Wednesday 23 March 2016

CBN Tightens Liquidity, Raises MPR to 12%, CRR to 22.5% Emefiele: No intention to convert domiciliary accounts to naira, promises improved forex supply Obinna Chima in Lagos and James Emejo in Abuja The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN)

yesterday resolved to raise the Monetary Policy Rate (MPR) otherwise known as the interest rate, to 12 per cent from 11 per cent.

It also increased bank’s

Cash Reserve Ratio (CRR) to 22.5 per cent from 20 per cent, in a move aimed at tightening liquidity, which the central bank blamed for the current pressure in the

foreign exchange market with a strong pass-through to consumer prices. Inflation in the country rose to 11.4 per cent last month, effectively exceeding the CBN’s

inflationary ceiling by 240 basis points.

The MPC also kept liquidity ratio unchanged at 30 per cent, and further resolved to narrow the asymmetric

corridor around the MPR from +200 and -700 basis points to +200 and -500 basis points respectively.

Continued on page 6

Rivers Rerun Polls: How NYSC Member, Samuel Okonta, Was Killed… Page 8 Wednesday 23 March, 2016 Vol 21. No 7636. Price: N150

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Buhari, Other World Leaders Condemn BrusselsTerror Attacks Islamic State claims responsibility

Tobi Soniyi and Zacheaus Somorin with agency report President Muhammadu Buhari joined other world leaders

yesterday to express shock over the Brussels terror attacks, which claimed 30 lives and left 230 others severely injured.

A statement issued by the

president’s media aide, Mr. Femi Adesina said Buhari commiserated with Prime Minister Charles Michel and Belgians over the loss of at

least 30 lives in the attacks.

The president assured Prime Minister Michel and the people of Belgium that having suffered the horror and anguish of

incessant terrorist attacks for several years, Nigeria stood in full solidarity with them on their day of national pain and trauma.

Buhari said he believed that the appalling attack on Brussels, reinforced the need Continued on page 6

FG to Raise VAT, Release N350 Billion Budgeted Expenditure N’Assembly to pass budget today, approves N150bn for fuel subsidy Senate receives auditor-general’s report Tobi Soniyi and Omololu Ogunamde in Abuja The federal government has said that it will inject N350 billion budgeted expenditure to revamp the Nigerian economy in the next few months. It will equally work in collaboration with the state governments to adopt a plan for the gradual increase of value added tax (VAT) on goods and services.

These were some of the decisions taken at the end of a two-day retreat for governors of the 36 states of the federation and members of the National Economic Council (NEC) at the Presidential Villa in Abuja.

The Nigerian economy has been hit by dwindling crude oil prices, leading to a shortage of

foreign exchange, a shrinking economy and spiraling inflation, which have all impacted on the standard of living and impeded the ability of several state governments to pay the salaries of their workers.

Briefing State House correspondents at the end of the retreat, the Minister of Finance, Mrs. Kemi Adeosun, who was joined by the Minister of Budget and National Planning, Senator Udoma Udo Udoma, Zamfara State Governor, Mr. Abdul’aziz Yari and his Anambra State counterpart, Mr. Willie Obiano, said part of the funds would assist in the payment of local contractors who had laid off their staff due to lack of funds.

Continued on page 8

FG to Disclose Amount Recovered BELGIUM IN MOURNING residents of Brussels at the Place de la Bourse leave messages and tributes following the terrorist bomb attacks from Looters Soon… Page 9 Grieving in the Belgian capital… yesterday

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FG Sets up Panel to Probe Alleged Sexual Assault at Queen’s College Paul Obi in Abuja The federal government yesterday set up a committee to investigate the alleged sexual assault of a JSS 2 female student of Queen’s College, Yaba, Lagos by a male teacher in the secondary school.

Mr. Olaseni Oshifala, a biology teacher at Queen’s College, was accused by a parent, Mrs. Chinenye Okoye, of making sexual advances at the girl by kissing and touching her private parts.

A statement by the Deputy Director, Federal Ministry of Education, Mr. Ben Goong, said: “Worried by the development, the Minister of State for Education Prof. Anthony Anwuka, constituted a five-man panel on Tuesday

(yesterday), which he also dispatched immediately to the college.

“The panel, whose members’ identities were concealed by the minister, is to unravel the veracity of the allegations levelled against the teacher.”

He charged members of the panel to do a thorough investigation to unravel the truth behind the allegations as well as make recommendations to government on how to deal with the situation based on the principles of truth, justice and fairness to all parties.

Anwuka also tasked the “parents, guardians, students and staff of Queen’s College who may have credible information on the matter to avail same to the committee via the following

telephone number: 07034613096 and email: saniabdu59@yahoo.com.

He equally assured the public, particularly parents and guardians whose wards are in any of the federal government colleges, that their children are in safe hands and government would continue to do everything possible within the ambit of the law to protect their wards in all federal government schools across the country, including Queen’s College, Lagos.

He said: “Let me also use the opportunity to advise all parents to remain calm and avoid taking rash decisions that may affect their wards adversely.”

The investigation panel has two

weeks within which to submit its report.

When queried on the concealment of the identities of members of the panel, Goong informed THISDAY that the decision to conceal their identities was done to prevent undue pressure on the committee.

The Parents Teachers Association (PTA) of the school on Monday also set up a panel to look into the allegation of sexual assault in the college.

Chairman of the association, Mrs. Beatrice Akhetuanen explained that there was need to thoroughly investigate the matter.

The accused teacher was alleged to be drunk most of the time and was in the habit of molesting the girl but she

was rescued by some of the girls on that fateful day.

The student’s mother had alleged that she reported the case to the house mistress who confirmed that the teacher was in the habit of sexually assaulting students of the all-girls school, and there was nothing that could be done to him.

She alleged that the case was also reported to the vice-principal of the school, but said that the vice-principal had said that theh teacher would not be relieved of his job, threatening instead that her daughter would have to leave.

Since the story on the alleged sexual assault broke, it has gone viral on the social media, prompting the school principal, Mrs. Lami Amodu, to issue

a statement, absolving the teacher of any wrong-doing and insinuating that mischief makers were out to tarnish the image of the college.

The school principal said that the allegation was an attempt to ridicule, not just Osifala, but the “hard-earned reputation” of Queen’s College.

She said: “I have zero tolerance for such behaviour. I have a daughter who schools here, even before I became the principal. I will not take chances.

“As I speak, no single parent has come to me or any of my vice-principals to report the teacher as a molester. I assure you that if the allegation was true, other parents would have been buzzing our lines non-stop".

depressing effect of the uncertainty that engulfs the waiting period.

It expressed hope that the implementation of the budget would go a long way in boosting business confidence, and reinvigorating the financial markets and urged the CBN to continue to upscale its surveillance of the financial system with the aim of promptly detecting and managing vulnerabilities to ensure sustained stability.

Emefiele also refuted suggestions that the central bank was planning to convert the over $20 billion held in domiciliary accounts in the country to naira.

He said the CBN had no intention of doing so and would never convert people’s domiciliary accounts to the naira.

Also the CBN governor said it was working to improve supply of foreign exchange for legitimate businesses, but appealed to Nigerians to look inwards to things which could be produced locally in order to reduce the pressure on foreign exchange.

He added that the refusal by banks to lend to the real sector was largely caused by the magnitude of non-performing loans (NPLs) which have almost reached the five per cent sector threshold, adding that credit advances to oil companies were largely responsible for the NPLs. He said measures were being taken to address the huge indebtedness of the oil sector to the banking system.

Speaking to THISDAY yesterday on the decisions of the MPC, the Deputy Managing Director, Aquila Asset Management Limited, Oyelami Adekola, said despite the hike of the

MPR and CRR, inflation would continue to climb.

Adekola said the inflationary pressure was as a result of imported inflation because a lot of importers now purchase forex from the parallel market at a higher cost.

“So I reckon that the hands of the MPC members are tied. They have no choice other than to continue with the tightening measures. But for me, a reasonable thing to now do after these tightening measures, is to ensure adequate quantitative easing to specific sectors.

“Sectors should be targeted for growth and they must be able to get single digit funds to be able to grow.

“They should ensure that the funds are properly monitored. And it is likely that the key monetary policy tools would be raised further because I don’t see inflation backing down soon and the pressure would continue.

“Today, because of the CBN's policy, there is a lot of money not in the banking system and I think that should encourage bankers to go out there to mobilise deposits, especially with the CRR hike,” he said.

In his reaction, Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, who welcomed the decision by the MPC, however said that “it won’t go far” in addressing some of the challenges being faced in the economy.

According to him, there was credibility, clarity and some inconsistency in the MPC decision, just as he maintained that Nigeria requires an exchange rate policy “Let me tell you, nobody is going to bring foreign exchange into Nigeria because of a one per cent increase in interest rate, when they know that it is inevitable that there would be an exchange rate depreciation.

“Therefore, yes, Nigeria has tightened like three out of nine other African countries, but something else has to be done,” Rewane said.

According to him, faced between stimulating growth and controlling inflation, the MPC members made a choice to contain inflation against growth.

“This is because if you are going to make a choice for growth, you will not push up the interest rate. Once the budget is approved, we are going to go into a higher rate of spending and the level of activity and the demand for foreign exchange is going to increase because of government expenditure.

That is why an exchange rate policy is inevitable.

“An exchange rate policy allows for flexibility of exchange rate rather than a rigid exchange rate policy. With that, the central bank can always intervene in the forex market with the resources available.

“This is because right now, tongues are waging with the rationing of forex exchange and to avoid that, there should be further clarity,” the FDC boss said.

But the Chief Executive Officer, Cowry Asset Management Limited, Mr. Johnson Chukwu, faulted the premise on which the MPC raised the two monetary policy tools, saying it was at variance with the

factors that drove inflation to double-digit.

The MPC decision, Chukwu argued, would not necessarily lead to a moderation in inflationary pressure.

He explained that: “Inflation was not driven by expansion from the banks and we are in a situation where the banks are not lending. Therefore you cannot moderate inflationary pressure, if it was not driven by credit, by increasing the MPR and CRR. “The rise in inflation was driven by the pass-through effects of the devaluation that we have seen in the parallel market rates, the increase in energy charge and increase in petrol price as a result of inadequate supply.

“So those factors have nothing to do with the availability of credit. Therefore increasing the MPR would not in any way benefit the country and would not bring about a reduction in inflationary pressure. I don't think the premise on which they decided to raise the MPR and CRR was based on the factors that are driving up inflation rate.

“They also said they want to encourage investments in financial assets. I don’t think that would happen unless we address the challenges we have with the exchange rate. Foreign portfolio investors are running away from the Nigerian market not because yields are so low, but because our exchange rate is not market reflective.”

In a note to THISDAY, the Global Chief Economist, Renaissance Capital, Charlie Robertson, described the decision by the MPC an “interestingly orthodox” move from the CBN. “The 200 basis points rate cut in November 2015 probably contributed to naira weakness in the unofficial market so partly reversing that cut now … is helpful for the currency. The full cut has not been reversed – I am not saying this will strengthen the unofficial naira appreciably but it should slow further depreciation. And there’s still talk of more liquidity being injected into that parallel rate,.. which could see the unofficial rate strengthen.

“The rate cut last year was about cutting government borrowing rates – and this is evidently less of a priority today,” Robertson said.

CBN TIGHTENS LIQUIDITY, RAISES MPR TO 12%, CRR TO 22.5% MPC, however, remained silent on the fate of naira and the currency controls the central bank introduced a year ago due to dollar shortages brought on by low oil prices.

Addressing journalists at the end of the two-day meeting of the committee in Abuja, CBN governor, Mr. Godwin Emefiele, said the decision to resume the tightening regime after a four-month break, followed the evaluation of both internal and external factors, explaining that the “balance of risks is tilted against price stability”.

He said all members voted for a tightening of monetary policy, except one member who voted to retain the CRR at 20 per cent, while another member voted to retain the current width of the asymmetric corridor.

The CBN governor noted that, contrary to the notion of a liquidity overhang in the financial system, the wider economy appears to be starved of the needed liquidity to spur growth and employment.

He also said, though conflicting signals from slowing growth and rising inflation present a difficult policy challenge, the committee stressed on the need to urgently address key sources of pressure and resolved to closely monitor the development while working with the relevant authorities to address the structural bottlenecks.

He said though headline inflation shot to 11.38 per cent in February, substantially breaching the policy reference band of 6 - 9 per cent, the increase in inflation rate was largely

driven by structural factors including fuel scarcity, increased electricity tariffs, persistent insecurity, exchange rate pass through and seasonality of agricultural produce, and “not so much by liquidity”.

In arriving at its policy decisions, Emefiele said: “The committee noted the weakening macroeconomic environment, reflected particularly on foreign exchange shortages, the slowing GDP growth rate and rising inflation.

“Overall economic growth slowed significantly in 2015, particularly in Q4.

Apparently, the conditions responsible for the slowdown – uncertainty around fiscal policies, an adverse external environment, security challenges in some parts of the country affecting production and distribution of agricultural produce, low electricity supply, fuel shortages, and sluggish growth in credit to the private sector – have continued in the first quarter of 2016.”

On the CRR hike, he said: “From the monetary data, the committee noted that the excess liquidity in the banking system was contributing to the current pressure in the foreign exchange market with a strong pass-through to consumer prices.

“The committee further noted that, previous efforts to reflate the economy in order to spur growth, did not elicit the required response from DMBs, hence the surfeit of liquidity in the interbank market.

“Obviously, the attendant low rates at that market have not transmitted to the term structure of interest rates.

Concerned about the need for low

interest rates to support growth and employment, the committee urged the CBN to explore innovative ways of ensuring the unhindered flow of credit at low cost to key growth sectors, even as monetary policy has to, under the circumstance, address the liquidity surfeit in the banking system as well as the pressure on exchange rate and consumer prices.

“The committee hopes that fiscal and other structural policies would soon be deployed to strengthen the overall response of macroeconomic policy to the shocks.”

According to Emefiele, concerns were also expressed by committee members over headline inflation, noting that the policy rate had become negative in real terms.

He said: “This development has the potential of keeping both foreign and domestic investments on hold. As part of measures to address the supply constraint in the foreign exchange market, yields on domestic instruments have to be competitive to attract the much-needed foreign inflows.

“On the administrative side, this will have to be complemented by a comprehensive reform of the foreign exchange market which is currently being undertaken.

“For the avoidance of doubt, the Bank would continue to allow domiciliary account holders unfettered access to funds in their accounts.”

The committee further enjoined the National Assembly to speed up passage of the 2016 budget in order to halt the

BUHARI, OTHER WORLD LEADERS CONDEMN BRUSSELS TERROR ATTACKS for greater international cooperation to effectively confront and destroy global terrorism and its perpetrators.

The president assured the global community that under his leadership, Nigeria would continue to work with other countries of the world to ensure that terrorism never triumphs over free, peaceful and law-abiding nations and people of the world.

He wished the more than 200 persons injured in the attacks a speedy recovery.

Also speaking in Havana on the third day of his visit to Cuba, President Barack Obama said the United States would do whatever was necessary to support its friends in Belgium, reported AFP. “We stand in solidarity with them in condemning these outrageous attacks against innocent people,” he added.

“This is yet another reminder that the world must unite, we must be together.”

In France, French Premier, Manuel Valls declared that Europe was at war, adding: “We have been enduring acts

of war for many months in Europe.

And in the face of this war, we need an every minute mobilisation.”

French President, Francois Hollande expressed his solidarity with the Belgian people. “It’s all of Europe that is hit,” he said.

Britain’s Prime Minister, David Cameron said: “I am shocked and concerned by the events in Brussels.

We will do everything we can to help.” He said he would chair a meeting of government ministers on the events in the Belgian capital.

Australian Prime Minister, Malcolm Turnbull tweeted: “Deeply concerned by the attacks in Brussels.

Australians’ thoughts, prayers and solidarity are with the people of Belgium.”

Jean-Claude Juncker, the president of the European Commission, expressed deep sympathy to the people of Brussels in a statement.

“These attacks have hit Brussels

APOLOGY We refer to a story published on page 5 of THISDAY LAWYER in THISDAY newspaper of February 16, 2016 titled, “Retiree Drags UAC to Court over Unpaid Retirement Benefits”.

We have since discovered that story was patently false and impugned the corporate integrity of UAC Nigeria Plc. We regret any embarrassment the story may have caused UAC Nigeria Plc. - Editor

today, Paris yesterday – but it is Europe as a whole that has been targeted. The European Union and its institutions stand united in the face of terrorism,” Juncker said.

Ohio Governor, John Kasich tweeted: “I want to express my solidarity with the people of Belgium in the aftermath of the attacks that took place in Brussels. Along with every American, I am sickened by the pictures of the carnage, by the injuries and by the loss of life.”

Republican presidential frontrunner, Donald Trump cautioned in a tweet that the US must be “vigilant and smart”. Democratic presidential frontrunner, Hillary Clinton tweeted: “My thoughts and prayers are with the families of those killed and wounded, and all the people of Belgium.”

The Islamic State claimed responsibility for the attacks, a news agency affiliated to the group said yesterday. Amaq carried the claim of responsibility several hours after the morning attacks.

“Islamic State fighters opened fire inside Zaventem Airport, before several of them detonated their explosive belts, as a martyrdom bomber detonated his explosive belt in the Maalbeek metro station,” it said.

The Amaq agency added that

suicide bombers from the group strapped with explosive belts, had staged both attacks. Belgian media said police were on the hunt for one attacker who had survived.

According to reports by Reuters, shots were fired and there were shouts in Arabic shortly before two blasts rang out at the airport. Pictures on social media showed smoke rising from the terminal building through shattered windows and passengers running away down a slipway, some still hauling their bags.

All public transport in Brussels was shut down, as it was in London during 2005 militant attacks on the underground that killed 52.

The Belgian Crisis Centre, clearly wary of a further incident, appealed to the population: “Stay where you are.”

The blasts at the airport and metro station occurred four days after the arrest of terror mastermind, Salah Abdeslam, who plotted November's Paris terror attacks that killed 130 people. Belgian police had been on alert for any reprisal action.

Yesterday’s blasts triggered concern across western Europe with Britain calling a meeting of its crisis response committee. The Dutch military strengthening security Continued on page 8

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Rivers Rerun Polls: How NYSC Member, Samuel Okonta, Was Killed It was a rude shock, says brother Killers will not go unpunished, vows FG NYSC may review MoU with INEC

Adebiyi Adedapo in Abuja Details emerged yesterday on how a member of the National Youth Service Corps, Mr. Samuel Dumebi Okonta, a graduate of Political Science from Ambrose Ali University, Ekpoma, Edo State, was murdered in cold blood on Saturday night.

Okonta, who hailed from Illah community in Idemili North Local Government Area, Anambra State, served as the Assistant Presiding Officer (APO II) for the Independent National Electoral Commission (INEC) at Ukpeliede Town Hall, Ward 6, Unit 5 in Ahoada West Local Government during the last Saturday’s rerun elections in Rivers State.

THISDAY learnt that the deceased was trailed and killed after he had submitted the election results to the local government office of INEC in Ahoada West.

Okonta’s colleague, Anana Aniekan Udoetor, who narrated what transpired after votes were cast, said he was in the company of the late Okonta departing INEC’s office when his killers tracked them and shot sporadically at them.

Udoetor, who spoke to THISDAY on the phone, explained that they had concluded their duty and were on their way back to Ukpeliede, when the unfortunate incident occurred.

“I was the APO I, while Okonta was the APO II at the Ukpeliede town hall, Ward 6, Unit 5, we had conducted the elections peacefully without even the

presence of security agents.

“We proceeded to the INEC collation centre to submit our results, on reaching there, the environment was tense and supporters of both APC and PDP were charged. We managed to submit our results, but while we were submitting them, there was an alarm of skirmishes, forcing the collation officers to hide under the table,” he disclosed.

Anana said the situation at the INEC local government secretariat seemed unsafe, which prompted him and his late friend to take the risk of travelling back to Ukpeliede.

“We felt that the INEC office was no longer safe, so we then made our way to Ndiama junction and took a taxi to Okode junction. We were supposed to board a (commercial) motorcycle, but we couldn’t get one, so we decided to trek down to Ukpeliede.

“Shortly after, we saw a vehicle coming and we noticed that the head lamps of the vehicle was not on and someone in the vehicle was pointing a torchlight at us.

“We suddenly realised that the vehicle was coming directly towards us and before we knew what was happening, we started hearing gunshots. I ran inside the bush but they kept on shooting.

Okonta was killed in the process.

“I stayed in the bush for some minutes and later ran into an uncompleted building which is used as a church,” he said.

When contacted, Samuel’s elder brother, Azuka, could not speak on

The late Okonta the death of his sibling, stating that he was on his way to Port Harcourt, the Rivers State capital, to see his late brother’s corpse.

However, his younger brother, Uche, who works as a software engineer in Lagos, said he was still in shock following the news of his brother’s death.

Uche, who is the only younger brother of the deceased, said the late Samuel was an easy-going God-fearing young man, who was often referred to by his friends as a pastor.

“We are nine in number from the same parents, our father died in 1993 and our mother in 2012. I am the last child, while Samuel was my immediate elder brother, he was very calm and easy-going.

the killers and ensure that they are brought to book,” he stated.

Yakubu, while condoling with the NYSC, said there was no elective position that was worth the blood of anybody.

Yakubu said the partnership of the two agencies was important as the use of corps members during the conduct of elections in the country has led to their success and smooth process.

He also said that the commission would grant automatic employment to ex-corps members, Abiagbe Daniel who lost his sight in an accident while carrying out election duties in Yobe State.

“We are here to commiserate with the NYSC family, and we pray that the soul of the late Okonta Samuel rests in peace. At the same time, we are glad to note that the other corps member, Anana Aniekan Udoetor, who could not be accounted for has been found alive but is understandably traumatised.

“I wish to state that we share in your grief; it pains INEC profoundly when life is lost in the cause of conducting ordinary elections. No matter the grievances of those involved in a political contest, nothing justifies the cold blooded murder of an innocent official conducting an official national assignment,” he said.

Yakubu also described youth corps members involved in election processes as the most patriotic and neutral electoral staff.

“The NYSC and INEC have been in this mutually rewarding partnership, which has helped in the conduct of our elections. I can’t imagine the successful conduct of elections in Nigeria without the partnership of the NYSC. “The young men and women in the NYSC are among the most educated, most committed, most reliable, most neutral and most patriotic election duty staff available to INEC. Their loss is certainly of monumental national proportion, I want to assure you that INEC will fully participate in honoring the sacrifices of Mr. Okonta Samuel, and other members of the NYSC who may suffer injury or worse during election duty,” he said.

Responding, the Director General of NYSC, Brigadier General Olawunmi Johnson said his organisation would review its security arrangements for corps members, especially those involved in election duty.

Olawumi also announced that a committee would investigate the unfortunate incident, noting that the outcome of the investigation would determine whether or not the NYSC would review its memorandum of understanding with the INEC. “I have set up a committee to fully investigate the issue, the report of that committee would determine if we have to review our MoU with INEC. But it is a shame on the Rivers State Government and community leaders where this happened. We are going to get to the root of the matter,” he said.

Other media reports cited the transport authority saying the explosion was on a train travelling between Schuman and Maelbeek stations, close to the EU institutions. A local journalist tweeted a photograph of a person lying covered in blood among smoke

outside Maelbeek metro station, on the main Rue de la Loi Avenue, which connects central Brussels with the EU institutions.

All three main long-distance rail stations in Brussels were closed and train services on the cross-channel tunnel from London to Brussels

were suspended.

European stocks fell after the explosions, particularly travel sector stocks including airlines and hotels, pulling the broader indices down from multi-week highs. Safe-haven assets, gold and government bonds rose in prices.

should be waived.

It was agreed that the federal government would develop strategic partnerships between it and the state governments.

Also agreed was that, each state should make specific commitments to growing crops in which it has a comparative advantage and request for the federal government’s intervention.

NEC also agreed that national targets for self-sufficiency in food production should be set for identified crops, which would be monitored.

In this regard, NEC set targets, stating that the country should be self-sufficient in tomato paste production in 2016, rice in 2018 and wheat in 2019.

The end of the two-day NEC retreat coincided with revelations from the National Assembly that it will pass the 2016 budget today, following which the federal legislature would embark on a two-week Easter break.

THISDAY also learnt that the budget includes a provision of N150 billion for fuel subsidy and the withdrawal of N1.5 trillion revenue from the treasury single account (TSA).

The N150 billion fuel subsidy and N1.5 trillion TSA funds are contained in the report of Conference Committee of the Senate and House of Representatives on 2016-2018 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Policy (FSP), which was also presented to the Senate yesterday.

The Senate and House Committees on Appropriation had separately laid the 2016 budget before both legislative chambers for consideration and passage today.

While the report by the Senate Committee on Appropriation was laid by committee chairman, Senator Danjuma Goje, after a motion moved by the Senate Leader, Ali Ndume, that of the House of

Representatives was laid by the House Committee Chairman on Appropriation, Hon. Abdulmumuni Jibrin.

The Senate also received the harmonised report of the Conference Committee on the 2016-2018 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Policy (FSP) as presented by the Chairman, Senate Committee on Finance, Senator John Eno. Both the budget and MTEF and FSP are expected to be passed today.

After presenting the reports, both chambers adjourned their plenaries in honour of Hon. Musa Onwana of Nasarawa/Toto federal constituency who passed on last weekend.

A brief summary of the report on the 2016 budget as presented yesterday, showed that the joint Committees on Appropriation approved the total budget figure of N6,077,680,000,000 presented by the executive.

The committee also approved other major proposals as presented by the executive.

The report recommended that the executive should be authorised to draw down from the Consolidated Revenue Fund of the Federation, the total sum of N6,077,680,000,000 as approved in the 2016 budget.

The summary of the breakdown includes N351,370,000,000 for statutory transfers; Nl,475,320,000,000 for debt service; N2,648,600,000,000 for recurrent (non-debt) expenditure; N1,845,540,000,000 including N157,150,000,000 for debt service; and N86,000,000,000 as interest on capitalised loans as contribution to the development of funds for capital expenditure for the year ending December 31, 2016.

THISDAY investigations further revealed that the Conference Committee of the National Assembly on Finance approved N150 billion as subsidy for petroleum products.

A member of the committee, who spoke with THISDAY in confidence, said the conference committee was constituted because the House of Representatives failed to approve the subsidy element for fuel while the Senate approved it.

According to him, deliberations at the conference committee led to the decision to approve the recommendation by the Senate Committee on Finance.

He also disclosed that the conference committee approved N1.5 trillion for the financing of the budget from the TSA. According to him, the House, in error, did not approve the entire N1.5 trillion from the TSA as part of the funds for financing the budget until it was agreed at the conference committee that the entire amount in the TSA could not be used for financing the budget as the ministries, departments and agencies (MDAs) also need money for their operations.

Also yesterday, the Senate received the report of the Auditor-General of the Federation, Samuel Ukura, on the N3.3 trillion audit query against the Nigeria National Petroleum Corporation (NNPC) and other agencies of the federal government.

Senate Leader, Senator Ali Ndume, had said recently that the presentation of the report of the auditor-general to the National Assembly on the Federation Account for the year ended December 31, 2014, was in accordance with Section 85(2) and (5) of the constitution.

The report, presented to the Clerk of the National Assembly, Salisu Maikasuwa, on March 7 by Ukura, indicated that several MDAs including NNPC, the management of the National Assembly and Nigeria’s mission in the United States of America had failed to remit N3.3 trillion to the treasury in 2014.

“He attended Ugbede Memorial Primary school, Illah; then proceeded to Illah Grammar School and later Ambrose Alli University, Ekpoma.

People usually referred to him as a pastor because of his calm disposition and neat dressing. But he was just an usher in the church,” he said.

Meanwhile, the Minister of Youth and Sports Solomon Dalung and Chairman, Independent National Electoral Commission, Prof. Mahmud Yakubu yesterday paid a condolence visit to the NYSC headquarters in Abuja following the death of the youth corps member.

In his remarks during the visit, Dalung appealed to politicians to guard against any act that will lead to the death of Nigerians because, according to him: “If everyone dies, who will be alive to cast the votes.”

He added that: “In this our game of politics, we must understand that match officials, and spectators are not the opponents. We must not direct our anger towards the wrong people.”

The minister who said that there was an insurance policy covering NYSC members on election duty under the Memorandum of Understanding (MoU) between the INEC and the NYSC, promised that government would ensure that perpetrators of the dastardly act would not go unpunished.

“I’m sure there is an insurance policy covering corps members, but this government will not condone impunity, government will go against

BUHARI, OTHER WORLD LEADERS CONDEMN BRUSSELS TERROR ATTACKS at airports and borders and London’s major airports Heathrow, Gatwick, Stansted and City said they were working to provide a high police presence.

Video clips showed devastation inside the departure hall with ceiling tiles and glasses scattered across the

floor. Some passengers emerged from the terminal with blood spattered over their clothes. A witness said the blasts occurred at a check-in desk.

The metro station hit by the explosion was Maelbeek, close to European Union institutions.

There were no details immediately

available of casualties in this second incident of the morning. VRT said the blast went off on a carriage of the underground train but that no one was killed.

Earlier, private broadcaster VTM had said there were reports of the metro death toll at 10.

FG TO RAISE VAT, RELEASE N350 BILLION BUDGETED EXPENDITURE Adeosun said: “From the Federal Ministry of Finance, in anticipation of the approval of the budget, we have virtually lined up about N350 billion, which we would be pumping into the Nigerian economy in the coming months.

“We explained our rationale and the processes that we have put in place, safe guards to ensure that this money actually achieves the desired objective which is to stimulate the economy.

“We are already discussing with some of the contractors who would be paid these monies and the objective from the overall criteria is how many Nigerians would be re-engaged.

“We are specifically looking at contractors who have laid off staff and how many Nigerians are you going to put back to work as a result of this money that we are planning to release and we believe that this would bring significant economic activities” She said the retreat deliberated extensively on the drop in revenue and on how it affects the state governments and their ability to pay salaries and meet other obligations.

