Mon 20 May 2013 The Guardian Nigeria by The Guardian Newspaper

TheGuardian Conscience, Nurtured by Truth

Monday, May 20, 2013

Vol. 29, No. 12,562

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Archbishop of Canterbury, others eulogise Achebe at service of songs • Academy of Letters, college old boys, others pay tributes From Mohammed Abubakar, Nkechi Onyedika (Abuja), Tunde Oyedoyin (London), Lawrence Njoku (Enugu) and Anote Ajeluorou (Lagos) RESH tributes came for FProf.the late Nigerian novelist, Chinua Achebe, as the Archbishop of Canterbury – the leader of the Anglican Church Communion worldwide – the Most Rev. Justin Welby, led a full Anglican service of songs for him in London. The Bishop of Woolich, Rt. Revd. Michael Ipgrave and his Southwark counterpart, Rt. Revd. Christopher Chessun, also eulogised him, so also was the Jamaican High Anglican Bishop of Southwark, Rt. Revd. Christopher Chessun (fifth right); Chief Alex Achebe (sixth left) and members of Anambra Women Union, United Kingdom (UK), during the service of songs for late Prof. Chinua Achebe at All Saints Cathedral, London…yesterday. (Inset: Prof. Chinua Achebe)

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War against secessionists rages in North-East

Editorial on Page 14

From Madu Onuorah, Abuja IGERIAN troops in the N North-East of the country fighting secessionist fighters led by Islamist group, Boko Haram, yesterday continued a mop-up of scenes of battle, killing 14 terrorists and capothers. 20 turing But the Nigerian military lost three soldiers in the encounter while seven were wounded. A soldiers was declared missing. Defence spokesman, Brig.Gen. Chris Olukolade, in an

• 14 more terrorists killed, 20 captured • Three soldiers die, one missing • Jonathan thanks Nigerians for support • U.S. urges restraint by military update in Abuja said that the troops recovered seven vehicles and 13 telephone handsets from the insurgents. More than 2,000 people have died in violence in Nigeria since 2010, most of which is

blamed on Boko Haram. The group, whose name means “Western education is forbidden”, says its quest is to overthrow the Nigerian government and create an Islamic state.

There has been growing concern that Boko Haram is receiving backing from al-Qaeda-linked militants in other countries. Meanwhile, Nigerians were lauded yesterday by President

Jonathan for their support for the state of emergency which he declared last week in Borno, Yobe and Adamawa states. Senior Special Assistant to the President on Public Af-

Afghan Taliban backs polio vaccination - Page 4

fairs, Dr. Doyin Okupe, in a statement said: “President Goodluck Jonathan has expressed gratitude to all Nigerians for the overwhelming support they have given to the declaration of state of emergency in Borno, Yobe and Adamawa states. The President also thanked the leadership of the National Assembly and many of its members, who have through calls and personal visitations, given solidarity and support for this CONTINUED ON PAGE 2

THE GUARDIAN, Monday, May 20, 2013

2 NEWS

Academy of Letters, others pay tributes to Achebe CONTINUED FROM PAGE 1 Commissioner to the United Kingdom (UK), Mrs. Aloun

Ndombet-Assamba. Also, the Nigerian Academy of Letters (NAL) and old boys

of Government College, Umuahia, yesterday paid tributes to the late literary icon. In a one-page eulogy read by his representative at the service held at All Saints Cathedral in New Cross on Saturday evening, Welby said “it is a great privilege to be able to send this tribute to Chinua Achebe as you gather for a service at All Saints in his memory. Chinua Achebe was a wonderful poet and novelist, and one of the most important and influential writers in the history of Literature in English. “He was a world figure, and played a significant role in shaping my own understanding of Nigeria and of the postcolonial era. In offering my condolences, I would also like to express my admiration for his courage in pursuing justice and integrity. ” Welby also described Achebe as “a tremendous human being, and also a family man.” In his own eulogy, Chessun described him as a “novelist of great stature.” The cleric also echoed what Nelson Mandela famously said of Achebe, that he, through his writings, “brought Africa to the world” while remaining rooted as an African. Continuing, Chessun noted: “Certainly his role in the formation of national identity and consciousness in post-independence Nigeria cannot be under-estimated.”

Eulogising Achebe, Ipgrave said he was not just “a great teller of stories,” but “a notable academic” who “lived between the worlds of scholarships and of popular culture, and at times, also of politics and religion.” According to him, that place in-between often proved to be a hard and costly place to be. The bishop told the congregation of about 200 not to be gloomy, noting that: “What we mark tonight for Chinua Achebe is his journey into a place which is no longer at the centre where things fall apart.” On her part, Ndombet-Assamba commended Achebe for not only having a “great impact” on her personally and others who read his books in the Caribbean, but that he “gave them dignity as people of colour.” The diplomat thanked Achebe for giving her and millions of others the “wonderful gift of words from an African perspective.” There were also eulogies from the Chairman of the Central Association of Nigerians in the United Kingdom (CANUK), Chief Bimbo Afoloyan and from the service organiser, Alex Achebe, who was Achebe’s nephew. Alex also read from his uncle’s last work, There was a country. At the colloquium and night of tributes organised by old boys of Government College, Umuahia, elder statesman, Dr. Arthur Agwuncha Nwankwo,

regretted that the societal ills, which made Achebe reject national honours on two occasions, still thrive in the country. He particularly lamented the state of infrastructure, especially the deplorable EnuguOnitsha highway, where Achebe sustained the road mishap that condemned him to a wheelchair until his death, stressing that it was unfortunate that Achebe’s remains would be taken through the same road in its poor state. He said: “He had hoped that in his lifetime, he would see a Nigeria that is truly federal in character and practice; he had hoped that Nigerians would have come to a roundtable to discuss the basis of their continued existence; he had hoped that the leadership would have by now improved infrastructure in the country; repaired the many damaged roads in the country, which, in the first instance, condemned him to a wheelchair till death; rehabilitated our collapsing institutions and given hope to the ordinary Nigerian. That he died without seeing these expectations come to fulfilment is an indictment on Nigeria and her leaders and an indication that all is not well with Nigeria. More than anything else, we should while paying deserved tribute to this literary icon and avatar, give seri-

ous thought to the tragedy that Nigeria has turned into if there is going to be a tomorrow for all of us.” He said it would have been a smear on the reputation of Achebe had he accepted on two occasions national honours based on his belief that the government was notorious for its corruption, ineptitude and economic strangulation of the masses. Nwankwo, who is the Chancellor of Eastern Mandate Union (EMU) and former presidential candidate, described Achebe as a ‘dictionary’, stressing that he lived in the library at Government College, Umuahia, devouring the writings of such writers as Robert Louis Stevenson, Charles Dickens and Joseph Conrad. He insisted that the views expressed by Achebe in his last book, There was a country, represented the minds of the Igbo, stressing that the book was outstanding because it was written with pride and not prejudice. He said the death of Achebe had brought to an end a glorious career that spanned over six decades, adding that he reshaped the English Language to accommodate Igbo voices and concepts. The Nigerian Academy of Letters (NAL) described Achebe’s death as a great tragedy not only to his immeCONTINUED ON PAGE 4

Jonathan thanks Nigerians for supporting emergency rule CONTINUED FROM PAGE 1 extraordinary step taken by the President in order to halt the mindless killings, bombings and general insecurity that had prevailed in that part of the country. “The President also notes with gratification the positive disposition and understanding of the governors of the federation, especially the Northern Governors Forum, Leaders and Elders in the North, traditional rulers, religious leaders, cultural and political groups nationwide, including opposition political parties, civil society organisations and the media.” Military reinforcements have been delivered to the frontline troops, Olukolade said and confirmed that the troops have been encountering a large number of heavily armed terrorists since Saturday. His words: “Special Forces troops have continued the advance and attack on identified

terrorists’ camps in the northern part of the country. Patrols are also ongoing to secure towns and villages from infiltration, while curfews on identified flashpoints are being enforced. “Dislodged terrorists have been noted to be in disarray with a large number of them heading backwards to various borders. There bases are being deserted but they are making efforts to evacuate most of the large stock of logistics, including scores of vehicles in their holdings. “In the course of special forces pursuits and operations, a number of encounters have ensued since yesterday. After a mop-up of scenes of battle, 14 terrorists were confirmed dead, while seven vehicles and 13 telephone handsets were recovered. A total of 20 terrorists were apprehended as they fled. Altogether, three soldiers died, while seven are wounded and are being treated in military medical facility;

one soldier is missing. “Meanwhile, the required reinforcements and logistics have been delivered to forces in front where the forces have been engaging a large number of heavily armed terrorists since yesterday. “Defence Headquarters is quite satisfied with the high standard of compliance with operational order and strict observance of the rules of engagement so far. The forces have been directed to maintain the robustness of the patrols and enforcement of curfews where emplaced and ensure that civilians are kept out of harm’s way as much as possible.” According to Okupe, the President is appreciative of the efforts, loyalty, commitment and sacrifice of members of the Armed Forces and other security agencies who have demonstrated commendable patriotism and gallantry in compliance with the order. He went on: ”Mr. President also appreciates the encouragement by members of the diplomatic corps and international community and promises that as a disciplined force, members of the Armed Forces will operate according to acceptable international rules of engagement and will pay particular attention to the safety and well-being of the citizens of the affected states during this period of emergency rule. “Mr. President also notes that the efforts of the Armed Forces have already started yielding positive results, as available information confirms that the insurgents have been dislodged from their previously safe havens and camps while many have been apprehended, and their activities in the affected states

have been brought to a total halt.” Jonathan also called on all Nigerians to “rally round the Federal Government in this period of national travail in order that collectively, we will achieve success in this major fight against terror in our land, and return peace and stability to our nation with its attendant prosperity, growth and development in the affected region.” He added: “The President has promised that at all times, the Federal Government will not relent or spare any effort that will guarantee the safety and security of all Nigerians, and that all manner of criminality in our country would be fought uncompromisingly with all the powers and might available to the Federal Government.” And Olukolade, in an interview with the British Broadcasting Corporation (BBC) yesterday, stated that until the country’s military realises its objective of successfully checking the insurgency in the northern part of the country, the troops deployed in the three states of Borno, Yobe and Adamawa would remain. Vowing that the offensive against the militants in the north-east would continue “as long as it takes” for the military to achieve its main objective, he reiterated that the aim was to assert Nigeria’s “territorial integrity as a nation.” Earlier, a 24-hour curfew was imposed in parts of the city of Maiduguri, where the military said it had arrested 65 ‘terrorists.’ Maiduguri has been an important base for Boko Haram militants. Early last week, President CONTINUED ON PAGE 4

THE GUARDIAN, Monday, May 20, 2013

News Commission recovers 60 stolen Nigerian artefacts By Isa Abdulsalami Ahovi, Jos HE National Commission on Museum and Monument has recovered over 60 stolen Nigerian cultural objects from six foreign countries. Director-General of the commission, Mallam Yusuf Abdallah, disclosed this at this year’s Museum Day celebrations at the weekend. Historically, the 18th of May every year is always set aside to celebrate International Museum Day which aims at raising awareness on the importance of museum in the development of the society. The theme of this year’s celebration is “Museum, Memory, Creativity and Social Change.” In his remarks on the occasion, Abdallah said the recovery of the stolen Nigerian cultural objects was through international cooperation and understanding with the countries.

Workers, agency disagree over planned strike

Mark promises passage of bill to end violence against women By Bridget Chiedu Onochie, Abuja RESIDENT of the Senate, David Mark, yesterday assured Nigerians of a speedy passage of the Violence Against Persons (Prohibition) Bill as part of measures to curb domestic violence and harmful practices against women. The Bill seeking to eliminate violence in private and public lives, prohibit all forms of violence and discrimination against persons, punish offenders as well as provide maximum protection and remedies for victims, is awaiting passage by the Senate. Mark disclosed Senate’s readiness to pass the bill at the weekend while responding to the request by the Minister of Women Affairs, Hajya Zainab Maina. He noted that when passed into law, the bill will address inadequacies in current laws regulating the Nigerian Criminal Justice systems as well as respond to emerging forms of violence against women.

NIMET tasks govt on use of weather report By Chika Goodluck-Ogazi IGERIAN Meteorological Agency (NIMET) has urged the government to apply early warning weather information in planning and making decisions in vital sectors of the economy. According to the Director General of the agency, Dr. Anthony Anuforom, who gave the advice, the extreme weather events accentuated by climate change such as flooding as experienced in 2012 in the country, pose significant threat to achieving the goals of national and global development programmes like the country’s Vision 20:2020 and the United Nations Development Goals in some sectors of the economy.

By Wole Shadare

ITH the plans by workW ers of the Nigeria Airspace Management

United State Consular General in Nigeria, Jefrey Hawkins (left); Alafin Royal Ambassador on Culture, Dr. Paula Gomes; a member of the team, Miss Avery Amanda and the Alafin of Oyo, Oba Lamidi Adeyemi during the visit of the United States Diplomatic Mission to Nigeria to the palace … yesterday.

NJC threatens to sack lazy, corrupt judges • Probed judges know fate soon By Lemmy Ughegbe, Abuja HE Chief Justice of Nigeria (CJN), Mariam Aloma Mukhtar, has threatened to wield the big stick against lazy and unproductive judges, saying the National Judicial Council (NJC) would now use its Performance Evaluation Reports to dismiss such judges. According to her, the NJC would no longer restrict its sanctions to only matters relating to allegations of corruption or sundry misconducts. It was learnt that the NJC may convene an emergency meeting this week to decide the fate of 20 judges whom it investigated over allegations of corruption, misconduct and sundry charges following petitions brought against them. Speaking at the weekend while receiving “Nigeria’s Judicial Performance Evaluation 2008- 2011’’ compiled in seven volumes by the Nigerian Institute of Advance Legal Studies (NIALS) in her chambers in Abuja, Justice Mukhtar said “it is highly absurd to observe that some judges can’t even deliver up to two judgments in a quar-

ter. “We are now thinking of looking at the performance evaluation of the judges for the purpose of discipline. If a judge cannot deliver three to four judgments in a year, there is no use keeping him on the Bench other than to be shown his or her way out.’’ The CJN said she didn’t know how bad the situation was until she directed all judges to seek permission through their heads of courts before travelling abroad. “The Nigerian Bar Association has also been complaining about the attitude of judges to work these days. Many will leave their work and travel for days abroad. This is why I insisted they must obtain approval before travelling abroad. Until this directive, I never thought things were all that bad, because some of the judges will be seeking permission to travel abroad while the courts are in session, despite the six weeks holiday they are entitled to in a year’’. Mukhtar emphasised punctuality of judges, stating that they are expected to commence with the court pro-

ceeding by 9 a.m., but there were instances where many of them do not resume work until 11 a.m. or 12 noon while the litigants, their witnesses and lawyers keep waiting in the courts. “These are part of the reasons the NJC undertakes performance evaluation from time to time, both at the trial and appellate courts, to determine productivity of the judges and their courts in the states and the Federal Capital Territory. The Supreme Court is not exempted. The NIALS’ performance evaluation could not have come at a better time because it will go a long way to complement the ones carried out by NJC performance evaluation committee,’’ she said. While presenting the Performance Evaluation Report, the Project Director who doubles as the head of NIALS, Prof. Epiphany Azinge (SAN), said the work will go a long way to complement the CJN’s present drive to cleanse the judiciary. Meanwhile, a source said the NJC may this week decide the fate of the 20 judges. Those under investigation include four state chief judges, some justices of the Court of Appeal and judges

of the Federal and State High Courts. Depending on the gravity of the offences established against them, the sanctions range from definite or indefinite suspension without pay and compulsory retirement to outright dismissal. The NJC is headed by the CJN, a jurist reputed for her “nononsense posture and zero tolerance for corruption who has since assuming the exalted office not minced words about her readiness to rid the Bench of bad eggs. Allegations against the 20 judges include judgment fixing, unethical romance with litigants, outright sale of judgments, graft and bribery and engaging in delivery of questionable verdicts. Some of them are also said to have entertained matters beyond their jurisdiction, contradicted their rulings or judgments on similar matters, dismissed cases without taking pleas, sold electoral petitions to the highest bidders and dismissed cases even when there were merits in the applications before them. A few other judges are also being accused of peddling influence among politicians to secure judicial positions.

Agency (NAMA) to embark on industrial action today to press for enhanced salaries, there are fears that travellers may be in for harrowing experience as there is the likelihood of shutting the airspace. The workers told reporters yesterday that “there is no going back” on the planned protest slated for today to press home their demand for implementation of a new salary scale said to have been endorsed by National Salary Incomes and Wages Commission. This was contained in a joint statement by Olayinka Abioye, Abdulkareem Motajo and Aba Ocheme, issued yesterday at the end of an emergency meeting between the National Union of Air Transport Employees (NUATE), Air Transport Services Senior Staff Association (ATSSSAN) and the National Association of Aircraft Pilots and Engineers (NAAPE), on behalf of the workers of the organisations. The General Manager (Public Affairs) of NAMA Mr. Supo Atobatele, had in a statement last Friday said the planned strike had been suspended following a successful meeting between the unions and NAMA. He added that the meeting was expected to continue today to further deliberate on issues at stake after the parties agreed that dialogue is the best way of resolving industrial crisis. But in a swift reaction to the statement from NAMA, the unions declared that Atobatele was not speaking for them to cancel an ultimatum issued and that the planned industrial action had been shelved following the so called successful meeting held by the parties.

Panic, as SAA makes emergency landing over spark By Wole Shadare LAGOS-BOUND South Africa Airways flight yesterday made an emergency return to OR Thambo Airport in Johannesburg after a spark was detected in the aircraft galley. The galley is the kitchen aboard a vessel, usually laid out in an efficient, typical style with longitudinal units and overhead cabinets. Media consultant to the airline, Tope Awe, confirmed

that the aircraft, A340-600, “made an air return after a spark from a kettle in the galley,” adding that as a safetyconscious airline, the crew had to make an air return to base. International best practice stipulates that a captain and his crew make an air return to base or the nearest airport in the event of technical problem with an aircraft in flight. One of the passengers, Chuks Nwanne, who called The

Guardian from Johannesburg, South Africa, narrated that the airplane took off at 2 p.m. Nigerian time. According to him, “less than an hour after take-off, the pilot announced that they had detected fire, and that he was going to jettison fuel to prevent any danger. “He called the control tower and the airport to prepare the aircraft for emergency landing in OR Thambo after hovering for so long.”

Nwanne disclosed that the airport quickly responded as fire-fighting vehicles and other response equipment were immediately stationed in case of any eventuality, stressing that they were really ready for the aircraft. The airplane, he said, eventually landed at the airport at about 3.30 p.m., just as he noted that about 300 passengers onboard the plane panicked. “People jumped up in

prayer, thanked God as the plane made a return to the airport,” he added. “After that, a team of engineers came to inspect the aircraft to rectify the problem before the airplane was certified to fly again.” The aircraft was, however, rescheduled for 6 p.m. yesterday and was expected in Lagos at about 11.30 p.m. yesterday. Among dignitaries onboard were TuFace Idibia with his band, and Mrs.

THE GUARDIAN, Monday, May 20, 2013

4 NEWS

Afghan Taliban backs polio vaccination From Chukwuma Muanya, Geneva SOFTENING of stand in reA sponse to the healthcare needs of the masses has seen the Taliban in Afghanistan backing polio vaccination in that country in order to arrest its continual scourge in the country. In a statement supporting health programmes in the country, with particular reference to polio vaccination campaigns, the Islamic Emirate of Afghanistan said it “supports and lends hand to all programmes that work for the healthcare of the helpless

Nigeria records four new cases, Somalia reports first in six years people of our country.” It advised WHO and United Nations Children’s Fund (UNICEF) “to employ unbiased people in the region,” while the foreign employees should refrain from going to the region and similarly, the campaign should be harmonised with regional conditions, Islamic values and local cultural traditions. “In case of compliance with these rudiments, all the associated workers (Mujahidin) are directed not to create any

kind of trouble for them, rather, they should be provided with all necessary support.” The World Health Organisation (WHO), in a statement yesterday, welcomed the statement and noted the request to respect local conditions, while supporting all efforts to protect the children of Afghanistan from polio and other diseases. Meanwhile, four new cases of type one Wild Polio Virus (WPV1) was reported last

week in Borno, Kano, Taraba and Yobe states, bringing the 2013 cases to 22. The cases from Borno and Taraba are the most recent WPV in the country, both with onset of paralysis on April 24. According to the latest edition of Weekly Polio Update, published yesterday by the Global Polio Eradication Initiative (GPEI), no new case of Circulating Vaccine-Derived Polio Virus type two (cVDPV2) was reported in the past week.

The most recent cVDPV2 case with onset of paralysis on November 24, 2012, was from Kebbi State. However, sub-national Immunisation Plus Days (IPDs) were held penultimate week in northern and middle belt states. Also, WPV1 case has been confirmed in Somalia, the first in the country since 2007, and outbreak response activities have been launched. According to the latest international medicine science, polio can only be cured by preventive measures, that is, the anti-polio drops and the vaccination of children against this disease.

Archbishop of Canterbury, others eulogise Achebe CONTINUED FROM PAGE 2 diate family, the country but to the whole world. In a statement made available to The Guardian in Abuja, the President of the Academy, Prof. Munzali Jubril, said the passage of Achebe, who was a foundation fellow of the organisation, would continue to leave a very deep vacuum in the literary world when taken into account the impact his literary works had had on the world. According to Munzali, a onetime Executive Secretary of the National Universities Commission (NUC), “Achebe is universally remembered as the author of Things Fall Apart and Arrow of God, two of the great African novels of the 20th century. Both are stories of the colonial encounters told from the point of view of a post-colonial era. Besides, Achebe had a profound sense of history. For him, the past is the foundation of the present,

and that what we do with our past has a consequence for posterity. “He had always insisted on the need to understand where we are coming from if we are to remain in control of the present and future, and he applied this principle to his creative writing, and he even extended it beyond himself by mentoring the young generation of writers that would succeed an aging generation that includes Profs. Wole Soyinka and J.P. Clark, two other distinguished fellows of the academy.” The statement continued: “His bequest to the younger generation includes creative writing journal, Okike and the Association of Nigerian Authors (ANA) that he founded a generation ago. He was a creative intellectual who was politically engaged with the issues of his country. As a spokesman for races, nations, ethnic groups and small communities, he claimed the priv-

ilege of the visionary who would not see his people perish by insisting on the right of every community to tell its own story.” Lamenting the decadence of infrastructure in the country, Munzali said: “It is an irony that such a culturally engaged writer and a nationalist should die in another country seeking medical care for an accident that he sustained through his country’s neglect of its road and infrastructure. It should not be that Achebe, who has written so well about the indigenous civilisation of African peoples and in their defence, should now be diminished by being presented champion of one ethnic group. “In culture-specific, but politically representative fictions,

he wrote about the colonised for a global reading public as no one has written before.” Meanwhile, at a commendation service organised by the Church of Nigeria, Anglican Communion, in Achebe’s honour in Abuja, the Archbishop Metropolitan and Primate of Anglican All Nigeria, Most Rev. Nicholas Okoh, described the late writer as a great man, pride of Africa, a world-class professor and a gold medallist of African literature. He noted that Achebe was God’s gift to Africa, Nigeria and Igbo people, adding that he developed African literature and succeeded in spreading the knowledge of African literature to the entire world through his writings. For the Minister of Finance and the Co-ordinating Minis-

ter of the Economy, Mrs. Ngozi Okonjo-Iweala, Achebe was a man that brought fame and dignity to Nigeria. Describing Achebe’s literary works as classic, OkonjoIweala noted that he encouraged other young Nigerian writers, adding that his departure had created a vacuum in the literary world. Also speaking, Minister of Information, Mr. Labaran Maku, described Achebe as one of the most important Nigerians in the last 100 years. On behalf of the family, the Chairman of the burial committee, Prof. Uzodinma Nwala, noted the family was not mourning but celebrating his transition knowing that Achebe had achieved an immortal place in human

14 terrorists killed, 20 captured, others in disarray, flee CONTINUED FROM PAGE 2 Jonathan declared a state of emergency in Borno, Adamawa and Yobe after a series of deadly attacks by militant groups. The Military’s spokesman said the army would continue its operation “as long as it takes to achieve our objective of getting rid of insurgents from every part of Nigeria”. He told the BBC that the of-

fensive “knows the targets it is after, and it took a long time to plan and prepare for this.” “It is their (insurgent) bases, their weaponry, their logistics that we are going to deal with in this operation,” he added. Earlier, an army statement named 12 areas of Maiduguri, the capital of Borno State, which would now be under permanent curfew. The neighbourhoods listed

are considered strongholds of Boko Haram. The whole of Maiduguri was already subject to an overnight curfew. Witnesses said troops were stopping lorries from entering the city. The army also said the 65 insurgents had been arrested trying to infiltrate Maiduguri. Those held had been “fleeing from various camps now under attack”. However, there has been no independent confirmation of the arrests. The army said 10 suspected insurgents were killed in clashes with troops in Maiduguri on Friday and weapons were seized including rocket-propelled grenade launchers. War-planes and helicopter gunships also attacked several militant training camps in the North-East on Friday, officials said. One plane was hit by anti-aircraft fire but officials said it had returned to base safely while the “terrorist base” was “completely destroyed.” United States has urged the Nigerian army to show restraint and not violate human rights as it pursues the militants. Secretary of State, John Kerry, said there were “credible allegations” of “gross human rights violations” by the Nigerian military. Last November, Amnesty International (AI) accused Nigeria’s security forces of carrying out widespread abuses in their campaign against Boko Haram, including extra-judicial killings, enforced disappearances and torture.

Obasanjo decries Yar’Adua’s reversal of policies • Ties economic growth to local content • Laments stock market crash By Adeyemi Adepetun LMOST six years after he A left office, erstwhile President Olusegun Obasanjo yesterday reflected on his administration and deplored the failure of his successor, the late President Umaru Yar’Adua, to continue with his policies. Obasanjo stated that if his policies had been sustained by Yar’Adua, the nation’s economy would have developed. The former president, who noted that economic transformation may not materialise until there was appreciable growth in local content development in the country, spoke yesterday in Lagos during his tour of Omatek Ventures, makers of Omatek Computers and Solar panels. Obasanjo said if Nigeria must become an economic bloc, it must encourage patronage of indigenous products. The former president admitted that there had been a dearth of local content initiatives in all the sectors of the economy, except for the oil and gas sector. He stressed that such initiatives were needed to drive growth in the nation’s Information and Communications Technology (ICT) sector, among others. Obasanjo said that the nation’s economic development should not be hindered, adding that the country should start the process of backward integration, which would encourage the growth of local industries. Obasanjo, who lamented the crash of the nation’s stock market, stated that the administration of President Goodluck Jonathan had taken some efforts towards sustaining his policies. While urging local manufacturers in the country to also start exporting their products abroad, the former president said encouragement should be given to those who were making efforts in this regard. He called on the financial institutions in the country to support manufacturers. “I will never stop fighting the banks because if they are doing what they ought to be doing for economic growth, the economy should have grown better than this. If banks will succeed, they must realise that they have to make producers succeed as well. This is because the money realised is still coming back to them. However, they have improved. The consolidation has made them stronger, approachable and adventurous. But they still need to understand that they are partners with those producing,” he said. According to him, buying locally-produced products help the producers and also the economy. After inspecting the factory, the former president expressed satisfaction, stressing that he believed in Nigeria and what Nigerians were capable of doing positively. He described the Managing Director of Omatek, Mrs. Florence Seriki, as a woman with vision and passion and urged her to continue with her good work.

THE GUARDIAN, Monday, May 20, 2013

Court jails two over illicit drug deal By Joseph Onyekwere FEDERAL High Court, Lagos has convicted and sentence two men to 20 years imprisonment each for illicit drug deal. The convicts are Gabriel Obi and Godfrey Ugwu. They were arraigned by the National Drug Law Enforcement Agency (NDLEA) on a two-count charge of unlawful importation of 165 Kilogrammes of cocaine from Bolivia into Nigeria. The trial judge, Justice Okechukwu Okeke on Friday held that the prosecution had discharge its burden of proof by proving its case beyond reasonable doubt. He said: “I do not believe the testimonies of the accused, when they alleged they were business associates. “The accused did not lead any evidence to substantiate the claims that they were actually partners doing genuine business. The accused are hereby convicted as charged. “On count one, the accused are sentenced to 15 years imprisonment while on counts two they are sentenced to five years imprisonment. The terms of imprisonment are to run concurrently”.

NEWS 5

Falana, INC ex-chief urge caution on Rivers crisis By Abiodun Fanoro, Seye Olumide (Lagos), Ann Godwin (Port Harcourt) and John Akubo (Dutse) RONTLINE lawyer and human rights activist, Mr. Femi Falana, has accused the Nigeria Police of openly aligning with a faction of the Peoples Democratic Party (PDP) that is considered loyal to President Goodluck Jonathan in the face-off with Rivers State Governor Rotimi Amaechi. In a similar vein, former President of Ijaw National Congress (INC), Prof. Atuboyedia Obianime, has advised politicians in the state not to overheat the polity so as to save the future and econ-

Ex-Rep flays Amaechi over aircraft omy of the state. Obianime gave the advice in Port Harcourt, the state capital, at the weekend while delivering a lecture on the Port Harcourt Centenary Celebration organised by the Wakirike Bese Council of Chiefs. However, a former member of the House of Representative, Farouk Adamu Aliyu, has cautioned Governor Chibuike Amaechi to obey the rules if he wants to fly an aircraft. He said if the Rivers State government had admitted the aircraft was registered in the

United States and the papers of the aircraft expired on April 2, 2013, and if he is denied to fly, he should face the law but should not link it to his fight against Jonathan. In a statement yesterday, Falana condemned the manner in which a combined team of police and armed thugs has occupied the secretariat of a council for several weeks in defiance of a court order, noting that the violent clashes, which were allegedly supported by the police, had led to the death of one person and several others injured.

Worried over the withdrawal of the police orderlies attached to the officials of the Executive and Legislative arms of the Rivers State government on the order of the authorities in Abuja and the likely withdrawal of security personnel assigned to protect Governor Amaechi, Falana said the Inspector-General of Police and the Rivers State Commissioner of Police may be charged for conspiracy and treason if the embattled governor is kidnapped or killed by the official thugs. According to him, “It is indisputable that the undisguised partisan role of the Nigeria Police in the political crisis in

Abia warns travellers against ritualists From: Gordi Udeajah, Umuahia BIA State government has warned those travelling in the state to board vehicles only at designated motor parks and bus stops. This is due to existence of suspected ritualists that have been discovered to be operating as transporters between Obikabia junction and the new Umuahia road in Obingwa Local Council Area of the state. Outgoing Secretary to the State Government, Professor Mkpa Agu Mkpa, who made this known, explained the modus operandi of these criminals, saying that they pick up vehicle-awaiting unsuspecting passengers/travelers along the road, hypnotise and take them to unknown destination for rituals. According to him, the matter has been reported to the law enforcement agencies, stressing that one of the ways to avoid falling victims to this group is by boarding clearly designated commercial vehicles at designated motor parks and bus stops.

Ebonyi women prepare for council polls, form NGO From Leo Sobechi, Abakaliki S part of their strategies to ensure they attain 35 percent of elective and appointive political positions, Ebonyi State women have started mobilizing for the forthcoming council election in the state by inaugurating the Women for Change and Development Initiative, (WCDI) in the thirteen local government councils of Ebonyi State. Speaking while inaugurating Coordinators for the group in the local government council chapters, weekend, at the Conference hall of the office of wife of Ebonyi State Governor, Mrs. Josephine Elechi; the South-East Coordinator of WCDI, Mrs. Amaka Obiajunwa, said the success story of Mrs. Elechi was a big boost for women to access positions of authority even as she commended Mrs. Elechi for persuading her husband to appoint more women in the state.

Cross River State Governor, Liyel Imoke (left) and the Deputy Mayor of Chang Chun Province, China, Mr. Gui Guangli, when the latter led a delegation on Trade Mission to Government House, Calabar

NANS, ANEEJ, COCIN, others okay state of emergency declaration From Alemma-Ozioruva Aliu, Benin City, Olawunmi Ojo (Lagos), Isa Abdulsalami Ahovi (Jos), Adamu Abuh and Bridget Chiedu Onochie (Abuja) ORE reactions have continued to trail last week’s declaration of State of Emergency in three northern states of Borno, Yobe and Adamawa. National Association of Nigerian Students (NANS), in an interview with The Guardian, defended its reasons for backing President Goodluck Jonathan that it was an insult on the collective intelligence of Nigerians for a group to emerge all of a sudden, “with a foggy and ill-defined objective such as repudiating formal education and brazenly unleashing terror for so long with security agencies unable to trace or identify its roots”. According to NANS National President, Yinka Gbadebo, the ability of the Boko Haram sect to hold the country to ransom for this long period was a huge indictment on the nation’s security system. The National Think-Tank (NTT), a not-for-profit advocacy group that promotes peaceful co-existence, unity and progress of the country, has urged all citizens regardless of tribal, ethnic, religious or political affiliations to rally round the latest action of the Federal Government to restore law and order in some trouble-spots in the NorthEastern part of the country. In a statement by its National

Director, Media, Mr. Dele Agekameh, at the weekend, the group noted that the security situation in the three states of Adamawa, Borno and Yobe, which necessitated the declaration of a State of Emergency on them by President Goodluck Jonathan on Tuesday last week, was gradually turning the entire North-East to a theatre of banditry, arson, mindless killings and various acts of brigandage, which no responsible government would tolerate. The situation, the organisation said, had become so bad

that the entire government apparatus in the affected states was in serious jeopardy while economic life had almost collapsed. Added to this, the NTT said, is the collateral effect of this sordid state on the economy, security and wellbeing of Nigerians across the country. The General Council, the Church of Christ in Nigeria (COCIN) ended in Jos with a call on the state and Federal Governments to take pro-active and definite measures to curb insecurity in the state and country.

In its 17-point communiqué signed by COCIN President, Rev. Soja Bewarang, the church applauded the bold steps taken in declaring a state of emergency in Adamawa, Borno and Yobe states, praying that the measure will bring lasting peace. Executive Director, African Network for Environment and Economic Justice (ANEEJ), Rev David Ugolor, while commending the action yesterday, urged the President to ensure that “overzealous” security agents do not undermine the country’s democracy.

Rivers State is a total negation of the letter and spirit of the New Police Code of Ethics fashioned out by the Inspector General of Police, Mr. Mohammed Abubakar and launched in Abuja on January 10, 2013, by President Goodluck Jonathan. “In the said Code, it is specifically stated that: A police officer shall perform all duties impartially, without favour of affection or ill-will and without regard to status, sex, religion, political belief or aspiration. All citizens will be treated equally with courtesy, consideration and dignity. Officers will never allow personal feelings, animosities or friendship to influence official conduct. “Laws will be enforced appropriately and courteously and in carrying out their responsibilities, officers will strive to obtain maximum cooperation from the public. They will conduct themselves both in appearance and composure in such a manner as to inspire confidence and respect for the position of public trust they hold.” Falana added that since the Code of Ethics binds all police officers, the Rivers State Commissioner of Police ought to be sanctioned for not maintaining a neutral position in the political crisis in Rivers State and for willfully treating the order of a competent court of law with contempt. “Having regard to the commitment of the Nigeria Police to treat all citizens equally, the political office holders should not be subjected to any discriminatory treatment on the ground of their alleged loyalty to Amaechi. Like their counterparts in other states of the federation, the Rivers State political office holders should have their orderlies restored without any further delay”, he added. He, therefore, urged the police and the judiciary to stop taking sides in the political crisis in Rivers, as they are required to be fair to all concerned. “On his part, President Jonathan should be made to appreciate that he cannot afford to toy with the security of any part of the federation on the basis of political differences with some state governors. Therefore, he should ensure that the impunity in Rivers State is terminated forthwith.” Obianime noted that Port Harcourt, on the security map of Nigeria, is rated red due to the political, military, infrastructural and economic interests and investments.

ASUU condemns kidnap of 20 DELSU lecturers From Chido Okafor, Warri HE Academic Staff Union of Universities (ASUU), Delta State University (DELSU) chapter, at the weekend held a meeting with Delta State Police Commissioner, Ikechukwu Aduba, at the Abraka campus during which they decried the abduction of 20 members, their spouses and relations in the last two years. ASSU Chairman, DELSU chapter, Dr. Emmanuel Nwafor Mordi, said the rising trend of abduction of university teachers, their spouses and relations was threatening academic activities in the institution. He lamented that the development, if not quickly tackled, could lead to exodus of

academic staff for safety reasons, wondering why kidnappers target university lecturers who are performing essential duties to society. Mordi said: “It is unfortunate and very frightening that it has become our lot in recent years to be saddled with the burden of combating kidnapping and related nefarious acts, which have posed a danger to the security of lives and property of our members’’. According to him, “since 2011, ASUU members have been in constant danger of losing their lives to kidnappers and armed bandits, as no fewer than 20 academics and their spouses and relations, as well as other staff of DELSU, Abraka campus, have been kidnapped during the period”.

