao told the state-run Xinhua news service from Moscow.

Federal Reserve Chairman Ben S. Bernanke said yesterday in Moscow that the U.S. has deployed “domestic policy tools to advance domestic objectives,” adding that bolstering the U.S. economy will support world growth.

Unlike their American counterparts, Japanese officials including Abe have commented publicly on their exchange rate’s level, fanning speculation that they welcome its fall and that the yen’s weakness plays a part in their recovery strategy.

Japanese ruling-party lawmaker Kozo Yamamoto, who is close to Abe, said in a Feb. 14 interview it would be “appropriate” for the yen to trade at about 95-100 to the dollar.

Deputy Economy Minister Yasutoshi Nishimura said on Jan. 24 that it wouldn’t be a problem if the yen reached 100.

U.S. Treasury Undersecretary Lael Brainard used a speech in Moscow to criticize “loose talk about currencies.”

The G-20 meeting finished after a week of volatility in financial markets that started when the Group of Seven rich nations said on Feb. 12 that its members won’t use policies to “target exchange rates” and would focus on domestic needs. Confusion then broke out as G-7 officials bickered over whether their first joint comment on currencies since 2011 implied irritation with Japan.

The yen fell yesterday for the first time in four days as early drafts of the G-20 statement failed to echo the G-7’s vow.

Part of the pledge was added following all-night talks in the Russian capital as the club of the largest developed and emerging economies also reiterated they will move “more rapidly” toward market-determined exchange rates and “refrain from competitive devaluation.”

The G-20 also said that while the risks to the world economy have receded, its growth remains too weak and unemployment is too high in many countries. That requires more work to create a stronger monetary and economic union in the euro area, resolve uncertainties surrounding the budgets of the U.S. and Japan and boost domestic demand in economies with large trade surpluses.

Advanced nations accepted the U.S.’s position by not setting new fiscal targets to replace those they agreed on in 2010 and which many of them are on course to miss.

They pledged instead to develop “credible mediumterm fiscal strategies.”

China sees possibility of deal with EU on airline emissions HINA believes it can agree C with the European Union on ways to limit airline emissions without relying on the emissions trading system, National Development and Reform Commission vice chairman Xie Zhenhua said.

“We have lot of options besides the emissions trading system to achieve emission

targets in the aviation sector,” Xie said in an interview in the south Indian port city of Chennai. “For example, to save energy, improve energy efficiency, to improve the level of management. All can work together and the emission trading system can help.”

A United Nations meeting on

climate change in Warsaw at the end of this year is important because it will lay the basis for future negotiations, Xie said.

“China will actively participate in the negotiation for emission reduction and we do hope that through our joint efforts we can achieve a result this year,” the official

THE GUARDIAN, Monday, February 18, 2013

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Published in association wi

InvestmentWatch Investment Risks Evaluation INTRODUCTION ISK and investment are inseparable features of wealth accumulation and management, and while it is a well-known maxim that “the higher the risk in an investment, the higher the potentials for greater returns”, it is impossible to eliminate all risk in making investment decisions, therefore understanding and managing risk is one of the most important elements in financial education.

In an earlier edition of INVESTMENT ONE education series “Managing Investment Risk” (please visit our website at www.investmentone.com to download a soft copy) published in the Guardian newspaper of 4th June,2012, we highlighted the principal features and the requisite knowledge, investors need to enable them understand their risk appetite and profile towards putting in place a robust risk management system.

In this edition of the series, we shall x-ray simple due diligence questions that every investor must ask and answer before making investment decisions.

Due Diligence Test Ignorance about investing is very expensive and has made many to lose money. The only cure is due diligence. Due diligence is a roadmap for existing and potential investors in understanding whether a specific investment will meet their investment horizon, risk tolerance and investment strategy.

Due diligence is a critical skill that separates the professional from the amateur investor. It provides a frame work for making intelligent and profitable investment decisions and addresses the strategic function an investment decision serves in a portfolio, the risk profile for the investment, and how to manage identified risk towards controlling potential losses from going bad.

Due diligence test safeguards amateur investors from making rash investment decisions induced by unverified facts or in their bid to chase hot tips without seeking the opinion of expert counsellors.

A wholesome investment risk evaluation involves thorough investigation into each investment, broker or money manager before signing up. Every due diligence checklist must answer four basic questions which include: what is the investment risk profile? What are the expected investments returns characteristics? Are the people behind the scene competent and are they honest?

Though, the risk profiles itemized below are designed to illustrate investing in stock, the same principles can be applied to every asset class in an investor’s portfolio. It is wiser to diversify away those risks that can be managed.

Below are questions an investor must ask and receive answers before making an investment decision: • How can money be lost in a particular investment?

This question buttresses the first law of invest-

R

ing; “Never lose money”. An investor must focus on the preservation of the capital invested before considering the returns on the capital invested. An investor cannot say he understands an investment until he learns about all the ways money can be lost. The first step therefore is to identify in advance all the major risks that can lead to losses and then apply the second step of proactively managing the manageable risk.

• Identify the risk profile After identifying how money can be lost, the next step is to identify the risk profile and group them with recourse to the portfolio design and investment strategy and other risk variables such as: • Market risk is associated with the day-to-day potential for an investor to experience losses in securities prices; it generally leads to a downturn in investor’s appetite for stocks causing an overall reduction in the valuation level of equities. This risk is manageable through a sell discipline, hedging, or by diversifying into non- correlated markets such as real estate, commodities, cash, or international equities rather than solely domestic equities.

• Company specific: This risks include things like accounting scandals, lawsuits, corporate governance and mismanagement – anything unique to the company that is not part of the industry. These risks are managed by diversifying among multiple companies. Mutual funds and exchange traded funds are great examples of simple, cost effective tools to diversify away company specific risk.

• Investment style: The market will vary how it rewards or punishes different investment styles over time. For this reason, you should manage this risk by not concentrating too heavily in any one specific investment style like micro- cap, value, or growth.

• Industry specific: The risks include a downturn in demand for widgets, changes in consumer tastes, disruptive technology changes, and industry law changes. This risk is controlled by not concentrating your portfolio in a single industry.

Create a controlled risk profile A requisite follow up after defining the risk profile of an investment is to first quantify probable loss and design ways to manage away whatever risks that can be eliminated, and second you must accept only investments where the remaining uncontrolled risk profile does not overlap with other investments in your portfolio. The end result is a minimization of the total risk for the entire portfolio because it is composed of mostly uncorrelated, managed-risk investments.

An investor’s ability to manage risk is limited only by knowledge and creativity. The critical point to understand is that each investment has unique risk management tools available that result from the unique characteristics of

the investment and the market it trades in.

The hallmark of great investors is not just strong positive returns, but consistent returns through all market conditions. This can only be achieved by focusing on controlling losses through a risk management discipline. The objective is to make money; so the game is naturally played by offensively looking for the profit. By disciplining yourself to look for the loss, you will bring much needed balance to the investment equation.

• What is the exit strategy?

Every investor must have a defined exit plan before acquiring an investment because no investment will last forever. Times changes and so does an investor’s investment objective. Besides the foregoing reasons, the reason for acquiring an investment can change i.e. a violation of the term of the investment can call for an exit without delay. By having a blueprint in place, it prevents the confusion brought about by a hasty selling decision.

It is important to define the assumptions and the premises for entering into an investment to allow an investor to prune his investment to be congruent with the changes in time. An investor can then conserve capital to ensure preparation to invest in the next opportunity.

• How the investment will help achieve portfolio objectives?

The principal portfolio objective of most investors is to maximize profit with minimum risk and this can only be achieved by building a diversified portfolio of non-correlated, risk managed, high return investment strategies that capitalize on a competitive advantage in business, real estate, and/or paper asset investing.

Besides having a portfolio objective, an investor must also have a personal objective anchored on values, special interest and skills.

Though investment is a lifelong process, one of the biggest obstacles to achieving success is the distractions caused by the many opportunities that are advertised. The solution is to streamline investment portfolio and adhere to one or two ways. It is important to note that nobody should try to be a master of all investment because diverse investment strategies suit certain characteristics, interest, investment goals, and risk tolerance quotient due to the peculiarity of investors.

• Does the investment make business sense?

This point requires the application of common sense to figure the missing link in a market. Investing is an art and science that must ultimately make good business sense, which translates to mean that the earning, valuation, and returns on an investment must be in consonant with the competitive advantage possessed by the underlying business.

There is no valuation model in existence that can make business sense out of an inflated price model because above market returns and excessive valuation can only be support-

ed if a significant competitive advantage coupled with barriers to entry for future competitors exist.

The following are salient points to note to avoid fraudulent investment mania proposals: - Is the investment offering outrageous interest rates and guaranteeing the principal invested? Is the business idea backed by wordy and implausible terms?

- Is the business promoter going through the headache to corner small investors when a legitimate business can attract all the capital with fewer phone calls at lower interest rates.

- What is backing the exorbitant returns and guarantee of principal?

• What is the Impact of the investment?

The immediate impact of the investment on the risk profile and portfolio objective of the investor is a principal determinant whether an investment will be added or not. Only investments that either lowers your portfolio risk or raises its returns should be added to an investor’s portfolio holding.

Examples of assets with low or negative correlation to domestic stocks include commodities, gold stocks, real estate, and certain alternative investment classes like hedge funds.

For investors intending to invest in mutual or hedge funds; they must conduct a comprehensive due diligence that must cover the fund’s defined investment strategy, historical returns on funds invested, a documented snap shot of the funds, the classification of the assets under management, the fund’s terms and details, risk factors as well as valuation of the fund.

Also, to facilitate a well-rounded understanding, investors are advised to read the fund’s prospectus, understand how a fund’s asset are valued and how fees are charged and as well consult professional advisers in when in doubt.

The essence of investment risk evaluation is to conduct a reasonable verification and take precautionary measures to prevent foreseeable risks. The key to this process starts with knowing how and when to ask all the right questions. An informed investor who is willing to imbibe investment knowledge remains the nemesis of con men. The recent spate of wonder banks defrauding investors is a clear example of absence of well conducted due diligence test on the part of would be investors.

We believe the cardinal questions highlighted herein will go a long way in ensuring a reduction in the incidence of investors being defrauded. It’s important that investors who cannot afford the time and exertion of conducting an investment risk valuation be it in equities, commodity, real estate or money market must entrust their investment decisions to trusted and competent financial advisers who can partner with them to achieve their investments plans.

Success in investing is founded on seasoned strategies and picking up your phone to seek the guidance of veritable financial adviser may just be the best decision an investor can make towards mitigating the pitfall those plaque investors in the quest to make informed financial decisions.

Join us next week Monday to learn more on what it takes to make well informed investment decisions.

Kindly let us know if you have found this article useful. Please contact us at: enquiries@investment-one.com

THE GUARDIAN, Monday, February 18, 2013

22 INSURANCE

Insurance Insurance firms list benefits in investment-linked cover

By Joshua Nse N an effort to bring the benefits of insurance to the door steps of majority of Nigerians, underwriting companies have brought out a number of investment-linked products to promote insurance and saving culture of the people.

For instance, some of the policies provided for a return on the policyholders′ investment while additional life assurance benefits is payable to the dependants of the policyholder in the event of death within the policy term.

Chieftains of some of the underwriting companies told The Guardian that the aim was to create insurance awareness on the benefits and the opportunity that are available in insurance products to save money.

The managing director, Aiico Insurance Plc, David Sobanjo, the leading life underwriting firm in the market, told journalist recently that Aiico Corporate Savings Plan was an invest-

I

ment policy that offered protection to the clients in addition to life assurance benefits.

The policy provides a return on the holders investment while additional life assurance benefit is payable to the dependants of the policyholder in the event of death within the policy term.

He dislosed that the saving plan was suitable for individuals, members of societies, cooperatives and employees of organizations that were eager to save through payroll deductions.

According to him, the rural population and others with seasonal incomes were eligible to subscribe to the plan as long as they were determined to invest part of their earnings to yield good returns and secure their financial future.

Sobanjo, explained that the minimum policy term was 10 years, adding that in order to make the product affordable to majority of the populace in the country, people can contribute as low as N5,000 per month to participate in the

plan.

In the event of the death of the policyholder while the policy is in force, he said, his dependants will be entitled to a life assurance benefits of three times annual contribution subject to a maximum of N2 million.

In his remark, the Group Managing Director, Mutual Benefits Assurance Plc, Akin Ogunbiyi, said during the company′s thanksgiving service in Lagos recently that the firm, most especially in the life portfolio, has over 40 products that are investment linked, affordable and gives the people the opportunity to save money and protect their lives.

He said “Our mission is to transcend the expectations of our customers for the satisfaction of their wealth protection needs through the provision of qualitative insurance and risk management services thereby creating values for all stakeholders.”

According to him, “Our investments in trans-

portation in Lagos State alone created over a thousand jobs. Our investment in Mutual Benefits Homes and Properties with current investment value of N3 billion In Ekiti, Federal Capital Territory (FCT), Kano, Kwara and Kogi states our current investment currently stood at N600 million.”

He said, “Creation of first of its kind Credit Bond Policy for Bank of Infrastructure that ensures that transporters have access to the Public Mass Transit Revolving Fund. Our empowerment and value creation includes Irewolede Scheme, RETEAN Bus Scheme, Imo State Transport Scheme, Transport Scheme for Nigerian Union of Teachers in (Kano, Jigawa, Taraba States), and Airport Car Hirer′s Association of Nigeria (Nationwide).

Ogunbiyi said that the company was not just taking risks but calculated risk based on strategic planning and credible partnership.

Regulators review modalities for group life, annuity HE National Pension T Commission (PenCom) and the National Insurance

Managing Director, EcoBank Plc, Jibril Akku (left); Acting Managing Director, Nigerian Agricultural Insurance Corporation (NAIC), Tijjani Garba; and Director, Development Finance, CBN, Paul Eluhaiwe; during the Bankers’ Committee’s visit to NAIC House, Abuja, recently

Bankers committee lauds NAIC management ANKERS’ Committee delegation has commended Dr Tijjani Garba, the Acting Managing Director of NAIC for his “rational decision to dialogue” with the bankers over the pending court cases instituted by the Corporation for the failure of some banks to remit insurance premium for the N 200 billion Agric loan released to commercial banks since 2009 by the Central Bank of Nigeria through its Commercial Agricultural Credit Scheme (CACS) A two-man delegation of the Bankers’ committee comprising of Mr. Paul Eluhaiwe , Director Development Finance of the (CBN) and Mr. Jibril Aku, the Managing Director of Ecobank, was at a scheduled meeting with the NAIC Management , where the team disclosed that the Bankers’ Committee had decided to reach out to the new Management to persuade it to stand down the pending litigation over the N 200 billion CACS premium payment, saying NAIC should rather look ahead at “the sustainable and tremendous opportunities” henceforth available to the two parties.

Aku who pointedly advised NAIC to adopt a more robust and aggressive marketing strategy with the view to making its products and services very attractive to the banks and the insuring

B

public to buy into NAIC products, for the purpose of optimizing the increasing insurance businesses the bankers were offering .

He further argued that a sustained litigation was not in best interest of both parties, as this would further harm their business and social relationships and therefore call for mutual resolution of the dispute out of court, saying that “we should both look into the future together, because it is in the long term interest for us to work together”.

He added that NAIC must step- up its profile and strengthen its niche in the marketplace for more patronage and sustainable insurance business, particularly where the agricultural insurance market was already open to all insurance firms, giving options and increased competitiveness by the new entrants in the agric insurance business.

Responding, Dr. Garba disclosed that the new Management was willing to shift its ground on the pending litigation but prayed for more mutual and increased business relationship with the commercial Banks to enable NAIC to feel compensated and therefore regain from the loss of premium arising from the non-payment by the banks over the

years He said NAIC had therefore,” in principle agreed to forge ahead’ but must be assured of the Bankers’ commitment to increasingly patronize NAIC in both the primary and non primary agricultural business that the Banks could offer.

He lamented that NAIC had already lost colossal amount of money over the failure of the Banks to remit the mandatory insurance premium at source from all the agricultural loans paid to farmers across the country, praying that with the huge expenses arising from the pending litigation, the Banks should show both appreciation and commitment towards the Corporation over the premium loss it had suffered.

Garba harped over the loss of counterpart funds as premium subsidy from the Federal and State Government as well as the return on investments on the accruable revenue from these subsidies.

The Managing Director therefore called for mutual and sustainable areas of partnership to enable both parties to contribute meaningfully to the rapid economic development of the nation and further stressed the need to enhance the drive towards actualizing THE Agricultural Transformation Agenda of President Jonathan, through adequate lending facilities and insur-

Commission (NAICOM) held a joint workshop for the review of guidelines on group life insurance policy and regulation on annuity under the Contributory Pension Scheme (CPS).

In his paper “An overview of the guidelines on group life insurance policy”, Sam Chukwuka Onyeka, NAICOM said, the guidelines have been jointly issued by NAICOM and PENCOM under the provision of Section 9(3)of the Pension Reform Act (PRA) 2004, to establish uniform set of rules and standards for the application of the provision of the section.

He explained that the general requirements, the cost of arranging life policy to be borne by the employer, life policy is in addition to the contributory pension as required, policy to be purchased from a Nigerian registered life insurance company, consortium of eligible insurers to be constituted for operational ease for FGN employees, private sector employers at liberty to select any approved insurer of their choice, employers are not allowed to self insure, and board of enquiry in case of missing person to be established by PENCOM pursuant to Section 6(1).

To qualify to provide employee life insurance cover, an insurer must be in the list of companies licensed and approved by NAICOM to provide same, and must have met, minimum acceptable standards fixed by PENCOM. On regulation on annuity,Onyeka said, a retiring employee has option to purchase life annuity or programmed withdrawal or a combi nation of both. He

cannot be compelled by any person or entity to choose between life annuity and programmed withdrawal.

According to him, annuity contract for the purpose of the regulation is life annuity for the life time of the retiree, once contract is sealed, a retiree cannot change from life annuity to programmed withdrawal, where a retiree chooses to withdraw a lump sum before purchasing annuity, the amount required to purchase annuity must first be determined before any such lump sum withdrawal can be effected, amount proposed for purchase of life annuity by retiree must not be less and 50 per cent of his annual remuneration as at the date of his retirement as required by the PRA 2004, retiree can change his insurer but not earlier than two years after execution of annuity contract, guaranteed period must not be less than 10 years.

In her remark, the Acting Director General, PenCom, Mrs Chinelo Anohu-Amazu said that the essence of the workshop was to provide an avenue for all stakeholders to review the implementation of the guidelines on life insurance policy and the regulation on annuities under the CPS. According to her, this is with a view to exposing operators to a better understanding of the rudiments of annuity and group life insurance policy as well as their responsibilities. It is also aimed at addressing some of the challenges such as misinformation, reporting requirements and other operational issues encountered in the course of implementing the guidelines, regulation which may warrant some amendments.

THE GUARDIAN, Monday, February 18, 2013

INSURANCE 23

Continental Re restates commitment to CSR ONTINENTAl C Reinsurance Plc, has expressed its commitment to improving the lot of the less privileged in the society through Corporate Social Responsibility.

In a statement on Friday, the firm said this is in furtherance to its corporate commitment to giving back to host communities.

The company got involved in the house sponsorship programme of the SOS children’s Village at Owu Ijebu in Ogun state.

Consequently, the company assumed the financial responsibility for ten children ranging in ages from three to 14 years. This sponsorship will take care of the health, educational and physical needs, amongst others of the children on an annual basis. The formal unveiling of

the sponsorship plaque was held recently.

The Managing Director, Continental Re, Dr. Femi Oyetunji, , stated that the visit to the SOS Village was part of the company’s way of giving moral and financial support to the children, because it wants them to have access to a bright future.

He added that Continental Re will continue to add value to the society where it is operating through corporate social responsibility. He assured that the firm will continue to be involved in initiatives that would help to eradicate poverty in the society and contribute to the social and economic development of the country.

Representatives of the company also paid a visit to the children during the last festive season and donated vari-

ous items, including beverages, detergents, food among other things to the children.

The Company noted that it is also involved in giving financial assistance to other organizations involved with the care of hearing and sight impaired children and other social care initiatives, not only in Nigeria but also in its other regional offices, located in Abidjan, Douala, and Nairobi.

Some of the organizations that benefited from the financial donations are; Pacelli School for the Blind and Partially Sighted Children, lagos; Onikan Health Centre, lagos; Wesley School for Hearing Impaired Children (1&2), lagos; National Handicap Carers Association, lagos; Foyer De l’enfance SOS Villages, Abidjan; and Kenya Red Cross Tana Delta recon-

llIED World Assurance Company Holdings, AG A (AWH) today reported a net Allied World reports loss of $41.1 million, or $1.17 per diluted share, for the fourth quarter of 2012 compared to net income of $183.1 million, or $4.63 per diluted share, for the fourth quarter of 2011. Net income for the year ended December 31, 2012 was $493.0 million, or $13.30 per diluted share, compared to net income of $274.5 million, or $6.92 per diluted share, for the year ended December 31, 2011.

The company reported an operating loss of $55.4 million, or $1.58 per diluted share, for the fourth quarter of 2012 compared to operating income of $94.7 million, or $2.40 per diluted share, for the fourth quarter of 2011. Operating income for the year ended December 31, 2012 was $202.7 million, or $5.47 per diluted share, compared to operating income of $183.7 million, or $4.63 per diluted share, for the year ended December 31, 2011.

President and Chief

strong full year results

Executive Officer Scott Carmilani commented, “Allied World had a strong year in 2012.

While Superstorm Sandy tempered our fourth quarter underwriting results, we still generated $493 million of net income for the full year, continuing to build value for our shareholders.

Our diluted book value per share grew by over 15% in 2012, to $92.59. The company’s top line production grew by 20% to $2.3 billion in gross premiums written for the year, and we were able to achieve targeted growth in all three of our business segments.”

Carmilani added, “Our company continues to capitalize on our various book value drivers including our expanded breadth and diversity of underwriting platforms, strong investment acumen, responsible

reserving and capital management flexibility. I believe these strengths have Allied World well positioned as we move into 2013 and beyond.”

Gross premiums written were $497.1 million in the fourth quarter of 2012, a 19.3% increase compared to $416.5 million in the fourth quarter of 2011. For the year ended December 31, 2012, gross premiums written totaled $2,329.3 million, a 20.1% increase compared to $1,939.5 million for the year ended December 31, 2011.

Net premiums written were $362.6 million in the fourth quarter of 2012, an 18.2% increase compared to $306.8 million in the fourth quarter of 2011. For the year ended December 31, 2012, net premiums written totaled $1,837.8 million, a 19.8% increase compared to $1,533.8 million for the year ended December 31, 2011.

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Stockwatch In association with Lead Capital

Stock Market Report for the week Friday, 8th February to Thursday 14th February, 2013 AJOR equity markets around M the globe moved upwards as their various indexes gained marginal points. In our universe of sample equity markets; the S & P 500 and NASDAQ gained points by 0.54% and 0.90% respectively, while the Dow Jones lost points by 0.03% at the end of last week. In Europe, The FTSE 100, German Dax and France CAC 40 all gained points by 1.01%, 1.72% and 1.53% respectively. In the Asia/Pacific region, Hangseng gained points by 1.02%, while the BSE Sensex and Nikkei 225 lost points by 0.42% and 0.44% respectively. In Brazil, the Bovespa lost points by 0.93% while Russia’s RTS INDEX gained points by 0.60%. On the local setting, NSE ASI closed at 33,342.02 recording 0.37%

N this week, the total I29.85% volume appreciated by and value traded depreciated by 12.51%. A turnover of 4.35 billion units of shares valued at N21.82 billion was recorded, in contrast to a turnover of 3.35 billion units of shares worth N24.94 billion that was recorded in the previous week.