She said: “The general resolve of the house was that there was a need to bring in more cost efficiency in their operations.

In particular, to look at the setting up of Efficiency Units in the states, to rationalise expenditure and of course to increase internally generated revenue (IGR).

“To that end, there was a need to generate data because data are the basis of any revenue collecting efforts.”

Adeosun also said that the federal and states inland revenue services agreed to collaborate on joint audits on revenue, to invest in technologies and other efforts to improve collection.

According to her, there is a need to develop incentives for both federal and

states revenue generating agencies to ensure that there is an alignment of interests.

She said the meeting also agreed to educate the masses on taxation in order to expand the tax base and ensure that there is a buy-in in the revenue collection agencies from the populace.

Adeosun said the meeting advised the state governors to rationalise the numbers of commissioners and general political appointees, where possible, in their states and to put in place cost control measures that would be identified and implemented on an on-going basis.

She said: “We also discussed the Universal Basic Education Fund and the need to get legislative approval to change the need for counterpart funding on the part of state governments which we feel is putting them further into debts.

“The goals are to reduce that requirement temporarily to 10 per cent from the current 50 per cent and that would release an estimated N58 billion that is currently un-accessed by the states.

“With that money, we could possibly address around 1,000 of the worst classrooms in each of the 36 states and rehabilitate them and of course this would also create jobs and stimulate economic activities.”

On the salient issues discussed and agreed to at the NEC retreat, the media aide to the vice-president, Mr. Laolu Akande, said participants set up an implementation steering committee headed by Vice-President Yemi Osinbajo.

According to Akande, the committee would oversee the work of the implementation committee and provide appropriate steers to the implementation monitoring committee to ensure that the resolutions agreed at the retreat are duly implemented.

Other members of the VP’s committee are: Abdulaziz Y. Abubakar, Chairman,

Nigerian Governors’ Forum and Governor of Zamfara State; Adams Oshiomhole, Governor of Edo State; Abdulfatah Ahmed, Governor of Kwara State; Rauf Aregbesola, Governor of Osun State; David Umahi, Governor of Ebonyi State; Badaru Abubakar, Governor of Jigawa State; Mohammed Abubakar, Governor of Bauchi State; Senator Udoma Udo Udoma, Minister of Budget and National Planning;Mrs. Kemi Adeosun, Minister of Finance, Dr. Okechukwu Enelama, Minister of Industry, Trade and Investment; Chief Audu Ogbe, Minister of Agriculture; Dr. Kayode Fayemi, Minister of Solid Minerals; Mr. Babatunde Fashola, Minister of Works, Power and Housing; and Mrs. Nana F. Mede, Permanent Secretary, Ministry of Budget and National Planning, who would serve as the secretary of the committee.

Other decisions taken at the retreat were on concerted and consistent efforts to diversify revenue sources, expand compliance on VAT, and adoption of a plan for gradual increase of VAT, and increased expenditure through borrowing, which should be invested in infrastructure.

Also federal and state governments would focus on fiscal responsibility as a critical element in macroeconomic balance; increase investment in infrastructure through public private partnerships (PPP); develop financial inclusion strategies to cater for the poor and vulnerable population; and maintain a minimum level of capital expenditure of 30 per cent in the budget.

The federal government at the meeting pledged to reposition the Bank of Agriculture to enhance its capacity to finance agriculture and to get the Central Bank of Nigeria (CBN), to provide funding for agriculture.

It was also agreed that a single digit interest rate for agricultural loans should be considered, while duties and taxes for agriculture produce and equipment

WEDNESDAY MARCH 23, 2016 • T H I S D AY

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NEWS

News Editor Davidson Iriekpen Email davidson.iriekpen@thisdaylive.com, 08111813081

Nigeria’s Government: Living the High Life

As Nigeria’s fiscal situation continues to deteriorate and the gulf between the official and black market currency rates yawns wider, the finance ministry is trying to cut costs wherever it can.

The latest target is government travel.

There is a good reason for this focus. According to figures released by the ministry, travel was the single biggest government line item from 2012 to 2014 at N248billion ($1.25billion) for the three years combined (the ministry did not provide annual figures). This is equivalent to an extraordinary 18 per cent of total government spending.

The finance ministry reckons it can save N4billion a year from travel costs by negotiating discounted airfares with carriers, or just under five per cent of the approximately N85billion yearly average.

“The Efficiency Unit has engaged in negotiation discussions with local and international airlines for discounts commensurate with the large number of ticket purchases made by government annually. “The savings generated will increase funding available to the government for capital investment,” the ministry added.

Unfortunately, these savings are a drop in the ocean. The country is staring at a budget

FG to Disclose Amount Recovered from Looters Soon FG, States, LGs share N345.096bn for Feb Ndubuisi Francis in Abuja The Accountant General of the Federation, Ahmed Idris, yesterday asked Nigerians to exercise more patience in their quest to know the amount of money the federal government had so far recovered from treasury looters.

He stated that the litigation hurdles associated with the looted funds would have to be scaled before Nigerians are availed of the figures.

Idris, who was responding to questions at the monthly Federation Account Allocation Committee (FAAC) meeting in Abuja, said: “Yes, the federal government is making recoveries and relevant agencies are also making recoveries.

“When I say relevant agencies, we all know them. People who are alleged to have defrauded the nation or taken Nigerian money, they are under litigation...,” he said.

According to him, until the litigations and court processes are over, it would be difficult to give out the figures of what is recovered.

He, therefore, urged Nigerians in order to be given the real

figures of recovered funds.

Idris said Nigerians were right to ask for what is recovered while the government is desirous of giving out the required information, but must allow the legal process to to run its course.

Giving the details of the February allocation, the Permanent Secretary, Federal Ministry of Finance, Dr. Mahmud Isa-Dutse, said the gross statutory revenue of N270.499 billion received for the month was lower than the N290.961 billion received in the previous month by N20.462 billion.

He said the distributable statutory revenue was N270.499 billion, adding that the sum of N6.330 billion was refunded b the NNPC to the federal government.

“Also, there is an exchange gain of N3.485 billion which is proposed. The total distributable for the current month, including CAT is N345.085 billion,” he said.

The federal government got N127.2 billion, stares N64.518 billion and local governments N49.7 billion while 13 per cent Derivation is N22.78 billion.

AT is N64.781 billion while the Excess Crude Account (ECA) stands at $2.259 billion.

Buhari, APC Caucus in Crucial Meeting Tobi Soniyi President Muhammadu Buhari last night held a meeting with the national leader of the All Progressives Congress (APC) and former Lagos State Governor, Senator Bola Tinubu and the caucus members of the party.

In attendance were many serving and former governors on the platform of the party including Senator Rabiu Kwankwaso.

The Speaker of the House of

Representatives, Yakubu Dogara was also at the closed-door meeting which place at the new Banquet Hall at the Presidential Villa, Abuja.

However, the Senate President, Bukola Saraki and the former VicePresident, Atiku Abubakar arrived the venue of the meeting after it had started.

The meeting, which started at about 8.30p.m, was still in progress at the time of filing this report.

VIEW FROM ABROAD deficit that is set to double to N2.2 trillion in 2016.

Falling oil prices have battered the economy of Africa’s largest oil producer while the government’s refusal to let the naira devalue has eaten away at foreign reserves and caused black market exchange rates to sky rocket.

According to President Muhammadu Buhari, the country will borrow up to $4.5billion from foreign markets this year to plug the gap. In January, it approached the World Bank and the African Development Bank for a $3.5billion emergency loan.

The high cost of travel for government officials is unsurprising. The Nigerian elite has a taste for luxury travel, shown by the proliferation of private jets in the country.

A 2012 investigation by

Nigerian newspaper, Punch, found out that wealthy Nigerians spent $6.5billion on private planes between 2007 and 2012, making the country the biggest market for the planes in Africa.

Not all of them were bought with private funds. Under former President, Dr. Goodluck Jonathan, Nigeria’s Presidential Air Fleet (PAF) acquired several new private jets, bringing its total to 11.

According to the United Nations, 46 per cent of Nigerians live in poverty, rising to 70 per cent in rural areas.

It is not clear whether the finance ministry’s targeted savings will address the lavish amounts spent on private jets by officials. The ministry did not respond to repeated requests for comment.

The PAF is financed from the defence budget and overseen by

the Air Force. President Buhari has faced criticism for failing to cut down the fleet more than a year after he took office.

The revelation that the presidential fleet cost N5.8 billion to staff and maintain in the first six months of his administration caused a furore in the national media.

The governors of Nigeria’s 36 federal states are not known to fly commercial, planes either.

Former Governor, Rotimi Amaechi of the oil rich Niger Delta state for example, owned two private jets including a brand new $50million Bombardier jet purchased in 2012, and operated several helicopters.

Amaechi is now Nigeria’s transportion minister.

The cost of operating private planes is high. PrivateFly, a UKbased charter service, estimates fixed costs for a medium-sized private jet at around $1.8million a year.

“The biggest cost is the depreciation of the aircraft itself,” CEO Adam Twidell said.

He estimated that aircraft lose 20 per cent of their market value in their first year and 10 per cent yearly thereafter. Crew, engineers, maintenance, taxes and fees also factor in.

Many large companies and governments avoid such high costs altogether. Oil company BP, for instance, relies entirely on charter contracts. JCB, the world’s third largest equipment manufacturer by volume, has a single long range aircraft.

Twidell estimated that three to five aircraft would suffice to service the entire UK government and royal family’s travel needs.

If Nigeria’s finance ministry is serious about cutting costs, targeting the government elite’s private air fleets might be a good place to start.

• Culled from Financial Times

THE ECONOMY MUST BOUNCE BACK

Vice-President, Prof. Yemi Osinbajo (left), and Minister of Finance, Mrs. Kemi Adeosun, during the National Economic Council retreat at the State House Conference Centre in Abuja....yesterday

UK Offers to Help Nigeria to Investigate Terrorism, Money Laundering Cases Tobi Soniyi in Abuja The federal government’s ongoing fight against corruption has received a boost as the United Kingdom has offered to help Nigeria in tracking terrorism, money laundering and other form of organised crimes.

A statement issued in Abuja yesterday by the Special Adviser to the Attorney General of the Federation and Minister of Justice on Media and Publicity, Mr. Salihu Othman Isah, said UK also promised to provide technical expertise in complex cases with a view to meeting international best practices.

The statement said Mr.

Duncan Moass, Deputy Director, International Development, Crown Prosecution Service, who led a delegation to the minister’s office, made the promise on behalf of the UK government.

Moass said the UK government through the Crown Prosecution Service intended to assist Nigeria in providing technical expertise in complex cases with a view to meeting international best practices.

He said the partnership would assist in tracking terrorism, money laundering and other form of organised crimes, added that institutions like the

Economic and Financial Crimes Justice, Mr. Taiwo Abidogun, Responding, Abidogun said Commission (EFCC) and other Nigeria welcomed the assistance. law enforcement agencies.

He said Nigeria would explore According to him, a British-born Nigerian, Mr. Ayo Awoyungbo, avenues to tap from the expertise who is a leading prosecutor with of the British government in the the Crown Prosecution Service prosecution of complex technical would relocate to Lagos, cases in the country, especially Nigeria, to spearhead the those bordering on politically exposed people, terrorism, money collaboration.

The UK delegation included laundering, human trafficking and Mr. Ayo Awoyungbo and Mrs. other form of organised crimes.

He disclosed that the nation Ekanem Bassey, the Governance Adviser of the Department for would take advantage of the International Development (DFID). opportunity offered by the UK The delegation was received government to collaborate on by the Solicitor General of the the justice sector, with a view to Federation and Permanent train Nigerian prosecutors for better Secretary, Federal Ministry of service delivery.

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Nigeria Dragged Before ICC over Zaria Killings Petitioner says attacks were premeditated, alleges official cover up Tobi Soniyi inAbuja A United Kingdom-based nonprofit organisation, the Islamic Human Rights Commission (IHRC) has asked the Prosecutor of the International Criminal Court to conduct a preliminary investigation into the attacks on members of the Islamic Movement of Nigeria (IMN) in Zaria on December 12 and 13, 2016.

It attached the list of members of IMN believed to be dead, (216) and those in detention (219) and those still missing (480) and said the list was still being updated, and did not reflect the total number of casualties on December 12 and 13, 2015.

In the petition, a copy of which was obtained by THISDAY, the group alleged that the Nigerian Army carried out massive attacks on December 12 and 13, 2015 which targeted IMN members in Zaria.

It claimed that the army committed crimes against humanity during the attacks and that the Nigerian authorities were unwilling to investigate and prosecute those who committed the alleged crimes. ”The operation resulted in the deaths of at least 1,000 unarmed civilians, mostly IMN members, killed by gunshots attributed to

soldiers. Hundreds more were injured. There were reports that the military blocked access to medical care for the injured and shot at and killed wounded persons.

Witnesses and victims reported signs of widespread force and cruelty with allegations of looting, arson, mutilation, mass graves, torture, rape and other inhumane acts levelled at the Nigerian Army.

“The crimes committed between the 12th and 14th December 2015 in Zaria, Kaduna State, by the Nigerian Army amounted to crimes against humanity.

“The crimes committed by the NigerianArmy meet all the necessary legal requirements to warrant a preliminary investigation by the ICC prosecutor.“ It stated that there was evidence andeyewitnessaccountswhichfurther indicated that such massive acts of violence were carried out in the context of a widespread and systematic attack againsttheNigeriancivilianpopulation.

“The violence unleashed on members of the IMN has a history and it is a history of premeditation.

There is also sufficient evidence to suggest an official plan by Nigerian government officials to cover up these crimes and indeed perpetuate the same,” the petition stated.

Nigeria deposited its instrument of ratification to the Rome Statute on September 27, 2001. The ICC

therefore has jurisdiction over Rome Statute crimes committed on the territory of Nigeria or by its nationals from July 1, 2002 onwards.

It said: “The crimes of the Nigerian Army meet all the relevant criteria to warrant further investigation by the prosecutor of the ICC. “In view of the above, IHRC calls on the Prosecutor to open a preliminary investigation proprio motu on the incidents reported.”

IHRC said based on the evidence collected so far, it recommended the following: •The ICC prosecutor should open a preliminary examination into the incidents that occurred between December 12 and 14, 2015 in Zaria, Kaduna State.

•Demands that the office of the posecutor expand its monitoring activities on Nigeria and the army’s involvement in attacks against the IMN that occurred in the period between 2014 and 2015. Indeed, Nigeria is already under preliminary investigation by the prosecutor in relation to Boko Haram.

•Calls on the prosecutor to issue a preventive statement saying that he is monitoring the Nigerian crisis and is aware of the commission of crimes and warn the perpetrators about their criminal.

T H I S D AY WEDNESDAY MARCH 23, 2016

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COMMENT

Editor, Editorial Page PETER ISHAKA Email peter.ishaka@thisdaylive.com

DEFEAT OF OLUJIMI’S ABORTION BILL (1) Sonnie Ekwowusi argues the Gender and Equal Opportunities Bill is deceptive

Senator Biodun Olujimi’s abortion bill suffered a stunning defeat on the floor of the Senate last week. The bill is six years old. It was born in the Senate in 2010. And since then it has never left the Senate. Senators in the previous upper chamber of parliament had tried to sponsor the bill only for it to be thrown out for lack of merit. Irrepressible Senator Chris Anyanwu sponsored the bill in the 7th Senate but again the bill was rejected for lack of merit. Now the controversial bill has staged a comeback in the 8th Senate through Mrs Olujimi and has again suffered defeat for lack of merit. We thank God for the defeat of the bill. I want to thank former Zamfara State Governor Senator Ahmed Sani for brilliantly pointing out that the bill violated the provisions of the 1999 Constitution. I want to equally thank Senators Adamu Aliero, Rufai Ahmed, Emmanuel Bwacha and others whose nays eventually paved way for the defeat of the bill during its second reading. I advise people applauding the bill to carry out just a little research or a little reading on the politics behind the Gender and Equal Opportunities Bill from the United Nations in New York, United States, down to different African countries, Nigeria inclusive. If those applauding the bill will heed this advice, I am sure they will have a re-think on the bill.

To begin with, the title, Gender and Equal Opportunities Bill, is very deceptive. The title might sound laudable, but it is simply a euphemism for promotion of abrasive Western lifestyles that threaten our existence here in Nigeria. Agreed, the bill contains some laudable sections on the socio-economic and political empowerment of Nigerian women and protections of the rights of widows and all that but the offensive sections of the bill are so weighty and damaging that they outweigh the merits. The most offensive aspect of Senator Olujimi’s bill is that it seeks to incorporate and enforce in Nigeria the provisions of the Protocol to the African Charter on Human and People’s Rights on the Rights of Women 2003 (otherwise simply called the Maputo Protocol) and the Convention on the Elimination of all Forms of Discrimination against Women (CEDAW). You will recall that attempts to domesticate Maputo Protocol and CEDAW in Nigeria by virtue of Section 12(1)(2)(3) of the 1999 Constitution have consistently been met with stiff oppositions at the National Assembly. With due respect, I am not sure Senator Olujimi understands the larger negative implications of incorporating Maputo Protocol and CEDAW into our copious laws. I will hereunder explain how the incorporation of Maputo Protocol and CEDAW into our laws will, inter alia, bring about the automatic legalisation of abortion in Nigeria. I will also explain in this piece how section 12(c) of Olujimi’s bill legalises abortion in Nigeria.That is why I have appropriately entitled this bill Senator Olujimi’s abortion bill. I will also humbly and respectfully submit that the bill contains coded words and phrases to legalise homosexualism and lesbianism in Nigeria and by so doing will render the Nigerian anti-gay law ineffectual, null and void. Finally, I will offer solution: I will give my candid opinion on what to do with Olujimi’s bill and whether or not the bill should be amended and re-presented as the

THE TITLE MIGHT SOUND LAUDABLE, BUT IT IS SIMPLY A EUPHEMISM FOR PROMOTION OF ABRASIVE WESTERN LIFESTYLES THAT THREATEN OUR EXISTENCE HERE IN NIGERIA

Senate President is proposing.

I don’t know why we cannot learn a lesson from history. Apparently those pushing Senator Olujimi (PDP, Ekiti South) to sponsor the bill forgot to inform her that a similar bill sponsored by Senator Chris Anyanwu in the seventh Senate was similarly defeated for lack of merit.

Is Olujimi not aware that a similar bill was sponsored at the Enugu State House of Assembly a couple of months ago and was also defeated for lack of merit? When will our legislators learn that Nigeria is not yet ripe for the legalisation of all these crazy foreign lifestyles such as abortions, gay rights, transgender right, free-animal-sex right and all that nonsense? Coincidentally, on the very day Olujimi’s bill suffered defeat, the Ohio Supreme Court handed down a decision that the citizens of the state should stop using words such as “husband”, “wife”, “father”, “mother” because they are gender bias and not gender neutral. In many parts of America and Europe they are now abolishing separate “Male Toilet” or “Female Toilet” because they claim that it is gender bias and not gender neutral.

So we should be wary of importing the Western radicalisation of the concept of equality between men and women into Nigeria. This radicalisation goes back to the French Revolution down to the era of Communism. In her book, the “Globalisation of the Western Cultural Revolution”, Marguerite A. Peters argues, and, I agree with her, that the post-modern approach to the issue of equality finds its echo and application in the struggle for gender equality and that has led to a deconstruction of gender disparities. Using Marxist categories, radical gender feminists argue that women must resemble and behave like men by all means. They argue that womanhood destroys women, and, that domestic chores which women carry out at home make them inferior to men. They advocate for masculinisation of feminism and feminisation of masculinity. These strange ideas are causing a lot of madness in America and Europe at the moment. Shall we join them and become mad ourselves? I do not think so. We in Nigeria are a different people.

If the rest of the world is becoming mad we cannot join them. I think our greatest challenge in Nigeria is that we are yet to come to terms with the Western Cultural Revolution holding the world captive at the moment. Those conversant with United Nations documents or declarations or United Nations deliberations will attest that the UN does not come out in plain language to legalise abortion or homosexuality. It does so through a camouflaged or coded or dodgy language. Many of us do not understand that the over-bandied phrase “gender equality” does not mean the normal equality in dignity between a man and a woman. Peharps we are yet to appreciate that in the United States of America, Canada, United Kingdom and many countries in the European Union and even in some Asian countries, the phrase “gender equality” is given a very subjective and pejorative interpretation to mean equality for a number of “genders”.

JAMB, EXAMINATION MALPRACTICES AND OUR MORALITY

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Examination malpractice is a reflection of our morality level, argues Adedeji Olamilekan

ast Tuesday, the Punch newspaper published an alarming story on the recently concluded Unified Tertiary Matriculation Examination (UTME) conducted by the Joint Admissions and Matriculation Board (JAMB). The story had the breath-taking headline of “UTME: ‘Miracle’ results put candidates, parents on edge.” But before reading even halfway into the story, the curiosity to learn the reason or reasons responsible for parents and candidates’ anxiety turned into a feeling of disgust rather than shock. The so-called ‘miracle’ results turned out to be a mirage. It was a fodder for desperate blackmailers who lack the ability to separate a hoax from reality.

On one hand, the journalist in me became alert to a probable case of mischief while the parent in me sneered at a clear case of parents who indulge their children and stand accused of lax morality, on the other. My sense of outrage at the story was aroused by the mention of anonymous complainants who had nothing to lose if their real names were used, assuming that they are real people with genuine cases. This would have enabled JAMB to verify their claims and respond appropriately to the purported grievances of the candidates.

As the story goes, one Ibrahim Shamwilu, a candidate from Kogi State, wrote the UTME this year. He “allegedly obtained a near-perfect score of 399 out of 400.” The paper claimed that the story became “an instant online sensation” but could only quote from an unnamed online portal that Shamwilu obtained 99 marks in English and 100 marks each in Physics, Chemistry and Biology.

Meanwhile Naij.com, an online publication, clearly stated that Shamwilu’s story was a ruse to fool his friends who, perhaps, may be disappointed in Shamwilu’s failure to attain a score that would have helped him to secure admission into Ahmadu Bello University, Zaria to study Medicine, his preferred course of study. Naij.com provided Shamwilu’s registration number 65184979HA and exam code

C40509045 as well as the correct scores which the paper claimed surfaced in less than 24 hours after the first one was received by Shamwilu.

Shamwilu’s new scores of 58 in the Use of English, 45 in Physics, 44 in Biology, and 52 in Chemistry, which add up to 199, were clearly insufficient to secure admission into any university in Nigeria to study Medicine. No thanks to technology, examination malpractice in Nigeria is taking a new and dangerous turn. It is now being perpetrated post-examination. This is why Nigerians must look elsewhere to unravel the riddle of ‘miracle’ results that was reported by the newspaper.

While it is beyond my understanding to determine whether Shamwilu is blameworthy for this hoax on his friends perpetrated through the social media or not, I have no doubt in my mind that the pranks that are sometimes played on users of social media have become so pervasive that people who are familiar with many of these pranks are now wary of any information that they come across on the social media. As it is commonplace now, a practiced hand will in no time turn the image of a man into that of a woman or, if he so wishes, produce a convincing hodgepodge of a man with the head of a dog. The story, given its slant, may be hiding a sinister agenda that will unfold in the near future.

Similarly, the protest on Tuesday by individuals under the aegis of education consultants remains a curious and inexplicable one. The protest, which took place in spite of appeals for calm and understanding came after JAMB officials had had lengthy discussions with the protesters who were mainly proprietors of schools that JAMB had earlier approved as centres but later rejected because they were found to be lacking in all the indices required for a successful computer-based test (CBT).

According to JAMB’s public relations officer, Dr. Fabian Benjamin, “It’s surprising that these same proprietors will turn around to organise candidates to protest over our activities. We are not perfect as an organisation but we are working hard to ensure that

Nigerian education is better than it is. We have taken the risk to do the unthinkable so as to change the paradigm. We will continue to call on all Nigerians to give us the benefit of the doubt and with their collective support we will give them one of the best CBTs globally.”

Before the advent of the CBT, pioneered by JAMB, examination malpractice in Nigeria took different forms such as leakage of examination papers before examinations, impersonations and external assistance, among others. The participation of parents and the emerging trend of actual and threatened violence against staff to facilitate examination cheating meant that the practice had reached alarming proportions and the search for an alternative paper and pencil test was long and arduous. But the introduction of the CBT later led to the mushrooming of miracle centres where candidates are promised special centres and arrangements to score maximum points required for admission in universities across the country.

Shamwilu’s scam is symptomatic of the society he lives in where values became so much eroded that actions are no longer tied to consequences and cheating has become an acceptable way of life.

The effort of the federal government, under the leadership of President Muhammadu Buhari to restore sanity in the conduct of the Nigerian people, though laudable, is still insignificant because it has yet to reach the grassroots where it matters the most. In today’s education sector, the urge to excel among students is no longer as strong as it used to be. Students and their parents want degrees, at any cost, not education. The situation is worsened by the deterioration in the reading culture among young people. Rather than read their books, they prefer to chat with friends on the social media or watch movies from morning till night. Indeed, examination malpractice is a reflection of our morality level. The Nigerian society today hardly pays attention to the means by which ‘success’ is attained by individuals.

JAMB deserves commendation for dealing a death

blow on examination malpractice in the country.

The board even went as far as to invoke the 1999 Examination Malpractice Act, which stipulates that any candidate who is involved in any act of examination malpractice would be banned from sitting for the board’s examination for one to three years depending on the gravity of the offence to further curtail examination malpractices. In addition, JAMB instructed all institutions to request for the board’s admission letter, photo album and biometric data verification during registration of admitted candidates. The adoption of CBT has also ensured that results are ready within a week. The superiority of CBT over the best paper and pencil test (PPT) is clearly evident in the successes recorded over the years and it can only get better.

Instead of protests and efforts to undermine JAMB by entrenched interests, efforts must be made to restore values that will elevate the quality of the family structure in today’s society and eliminate the deep-rooted culture of cheating which young people are used to seeing in every part of their life.

It is unfortunate that young people are more likely to cheat as they are being nurtured to adulthood in a society where self-interest has taken precedence over morality for most people. The problem of Shamwuli and his ilk can be firmly situated in the acute deficiency in their morality and not in CBT which can only get better.

The level of rot surrounding examinations in Nigeria is better left to the imagination. Those who are fully in the know tell astounding stories of blatant and cunning efforts by scammers to game the system and become wealthy in the process. The current low tolerance for corruption has disrupted their operations and CBT is making it near impossible for them to continue in their immoral activity. Their odious proclivity for perverting the system is no longer being tolerated. JAMB must remain resolute in its effort to entrench the CBT. It must not succumb to cheap blackmail from purveyors of retrogression.

Adedeji wrote from Lagos

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EDITORIAL THE‘MILE 12’MARKET MADNESS

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The relevant authorities should work towards a proper governance structure in the market and address the security challenges

n February this year, the popular Mile 12 market along the tail end of the ever busy Ikorodu Road in Lagos erupted in an orgy of violence that lasted for several hours. By the time it was brought under control, more than 10 lives had been lost and property worth millions of naira burnt to ashes by warring parties and hoodlums.

While the law enforcement agents were caught napping, the Lagos State Government issued the usual statement, threatening to bring the perpetrators of the violence to book. This should no longer be acceptable.

Mile 12 market is an old and perhaps the biggest market for agriculture produce in the former federal capital city that is host to about 15 million people. With thousands of tonnes of foodstuff arriving in hundreds of trailers from the northern parts of the country, and also carting away finished goods that are north bound on a daily basis, the market is easily one of the most lucrative in terms of taxes and levies collection. That is the underlining cause of the intense power struggle for the control of the market that often snowballs into the incessant violent clashes that have been witnessed in recent years.

THE MARKET IS EASILY Besides, the market, ONE OF THE MOST which was initially in LUCRATIVE IN TERMS a suburb of Lagos with OF TAXES AND LEVIES COLLECTION. THAT IS THE sufficient space for trading activities has, UNDERLINING CAUSE OF with the rapid expanTHE INTENSE POWER sion of the city and the STRUGGLE THAT OFTEN urbanisation of the SNOWBALLS INTO THE area, become choked, INCESSANT VIOLENT helmed in essentially CLASHES by residential apartments. Space for the teeming populace that throng the market has therefore also become a challenge. A clear evidence is the embarrassing traffic bottleneck along the market’s stretch of the Ikorodu Road, which in spite of the best efforts of the state government, has remained a sore point for commuters plying the road to and from the neighbouring Ikorodu town.

Letters to the Editor

F

Therefore any serious attempt to deal with the problem will have to take into consideration these twin issues, among others. Now that all the critical stakeholders have agreed on the need to relocate the market to a place that would have enough space for the traders to do their business, it is also important to note that any such relocation without putting in place a proper governance structure would be counterproductive.

T T H I S DAY

EDITOR IJEOMA NWOGWUGWU DEPUTY EDITOR BOlAJI ADEBIYI MANAGING DIRECTOR ENIOlA BEllO DEPUTY MANAGING DIRECTOR KAYODE KOMOlAfE CHAIRMAN EDITORIAL BOARD OlUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN

T H I S DAY N E W S PA P E R S L I M I T E D

EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOlA BEllO, KAYODE KOMOlAfE, ISRAEl IWEGBU, EMMANUEl EfENI, IJEOMA NWOGWUGWU GROUP FINANCE DIRECTOR OlUfEMI ABOROWA DIVISIONAL DIRECTORS PETER IWEGBU, fIDElIS ElEMA, MBAYIlAN ANDOAKA, ANTHONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTORS HENRY NWACHOKOR, SAHEED ADEYEMO CONTROLLERS ABIMBOlA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI GENERAL MANAGER PATRICK EIMIUHI GROUP HEAD fEMI TOlUfASHE ART DIRECTOR OCHI OGBUAKU II DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO TO SEND EMAIL: first name.surname@thisdaylive.com

his is where the role of the local government council as the constitutional authority for the control of markets comes in. Obviously, and perhaps because of the erosion of the authority of local governments by the state governments nationwide, there has been a gap with regard to security and governance at the grassroots level. It is our understanding that if government functionaries at both state and local government levels appreciate and respect their roles as stipulated by the 1999 Constitution, we would be better placed to address the security and governance challenges that precipitate the violent crises that occur not only at the Mile 12 market in Lagos, but elsewhere in Nigeria.