The DELSU ASUU chairman narrated with deep concern the abduction of Dr. Mercy Mokobia, a lecturer in Science Education Department, who was kidnapped on April 9, 2013, at about 1:00 am in her bedroom and has not been seen till date, as well as Dr. Ugochukwu Uzuegbe, who was also kidnapped in Edo State in May 9, this year, but regained his freedom after paying a ransom. The Commissioner of Police, in his response, equally wondered why lecturers should be targets of kidnap. He blamed the rise in kidnap cases in Abraka and environs on criminal elements that he described as insiders. The Police chief vowed to crush kidnappers in its en-

tirety in the state and warmed that any building discovered to be used for kidnapping activities would be demolished. He said the Police Station in Obiaruku near Abraka and other police posts would be fortified to give the hoodlums a good fight. “We will leave no stone unturned in ensuring that the cankerworm is destroyed so that the university town and other neighboring areas will be in absolute peace”, remarked the police boss. Vice Chancellor of the university, Prof. Eric Arubayi, suggested a more pragmatic measure to speedily remedy the frightening situation, saying the lecturers and the town were under siege.

THE GUARDIAN, Monday, May 20, 2013

6 NEWS

Lack of funds threatens doctors’ overseas training, says NMA From Emeka Anuforo, Abuja EARTH of funds is threatening the recommencement of the overseas clinical programme for doctors which the Federal Government reintroduced last December, the Nigerian Medical Association, (NMA) has revealed. Also, the NMA has sought the support of the nation’s legislators for political and legislative backing for a national holiday for health check up. Following approval by the Federal Government, the Ministry of Health last September reintroduced the overseas component of the residency programme for doctors and assured that the first batch would leave shortly afterwards. But eight months afterward the policy was reintroduced, there is no sign of progress as unavailability of money has stalled the project. President of the NMA, Dr. Osahon Enabulele, who raised the alarm on the development at the weekend, called on the National Assembly to step into the issue. He spoke when he visited the Speaker of the House of Representatives, Aminu Tawbawal in Abuja. Enabulele said: “To improve Residency training, the overseas clinical attachment programme was recently reactivated by the Federal Government through the Federal Ministry of Health. Though it is still at a pilot stage, we wish to inform Mr. Speaker that poor budgetary provisions is already threatening to cripple this progressive programme.” He added: “Residency train-

Seeks holiday for health check-up ing is the backbone of medical manpower and is also a potential fountain of scientific innovations in the field of medical research. We regret to state that this programme is still inadequately funded in Nigeria. “In many of the Federal hospitals where training of resident doctors is carried out, funding for Residency training is either not budgeted for, or is nonexistent or in some centres where attempts are made to finance it, it is extremely poor. Hence, update courses, exams and other course fees are not paid fully or promptly. The facilities on ground are no longer ideal for training. It is in this light we wish to bring to the Speaker’s attention that the budgetary allocations to the training institutions for training of resident doctors and other health workers in the 2013 federal budget were drastically reduced by the National Assembly, with resultant restiveness amongst resident doctors in the various training institutions.” He added: “As a result of the reductions, many of the local hospital budgets do not currently reflect provisions for training, thus relegating training and the innovative overseas clinical attachment programme, to the background. To address this unfortunate situation, we strongly appeal for a supplementary budget for residency training for our institutions and for adequate budgetary provisions to be made in future budgets.”

He said: “To strengthen health awareness amongst Nigerians, improve the health seeking behaviour of Nigerians, and ultimately ensure a healthy polity, the NMA has called on government to declare a public holiday once a year dedicated to health check up by Nigerians.” The NMA president stressed that the association had commenced re-organisation and reformation of the health practice environment and restoration of professional dignity with implementation of clinical governance and prosecution of a total war on quackery and unethical healthcare practices in Nigeria.

Cross section of guests at a public lecture on “The Future of African Energy in a Changing World” delivered by the Minister of Petroleum, Mrs. Diezani Allison-Madueke at Oxford University, London... yesterday

Farmers’ body urges focus on agriculture From Charles Akpeji, Jalingo GAIN a call has been made to the Federal Government to urgently shift attention from petroleum resources as the nation major source of revenue to agriculture. The call was made yesterday at the Taraba State chapter of the All Farmers Association of Nigeria (AFAN) delegate conference. Rather than depend solely on oil, the National President of the association, Senator Abdullahi Adamu, called on the Federal Government to take advantage of the nation’s oil wealth by using its proceeds to consolidate on other sectors, especially agriculture. Adamu who was represented by the AFAN’s national secretary, Dr. Tunde

Arosanya at the state delegate conference at Jalingo, added that “oil is not sustainable because it is the deposit of nature” which according to him can wear out. According to him, “government should identify with the farmers by providing tractors and other farm imputs to them because agriculture can be used to move the nation to the highest peak.” For the country to continue to depend only on oil as the only major source of revenue, he compared it to a “man walking only on one leg” hence the urgent need for the nation to fall back on agriculture which he described as “the mainstream of the country’s economy.” The former Nassarawa

State governor lamented that the country had continued to import food in spite of the availability of human and material resources, adding, “the way we are practising agriculture in this country is not encouraging.” He said that “any country that cannot feed itself but continue to depend on the importation of food, ought not to be called an independent nation,” stressing that “agriculture can be used to check unemployment.” On his part, the state leadership of AFAN under the chairmanship of Abubakar Hassan, called on the state government to extend more helping hands to farmers by using the SURE-P programme funds to acquire farm implements rather than using the funds in purchasing tricycles.

APC links youths’ emigration from S’East to govt neglect From Lawrence Njoku, Enugu CHOING neglect, the All Progressives Congress (APC) in the South-East, said yesterday that the cosmetic approach to the development of the zone by the President Goodluck Jonathan–led administration was dangerous, adding that one of its negative effects was the mass exodus of the region’s youths following the absence of Federal, state and private investments. In a statement in Enugu by its National Publicity Secretary, Osita Okechukwu, the party agreed with the assertion by Jonathan that the South East was his strongest support base and indeed the People’s Democratic Party (PDP), lamenting however, that the zone had nothing to show for the support. Jonathan during a town hall meeting with stakeholders of Igbo extraction in Enugu on Saturday, shortly after commissioning the remodelled Akanu Ibiam International Airport terminal, said that his strongest support base was the Southeast, adding that the zone had continued

to support him right from his days as Vice President and had not relented. But APC in the statement observed that since the inception of the 4th Republic in 1999, successive PDP administrations nor that of President Jonathan had paid back in commensurate projects the unalloyed support given by the South East. The statement added, “We remember vividly how expresident, Chief Olusegun Obasanjo made the same campaign attractive, promises of 2nd Niger Bridge, Onitsha Sea Port, Enugu CoalFired-Plant, Oguta or Ukwa Refinery or Gas Powered Plant, revival of Nkalagu Cement Factory etc. And no dice! “We regret that President Jonathan is taking Ndigbo in roller-coaster again; sometimes last year Ndigbo Chorus Singers and Food is Ready politicians were assembled at Onitsha to launch the Onitsha Sea Port, months down the line we are yet to locate any ship berthing at the so called port”. APC said that since the

promises of building a 2nd Niger bridge was made, “We are yet to locate the design of the 2nd Niger Bridge, Environmental Impact Assessment nor Estate Evaluation of Assets on the way. All we heard was the chorus lead by Governor Peter Obi and other Food is Ready singers chorusing the Messiah song of we have never heard so good.” APC continued, “Secondly, since Prof. Barth Nnaji was unceremoniously hacked, no mention was made of the Enugu Coal-Fired-PowerPlant, by President Jonathan, even at Saturday’s Town Hall meeting. All we learnt was that the money budgeted by Nnaji has been squandered. “The Oguta or Ukwa refinery or Gas Power Plant and other robust projects mouthed during the 2011 Fresh Air presidential campaign has been consigned to the dust-bin of history. “We had thought that the occasion could have provided Mr. President the opportunity to resolve the unnecessary Nigercem bickering between Chief C. Ibeto and Governor Martins Elechi.”

Edo begins payment to contactors today From Alemma-Ozioruva Aliu, Benin City S a way of re-assuring contractors in the state of government’s readiness to continue various projects, the Edo State government would today begin payments worth N10 billion to contractors whose certificates of work done have been submitted since last November. It however, called for patience from the people as it pledged that all works started must be completed and those yet to be captured would be captured. Commissioner for Works, Osarodion Ogie in a chat with some journalists yesterday said the state government relied solely on Internally Generated Revenue (IGR) for the construction works going in the state.

ACN UK holds confab June 20 By Babatunde Oso HE Action Congress of T Nigeria, (ACN) United Kingdom (UK) Chapter, under the umbrella of Progressives Merger Committee, UK, is organising a conference in the UK in June 20, 2013. Former head of state, Gen Muhammadu Buhari, Bola Tinubu, former Governor of Kano State, Alhaji Ibrahim Shekarau, Prof Pat Utomi, Mr. Nasir el Rufai, Dele Alake, Mrs Bisi Fayemi, Dr. Garba Abari and all governors of APC are expected to speak at the event. Other guests include lawmakers from the UK who have special expertise and interest on Nigeria and Africa. Co-ordinator of the group, Dr. Ibrahim Emokpaire said the conference will aim to consolidate the outcome of the merger negotiations in Nigeria; look at the practical levels from other countries examples towards the road map to successful progressive governance; provide the opportunity for the progressives to showcase the credibility and seriousness as an alternative government in the waiting and hopefully build international consensus around the progressive merger agenda and intent, among others.

THE GUARDIAN, Monday, May 20, 2013

NEWS

APGA faults INEC over crisis, Okwu defends Obi •Raises peace panel From Gordi Udeajah (Aba), Leo Sobechi (Abakaliki) and Ezeocha Nzeh (Abuja) ITING inconsistency, the Enugu State chapter of All Progressives Grand Alliance (APGA) has accused the Independent National Electoral Commission (INEC) of playing to the gallery and prolonging the leadership crisis in the party, saying that INEC’s latest actions evince double standards over the matter. Meanwhile, factional national chairman of the party, Maxi Okwu, at the weekend in Aba, Abia State, debunked the insinuations within the party that

Ondo State Governor Olusegun Mimiko (left); Minister of Agriculture, Dr. Akinwumi Adesina; Vice Chancellor, Wesley University of Science and Technology, Ondo, Prof. Kola Badejo and Vice Chancellor, Federal University of Technology, Akure (FUTA), Prof. Adebiyi Daramola, during a visit by Adesina to the governor in Akure…at the weekend

Orji orders arrest of collapsed building owner, others From Gordi Udeajah, Umuahia OVERNOR Theodore Orji of Abia State has ordered the arrest of the owner and designer of the three-storey building, which collapsed last Wednesday night at Agbama Estate, Umuahia. It was learnt that the house did not have the approval of the state Estate Development Agency before the owner commenced its development. Orji, who visited the scene after he cut short his official visit to Abuja, ordered the arrest of the owner/developer and the person that drew the plan, saying that a panel would immediately be set up to investigate the collapse. Orji also made a N500,000 deposit to the Federal Medical Centre, Umuahia, for the treatment of the victims of the collapsed building being hospitalised there. Also, while at the site same day, Director of the state Estate Development Agency, Iyke Onwukwe, who was in company of his top management staff, disclosed that though the house owner submitted a structural drawing of the building, it was not sealed due to its deficiency hence, the agency did not approve its development.

Varsity board pledges better service From Uzoma Nzeagwu, Awka HE newly-inaugurated Board of Nnamdi Azikiwe University Teaching (NAUTH), Nnewi, has said that its objective is to reposition the hospital and improve services to clients in the state and catchment areas to ensure excellence. Speaking with journalists in Nnewi yesterday, the board’s Chairman, Prof. Ivara E. Esu, explained that they assumed office with a clear mandate, notably to perform oversight functions, including looking at the policies, finances, staff and the general wellbeing of the institution. He explained that the 13member board would work to ensure that NAUTH witnessed rapid expansion in infrastructure and manpower development, adding that efforts would be intensified to move to the permanent site soon.

Governor Peter Obi of Anambra State has abandoned APGA for the Peoples Democratic Party (PDP). And to ensure that peace returns to the APGA, the National Working Committee (NWC) of the party at the weekend constituted a 20 -man crisis review committee, headed by Ziggy Azige. Also, Special Adviser to Governor Peter Obi on Markets and Parks, Mr. Sylvester Nwobu-Alor, has advised the embattled National Chairman of APGA, Victor Umeh, not to over-reach himself in his comments over the correct position of things

Agbakoba asks court to quash charge against subsidy fraud suspect By Bertram Nwannekanma ORMER President of the Nigerian Bar Association (NBA), Mr. Olisa Agbakoba (SAN), has filed an application at an Ikeja High Court, Lagos, urging it to quash the charges against an oil marketer, Oluwaseun Ogunbambo, over an alleged fuel subsidy fraud. The Economic and Financial Crimes Commission (EFCC) had preferred a 10-count charge against Ogunbambo and two others for allegedly using forged cargo and freight documents to obtain the sum of N976,653,110.28 as subsidy claims from the Federal Government. However, Agbokoba in the application, raised three major constitutional and jurisdictional issues against the EFCC at the Ikeja High Court presided over by Justice Adeniyi Ogunbanjo. The first issue touches on what is referred to in legal parlance as Miranda rights. Miranda rights are secured

rights of persons arrested or detained, to have legal representation immediately on arrest and before making any statement. It is believed that this may be the first time a court in Nigeria is called upon to determine the issue of non-administration of Miranda rights by law enforcement agents. These rights, the former NBA boss argued, are contained at Section 35(2) of the Constitution and Section 3(2) & (3) of the Administration of Criminal Justice Law of Lagos State. The purpose of Miranda rights is to prevent coercive and involuntary extraction of statements by law enforcement agents, a widely acknowledged practice in Nigeria. The rights guarantee voluntariness of statements. Agbakoba argued that Miranda rights were not administered to the defendants by the EFCC. In an affidavit in support of

the application, Agbakoba argued that prior to the interrogation of the accused persons, the EFCC did not inform them of their right to consult a counsel of their choice before making or writing any statement; or answering any question put to them. The affidavit, which was sworn to by Jude Ehiedu, said the anti-graft agency’s operatives did not inform the accused persons of their right to remain silent or avoid any question until after consultation with their lawyer. He further contended that the Commission did not inform the accused of their rights to refuse to answer any question or make or endorse any statement. “After the applicants were arrested by the operatives of the respondent, the applicants were interrogated and made to write statements without being informed of their rights to silence and counsel. The applicants made written statements at the instance of the

Why N’Assembly won’t rush 2013 budget amendment, by Maccido From Azimazi Momoh Jimoh, Abuja DISCLOSURE has come from Chairman of the Senate Appropriation Committee, Ahmad Muhammad Maccido, that the National Assembly is not in a hurry to pass the 2013 Budget Amendment Bill but will take time to go through the document thoroughly. He disclosed this to journalists at the weekend in Abuja, explaining that the amendment being requested by the executive arm of government, touched on all aspects of the budget that had already been passed. He said the Amendment Bill gave the impression that all the input made by the National Assembly into the earlier budget have been rejected by the executive arm of government. “The amendment we are working on is just like another budget altogether. It seems as if the whole input of the National Assembly into the earlier budget has not been agreed to by the executive”,

Maccido added. “They want us to look into our input as a whole. So, we have to sit down again and reexamine it. It is not something we will rush because we are going through the whole of the budget again”, he added. According to the lawmaker, the senators are still studying the document, a situation that will make the passing of the bill delay a great deal. “So, it is going to take us a lot of time like three weeks or more. In any case, this is its third week I think. Most senators are still not prepared for the amendment bill yet because they are still going through it. Until such a time when they are through, we cannot just put the bill in the Order Paper.” Maccido also declared that the delay in passing the Amendment Bill would not affect the economy and governance because there is a budget being implemented at the moment. “The time we are taking will not cause any problem

because we still have a budget that is operational. That one has been passed into law. And it is the one being implemented at the moment. Until such a time when we pass this Amendment Bill, that budget that has been signed remained the budget to be implemented.” President Goodluck Jonathan had in March sent a bill to amend the N4.987 trillion budget, which he reluctantly signed earlier. Details of the amendment to the 2013 budget as sent to the National Assembly showed that the President retained the budget’s total figure of N4.987 trillion as passed last December by the National Assembly. But the President wanted the Legislature to increase the recurrent (non-debt) to N2.418 trillion instead of the N2.38 trillion passed by the National Assembly. He also wanted an amendment to the budget to reduce the N1.62 trillion capital budget to NI.588 trillion.

operatives of the respondent without consulting or engaging a counsel. “The respondents did not inform the applicants of their right to apply for free legal representation from the Office of the Public Defender, Legal Aid Council or any such agency. “From the information obtained from the applicants at the meeting referred to above, I am aware that the manner of arrest and extraction of written statements from the applicants infringed constitutional and statutory safeguards for fair hearing and due process.”

in APGA. Enugu State Chairman of the party, Mr. Sochima Nwachukwu, who spoke with reporters in Enugu at the weekend, accused the electoral umpire of lack of seriousness over the APGA crisis, said “it was appalling that INEC, which granted APGA the authority to hold congresses and convention on April 4, 5, 6 and 8 2013, at all levels of the party, would decide to play double standard by giving Umeh recognition”. Nwachukwu declared that Enugu chapter of the party was solidly behind Okwu as the national chairman of the party, even as he called on INEC to urgently rescind the decision, since according to him, “the April 8 congress was certified by the electoral authority”. He expressed surprise that INEC had to rely on an order given after the new APGA leadership had long been inaugurated to wake up Umeh as national chairman, adding, “to me, INEC is biased”. Okwu added: “Governor Obi is still a very a strong, committed and loyal APGA member. This can be attested to by his refusal to join the PDP at the time the late President Umaru Musa Yar’Adua successfully wooed and lobbied governors Theodore Orji of Abia and Ikedi Ohakim of Imo State. Obi has also not distanced himself from APGA even as he overtly remained close to the late party leader, Chief Emeka

THE GUARDIAN, Monday, May 20, 2013

WorldReport Poll rates Obama high despite scandals NITED States (U.S.) U President Barack Obama rode high in a new opinion poll released yesterday, showing that 53 per cent of Americans approve of the way he’s doing his job, despite a flurry of recent scandals. The survey of 923 adults by the Cable News Network (CNN) and the ORC International polling organisation found that 45 per cent of respondents disapprove of Obama’s job performance. In early April, the same poll gave the president a 51 per cent approval rating, showing that Obama is holding steady despite a brutal week in which the White House attempted to control damage from three simultaneous scandals, which threatened to derail his agenda.

Kenyan police kill two suspected ‘terrorists’ OLICE in Kenya have P reportedly shot dead two suspected “terrorists” – a man and woman – who used a baby as a shield during a raid in which several police sustained grenade injuries. An officer said yesterday that police staged the raid on Saturday night on a house where the two were holed up on the outskirts of the capital, Nairobi. “We received information that they were planning an attack. And as soon as we got to know their hide-out, we action,” into swung Augustine Nthumbi, police chief for Nairobi’s Kasarani suburb and the leader of the operation, told journalists yesterday.

N’ Korea test-fires new short-range missile ESPITE appeals from D South Korea and the United Nations (UN) chief, Ban Ki-moon, to halt the launches at a time of high tensions, North Korea yesterday test-fired a short-range missile off its east coast – its fourth in two days. The guided missile was fired into the East Sea (Sea of Japan) yesterday afternoon, ministry defence a spokesman told Agence France Presse (AFP) without elaborating. On Saturday, the North fired three short-range missiles off its east coast, apparently as part of a military drill. The North’s short-range missile launches are not unusual but come at a time of heightened alert on the following peninsula, February Pyongyang’s nuclear test which sparked tougher UN sanctions. Angered by the sanctions and by a joint U.S.-South Korean military exercise, the North for weeks threatened nuclear or conventional attacks on Seoul and Washington.

Nigeria takes bid for UN Security Council’s seat to AU From Oghogho Obayuwana, Foreign Affairs Editor IGERIA’S bid for the nonpermanent seat on the United Nations (UN) Security Council would be formally presented to the African Union (AU) Assembly of heads of state and government this week in Addis Ababa, Ethiopia. The continental body’s 21st Ordinary Session is coinciding with the 50th anniversary of the establishment of the Organisation of African Unity and African Union (AU), which carries a special theme: Pan Africanism and African Renaissance. But even as the country ordinarily looks poised to sit at the elite Security Council chamber, there are hurdles – identified by diplomatic watchers including a university don, Professor Abdulhameed Ujo – which the country must surmount in order to have a successful outing on the continental stage in this regard. These include among others, the power shift sentiment, Francophone alliance as well as the intensified lobbying activities of groups within and outside the continent whose interests are better served if Nigeria does not get one of the two proposed slots to represent Africa in a non-permanent capacity at the UNSC. Going by the UN’s internal administrative arrangement, five of the 15 members of the UNSC are elected each year. Africa has three members. The two-year term of Morocco and Togo ends in December

• Don lists hurdles Nigeria must surmount to clinch seat this year. Rwanda was elected last year and its term will expire on December 31, 2014. The two vacant positions are those currently being occupied by Morocco and Togo. Nigeria wants one of the seats and is seeking the endorsement of the 54-member AU. The Guardian has learnt that Nigeria is also fielding candidates for the two elections coming up before the Executive Council during the summit. These are the AU Commission on Human and Peoples Rights (AUCHPR) and the African Committee of Experts on the Rights and Welfare of the Child (ACERWC) Just as the country has received the endorsement of the AU for the election of her candidate to the presidency of the Executive Council of the International Civil Aviation Organisation (ICAO) which is coming up later in the year in Montreal, Canada. A significant factor that would count in Nigeria’s favour for the UNSC seat, is the support already declared for its bid by the Economic Community of West African States (ECOWAS) as well as the African Group at the UN in New York. But according to the Dean, Faculty of Social Science and International Relations of the University of Abuja, Ujo, there are booby traps staring while continental politics have become very complex. The continent is divided into five geopolitical regions – North, South, East, West and Central. Speaking to The Guardian

On paper; it looks like an easy ride for Nigeria. In practice, it is not so easy in the dangerous and unpredictable waters of African politics. Certain factors are likely to work in favour of Nigeria. Togo, which is concluding its tenure, is from the same zone with Nigeria. Those who are against Nigeria may exploit the situation to argue for ‘power shift’.

on the issue at the weekend, he said “On paper; it looks like an easy ride for Nigeria. In practice, it is not so easy in the dangerous and unpredictable waters of African politics. Certain factors are likely to work in favour of Nigeria. Togo, which is concluding its tenure, is from the same zone with Nigeria. Those who are against Nigeria may exploit the situation to argue for ‘power shift’”. He continued: “From past experience in African politics, the Francophone countries which are more in number usually nominate and vote for their candidates. If the principle of fair-play is to be adopted, some zones are technically disqualified. In West Africa, a Ghanaian, Alhaji Muhammad Mumuni, is the Secretary General of ACP. No North African candidate is likely to surface, with Morocco’s concluding its term in office. South Region with Nkosazanna DlamimiZuma from South Africa as the leader of AU will obviously not be in any contention.” Even after the AU nomination is secured, the final battle will be fought at the UN General Assembly where the requirement for winning the election is the majority votes. Ujo argues further in this regard: “To obtain a seat on the council, a country must receive votes from two-thirds of the member states present and voting at the General Assembly. Winning at this stage will depend on the support from the permanent members – USA, UK, Russia, France and China, human right record and the quality of the candidate. “Nigeria has a friendly relation with all the permanent members both at the diplomatic and economic bilateral relations. But the recent observation by the USA on the human right condition and

Ashiru the level of corruption will not influence its support for Nigeria.” He added: “Yes, other members will consider the sacrifices made by Nigeria to the UNO’s (United Nations Organisation) programmes of international peace and security. It is not only up to date in its financial obligation but its policemen and soldiers are involved in peacekeeping operation under the auspice of the UNO....As I have always said, Professor Joy Ogwu who is currently the Permanent Representative at the UN has all the credentials that are necessary to represent Africa... The decision to contest for the seat in the Security Council is a welcome development. It should be the first step to the muchawaited permanent membership.” But the seasoned university don warned at the weekend: “Needless to state that other countries are warming up to contest. Nigeria should not underrate them. The lobbying organisations both on the continent and all the UNO should intensify their activities. Every instrument of foreign policy should be mobilised. All things, being

equal Nigeria is likely to win one of the two seats” Raising hopes of Nigeria’s ability to shoot into the bull’s eye in this regard earlier in the week, Foreign Affairs Minister, Ambassador Olugbenga Ashiru, said: “At this forthcoming summit, we are focused on all it takes to get the Security Council seat. We will also be underscoring our commitment to democracy, peace, security and stability of the continent, including greater unity and solidarity of Africa” He disclosed that Nigeria is now looking forward to “repositioning the AU for greater effectiveness and efficiency as a credible regional organization that gives collective voice to Africa. Specifically, Nigeria’s bid for the non-permanent seat on the UN Security Council would be formally presented to the AU” As far back as 2005, Nigeria drew from the primordial wisdom of “half a loaf, better than none” when it decided to jettison Africa’s the earlier demand for two permanent seats with the veto power and five non- permanent seats in the envisaged expansion of the United Nation’s (UN) security council.

Anxiety heightens over Bouteflika’s health as Algeria censors newspapers Algeria’s President ItheSAbdelaziz Bouteflika still in Val-de-Grace (French hospital) where he is receiving treatment after he suffered a mini-stroke in April? Is he suffering from a relapse? When will he return home? These were some of the million-dollar questions that everyone has been asking in Algeria as concerns were raised yesterday over the actual state of health of Bouteflika after the government censored two newspapers for reporting that he had fallen into a coma three weeks after being hospitalised in Paris. The newspapers, while

reflecting growing disquiet in Algeria about Bouteflika’s health, said the 76-year-old would return home in a comatose state after his health took a turn for the worse. The reports, the newspapers’ chief editor, Hichem Aboud, claimed, referred to “deterioration” in the president’s health, citing French medical sources and relatives of the Algerian leader. “According to our sources, the president departed for Algeria at 3:00 am (0100 GMT) on Wednesday in a coma,” said Aboud, a former soldier who heads the opposition French-language Mon Journal and the Arabic

Djaridati. “Both newspapers were seized on Saturday night at the presses,” he told Agence France Presse (AFP). Aboud said authorities demanded that two pages devoted to Bouteflika’s health be removed from yesterday edition, adding that he refuses “self-censorship.” If the reports “were unfounded, it would have been better for the authorities to publish a statement from the president’s personal physician to deny this information or, better still, broadcast images of Bouteflika.” The media has sharply crit-

The newspapers, while reflecting growing disquiet in Algeria about Bouteflika’s health, said the 76-yearold would return home in a comatose state after his health took a turn for the worse. icised the lack of official communication about Bouteflika’s health, already considered fragile before he suffered a mini-stroke in April. Bouteflika was hospitalised in an Algerian military hospital then transferred to France for further treatment. On May 7, the presidency said in a terse statement that Bouteflika’s health has “sig-

nificantly improved” but that he must observe “a normal period of rest prescribed by doctors” in France. The health scare has sparked intense discussion about the future of Bouteflika, ahead of presidential elections in Algeria next year. His supporters would like Bouteflika, who has ruled for 14 years, to seek a fourth mandate.

THE GUARDIAN, Monday, May 20, 2013

Politics How ANPP dissolved into APC

ANPP Convention In Zamfara 1

From Saxone Akhaine (Northern Bureau Chief) T was a historic moment for the members of Iconverged the All Nigeria Peoples Party (ANPP) when they in Gusau, Zamfara State, for a special convention to ratify and endorse the merger of opposition political parties into All Progressives Congress (APC). The unprecedented crowd of supporters, which defied the security web that barricaded the Trade Fair grounds in Gusau town, venue of the convention, rallied in the VIP stand and the various pavilions and turned the exercise into a jamboree that spiced the occasion. The use of fireworks by hundreds of supporters of the Borno State Governor, Alhaji Kashim Shettima, was part of the side-attractions, as shouts of “Change, Change, APC, APC,” filled the air. Among the dignitaries that attended the transmuting exercise of the ANPP into ACP were hundreds of opposition party legislators both at the state and federal levels, local government chairmen and councilors, former government functionaries, incumbent governors and party chieftains from the 36 States of the federation. The presence of APC leaders from the Southwest, South-South and Southeast provided the needed impetus and solidarity for the party topshots in the North for the possible political change they aspire in 2015. Among the southern delegations were Governors Kayode Fayemi of Ekiti State and Ogbeni Rauf Aregbesola (Osun); and representatives of Comrade Adams Oshiomhole (Edo) and Rochas Okorocha of Imo State. Host Governor Abdulazeez Yari Abubakar, going straight into the agenda of the day, which was to ratify the dissolution of the ANPP into the APC in order to provide a good political alternative for Nigerians in the 2015 general elections; expressed his appreciation for the huge crowd of party faithful and supporters. “With what I am seeing today and with this crowd, I believe that Nigerians are fed up with the reign of the PDP in this country and it also shows the acceptance of the APC, which our

party has decided to endorse and join,” Yari said. “It is our intention to join the two parties, ACN and CPC, that are to come together as one party called APC. Today is a very important and special day for us. Important day for these three parties and important day for Nigerians and the true democrats.” The governor queried: “Why I am saying that? It’s because we hope that with this process, the era of civilian rule as distinct from democratic rule in the past 14 years in the centre would come to an end. “We are supposed to be in a democratic dispensation, and we expect Nigerians to enjoy the dividends of democracy; we expect Nigerians to have fundamental freedom, and we expect Nigerians to have adequate security for their lives and properties. “Unfortunately for the past one and half decades, things have not been in good shape in Nigeria. We hope that with this merger, the era of confusion, maladministration at the centre and insecurity would come to an end in Nigeria.” Governor Yari said he wanted to use the opportunity to inform the ruling party in the country that they (opposition parties) were following up their intentions and manoeuvres. “I want to draw the attention of the PDP and its agents that have misruled this country to look at the crowd here today, and the yearnings and the cries of Nigerians, and that Nigerians today are saying no to injustice; we expect the rule of law to prevail in this country,” he said. “And Nigerians are waiting to see their dreams of having a pragmatic party in power in 2015. Since we in the opposition in the CPC, ACN and ANPP have agreed to merge, the interest of Nigerians is foremost than any other persons or groups’ interest. And I believe that with what has happened here today, the change that we are waiting for as a country is almost at sight come 2015.” The ANPP National Chairman, Dr. Ogbonnaya Onu, debunked the misconception of some political gladiators, whom, he said, had been

ANPP National Chair, Onu

placing the party in bad light and thought that the members of the party were in romance with the PDP. He said since the ANPP discovered that the PDP was on the path of misrule in the country and that the government was not ready to imbibe democratic principles that would lead to the development and growth of Nigeria, the members of ANPP decided to allow the PDP to run its show and sink. Onu remarked: “For fourteen years, Nigeria has not known peace, yet she is not at war. Bombs explode at will, day and night, killing both innocent children and harmless women. Fathers leave their homes in search of daily bread not sure of whether they will return to their families alive. “Families go to worship God in Churches and Mosques, unsure of whether they can return to their homes alive. Kidnappers now compete with armed robbers in making life unsafe for Nigerians. Poverty has ravished our people.” The ANPP boss stated that the party leadership decided to join the merger to restore the wasted years by the PDP and return the country to the

path of sanity in 2015. “Our nation is reaping the bad and rotten fruit of one dominant political system,” he said, adding that, “it is sad but true that those who play opposition politics in our country are seen by those in power as political enemies instead of competitors. “Everything is done to weaken, if not strangulate the opposition. In the process, the people suffer and the nation is worse for it. I know how those in opposition, particularly in states controlled by the ruling party, are denied entitlements guaranteed them by our Constitution. Yet, it is those in opposition that give credibility to democracy.” Lambasting the PDP leaders on their boastful utterances that they would be in power for 60 years and above in Nigeria, Onu queried the credentials the PDP and its leaders have to justify such confidence. “We in the opposition recognise that Nigerians are yearning for good leadership; we can offer that leadership but we cannot do it alone,” he said. “We need to work with others who think like us, as we all know that politics is largely a game of numbers. It is important that we work with other opposition parties. “When the opposition parties come together, work together; when they merge, they can form a formidable platform that the ordinary Nigerian can trust to wrest power from the PDP. The formation of the APC will help us achieve that goal.” Former presidential candidate of the ACN, Mallam Nuhu Ribadu, who led a delegation of the party, noted that, “we have embarked on this historic journey, the first of its kind in Nigerian political history.” He said although we want to be recorded positively on the side of history, “we are, however, not unaware of the huge challenges we would face in this endeavour and the series of obstacles we are to cross in our common resolve to rescue this country from total collapse.” He continued: “The most painful aspect of it all is that for about a decade since the PDP came to power, the development of this country has been arrested. The institutionalised style of governance has engendered general sense of helplessness, despondency, and inertia among the citizenry. “Since the coming of the PDP government in 2011, all their records are tails of woes. Perhaps, apart from the Civil War period, the security of our country has never been as threatened as it is presently. Governance in the country today has been bedeviled with corruption and mismanagement at the highest leadership level.” Ribadu, former chairman of Economic and Financial Crimes Commission (EFCC), said: “It is against this backdrop that we are gathered here today. For all the PDP years of misrule, we are offering a new regime of prosperity, discipline, security and a more emancipated society.” “We have heard the clarion call of our people, and we have also resolved to protect and assume power at the centre. Our quest is to refix our nation that is richly endowed and that is why we decided to set aside our individual interests for a larger national one.” Striking a similar cord, Governor Aregbesola noted that, “we have witnessed the rule of the PDP in the country for the past 14 years without any meaningful progress,” adding that, “all we see is violence, destruction, poverty and unemployment in all facets of the nation’s life.” “Instead of electricity, we have darkness all over the country; instead of employment, we have unemployment and poverty among our people; instead of security, we have insecurity. The only thing that can solve our problems is for PDP to go in 2015,” he stressed. Also, Governor Fayemi, in a brief solidarity message, said: “We should all stand up to rescue Nigeria from the oppressive rule. The coming of the APC is for the rescue mission and because APC is for change, the true change will sweep the PDP away in 2015.”

THE GUARDIAN, Monday, May 20, 2013

Photonews

Governor Theodore Orji of Abia State (left), former Vice President Alex Ekwueme, Governor Peter Obi (Anambra), President Goodluck Jonathan, Governor Sullivan Chime (Enugu), Deputy Speaker, House of Representatives, Emeka Ihedioha, Governor Rochas Okorocha (Imo), and Governor Martin Elechi (Ebonyi) at a town hall meeting of stakeholders in Enugu… Saturday. PHOTO: NAN.

Lagos State Commissioner for Budget and Economic Planning, Mr. Ben Akabueze (left), Mr. Nnamdi Nwigwe, Mr. Chuma Igwe, Rear Admiral Allison Madueke, Mr. Pascal Dozie; Lagos State Governor, Mr. Babatunde Fashola; President-General, Ndigbo, Lagos Elders and Executives, Professor Anya. O Anya, Mr. Zik Obi, Mr. Raymond Obieri, and General Manager, Lagos State Infrastructure Maintenance and Regulatory Agency, Mr. Joe Igbokwe, after a meeting with the governor on the Aguiyi-lronsi Market, Ladipo, Mushin, at the State House, Marina… on Friday.

Governor Emmanuel Uduaghan of Delta State; Chairman, PDP Board of Trustees, Chief Tony Anenih and Chairman, South-South Governors Forum and Governor of Cross River State, Senator Liyel Imoke, during the South-South PDP Caucus meeting in Asaba recently.

NIGERIAN ELECTRICITY REGULATORY COMMISSION Adamawa Plaza Plot 1099, First Avenue, Off Shehu Shagari Way, CBD, P.M.B 136, Garki Abuja Website: www.nercng.org e-mail: info@nercng.org Tel No: +(234) 09 4621414 PUBLIC NOTICE CLARIFICATION Pursuant to the implementation of the new tariff regime tagged MYTO II which commenced in June 2012, the Commission has received a number of calls for clarification about the various classes in the Order from Operators as well as Customers. One such clarifications relates to the Customers classified under the 'A' Class or Special Customers. The Tariff Order stipulates that this class of Customers shall be “Customers such as agriculture and agro-allied industries, water boards, religious houses, government and teaching hospitals, government research institutes and educational establishments” For purposes of clarity and to avoid further ambiguity in the implementation of the tariff, the issue of educational establishment is interpreted to mean 'Government and Private educational establishments duly licensed by the Ministry of Education'. The educational establishments covered by this class include all formal Primary, Secondary and Tertiary Educational Institutions, both Government and Private. The class of Customers herein referred to are those on A1, A2 and A3 of the Special Class under the MYTO II tariff The Chairman, Nigerian Electricity Regulatory Commission Adamawa Plaza, Plot 1099 First Avenue Central business District, Abuja, FCT

THE GUARDIAN, Monday, May 20, 2013

TheMetroSection Residents lament stalemate at Ago Okota-Amuwo Odofin Road expansion

Briefs Florence Fagboyegun, 83, passes on

• Road project was delayed by litigation, says Commissioner

died on Friday, May 17, 2013, at the Obafemi Awolowo University Teaching Hospital, Ile-Ife at the age of 83. According to the family spokesperson, Mr. Dayo Fagboyegun, ‘her children are consulting and would soon make public the full burial arrangements”.