Volume this week was driven by activities in the shares of UNITYBNK, TRANSCORP, SOVERENINS, INTENEGINS, LASACO, UBCAP, ACCESS, UBA, WEMABANK and

ANNOUNCEMENT URING the period under review, fifty five (55) stocks recorded price appreciation compared D to sixty six (66) stocks that recorded price appreciation in the previous week, ROYALEX was first on the top gainers chart to close with 56.47%, followed by WEMABANK with 26.87%, RTBRISCOE with 24.74%, JAPAULOIL with 24.36%, CORNERST with 23.21% and UNITYBNK with 22.09%. Other gainers in the top ten categories were DNMEYER with 19.85%, EVANSMED with 19.64%, WAPIC with 19.47% and NEIMETH with 19.42%.

On the flip side, thirty three (33) stocks depreciated in price last week compared to eighteen (18) that depreciated a week ago. FO led on the price losers’ table with 14.42%, followed by JOHNHOLT by 13.57%, ABCTRANS by 10.45%, LIVESTOCK by 8.94%, REDSTAREX by 8.01%, HONYFLOUR by 7.27%, IKEJAHOTEL by 6.48%, SKYEBANK by 5.86%,

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THE GUARDIAN, Monday, February 18, 2013

Lead Capital Stock Valuation

COMPANY’S RESULT

CONTINUE ON PAGE 51

THE GUARDIAN, Monday, October 22, 2012

31

Homes & Property Lagos, developer plan Badagry’s Hannah Garden Page 33

Displaced Bakassi indigenes’ houses get April completion

Supreme Court resolves intrafamily battle over Lagos Island

Page 37

Page 47

Nigeria, other African property markets poised for strong growth Real Estate Stories by Chinedum Uwaegbulam, Assistant Housing & Environment Editor NEW report released last week says that demand for high quality commercial and residential property continues to grow across Africa on the back of the continent’s sustained strong economic growth and rising w e a l t h .

Africa is in the midst of a period of dynamic economic expansion, having averaged GDP growth of more than 5 per cent per annum over the last decade. This strong growth is expected to continue and is creating wealthier populations, particularly in the largest and most rapidly growing urban c e n t r e s .

According to Knight Frank’s Africa Report 2013, Africa’s “mega-cities” such as Lagos, Nairobi, Accra, Lusaka and Dar es Salaam are increasingly becoming the drivers of its economic growth and, as a result, are attracting growing interest from occupiers, developers and i n v e s t o r s .

In the retail sector, the increasing wealth and sophistication of African consumers is leading to rising demand for modern retail formats and westernstyle shopping centres.

Countries such as Zambia, Ghana, Kenya and Nigeria have seen a wave of retail construction activity in recent years, which has delivered the first generation of modern shopping malls to many major cities.

The construction of further, and larger, shopping centres can be expected, as developers seek to meet the demand for high quality retail space from increased numbers of international retailers entering Sub-

A

An artistic impression of Eko Atlantic City...one of the projects making waves in Nigeria

The long term growth outlook for Africa appears bright, with large and rapidly emerging economies of Sub-Saharan Africa and, in particular, fast-growing cities such as Lagos, Luanda and Nairobi likely to be increasingly the hotspots for investors in the real estate market.

Saharan markets and major South African chains pursuing expansion plans elsewhere in the continent.

In the office sector, many key African cities have

severe shortages of high quality space built to the specifications expected by international companies.

This scarcity of supply has led to extremely high rents

in some cities, particularly where there is strong demand for office space from international occupiers from the oil and gas s e c t o r .

Indeed, prime office rents in Luanda and Lagos are amongst the highest in the world. In Luanda, recent construction completions have eased some of the pressure on the market and rents have become more affordable over the last twelve months but, even so, at U$150 per square metre per month, prime rents remain well above the levels

seen in leading global office markets such as London, New York and Hong Kong.

Oil companies and the banking sector are established sources of demand for office space in Africa, but it is also noteworthy that African economies are diversifying and non-traditional sectors are emerging.

CONTINUED ON PAGE 47

Estate surveyors write Presidency on mapping, valuation of flood damaged assets Professional Practice ONCERNED that the C F e d e r a l government may be chasing shadows in its quest to ameliorate the natural disaster that ravaged some states recently, professional estate surveyors are canvassing for fresh steps, which would take cognizance of accurate assessments of the issues and damage to properties.

Coming under the aegis of Nigerian Institution of Estate Surveyors and

Goodluck Jonathan

Aliko Dangote

Emeka Eleh

NIESV members are clamouring for a role in the government’s Presidential Committee on flood relief and rehabilitation; enumerating ways to cushion the effects of flood disasters on the affected individuals and communities, especially as it pertains, compensation and valuations of flood damaged areas

Olisa Agbakoba Valuers (NIESV), the professional body saddled with the responsibility for land management is urgently seeking collaboration

between the government, the Presidential flood committee, the communities, international agencies and relevant professional bodies to draw up a comprehensive action plan for the management of the consequences of the flood disaster in the country.

In an eight-page memorandum signed by NIESV President, Mr. Emeka Eleh, and National Secretary, Mr. Kunle Awolaja presented to the Presidential Committee

CONTINUED ON PAGE 38

THE GUARDIAN, Monday, February, 2013

32 HOMES & PROPERTY

FCTA raises panel on Apo resettlement scheme Urban Development From Terhemba Daka, Abuja ET to resolve the Apo resetSFederal tlement stalemate, the Capital Territory Administration (FCTA) has constituted a committee saddled with the responsibility to implement the Apo Resettlement Scheme, particularly the report of the Ministerial Committee on Facts Finding and the Way Forward on the Scheme.

Specifically, the FCTA had on August 2, 2012 inaugurated the Ministerial Committee to resolve the lingering Apo Resettlement Dilemma.

Consequently, the Committee submitted its report and recommendations to the Administration

The newly established committee came as an intervention towards resolving the challenges hovering around Apo resettlement scheme, which has been engender some sort of controversy on December 13, 2012.

The Minister of State for FCT, Olajumoke Akinjide, who inaugurated the Implementation Committee on Apo Resettlement Scheme, said the Administration had decided to immediately commence the process of implementation having painstakingly studied the report of the Facts Finding Committee.

The Minister advised members of the Implementation Committee on Apo Resettlement Scheme to use their wealth of experience in achieving an acceptable and reliable implementation of

the scheme.

“In implementing the resettlement of the Garki people, careful and innovative strategy must be employed in such a manner that respects the dignity of the Garki Community,” she added.

The Implementation Committee on Apo Resettlement Scheme is chaired by the Director of Admin and Finance, Area Council Services Secretariat, Alhaji Yusuf Tsaiyabu while the Special Assistant to the Minister of State on Resettlement, Mr. Benedict Ogenyi, acts as the secretary.

Members are: Director of Urban & Regional Planning, Alhaji Suleiman Abubakar (vice-chairman); Chairman of Abuja Municipal Area Council, Hon. Micah Jiba; Director of Security in FCT, Alhaji Bashir Mohammed; Director of Inspectorate, Planning and Management, Area Council Services Secretariat, Architect J.S. Kaura; Director of Satellite Towns Development Agency, Alhaji Tukur Ibrahim Bakori; Director of Development Control, Mr. Yahaya Yusuf, and Director of Resettlement & Compensation, Mr. Francis

NIESV introduces mandatory professional training in tertiary schools Professional Practice From Charles Ogugbuaja, Owerri HE Nigerian Institution T of Estate Surveyors and Valuers (NIESV) has commenced tertiary schoolbased professional capacity training called Mandatory Continuing Professional Development (MCPD), for its would-be members.

Declaring the event open at the Federal Polytechnic, Nekede, Owerri, Imo State, NIESV President, Mr. Emeka Eleh, represented by the Chairman, Abia State chapter of the institution, Romanus Osebo, noted that the decision was healthy for

the profession and the nation, adding that every student undertaking the course at any tertiary institution was qualified to register with the body to carry out the programme side –by- side with fully registered professionals in the field.

He said: “The year has blossomed beautifully as we are gathered today for the first school based Mandatory Continuing Professional D e v e l o p m e n t Seminar/Workshop. As a profession, we are interested in grooming the young ones who we are all aware are the greater tomorrow

and future leaders of our great country Nigeria. We are equally interested in integrating our students into membership at the earliest stages.

Eleh commended the Rector of the institution, Dr. Celestina Njoku for her support to the association, stressing the need for the up –date in the profession. He added that eminent resource persons were brought in to deliver the latest technological innovations in the field.

Speaking, the Rector said there was need for women to show much interest in areas such as informatics,

engineering, among others rather than men dominating the fields.

Also speaking, the Imo State Chairman of the body, Hogan Achigbu, said the chapter was grateful with the parent body for the choice of the programme, stressing that the body had been working with the Registration board of the institution to enhance standards Others who delivered lectures included a Council member and former Secretary of the institution, Mr. Rowland Abonta, Pat Onukwuli, Azubuike Olaitan among others.

Okechukwu.

Others include: Director of Lands in FCT, Alhaji Mainasara Babayo; Special Adviser (Lands) to the Permanent Secretary, Chief Steven Awoniyi; Special Assistant (Lands) to the Minister of FCT, Alhaji Hussaini Badeggi; Special Assistant (Legal) to the Minister of State for FCT, Mr. Festus Tsavsar; representative of Public Building, Mr. Momoh Jimoh Ibrahim; representative of Department of State Service, Mr. Adebowale Sanusi; Deputy Director of Monitoring & Control, Resettlement Department, Alhaji Baba Kura Umar, and Chairman of FCT Press Corps, Mr. Sam Ogbeifun.

The minister also disclosed that two representatives each from His Royal Highness of SaPeyi Council and Garki Youth Association were also appointed to be part of the Committee.

Earlier, the Secretary of the Committee, Mr. Benedict Ogenyi, stated that the Committee was established to implement the recommendations contained in the Report of the Ministerial Committee on Facts Finding and the Way Forward on Apo Resettlement Scheme.

He listed the other terms of reference of the committee as: * to liaise with the Urban and Regional Planning Department and ensure that the final design of Garki Village is prepared for implementation in order to determine the exact number of houses to be left within the integrated area; * to consider complaints or omissions on allocations and

other related issues that might have been outstanding; * to effect immediate movement of the three communities (Garki, Apo and Akpajenya) to the Apo Resettlement site; and * any other matter that will assist the Administration in the implementation of the Resettlement Scheme.

The Chairman of the Implementation Committee thanked the minister for her commitment in resolving the Apo Resettlement problem and assured her of the dedication of members to deliver of the assignment.

“We shall use our wealth of experience to accomplish the task before us. We are committed towards delivering on the terms of reference,” he said.

The original inhabitants of Garki in the FCT, it will be recalled, had on January 20, 2013, demanded the full implementation of the report of the Ministerial Committee on Apo Resettlement Scheme headed by the Solicitor General of the FCT, Mrs. Helen Oloja.

The Garki indigenes, who spoke through the President of Garki Youth Association (GYA), Joel Yazegbe, urged the FCT Administration to ensure that the full report was published and implemented immediately.

“We commend the FCT Administration for setting up the Ministerial Committee on Apo Resettlement Scheme.

This is the best attempt made by the FCT Administration to once and for all resolve the problem, which has lingered for four years.

THE GUARDIAN, Monday, February 18, 2013

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Prime Estates Lagos, developer plan Badagry’s Hannah Garden Projects

By Tunde Alao

LANS to commence conP struction works on the proposed Hannah’s Garden, a 260 housing units estate, are on the top gear, as the developer last week revealed that the project would kick-start by the end of March 2013.

The Hannah’s Garden Estate is planned for Ganyingbo area of Badagry, Lagos State.

The proposed mass housing project, to be executed

by Messrs Xpress Property Services Ventures Limited (XPSVL), in collaboration with the Lagos State Ministry of Housing under a Private Public Partnership (PPP) initiative, is to produce 260 “affordable housing units’ for the populace.

The project, which its Memorandum of Understanding (MoU), was signed by the two parties last year is expected to complete between 12-24 months. Hannah’s Garden will come in 2 and 3 bedrooms, consisting of 18 blocks of flats sitting on over five hectares of land opposite the Badagry

Beach in Ganyingbo, Badagry, Lagos state. Each of the unit has a price tag of between N9 million and N10 million respectively.

Speaking on the private sector driven project, Managing Director of the firm, Mr. Segun Alli, said, “It takes the land resources of Lagos State and mixes it with the expertise of qualified property developers with local financial capabilities to achieve affordable mass housing.”

The project, when completed, is to be equipped with modern facilities and amenities such designated play area for children, sport and medical centers, intercom and internet facilities, while the garden would be provided with fence and gates at the strategic locations to ensure a well secured environment.

Besides, the estate would be provided with power and water supply, including tarred road networks.

He said, “The desire to partner with a focused and purposeful government like that of Lagos State endeared me to get involved in this laudable effort to make available

CONTINUED ON PAGE 37

The proposed Hannah Garden, Lagos

THE GUARDIAN, Monday, February 18, 2013

34 HOMES&PROPERTY

Propertygate jerks housing stock with N700m Alexandria Quarters Housing

By Tosin Fodeke ENEWED efforts at reviving the housing dreams of the popular Lagos residential haven-Lekki peninsular axis- looks to have begun yielding fruit, as an indigenous property developer, Propertygate Development and Investment Plc, has unveiled a private residential estate along the axis, which will assist in reducing the housing gap.

The residential quarters, dubbed Alexandria Quarters by its promoters, is a fully gated residential quarter comprising 31 elegant homes made up various housing types. They include; 10 terraced houses, 18 apartments, six semi detached houses and a commercial block. The estate has a close proximity with Lagos Business School, Fara Park, Crown estate, Golden Park among others.

The house units come in four major types- first the, elegant four bedroom semi detached houses with two living rooms and all ensuite bedrooms, classy four bedroom terrace house with two living rooms and all en-suite bedrooms, three bedroom apartments with inbuilt boys quarters and the commercial block of houses with a grocery store, gym and estate office.

Chief Executive Officer of the firm, Mr. Adetokunbo Ajayi explained to The Guardian that the estate,

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Alexandria Quarters, Lekki, Lagos recently

Spurred by the growing reputation of the Lekki area being one of the nations’ prime real estate corridors, an indigenous property developer, has unveiled 31-unit private residential estate along that axis, to increase the nation’s housing stock. which is set for completion

by May this year, is located in a serene part of Sangotedo, Lekki Peninsula Lagos, and is covered by a registered title and naturally drained soil.

According to him additional amenities in the estate include dedicated sub station, underground cabling, street lights, paved roads and drains, mini water works, extensive landscape, recreation centre, grocery store, security with CCTV cameras and managed quarters.

Ajayi also added that the firm is targeting projects that would cater for the middle class earners even as it put in place flexible payment option and sale credits to would-be homeowners.

The Propertygate boss while adding that the challenges of development are enormous stressed that al lot still needs to be done in easing land processing.

“The vision of Propertygate is to become a global real estate development company, distinctive for superior value delivery to its customers, investors and employees. We have delivered some functional detached houses at Crown Estate, Lekki Peninsula,

Lagos in continuation of our stride in provision of homes for comfort and elegance. It delights us to know that the people and the community appreciate our projects as we have achieved this feat based on the commitment to serve our clients better.”

With pricing for the housing ranging from N31 million to N37 million, Ajayi noted that some apartment types will be offered for outright sale while others will be on rental basis.

He added: “Real estate investments in Nigeria has overtime been described as possessing good economic risk-hedging characteristics and providing an aggregate turn over performance than most alternative investments. Initial perception paraded by certain players in the property market in Nigeria, especially in major cities was that property prices and demand for properties would always be on the increase. However, the recent economic crunch has proven otherwise exposing a lot of uninformed decisions which were weighed and found wanting.

“It is, therefore, a non-debatable fact that while housing deficit is on the

geometric increase; this cannot be a singular justification for committing borrowed funds, surplus profit, hard-earned savings into property development and investments. Caution has to be taken in order not to be enlisted among those who got their fingers burnt.

So many investors have entered into pre-sale arrangements, which never saw the light of day while some developments were already functionally and economically obsolete before getting into the market.

“Considering the huge amount that is committed into real estate investments and the level of risks associated therewith, the need for an appreciable level of certainty cannot be overemphasised. This means you should never gamble with your investment. To be a good investor, never tie emotions to your investments. The two are mutually exclusive. Premising your investment decisions on seminars that are too good to be true, engaging non professionals or professionals who lack integrity and necessary expertise are few examples of ways investors gamble with their money.”

THE GUARDIAN, Monday, February 18, 2013

HOMES&PROPERTY 35

Professionals task govts on skill development for artisans Professional Practice

By Tunde Alao PPALLED by the dearth A of technicians and artisans in the construction industry, stakeholders in the building sector of the economy have called on Federal, State and Local Government authorities to urgently rise to tackle the downward trend of this group of people.

The professionals spoke in Lagos last week during the Lagos State Technical and Vocational Board (LASTVER) event, held in conjunction with Messrs MCS Consulting and aimed at campaigning for the development of skill acquisition programmes for Nigerian youths, including those who are about to finish secondary education, those already in technical colleges and other related institutions.

Sponsored by Nigerite Nigeria Limited, the main objectives include; to strategically intervene and revive technical and vocational education by upgrading the quality, course content and infrastructure available to learners, thereby attracting and raising a new breed of workforce and correcting the poor public perception of technical skills acquisition.

It is also to support regional and national development targets by providing a huge pool of well trained and competent workers for the labour market, stimulating entrepreneurship and wealth creation, thereby, reducing unemployment and to directly impact over the next 10 years almost every sector of the economy long term beginning from construction/housing sectors, power, oil and gas, among others.

With a theme: “Skill Up, An Industrial-Backed Technical Skills C o m p e t e n c y Development,” Messrs Afolabi Imoukhuede, of MCS Consulting, noted that City and Guilds’ qualifications have been designed to provide broad exposure to essential practical work skills, thus, this certification enhances the efficiency and flexibility of the labour market; reduces skills bottleneck and eases worker’s absorption into the economy; youth unemployment is drastically reduced “as work-ready graduates are immediately placed in employment.”

Besides, he noted that it facilitates youth transformation “as a result of the re-training on employability, attitudinal, leadership and entrepreneurship skills.

Lamenting, the National President, Nigerian Institute of Builders (NIOB), Mr. Chuks Omeife, noted that the scarcity of qualified personnel in the technical spheres of the nation’s development has reached an alarming situation.

According to Omeife, there is the need for the federal government to formulate policy intervention and the necessary regulatory framework, capable of addressing the issue of technical education and its

The gathering believed that there is the need for the federal government to bring about policy intervention and the necessary regulatory framework, capable of addressing the declines of technicians and artisans in the construction industry sustainability.

“Apart from putting together the needed framework, sincerity and transparency by the government are required. This would allow private sector to partner with government in the developmental programmes for our highly needed technicians,” he said, adding that training of artisans should not be taken lightly.

Mr. Jimoh Aremu Olutokun, from Yaba College of technology, while admitting the importance of training and retraining of Nigerian youths in technical areas, noted that there was need for the upgrading of the existing technical colleges.

Expressing his affection for the initiative, Olutokun condemned what he described as “partial implementation of 6-3-3-4 educational system that, abinitio, designed to promote technical education,” especially for those who may have natural talents and inclination to take into vocational studies, apart from the conventional educational pursuit.

“It is a policy failure that governments and school administrators refused to guide students that didn’t show prospect in the conventional education to stop after their Junior Secondary School (JSS3), to pursue vocation that suits them, but rather, they usually proceed to SS3. This is in contrary to the spirit of attaining technological development”.

President, Nigerian Institute of Quantity Surveyors (NIQS) Mr Agele Alufoha(centre)i, Executive Director, Nigerite Limited, Mr. Toyin Gbede (left), Lagos State Commissioner for Commerce and Industry, Mrs. Sola Oworu, and National President, Nigerian Institute of Building, Mr. Chucks Omeife at the unveiling of Skillup by Lagos State Technical and Vocational Education Board (LASTVEB) and MCS Consulting Limited in Lagos, recently.

The President, Nigerian Institution of Quantity Surveyors (NIQS), Mr. Agele Alufohai, argued that economic dynamics of countries such as China, Malaysia, India and Chile is built on thousands of highly efficient small-scale industries that employ mostly people with technical and vocational skills rather than graduates. He added that: “The economy saves time and money.

There is tremendous gain in producing, especially, when you have people who can repair your cars, fix your domestic apparatus, construct your homes, makes your furniture and other things professionally.

In addition, when oil and gas firms have City and Guilds’ certified underwater welders. All these save Nigeria’s foreign exchange”.

He charged government to compel big organisations in the industry to set

up training schools as part of their corporate responsibilities, that they should emulate Nigerite.

The Marketing Director, Nigerite Nigeria Limited, Mr. Toyin Gbede, was of the view that it is high time that development and retraining of technicians take a centre stage in Nigeria.

“As part of our corporate responsibilities, we had selected some schools where capacity develop-

ment is on-going. These include Government College, Ikorodu, University of Lagos and Yaba College of Technology, where the Architecture Departments’ studios were refurbished.

Other schools that are marked down for such initiatives include the Obafemi Awolowo University, Ile-Ife, Osun State, Moshood Abiola Polytechnic (MAUPOLY) Abeokuta, Ogun State and Lagos State Polytechnic

(LASPOTEC).

Earlier in her remark, the Lagos State Commissioner for Commerce and Industry, Mrs. Sola Oworu, said Lagos is committed to the development of vocational and technical education. “We are committed to the development of technical and vocational education in Lagos. We have more than 300 registered artisans in Lagos, and government is given them the necessary support”.

THE GUARDIAN, Monday, February 18, 2013

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FERMA, LSPWC partner on road maintenance Roads

By Tunde Alao NLIKE the past, signs of U better roads are ahead are emerging as the Lagos State Government and the Federal Road Maintenance Agency (FERMA) are set to break a new frontier as the duo have agreed to work together towards ensuring road infrastructure in the state is boosted.

At least, the state government through it Public Works Corporation (LSPWC) will now be aiding FERMA’s job by selling asphalt to the Federal Government’s agency on discounted rate, courtesy of a directive by Governor Babtunde Fashola.

The gesture, The Guardian learnt, it is to enable FERMA to respond effectively to road maintenance needs, especially, on the federal roads in the state.

As part if its plan, LSPWC, currently proposes establishment of asphalt plants in Badagry and Imota, ostensibly to further ease its task on road maintenance.

Speaking on the 2013 project activities of his organization last week, the Executive Chairman, LSPWC, Mr. Gbenga Akintola, noted that if the synergy between LSPWC and FERMA continues, it would be one major way of bringing relief to Lagos residents, especially,

Parts of the agency’s plan in 2013, include the possible rehabilitation of 1000 roads, fixing 100 manhole covers and 250 gratings and to construct drains in about 17 locations in nine local governments and local council development areas (LCDAs). as regards federal roads.