We therefore endorse the long-term solution proposed by the Lagos State Government to relocate the market to a more conducive environment with enough space for the traders to carry out their business. The government should also ensure that the local government responsible for the control of the market puts in place clear security and governance structures that would engender a peaceful atmosphere for everyone to do their business without any form of harassment by anyone.

In the short term, we urge the local government and the law enforcement agencies to rise up to their duty of providing proper governance and security for the market. The local administration needs to bring all the contending interests to the table to resolve all outstanding issues that precipitate the incessant violence. That done, the police should enforce the resolution and ensure that no one poses any further threat to the peace and security of the market and its environs.

TO OUR READERS Letters in response to specific publications in THISDAY should be brief (150-200 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (9501000 words). They should be sent to opinion@thisdaylive.com along with the email address and phone numbers of the writer.

RIVERS PEOPLE HAVE SPOKEN

ormer spokesman to President Goodluck Jonathan, Chief Doyin Okupe has suggested an impossible one for Rivers State in a statement on Monday. He is suggesting that before another re-run is held, Governor Nyesom Wike, Minister of Transport, Rotmi Amaechi and 10 of each gladiator’s trusted aides should be taken into protective custody till after the elections.

He further suggested that their phones and other means of communication be taken away from them. Perhaps he has forgotten that though his suggestion may be applicable to Amaechi, same cannot be said for Wike who is the chief security officer of the state and the elected governor.

Whereas Amaechi should have remained in Abuja, but relocated to Rivers State a week to the election, attempted to use the military and security forces to subvert the will of the people and was resisted by ordinary Rivers’ citizens.

The All Progressives Congress should just forget about Rivers State if they want the state to be peaceful. The entire South-South has spoken and clearly shows that they prefer the Peoples Democratic Party.

They should have learnt a lesson or two from the re-run in Akwa Ibom which was swept by the PDP, in spite of earlier media propaganda and lies of the APC that all those who mattered had decamped to their party. They forgot that it is the ordinary men on the streets that actually do the voting.

The biggest mistake this APC central government would make is to attempt to take Rivers by force either through rigging or the barrel of the gun.

Monday morning, there were some reports on suspected plans to declare a state of emergency in Rivers. The APC should not in its desperation to control the oil-rich state make its biggest mistake of creating more problems that would not only engulf Rivers, but throw the entire country into chaos.

Already, the issue of Biafra is raging and any attempts to take away the legitimate government in Rivers will make Independent People of Biafra

attractive to the aggrieved people. Nigeria is facing enough economic problems with the low prices of crude and it would be further shooting itself in the foot if it goes into a struggle with the Niger-Delta people.

I believe President Muhammadu Buhari knows this or should be advised by his league of advisers that threading that path would not be in the interest of the country.

I am still wondering when APC would learn to be democratic. The PDP handed over power to them on a platter and Jonathan even went ahead to congratulate their candidate, Buhari even before the announcement of results were concluded. Greed will only end up making them to be more unpopular among the electorate.

Though it is getting clearer by the day that some forces within the APC are blackmailing President Buhari into engaging in anti-democratic activities by attempting to win elections by force, he has to remain strong and resist their bluffing.

If anything goes wrong and the scenario becomes one requiring answers from the international community or the ICC, those behind the scenes will not be mentioned, Mr. President would be left to carry his cross alone. They want to use the military to rig elections in states that have clearly shown that they do not want the APC. Though I respect Chief Okupe, on this statement, he is shying away from calling a spade a spade. I don’t know if he has made new friends in the APC or if he is being blackmailed to take sides with the party. If he is being misled on the happenings, he should get a clearer picture of events in Rivers before making statements that are not democratic, fair or politically correct.

Rivers people have spoken and their voice of reasoning should be respected. They should be left alone with those they have elected to represent them.

Jacob Onjewu Dickson, Port Harcourt

FOREX FOR NIGERIAN STUDENTS ABROAD

I

read your last Sunday editorial on the policy which denies parents from access to forex at the Central Bank of Nigeri’’s rate. I wish to make the following contributions.

It is my opinion that sending your child to school abroad is first and foremost a personal decision not taken in agreement with the government and also mostly for personal gratification which later possibly translates to manpower development for the country.

Quite a number of the so-called schools parents in Nigeria send their children abroad to are low rate universities which also do not make the first 500 list like our own Nigerian Universities.

Given access to government dollar rates to the affluent of the society in my opinion is not fair on the middle and lower class since they in the first place not in the position to send their kids abroad even though they would have loved to. The economic side effect is felt mostly by this group.

Banta Swandy,Swandy.banta@gmail. com

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T H I S D AY • WEDNESDAY, MARCH 23, 2016

MIDWEEKPOLITICS

Group Politics Editor Olawale Olaleye Email wale.olaleye@thisdaylive.com 08116759819 SMS ONLY

THE NEWSMAKER

Saraki:BetweenTrialandPersecution The difference between a trial and persecution is not thin and the Bukola Saraki matter presents a case study, writes Olawale Olaleye

S

ince the allegations on false asset declaration was raised against the President of the Senate, Dr. Bukola Saraki, there has been suspicion about the timing, the charges, the process and the ultimate aim of those behind the chess game because for obvious reasons, none of the elements seem to sit well within the context of the graft debate. On the contrary, the picture it gives is one of orchestrated persecution.

These suspicions have also raised several reasons to conclude that the case filed against Saraki is part of the raging political game of survival and ultimately, the streamlining of the 2019 equation within the All Progressives Congress (APC).

To further situate some of the insinuations, the Senate President too has consistently said the trial came up because he became Senate President against the tide of expectations in the party hierarchy and that if he was not occupying the exalted position of the nation’s number three citizen, he would not be facing trial – any trial at that – much less a seeming attempt to decimate his political standing. The argument here strictly addresses the issue of timing of the “trial”.

To that extent, it is also imperative to address the other issues arising from the “time-bound trial nay persecution”. First, the Saraki case is the first time the office of the Attorney General of the Federation is initiating a case to the Tribunal. This is because the law establishing the tribunal provides that cases before it will be referred to it by the Code of Conduct Bureau and not the AGF. But that section of the provision has been violated here and it speaks largely to a flawed process.

Saraki...counting on justice

In all, the principle of equality before the law, fairness and justice must be made to apply in the Saraki case just as it applied in the Bola Tinubu case, particularly as it concerns the provision of Section 3(d) of the Code of Conduct Bureau and Tribunal? This is particularly interesting because not only is Mr. Danladi Umar, the same CCT chairman, who adjudicated in the case of Tinubu the same sitting over the Saraki case; it is pertinent to note too that the instances of acquittal have not changed either

It is worthy of note that contrary to the provisions of this law, members of the CCB do not know about the charges before the case against Saraki at the CCT was filed.

That is essentially an anomaly because in an ideal situation, the case was supposed to have emanated from the bureau as a referral. But in the bid to bypass due process, diligence and maneuver the system, that critical elemental ingredient was jettisoned.

Equally of serious note is that the investigation for the case was handled by the Economic and Financial Crimes Commission (EFCC) and the eight witnesses produced too are from the same EFCC. Is it just a case of inter-agency cooperation or some mischief going on? This is still addressing the issue of process and system maneuvering.

But to understand the EFCC dimension, you need to know this for a fact. The EFCC came into the picture because it was its former chairman, Ibrahim Lamorde, who belled the cat, when the anti-Saraki forces were looking for a quick fix solution to get him out of the senate presidency so that he would not be the presiding officer, when ministers-designate would be screened by the Senate as demanded by the constitution.

He was believed to have then got some anti-Saraki forces to buy into the idea, the reason some of the charges were not properly investigated; poorly knit together and could not be substantiated as will be proved during a proper trial. The process was muddled up in the bid to hasten it and perhaps, fix Saraki, where they reckoned he belonged.

Lamorde, it was believed, also knew he had a strangely strong hold on the CCB

chairman, Sam Saba and his counterpart at the CCT, Danladi Umar, both of whom he had investigated for cases of corruption and had also indicted as a result of the findings of his investigations. The plan, it was believed, was to make them do his bidding even if it was against their conscience and antithetical to the laws.

Most importantly, an indication of the political nature of the case is this common sense argument: since a former governor of Lagos State, Senator Bola Tinubu was hurled before the Tribunal in 2011, which other politician has been brought forward again for trial before the Saraki trial?

Every four years, there are about 5000 political office holders, who declare their assets. So, the salient questions, again, are: how were Saraki’s forms selected? What criteria were used to select Saraki for the trial? Did they select him among former governors or among all the Senators? Was he selected from among tall politicians or was he selected among politicians, who are medical doctors?

What happened to the verification exercise conducted by the CCB after each declaration made by a public official? Was Saraki not given due clean bill of health after the declaration of assets he made in the past? Why will they base their charges on declaration made 13 years ago? The list of questions is endless and could go on and on.

But in all, the principle of equality before the law, fairness and justice must be made to apply in the Saraki case just as it applied in the Bola Tinubu case, particularly as it concerns the provision of Section 3(d) of the Code of Conduct Bureau and Tribunal?

This is particularly interesting because not only is Mr. Danladi Umar, the same CCT chairman, who adjudicated in the case of Tinubu the same sitting over the Saraki case; it is pertinent to note too that the instances of acquittal have not changed either.

Indeed, this brings to fore the drama that ensued last week at the trial between the defence and prosecuting counsel, Chief Kanu Agabi and Rotimi Jacobs respectively, using the Tinubu matter as a worthy case study.

Although Jacobs had tried to brush that aside by saying Tinubu was freed in error, the tribunal is therefore in a situation to admit such an error in judgment in a case as critical as that or put Jacobs where he should be.

Like Agabi said during one of the trial sessions, the whole world is not just watching, but everyone – from the chairman of the tribunal to the defence and prosecution counsel – is under the suspicion and close monitoring of the observing public. It is also evident that with its celebrated nature, the Saraki trial is going to go down as an essential precedent in related matters, the very reason that another error as postulated in the case of Tinubu or any sheer excuse will not be entertained.

There is no need, therefore, for the tribunal to haste in error. The trial is not tied to time.

It is in the overall interest of the judiciary that the tribunal takes its time and reviews the processes all over again, start afresh if the situation calls for it and make sure that no loose end is left unattended when eventually delivering its judgment. It is not until then it would be seen that a thorough job has been done in the case of Saraki and that it is truly not a case of persecution!

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T H I S D AY • WEDNESDAY, MARCH 23, 2016

EVENTS&REPORTS

MIDWEEKPOLITICS

Wike and Dakuku in the countdown to the elections last year

Rivers is Living True to Type The situation reports on the violence that typified the suspended Rivers State rerun polls were not strange but have only confirmed the swirling assumptions about the South-south state, write Shola Oyeyipo and Segun James

T

he Rivers State rerun election held last weekend was by every measure an election that lived up to its billing.

The predictions that the election was going to be bloody started to manifest, when thugs loyal to both the ruling Peoples Democratic Party (PDP) and the opposition All Progressives Congress (APC) took to the streets in an orgy of violence.

The day had started well before the sudden but violent turn of the tide. In fact, if anyone had heard the news coming from Rivers State, particularly as regards the spate of killings and beheadings as well as allegations and counter-allegations among the political class, such person is likely to get confused about the rather peaceful outlook of Port Harcourt, the state capital on the Friday before the election.

Everyone went about their businesses peacefully.

The palpable presence of the heavily armed security operatives was even the more reassuring.

For instance, at the Port Harcourt airport, where there was a very low passenger influx because not many people were prepared to come into the ‘war torn’ state, yet, some well-equipped police officers dotted the airport vicinity as they cleverly scanned everyone coming in and out of the state while they provided security for the airport and environ.

From the airport through to Rukpoku and other parts of Port Harcourt, there was security presence. A few metres after a checkpoint called Amaechi, police officers painstakingly searched every vehicle. In town, military officers in various vehicles including Armoured Personnel Carriers paraded the streets. Though everything looked well, but Port Harcourt was not what it used to be. The nature of the peace in the town is not the real peace. It was a peace of the graveyard.

The town was in a tense situation, enveloped by the fear of the unknown.

The state government had also envisaged

violence hence, it declared a two-day public holiday ahead of the election, an initiative that enabled many workers to either flee to the safety into the hinterland or exercise their franchise in the concerned areas.

The people also feared that there could be a clash between the military drafted to the state

A former governor of the state and Minister of Transportation, Hon. Rotimi Amaechi disagreed with that postulation.

He denied that cultists in the state were already divided along the PDPAPC lines, stating that ‘It is not possible! Are you saying that the cultists in APC are so weak that they are being killed every day?

The pregnant women that are being killed, are they also cultists? The ward chairman of APC that was killed in ward 4 – an old man – are you saying he was also a cultist’

to complement the police in maintaining peace and the rival cult groups supporting politicians and their political parties.

Following the attack on prominent persons in the state including a first class traditional ruler, King Robinson O. Robinson, the Eze Ekpeye Logbo II, the king of Ahoada, whose palace was vandalised, vehicles burnt and the clan’s shrine decimated, the APC had persistently alleged that the state government was sponsoring the attacks leading to the death of its members and other people.

But the state government and the PDP had consistently denied the allegations. It insisted that the killings in the state were due to cult clashes, but findings by THISDAY investigation revealed that the cult clashes are as a result of the political division in the state.

“The cult groups have been divided into APC and PDP groups and what you are seeing (the cult killings) are because the two parties are at loggerheads. They are killing themselves because of the elections,” said a reliable source in Port Harcourt, Saturday.

But a former governor of the state and Minister of Transportation, Hon. Rotimi Amaechi disagreed with that postulation. He denied that cultists in the state were already divided along the PDP-APC lines, stating that “It is not possible!

Are you saying that the cultists in APC are so weak that they are being killed every day?

“The pregnant women that are being killed, are they also cultists? The ward chairman of APC that was killed in ward 4 – an old man – are you saying he was also a cultist?”

Amaechi was however certain that in spite of the attacks and killings, the APC was sure of victory, although the entire process has since been suspended by the Independent National Electoral Commission (INEC) on account of the prevailing violence, which had allegedly claimed a youth corper and an INEC staff. He

also noted that the APC did not perpetrate the kind of atrocities that were perpetrated against members of the party, when it was in the opposition now that it is the ruling party.

“Wait and see tomorrow (Saturday). Tomorrow is just some few hours away. Why is the governor complaining? He knows we are winning. We did not do what they did in the last election to us to them; they arrested all our leaders – two weeks to the elections – all our leaders were in detention. We were shouting but the president never cared.

On the other hand, the PDP and Governor Nyesome Wike insisted that the overall intention of the APC and its leadership was to manipulate the outcome of the election. They were particularly displeased with the deployment of soldiers because according to them, drafting the military into Rivers State was designed to assist the APC manipulate the electoral process.

Apparently apprehensive that the election would eventually become violent, only a few people came out to vote, but what initially fired up the crisis during the election was that proper accreditation and voting did not start until well over noon in so many polling units.

INEC later made up for that by allowing people to accredit and vote at the same time, a move that saved time.

But things started deteriorating when reports of fake election materials started flying about.

Soon, the people started to get agitated. At most polling stations, voters refused to vote claiming that some materials were not available and that the materials distributed were not genuine. That was the situation before the guns started bumming.

To Governor Wike, INEC should be blamed for the shoddiness that led to the late kick-off of voting in most centres. Generally, members CONT’D ON PAGE 18

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T H I S D AY • WEDNESDAY, MARCH 23, 2016

ONTHEWATCH

MIDWEEKPOLITICS RIVERS IS LIVING TRUE TO TYPE

Yakubu...all eyes on INEC

Amaechi...Wike has successfully intimidated the citizenry

of the PDP considered INEC’s ill-preparedness as part of the grand plan to rig the election.

But INEC disagreed with Governor Wike or anyone pointing fingers at it for that matter.

When the Rivers State Resident Electoral Commissioner (REC), Aniedi Ikoiwak, spoke with journalists in Port Harcourt, he said the commission was forced to suspend elections in the affected areas because interested parties prevented its officials from distributing election materials and also because of violence in the areas.

According to him, “We had deployed as we told Nigerians, from Thursday and I did mention it clearly that if by act of commission or omission, we are not allowed to occupy the Registration Area Centres (RACs), we cannot actually guarantee that we can deliver 100 per cent. “We have had the experience, where most of our materials were not even allowed to move in; some were returned on the way. Even when we tried to deploy to the RACs in some of the places this morning, certain people with excuses also tried to prevent us from doing so.

“There were accusations of not believing in the materials we brought and so on and so forth. There were issues of violence; there were issues of insecurity of lives. After all, we let the people know, but at the end of the day, we were still prevented from moving out. From 12pm to 1pm, we did not see that it was necessary for us to continue to press to go to the field.

“Even some of our people who were able to get to the field were turned back with sporadic shootings. So, it was better for the life of the personnel to be preserved than trying to conduct the election, even when the environment is not conducive.”

“So we need to let everybody be aware that election is suspended in Andoni, Khana, Gokana, Bonny, Tai and Eleme LGAs. The commission is watching development in other local government areas and we will brief the press accordingly,” he said. The commission later added Etche and Asari-Toru local government areas to its suspension list bringing to eight LGAs, where elections were cancelled out of the 22 LGAs where elections held. But at the end of the day, INEC finally suspended the entire process across the state, where elections were due, however, without prejudice to the results already released.

On the issue of fake election result sheets, Ikoiwak said, “I don’t think there was anything like fake result sheets; I think I have said that times without number. You can imagine what you think but what we know in the commission was that only a result sheet was produced and you cannot say a thing that does not have a duplicate is fake, because fake must be compared with the original. So, what we had was the original; the fake may be in the imagination of those making such an allegation.”

The commission’s Director of Voter Education and Publicity, Oluwole Osaze-Uzzi, said “The elections witnessed the disruption of the process, including the barricading of some of the INEC

The face of Port Hacourt during last Saturday’s election, which process has been finally suspended

local government offices and Registration Area Centres (RACs) used for the distribution of electoral materials, which led to the late commencement of the exercise in some places and consequently, its smooth take off.”

“More serious concern was the level of threats, violence and intimidation of election officials and voters by well-armed thugs and miscreants allegedly acting on behalf of some politicians, which marred the elections in some areas. There were reports of numerous attacks resulting in fatalities, kidnappings, ballot snatching, diversion of officials and materials, amongst others, which necessitated its suspension in 8 Local Government Areas.

“Regrettably, such deviant behaviour has continued today. Several permanent and ad hoc staff engaged had been attacked, again resulting in fatalities, while some have been forcibly abducted and taken to presently unknown destinations. Under such difficult circumstance, the Returning Officers were only able to collate and declare results in one federal and nine state constituencies, where the disruption and malpractices were not so widespread.

“Having reviewed the situation, the Commission is compelled to suspend all further action concerning the exercise in all the other constituencies in the state pending the receipt of a comprehensive report from its field officials and monitors.”

He however noted that the suspension does not affect the constituencies where the exercise has been completed and the results declared by the Returning Officers.”

Already, results have been declared in 10 constituencies, with the Peoples Democratic Party winning in nine, leaving the All Progressives Congress (APC) with one. The constituencies where the PDP won are Degema, Akuku Toru I, Akuku Toru II Ahoada East I, Ahoada East II, Emohua, Omuma, Obio/Akpor I Obio/ Akpor I, while APC emerged victorious only in Opobo/Nkoro.

High Points of the Election SSG’s Arrest Some of the high points in the rancorous election were the arrest of the Secretary to State Government (SSG), Kenneth Kobani, and the Special Adviser to Governor Wike on Special Projects, Cyril Dum Wite by soldiers at Kpor and Bori in Gokana and Khana local government areas respectively.

Before the elections, Governor Wike had raised the alarm over alleged plot to arrest some PDP leaders, when the election comes, so when the SSG and the governor’s aide were picked by military officers, the PDP said it was part of plans to give the APC an upper hand.

But the Commander of 2 Brigade, Nigerian Army, Port Harcourt, Stephenson Olabanji said Kobani and Dum were arrested for disrupting electoral process. Olabanji, who said the law is not meant for only “the lower cadre”, also confirmed the arrest of Cyril Dum, an aide of Nyesom Wike, governor of the state.

“No matter who you are, if you go against the law, you will definitely face the music. So, there is nothing like being secretary to the state government. Many people were arrested as you have been told; a lot of people were arrested,” he said, justifying why the PDP members were arrested. But denying the allegation of involvement in the arrest of the SSG and the governor’s SA, the APC chairman in Rivers, Dr. Davies Ibiamu Ikanya, said in a statement in Port Harcourt that “Why should we mastermind the arrest of Kobani? What is his political relevance? Does his position as SSG place him above the law?

Are we the one that asked him to be lawless that warranted his arrest?

The Mindless Killings Till this moment, no one can say for sure how many people lost their lives in the rerun election because there have been conflicting figures. The truth, however, is that so many people died. There were reports of gunshots here and there and it is until the police authority finally unravels those behind the act before the perpetrators and their victims can be identified.

But the Assistant Inspector General of Police Zone 6 Calabar, Adisa Bolanta, who supervised the election, said four deaths were recorded while 22 persons were arrested during the election.

Some of the casualties being bandied in the elections included four persons killed in Eleme; a PDP agent in Tai, Tambari Ntoto; and a staff of Nigeria Immigration Service in Abonnema, Akukutoru local government area of the state.

One person, Lucky Igweh, was allegedly shot by soldiers at Rumuokwuta in Obio/Akpor local government area of the state, home area of Wike. He was rushed to the hospital by policemen deployed to the area. But Bolanta said suspects were being interrogated on allegations of criminal or electoral offences.

Wike-Amaechi’s Drama The controversial election took a different turn when the Ward 10 Collation Officer, Ekwi Adebisa, who was purportedly abducted by Amaechi in company with soldiers, was found at Mile 1 Police Station, Port Harcourt. The development, which led to the suspension of collation of results in the constituency created a standoff between the leaders of the PDP and APC yesterday.

Adebisa, PDP claimed, was allegedly taken to Novotel Hotel where the duo of Amaechi and the APC governorship candidate, Mr. Dakuku Peterside and the acting Managing Director of NDDC, Ibim Semenitari were lodged and results doctored.

PDP leaders including Wike visited the station for explanation when they stormed the station but the former governor, Peterside, Semenitari and the AIG were said to have eventually left with her.

Reacting to the report, the Special Adviser (Media) to the Acting Managing Director/Chief Executive Officer Niger Delta Development Commission (NDDC), Bekee Anyalewech said there

was no iota of truth in the story being peddled by the PDP-led Rivers State Government. He said it was Wike, in company with a retinue of aides that invaded the police station and held Adebisa hostage.

“Whereas it is not in our style to join issues with any tier of government, it is imperative that we state the facts because of the need to safeguard our electoral process and strengthen the confidence of our people in their leaders.

“Mrs. Ekwi Adebisa, the Port Harcourt City Ward 10 Collation Officer, for the March 19 rerun legislative election in Rivers State, was moved by force to the police station. The result she had collated was separated from her. While at the police station, agents of the Rivers State Government brought her under duress to write a statement that she had been abducted and made to falsify the ward result by agents of All Progressives Congress (APC).

“That they forced her to the police station and kept under traumatic condition was criminal.

But that they had forced the result she had lawfully collated out of her custody was more criminal,” Anyalewech alleged. …The Several Hitches There were cases of snatching of election materials in Ubima and Omagwa and several other parts of the state. Military personnel were alleged to have beaten up all PDP agents at INEC offices in Bori, Tai and Gokana and drove them away. Attempts by voters to resist the hijack of the election materials, allegedly led to the killing of two pregnant women and wounding scores of people by armed men in military uniform in Tai LGA. Despite the fact that elections were expected to have been concluded by 2pm in various polling units across the state, election materials and INEC staff were not sighted as late as 1pm in some cases.

When THISDAY visited the Mile 3 area of Port Harcourt at exactly 12pm, INEC officials and election materials were just arriving. As at 2pm, there were no elections in Andoni ward 2 and 9 because election materials were yet to arrive. In ward 6 of Obio/Akpor LGA, which is Wike’s LGA, some ballot papers were reportedly missing and this has been linked to the delay in the commencement of voting in the area as there was need to sort it out.

It took the heavy military presence in Gokana and Khana in Ogoni area to quell the anger of the electorate as they alleged that fake election materials were brought to the area. The electoral process in the area was also disrupted, though the election materials arrived there early, voters alleged that they were not genuine.

Though there were initial concerns that over 2000 police officers were not promptly deployed to the various polling units to protect INEC officials, the Rivers State Police PRO, DSP, Ahmad Muhammed said everything was then going on as planned.

READ FULL TEXT ONLINE

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T H I S D AY • WEDNESDAY, MARCH 23, 2016

PERSPECTIVE

MIDWEEKPOLITICS

The Vintage Kanu Agabi With just a few appearances as the lead counsel to Senate President Bukola Saraki in his case at the Code of Conduct Tribunal, Chief Kanu Agabi has shown the stuff he is made of. Abu Quassim writes

I

f there is now less tension in the legal exchange going on in the Code of Conduct Tribunal (CCT), which is presently hearing the 13-count charge preferred against the Senate President, Dr. Abubakar Bukola Saraki by the federal government, the credit should go to one man. That is the former Attorney General of the Federation and Minister of Justice under the Olusegun Obasanjo administration between 1999 and 2003, Chief Kanu Agabi SAN. Agabi took over from Mr. Joseph Daudu SAN as Saraki’s lead counsel in the case of alleged false asset declaration, when the Tribunal resumed sitting on March 11, 2016 after the Supreme Court on February 5 dismissed the objection to the jurisdiction of the tribunal raised by the defence team.

When the trial commenced last September, there was always tripartite adversarial relationship between the bench, prosecution and defence. On almost every issue, no matter how simple it is, there would be bitter contest. This created the impression on the ordinary people present in court that the prosecution and the bench were in alliance against the defence.

However, since Agabi came in, he had stamped his personality in restricting the division, differences and disagreements to only issues of law and facts of the matter.

Speaking as slowly as he walks, the former AG had brought to bear his experience, maturity, respect and dignity on the case even when both sides remain vehement, virulent and entrenched in their arguments on points of law, legal authorities and procedure without being antagonistic to each other. With this development, the two parties are now able to carry each other

Agabi

along.

In a long while since the case resumed on March 11, both the prosecution and defence are able to hold consultation and agree on the next adjourned date. They then persuaded the Tribunal chairman to agree with them. However, the agreement did not just come without the two sides first presenting different proposed dates.

Agabi is sometimes able to douse the tension on most occasions by cracking jokes or throwing banters at the bench and the prosecution. With that style, he gives the people in the Tribunal the occasion to laugh and be carried along with the arguments on the point of law being canvassed.

For example, when he announced that he had 80 lawyers in his team, he joked that the defence team is in the majority and that if the decision on the case were to be put to vote, they would simply win.

While also reading out the names of the

Senior Advocates and other lawyers in the team, he advised that the Chairman of the tribunal needed not take down the names again since the list had been submitted to him.

However, when the Mr. Danladi Umar then said the counsel should skip the ritual of reading the names, he said, “My lord, what about giving them the benefit of bowing before you and getting their names announced as part of the team”, the tribunal chairman agreed with him because it is an essential privilege for most of the young lawyers in the team.

At some times, Agabi will reiterate the importance of the case to the country as he often said the entire country is watching and waiting to see how the case will go.

“My Lord, it is necessary for us to put every point on record because this case is peculiar. I am under suspicion; Rotimi Jacobs (the senior advocate who leads the prosecution team) is under suspicion. My Lord, I dare not call your name, you are also under suspicion,” he said.

In another instance, he reminded the court that everybody is equal under the law and that his client, who is Nigeria’s number three citizen “is a good man”. The people burst into laughter. He has a way of changing the pitch and tone of his voice to accentuate and suit the point he is trying to make.

There are occasions when the Tribunal and the prosecution tried to put him on the spot. In one instance, the tribunal chairman, Mr. Umar and Jacob reminded him that as a former AG, who had utilised the provision of Sections 150 and 174 of the constitution to institute charges, even at the Tribunal, he could not be arguing that

the AG had no powers to institute a case in the Tribunal.

Agabi countered that the Code of Conduct Bureau (CCB) is a special court and that only the CCB could refer cases to the CCT. He said if he had instituted cases at the tribunal as AG it should be seen as one of his mistakes and that it was left for the defence team to point out this to the appropriate court.

“I am not infallible. I make mistakes.

That was one of my mistakes. In fact when I was AG, a woman accosted me somewhere and said you are the worst AG. I said thank you and moved on,” he told the Tribunal. He was so dramatic about that submission that everybody in the court could not help it but laugh.

Agabi seems to be an expert in what lawyers call ‘romancing’ the bench and the opposition. For example, when Jacob protested to the court that he had been under intense media attack aimed at intimidating and suppressing him, he shot back by saying, “Rotimi, I have said it that you are intelligent, courageous and strong. God, who gave you the courage, intelligence and strength, knows that you will need them to survive situations like this”.

The senior lawyer once told the court that he does not have the same strength and speed as the prosecutor because “I am 69 and in a few months from now, I will be 70”. This he dropped while seeking the Tribunal to give him more time for the prosecution to reply to his motion while he also responded to the reply.

- Quassim wrote from Abuja READ FULL TEXT ONLINE

Kogi Needs Liberation Now KogiStateisinacompletemessandrequiresurgentattention.PetraAkinti-Onyegbule writes

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aveat Emptor: I am writing this article as Petra, a daughter of Kogi State, because the indignation I feel due to the unprecedented and inconceivable rot that has been entrenched in the state of my birth.

This decay I see and the agony it weighs on my soul cannot be adequately expressed if I do not remove the toga of my office.