By Tope Templer Olaiya, Assistant Lagos City Editor HERE is obvious fear among residents of Lagos, especially in areas where developmental projects including road and bridge constructions awarded to different contractors by the state government seemed to be delayed. This fear is heightened by the dawn of the rainy season with its attendant flooding effect. Commuters and residents of Ago Palace Way, Okota, a community in Isolo Local Council Development Area (LCDA), are passing through difficult times due to the on-going reconstruction of the dual carriage Ago-Amowu Odofin Road. Many of them are agonising and praying that their daily travails as a result of the slow pace of work on the project becomes a midnight bad dream to be wished away. The reconstruction of the road, which started in February 2011 and was meant to be completed within 12 months, is yet to be delivered by the contractor, China Civil Engineering Construction Corporation (CCECC) Nigeria Limited. Meanwhile, many buildings on both sides of the road have been pulled down with shops and businesses affected as the structures housing them have been demolished. With work still in progress, there is a regime of chaos on the road. Motorists are forced to use adjoining streets, which are even in very deplorable conditions. One of such streets is Apena, whose residents are agitated over the huge vehicular movement on the road that was not even motorable before. They are part of the whole Okota community, pleading that the road reconstruction effort be given human face to spare everyone the pain and distress they are presently going through. “When will this work be completed?” a bewildered resident, Ifeanyi Tochukwu asked. “This project was started a long time ago but up till now, they are still on it. They have pulled down buildings and dug up gutters here and there, yet they have not gone far. And now, the traffic on this road is something

Fagboyegun

Comfort Doherty passes on HE death has occurred of T Mrs. Comfort Avbedioghe Doherty (nee Ayomanor).

Deplorable state of Ago Palace Way...

else. People spend harrowing times, sometimes hours to move from a distance of three bus stops. With the rains already here, things are getting worse.” As the rains pound Lagos streets, the hearts of residents beat faster as the thought of wading through the waterlogged road and flooded alternative streets hit them. A group of residents had two weeks ago planned a peaceful demonstration to the Lagos State Secretariat at Alausa, Ikeja, to protest the difficulties the long period of construction is posing to road users. This was later shelved for a later date. The Baale of Okota, Alhaji Jimoh Ayinla Aregbesola, also shares in the pains of his subjects. The traditional ruler expressed personal worries over the slow pace of work on the road. “The project is a good development for all of us, but I feel sad about the slow progress being made. I’m deeply pained that sometimes I too can’t move. Now that the rains are here, it is worse. Therefore, I want to appeal to the state government to put pressure on the contractor to in-

PHOTO: TOPE TEMPLER OLAIYA

crease the tempo of work on the road.” But responding, Commissioner for Works and Infrastructure, Obafemi Hamzat, attributed the stoppage of work at Ago-Palace way to litigation, adding that the issue had been resolved to ensure re-commencement of the project. “Ago Palace Way project had been stalled due to lawsuit filed by landlords, whose structures on the Right of Way were demolished. This has, however, been resolved and work will soon resume on site to finish the project in July as we have attained 70 per cent completion,” he said. Appealing to residents to bear with government, Chairman of Isolo LCDA, Shamsudeen Abiodun Olaleye, said rain is a natural occurrence, which is beyond the control of anyone. “When it rains, it comes with its attendant consequences, which is flooding and its impact on roads. “One of the reasons for the delay beside litigation issues was the expansion of the drainage channel, which was not originally in the plan to permanently address the problem of

flooding. However, we are aware that some elements want to hide under the excuse of the ongoing construction to rubbish all the achievements of the local government.” The council chairman explained that the terrain in Ago Okota is swampy and it will require four times the resources needed to implement a similar project in an upland area. “Government is not insensitive and we share in their pains. The council has graded over 25 roads in all the wards as a temporary measure with our limited funds to make most of our roads passable,” he said. Noting that government is not denying people their right to express themselves, he, however, appealed to the protesters to sheathe their sword and avail themselves of the opportunity of the Commissioner for Works and Infrastructure’s visit to the council on Wednesday for a stakeholder’s meeting with community leaders, where issues concerning the road project would be addressed.

Agbamuche’s son accuse police of making false allegation against him By Odita Sunday HE son of former AttorT ney General of the Federation (AGF) and Minister of Justice, Justice Agbamuche, Michael Agbamuche detained by the Nigeria Police Special Fraud Unit (SFU) for alleged conspiracy, forgery and stealing, has accused the police of intimidation and leveling false accusation against him. The lawyer, who admitted that he was invited for questioning by the SFU, argued that there was no foundation whatsoever for the insinuation in an orchestrated press release by the police department that he was involved in any

HE death has occurred of T Madam Florence Olawunmi Fagboyegun. She

criminal activities with an employee of First Bank. According to him: “Sometime in January 2004, a legal practitioner, Mr. Onu Eke Uche of the firm of Onu, Uduma & Associates of No.1 Araba street, Ilupeju, Lagos, came to my chambers to seek my support for his wife/relatives to seek employment in a second generation merchant bank. The lady in question is Joy Uche who I barely know and whose form I only endorsed as a legal practitioner, which I only vouched for her.” “Since that time, nine years ago, I have heard no more of the Joy Uche or from my colleague in the profession or from the bank, who I ex-

pected as a matter of standard procedure, to write to me to confirm that I was willing to be her guarantor. It is only now that I learnt from the police on Tuesday, May 14, 2013, that the Merchant Bank she worked with was acquired by First Bank Plc. two years ago and that she continued to work in a higher capacity. At no time did First Bank Plc write to me to inquire as to whether I was still a guarantor to Joy Uche.” He added: “In any case, the legal position is that such a personal guarantee would last for only six years and is subject to renewal, particularly in this case where she had changed her employer

from the merchant bank to First Bank Plc. Above all, on no occasion did I give my guarantee to Joy Uche to support her employment in First Bank and even if I had done so, my liability would be of a civil nature.” He further revealed: “For the past two years, I have been engaged in a legal battle with First Bank Plc involving forgery of tripartite legal mortgage by some officials of the legal department, the matter has culminated in a criminal charge No. FHC/ABJ/CR/158/2012 in which First Bank Plc is the first defendant. “Arraignment is set for May 22, 2013, before Honourable Justice Kafarati of the Fed-

eral High Court sitting in Abuja and I am the principal witness in the case. It is against this background that the Nigeria Police Force from the Special Fraud Unit invited me for questioning and detention. It is arguable that the only reason for instigating this arrest was to intimidate with regard to the pending criminal charge against the bank. There is no foundation whatsoever for the insinuation in an orchestrated press release that I was involved in any criminal activities with staff of First Bank Plc and legal action would be taken to protect my interest thereafter,” he said.

Beloved mother, grandmother, great grandmother and aunt, she had six children, 13 grandchildren and a great grandchild among whom are the late Mr. Yinka Doherty, Ms Gladys Doherty, Mrs. Grace Uwaechina, Mrs. Folake Wole-Soyinka, Mrs. Olubukola Teiko and Mr. Rotimi Doherty. Funeral arrangements will be announced later.

Symposium on autism HE Centre for Autism and T Developmental Disabilities (CADD) and Punuka Foundation will on Thursday, May 23, hold its 2013 International Symposium on Autism at the American International School, 1004 Estates, Victoria Island, Lagos with two sessions starting from 9:00am to 2:00 p.m. Targeted at Lagos State Universal Basic Education Board (SUBEB) schools, it will discuss: “Effective Inclusion of Students with Autism in Regular Schools’ and ‘Early Detection of ASD in At-Risk Babies through Placental Testing.” Experts from Blue Ridge Autism & Achievement Centre, United States of America (USA) would speak.

Women hold forum ITAL Voices Global PartnerV ship and Women in Management, Business, and Public Service (WIMBIZ) will on Thursday, May 23, host the Supporting Public Advocacy for Regional Competitiveness (SPARC) Programme and Forum in Lagos, Nigeria. Celena Green, Senior Programme Manager, Africa of Vital Voices Global Partnership, a Washington DC, United States-based organization, said this year’s SPARC Forum in Lagos will discuss “the importance of women’s leadership in Africa’s economic growth, and the advocacy efforts that women’s business organizations are undertaking to promote greater investment in women...

THE GUARDIAN, Monday, May 20, 2013

METRO 13

Photonews

Chief Executive Officer, Thistle Praxis, Ini Onuk (left), Prof. Chris Ogbechie of Lagos Business School, Chief Executive Officer, Beady Court, Ndiponong Inyang and Chief Operations Officer/Executive Director, 141 Worldwide, Bunmi Oke during the Women in Management and Business (WIMBIZ) corporate governance and leadership training in Lagos...

PHOTO: BISI ALABI WILLIAMS

A commercial bus conductor riding on rear fender along Lagos-Ibadan Expressway in the full glare of Federal Road Safety Corps (FRSC) officials PHOTO: ABDULWAHEED USAMA

One feared dead in Badagry building collapse

NE person is suspected to O have died in a collapsed building located at Godo

Blocks Estate, Ibereko in Badagry on Saturday. The News Agency of Nigeria (NAN) learnt that the victim, Kehinde Williams, 28, a carpenter, was working in the building when it collapsed. A NAN correspondent, who visited the scene, learnt that the building collapsed about 10.00a.m. but the rescue work did not begin till 12.24p.m. An eyewitness said that the deceased was trying to remove the planks from the deck of the building when it collapsed. “At about 10.00a.m., Kehinde came to the building to remove the planks from the deck recently constructed.

“From our observations, it appeared that the blocks used for the construction were not of high quality and the cement was not yet dry before he started removing the planks from the deck. “It was while removing the planks that the building collapsed,” the witness said. The source said if help had reached the victim in time, he might still be alive. “The building collapsed at about 10. 25 but instead of the owner to get rescue workers, he called soldiers and policemen to prevent people from taking pictures. “An emergency ambulance came immediately the incident happened but they could not do anything because it is not their job to res-

cue. “The crane that was supposed to remove the rubbles did not get here till past noon and the deceased was finally removed from the debris around 2.00p.m. It would have taken a miracle for him to survive,” the source said. A mild drama followed when the body was brought out as family members did not allow the policemen and soldiers take the body to the mortuary. The relatives of the deceased said that they were the only ones entitled to take away the body. Relatives and sympathisers cried and an aunt of the deceased, who was at the scene, refused to speak on the occurrence

Head of Private Banking, United Kingdom and Jersey, Standard Chartered Private Bank (SCB), Bjorn Stauch (left), Medical Director, Eleta Eye Institute, Benedict Ajayi, a beneficiary,who was once a blind beggar, but got her sight back through the Eleta Eye Institute,Toyin Afolabi and Stephen Richards Evans, Head of Private Banking, Europe, Middle East, Africa, South Asia and The Americas, SCB during a voluntary service and facility tour of Eleta Eye Institute by the bank in Ibadan…at the weekend

Foundation calls for more participation in community development By Azeez Olorunlomeru ORRIED by the living condition of the people, the Chairman of Excel Charity Foundation, a non-governmental organization, Mr. Idowu Illuyomade, has said there is need for strategic thinking as well as non-linear ways of addressing the social issues of Africa in order not to be left behind in the wave of global development. He stated in the coming decade, Europe and America would yield centuries of global economic supremacy to other parts of the world and with this shift, it would

have profound implications for Africa and its communities. Illuyomade spoke recently at the launch of Excel Charity Foundation, an NGO established on four -cardinal point agenda of health, education, drug rehabilitation and wellbeing of the underserved people in the communities. According to him, since the inception of the foundation, it has routinely fed 50,000 people as part of its contribution towards eradicating poverty. “The aim is to be the driver of change in our communi-

ties, thereby putting into motion the realization of its vision, catalyzing the positive transformation of lives through timely effective social interventions and social solutions in our communities”. Also speaking , the Executive Director of the Sahara Energy Group and a member of the foundation, Mr. Tonye Cole, stressed the need for churches to embark on charity mission for the underserved in order for the country to be free from poverty.

IGP inspects rehabilitation work at Police College By Odita Sunday HE Inspector General of Police (IGP), Mohammed Abubakar has said that the police high command has made provision of N1million each to the widows of policemen killed in the Nassarawa State by suspected cultists two weeks ago. The IGP made the disclosure at the weekend during his inspection of the ongoing rehabilitation of Police College, Ikeja (PCI), Lagos, being pioneered by the Nigerian Army Engineers at the weekend. Abubakar said the N1 million had become imperative so as to reduce the burden of the wives, children and other family members of the slain police officers and men. He averred that the gesture was a rare, but timely one in the annals of the Nigeria Po-

lice, aside the entitlements and benefits due to the affected officers and men who died in the course of carrying out their statutory duties. The Police boss, however, described the “unwholesome act” of the perpetrators as one of the saddest moments in the history of the Nigeria Police. He described the act as “barbaric and crude” but vowed to ensure that those behind the attacks were made to face the full wrath of the law. Besides, the IGP seized the opportunity provided by the occasion to express appreciation to President Goodluck Jonathan for his prompt action in coming to the aid of the PCI, which he described as the oldest police training school in the country. According to him: “I thank Mr. President for the prompt

action given to the Police College, Ikeja. My thanks also go to the Nigerian Army Engineers for the speedy completion of work. This shows that Mr. President cares and loves the police. This is an act of patriotism that Mr. President has shown for this institution. The Police College, Ikeja is an institution where many officers have passed through”. Also speaking, Special Adviser to the President on ‘Performance, Monitoring and Evaluation’, Prof. Sylvester Monye, who was there to get first hand knowledge on the level of work done and report back to President Jonathan, noted that the Channels Television video clip, which exposed the bad state of facilities at the police college jolted the President who wasted no time to pay an unscheduled visit to the

Chairman, Local Organising Committee of the forth-coming Annual General Meeting (AGM) of Nigerian Institute of Public Relations (NIPR),Lagos Chapter, Comfort Nwankwo (right); Chairman of the Institute, Jide Ologun, former Council Member, Rabi Mohammed and Member of the Council, Mezie Ekenna at the briefing and pre-AGM of the Insitute in Lagos on Wednesday PHOTO: FEMI ADEBESIN-KUTI

Head, Public Aﬀairs and Communications, Nigerian Bottling Company (NBC), Mrs. Yanju Olomola (left) Partner, Olajide Oyewole Limited Liability Partnership, Mrs. Sandra Oyewole, Writer and Producer, Kakadu Musicals, Mr. Uche Nwokedi and Chief Executive Oﬃcer, Ethics 101 Limited, Mrs. Deji Delano during one of the performances of Kakadu Musicals at Agip Recital Hall, MUSON Centre in Lagos… at the weekend

PHOTO: SUNDAY AKINLOLU

14 | THE GUARDIAN, Monday, May 20, 2013

TheGuardian 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 The state of emerging chaos OMETHING significant happened in the country the other day, and almost went unnoticed. When President Goodluck Jonathan declared a state of emergency in three north eastern states, he said the nation was at war. Quite promptly, troops on air and land were deployed. It became the first time since the end of the civil war 43 years ago, that Nigerian planes would be dropping bombs on Nigerian territory. The significance of this underlines the dire security straits the country is in. Yet, the declaration of state of emergency and the prosecution of the war against Boko Haram insurgents have been far from brilliant. In the event, the administration has produced a string of curious parallels: the courageous was diluted with the expedient, the firm was juxtaposed with the tentative, and real action was mixed with mere expression of intent. The result is a fog where there ought to be clarity. Instead of the certainty of a solution, what the nation has now is a faint hope, maybe even nagging fear. Late in coming, short on expectations, confusing in details and even doubtful in prospects, the state of emergency in Borno, Yobe and Adamawa states is at best, the first tentative steps towards addressing the insurgency. And bearing the imprimatur of the person and office of President Jonathan, it can only be hoped that this action would succeed. The government’s move is indeed an acknowledgment of the views repeatedly articulated by this newspaper in several editorials, on how to use secret dialogue, constructive engagement, regional cooperation and military action to tackle the spreading scourge of insecurity in the North East zone of the country. Had government adhered to suggestions contained in those comments earlier than now, things might have been different. Although reports indicate that the troops surge is yielding results and the insurgents’ bases are coming under severe attack, a whole-hearted endorsement of the action is withheld on the ground that the measures announced by government seem half-hearted and not comprehensive enough. Not only is there no known time-line for the emergency rule, the framework for success or failure has not been defined. For instance, at what point would the exercise be deemed a victory? When the death toll of innocent victims falls and by what margin? Or is it when actual fighting ends totally? Of course, undemocratic it may have seemed, a dismantling of the political and civil structures in the affected states for as long as the emergency rule lasts was something all who have witnessed the complete erosion of the civil authorities in those states expected. And while the Constitution does not specify this as a component of an emergency rule, the breakdown of law and order in the affected region has been such that a total overhaul and reassertion is needed. The present arrangement is a middle of the road course the President seemed to have taken under pressure from the National Assembly, which would not support a dissolution of the democratic structures. Rather, it allows simultaneous existence of two parallel authorities within the states, each structurally and contextually independent of the other. This undoubtedly is a potential source of conflict, which may aggravate the problem or at the minimum perpetuate the status quo. The exercise of power within the military to which the states have been handed by virtue of the Emergency Declaration is through the Chief of Defence Staff. The civil authority in place in the affected states wields power through the executive and legislative arms completely insulated from military control or authority. The two arms are the organs through which constitutional powers are exercised and can take decisions for the state. As things are therefore, the question arises: Who takes decisions for the affected states? Is it the military authority or the governors and state legislatures? Where is the centre of authority in those states? Where there is a conflict of decision, who has the final say? It is not unlikely for the military authorities to deem

LETTER

Why youths must keep hope alive IR: Since the amalgamation the state of things shows that of treasures.” Nigeria is a land of great treasof our nation, along our Sjourney it is not the beginning of an ure. And it is the responsibility through time and history, destiny has led us to seemingly insurmountable obstacles. Many did not see a future for us as one nation, but thanks to our strong will, unity and faith we are still here today as one. True, we find ourselves in times of drastic changes; things are not as they were and will probably never be. Yet it is on the winds of uncertainty that our wings of faith must fly. There seems to be imminent collapse in the framework of our existence as a nation! From unusual bombings to baseless massacres; decline in our education system, leaving our youths to feed themselves with crude education since the government has failed them; to vile politics and chronic corruption etc. Yet, a second look at

end. Our fate solely depends on us. More like simple mathematics: you work, you eat, you live, you desist, you starve and simply cease to exist. Beloved Nigerian youth, I remind you, that you have the power, you are the power. Remind yourselves that this is a democracy, your government, by you and for you. So for change to occur it must start with you! You are a great people, of great wealth and great talent. Once a great philosopher used a simple metaphor to explain such an event, saying “do you expect the armed robbers and thieves to be where there is no wealth of any kind? No, of course; they only visit those places where there is certain presence of all sorts

of those who possess those treasures to protect them. In our case it would be our responsibility to protect ourselves, our people, for more than anything, we are the treasure. Do not think that our current leaders are enjoying these times any more than you are. In fact if truly they are leaders, it ought to hurt them much more. The little we can do to help them help us help ourselves is that we give them our humble cooperation without demur. We must also help them with some words of encouragement. The little ‘Thank you’ and once in a while ‘God bless you’ go a long way in boosting the morale of such humble public servants. • Hidayah Harazimi, Baze University, Abuja.

a particular line of action operationally desirable while the civil authority may consider the same step as politically suicidal. Who yields ground in such a circumstance? Therein lies a veritable source of conflict that should worry all Nigerians. Even while the idea of suspending all democratic structures may appear draconian and may have elicited condemnation, as was the case when the Obasanjo Administration declared state of emergency in Plateau and Ekiti states, President Jonathan should have sketched out in his plan a clear line of authority and responsibility that all parties would not mistake for the status quo. This is why the declaration as proclaimed by the President appears too tentative. Of course, it may be argued that the president as a democrat is expected to act as one at all times. This is understandable. But what happens when democracy is under threat? At the moment, is Nigeria’s democracy not being assailed and critically imperiled by the activities of the insurgents? The President himself said that Nigeria is at war. To salvage it from the clutches of the forces of disorder demands that extraordinary measures be taken to signal that Nigeria is neither divisible nor a ready picking for bigots and adventurers. This is the logical intendment of Section 305 of the Constitution, which provides for a state of emergency – which as it were is a negation of the lofty ideals of constitutional government. This provision implicitly acknowledges that the primary essence of government is the maintenance of law and order. In essence, the President’s action seemed an expression of concern over the affected states as a Disaster Zone, warranting only a troops surge. Once again, while retaining the democratic offices and officers may be expedient, in that subsisting arrangement, it must be remembered that the governors and other political office holders may actually become part of the problem, hence their inability to solve it all along. Without a presidential delineation of the lines of authority in the emergency period, they may undermine the efforts of the military to restore peace to the area. Therefore, it is hoped that the current regime is an evolving process, which would be reviewed from time to time as new challenges emerge. There is no time for prevarication and government has put itself in a position where it must now ensure the success of the action, or take the rap for failure. Sufficient measures must be put in place to contain the insidious effects of military operation, including land and air bombardments of a part of Nigerian territory. There is no doubt that this action will produce angry backlash. The likely spread of the insurgency to neighbouring states or other parts of the country must be anticipated and contained. Above all, it will be an additional benefit to seek regional cooperation if only to stop the widely-known trans-border dimension of the insurgency. Without all these as part of a holistic, multi-pronged approach to solving the problem, the nation risks the emergence of a certain chaos just as bad as the one that led to the emergency rule.

THE GUARDIAN, Monday, May 20, 2013

Business Tighter borders, sustainable policies for rice industry’s growth Page 54

Senate decries delay over Brass LNG project By Roseline Okere HE Senate has expressed worry over the delay in the take off of the 10 million-metric tonne per year Brass LNG project in the country. The lawmakers have therefore, vowed to work towards ensuring that the Final Investment Decision (FID) is taken on Brass LNG before the end of the year despite its current setbacks. It identified political interference as one of the reasons the promoters of the Brass LNG project were yet to take the Final Investment Decision. Chairman, Senate committee on Gas Resources, Senator Nkechi Nwaogu, in a chat with The Guardian, said that the delay in the take off of the project has become a source

of concern to the senate. According to her, the final investment decision of the project, which has been delayed for several years, may be taken before the end of the year. She disclosed that the senate has put all the machineries in place to ensure that the project was not delayed any further to enable the country earn more from gas export. The Brass LNG’s Final Investment Decision was supposed to have been taken in the first quarter of 2011. Construction was also expected to have started by mid 2011 and it was to be completed by 2016. Nwaogu said that the committee would ensure that it contributes its quota to

ensure the quick take off of the multi-billion dollar project. She said that the senate believed that the government should provide a conducive environment for investors in the oil and gas sector, adding that there was need for infrastructural development and concession to encourage foreign direct investment and prevent investors from going to neigbouring countries to invest. According to her, “we have tried to convince the Federal Government to provide conducive environment, concessions and infrastructure to enable investors invest in the country. “We are lacking infrastructure and this is affecting the

country. Lack of infrastructure is hindering the growth of the nation’s gas sector. There is no way you can transport gas from one place to another if there are no gas pipelines and if there are no plants that would condense the gas before it is transported from one place or the other. “We are making laws to ensure that those who will want to invest in Nigeria are provided the conducive environment to prevent them from going to other African countries. “The inability of some investors to take the final investment decision to enable take off of some gas project is a source of concern to the committee. We know that there are some political interfer-

ence in the delay in taking the FID. We do hope that before the end of the year, the FID will be taken eventually. “The issue of gas flaring should be a source of concern for the country. In the PIB, will believe that there will be a stringent penalty to ensure compliance from the IOCs”. Last year, the Chairman, Brass LNG Limited, Dr. Jackson Gaius-Obaseki, had said the FID on the two-train. 10 million-metric tonne per year project had suffered several setbacks, especially after indications by one of the promoters, ConocoPhillips that it wanted to sell off its Nigerian assets. He added: “By the end of the first quarter of 2012, management presented to the board

the overall integrated master schedule and estimated that with full commitment and unwavering efforts by all, the FID is possible within the first quarter of 2013, with possible mitigation efforts bringing it earlier. “This is a possibility, noting that the major fundamentals required — that is gas supply, engineering, procurement and construction contracting, funding plan and LNG sales — are all nearing closure.”

Electronic transactions may hit N160b daily by December

with Canada to protect the Nigerian-bound Canada’s investment within Nigeria. The last official industry data showed that active mobile subscriptions in Nigeria has grown to over 116 million while teledensity has grown over 80 per cent in the last 12 years. Also with just over 47 million Nigerians online, with less than 10 per cent of them having access to ‘broadband’, studies has shown that developing broadband market in

By Chijioke Nelson HE second phase of the cash-less policy billed to commence in July may raise the value of electronic funds transfer in the country to N160 billion per day by the end of the year. The Chief Executive Officer, Electronic Payment Providers Association of Nigeria (E-PPAN), Mrs. Onajite Regha, said the second phase of the project, which covers the Federal Capital Territory, Abia, Rivers, Anambra, Kano and Ogun states, would likely double the current value of electronic fund transfers put at N80 billion per day by the Central Bank of Nigeria (CBN), because there would be a lot of changes, which would compel people to use e-payment channels. The Nigeria Interbank Settlement System (NIBSS) is presently handling transactions worth about N20 billion daily, while the Nigeria Electronic Funds Transfer is conducting about N60 billion worth of transactions daily. Regha said: “By the time we do six months into the new phase, the figure is likely going to rise by over 100 per cent. All these places we are going to are places where cash is moved heavily. We are looking at six additional commercial centres. We should, therefore, not forget that right now, it is only Lagos that is functional.” “By the time we started the Cash-less Lagos scheme, the projection of the regulator was that by December, 2012, we would have recorded 40,000 PoS terminal deployment. But available data showed that we now have about 150, 000 PoS machines in Lagos. “However, the question is: How many of the PoS are working? So, that is where I believe we need to work on.

CONTINUED ON PAGE 16

Chairman, Omatek Ventures Plc, Dr Timothy Farinre (left); President, Shareholders Association of Nigeria, Sunny Nwosu; former President Olusegun Obasanjo; and Group Managing Director, Omatek, Mrs. Florence Seriki, during a tour of new Omatek factory in Oregun, Lagos, yesterday.

NCC links boom in telecoms sector to robust policies By Adeyemi Adepetun ORIEGN and local investments into the booming telecommunications sector in Nigeria are duly protected by existing telecoms laws, which have remained the strength of the sector in the past 12 years of its liberalization, the Nigerian Communications Commission (NCC) has said. The Nigerian Communication Act 2003, which defines how telecommunications works in a winwin both for the country and

4000 subscribers port in two days the investors, has been a major source of the industry success. Indeed, the telecommunications sector can presently boast of over $25 billion Foreign Direct Investments (FDIs). Meanwhile, the NCC also informed that about two days after the launch of Mobile Number Portability (MNP) in Nigeria, 4000 subscribers ported from one network to another.

The commission has restated its commitment to bringing to an end the N6.1 billion Subscribers Identification Module (SIM) registrations by June 30, urging all service operators to round up the process. The commission’ s executives gave these hints at different fora both in Abuja and Lagos at the weekend. In Abuja, the Executive Vice Chairman of NCC, Dr. Eugene Juwah, attributed the vibran-

cy of the industry to the enabling operating environment provided by the NCC Act. Juwah, who constantly seeks more investment into the sector, said “The power of the Nigerian Communications Act guarantees a safe market for investors that they can indeed bring their money into Nigeria and be sure that the law is there to protect their investment.” According to him, the NCC also demonstrated this as it recently signed an agreement

THE GUARDIAN, Monday, May 20, 2013

16 BUSINESS

Electronic transactions to rise further CONTINUED FROM PAGE 15 We need to have better connectivity to these terminals to encourage the merchants and the consumers to use the devices for seamless payment transactions.” The Deputy Governor, Operations, CBN, Tunde Lemo, who is also responsible for driving the cash-less policy, said that the states were chosen because of the large volume of cash transactions in their major cities. He said: “Recall that we started this programme actually in January last year and we are only just continuing. We are only just moving to phase two, so we have learnt all the ropes in phase one in cash-less Lagos and we believe we are ready to roll out to other six locations in Nigeria. “We are actually working in collaboration with the Bankers’ Committee and we are working very hard to ensure that we accurate this time. I can tell you that we already have our road map and we are not going to shift the implementation date of the phase two, which is July 1, 2013,” he said. “The previous challenge of the cash-less policy was connectivity. We have over 150,000 Point of Sales, however, only 25 per cent of them are active largely because we don’t have general packet radio service and connectivity alive in some of the clusters and that has affected the rate at which those machines are used,” he said. “These challenges are being overcome. The cashless policy is aimed at reducing the dominance of cash in the system.” It specifies penal charges for individuals and corporate organisations that want to withdraw or lodge cash above the prescribed limits.”

Director-General of the Securities Exchange Commission (SEC), Arunma Oteh (right); Chairman, Dr. Suleyman Ndanusa; and Executive Commissioner, Legal Enforcement, Sa’adatu Muhammed Bello, during the inauguration of SEC Administrative Proceedings Committee (APC), in Abuja.

UK, U.S. to assist Nigeria on crude oil theft HE United Kingdom (UK) T and United States (U.S.) have indicated interest to assist Nigeria curb the menace of crude oil theft, which President Goodluck Jonathan has described as “blood oil”. The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, made the announcement at a lecture entitled: “The Future of African Energy in a Changing World,” delivered on Sunday at St. Anthony’s College in Oxford University, England. “I must say that both the British and U.S. Governments

have been in discussions with us and are keen to join hands with us to fight this menace. “The global community is on track and already geared up and we are working to put in place a strategic platform that will involve us all and enable us track and fingerprint stolen crude,’’ AlisonMadueke said. She said that crude oil theft and vandalism were being executed on a professional scale beyond petty stealing. “It is, therefore, clear that this crude is being taken to refineries outside the shores of West Africa.’’ According to her, proceeds

from stolen crude, are being passed through fiscal institutions beyond the African continent and the monies are laundered by fiscal entities. “It has therefore, become necessary to tackle the issue globally as it is carried out by powerful cabals and experts.’’ The minister said that governments in the Niger Delta were collaborating with service chiefs to sensitise the affected communities on the dangers of illegal refineries on the environment. She said that illegal refineries, popularly known as “firewood distilleries,” had

severe impact on the environment and human beings, especially because of the risk of disabilities in newborn babies. Other issues addressed by Alison-Madueke include the Petroleum Industry Bill (PIB) and global politics of oil where she stressed the need to give emerging economies more support. “It is better to invest in these economies, import their gas and oil rather than give out charity and donations to them. “Basically if Africa itself is not stable and if it’s teeming youth population are not gainfully employed, then

they obviously pose an inherent threat to global security and stability in the world,” she said. Mrs. Cherie Blair, wife of UK’s former Prime Minister, Tony Blair, in an interview with the News Agency of Nigeria commended Alison-Madueke for her detailed lecture on the oil sector in Nigeria. Blair said the PIB as explained by the minister, when passed into law, would be beneficial to companies with investments in the sector and crucial to Nigerians. The lecture attracted experts from the oil and gas sector, including a former Ghanaian President, Mr John Kufour.

Anxiety over WalMart, Massmart merger OPES of plum returns on H investment and the expectations of lower prices to consumers touted in the WalMart and Massmart merger and acquisition transactions appear to have fizzled out twelve months after, in the face of current market realities. The R16.5 billion deal regarded as the largest merger and acquisition transaction in Africa showed that Massmart operating profit for 26 weeks up to December 2012, declined by 17.7 per cent while headline earnings also fell by 21.2 per cent, creating anxiety in the Nigeria Capital. Capital Market Analyst, Joshua Omokeinde confirmed the anxiety in the Nigerian investment community when he said ‘a huge array of investors in Nigeria, mesmerized by the Wal-Mart brand were angling to have a stake in the world renowned retail outlet directly or through Massmart and or its Nigerian affiliate, Game’. It was a dream comes true therefore, when Wal-Mart took the bold initiative to venture into Africa through the merger deal with Massmart he emphasized. According to Massmart, Africa’s third largest retailer, while briefing its shareholders on the lackluster perform-

ance, the company said that for the first 14 weeks of year 2013, total sales were up by just 10.3 per cent and comparable sales increased by 10.3 per cent indicating a slower sales trend in South Africa. The disappointing performance impacted negatively on the share price of Massmart, which suffered a decline by 3.3 per cent, regarded as its biggest one-day loss since June 2011. Market analysts have attributed the poor performance to the disconnect between WalMart’s promises and what it has delivered. Wal-Mart, the Arkansasbased retailer on its entry into the South African market had promised to introduce low prices as some kind of relief for squeezed consumers. However faced by grim market reality, the worldrenowned retailer was quoted as saying that “if current sales trends continue”, it would be difficult to meet the objectives of growing trading profit. South Africa based First Avenue Asset Management portfolio manager; Mathew Warren gave a hint that some background changes were being made which are yet to translate to improved sales. According to Warren, Massmart’s supply chain has been overhauled with new

distribution centers with investment in information technology to back up the physical operations. These, he said are some of the innovations brought in by Wal-Mart in the merger and Warren envisaged a ‘fierce battle ahead ‘, which would put substantial pressure on the incumbent competitors. This

development he explained would ultimately benefit the consumer he said. Absa Investments analyst, Chris Gilmour, one of the deal’s staunch supporters said he was optimistic that the landscape would change in about two years time when he said Wal-Mart would have ‘revolutionised retail’.

NCC to end SIM registration CONTINUED FROM PAGE 15 Nigeria also holds great potential to investors. In spite of the growth, the NCC boss said the Act has helped the Commission to maintain a firm grip on the industry, coming down hard on operators when the need arises. He said, “The strength of the Act is why the NCC is excited about the roadmap ahead,” saying the roadmap includes various frequency auctions that will come up between 2013 and 2015. According to him, “Such a roadmap includes the creation of a huge broadband market in Nigeria, the effect of which can touch every life in the country. Broadband technology will enable Nigerians enjoy data services by opening up new vista of competition in

the industry.” He added that the broadband regime, which the country is entering, would create a new excitement in the industry; ensure availability of quality products and services as well as the protection of the subscribers. In Lagos at the eWorld Forum 2013, the NCC’s Director of Public Affairs, Dr. Tony Ojobo, who confirmed the porting figures said the number has increased since then. He said by the end of the first month, the commission would come out with an official figure of those who indeed ported. Ojobo, who confirmed that there have serious shortfalls in the quality of service within the last one month said: “We have got few complaints about drop in the quality of service in the last few days.”

THE GUARDIAN, Monday, May 20, 2013

18 BUSINESS

THE GUARDIAN, Monday, May 20, 2013

Forum seeks action over impediments on financial services By Chijioke Nelson OR Nigeria and Africa to Fsurging harness the assessed investment attraction, the lessons of the recent global crisis must have been imbibed, with pragmatic approach to tackling challenges inhibiting the growth of financial services. The Regional Managing Partner of Ernst & Young, Henry Egbiki, made the assertion at a workshop organised by the company with the theme: “Financial services strategic forum: Fresh perspectives on growing financial services in West Africa. Egbiki said that the global economic meltdown brought up useful lessons that could only result to good, if we apply them, not-

ing that there were several reforms in the financial sector where the lessons could be embedded. To him, “success is not a destination, but a continuous journey. At present, there is a problem of connectivity in Africa, which has 24 countries, with various regulations, sovereignty and entry requirements. “Barriers are the challenges of integration. But investors want to invest where there is critical mass. Beside Nigeria and Ethiopia, other countries have low population. “With those barriers and market fragmentations, the continent may look unattractive, except they are broken so that investors can move goods and services seamlessly.” He explained that corruption was a big problem in

Africa, but noted that progress was made in combating it and that some of those complaining of it, might not have had any business dealings in Africa. He said: There were about 822 projects on infrastructure across Africa, worth about $700 billion in 2012, but even at completion, it is just like a drop in the ocean. That is an idea of infrastructure gap in the region. But a paper presenter and Partner for EMEIA, Ernst & Young, Pierre Pilorge, said that Nigeria’s mobile payment was already on track, with prospect of moving faster than other regions and countries. He said that the next was to push to customers some services that were unique, with value addition to their mobile phones, adding that the nation’s regulatory

authorities were supporting mobile payment initiative, as shown in the cashless project.

“Security of the channels in electronic payment system have taken centre stage at global discussions with

major companies to find how the protocols can be safer, but at present, the challenge is manageable.”