According to him, “unlike in the past when we were faced with unfriendly federal government’s agency, the present leadership of FERMA shared the same vision with us on how to make Lagos roads pothole free, hence, the usefulness of the collaboration.

He further revealed that in 2013, the agency has set for itself the target of working on 1000 roads, to fix 100 manhole covers and 250 gratings and to construct drains in about 17 location in nine local governments and local council development areas (LCDAs).

And to get this done, the new asphalt plants in Imota and Badagry are under way.

The Imota plant that would be installed in April, when completed, would have the produce 120 tonnes per

Men of the LSPWC patching some bad portions of a road, recently hour, while the one in Badagry that is expected to be installed before the end of 2nd quarter of 2013.

The Badagry plant is to cater for about 400 roads, in Amuwo Odofin, AjeromiIfelodun, Ojo, Egna-Igandq, Badagry Township and part of Alimosho axis.

Added to the asphalt plant are the procurement of three wheel loaders, two Tele- handler (fork lift), three pothole’s patch equipment, rollers, reversible vibratory plate compactor tractors/bucket and one bulldozer.

Besides, Akintola hinted that the agency is to double its night operations capacity in 2013. “With the delivery of additional five units of floodlight equipment, we would double our night activities in 2013. This is a result of our quest to work more at night, given our sensitivity to the difficulty road users go through whenever maintenance work is being carried out, especially, on very busy roads”, said Akintola, adding that the adoption of outsource contractors is still main-

tained. The set of contractors have been complimenting the activities of the in-house maintenance gangs, the approach he said enabled the agency to reach many suburban communities.

Other strategies include the expansion of in-house gangs and what he called “continued staff motivation”.

The LSPWC boss, however lamented the issue of vandalisation of manholes and gratings on the road. The vandals have been constituting nuisance to the activities of the agency in the recent

time, thus, forcing it to replace the cast iron material to recycle plastic material made out of composite resin fibre.

“This initiative has actually working well, since its introduction, because of its zero market value. This is unlike the previous ones that could be converted to other use”.

The corporation’s helmsman, said 190 roads have been rehabilitated since the beginning of 2013, adding that Lagos would witness improved activities before the end of 2013.

THE GUARDIAN, Monday, February 18, 2013

HOMES&PROPERTY

Displaced Bakassi indigenes’ houses get April completion date Housing From Nkechi Onyedika, Calabar N a renewed effort to Iaccommodation provide residential for the Bakassi community, the Ministry of Niger Delta Affairs has set April 2013 date for the completion of 40 units in the IkpiriIkamg Housing Estate.

The estate is being handled by 20 contractors, and each contractor is being paid N19million for the construction of one unit of two bedroom and one unit of three bedroom flat.

A Deputy Director in the ministry, Mr. Williams Aganga who spoke to the National Good Governance Tour team, disclosed that the 40 housing units are explained that the high cost of the project was due to the swampy nature of the site, which required sand filling, and the scarcity of building materials in the area, adding that the idea was not to give the job to one contractor.

He noted that the construction of the houses started in 2010 but was delayed due to scarcity of funds. “ The internal roads are being constructed and there will be independent water supply for the estate. The estate will be secured since it was designed for displaced people of Bakassi,” he said.

On how the ministry intends to allocate the houses, Aganga said, “ We are consulting with the state and local government to find out the modalities for allocation of the houses.”

Also speaking, the Chairman of Bakassi Local

Lagos, developer plan Badagry’s Hannah Garden CONTINUED FROM PAGE 33 the much needed mass housing to our people”, adding that this has also created a platform to enable him deliver on his expertise and to be part of this much awaited housing reform.

The Commissioner for Housing in Lagos, Mr. Bosun Jeje, while expressing government’s satisfaction on the response of private investors to its housing policy, noted that genuine developers have nothing to fear “as government would do everything possible to assist them realize their goals.

“We share a vision of provision of affordable housing to the teeming Lagos residents. As such, every genuine investors and developers should count on our support, that with sincerity of purpose and transparency, this goal would be collectively achieved.”

Government, Mr. Ekpo Ekpo Bassey said that a site has been identified for Bakkasi New Town Development adding that the Local Government has spent N30million on the construction of access road to the site with the hope that the Ministry of Niger Delta Affairs would commence the development of the site but till now, nothing has been d o n e .

He noted that 40 housing unit is grossly inadequate to cater for the huge number of Bakassi people and called on the Federal Government to include the development of the Bakassi New Town in the 2013 budget.

Some of the housing units at the Ikpiri-Ikamg Housing Estate.

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HOMES&PROPERTY

Estate surveyors write Presidency on valuation of flood damaged assets CONTINUED FROM PAGE 31 on flood relief and rehabilitation, the estate surveyors are seeking the following: ONE: Valuation and Assessment of Damages: Estate surveyors expressed the need for all tiers of governments to carryout inventory, assessment and valuation of all assets damaged by the flood.

TWO: Assessment of Possible Compensation for the Affected Communities.

They said that Section 17(3) g of the Nigerian Constitution provides that the State should direct its policy towards ensuring that provision is made for public assistance in deserving cases or other conditions of need.

“The government has responsibility to compensate to a reasonable extent, damages/losses suffered by individual citizens in the affected communities. The assessment of compensation payable to the flood victims are to be carried out by members of our profession who are the only experts recognized by law for compensation assessment in Nigeria.”

THREE: Environmental Impact Assessment. NIESV said: “Our professional body in collaboration with other relevant professional bodies, are to carryout EIA in all the communities after the flood has receded to determine the impact of the flood on the environment and the suitability of the areas for human activities and livability.”

FOUR: Resettlement- The institution called for permanent resettlement centres for the flood victims in the affected states.

They argued that the present temporary camps are not suitable for human settlement and pose great health challenges to the flood victims who are crammed in very smallrestricted spaces. “Again the pilot survey on the accommodation and facilities requirements of the flood victims in the wouldbe resettlement centers need to be established by our professional body urgently for prompt action by the relevant authorities to alleviate the sufferings of the victims.”

In the document addressed to the committees’ Chairman, Alhaji Aliko Dangote and Mr. Olisa Agbakoba, the surveyors are also seeking membership of the committee. “The constitution of the Federal Government high powered committee on the Flood Disaster was a step in the right direction but the membership of the committee should have included at least a member of the most relevant professional body on land matters, assessment of damages and environmental impact assessment which is The Nigerian Institution of Estate Surveyors and Valuers.

“We recommend that a senior member of our professional body, to be nominated by the profession be co-opted into the presiden-

tial committee to guide its work.”

According to the institution, T the government should as a matter of priority commission a survey and mapping of the country for Natural Disaster Management in view of the fact that earlier warnings have been recorded on earth tremors in some parts of the country vis-àvis mining/exploration activities all over the nation. “This will give the nation the opportunity of planning for prevention and reduction of future occurrences.”

They further recommended that all occupiers of flood plains and areas very close to the costal parts (waterfront) should be relocated and such structures demolished to avoid the imminent dangers in such areas. “There should be total prohibition of any form of development at the flood planes in the country.”

NIESV also advised that the requirement of provision of standard drainages and channelization of natural water flow should be the minimum requirement for every development approval in every part of the country.

The document recommended the establishment of a monitoring and enforcement agency on the environment for the prevention and reduction of natural disasters as well as the review of Nigerian Environmental laws with stiffer penalties for default-

THE GUARDIAN, Monday, February 18, 2013

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UN HABITAT calls for global Urban Youth Fund applications Competition ORE facts have emerged M on the United Nations Human Settlements Programme (UN-Habitat) call for applications in respect of the Opportunities Fund for Urban Youth-Led Development, also known as the Urban Youth Fund.

The facility, which is in its fifth year, was launched in November 2008 at the fourth session of the World Urban Youth Forum in Nanjing, China. It provides grants to projects led by young people aged 15-32 years who are piloting innovative approaches to employment, good urban governance, shelter and secure tenure. Under the scheme, small development initiatives are eligible for grants of up to $25,000.

These grants aim at promoting youth empowerment as the solution for better urban governance.

Of the one billion slum dwellers in the world today, it is estimated that more than 70 per cent are under the age of 30. Studies show that though there are many youth-led initiatives in slums and squatter settlements around the world that require support in their efforts to transform their communities, these young people have few resources available to improve their own living.

Besides, globally, 85 percent of the world’s young people live in developing countries. An increasing number of these young people are growing up in cities.

In many cities on the African continent, more than 70 per cent of inhabitants are under the age of 30. Young people, especially girls and women, are also considered the most vulnerable to social problems caused by unemployment and poverty.

The UN-Habitat’s Urban

Youth Fund is conceived with the understanding that the youth are drivers for change and it embraces the belief that youth are a solution for sustainable urban development.

Applications for the grants, which opened at the weekend, will be received till Monday April 15th 2013. The Fund is open to young people based in cities or towns from the developing world traditionally classified under three regions, namely the Africa Region, Asia and the Pacific, as well as Latin America and the Caribbean Regions. Further details are available at the official site: www.unhabitat.org/youthfund.

Essentially, the aims of the Urban Youth Fund are, to: mobilise young people for better youth-related policy formulation. help governments, nongovernmental, civil society and private-sector organizations better understand and respond to youth concerns. support youth information networks; pilot and demonstrate new ideas on employment, governance, adequate shelter and secure tenure;

share and exchange best practices; promote vocational training and credit mechanisms for entrepreneurship and employment; and, promote gender mainstreaming in all urban youth matters.

Applications submitted to the Youth Fund are subjected to a thorough evaluation process to guarantee impartiality and equal treatment of applicants. The process consists of five steps: applications are registered and given a unique reference number in the online database; applications are subjected to an eligibility check to verify that they fulfill the basic criteria required to receive grants from the fund; eligible applications go through a quality assessment and are scored on different criteria related to the quality of the project proposal and the priorities and objectives of the Urban Youth Fund; the highest rated applications from each geographical region are shortlisted; and, the Steering Committee of the Fund reviews the shortlisted applications and decides on which applications to

approve.

No fewer than 173 applicants have received grants under the scheme since it was established, with 63 benefitting from the Funds in 2009, 51 in 2010 and 59 in 2011. To date, five projects from Nigeria have participated in the scheme, the highest being in 2009 when three organizations received funding. They are Friends of the Habitat for its

‘Sustainable Youth Empowerment project’; Girls to mothers Initiative (G2MI) for the ‘Girls to Mothers Project’ and, the Smallholders Foundation for its ‘Urban Development Secondary School Gardens.’

In 2010, the group Bright Concept Initiatives (BCI) was supported for its project on ‘Creating an enabling environment for Youth of Gwandu LGA to attain self

and economic independence,’ while in 2011, the Love Planet Organization (LPO) was the single beneficiary.

The Habitat Agenda, adopted at the Habitat II summit in Istanbul in 1996, commits governments and UN-HABITAT to work in partnership with youth and empower them to participate in decision-making in order to improve urban livelihoods and develop sustainable

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Supreme Court resolves intra-family battle over Lagos Island property Litigation

By Emmanuel Badejo INALLY, the ownership battle over the prime Lagos Island property, specifically located at No. 24 Onisemo Street, Lagos, has been laid to rest, courtesy of a Supreme Court judgment delivered recently.

The judgment was given in a case on appeal to the apex’s court by Alhaji Ganiyu Iseogbekun, Modinat Bakare Isegbekun, Adiyatu Iseogbekun on one hand, Alhaji Nurudeen Kekere-Ekun, Alhaji R.A. Adewale, Alhaji Rafiu Akinlade on the other against Alhaji Sikiru Adelakun and Madam Kibitiyu Ajayi. While the former were the first to the sixth appellants, the last two were the respondents.

In this appeal, the two sets of appellants failed to sustain their proof of ownership and consequently, Justice Aloma Mukhtar, in her lead judgment dismissed the appeal as well as the cross-appeal.

This is a land matter, which started in the High Court of Justice Lagos State. The plaintiffs in that court claimed that they are the sole owners of the land in dispute,which is situate at No. 24, Onisemo Street Lagos, because, according to them, the original owner of the land in question is undisputably Ajegun Bashua of whom they are the descendants’ Plaintiffs were survived by a daughter called Hajia Suwebatu Adufe, who was in-turn survived by the plaintiffs. Hajia Suwebatu had been proved to have exercised many acts of possession on the land at various time and she at one time, leased the property out and had collected rents from her tenants until her death in 1981.

After her death, the defendants instructed their counsel to write to the tenants stopping them from paying

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Aerial view of Lagos Island

Three different, though related claims had dogged the possessory right of a prime property pitching some families against one another, but the Supreme Court of Nigeria recently decided the controversy, trailing No. 24 Onisemo Street, Lagos Island, Lagos. rents to the plaintiffs. It was established that the defendants are now parading themselves as the owners of the property and collecting all the rents and benefits of the premises and it appears that the defendants have now occupied, lawfully or unlawfully the land in dispute.

Both parties in this matter put a lot of arguments, claims and counter-claims in place.

In their writ of summons the plaintiffs claimed the following reliefs:a declaration that the hereditaments situate at and known as No 24, Onisemo Street, Lagos is the family property under Yoruba Native Law and Custom of the descendants of Ajegun Bashua (Deceased) possession of such portion of the said hereditaments as are in the possession or control of the defendants or any

of them. and an account of all rents and profits collected by the Defendants from tenants and the said hereditaments and payments over the said rents and profits to the plaintiffs annual rent value is 50.00k”.

Pleadings were exchanged and filed. After hearing the case including the evidence, the trial court evaluated the evidence and its judgment did not, in any way, favour

any of the parties. While the claims of the plaintiffs were dismissed and the counter claim of the fouth - sixth defendants were dismissed.

Aggrieved by the decision of the trial court, the plaintiffs successfully appealed to the Court of Appeal, which entered judgment in their favour though in part.

In all, the appeal, was allowed in favour of the plaintiffs and also dismissed apparently in favour of the defendants.

The defendants, now appellants appealed to the apex’s court. The fourth - sixth defendants were also aggrieved and also appealed to this court, and filed their cross-appeal.

Briefs were exchanged and filed both counsel in the appeal adopted their briefs.

The counsel on behalf of their respective clients formulated issues.

Her lordship said the plaintiffs had proved long possession over a period of 30 years, for they had established that their mother exercised various acts of possession over the property in dispute including leasing it out to strangers.

“Whereas the above is the position in this case, the fourth to sixth defendants/cross-respondents have failed to establish such possession, as they have not proved any act of possession, but rather allowed the plaintiffs; mother to continue to exercise control over the property.”

She added: “Definitely, the appellants were not in possession and cannot expect an order of possession in their favour. For the foregoing reasoning, I answer this issue in the negative and ground, 2 of the crossappeal to which it is related fails and it hereby dismissed.”

According to her: “the cross-appeal has n merit and substance, and deserves to be dismissed. The crossappeal is hereby dismissed.

I assess costs at N50,000 in favour f each set of crossrespondents against the cross-appellants.”

Endorsing the lead judgment, Justice Muhammad Muntaka-Coomassie said though he initially had challenge in grasping the facts of the case, the manner and reasons adduced by his learned brother have explained it all.

He submitted thus: “The conclusion that the crossappeal has no merit and deserves to be dismissed is correct and I agree that must be dismissed. I too dismiss the cross-appeal. The appeal by the appellant therefore fail same is hereby dismissed in its entirety. I endorse the order as to costs.”

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HOMES&PROPERTY 47

Nigeria, other African property markets poised for strong growth CONTINUED FROM PAGE 31 In the residential sector, the need for greater volumes of good quality housing is reflected in a number of ambitious new suburbs that are either under construction or planned by private property developers on the outskirts of existing large cities.

For instance, in Nigeria, the luxury residential sector in Lagos continues to suffer from an oversupply of highend properties built in the years prior to the global financial crisis. Despite this, rents and sales prices for high-end apartments remain elevated.

Apartments cost over US$1 million in Lekki’s gated community and can be considerably more within Ikoyi.

The prime residential market in Abuja is buoyant, and has seen excellent growth.

There is plenty of out-oftown residential construction taking place in Abuja at master-planned schemes such as UPDC’s Metro City and Adkan Services’ Sun City According to the report, Headline rents in Nigeria’s commercial capital, Lagos remain among the highest in the world, with achievable rents at above US$1,000 per sq m per annum for smaller spaces, although rents can be negotiated down for larger requirements. There remains only a handful of existing buildings able to provide high quality office spaces of more than 1,000 sq m.

The pre-eminent multi-let building is Churchgate II, which is in the process of leasing rapidly now that asking rents have been revised downwards to the US$850 per sq m per annum mark.

The availability of good quality space is gradually improving, with several Grade A schemes under construction. A potentially market-changing development is the huge Eko Atlantic City scheme, which will create a new city district on 9 sq km of reclaimed land south of the current CBD, off Victoria Island. Office rents in the administrative capital, Abuja, are a little below Lagos levels.

Retail activity in Nigeria’s major cities appears to be on the cusp of significant advancement with the increasingly rapid construction and uptake of western style retail and leisure malls.

Ikeja City Mall in Lagos, anchored by the South African retail giant Shoprite, has performed well since opening in December 2011.

This is the second shopping mall in Lagos to be developed by Actis, following the successful Palms Mall on the edge of Lekki. There has been little retail development historically in Abuja, apart from small centres generally located in office or residential Towers Abuja Mall in 2012.

In reaction to the report, the President, International Real Estate Federation (FIABCI)-Africa Region, Mr. Chudi Ubosi told The Guardian “ the

property market is recovering in Nigeria and Africa as a whole. Whether the recovery is such that a term strong can be used to describe it is doubtful.

“Within my known parameters I think that the recovery is fair. Access to funds is still very poor, demand is high but availability of mortgage facilities within the African continent is still very poor.

“Land titling problems continue to militate against strong demand of real estate.

Most African economies are still recovering from the global meltdown of 3/4 years ago and recovery though on the way is quite slow and deliberate.

“The stock markets of these countries are still trading well below levels that they traded pre- meltdown. I would rather be cautious in categorizing the demand as strong. I still believe that though recovery is on the way, it is still very muted.”

The Executive Director, Africa Real Estate Society, Mr. Akin Olawore said: “The projections are based on socio- economic trend.

About 65 per cent of African population are in the working age and all natural material resources on earth are at the sub Saharan Africa and over 70 per net have not been exploited.”

Olawore noted that the challenge is for the countries within the sub Saharan Africa, especially Nigeria to sustain the potential goldmine through political sta-

THE GUARDIAN, Monday, February 18, 2013

48

TheEnvironment Lagos, group sign MoU on urban forest park Conservation

By Tosin Fodeke S part of its green agenda, A the Lagos state government and a non-governmen-

Drought...dried river bed, an act of climate change

African climate change advocates caution govts against poor deals Climate Change OLLOWING the outcomes of FParties the 18th Conference of of the UN Framework Convention on Climate Change held in Doha, Qatar, last December, representatives of African civil society organisations (CSOs) and networks, meeting under the Pan African Climate Justice Alliance, have urged African governments not to enter into climate change deals that have disastrous consequences for the continent.

In a declaration issued last week at the end of the threeday meeting, held at Kajiado in Kenya’s Rift Valley Province, the civil society groups cautioned that “such blind deals will condemn African peoples to incineration and conflicts.”

The CSOs met to review and analyse outcomes of the 18th Conference of Parties of the UN

In the view of African climate change activists, developed countries must remove restrictions of intellectual property rights and pay full incremental costs of technology transfer to protect developing countries.

Framework Convention on Climate Change held in Doha, Qatar, last December.

They urged developed countries to compensate Africa for the full costs of harm by climate change, which is largely fuelled by high greenhouse emissions from industries based in the West.

Ahead of COP 18 last year, the African civil society had mobilised African governments to demand that developed countries cut emission by at least 40 percent below the 1990 level by 2015 and 100 percent by 2050.

They called on industrial countries to accept their historical responsibilities, reconsider their position and recommit without further delay and con-

d

i t i o n s .

In the declaration, a copy of which was sent to PANA, the representatives of the CSOs again called on the developed countries to honour and deliver on their pledge of providing US$ 100 billion every year until 2 0 2 0 .

Further, they asked them to scale up pledges to fulfill their obligation to provide adequate, new and additional funds as this amount is far from all estimates of climate finance needed by developing countries.

“We call for immediate establishment of an independent process to conduct transparent and consultative verification on developed countries’ claim that they have successful-

ly delivered all Fast Start Finance of over US$ 30 billion to developing countries during 2010-2012 in accordance with controversial Copenhagen Accord, which metamorphosed into Cancun Agreement,” said the declaration.

In the view of African climate change activists, developed countries must remove restrictions of intellectual property rights and pay full incremental costs of technology transfer to protect developing count r i e s .

They oppose efforts to sell rather than transfer appropriate technologies, or to strengthen rather than relax intellectual property rights.

Currently, the developed

countries are offering technology transfer to developed countries at a cost.

But the CSO declaration said developed and developing countries should support the adoption and development of indigenous and locally innovated technology as well as ensuring efficiency in technology transfer and deployment.

On agriculture, they urged inclusion of gender equity and enhanced participation of women, youth, indigenous people and marginalised groups in UNFCCC negotiations balancing the differences found in the North and South r e s p e c t i v e l y .

In addition, they condemned the withdrawal of Canada, New Zealand, Russia and Japan from the second commitment of the Kyoto protocol which began in January 2013 and the continued refusal of United States to ratify the protocol.

tal organization, LUFASI have signed a Memorandum Of Understanding (MOU) for the development of a 20-hectares land along Lekki Expressway to serve as an urban forest and animal rescue centre.

The centre, which construction has already started is located in the outskirts of Ajah along the Lekki-Epe expressway and will serve as a plant and animal reserve, will also consist of, a petting zoo, educational centre, playground and animal hospital.

Lagos Commissioner for Agriculture, Gbolahan Lawal explained that the vision of government is to transform the Lagos metropolis before the end of this decade into one that will be recognized in the world as a desirable place to live and work with an attractive business environment for investments.

“Critical to realizing the vision is ensuring that sustainable development receives at least similar attention as in other global mega cities that compete for business investors. The global trend hints at ever-increasing emphasis on sustainability and ‘the green economy’, which translates into a need to ensure that economic, social and environmental developments are considered in unison and grown in harmony.” Said Lawal President LUFASI Desmond Majekodunmi also explained that the vision of the rescue center in a nature reserve is to provide a hub for care and veterinary treatment of abandoned and maltreated animals. “ The location in the nature conservation area further allows it to serve as a hub for education in all matters relating to sustainable development and being an eco-aware global citizen, whilst providing Lagos with much needed green space and a recreation area.

IFC $1b green bond marks largest climate-friendly issuance The Environment MEMBER of the World Bank A Group, Internatonal Finance Corporation (IFC) has issued a $1 billion green bond that will be used to support IFC climate-friendly projects in developing countries. The bond sets a precedent as the largest green bond issue to date and was principally allocated to socially responsible investment portfolios.