Ordinarily, this paragraph should not be necessary but, as it is expected, there are some people of great mischief and depravity, who would rather pull this piece into their gutter of division and political reproach. This paragraph takes care of such characters. Recently, I shared the story on Facebook of how my boss, Alhaji Yahaya Bello, the Kogi State Governor, uncovered the fact that the two billion naira loan secured by the past administration from the Central Bank of Nigeria was being abused and misused. The money was meant to be given to Micro, Small and Medium Enterprises (MSME) to support the entrepreneurs in their businesses and drive employment and productivity.

This fund was collected on behalf of the people to end the hunger and suffering of many, and would after some time be returned to the source from the people’s collective purse. Yet, it was being shared amongst a crooked few with reckless abandon.

However, instead of my all fellow Kogites

Bello

to join the governor in his indignation against those pilfering away our future, I was flummoxed to find a very garrulous few questioning the possibility and veracity of such a discovery.

If anyone is saying were they in the shoes of the Governor and saw circulars and memos written, in English no less, outlining a liability they inherited, yet claim they could not reach a conclusion that should lead to inviting the relevant authorities to investigate the fraud, it simply means they hardly possess the required intelligence needed to occupy a position where commonwealth is entrusted to them.

How can a loan taken for the development of a critical sector be disbursed by cash

without a trace of applications from the beneficiaries? Why convert the funds into illegal grants and claim all was done in good faith? It is perplexing and unfortunate for anyone to defend such monstrous wickedness against the common good of all Kogites over political, tribal or religious affiliations. Seeing how vociferously this group of individuals, whose names are unworthy to feature in this missive, are concocting and sharing falsehood all over the place, I can only conclude that it is either they are beneficiaries of this great heist or that they suffer from the most acute form of Stockholm Syndrome. Kogi is a beautiful mess. Alright, she is terrible mess. People who should protect her have, at best, closed their eyes to the rot or, at worse, participated actively in her merciless and bestial rape. She cries for succour; she wails for sanctuary. She will get both and nourishment to boot.

Yahaya Bello is saying, “Enough of the division that only benefits the privileged few! Away with the cancer of tribalism that only feeds the scavengers!!” Will we ignore his call for unity and progress simply because of his origin, which he had no choice in the matter? Will you place your angst for the manner in which he divinely emerged over your love for your state? If you have another place to call home, how about the millions under this yoke? Isn’t it time for respite? Isn’t it time to take back Kogi?

But I am not altogether surprised at this turn of events. I am sure my governor does not expect to take on the hydraheaded monster called corruption, which has brought Kogi to her bleeding knees, and expect corruption not to fight back. Corruption must surely fight back. What I know is that with Yahaya Bello’s determination and passion to recover every looted penny from the Kogi treasury, corruption WILL BE DEFEATED! I expect everyone, who desires the best for Kogi State to join hands with our Governor to recover our stolen patrimony and send destroyers of our heritage where they belong. Let the courts determine what they will. God, in His own way and time, will settle all man and matters.

Did I put a caveat above? Oh, well! In this fight, there is little room for gentility.

We shall give it what it takes. Soon, very soon, what is hidden from you will be brought to light. Hopefully, the scales will fall off. That is, if those scales are actually there. For like Chris Ngwodo shared a few days ago, “The most difficult person to wake is the one pretending to sleep.”

Whatever happens, Kogi shall be free from chains – one ministry at a time and sector by sector – the time to heal our land is NOW! -Akinti-Onyegbule is the Senior Special Assistant to the Kogi State Governor on Electronic Media

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WEDNESDAY, MARCH 23, 2016 • T H I S D AY

FEATURES

Acting Features Editor Charles Ajunwa Email charles.ajunwa@thisdaylive.com

Reading through Feeding Solomon Elusoji writes about a little initiative that hopes to encourage more children to enrol in schools in Northern Nigeria

AUN President, Magaret Ensign (R), interacting with some of the enrollees of the programme

W

hen Mrs. Nkem Uzowulu retired from Nigeria’s Federal Ministry of Education in 2014, she dreamt of long, quiet days, hibernating from a life of service. Just over 60 years of age, she had spent 35 years of her life educating young people. Education is a passion that consumes her, but she felt she was done and it was time to go home and pursue other things. Still, it took barely a year of rest before she decided to come out of retirement.

In 2015, the American University of Nigeria (AUN) offered her a job as the Director of AUN Schools. Unable to resist the lure of returning into the classroom, she took it.

“Education has always been fulfilling for me,” she says. “And getting the AUN job was like the icing on the cake.”

As Director of AUN Schools, Mrs. Nkem is in charge of the AUN Early Learning Centre, the AUN Academy (Elementary and Secondary), and the Charter School.

She is also in charge of AUN’s Feed and Read programme, an initiative that hopes to solve the education crisis in Northern Nigeria.

In June 2015, AUN’s President, Margaret Ensign, announced the Feed and Read Programme, which was initially targeted at Almajiri boys. Almajiri, an Arabic word, are children who leave home in search of Islamic knowledge. In an ideal world, the community supports these children with food and upkeep, as they leave their families to

become servants of Allah. But, in Nigeria, where the poverty rate is astronomical and welfare structures are scarce, Almajiris take to the streets to beg for their daily bread. Usually, having little to eat, they are impoverished and have no access to

The Feed and Read programme was designed to allow some of these Almajiri boys, who hang around the American University of Nigeria gate in Yola, to receive one meal per day, prepared by a local vendor, while also receiving literacy lessons

western education. So, the Feed and Read programme was designed to allow some of these Almajiri boys, who hang around the AUN gate in Yola, to receive one meal per day, prepared by a local vendor, while also receiving literacy lessons. The programme would turn out to be a big success and, in early 2016, the Feed and Read programme for girls who are increasingly taking to the streets, having been orphaned or displaced from their homes by Boko Haram violence, was launched.

“It is for them not to be vulnerable,” Mrs. Nkem says, her eyes fluttering with enthusiasm. “Apart from giving them a meal per day and teaching them basic literacy and numeracy, we also teach them vocational skills like soap-making, so that wherever these girls go, they can be able to sustain themselves.”

A lack of basic education and unemployment among young people in the North-east has been blamed as two of the biggest factors in the frenetic rise of terrorist group, Boko Haram, who can easily entice these idle and vulnerable youths with adulterated and violent religious evangelism. Although the Nigerian Military has had huge successes against the group in recent times, valid fears remain that they could make a bigger comeback if the underlying problems of illiteracy and unemployment are not dealt with. The AUN’s Feed and Read programme was designed to fill that need.

In February 2016, about two weeks after the programme kicked off, THISDAY visited one of the Feed and Read sessions for

girls, which holds every weekday inside the premises of the AUN Academy. It was a lively and engaging session, with a lot of energy, delight and play infused into the learning process. The instructors use a system called “Jolly Phonics”, a fun and child centred approach to teaching literacy through synthetic phonics. With actions for each of the 42 letter sounds, the multi-sensory method is very motivating for children and teachers, who can see their students achieve.

The curriculum used for the girls, some of whom might have never before stepped inside the walls of a classroom, was also specially created and designed with a specific target – to ensure that they leave the programme with the ability to read and write.

At first, the AUN chief, Ensign, provided funds for the programme from her own pocket, but as it grew, the university has begun appealing to international donors through the AUN Foundation, a non-profit based in the United States. Recently, the university received funding from the Irish government, with which it launched the girl’s version of the programme.

At the point of entry into the programme, the girls undergo a baseline assessment to know their level of literacy and numeracy skills; subsequent assessments are done as they progress in the programme, in order to understand how fast each of them is learning. Girls with similar learning speed are grouped together, so that slow learners can get more attention while the faster learners can move at their frenetic pace

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• T H I S D AY WEDNESDAY, MARCH 23, 2016

FEATURES

The girls in learning mode

without being held back. After they have registered, they will be given Identity Cards, so that the facilitators can be certain of those in the programme and be able to track their progress.

The original number of girls to be admitted into the programme was 50. That was the number specified by the Irish Government, who put down the seed funding for the programme. But as more girls trooped in, the President, Margaret Ensign, decided to increase it to 70. Still, that would not be enough, as more girls showed up. The current number of girls in the programme is 126.

The demography is mixed. There are

The curriculum used for the girls, some of whom might have never before stepped inside the walls of a classroom, was also specially created and designed with a specific target – to ensure that they leave the programme with the ability to read and write

Some of the girls being engaged in basic literacy

Christians and Muslims in the group, and their ages vary between three and 17. The age range was supposed to be between 7 and 17, but when the younger ones showed up, the President advised that they should not be turned away.

The foot soldiers of the programme include volunteer students and staff from the American University of Nigeria and the AUN Academy. There are also facilitators grafted from within the community.

One of the volunteer staff for the programme is the Director of Early Learning at AUN Academy, Mrs. Blessing Bello. “Teaching is my life, my passion,” she says. “So, for

me, it’s a dream come true. The children have grown in leaps and bounds. I’m so proud to be part of this project.”

The first day the girls came, Bello reminisces, they were fighting and jostling for food; it was difficult to get them on a queue and behave in an orderly manner.

But, two weeks after, they now take turns, sit orderly and even wash after themselves.

“These might seem like small changes, but just seeing them learn gives me joy,” she enthuses.

“I am doing this so that we can have less people who are illiterate,” another volunteer, 15-year-old AUN Academy student, Hadiza

Jika says. “They are learning really fast.

But we need more support to expand this.

We need more facilities and more people to teach.”

Mrs. Nkem, too, knows that more funds injected into the programme will help it expand. But she seems to be more concerned with the group of girls currently in her care.

“We all look forward to coming here every weekend,” she says. “We have made a lot of progress in two weeks and everybody is excited. AUN is a development university and we are very concerned about affecting their community. We have this burning desire to reach out.”

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IMAGES

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L≠R; Deputy CEO, TGI Group of Companies, Christian Wessels; CEO, Rand Merchant Bank Nigeria & Regional Head West Africa, Michael Larbie; CEO, Graeme Blaque Advisory, ,Zeal Akaraiwe; RMB Structuring Specialist, Basil Rennias and CEO, Financial Derivatives Company, Bismark Rewane, during the Annual RMBN Economic Breakfast 2016 session in Lagos.....recently

L≠R: Head, LPG, Oando Marketing Plc, Mr. Ganiyu Azeez; a Student of Queens College, Yaba/Winner of O≠Gas Regional Teens Can Cook Competition, Miss Ebo Obiamaka Emmanuella; President, Liquee d Petroleum Association, Mr. Dayo Adeshina and, Head Vocational, Queens College, Mrs Obialor Amaechi Nma during the presentation of gift to the winner of the 2016 O≠Gas Regional Cooking Competition heid in Lagos...recently

L≠R: Winner, 2015 Etisalat Prize for Literature, Fiston Mwanza Mujila; Patrons of the Prize, Kole Omotoso and Margaret Busby; Etisalat NigeriaĂ­ s Chief Executive OďŹƒcer, Matthew Willsher and the PrizeĂ­ s Chair of Judges, Prof. Ato Quayson during the presentation of cheque of ÂŁ15,000 to Mujila at the Awards Ceremony of the 2015 edition of the Prize in Lagos.....recently

L≠R; Head, Dealer Development and Special Projects, Toyota (Nigeria) Limited, Mr. Henry.Ade.Ojuoko; Chairman, Chief Micheal.Ade≠Ojo, presenting an award, to the representative of Nestle Nigeria Plc, Mr. Olaiya Abimbola, during the 2016 Toyota Customers International Awards, in Lagos...recently KOLA OLASUPO

L≠R: Marketing Manager, Fidson Healthcare Plc, Mr Friday Enaholo, Astymin Get Alert Promo February Star winner, Mr Irabor Micheal Eromosele and Product Manager, OTC, Mr Femi Ajala, during the cheque presentation to the February Star Prize winner in Lagos, recently.

L≠R: The Visioner, Excellence in Life , Dr. Femi Paul; Guest Speaker, The Catalyst, Mr. Lanre Olusola and CEO, Imagepro Consulting, Mrs. Evelyn Femi≠Paul, at the Maiden Edition of Excellence in Life Series in Lagos.... recently

L≠R: District Governor and Nominee Designate, Rotary Club of Nigeria, Mr. Kola Sodipo; President, Rotary Club of Ikeja GRA, Bukola Bakare; her husband, Lateef; President, Rotary Club of Igbobi Central, Carol Osuji and the Assistant District Governor, Lai Abidoye, during a presentation of an exemplary Leadership award to the President Rotary Club of Ikeja GRA, by Rotary Club of Igbobi Central, in Lagos...recently

T H I S D AY • WEDNESDAY, MARCH 23, 2016

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BUSINESSWORLD OVERDRAFT PRIME NORMAL LENDING

R A T E S 17.9773% 20.3040%

LOAN PRIME LOAN

A S

18.0478% 20.7143%

A T

DEPOSIT/LENDING SAVINGS ACCOUNT STRICT CALL 7 DAYS

GroupBusinessEditorChikaAmanze-Nwachuku Emailchika.amanzenwachukwu@thisdaylive.com 08033294157

M A R C H 1 8 , 2.3119% 2.8642% 3.2102%

60 DAYS 90 DAYS 180 DAYS

6.4400% 7.2438% 7.2417%

2 0 1 6

EXCHANGE RATE N155.70 US DOLLAR* *AS AT LAST FRIDAY

Quick Takes MoneyGram Partners GTBank on Remittance

MoneyGram and GuarantyTrust Bank Plc have patneredto increase their share in the Diaspora’s yearly remittance market estimated at over $21 billion.

To this end, the two institutions have launched a remittance service platform, where MoneyGram’s ‘receive services’ would be enabled across the Guaranty Trust Bank network.

With the initiative, customers in Nigeria can now receive money from friends and family in 200 countries and territories directly into their personal Guaranty Trust Bank accounts within minutes.

These funds can be accessed as customers would normally do on all deposits into their accounts either in person, online or through an ATM. MoneyGram CEO Alex Holmes and Guaranty Trust Bank general manager, operations division, Tayo Asupoto made the announcement during a signing ceremony in Lagos.

“Remittances are crucial to Nigeria’s economy. Nigerians living abroad sent more than $21 billion back into the country in 2015.

MoneyGram’s account deposit service makes it easy and convenient for both the sender and the receiver to transfer and receive funds.

“We are pleased to work with GT Bank and we are proud to be connected to almost 1.5 billion bank accounts in five of the world’s largest remittance receive markets — Nigeria, China, India, Mexico and the Philippines,” the Chief Executive Officer, Alex Holmes, said.

PARTNERSHIP AGREEMENT

L-R: Executive Vice President, Africa, Middle East Asia, MoneyGram, Grant Lines; Executive Director, GTBank, Wale Oyedeji; Chief Executive Officer, MoneyGram, Alexander Holmes and Vice President, Africa, China, Herve Chomel, during a strategic partnership Agreement signing ceremony between MoneyGram and GTBank, held in Lagos...DAN UKANA

CBN Mulls 3% Interest Rate for Microfinance Banks Obinna Chima There are strong indications that the Central Bank of Nigeria (CBN) will soon announce a uniform interest rate of three per cent to be charged by microfinance banks (MFBs).

The central bank has given stakeholders in the MFB subsector up to March 29, 2016, to make input into the policy being considered, THISDAY learnt.

A reliable source, who disclosed this to THISDAY, said the development has continued to unsettle microfinance operators.

Presently, MFBs apply arbitrary charges on loans they offer their customers, who are mostly micro business operators. In fact, the interest rate charged

by MFBs range between 5 and 50 per cent, depending on the

ECONOMY firm.

“What the central bank wants to do is that every MFB must not exceed three per cent interest rate monthly. This covers both reducing balance and flat interest rate. The three per cent would be inclusive of all charges such as insurance, administrative and other charges.

“To do that, the CBN is not considering how many people would be thrown into the labour market and a lot of people would be fired because the MFBs would have to struggle to manage their cost of operation,” the source added.

The Chief Executive Officer of Complete Trust Microfinance Bank Limited, Complete Trust Microfinance Bank Limited,

Mr. Chinedu Nwogem, who confirmed the development, said the operators should be given more time to stabilise their businesses.

“MFBs are still trying to stabilise and should be given more time before the policy would be implement because it might stifle our businesses,” he added.

Checks by THISDAY showed that the portfolios of MFBs are dropping as a lot of business operators and individuals are no longer willing to collecting loans because of the slowdown in economic activities. Even the ones that had been granted loans are finding it difficult to repay.

The central bank had amended the regulatory and supervisory guidelines for MFBs and had

grouped the licensing requirements for MFBs under three categories namely Unit, State and National MFB. A Unit MFB is authorised to operate in one location. It shall be required to have a minimum paid-up capital of N20 million and is prohibited from having branches or cash centres.

On the other hand, state MFBs are authorised to operate in just one state or the Federal Capital Territory (FCT).

They are required to have a minimum paid-up capital of N100 million and are allowed to open branches within the same state or the FCT, subject to prior written approval of the CBN for each new branch or cash centre.

Continued on page 24

Firms Pay High Financing Cost as New Issues Market Remains Dormant Goddy Egene Many listed manufacturing companies are paying high charges for debt funding since the primary segment of the equities market has remained dormant for over seven years.

One of the reasons companies list on the Nigerian Stock Exchange (NSE) is to have access to equities funding, which is relatively cheaper than bank borrowing. While bank charges on short term borrowing are over 20 per cent, equity funding is below five per cent.

However, since the stock market meltdown of 2008,

STOCK MARKET companies have reduced equities issuing. While there have not been any initial public offerings (IPOs), the companies that accessed the market for equity did so through rights issue. Others resort to bond and bank borrowings.

THISDAY checks revealed that the short term borrowings from banks are impacting negatively on the performance of the companies as they are paying high cost of finance.

For instance, three of manufacturing firms that released their results last week paid

higher financing costs. PZ Cussons Nigeria Plc paid N390 million as financing cost for the nine months, which is a jump of 225 per cent from N120 million in the corresponding period of 2015.

Lafarge Africa Plc paid N9 billion as cost of finance for the 2015 financial year, which is 13.8 per cent above the N7.9 billion paid in 2014. Dangote Sugar Refinery Plc paid N700 million as financing cost compared to N106 million in 2014.

Investors, who suffered heavy losses and buying the many IPOs of 2007 and 2008, have developed cold feet and apathy

for the market. This has led to non-issuance of IPOs and a reduction in new offerings.

While the recovery of the market in 2013 had raised hopes that the equity segment would become active, decline in 2014 and 2015 has dashed such hopes and expectations.

Some analysts had said the market would record IPOs in the second half of 2015. Sources close to issuing houses had told THISDAY that given the positive outlook the Nigerian economy is getting after the successful general elections and Continued on page 24

OBG Report Focuses on Non-oil Sector

The growing contribution that services are making to Nigeria’s economy against a backdrop of falling oil prices will be given wide-ranging analysis in a report by the global publishing firm Oxford Business Group (OBG). The report titled: “Nigeria 2016,” will shine a spotlight on the country’s efforts to boost growth across the non-oil sector, as part of its broader bid to reduce reliance on hydrocarbons.

According to a statement, there will be detailed coverage of the key role that the country’s strong fundamentals continue to play in garnering investor interest.

OBG’s report will also look at what Nigeria is doing to address the challenges it faced in 2015, which included lower revenue from oil, uncertainty around presidential elections and currency depreciation.

It revealed that law firm Ajumogobia and Okeke, has signed a memorandum of understanding (MOU) with OBG for the publishing firm’s 2016 report on the country. Under the MOU, the company will team up once again with OBG to compile and produce the Law Chapter of The Report: Nigeria 2016.

The Managing Partner at Ajumogobia and Okeke, Ovie E. Ukiri said: “As a result of the declining oil earnings for the Country (due to a slump in global oil sales) and a shift in focus to other areas long overlooked as a potential replacement, the firm’s contribution to The Report: Nigeria 2016 will illustrate and highlight salient legal and regulatory issues affecting some of the key sectors that may likely replace oil in the local landscape.”

Ericsson, China Mobile Extend 5G Cooperation

Ericsson has joined China Mobile’s 5G Joint Innovation Center program to accelerate development of next-generation wireless networks, which will be faster, more powerful and offer even greater opportunities.

According to a report, the agreement to broaden their cooperation on 5G was first revealed as revealed at Mobile World Congress 2016 in Barcelona.

China Mobile’s 5G Innovation Center initiative aims to accelerate the development of 5G by establishing a cross-industry ecosystem and setting up an open lab to provide a platform for new products and applications, and to foster new business and market opportunities.

In January 2016, Ericsson and the China Mobile Research Institute signed a Memorandum of Understanding (MoU) to collaborate on the development of its Open NFV Lab and the NovoNet. In December 2015 the parties also signed another MoU, covering an extensive range of 5G research and development cooperation.

The opportunities in Nigeria are enormous looking at the large population and number of consumers who are still largely unattended to Managing Director, Ecobank Nigeria, Mr. Charles Kie

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T H I S D AY • WEDNESDAY, MARCH 23, 2016

BUSINESSWORLD CBN MULLS 3% INTEREST RATE FOR MICROFINANCE BANKS Similarly, national MFBs are authorised to operate in more than one state including the FCT. They are required to have a minimum paid-up capital of N2 billion and are allowed to open branches in all states and the FCT, subject to prior written approval of the CBN for each new branch or cash centre.

In addition, the guideline states that a Unit MFB that intends to transform to a state MFB would be required to surrender its licence and obtain a State MFB licence, subject to fulfilling stipulated requirements. Also, a state MFB that intends to transform to a national MFB is expected to have at least five branches spread across the local government areas in the state of its original operation.

This, according to the CBN is to ensure that the MFB had gained the experience necessary to manage a national MFB.

FIRMS PAY HIGH FINANCING COST AS NEW ISSUES MARKET REMAINS DORMANT efforts of regulators were making to attract investors back to the market, the IPO segment of the new issue market would become active as from the second half of 2015.

“The high political risk prior to the general elections prevented many investors from the market. And when you have a situation like this, no company would want to come out to take such risk.

However, with the political risk going down due to the successful election, companies are now considering accessing the market via IPOs and get listed,” a source in one of the leading issue houses said last year.

Mr. Ibukun Adebayo of the London Stock Exchange (LSE) had also told THISDAY that the driving force for capital raising across Africa in 2014 was debt, explaining that equity IPO raising would become active in 2015.

Group Business Editor

Chika Amanze-Nwachuku Maritime Editor

John Iwori

AgriBusiness/Industry Editor

Crusoe Osagie

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

Chinedu Eze (Aviation) Linda Eroke (Labour) Eromosele Abiodun (Cap Mkt) Ejiofor Alike (Energy) James Emejo (Nation’s Capital) Obinna Chima (Money Mkt) Reporters

Nume Ekeghe (Money Market) Nosa Alekhuogie (AgricBusiness)

NEWS

FMDQ Launches New Dealing Membership Category Goddy Egene FMDQ OTC Securities Exchange (FMDQ) has introduced the specialist category of its Dealing Membership category for non-bank financial institutions (NBFIs) to act as market makers in the fixed income market. They are to be known as Dealing Member Specialists (DMSs).

According FMDQ, participation of the NBFIs, which are the investment banking firms and securities dealing firms, will generate additional liquidity to the Nigerian fixed income market and serve as an avenue for effective and efficient retail participation in this market.

The company said this unique initiative, where fixed income dealers of NBFIs can trade Bonds, Commercial Papers (CPs) and Treasury Bills (T.bills) in the FMDQ market, stemmed from the identification of an innovative opportunity for the much needed participation of NBFIs in the Nigerian fixed income market.

“The DMS market will be one where the participants, DMSs, will make market in T.bills (to begin with) and FGN Bonds, providing two-way quotes to other DMSs and one-way quotes to clients (institutional and retail), thereby generating the required fixed income market liquidity in these factions of the investor market. The DMS market will operate like the existing FMDQ Dealing Member (Banks) market with a view to the full integration of the Dealing Member (Banks) and DMSs markets at some point in the future. Forward-thinking and resourceful NBFIs, via this new membership category, will contribute to the development of the Nigerian debt capital market (DCM) and indeed leverage on this potentially highly beneficial business opportunity,” the platform said.

FMDQ currently has 23

institutions that have successfully completed the first phase of the membership application process and prudently positioning to take advantage of this opportunity.

The company said: “In 2015, FMDQ along with over 35 NBFIs, finalised the draft framework covering the DMS Project Roll-Out Plan, minimum registration requirements, operational modalities and Trading System requirements for the DMS market and proceeded to implement the various action points, with the activation of the new membership category in December 2015. As part of the implementation exercise for this Project roll-out, a robust web-based proprietary trading

system, FMDQ Q-Deal, has been deployed to facilitate the trading of fixed income securities by the DMSs. With integrated multi-trading style functionalities, the Q-Deal features anonymous and bilateral trading capabilities and enhances accessibility, price formation, pre- & post-trade price discovery and market surveillance. Incorporated into the system is a frontier trade order management solution that will enable DMSs monitor their trading position and profitability on a real-time basis.”

The FMDQ explained that DMS is a subset of the FMDQ Dealing Member category of membership which also consists of the Central Bank of Nigeria

(CBN) licenced banks as the primary subset in this membership category.

“The dealing members, combined, will make market in the products traded on the OTC Exchange, under the efficient governance of FMDQ, serving to promote the integrity of the market, thereby improving, deepening market liquidity and ultimately developing the Nigerian DCM market and overall economy,” it said.

Furthermore, a 2-day Simulation Workshop (scheduled for Wednesday, March 23 & Thursday, March 24, 2016) is being organised for the twenty-three (23) institutions that successfully completed the initial membership application to become DMSs. The Simula-

tion Workshop is a crucial step in the implementation process as it provides participants with a trial-run of the trading system, FMDQ Q-Deal, a glimpse into how the DMS market will operate and most importantly, an avenue for feedback and recommendations to ensure a seamless activation of the market at go-live. The CEOs of the DMSs will witness the Simulation Workshop. Following this Workshop, a 1-month trial period, when DMSs will “dummy” trade, will begin, to help the DMSs further entrench their understanding of the FMDQ Q-Deal and the DMS Market Rules ahead of the commencement of live trading on T.bills (and later FGN Bonds) on the FMDQ platform.

FACILITY TOUR

L-R: Group Managing Director/CEO,Sonia Foods Industries Limited, Mr. Nnamdi Nnodebe; President, Manufacturers Association of Nigeria (MAN), Dr. Frank Jacobs; and Director, Field Services Department, MAN, Mr. Segun Ajayi-Kadri, during the factory tour of the company in Sagamu, Ogun State...recently

NAICOM to Issue Identification Numbers to Insurance Policy Buyers Stories by Ebere Nwoji The National Insurance Commission (NAICOM) has said that all insurance policies issued in Nigeria will be assigned identification numbers, with effect from June this year.

The commission said this would be made possible through its much awaited portal system, which will be in use from June.

The portal system is an electronic gadget designed for effective supervision and monitoring the activities of industry operators.

The Director, Research Strategy and Information Technology at the NAICOM, Adamu Balanti, who disclosed this at a media briefing in Ogun State, said with the portal system, the commission will not only achieve effective monitoring and supervision of the operating firms’ activities, but will showcase to Nigerians every insurance policy written and the names of companies that insured them.

Ballanti said currently, the commission, is sensitising the industry on the use of

the portal.

“Before June, we will roll out the portal and when operational, it will capture every single insurance policy issued in Nigeria to ensure that every policy you pick has identification number to be issued by NAICOM”, he said.

It is expected that the unique policy identification system of the commission will solve problem of identifying the particular insurance firm that insured a particular business especially when there is risk and need for payment of claims.

The practice over the years is that when there is insurance policy contract, only the insurance firm that issued the policy, the broker and the insured will be aware of the underwriter and when claims occur, the underwriter is hidden from the public and in some cases and the underwriter hardly admits that he was in charge of the policy.

Against this backdrop, NAICOM has in the past few years made known its intension to make use of the portal system in its supervisory functions, a development, which has set

some operators jittery even before the commencement of use of the system.

“NAICOM is moving closer and closer to us in its supervisory functions, anything you do, within the next one hour, you will receive a call from the commission, when the portal system comes on board, Who knows what the whole picture

will look like, operating firms will just be caught in the act in any mistake they make,” he said.

According to Balanti, the system will reduce to the barest minimum the prevalence of improper records regarding policies issued, adding that with the system, NAICOM will be able to track the number of

insurance policies issued by underwriters.

He said: “This system is to build an integration point for the various stakeholders involved in insurance policy issuance. Generate and provide a unique identification number for every policy issued, in order to track and provide relevant statistics on them”, he said.

…Approves 2015 Audited Accounts of Seven Insurance Firms Only 12 out of the existing 58 insurance firms have submitted their audited financial reports for 2015 to the National Insurance Commission (NAICON), the Commission’s Director of Supervision, Nicholas Opara has said.

He said, seven, out of the 12 companies have received approval of the commission while two have been reviewed and their letter of adjustment written. According to him, the commission is yet to work

on the account of Continental Reinsurance, which was the last company to submit among the 12.

Opara, who disclosed this in Abeokuta, Ogun State, said insurance firms that have not submitted their reports should do so without delay, as NAICOM is ready to implement to the last, the provisions of the Insurance Act 2003 on those who fail to meet the deadline.

He said the commission gave June 30 as deadline for

submission, insisting that any company, which fails to meet the date, would pay a fine of N5000 for the number of days it delayed until the day it submitted.

Opara said, rather than complain about the fines paid for misdeeds by insurance firms, operators should endeavour to comply with payment deadline, pointing out that NAICOM does not initiate these fines but is only following the trend in the global arena.

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BUSINESSWORLD

EQUITIES WATCH

Access Bank Sustains Growth Goddy Egene writes that the 53 per cent growth in profit after tax recorded by Access Bank amidst economic headwinds was impressive The net interest margin (NIM) declined to 5.9 per cent in FY 2015 from 6.8 per cent in 2014, as cost of funds increased by to 5.2 per cent from 4.6 per cent in 2014 owing to a higher interest rate environment in the first half of the year.