Zinox Group to commission ICT mall by 2016 By Adeyemi Adepetun INOX Group, makers of Z Zinox Computers, has said that it would commission an Information and Communications Technology (ICT) mall in Nigeria. The commissioning, which has been scheduled for 2016, the firm it would help to strengthen and expand the country’s ICT market. According to the group’s Chairman, Leo Stan Ekeh, the ICT market would be designed as a one-stop shop for all genuine technology products from software to hardware as well as other ICT

related services. With thousands of booths and shops performing different functions, Ekeh noted that the ICT mall would be designed to satisfy all kinds of customers, from commercial wholesalers to small business retailers and end users with the aim to leave every customer satisfied. Ekeh while speaking as a guest of honour at the Subsidy Reinvestment Programme held in Abuja, described the soon to be launched model ICT market as “Africa’s technology landmark. “The ICT mall will be a veritable hub of world-class products and services, project a

professional atmosphere of international standards, possess state of the art security, round the clock Internet access and many other amenities. “The mall will lean closely on the tradition of quality and the core values of innovation and integrity associated with the Zinox Group, which includes Zinox Technologies Limited, Task Systems, Technology Distributions Limited, TD Plus, Buyright Africa Dotcom and others,” he stated. Ekeh informed that in 2001, the Zinox Technologies Limited came up to manufacture Nigeria’s first certified indigenous brand, stressing that since then, the group had flourished and exceeded expec-

Food processors groan under shortage of crude palm oil the Index Mundi report on IisfNigeria’s Oil Palm activities anything to go by, manufacturers within the foodprocessing sector may begin to groan under inadequate access to sufficient oil palm produce amidst a high import duty. Although, the federal government had imposed a 35 per cent import duty on palm oil in order to encourage local production, some of the industries within the food processing sector have prayed on government to relax its import rules in order to aid access to the raw material, as they cited the inacces-

sibility to the product as a huge challenge to food production in the country. Precisely, data on yield levels sourced from Index Mundi, MPOC, Oil World study on Nigerian requirements showed that local plantations cumulatively provide around 800,000 metric tonnes of Crude Palm Oil, which according to some of the food processing companies, left a dearth of the product in the industry as the nation has a yearly requirement of approximate 2.1 metric tonnes per thus leaving the sector to rely heavily on imports from other coun-

tries. For instance, a 2012 data from index mundi also showed that 70 per cent of the Palm Oil Imports into West African Countries are into Benin and Nigeria (470,000 MT and 450,000 MT respectively), with maximum of the import into Benin being routed into Nigeria. Specifically, the noodles industry believe that the leading companies in the palm oil industry cannot fulfill the basic requirements of the industry itself as there is an estimated shortage of palm oil amounting to 500,000 metric tonnes yearly.

Chinese truck manufacturing firm may open plant in Calabar From Anietie Akpan, Calabar CHINESE Trade delegation on a visit to Cross River State has made known its intention to open a truck manufacturing plant within Calabar Free Trade Zone. Leader of the group and Deputy Mayor of Chang Chun City,China, Mr. Gui Guangli, disclosed this to Governor Liyel Imoke of Cross River State during a courtesy call at the weekend. Guangli said the team had spent two days in the state exploring possible areas of investments and having found that there are great opportunities, it decided to start with the establishment of a truck plant. The Deputy Mayor maintained that manufacturing company has eleven outlets across the world including Japan, Germany and United States, adding that from their study, the state is conducive for investments couple with the airport, seaport and free trade zone. He remarked that the truck, which will be produced in Calabar will be of high technology and high class, and that volume of production will be determined by the eco-

nomic indices of demand. Guangli noted that the trade mission also intend to invest in agriculture and pharmaceutical sectors as a result of their further findings, saying that China and Nigeria have an age long commerce relationship while commending Imoke for making available necessary infrastructure for the state’s economy to grow. Responding, Governor Liyel Imoke commended the Chinese Trade Mission for the decision to establish a truck manufacturing plant in Calabar, which he noted will strengthen and develop the economy of the state. While hoping that their two days in the state were rewarding, Imoke said currently, there are some Chinese firms doing business within Calabar Free Trade Zone whose products are of high quality, adding that Cross River is one of the states with fastest growing economy in Nigeria and its people peaceful and hospitable. He disclosed that it is the state’s economy thrust that in order to build a strong economy, those who invest in agriculture should plant, harvest and process the produce in the state in order to create a

value chain which will impact greatly on its citizenry, hoping that a partnership in that direction will contribute significantly to the growth of the state and its people. Imoke explained that the state would collaborate with the mission to explore areas where it has comparative advantage as it was expecting more areas of support and cooperation. According to him, Cross River has a vast landmass for agriculture with tremendous environment and is partnering the private sector to ensure that conducive environment is available for investment. The General Manager of Calabar Free Trade Zone, Mr. Sadiq Kassim, said the visit was as a result of collaboration between the state government and the zone to bring investments into the state. Kassim said Chang Chun City, which has a population of over seven million that wants to invest in Nigeria through its chambers of commerce, saying that the trade mission intends to build a truck manufacturing company within the Calabar Free Trade Zone.

THE GUARDIAN, Monday, May 20, 2013

BUSINESS

CBN denies responsibility over scarce Naira notes By Chijioke Nelson HE Central Bank of Nigeria (CBN) has absolved self of the responsibility of the artificial scarcity of new Naira notes in circulation, which was attributed to its refusal to disburse such notes to the nation’s Deposit Money Banks (DMBs). In a statement from the bank’s Director of Corporate Communications, Ugochukwu Okoroafor, “the apex bank operates a clean note policy and not a mint policy. The implication is that commercial banks and other customers will only be paid in clean notes made up of processed and mint notes”. According to him, CBN has established channels of distribution through which it disburses clean Naira notes to all DMBs licensed in Nigeria, saying that the apex bank always pay out lower denominations of N5, N10, N20 and N50 notes to commercial banks in mint. Ugochukwu debunked allegations that officials of the apex bank were in the practice of hoarding new currency notes only to release same to their agents, who pay them commissions after selling the

mint Naira notes to interested members of the public. He explained that the bank does not have the responsibility for the supply of cash to Automated Teller Machines (ATM), noting that ATMs are owned and deployed by DMBs, as well as independent outfits. “It is the responsibility of these banks and these other licensed outfits to generate and load ATM-fit banknotes into the cash dispensing machines from cash deposits. “The responsibility of CBN is to issue cash to its customers by way of cash withdrawals and distributes cash to the commercial banks, which in turn supply the ATMs of their respective banks,” he said. The bank director disclosed that exchange windows exist at CBN branches nationwide for the swapping of old and worn out currency notes for new ones by citizens, at no extra cost. He however said that CBN does not deal with private customers as commercial banks and that it is the responsibility of commercial banks to interface with their customers in terms of Naira notes.

HR conference to focus on innovation, business success ARLY June sees HR Leaders E in Africa 2013, a major HR conference, taking place in Lagos, Nigeria. HR professional from leading companies will gather to share ideas and discuss policies at the forum, which is themed Bringing World Class Innovation in Human Resources. It will showcase approaches taken by organisations they adapt to

the upsurge in the economies of regional countries. Following the success of the inaugural HR Leaders in Africa conference last year, this year’s event promises to be a comprehensive learning and networking forum for HR professionals. HR Leaders in Africa 2013 will run from June 3 to 6 at the Four Points by Sheraton in Lagos.

Firm offers card tech for vehicle management By Adeyemi Adepetun CARD technology solution A aimed at improving vehicle management in Nigeria has been introduced in the country. Specifically, the card can assist in the areas of repairs; servicing; fuelling; tracking and getting of parts and general maintenance. The card, which comes in two variants of standard and privilege, is being championed in the country by Fleet Masters Limited with the backing of Zenith Bank Plc, since it is only financial institutions are empowered to float a card. Presenting the cards to journalists in Lagos at the weekend, the Managing Director of Fleet Masters, Abiodun Olusanya, explained that the priority of the organisation was to provide highly qualitative vehicle management solutions tailored to the unique needs of both individuals and corporate organisations, stressing that Fleet Master teamed with highly experienced professionals, including MasterCard Worldwide in getting it done.

Olusanya, who listed some of the firm’s premium solutions to include the fleet Mastercard prepaid cards; vehicle tracking and security; driver recruitment; driver training and outsourcing and vehicle maintenance, said the card solution will help people to manage their fleets. The Fleet Masters MD informed that the use of the card can help users save over 20 per cent in the cost incurred in fuelling and maintaining their fleets, stressing that the cards can be used in all petrol stations in the country using the Point of Sales (PoS) terminals. According to him, with the Standard Card, owner can enjoy the advantage of third party use, thus making the card ideal for drivers, stressing that it is enabled for use at PoS terminals only and does not allow cash withdrawals. “Corporate bodies and discerning individuals can now save money by better monitoring and maintaining fuel spend, as well as controlling leakages in fuelling expenditure. Card owners receive email and text alerts after each transaction”, he stated.

Marketing Manager, Johnson Wax, Onome Odili (right); Sales Director, Dimeji Osinguwa; Managing Director, Kwanme Wiafe and Finance Director, Kene Mbuba during the media briefing by Jonhson Wax on scratch your way to millions promo on Baygon and Raid in Lagos.

THE GUARDIAN, Monday, May 20, 2013

BUSINESS

Arbitrators fault govt’s move to interfere in business By Chijioke Nelson HE move by government T to regulate arbitration business in the country may have irked arbitrators and their stakeholders. The group, after an emergency meeting over the proposed bill for National Alternative Dispute Resolution Regulatory Commission, said that the move was not only unconstitutional, but invasion of private citizens autonomous rights and economically cost implicating,

given the nation’s current level of recurrent expenditure. The stakeholders included the Negotiation and Conflict Management Group, Maritime Arbitrators Association of Nigeria, Lagos Court of Arbitration, Lagos Multiple Door Court, The Chartered Institute of Arbitrators of Nigeria, International Chamber of Commerce and Business Law Section of the Nigeria Bar Association. The former Lagos State Attorney-General and

National regulation, through the establishment of a body that appears to undermine the rights of parties and indeed, practitioners through a perceived set of standards will also send negative signals to the international community on the state of mediation and conciliation in Nigeria Commissioner for Justice, Olasupo Sasore, who addressed journalists during the news briefing, said that the country’s arbitration status was pioneered

CITN holds induction ceremony HE Chartered Institute of Ikechukwu Onwuasigwe, the Ogbonna, and a Partner from T Taxation of Nigeria (CITN) Chairman of Abia State Board indigenous accounting and Internal Revenue, consulting firms- Horwath will formally admit new of associates into its fold at a ceremony slated for Thursday, 23rd May 2013, at the Airport Hotel, Ikeja, Lagos. According to a statement from the institute, the Ag. Registrar/Chief Executive, Adefisayo Awogbade, said that the induction ceremony was among other programmes being organised by the institute to welcome new members into the taxation fraternity. “The event is important to the realisation of the statutory responsibilities of the institute as a professional body and will strengthen the capacity base as more professionals are being admitted, while at the same time create an avenue for exchange of ideas on the topical issue that is slated for presentation during the programme. “To demonstrate the institute’s commitment to the promotion of tax education at all times, we have decided to invite relevant experts to deliver papers on topical issues affecting tax practice, administration and the country’s economic growth in general,” he said. The induction ceremony will be honoured by Chief

Johnson Wax rewards consumers O reward its teaming cusT tomers for their loyalty over the years, SC Johnson Wax Nigeria Limited has unveiled a nationwide Promo, tagged: “Scratch Your Way to Millions”. This will afford its consumers of Raid and Baygon Insecticides, the opportunity to win instant recharge cards and cash prizes. With the promo, consumers will win cash prizes up to a million naira in the monthly draw, which runs till August 14, 2013. They will also be able to win instant recharge cards during the three months period. The Managing Director, Mr. Kwame Wiafe, stated that Malaria was a leading killer of the population, which peaked in the rainy season. “That is why SC Johnson, a leading family company in Nigeria is working hard to prevent the scourge and reward its customers at the same time,” he said.

Udochukwu

Godfrey

Dafinone, Igho Dafinone.

by private efforts to global recognition. He noted that the move would further have negative effects on foreign direct investments as investors would see the action as government’s direct intervention with private businesses and deprivation of personal rights. Sasore said that few countries where arbitration had surreptitiously been brought under govern-

ment’s intervention had not fared well in terms of investment and development. In a statement at the emergency meeting, the group listed 12-point objection to bill, saying that the proposed bill, which would establish a federal commission and state commissions in the 36 states, with arbitration functions of the financial ombudsman and its agencies, would cost about N22 billion. This is needless and a monumental charge on public revenue. “National regulation, through the establishment of a body that appears to undermine the rights of parties and indeed, practitioners through a perceived set of standards will also send negative signals to the

international community on the state of mediation and conciliation in Nigeria. “Alternative Dispute Resolution refers to the wide spectrum of legal avenues that use means other than trial in conventional court to settle dispute. The very essence of ADR processes is that they are not regulated by the practice and procedure of conventional courts, but private means of settling disputes in the manner most agreeable to the parties. “The few countries that seek to accredit ADR practitioners are not dispute resolution forum of choice and the bill will make it difficult, if not impossible for both foreign and local practitioners to practice in the country.”

THE GUARDIAN, Monday, May 20, 2013

Published in association with

InvestmentWatch Understanding Mutual Fund Investing HE pooling of financial resources togethT er for investment purposes with an objective to minimise risk with varied investment options and maximise returns is the ideology that gave rise to mutual funds. A mutual fund is a fund or a collective investment scheme that pools money from many investors and invests the money in stocks, bonds, short term money market instruments, other securities or assets, or some combination of these investments. This avails small investors who ordinarily would find it quite difficult with a small amount of capital to access diversified portfolios of equities, bonds and other securities which is professionally managed for optimal yield. Mutual funds are operated by fund managers, who invest the fund's capital to produce capital gains and income for the fund's investors. Each share that makes up the fund represents an investor’s proportionate ownership of the fund’s holdings and the income those holdings generate. The combined holdings the mutual fund owns are known as its portfolio. The portfolio is structured and maintained to match the investment objectives stated in the prospectus issued by the sponsor of the fund. Mutual Funds also known as Unit trusts can either be Open Ended Funds or Close Ended Funds. The focus of this write-up will be mutual funds. However, it is needful to be aware that other pooled investment vehicles exist and may offer features that you desire. Open-Ended Fund: This is a fund that has no restrictions on the amount of shares the fund will issue. If demand is high enough, the fund will continue to issue units no matter how many investors there are. Open-ended funds also buy back units when investors wish to sell. By continuously selling and buying back fund units, these funds provide investors with a very useful and convenient investing vehicle. Close-Ended Fund: This is a publicly traded investment company that raises a fixed amount of capital through an initial public offering (IPO). The fund is then structured, listed and traded like a stock on a stock exchange. It raises a prescribed amount of capital only once through an IPO by issuing a fixed number of shares, which are purchased by investors in the close-ended fund. Unlike regular stocks, close-ended fund stock represents an interest in a specialized portfolio of securities that is actively managed by an investment advisor and which typically concentrates on a specific industry, geographic market or sector. Unit Investment Trusts (UITs) is one which make a one-time public offering of only a spe-

cific, fixed number of redeemable securities called “units” and which will terminate and dissolve on a date specified at the creation of the UIT. Advantages of Mutual Funds Investment 1. Dividend/Interest Payments: Income is earned in the form of dividend payments on stocks and interest payment on bonds in the portfolio. A large proportion of this income (minus expenses) is usually distributed by the fund managers to the unit holders in the form of dividends paid out. 2. Capital Gains Distributions: The price of the securities a fund owns may increase. Whenafundsellsasecuritythathasincreased in price, the fund has a capital gain. At the end of the year, most funds distribute these capital gains (minus any capital losses) to investors. 3. Increased Net Asset Value (NAV): If the market value of a fund’s portfolio increases, after deduction of expenses and liabilities, then the value (NAV) of the fund and its units increases. The higher NAV reflects the higher value of your investment. With respect to dividend payments and capital gains distributions, the fund can send you a warrant or other form of payment, and also gives you a choice to have your dividends or distributions reinvested in the fund to buy more units (often times without paying an additional sales cost). 4. Professional Investment Management: Selecting the best stocks by yourself may be difficult and time consuming. Allowing a professional fund manager to make decisions about stocks selection and also manage your investment saves you all the worries. Professional money managers research, select, and monitor the performance of the securities the fund purchases 5. Diversification:Diversification is an investing strategy that can be neatly summed up as “Don’t put all your eggs in one basket.” Spreading your investments across a wide range of companies and industry sectors can help lower your risk if a company or sector fails. Some investors find it easier to achieve diversification through ownership of mutual funds rather than through ownership of individual stocks or bonds. 6. Minimal transaction costs: A Mutual fund buys and sells large amounts of securities at a time, its transaction costs are lower than what an individual would pay for securities transactions. This offers the advantage of economies of scale in purchases and sales of securities. 7. Affordability: Some mutual funds accommodate investors who do not have a lot of money to invest by setting relatively low

amounts for initial purchases, subsequent monthly purchases, or both. Investing in a mutual fund usually does not require a large sum of money. Most funds do have minimum amounts needed to get started. 8. Liquidity: Just like an individual stock, a mutual fund allows you to request that your shares be converted into cash at any time. Fund investors can readily redeem their shares at the current Net Asset Value (NAV) plus any fees and charges assessed on redemption at any time. 9. Simplicity: Buying a mutual fund is easy! The minimum investment is small. Most funds also have automatic purchase plans whereby as little as less than N20,000 can be invested on a monthly basis. 10. Investor Information: Shareholders receive regular reports from the mutual funds, including details of transactions on a year-to-date basis. The current net asset value of your units (the price at which you may purchase or redeem them) appears in the mutual fund price listings of daily newspapers. You can also obtain pricing and performance results for the mutual funds website or it can be obtained by phone or email from the mutual funds. 11. Life Cycle Planning: You can link your investment plans to future individual and family needs and make changes as your life cycles change. You can invest in growth funds for future college tuition needs, then move to income mutual funds for retirement, and adjust your investments as your needs change throughout your life. With no-load mutual funds, there are no commissions to pay when you change your investments. 12. Regulation:Mutual funds are regulated by the Securities and Exchange Commission (‘SEC’) and are subject to the provisions of the Investment and Securities Act of 2007 as amended. The Act requires that all mutual funds register with the SEC and that investors be given a prospectus, which must contain full information concerning the fund’s history, operating policies and cost structure. Additionally, all funds use a bank that serves as the custodian of all the pooled assets and have a trustee to the fund. This safeguard means the securities in the fund are protected from theft, fraud, miss-investment and even the bankruptcy of the fund management company itself. 13. Predictable Price: Price movements of mutual funds are more predictable than those of individual stocks. Their extensive diversification, coupled with outstanding stock selection, makes it highly unlikely that the overall market will move up without carrying almost all stocks in the mutual fund up

with it. 14. Safe investment Vehicle:Mutual funds are required to hire an independent trust company to hold and account for all the cash and securities in the pool. The trustee has a legally binding responsibility to protect the interests of every unit holder. Disadvantages 1. Dilution: Although diversification reduces the amount of risk involved in investing in mutual funds, it can also be a disadvantage due to dilution. For example, if a single security held by a mutual fund doubles in value, the mutual fund itself would not double in value because that security is only one small part of the fund’s holdings. By holding a large number of different investments, mutual funds tend to do neither exceptionally well nor exceptionally poorly. 2. Fees and Expenses: Most mutual funds charge management and operating fees that pay for the fund’s management expenses (usually around 1.0% to 1.5% per year for actively managed funds). In addition, some mutual funds charge high sales commissions, redemption fees and some funds buy and trade shares so often that the transaction costs add up significantly. Some of these expenses are charged on an ongoing basis, unlike stock investments, for which a commission is paid only when you buy and sell. 3. Loss of Control: The managers of mutual funds make all of the decisions about which securities to buy and sell and when to do so. For example, the tax consequences of a decision by the manager to buy or sell an asset at a certain time might not be optimal for you. 4. DepositInsurance:Mutualfunds,although regulated by the government, are not insured against losses. The Nigeria Deposit Insurance Corporation (NDIC) only insures against certain losses by Universal Banks, Micro-finance Banks and Primary Mortgage Institutions not mutual funds. 5. Trading Limitations: Although mutual funds are highly liquid in general, most mutual funds (esp. open-ended funds) cannot be bought or sold in the middle of the trading day. You can only buy and sell them at the end of the day, after the current value of their holdings have been calculated. Mutual funds are a veritable investment vehicle that accommodates a wide variety of investors no matter your investment style and financial goals because it can offer the advantages of diversification and professional management. You can buy mutual funds by contacting fund or Asset management companies directly or through brokers, banks, financial planners, or insurance agents.

Your decision to call a professional investment adviser may just be what you need to give you a broad and comprehensive feedback on how to invest in Mutual Funds to help you achieve your investment goals and financial objectives. Please join us next week Monday on the concluding session of mutual fund investing. Kindly let us know if you have found this article useful. Please contact us at: enquiries@investment-one.com

BUSINESS 25

THE GUARDIAN, Monday, May 20, 2013

Nine years after award, Ondo contract yet to take off From Niyi Bello, Akure INE years after the seashore protection contract in Ayetoro, a coastal town in Ondo State was awarded and with more than N3 billion already paid as mobilisation fees to the contractors, residents of the community yesterday lamented that the project was yet to take off. Conceived by the Niger Delta Development Commission (NDDC), the project, initially billed to gulp N2.4 billion was awarded in 2004 to Messrs Gallet Nig. Ltd as the main contractors and the sum of N650 million was released as mobilisation fees. The project, which involved the construction of a twokilometre stretch of embankment to shield the sprawling fishing community on the shore of the Atlantic Ocean from the raging sea, was however stalled for about four years allegedly on the lack of expertise and required equipment on the part of the major contractors. Four years ago in 2009, the new board of the NDDC cancelled the earlier contract and re-awarded the project to another company, Dredging Atlantic Nig. Ltd, at a new cost of N6.5 billion out of which N2.5 billion was immediately paid as mobilisation fees. Again, the project, which is expected to be completed within 18 months, has not taken off prompting residents of the community to allege at a news conference

in Akure, Ondo State capital yesterday, to accuse the NDDC and the contractors of an unholy alliance to turn the project to a conduit pipe to siphon public funds into private pockets. Spokesman of the community, Dele Kudehinbu, who was flanked by other officials of the community union, said that the residents, “who are at the mercy of the surging sea which from a distance of 1.5 kilometres away a few years ago is now 100 metres away”, have sent several letters to concerned bodies about the need to commence the project. According to Kudehinbu who said that he spoke on behalf of the community monarch, the Ogeloyinbo of Ayetoro, Oba Guard Asogbon, “we have written several letters to the NDDC and the contractors. When the federal government set up the Steve Oronsaye panel to look at some failing NDDC projects, we even presented a position paper to the panel, but we have not heard anything. “As a community, we are prepared to assist them achieve success in the implementation of the contract but what we are hearing is that they could not muster enough funds, we wonder how that happened eve when the initial fees have been paid, although the NDDC told us that they have enough money to complete the project.” The Commissioner representing Ondo State on the NDDC board, Dele Omogbemi however said

that the commission did not award contract without having enough financial strength saying that the major problem with the project was lack of enough sand to fill the embankment because the Ayetoro beach, like the rest of Ondo shoreline, was muddy. Omogbemi, who spoke with The Guardian while reacting to the allegations of the community said, “we have gone over and over that place and we could not find suitable sand to fill the beach and reclaim it. The whole place is muddy but the current contractors, unlike the earlier ones, have the capacity, because they have moved sophisticated equipment to site. “The project is of utmost importance to the NDDC. That is why it was awarded twice. Ayetoro is located almost midway on the Ondo coastline and we are thinking of extending the embankment to both the east and the west after the completion of this project to make the entire Ondo coast free from ocean surge.” The community, however, said that the claim by Omogbemi that there was no sand for the project was not correct “because we took the contractors to a place called Igbo Aiku, which is made up of seven islands full of sands that can be evacuated for the project. But they said the place was a bit far. When they were doing their feasibility studies, did they not look for the most important ingredient they would need for the project?”

THE GUARDIAN, Monday, May 20, 2013

Insurance CIIN president renders stewardship By Joshua Nse HE president of the T Chartered Insurance Institute of Nigeria, (CIIN), Dr. Wole Adetimehin, has commended the governing council of the institute for the support and commitment to the actualisation of the board goals and objectives of the institute. Speaking at a press conference to mark the end of his tenure in Lagos, he said ‘’the

lofty goals we set for ourselves on assumption of office on July 17, 2011 have been substantially fulfilled’’. These he said were hinged on the theme “Repositioning the insurance profession, are included strengthening the relevance of insurance profession in Nigeria enhancing the quality of insurance education in Nigeria; recognition of excellence in insurance awareness and public enlightenment.

He said “The first significant step taken by the governing council in this direction was the constitution of a formidable industry team, which examined the issues related to the national budgets and arrived at useful decision which brought to the front burners the opportunities for economic growth and, in particular, the expectations from the insurance sector. “This exercise was effectively carried out for the 2012

budgets while in 2013 we subjected the exercise to a formidable forum of insurance practitioners facilitated by experts. The platform was the 013 business outlook seminar, which compelled participants to take a closer look at the national budget as a useful instrument for business strategy. Attendees at the forum agreed that the exercise was a useful encounter with the realities facing every operator in

today’s business environment”. As an industry, he said we have an undisputed stake in growth and development of our national economy and the socio-political landscape. During the period in review, our various engagement with governments at the state and federal levels provided opportunities for asserting the relevance of our insurance policy packages for indemnifying business against losses while also providing the necessary peace of mind for both local and foreign investors. The CIIN boss said “we also continuously canvassed the need for a genuine national consciousness on the efficacy of insurance especially with the spate of insecurity and the wanton destruction of lives and property as a result of growing insurgency as well as natural disasters such as floods and storms. As the industry’s educational arm, we have also initiated suitable and relevant training programmes aimed at

equipping practitioners with the necessary tools for underwriting the emerging risk exposures such as kidnapping and terrorism. We are also gearing up at promoting the development of pool formation, which can contain these catastrophic risks and guarantee greater confidence from the insuring public. On enhancing the quality of insurance education in Nigeria, he said: “I am pleased to inform you that the governing council pursued this with vigor in the following respects; painstaking pursuit and actualisation of construction work at the site of the college of insurance and financial management, preparatory for launching of the first phase and take-off of activities of the college restaurant by Leadway Assurance. Let me report that the progress at the college site is significant, especially with the completion of key structures for the college take off.

FBN Life partners First Bank over bancassurance ITH the goal to become W the biggest retail insurer in the country, FBN Life

Managing Director of Manny Insurance brokers Limited, Mr Kayode Okunoren(left); wife, Olusola and president of the Nigerian Council of Registered Insurance Brokers, Laide Osijo, cutting the tape to commission the Manny Insurance Brokers House in Lagos, recently

NAICOM signs MoU with NAIC HE National Insurance T Commission of Nigeria, (NAICOM) and the National Association of Insurance Commissioners (NAIC) of the United States, recognising the increasing international activity in insurance markets and the corresponding need for mutual cooperation between the relevant supervisory authorities, have signed a Memorandum of Understanding (MoU) to establish a formal basis for cooperation and technical assistance. The purpose of the MoU is to help maintain efficient, safe, fair and stable insurance markets in Nigeria and the United States for the benefit and protection of policyholders, by providing a framework for cooperation, increased mutual understanding, the exchange of information and technical assistance to the extent per-

mitted by respective laws, regulations and requirements. Both NAICOM and the NAIC believe such cooperation will enable them to more effectively regulate the industry and entrench international best practices. Nigeria’s Commissioner for Insurance, Fola Daniel and the president of NAIC/Commissioner, Louisiana Department of Insurance, James J. Donelon, signed the MoU on behalf of both parties at a well-attended ceremony held at the Willard InterContinental Hotel, Washington, DC in the United States of America on Thursday, May 9, 2013. Under the agreement, the authorities will provide mutual assistance periodically through training held in the host country; participation in internships with specific educational focus; educational

seminars held in the host country, provision of training manuals/materials and any other issues of common interest. Similarly, both NAICOM and the NAIC have reiterated the importance of complying with the International Association of Insurance Supervisors (IAIS) Core Principles for effective insurance supervision and the Financial Action Task Force

(FATF) recommendations on Anti-Money Laundering. NAIC is a non-profit Delaware corporation comprising Chief Insurance Regulatory Officers in each of the fifty States, the District of Columbia and the U. S. territories. It will be recalled that NAICOM signed a similar MoU with the National Insurance Commission (NIC) of Ghana in August 2012.

Under the agreement, the authorities will provide mutual assistance periodically through training held in the host country; participation in internships with specific educational focus; educational seminars held in the host country, provision of training manuals/materials and any other issues of common interest

Assurance Limited, a subsidiary of FBN Holdings Plc, has announced new distribution channels through partnership with First Bank’s over 700 branches nationwide to drive its banc assurance products. The managing director and chief executive of the company, Val Ojumah said, “in this partnership, we intend to deliver sustainable benefits by providing comprehensive insurance solutions to the bank’s customer base and, as a consequence, positioning FBN Life as a market leader in retail insurance in the country”. “FBN Life is exploring more distribution partnerships to facilitate wider coverage for customers at their preferred points of sale. “We are at the moment engaging multiple partners including microfinance banks, mobile network operators and other commercial banks, in order to expand our coverage beyond the FBN reach”. We are building the biggest retail insurance company in Nigeria by developing alternative channels and delivering innovative products to the customer, thus making insurance products accessible across all market segments and distribution channels, he said. Today, the company has three of its retail products that can be accessed in any of the First Bank Branches or

FBN Life offices nationwide. The products include the First Life Benefit Plan with an affordable premium of N45 monthly with a life cover of up to N100, 000.00; First Life Plus Benefit Plan, which goes with a monthly premium of N1, 040.00 and gives the insured a N100, 000.00 health insurance, N250, 000.00life cover as well as N100, 000 burial expenses benefit and the First Family Shield which attracts an annual premium of N2, 000 and gives the insured a N250, 000 death or permanent disability benefit. According to the CEO, these products are designed by FBN Life to provide value to the bank’s customers and are distributed through First Bank of Nigeria. This platform, Ojumah stated, provides the bank’s customers a range of financial products from a single point of contact, convenient access to hassle free and seamless insurance and lower premium as a benefit of being First Bank customers. According to the CEO, these products are designed by FBN Life to provide value to the Bank’s customers and are distributed through First Bank of Nigeria. This platform, Ojumah said, provides the bank’s customers a range of financial products from a single point of contact, convenient access to hassle free and seamless insurance and lower premiums as a benefit of being First Bank customers.

INSURANCE

THE GUARDIAN, Monday, May 20, 2012

AIICO offers motorists choices on vehicle insurance policy IICO Insurance Plc is givA ing motorists in Nigeria the opportunity to choose from a variety of its comprehensive motor insurance policies while trying to insure their vehicles against accident or theft. According to AIICO Group Managing Director, David Sobanjo, “we now offer our customers, the choice between AIICO Auto Regular, AIICO Auto Classic or AIICO Auto Royale Deluxe”. Under AIICO Auto Regular, damage to or loss of the vehicle arising from accident (lone or multiple) as well as theft and fire are covered. Should the insured vehicle be involved in an accident resulting in bodily injury, AIICO will pay the medical expenses. Also covered, is a towing van, should it be required. In case the insured vehicle is involved in an accident resulting in death or bodily

injury to other road users, usually called Third Party in insurance parlance, AIICO will pay as much as N1 million to offset the liability should the need arise. If the insured vehicle should be involved in an accident resulting in litigation, AIICO will also defray the legal cost and other expenses that may arise from there. To enjoy additional benefits, at extra cost to the customer, you may wish to extend the insurance policy to cover riot, strike and civil commotion, as well as increase the third party property damage limit. AIICO Auto Classic is a policy for vehicles valued at N3 million and above. While damage to or loss of the vehicle arising from accident, theft or fire are also covered; AIICO will also cater for medical expenses for the occupants of the vehicle, provides towing van when needed and pay as much as N1.5

million to offset Third Party Property Damage should the need arise. The policy also provides Third Party Liability Cover for death or bodily injury and covers personal effects in event of theft, fire or accident. Policyholders of AIICO Auto Classic will enjoy free riot, strike and civil commotion extension, as well as free tracker to easily locate the vehicle should it be stolen. The AIICO Auto Royale Deluxe package is perfect for vehicles at N5 million and above, in addition to the benefits under AIICO Auto Classic, this policy provides free Replacement Car and Chauffer for 10 days in case of accident or theft. With this policy, should the insured vehicle be involved in an accident, AIICO Insurance will pay as much as N2 million to offset Third Party Property Damage should the need arises.

Stanbic IBTC says pension critical to economic development HE critical role of pension T management in safeguarding the future of Nigerians and the country’s overall economic growth has once again been highlighted by the Executive Director of Stanbic IBTC Pension Managers, Mr. Eric Fajemisin, at the opening of the Warri office of the Pension Fund Administrators (PFAs). According to Fajemisin, adequate provision for retirement assures the contributor of a secured life in retirement while also making available funds for investing in strategic sectors of the economy, which will enhance economic growth and development. “This informs our focus on taking pension services closer to Nigerians, availing them the opportunity of interacting directly with our workers on any issue relating to their pensions, planning for retirement, investment outlook, or any clarification that they may require. In the event that they do not want to physically visit our offices, we have a 24-hour customer service centre that

they can call and be attended to in any one of Nigeria’s major languages including pidgin English, and of course the lingua franca,” he added. Noting that the contributory pension scheme, which was established with the enactment of the Pension Reforms Act of 2004, is still in its early growth stage and therefore requires investments such as those that have been made by Stanbic IBTC Pension Managers, Fajemisin said that “information plays a major role in enhancing confidence and trust in the pension scheme. Structures and systems that will facilitate twoway communication between PFAs and contributors as well as retirees, will deepen understanding of the workings of the pension system, and with understanding comes empowerment.” Secretary to the Bureau for State Pensions, Asaba, Delta State, Mr. Theo Aguonye, while declaring the office located at 57, Effurun/Sapele Road, Effurun, Warri open for busi-

ness, commended Stanbic IBTC Pension Managers for extending its physical presence to Warri and its environs. “I’m optimistic that our people will find your presence which is now closer to them useful. We now know where to go directly to seek answers to the several questions we have regarding issues pertaining to retirement and how to plan well if we want to live comfortably in the future, and other investment decisions we want to make,” he said. Stanbic IBTC Pension Managers, which recently signed its one-millionth retirement savings account holder, offers services from all Stanbic IBTC Bank branches and select Zenith Bank branches, and it also has presence in major cities and towns across the country. The PFA is continuously investing in deepening its service offerings and network in its desire to take pension services closer to Nigerians, helping to bring many more people into the contributory pension system.

Global Insurance rates firm in first quarter ONTINUING an 18-month C trend, global insurance rates continued to firm in the first quarter of 2013, according to Marsh’s “Global Insurance Market Quarterly Briefing.” In the United States (U.S.), most major insurance lines saw rate increases of two per cent to four per cent. Outside the U.S., rates overall decreased by an average of approximately one per cent. Like what you see? Click here to sign up for Insurance Networking News weekly newsletter to get the latest on breaking industry news, carrier technology implementations and developing business and technology trends. “While rates continue to rise, insurers have a healthy appetite for business and this is making conditions progressively more favorable for insurance buyers,” said Dean

Klisura, Marsh’s U.S. risk practices and specialties leader. “Underlying this trend are both strong capacity and increased interest from many global insurers.” The Marsh Risk Management Global Insurance Index, which represents a composite or weighted average of ratechange activity over the preceding four quarters, experienced a global increase for the fifth-consecutive quarter. During the first quarter, the index - which was based at 100.0 in the second quarter of 2012 - rose by 0.1 points to 101.3. Overall, rates renewed with an increase of 0.3 per cent in the first quarter of 2013, following an increase of 1.2 per cent in the fourth quarter of 2012. Global property rate typically declined on renewal during the quarter by 0.2 per cent, while financial and pro-

fessional lines generally increased by 0.8 per cent on renewal and casualty insurance renewed up 0.7 per cent. For liability insurance, financial institutions in the Eurozone continue to face increases while rates generally declined in other major classes of business. Underlying these market conditions are very strong capacity and increased support for business among some global insurers for both catastrophe - and non-catastrophe-exposed property risks In the U.S. Northeast, property rates rose and insurers restricted coverage for floodexposed properties following October’s Superstorm Sandy. Outside the U.S., first-quarter property rates were down slightly overall from the first quarter last year.

THE GUARDIAN, Monday, May 20, 2013

THE GUARDIAN, Monday, May 20 , 2013

Stockwatch In association with Lead Capital

Stock Market Report for the week Friday, 10th May to Thursday 16th May, 2013 N the week, the total volAJOR equity markets around the I9.28% ume appreciated by ANNOUNCEMENT M globe moved upwards as their URING the period under review, fifty four and value traded various indexes gained marginal D (54) stocks recorded price appreciation appreciated by 10.14%. A points. In our universe of sample compared to fifty two (52) that depreciated in equity markets; the S & P 500, NASDAQ and Dow Jones all gained points by 1.60%, 1.71% and 1.13% respectively, at the end of last week. In Europe, The German Dax, FTSE 100 and France CAC 40 gained points by 1.37%, 1.67% and 0.66% respectively. In the Asia/Pacific region, Nikkei 225 and BSE Sensex gained points by 5.96% and 1.55% respectively while the Hangseng lost points by 0.55%. In Brazil, the Bovespa lost point by 1.56% while Russia’s RTS INDEX lost points by 4.21%. On the local setting, NSE ASI closed at 36,400.16 recording 1.73% appreciation at the end of the week’s trading.

turnover of 2.12 billion units of shares valued at N24.45 billion was recorded, in contrast to a turnover of 1.94 billion units of shares worth N22.20 billion that was recorded in the previous week. Volume this week was driven by activities in the shares of UBA, FCMB, ETI, FBNH, TRANSCORP, ZENITHBANK, DIAMONDBNK, RESORTAL, GUARANTY and FIDELITYBK.

the previous week, COURTVILLE was first on the top gainers chart to close with 57.14%, followed by DNMEYER with 30.43%, NASCON with 26.67%, INTERBREW with 21.54%, UTC with 20.00% and CUTIX with 19.79%. Other gainers in the top ten categories were WAPCO with 95.00%, TOTAL with 17.81%, IPWA with 16.67% and UBA with 16.15%. On the flip side, twenty four (24) stocks depreciated in price last week compared to twenty (20) that depreciated a week ago. OKOMUOIL led on the price losers’ table with 49.11%, followed by PAINTCOM by 13.58%, ROYALEX by 12.70%, WAPIC by 10.00%, NNFM by 10.00%, JAPAULOIL by 9.68%, ACADEMY by 8.11%, ABCTRANS by 5.11%, MAYBAKER by 7.65% and AIRSERVICE by 6.88%.