By making the three-year bond a benchmark issue available to investors globally, IFC aims to strengthen this growing asset class. The bond, which was heavily oversubscribed, was sized to address the demand from an increasing number of investors interested

IFC green bonds support projects to reduce greenhouse emissions—for example, by rehabilitating power plants and transmission facilities, installing solar and wind power, and providing funding for new technologies that result in significant reductions in emissions. in climate-related opportunit i e s .

“IFC is ramping up its climaterelated investments because the private sector can play a leading role in addressing climate change,” said Jingdong Hua, IFC VP and Treasurer.

“Through its Green Bond Program, IFC enables largescale investors to support projects related to climate change in developing countries.”

In FY12, IFC invested $1.6 billion in climate-related investments—more than 10 percent

of the institution’s overall commitments for the year. About 70 percent of IFC’s investments in the power sector involved energy efficiency and renewable energy. By FY15, IFC expects to double its climaterelated investments to roughly $3 billion per year.

IFC Director of Climate Business, Stephanie Miller said: “The IFC Green Bond Program supports one of IFC’s strategic priorities to develop and promote innovative financial products that attract greater

investments to support renewable energy, energy efficiency, and other climate-friendly p r o j e c t s . ” The bond received overwhelming support from investors focused on promoting socially responsible investments. Some of the participants in the bond include, 3M Company, Blackrock, the California State Teachers’ Retirement System (CalSTRS), Calvert Investments, Ellomay Capital, Fjärde AP-fonden, Ford Motor Company, Local

Government Super (LGS), Parnassus Investments, Praxis Intermediate Income Fund , SSGA High Quality Green Bond Fund, TIAA-CREF, and the Washington State Investment Board among others.

Manager of Environmental, Social and Governance Research at Parnassus Investments, Maria Kamin said: “The IFC Green Bond complements our responsible investment strategies. We focus on incorporating environmental, social, and governance analysis into our investment research. By giving investors in the Parnassus Fixed-Income Fund exposure to this unique bond, we can further support climate-related investments and receive a

positive financial return”.

The Head of Sustainability at Local Government Super (LGS), Bill Hartnett said: “LGS is proud to be the ultimate owner of part of this IFC Green bond issuance. The green bonds appeal to LGS on many fronts. They are triple-A-rated notes with competitive terms.

They are financing much needed green infrastructure projects globally.”

IFC green bonds support projects to reduce greenhouse emissions—for example, by rehabilitating power plants and transmission facilities, installing solar and wind power, and providing funding for new technologies that result in significant reductions in emissions.

THE ENVIRONMENT

THE GUARDIAN, Monday, February 18, 2013

49

Govt can rake in N400b from rainfall Delta gets committee on water supply prediction, says expert Water From Hendrix Oliomogbe, Asaba ETERMINED to ensure D effective public water supply in the state, the Delta Government has established a 14-member committee on infrastructure and water supply.

The committee was set up to address the problems associated with public power supply in the state. The mandate includes regular monitoring of government’s water projects and visits of water pumping stations to find out their state of functionality, among others.

At the inauguration of the Mr. Harrison Dafiovor’s headed committee in Asaba on last week, the Commissioner for Water Resources Development, Dr. Chris Oghenechovwen, lamented that the state government had invested immensely in water infrastructure but was yet to get corresponding returns for the benefit of the public.

U.S. risks financial exposure from climate change, GAO

A flood affected community in Nigeria...recently

The Environment From Joke Falaju, Abuja F information from an enviIUnited ronmental expert in the States of America is anything to go by, then the Federal Government could generate as much as N400billion from Seasonal Rainfall Prediction (SRP).

Dr. Shrikant Jagtap an environmental scientist, who gave the assertion in Abuja during a two-day technical conference on Application of meteorological information on weather disaster, risk reduction and socio-economic planning, said “if every farmer in every field in Nigeria uses SRP, the government can generate over N400billion annually” He stressed the need to ensure that precise weather information gets to farmers promptly, adding that the expected benefit would not be achieved if the rainfall prediction is implemented thereafter.

In his presentation titled:

Improving Agricultural Production using AgroMeteorological Information Jagtap urged the agency to provide regular weather prediction compared to the prediction made once a year.

Jagtap emphasised the need to make weather information available to farmers and other stakeholders who needed it most, adding that rainfall prediction by the Nigerian Meteorological Agency (NIMET) is a step out of many processes.

“We must get the information into the hand of people who needs to use it. For example, a crop farmer applies fertiliser only ones, planted only ones but his crops are affected daily by the weather so it’s neither the planting nor fertiliser application that is wrong but they don’t do what is right as far as the weather is concerned.

“NIMET should go beyond one seasonal rainfall prediction which is done in February by giving regular information. They do have agro bulletins which come

“To ensure that this anomaly is corrected, the committee would review all project designs and specification proposals in the ministry, including the submissions of consultants, to attain uniformity of standard and to advise management as appropriate”, said Oghnenechovwen.

He also added that the committee would also collate all water schemes facilitated by the intervention agencies such as the Niger Delta Development Commission (NDDC), the Millennium Development Goals (MDGs), the Delta State Oil Producing Areas Development Commission (DESOPADEC) and River Basin Development Authorities, for possible take- over by the appropriate department of the ministry.

Dafiovor, who is the Director of Water Supply in the Water Resources Development, pledged that the committee would meet the expectation of the government.

every 10 days but who gets it?

Does it get to the people who needed it most?” he noted.

However, Jagtap urged all stakeholders to partner the agency to disseminate predicted weather information to the appropriate quarters.

Minister of State for Agriculture and Rural Development, Alhaji Bukar Tijani has said that the Seasonal Rainfall prediction prediction is significant to attaining food security in the country. he stated that the information is science-based, thus reliable to advise farmers on the appropriate planting season.

Tijani said, “The SRP is extremely relevant because they are scientific knowledge that is based on weather patterns and necessary for food security.

“The Prediction will help the Ministry to start our activities early, advice farmers across the nation of when to plant and what to plant. It will help us get prepared so that we can get our food and habitat secured to avoid what

happened during the flooding last year.”

He said government is partnering with the media to spread the SRP to the grassroots, adding that the prediction will assist farmers to know what to plant, when to plant and the variety of crop to plant He noted that the Federal Government (FG) is capable of adding N400 billion into its coffer if the SRP is well implemented An expert from the University of Ibadan, Mrs. Ibidun Adelekan said the SRP can be used to inform decisions for food distribution and enhance food security.

In her lecture titled M a i n s t r e a m i n g Meteorological Information into National Development Planning, she informed that climate forecast will empower poor farmers for better management of risks if the SRP is adequately disseminated.

According to her, climate based early warning aid epidemic detection and control

Climate Change HE United States is at high T risk of financial exposure from climate change, the Government Accountability Office (GAO) said, two days after President Barack Obama vowed to tackle the issue with or without Congress’ help.

For the first time, the non-partisan congressional watchdog added fiscal exposure from climate change to its “High Risk List” of measures the federal government needs to fix.

“Climate change is a complex, crosscutting issue that poses risks to many environmental and economic systems - including agriculture, infrastructure, ecosystems, and human health and presents a significant financial risk to the federal government,” the agency said.

There are now 30 programs and operations the GAO considers at high risk for waste, fraud, abuse and mismanagement, or that need broad-based transformation, from the management of federal oil and gas resources to enforcement of tax laws.

“GAO added this area because the federal government is not

well positioned to address the fiscal exposure presented by climate change and needs a government-wide strategic approach with strong leadership to manage related risks,” the agency said in a statement.

The government owns extensive infrastructure, including military bases; insures property through the National Flood Insurance Program; and provides aid to victims of natural disasters, making it especially vulnerable to the impact of climate change, GAO said.

Climate change, believed by many to be spurred by human activities that release heat-trapping greenhouse gases into the atmosphere, has been linked to more extreme weather, sea level rise that can make storm surges more damaging, and worsening heat waves, wildfires and droughts.

In addition to the risk from climate change, GAO also warned of potential gaps in environmental satellite data starting as soon as 2014, which could make weather forecasts and warnings for hurricanes, storm surges and floods less accurate and timely.

Africa stakes out position on post-2015 development agenda Conservation HE fourth Africa Regional T Platform was concluded at the weekend with a detailed set of commitments and recommendations on the complex challenges Africa faces due to surging economic growth, rapid urbanization, climate change and a wide range of natural hazards Representatives of 40 African States gathered for the 4th Africa Regional Platform on Disaster Risk Reduction to discuss Africa’s position on a new global framework for disaster risk reduction amidst continuing concern over the ravages of climate change, drought, floods, heat waves, wildfires and other natural hazards.

Figures released by CRED and UNISDR, the UN Office for Disaster Risk Reduction, showed that 18 million people were affected by drought

The consultations were vitally important as a contribution to the Global Platform on Disaster Risk Reduction, which will take place in Geneva in May. The talks also took stock of achievements in implementing the existing agreement, the Hyogo Framework for Action last year and 8.8 million were affected by floods across subSaharan Africa. Economic losses from 147 recorded disasters over the last two years were $1.3 billion.

It is almost ten years since Africa first agreed on a regional strategy for disaster risk reduction. There have been striking successes at reducing the impact of major disaster events such as the current floods in Mozambique and the threatened major drought last year on the Horn of Africa but extreme weather events continue to remind us of Africa’s vulnerability and exposure to natural hazards. Africa has an

opportunity now to influence investment in disaster risk reduction and to influence considerably the outcome of the World Conference on Disaster Risk Reduction in 2015 In an unusual measure, five of Africa’s Regional Economic Communities (ECOWAS, ECCAS, SADC, IGAD, EAC) met in Arusha to discuss the challenges and to develop a joint position on the new global framework for disaster risk reduction which will be agreed at the World Conference on Disaster Risk Reduction hosted by Japan in 2015. Africa’s experience of implementing the existing

Hyogo Framework for Action, the first global action plan for reducing disasters, was widely debated during these three days.

UNISDR Chief and the UN Special Representative for Disaster Risk Reduction, Margareta Wahlström, said: “Africa’s economic growth is bringing opportunities and new investment. It has the highest rate of urbanization in the world. Half of Africa’s population will live in cities and towns by 2050.

Investment decisions, which are being made, now will determine the future of disaster risk across the continent.

Wahlstrom congratulated

the participants from 40 countries across Africa for their contribution to shaping the international framework for disaster risk reduction, which will follow on from the current Hyogo Framework for Action (HFA), which expires in 2015.

Ms. Wahlström said: “This Regional Platform has shown that disaster risk reduction is centre stage for all African countries and is essential to building resilience to disasters as we debate the post2015 development agenda and the future of the HFA. “The will to mitigate the impact of disasters is evident across the continent from the ongoing detailed risk profiling of every district in Ethiopia to the successful early warning systems which Mozambique demonstrated in recent weeks as flood waters engulfed large parts of the country.

“The trend in Africa now is to emphasize work at community level and to tackle risk from the ground up. There is a clear message that humanitarian response and development actors must integrate their actions and make better use of scarce resources to ensure their actions are complementary and responding to long-term community needs. This shift to building resilience deserves donor support. I am also greatly encouraged by the participation of the private sector, the media and youth representatives in the Platform.”

Africa’s governments and Regional Economic Communities will also be reporting on their progress in implementing the Hyogo Framework for Action at the Global Platform for Disaster Risk Reduction in May this year, hosted by UNISDR in Geneva.

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THE GUARDIAN, Monday, February 18, 2013

Weekly Lead Equity Ratings

COMPANY’S RESULT

CONTINUE FROM PAGE 30

STOCKWATCH 51

THE GUARDIAN, Monday, February 18, 2013

52 STOCKWATCH

Sec Prepares To Introduce Securitization On The Nigerian Stock Exchange INTRODUCTION N a bid to support government at all levels to address the many infrastructural deficits bedeviling the country, especially in the areas of housing, agriculture and roads, the Securities and Exchange Commission (SEC) last week concluded a three-day capacity building workshop on securitization for some of its workforce. The workshop was also intended to spadework the imminent introduction of Securitization in the basket of products available in the Nigerian capital market in line with the product diversification objective of the ongoing reform agenda which the current leadership of the SEC is leading in the Nigerian capital markets. The product diversification objective intends to give breadth and depth by widening the choices available to the investor on the Nigerian bourse.

SECURITIZATION DEFINED Securitization is the financial practice of pooling various types of contractual debt such as residential mortgages, commercial mortgages, auto loans or credit card debt obligations and selling said consolidated debt as bonds, pass-through securities, or Collateralized mortgage obligation (CMOs), to various investors. The principal and interest on the debt, underlying the security, is paid back to the various investors regularly. Securities backed by mortgage receivables are called mortgage-backed securities (MBS), while those backed by other types of receivables are assetbacked securities (ABS). Securitization has evolved from its tentative beginnings in the late 1970s to an estimated outstanding of $10.24 trillion in the United States and $2.25 trillion in Europe as of the 2nd quarter of 2008. In 2007, ABS issuance amounted to $3.455 trillion in the US and $652 billion in Europe. WBS (Whole Business Securitization) arrangements first appeared in the United Kingdom in the 1990s, and became common in various Commonwealth legal systems where senior creditors of an insolvent business effectively gain the right to control the company.

HISTORY OF SECURITIZATION Examples of securitization can be found at least as far back as the 18th century. Among the early examples of mortgage-backed securities in the United States were the farm railroad mortgage bonds of the mid-19th century which contributed to the panic of 1857. In February 1970, the U.S. Department of Housing and Urban Development created the first modern residential mortgage-backed security. The Government National Mortgage Association (GNMA or Ginnie Mae) sold securities backed by a portfolio of mortgage loans.

Modern securitization took off in the late 1990s or early 2000s, thanks to the innovative structures implemented across the asset classes, such as UK Mortgage Master Trusts (concept imported from the US Credit Cards), Insurance-backed transaction (such as the ones implemented by the insurance securitization guru Emmanuel Issanchou) or even more esoteric asset classes (for example securitization of lottery receivables). As the result of the credit crunch precipitated by the subprime mortgage crisis the market for bonds backed by securitized loans was very weak in 2008 unless the bonds were guaranteed by a federally backed agency. As a result interest rates are rising for loans that were previously securitized such as home mortgages, student loans, auto loans and commercial mortgages.

STRUCTURE According to Professor Phillip R. Wood (supra), in a classic securitization, an originator (typically a bank or a corporate entity) sells receivables to a third party special purpose vehicle (“SPV”).

The SPV is formed as a legally independent entity from the originator. The SPV then borrows money through a bond or note issuance to finance the purchase price and repays the borrowing out of the proceeds of receivables bought by it. The SPV then grants security to the investors over the receivables to secure the borrowing. The notes issued pursuant to a securitization are typically rated by an external rating agency. Professor Wood argues that the traditional securitization is essentially a sophisticated form of factoring or discounting of debts.

However, we question this description in the light of the development of exotic variants of securitization.

In the course of securitization, assets which are ordinarily not marketable are converted to marketable securities, which could take the form of collateralized debt obligations, asset-backed securities, residential mortgage-backed securities, etc. Upon securitization of assets, such assets may be removed from the originator’s books and the purchase proceeds may then be used by the originator for other purposes including granting of new set of loans. Other hybrid structures of securitization have been utilized in structured financing transactions

I

including the securitization of Diversified Payment Rights and a remittance-backed direct loan structure that is a hybrid between a securitization and an unsecured loan, both examples of future flow transactions. These writers have recently advised on a transaction in which the latter structure was adopted.

Basically, this structure involves the securitization of future flow receivables in the form of remittance flows generated by the borrower or originator in the course of its business operations. A future flow securitization typically involves a company obtaining financing secured by future receivables expected to be generated through a specific line of its business. Under the transaction in question, a leading mid-tier Nigerian bank, had obtained a US$150 Million remittance-backed syndicated amortizing term loan facility arranged by three international banks including Standard Bank Plc. The facility is secured and is to be repaid by a future flow of dollar-denominated remittances by way of reimbursement rights accruing to the Nigerian bank from an MTO. There was also a recent residential mortgagebacked securities transaction involving a Nigerian issuer, FMBN SPV Issuer Limited (“FMBN”), which issued N6 Billion worth of notes by way of a private placement under the second series of its N100 Billion Residential Mortgagebacked Securities Programme. The transaction was fully guaranteed by the Federal Government of Nigeria and was sponsored by the Federal Mortgage Bank of Nigeria (“FMBN”).

MOTIVES FOR SECURITIZATION ADVANTAGES TO ISSUER Reduces Funding Costs: Through securitization, a company rated BB but with AAA worthy cash flow would be able to borrow at possibly AAA rates. This is the number one reason to securitize a cash flow and can have tremendous impacts on borrowing costs. The difference between BB debt and AAA debt can be multiple hundreds of basis points. For example, Moody's downgraded Ford Motor Credit's rating in January 2002, but senior automobile backed securities, issued by Ford Motor Credit in January 2002 and April 2002, continue to be rated AAA because of the strength of the underlying collateral and other credit enhancements.

Reduces asset-liability mismatch: "Depending on the structure chosen, securitization can offer perfect matched funding by eliminating funding exposure in terms of both duration and pricing basis. Essentially, in most banks and finance companies, the liability book or the funding is from borrowings. This often comes at a high cost.

Securitization allows such banks and finance companies to create a self-funded asset book.

Lower capital requirements: Some firms, due to legal, regulatory, or other reasons, have a limit or range that their leverage is allowed to be. By securitizing some of their assets, which qualifies as a sale for accounting purposes, these firms will be able to remove assets from their balance sheets while maintaining the "earning power" of the assets.[18] Locking in profits: For a given block of business, the total profits have not yet emerged and thus remain uncertain. Once the block has been securitized, the level of profits has now been locked in for that company, thus the risk of profit not emerging, or the benefit of super-profits, has now been passed on.

Transfer risks (credit, liquidity, prepayment, reinvestment, asset concentration): Securitization makes it possible to transfer risks from an entity that does not want to bear it, to one that does.

Two good examples of this are catastrophe bonds and Entertainment Securitizations. Similarly, by securitizing a block of business (thereby locking in a degree of profits), the company has effectively freed up its balance to go out and write more profitable business.

Off balance sheet: Derivatives of many types have in the past been referred to as "off-balance-sheet."

This term implies that the use of derivatives has no balance sheet impact. While there are differences among the various accounting standards internationally, there is a general trend towards

the requirement to record derivatives at fair value on the balance sheet. There is also a generally accepted principle that, where derivatives are being used as a hedge against underlying assets or liabilities, accounting adjustments are required to ensure that the gain/loss on the hedged instrument is recognized in the income statement on a similar basis as the underlying assets and liabilities.

Earnings: Securitization makes it possible to record an earnings bounce without any real addition to the firm. When a securitization takes place, there often is a "true sale" that takes place between the Originator (the parent company) and the SPE. This sale has to be for the market value of the underlying assets for the "true sale" to stick and thus this sale is reflected on the parent company's balance sheet, which will boost earnings for that quarter by the amount of the sale. While not illegal in any respect, this does distort the true earnings of the parent company.

Admissibility: Future cash flows may not get full credit in a company's accounts (life insurance companies, for example, may not always get full credit for future surpluses in their regulatory balance sheet), and a securitization effectively turns an admissible future surplus flow into an admissible immediate cash asset.

Liquidity: Future cash flows may simply be balance sheet items which currently are not available for spending, whereas once the book has been securitized, the cash would be available for immediate spending or investment. This also creates a reinvestment book which may well be at better rates.

DISADVANTAGES TO ISSUER May reduce portfolio quality: If the AAA risks, for example, are being securitized out, this would leave a materially worse quality of residual risk.

Costs: Securitizations are expensive due to management and system costs, legal fees, underwriting fees, rating fees and ongoing administration. An allowance for unforeseen costs is usually essential in securitizations, especially if it is an atypical securitization.

Size limitations: Securitizations often require large scale structuring, and thus may not be cost-efficient for small and medium transactions.

Risks: Since securitization is a structured transaction, it may include par structures as well as credit enhancements that are subject to risks of impairment, such as prepayment, as well as credit loss, especially for structures where there are some retained strips.

ADVANTAGES TO INVESTORS Opportunity to potentially earn a higher rate of return (on a risk-adjusted basis) Opportunity to invest in a specific pool of high quality assets: Due to the stringent requirements for corporations (for example) to attain high ratings, there is a dearth of highly rated entities that exist. Securitizations, however, allow for the creation of large quantities of AAA, AA or A rated bonds, and risk averse institutional investors, or investors that are required to invest in only highly rated assets, have access to a larger pool of investment options.

Portfolio diversification: Depending on the securitization, hedge funds as well as other institutional investors tend to like investing in bonds created through securitizations because they may be uncorrelated to their other bonds and securities.

Isolation of credit risk from the parent entity: Since the assets that are securitized are isolated (at least in theory) from the assets of the originating entity, under securitization it may be possible for the securitization to receive a higher credit rating than the "parent," because the underlying risks are different. For example, a small bank may be considered more risky than the mortgage loans it makes to its customers; were the mortgage loans to remain with the bank, the borrowers may effectively be paying higher interest (or, just as likely, the bank would be paying higher interest to its creditors, and hence less profitable).

RISKS TO INVESTORS Liquidity risk Credit/default: Default risk is generally accepted

as a borrower’s inability to meet interest payment obligations on time.[20] For ABS, default may occur when maintenance obligations on the underlying collateral are not sufficiently met as detailed in its prospectus. A key indicator of a particular security’s default risk is its credit rating.

Different tranches within the ABS are rated differently, with senior classes of most issues receiving the highest rating, and subordinated classes receiving correspondingly lower credit ratings.[16] Almost all mortgages, including reverse mortgages, and student loans, are now insured by the government, meaning that taxpayers are on the hook for any of these loans that go bad even if the asset is massively over-inflated. In other words, there are no limits or curbs on overspending, or the liabilities to taxpayers.

However, the credit crisis of 2007–2008 has exposed a potential flaw in the securitization process – loan originators retain no residual risk for the loans they make, but collect substantial fees on loan issuance and securitization, which doesn't encourage improvement of underwriting standards.

Event risk Prepayment/reinvestment/early amortization: The majority of revolving ABS are subject to some degree of early amortization risk. The risk stems from specific early amortization events or payout events that cause the security to be paid off prematurely. Typically, payout events include insufficient payments from the underlying borrowers, insufficient excess spread, a rise in the default rate on the underlying loans above a specified level, a decrease in credit enhancements below a specific level, and bankruptcy on the part of the sponsor or servicer.

Currency interest rate fluctuations: Like all fixed income securities, the prices of fixed rate ABS move in response to changes in interest rates.

Fluctuations in interest rates affect floating rate ABS prices less than fixed rate securities, as the index against which the ABS rate adjusts will reflect interest rate changes in the economy.

Furthermore, interest rate changes may affect the prepayment rates on underlying loans that back some types of ABS, which can affect yields.

Home equity loans tend to be the most sensitive to changes in interest rates, while auto loans, student loans, and credit cards are generally less sensitive to interest rates.

WHAT CAN BE SECURITISED It is pertinent to state that almost any asset can be securitized. Typical asset classes include: (a) Bank loans; (b) Oil and gas receivables; (c) Auto and consumer loans; (d) Residential mortgage loans; (e) Future flows including remittance flows to or from MTOs; (f) Diversified Payment Rights; and (g) Trade receivables.