Cost-to-Income Ratio (CIR) remained relatively flat at 62 per cent in 2015, compared with 62.2 per cent.

When banks began to announce their audited results for the 2015 financial year, many investors were apprehensive over the performance of the banks considering the headwinds in the financial sector in particular and the economy generally. The declining oil prices, which affected the fortunes of oil firms that the banks were widely exposed to and the challenges in the foreign exchange (forex) market, were major concerns to investors.

The apprehensions were confirmed when three banks sent profit warnings to the capital market community that their earnings in 2015 would be lower than 2014. The banks cited spike in impairments particularly in the energy sector and the significant reduction in trade finance-related revenues due to foreign exchange illiquidity among others.

However, the frayed nerves of investors where calmed last week when four banks released their audited results, announcing profits and higher dividends for shareholders.

For instance, Access Bank Plc reported the best performance among the three banks in terms of profit growth as profit after tax (PAT) rose by 53 per cent.

Revenue and Profitability Access Bank posted gross earnings of N337.4 billion in 2015, up by 38 per cent compared with N245.4 billion in 2014. Interest income and non-interest income contributed 62 per cent and 38 per cent respectively to the gross earnings. Interest Income grew by 17 per cent from N176.9 billion to N207.8 billion in 2014 as a result of improved income from lending activities and increased yield on investment securities.

Non-Interest income stood at N129.4 billion, up 89 per cent in 2015 from N68.4 billion in 2014, largely attributable to strong gains on forex trading income, which reflects management’s ability to diversify the bank’s revenue sources.

Operating income rose by 39 per cent from N168.4 billion to N234.8 billion in 2015 on the back of increased earnings compared.

Despite the high cost of operations, Access Bank showed great efficient management leading to significant growth in bottom-line.

Profit before tax (PBT) for the period rose to N75 billion, representing a 44 per cent growth when compared to N52 billion in 2014. PAT jumped by 53 per cent from N43.1 billion to N65.9 billion. Return On Average Equity (ROAE) of 20.4 per cent in 2015, was an improvement on the 16.5 per cent posted in 2014, indicative of the bank’s commitment to maximising shareholder returns.

Balance Sheet Among the three banks that announced their results last week, Access Bank recorded the

Wigwe

highest loan growth of 25 per cent. Loans and Advances were up to N1.41trillion in December 2015, from N1.12 trillion in December 2014. The bank’s customer deposits hit N1.68 trillion in 2015, showing an increase of 16 per cent compared to N1.45 trillion in 2014 driven by enhanced customer engagement and an accelerated deposit mobilisation drive.

Total assets closed at N2.59 trillion, up by 23 per cent from N2.10 trillion in 2014, thus reflecting overall business growth. Access Bank’s capital adequacy ratio (CAR) improved by to 19.5 per cent when compared to 18.4 per cent in 2014, benefitting from the capital injection following the Rights Issue during the year.

Asset Quality Credit quality improved in the year as the percentage of non-performing loans to total gross loans stood at 1.7 per cent, which represents a 50bps improvement over 2.2 per cent recorded in 2014. Coverage Ratio (with regulatory risk reserves) stood at 279.8 per cent in 2015 from 159.1 per cent in 2014.

Cost of risk stood at 1.0 per cent from 1.2 per cent in 2014, Impairment charges increased to N14.2 billion from N11.7 billion 2014, driven by specific and collective impairment recognised during the year due to macroeconomic headwinds.

Operational Efficiency

ACCESS BANK FULL YEAR FINANCIAL SUMMARY

400 300 200

DEC, 2015 N337.4bn DEC, 2014 N245.4bn DEC, 2015 N201.8bn DEC, 2014 DEC, 2015 N179.4bn N129.4bn DEC, 2015 N75bn

100 75

DEC, 2014 N68.4bn

70

Guided by a robust risk management framework, our diversified business model yielded positive results as we grew the business cautiously and recorded sound prudential ratios

DEC, 2015 N65.9bn

65 60

DEC, 2014 N52bn

55 50

DEC, 2014 N43.1bn

45 40 35 30 25 20

GROSS EARNINGS

INTEREST INCOME

NON-INTEREST INCOME

PROFIT BEFORE TAX

PROFIT AFTER TAX

GMD’s Comments Commenting on the result, the Group Managing Director of Access Bank, Mr. Herbert Wigwe, said: “This year’s results reinforce our resolve to generate sustainable returns despite challenging market conditions. We achieved strong financial progress in 2015 as the Group recorded a 44 per cent growth in profit before tax to N75 billion from N52 billion in 2014, with significant contribution from our securities trading business. Guided by a robust risk management framework, our diversified business model yielded positive results as we grew the business cautiously and recorded sound prudential ratios. During the year, we successfully raised capital by way of Rights Issue, which has significantly strengthened our capital base and now provides us with sufficient headroom to harness opportunities in key growth sectors of the economy.

According to him, the recent upgrade of the bank’s national scale credit rating to ‘A’ by Fitch Ratings – even in an extremely difficult environment – will enable growth in the market share of our customers’ businesses and solidify our position as a top player in the industry.

“We also made remarkable headway in redesigning our systems and processes to enhance service delivery across all customer touchpoints, with emphasis on tailored customer interactions. Leveraging innovation, we introduced products and solutions which have enhanced our brand equity and recorded significant customer adoption and migration to our digital platforms. In the coming year, we will remain resilient in the execution of our bold strategy for increased growth and profitability. Though market conditions will remain challenging, we will focus on innovation, proactive risk management and data analytics as catalysts for diversifying income streams and enhancing retail expansion, so as to maximise shareholder value in 2016 and beyond.”

Giving some of the operational highlights of the bank in 2015,he said a new chairman of Board, Mrs. Mosun Belo-Olusoga was appointed following Mr. Gbenga Oyebode’s successful completion of the maximum 12eyear term prescribed by the Central Bank of Nigeria (CBN).

“Upgrade of the bank’s core banking application to Flexcube 12.0.2 – the most recent version of the Flexcube Universal Banking System (FCUBS) – in order to enhance service delivery across all customer touch-points. We launched PayWithCapture, an innovative payment application that enables offline and online payment at merchant locations with electronic devices. We established representative offices in the United Arab Emirates, Lebanon and India to facilitate trade finance,” Wigwe added.

He disclosed that Access Bank received some awards last year. The bank won an award for ‘Best Flow House in Africa’ in the 2015 Euromoney Awards for Excellence, for demonstrating the ability to excel in areas of foreign exchange, equities, rates and credit and commodities to our customers across the continent. “The Bank emerged as the first Nigerian Institution to win this award of Institutional Leadership in Risk Advocacy Award by the Risk Managers Association of Nigeria (RIMAN) – 2015, ‘Most Socially Responsible Bank in Nigeria by the International Finance Magazine UK – 2014/2015 and Corporate Affairs Commission Corporate Citizens Award under the More Extensive Compliance Category – 2015,” he said.

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ANALYSIS

Appraising Onyema in the Saddle Eromosele Abiodun reviews Oscar Onyema’s first tenure as the chief executive of the Nigerian Stock Exchange, the decision of its council to renew his appointment for another five years and the task ahead The Nigerian Stock Exchange (NSE), whose index tumbled 67 per cent from its March 2008 peak, was just getting back on its feet when Oscar Onyema was appointed Chief Executive Officer of the Exchange in 2011.

Onyema was appointed after the sack of Ndi Okereke Onyuike as the Director General of the NSE, over alleged misappropriation of an estimated N11 billion. To fill the gap, the Securities and Exchange Commission (SEC) appointed Mr. Emmanuel Ikhazobor as interim administrator.

The emergence of Ikhazoboh, a Forensic Auditor, as the interim administrator for the exchange, according to SEC was to ensure that an exhaustive investigation was conducted into the books of the NSE with a view to unraveling all aspects of the fraud allegations, after which a new substantive DG would be named.

The Commission had told confused stakeholders that the commission decided that its action was in the interest of the public and necessary to protect the investors. True to its promise, a few months after, Onyema was appointed Chief Executive Officer of the NSE. Unfulfilled Capitalisation Promise In a bid to show that the NSE had entered a new era, Onyema introduced himself to the capital market community with a startling announcement.

Top on the list was his plan to make the NSE a $1 trillion market. He also announced plans to attract the international oil companies (IOCs) as well as give shares to members through demutualisation.

Onyema had said: “Our goal is to grow our market capitalisation from $74 billion to $1 trillion in five years. If we can attract the oil and gas sector, if we can attract the telecoms sector and power sector then we should be able to hit those numbers.”

As at that time, the NSE’s index was subSaharan Africa’s third-worst performer over 12 months after Kenya and Botswana’s and was the second-biggest by market capitalisation after South Africa’s, which has a value of $494 billion.

Onyema had noted that oil exploration, power and telecommunications companies were not represented on the bourse and would be totally new areas for the exchange. “Agriculture is

Onyema’s tenure as CEO of the NSE is marked by outstanding achievements.

The Council is confident that he can continue the exchange’s trajectory of transformation, innovation and marketplace recognition by implementing its business strategies which he has been instrumental in developing

FIVE YEARS OF OSCAR ONYEMA’S NSE- THE FACTS!

NUMBER OF FGN BONDS(2011)

25 worth N2.9Trn

NUMBER OF LISTED EQUITIES (2011)- 201

No. of securities (2011)-250

AVERAGE DAILY VOLUME(2011)

364.15Mn

AVERAGE DAILY VALUE(2011)

N2.5Bn

($16.99Mn)

TOTAL INCOME(2011)

N3.95Bn

MARKET CAPITALISATION(2011)

N6.54Trn($19.35Mn) (2.3% of GDP)

another area where we will be making a push as it’s underrepresented on the bourse and makes up 40 per cent of the nation’s gross domestic product.

“We really want them because we believe a well -functioning capital market is a good barometer for the economy. So where these major sectors are not represented in our capital markets today we are not giving you an accurate picture of the economic potential of Nigeria”, he added.

Onyema’s optimism was further reinforced when it emerged that the Nigerian National Petroleum Corporation (NNPC), which holds an average 57 per cent stake in joint ventures with companies including Royal Dutch Shell Plc, Total SA and Exxon Mobil Corporation, may list.

Delisting Galore While awaiting the listing of the NNPC and IOCs, smaller companies were delisted for one reason or the other.

Truth be told, most of these companies just existed and were not meeting their listing requirements. But Oyema’s major failure in this regard was not doing enough to keep the Nigerian Bottling Company (NBC), makers of Coka-Cola on the Exchange.

The following are some of the companies delisted since Onyema assumed office: Nigercem Plc (2011/ regulatory: NSE); Daily Times Plc (2011/regulatory: NSE); and Albarka Airline

Low

High

NUMBER OF FGN BONDS(2015)- 52

worth N7.14Trn

LISTED EQUITIES (2015)-190

No of securities (2015)-257

AVERAGE DAILY VOLUME(2015)

375Mn

AVERAGE DAILY VALUE(2015)

N3.86Bn

($19.35Mn)

TOTAL INCOME(2015)

N8.1Bn

MARKET CAPITALISATION(2015)

N9.86Trn($49.46Bn) (3.7% of GDP)

Plc (2011/regulatory: NSE). Other notable companies that delisted from the daily official list of the Exchange are: Abplast Plc (2012/ regulatory: NSE); Udeofoson Garment Plc (2012/regulatory: NSE); Hallmark Paper Product Plc (2012/regulatory: NSE); BACGO Bag Plc (April 11, 2013/ merged with Flour Mills Plc); Crusader Nigeria Plc (May 13, 2013/ merged with Custodian & Allied Insurance Plc; West African Aluminium Plc (June 3, 2013/ regulatory: NSE); and Nigerian Wire Industry Plc (June 3, 2013/regulatory: NSE).

Foremost Dairies Plc (2011/regulatory: NSE); Wiggins Teape Nigeria Plc (2011/regulatory: NSE); Okitipupa Oil Palm Plc (2011/regulatory: NSE); First Capital Investment & Trust Plc (2011/regulatory: NSE); Flexible Packaging Plc (2011/regulatory: NSE); Newpak Plc (2011/ regulatory: NSE); Krabo Nigeria Plc (2011/ regulatory: NSE); and Tropical Petroleum Plc (2011/regulatory: NSE).

Also, in 2011, Nigerian Bottling Company Plc delisted voluntary; while in the same year, Nampak Plc delisted voluntarily. United Nigeria Textile Plc (2011/voluntary); Bank PHB Plc (2011/nationalised: CBN); Afribank Plc (2011/ nationalised: CBN); Spring Bank Plc (2011/ nationalised: CBN); Intercontinental Bank Plc (2011/merged with Access Bank Plc); Oceanic Bank plc (2011/merged with ETI Plc); Finbank plc (2011/ merged with FCMB Plc) and Ecobank lc (2011/absorbed by ETI: now Ecobank Nigeria Limited).

Demutualisation Plan Apart from Onyema’s plan to list IOCs, diversifying the NSE from predominantly equity based into other asset classes and demutualisation were top on his agenda.

“We want to do it right, we don’t want to do it in a rush. We want to make sure we take into consideration all the stakeholders and we address all the key questions that need to be addressed as part of the demutualization process,” he said.

Endless Wait However, aside that a committee was set up to look into the matter, nothing concrete has been done. Also, the plans to list IOCs and increase the market capitalisation of the NSE have not materialised. In the same vein, plans to introduce securities lending, market making are either are to materialise and make the desired impact.

Another Five Years The National Council of the NSE, however, believed Onyema had done enough to merit another five year time. Hence, the Council announced a second term of five year for Onyema as the CEO of the exchange. The employment renewal came as the first term contract was expected to expire on March 31, 2016.

The new term, the NSE council stated, is a reflection of the contribution of Onyema to the Exchange since he assumed office the CEO. The President of NSE, Mr. Aigboje AigImokhuede, said: “Mr. Onyema’s tenure as CEO of the NSE is marked by outstanding achievements. The Council is confident that he can continue the exchange’s trajectory of transformation, innovation and marketplace recognition by implementing its business strategies which he has been instrumental in developing. The leadership qualities that he has demonstrated in his first term as CEO, in the face of such intense and challenging operating environment, have been exemplary.

The Council believes that his vision and passion will ensure the exchange remains a force to be reckoned with in Africa and beyond.”

He added: “When Onyema assumed office for the first tenure in April 2011, he developed the strategic plan to transform the exchange into a globally competitive brand by stabilising and professionalising the exchange. He led the execution of the NSE’s transformation strategy, which resulted in over 365 per cent increase in surplus, and 40 per cent increase in NSE Group balance sheet size for the period. He has transitioned this strategy into a five year growth plan, 2015 to 2019 which will see the exchange increase the number of new listings across five asset classes; increase order flow in the five asset classes; and operate a fair and orderly market based on just and equitable.

X-GEN as Testimony When he assumed office as the CEO, NSE, Onyema spearheaded the transformation agenda that has no doubt brought the bourse to a global focus. Amidst his numerous achievements during his first tenure two of them were outstanding.

These include the successful rolled out of a new trading platform, X-GEN and admission of the NSE as a full member of the World Federation of Exchanges (the “WFE”).

The launch of the X-GEN platform, stakeholders said, was not only a historic milestone for the capital market community but equally reinforce Nigeria’s position as a regional financial hub.

As noted by a market analyst: “The delivery of the new age technology serves as a testimony that the NSE has succeeded in achieving one of its key goals of providing 21st century technologies to support the growth of the Nigerian Capital Market.”

The X-GEN trading platform came with Continued on page 27

T H I S D AY • WEDNESDAY, MARCH 23, 2016

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ANALYSIS APPRAISING ONYEMA IN THE SADDLE

The fact is that he has been there for five years and we have not witnessed any significant change. They have continued to blame market situation on global crisis but I believe they are too theoretical not practical.

a number of leading technologies, including NASDAQ OMX’s XStream matching engine. The platform helps the NSE and its technical partners to develop a flexible and robust X-GEN Market Database from scratch thereby supporting trading of cash equities, bonds, ETFs and derivatives.

The new platform has offered wider access to real time data, improved market transparency and governance. In addition it has enabled the running of the Financial Information Exchange (FIX) protocol version 5. These technologies have been deployed on a highly optimised low latency network (X-Net) for trading on the floor of the Exchange and remote broker-dealer offices based in Lagos and underpinned by efficient business processes.

By deploying the industry’s leading trading engine, the NSE made a bold statement to the domestic and international investors that the bourse under the leadership of Onyema is dedicated to operating a high performance, low latency, robust, scalable and flexible marketplace.

This view was affirmed by the Executive Director Market Operations and Technology, NSE, Ade Bajomo, who during the launch of the platform on September 30, 2013 said, “Today, we are trading live on X-Gen and this is a result of a focused, disciplined and intensive 12-month project involving the NSE, its technical partners and the broker dealer community. We believe that the successful implementation of this modern, world-class trading technology suite is a significant development that will change the experience of doing business in not only the Nigerian capital market but in Africa.”

Admission into Global League The reception that followed the announcement of the admission of NSE as a full member in the World Federation of Exchanges (WFE), the trade association for the operators of regulated financial exchanges on October 28, 2014 is evidence of how much the exchange community has anticipated joining this global league of capital market operators.

Until the NSE was elected as a Federation member during the 54th General Assembly and Annual Meeting of the WFE held in the capital city of Korea, Seoul, Nigerians have criticised the exclusion of the exchange from this global community stressing that it is an indication that the market is not matured. The NSE is the third African stock exchange to be granted full Federation membership status.

Commendable Initiative Another commendable initiative of the Onyema’s first tenure in the NSE is the ingraining of corporate integrity into the fabric of listed companies through the establishment of a Corporate Governance Rating System.

According to the Executive Director of Capital Market at the NSE, Mr. Haruna Jalo-Waziri, the objective of the initiative was to raise overall corporate governance standards in the country, by providing companies with an incentive to develop global best practices. It will provide opportunities for companies to differentiate

themselves in the market place.

In another development, the NSE on July 14, 2014, upgraded and re-launch its website. The site came with a more contemporary design, as well as incorporated a more intuitive navigation and introduces several enhanced features along with sections that will provide access to information on the various products and instruments that are listed and traded on the regulated market.

The new site gives visitors a clearer view of the exchange’s activities and allows transparent access to a wide variety of information and data from any device with a functional browser.

The upgrade, according to Onyema, was to make the NSE be at pair with global brands.

“The upgrade of the NSE’s website fits well with our desire to become the leading platform to access capital in Africa. Nigeria is the largest economy in Africa and our goal is to leverage digital technology to provide capital market information to existing and potential investors,” he said.

In acknowledgement of Onyema’s achievement the global stock exchange community has honoured him by saddling him with more responsibilities. He was appointed the Chairman, West African Capital Market Integration Council (WACMIC). He became member, Global Agenda Council, World Economic Forum, as well as President, African Securities Exchanges Association (ASEA).

ISO 27001:2013 Certification The NSE under Onyema has also achieved the ISO27001:2013 Certification, the most stringent global standard for information security.

The award, which was received from the British Standard Institute (BSI), working with Digital Encode in Nigeria, is subsequent to a series of rigorous and extensive audit of the

exchange’s information management systems and processes. ISO 27001:2013 gives both the NSE and its stakeholders the confidence to trust the Exchange with the safe-keeping and processing of their information as well as ensure that appropriate controls are in place to prevent (wherever possible) and manage risks in the unlikely event of a breach. Commenting on that achievement, Onyema said: “ISO Certification is an important reference for many international organisations and this is a further testament to our commitment to deploy robust information management systems, policies and processes across our service value chain in line with global standards.”

He said that ISO 27001 is the most stringent certification for information security controls.

Pledge to Do More The renewed term of Onyema, analysts said, is a welcome development. Onyema has even accepted to do more: “I am honoured to remain with the NSE and to continue to lead our dedicated staff as we strive to achieve the exchange’s vision. I am grateful to the Council for the opportunity to continue such an important work. While there is still much to be accomplished, the support shown by the capital market community has been inspirational, and I look forward to working with the entire eco-system to meet our objectives.”

Shareholders’ View Meanwhile, some leading shareholders rights group has kicked against Onyema’s reappointment. Responding to THISDAY’s enquiries, National Progressive Shareholders Association (PSAN), Mr. Boniface Okezie alleged that the NSE council only reappointed him in their bid to hijack the Exchange when it is demutualised.

According to Okezie, “What has he done in

the last five years? He has been busy junketing around the world looking for investors that we are yet to see. They only put him there because they know he cannot challenge them.

But we will resist their plans. He has joined the money bags in the council alienate retail shareholders that is why the market is where it is today. If they must demutualise, they have to work with the already approved plan by the former DG which provided that every Nigerian must be given the opportunity to own part of the exchange.

Similarly, National Coordinator of Independent Shareholders Association (ISAN) Sir Sunny Nwosu, said Onyema’s performance has been mixed and sometimes ineffective.

He said: “The fact is that he has been there for five years and we have not witnessed any significant change. They have continued to blame market situation on global crisis but I believe they are too theoretical not practical. Ours is an emerging market and should be treated as such.

People are not happy with what is happening in the market. When Transcorp Hotels wanted to do a public offer we challenged them and wrote the NSE. Instead of putting it on hold, Onyema approved the offer with an excused that he has obtained an indemnity from the company. Now the federal government has directed that that matter be investigated. If they have done their homework this would not have happened. When they came on board, he promised $1 trillion market capitalisation, what has happened to has promise? They do not respect retail shareholders who built the market, appointments into the NSE council is lopsided.

Given the above scenarios, one can only expect that the new tenure will offer Onyema the opportunity to help take the market to a higher level within the next five years.

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Therapy for Nigeria’s Traumatised Economy The federal government needs to develop a long-term economic plan to help address the challenges facing the economy, writes Obinna Chima Last week, one of the biggest global rating agencies, Standards & Poor’s (S&P) revised Nigeria’s sovereign credit outlook to negative, from the stable it was previously. Nigeria currently has a B+ rating by the agency. According to S&P, it took the decision because Nigeria’s foreign exchange policy was creating dislocations in product and financial markets.

Furthermore, it stated that the negative outlook it assigned to Nigeria reflected the possibility of downgrade in coming 12 months, “If there is deterioration of Nigeria’s fiscal or external accounts,” the agency had warned.

The S&P’s outlook revision on the country came few days after another credit rating agency; Moody’s Investors Service placed Nigeria’s Ba3 government bond and issuer ratings on review for downgrade. Moody’s had also explained that the purpose of the ratings review was for it to assess the extent of the impact of the further fall in oil prices, which the agency said it expects to remain low for several years, on Nigeria’s economic performance and government balance sheet in the coming years.

As part of the review, Moody’s was expected to particularly assess the credibility and sustainability of the government’s plans and their ability to mitigate the impact of the lower oil price on Nigeria’s credit standing.

A downward rating adjustment for Nigeria would most likely be limited to one notch.

But Moody’s would maintain and confirm Nigeria’s current Ba3 rating if the rating review were to conclude that the government’s plans represent a clear, credible fiscal and economic policy response, which offers the prospect of containing the deterioration in the government balance sheet to contain the impact of the sharp fall in the oil price.

It aims to conclude the review within two months.

In a related development, it was revealed last week that the country’s total merchandise trade fell to N3.65 trillion in the fourth quarter of last year compared to N4.02 trillion in the previous quarter. Also, Nigeria’s total merchandise trade reduced to N3.65 trillion in the fourth quarter of last year (Q4 2015) compared to N4.02 trillion in the previous quarter. This is according to the National Bureau of Statistics (NBS). This is just as the country’s consumer price index for February climbed to 11.4 per cent, a situation that has been a source of concern to all stakeholders.

With this, investor confidence has dropped as the country continues to record capital flight.

But despite the shocks to the economy and seeming gloomy economic outlook, experts, who spoke at the yearly economic forum organised by Rand Merchant Bank Nigeria (RMB), expressed optimism that with the right policies in place, Nigeria would come out of its predicament.

Offering Solution The Deputy Chief Executive Officer, TGI Group of Companies, Mr. Christian Wessel, believes that one of the ways for the country to come out of its present challenge is for policy makers to consciously improve the country’s ease of doing business.

According to Wessel, Nigeria has over the last years collapsed in its Ease of Doing Business. This, he pointed out means that systematically, the cost and the ease of doing business in the country is difficult.

“So, Nigeria prides itsself of a ranking of 169 out of 189 countries. Hence, I was very pleased when I read a couple of days ago, when the Minister of Industry, Trade and Investment made this one of its focus areas.

I say it is not only the scarcity of foreign exchange that is a challenge in the country, but I must say that the cost and time that it takes to actually establish and run a business has negative impact on domestic and foreign investments.

“The question of how we drive education.

If we really believe that local manufacturing is the way forward, then we need a couple of

people who know how to run the machines.

As a German, growing up, we all had the impression that we needed to send people to study Masters in Business Administration (MBA). But at some point, we realised that it is not an MBA that can build a Mercedes because you need people who can systematically do it. That was why we started dual-educational programme to support local production. So, local manufacturing need to go hand-in-hand with a renewed effort on educating people,” Wessel recommended.

In addition, he noted that in Nigeria, both public and private sectors need to dramatically increase efficiency on how things are done.

He explained: “Everything seems to be difficult here and the resource allocation is simply inconsistent. I give you an example: Why is it that countries in Europe, they do have atomic power plant and atomic energy.

But it is more important for them to turn

We need structural changes in our institutions and ministries. It is important that performance scorecard is established for various ministries.

It is also important that feedback or monitoring mechanism is implemented

off the light when the sun sets. Nigeria is blessed with a lot of sunlight, but at every meeting, the doors are closed and we prefer artificial light. This for me is an example of how we deal with resources in this country.”

In his contribution, the Chief Executive Officer and Regional Head, West Africa, RMB, Mr. Michael Larbie, urged government to develop a roadmap that would help address infrastructure challenges across all sectors in the country.

“We need structural changes in our institutions and ministries. It is important that performance scorecard is established for various ministries. It is also important that feedback or monitoring mechanism is implemented.

“For instance, the works department is responsible for registering companies, and there should be a target or quota like how many companies they supposed to register within a period of time.

“If somebody submits documentation for registration, how long should you turn it around? We need to give ourselves standard.

We need to set targets and ensure we meet up to the target. If it’s two weeks and if after two weeks, it has not being done, there should be a good explanation,” Larbie added.

Economic Planning Also, the Managing Director, Graeme Blaque Advisory, Mr. Zeal Akaraiwe called for a long-term economic plan to help address Nigeria’s challenges, even as he cited the challenges posed by foreign exchange scarcity in the country.

Zeal stated that everybody fully appreciates that presently, the Nigerian economy is in a bad state. He said there was need for the country to ponder over the factors that pushed it into such a situation.

“We have a major cash flow problem. A lot of companies have a lot of local currencies sitting in their bank accounts, they have dollar obligations that have been due in the past six month, they have the naira to pay for it, but they cannot access the dollars to pay the obligation. So, it is largely a cashflow problem.

“In Nigeria, we export raw materials and import finished goods, which in itself is not bad and Nigeria’s manufacturing utility rate

is estimated at 20 per cent. So, we are not manufacturing, we are not producing and we are not converting raw materials. When you put that in conjunction with where the economy is, then you are going to have job crisis, which we can see, you are going to have major foreign exchange crisis, which we can see.

“You cannot produce and you cannot do anything in an economy, without power and for some reason, we have not just agreed as a nation to solve the power problem.

All the developed countries that have high local production, they all generate more than sufficient power,” he added.

But an analyst at RMB, Mr. Basil Rennias, who noted that risk management is always reactionary, said people would always want to hedge when it is almost too late.

“People always want to consider what to do when it is almost too late and that applies to Angola, Nigeria, and all commodity exporters.

This also applies at the corporate level. The other issue you find is that people are always focused on solving the last catastrophe.

“Today, no one is looking at what is the next issue. So, there is a tendency to always keep your eyes focused on the immediate problem and no one is looking at the risk in the system and how to put a policy in place to manage these risks,” he added.

However, the CEO, Financial Derivatives Company Limited, Bismarck Rewane said the country was facing three distortions to its economic activities -the petroleum sector, power and the currency and expressed optimism that Nigeria would come out stronger.

“I can bet that this is cyclical and there would be a recovery. Two, the misalignment you are seeing today which has been exaggerated by fear, anxiety and panic and would correct itself and come back to equilibrium.

“What is required, is an exchange rate policy and not a devaluation. An exchange rate policy that would help the currency appreciate, when things improve and depreciate when things deteriorate. What has happened the past 20 years was that when there is drop in the price of oil, we depreciate the currency, when oil price recovers, we steal the surplus and so we are stuck in this race to the bottom,” he added.

T H I S D AY • WEDNESDAY, MARCH 23, 2016

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BUSINESSWORLD

ANALYSIS

Leveraging on High Quality Rating

Broadstreet, Lagos

Obinna Chima The Lafferty Group, one of the leading providers of advanced knowledge services recently released its Bank Quality Ratings.

The Lafferty Bank Quality Ratings is a unique new research and intelligence service that rates banks worldwide continuously for their quality. Over the years, there has been a correlation between a bank’s quality and its value to investors. So, the promoters of the ratings looked for the key factors that investors pay a premium for and rate each bank along them (key factors), to give an overall quality score.

The group further explained that its approach to rating is to use publicly available information to judge against key quantitative and qualitative criteria such as strategy, culture, customer care, brand promise and financial performance.

The Sterling Bank Plc was rated 10th among 100 other quality banks from around the world in the latest release. The lender was also rated first in terms of quality in the Nigerian market, by the international firm.

According to the Chairman, Lafferty Group, Michael Lafferty, “banks that score well on Lafferty Bank Quality Ratings tend to trade at a premium price to their tangible book value.”

Lafferty had stressed the importance of retail banking, saying it is the foundation stone on which virtually global banks are built while local financial institutions now make future decisions, structure and success of retail banking in the regions. He urged the local banks to invest substantially in the vast retail and consumer banking market, pointing out that the world’s biggest banks built their financial empire from the mass market.