THE GUARDIAN, Monday, May 20 , 2013

STOCKWATCH

Lead Capital Stock Valuation

COMPANY’S RESULT

CONTINUE ON PAGE 51

THE GUARDIAN, Monday, May 20, 2013

Homes & Property

Artist’s impression of the proposed project, The Sphere, Victoria Island, Lagos

Private investors unveil Cadwell’s Sphere Projects By Chinedum Uwaegbulam, Assistant Housing & Environment Editor ENOWNED masters of lifestyle and ultra luxury living, Cadwell has plans that have recently been unveiled to create residences in Lagos, christened ‘The Spheres’. Though there are only renderings present at the moment, the seven-floors development look to be an amazing luxe accommodations. As expected with anything that is adorned within the precinct of Victoria Island, the ultra luxury residences is expected to bring face-lift to Kofo Abayomi Street. Designed by Pieach, an award winning architect for Best Mixed-Use Architecture Africa, the proposed elegant deluxe residential development comes with a unique

Cadwell has launched an off-plan sales for The Spheres, a seven-floors luxury development, which will bring a face-lift to Kofo Abayomi Street, Victoria Island in Lagos. The company is also promising capital appreciation when the development is completed in two years. shape; it is fashioned in a modern classism style that comfortably complements the lifestyle of the upwardly mobile executive and family. Other consultants include LANS Consult (structural engineers) and OJ & T (mechanical and electrical engineers). Cadwell’s Sphere has a total land area of 5,101 square metres and a built up area of 3,259.66sqm. The mixed-use development is made up of two distinctive blocks and three categories of houses. Penthouses of four bedrooms, with three living rooms, study all en-suite with stunning view of Lagos skyline; four bedrooms and three living rooms all en-suite and four

Legacy Homes in Ilorin Evergreen housing project Page 33

bedrooms with living and dining all en-suite. Dubbed by the promoters as ‘ingenuous architectural master piece’ the edifice complies with international standard for architectural and engineering design combines safety, comfort, services and functionality with best-in-class finishes equally backed with distinctive facilities. Senior officials of the company told The Guardian that the development has already been launched via e-sales and selective marketing to its preferred audience. “If you desire true lush living or a high yielding investment, the Sphere is a veritable avenue to satisfy the craving as it is well placed in

the serene side of Victoria Island, Nigeria’s most prestigious district to live and work.” The Sphere also comes with exceptional features such as spacious living areas, extralarge windows, extensive high ceilings, unique doors, allensuite bedrooms with quality fixtures and fully fitted kitchens with Bosch appliances. Also there is ‘leisure level’ where the inspiring experience is at its best with the use of Well-Being Centre featuring such as fitness suite, seven star Spa, male and female massage rooms, beauty salon, games rooms, news café lounge and juice bar.

UPDC’s N5b Festival Mall takes off in Lagos Page 35

The Sphere also features on the ground floor, limited luxury goods residential retail ahops, office suites, meeting room (to accommodate minimum of 12 persons) to providing world class services to the residents, accessible through a private access control entrance from each wing. Other amenities and services include swimming pools, pool lounge, facility management, 24 hour power supply, water treatment plant, sewage treatment plant, visitors parking, gardens, play ground and manned security with CCTV cameras are equally available. Expected to be completed in the fourth quarter of 2015. An attraction is its payment terms of minimum deposit 20 – 25per cent as sign-on commitment fee and the balance in 10 equal quarterly installments to span through-out

the construction to completion period - estimated at 30 months. According to the company, “Cadwell has over a decade demonstrated unbeatable record for producing and maintaining the finest real assets in Nigeria for its multinational clients. Buying a property off-plan at the Sphere offers unique benefits amongst which include decent capital appreciation, short pay-back period, and guaranteed annuity income from Cadwell solid clientele base.” Among its exclusive design goal is the provision of smart floor area ratio to maximise greenery to allow optimal integration with natural greenery and ventillation as well as adaptation of modern housing concept for safety, security and natural constraints to environmental hazards.

FIABCI can help Nigeria tackle housing challenge, says Page 45 Nunes

THE GUARDIAN, Monday, May 20, 2013

HOMES&PROPERTY

Abia begins building permit, land title verification Urban Development From Gordi Udeajah, Umuahia MID the growth of formA less, seemingly unplanned and disorderly settlements in Abia State, the authorities have renewed its fight against violators of the state’s Urban and Regional Law in the urban areas. Under the new dispensation, the Ministry of Physical Planning and Urban Renewal has kick-started an exercise to verify and authenticate the Purpose Clause in the Certificate of Occupancy (C of O) documents for all classes of developers, which is aimed at correcting the various distortions in land development to recover lost revenues and in special cases, recommend the revocation of some C of Os. The State’s Commissioner of Physical Planning and Urban Renewal, Mr. Donatus Okorie told journalists at a press conference in Umuahia “ in spite of the existence of the Abia State Urban and Regional Laws, majority of developers in the state lack awareness of the gains derivable from Physical Planning and D e v e l o p m e n t ” . He said that the result has been a plethora of illegal development of structures, illegal and unilateral change of the Purpose Clause as enshrined in the Certificates of Occupancy (C of O) and building permits. He recalled that his Ministry in August 2011

The State Government has commenced verifications of building permits and C0fOs to halt chaos and confusion caused by this illegal development and Change of Purpose Clauses. The development is becoming embarrassing to the government and city dwellers that desire comfortable and compatible livable environment organized the first state physical planning and development stakeholders forum wherein professionals in the building industry like surveyors, architects, civil engineers, town planners and builders met and created a road map to halt perceived distortions in the state settlements. He stated that there is unavoidable need on the part of his ministry to begin the implementation of the well thought out plans in line with the statutory functions and the provisions of the state Urban and Regional Planning Board and Planning Authorities Law Cap 40 of the Laws of Abia State 1999 - 2000, in addition to the Land Use Act 2004. Okorie, who spoke in the presence of his Permanent Secretary and Directors, listed challenges faced by the ministry as “flagrant abuse

Ochendo Housing Estate, Umuahia, Abia State and conversion of assigned uses in the C of O by some property owners without consent of the state government.” He added: “The chaos and confusion caused by this illegal development and Change of Purpose Clauses have become embarrassing to the government and many City Dwellers who desire and are entitled to comfortable and compatible livable environment”.

He explained the right of government to affect this exercise, saying, Sections 5 (e and f) and 43 of the Land Use Act 2004 in respect of any breach in any covenant in C of O saying the state governor was/is empowered to impose a penal rent for a breach by the holder. He said: “No person shall in an urban area enclose, obstruct, cultivate or do any act in relation to any land

which is not the subject of a right of occupancy or license, lawfully held by him or in respect of which he has not received the permission of the governor to enter and erect improvement prior to the grant to him of the right of occupancy”. Meanwhile, Abia Government has unveiled its 30 bungalows of three bedrooms, all ensuite located at the Ochendo Housing Estate, Obuavo and Isieke

Housing Estate, being offered to interested buyers at the cost of N5.5 million. The estate comprises 100 bungalows, out of which 30 units have been completed as part of the first phase of the project. On completion, the estate will have facilities such as schools, security post, pipe borne water, electricity, and recreation park. Already, there is a functional security post and electricity in the estate.

THE GUARDIAN, Monday, May 20, 2013

Prime Estates Legacy Homes in Ilorin Evergreen housing project Projects By Tunde Alao N indigenous property developer, Legacy Homes and Properties Limited, has introduced its premier affordable housing scheme in Kwara State’s new GRA. The new scheme, calledEvergreen Community Housing Development (ECHD), is a new residential gated community estate, situated on about 15 hectares of land at Ilorin’s new GRA along pipeline road of Tanke, Ilorin, Kwara State. According to the promoters, “The estate is for medium and high-income groups and is an exclusive residential locality, conveniently situated away from noise pollution that characterised the capital city.” The developer, in designing the estate, has given a careful attention to details, luxury and comfort through the provision of basic facilities /services to the needs of the occupier. Evergreen estate is designed for 117 families on a 45-acre of land that provides a peaceful environment within a low density area. The development consists of eight models of three to six luxury bedroom units, 92 modern villas and 25 town-

Illustration showing one of the housing models houses. Each house sits on walkways . about 1,500 square metre “Careful planning and space and has a driveway, a attention to details is what back and front yard. sets us apart, long before the The estate which is commencement of the projdesigned to enjoy 24-hour ect, we carefully research the security, also boost of con- needs and wants of our cuscrete block paving and well- tomers. lit landscaped pedestrian “The project is in collabora-

tion with a team of architects, land planners, engineers, Kwara State Government Land Bureau and other real estate professionals”, the firm’s website revealed. It also hinted that the company created a development, viable models

and floor plans suitable to the environs and affordable. “Every stage of the project will be carefully monitored to ensure that we meet our customers’ expectations and our high standards of quality. “The goal is to create a truly

excellent way of life for the subscribers, by working together to build homes and communities that are simply the best in the planning, design, amenities and value. Facilities planned for the estate include a recreational centre.

THE GUARDIAN, Monday, May 20, 2013

HOMES&PROPERTY 35

UPDC’s N5b Festival Mall takes off in Lagos Projects By Emmanuel Badejo OREMOST real estate firm, UAC Property Development Company (UPDC) Plc, last weekend commenced the construction of a N5billion retail outlet, known as Festival Mall, located beside Golden Tulip Hotel, Festac Town, Amuwo Odofin Local Government Area of Lagos State. The project, according to the developer, was conceptualized in 2008, and it became imperative due to the lack of proper and formalized retail channel in Festac and its environ. Also, UPDC’s desire to create a destination point for Lagosians within that region, which will offer a complete and sustainable environment for work, hospitality, recreation and an experience of a formal shopping mall, also led to the birth of Festimal Mall. The mall will provide delightful shopping experiences to residents of Festac Town, Mile 2, Crystal Estate, Anchorage Estate, Okota, Navy Town and its environ. The total land area for the combined facility is 8.778 hectares, of which 3.2 hectares representing 36 per cent of the total land was earmarked for the proposed shopping mall. It has a gross buildable area of 12,722sqm, 10,071 square metres of leasable space, comprising of 4,508sqm of retail line shops, 1,035 of F&B shops, cinema of

five viewing screens and 3,320sqm of anchor space. Speaking at the sod turning of the mall last weekend, Chairman, UPDC, Mr. Larry Ettah, said, when they acquired Durbar Hotel in 2002 under the privatization programme of the Federal Government of Nigeria, their goal was to take over an edifice that was once a national pride and re-create it as a tourist destination that will reshape the entire landscape of Amuwo Odofin and indeed Lagos state. According to him, a part of that dream was achieved in July 2011, with the formal commissioning of Block A of the facility as Golden Tulip Hotel and Conference Centre with 349 rooms adding that an additional 120 rooms will added to the hotel in due course. On the mall, Ettah said: “This ground breaking ceremony today represents another significant stride in the journey embarked upon by our company in 2002. Let me reiterate that we are committed to creating a best in class mixed development on this site – comprising of offices, residences, shopping and complimentary recreational facilities. In line with UPDC’s mission of creating comfortable living and business environments for our customers, we believe that Festival Mall will provide delightful shopping and entertainment experiences to the teeming populace of Lagos, especially the residents

The proposed Festival Mall, Lagos of Festac Town, Amuwo Odofin, Mile 2, Okota, Isolo, etc. The complex, when completed will also generate further employment opportunities for thousands of people besides reshaping the socioeconomic landscape of this area of the state.” In his comment, Chairman, Amuwo Odofin Local

Government Area, Mr. Adewale Adebowale Ayodele, expressed delight for such project to be sited in his domain, saying it will bring more development along the axis, pledging his support to the mall. “This is a major development within our neighborhood, which will further add to the

investment opportunities in FESTAC, and we shall do all within our reach to ensure smooth construction of the project. No doubt, a project of this magnitude will reduce unemployment rate in this Local Government Area and we shall do all to promote it. At our level, we are working to ensure that the business

environment is investment friendly so that we have more infrastructure development in this local council.” Managing Director, UPDC, Mr. Hakeem Ogunniran, said the project has 18 months construction period, which means by December 2014, the mall would be opened for shoppers.

THE GUARDIAN, Monday, May 20, 2013

HOMES&PROPERTY 37

NDDC, Ondo community disagree over N6.5b abandoned shoreline contract Projects From Niyi Bello, Akure INE years after the shoreline protection contract in Ayetoro, a coastal town in Ondo State was awarded and with more than N3 billion already paid as mobilization fees to the contractors, the project is yet to see the light of the day. Conceived by the Niger Delta Development Commission (NDDC), the project, initially billed to gulp N2.4 billion was awarded in 2004 to Messrs Gallet Nigeria Limited as the main contractors and the sum of N650 million was released as mobilization fees. The project, which involved the construction of a two-kilometer stretch of embankment to shield the sprawling fishing community on the shore of the Atlantic Ocean from the raging sea, was however stalled for about four years allegedly on the lack of expertise and required equipment on the part of the major contractors. Four years ago in 2009, the new board of the NDDC cancelled the earlier contract and re-awarded the project to another company, Dredging Atlantic Nigeria Limited, at a new cost of N6.5 billion out of which N2.5 billion was immediately paid as mobilization fees. The project, which is expected to be completed within 18 months, has not taken off prompting residents of the community to allege at a press conference in Akure, Ondo State capital last week that NDDC and the contractors have entered unholy alliance to turn the project to a conduit pipe to siphon public funds into private pockets. Spokesman of the community, Prince Dele Kudehinbu, who was flanked by other officials of the community union, said the residents, “who are at the mercy of the surging sea which from a distance of 1.5 kilometers away a few years ago is now 100 meters away”, have sent several letters to concerned bodies about the need to commence the project. According to Kudehinbu who said he spoke on behalf of the community monarch, the Ogeloyinbo of Ayetoro, Oba Guard Asogbon, “we have written several letters to the NDDC and the contractors. When the Federal Government set up the Steve Oronsaye panel to look at some failing NDDC projects, we even presented a position paper to the panel but we have not heard anything. “As a community, we are prepared to assist them achieve success in the implementation of the contract but what we are hearing is that they could not muster enough funds, we wonder how that happened eve when the initial fees have been paid, although the NDDC told us that they have enough money to complete the project.” The Commissioner representing Ondo State on the NDDC board, Dele Omogbemi however said the commission does not award contract without

Controversy is trailing shoreline protection contract in Ayetoro, a coastal town in Ondo State, where two contractors at different times have been awarded the contract and mobilized to site, without moving to site. Ayetoro community and a board member of NDDC have engaged themselves in a bulk passing game on the issue. having enough financial strength saying that the major problem with the project was lack of enough sand to fill the embankment because the Ayetoro beach, like the rest of Ondo shoreline, is muddy. According to him, “the consultant who got the job identified a spot, did soil analysis and confirmed that the material will be suitable for the project. But unfortunately the quantity found there could not be enough to fill the space. Efforts are still on-going though.” Omogbemi, who spoke to The Guardian while reacting to the allegations of the community, said, “we

have gone over and over that place and we could not find suitable sand to fill the beach and reclaim it. The whole place is muddy but the current contractors, unlike the earlier ones, have the capacity because they have moved sophisticated equipments to site. “The project is of utmost importance to the NDDC. That is why it was awarded twice. Ayetoro is located almost midway on the Ondo coastline and we are thinking of extending the embankment to both the east and the west after the completion of this project to make the entire Ondo coast free from ocean surge.”

The community however said the claim by Omogbemi that there was no sand for the project was not correct “because we took the contractors to a place called Igbo Aiku, which is made up of seven islands full of sands that can be evacuated for the project. But they said the place was a bit far. When they were doing their feasibility studies, did they not look for the most important ingredient they would need for the project?” Reacting to this, Omogbemi said the location mentioned by the residents could not be assessed due to logistic

Mimiko and that what the residents should do is to assist the consultants and the commission in the new search for suitable sand. Ayetoro, established as a socialist haven in 1947 by a group of fishermen clergy, is located about 60 kilometers east of Lagos and 60 kilometers from the mainland Igbokoda, headquarters of Ilaje local council of Ondo State.

Peopled by mainly Ugbo clan of the Ilaje ethnic group, the community was at the forefront of development in preIndependence Nigeria and became the first settlement to have access to electricity in the entire Ondo Province of the then Western Nigeria. Residents say the menace of sea incursion has adversely affected their socio-economic existence, as the entire mangrove vegetation within the environment has been salinated thereby destroying marine life and negatively affecting fishing activity, which is the mainstay of the local economy. Besides, the entire area now lies under the sea level and the community had been forced to move location inland several times in the past, causing a lot of social and economic dislocation.

THE GUARDIAN, Monday, May 20, 2013

HOMES&PROPERTY 39

Delta approves N7.6b for flyovers, defends govt house contract From Hendrix Oliomogbe, Asaba HE Delta State T Government has approved contracts for the construction of flyovers at the popular Interbau Roundabout in Asaba and Effurun-Sapele Road Roundabout near the oil city of Warri, which will cost N3.5 billion and N4.18 billion respectively. The State’s Commissioner for Information, Mr. Chike Ogeah, made this known while defending the decision by the state government to spend whopping N261 million to furnish the Executive Council Chambers at the new Government House com-

plex. Ogeah who spoke in company of the Commissioner for Works, Mr. Funkekeme Solomon said that the amount which was approved by the state executive council at its last meeting on Wednesday was reasonable considering the fact that the state does not have a befitting exco chambers where members of the state executive chambers hold meetings. He promised that when fully furnished, it will be a state of the art chambers with computers and other accessories which can rival the best in the country. The Commissioner said: “It will be a state of the art Executive Chambers. At N261 million, I don’t think it

is too expensive. There will be computers and other accessories.” The Works Commissioner added that the government decided to embark on the construction of the flyovers because of its quest to modernize Asaba, the state capital and Warri, the commercial capital and again to eradicate the traffic gridlocks, which normally occur at the two spots in the towns. On other road projects, he said that the government was determined to complete them in order to put good infrastructure in place for potential investors and be able to realize the dream of a “Delta State Without Oil”. Ogeah maintained that is

Dubai’s Palm Jumeirah gets $1b project Real Estate HE Dubai-based real estate T investment firm, Skai Holdings, has unveiled plans for its new $1 billion (Dh3.67 billion) hotel and furnished residences project on the Palm Jumeirah, Dubai. The development will be operated by Viceroy Hotel and Resorts, marking the company’s first venture into Dubai and its second in the UAE alongside sister property Yas Viceroy Abu Dhabi. Construction has begun, with completion and grand opening slated for the last quarter of 2016. Viceroy Dubai Palm Jumeirah will have 481 large rooms and suites, and 221 signature Viceroy Residences all with breathtaking views of the Arabian Sea. The property’s attractive location is situated at the base trunk of The Palm Jumeirah archipelago, making it easily accessible from the mainland of Dubai. The location is ideal being only 12 minutes from DownTown Dubai - a key business and tourist destination in the heart of the city and 5 minutes from Mall of the Emirates, another key tourist destination in Dubai. It is also 5 minutes away from other business and tourist attractions such as the Dubai Marina and Dubai Media City. Kabir Mulchandani, CEO, Skai Holdings, said: “Viceroy Dubai Palm Jumeirah will offer the best of all worlds. It is a luxury urban beach resort in the heart of Dubai. It is a family retreat as well as an exciting entertainment destination and its exceptional banqueting and business facilities make it ideal for corporate use. The property will be everything for everyone! We have partnered with Viceroy Hotels and Resorts as the brand is renowned for delivering enchanting lifestyle experiences and intuitive service in sought-after locations around the world.” “This property marks our first foray into the Dubai market and is a milestone in our growth in the region,” said Bill Walshe, CEO of Viceroy Hotel Group. “Our market entry is perfectly timed and our partnership marks the coming together and collaboration of two success stories in the real estate and hospitality industries. We expect this property to set a new bar in beachfront

luxury, not just for Dubai, but anywhere in the world.” The property will boast 10 of the world’s best restaurants along with a gourmet market and bakery. It will have over 800 square metres of wellness spa facilities including 10 treatment rooms with indoor and outdoor treatments for women and men. The resort will have over 350 square metres of indoor fitness facilities with spectacular sea views and three separate outdoor swimming pools – a 106

metre pool for recreation, and the other two for relaxation and children. It will also have beach club facilities with beach and sports activities. A children’s centre with activities and childcare facilities will allow adults to enjoy the resort with no limitations. The facility will also have a library and relaxation lounge. The property will also provide extensive banqueting and business facilities.

very important for the present administration to have an even development strategy in line with its three cardinal programmes of infra-

structure and human capital development, and peace and security, assuring that the projects will be completed within the lifespan

of the Governor Emmanuel Uduaghan’s administration which ends on May 29 2015.

THE GUARDIAN, Monday, May 20, 2013

UK property owners confident on price rises Housing OME owners in London are H more confident that the value of their property will rise in the coming 12 months that at any time since 2009, according to the latest Knight Frank/Markit House Price Sentiment Index (HPSI). The index also shows that households across the United Kingdom (UK) perceived the value of their home had risen in the past four weeks, only the second time this has happened since June 2010. In terms of future house price movements, the surge seen in optimism over future house price rises first seen in April continued in May, with households expecting the value of their home to rise over the next 12 months. This rise in optimism follows the government’s announcement of its multi billion injection into the mortgage market, via its Help to Buy scheme, suggesting that this has helped boost confidence in the market. May’s overall future HPSI reading is at the second highest level since summer 2010. But the regional picture is mixed. Londoners are the most optimistic that prices will rise, while those in Wales expect only a modest rise in the value of their property. Expectations for price rises are highest among 24 to 34 year olds, the typical age for first time buyers. This was the second highest reading since June 2010. However, over 55s also grew more confident that the value of their home would rise over the next year, with the index for this age group hitting its highest level since May 2010.

Houses in UK, recently Overall around 13.5per cent of the 1,500 homeowners surveyed across the UK said that the value of their home had risen over the last month, the highest proportion since June 2010. Some 9per cent of households indicated the value had fallen, giving a HPSI reading of 52.2. Any figure under 50 indicates that prices are falling, and the lower the figure, the steeper the decline. Any figure over 50 indicates that prices are rising. May’s reading is up from 50.6 in April, and marks just the second time that the index has been in positive territory since June 2010, signaling that after three years of declining values, households are becoming more confident that the price of their property is rising. The future HPSI, which measures what households think will happen to the value of their property over the next year, remained in positive territory for the 16th consecutive month.

The overall index reading for the UK was 61.5, down slightly from 62 in April, but still marking one of the highest readings in three years. On a smoother three-month average basis, the future HPSI reading was 60.2, in the three months to May, up from 59.2 in the previous threemonth period. While there are regional differences in the outlook for prices, respondents in all regions expect the value of their property to rise over the next 12 months. Londoners’ expectations have soared, with the index reading jumping from 70.8 in April to 76.3 in May. This is the highest reading on record. Optimism that the Government’s Help to Buy scheme will have a positive impact on house price movements remains strong this month, the index suggests, especially among first time buyers,’ said Gráinne Gilmore, head of UK residential

THE GUARDIAN, Monday, May 20, 2013

PropertyInterview FIABCI can help Nigeria tackle housing challenge, says Nunes Some months ago, International Real Estate Federation( FIABCI), a worldwide network whose membership is open to all professionals involved in the property industry elected a new president, Mr. FLAVIO GONZAGA BELLEGARDE NUNES. He has a three-year tenure out of which he has spent almost a year as president-elect. In a few days, the Brazilian, who since 1974 has practised real estate, corporate and environmental law, will begin his tenure. As part of strategies to increase membership in Africa, Nunes visited Nigeria recently, where he spoke on his mandate, programmes and what Nigeria stands to gain from the body. In this interview with The Guardian’s EMMANUEL BADEJO, FIABCI’s president, also said that Nigeria can surmount its housing challenge by adopting Brazil’s model. Excerpts: have representation. We can use our peculiarity Professional Practice and experience in the real estate segment to profONGRATULATIONS on your election as the C president-elect of FIABCI international. But you are taking off this year after months on the saddle, can you explain what this means? I have the honour to be elected as president last year and according to our statutes, I will be taking off this year. The new president must have been elected one year before taking off. Within that one year as president-elect, he or she has the opportunity to interact with the out-going president. One year after, the president-elect takes his/her off, commencing his/her business, succeeding the erstwhile president for one year. One year after, the president who becomes the first president will transmit his position to another president-elect, though the president now will be saddled with responsibility in FIABCI for one year more. Going by our procedure, every president of FIABCI has responsibility for three years with the organisation -one, as president-elect, the second year as president, and the third year as first president. I am finishing my president-elect tenure in few days, precisely, in late May. Nigeria is probably the only country in Africa with great interest in the global body. What can we say are the reasons why Africa does not have strong representation in FIABCI? Considering Nigeria as example, she is quite an old chapter of FIABCI, though this is not the case with other countries in Africa. But we are hopeful that in view of the booming economy, Africa will soon become strong in this world organisation. In Africa, there are excellent challenges coupled with large-scale infrastructural development, so we are hopeful that very, very soon, Africa will become a force within FIABCI. The Federation has been existence for several decades. Many people are still at lost on the objectives of FIABCI? FIABCI is an organisation that focuses on several issues. Networking is one major target of FIABCI. Generation of business is another target. Exchange of knowledge is another and boosting the professionals’ skill are also areas we pay attention to. Improving the practice of real estate profession is another objective of the group. Besides these, FIABCI is listed as an NGO with the ECOSOC that is Economic and Social Commission of the United Nations. It was listed in ECOSOC in early 50s. Taking its standing and relationship with ECOSOC; FIABCI is deeply informed in social housing. So, housing for low-income families, is that kind of project that goes in line with FIABCI’s skill, considering that it is an organisation of real estate professionals. Several years ago, a foundation was devoted for social housing project. It is Global Housing Foundation (GHF), founded by one of our most important member, who unfortunately is late now. This project has been very active in provision of social housing for low-income families. For instance in Walter Maler, the foundation was involved in the provision of social housing with the United Nation. Besides that, we’ve seen that there is a wide gap of homes for low-income families. In Africa, particularly, in Nigeria, I learnt that there is a debt of 16 million houses. This is a big challenge and FIABCI can get involved, trying to work with the United Nations and the government, with a view to seeking lasting solution. Yes, FIABCI is not a financial institution but it’s an organisation made up of real estate professionals that can bring good ideas who can put in context partners and players in the industry. FIABCI is unique in the sense that it is spread through the globe. There are representations in more than 40 countries and there are members in countries where we do not

fer solution to the housing problems in Nigeria. Witha deficit of 16 million housing units, we expect your kind of intervention in Nigeria. What forms your criteria for involvement in providing social housing for the citizenry? I have seen in Nigeria very important projects of great note. For instance, during my visit in Nigeria, I visited the Eko Atlantic City Project and also the Lagos Free Trade Zone and I must say that I am impressed with the size of these projects. What I can infer from what I saw is that there are entrepreneurs, who have the strength to undertake large projects in this country. Likewise, housing is considered as an issue of infrastructure. So, if we have entrepreneurs dealing with such magnitude of infrastructure, so, we can bring our expertise to play. The important thing is to have commitment from the government. Taking the Brazilian example of social housing project, known in English as ‘My House, My Life’, it is a public private initiative, which involves the government and the private organisations. In Brazil, we have much less housing deficit, compared to Nigeria. Brazil has 5 million housing debts for low-income families. This project, which started in 2009, aims to deliver two million houses for this category of people until 2014. We have up till now delivered more than one million housing types for the low-income earners. The government of Brazil has been able to achieve this feat because one, it is committed to the project, and therefore created good business environment for investors into the housing industry. To do this, the government gives incentives to encourage the investors, and also created better condition of financing. It is therefore imperative to have such programme in Nigeria, if the nation is spirited to solving social housing shortages. This kind of programme will not be successful if the government is not fully committed to ensure meaningful results. Therefore, it is very, very important to have the Nigerian government deeply involved; create foundations that can be used as a purpose vehicle to overcome this challenge. Social housing is new in Nigeria and not much commitment has come its way from all tiers of government. From your experience, what are the problems facing provision of social housing? From my involvement of housing provision and that of my country, Brazil, the major problem is the price of the land. Land is a commodity that has become scarce. If we don’t find land in abundance, we would see the price rising. In Brazil, the issue around land was very tough to overcome because it is a free market and that controls the price. But the government tries to provide certain incentives to the entrepreneurs, who in turn try to implement. What some of the entrepreneurs do is to locate land in farther locations. However, what matters most is having land near to centre of business, otherwise, locating land far from business zone will create another problem for the low income families, who will have to be living far away from their jobs. It is a kind of challenge that must be solved by the government, though what is paramount is to provide houses for her people. Globally property rights have been in the front burner. What is FIABCI’s stand on property right issues? One of the focuses of FIABCI is to defend property rights. Our society should be based on ownership right of property. Ownership must be enacted, preserved and respected. If private ownership of property is respected, that will create room for more investments into the property portfolio. So,

Nunes we have seen in some countries that there is no respect to property rights. For instance, countries in the Eastern Europe do no longer belong to the iron cutting. I have visited some countries in the eastern part of Europe like Bulgaria, Hungary, Russia, and there I saw very robust and developed system of registration in order to preserve the property right. Whenever there is an offence to property rights, FIABCI will make its efforts in order to defend and try to overcome the situation of offence to property right. In Nigeria for instance, there are lot of issues on property rights. For instance ,we have cases of demolition of properties in the name of slum upgrading, or contravention of one law or the other. Unfortunately, some of these people are not given the right to return even after the slum would have been upgraded? What is the best way to handle this situation? It is ideal for every responsible government to ensure that her citizens live in descent houses. It is however regretful to see slums, and people living there. Those who live in the slums do not have good condition of living. Several problems of sanitation, health and associated with those living in slums. And every concerned government will take steps to rectify this problem. In my country, Brazil, we also have slums and it is a serious problem and we are working to implement better condition of living for people who live

in slums. For instance Sao polo, the city where I live, the local government has a very serious project to build new houses for the poor people living in slums, sell to them at a very, very low rate, with longer years of repayment plan and then destroy the slums. It is important to mention that these people are resettled before the slums are destroyed. These new houses may force some of the slum occupants to change location, but what is certain is that they will have better condition of living when relocated. In another local council, their approach to slums upgrading is different. What they do is to put in place good infrastructure, thereby increasing the condition of living of the people and I can tell you that they are making much success story in giving the people better condition of living. FIABCI has been working on a White Paper on property right, which was suspended. As the new president, do you have the intention to revisit this paper? The White Paper is related to property right through which all the principles on which FIABCI stands as far property right is concerned are presented. As a body, we had to suspend this project due to lack of personnel. However, I intend to revisit this project during my tenure, if not finished, at least it should be advanced, so we can have a document on property right.

THE GUARDIAN, Monday, May 20, 2013

HOMES&PROPERTY

Experts task interior designers on safety standards Interior Decor Stories by Tosin Fodeke OLLOWING the absence of a safety code, professionals and artisans, who ply their trade within the interior designs and architecture, have been urged to ensure total compliance to safety rules and regulation. In their submission, the experts, under the aegis of Interior Designers Association of Nigeria (IDAN), said the non-availability of safety standards for designers and architects had led to more than estimated two million deaths of workers globally, each year. Also, about 268 million nonfatal work place accidents as well as 160million new cases of work related illnesses are said to occur each year. President of the association Mr. Anslem Tabansi, while speaking at a one-day seminar organised by IDAN, stressed the need for employers of labour to deliberately and conscientiously put in place, a well-designed and well managed workplace that can play a beneficial role in promoting workers’ health and wellbeing. He stated: “One of the reasons is that until recently there were no adequate laws that seek to regulate the practice of health and safety in general working environment in Nigeria. “However, despite this lacuna in the laws, the multinational companies operating in Nigeria adopted and practiced health and safety initiatives despite the lack of laws compelling them to do so; primarily because they are forced to comply with international best practices as obtained in their countries of origin. “It is noteworthy that as long as there is no existing regulation that compels designers and architects to adhere to safety and health issues in their designs; lip service will generally be paid to it by the majority of practitioners. He added that the situation has however been remedied by the recent passage of bill on Occupation Safety And Health Bill 2012 by the National Assembly. The bill, he explained seeks to protect workers from hazards associated with their jobs repeals and re-enacts the Factory Act 2004 making com-

Former President, Nigerian Institution of Estate Surveyors and Valuers (NIESV), Mr. Bode Adediji, President, International Real Estate Federation (FIABCI) Nigeria, Mr. Kola Akomolede, President, FIABCI International, Mr. Flavio Gonzaga Nunes, and NIESV President, Mr. Emeka Eleh during a Nunes’ visit to Nigeria, recently

In a renewed effort to maintain the highest professional and ethical standards of interior design through the education and training of practitioners, IDAN has urged members to practice health and safety rules in handling dangerous building materials such as glass, metal and wood. prehensive provisions for safety, health and welfare of persons at work. “Lagos State Government with the establishment of the Lagos State Safety Commission and the passage of the safety laws in the state have shown leadership in this regard while other states in the federation are yet to replicate this initiative.” Tabansi added. Similarly, Director-General, Lagos State Safety Commission, Mrs. Dominga Odebunmi, who was represented at the event by Head, Research and Development, Mr. Akinoso Taiwo explained that the technical knowledge of professional interior designers can have a significant positive impact by reducing injury, sick leave, increasing well-being and productivity, and conserving energy and other resources, thereby reducing costs to consumers

Group urges proactive measures against building collapse Materials Watch VEN as more buildings in E Nigeria, particularly in Lagos State continue to collapse, the Building Collapse Prevention Guild (BCPG) has said the challenge is surmountable, if proactive measures were taken. Members of the guild during an interactive session between Coordinators and Secretaries last week in Lagos, they would not relent in their efforts to stem the tide. President of BCPG, Mr. Kunle Awobodu, said: “Government needs to take more proactive steps in checking the trend of building collapse. Most of the time they only act when a building has collapse which is not good enough.” He also disclosed that the professionals had begun investigations into the cause of recent collapsed build

adding Lagos Lawyer and human rights activist, Mr. Femi Falana had joined the team of BCPG as its legal adviser. “His addition to the team will bring in the necessary impetus to enforce regulations like the National Building code, which has hadly been implemented.” Awobodu added Professionals at the event included President National Institution of Structural Engineers, Mrs. Busola Awojobi, Past president Nigerian Institution of Civil engineers, Chairman, Lagos branch of the Nigerian institution of Estate Surveyors and Valuers, Mr. Sola Fatoki, Chairman, Nigerian Institute of Architects Lagos State Chapter, Mr. Ladipo Lewis, and Chairman, Association Of Town Planning Consultants Of Nigeria (ATOPCON) Lagos State Chapter, Mr. Adebisi Adedire.

and business. He said: “Architects and interior designers must ensure safety and health so far as reasonable practicable. This will require them to take account of all relevant standards.

British Standards (BS), International Organization of Standards (ISO), European Standards (EN), LASG Construction Safety Guidelines that highlights clearly the role of the designer.

THe GuARDIAN, Monday, May 20, 2012

48 THe eNVIRONMeNT

NCF seeks national framework for Great Green Wall project Conservation By Tunde Alao PPAReNTLY to boost natural resource productivity and conservation, frontline environment group, the Nigerian Conservation Foundation (NCF) has advocated for a national institutional framework for the implementation of the Great Green Wall project, which will reduce erosion, enhance biodiversity and improve resilience to climate change. The African union Commission (AuC) is presently implementing two support projects in 13 countries to develop action plans and projects portfolio for the implementation of the Great Green Wall. The first project is funded and executed by Food and Agriculture Organization FAO, through a technical cooperation programme covering five countries, including Chad, Dji bouti, ethiopia, Mali and Niger. The second project for the Sahara and Sahel Initiative is co-funded by the eu, Global Mechanism of the united

Nations Convention to Combat Desertification (uNCCD) and executed by Food and Agriculture Organisation (FAO) and covers eight countries – Algeria, burkina Faso, egypt, the Gambia, Mauretania, Nigeria, Senegal and Sudan. The project literally holds back the Sahara desert with a swathe of greenery, lessen the effects of desertification and improve the lives and livelihoods of communities. In Nigeria, the project aims to address desertification, enhance natural resource management and promote ecosystem integrity in the dry land in the Northern parts of the Country. The Nigerian Project stretches from Zamfara and Kebbi States in the North West corner, straight in to a belt along the northern border of Nigeria to the extreme eastern border in borno State. eight States are involved in the Project. In a statement issued by NCF, its executive Director, Dr. Alade Adeleke called for a National Institutional Framework for implementation, which target expected

benefits. This multi-purpose project, according to NCF, needs effective follow up and action based on the principles and actions highlighted in the strategic plan. “However, a conflict mitigation and management strategy should be put in place by participating States so as to guide against actions that can punctuate or slow down the process of implementation in the participating States. The project should be seen as a solution rather than a problem for communities, States and people of the benefiting areas”, said the foundation. Adeleke noted that science and adaptive field research should be inculcated into the implementation plan of the project. This should be fashioned out in collaboration with key universities and Research institutions in the project implementation areas. Community involvement in project planning and participation is crucial. Major resource user groups should be seen as actors and not only receivers of process in the project planning and implementation.