KEY TRANSACTION DOCUMENTATION The documentation requirements will depend on the transaction structure ultimately chosen by the mandated lead arrangers in consultation with the originator. In relation to a securitization of future flows involving remittance flows from an MTO, key transaction documentation may include the Facility Agreement, Security Agreement, Deposit Account Control Agreement and Charge over Accounts.

CONCLUSION Corporate entities in emerging markets strongly desire access to cheaper funding options.

Securitization is one of such funding mechanisms that has been explored and has proved to be immensely beneficial to both the investing institutions and originators alike. However, the severe disruption in the international financial markets occasioned by the Eurozone debt crisis as well as an increasingly competitive environment compel international financial institutions to look to emerging markets for profitable opportunities that will enable them generate optimal returns whilst maintaining acceptable capital adequacy and liquidity ratios in the light of the reforms to securitization activity proposed by the Basel III framework. It is hoped that other Nigerian banks and corporates with future flows that can be securitized, especially remittance flows and trade receivables, will do likewise.

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BondWatch DLM BOND WATCH: FEBRUARY 18, 2013

THE GUARDIAN, Monday, June18, 6,2013 2011 THE GUARDIAN, Monday, February

Published in association with (Regulated by the Securities & Exchange Commission of Nigeria)

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THE GUARDIAN, Monday, February 18, 2013

BusinessInterview Nigeria’s big market critical for shipping

Andersen

Nils Andersen is the Chief Executive Officer of the Danish Business Conglomerate, AP Moller-Maersk group.

He was in Nigeria a few days ago and spoke with DAVID OGAH on how Nigeria can become the hub of maritime activities in West and Central Africa and how deficiency of infrastructure combined with growing market has caused a huge demand for shipping services. Excerpts.

Maersk Shiiping Line was reported to be developing biofuel as alternative to petroleum fuel.

At what stage of the development of this critical operation input is the company now?

E make the environment an important element in the way we operate in the whole group. As for Maersk Line, we have been leading the way in things, like eliminating sulphor from exhaust, and we are also very active in reducing fuel consumption. So, we had made plans since 2008 to reduce our fuel consumption. CO2 emissions by 25 per cent before 2020.

Actually we have plan to have our emission of CO2 cut by 40 per cent from 2007 to 2020, that is the plan. So we are very active on the environmental side.

Nigeria is a country, which grows over years with huge population, so there are a lot of opportunities and we are expected to continue both import and export. Nigeria also has a number of natural resources. First is oil, agriculture products, public utilities among others, so both import and export potentials in Nigeria is very significant.

How much is your company planning to invest in the proposed badagry port?

It is actually the APM Terminals, which is another part of the group that is doing that. But we are in Badagry, since what we are proposing is in full course, we have been proposing, but we need to go together with other companies since we are not a specialist. You know we are running a refinery or handling bulk cargoes, so, we want to line up with other specialist, because it is a big investment.

We need to build a very expensive brick wall towards the ocean, and that mean that the companies that will do other part of the project also need to be partners to finance it.

It is a little bit too early to announce the cost of the project, but we believe that the first phase will be about 1 billion dollars just to do the break-water and the first facilities. But this a multi-billion dollar project, when it is fully

W

developed.

The World Bank is locating a deep-sea port, not too far away from Badagry, do you see that as a threat to your new project?

I think there are lots of projects across Nigeria and across West Africa, in a very large scale, but I believe the team of companies behind Badagry is a very strong team and we have all the resources to do this, basically without getting external financing. So we can guarantee that the project will be carried through.

The demand for shipping services is declining globally, according to UNCTAD’s recent report on maritime. How has this affected your group’s desire for new building in oder to increase your fleet?

We are satisfied with our current order book and have no immediate plans to place new orders. We have ordered the largest, most efficient ships in the world, because they will make us even more competitive by lowering our unit cost and sustaining our carbon leadership position.

Even with the launch of new vessels, we will not add capacity into the market beyond the market growth forecast.

We have tools available to adjust our network, which we can leverage to ensure that we do not create overcapacity in the market; slow steaming, idling and slippage.

Maersk group has been doing business in Nigeria for a long time. Do you think Nigeria is there in the global competitive business, especially shipping?

In terms of the number of shipping lines calling in and out of Nigeria, we can say business is very competitive. What we are trying to do is to invest more in the country. Maersk line is a leading shipping company calling in Nigeria. We have almost 30 per cent of the market share and we are very pleased with that. I think we offer good product, quicker service and good clearing in and out of the terminal.

In what way has the group been contributing to the socio-economic advancement of the

immediate environment where it is operating, especially Nigeria?

What we are doing now is for the whole of West Africa because the ships sails to more that one country. We are introducing a series of 22 large vessels to make call to West African ports, taking up to 4500 containers per ship. They have started calling at Apapa and we want to make them to be able to call at other ports in Nigeria. So this is a major step forward and a commitment of a total of $3 billion to the west coast of African trade. So we are quite excited about this.

On the terminal side, of course, we are committing, with ground breaking ceremony at Apapa terminal, we are going to expand the capacity from 700,000 TEUS to 1.2m TEUS per year.

Of course, the Nigerian import and export are not growing so strong enough, but we think they will resume a rise and we think this expansion will carry us into 2017.

Do you think Nigeria has the potential to become a hub of shipping activities in the West African sub-region?

To have a big port, you need to have the market.

So Onne is never going to be a really big port but there is need for big port in West Africa. But we believe that when the Apapa and other ports come to full utilization in 2017, we should have a large merger port coming into operations. We are proposing to government, discussing with them to initiative the need for such a project in area of Badagry.

You need somewhat between $1 and $3 billion to build a really big port. In Apapa, we have so far invested $200 million and by the time we will finish the phase we just started today, we would have invested $350 million.

What are those things to be put in place for the development of a hub port in Nigeria?

First and foremost, there has to be, ofcourse, the market, there have to be shipping lines that are willing to use the port because they think it is good for logistic and reduces cost. So, above all, it has to be very effective in the way it operate for lower operational cost.

Second, it has to be a natural place where it is logical for big vessels to call, load and off load into smaller container vessles that will take the cargoes to their final destination.

There is no enough opportunity to develop Apapa port into a terminal port because it is a very congested area, it does not have a lot of draught and it is not a complete efficient place in term of access.

Maersk shipping line planned to deploy bigger

vessels on West African shipping route some years ago, what informed that decision and what effect has that deployment on shipping business along the route so far?

The vessels you talked about are the WAFMAX vessels.

The expansion of the West African markets and the strategic location combined with infrastructure bottlenecks were major reasons for introduction of the WAFMAX vessels. The vessels with their greater capacity and energy efficiency support our ambition and extend our commitment to this important growth market.

Once a market served entirely small ‘feeder’ vessels operating from hubs like Algeciras, Spain, the 4,500 TEU WAFMAX vessels were purpose-built to provide Maersk Line’s Asian customers with direct services to West African ports. The ships are 250 metres long with a draught of 13.5 metres, the maximum size allowable in West African ports. Some of the vessels are equipped with onboard cranes to enable calls at ports without standing cranes.

The growth of the African market, combined with physical infrastructure not developing at the same speed, has created a demand for ships with special designs that are able to match the maximum capacity of the ports.

The WAFMAX has enabled Maersk Line to sustain and maintain its market leadership position.

What are your investment plans in Nigeria in the next few years, especially as a member of the group is in control of most lucrative port terminals in the country?

We have invested over $200 million in modernizing and upgrading the Apapa terminal. We are making additional USD135 million investment in the expansion of the Apapa terminal and more opportunities may turn up in coming years.

The additional $135 million investment is for modernization and upgrading of the terminal which includes terminal yard redevelopment and expansion, new staff amenities and customer service building, acquisition of more container handling equipment, implementation of new terminal operating systems and a new Customs container inspection facility.

The yard redevelopment and expansion is to the enable Apapa terminal increase capacity to cope with increased volume till 2016.

The project will include development of new container stacking areas such as the old Sunshine Oil and Dangote Cement areas, which

THE GUARDIAN, Monday, February 18, 2013

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services’ growth, says Andersen were part of the original Apapa concession, but not handed over to APM Terminals until recently.

The project will also convert the terminal to full RTG (yard crane) operations, and includes purchase of many items of container handling equipment, a new customer service building, new employee amenities buildings as well as office for Customs, and a new Customs container inspection area. The project will also include state of the art terminal control systems including a satellite-based container positioning system.

The growth in container volumes will require additional capacity beyond 2016 and that is why we are embarking on the Badagry green-field port project.

What are those things that are peculiar to Nigeria in business that you don’t find in other countries where your presence is prominent?

The combination of significant energy resources, a large population and a growing middle-class with buying power is a very strong combination.

How comfortable is it for a member of your group to be operating a terminal in Apapa when the concession agreement between it and the government is not backed up by any known Nigerian law?

To the best of our knowledge, our agreement is backed up by legislation.

The Nigerian Ports Authority (NPA) Act empowers it to involve private companies in its opera- The expansion shows that the Nigerian economy is still growing and has tions. So that law covers the concession pro- potential for more growth. A more efficient and larger terminal will be good gramme carried out in 2006 and which APM for Maersk, for the Nigerian economy and for the Customs officials.

Terminals participated in.

Can you relate some of your good or bad experience since you started operating in Nigeria?

We are happy to operate in Nigeria and contribute to the growth of its economy. We have enjoyed good collaboration with the government, partners and our customers. There is tremendous growth in the Nigerian economy.

APM Terminals Apapa has solved congestion issues, which had significant cost to the Nigerian economy. We have promoted trade, growth and transparency to the benefit of our business and the local community.

We use Apapa as a best-practice example in other parts of the world.

Further development of the infrastructure such as roads and rail are needed but I know also that the government is working towards these.

What is the significance of the ground breaking ceremony that you performed at the terminal today?

The groundbreaking ceremony is to flag off final phase of redevelopment and expansion of the Apapa container terminal. It will make the terminal the largest and most modern terminal in West Africa with a capacity of 1.2 million TEU per year.

It will benefit the people working in the terminal, who will have better, safer conditions, it will be good for the environment, because pollution There is no enough opportunity to develop Apapa port into a terminal port will be reduced, and it will further enable Nigerian business to import and export goods because it is a congested area, it does not have enough draught and it is not and products. an efficient place in term of access.

Apapa has already for years promoted trade and development and attracted customers, making it the busiest terminal in West Africa. This is another important step in this exciting journey.

Many efficiency measures and modernisations have been carried through in recent years, lifting the productivity and developing safety and transparency, so much so that we use it as a best-practice example for terminals in other markets. We hope and believe that Apapa will continue to be a terminal we can all be proud of.

The expansion shows that the Nigerian economy is still growing and has potential for more growth. A more efficient and larger terminal will be good for Maersk, for the Nigerian economy and for the Customs officials.

Container volume to Nigeria was low last year.

APM Terminals Apapa could not even meet its projected volume of 700,000 TEUs, but despite this you’re planning to develop a new port in Badagry. Don’t you think this will lead to overcapacity?

No, not necessarily. The growth in volume is solid and new capacity will be needed in the medium term. With the current rate of container volume growth, the ports in Lagos will be out of capacity by 2016.

Why exactly are you developing Badagry port?

APM Terminals is currently one of the largest port and terminal operators in Africa, and in West Africa in particular, where APM Terminals Global Terminal Network include nine facilities in eight West African nations, including Apapa Container Andersen

Terminal, and West Africa Container Terminal in Onne, Nigeria.

APM Terminals Apapa, which assumed operations at Lagos’ Apapa Container Terminal in 2006 is now the busiest container terminal in West Africa, handling 600,000 TEUs in 2011 with throughput for 2012 projected at 720,000 TEUs. Nigeria’s container volume, which totaled 1.4 million TEUs last year will outstrip existing port capacity by 2017. At present, about 85 percent of all Nigerian non-oil cargo passes through the port of Lagos.

Over the next three decades, Nigerian annual container traffic is expected to grow to 10 million TEUs. The Badagry Mega-Port project fits well into APM Terminals’ strategy of infrastructure development in targeted high-growth markets.

The Badagry port project fits well into our strategy and competencies. When Badagry is developed, we will have three ports to call with WAFMAX, which will reduce waiting time for importers and exporters as well as pollution.

We are very pleased with the support this project has received from authorities and key stakeholders. The business case is good for all parties.

How much are you planning to invest in the Badagry port project?

It is too early for us to comment on investment amounts. Currently, we are working with the state and federal government on the permission process with a goal of opening the first phase of the project in 2016.

It is a huge project with the first phase – the construction of the breakwaters costing over a billion dollars.

You’re in oil and gas business elsewhere. Is there a possibility that Maersk Oil will do same in Nigeria in the near future?

We continue to look for investments opportunities within the energy sector, especially around oil service, supply and towage-safety vessels. Oil exploration can’t be ruled out completely but we already have made sizeable oil discoveries in Angola and Norway, which will have strong focus in coming years, so I doubt if we will invest in oil in Nigeria in the foreseeable future.

You met with President Jonathan in Abuja yesterday. It was not the first time you met with the President. Do you think his administration is creating the right policies for economic development?

President Goodluck Jonathan is leading the country in the right direction.

He has an Economic Management Team that is composed of knowledgeable individuals and I believe the Nigerian economy will continue to grow under his leadership.

President Jonathan told us that his administration was working hard to diversify and expand the Nigerian economy. And I think that is commendable. We have also assured Mr. President and the good people of Nigeria of our contributions to the growth of the economy.

Africa has become increasingly important to our group and it has potential for much more.

Nigeria, as the second largest economy on the continent, is important to us.

The region’s needs and our offers and our services are a perfect match We will continue to support Nigeria’s growth by enabling trade, making transport more efficient and investing in developing local talent.

We have a significant presence and long-term commitment in the country and have made major investments here. We strive to be a company, which can be trusted to deliver what we promise. Containerized trade between African countries has is significant potential – for African business, for the environment and for us. Containerised intra-African trade makes up around five per cent of the total trade whereas Intra-American trade is 48 per cent and IntraEurope is at 72 per cent. APM Terminals is also researching into how to connect the ports on the coast with hinterland markets for landlocked countries. Our investment in WAFMAX vessels which I talked about earlier is $2.1 billion with the last sets of vessels scheduled for delivery in 2013.

Nigeria will, along with other growth markets, be a driver for future global growth. It is rich in natural resources, not least in agriculture and oil and gas.

THE GUARDIAN, Monday, February THE GUARDIAN, Monday, June18, 6,2013 2011

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TaxWatch IN PARTNERSHIP WITH

TheGuardian Conscience, Nurtured by Truth

Beyond the 5 trillion Naira revenue collection

‘

Tax authorities must provide useful reports about their performances

‘

By Taiwo Oyedele

Given that the FIRS collected N4.628 trillion in 2011, how come the total budget for 2012 was reduced by a whopping N1 trillion to N3.635 trillion?

Although a budget is simply a plan it must be sufficiently challenging to drive performance.

’

CCORDING to InternaA tional Financial Reporting Standards, certain attributes are necessary to ensure that information provided in financial reports is useful to its users. These qualitative characteristics are: ease of understanding; relevance; comparability and reliability. For any information to be considered as reliable certain attributes must be present including faithful representation, substance over form and completeness. These attributes are applicable to all forms of information whether in the private or public sector and regardless of the intended users.

The Federal Inland Revenue Service (FIRS) recently reported that it has closed the 2012 fiscal year with a total collection of N5.007 trillion (N4.628 trillion in 2011). This was described as the highest cumulative tax collected in the history of the FIRS which is significantly higher than the budget of N3.635 trillion.

This of course looks like a good performance based on “what was” but the question is - do we know what “could have been”?

Out of the total collection

N1.806 trillion came from non-oil taxes (N1.557 trillion in 2011) which means oil taxes contributed N3.201 trillion or circa 64%. Given that the FIRS collected N4.628 trillion in 2011, how come the total budget for 2012 was reduced by a whopping N1 trillion to N3.635 trillion?

Although a budget is simply a plan but it must be sufficiently challenging to drive performance. It appears we either do not fully appreciate the principles of budgeting or we deliberately ignore them to set targets that we are almost guaranteed to exceed. Take Capital Gains Tax (CGT) for example, based on the information available on the FIRS website the budget for 2012 was a paltry N2.8 billion while a sum of N8.9 billion was collected. Going by the budget, with CGT at 10% it means the federal government expected a total taxable capital gains of N28 billion for the whole year for all chargeable transactions by all corporate entities and residents of the FCT. This looks to me like a possible gain from the sale of a single property in one of the major cities like Lagos or Abuja. Not sure if this is reconciled with any information from the land registry and disclosures in annual reports.

Compared to the conservative 2012 budget for all taxes the actual collection is a sterling performance of N1.372 trillion or 38% over budget.

On the other hand, if you compare this against the collection for 2011, it is only a marginal increase of N369 billion or 8% which includes the windfall from oil. It will be more appropriate to set the budget at an appropriate level which may be revised during the year based on any significant changes to the budget assumptions such as changes in crude oil price.

This way we will be able to distinguish real performance from accidental occurrence.

... the UK tax authority (HMRC) publishes a monthly bulletin of the latest receipts figures showing historical receipts for all taxes on a monthly and annual basis with appropriate commentary. Some of the commentaries include the quantified impact of changes in tax rates, adjustments for tax credits payable to companies, increase in oil price and specific economic conditions whether favourable or not.

’

Further analysis shows that compared with the N715.4 billion collected in 2011, Companies Income Tax (CIT) returned N847.5 billion in 2012. On the surface this appears commendable but there is no sufficient information to conclude. The additional value required from the tax report is in the area of useful information regarding the factors or reasons for an increase or a decrease in tax collection. For instance, the UK tax authority (HMRC) publishes a monthly bulletin of the latest receipts figures showing historical receipts for all taxes on a monthly and annual basis with appropriate commentary. Some of the commentaries in the January 2013 bulletin include the quantified impact of changes in tax rates, adjustments for tax credits payable to companies, increase in oil price which impacted on the related tax revenue such as VAT, and specific economic conditions whether favourable or

not.

If we put this in perspective, the FIRS should be telling us about the impact of changes in the tax laws, revenue forgone due to tax waivers and other incentives granted during the year, impact of exchange difference, VAT refunds due to taxpayers and tax credits including outstanding withholding tax credit notes, unutilised capital allowances, tax losses, and so on. The current performance system within the FIRS may encourage sub-optimal behaviours if refunds due to taxpayers are not removed from collections made by each tax office to ensure a faithful representation.

The impact on the economy of incentives should always be quantified. For instance we should be able to state how much of VAT income we have given up due to exemption on basic food items. VAT revenue is an indication of economic activities so the information is useful for planning. Changes in revenue

About PwC PwC firms help organisations and individuals create the value they're looking for. We're a network of firms in 158 countries with close to 169,000 people who are committed to delivering quality in assurance, tax and advisory services. Tell us what matters to you and find out more by visiting us at www.pwc.com/ng

should be explained – is it due to industry specific issues such as the significant loan loss provisions which the CBN asked banks to make a few years back. Do we know how much we generate from SMEs and the informal sector? What we should celebrate is increase in voluntary compliance rather than the mere fact that actual collection exceeded budget.

The pattern of tax collection should also be reflected in the tax budget. In 2002, the budgeted CIT collection was N201 billion for Quarter 2 while actual collection was N289 billion. In Quarter 4 the budget was the same at N201 billion while the actual was N156 billion. This does not appear right since majority of companies have December 31 year-end date and will be filing their returns in June, one would expect the CIT budget for the second quarter to be more than in any other quarter.

In view of the above, the conclusion of the FIRS regarding the tax collection for 2012 stating that - "This performance reflects the Service’s unwavering commitment to its vision of making taxation the pivot of national development" may have to be revisited.

Beyond the numbers we must also ensure that we are encouraging the right attitude and professional behaviour with the tax authority.

Other performance benchmarks such as how long it takes to collect WHT credit notes should be regularly reported. Self assessment or voluntary compliance level should be regularly measured as reflected by tax audit take as a percentage of total collection from year to year. It is an indictment on the taxman as much as it is on the taxpayers if collections from tax audit keep on increasing from one year to another.

Many states such as Lagos collected a lot from tax audit in past years but unfortunately they expect this to continue.

‘

Once you finish plucking the low hanging fruits, you must be prepared to climb the tree if you want more.

Many states such as Lagos collected a lot from tax audit in past years but unfortunately they expect this to continue. Once you finish plucking the low hanging fruits, you must be prepared to climb the tree if you want more.

’

Other revenue agencies like the Nigeria Custom Service, Postal Service, State IRS, and other agencies should also do the same. The report by the tax authorities should contain information about how much they have paid as commissions to various agents. It is true that we have come a long way but the fact is that we still have a long road ahead to travel. If we take only one step forward when we could have taken a giant stride then we lose the opportunity to maximise our potential.

Taiwo Oyedele is a Partner and Head of Tax and Corporate Advisory at PwC Nigeria. He is a regular writer and public speaker on accounting and tax matters.

Blog with Taiwo for indepth analyses, unique insight and superlative perspective on tax matters: www.pwc.com/nigeriataxblog. Subscription is free!

THE GUARDIAN, Monday, February 18, 2013

65

Oil & GasWeekly Remi Aiyela, Editor-in-Chief

editor@NOGintelligence.com www.NOGintelligence.com

UPSTREAM NEWS

NNPC, Petroleum Ministry In 'Hot Seat' Over Gas Flaring Fund HE Ministry of Petroleum Resources and the T Nigerian National Petroleum Corporation (NNPC) are to answer questions on the management of funds generated from penalties imposed on international and indigenous oil companies that still flare gas in their operations.

NOGintelligence gathered that Senate has written to both government entities asking for explanations from them. According to reliable sources, the Chairman, Senate Committee on Gas Resources, Mrs. Nkechi Nwogu said that the Senate was particularly interested in knowing how much has accrued to government from such penalties and where the money was being paid to.

According to the source, she said, "We just wrote to the NNPC and the Ministry. The letters were signed on Thursday last week. We want to know how much has been received as dividends and where the money is being paid into."

"As a committee, it is our responsibility to find out because we feel the truth should be known to Nigerians."

The fine was introduced by the government as a way of stopping or reducing to the barest minimum, cases of gas flaring in the production fields of most oil firms, especially the International Oil Companies (IOCs), who are now forced by this action to develop and work on programmes to address the menace of gas flaring to a globally acceptable standard.

The recent call by the Senate, an industry source told NOGintelligence, may not be unconnected with the revelations last year by the Nuhu Ribadu led Petroleum Revenue Special Task Force that none of the oil companies operating in Nigeria had paid any penalty into government coffers for gas flaring since the beginning of the year.

The source who pleaded anonymity said: "As part of its oversight function I think the Senate is taking the bull by the horn with the decision to quiz NNPC and the Ministry of Petroleum Resources on the whereabouts of monies expected to have been made from fines paid by the IOCs for gas flaring. I think it is a fall out of the damning revelation by Nuhu Ribadu last year that the oil companies were not paying any penalties to the coffers of the government."

But when contacted on phone as regard the development, an official of the ministry feigned ignorance of such letter but however said if it is true there was nothing strange about getting an invitation from the Senate for clarification on a particular issue.