“The local banks are now fortunate in being able to benefit from the experience and indeed learn from the mistakes of banking operations in Europe and elsewhere, which now provided them the opportunity to leap-frog into a global phenomenon that

has transformed consumer financial services over the past 25 years,” Lafferty said.

To the Managing Director/Chief Executive, Sterling Bank, Yemi Adeola, the bank has remained resilient in a turbulent operating environment and “Lafferty Bank Quality Ratings has provided an objective view on the fundamentals of our business, by rating us 10th in the world, top three in Africa (after Capitec and Barclays Africa) and the top bank in Nigeria.”

He added: “In spite both regulatory and macroeconomic headwinds, we have maintained strong capital and liquidity positions. I am pleased that an external and independent party has validated the bank’s reputation as a

Lafferty had stressed the importance of retail banking, saying it is the foundation stone on which virtually global banks are built while local financial institutions now make future decisions, structure and success of retail banking in the regions

well- run, sustainable institution which further lays credence to our valuation in the equities market relative to competition.

“While we welcome the external validation of our business model, we remain committed to building a strong brand with a pervasive culture of innovation, good corporate governance and excellent service delivery.”

But an Executive Director, of the bank, Mr. Abubakar Suleiman, believes that the bank was able to achieve the feat because it strives to support its customers and also to partner other organisations to drive growth in the economy.

Sterling Bank recently collaborated with the Manufacturers Association of Nigeria (MAN) and other associations to hold a Manufacturing Expo recently, in line with the bank’s efforts at promoting entrepreneurship in the country.

Suleiman said the bank was always willing to actively participate in initiatives that will encourage local manufacturers and other entrepreneurs as they are pillars to the industrial resurgence of the country. He also emphasised that the prevailing harsh economic climate in the country, especially the scarcity of foreign exchange, had made it imperative for organisations to assist the government in promoting local production of goods and services.

According to him, “The worst thing you can do is to throw money at the manufacturing sector. The fundamental thing is for entrepreneurs to have specific knowledge that will help them to grow their business. They should know about governments’ policies and how these affect them.”

Citing Made-in-Nigeria cables and wires, which he said have been proven to be superior to imported brands, he noted that many Nigerians tended to believe that locally produced goods were of poor quality even without having purchased and used such products. He revealed that in addition to the sponsorship of the expo, Sterling Bank was also planning to increase its support for the manufacturing sector.

Suleiman pointed out that the bank’s recent

deal with leading indigenous auto firm, Innoson Motors Limited, was in line with its efforts to increase support for local manufacturers.

Furthermore, Suleiman advised banks in the country to invest more in capacity building initiatives for staff in order to enable them compete favourably both locally and internationally.

The Sterling Bank director, who hinged the accreditation of the bank’s training school by the Chartered Institute of Bankers of Nigeria (CIBN) to the quality of facility put in place and products from the school, maintained that financial institutions must continue to see the need to put in place staff oriented policies that would encourage staff to be more committed, dedicated and result oriented.

Apart from providing a robust training programme and the competitive remuneration for its employees, Suleiman disclosed that the bank had also introduced an initiative that would provide an alternative career path and help them when they eventually leave the banking sector.

“At Sterling Bank we place value on our staff as they gracefully retire from the system. We have put a system in place to train those about to go on retirement on various programmes that would enable them stand on their own after retirement,” he said.

As a financial institution committed to career growth, staff fulfilment and accomplishments, Suleiman stated that the bank has also instituted a part owner scheme through which shares are allocated to all staff to promote a sense of ownership and belonging.

The bank, he said further, has introduced a lot of the initiatives, which include a cooperative society that allows members make contributions and obtain loans, a robust healthcare facility and a well-equipped crèche with modern facilities.

Corroborating Suleiman’s position, the bank’s Group Head, Human Resources Management, Mr. Olabisi Ogunwoye assured that Sterling Bank will continue to invest in staff training and development adding that every staff of the bank is trained yearly.

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T H I S D AY • WEDNESDAY, MARCH 23, 2016

BUSINESSWORLD

INSURANCE

Mohammed Kari’s Scorecard Mohammed Kari took over as the helmsman of the insurance industry regulator, the National Insurance Commission, more than six months ago. In this report, Ebere Nwoji examines how the industry has fared under his stewardship When the present Commissioner for Insurance, Alhaji Mohammed Kari, took over the mantle of leadership at the National Insurance Commission, (NAICOM) in August last year, the entire insurance industry was awash with mixed reaction.

There were palpable fears among the industry operators that tough times were ahead in the form of operating licence withdrawals, more cases of sanctions, suspension and other tough disciplinary measures.

In the mist of these, the climax of their worries was that more insurance firms would go out of the system especially those that were already weak before his assumption of office.

The insurance firms, whose board and management, were suspended and replaced with interim board and management by the former commissioner, were already singing their nun dimities believing that their end had come while those that were kept under surveillance, adjusted their seats to brace up to the challenge of meeting the regulator’s expectations.

Their worries, heightened when the commission, few months after, began to slam punitive fines on errant firms, a development, which compelled shareholders of various firms to raise a save-our -soul -alarm.

But in recent times, there seems to be happy turn of event for the industry, as barely one year after Kari’s assumption of office, there are available evidence that Kari and his team in the commission, have determined to salvage the industry and its operators from the quagmire of poor financial state, low turnover occasioned by poor patronage of the industry and overall stigmatisation of the industry and its products

by Nigerians due to ignorance of what they stand to benefit from buying insurance cover.

Indeed, the industry is currently witnessing a major turnaround that will brighten its fortunes.

Operators, who shared their views on developments in the industry with THISDAY shortly after their last month’s edition of the bi-monthly insurers’ committee meeting said they were happy with the developments.

A critical review of the industry seven months after Kari’s emergence as fifth Commissioner for Insurance in Nigeria, showed that one of the notable things that have happened to the industry was that some of the ailing firms, whose board and management were replaced with interim board, have fully come back to life, some are gradually recovering from their poor financial state, while the commission is still battling with others to make them put things right for their revival.

Prominent among companies that have fully recovered in this regard is Goldlink Insurance Plc, whose interim board, was recently replaced with a new board constituted by NAICOM. International Energy Insurance Plc, is still kept in view by the commission in its effort to recover from its corporate governance errors, which caused the dissolution of its board.

Investment and Allied Insurance Plc is also undergoing the same recovery process, while Unic insurance, has made the list of insurance firms currently being eyed by foreign investors.

For Goldlink Insurance, NAICOM took over the management of the firm on November 1st, 2012, after it observed irregularities in the company’s 2011 financial account.

The commission constituted a seven-man interim board of directors to oversee the affairs of the company for six months.

The commission appointed James Olatunde Ayo, former Managing Director of Royal Exchange Assurance Plc, as Chairman and Gbolahan Olutayo as the Managing Director of the company.

The interim board,was charged with the responsibility of carrying out full investigation of the financial reports and corporate governance failures observed in the course of reviewing the company’s financial statement for the year ended December 31, 2011.

The outcome of the investigations revealed various abnormalities in the 2011 financial

NAICOM building

statement.

Quite unlike what obtains in other sub sectors of the economy, or even in the global arena, where a company is adjudged dead once an interim management is appointed to oversee its affairs, the case of Goldlink, among others, was handled in such a way that their souls were kept alive to the extent that under the interim management, Goldlink made underwriting profit in the succeeding

Six years after the official launch of the compulsory insurance, achieving its enforcement is still a mirage. Section 64 of 2003 insurance Act and other sister legislations made certain insurance policies compulsory.

Section 64 of 2003 insurance Act and other sister legislations made certain insurance policies compulsory

years and was even paying claims and staff salaries while retaining the confidence of its workforce and shareholders.

Industry observers said this is worth emulating by other interim managers often sent by regulators in various sectors to save a dying company.

Indeed, the company remained very much in business till a forthnight ago, when signs of recovery were much pronounced and the commission dissolved the interim board to constitute a new board for the company while retaining the Managing Director, Gbolahan Olutayo and Yinka Olutugase, the company’s Chief Finance Offer to assist the board to recapitalise the company and move it forward.

Members of the new board includeed Alhaji Mohammed Bintube as the chairman, Mr. Olanrewaju Sulaiman and Mrs. Tonbofa Ashimi, Mr. Gbolahan Olutayo. The commission took a critical review of the former management of the company to conclude the work started by the dissolved interim board.

Speaking on the commission’s effort in this regard, the commissioner stated: “The investigation reported at the company’s annual general meeting was a very good exercise, and they found issues that need to be handled further. If the board which spent all its time on investigation could not take the issues to the next level, then, it is for us as a regulator to look at another way of concluding the exercise and we are looking at that possibility.”

Having confirmed that the interim board has successfully brought the company to a safer ground, the commission charged the new management to recapitalise the company and return it to profitability track.

For IEI, inside source said though the commission has not made any pronouncement concerning constitution of a new board, through its encouragement and directive, the company is not doing badly.

According to the inside source, the company has submitted 2014 financial report, which is

still under review by the commission as well as 2015 just like every other insurance firm.

However, nothing much has been heard about Investment and Allied Insurance as the interim board and management set up by NAICOM to oversee the affairs of the company in the past four years is still there while NAICOM has been much unwilling to comment on the way forward for the company.

THISDAY gathered that part of the reason the commission is slow in taking action on the company was because of interest of some foreign investors currently eyeing some of the Nigerian insurance firms in this category.

According to the source, Investment and Allied Insurance and Unic Insurance are among those under review.

Aside this, other areas where the commission has made impact was the area of sanitisation of the industry to get rid of fraudulent operators especially from the side of intermediaries.

This has seen the commission delisting names of 108 insurance brokers, who operate with expired licence late last year, an action that caused uproar in the industry. But the commission said it will not be deterred by this until all dubious operators are removed.

The commission also entered into a “name and Shame” agreement with insurance underwriters on claims settlement.

This is an agreement between the commission and insurance underwriters to make public name of any insurance underwriting firm which fails to settle genuine claims.

Kari also said the company has completed work on the industry’s portal system that would showcase every insurance policy sold in Nigeria and the company that undertook such cover so that in the event of risk, the public will immediately be aware of the insurance company involved.

The commission, in line with Kari’s promise to consolidate on the programmes and achievements Continued on page 31

T H I S D AY • WEDNESDAY, MARCH 23, 2016

31

BUSINESSWORLD

PERSPECTIVE

Rebuilding the Nigerian Oil and Gas Industry: A Priority Lekan Fatodu The recent strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) over the announced reorganization, or restructuring or unbundling (the apparently offensive expression) of the NNPC, has brought to the fore once again, the vulnerability of our entire Oil and Gas sector, the prime revenue earner of the nation, and hence the mainstay of our national economy to the double jeopardy of external shocks and internal disruptions.

The crash of the oil price from $115 in July 2014 to under $30 briefly in February 2016 and palpable fears that the price could once again drop below $20, has dramatically highlighted the risk of our dependence on the export of crude oil and gas in liquefied form, rather than extracting, processing and exporting its numerous processed valuable derivatives.

At the same time while $30 oil ought to have indicated a significantly lower pump price than N87 per litre, the substantial unofficial devaluation of the Naira has entirely eroded that prospect and with it, any gains for consumers.

Unfortunately, the situation was compounded by the stagnation that the industry witnessed from 2010 especially, when the country witnessed the first massive divestments by international oil companies (IOCs), on account of the unprecedented uncertainty in the sector in Nigeria, in the absence of a predictable and binding fiscal framework that the passage of the PIB would have established, and inconsistency and contradictions in policy implementation.

The IOCs’ divestments while applauded by many as giving indigenous players a commendable level of participation, even if through the burdensome acquisition of often extraordinarily overvalued assets, it clearly had adverse implications for the Yar Adua government’s well articulated domestic gas policy initiatives which imposed domestic gas obligations on the IOCs for the first time. One must assume that some of these seemingly burdensome obligations were knowingly passed on to unwitting indigenous independent companies who inherited these

Minister of State for Petroleum Resources, Dr. Ibe Kachikwu

reluctant obligations that were tied to many of the divested assets!

Nigeria’s aspirations to grow reserves and production, also suffered as both systematically declined. Potential future government revenues from increased production, especially in a continuing low oil price regime, have thus been further compromised. Nigeria, currently with no excess production capacity, is entirely at the mercy of the bigger producers both within and outside OPEC, who now have unprecedented influence on international oil markets, as witnessed with the current impasse.

This is in stark contrast with the aggressive reform posture and prescribed plan of the Obasanjo and Yar Adua Administrations to grow our reserves and production to 40billion barrels and 4 million bpd respectively by 2010, in order to enhance both our revenues and influence in international oil markets. That additional production would have come from Usan (Total) Bonga South West (Shell); Bonga North West and Egina (Total). Other deep water assets that might have been developed included Aparo (Chevron), OPL 245 (Agip/Shell), Bolia Chota (Statoil), Erha Main extension, Erha North and Bosi development (Mobil). There were also

a number shallow water assets marked for development (eg H Block-Shell and Chevron’s then yet to be renewed shallow water blocks.

Even onshore there was Assa North (Shell), as well as a significant planned deep drilling campaign amongst others - investments of up to $500 billion and a total of 1.5 million additional barrels to be added to the existing production capacity of approximately 2.5 mm b/d. All of those projects with the exception of USAN have now been deferred indefinitely.

Since then, our reserves have been depleted from 36 billion or 37 billion barrels when President Obasanjo first announced the policy, inherited by the Yar Adua administration, by something in the region of 5 to 6 billion barrels in the absence of any new exploration and discoveries, and the huge reduction in drilling campaigns across the industry.

Production appears to have plateaued for the past six years at around 2mm bpd. Tragically this is the same volume as the level of production attained by Nigeria in 1972! almost at par with Angola’s current production! It is worth noting that Angola’s oil exports only surpassed its modest coffee exports in 1973 with a production of under 145,000 bpd in 1979 when Nigeria was already producing 2.4 million bpd! Angola’s remarkable production growth has been despite a hugely disruptive 16 year civil war between 1974 and 1990!

It appears in hindsight that even our stagnant production which had been put at further risk by increased militancy between 2005 and 2009 especially, was further directly jeopardized by disputes with all our major JV partners over the due renewals of their expired shallow water leases in 2008. Remarkably three of the IOCs, SPDC, (only got its renewal not quite long after a prolonged dispute), Exxon Mobil and Chevron were indeed forced to continue operate without the essential condition of having validly executed leases for a significant period during the Jonathan administration!

The dispute over the renewal of the Mobil blocks OML 67, 68 and 70 in particular, which pitted two prominent ministers in the same Yar Adua / Jonathan administration (Ajumogobia,

as Minister of State for Petroleum Resources 2007-2010 and Minister of Foreign Affairs 2010 - 2011 and Alison-Madueke as Minister of Petroleum Resources 2010 - 2011 and 2011-2015) against each other, over the former’s alleged renewal of Mobil’s shallow water leases, without authority, was certainly one of the low points in the industry’s chequered history that would have sent ominous signals to prospective investors.

In gas development too, government’s policy to monetise our still largely flared gas included the development of Train 7 of the Bonny LNG, together with the greenfield projects of Brass LNG and the visionary Olokola (OK) LNG, initiated by the Obasanjo administration, as well as several other downstream and power projects using gas as feedstock or fuel, floundered. The clearly articulated policy direction was indeed to derive as much from gas assets as from oil by 2015!

Naturally all of this has contributed to making Nigeria an altogether troubling investment environment even in its dominant oil sector that was until recently generating over 80% of Government revenues, and to the consequent stagnation in the industry, before the new aggressive reform posture of the present administration in promoting efficiency, accountability and transparency in the sector.

Today, Nigeria has an opportunity to reposition itself and to restore its status as the one of the most prospective and attractive oil and gas provinces in the world. We have an opportunity to unlock untold value in the oil and gas value chain that will engage millions of our army of unemployed young men as women as part of our diversification from oil exports, and liquefied gas exports.

That process must begin with rebuilding trust with oil industry partners and stakeholders alike; clearly defining the rules of future engagement in the industry to create a level playing field; and scrupulously abiding by and enforcing the rules in force. That is the simple prescription for how to build an enabling environment for our oil and gas sector to thrive and prosper once again, and be the necessary fulcrum for the implementation of the new administration’s non oil diversification agenda.

MOHAMMED KARI’S SCORECARD of his predecessors, will soon commence the implementation of the Risk Based Supervision model, which is one of the objectives of the Market Development and Restructuring Initiative (MDRI) of the commission started by the former commissioner.

This has seen the commission constituting a market committee structure tagged insurers’ committee, a forum where all the chief executives of all the underwriting companies meet every two months with the regulator to discuss challenges and opportunities facing them in their business and discuss how to go about it and how to manage them rather than the regulators issuing guidelines and directives.

NAICOM said the implementation of the Risk Based supervision model would see it looking at the individual liability of companies via- a-vis their capital and asset provision.

Kari said NAICOM would not want to line up insurance firms and say because you have paid N 3 billion minimum capital, you can do all businesses.

He argued that N3 billion capital will not give underwriting firm the ability to insure a refinery or an aircraft.

“So if you want to do that class, you have to push up your capital and asset base. If you have small capital and small asset base, may be you convert to micro insurance. If you don’t have big capital to insure an aircraft, may be you can specialise in keke Napep”, he stated.

NAICOM, is also planning to boost the performance of micro insurance through planned recapitalisation and grading of the operators into four different categories according to their

scope of operations such as unit operators, local, state and national operators, to ensure further deepening of insurance penetration in the country.

The commission, said its major focus in this effort is to ipopularise insurance among Nigerians through publicity and awareness creation as well as on customer and client satisfaction.

Also the review of the 2003 insurance Act, which the federal government has constituted a committee to undertake, is a big plus to Kari’s tenure as the industry has been yearning for this over the years.

But having done all these, NAICOM, under Kari’s tenure, still has some fallow grounds to break in its ongoing efforts to improve on the fortunes of the industry.

Prominent among this fallow ground is non enforcement of compulsory insurance.

Six years after the official launch of the compulsory insurance, achieving its enforcement is still a mirage. Section 64 of 2003 insurance Act and other sister legislations made certain insurance policies compulsory. These include Group life Insurance,in line with the Pencom Act 2004, Employers liability Insurance,in line with the Workmen’s Compensation Act 1987, Buildings Under Construction insurance, under section 64 of the Insurance Act 2003, Occupiers liability insurance as stipulated by section 65 of the Insurance Act 2003, Motor Third party Insurance as contained in section 68 of the Insurance Act 2003, Health care Professional indemnity insurance - under section 45 of the NHIS Act 1999.

The above compulsory insurance, if enforced, would have shoot up the industry’s annual

premium income from the present level of N300 billion to a trillion Naira and improve on insurance contributions to the GDP of the economy.

The transformation of the industry from the present level of N300 billion to a trillion market is one of the cardinal objectives of the MDRI but which has remained unachieved. Indeed, the industry under Daniel’s administration was not even able to achieve half of the target despite all his efforts. The same is applicable to Kari’s regime, as the industry still operates below N400 billion annual Premium income, whereas pension, which used to be a sub sect of insurance now has N 5.32 trillion asset.

The situation is a big challenge that Kari must face to ensure that enforcement of the compulsory insurances is a realisable dream.

Kari, should use every lobbying instrument within his disposal to get government to implement the compulsory insurance law to move the industry forward.

Though he has started making effort in this regard , he must ensure that these efforts yield result, his ongoing campaign on implementation of compulsory insurance in states must be sustained and underwriters should be carried along.

He will do better in the campaign by including about three or four insurance chief executives in his theme during his visit to each state governor so that immediately he finishes his discussion with the governor, he will introduce the chief executives to the governor and his team and marketing and booking of appointment with the officials if the state would start from there.

Another hard nut left for Kari to break in

his ongoing efforts is insurance of government assets. Although, he often complains that government hardly listens to the commission’s advice despite its position as federal government advisory agency on insurance,He and his team should, in addition to his memo late last year to ministries, departments and agencies of government on insurance of government assets, do the necessary follow up to ensure that government agencies and ministries insure their assets.

Also, the industry up till date loses a lot of premium through leakages at the motor parks, and ports even among micro finance bank operators most of who charge insurance premium from their borrowers and instead of remitting the same to insurance firms, they will decide to retain the cash.

Kari, through collaboration between his team and industry operators, should endeavor to close these leakages.

The war against faking of motor insurance which the operators started few years back through Nigerian Insurance Industry Data Base (NIID) currently seems to be weighing down. The commission should join effort with the operators to make it a nationwide exercise. Currently, only few states have been captured in the exercise.

Kari, during his tenure,should intensify raiding of fake insurance operators which Daniel started to catch perpetrators while in the act and serve as deterrent to others.

These, and more if implemented, would ensure that every premium that few Nigerians, who patronise insurance spend, goes directly to the pockets of insurers and not to the wrong pockets.

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T H I S D AY • WEDNESDAY, MARCH 23, 2016

EDUCATION Removing Barriers to Educational Development Changing lives and tackling education’s biggest challenges around the world as a collective responsibility was the focus of the fourth annual Global Education and Skills Forum (GESF) 2016, recently held in Dubai, United Arab Emirates, by the Varkey Foundation. Funmi Ogundare reports One of the issues at the front burner at the Global Education and Skills Forum (GESF) 2016 was ensuring that education becomes everybody’s business, as world leaders and experts drawn from public, private and social sectors recently converged on the Atlantis the Palms, Dubai, to address the challenges being encountered in the areas of employment and equity.

The two-day forum, organised by the Varkey Foundation with the theme, ‘Rethinking Collective Responsibility for Public Education’, featured the presentation of papers on topics like: ‘How Do We Address the Challenge of Refugee Children’; ‘A Happy Future for all the Children; How Do We Promote Wellness and Positivity in Schools’; ‘The Teachers of 2030: What Will They Look Like’; ‘How Do We Take Greater Responsibility for Public Education’, among others.

The foundation also presented the ‘Global Teacher Prize’ of $1 million under the patronage of the Vice-President and Prime Minister of UAE, His highness Shaikh Mohammad Bin Rashid, to an exceptional teacher who made an outstanding contribution to the profession.

The prize went to Hanan AlHroub from Samiha Khalil Secondary School, Palestine, who was selected from top 10 shortlisted teachers from a list of 50 from around the world.

In his opening remarks, the founder of the foundation, Mr. Sunny Varkey, said without education, there would be no end to poverty, and no solution and hope. He said the forum provides a unique opportunity if all stakeholders work together to give every child his birthright.

“By pooling our creativity consistently, we can overcome the crisis and banish injustice once and for all. Use your talent to make the global education crisis history, whatever the question, education is the answer.”

While appealing to others to take up teaching as a profession, he thanked all teachers for the great work they do. “We must treasure teachers, they build a bridge from present to the future and bring us hope and self-respect.

The Chief Executive Officer of the foundation, Vikas Pota, regretted that the world is facing a huge inequality and widespread poverty, with a global workforce facing difficulties such as unstable economies, food shortages, housing issues and civil war. “As we have painfully witnessed in recent years, lack of education, economic instability, marginalisation and deprivation are key ingredients when it comes to radicalism of young people.

“Questions regarding the physical and cultural impacts of integrating large numbers of refugees and how existing infrastructure can be adapted to cope have risen to the top of the political agenda in many climes. Then there is the question of how best to prepare a future workforce for the challenges of tomorrow, given the changing face of work itself. When we look at this situation in terms of the way the education of young people has been affected, we find an entire generation in desperate need.”

Pota affirmed that technology and globalisation are two things shaping the world and at the same time dislocating it, adding that with access to capital, people’s skills need to be upgraded.

“One powerful weapon that we have is education, we have to start thinking big towards the renaissance of the society and upgrading the entire skills set that people have.”

He said the criteria for selecting teachers for the award include recognition of the teacher’s achievement in the classroom and beyond from pupils, colleagues, head-teachers or members of the wider community, and achievements in the community beyond the classroom that provide unique and distinguished models of excellence for the teaching profession.

“The winner also will have demonstrated employing innovative and effective instructional materials, and will have achieved demonstrable student learning outcomes in the classroom.”

L-R: The Global Teacher prize winner, Hanan Al Hroub; the Prime Minister of the UAE, His Highness Shaikh Mohammad Bin Rashid Al Maktoum; and the Chairman of GEMS Education and founder of the Varkey Foundation, Mr. Sunny Varkey, at the Global Education and Skills Forum (GESF) held in Dubai… recently

The Director of Education and Skills, Organisation for Economic Cooperation and Development (OECD), France, Mr. Andreas Schleicher, who assessed the state of education today, said technology is an area where people should look into to make it happen, he said with that people can be active participants.

“Technology can amplify and can do more harm than good because we have not integrated it; there is a lot to do to bring the world of education and technology together. Our schools are innovation positive environment; we can leverage the potential of all learners.

Success is not all about point approach, if we invent education from the scratch, we have to engage government to create more spaces. Producing more and more of the same thing is not going to be enough. We need the civil service and government to think about what people need to learn and how we need to prepare young people for rapid change.”

Schleicher stressed the need for leaders to think of modern knowledge that would make the children smarter, saying, “we need to help students manage knowledge and be able to see the world through different lens and develop modern skills. It is clear that quality education can never exceed the quality of teachers.” On teaching strategies and learning outcomes, the director said good teaching is about making learning central, adding that teacher professionalism is important.

He called for an improved societal view of teaching as a profession by attracting, developing and retaining quality teachers and school leaders, as well as a work organisation in which they can use their potential to build capacity at the point of delivery.

“We need to retain and recognise effective teachers as a path to growth, support teachers in continued development of practice, as well as recruit top candidates into the profession.

Many educational reforms happen, it is about shared vision, clear and sustainable policy across government. It is about performance,

appropriate targets, it is about sharing best practices and building professional capabilities.”

On the topic, ‘How Do We Take Greater Collective Responsibility for Public Education’, participants agreed that education is now seen as a higher priority.

The Director General, UNESCO, Irina Bokova said: “this is the first time we see real political commitment to education. Nine years compulsory education for all countries; this is a revolution. Education is a transformational goal linked to all the other Sustainable Development Goals (SDGs). The focus has to be beyond increasing access to schools.

“Access is still important, we still have 58 million children out of school, the majority of them are girls. But the quality of education is now more important. We have 250 million functionally illiterate people who have passed through formal education.”

She stressed the need to put and youths first by ensuring that they are citizens rather than just workers, saying, “your education system expresses what you stand for as a society.”

The former British Prime Minister, Tony Blair, said education is more important than it has ever been and it is now the biggest determinant of a country’s success or failure.

“Involving the private sector in education was certainly a good idea; the benefit of the public sector is that it helps the people who need help. But it is not good at innovating.

A range of providers allows you to see what works and learn from that.”

The Group Chief Executive, WPP Plc, UK, Sir Martin Sorrel, said key element of taking collective responsibility for public education is partnership with the private sector, adding that technology is going to unleash education talent over the coming years. “It has to be jointly with the private sector.”

Discussing the topic ‘Are We Becoming too Focused on STEM Education’, Anna Winthrop of the Department of Music and Performing Arts Professions at New York University,

said focusing solely on Science, Technology, Engineering and Mathematics (STEM) is not only detrimental to students, but also inefficient, adding that teaching through the arts helps students learn on a deeper level; retain information longer; and is effective at reaching different types of learners.

“The arts provide social, emotional and physical benefits that greatly impact students’ behaviour and their ability to function well.

Students involved in the arts have a more positive attitude to school and statistics shows that arts has the greatest impact for students coming from underprivileged backgrounds.”

The Head of the Centre of Teaching and Learning of the same institution, Nancie Atwell, acknowledged that STEM matters a lot, but at the expense of the arts it is risky and would narrow students’ worldview and the various options.

“Technology alone isn’t enough, but married with the liberal arts and humanity, it can bring the results that ‘make our hearts’. Public education was never intended as vocational training, why not education for whatever world students encounter after graduation?

We need well-rounded citizens to make the future for our children and grandchildren.”

The Executive Secretary of the Association for the Development of Africa, Mrs. Oley Dibba-Wadda, expressed concern that Africa is supposed to be going places with STEM, but it is not, saying, “Africa cannot rise without a focus on STEM. There needs to be a balance, but we need to respond to demand versus supply. STEM allows us to evolve and grow.

The ‘Global Teacher’ awardee, Hanan, 43, who dedicated her award to all teachers in her country, thanked the foundation and the prime minister for the gesture, saying: “We the Palestinian teachers struggle every day in the face of occupation. Our role as educators becomes very complex because of it. We see the suffering in our children’s eyes.”

T H I S D AY • WEDNESDAY, MARCH 23, 2016

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EDUCATION

Nigerian Private Schools to Attract Students in UK, US Uchechukwu Nnaike Help is on the way for Nigerian parents in the diaspora who wish to enroll their children in Nigerian secondary schools, but are not sure of the standard and the possibility of their children fitting back into higher institutions in the UK or USA. Some private secondary schools in Lagos and other parts of the country, under the aegis of the Association of Private Educators in Nigeria (APEN) are set to take their services to them through an exhibition in the UK tagged ‘Top Nigerian Private Secondary Schools UK Education Fair 2016’, which will hold next month with 25 schools, while that of US will come later.

Among other benefits, the fair will enable parents: get their children out of the UK environment within the secondary school age gap but still

give them the same or better standard of education; get the children closer to their root; and teach their children all about Nigeria and its culture in a Nigerian environment.

The organisers said the initiative will also generate foreign exchange for the country; promote education tourism; reorient Nigerian children in the diaspora by promoting Nigerian culture and tradition; and help parents preserve the future of their children.

Briefing journalists in Lagos recently, the Project Director, Femi Akinwunmi, who doubles as the Team Lead at Brand Edge Ltd (promoters of the fair), said the fair was conceived to help Nigerian parents abroad who are burdened by legal realities and the challenge of inculcating character, African values and discipline in their children.

“These hard working parents battle so hard to keep their

wonderful kids focused on a decent career path with so much distractions and limitations to enforce discipline, they lose them at this stage. All they wish for is that these kids be perfectly moulded and hopefully end up like Mr. Barrack Obama.”