Agency urges groups to sustain greening policy The Environment By Tosin Fodeke ACeD with the task of beautifying and regenerating Lagos environment from the effect of climate change, the State’s Parks And Gardens Agency (LASPARK) has called on residents and organisations to embrace environmental conservation through planting of trees, especially during the current rainy season. The agency made the plea at a one-day sensitisation seminar, attended by representatives of traders and driver associations, tipper and quarry association, and council centres in Lagos. They met to deliberate on the best way to take care of dedicated parks areas effectively. The groups, who bared their minds on the impact of tree planting through the Lagos parks project, lauded the efforts of the government and called for more enlightenment programmes to be organized by the agency. Statistics show that since

1990, Nigeria has lost some 35.7 per cent of its forest cover. between 1990 and 2005, the country lost over 79 per cent of her forests. Furthermore, 11 per cent of the remaining primary forest is being lost annually. Coordinating Consultant of the agency, Dr. Titi Anibaba while speaking at the event appealed to members of the public to participate in the treeplantation exercise by planting a tree each at individual level, which he said would go a long way in mitigating the impact of climate change. She underscored the significance of tree planting, adding that it was the responsibility of every citizen to play a role in environmental conservation. Also Lagos State Tree planting Consultant, Prof Ade Onilude called for closer relationship between the residents and park managers, which he said, were necessary for the success of the tree-planting programmes. Giving a historical perspective of LASPARK, Onilude stated that LASPARK was established to consolidate and advance the

effort of the State government in the area of green infrastructure such as beautification and landscaping projects across the state. The agency he added is also expected to increase the percentage of green areas through the development of additional sites and continuous tree planting at strategic locations across the state. both Dr. L A Adebisi, and Mr. Saka Jimoh of the university of Ibadan, stressed that planting a tree within the periphery of a compound would ensure healthy gaseous exchange between the plant and human beings. In their presentation they highlighted social, communal, environmental, medicinal and economic benefits of tree planting. “by planting trees and shrubs, we return to a more natural, less artificial environment. The indirect economic benefits of trees are even greater. These benefits are available to the community or region.”

Lagos overhauls wastewater treatment plants Climate Change By Tunde Alao LANS by the Lagos authorities to tackle the problems of wastewater in the metropolis may soon be actualized, with the transformation four stateowned wastewater treatment plants, in conformity with global best practices. The plants located at Abesan, Oke-Afa, Iponri and Alausa, refurbished by Lagos State Wastewater Management Office (LSWMO) are now on 24 hours automated plant operations. Senior officials of the agency disclosed, “results of analysis of influent and effluent samples shows that the plant performances have improved tremendously and residents of the estates where the plants are located and their environs now have unhindered access to con-

temporary wastewater management services.” Reeling out the achievement of the office in the last one year, LSWMO General Manager, Mr. Olalekan Sodeinde, an engineer, said the plants are witnessing a “huge turn around capable of providing environmental friendly wastewater management”. He said that the development is part of the “progressive implementation of the State’s wastewater development plan”, monitoring and ensuring statewide compliance to wastewater management guidelines and the development of complementary policies to enhance the successful implementation of the wastewater roadmap. According to the officials, in the last one year, LSWMO also had worked as consultants to the State’s Ministry of Health,

on the construction of wastewater treatment plants at IfakoIjaiye, Shomolu, Apapa, Surulere, Lagos Island and Ajeromi General Hospital. It has also worked as consultant to New Town Development Authority (NTDA), Lagos State Development Property Corporation (LSDPC) and Ministry of Housing on the Lagos Home Ownership Mortgage Scheme (LHOMS). “Preliminary design works have been provided for Ilupeju, Mushin, and Surulere and works is on-going for the provision of detailed engineering designs for the Odo IyaAlaro Wastewater Treatment Plant project”, Sodeinde said. besides, he said that Iponri Plant was reconstructed due to failed structures and the necessary demolition arising from the expansion of the bode Thomas Road.

SHANGISHA LANDLORDS ASSOCIATION 14TH May, 2013 The Chairman, National Judiciary Council, Abuja. Dear Sir

PeTITION AGAIST HON JuSTICe AYOTuNDe RHILLIPS. CHIeF JuDGe OF LAGOS STATe AND HONOuRAbLe JuSTICe KAYODe OGuNMeKuN OF LAGOS HIGH COuRT Re: SuIT SC112\02 ADebAYO ADeYIGA& 6 OTHeRS AND MILITARY ADMINISTRATOR OF LAGOS e members of Shangisha landlords’ association, write to inform your council of the unprofessional activities of Hon. Justice Ayotunde Philips and Hon. Justice Kayode Ogunmekan of Lagos State High Court in the above mentioned case which amounts to obstruction of Justice and dereliction of duties.

FACTS After going through the rigour of litigation from the High Court and Court of Appeal, the Supreme Court which is the apex court in the country delivered a judgement on February 10, 2012 in our favour. The Supreme Court is the end of litigation, as they say, but to the losers, the Lagos State government, this is not so. After the judgement we gave our cooperation to the judgment debtors and came out with a master plan for the amicable settlement of the dispute in line with the supreme court advice. The plan met a stone wall from the judgment debtors under the leadership of Mr. Ade Ipaye the Attorney General of Lagos State. The first thing Mr. Ade Ipaye did was to direct Lagos State Task force to arrest our men who went to distribute caveat emptor notices at the site and arraigned them in court for prosecution. The State Government immediately stepped up activities and continues to sell and allocate the vacant 300 plots we identified at the site to land speculators. They ignored the order of interlocutory injunction of December 1992 and order of maintenance of status quo of March 1994 which forbids the parties to the dispute from developing, allocating or issuing of C of O on land pending the final determination of the case. Late Hon. Justice Akinola Aguda panel on this matter even reprimanded Hon. Justice Ayotunde Phillips, Hon. Justice Kayode Ogunmekan and two other judges for their unprofessional role in the case. He warned the Lagos State Government to stop further allocation and issuing of Certificate of occupancies. After waiting in vain and with no response from the state Government and in order to reap the fruits of our judgment, we have no option than to apply for the writ of possession at Ikeja High Court to enable us claim our land in line with the supreme court judgment. When our application was brought before Hon. justice Kayode Ogunmekan, our file was discovered missing under suspicious circumstance. The situation remained so until the former chief judge of Lagos state , Hon justice Inumidun Akande retired When Hon. Justice Ayotunde Phillips became the Chief Judge of the State, our Lawyers brought the application before her for approval. She declined to take action on the matter, saying she would need the approval and consent of the State Governor to do so. While waiting for the approval, we discovered with surprised that some faceless group not known to us and never on record since the inception of the case, from High Court to Supreme court, had been sponsored to join in the matter that had already been decided by the supreme court by some faceless individuals. This is an abomination and ambush of Judgement of the court which has no place in the history of Judiciary in this country. We believe categorically that this is a violation of the axion of separation of powers and a breach of the Nigeria constitution which clearly defined roles of the three arms of government i.e. the executive, the Judiciary and the Legislature. We are of the opinion therefore that the Lagos state judicial officials have continued to frustrate the execution of Supreme Court judgement on this matter which is very clear and unambiguous on the allocation of 549 plots of land in Shangisha/Magodo scheme to members of Shangisha Landlord, Association, as approval our application for writ of possession is being delayed without any reason for doing so. We petitioned the Chief Justice of Nigeria on this matter in our letters dated 19/10/2012 and 7/2/2012 respectively stating the facts of the case from the High Court to Supreme Court and after the apex court judgement. The inspector General of Police had warned the officials of the state government to stop violating the judgement of the court and stop developing and allocating the vacant plots of land in the disputed area to people until there is amicable settlement of the matter. This position was was an echo of the order of interlocutory injunction of December 1992 and Order of maintenance of status quo of March 1994. The Lagos State officials refused to comply with the order and continued to develop the land and issuing C of O. Having complied with necessary procedure for obtaining the writ of possession ,we are surprised that the chief Judge continued to delay our application. We members of Shangisha Landlords Association are law abiding citizen and would continue to use peaceful and legal means instead of violence to ensure the execution of the Supreme Court Judgement. We appeal to the National Judicial Council to redress the injustice meted to us and should please look into the activities of Hon. Justice Ayotunde Phillips and Hon. Justice Kayode Ogunmekan on this matter. The Council should take appropriate action before the duo drag the name of the Judiciary into the mud. The State Governor and the Attorney General, who are the custodians of law in the state, will need to adhere to the requirement of their legal profession to ensure the execution of the supreme court judgement . The essence of this letter is for you to prevail on the Lagos State Governor, the Chief Judge of Lagos State and the Attorney General of Lagos State as the authority in Lagos State government to play their roles so that this judgement of the highest court of the land is not made in futility. The earlier justice is done, the better to prevent other people from this brigandry. Your intervention now is critical to end assault on the Supreme Court and abuse of the Judicial system of the nation. Thank you for your cooperation

Signed: Chief Adebayo Adeyiga, Chairman

THE GUARDIAN, Monday, May 20 , 2013

49 In association with

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IREE 103 - Social Media And Real Estate (Part 1) people and communities, encouraging interactions and sharing content. Social media according to Wikipedia the Free Encyclopaedia refers to the means of interactions among people in which they create, share, and exchange information and ideas in virtual communities and networks. We find today that lots of people are plugged into the internet in more ways than anyone ever imagined. The irresistible force that the internet holds and the vast opportunities it offers attract The IREE was inaugurated in 2012: users of all sorts to explore its potentials and use its resources to the advantage of Vision: To raise the standards in the Nigerian real estate industry through profes- their businesses. Over the past few years, sional training and coaching to meet inter- real estate professionals have found creative ways to overcome the real estate national standards. crisis, including finding innovative uses Cutting Edge Real Estate for social media. Real estate professionals have therefore been forced to develNews. Trends . Advice op their offline skills in an increasingly he Intelligent Real Estate Series social way online. To be successful in an increasing competitive market, is a bi-weekly column aimed at ever Brought to you by The Institute for Real educating readers on matters Estate Excellence (IREE) relating to the real estate industry. Excellence. Integrity. Professionalism. We will be discussing the various The Institute for Real Estate Excellence factors that affect the industry, cur- (IREE)

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and Blogs. Facebook Facebook is a great online community which boasts of nearly one billion users. The primary method used here is by cred. 58% of businesses that have used social media marketing for over 3 years ating a “Page” where information about reported an increase in sales over that the business is uploaded in the profile section. This platform allows realtors to period share their listings using pictures, videos and information. Events for open house and display of upcoming activities can be uploaded in the “event” feature. Clients can have live personal/group chats or interactive discussions with realtors. Most liked or shared posts/topics are easily monitored. This way, realtors are aware what attracts people’s attention more, what does not and how engaging they are. cated social media platform as part of their marketing strategy reported an increase in their market exposure

rent trends and future projections in practicing real estate in the 21st century as the industry is continuously evolving and business is no longer business as usual. Enjoy!!!

The IREE was inaugurated in 2012 Vision: To raise the standards in the Nigerian real estate industry through professional training and coaching to meet international standards.

he internet is fast becoming an integral part of the modern society and our everyday lives. From the time the internet came into existence and social media emerged as a result, it has been used as a platform for connecting with

The use of internet in real estate is however not an entirely new trend. Social media has been used in the real estate sector as a very strong tool for communicating, promoting and selling. In the real estate world, listings, open houses and tours are the main triggers towards making a sale and online communities have made all a. 94% of all businesses with a marketing these much more easier. The core department used social media as part of objective of real estate professionals or companies utilizing social media is to their marketing platform generate leads/businesses, build b. Almost 60% of marketers are devoting brands (on an independent and corporate level) to attract sellers and buyers the equivalent of a full work day to alike. Real estate professional, brokers social media marketing development and realtors use the following mass and maintenance social platforms such as Facebook, c. 85% of all businesses that have a dedi- Twitter, Linkedin, Youtube, Meetup, Businesses must adapt to modern technology and trends, employ the use of social media as a platform to reach out to the public, interface with its target market, build a solid database and market their diverse products. The 2012 Social Media Marketing Industry reports that;

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Question. What is the tallest building in the world? Answer. The Burj Khalifa in Dubai which was built in the year 2010 with a height of 828m on 163 floors.Please send your questions or comments to iree2013@gmail.com.

THE GUARDIAN, Monday, May 20, 2013

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Accessing finance by small and medium scale enterprises (SMES) - various methodologies and steps E shall begin this week’s article by looking at some facts. It W is established fact that about 18 million adults in Nigeria are with bank accounts. This constitutes approximately 21% of the adult population. Also about 64 million or 74% of the adult population has never banked. From the urban/rural perspective, 61% urban and 86% rural population are currently unbanked. With huge percentage of the population unbanked, access to finance from formal institutions seems ruled out. Other facts relates to the level of unemployment. Only 4.5 million out of 41.5 million working Nigerians are in formal employment. Underemployment estimated 70.5%; unemployment among the youth is around 60%. The fragile SME sector contributes directly to under developed export sector. As in most developed countries, the SME sector is vital to job creation hence; poverty reduction.

In Nigeria, as with most sub Saharan countries, there is what appears to be limited SME credit. Credit to SME’s is limited to the following institutions: • Finance companies • Leasing companies • New venture funds (from government initiatives • Some active banks and MFBs starting Other issues relating to SMEs include the availability of data. There is very little or no data on SME demand or finance supply. Also definitions of SMEs vary widely among key players, despite SMEDAN guidelines. In the past the CBN did not collect SME data from financial institutions. This has resulted in limited understanding of SME finance by formal financial institutions. In most cases SMEs are treated like “little” corporates and few specific products are often developed. More damaging is that loan terms much shorter than what companies require despite the cumbersome application procedures. Therefore, Small and medium enterprises firms have more financing barriers than large firms. They pay higher interest rates and undergo more bank paperwork. If many entrepreneurs are to dip into their personal savings when financing a business, there are implications when personal savings are scarce? For most of the SME’s, leasing seems to be a preferred way for equipment financing. There are approximately 250 leasing companies in Nigeria, operating without proper regulatory and legal framework. This translates into limited sources of funding for leasing companies. There is also, none existence of a credit registry. Until recently, private credit bureaus existed but lacked regulation; and were not fully operational. There is no effective national ID system and borrowers are not easily identified and tracked in credit registries. There is also what seems to be the missing middle. Banks are expanding at top end of market; MFBs are growing at bottom of the market, therefore the middle is where we have issues. Previous efforts to promote the sector: SMEEIS and others appear ineffective. Most businesses around the globe including a number of existing plc’s started as SME’S. Global Examples include: Exxon Mobil; Sony; Microsoft; Dell Inc.; Ford Motor Company while Local Examples are: Aliko Dangote; Mike Adenuga; Subomi Balogun; Prince Adedoyin; and Rasaq Okoya. From the perspective of the significance of SME’s contribution, the status quo tells a different stories across regions. In low income countries, SME contributes about 31% to employment and 15% of GDP. In middle income countries, SME contributes about 55% to employment and 39% of GDP. In high income countries, SME contributes about 65% to employment and 51% of GDP. In business, SMEs represents an important source of innovation. In society, they are an important source of employment. For government, SMEs contribute to wealth creation and generate tax revenues. SMEs also constitute an important source of local supply and service provision to larg-

er corporations. Challenges facing the Small and Medium Enterprises (SME’s) are not limited to financing alone. Environmental Challenges includes but are not limited to the following examples: • Corruption = Taxes • Affecting the cost of doing business • Inability to compete globally • Unregulated importation of goods that can be produced locally • Killing local industries • No industrial Linkages • Inadequate Infrastructure • Power (energy), Roads etc • Regulatory Overkill- No SME rate • Nafdac, Lassa, SON, CAC, Planning Approvals etc Specific Challenges includes but are not limited to the following examples: • Low level of entrepreneurial skills with poor management practices • Constrained access to money and capital markets • Low return on investment with inadequate equity capital • High rate of enterprise mortality • Multiplicity of regulatory agencies and overbearing operating environment • Lack of access to information and restricted market access • Integrity and transparency problems In packaging SME’s for assessing finance it is important to identify what financiers would like to see. From the perspective of the Entrepreneur / Management various factors can often lead to the rejection of financial requests. An application would probably be rejected if the entrepreneur has: doubtful commitment; still in paid employment; could not put his money where his mouth is; no credible track record; when the quantum of funding required considered too much when compared to net worth/ historical cash managed; no experience or in-depth knowledge in the intended trade and no mitigating strategies proffered; Serial entrepreneur with no focus and no staying power; KYC – Highly indebted or high political connected people. Another important consideration is viability of the business. Financiers would focus on the reality of assumptions when it comes to forecasts. If the assumptions are too ambitious, the request may be rejected. If the sector or the industry is declining or shrinking, the request may be rejected. Business may be fine, but capacity issues from the entrepreneur’s side could torpedo the proposal. The intensiveness of competition and its awareness by the entrepreneur is important. Most financiers would probably prefer to finance monopolies or companies favored by government policies. The level of gearing by the applicant would also affect the success or failure of the application. Also a growing company appears stagnant because certain expenses (esp. Directors expenses) are not often recorded. Financiers will prefer a cost management problem to a viability problem. Financiers are also interested in the appropriateness of the funding to the business needs. The common rules in this regard are as follows: • The more unsteady your cash flow – more your equity requirement • The higher the knowledge intensity (early stage IT, Consulting, entertainment) less debt is optimal • Faster growing SMEs can draw on more sources of finance to fund their operation –e.g. spontaneous finance, equity sale at a premium, debt • What option is cheaper in the long/short run? • What option is better for cash flow?

Other consideration would normally include; business description; product/ service description; location advantage; customer description; competitive Advantage; financing

Requirement; costing & pricing; sales and justification for sales; marketing plan; business strategic plan. In a going concern, financing and investment strategy is usually driven by the need for expansion. As companies grow, (particularly manufacturing companies) they would require more than retained profit for expansion. Manufacturing concerns need to put in place a strategy for plant upgrade, expansion etc in order to cope with the prospect of increasing demand. Private manufacturing companies would normally opt for debt financing. But the dearth of long term debt funding, the increasing cost of debt financing, and the tardy attitude of financial institutions towards the manufacturing sector has forced manufacturers to consider other options. One of such options includes raising the required long term financing from the capital market. This would require transforming from a private company to a public company. Choice of financing depends on the company’s stage in its life cycle which generally follows the pattern below.

For an SME to have a wider access to finance there is a need to transform from a private company to a public company. Although, there are advantages should a private company decides to remain private. Private companies enjoy a quick decision-making ability. The owners of private companies are usually accountable to themselves in how decisions work out. Usually owners are managers and there are rrestrictions on transfer of shares. The process of going public requires a lot of filing of paperwork because of the regulations. Despite that private companies see the advantages highlighted below as enough incentive to go public. They are Continuity • Going public will facilitate succession since management is separated from ownership Financing • Access to various forms of financing from money and capital markets. • Lower cost of financing Protection • From government and hostile competitors • It would be more difficult to attack a public entity than a private company Enhances Discipline and corporate Governance • Accountable to various stake holders In Nigeria, various governments, with the assistance from international financial institutions have attempted to address the problems of high transaction costs and risks by creating subsidized credit programmes and/or providing loan through: • Rural Banking Scheme - defunct • Peoples Bank - defunct • Small Scale Industries Credit Scheme (SSICS) - defunct • Nigeria Industrial Development Bank (NIDB) - defunct • Nigerian Bank for Commerce and Industry (NBCI) - defunct • Agricultural credit Guarantee Fund – live • Nigeria Export Import Bank – live • National Economic Reconstruction Fund (NERFUND) defunct • Community Banks (later micro finance banks) – live • World Bank Loan Scheme (SME I & II Loan Scheme) – live • Small and Medium Industries Equity Investment Scheme (SMIEIS) - live The aim was to provide either long-term credit or specialized services to the SMEs. Unfortunately, these projects have often fostered a culture of non-repayment or failed to reach the target group or achieve financial self sustainability. The financial policies pursued were of interventionism with governments influencing the credit flows through a system of subsidies, interest ceilings, policy-based credit allocations etc. However, we have seen some new initiatives in recent times by the present government to address SME funding. The N500 billion CBN Intervention Fund and the unlocking Pension Fund for financing infrastructure are part of the current initiatives.

THE GUARDIAN, Monday, May 20, 2013

BusinessInterview Nigeria needs tighter borders, sustainable Tunji Owoeye is the President of Rice Millers Importers and Distributors Association of Nigeria (RIMIDAN) and Chief Executive Officer of Elephant Group. The association is the foremost partner to government in the rice value chain. In this interview with FEMI ADEKOYA, he spoke on the activities of the association in enhancing the countryâ&#x20AC;&#x2122;s production capacity and rice self-sufficiency. overtime, there have been issues about smuggling, not just about rice but virtually every consumable in this country. Your Organisation in the past has made efforts to address the trend; yet, it seems the level of smuggling keeps rising by the day. For instance, the Customs recently gave a statistics on some truckloads of the commodity that were seized. What are the challenges facing the industry and how they affect the value-chain? ARLIER this year, we looked at the challenge of smuggling and we had discussion with representatives of government as regards how we can co-operate in eliminating or reducing the effects of smuggling and we felt that as a responsible trade association, we had a duty in supporting the government in this initiative. What we did was to put money together as an association, taxed ourselves to raise money to buy 150 patrol vans for the Customs Service so as to help

Owoeye

them in fighting smugglers across the borders. That we did in February this year. Having done that, Customs with all fairness and genuineness went to town, day by day, made some arrests but I am not satisfied with the tempo. In other words, I think Customs Service is overwhelmed. For instance, within the axes of Cotonou, Cameroun to Nigeria, the smuggling still thrives. I must tell you that the decision to increase duty on rice to 110 per cent is laudable and we welcomed by us as an association if the industry must attain into self-sufficiency. However, we need to address is to put a stop to the influx of goods from neighbouring countries in order for investors to have good returns on their investments. How much does Nigeria lose monthly to smuggling and the effects of this on the economy? We have more of the par-boiled rice coming to the port than the white specie, which our

neighbouring countries consume. The government of the Republic of Benin of course is aware of this and feign ignorance because it makes money from the exercise, knowing fully well that the eventual destination for them is Nigeria. So, our government liaise with the Beninoise authorities to put a ceiling on the quantity of par-boiled rice that should be coming into the country, failure of which government could threaten closure of borders as such move if deployed, was capable of impacting their economies negatively owing to their huge dependence on Nigeria. Similarly, the ECOWAS treaty must be reviewed to accommodate more interactions among government functionaries. The Nigeria Customs Service must be further empowered with funds, manpower and equipment. There has to be a will power also from the government in ensuring that there is zero tolerance for smuggled goods, especially rice into Nigeria. Until this

is done, I donâ&#x20AC;&#x2122;t think we can make significant progress in rice sufficiency. Do you suspect personal gains as the stay power of this illicit business that seemingly appears to be creating gap in rice production in the country or you have a different perspective? There is an opportunity of unusual profit for the smugglers. It is an attraction because they make money by doing that and also take advantage of the increase in duty. We the stakeholders in Nigeria are prepared to sacrifice and pay the high duty. We have also sacrificed by investing our money into backward integration because we believe in this economy, but an unscrupulous smuggler who has no stake will go ahead and smuggle the product into the country knowing fully well that he or she has got nothing to lose. We are saying that yes, the policy of government in increasing the duty is still laudable, it is in the right direction but the way to compliment it

THE GUARDIAN, Monday, May 20, 2013

policies to grow rice industry, says Owoeye is to ensure that there is zero tolerance for smuggling so as to strengthen that policy and make that policy to work. Government also, should invest more in the production of paddy to aid efficient processing of rice since production has been identified as a major problem. If we don’t have paddies, we cannot process rice. More so, there has to be a huge attraction of commercial farmers into rice farming, as this is very crucial to the success of this programme that we are talking about. How true is the insinuation that some importers are seeking waivers in paddies’ importation? The move should not be contemplated at all because it is an act that is akin to a doubleedged sword. Granting such waivers would mean government is discouraging those people that are/will be investing across the value chain of rice production. If for instance, if you give waiver on an import when there are a ban and a high duty regime, you are automatically encouraging those people not to produce at all. It is advisable for everybody to go through the whole hog of value chain on same pedestal to have the same pain and be taught in to production rather than in making money without ploughing back into production. The action will be counter-productive and as such should not be encouraged. For those of our members that are importers, of course, they import at the current government rate and pay the necessary levies and duties of 110 per cent. They have been raising revenue for government, that is, from import side and of course, they cannot compete with smugglers who are not paying duty in Benin Republic or Cameroun because the duty in Benin Republic is less than 10 per cent. So, an unscrupulous smuggler who paid and have nothing in the port of Benin Republic would be ready to do anything to get the cargo into the Nigerian market at whatever fee because he knows that even after doing that, he is still going to have a huge margin. That should be discouraged. In the areas of production, the challenge, as you know, commercial farmers are looking for comfort in terms of having access to loans and land for farming. You cannot suddenly terminate the lease of a farmer who would have invested so much money in clearing the whole place and undertaken the initial investment after 3-5 years. These are some of the issues with the Land Use Act. The Act should be reviewed and of course, the Minister of Agriculture is doing so much in the area of “cargo input” support. The incentives should go beyond the dry seasons. Incentives should apply during the raining seasons. Free seedlings could be given to farmers to enhance productivity. In and out of season, extension officers should be handy and very accessible. Measures like five-year tax rebate and the likes could be open to farmers as incentives. These are issues that must be addressed for us to get to achieve our set objectives in the rice value chain. The current agricultural policies are good. They are laudable. Now, in implementing the programmes, we are not too comfortable because we are not involved in the implementation. We must be brought to the table as major stakeholders and be assured by government that these policies will be sustainable and outlive the present administration. The 5-10 years development tenor gives us great comfort that our investments can be protected. There are fears that if Nigeria decides to look inwards, the prices of commodities are likely to rise. How true is this? Yes, we have to sacrifice in the short run. As soon as production increases, obviously, prices will come down owing to mass production. How realistic is the 2015 date for rice sufficiency? I am not to hold forte for government, but let us see what happens in the next 3-4 years if there is policy consistency and operators, investors as well as stakeholders are encour-

The move should not be contemplated at all because it is an act that is akin to a double-edged sword. Granting such waivers would mean government is discouraging those people that are/will be investing across the value chain of rice production. If for instance, if you give waiver on an import when there are a ban and a high duty regime, you are automatically encouraging those people not to produce at all. It is advisable for everybody to go through the whole hog of value chain on same pedestal to have the same pain and be taught in to production rather than in making money without ploughing back into production. The action will be counter-productive and as such should not be encouraged. aged to massively go into commercial production and plantation. However, 2017 is a more feasible time, If all we have been talking about are implemented swiftly. In February this year, we donated 150 pickup vans to the Customs Service. We want to and constantly engage the government and partner with them to strengthen and to move forward the policy in the rice sector and we will continue to do that and our people of course contribute largely to the revenue of government through the duties that some of our importers also pay. In a number of ways, we think we have serious contribution to economic growth of this country. If there is consistency in government policy and the government remains committed to all the things they say, then all things being equal, within the next 4-5years, Nigeria should be self sufficient in rice production if smuggling is addressed and all of these issues that we talked about are addressed by the government and the people. In the last one year, we tried to put together, to coordinate the effort of every member of the value chain within the rice industry, from farmers to processors, importers, logistics providers and distributors together to have a common fund in addressing and improving the Rice industry in Nigeria

For those of our members that are importers, of course, they import at the current government rate and pay the necessary levies and duties of 110 per cent. They have been raising revenue for government, that is, from import side and of course, they cannot compete with smugglers who are not paying duty in Benin Republic or Cameroun because the duty in Benin Republic is less than 10 per cent.

THE GUARDIAN, Monday, May 20, 2013

NigeriaCapitalMarket NSE Daily Summary (Equities) as at Friday PRICE LIST OF SYMBOLS TRADED FOR 17/05/2013

THE GUARDIAN, Monday, May 20, 2013

CAPITAL MARKET 65

NSE Daily Summary (Equities) as at 17/05/2013

PRICE GAINERS

LOSERS

Investors stake N173.48b in FGN’s bonds in one week By Helen Oji HE-Over-Counter (OTC) market for FGN bond, last week recorded a turnover of 150.6 million units valued at N173.48 billion, exchanged in 1,019 deals, compared to 205.196 million units worth N240.065 billion exchanged in 1,607 deals during the week ended May 10, 2013. Similarly, a turnover of 2.292 billion shares worth N24.025 billion was exchanged in 29,048 deals last week by investors on the floor of the Exchange in contrast to a total of 1.686 billion shares valued at N21.389 billion that exchanged hands last in 28,392 deals during the preceding week. Specifically, at close of transactions last week, the financial services sector (measured by volume) led the chart with a turnover of 1.756 billion shares valued at N14.800 billion traded in 16,292 deals, representing 76.62per cent and 61.61per cent of the total traded volume and value respectively. The banking sub-sector boosted by activity in the shares of First City Monument Bank Plc and UBA Plc was the most active sub-sector on the week’s

activity chart with a sub-sector turnover of 1.276 billion shares valued at N12.072 billion exchanged in 11,622 deals. The banking sub-sector accounted for 55.67 per cent and 50.25 per cent of the total sub-sector traded volume and value respectively. Also traded during the week were 63 units of NewGold Exchange Traded Funds (ETFs) valued at N136,137 exchanged in three deals compared to a

total of 58 units valued at N130, 231 transacted last week in 3 deals. Six hundred and seventy units of FGN bonds valued at N79,630 were traded during the week in seven deals in contrast to 200 units valued at N23,742 transacted in two deals during the preceding week. The NSE All-Share Index appreciated by 2.49 per cent to close on Friday at 36,907.81 while the market capitalisation of the

listed equities on the main board advanced by 2.47per cent to close at N11.798 trillion. Also, the NSE 30 Index appreciated by 2.50 per cent to close at 1,760.81. All except one of the NSE sectoral indices also appreciated last week: NSE Consumer Goods, NSE Banking, NSE Oil/Gas, NSE-Lotus II, NSE Industrial Goods and NSEASeM Index by 2.75 per cent, 1.48 per cent, 1.00 per cent, 4.18

per cent, 7.93 per cent, and 3.33 per cent. However, NSE Insurance Index depreciated by 2.05 per cent. Sixty-three equities appreciated in prices during the week higher than 51 equities of the preceding week while 20 equities depreciated in prices lower than 27 equities of the preceding week, while 112 equities remained constant lower than 118 equities of the preceding week.

Meanwhile, 781,017,387 ordinary shares resulting from the merger exercise between Custodian and Allied Insurance Plc and Crusader (Nigeria) Plc were added to the outstanding shares of Custodian and Allied Insurance Plc on May 13th, 2013. While 23,124,706 additional shares of BOC Gases Plc being bonus shares of 2012 were added to the outstanding shares of the company on May 14th, 2013.

Consolidated Breweries explains decline in PAT for 2012 By Helen Oji ONSOLIDATED Breweries Plc C has attributed the 10 per cent slide in profit after tax (PAT), from N3.3 billion in 2011 to N2.7 billion in 2012 to tax back duties charged within the year. It also explained that the Group’s PAT, which recorded 79 per cent decline from N2.2 billion in 2011 to N444.8 million during the period under review was mainly attributable to losses from merged and acquired businesses. Addressing shareholders at the

yearly meeting in Lagos recently, the chairman of the company, Prof. (Mrs.) Oyin OdutolaOlurin, explained that the company achieved a revenue increase of 20 per cent from N27.9 billion in 2011 to N33.5 billion in 2012 while the group’s revenue stood at N37.4 billion in 2012, which represented a 26 per cent increase from N29.7 billion in 2011. She explained that investments increased from N4.7 billion in 2011 to N9.5 billion, mainly due to capacity extensions, adding that a similar amount has been reserved for 2013.

Odutola-Olurin assured shareholders that the company has put measures in place to ensure that it consistently improves its financial results on a sustainable basis. She pointed out that the company’s focus in breaking into new bounds within the country was not easily achieved due to the harsh environment “saddled with the uncertainty of being safe. Kidnappings and murders of innocent citizens increased while some of our esteemed distributors fell victims during these dark days”. Odutola-Olurin said govern-

ment had put a lot of effort in achieving an increase of power to 4,477mw in the year under review but however noted with dismay that it had still not metamorphosed into constant power, noting that it has increased the company’s operating cost significantly. Reviewing its achievements during the year under review, the chairman explained that the company has invested heavily in equipment for the breweries and contract production at Sango Otta in order to increase its production. She noted that the increase in

volume and production of our “33” Export Lager Beer brand and malt drinks in cans has enable the company remain tall in the market amidst its competitors, adding that the output have been positive in this regard, despite that the contract brewing led to an increase in variable expenses. She also disclosed that the logistics operation of the company improved in the year under review with an increase of the fleet of its third party transporters, which conveyed products more efficiently into existing and newly achieved markets.

THE GUARDIAN, Monday, 20, THE GUARDIAN, Monday,May June 6,2013 2011

TaxWatch IN PARTNERSHIP WITH Conscience Nurtured by Truth

TheGuardian

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By Taiwo Oyedele

The granting of any interest free loan, price reduction and complementary goods by an employer to his employees is regarded as benefit-in-kind subject to tax in the hands of the employees.

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RGUABLY the two most dynamic aspects of life and living today are technology and taxation. While technology is not the focus of this discuss, taxation clearly is. As you may already be aware, listed and significant public entities are required to adopt the International Financial Reporting Standards (IFRS) for the preparation of their financial statements for year 2012. Other public interest entities and small and medium-sized entities are to convert for the first time with their financial year 2013 and 2014 respectively. One of the major challenges that all entities adopting IFRS will face is the tax implications of various transition adjustments that may arise from recognition, de-recognition, reclassification and re-measurement of certain items in the financial statements which are to be treated differently under IFRS compared to the respective treatments under Nigerian accounting regulations. To address this issue the Federal Inland Revenue Service (FIRS) on 23 April 2013 released an Information Circular on the Tax Implications of Adopting the International Financial Reporting Standards in Nigeria.

The New FIRS Circular and Your First IFRS Based Tax Returns This is to give clarity on the tax effects of transition adjustments, provide guidance on the preparation of first IFRS-based tax returns and outline possible areas where parallel records may have to be maintained for tax purposes post adoption. It is important to state that the FIRS do not have powers to amend the tax laws or issue a new regulation other than to give effect to the existing provisions of the tax laws. There are however some areas where the provisions of the law are ambiguous or where the law is silent due to the fact that an issue may not have been envisaged at the time of enacting the law many years ago. This article outlines the key provisions of the FIRS Information Circular, the positive sides of the clarifications provided, the grey areas which remain controversial and the blind spots being the areas not addressed by the FIRS. Some of the key highlights include the fact that impairment losses on non current assets will not to be allowed for tax purposes, while amortisation of certain intangible assets such as software will be allowed as tax deductible. Borrowing cost capitalised with the cost of asset will qualify for capital allowance. Stock of spare parts and servicing equipment should continue to be carried as inventory and expensed for tax purposes. This is also applicable to returnable packaging materials which will continue to be treated as inventories. This means input VAT can be claimed as before. The granting of interest free loan, price reduction and complementary goods by an employer to his employees is regarded as benefit-in-kind subject to tax in the hands of the employees. Financial Instruments (FI) classified as Fair Value through Profit or Loss (FVTPL) are trading revenue in nature and therefore liable to companies income tax, except they are specifically exempted from tax. FI classified as Held to Maturity Investments (HTM) or Available for Sale (AFS) are capi-

A synopsis of the key highlights, the grey areas and the blind spots! tal instruments. Consequently the Capital Gains Tax Act will apply to gains or losses derived from such instruments. The FIRS will disregard any notional, implicit or effective interest rate used in calculating any interest income or expense. In all cases, only the contractual interest rate will be allowed. Any fee elements included in the effective interest amount will be isolated and subject to VAT and withholding tax (WHT) as appropriate notwithstanding that it may be described as finance charge in the accounts. Compound financial instruments will be treated in line with their legal form. For instance, a convertible loan will be regarded as a pure debt instrument for tax purposes. Also, redeemable preference shares will be viewed as equity and the related returns as dividend to be disallowed for tax purposes. The Circular contains a number of favourable provisions which are in the interest of taxpayers. For instance, first time adopters may be granted up to 3 months extension for the purpose of filing their first IFRS based tax returns. Where a company is liable to minimum tax this will be calculated without regard to the transition adjustments which may have impacted the net assets. Also, and as already the case, there is no capital allowance for land but deductions can be claimed for the amortisation of leasehold land (effectively as rent for the use of land). Provisions for asset decommissioning will not be allowed but funds set aside in a sinking fund for decommissioning will be allowed. There are however some grey areas. Excess dividend tax at 30% is applicable to dividend distributed from reserves resulting from any transition adjustments depending on whether the taxpayer was previously subjected to excess dividend tax or normal tax. Professional fees and valuation expenses relating to revaluation of PPE shall not be allowed for tax purposes. In

order to componentise any non current assets, it is required that significant component for tax purposes must be at least 20% of the cost of the asset. This will result into additional burden for the taxpayer as a different asset schedule may be required for tax purposes given that no such threshold is required by the accounting standards. Where capitalisation of borrowing cost is suspended at a period when active development of a qualifying asset is interrupted, the related interest expense charged to the income statement will be disallowed for tax purposes. Financial instruments designated as FVTL to be treated as a separate line of business for tax purposes if different from entity’s activities. This may prevent the taxpayer from taking deductions for eligible expenses against general business income. FVTL may not necessarily create a different

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

line of business to be ringfenced. In addition, certain areas were not at all addressed in the Circular. These are the blind spots which include insurance business, withholding tax implications of share based payments for goods and services, VAT treatment of products used for promotional activities, rebates or trade discounts, and tax treatment of impairment loss on loans and trade receivables. Also, the treatment of lease arrangement between a party who has adopted IFRS and another party who is yet to adopt IFRS due to different timing required for adoption was not addressed.