When pressed further on the veracity of the claim by Nuhu Ribadu that the oil companies were not paying into the coffers of the government, he declined to comment.

It is believed that the country suffers an annual financial loss of around US $2.5 billion as a result of gas flaring. The nation currently routinely flares between 1.3 billion cubic feet and 1.4 billion cubic feet of gas a day.

The country's annual gas flare is put to about 460 billion standard cubic feet out of the 187 trillion (SCF) of proven gas reserves and 600 trillion SCF of unproven gas reserves. Environmentalists find it particularly worrisome that the country remains inactive over gas flaring despite the regulations.

Under the Associated Gas Re-Injection Act 1979, flaring was prohibited under environmental regulations as from 1st January 1984, unless a ministerial consent has been lawfully issued and conditions are complied with. Under section 3 of the Act, consent could only be issued if the Minister was satisfied that the utilization or reinjection was not appropriate or feasible in a particular field or fields. The Minister was empowered to require the companies to pay a penalty for continued flaring. The penalty of 2 kobo per mmscf introduced as from 1st January 1984 has repeatedly been increased. Following the unveiling of the Nigerian Gas Master Plan 2008, the National Domestic Gas Pricing & Supply Regulations were brought in, under which new projects have to be designed without any gas flaring. The penalty for flaring was also increased to $3.50

ExxonMobil's Force Majeure On Some Qua Iboe Exports

Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light

XXON last week warned customers of supply disE ruptions from the nation's largest oil stream, Qua Iboe due to pipeline damage. Not long before, Shell

OPEC's Lifts 2013 Demand Forecast

had announced that gas supplies to one of the world's largest Liquefied Natural Gas, LNG terminals would be delayed, also due to pipeline damage.

With all the disruptions to supply experienced last year by International Oil Companies (IOCs) this further dents the reputation as a reliable energy supplier at a time when demand for Nigeria's crude imports is falling in the United States and Asia has an increasing choice of suppliers.

Nigeria's oil has been highly sought after for decades by the United States because it is easy to refine into gasoline, but the world's biggest economy is increasingly serving its fuel needs domestically.

Asian buyers have a far greater choice of oil producers in Africa than a few years ago, especially from West African neighbour Angola, which often provides China with more oil than Nigeria.

The latest force majeure declarations follow a raft of problems at the end of last year when four oil majors - Shell, Exxon, Total and Eni - announced outages due to rampant oil theft and the worst floods Nigeria has seen in 50 years.

Analysts estimate that in the last year oil theft and pipeline vandalisation cost Nigeria up to $7 billion in revenue out of its 2 million barrel per day crude export business.

Exxon said that despite declaring the force majeure - an inability to fulfil contracts due to unexpected events - on Qua Iboe exports, which can reach 400,000 bpd, it continued to produce benchmark grade and the export terminal was open. An eight day delay on cargoes is expected.

Exxon only lifted a three-week long force majeure on Qua Iboe in December, which was caused by flooding and oil spills, which locals said is still being cleaned up.

Oil theft is a major problem in the winding creeks and waterways of the Niger Delta, where it is easy to conceal boats and illegal refineries in the dense mangroves. Nigeria estimates around 150,000 bpd is stolen, much of it sold abroad according to commentators.

NNPC Approves Erha North Phase II Project RHA North Phase II project just got a boost as the E approval for the award of three engineering, procurement and construction (EPC) contracts for the project was granted to ESSO Exploration and Production Nigeria Limited (EEPNL), operator of Oil Mining Lease 133, by the Nigerian National Petroleum Corporation (NNPC).

Disclosing this in a statement, the NNPC General Manager, Public & Government Affairs, Paul Arinze, said the EPC awards represent significant milestones in the development of Erha North Phase II and demonstrate continued cooperation between NNPC and EEPNL to grow the business and support the Nigerian government in meeting national goals.

He said the contracts were in line with Erha North Phase II project objectives, which include significant national content contributions, to bring direct and indirect benefits to the Nigerian economy through project spending and employment.

The multi-billion dollar project and others like it under joint ventures with the International Oil Companies (IOCs) had earlier witnessed a review from NNPC who took a second look at the high cost estimates of the projects in a bid to shore up the Federal Government's take from the oil fields.

After being previously accused by the IOCs of dragging its feet, NNPC responded that it would not be stampeded into abandoning its firmly established process of contract award by what it termed calculated media blackmail ostensibly by the (IOCs) and other interested parties.

The Corporation, in a statement noted that while the industry concern is normally expected in the process leading to the award of major oil and gas projects, it has an established procedure of contract and project approval which includes the conduct of economic analyses to establish project viability and federal government's take from investments in the upstream sec-

DOWNSTREAM NEWS

OPEC Daily Basket Price Still Riding High HE price of Organization of the Petroleum T Exporting Countries (OPEC) basket of twelve crudes stood at $114.67 a barrel on Thursday, compared with $114.94 the previous day, according to OPEC Secretariat calculations.

Introduced on 16 June 2005, the new OPEC Reference Basket is currently made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador),

in association with

FINANCIAL NEWS

latest OPEC report, the organization lifted its IrelsN2013the oil demand growth forecast to 840,000 bara day, an increase of 80,000 barrels a day compared with an earlier estimate. OPEC cited signs of economic recovery and colder weather for the demand increase, with the bulk of higher consumption coming from China.

OPEC's monthly report was "mildly supportive, featuring a minor upward revision to demand," but production of 30.32 million barrels per day was still above the projected 2013 call on OPEC crude of 29.78 million barrels per day, said Tim Evans, energy futures analyst at Citi Futures, in a note. That implies a surplus of around 540,000 barrels per day for the year as a whole "unless OPEC trims production further," said Evans.

The price of OPEC basket of twelve crudes rose to $114.94 on Wednesday following the release of the report. At the same time the previous week, the OPEC basket price stood at $112.68.

"Oil prices look to be gaining strength from the demand-side of the equation, as OPEC raised its demand forecast and macroeconomic sentiment turned somewhat more upbeat," said Matthew Parry, senior oil-market analyst at the International Energy Agency (IEA).

He however warned traders to remain cautious as

DPR Seals 23 Petrol Stations In Abuja, Kogi HE Department of Petroleum Resources (DPR) has T shut about 23 petrol stations in Abuja and Kogi, due to their alleged involvement in "sharp practices".

In a media statement on Wednesday, the department said in the course of its recent routine surveillance and inspection of petrol stations under its Abuja zone, it sealed three petrol stations in Benue State.

The Deputy Director, Public Affairs, Belema Osibodu said in the statement that, Prime Power and Aptro Nigeria Limited were sealed for six months for the sale of adulterated diesel, whilst Mitano Nigeria Limited, was sealed for one month for under-delivery of Premium Motor Spirit.

An additional 20 petrol stations within Lokoja and other parts of Kogi State found operating without licences, according to her, were also sealed.

She said: "Since this exercises, 10 of the petrol stations have come to regularize their licences with the DPR. The essence is to ensure that all operators are licensed to operate within the law.

"Also, following a recent exercise in Idah and Ayingba in Kogi State respectively, Total Nigeria Plc, Oando Plc, Sylet Nigeria Limited, Yaman Nigeria Limited, NEGS Nigeria Limited, Alfa Allied Nigeria Limited, Du Muktar Petroleum and Asta Petroleum Limited, were found to be engaged in product diversion, selling above approved price and operating without licence".

She added that in line with the agency's mandate to maintain standards and eliminate sharp practices in the downstream sector of the petroleum industry, DPR would continue to engage in the surveillance of petrol stations and ensure the full sanction of any of them found to be involved in sharp practices.

Falcon Petroleum Targets Ghana For Gas Distribution ALCON Petroleum Limited, one of the leading Ftribute indigenous oil companies with a franchise to disnatural gas to industries and bulk energy users in Ikorodu, Lagos has concluded arrangements to extend distribution of the product to Ghana.

The Managing Director of the company, Prof Joseph Ezigbo made this known at an event for the pipeline's host communities in Ikorodu. He also revealed that they are looking to expand to Ghana. "We are not only hoping to invest in Nigeria we are also looking at Ghana. At the moment we are working with our partners in Ghana to supply gas to the West African country. We are interested in building a gasification plant in Ghana to supply gas to industries in that country," he said.

Though Ghana is already getting gas from Nigeria through the West Africa Gas pipeline Company (WAGPCo), this is not enough for the country at the moment.

On the other plans of the company, Ezigbo said: "Falcon Petroleum has grown substantially. We are consolidating on pumping gas to industries. We are also increasing our capacity. At the moment the company is building a 12-inch gas pipeline. This will increase the gas supply as well as gas coming into our system. This will also increase the ability of customers to be connected to our gas supply grid."

"We have gone into assembly and manufacturing of equipment which is used in the country's oil and gas sector. We have entered into partnership with a company in India to operate a company in Nigeria to fabricate gas stations," he explained.

"We hope to complete the first phase by March this year. We are also trying to expand to other areas of the country because whether we believe it or not, industries depend on gas and the industrial revolution will not just be within the western region but all over the country."

He also praised the Ikorodu community for providing a friendly environment for the company's operations.

Total Lost 3% Global Output to Nigerian Flooding oil giant, Total has reported that it lost 3 F2012RENCH per cent of its global hydrocarbon production in to the flooding that ravaged many parts of the Niger Delta and the Elgin gas leak incident in the United Kingdom's North Sea. In its fourth quarter and full year 2012 results, which was released recently, Total also stated that its hydrocarbon production in 2012 was 2,300,000 barrels of oil equivalent per day, representing a decrease of two per cent, compared to 2011.

Total also partly blamed the gas leak at its Ibewa gas field in Ogba/Ndoni/Egbema Local Government Area (ONELGA) of Rivers State for its decline in production in 2012.

Focusing on the good news, Global Chief Executive Officer of Total, Mr. Christophe de Margerie noted that in 2012, the company delivered solid performance, with a net income of 12 billion euros and reinforced its strong financial position.

"The environment remain favourable upstream with Brent prices above $110 per barrel and, in the downstream, refining margins benefited from a temporary rebound at mid-year," he said.

Total however noted that it would spend more than 80 per cent of its $28 billion organic investment budget for 2013 on its upstream activities. The French major said it expected to achieve production growth targets of 3 per cent per year, on average, through to 2015.

Total is also targeting 3 million barrels of oil equivalent per day (boepd) by 2017. According to the French multinational, the production growth should be fuelled by the extension of Oil Mining Lease (OML) 58 in Nigeria as well as its 2012 start ups and its anticipated 2013 start ups in Gabon, Angola LNG, Kashagan in Kazakhstan.

REGULATORY NEWS Local Content: Expatriate Workers To Scale Biometric Exercise Hurdle S part of the local content agenda, expatriates A working in the Nigerian oil and gas industry will now be required to undertake biometric registration as part of the conditions they must fulfill before their organisations can secure expatriate quota approvals from the Board.

This directive which was handed down by the Nigerian Content Development and Monitoring Board (NCDMB) is to capture details of all foreigners working for operating and service companies in Nigeria on the electronic platform - Nigerian Content Joint Qualification System, (NOJICJQS) - being operated by the Board.

The Executive Secretary of Board, Ernest Nwapa, stated this in Lagos at the Addax Executive Business Seminar on Nigerian Content disclosing that the exercise will start in the first quarter of 2013.

He noted that the registration will help the board evaluate the skills of the expatriates and confirm that such skills are not available locally in the industry. It will also assist the board to electronically track the numbers of expatriates in the industry, their length of stay, compliance with provided succession plans and expected date of exit.

At the completion of the biometric registration, he said each expatriate will get a unique card, which he or she will produce whenever the monitoring team from the Board come for periodic verification.

Nwapa added that Section 33 of the Niger Oil and Gas Content Development Act (NOGICD) Act mandates operators to apply and receive the approval of the Board before making any application for expatriate quota to the Ministry of Internal Affairs or any other agency of the Federal Government.

Among other conditions, the Board requires companies seeking to get expatriate quota approvals for their operations in the oil and gas industry to first advertise the positions to Nigerians through national and international media outfits.

Other new initiatives of the Board endorsed by its Governing Council, which is chaired by the Petroleum Minister, Mrs. Deziani Alison-Madueke, include the planned establishment of industrial parks in every oil producing state in partnership with State governments. This will stimulate the participation of the communities in the local supply chain and provide a direct platform for collaboration with original equipment manufacturers (OEMs), which are now required to manufacture a minimum proportion of components in Nigeria.

He said the Board will collaborate with major operators, service companies and the relevant state governments to build the industrial parks, which will support operations of the industry and help achieve service efficiency through shared services.

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THE GUARDIAN, Monday, February 18, 2013

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THE GUARDIAN, Monday, February 18, 2013

Opinion Perspectives in economic management

By Charles Iyore ISCAL cliff in the United States, fears of a douFcertainty ble dip recession in the UK, increasing unand possible exit from the EU in Greece, – global leaders are facing economic challenges everywhere, some observers say on a scale never seen before. That may be true, but what matters is their ability to overcome.

Management is a key leadership skill, exercised as long-term strategic vision and displayed regularly, on demand, in tactical avoidance or confrontation. (Picking your fights).

The quality of leadership is highly influenced by the leader’s view of issues, which in turn, determine the type of solution he provides for the challenges before him. Bureaucracies in their advisory capacities, aid leaders in coming to informed judgment and views of events. They are his palette of colours, but he must produce the final picture.

Now let’s look at some views in the economy and how they might be shaping events.

The view from the Central Bank The Central Bank as an institution under Mallam Sanusi Lamido Sanusi has been trying to meet the objectives of inclusiveness, sustainability and setting the direction of preferred national economic growth. If these objectives are achieved, equity would have been served and the restiveness associated with economic exclusion removed, or greatly reduced.

The apex bank has been trying to achieve these objectives by doing the following: • Reducing the number of real assets held on the books of banks or deposit takers, to only those required as supporting critical assets.

This is with a view to ensuring that they allocate aggregated savings, efficiently and are not tempted to direct them in support of the other traded assets which they hold, and as a consequence manipulate asset pricing (bubbling).

This should naturally keep them out of trouble and help them focus on the far more rewarding charter pursuit, of catalysing and supporting real sector growth in the economy.

• Intervention in certain preferred areas of economic growth, hopefully in co-ordinated efforts with other institutions of government to improve the efficiency and effectiveness of asset allocation, as well as, to achieve sustainable economic growth (i.e. one which principally

does not limit the choices of future generations).

There remain, however, issues in execution, arising mainly from inaction or the lagging of activities by other government institutions, as well as, internal weaknesses in the central banking machinery.

The anxiety of the institution, on which we can generally say that the jury is out, is as to whether their incisions on the ailing economy are those of a surgeon or a butcher, and whether or not, the sweet ether of fiscal indiscipline elsewhere, will not put out the patient, long before the procedure is over.

The view from the government The government in its overall declarations and aspirations also seeks to defend the public good, over narrow private interests; it should in its actions ensure equity, inclusion and sustainable economic growth. Its actions however, may be out of synch with her stated objectives if: • She creates jobs for the boys as a way of achieving inclusion; • her borrowing could limit the choices of future generations and makes it more difficult for them to compete; • issued debt instruments (bonds) are so priced (without a good discovery mechanism) as to make access to domestic capital with too high a hurdle for profitable production, or • her activities are perceived as not transparent.

The government has in its pursuit of due process in government business, the publication of allocations in its budget spending rounds, and her readiness to remain in dialogue with interest groups, demonstrated a good measure of transparency. The size of government, however, leaves a lot to be desired, especially when output remains low. The use of debt instruments at both the federal and state levels have not been sufficiently imaginative, often crowding out private businesses borrowing from the financial markets.

These actions or inactions can send confusing signals to the financial markets and weaken central bank instrument controls. The result is that the whole process generates motion without movement in the economy.

The capital markets in the mix The capital markets should provide third party platforms for forming capital, especially

for big ticket transactions, both for private and public sector led economic initiatives.

These opportunities, which may arise between the legislative appropriation cycles (budgeting) enable the economy to take advantage of spare capacities (supply and demand) as they become available around the world, in markets where we hold strong competitive advantage. This is one of the reasons why the capital market is regarded as the engine of growth in an economy.

The capital markets however, would seem to have been drained of all confidence, so much so that whatever good assets are available, are being picked up by discerning foreign portfolio investors. This slow but steady shift of the control of critical assets to foreign hands could, in crisis, undermine the economy.

Lessons from elsewhere As national economic management go, those are the critical views that will determine economic direction. All other views will be mostly driven by profit motives and instincts of survival.

One of the most notable economic turnarounds that needs close examination here is the Thatcher changes to the UK economy. I ran into Professor Allan Walters (of blessed memory) in the bowels of Heathrow terminal 4, on one of his many trips between Britain and the U.S., all by himself and totally unassuming. This was the man who pushed for deregulation and privatisation, which was, basically moving assets to where they would be more productive rather than being in positions of perpetual value decline, where they had to be propped-up by public funds.

Tony Blair continued in the same vein, using concept focus groups, to achieve careful asset swaps and create a society at ease with itself.

This silent revolution, helped re-build urban capacity, and make the countryside more productive, as well as, bring about such levels of inclusion and sudden self realisation, in a way that the shocks of the plagues and the many violent revolutions could not.

Elected governments have enormous powers, but leaders must have advisers who know the difference between a palette of hues and one of contrasting colours, if they are to offer them useful advice for making beautiful pictures.

What can we do now?

In the play of philosophy, politics and economics, it is clear: • that Nigerian ethnic entities are not at war with themselves, even if feelings remain raw; • that the political process is progressively dynamic, even if far from acceptable.

This means that we need to quickly improve the economic arrangements otherwise issues of tribe and tongue will continue to find divisive expressions in our polity.

We must push the reset button, first by re-distributing assets in such a manner that many participants in the domestic production process have a bargaining chip. That would require us to carefully build urban capacity through renewal, making the countryside more productive, as well as, aligning our small and medium-scale sectors with established industrial demand.

As it is now, many assets remain where they are underperforming, or not performing, which may be impeding the economy. It’s a bit like a human malformation with a heavy head and disproportionate limbs attached in the wrong places, making movement and co-ordination, difficult if not impossible. (There lies the rub of the co-ordinating minister). If we refuse to build urban capacity, we would have to contend with urban sprawls and the crime havens that come with them.

If we refuse to make our countryside productive, we would continue to see increasing rural poverty and ease the recruitment process for private armies, by disgruntled members of our society, or destabilizing interests from elsewhere.

Only a clear rural/urban agenda will develop the economic production linkages, good enough for the banks to support, otherwise they will continue on the easy and safe path of supporting the importation of finished goods, in the quiet satisfaction that money is at least being circulated.

The urban eddies created by that approach, will make it difficult to price credit (interest rates) a ritual which continues to ignore the need for a balance between encouraging savings and supporting real sector production, but instead is performed only to satisfy urban trade and exchange.

The central bank is by such default, being forced to serve as the reserve board of the urban elite.

These issues all require multi-disciplinary approach, and may not be resolved using narrow single subject analysis. In my view, we require analysts with a good understanding of free markets.

• Iyore is principal partner, Dion & Associates Limited.

Political parties as competitive tools

By Ogunnaike Adesola CCORDING to Wikipedia, the free encyclopedia, monopoly A exists when a specific person or enterprise is the only supplier of a particular commodity. Monopolies are characterised by a lack of economic competition to produce the good or service and a lack of viable substitute goods. Monopolies typically maximize their profit by producing fewer goods and selling them at higher prices than would be the case for perfect competition. Excess profit and profit maximization are two of the major hallmarks of monopoly.

Because monopoly is retrogressive, that is why virtually all countries of the world have embraced competitive market economy, which gives consumers alternatives, pass laws that discourage monopoly and open their economies up to competition, regulated by the forces of demand and supply. In a competitive market economy the consumers are the kings, rather than the dictatorship of a monopolistic enterprise.

Back home, many state created monopoly companies have crashed or moribund, in the face of competition, NITEL, Nigeria Airways, Nigeria Railway Corporation, NEPA/PHCH just to mention a few have gone in the face of competition. We could still remember what we were paying to secure a NITEL 090 mobile line before the advent of alternatives in MTN, GLO, etc. and how much we are paying today, to secure a GSM line. We know how efficient railway services are in abroad and even in African countries that have opened their railway business to competition.

One of the striking features of all countries of the world making progress, whether developing or developed is non-monopoly of power by a political party. They recognised that monopoly of power by a political party breed corruption, incompetence, nepotism and misrule, as it is tantamount to absolute power and absolute power, corrupts absolutely. They have viable alternative political parties and elections are not rigged by party in power. Rigging to perpetuate a party in power is the worst corruption. It is rape and robbery, robbing

the electorate of their sovereign power, to transfer their power albeit temporarily, to those they want to govern them.

Between 1999 and now, since we started this democratic experiment, power has changed from one political party to the other, three times in the USA. In 1999 it was the Democratic Party (Bill Clinton) that was in power, then Republican Party (George Bush) took over and four years ago, the power changed hands again to the Democratic Party (Barack Obama). Between same period, power has changed from one party to the other, two times in Britain, Germany, France, Israel and even Ghana. Ghana is developing today and is the toast of the whole world because of their ability to transfer power successfully from one party to the other.

When a president is elected, he would make at least 3,000 appointments of people who will run the government with him, virtually all of them from his party, as ministers, advisers, senior special assistants, special assistant, permanent secretary, heads of departments of government, board of directors of over 400 federal agencies. Some of the Federal Government agencies are much bigger than most states in terms of the available money, for example, NNPC, NPA, etc. If a president has very good intentions but elected under a wrong party, then he is going to be held hostage by his party political jobbers. A tree under our presidential system of government can never make a forest. Party is bigger and stronger than an individual. An individual has a party manifestoes to implement and during electioneering has made commitments to a lot of party members.

The PDP would have been in power by 2015 for 16 good years of our life. This is almost two decades. The question for us Nigerians is, are we Nigerians better off today than we were in 1999 under military dictatorship. Nigeria crude oil was selling for less than 10 U.S. dollars in 1999 as against the consistently more than $100 under PDP-led governments since 1999. PDP is PDP, whether Obasanjo, Yar’Adua or Jonathan governments, they are all PDP members. Tony Anenih, Ahmadu Alli, Bamanga Tukur, Jerry Gana, Bode George just to mention a few

have been regular faces since 1999. Nigeria has been ruled by one and same set of people since 1999 and if we keep on doing same thing, same way, all the time, we should not expect a different result. Should Nigeria in terms of development and progress be queuing behind Ghana in Africa? We deserve to grow, we deserve good infrastructure, security, welfare and governments’ people by men of integrity, who will make this country to command respect she deserves among the comity of nations.

It is in the light of the above that the formation of APC is a welcome development to at least give us Nigerians a viable alternative to choose from. Nigeria is on the move and with this formation, I believe God really love this country because people are already disillusioned and almost helpless. It is a huge relief, a positive development in our democratic experiment.

Nigeria is gradually moving to a respected country in the comity of nations where only competent and visionary people will be thrown up as leaders, where politicians will not be making their children and wives emergency billionaires overnight, where probity and accountability will be the watched word.

Indeed Nigeria is arriving.

The over 160 million Nigerians would be the king in a competitive democracy with viable alternatives for us the electorate to choose, in determining who govern us, like how we have viable alternatives in MTN, Glo, Airtel and Etisalat now.