He cited the case of Obama who grew up in a black community and was exposed to drugs and other social devices, but moved out of the community with his mother at some point and the reform began.

“He went on to graduate

from Harvard; he went on to marry a decent woman; he served the community; he went on to become the first black American president. What if he was not taken out of that community?”

This he said proves that education is key, but values and heritage are pedestals to success. “With both, our children can become as great as parents desire them to be.”

The organisers said they have identified the top 100 private, federal and state secondary

schools in Nigeria that offer British and American standard of education, adding that the schools have over the years imported human resources from around the world to create an inclusive model of high standard blended with values to mould Nigerian and foreign children into young adults ready to achieve boundless heights in various higher institution around the world.

In her remarks, a representative of one of the participating schools, Mrs. Joke Chukwuma,

of Children’s International School, Lagos, stressed the importance of imparting African values in students, adding that Nigerian schools have good things to offer.

She said most Nigerian parents abroad wish to send their secondary school age children back to the country because the distractions over there could make them lose focus. But in Nigeria, they will be inspired by their peers to work hard and make good career choices.

Benue to Upgrade Akawe Torkula College to Polytechnic George Okoh in Makurdi The Governor of Benue State, Samuel Ortom, has disclosed that the state is in the process of upgrading the Akawe Torkula College of Advanced and Professional Studies to a polytechnic.

He disclosed this while inaugurating the visitation panel to the college with a charge to members to among other things examine the adequacy and quality of staff development programmes of the institution.

Ortom said there is provision for infrastructure upgrade at the institution in the 2016 budget, pointing out that in due time, the administration would consider upgrading it to a polytechnic.

The committee which has a month to submit its report has Professor Nancy Agbe as Chairman, while Professor Batur Laha; Dr. Joseph Antyo; Mrs. Kukase Garba; Dr. Bibiana Igbabur; and Mr. David Ngbede are members.

Inaugurating the panel at the Benue People’s House, the governor urged the members to examine the law establishing the institution to determine in what ways it had been observed and also suggest any necessary modifications to it to enable the school achieve its objectives.

He urged the committee to trace the historical evolution of the institution and take stock of its net achievements, challenges and its style, as well as sense of direction.

NGO Selects 501 Schools for Anti-corruption Campaign James Sowole in Akure A Non-governmental Organisation, Anti-corruption Awareness Organisation has selected 501 primary and secondary schools in Ondo State for training and campaign against corruption.

The training tagged ‘Operation Catch them Young’ will involve reaching out to about 25,000 pupils of primary and secondary schools in selected schools across the 18 local government areas of the state for training and reorientation on how to achieve a corrupt-free society.

The Deputy National Chairman of the Anti-corruption Awareness Organisation, Dr. Bode Olawoye, who disclosed the plan of the organisation to journalists in Akure, said the aim of the group is to inculcate integrity in youths from primary school level.

He said the 501 primary and secondary schools were specifically chosen from the 5,158 schools in the state where 25 students were picked from each of the chosen schools.

He said the project would involve the establishment of anti-corruption clubs in the

schools, adding that each club would elect its officers in line with the principle of democracy.

Olawoye stated that the programme would run for three years after which, if successful, would continue and spread to the other schools.

He added that a billboard would be erected in front of the selected schools where messages of anti-corruption would be inscribed boldly. “The idea is that the anti-corruption message on the billboards will communicate to the students and it is expected that the message will have effects on their lives. We are doing this to complement the efforts of the government at eradicating corruption in our society and we believe we can involve the children in the campaign so as to give them good orientation while they are still young.”

He said the selected students in each school would elect officers among themselves without the influence of their teachers, adding that each selected school would be awarded certificate by the organisation and the certificates would have personal index numbers.

The Headmistress, Loral International Nursery and Primary School, FASTAC, Lagos, Mrs. Cecilia Elendu; winners of the parent/children game, Miss Tutu Adegbite and her mother, Mrs. Bola; and the PTA Chairman, Mr. Lawrence Ekpe, during the school’s family day… recently

Educator Advocates Strong Family Ties to Curb Societal Ills Peace Obi Parents have been enjoined to develop strong family ties with their children to an extent that the children will feel loved, needed and protected by their families.

The Head Teacher, Loral International Nursery and Primary School, FESTAC, Lagos, Mrs. Cecilia Elendu, who said this during the school’s Family Day recently, described family ties as one of the potent tools in curbing societal ills.

On the place of family ties in raising a total child, she said when a child is given a sense of belonging from home, the tendency of such a child taking to crime would become minimal, adding that the event “is aimed at promoting excellent family norms and values which include love, gratitude, hard work, respect, understanding, among others, because these are the basic principle which we uphold, here in Loral schools.”

Speaking on the concept of family day, the Proprietress, Mrs. Loretha Nwosu, said the event is one of the extra-curricular activities for the nursery and primary segment of the schools, where “parents are invited to come and see what their children can do.

“It is one of the important days parents should set aside to support their children in school. It is important that they come and see what their children can do and appreciate their teachers, as well as enjoy

themselves because it is in gatherings like this that children showcase different abilities such as public speaking, leadership skills, performance of different roles, self-confidence, ability to do things on their own, among others.”

Speaking on the need to ensure that Nigerian children are given access to basic education and are put on the right track educationally to fulfill their destiny, Nwosu solicited government’s support for private operators in the education sector.

“Government may consider giving them subvention to encourage them to do more in their effort to make education available to Nigerian children and nurturing them into great future leaders.”

In a paper, ‘Core Values and You’, the Director, Everlife Preventive Services, Dr. Chidinma Nwigwe, drew parents’ attention to the need for them and schools to instill good values such as focus, integrity, loyal, dependable, reliable, honesty, among others, in children. She said good values are defining factors and a major element in raising a complete child.

“To have a complete child who is sound, head to toe, it is the duty of the parent, school and the child. All coming together, not one lacking that can give a whole and better child in the family context. This is because everybody needs to work hand in hand to achieve this. The parents cannot work without the school, neither can

the school work without the parents and the child cannot work without the parents or the school.”

The programme, which featured several presentations from the pupils such as recitation, drama, health talk to parents/ children game, was a fun-filled event for parents and their

children. In the game, which featured four parents along with their children, designed to test intimacy between a parent and his/her child and how much the child knows about his family, the family of Adegbite, represented by the daughter, Tutu and the mother, Bola emerged winner.

AUST Appoints New President Dele Ogbodo in Abuja The Board of Trustees of the African University of Science and Technology (AUST), Abuja has appointed Prof. Kingston Nyamapfene President of the institution.

THISDAY gathered that the process of selection of the new president, who hails from Zambia, was done under a competitive process, which comprised applications from 10 nationalities with the majority from Nigeria, USA, Europe and India.

In a statement, the university’s Head of Media, Mr. Obioha Atulomah, said Nyamapfene’s appointment took effect from March 2. He took over from Prof. Mamadou Kaba Traore, who until now served the university as acting president.

The new president holds a Bachelor of Arts degree in English from London University, UK in 1971; a master’s degree in Agronomy

and International Agriculture from Cornell in 1978; and a PhD in Earth Science from the University of Aberdeen, Scotland in 1985.

He has a rich background and experience both as an academic with 25 years of full professorship since 1991 and an astute administrator with 18 years of management experience, including dean, associate provost, deputy vicechancellor and vice-president in South Africa, Côte d’Ivoire and the US. Aside being an academic, Nyamapfene has handled several managerial positions in the last 18 years.

He was Vice-President, International University of Grand- Bassam, Cote d’Ivoire; Assistant Provost for Online Learning and Dean of the College of Continuing Education at Texas Southern University; Dean of International Programmes within the State University of New York System.

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T H I S D AY • WEDNESDAY, MARCH 23, 2016

EDUCATION King’s College Principal Calls for More Unity Schools Funmi Ogundare The newly appointed Principal of King’s College, Lagos, Mr. Anthony Oluseyi Thomas, has called on the government to establish more unity schools, saying that facilities are already overstretched as a result of the increasing number of students seeking admission into the colleges.

Thomas, who made the call recently at the college’s annual inter-house sports and athletics competition, decried the rate at which students are being admitted saying,” everybody wants to come to unity colleges because of the facilities and the quality of teachers we have, but there is a limit to what we can take. We have qualified and experienced teachers, everybody wants his child to come to unity colleges but we can’t take all. Because of that we are only limited to our carrying capacity.”

On the 500,000 teachers the federal government plans to employ, he said he believes that they would be trained, adding that the civil service commission would take the issue of professionalism seriously.

“If you are not a professional teacher, you cannot be appointed as a teacher even if you have first class, the same goes for other fields, so professionalism is being looked into.

When we say we have teachers, then we have professionalism and government emphasises that, and we know that those who may definitely be appointed must be trained teachers.” The principal, who expressed concern about the shortage of teachers in the college, said the 500,000 teachers the federal government plans to employ would help improve the performance of students.

On his agenda for the school,

Thomas who has only spent four months as the principal said: “It is about the students’ progress, development and welfare and that is what we are pursuing.

We want to build the student such that when he leaves the school, he will become useful to himself and the society and the nation at large. We will be proud of him that he has gone out of this school and we can also be proud of him anywhere.” Assessing the ongoing Unified Tertiary Matriculation Examination (UTME) conducted by the Joint Admissions and Matriculation Board (JAMB), the principal expressed excitement about the results of his students saying, “from the first set of results, released by JAMB, we are having our students scoring 287 and we have another scoring 304 points so we are expecting most of our students to have such results.”

He attributed their success to the dedication on the part of management and staff, adding that the college has aligned them to regular prepping which wasn’t there before.

“Discipline is also very important. For those students who are saying they cannot abide, we are going to call their parents to watch over them and that they should also get close to them.” Thomas who also emphasised the importance of sports to the upbringing of the children, said, “it is very important to our health and what we must know is that when students are involved in sports and it is done regularly, they always have long life.

Since we are catching them young here, we want to build stars. It is from competitions like this that we got the likes of Mary Onyali, Blessing Okagbare, among others.”

Foundation Awards Scholarship to 25 Indigent Students The Morgan Smart Development Foundation has awarded scholarship to a total of 25 indigent, but intelligent students from secondary schools in Delta State under its education assistance scheme.

Described as an inspiring award ceremony and held at the Morgan Smart Development Foundation Resource Centre, the awardees were 18 female and seven male students.

With the award to the 25 new beneficiaries, the foundation has over the past six years successfully provided scholarship opportunity to 101 indigent but intelligent students.

While expressing her joy and sense of fulfilment at the achievement, the CEO of MSDF, Dr. Evelyn Atsiangbe Urhobo, said the foundation has increased its target to 500 students, and encouraged friends and well-wishers to donate and support the scheme. She explained that it costs N25,000 to sponsor a child every year.

The Chairman of the occasion, Mrs. Florence Ehinlaiye, the Proprietress of Twin Fountain Group of Schools, Warri, com-

mended the foundation for its efforts. She recalled that the privilege of a scholarship made it possible for her to acquire the education that has elevated her to her current status. She also advised the recipients to give their education the priority it deserves and stay away from all forms of bad company, academic laziness, truancy, among others.

The high point of the occasion was the presentation of the award letters and the customary scholarship kit (new set of school uniforms, school bags, shoes, note books and textbooks) by the Chief Inspector of Education, Warri South LGA, Dr. Michael Emeshili and other notable guests present at the ceremony.

In an emotional response to the gesture, a parent, Mrs. Toki, who spoke on behalf of the other parents, thanked the foundation for the intervention and the financial relief for them, as well as the assurance that their children would complete their secondary education without any hassle, which was a source of joy to them.

NEDS Rates C’River High on Quality, Access to Education Paul Obi in Abuja A new report released by the National Education Demographic Survey (NEDS) has ranked Cross River State high on quality and access to education as the state’s number increased within the last three years.

The research conducted by the National Population Commission (NPC), in conjunction with the Federal Ministry of Education and the United States Agency for International Development (USAID), which

was released recently, indicated that the state improved in terms of access and quality of education within the period.

Speaking at the unveiling of the new census figures on education, the Cross River State Commissioner for Education, Godwin Ettah, who represented the Committee of Commissioners for Education, said: “Data collection is very important; having looked at it, I think there are some areas that need polishing.

“The implementation status needs to be changed at the time or where data is

collected and presented and made available for use. The performance of Cross River State is very good, I will say even the previous projects started long time ago from the administration of Donald Duke and Liyel Imoke, the present governor is bringing them alive, the achievement of the past governors and even since the new governor came, he has moved our ranking up through his policies.

“If you check the national ranking, we have moved up by seven places, I am not saying we are in the seventh position,

but we have moved up from where we were before to a new position, which is better.”

He explained that the new data would spur state governments to do more on education in the areas of funding, accessibility and quality of education, with focus on better outcomes.

Ettah stated that all commissioners for education in the country are expected to study the new NEDS figures and come up with modalities that would better position education in their respective states.

The Regional Bank Head, North West, Fidelity Bank Plc, Nasiru Sama (right), teaching Financial Education to students of Hilltop Model School, Minna, Niger State , at an event organised by the bank to mark the Financial Literacy Day… recently

Nigerian Students Shine at Ghanaian Varsity’s Graduation Two Nigerians have won the top prize at the ninth graduation congregation of the Accra Institute of Technology (AIT), a technology-focused private university in Ghana.

In a statement, the university said Mr. Peter Hunnoho Moses, who graduated with a first class in Information Technology, was judged the overall best student of the graduating class with a Cumulative Grade Point Average (CGPA) of 3.99.

The overall best student in the female category went to Ms. Odinaka Abel Favour who made first class in Business Administration with a CGPA of 3.90.

In his speech to the congregation, which saw the graduation of bachelor’s degree holders and PhDs, the President of the university, Professor Clement Dzidonu, observed that this is a major achievement given that the institution has the toughest and the highest grading system within the university system in Ghana.

“To get an A grade in a subject at AIT, you must score above 90 and to get a first class with a CGPA close to the maximum 4.2 means that a student must consistently get A grades across the board.”

The Deputy Minister for Education, responsible for Ter-

tiary Education, Hon. Samuel Okudjeto Ablakwa, who was the special guest of honour, congratulated the university for offering mainly science, technology and engineering programmes, which he said is in line with the Ghanaian government’s determination to implement and enforce the 60:40 policy guidelines aimed at giving priority to science, mathematics and engineering programmes in tertiary institutions.

He announced that in line with this, the ministry of education through the National Accreditation Board (NAB) and the National Council for Tertiary Education (NCTE) has drawn-up new guidelines that would ensure that the accreditation of new universities and academic programmes meet the guidelines.

“To be approved for accreditation, a university must more or less show that it will be like AIT in its academic programme offerings.”

The deputy minister also congratulated the overall best graduating students, saying that Ghana is currently attracting over seven thousand foreign students from close to sixty countries to its private and public universities annually.

UNITeS Cisco Networking Academy Empowers Girls with ICT Skills Peace Obi To encourage active participation of Nigerian women and girls in the ever-growing permeation of ICT as well as its relevance in every career and other human endeavours, the UNITeS Cisco Academy, as part of activities marking this year’s International Women’s Day, organised series of workshops for secondary school girls with the theme ‘Internet of Everything: Opportunities for Women’ in Lagos recently.

The organiser, who noted that the technology sector in Nigeria is a rapidly growing one with a lot of opportunities for young people, regretted that despite the growth, women are still under-represented in the industry, hence the workshop for girls. According to the Academy Support Contact of the academy, Mr. Toyin Olatayo, “the purpose of these workshops is in line with this year’s call for everyone to contribute towards achieving gender parity by helping women and girls achieve their goals in life.

“We believe that educating the girl-child has a positive effect on the development of the society. There is need to empower more girls with the

right ICT skills which is why the academy through its ‘Mind Wide Open’ programme, gives thousands of girls in Nigeria advanced ICT skills training thereby equipping them for success in their chosen careers.

Olatayo, who commended all stakeholders for a successful workshop, said, “we are grateful for the support of the principals of the participating schools, partners, stakeholders and volunteers. The success of this initiative is due to your support.”

The workshops which held on March 9 and 10 at Queens College and Federal Science and Technical College (FSTC), Yaba respectively, sought to show the opportunities that abound for women in ICT and use the accomplishments of noble women in ICT to inspire the girls to pursue careers in ICT. One of the participants, Miss Temilola Akinola, who thanked the organiser, described the workshop as an eye opener.

“I previously thought ICT skills were not for me because I am an art students but this workshop has changed my perception.”

For Miss Echewodo Doris, the workshop awakened in her a strong desire to pursue a career in ICT.

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T H I S D AY • WEDNESDAY, MARCH 23, 2016

EDUCATION

From Edeoga to Otunta, MOUAU’s Devt Continues With the smooth transition of power at the Michael Okpara University of Agriculture, Umudike (MOUAU), Abia State, Amby Uneze highlights the steady growth of academic excellence and infrastructure development at the institution For the past one month, series of activities have been ongoing at the Michael Okpara University of Agriculture, Umudike (MOUAU), Abia State in honour of the out-going Vice-Chancellor, Professor Hilary Edeoga. The programmes lined up for his pulling-out ceremony were spurred by the love the entire university community bestowed on him as a man who came, saw and conquered.

The standing ovation given to the out-going and the incoming Vice- Chancellors, Edeoga and Professor Francis Ogbonnaya Otunta is as a result of the solid foundation provided by the Pro-Chancellor and Chairman of the university’s Governing Council, Professor Anya O. Anya.

Also the university community wants to reciprocate the love, unparalleled achievements, personal relationship and uncommon leadership qualities of Edeoga. Little wonder, the valedictory lecture organised by the pulling-out committee, chaired by the Registrar, Dr. Azubike Nwokocha was titled: ‘The Dignity of Labour: Pain or Gain?’ The lecture which was delivered by a renowned clergy, Most Rev. Matthew Hassan Kukah, the Catholic Bishop of Sokoto Diocese recently, dwelt on the need for one to strive hard to make a mark while holding public office.

In a nutshell, Edeoga no doubt, for the five years he was vice-chancellor of MOUAU can carry his shoulder high as one who not only transformed the university as a higher institution for excellence but also took it to a greater height.

One recalls the observation of members of the senate committee on education of the last administration about the management of the university.

Notwithstanding the inadequate funding the committee after a tour of facilities at the institution, commended Edeoga for his resourcefulness and running the university effectively without neither the students nor academic and non-academic staff declaring trade disputes or industrial actions against his administration apart from those declared nationally at different times.

A score card released recently by Anya tagged ‘MOUA Score Card’ for the period 2011-date, showed that the university grew three times more than it did prior to 2011. It also stated that the number of academic programmes, which was 43 in 2011, rose to 59 while the number of undergraduates increased from 7,413 for the period under review to its current 20,253 figure.

Similarly, the number of postgraduate students rose from 1,145 in 2011 to 1,945 in 2015 bringing the total number of students on campus from 10,976 in 2011 to 30,602 in 2015.

There were also increases in the number of colleges, as well as teaching and non-teaching staff. Colleges, which were nine in 2011 increased to 13 in 2015; the number of teaching staff increased from 306 in 2011 to 771 in 2015 and non-teaching staff increased from 876 in 2011 to 1,804 in 2015, bringing the total number of employees to its present 2,675 from the 1,182 in 2011.

According to the scorecard, a total of 94 projects were started, out of which 81 were completed, some already inaugurated, while others are awaiting inauguration and others at different stages of completion. Some of the completed projects were internal roads, library, laboratories, demonstration secondary school and tourism village.

The projects also include university FM radio station; 10 student hostels; college blocks; auditoriums; water boreholes; 40 intra-campus shuttle taxi cabs; five intra-campus coaster buses; two outside university shuttle buses and university micro-finance bank, among others, some of which were inaugurated by the former President/visitor to the university, Dr. Goodluck Jonathan. Stressing that focusing on a mission pays, Anya attributed the multiplicity of projects to hard work, prudent management, determination, teamwork and zero inclination to corruption.

“Where there is corruption, project execution would not go on and be completed. Why we get TETFund’s backing is because we comply strictly with its policy of commencing projects, completing and accounting for them.”

Edeoga

While decrying the problem of poor funding affecting Nigerian universities over the years, he said “many of the projects we did were funded by agencies of government like the Central Bank, TETFund, Niger Delta Development Commission (NDDC), among others. TETFund has given us more projects because we are very fast in executing and accounting for them. We also used other means to attract projects. This is made possible when you have a dynamic and resourceful vice-chancellor like we have now.”

Beyond inadequate funding, he said the institution is also faced with the problem of host communities reselling some of its parcels of land, which compensations had earlier been paid, while some communities do not allow the university free access to develop parts of its plots of land.

Another milestone at the university is the introduction of new academic courses, including medicine, mass communications, among others, as well as ensuring that it hired appropriate personnel in addition to improving existing facilities or constructing new ones to support the new programmes.

For the promotion of industrial harmony, both academic and non-academic staff got their promotions as at when due and were sponsored to training and retraining programmes, seminars and workshops within and outside the country.

Within the period under review, 26 academic staff were promoted professors; 10 associate professors; 126 staff got elevated, 34 appointed head and or acting heads of departments. A total of 77 academic staff benefited from training and development programmes; 237 staff benefited from TETFund-sponsored courses/ trainings within Nigeria and abroad.

Edeoga, who was appointed the fourth substantive vice-chancellor of The university in 2011 after serving two terms as deputy vicechancellor, had also served as commissioner for agriculture and natural research, Enugu State (2007-2009); senior research adviser, Shell Petroleum Development Company Nigeria Ltd, Port Harcourt (2006-2007); dean, College of Natural and Applied Science, MOUAU (20092011); head, Department of Biological Science MOUAU (2000-2001); consultant to NDDC on agricultural an environmental issues 2005 to date, among others.

While the current governing council headed

by Anya came into being in 2013 with the desire to leave a legacy for quality infrastructure and academic excellence built on trusted and tested individuals, his quest for performance led his council to figure out another achiever and believer of discipline and excellence- Prof.

Otunta, former rector of Akanu Ibiam Federal Polytechnic, Afikpo, Ebonyi State; a professor of mathematics.

Otunta

It is on record that Otunta transformed the polytechnic from a ‘glorified secondary school’ to a tertiary institution of repute. The selection process of the fifth substantive vice-chancellor of MOUAU could not have gone smoothly without subterranean horse-trading.

Such things are normal in a sensitive position like the search of a vice-chancellor of a reputable institution like MOUAU. Anya used the occasion of the seventh convocation ceremony of the institution recently to bring these facts to light so as to douse the tension the succession struggle had ignited in the university.

He said they would have loved the emergence of a new vice-chancellor from the school to succeed Edeoga for continuity sake, but the selection board could not lower the standards in order to satisfy individual aspirations.

Prior to the appointment of Otunta, there was burning ambition in the institution for an internal candidate to succeed Edeoga.

Giving a vivid account of the selection process in his convocation address, the pro-chancellor narrated the course of the exercise which culminated in Otunta’s appointment as the new vice-chancellor.

“There were 32 applicants, but only 17 survived the rigorous short-listing requirements. Although the short-listing is expected to be done by the selection board, the pro-chancellor as chairman preferred that this should be done transparently and should involve the entire council.

“Thereafter, the members of the selection board did the actual job of scoring the candidates according to the criteria in the guidelines (for appointment of vice-chancellors and rectors for federal universities and polytechnics).”

In this effort, he said each member of the selection board had to defend his score on each of the candidates and on each of the criteria.

It was after this rigorous process that the selection board sent three names as required by the guidelines to the council. The top three scored 79 per cent, 76 per cent and 67 per cent respectively.

“It is pertinent to note that it had been the hope of the council that in the interest of continuity, one of the internal candidates would have emerged.

However, the odds were high. While four of the external candidates hold first class degrees in their various disciplines, all the four internal candidates hold second class (lower division) degree and none scored above 65 per cent.

“I have given this extensive explanation because all sorts of false and tendentious claims have been made through text messages and on the internet, I have been told. In reaction to these false and tendentious claims, highly respectable senior citizens of Abia State have been misled into less than dignified position on this matter.

“The challenge before us is to build a world class university in the state befitting Michael Okpara after whom this university is named and befitting Nigeria’s foremost scientist, Prof.

Eni Njoku, who also is a citizen of Abia State.”

Anya maintained that “the academic leader of our university must be one who can inspire our students and professors that he leads. Abia State deserves no less.

We must prepare our staff and students, the youths of Abia and the aspiring intellectuals of the state. We must not lower the bar to meet individual aspirations or drop the ball in the pursuit of less than excellent and noble goals.

We must continue to produce students who are worthy in character and learning. If this is so, we cannot expect their teachers to aspire to lower standards.”

Anya therefore appealed to staff and students to continue to maintain the dignity of MOUAU and the exemplary decorum for which they were known.

“There can only be one vice-chancellor at a time who must be an outstanding leader of the team, particularly the professoriate. We must always aim high in this university.”

“The demands for the academic and administrative leader of such a university (as MOUAU) must be on the basis of excellent academic and intellectual pedigree and track record of exceptional performance.

“I am, therefore, happy that the governing council, with the active cooperation and involvement of the senate has found and appointed a new vice-chancellor for this university with effect from the first day of March, 2016. He is an outstanding professor who made first class at the foundation of his academic career.”

Otunta with his rich background as a former two-time rector of a federal tertiary institution, was also the Director, Central Records Processing Unit, Vice-Chancellor’s office, University of Benin (UNIBEN); Head of Mathematics Department, UNIBEN. He was also the Executive Editor, Benin Journal of Mathematical Science; Deputy Director of Research, Department of Mathematics and Computer Science, UNIBEN; External Examiner to various universities; Departmental Postgraduate Coordinator, Examinations Officer, Faculty of Science, UNIBEN, among others.

Otunta, who is happily married to Bertha with six children, was born on April 29, 1958. He hails from Amangwu Nkpoghoro Village in Afikpo North Local Government Area, Ebonyi State.

His new position has been described as a call to serve his fatherland again in a higher and more responsive position. His predecessor will not be disappointed because he is sure that the legacies he left behind would be nurtured and improved on.

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CITYSTRINGS

Acting Features Editor: Charles Ajunwa Email charles.ajunwa@thisdaylive.com

The Way to Go Peter Uzoho who visited some farms in Lagos, reports that improved subsistence farming can help the country out of the woods

P

rior to the discovery of crude oil in Nigeria, agriculture was the mainstay of the country’s economy, contributing greatly to the nation’s Gross Domestic Product (GDP). At the time, the major export goods were from agricultural products like, cocoa, groundnut oil, rubber, palm oil, cotton, to mention but a few. There were farmers who focused on producing for commercial purposes, and with the aid of improved equipment, they were able to meet local and international demands for such products.

Also then, subsistence farming was prevalent among the rural dwellers as their prime target was to produce for the family’s sustenance.

Farming was jointly done by the father, mother, the children and labourers and everybody put great effort to ensure that work was done. There was food security as no one cried of hunger. There was no clamour for employment; everyone both men and women, old and young, were busy doing one farm work or the other and were confortable.

Some of them were into poultry, some in livestock and fishing. While others focused on vegetable farming and were making it; feeding their families, paying school fees, and taking care of other family responsibilities.

Interestingly, the rate of crimes and social vices witnessed today in the country, resulting from idleness was not present. Then farming was not only seen as a source of production and livelihood, but also as a culture among the people and cherished by all.

Unfortunately, crude oil came and the country shifted her focus to it. Agriculture and its attendant benefits were consequently relegated to the background. The policies and programmes of government on agriculture only ended up in mere rhetoric. For many decades only a few gave attention to the agricultural sector as crude oil was booming.

However, as the price of the crude oil continues to dwindle many have observed that it has become imperative for the nation to go back to basics, particularly subsistence farming, to ensure that Nigerian families at least become self-sustaining ones again.

Farmers on their part have been calling for more government support to enable them increase their output.

THISDAY visited the Iyanu-Iba Vegetable Farm in Ojo, Lagos, where assorted types of vegetable plants are cultivated, leafs and nuts produced, and farmers there could not hesitate to call for more government support to them.

Along Iyanu-Ipaja/Iyanu-Iba Expressway, opposite Lagos State University Main Campus, Ojo, situates the popular Iyanu-Iba Vegetable Farm, on the land belonging to Ojo Military Cantonment, under the Federal Ministry of Defence. Various Plants on the farm,flaunting their magnificent green leafs on both sides of the road, tell the beautiful atmosphere of the place.Daily, men and women, youths and even university graduates, decked in varying farm costumes, engage themselves with one farm activity or the other. From tilling soil, watering, nursing, planting, transplanting, weeding, harvesting, to marketing of the produce. Located randomly in the farm are huts where farmers use for rest during break time and as shield during rainfall. Buyers in their large numbers troop into the farm in search of their individual customers to buy the high valued commodity.

In his own portion in the farm, he was busy clearing some weeds to pave way for easy harvesting of the already matured green vegetable, one of the farmers and a retired Nigerian soldier, Mr. Moses Attah, told THISDAY that the military allowed them, the ex-service men to be farming on the land to chase criminals away from there, as it

A farmer weeding his vegetable farm

used to be a hide-out for armed robbers, kidnappers, rapists and all sorts of criminals.

“The land belongs to Ojo Military Cantonment under the Ministry of Defence. Most of us are farming here because we are ex-service men. We have been using this place while in the army. It’s really because the cantonment has not developed this area, so they allow us to be using it. This place used to be a dead place about seven years ago; it was here you see armed robbers, kidnappers, hired killers, rapists and all kind of criminals committing their criminal activities. So the military allowed us to be occupying this place by using it as farming or gardening to scare criminals away from here.That’s why this place has been established like this”, Attah said.

Attah said they started the farm as a family business but now it has grown into a large business, adding that they used to send some of their produce to abroad.

“We started it as a family business. Like myself, when I come back from work then, I would organise my wife and my children; we all go to the farm to do the work as a family venture, and today it has turned to a large business. I established the first moringa farm in this place. Initially, we had people from U.S. and other foreign countries whom we used to send moringa seeds and other produce to. Now the moringa is commonly used by Nigerians but we don’t have enough to sell again. We produce assorted types of vegetable here, like green, bitter leaf, scent leaf, pumpkin leaf, water leaf, Spanish onion, curry, plantain and many others”, he said.