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The Circular contains a number of favourable provisions which are in the interest of taxpayers. For instance, first time adopters may be granted up to 3 months extension for the purpose of filing their first IFRS based tax returns.

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In terms of filing IFRS-based tax returns, as a result of IFRS adoption, taxpayers are required to provide additional information in their tax returns. These include a reconciliation of the Nigerian Generally Accepted Accounting Principles (NGAAP) to IFRS transition adjustments showing the analysis of the tax impacts (applicable to first time adopters only). Deferred tax computation and analysis to be provided as well as a breakdown of adjustments made to Income Statement or Total Comprehensive Income in arriving at the assessable and total profit. Others are a re-computation of

income and deferred tax showing the impact of changes in estimates, change in accounting policies or errors; schedule of impairment losses recognised in the Income Statement and Other Comprehensive Income (“OCI”); the breakdown of componentised assets with the basis for determining the value of each component and a reconciliation between the total cost of non current assets under NGAAP and componentised cost of same under the IFRS for first time adopters. In conclusion, I commend the FIRS for issuing the Information Circular to guide taxpayers. I expect that over time, some of the grey areas and blind spots identified earlier will be addressed through additional guidelines or regulations where necessary. On issues of interpretation the Circular will be very useful in guiding taxpayers regardless of whether they agree with the FIRS position or not. However, there are a few areas where the Circular seems to have strayed beyond interpretation and guidance in which case the FIRS position in these areas will be mere indications of intention. The long term solution will be to amend the relevant tax laws a process that can be initiated by the FIRS but ultimately rests with the National Assembly.

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, May 20, 2013

Opinion Polymer currency: Waste, deceit and commonsense By Henry Boyo HE concept of moral hazard is defined as a situT ation where there is a tendency to take undue risk, because the costs are not borne by the party taking the risk. In other words, a party makes a decision about how much risk to take, while another party bears the costs if things go badly, and the party insulated from the risk behaves differently from how they would if it were fully exposed to the risk. Apart from the recent IMF advice to wind down AMCON because of the threat of moral hazard, the policies and strategies of government Ministries, Departments and Agencies, particularly those of the Central Bank of Nigeria (CBN) are fraught with moral hazards. However, in this article, we will discuss the production and adoption of polymer currency notes and coins as an illustration of the odious implications of such decisions. In an article titled “Polymer Currency: Waste, Deceit and Commonsense” in November 2009, (see www.lesleba.com) we discussed issues relating to CBN’s misguided currency strategy; a summary of that article is as follows: “After a frustrating and fruitless attempt to spend his cache of coins, veteran journalist, Bisi Lawrence, in a piece titled “O to Spray Again” in October 2009, lamented that “I also knew why the coins were so to say, unmovable; it was because they were in naira denominations, which had practically become without value. I recall that one Kobo (coin) loaf of bread was enough for breakfast when I was young, and I also remember that young women almost dislocated their waists while dancing at parties for the joy of being appreciated with a 10 Kobo piece”. However, Lawrence also recognised the inevitable

truth that “we need these coins in our commercial life, because they last much longer than currency notes, and they are so adaptable because they can be (applicable for slot machines) for sundry products”, and he therefore concluded that “we really need to increase ‘their’ value, and there is nothing stopping us.” I couldn’t agree more. “Paradoxically, in denial of Bizlaw’s commonsense observation on the significance of value, the former CBN Governor, Professor Soludo issued the almighty N1,000 note (about $8) in 2006, and later that year, also issued new 50K, N1 and N2 coins into our currency profile because the existing paper forms had become cumbersome and filthy, and were generally rejected by all, including the ‘lowly’ street beggar, because they had no value! Predictably, the freshly minted coins were equally rejected just like the note forms because they were also virtually worthless! “Not yet done, and as if to force commonsense out of nonsense, Soludo directed without success that all the banks must accept at least two per cent coins component in their currency supplies from CBN. Furthermore, in a move akin to throwing good money after bad money, the sum of over N10 billion of taxpayers’ money expended on a massive enlightenment campaign, still failed to encourage the public to embrace the freshly minted but worthless coins.” In another article in February 2007 titled “Hurray! The Coins are Back, But,...” (see www.lesleba.com), we noted that “the economic wisdom in coin production is in their long lifespan (over 50 years)… and the initial production cost can therefore be amortized profitably over its lifespan. If however, the coins are rejected because of low value,

then, the new coin profile, will die a premature death and any expectation of a damper on inflation or the facilitation of change in consumer transactions, may become buried. Alas, I regret that less than three years after, this prediction is bang on target! The CBN admitted that the introduction of coins was misguided and consequently, they have since been withdrawn and later advertised for auction at a small fraction of production cost! In October 2009, as if in demonstration that the CBN has not learnt its lesson with regard to profligacy with public funds, the N5, N10 and N50 denominations introduced as new paper issues in late 2006 were again reissued on much more expensive polymer material! The importation of the N5, N10, N50 polymer notes, in addition to the existing N20 note of same fabric, definitely ran counter to the canvassed merits of security and the cost effectiveness of committing billions of naira to upgrade the CBN-controlled Nigeria Mint and Security Company! Again, what a waste and loss of job opportunities for some of our countrymen! Incidentally, (see Punch editorial 8/10/2009) Securrency, the Australian beneficiary printing company was lately accused of giving bribes of over US$6 million to the proxy of some top Nigerian government officials to win the 2006 polymer notes contract! Nonetheless, the alleged superiority of these polymer notes were extolled in CBN publicity campaigns as “being user-friendly; look better and remain crisp over a long period; do not stain, rumple or tear easily”. The CBN also claimed that, “polymer notes will save the nation huge sums of money used for reprinting”. However, the actual experience of Nigerians, as noted in our article “The Pu-

trid Mess Also in CBN – 3” of 28/09/08 (see www.lesleba.com), is that polymer notes fade and peel easily, especially when they are wet or folded, and they shrivel with minimal heat contact. Paradoxically, in April 2013, Dr. Tunde Lemo, a CBN Deputy Governor, confirmed that the apex bank would once more scrap the N5, N10, N20, and N50 polymer notes introduced four years ago, because their poor quality contradicts the result of CBN’s earlier research that polymer notes were superior to paper notes! Lemo also confirmed that the contract for printing new paper notes has been awarded once again to another foreign company because of the unexpectedly limited capacity of the ‘modernized’ Nigeria Minting and Printing Company! Inevitably, billions of naira will once more be wasted in promoting public acceptance of these very low value paper notes, which will predictably, again fail to fulfill the functions of primary kobo coins. As before, the CBN is in denial of the reality that currency acceptability is primarily a function of value; for example, the erstwhile worthless and redundant Ghanaian primary pesewa coin (similar to kobo) has become desirable for transactions and change since the Central Bank of Ghana redenominated/redecimalised their currency to give the Ghana cedi more value. Nigeria will inevitably have to follow suit, if Bisi Lawrence’s hope of ever spending kobo coins is to materialize. Regrettably, no one in CBN or elsewhere has been sanctioned or penalized for the odious impact of these haphazard decisions on our currency profile, and our prostrate economy. • Boyo is a commentator on public and financial affairs.

Freedom of misinformation (1) By J.K. Randle IR Mervyn King, the outgoing Governor of the Bank of England Sdalshas had a really tough time battling with a slew of financial scanand audit failures. Regardless, his professional integrity and personal reputation have remained intact. His Achilles heels are the dodgy economy of the UK and most of Europe (with even Germany having to struggle). According to a business survey released yesterday, business activity in Germany fell in April for the first time since November 2012. The long and short of it is that the global economy is faltering and Britain has been caught in its slipstream. This morning, Fitch Ratings became the second (Standard and Poor’s was the first) rating agency to strip the UK of its triple-A credit rating. However, according to Vatican Radio yesterday, Britain only narrowly avoided slipping into its third recession in five years during the first quarter of this year (January/March). Sir Mervyn still has three more months at the Bank of England, a recession at this time would have cast a dark shadow over his tenure even though his worst critics concede that it is the politicians who are to blame – they lost the plot and took their eyes off the ball. When David Cameron became Prime Minister in 2010, he took a huge gamble by launching a bold slashing of government expenditure. It was a massive austerity programme packaged as “re-engineering”. The pointsman was none other than the UK Treasury Chief (Chancellor the Exchequer) George Osborne. He insists that Britain’s economy is on the mend. On CNN, he declared: “We all know there are no easy answers to problems built up over many years, and I can’t promise the road ahead will always be smooth, but by continuing to confront our problems head on, Britain is recovering and we are building an economy fit for the future.” This was followed by a joint press conference by the Prime Minister and his Chancellor the Exchequer. The Governor of the Bank of England was conspicuously absent. David Cameron was unrepentant: “We shall stick to our strategy which is essential in our determination to keep Britain from the fate that has befallen Greece and forced other euro-zone governments into painful rescues after economic collapse. Our recovery plan is taking longer than we hoped but there are signs that it is working.” Mr. Ed Balls, the spokesman for opposition Labour Party was sufficiently provoked and alarmed. He immediately launched a furious counter attack: “The stagnating economy is proof the government’s strategy is not working. Unemployment is rising. We need an urgent boost for the economy – including bank overhauls (not excluding getting rid of the Governor of the Bank of England); a plan for jobs and growth; and building affordable homes. We insist on immediate action to kick-start our economy and strengthen if for the long term.” On Al Jazeera, Mrs. Christine Largade, the Managing Director of

the International Monetary Fund (IMF) held up two signals – one read “DANGER” and the other read “CAUTION”. When pressed, she tactfully confined herself to the official line: “Owing to Britain’s weak economy, the government should consider slowing the pace of spending cuts (and sack the Governor of the Bank of England).” At a special service to mark Workers’ Day on Wednesday 1st May 2013, the brand new Holy Father, Pope Francis 1 chose St. Peter’s Basilica to deliver a special message of hope not only to workers but also the unemployed particularly those chartered accountants who have been protesting in St. Peter’s Square against being deprived of their means of livelihood by the four major accounting firms. The Pontiff urged them – one and all – not to lose hope. Instead, they should consider themselves exceptionally lucky to have had a narrow escape from even worse tribulation and humiliation. The Holy Father urged them to remain optimistic and steadfast in their faith amidst record joblessness in the euro area as hundreds of thousands of people demonstrated across Europe against austerity and workers’ rights – in addition to the right of small audit firms to carry out a robust audit without the fear of being removed from office while the four largest accounting firm’s are only too ready to take over their clients. According to them, there is nowhere in the Ten Commandments poaching, snatching or enticement of clients are forbidden. You kill what you eat and eat what kills is the unwritten law. The Pope’s message was straight to the point: “I think about those who are unemployed (and auditors who have been replaced by Big Four) often because of an economic conception of society that seeks egoistic profit regardless of social justice.” Vatican Radio devoted a whole hour to interviewing youths all over Europe and it would appear that the economic downturn has forced young people to reconsider the value of going to university and half of them think a degree is no longer worthwhile. The Future of Europe Project found the confidence of young people (particularly Catholics) has been badly hit. The majority, aged between 16 to 24 do not expect to have a job for life. The Vatican media can barely keep up with the vigour and freshness of the Pope. Indeed, Vatican Radio and TV have been feasting on the editorial of “The Nation” newspaper of March 23, 2013. Headline: “POPE OF HOPE” • “New Catholic Pontiff starts on a good note” “The formal inauguration the new Catholic Pontiff, Pope Francis 1, on Tuesday, signaled the commencement of a new era in the history of the church at a most critical period. The galaxy of world leaders who graced the occasion as well as the global attraction it elicited indicate that so much is expected of the new spiritual head of the 1.2 billion Catholics worldwide, both within and beyond the Catholic communion. Pope Francis is the first Jesuit priest to become Pope. An Argentine, he is the first Pope from outside Europe. He is the

first Pope in living memory to occupy the seat when his predecessor is still alive as Pope Emeritus. He assumes office at a time of grave moral crisis in the church and critical socio-economic challenges confronting humanity. The new Pope’s early gestures indicate that he has the spiritual grace, humility and wisdom to help guide the church to a higher moral pedestal. Francis is in many ways a Pope of hope. It is significant that the Pope has assumed the name of St. Francis of Assisi, a monk whose commitment to the poor was demonstrated by a life-long vow of chastity, humility and poverty. This is an indication of his identification with the wretched of the earth’ that still constitute the vast majority of humanity in a world that has, ironically, evolved the technology and expertise to make poverty history. As it is well known, poverty is at the root of many of the problems – religious extremism, terrorism, rampant criminality and gross moral degeneration – that threaten the very existence of humanity today. The current economic crisis that afflicts most parts of the world today also underscores the gulf of inequality that separates a microscopic proportion of the opulent from the less fortunate rest of mankind. Pope Francis was thus right on target in emphasizing the need to protect the poor and the environment in his inaugural homily. He called on Christians “to protect the whole of creation, to protect each person especially the poorest, to protect ourselves” saying further that, “This is a service that the Bishop of Rome is called to carry out, yet one to which all of us are called ... The vocation of being a protector, however, is not just something involving us Christians alone; it also has a prior dimension which is simply human, involving everyone. It means protecting the people, showing concern for people, showing concern for each and every person, especially children, the elderly, those in need, who are often the last we think about.” These words of compassion have a special resonance for us in Nigeria, where society worships at the altar of crass materialism and man is no longer his brother’s keeper. Pope Francis is showing a worthy example to the Nigerian church, where the size of a person’s bank account has become the measure of the salvation of his soul and men of God fly private jets in the name of God, even as millions of their members wallow in hunger and deprivation. Pope Francis has shown signs that he will not be an imperial, distant papacy. He reached out beyond the shield of security to touch and empathize with the ordinary people who came to witness his inauguration. He asked the people to reach out their hands and pray for him first before he pronounced his papal blessings on them. This truly is an exemplar of the humble Nazarene whose vicar he is on earth – at least to Catholics. We pray that the Pope meets the great expectations his elevation has engendered, especially now that the church is beset by a lot of challenges that require tact and divine wisdom to address. • To be continued tomorrow • Bashorun J.K. Randle, OFR, FCA is Chairman & Chief Executive, JK Randle Professional Services, Chartered Accountants, Ikoyi, Lagos.

THE GUARDIAN, Monday, May 20, 2013

Opinion Ethnic enclavism in ecclesiastical universalism By Raphael Okunmuyide ATHER David Iheanacho’s “Roots of Ahiara dioFfromcese crisis” (The Guardian, 06/05/2013) and others in Ahiara diocese are causing avoidable socio-spiritual crisis among many Nigerian Catholics. It is irritating that the do-or-die competition for the sacred office of a Catholic Bishop, directly derived from succession of the apostles, has been degraded to a Local Government Chairmanship in value and image consequent on its exposure to the chronic delinquency of the Nigerian socio-political environment. It is tragic that both sides underate the long-term collateral social and spiritual damage to themselves and third parties from the venomous and dredgy discharge of threats and blackmail since the Church is a communion of saints (and sinners). Certainly “catholicity” is one of the four essential characteristics of the Church as professed in the Apostles’ creed along with her unity, holiness and apostolicity. Since she is both divine and human, she has developed time-tested capacity and established principles and procedures for resolving doctrinal and organizational disputes since early times as evidenced from the post-Reformation and post-Vatican II’s management efforts, despite the scandalous globalization of the Awka/Ahiara diocesan imbroglio to tarnish the image of the Nigerian church undeservedly. Regrettably, the virtue of humility was missing from Iheanacho’s descricption of the 50-year old Peter Okpaleke as “a young and unknown parish priest” given his excellent ecclesiastical administrative experiences and achievements, including nine practical publications on efficient diocesan administration for both the clergy and the laity. There is no major difference between the Mbaise priests’ surprise at Okpaleke’s appointment and God’s selection of David, the “unknown” youngest shepherd-boy in the grazing field vis-a-vis the six older sons of Jesse. If the Catholic Bishops’ appointments have always followed the principle of “mbaiseism” (son-of-thesoil-episcopal-imperative syndrome), neither Michael Fagun nor Francis Alonge would have become the first indigenous Bishops of Ekiti and Ondo respectively. Also, neither would Felix Alaba Job have been the first indigenous Bishop of

Ibadan, become an Archbishop and head the Ibadan ecclesiastical province nor would Emmanuel Badejo have become the second indigenous Bishop of Oyo. Similarly, Ekandem would not have been accepted as the first Archbishop of Abuja, John Onaiyekan’s transfer from Ilorin to Abuja as Co-adjutor Bishop of Abuja to become its Archbishop and Nigeria’s only activeservice Cardinal just as Anselm Umoren’s appointment as the auxiliary Bishop of Abuja and Makozi’s transfer from Lokoja to Port-hacourt would have been impossible. Late Emmanuel Udeh would not have been the Apostolic Administrator of Jos Archdiocese during late Gabriel Ganaka’s protracted illness, let alone becoming a candidate to succeed him after his death. Martin Uzoukwu would not have been a Bishop of Minna, Kevin Aje (from Jos diocese) would not have been the first indigenous Bishop of Sokoto and Peter Jatau, (also from Jos diocese) would not have become the first indigenous Archbishop of Kaduna and finally, Mathew Kukah (from Kaduna Archdiocese) would not have succeeded Kevin Aje as the current bishop of Sokoto. Thus “mbaiseism” would have been a disastrous principle for the Catholic Church’s episcopacy! Indeed, the venomous media campaign and embarassing protests by Mbaise priests and the laity against Okpaleke’s appointment could be partly why Bishop Victor Chikwe could not nominate any of them as his successor before he died and partly a justification of his choice by the Pope as otherwise, if one of the over 500 Mbaisepriest-candidates was chosen, a very vicious and sinister reaction akin to Joseph-the-dreamer’s nightmare may have been a strong temptation to those who would have lost out in the contest, as in Warri, Uromi and Benin. Hence was it not better for the Holy See not to have led them into that temptation than struggling to deliver them from its evils subsequently? Is this not a part of the evils of “social climbers” and “carreerist clergy” in a “self-referent church” that has nurtured moral and pastoral “narcissism” which Pope Francis has been condemning since his election? Have the Mbaise Catholics learnt anything from the inspiration of the Holy Spirit in the election of three successive “non-indigenous” Cardinals as Popes since 1978?

The Mbaise priests should address themselves to the truism in William Shakespeare’s dictum: “the eye seeth not itself save by other senses” in “Julius Caesar” by flipping the coin to the other side to assess how the “other senses” i.e. Catholics in other parts of Nigeria, have been maturely putting up with the political excesses of their south-eastern counterparts from the following: Godfrey Onah was appointed a lecturer in the pontifical “Urbaniana” university in Rome and became its Vice-Rector before clinching the episcopacy of Nsukka. In 2008, Pope Benedict XVI appointed Jude Okolo as the Nuncio to Chad and Central African Republic which elevated him as an Archbishop and the first Nigerian, first in West Africa and third in entire Africa to hold such a post. Also in October 2009, the following eleven Nigerians were approved as officials to support the Church during the Second Synod of Bishops for Africa: Francis Ike, Mathew Kukah, Paulinus Odozor, Teresa Okure, Godfrey Onah, Mrs. Felicia Onyeabo, Anselm Umoren, Augustine Okafor, Maria Udorah, Kingsley Ihejirika and Paul Ijasan i.e. while each of the north, west and south-south areas had only 9 percent of the quota of officials, the south-east alone had 73 per cent! Also Fortunatus Nwachukwu, the fist-ever Nigerian to head the Vatican’s Protocol office, was recently promoted as the Papal Nuncio to Nicaragua. Despite these evidences of what “mbaiseism” would have decried as tribalism and Roman imperialism in appointments to service in the higher echelons of the Church’s administration, the affected and marginalized 90 per cent part of Nigerian Catholicism shrugged it off stoically. Hence it is only being amused by “mbaiseism” as another facet of south-eastern ecclesiastical self-indulgence. Can the Mbaise priests benefit from this lesson in cultural/sociopolitical tolerance? Furthermore, the Mbaise priests rebuffed the appeals from the Conference of Catholic Bishops of Nigeria and the Papal Nuncio to Nigeria. How will the south-eastern Catholics feel if the Catholics in those countries where Okolo and Nwachukwu serve were to behave the way they are doing to the first African (Uganda-born) Papal Nuncio to Nigeria? Have they learnt any lesson from the failure of similarly self-declared wars on the Church’s hierarchy in Oyo, Warri,

Uromi and Benin? Do they realise the expensive social/pastoral stigma of being described as aggressive careerists which they are attracting to themselves in particular and the south-east in general with Bishops and priests from other parts of Nigeria in terms of their discomfort in accepting priests from the region to work in their dioceses? Having flagrantly, obstinately and contemptuously disobeyed the Vatican rule that a prelate must be consecrated/installed within 90 days of his appointment twice since 07/12/12, and resolutely decided to make Ahiara diocese ungovernable if “mbaiseism” is not respected/enforced (Catholic terrorism?) by word (spoken and written) and deeds, what will they do if the Vatican re-deploys Okpaleke to another ecclesiastical circumspection and either suspend the filling of the vacant episcopal seat in Ahiara diocese indefinitely or even annul the creation of that diocese by merging the 3-LGA-area diocese with another diocese since it is trite law that he who creates can uncreate; and are there not many 16-plus-LGA dioceses elsewhere in Nigeria? And if that happens, how will this help to develop the spirituality and holiness of Catholics as well as promote their boastful image of Mbaise as the “Ireland of Nigeria”? Even if a Deacon did not study Latin (the Church’s official) language, he knows and submits to the unwritten “Roma dicata, finita est” (Once Rome-has-spoken-(on any matter) it-isfinished) rule in Church governance on his ordination. What have the Mbaise priests made of this millenial convention obeyed by the clergy, religious and laity elsewhere in the world? Therefore, it is in their best interests to imitate the equanimity of other Nigerian Catholics in managing their challenges, stop the vicious campaign of calumny that scandalises millions of people and recite their “Confiteor”s and “Miserere mei”s to lift themselves out of the psyche of ethnic enclavism for restoration into the universal openness which the Catholic Church provides all her children under the leadership and office of Peter during this pentecost season when all Catholics pray for the gifts of the Holy Spirit especially wisdom, fear of the Lord, piety, understanding and counsel to obtain some of its fruits of charity, joy, peace, patience, kindness, goodness, mildness and modesty. • Okunmuyide wrote from Lagos.

For a better health sector By Mansur Musa NE vital sector that President Goodluck Jonathan seeks to turn O around, as part of his transformation agenda for Nigeria is the Health Sector. From day one in the life of the President’s administration, he has shown consistent interest in issues of health, part of which is his inclusion of the Minister of Health as a member of his Economic Team. This clearly shows the seriousness Mr. President accords to this sector. Added to this was the President’s clear mandate to the Ministry of Health to drive the health sector in an efficient manner to achieve the country’s Vision 20:2020 Health plan and Millennium Development Goals (MDGs). The central goal of this repositioning by Mr. President in the health sector is to provide high-end medical services in many instances and ensure health care delivery to the citizens of the country. The journey towards achieving this success has not been easy. One of the bottlenecks on the way of progress has been the long awaited passage of the National Health Bill, which recently passed second reading in the two Houses of the National Assembly. There is no doubt that the Bill when passed and properly implemented will improve quality health care services in Nigeria, especially at the primary level. Other challenges in summary could be said to be both geographical and financial but suffice it to say that substantial progress has been recorded in the nation’s health sector, which has actually positioned the sector for greater success and improved efficiency. This progress however could not have come without a coordinated and result oriented efforts by the presidency and the Federal Ministry of Health officials. There is no denying the fact that Nigeria is on the positive direction towards meeting the healthrelated MDGs by 2015. With the exception of a few and occasional strikes in the health sector which were more of administrative or union influenced demands, there has been relative peace, team spirit and a harmonious relationship amongst stakeholders in the health sector. This feat cannot be ignored, as peaceful and harmonious relationships are sine qua non for the sector to achieve

the president’s broad mandate within the shortest possible time, and greatest impact in the sector. Perhaps one of the visible signs of progress in the health sector is the approval of the National Strategic Health Plan (NSHPD) by the Federal Executive Council of Nigeria and the signing of the International Health Partnership Plus (IHP+) compact, which have helped to secure partners commitment to the implementation of the plan. The NSHDP is the vehicle for actions at all levels of health care delivery system which seeks to foster the achievement of the health-related Millennium Development Goals and other local and international targets and declaration commitments in health. There is also the up-scaling of the Midwives Service Scheme (MSS) through the Subsidy Reinvestment Programme (SURE-P), with 4,000 midwives deployed to 1,000 health centres across the country. Interestingly, this Midwives Service Scheme just last October won the Commonwealth Association for Public Administration and Management (CAPAM) award on innovations in government services and programmes at the CAPAM meeting in India. Nigeria beat Australia and Canada to clinch this award. The government has also established one new advanced sickle cell and mass cancer screening centres in each of the six geo-political zones of the country. These centres have greatly impacted on the lives of the citizens as many of them have taken advantage of the services being provided by them. There is equally the establishment of the Nigeria Centre for Disease Control (NCDC), which has been admitted into the membership of the International Association of National Public Health Institute (IANPH), a member organisation of government agencies working to improve national disease prevention and response. On polio eradication, government has doubled the funding of polio eradication activities to N4.7 billion. Similarly, a presidential Task Force on Polio Eradication under the chairmanship of the Minister of State for Health has been in place while a new polio eradication emergency plan has been developed with an accountability framework. State governors and the Minister of the Federal Capital Territory in the last two years have shown commitment to the eradication of the disease by actively leading the quarterly Supplementary Immunization Days (SIDs) in their re-

spective states. Another new concept brought to bear in the health sector is the Saving One Million Lives initiative, which is an ambitious and comprehensive initiative to scale up access to essential primary health services and commodities for Nigeria’s women and children. It is hoped that through this initiative, the government of Nigeria will save about one million lives by 2015. This effort received widespread commendation from the African Ministers of Health during the 62nd session of the World Health Organisation (WHO) Regional Committee for Africa meeting in Luanda, Angola. There was prompt intervention by the government through a multi-sect oral approach to the flood, which ravaged some states last year. For instance, President Jonathan specifically approved N2.5 billion for the Federal Ministry of Health to help in providing health interventions to the flood victims. Speaking further on government efforts in this direction, the Minister of Health, Professor Chukwu revealed that the task force set up by the government on flood disaster was given specific mandate on how to detect, control and prevent this scourge in the future. Just in February this year, the Minister of Health presented to the public a new International Certificate of Vaccination and Prophylaxis, also called the yellow card with an enhanced security features. Unlike before when all levels of government were issuing yellow cards, only the Federal Ministry of Health is issuing the new one in all states and ports. This obviously put to end the issue of fake “yellow cards” issued from multiple sources and the embarrassment it has caused Nigeria all over the world. It is indeed another great milestone for the health sector. It therefore, goes to say that the transformation agenda of the President in the health sector is yielding fruits and very fast too. What is required now is practical, honest and consistent efforts as well as the mobilisation of human and capital resources to re position the sector. In this regard, government, all relevant stakeholders and the general public should demonstrate faith and commitment to the new initiatives taking place in Nigeria’s health sector to improve the safety and health conditions of Nigerians. • Musa writes from the Healthy Living Foundation, Abuja.

THE GUARDIAN, Monday, May 20, 2013

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THE GUARDIAN, Monday, May 20, 2013

Media How journalists lifted Africa at PFC in U.S. Issue By Kabir Alabi Garba (who was in Washington, D.C., USA) LTHOUGH they were abandoned when it mattered most, yet they proved to be worthy ‘ambassadors’ of the continent. The entry of the ten journalists from Ghana, Kenya, Nigeria, and Uganda tagged ‘Africa Rising…’ emerged Best Overall at the Poster Show of the just-concluded Spring 2013 Professional Fellows Congress (PFC) in Washington, D.C., United States of America. A total of 93 entries were submitted for the contest with just five categories of awards on offer: Most Virtually Engaging; Most Thought Provoking; Best New Initiative or Idea; Best Covering Culture, Community, or Society; and the grand prize, Best Overall. The announcement of winners at the farewell session on Saturday, May 11 drew curtains on the four-day assembly. Specifically, the congress, which began on May 8, marked the culmination of the Professional Fellows Programme, which provided targeted professional development and support to emerging leaders working in the fields of Economic Empowerment, Legislative Process and Governance, as well as Media. It was designed to provide participants with a four-to-eight-week practical fellowship experience to broaden their professional expertise. Placed in private, non-profit and government offices across the United States, the Fellows learn about how issues in their respective fields are addressed in the U.S., interact with a broad network of professional colleagues, and Dorothy Nakaweesi of Uganda’s Monitor standing beside the Africa Rising… during the Poster Show in Washington on May 10, 2013 develop a more nuanced understanding of ly getting down to the real information, and Americans and American society. real primary source of information. Coordinated by the Educational and Cultural human and material, in addition to highlightEarlier on Thursday, May 9, the jour“First of all, in terms of the President’s travel Affairs (ECA) unit of the U.S. Department of ing certain peculiarities of the journalists’ nalists were more or less disappointed schedule, there is no information from the State, the main objective of the programme is countries. when no ambassadors turned up for White House, what you are reading is rumour. “to increase mutual understanding between Indeed, Africa was given a global mileage at When you want to know where the President is people of the United States and other coun- the Show that lasted for three hours on Friday, the ‘Citizen Diplomacy Lunch with going, you contact the White House through tries…and thus to assist in the development of May 10. The expansive ballroom on the second Washington-based Foreign its interactive website to find out the real friendly, sympathetic, and peaceful relations” floor of the Renaissance Arlington Capital View news. And it is important not to make judgAmbassadors and Embassy Staff’. It (Mutual Educational and Cultural Exchanges Hotel, South Potomac Avenue, Arlington, ment or expectation based on media report. Act of 1961). Virginia suddenly became a bazaar as presenwas designed for “Ambassadors to “As journalists, the most important thing is to But with a total of 220 participants drawn ters explained the intrinsic elements of the the United States and local embassy go to the primary source and get the real inforfrom 44 countries and territories across the posters to viewers comprising fellows, State mation. Specifically, on the President’s travel, world, Media, out of the three thematic Department staff and invited guests. staff from Fellows’ countries to dine there is no official announcement from the engagements, was least represented. Only 19 Earlier on Thursday, May 9, the journalists and network with the Fellows.” White House. When the President or any state participants: 10 journalists came from four were more or less disappointed when no official is travelling, they make official countries in Africa, while the remaining nine ambassadors turned up for the ‘Citizen were from Bangladesh. Diplomacy Lunch with Washington-based spur economic growth, trade, and investment. I announcement on where and the purpose of Other countries in Africa represented at the Foreign Ambassadors and Embassy Staff’. It am not sure how many of you know that six of the travel.” And on the country’s war against corruption, congress under different themes (either was designed for “Ambassadors to the United the 10 fastest growing economies in the world Economic Empowerment or Legislative States and local embassy staff from Fellows’ right now are in Africa? In the next decade, the diplomat said “fighting corruption, transProcess and Governance) were Egypt (14), Libya countries to dine and network with the seven of the fastest growing economies in the parency, good governance are something world are going to be in Africa, and we believe Nigeria has been struggling to entrench for a (6), South Africa (13), Tanzania (7), and Tunisia Fellows.” (14). Pakistan had the largest number of repreOnly Mr. William Anani-Abotsi, that is the huge win-win, not only for Africa and long time, and we have been working with sentatives, 22. Azerbaijan and China had one Minister/Counsellor in charge of Economics, the United States, but for the rest of the world, Nigeria, trying to help them on those issues. I participant each. Embassy of Ghana came. However, organizers and so, we want to encourage and strengthen have had the opportunity to work in Nigeria The African journalists were Ibrahim Kasita of had told participants that “some embassies that economic growth through creating more for two years, it is a great country with a lot of potentials and we are working with the govNew Vision, and Dorothy Nakaweesi, Monitor had no staff available to attend this event. They opportunities and partnership. Publication Limited (Uganda); Lanre Lasisi, sent their regrets and best wishes.” Do Nigeria, “The third is to advance peace and security. This ernment of Nigeria to address those issues. It is Channels Television; Hamza Idris, Media Trust Kenya, and Uganda belong to this category? is essential when you are talking about eco- an important country and very strategic to the Limited; and Kabir Alabi Garba, The Guardian This is a question authorities in these countries nomic growth and democratic growth. When United States.” we talk about peace and security, we like to talk On the refusal of the U.S. government to (Nigeria); Alphonce Shiundu, Nation Media; should provide answer to. Bevertone Kipchuma Some, The Standard, and Another significant segment of the Congress a lot about some of the amazing and surprising declare Boko Haram Movement Foreign Joan Chepkorir Barsulai, Standard Newspaper was the ‘Regional Briefing Panel Discussion events happenings in the past few years in Terrorist Organisation (FTO) in spite of the (Kenya); Ekow Essabra-Mensah, Business and with Questions and Answers’ featuring all Somalia, in Mali, in Sudan, and South Sudan, threat the activities of the group pose to globFinancial Times; and Albert Futukpor, Ghana Deputy Assistant Secretaries (Public and we believe those happenings present gold- al peace and security, Pelletier said, “We have News Agency (Ghana). Diplomacy and Public Affairs) of the six regions en opportunities for us to work together to named three of the leaders of Boko Haram engender peace and security. movement as being responsible for all attacks They all arrived in the U.S. capital city, of the world represented at the congress. Washington, D.C., on April 7 and underwent Held on Friday, May 10, 2013 inside the audito- “The fourth is to promote opportunity and that have taken place in the country since three days of intensive orientation pro- rium of the U.S. Department of State, development, and this is one that I think is the 2009, and we are working with Nigerian govgramme that focused on how news organiza- Washington, D.C., the one-hour, fifteen min- broadest as we talk about opportunity to ernment very much to address the violence tions in the U.S. carry out their daily operations utes session provided an opportunity to include everyone in the process of increasing Boko Haram has caused. The issue of who is before they dispersed to their various places of engage the U.S. officials on certain diplomatic growth and development in Africa. Women named FTO, which organization is named FTO internship on April 11. Some of other issues issues between the States and the six regions in encouragement, youth encouragement, minor- is a big inter-agency discussion, there is a lot of tacked during the orientation exercise (run general, and individual countries in particular. ity community encouragement and also in different considerations. “And I think, the important thing for us is from April 8 to 10, 2013 in Washington, D.C.) The top officials that addressed the gathering terms of supporting healthy population, well were introduction to the United States and its and later responded to questions from the fel- fed population, and environmentally sustain- how do we help Nigerian government deal media, the dual nature of U.S. news media, lows were Michael Pelletier (African Affairs); able development. We talk about food for kids, with the violence, specifically in Northern social media strategies, digital tools for African Susan Stevenson (East Asian and Pacific food security issue, health issue, about Nigeria? We have named Boko Haram leaders journalists and diversity. They returned for the Affairs); Eric Rubin (European and Eurasian HIV/AIDS, climate change, it is an overall broad for being responsible for terrorist act, but it is congress on May 7. Affairs); Richard Schmierer (Near Eastern development initiative. All of these are goals we a big issue. We are also looking at some reports As a key highlight of the four-day congress, Affairs); Jonathan Henick (South and Central want to pursue in partnership with Africa. That that are coming out recently as regards seventh in the series, the Poster Show has been Asian Affairs); and Kevin Whitaker (Western is why we look to African leaders to take the lead human right abuses. There is Deputy Assistant as to way forward as we work on these goals.” Secretary in charge of Human rights issues in designed as an opportunity for fellows to share Hemisphere). Responding, however, to question on per- Nigeria this week, she is actually on her way their professional work and interests with Pelletier was first to speak and he reiterated other fellows and the State Department. four pillars of actions that drive the relation- ceived altercation in the information flow back today (May 10), I am hoping to see her Beyond this however, the journalists, with the ship between the U.S. and the continent of between the U.S. and Nigeria which has lately next week for debriefing. In fact, it is a big issue led to what this reporter termed ‘discordant and we have to look at it holistically. I have supervision of Johanna Carrillo and Sameen Africa. Dadfar of International Centre for Journalists “We are working on rule of law, freedom of tune’ on certain issues, with emphasis on the lived in Kaduna, Bauchi, and Kano, what is hap(ICFJ) embellished their Poster with colourful expression, freedom of the press and journal- ‘controversial President Obama’s proposed pening now in those places is horrible, but we motifs that celebrated the uniqueness of the ism to strengthen democratic institutions visit to Nigeria’, Pelletier said, “this issue of dis- are working with government to resolve it.” continent in terms of natural endowment, across the continent. The second pillar is to cordant tune to my mind is the question of real-

MEDIA 71

THE GUARDIAN, Monday, May 20, 2013

OYSAA at one… Thumb up for sanitisation campaign By Gbenga Salau NE year after, the Director General of the Oyo State Signage and Advertisement Agency (OYSAA), Yinka Adepoju, has scored its agency performance as near excellent. In a statement to commemorate the first anniversary of the agency, Adepoju, who praised the Governor Isiaka Abiola Ajimobi for establishing the agency and giving it the necessary support, stated that the agency is not only fulfilling the purpose for which it was set up, but also taking on vision. “On a personal note, let me commend our God chosen leader, the people’s governor for the tremendous success recorded so far in his administration’s Transformation, Restoration and Repositioning agenda. You are a light to many of us, please keep the light always shining. “For us at Oyo State Signage and Advertisement Agency (OYSAA), I make bold to say that Oyo State is well on its way to achieving environmental standards and best

practices, a novel trend which other states are already emulating.” He said that in the one year existence of the regulatory outfit, it has successfully cleaned up the major routes in Ibadan ditto Oyo and Ogbomoso by removing sub standard, dilapidated, dangerously and badly positioned billboards. “These cities are now clean, very calm and wearing new looks. We hope to replicate this in other major towns of the state especially now that the State Government has graciously approved for our Agency new set of operation equipment. This development has positively enhanced our performance level.” He listed the achievement of the agency to include registration of outdoor practitioners in line with agreed categories; regularization of 1st Party and 3rd Party structures and removal of illegal boards and structures; creation of an outdoor advertisement environment of a world class standard as billboards are now environment friendly in the state;

effective sensitization of the industry players and the general public; creation of a well defined Data Base with records of every signage and other advertisement structures in the state; smooth and seamless deployment of modernized structures and landscaping the surrounding areas of such; creation of more environmentally complementing outdoor advertising formats which have assisted greatly in the area of revenue generation. According to him, in moving forward, the agency hopes to adopt the Public Private Partnership (PPP) initiative judging from the meagre resources available to the state government and its thirst in providing excellent social service delivery to the people in order to enhance the socio-economic activities of the state. He mentioned provision of solar powered street light poles; construction of Ultra Modern Bus Shelters (Bus Stops); installation of advert based street directional signs and

Quill Awards’ night of celebration for journalists By Florence Utor T was celebration galore on Saturday night as the maiden edition of the Promasidor Quill Awards held with promises of improvement in the subsequent editions. The reward initiative was inaugurated for journalists that exhibit exceptional performance in their reportage of industry, education, corporate social responsibility and nutrition issues. The event was graced by notable personalities in the public and private sectors of the economy. Practitioners in the media were seen in their colourful regalia, this time, they were the ones on the red carpet doing what they usually do to others. The awards project has five categories: Brand Advocate of the year, Best Corporate Social Responsibility (CSR) Report of the year, Most Educative Report of the year, Best Report on Nutrition and the Best Photo Story of the year. The company appointed five distinguished professionals in their various fields of endeavour as judges to screen the entries and select winners. With Ambassador Patrick Dele Cole as chairman, other members of the

panel were Prof. Emevwo Biakolo, Dean of School of Media and Communication of the Pan African University (PAU); Mr. Jide Ologun, Chairman, Nigerian Institute of Public Relations (NIPR), Lagos Chapter; Kadaria Ahmed, former editor of 234 Next, and Kelechi Obi Amadi, a renowned international painter and photographer. The event kicked off at exactly 7p.m. with the Managing Director of the company, Keith Richards reiterating the company’s commitment to lifting the media industry through the initiative. “When we start something at Promacidor, it only grows better,” he noted. Chairman of the panel of judges also confirmed that selecting winners was very challenging and that the importance of the media in the society can never be overempasised. The society, he said, depends on what the media reports to get informed, educated among others functions, “there is no better time for an award like this to encourage journalists than now. Daniel Obi of Business Day won the award for the best CSR report; Ngozi Okpalakunne of Daily

Champion got the brand advocate of the year prize, while Tubosun Ogundare of National Mirror won the most educative report of the year. Tope Templer Olaiya of the Guardian was nominated in the category of best report on Nutrition and Best CSR report of the year, but lost it to Tope Alexander of the Sun newspapers and Tubosun Ogundare of Businessday respectively. Speaking on the reasons why the company organized the awards, Head, Legal and Public Relations, Promasidor Nigeria, Mr. Andrew Enahoro said, “We decided in partnership with our PR agency, TPT International Limited on the need to reach out more to journalists and appreciate them. “But more importantly, we are out to challenge them on how they can continue doing their jobs more professionally and exhibit excellence. In the Shakespearean times, the quill was the only mode of writing - ink and feather, so it was only natural that we come up with an award that would be symbolic of that era and we have done a bit of research which informs the categories we have laid out and even the gifts.”