We would become the beautiful bride to be wooed, not to be lied to, not to be raped and killed, not to be exploited and not to be taken advantage of. The difference is ably demonstrated by the fact that MTN was charging above N10,000 for their SIM card and told us that Nigeria was not ripe for per second billing before Glo came two years later and crashed the SIM card price to one naira at a time and introduce per second billing immediately it launched its network. MTN was forced to adjust their prices and billing method otherwise they would have closed shop to the ravaging viable alternatives of consumers Glo. • Adesola wrote from Adesola19671993@yahoo.com

THE GUARDIAN, Monday, February 18, 2013

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Opinion Iran’s story of revolution and innovation

By Charles Onunaiju HE Islamic Republic of Iran has not only survived against all overwhelming odds, inT cluding an imposed eight-year war and a battery of western sanctions, but has prospered and thrived. In addition to breakthrough on high technology and scientific advances, it has developed a democratic process through which universally acknowledged free, fair and credible elections are held for every level of political office, including the highest political post, the presidency.

In the region, Iran has been a key player after its Islamic revolution that turned a once unabashed surrogate of western imperialism to a bastion of militant resistance. From Iran’s successful resistance to the regional conspiracy and western instigated counter-revolution orchestrated through the Iraq’s imposed war, the country rapidly developed an indigenous defence industry, after it was subjected to rigorously implemented arms embargo. Today, Iran is a key player in the global defence industry and has built a sufficiently defence capability that deters prospective aggressors, which are not short in supply. The Israeli over-hyped selfindulged right to militarily strike at Iran, at any time of its choice is largely restrained by Israel’s reasoned appreciation of the obvious consequences of such reckless action than the overrated influence of Washington to restrain her.

After all, when Washington barked at the Israelis for its increased settlement building in the Palestinian West Bank, the Jewish State responded by expanding the settlement.

Iran, since its revolution, tapping enormously from the creative and imaginative content of Islamic thought has built for itself a sufficient

military deterrent that has kept at bay, an assortment of both regional and extra-regional traducers and detractors.

At the same time of building defence capability, Iran has developed the critical infrastructure for socio-economic development. Currently, Iran produces 60,000 megawatts of electricity, which not only sufficiently covers the country but extend to neighbours like Iraq, Turkey and Syria. In an era of a intense sanction regime orchestrated by the western powers, a country of less domestic capability would have long buckled or fallen to abysmal level of distress like Zimbabwe when she was brought under a lesser sanction regime by the west.

The Iranian revolutionary momentum has faced down a considerable amount of pressure and the recent offer of bilateral talks by the U.S. Vice President, Mr. Joe Biden on the issue of Iran’s nuclear programme represent a pragmatic acknowledgement that Tehran can neither be brow-beaten by threats of military strikes nor the ever-tightening sanctions that are continuously rolled out to bludgeon the Islamic Republic.

From a common sense, Iran’s military capability and effective deterrence constitute the solid infrastructure of its national defence and therefore dabbling into a costly nuclear weapon, both difficult to procure and even more tasking to maintain would have been foolish. Yet the West, adorning the toga of the “international community”, persists and even escalates in its punitive sanction regime against Tehran. Mohammed ElBaradei, the Egyptian-born former director-general of the United Nations unclear watchdog (IAEA) described in his brilliant memoirs, “The age of deception” how the West manipulated its ways to regime change in Iraq, using the phantom weapons of mass destruction programme

(WMD) as a pretence. It is no doubt that the punitive sanctions targeted at Iran are largely ideological than on any intent to keep the region nuclear weapons free.

Ironically, the only known but undeclared nuclear state in the region is the one sounding alarmist and paranoia about Iran’s nuclear programme. Its foremost patron, the United States looks the other way while its favourite regional client sits atop the deadly weapon. Behind the veil of Iran’s alleged nuclear hoopla, the West intended to distract from Iran’s solid and landmark achievements in several areas of human endeavour. Iran is painted in several media outlets of the West as a paranoid dictatorship, starving and denying its people, basic rights to achieve a nuclear status state with intent to destabilise the region and the world. This is far from the truth.

Last year, the International Monetary Fund (IMF), a western dominated financial institution issued a rare report on Iran, where it praised the dynamism and sustainable growth the country has achieved. In the past 34 years, since its Islamic revolution, Iran has achieved considerable measure of political stability and has evolved stable institution. Iran’s parliament, the Majils is one of the most vigorous and debating chamber in the world. All political office holders, including the president are routinely grilled by the parliament on all issues of governance and administration. No other country in the region has as much a rigorous democratic process, including credible electoral process as Iran, Israel and perhaps Palestine. Egypt is the newest but still a fragile democracy in the region with a competitive political process. Yet the West and especially the United States of America is not willing to come to terms with Iran’s po-

litical milestone in achieving a competitive democratic process.

Beyond its domestic capacity, capability and efficiency, Iran has become a key player in the region and the rest of the world. In the raging Syrian conflict, fuelled by an obsession of the West to effect a regime change in Damascus, Iran has put forward a five-point constructive proposal to end the nearly two-year conflict, which includes a comprehensive national dialogue and internationally supervised election. Fixated on military victory to achieve regime change in Damascus, the West and its Syrian client, the so-called Syrian National Coalition, and its terror wing, Free Syrian Army, has ignored Tehran’s initiative. However, a new reality might be revealing itself to the patron as a leading opposition figure was reported to have muted the prospects of dialogue to end the conflict.

Earlier and even without much credit to its effort, Tehran played a pivotal role in ending the occupation of western forces in the neighbouring Iraq. Beyond its region, Iran’s global outreach has been significant and naturally arouses indignation from Washington and Brussels. Both in Africa and South America, Iran’s active involvement and co-operation continue to meet with strong western disapproval. However, Tehran has no doubt notched up, a considerable diplomatic success, in spite of evident obstacles. Its energetic president, Mr. Ahmadinejad continues to travel across the world and has only, a few days ago landed in Cairo, Egypt to confer with President Morsi and the rest of the leadership.

At 34, Iran has withstood serious and existential challenges and has emerged through it all, stronger, well-focused, self-reliant and with a considerable global influence.

• Onunaiju is a journalist based in Abuja.

Olympics: Beyond the release of funds

By Ademola Onifade HE poor performance of Nigeria in the last Olympics has made T it imperative to examine and re-examine how best to train and prepare our athletes for the games.

It is no longer enough to participate only in the Olympics but win medals in an honourable manner. This is because success in the Olympics is a veritable way by which a country can assert and rebrand itself. At the London 2012 Olympics, Nigeria ended the games with no medals, following a similar dismal performance at the Moscow ’80, Seoul ’88 and Beijing 2000 Olympics.

The so-called giant of Africa failed woefully yet smaller African nations like Ethiopia, Kenya and Uganda made Africa proud at the London games. Indeed, a decent performance at the Olympics games is not a function of a large population but of thorough, efficient, disciplined and scientific preparation of athletes. What’s more, athletes that are Nigerians won medals at the Olympic games for other countries like U.S.A, U.K. and Canada because they have changed their nationality. This goes to show that we are definitely doing something wrong as far as our Olympic games preparation is concerned.

In Nigeria’s 60 years of Olympic games participation since we debuted at the 1952 Helsinki, Finland games, the country has won only three Gold medals. This is definitely not desirable. We need to get our act together as to how best to prepare for the Olympic games.

Success at the Olympic games in terms of medals won or brilliance of efforts would come not by fluke, sheer luck, mere chance or the hasty so-called intensive training and fire brigade planning. The success will only come through hard work, adequate preparation, meticulous, scientific planning and training.

Many reasons have been given for the country’s poor performance at the London 2012 Olympics. They range from inadequate preparation, abandonment of school sports programmes to inadequate sports facilities. Others are poor funding, poor coaching and lack of adequate teaching of physical education in schools to lay a good foundation for the acquisition of sports skills. Indeed, some of these are the actual factors militating against our good outing in the Olympics.

There is no doubt that sports talents abound in this country but we have not been harnessing them right. It takes an average of about 3-4 years of intensive, consistent, committed and motivated training to nurture and prepare an Olympic gold medalist. It will serve us no good if we only gather our athletes together a couple of weeks to the games in the name of preparation. That way, a very poor outing is guaranteed.

Leaders in sports should be those with enviable achievements and crack track record in sports. The administrators should be those with proven integrity and clout that are genuinely interested in sports. In addition, there is the need for requisite training in and deep knowledge of sports for these professionals. They must also possess university degrees in sports. Sports adminis-

tration and management go beyond interest, enthusiasm and passion but expertise and professionalism, and academic training.

The era of mediocrity, patronage and god-fatherism must be over and gone forever in our sports development.

Sports intellectuals are dangerously ignored, sidelined and relegated in our national sports discourse. These intellectuals from the university must be allowed to be seen and heard if our sports is to develop. Sports issues and discourse in Nigeria to a large extent should be intellectually based as opposed to mainly running commentaries and offering opinions and views, which is the case with enthusiasts. The time has indeed come for Nigeria to explore the enormous resources of these sports experts, professionals and intellectuals that abound in the country to discuss and research into the various facet of preparation for the Olympics.

Sports enthusiasts should not take the place of sports intellectuals who should constitute the enlightened base of the society as far as the Olympics and indeed sports generally are concerned. The intellectuals are capable of proffering meaningful and workable solutions to our diverse challenges in the Olympics based on their in-depth knowledge, rigorous, critical analysis and research findings. Honestly speaking, well researched, intellectually deep, informed and erudite sports exposition is seriously lacking in our sports developmental efforts. Any nation that undermines her intellectual class is bound to fail in her national development and the Olympics is no exception.

The modern approach to Olympic Games training is team work that is scientific. It entails both physical and psychological testing, training and preparation. The physical training involves an exercise physiologist working on and improving the physical fitness level of the athletes. The fitness level includes cardio respiratory endurance, muscular endurance, balance, strength, power and agility for optimal performance.

The psychological preparation on the other hand is to assist the athlete to cope with the constantly unstable environment of a prestigious, stressful intensely competitive and big event such as the Olympics. The psychological training and preparation can be provided by an exercise (sports) psychologist (not a pure psychologist) who is to work on the psyche of the athletes. This will make the athletes cope and adapt easily to the constantly changing Olympic games environment. No matter the physical skill, ability and capability of the athlete or the competence of the coach, the athlete will not be able to fulfill his/her potential if he or she psychologically ill-prepared. This is because what is in the head of the athlete goes a long way in influencing his/her performance.

The scientific training also involves nutritionist, medical doctors, physiotherapist, nurses and professionally and academically training sports administrators. Adequate and balanced diet is essential in the training and preparation of Olympic athletes for optimal performance. Good nutrition helps in body growth, maintenance, repair, reproduction and energy production. Consequently, a nutritionist must be part of the training and preparation for the Olympics.

Selection of athletes to represent Nigeria at the Olympics is equally important. The selection should not be based on the quota system. The best, irrespective of religion or tribe, should be selected purely on merit. Since the nation is not going on a jamboree, those selected must meet the minimum Olympics qualifying performance standard before sending them out to participate in the games. Considering the fact that a huge amount of money is being spent on executing the Olympics, Nigeria cannot afford to continue sending athletes to the games without commensurate success. Olympic medal hopefuls must be given competitive opportunities and exposure. This is achievable through financing of national and international sports competitions. The financing will be in the form of making money available for travel and accommodation allowances. With this, the athletes are guaranteed a long sustained training as well as competitive exposure.

Athletes should also be financed while training for and participating in international competitions. This will allow the Olympic medal hopefuls to continue with their careers while training intensively. On the other hand, student athletes with medal potential should be given funds for extra coaching and schooling expenses.

Apart from funds, student athletes could be given scholarships and opportunity to take part in competitions. The scholarship is especially essential for our foreign-based student athletes to have the opportunity of continuing with their academic work. In addition, the scholarship will help curb the practice whereby our foreign-based medal potential Olympic athletes’ running across Europe and America trying to make money. Our sports should be developed and centered on the schools especially the tertiary institutions. As students, they are still young, energetic, strong, motivated and above all committed to sports.

Most national coaches in Nigeria are not well trained. Active and successful participation in sports does not qualify one as a professional coach. Coaching has become highly technical, scientific, academic and professional. It has therefore become imperative that our Olympic games coaches must be properly trained to achieve the desired results. As a matter of policy, they should possess the Grade A coaching licence to handle Olympic athletes.

They should also possess special knowledge and competence in counseling to guarantee the understanding of athletes, as a way of dealing effectively with them. There is therefore the need to improve our Olympic coaches through attendance at advanced coaching and refresher courses both locally and internationally to enhance their technical competence and sports knowledge.

Also important is our preparation for the Olympics is that there should be no government delegation. This delegation is a distraction to the athletes and should be abolished.

There is no short cut to winning medals at the Olympics but hard work, hard cash, early preparation and little prayer.

• Onifade is a Professor of Sports Administration and Psychology, Lagos State University, Ojo, Lagos.

THE GUARDIAN, Monday, February 18, 2013

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Media World Radio Day…

Global focus on peace, local campaign for community radio Issue

By Kabir Alabi Garba AST Wednesday, Nigeria joined the rest of the LWorld world to celebrate the second anniversary of Radio Day. While the Secretary General of the United Nations, Ban Ki-moon, emphasised in his commemoration message the need to use the occasion to “tune the world to the frequency of peace, development and human rights for all,” the Director General of UNESCO, Irina Bokova, lauded the pervasiveness, affordability and accessibility profile of radio, essentially as a medium “that can carry any message to any place at any time – even without electricity.”

In Nigeria however, the anniversary was explored to strengthen the campaign for the establishment of community radio across the country.

Specifically, the Nigeria Community Radio Coalition (NCRC) and its partners – the Institute for Media and Society (IMS), Media Rights Agenda (MRA) and the International Press Centre (IPC) – used the occasion to call on the Federal Government and the National Assembly to facilitate an enabling environment for unfettered radio broadcasting in the country as a way of strengthening democratic development and people’s participation in governance.

In a statement jointly signed by Akin Akingbulu for NCRC, Edetaen Ojo for MRA, Lanre Arogundade for IPC and Lere Oyeniyi for IMS, government’s attention was drawn to the continued delay in the operationalisation of community radio, the lack of public involvement in the process leading to the White Paper on the Report of the Presidential Advisory Committee on Transition from Analogue to Digital Broadcasting, and the absence of constitutional backing for independent broadcasting in Nigeria.

“It is now almost three years since October 2010, when President Goodluck Jonathan announced a presidential approval for the licensing of community radio stations across the country and accordingly delegated his powers under the Constitution to issue broadcast licences to the National Broadcasting Commission (NBC), the statutory regulator for the broadcast sector.

“It is worrisome that three years on, there is still no indication of the implementation of this important directive despite the apparent importance of community radio in giving voice to the masses, including the rural and urban poor, to participate in governance and contribute to developmental efforts of governments in their communities,” the groups decried.

The UN scribe noted further: “Since its invention more than 100 years ago, radio has sparked the imagination, opened doors for change, and served as a channel for life-saving information. Radio entertains, educates and informs. It promotes democratic expression and influences ideas.

“From short-wave to FM to satellite transmission – radio connects people wherever they are. In conflict situations and times of crisis, radio is a lifeline for vulnerable communities.

“Radio is both valuable and cost-effective. From day one, the United Nations has been using radio to reach the peoples of the world. UN Radio sheds light on all issues on the United Nations agenda – from sustainable development, to the protection of children, to peacekeeping and conflict prevention.

“We are proud of our rich history of radio production in many languages, and the innovative ways we use radio to inform and serve the world,” Kimoon asserted.

On her part, Bokova was also enthralled by the transformation radio has impacted on “the way we communicate” in addition to remaining at the forefront of the 21st century.

She traced the genesis of its declaration: “On 18 December, 2012, the United Nations General Assembly endorsed the 2011 resolution adopted by the UNESCO General Conference, proclaiming 13 February as World Radio Day, the day United Nations Radio was established in 1946.”

The birth of radio in the 19th century, Bokova

Ban Ki-moon

DG of UNESCO, Irina Bokova

President Jonathan

Information Minister, Labaran Maku

Akin Akingbulu of NCRC

DG of NBC, Yomi Bolarinwa

stressed, “ushered in the era of modern communication. The world has changed dramatically since then, but radio has hardly aged a day. It remains widely accessible, relatively cheap and very simple to use. It is still the medium that can carry any message to any place at any time – even without electricity. In situations of conflict and natural disaster, shortwave radio provides a lifeline of information that can save lives.”

UNESCO Chief also underscored the adaptability of radio, embracing “the digital revolution to expand its power and reach. Across the world, the cost of broadcasting is decreasing and the number of radio stations is increasing. Citizen journalists and community media are using online radio stations to give voices to those who are rarely heard. More than ever, radio remains a force for social change, by sharing knowledge and providing a platform for inclusive debate.

“In a world changing quickly, UNESCO is committed to harnessing the full power of radio to build bridges of understanding between peoples, to share information as widely as possible and to deepen respect for human rights and fundamental freedoms, especially freedom of expression.

This is essential for good governance, open societies and sustainable development, Bokova submitted.

The day came into being on November 3, 2011, when the 36th General Conference of UNESCO approved the proclamation that February 13 of every year should be observed as World Radio Day, following a proposal at the session 187 of UNESCO’s Executive Board in September 2011.

While the NCRC and its partners pledged to continue to identify with the aspirations, which motivated the proclamation of February 13 as World Radio Day, to raise awareness about the importance of radio, facilitate access to information through radio and enhance networking among broadcasters,” they pointedly asked President Jonathan “to take urgent steps to ensure that rele-

vant government institutions and agencies give effect to his directive while the NBC should without further delay proceed with the issuance of community radio licenses.”

On the digital transition, they noted: “It has come to our attention that the Federal Government has issued a White Paper on the report of the 22-member Presidential Advisory Committee on Transition from Analogue to Digital Broadcasting in Nigeria. The committee was set up and inaugurated on October 13, 2008 and submitted its report in June 2009.

“It should be recalled that the late President Umaru Yar’Adua had, as far back as December 2007, approved the transition from analogue to digital terrestrial broadcasting in Nigeria, with an effective date of June 17, 2012, in line with the International Telecommunications Union (ITU) resolutions on the issue. It was to give effect to this that the Presidential Advisory Committee on Transition from Analogue to Digital Broadcasting in Nigeria was set up and inaugurated on October 13, 2008.

“We observe however that the Federal Government has not made public the White Paper on the report although it has proceeded to set up an implementation committee.

“The report of the Committee itself was not subjected to public discussions by critical stakeholders. It is our firm view that this is not the best approach in dealing with a matter of such public importance in a democratic setting. In the circumstance, we hereby call on the government to make the White Paper public and open it up for discussions and consultations among stakeholders in line with democratic norms and practices.”

Canvassing Constitutional backing for what the groups tagged ‘Independent Broadcasting’, they asserted that the on-going review of the 1999 constitution should be explored “to strengthen the role of the broadcast sector in national development.”

Stakeholders in the media used the occasion of the World Radio Day to call on the Federal Government and the National Assembly to facilitate an enabling environment for unfettered radio broadcasting in the country as a way of strengthening democratic development and people’s participation in governance.

The current regulatory environment for broadcasting in Nigeria, they argued, “continues to fall far short of international standards, particularly with regards to the lack of independence of the regulator.”

They therefore urged the National Assembly and other stakeholders “to take advantage of the constitution review process by supporting the amendments proposed by the Media Network on the Review of the 1999 Constitution comprising the IMS, MRA, IPC, and other bodies including the Nigeria Union of Journalists (NUJ), the Nigerian Guild of Editors (NGE), the Nigeria Association of Women Journalists (NAWOJ).

The proposed amendments include the need for the regulatory body in charge of broadcasting to be listed as one of the Federal Executive Bodies recognised in Section 153 and under the Third Schedule to the 1999 Constitution.

“This is due to the critical role the broadcast regulator plays as an essential tool in aiding the development of the country’s democracy through ensuring the effective development and regulation of the nation’s airwaves, which remains the most critical source of information for the generality of the citizenry. Making the broadcast regulator one of the Federal Executive Bodies in the Constitution would also guarantee adequate funding for its operations,” the groups explained.

And in order to ensure that the broadcast regulator is fully independent of government, it is submitted further that, “all members of its governing body should be appointed by the National Assembly after open public hearings, and they should be accountable to the National Assembly.

“The overbearing presence of government officials in the governing body of the broadcast regulator should be curtailed by removing representation for the State Security Service (SSS) and the Federal Ministry of Information from the membership of its governing body.

“The process of appointing representatives of the different interests groups that constitute the governing body of the broadcast regulator should include a requirement for consultations to be held with the various stakeholders in each of the named sub-sectors of the Nigerian society when selecting their representatives for appointment to the governing body.”

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Sports I have 50 players in the Eagles

Keshi.

PHOTO: FEMI ADEBESIN-KUTI.

Since he led Nigeria to win its third African Nations Cup title in the just concluded South Africa 2013 edition of the competition, Stephen Okechukwu Keshi has been the toast of all Nigerians, including those critics, who never gave his team any chance of success at the continental fiesta.

Now a Commander Order of the Niger (CON), a honour bestowed on him by the Federal Government, Keshi has already started looking ahead to the challenges ahead, including the FIFA Confederation Cup, which holds in June in Brazil, the World Cup qualifier against Kenya and the African Nations Championship qualifier against perennial foes, Cote d’Ivoire, which also comes up in June, among other competitions.

Fielding questions from journalists during the TomTom Editor’s Round Table held over the weekend in Lagos, Keshi talked about the just concluded Nations Cup and his plans for the future of the Super Eagles. CHRISTIAN OKPARA reports.

T every given opportunity Super A Eagles coach will readily tell anyone who cares to listen that Nigeria is a great country that should be at the forefront of every event, especially sports. The coach, who as a player was the captain of the senior national team for 14 years, is of the opinion that given the right environment and opportunity, Nigerians would rule every competition they go into no matter the rating of the opposition.

Keshi has every right to flaunt

Nigeria’s potential and the inherent greatness because he just led a group of young Nigerians to win the African Nations Cup in South Africa, a feat his compatriots thought was impossible even before the first ball was kicked.

Now, savouring the euphoria of his achievement, Keshi says that the battle is just half won.

According to the former Togo and Mali national teams’ coach, Nigeria’s victory in South Africa is just the beginning of the country’s

march to the summit of world football.

Keshi said: “We are still building the team and by God’s grace we will get the team of our dream very soon.”

He added: “After the last game in South Africa, I sat down with my coaches to list some other players we need to give the chance to come into the squad.

“I have a list of 50 players I can call upon at any time, but we need patience and support from every-

body. Martins, Osaze, Anichebe and others are still relevant in the team; they will get their chance to play unless they choose to stay away.”

The coach went to South Africa with 17 debutants in a team of 23 players, a decision, which, according to him, has been justified by the team’s achievement at the Nations Cup. Going forward, Keshi said he would look for more young players, no matter where they are based, to fortify his team.

“I made my debut for the Eagles in 1979 in Rabat against Morocco. I was then 17 years and some months old. It was a friendly when we were preparing for the 1980

Nations Cup. I had some young colleagues like Sylvanus Okpalla, Henry Nwosu, among others. We were just fresh from school.