Managing Director Promasidor, Keith Richards (left), one of the winners, Ngozi Opkalakunne and Ambassador Cole at the event in Lagos on Saturday PHOTO: OSENI YUSUF

Newly constructed LED video display board

house numbering exercise; branding of newly acquired government buses; branding of public places like parks and gardens, markets, garages and roundabouts; deployment of LED electronic video display boards in strategic locations of the state capital to which concessional approvals have already been granted to about ten practitioners, as upcoming projects and programmes. “A practical demonstration of this is what you see on Parliament Road leading to the state secretariat. This is the first of its kind, more of such are under construction and very soon will emerge and add value to the global beautification exercise currently going on around the state. “This initiative no doubt has the capacity to greatly enhance the environment and increase the State’s revenue generation drive whilst reaping the benefits of business efficiency.”

THE GUARDIAN, Monday, May 20, 2013

Sports CAF Confederation Cup

MTN Football Scholar trials berth in Enugu, Port Harcourt

Rangers walk tight rope, beat Sfaxien 1-0

UNDREDS of young men H at the weekend thronged the Rangers train-

• Heartland on top of NPFL table By Christian Okpara NUGU Rangers could only muster a 1-0 victory over Tunisia’s CS Sfaxien in the first leg of their Confederation Cup tie yesterday at the Nnamdi Azikiwe Stadium. The ‘Flying Antelopes,’ who were eliminated from the CAF Champions League by Angola’s Recreativo Libolo, got the only goal of the game through Ugonna Uzochukwu, who was also sent off for ungentlemanly behaviour. Uzochukwu, a defender, scored his goal in the 87th minute and promptly got a yellow card for removing his shirt while celebrating his strike. He was dismissed minutes later when he was booked again, meaning he will miss the return leg in a fortnight. Coach Okay Emordi’s side went into the game without their stars, Sunday Mba and Chigozie Agbim, who are in the Super Eagles training camp in Germany. Sfaxien attacked from the onset, but national U-29 goalkeeper, Emmanuel Daniel, stood between them and goals in the early part of the game. The Tunisians held out until the dying minutes of the match when Uzochukwu

prodded the ball from close range. Meanwhile, Heartland of Owerri have for the first time this season climbed to the top of the Nigeria Professional Football League (NPFL) table. The ‘Naze Millionaires’ defeated ABS of Ilorin 1-0 in Owerri yesterday to get to the same number of points with Kano Pillars, but they have the lead on superior goals advantage. Amarachi Ukaegbu scored Heartland’s only goal through a direct free kick in the 34th minute to give the homers the maximum three points. In other games played yesterday, Sani Modu scored to lead Gombe United to a 1- 0 defeat of El Kanemi Warriors, just as Kaduna United beat Lobi Stars also by a lone goal. In Ilorin, Kwara United and Dolphins played out a 1-1 draw, but Enyimba was two goals better than Bayelsa United in Aba. Akwa United held Nasarawa United goalless in Lafia, while Sharks recorded a rare victory when they defeated Sunshine Stars 1-0. In Yenagoa, Nembe City beat Wikki Tourists 2-1, while Warri Wolves defeated Kano Pillars 2-1.

Maigari, Obaseki tip Elegbeleye for success IGERIA Football N Federation President, Aminu Maigari and former Chairman of the Nigeria Premier League (NPL), Oyuiki Obaseki, has thrown their weight behind the newly appointed Director General of the National Sports Commission (NSC), Gbenga Elegbeleye, saying the former lawmaker would succeed in his new post. President Goodluck Jonathan announced Elegbeleye as the new NSC director general with immediate effect last week during the Federal Executive Council (FEC) meet-

ing. Speaking on the appointment of the former Vice Chairman of the House of Representatives Committee on Sports, Maigari, who is Germany overseeing the Super Eagles’ preparation for both the 2014 World Cup qualifiers and the FIFA Confederations Cup, said: “I Know Gbenga Elegbeleye to be very passionate about sports, most especially the game of football. I have had the opportunity to work with him and I know that he has something to offer Nigerian sports.

Arsenal’s French manager, Arsene Wenger (right); German defender, Per Mertesacker (centre) with Arsenal’s Czech midfielder, Tomas Rosicky at the end of the English Premier League match against Newcastle United at St James’ Park in Newcastle Upon Tyne, northeast England, at the weekend. Arsenal won the race for fourth place in the Premier League with a 1-0 victory at Newcastle. PHOTO: AFP

ing pitch in Enugu and Liberation Stadium in Port Harcourt to participate in the trials for this year’s MTN Football Scholar. The trials, which started the series of auditioning for Season Three Academy, saw the enthusiastic youths demonstrating soccer artistry in groups under the watch of coaches and football enthusiasts across the country. The boys, who were unanimous in their assertion that MTN has brought an unprecedented hope to their emerging football careers in a way they would not be neglecting their academic pursuits, lauded the company for the unique initiative. Chidi Orji, a SSS 3 student, who participated in the Enugu trials, said he was hopeful that he would make the Academy. According to him, “MTN Football Scholar has provided an unequalled opportunity to combine education with football, and I believe I possess the football talent and educational capacity to excel, by God’s grace I will make the Academy,” he declared.

English Premiership

Arsenal pip Spurs to Champions League spot, Man U, West Brom in 5-5 thriller From Ezeocha Nzeh, Abuja RSENAL claimed the final Champions League spot at the expense of their arch rivals, Tottenham Hotspur, on the last day of the Premier League season yesterday with a 1-0 win at Newcastle United. Defender Laurent Koscielny put visitors, Arsenal, ahead in the 52nd minute to secure fourth place with 73 points, one point ahead of fifthplaced Spurs, who mustered a late goal from Gareth Bale to beat Sunderland 1-0 at White Hart Lane. Chelsea sealed third place on 75 points with a 2-1 win at home to Everton. Manchester United had already been crowned cham-

pions and their attention was on giving retiring manager, Alex Ferguson, a send-forth to remember, but as the goals rained in they could not give him a win as they drew 5-5 at West Bromwich Albion. Last year’s champions, Manchester City, finished 11 points behind United in second after a 3-2 defeat at home to Norwich City. With first and second place decided some time ago and all three relegation spots already determined, the burning issue of the day centred on who would grab the final top-four place. Discounting the highly improbable mathematical possibilities, it boiled down to a battle between North

London’s big foes, Arsenal and Tottenham. Arsene Wenger’s side had the advantage before kickoff, with a one-point lead and the knowledge that as long as they won at Newcastle, the Champions League place was theirs. They were facing a Newcastle side, who were no longer troubled by relegation fears after securing their top-flight status and that lack of pressure translated into a troublesome first half for Arsenal as the hosts enjoyed the better chances. Arsenal came out for the second half with a bit more spark and seven minutes into it finally got the goal they craved as Theo Walcott’s

free kick was headed on by Per Mertesacker and Koscielny stayed on side to prod the ball home. Walcott hit the post in stoppage time as Arsenal ended a nervy game on top and completed a turnaround since trailing Spurs by seven points in March after losing the North London derby. “We are happy, it’s very important for the club to play Champions League next year,” Koscielny told Sky Sports. At White Hart Lane, Spurs had more urgency about them from the outset than Arsenal but were left questioning referee Andre Marriner’s decision to book Bale for diving.

Ahead Brazil 2014 World Cup Qualifier

NFF not bothered by Kenyan threat, sure of Eagles’ victory“They never requested for a “My advice to him is that he should continue the way he is doing that has fetched him this appointment. When he

Elegbeleye

From Ezeocha Nzeh, Abuja HE Nigeria Football Federation (NFF) says it is not bordered by Kenya’s threat to deal with Nigerians when the Super Eagles arrive in Nairobi for the second leg of their 2014 World Cup qualifier. The Harambee Stars accused the NFF of maltreating them when they came for the first leg of the tie, which ended 1-1 in Calabar, alleging, among other things, that they were delayed in Lagos and kept in a substandard hotel, and that there was no arrangement to ferry them to Calabar on arrival from Nairobi.

Speaking on the threat by the Kenyans, NFF Secretary General, Musa Amadu, told The Guardian in Abuja yesterday that the Eagles would prepare adequately for the match, adding that they are focused on picking the three points in Nairobi. He noted that though the Kenyans had apologized to Nigeria for trying to tarnish its image before the game in Calabar, the federation would still put every logistic in place for the June encounter. “Everybody is concerned about the reception we will receive in Namibia, but I don’t think we should be too concerned because if the Kenyans

decided to send a wrong message to their countrymen as to the reception they had here, I am sure they have their reasons. “However, I want to say it clearly that we gave them the best reception possible. We never promised to charter a flight to fly them from Lagos to Calabar. We never charter a flight to fly teams within the country not even the Super Eagles when they are in the country. We use regular flights. “In the case of Kenya, the aircraft had left when they arrived and we had to put them in a hotel.

training field while in Lagos, but they decided to follow somebody not from the federation to train in a primary school all with a view to discrediting the federation. The hotel we put them is of international standard and it is the hotel we have always used to transit all the teams that come into Nigeria. “We treated them like brothers, cooperated highly with the Kenyan High Commission in Abuja and I know that they apologised to Nigeria for the wrong things they were saying about Nigeria and the federation during the pre-match meeting,” Amadu said.

THE GUARDiAN, Monday, May 20, 2013

Chukwumerije pleads, as German Embassy denies taekwondo team visa By Olalekan Okusan EiJiNG 2008 Olympics medallist and Team Nigeria captain to the 2012 London Olympics, Chika Chukwumerije, has appealed to the Germany Embassy following the refusal of the mission to grant visas to the national taekwondo team. The athletes, who are all national champions, were expected to embark on a training tour of Germany this week as part of the buildup to the 2015 All Africa Games and 2016 Olympic Games in Rio, Brazil. The 2007 All Africa Games gold medallist told The Guardian at the weekend: “All

arrangements have been made - accommodation, transportation, feeding, and training with various clubs in Germany. “i am simply replicating conditions that helped me succeed in taekwondo by exposing these national champions long before the 2015 All Africa Games and Rio 2016 Olympics; the aim being to increase their chances of winning medals at these important games. The athletes have been training hard in Abuja for the past three months, and were very devastated when the news was broken to them.” According to Chukwumerije,

Pepsi hails Moses, Mikel for Europa Cup triumph EPSi has congratulated P Super Eagles’ Victor Moses and John Mikel Obi for winning the UEFA Europa Cup with their English Club, Chelsea. Chelsea beat Benfica of Portugal 2-1 in the final play at Amsterdam Arena last Wednesday. Head of Marketing, Sevenup Bottling Company Plc, Lagos, Norden Thurston, said Pepsi is happy that Moses, a soccer ambassador of the brand, has made instant impact in his first season at Chelsea, while Mikel, who was discovered and nurtured at the Pepsi Football Academy, has added the UEFA Europa Cup to the UEFA Champions league he won last year with

Chelsea. “We are delighted that Pepsi’s culture of discovering and nurturing talents either in music or sports is working and bringing honour to Nigeria,” Thurston said. According to him, “the Pepsi Football Academy has remained a reference point in youth football development in Nigeria and beyond which has helped in producing great players like Osaze Odemwingie, Elderson Echiejile, Mikel Obi, Sunday Mba, just to mention a few. “ He said that 10 students of Pepsi Football Academy have full scholarship playing and studying in two England’s best high schools: St Bedes and Brooke House College.

“i do not blame the German Embassy at all. We should, instead, turn our sights on unscrupulous individuals that have used sports for visa racketeering purposes over the years. They have not been smart. All they have succeeded in doing is make the careers of upcoming athletes more difficult. “As the athletes’ representative on the NTF board, i will table the matter before the board and make sure that the NTF takes strong measures to restore our credibility before Embassies in Nigeria. We must expose our athletes after we have discovered them. if they cannot get visas, how can we expose them?” He pleaded with the embassy to review their decision. “For this present situation, i hope the German Embassy will change their minds. These are good kids that have trained hard, and are all National Champions. They include Segun Olushola, Sunday Onofe, Joy Ekhator, Hussain Adamu, and Mariam Abdullahi. They are in a good place, where millions of young people want to be - they are number one in a sport they love. Their dream is to compete and win medals at international tournaments, not run away in Europe. i have big plans for them and other young hardworking talented taekwondo athletes; this visa denial will hamper those plans severely.” With huge support from the National Sports Commission (NSC), Chukwumerije further appealed to the embassy to rescind their stance on denying the athletes visa.

Mimiko U-18 International Soccer Tourney

Ondo agog, as state awaits NextGen stars By Christian Okpara HE people of the Ondo towns of Akure, Owo and ikare Akoko have started cleaning up their cities in the anticipation of the visit of the next general of world football stars expected to hit the towns from June 4 for the Mimiko international Soccer Tournament, tagged MiSTON 2013. The competition will feature 16 teams drawn from across the world and to rev up the cities for the arrival of the young players, football agents and international journalists, the local organizing committee of MiSTON 2013 has started mobilizing the people for what they expect to be the introduction of Ondo State as destination of choice for sports tourism. According to the Local Organising Committee’s (LOC), Secretary, Media and Publicity Committee, Wahab Bankole, the people of the towns have been sensitized on the arrival of the teams and other visitors, adding that apart from the football, the foreign visitors would also be treated to the best of Ondo hospitality. Also speaking on the preparation for the football fiesta, Vice Chairman of the Caring Hearts Foundation, which is spearheading the renaissance of

sports in Ondo State, Akin Akinbobola, told journalists at the weekend that the Akure Township Stadium is ready for the kick off of the competition on June 5, adding that all the teams and visitors to the state during the championship have communicated their arrival dates to the LOC. He listed the teams billed for the competition to include Yerima FC of Cote d’ivoire, Vocame Revival Academy Of Makurdi, Great Scholars Soccer Academy of Ogun State, Fountain Youth Sports Academy of Ekiti State, El-Qana of Akwa ibom, Beach Settlers of Ondo State, Young Stars of Ondo State Sports Council, Tiwa Warriors of Akoko, Yobo Academy of Lagos, Kaharamspor of Turkey, Kwakwasia of Kano State, Prestige Heights international Academy of Ghana and Young Stars international Football Academy of Lome, Togo. Others are Rivers Lane of Enugu, ODSFA Academy Of Ondo State and Magate Of Oyo State. He also disclosed that BRAGA FC of Portugal President, António Salvador, would lead other European football chiefs to the competition, which would be broadcast live by an international satellite broadcast organization.

Akinbobola revealed that all the participants have paid their registration fee of $500 each, adding that the teams would be paid participation fee from which they would cater for their accommodation and feeding. A novelty match involving a team trained by Governor Olusegun Mimiko against a side trained by his wife, Oluremi Mimiko, would precede the kick off the competition on June 5, according to Akinbobola.

Abdulmumuni Babalola…one of the players that featured for Team Nigeria at the Davis Cup tournament in Cairo, Egypt

Davis Cup Africa Group III Play-oﬀ

Morocco, Egypt get promotion, as Nigeria remains in Group 111 By Olalekan Okusan T the conclusion of the A Davis Cup Europe/Africa Zone Group iii held in Cairo, Morocco and Egypt have been promoted to Group ii for 2014, while Team Nigeria managed to escape being relegated to remain in same group for next year. Morocco and Egypt won their play-offs against Madagascar and Zimbabwe to move up to the elite division. Morocco took on Madagascar and Yassine idmbarek got the NorthAfricans off to the perfect start when he defeated Jean-Jacques Rakotohasy 6-2, 7-5 in the opening of the playoff. Morocco looked on-course for promotion when Hicham Khaddari took the first set 6-3 off Antso Rakotondramanga in the second set. The second set went to a tiebreak and the Madagascan won it 7-3 to force a deciding set. There was no stopping Rakotondramanga and he took the final set 6-3 to level the tie at 1-1 and force the deciding doubles rubber. in the doubles, Younes Rachidi and Mehdi Zaidi defeated Rakotondramanga

and Tony Rajaobelina 6-3, 6-2 to send Morocco to next year’s Europe/Africa Zone Group ii. The other promotion play-off saw Zimbabwe taking on the host, Egypt, with Sabry Sherif winning the opening rubber 6-2, 6-2 to give the Egyptians the advantage. Then came the rubber of the tournament. Zimbabwe’s Takanyi Garanganga was a set and a double break up against Mohamed Safwat of Egypt, leading 3-0 in the second set. He then dropped serve and

was broken again at 5-4, when serving for the rubber. Safwat won the second set tie break 7-5, and then sped to a 3-0 lead himself in the 3rd set. Garanganga came back strongly and after Safwat managed to save a match point at 4-5 on his serve, he ended up serving consecutive double faults and netting an easy volley on Zimbabwe’s second match point to give Zimbabwe the match after two hours and 38 minutes, 64, 6-7(5) 6-4. Garanganga’s win levelled the tie at 1-1.

Head Office dethrones Northern territory to win Total MD’s Cup By Tony Nwanne EAD Office at the weekH end wrestled the title from the Northern Territory to lift the trophy at the third Total Managing Director’s (MD’s) Cup held in Onikan Stadium, Lagos. The defending champion lost to Head Office 2-4 in the final. Starting on a good note, the

Assistant Corp Commander, Federal Road Safety Corps (FRSC), Abdulrahman Sodiq (left); Managing Director, Total Nigeria Plc, Francois Boussagol; Former Super Eagles Coach, Samson Siasia, with Captain of Head Office Team, Rilwan Olajobi at the Final of the Total’s MD’s Cup 2013 at Onikan Stadium in Lagos at the Weekend. PHOTOS: FEMI ADEBESIN-KUTI

defending champions netted a goal 20 minutes into the game, which prompted Head Office, to raise their game. When the two-time champions failed to maintain the lead, hence, Head Office picked up the gauntlet, equalized and went ahead to win the cup. Speaking at the end of the event, the Managing Director of Total Nigeria Plc, Francois Boussagol, said the tournament is part of the company’s work-life-balance initiatives, put together to encourage sporting activities among employees, adding that, apart from being a lot of fun and entertainment, sporting events offers several health benefits to the physical and mental well-being of participants. According to him, “it is our belief that a healthy workforce is a pre-requisite for productivity and sustainable growth in all ramifications. Beyond productivity, we see the games as a good opportunity to bring together employees from different locations and different divisions to interact with one another outside the normal work environment.”

THE GUARDIAN, Monday, May 20, 2013

76 SPORTS

European Round-oﬀ

Emotional swansong for Beckham in Paris CAPACITY crowd chanting A his name, the Eiffel Tower in the background: even by his own glamorous standards, David Beckham got a special send-off on Saturday as he headed into retirement with another title in the bag. “Tonight was a nice way to go out, in front of my family and in front of the capacity crowd who were excited because we won the league,” the 38-yearold former England captain told reporters after his 10th and probably final Ligue 1

appearance. “The celebrations were incredible so it’s a nice way to walk off the pitch,” he added, having wiped away a few tears when he was substituted in the 81st minute of a 3-1 win against Stade Brest at the Parc des Princes. “It started 20 minutes before, the emotion started kicking in; it was hard to run, let alone kick a ball,” said Beckham who was made captain for the game. “It was an emotional night,

to see the reaction of the players, to see the reaction of the fans when I came off was special. “I did feel good (physically) but I know it’s the right time,” added Beckham, the only English players to have won league titles in four countries - England, Spain, United States and France. PSG, who sealed their first league title since 1994 last weekend with a 1-0 win at Olympique Lyon, still have one game to play, next

Tevez open to Ligue 1 move ANCHESTER City striker M Carlos Tevez admits he would be open to a move to either Monaco or Paris SaintGermain in the off-season. The 29-year-old was on the verge of a return to South America in 2011, and was only denied a transfer due to two of his former clubs’ inability to stump up the hefty transfer fee the Citizens demanded. Controversy followed soon after as the former Manchester United hitman allegedly refused to enter the fray from the substitutes bench during a Champions League clash with Bayern Munich, and was subsequent-

ly left out in the cold at City for the next six months. Tevez eventually returned to the club to play a crucial role in their 2011/12 Premier League title triumph, contributing 17 goals in all competitions. However, following Roberto Mancini’s departure from Eastlands this week, the former Boca Juniors star admitted he could be tempted by a move to France next term. “I think there was an interest from PSG for me last year,” he told Telefoot. “We talked with Leonardo, but we have not reached an agreement. But it remains an

interesting option. In addition, I think the championship of France is changing very fast. “If Leonardo calls me, it wouldn’t be a problem. If we talk and find an agreement then why not? Playing in Paris or France, not a problem for me. “Monaco is one of the leading French clubs. Everyone would be happy to go. I like the project and I know Ranieri well. It is impressive to have managed to get the club in Top flight again. “But I’m also happy at City and I have one year contract.”

Sunday at Lorient. Beckham, who announced he was retiring on Thursday, is highly unlikely to play on the Brittany side’s artificial pitch, though. “We have to decide, but I don’t think he will play. He will come with the team but I don’t think he will play,” coach Carlo Ancelotti told a news conference. “A plastic pitch is difficult for a 38-yearold,” Beckham, who set up two goals in his 10 league appearances for PSG, said he was looking forward to spending more time with his wife, former Spice Girl Victoria, and four children. “After 22 years of playing football I’m going to take a few months to enjoy time with my family,” Beckham said. The former Manchester United and Real Madrid player could still be involved with PSG in some capacity. Club president Nasser alKhelaifi said earlier this week that he would have discussions with Beckham in the coming days. “It’s been a very special place for me,” Beckham said. “I have finished my career at a team who have treated me like I’ve been here for 10 years.”

Fellaini drops Man United hint VERTON midfielder, Marouane Fellaini has hinted that he would like to follow David Moyes to Manchester United. The Belgian international has long been linked with a move away from Goodison Park, and after a deal in January failed to materialise, he again looks set for a summer of speculation about his future. Chelsea and Arsenal had been linked, but now he has one eye on Old Trafford due to the fact Moyes is taking charge. “If I’m leaving Everton, I say if, it will depend on lots of factors,” Fellaini told the Sunday Mirror. “I only want to go to a club where the manager really wants me. In 2008, Everton did everything to convince me, especially David Moyes. He made me the player I am now.” Fellaini also revealed that Moyes had told him that he wanted him to become a deep-lying midfielder - rather

Fellaini

than the forward he had emerged as in recent years. “I’m happy with my season, although I didn’t play in my best position,” said Fellaini. “I’m not a number 10. David Moyes predicts my future as a defensive midfielder, but due to a lack of offensive power, he plays me up front. “In the future I want to play as a six or an eight. From there, I can create danger and score goals.”

Beckham

Ancelotti to leave PSG, says report ARLO Ancelotti will not PSG, who are owned by C be the Paris St Germain Qatar Sports Investments coach next season, Qatarowned television channel BeIN Sport reported yesterday. “Carlo Ancelotti will not be the PSG coach next season. He met (club president Nasser al-Khelaifi) and (sporting director) Leonardo yesterday in Paris for more than an hour,” BeIN Sport, who have television rights for Ligue 1, said on their Twitter feed. Italian Ancelotti joined

Nasri rubbishes PSG rumours ANCHESTER City mid- formances have led to specuM fielder Samir Nasri has lation that he could leave City dismissed talk that he is on and return home, with the the verge of joining French champions Paris SaintGermain this summer. The 25-year-old, who has bagged just two goals in 27 Premier League appearances, has failed to find his best form since his big-money move from Arsenal in 2011. And concerns over his per-

big-spending Ligue 1 club favourites to sign him. However, Nasri insists he is happy at the Etihad Stadium and has no plans on moving to Paris. “Next year I’m staying in Manchester. PSG is just a rumour. Nobody contacted me,” he told Telefoot.

(QSI), in December 2011, leading them to their first French league title since 1994 last weekend. PSG were not immediately available for comment. Ancelotti ducked questions about his future on Friday, saying he had not made his decision then. Earlier this week, AlKhelaifi told Reuters that he had turned down a Real Madrid move to hire Ancelotti. “They (Real) came and I discussed it with them. He’s got a contract with us for one more year...for me, he’s here next year,” Al-Khelaifi said on Monday. Ancelotti, 53, won league titles with PSG, AC Milan and Chelsea, also taking the Italian club to the Champions League title in 2003 and 2007. His contract at PSG was automatically renewed by one year until June next year when the club secured a Champions League spot for next season.

Tennis: Nadal hammers Federer, as Serena pummels Azarenka AFAEL Nadal dropped only R four games as he beat Roger Federer in 68 minutes to win his seventh Italian Open title. In the 30th career meeting between the pair, who share 28 Grand Slam singles titles, the Spaniard raced to a 6-1 6-3 victory at Rome’s Foro Italico. In 2006 Nadal edged a classic final against Federer in this event, but this year he prevailed with plenty to spare. He has now won six of his eight tournaments since returning in February from a seven-month break due to injury. Nadal, 26, heads to the French

Open in tremendous form as he looks to win an Open-era record eighth title at Roland Garros. With 11 wins in their 13 previous matches on clay, the Spaniard was a heavy favourite against Federer in Rome, but the manner of this victory was still mightily impressive. Federer, 31, did not help himself with too many unforced errors in the early stages, and his forehand let him down as he was broken in game three. A fizzing backhand return at the start of game four was Nadal’s 11th point out of 13 as he tightened his grip on the

Nadal first set. He broke again in a stunning rally that ended with a forehand winner that left Federer rooted to the spot, and the

Williams first set was over in little more than half an hour. A humiliation was on the cards when Nadal fired a backhand across Federer to

break early in the second set after the Swiss had chipped a backhand down the line and gamely approached the net. Federer received loud and sympathetic applause when he held serve to claim only his second game of the match, making the score 6-1, 3-1 to Nadal. The reigning champion then produced one of the shots of the tournament with a magnificent backhand winner down the line to break yet again, only for a late Federer flourish. He cut the deficit by two games to at least prolong the match beyond the hour mark,

but Nadal was clinical when he got a second chance to serve it out, doing so to love. Also, Serena Williams completed her French Open preparations by beating Victoria Azarenka to win the Italian Open - her fourth consecutive tournament victory. Williams, the world number one, powered to a 6-1 6-3 victory in Rome, extending her unbeaten run to 24 matches. The American, 31, will head to Paris as a strong favourite to win the title at Roland Garros for only the second time. Her victory at the Foro Italico on Sunday followed wins in Miami, South Carolina and Madrid.

THE GUARDIAN, Monday, May 20, 2013

InsideTax

THE GUARDIAN, Monday, May 20, 2013

TheGuardian

Monday, May 20, 2013

Conscience, Nurtured by Truth

By Fred Omoruyi HERE is onslaught against Ms. T Arunma Oteh and her leadership of the Securities and Exchange Commission (SEC) predicated on the repetitive claim that she is “unqualified” to be the Director-General of the SEC. The House of Representatives had passed a resolution asking President Goodluck Jonathan to effect Oteh’s removal on this basis and passed yet another resolution asking the President to obey the initial resolution on her removal. The House had, in the last quarter of 2011, passed a resolution mandating its Committee on Capital Markets and Institutions to conduct investigations through a public hearing on what was called “The near collapse of the Nigerian capital market”. This resolution was operationalised through what has gone down in the annals of parliamentary investigations in Nigeria as easily the most hostile attack on the leadership of any national institution. In conducting the hearing, Tukur El-Sudi who conducted the adversarial hearing put in place could be regarded as an atmosphere of structured bias towards Oteh. From the clearly open hostility it should come as no surprise that the highlight of the Committee’s report was a recommendation that Oteh be removed as Director-General of the SEC for not being “qualified” to be so appointed in the first instance. Beyond the recommendation, the House of Representatives has undertaken an intensive marketing effort to uphold the recommendation in the public domain through the media. The House and its many spokesmen have seized every opportunity on television, radio, newspapers and even the internet to reiterate that Oteh is not qualified to be DG of the SEC. It is presumable that the skepticism of discerning members of the Nigerian public is the reason the House and its motley crowd of spokesmen has intensified publicity effort to get the claim to register. Beyond the clamour and propaganda, what are the facts? What does the Investment and Securities Act (ISA) 2007, an Act of Parliament, and the enabling law setting up the SEC, say about the qualifications of the DG of the SEC? The provisions concerning the credentials of the DG of the Board of the SEC are to be found in Section 3 (2) (a) of the ISA 2007: “(a) In the case of the Chairman or Director General of the Commission, he is a holder of a university degree or its equivalent with not less than 15 years cognate experience in capital market operations.” This is the position of the extant law on who is qualified to be appointed as Director-General of the SEC. Is there any ambiguity in the above provisions? The aspect regarding university degree is utterly bereft of any ambiguity since there is even no specification of a discipline: “…university degree or its equivalent…” must mean at least a bachelors degree in any discipline. The other leg of the provision refers to “…15 years cognate experience in capital market operations”. The meaning of “capital market operations” is clear and bereft of ambiguity also as it relates, in layman’s language, to the gamut of activities connected with buying and selling of shares, bonds and other product offerings and investment opportunities available in the Nigerian capital market. This leaves only “cognate” as the one word which requires definition and clarification and even on this, there is unanimity and consensus that “cognate” means formally related, connected, cognate subjects such as physics and chemistry; of the same or a similar nature; of the same family; proceeding from the same stock or root; allied; things related by blood

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Is Oteh qualified to be the DG of SEC?

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or origin; sharing an ancestor with another; The above survey of the various senses of “cognate” in mainstream English language usage establishes the commonality that it refers to two things that have a relationship by blood and or ancestry. Surely, the draftsmen of the ISA 2007 must have intended “…15 years cognate capital market experience” to mean “work experience in the financial services industry” which is the sector that is cognate or akin or related and ancestral to “capital market operations”. What are Oteh’s credentials and how well do they fit or suite the specifications of law? Oteh graduated from the University of Nigeria, Nsukka in 1984 with a first class degree in Computer Science. She obtained the prestigious

MBA from the world famous Harvard Business School. Clearly, her academic credentials are stellar and they exceed the expectations of the ISA 2007. Oteh’s career path is in the global public space but can bear repeating for the purpose of establishing its capital market regulation validity and suitability. She joined Centrepoint Investment in 1985 as Corporate Finance Officer in which capacity she executed debt and equity offerings in the Nigerian capital markets. She joined Irving Skinner of London in 1987 as a Consultant with a brief to identify investment opportunities and develop strategies for foreign firms entering the Nigerian market. Between 1990 and 1991, she was a Research Associate at the Harvard Institute for International

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Development in Cambridge, USA. At the institute, she was a member of the team that carried out a USAID study on the competitiveness of the West African manufacturing sector. In 1992, she was appointed Senior Financial Analyst in the Public Sector Lending Department of the African Development Bank. By 1993, she had been re-designated Senior Investment Officer / Senior Capital Markets Officer with managerial responsibility for the AfDB’s largest investment portfolio, the U.S. dollar portfolio. In 1997, Oteh was appointed division manager Investments, a notably senior position in the AfDB organogram. In April 2001 she was elevated to the high office of Group Treasurer in which capacity she had overall responsibility for the Bank’s fund raising and investments in major international capital markets. During her tenure as Group Treasurer, Oteh served as member of the Board of East African Development Bank (EADB) in Uganda (2004/05). In March 2006, Oteh was appointed Group Vice President, Corporate Services, a position she occupied until she was approached for the DG position at the SEC Committee. The ADB has as the main thrust of its functions the following: (i) It makes loans and equity investments for the economic and social advancement of the regional member countries, which include Nigeria; (ii) It provides technical assistance for the preparation and execution of development projects and programmes; (iii) It promotes investments of public and private capital for development purposes; (iv) It assists in co-coordinating development policies and plans in regional member countries. It was on account of the star-spangled credentials arising from Oteh’s educational qualifications, career path at the AfDB and in the other highly reputable institutions in which she worked that President Umaru Musa Yar’Adua of blessed memory approached her to become DG of the SEC. Oteh’s qualifications meet and exceed every provision of the ISA 2007, the extant law on who qualifies to lead the SEC as DirectorGeneral. Her direct and cognate capital market experience commenced in 1985 and spans some 28 years in unbroken progression. The institutional references in her career path, of which the AfDB is only one, are truly reputable. Oteh is an expert in development finance and capital markets. She is certainly one of Nigeria’s leading lights in these disciplines. She is a respected international voice on securities market regulation. She is on the Executive Committee of the International Organisation of Securities Commissions (IOSCO), the global standard bearer in securities market regulation. She is chair of AMERC, the Africa and Middle East Conference of IOSCO. Oteh’s record of stewardship as regulator and leader of the Nigerian capital market invites accolades and bears out her sterling academic / professional qualifications and work experience. All critical performance indicators have rebounded from the abysmal low to which they regressed in 2010 when she assumed office and have stayed north – bound. This development is in direct response to the mixed therapy of reform measures which she has doggedly pursued despite determined resistance in a bid to heal the market of the abiding ills of pervasive indiscipline, a low threshold of market enforcement, pre-digital technology, poor human capacity, lack of diversity in product offering as was evident in the bond / equity duality, low investor confidence, etc. • Omoruyi is an Abuja-based investment banker and capital market analyst.