“So, it doesn’t matter how old you are. It depends on your intelligence. If you are good enough to play for me, I will pick you; it is as simple as that.

“I wasn’t afraid to go to the competition with 17 debutants, because I looked at what they could bring to the team.

“When I was in Togo, I used young players, some didn’t even have clubs, but I gave them that self belief. I didn’t look at the players’ pedigree; rather I took players that could fight for the team and work for the collective good. That is

I couldn’t understand how a team I captained for 14 years had suddenly become so weak that people will start calling the players super chicken. But I must tell you the boys were awesome. They rose to the challenge because they were hurt; they were angry and they wanted to prove the doubters wrong

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of my dream, says Keshi I made my debut for the Eagles in 1979 in Rabat against Morocco.

I was then 17 years and some months old. It was a friendly when we were preparing for the 1980 Nations Cup. I had some young colleagues like Sylvanus Okpalla, Henry Nwosu, among others.

We were just fresh from school. So, it doesn’t matter how old you are. It depends on your intelligence. If you are good enough to play for me I will pick you; it is as simple as that. what I am doing with the Eagles.”

The coach believes Nigeria has the potential to become truly great again in football if the right elements get together to work for the collective good. To him, the Super Eagles would only succeed when the football federation, the government and the fans come together to support the team.

He also says the players must be ready to work hard to maintain the momentum “because hard work is the basic ingredient for success.”

According to Keshi, “The players must realise that there is no sentiment in football. You either work hard to succeed or stay by the side and watch others take the glory.

“I am lucky I had an awesome bunch of players to choose from in South Africa. That was why when Fegor Ogude was suspended, we gave Onazi the chance and he impressed so much that we could no longer drop him.

“The same thing happened when Yobo was injured and we gave Omeruo the chance. We have such a good squad such that when we decided to play Mba, instead of Igiebor, the boy played so well that we could not drop him. That was the same thing with Emenike and Ikechukwu Uche. It is good for us that we have players that can step in and prove their worth.”

Reminiscing on the team’s campaign at the 2013 Nations Cup, Keshi describes the Super Eagles’ last group game against Ethiopia as the team’s most difficult game in South Africa.

“The game against Cote d’Ivoire

was purely tactical, with a lot of discipline required to subdue them. But we were faced with the choice of either beating Ethiopia or leaving the competition.

“We were cautious in the game and only relaxed when we got the first goal late in the game.

“After the group games, we went back to the drawing board to correct the lapses we noticed in the matches. That was why we moved forward and got better as the competition progressed.”

Keshi says the technical crew spent three days to plan the strategy for the Cote d’Ivoire game, adding: “We analysed their players and their team and found out that even though they had good players, they did not play like a team.

“So, we fashioned a plan that ensured that Kalou, Yaya Toure and Gervinho had no time on the ball. That was why they could not get the ball to Drogba, and as such the great Drogba became useless in the game.”

Keshi also disclosed that the ‘Super Chicken’ moniker given to the team also gingered the players to prove they were better than what people thought.

He said: “I couldn’t understand how a team I captained for 14 years has suddenly become so weak that people will start calling the players super chicken. But I must tell you the boys were awesome. They rose to the challenge because they were hurt; they were angry and they wanted to prove the doubters wrong.

“Another factor was the attitude

Elderson Echiejile (left), Godfrey Oboabona and Kenneth Omeruo (right) try to stop Cote d’Ivoire’s Didier Drogba when the Super Eagles confronted the Elephants in the quarterfinal of the just concluded African Nations Cup. PHOTO: AFP. of some of our officials before the Cote d’Ivoire game. Nobody believed in us even to the extent that the team secretary approached the players to find out their destination after the Cote d’Ivoire game, because he wanted to book flights for them.

“He thought the Cote d’Ivoire game would be our last and he wanted to book flights for the team out of South Africa. That angered the players and they told him to leave them alone, because they were sure of beating Cote d’Ivoire.”

After beating Cote d’Ivoire, Keshi became confident that no other

Super Eagles stars, Azubuike Egwuekwe (left), Sunday Mba, Chigozie Agbim, Godfrey Oboabona and Fegor Ogude when Tom Tom hosted the victorious team in Lagos…over the weekend.

PHOTO: FEMI ADEBESIN-KUTI.

team could stop the Super Eagles from winning the championship.

But he admitted that he was a bit apprehensive when first round foes, Burkina Faso, defeated Ghana to qualify for the final against Nigeria.

“We played the same team and conceded a last minute equaliser, so we were cautious, but still confident.

“When it was a few minutes to the end of the game and we were leading by 1-0, I was tensed, but I told the boys that it was almost over and they should try to kill the game.

“After the game, we were overwhelmed with emotions when it dawned on us that we have achieved what our people have been clamouring for.

“But I must say that we celebrated the victory over Cote d’Ivoire as if it was the final. In the last game we celebrated too, but it was not as emotional as the time we beat Cote d’Ivoire. We went into the game against Burkina Faso confident that we would beat them.”

The Super Eagles has the penchant of conceding late goals during important matches, a habit that nearly cost it dearly during the Nations Cup in South Africa. This is one of the issues Keshi has promised to tackle when the team reconvenes.

According to the coach: “When you start a game, the first five minutes is crucial. You have to be fully concentrated or your opponent will damage you in that period.

“Five minutes to the end of the

first half is also very crucial because it is close to the break period and there is the tendency to relax, so also is the first five minutes in the second half. We conceded a goal against Cote d’Ivoire in the first five minutes of the second half because we lost concentration.

“It is something we are working on. It has to do with mental discipline; if you are disciplined, you will not concede goals in these periods because you are alert.”

Speaking on the African Nations Championship (CHAN), for which Nigeria has not qualified since its inception, Keshi says the problem is with the official attitude to the competition.

The competition is for homebased players and Keshi believes Nigeria has the players to dominate the championship.

He added: “I think we have not qualified for CHAN since its inception because we have not taken it seriously. We need to identify the home-based players and train them to get ready for the challenges. We will ensure we prepare well for our qualifier against Cote d’Ivoire before we go to Brazil for the Confederations Cup.” Keshi expects every Nigerian to support his team at all times because that is the only way to build confidence in the team.

“I cannot assure Nigerians that we will not lose any game, but I want to assure them that we will be prepared for every game. We will win some and lose some, but we are prepared to learn from every game,” he surmised.

Another factor was the attitude of some of our officials before the Cote d’Ivoire game. Nobody believed in us even to the extent that the team secretary approached the players to find out their destination after the Cote d’Ivoire game because he wanted to book flights for them. He thought the Cote d’Ivoire game would be our last and he wanted to book flights for the team out of South Africa. That angered the players and they told him to leave them alone because they were sure of beating Cote d’Ivoire.”

THE GUARDIAN, Monday, February 18, 2013

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Ochei Wheelchair basketball championship dunks off today

By Adeyinka Adedipe HE second edition of the Sir Victor Ochei Wheelchair Basketball Championship will dunk off today at the National Stadium, Lagos with three West African countries in attendance, will end on the 23 of this month.

The three countries, according to the technical director, Wheelchair Basketball Federation of Nigeria, (WBFN), Tamuna Adoki are Togo, Benin Republic and Ghana.

While speaking on the forthcoming championship,

T

which is expected to attract wheelchair Basketball teams from all states of the federation, Adoki disclosed that the foreign participating countries were expected to arrive yesterday while the pre-match meeting for all teams hold Monday at the Indoor Sports Hall.

The WBFN technical director stated that the following states have confirmed their participation at the championship, which attracts N5 million prize money. Lagos, Oyo, Ondo, Delta, Ogun, Bayelsa, Edo, Rivers, Imo, Kwara, Niger and Kaduna,

adding that, ‘’there is room for more states to register for the championship today in order to encourage more participation of states and clubs and I am optimistic that many more will register’’.

The winner of the championship will go home with N2 million, while the second place team gets N1.5 million and the third placed team pocket N1million while the remaining N500,000 would be shared among the best behaved team, best player, best dressed team, among others.

Delta terminates contract for Stephen Keshi Stadium ELTA State government coach, Stephen Keshi. said that he had directed that D has terminated the conGovernor Emmanuel the contract be re-awarded tract for the Asaba Township Uduaghan, who announced Stadium, which has been named after Super Eagles’

this at the Asaba Manner Prayer and Anointing Service,

Lobi Stars’ Ezekiel Bassey and Tony Okpotu modeling the team’s new jerseys during the unveiling of the new attires by OWU Sportswear... at the weekend.

Total Promotions denies demanding N1.5b for NPL ROADCAST partner of the B Nigeria Premier League (NPL), Total Promotions, has denied demanding N1.5 billion from Globacom as condition for relinquishing the Nigeria Premier League (NPL) title right to the telecommunications outfit.

In a release from Total Promotions signed by Funke Akinrele, the company stressed that it demanded from Glo N250 million for an outright buy-out as the custodian of the title right in the last two years.

“We did not demand N1.5 million from Globacom,” Akindele said in the release.

“What we told Glo is that Total Promotions would have made N1.5 billion in television activation if MTN had been allowed to sponsor the league. How they arrived at that N1.5 billion figure is part of their agenda to call dog a bad name so that they can hang it. But it will never work. Nigerians are too enlightened to be hoodwinked by the Interim body.

“We are not a charity organi-

zation. We got the title right because we are in business and we won’t have to fold up because we demanded for a buy-out, which is the norm everywhere in the world. We want to stress that at no time did Total Promotions demand for N1.5 billion, neither did we go back on our concession to pass the Title Right to Glo. But the snag was the inability to work out an agreeable term.”

Meanwhile, the clubs owners have rejected the attempt by the Interim body to rename the NPL as Nigeria Professional League while also kicking against an abridged 2012/13 league season.

The Clubs owners met on Friday and threatened to boycott any abridged version of the league in whatever name it may be called.

The season is expected to take off on March 9 with the oriental battle between Rangers of Enugu and Enyimba of Aba as the star match.

and completed within six months time.

Uduaghan explained that the contract was terminated to ensure the speedy completion of the stadium to avoid the project becoming a white elephant one.

The governor promised that he would complete all ongoing projects and gave assurance that there would be no abandoned projects in the state before he handed over in 2015.

His words: “l have told God that l am not going to leave any abandoned project in this state. We have been having challenges with the contractors in charge of this stadium. It was about becoming an abandoned project but this will not happen, because it will be completed soon.”

He invited the founder of Our Daily Manna Devotional, who officiated at the Asaba Manna Prayer and Anointing Service, Dr. Chris Kwakpovwe, to pray against the spiritual inhibition stalling the progress of the project.

Uduaghan regretted that a lot of people were hinging the slow progress of work at the stadium on what they called the cemetery issue attached to the location of the project and therefore enjoined the man of God to invoke the spirit of God on the stadium site to neutralise any negative spiritual inhibition. “ It is impossible to please everybody. I am not perfect, l have my weaknesses and inadequacies. So instead of criticising me pray to God to give me the capacity to do what is proper and good for the generality of Deltans so that we can move our state

Leeds United’s English defender, Lee Peltier (left) vies with Manchester City’s Argentine striker, Carlos Tevez during the fifth round English FA Cup match at the Etihad Stadium in Manchester yesterday.

PHOTO: AFP

Chelsea stroll in replay, Aguero double lifts Man City HE Premier League’s bigT hitters restored some normality to the FA Cup yesterday with holders Chelsea crushing third tier Brentford 4-0 in a fourth round replay while Manchester City also dismissed Leeds United 4-0 in a fifth round tie.

Midfielder Frank Lampard scored his 199th goal for Chelsea who put four secondhalf goals past Brentford at Stamford Bridge. Juan Mata, Oscar and captain John Terry also netted as secured Chelsea a fifth round clash at Championship (second divi-

sion) Middlesbrough on February 27.

Argentine Sergio Aguero scored twice for 2011 winners Manchester City who eased into the quarter-finals with a confident display that was the complete opposite from their abject surrender in a 3-1 Premier League defeat at Southampton last weekend.

Yaya Toure’s superbly worked early goal set City on their way against Championship side Leeds and Aguero added a second from the penalty spot. Carlos Tevez bundled in a third soon

after halftime and Aguero added a fourth after 74 minutes.

Manchester United host Reading at Old Trafford today.

Three second-tier sides reached the last eight on Saturday, including Blackburn Rovers who stunned 10-times winners Arsenal with a 1-0 victory at the Emirates.

Everton, sixth in the Premier League, were taken to a replay after conceding a stoppage-time goal in a 2-2 draw at third-tier strugglers

Tom Tom redeems N13.4m promise to Super Eagles

By Christian Okpara EMBERS of the Super Eagles were all smiles on Saturday when officials of Cadbury Plc., makers of Tom Tom, the official candy of the national teams, presented cheques totaling N13.4 million to the team as reward for their African Nations Cup victory.

The Tom Tom largesse includes $10,000 to the Most Valuable Player (MVP),

M

$12,000 for the team’s shots on target and N10 million for winning the competition.

At a reception organised by TomTom in honour of the African champions in Lagos, team coach, Stephen Keshi said, “It is appropriate to thank TomTom for all it has been doing for Nigerian football. Its effort has been a great motivation for us. If we have brands like TomTom behind us, our football will

Managing Director/CEO, Cadbury West Africa, Emil Moskofian, presenting a cheque of N10 million to Super Eagles’ Chief Coach, Stephen Keshi, as appreciation for the team’s victorious outing during the Nations’ Cup at TomTom’s PHOTO: FEMI ADEBESIN-KUTI reception for the Super Eagles in Lagos at the weekend.

keep moving forward and we will continue to make Nigerians proud.

“Wherever we go, TomTom will be there because we know now that it cares for our football, the Super Eagles and their performance. By the grace of God, my team will go places.”

Also speaking at the reception, the General Secretary of the Nigeria Football Federation (NFF), Barrister Musa Ahmadu, applauded TomTom for the support it has been giving the national teams.

“They have stuck with the national teams, particularly the Super Eagles through thick and thin, even when a lot of people didn’t believe they would deliver. They have also stuck with the NFF and they have soothed our nerves and make us to breathe better. We appreciate the sponsorship relationship between Cadbury’s TomTom and NFF and I believe it will go higher from here,” Ahmadu said.

Managing Director of Cadbury West Africa, Emil Moskofian, while presenting the team with the prizes, commended it for making over 170 million Nigerians proud with their achievement, and assured the team of TomTom’s continuous support.

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THE GUARDIAN, Monday, February 18, 2013

THE GUARDIAN, Monday, February 18, 2013

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TheGuardian Conscience, Nurtured by Truth

Monday, February 18, 2013

By Dennis Alemu AINING political autonomy or indeG pendence is expensive, as can be empirically extracted from the pages of world history. In every sense, history of the world is a history of wars and conflicts fought by humanity for political freedom and against political oppression and subjugation.

In recent times, the wars of freedom fought respectively in the south-western Sudanese region of Darfur (now officially part of the Republic of Southern Sudan), and Libya provide useful insight into the real cost (value) of freedom - for a people to have their political destiny in their own hands. The two conflicts are typical examples of what it can cost to engage in belligerence to secure political emancipation.

The Darfur crisis: For a better part of its history as a sovereign state, the North African country, Sudan, was engulfed in civil strife.

For this reason, when the people of Darfur revolted against the central government in 2003, the international community read it as another round of the ceaseless metamorphosis of violence for which Sudan was known. Little did the world know then that the country was on the last lap of its fateful journey to bifurcation.

The basis of the uprising, according to the insurgents, was the “long years of neglect of Darfur,” which is home to a substantial share of that country’s vaults of oil wealth.

The Darfur people were not allowed full participation in the affairs of their country, under the control of the Islamic north in Khartoum. Darfur was denied all forms of meaningful development as the oil basket of Sudan.

The revolt was to set afoot a grievous ethnic cleansing agenda orchestrated by the government of President Omar al-Bashir.

The armed Arab militants, who were government-sponsored, known locally as Janjaweeds (which literally means “demons on horsebacks”) engaged in massive killing, maiming and assault on women of Darfur. Officially describing the Darfur genocide in 2008, the UNHCR said some 350,000 Darfur men, women and children had been killed in the conflict. The commission also drew the world’s attention to the over 2.5 million people who had been displaced at the height of the crisis.

Aerial footages on cable news showed the rampaging Janjaweeds setting houses ablaze, after the Sudanese Air Force had strafed villages and towns. Darfur was a blot on a continent constantly in search of peace and stability to consolidate the gains made in democratic governance, education and the MDGs. The mission of the Arabcontrolled government was to ultimately Islamise Darfur communities, which are mainly Christians, by wiping out all males, including day-old male babies. To accomplish this mission, the Janjaweeds threw male babies into burning houses in communities they had sacked, but spared female babies in the hope of raising a new generation of Arab children in Darfur.

However, after so much bloodshed and destruction, Khartoum and the dissident

The basis of the uprising, according to the insurgents, was the ‘long years of neglect of Darfur,’ which is home to a substantial share of that country’s vaults of oil wealth.

The Darfur people were not allowed full participation in the affairs of their country, under the control of the Islamic north in Khartoum. The revolt was to set afoot a grievous ethnic cleansing agenda. The armed Arab militants, who were government-sponsored, known locally as Janjaweeds (which literally means demons on horsebacks), engaged in massive killing, maiming and assault on women of Darfur. Aerial footages on cable news showed the rampaging Janjaweeds setting houses ablaze, after the Sudanese Air Force had strafed villages and towns. The mission of the Arab-controlled government was to ultimately Islamise Darfur communities, which are mainly Christians, by wiping out all males, including day-old male babies.

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The cost of freedom in Libya and Darfur: Lessons for Nigeria

Euphoria, as South Sudanese celebrate their independence to end decades of denial and programmed annihilation.

But their victory did not come cheap – no, not with the numberless male infants who were roasted by the governmentsponsored armed Arab militants, Janjaweeds, to ensure the ultimate ethnic cleansing of the Dafur people.

leaders eventually entered an armistice in Nairobi, Kenya, which cleared the path for a referendum to decide the political future of Darfur and the entire Southern Sudan.

The referendum was conducted in January 2011. With over 98 per cent voting in favour of independence, the Republic of Southern Sudan was born on July 9, 2011. Africa’s youngest state leaves behind a dark chapter of history that is steeped in violence, criminal neglect and underdevelopment, gross violations of human rights and bloodshed.

The Libyan Revolution: The story of the Libyan insurgency is all too familiar and well narrated. In much of the Arab world, the conspicuous political landmark is that of a chronology of decades of one-man rule without accountability to the people. In those climes, there is no fixed term of office, only a leader’s longevity and/or death that determines his stay in power.

The leaders there exercise absolute political and religious authority that is rooted in Islamic theocracy. This offers them the political franchise to run their countries according to their personal caprices and their actions largely go unchallenged.

Libya was a quintessential example of countries in this unique “political comity” and Col. Muammar Gaddafi was the “landlord of the nation” in that political order.

The Libyan uprising, which began in February 2011, was seen globally as deriving from the Arab Spring and it culminated in the ouster and death of Gaddafi. At least 35,000 Libyans died in the war that dragged for eight months. What initially

began as street protests against the 42-year old regime of Gaddafi snowballed into a full-scale civil war that left the country’s political economy in tatters.

Tripoli’s air-borne bombardments of unarmed protesters provoked worldwide anger, forcing the United Nations to pass Resolution 1973, which mandated NATO and its allies to cripple Libyan air defences.

A no-fly zone was declared and enforced by the UN through NATO. European powers consisting of France, Britain, Spain and Germany led the decisive offensive to liberate Libya.

Besides the prohibitive human cost the Libyan people incurred in the insurgency, the country’s critical infrastructure suffered severe setback. NATO Secretary General, Anders Fogh Rasmussen, at one of his press briefings, declared that the Libyan people had had enough suffering, death and destruction because of the conflict. He declared: “The Gaddafi regime is clearly crumbling. The sooner Gaddafi realizes that he cannot win the battle against his own people, the better - so that the Libyan people can be spared further bloodshed and suffering.”

He advised the former leader, Gaddafi, to spare his people further suffering by stepping down from power. His plea fell on deaf ears, as Gaddafi didn’t until insurgent fighters killed him in November 2011. It is instructive that there are many lessons to be learnt from the Libya and Darfur crises.

First, leaders should not take the people they lead for granted in anything. Gaddafi took his fellow countrymen and women

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OLOJA

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ABC (ISSN NO 0189-5125)

First, leaders should not take the people they lead for granted in anything. Another important lesson is that the will of the people is the cornerstone of legitimate governance. To put it differently, a government that enjoys the support and goodwill of the people is the ‘true government of, by and for the people.’ More often than not, when the flood of change surges, leaders who can’t manage it get swept away from their seat of power. Social injustice and leadership exclusivity, as we saw in the Darfur case, can trigger revolutions whose destructive power can consume a nation.

The best bet for leaders is to correlate every segment of society and give everyone a true sense of belonging by way of consultation and consensus building, creating equal opportunities for all and access to state resources, social justice, physical development through social infrastructure and appointments, among others. This is the foundation for forging a united, virile and strong nation. for granted and paid the ultimate price.

However, he did so at a very great cost to the Libyan nation.

Another important lesson is that the will of the people is the cornerstone of legitimate governance. To put it differently, a government that enjoys the support and goodwill of the people is the “true government of, by and for the people.” This is why the will of the people must be respected at all times to preserve government’s legitimacy.

Leaders in Nigeria and elsewhere in the world should realise that change is the only concept or phenomenon that is constant and, therefore, inevitable in the affairs of men. While humans have a transient existence in the present order of creation on earth, human institutions like government outlive them. This is why no leader is in true sense indispensable to the existence or survival of a nation. When an aggrieved people rise up in arms against their leadership, it is a clarion call on that leadership that its time is up and that they no longer need its services.

More often than not, when the flood of change surges, leaders who can’t manage it get swept away from their seat of power. The Libyan experience in particular is a perfect laboratory experimentation that has proved the hypothesis valid, that when a people are pushed to the wall, it is natural that they fight back in their collective subjugation.

Gaddafi’s fist of iron rule in Libya endured for 42 years, and when Libyans said enough was enough, he didn’t blink and what followed is now history - he ended up making himself a past tense in Libyan affairs.

Furthermore, social injustice and leadership exclusivity, as we saw in the Darfur case, can trigger revolutions whose destructive power can consume a nation. The best bet for leaders is to correlate every segment of society and give everyone a true sense of belonging by way of consultation and consensus building, creating equal opportunities for all and access to state resources, social justice, physical development through social infrastructure and appointments, among others. This is the foundation for forging a united, virile and strong nation.

It is high time Nigerian leaders offered selfless service to their country by making the desired sacrifices that would help catapult the country higher on the vault of development. It is beyond any argument that Gaddafi’s Libya was a welfare state, yet that political order was toppled in what became known as the Libyan revolution.

If a revolution of that scale can engulf that welfare North African country, where the state provided free education and accommodation, among others, to its citizens, what is the guarantee that it can’t happen in seemingly docile countries, including Nigeria, with the rampant economic pains and hardship being faced by the common man in the midst of stupendous oil and gas wealth that is controlled by a few to the detriment of millions?

• Mr. Dennis wrote from Lagos