According to him the vegetables are sold by beds, and the prices fall in the region of N300 and N500. “We sell by beds and according to the size of the beds; the price ranges from N300 to N500 depending on the demand by the public. Women traders do come here to buy and then go to markets to resell.

On how they manage to get water to wet the soil and plants, especially during dry season, he said “We have about 15 boreholes which have been helping us. We have pumping machine that we use to pump water, to water the plants and the soil. We also have manual ponds where we get water when

the pumping machine has problem.

According to Attah, labourers who work in the farm are paid during harvest and according to individual labourer’s production to encourage hard work and commitment.

“We pay our labourers on harvest and according to production. It is what they produce that will determine what they get; we do it like that to encourage hard work and commitment. Speaking on the usefulness of the farm to them, he said, “The farm is really helping us a lot. We can feed our families.

Everybody here is a bit comfortable.

Attah, who that the government of Lagos State and that of Federal Government were aware of what they were doing, revealed that sometimes they received incentives from them. “Lagos State government and Federal Government are aware of what we’re doing here. At times when we have seminar, they do send some agricultural experts to come and give us some education concerning the latest development in agriculture. At times they give us incentive”, he noted.

Another farmer, Mr Okey Kalu, found resting in his hut, told THISDAY that, though they had been managing to survive through the farm, but government had not been helping them. “We’ve been managing it anyway, the only thing is that our government has not been helping us in terms of inputs”, said Kalu.“Fertiliser now is very high unlike before. We used to buy a bag around N4000, but now it’s over N8000.If we manage to produce, customers we come and buy it at a very low price”.

“We’ve been asking the government to give us a permanent land so that we would be able to do this farm work in a way that the country will be having more export goods from agriculture. There are a lot of agricultural businesses we have in mind but nobody wants to support us to do them. We cannot do much here because this land is not a permanent place for us to do a long-term farming; the military may decide to ask us to leave here, and we won’t have any option rather than to leave,” Kalu explained.

“We’ve also been requesting for loan from government to enable us expand our farming business, but we never got any”, he added.

“With the situation of things now, we need to go back to basics which is agriculture, because no matter what happens, we must eat food to survive”, said Mr. Jolasanmi Kayode, a farmer and an MBA holder in Finance. He said he had a background in farming being a son of a farmer and that he never regretted finding himself into farming. “As a son of a farmer I have the background in farming.

From the onset I have been into farming; it’s quite interesting and I enjoy it. I have never regretted finding myself into farming. So, we urge more people to come into farming since it cannot be exhausted”, Kayode said.

Even though he admitted having some some challenges, Kayode said that with the effort of the farmers and the effort of the government and other institutions, they would be able to surmount those challenges, pointing a secured land as the most important thing they needed.

“Though we have some challenges, but I believe that with our effort and with support from government and other institutions, we will be able to surmount them. The most important one is having a secured land that we can be sure that no one will chase us away from it any day. If we have a secured land, we can be able to structure it and determine what to plant on it without fear of quit notice.

And we’ve been crying to the government to help us with that.

“We also need some other things like wheelbarrows, water pumps, generators and some other little equipment that can assist us in our work. Government can as well, be sending agricultural scientists who will be educating us on issues like pest control, insecticides; how to apply insecticides or pesticides, the timing and all such issues to help us protect our crops”, he appealed.

“We’re just managing it here with our own strength; struggling with our individual effort to see what we can do. No help from anywhere and such can only result in feeding just few people”, said Mr. Abuchi Anichi, one of the farmers. He mentioned transportation as one of their challenges, noting that if government could help solve the problem for them, they would be able to feed many people in the country.

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PERSPECTIVE

Employment Crisis and Humanities Graduates Tunji Olaopa

‘

Youth,’ says William Pitt the Elder, ‘is the season of credulity.’ This sums up the tragedy of the Nigerian youths who grew up believing that they are the leaders of tomorrow. Credulity is not a vice. Every human being has the right to dream. And so a child growing up, and along the way picks up a dream—of becoming a doctor, a lawyer, an engineer, a manager, a professor, a top business executive, a civil servant, and so many other lofty status that makes one a success in life. On the strength of that singular dream, a child labours through schools, burns the midnight oil and eventually makes it to the university. Out of those who eventually graduate from Nigeria’s many universities, only very few, say, 30 per cent ever get close to realising their dreams. Graduation draws them right into the reality of the Nigerian condition.

If you doubt my assessment of dream truncation, consider some critical but grim data. First, Nigeria is demographically a youthful country. That translates into some optimistic prognosis about how that youth bulge could become the opportunity for development planning that would be premised on youth empowerment and employability.

Unfortunately, we have to contend with the global phenomenon of unemployment, and its specific Nigerian horror. As at 2015, Nigeria’s youth unemployment rate is over 50 per cent. This figure might even be larger as the CBN hinted in 2014 that over 80 per cent of Nigerian youths are jobless. Factor Nigeria’s lack of an impressive data culture in policy intelligence and analysis into the unemployment and education equation, and you get an understanding of how depressing the reality is.

No doubt, Nigeria has a serious development deficit. There is no developed nation in the world that does not recognise the significance of the youths to national progress.

The youth constitutes a critical mass of national capital which is then converted into a workforce that could move the machinery of development. When this fails to happen, unemployment is transformed into a debilitating malaise that wastes the vitality of the nation. This is the stage at which Nigeria stands in terms of the employability of its youth. And we only need scrutinise the root cause of the Arab Spring, and the sacrifice of Bouazzizi, the Tunisian youth who was forced by the shame of acute unemployment to set himself ablaze, to realise what chronic unemployment portents for a nation of over 190 million people with a significant youth component.

While this is the dire consequence of unemployment, what is the cause? Here we examine two corollary variables whose combine effects are undermining Nigeria’s development capacity. I have in mind the Federal Government of Nigeria and the Nigerian tertiary education system. The Nigerian Policy on Education (NPE) is a document fabricated within the context of a paradox. On the one hand, the government recognises that human capital development plays a huge role in driving development planning. Hence, the essence of having a policy on education is meant to push that recognition to the point of policy implementation. On the other hand, however, the very policy document that is founded on the critical role of human capital development undermines its own rationale by cutting its potential output by a radical half! In other words, by its avowed pursuit of 60:40 ratio in favour of the sciences over the humanities and the social sciences (HSS), the government undermines the potentials of the HSS contribution to national development.

Suffice it to add that the critical issue really is not the 60:40 ratio which in some sense is self-justifying, it is the import of that policy as a totality of attitude of policy makers borne out of some intellectual laziness or partial blindness.

The ratio, I suspect, is borne out of the government’s belief that the HSS are not

Minister of Labour and Employment, Dr. Chris Ngige

development-useful. And that seems perfectly logical. I mean, what possible role could history or religious studies or modern European studies or philosophy play in the nation’s attempt to create a science and technology framework that could launch Nigeria’s development initiatives? It therefore

There is no developed nation in the world that does not recognise the significance of the youths to national progress. The youth constitutes a critical mass of national capital which is then converted into a workforce that could move the machinery of development. When this fails to happen, unemployment is transformed into a debilitating malaise that wastes the vitality of the nation

seems to make equally perfect sense that the sciences ought to be promoted and funded over the HSS. This development reasoning is not purely Nigerian. The HSS all over the world are under siege, especially in the wake of the rise of the STEM disciplines—science, technology, engineering and mathematics. These four forms the hard core of development education that any nation urgently requires. And so, several departments of the non-development disciplines have been forced to rationalise their staff, brutally merged to save cost or forced to close shop. Beheading therefore became the cure for a severe headache!

And the Nigerian tertiary education system only makes the matter worse. Because this system is essentially tertiary, its foundation is built on what we can call a ‘certificate illusion.’ In other words, the thousands of youths entering the universities every year hold the false hope that it is their certificates that would earn them a lifelong meal ticket.

They are cured of this illusion after four or so years in the ivory towers. And so over the years, the Nigerian universities, the intellectual sites for the generation of national intelligence and competences, have become grim industries that churn out graduates who will eventually be unemployed or unemployable. And the graduates of the HSS are the worst hit in this unemployment equation. It would make for a rather enlightening statistics to know the proportion of HSS graduates that make up the unemployment data.

Most Nigerian universities are complicit in this depressing predicament. At one end, there seems not to be any publicised and sustained series of concerted efforts, intellectual and political, to outline the critical role of the HSS in national development.

Except maybe the universities themselves are indifference to the possible roles the HSS can play in the development equation of Nigeria. If universities are centres of competences, then there is a lot that needs to be done to ensure that there is really a genuine attempt to deliver on that mandate

to boost Nigeria’s chance of ever achieving a wholesome development profile. When compared with other disciplines, the HSS constitute a set of disciplines whose value significance to the society and the nation ought to be critically revisited, or precisely updated. The slogan of the humanist scholars is that the humanities humanise. True. In the inculcation of a sense of beauty and values, an awareness of the divine, the internalisation of the elements of critical thinking, etc., a human individual is weaned off terrible subhuman attitudes and beastly tendencies that compromise the essence of harmonious human relationships in what we call the human society.

Yet, the HSS graduates must compete with other well-endowed and competently prepared graduates in the age of global competitiveness. The critical questions therefore are: In what sense can the HSS humanise in the age of capitalism? How can the humanising advantage of the HSS inflect the Nigerian development challenge, and transform it radically? What more do the HSS graduates require to become functionally adequate? These questions are critical and the right answers to them not only becomes the leeway the HSS require to be saved the looming threat of rationalisation, these answers are equally significant in integrating the HSS graduates into the development equation in Nigeria.

It does not serve any purpose to recraft the National Policy on Education to achieve a 50:50 ratio balance. On the contrary, what is needed is a concerted rethinking process that can impact policy intelligence and implementation. Put in other words, the policy hand of the Nigerian government must be forced to see why rationalising the HSS or starving it of funds would not be in the national interest, in the final analysis.

There is a tendency that the global trend in the diminution of the relevance of the HSS would eventually trickle down to Nigeria. As it is, the first manifestation of that trend is the NPE and its lopsided ratio, fuelled by the strange belief that it takes only science and technology to develop Nigeria. Unfortunately, government and its policy makers are not looking at the issues from the other side—that science and technology themselves pose significant threat to Nigeria’s development objectives in several critical senses. For instance, the emerging technologies have become the convenient avenues by which fundamentalism and terrorism have run out of control in the human society.

It therefore seems that the establishment of the Ibadan School of Government and Public Policy (ISGPP) becomes a timely catalyst that can independently jumpstart the conversations around the urgent need to rethink and rehabilitate the HSS not only to be in tune with its own mandate, but also to facilitate a genuine and necessary dialogue with the Nigerian development needs and objectives. The ISGPP is initiating these intellectual and policy conversations in the recognition that the HSS constitute a critical mass of disciplines whose development values have been lost in the jaundiced perception of what development is, and who and what they can contribute to it.

But as a first condition for that possibility, the Nigerian universities owe the Nigerian youth a radical intervention that would be conducive to employability.

It seems to me that that is one fundamental development dividend that any nation owe its youths. And the employability of the HSS graduate is a function of how entrepreneurial skill can complement the humanising mandate of the HSS. In that, I see the marching order for the Nigerian universities: the immediate and urgent implementation of a thriving entrepreneurial education compulsory for students, and shorn off all overly theoretical ambition. .Dr. Olaopa is the Executive Vice Chairman Ibadan School of Government and Public Policy Email: tolaopa@ibsgpp.com

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ADVERTORIAL

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WEDNESDAY MARCH 23, 2016 • T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Obama Advocates Political, Economic Changes in Cuba United States President Barack Obama has urged political and economic change in Cuba in a challenge to the country’s Communist government.

Taking the stage at Havana’s Grand Theater with Cuban President Raul Castro in attendance, Obama used the crowning moment of his visit to extend a“hand of friendship.”

He came, he said, to “bury the last remnant” of the Cold War in the Americas.

But Obama also pressed hard for economic and political reforms and greater openness, speaking in a one-party state where little dissent is tolerated.

His speech was the high point of a trip made possible by his agreement with Castro in December 2014 to cast aside decades of hostility that began soon after Cuba’s 1959 revolution, and work to normalize relations.

Nonetheless, Obama minced no words in his calls for change.

“I believe citizens should be free to speak their minds without fear,”Obama told the audience.

“Voters should be able to choose their governments in free and democratic elections.”

“Not everybody agrees with me on this, not everybody agrees with the American people on this but I believe those human rights are universal. I believe they’re the rights of the American people, the Cuban people and people around the world,”Obama said.

While he urged an end to the longstanding U.S. economic embargo on the island, Obama added that “even if we lifted the embargo tomorrow, Cubans would not realize their potential without continued change here in Cuba.”

The scene of the leader of the United States, the superpower to the north once routinely reviled by the Cuban government, standing on Cuban soil urging such changes would have been unthinkable before the two countries began their rapprochement.

For years, Cuban leaders told American presidents to mind their own business.

Indeed, Castro has been careful to state since the detente that it does not mean Cuba plans to change its political system, and that while his government is open to discuss any issue, it has to be with mutual respect.

Yesterday’s audience of more than a 1,000 people was made up of invited guests of the U.S. and Cuban governments. They included officials and business people of both countries, visiting U.S. lawmakers and members of Cuba’s cultural elite.

Obama drew sustained applause when he reiterated his call for the U.S. Congress to lift the embargo, which he called “an outdated burden on the Cuban people.”

But the response was more muted to his appeal for greater political liberties, including freedom of expression and religion. Obama followed up those comments afterwards with a private meeting with dissidents.

Obama received a smattering of applause, however, when he called for economic reform to help attract more investment from U.S. companies, many of which have remained wary. At the same time, Obama sought to balance his critique with recognition of America’s flaws and of Cuba’s achievements in

areas such as healthcare and education.

Obama, who abandoned a longtime U.S. policy of trying to isolate Cuba, wants to make his shift irreversible by the time he leaves office in January and secure it as a piece of his foreign policy legacy.

But major obstacles remain to full normalization of ties, most notably the continuing U.S. embargo and differences over human rights. The Republicancontrolled Congress has so

far rejected the Democratic president’s call for a lifting of the embargo, although Obama has used his executive powers to ease some trade and travel restrictions on the island.

The president’s critics at home have called his visit a premature reward to the Castro government. U.S. House of Representatives Speaker Paul Ryan, a Republican, said on Tuesday the trip legitimizes what he called Castro’s“tyrannical dictatorship.”

With his words carried live by

Cuba’s state-run media, Obama sought to persuade ordinary Cubans that his new policy, including easing of trade and travel restrictions, was focused primarily on helping them to improve their lives.

Standing at a lectern flanked by U.S. and Cuban flags, Obama laid out a hopeful vision of future U.S.-Cuban relations and told Cubans “it’s up to you” to take steps to change the country. Some Cubans who listened to Obama’s speech

broadcast to their homes and cafes took Obama’s criticism of the Cuban system in stride and were also impressed by his frank admission of America’s own failings.

“He has been very honest in his statements,” said Santiago Rodriguez, 78, in his home in central Havana. “It is not only the blockade (embargo) that has overwhelmed (us) for years. This was a message full of suggestions and positive criticism for the future of Cuba.”

PRESIDENTIAL HANDSHAKE

President Barack Obama with his Cuban counterpart, Raul Castro, shaking hands during their first meeting on the second day of Obama’s visit to Cuba, in Havana…yesterday

10,000 Refused Entry into France France has stopped 10,000 people from entering the country since last November’s attacks in Paris, Interior Minister Bernard Cazeneuve said as he announced extra security measures in the wake of deadly blasts in Brussels.

France’s borders are officially open under the Schengen agreement that waives controls between some European countries, but it has put checks in place since the November 13 militant assaults on cafes bars, a football

stadium and a music hall, in which 130 people died.

Cazeneuve said those extra controls involving 5,000 police had been particularly focused on its northern border with Belgium. “In total, 220 points of entry are checked, 42 of them systematically and permanently.

As a result over four months, 6 million people have been checked, and 10,000 individuals have already been prevented from entering,” he told reporters.

Those who struck in Paris are believed to have planned their assault in Brussels. The prime surviving suspect from the assault in the French capital was arrested there last week.

Belgium’s federal prosecutor said one of the explosions at Brussels Airport was likely to have been caused by a suicide bomber. There were two blast at the airport and another on a metro train.

Cazeneuve said that as of Tuesday he had deployed a

further 1,600 police to bolster security at its borders and on public transport. He was speaking after an emergency government meeting called

by President Francois Hollande.

France has been on its highest alert status since Nov. 13 amid worries about another attack on its soil. After the arrest of Paris attack suspect Salah Abdeslam last week, police have been on alert for any reprisal action in both capitals, which lie about 315 km (200 miles) apart.

Trump Looks to Expand Lead as Arizona, Utah Cast Votes Front-runner Donald Trump looks to take another step toward winning the Republican presidential nomination in contests in Arizona and Utah, aiming to deal another setback to the party establishment’s flagging stop-Trump movement.

The billionaire businessman has rolled up a big lead in convention delegates who will pick the Republican nominee, defying weeks of attacks from members of the party establishment worried he will lead the Republicans to defeat in the Nov. 8 presidential election.

In Arizona, which is one of the U.S. states that borders Mexico, Trump’s hardline immigration message is popular and he leads in polls, while in Utah Trump lags in polls behind top rival Ted Cruz, a U.S. senator from Texas.

Arizona will award its entire slate of 58 delegates to the winner of Tuesday’s primary. In Utah, the state’s 40 delegates will be awarded proportionate to the popular vote, unless a single candidate captures at least 50 percent of the vote, in which case that person will be awarded all the delegates.

On Monday, Trump tried to rally worried party leaders to his insurgent candidacy during a stop in Washington, D.C., where he warned against efforts to deny him the nomination if he falls short of securing the 1,237 delegates needed ahead of the party’s July convention. Trump now has 678 delegates.

“I think it is going to be very hard for them to do,”Trump said on CNN of any effort to deny him

the nomination if he falls short.

“I have millions of votes more than anybody.” Democrats also will vote on Tuesday, in Arizona, Utah and Idaho, with front-runner Hillary Clinton aiming to pile up more delegates in her race against challenger Bernie Sanders.

Sanders, a U.S. senator from Vermont, is looking for wins in many of the six Democratic contests this week. Alaska, Hawaii and Washington will vote on Saturday.

But because Democratic delegates are awarded proportionally in all states, Clinton will keep adding to her delegate total even if she is not the winner in a given state.

Tuesday’s Republican contests are the first since U.S. Senator Marco Rubio of Florida dropped out. Ohio Governor John Kasich is still in

the race, splitting the anti-Trump vote with Cruz.

“We welcome Marco’s supporters with open arms,” Cruz said on CNN, saying a Trump candidacy in November would be“a disaster” that would ensure a Clinton win.

In Arizona, Trump has the backing of former Republican Governor Jan Brewer and Maricopa County Sheriff Joe Arpaio, two of the most prominent supporters of a crackdown on illegal immigrants.

In Utah, Mitt Romney, the 2012 Republican presidential nominee, has said he will vote for Cruz.

Romney recorded phone messages on behalf of Cruz, saying,“He is the only Republican candidate who can defeat Donald Trump” and that a vote for Kasich was equivalent to a vote for Trump.

46

T H I S D AY • WEDNESDAY, MARCH 23, 2016

BUSINESS/MONEYGUIDE

1,000 African Entrepreneurs Join TEF Programme Obinna Chima The Tony Elumelu Foundation (TEF) yesterday announced the selection of 1,000 entrepreneurs for the second round of the Tony Elumelu Entrepreneurship Programme (TEEP).

Launched in 2015, TEEP is one of the largest African philanthropic initiative devoted to entrepreneurship and represents a 10-year, $100 million commitment, to identify and empower 10,000 African entrepreneurs, create a million jobs and add $10 billion in revenues to Africa’s economy.

According to a statement

yesterday, over 45,000 entrepreneurs from 54 African countries applied, more than doubling the number of applications received in 2015.

Successful candidates represented diverse industries, led by agriculture, ICT and fashion. The highest numbers of applicants came from Nigeria, Kenya, Ghana, Uganda and Cameroon. All five regions – North, East, Southern, Central and West Africa are represented.

Commenting on the development, the founder of TEF, Mr. Tony Elumelu said: “In TEEP’s first year we spent over $8 million of our $100 million

commitment – with $5 million going directly to entrepreneurs as seed capital — and the results have far exceeded our expectations.

“We have funded entrepreneurs, established networks and helped extraordinary people take control of their destinies. The 2016 Tony Elumelu Entrepreneurs will become a generation of newly empowered African business owners, who are the clearest evidence yet, that indigenous business growth will drive Africa’s economic and social transformation.”

W’ Bank: Internet Users Now 3.2 Billion Dele Ogbodo in Abuja The World Bank has said that the number of internet users globally had more than tripled within this decade, from 1billion in 2015 to about 3.2billion by the end of 2015.

The World Bank disclosed this in its Report for 2016, made available during the presentation of the World Development Report (WDR 2016 ) on Digital Dividends. The report revealed that more households in Nigeria and other developing nations owned a mobile phone rather than have access to electricity or clean water.

According to the report, an estimated 70 percent of the bottom fifth of the population in

developing nations could boast of owning a cell phone.

It added: “The number of internet users has more than tripled in a decade-from 1billion in 2005 to an estimated 3.2billion at the end of 2015, stating that businesses, people, and governments are more connected than ever before.”

Furthermore, it said that digital revolution had brought immediate private benefits-easier communication and information, greater convenience, free digital products and new forms of leisure, adding it has also created a profound sense of social connectedness and global community. “More households in developing countries own a mobile phone than have access

to electricity or clean water, and nearly 70 percent of the bottom fifth of the population in developing countries own a mobile phone,” it said.

The report also explained that maximising digital dividends would require better understanding of how technology interacted with other factors that were important for development, describing it as “analog complements.”

It also said that digital technology could make routine, transaction-intensive tasks cheaper, faster and more convenient, adding, however, that most tasks also had an aspect that could be automated, requiring human judgment, intuition and discretion.

Heritage Bank Boss Highlights Benefits of Financial Literacy Nume Ekeghe Financial literacy has been described as a strong catalyst to financial inclusion and wealth creation that will aid the nation’s economic growth.

This was stated by the Executive Director, Heritage Bank Limited, Mrs. Mary Akpobome, in her opening remarks, at the Financial Literacy Day Programme organised by the bank at the University of Ilorin Secondary School, Ilorin, Kwara State recently.

Akpobome, who was represented by the Divisional Head, Public Sector, Heritage Bank, Mrs. Moji Niran – Oladunni, explained that the bank’s

financial literacy programme is a platform to help children and young adults establish a positive relationship with money.

The programme, she added, is a key enabler to the achievement of financial inclusion that will sustain economic growth and development in the country.

33 “At Heritage Bank, the importance of financial inclusion for the youth cannot be over-emphasised; the youth represents a vital force for socio-economic development and hence, the need to begin to work with young people through educational institutions.

As a bank, we are here to grow

with you and see you create wealth, preserve and transfer wealth across generations.

This must begin with being financially literate,” she said.

Addressing the students, an education advocate teenager and Heritage Bank’s ambassador, Miss Zuriel Oduwole, noted that financial literacy is about how to earn money and preserve it for the future. Oduwole, who had held meetings with more than 18 Presidents and Prime Ministers on youth and education, averred that education is not only about passing subjects like Chemistry, Biology or Economics, but about learning new things that will help the learner in the future.

Access Bank Introduces New Multi-function ATMs NCR Corporation, one of the global leaders in consumer transaction technologies has announced that Access Bank Plc one of the leading banks in Africa has enhanced its ATM portfolio with NCR’s latest SelfServ ATMs. The move, according to a statement is to improve speed of service, reduce downtime and enhance customer experience.

Furthermore, the statement revealed that the NCR’s SelfServ 34 Cash Deposit ATM serves customers with a wide range of transactions like cash deposit and bill payment and can scale to cheques deposit. NCR also delivered SelfServ 34 Dual Dispenser ATMs which can handle high transaction volumes that

makes Access Bank available to customer at all times.

“Access Bank aims to give its customers a clear reason to always bank with the best, by delivering banking services that are fast, customer friendly and ultra-reliable,” Executive Director, Operations and IT, Access Bank, Ojini Olaghere.

“NCR has been a market leader and the addition of NCR suite of innovative ATM’s and security solution reiterates our commitment to be the first to drive new innovations in the Nigerian Banking sector and provide world class customer experience,” she added.

As part of the agreement, NCR will also deploy SelfServ 25 and SelfServ 26 ATMs to

be located at various stations across Nigeria.

The ATMs will be equipped with NCR industry-leading ATM Skimming Protection Solution (SPS) that uses jammers that generate multiple random signals and prevents any attempt by a criminal to isolate and record data from the magnetic stripe on the card.

“NCR continues to lead the ATM market in Africa with innovations that are critical to help financial institutions to enhance customer experience, reduce operating costs and defend the integrity of the banking channel from fraud attacks,”the country manager, NCR Nigeria, Ahmed Abdel Aziz Hamada explained.

Elumelu

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

DECEMBER 2015 Broad Money (M2)

20,029,831.12

-- Narrow Money (M1)

8,571,701.30

---- Currency Outside Banks

1,456,096.85

---- Demand Deposits

7,115,604.46

-- Quasi Money

11,458,129.82

Net Foreign Assets (NFA)

5,653,320.37

Net Domestic Assets(NDA)

14,376,510.75

-- Net Domestic Credit (NDC)

21,612,452.09

---- Credit to Government (Net)

2,893,189.06

---- Memo: Credit to Govt. (Net) less FMA

4,475,224.83

---- Memo: Fed. and Mirror Accounts (FMA)

-1,582,035.78

---- Credit to Private Sector (CPS)

18,719,263.04

--Other Assets Net

-7,235,941.34

Reserve Money (Base Money)

5,812,744.35

--Currency in Circulation

1,857,941.79

--Banks Reserves

3,954,802.55 • Source - CBN

MANAGED FUNDS Initial Price (N) Stanbic Balanced Fund

Buying Price(N)

Selling Price

1,660.29

1,685.29

Stanbic IBTC NEF

1,000.00

11,002.32

11,326.67.11

Stanbic SIBond

20

120.47

120.47

Stanbic IBTC Ethical

1

1.10

1.13

Stanbic IBTC GIF

142.90

143.38

UBA Balanced Fund

1.2563

1.2493

UBA Bond Fund

1.3443

1.3443

UBA Equity Fund

0.8205

0.8074

UBA Money Market Fund

1.1510

1.1510

ARM Aggressive Growth Fund

N13.0544

N13.4480

ARM Discovery Fund

N288.2515

N296.9425

ARM Ethical Fund

N22.5268

N23.2060

ARM Money Market Fund

13.1030 (Yield % ) • Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE AS AT MONDAY, 21 MARCH 2016 Vienna, AustriaThe price of OPEC basket of thirteen crudes stood at $36.27 a barrel on Monday, compared with $36.59 the previous Friday, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

SOURCE: OPEC headquarters, Vienna

47

T H I S D AY • WEDNESDAY mArch 23, 2016

Nigeria’s top 50 stocks based on market fundamentals

22-Mar-16 21-Mar-16

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

01 Continental Reinsurance Plc

0.89

0.89

0.00%

9,231,742,437.68

0.16

5.59

0.58

11.24%

0.61

02 Custodian And Allied Insurance Plc

3.81

3.81

0.00%

22,409,902,582.95

0.80

4.76

0.89

2.89%

0.86

168.00

168.00

0.00%

2,862,805,244,040.00

10.64

15.79

5.82

4.76%

4.44

5.90

5.90

0.00%

70,800,000,000.00

0.96

6.14

0.70

30.51%

1.22

19.00

19.00

0.00%

49,860,506,553.00

1.84

10.32

0.15

10.53%

0.49

293.23

293.23

0.00%

381,926,533,832.69

4.45

65.92

3.06

1.36%

8.25

07 Glaxo Smithkline Consumer Nig. Plc.

24.98

24.98

0.00%

29,872,994,670.24

0.81

30.95

0.98

1.20%

2.27

08 International Breweries Plc.

18.50

18.50

0.00%

60,943,611,680.00

0.64

28.94

3.30

1.35%

5.06

09 Julius Berger Nig. Plc.

41.50

41.50

0.00%

54,780,000,000.00

6.00

6.92

0.25

6.51%

2.15

10 Lafarge Africa Plc.

82.61

82.61

0.00%

376,280,438,524.10

5.93

13.94

1.41

0.61%

2.14

11 Mobil Oil Nig Plc.

162.45

162.45

0.00%

58,578,700,311.90

11.22

14.48

0.71

3.69%

3.95

12 Okomu Oil Palm Plc.

33.07

33.07

0.00%

31,545,803,700.00

2.25

14.72

3.56

3.02%

1.28

13 Presco Plc

34.25

34.25

0.00%

34,250,000,000.00

3.28

10.45

3.02

0.29%

1.53

14 Resort Savings & Loans Plc

0.50

0.50

0.00%

5,664,866,202.00

4.68

0.11

0.02

0.00%

1.89

15 Stanbic IBTC Holdings Plc

15.05

15.05

0.00%

150,500,000,000.00

2.04

7.39

1.27

0.66%

1.34

16 Sterling Bank Plc.

1.73

1.73

0.00%

49,807,423,357.98

0.36

4.84

0.45

14.45%

0.52

17 United Bank for Africa Plc

3.70

3.70

0.00%

134,234,247,391.40

1.64

2.25

0.43

16.22%

0.40

18 Wapic Insurance Plc

0.50

0.50

0.00%

6,691,369,124.00

0.10

5.16

0.94

0.00%

0.45

19 Oando Plc

3.91

3.90

0.26%

47,055,359,875.54

0.50

7.80

0.08

19.23%

0.30

20.95

20.48

2.29%

40,242,108,907.65

3.62

5.66

0.49

8.54%

0.56

3.70

3.61

2.49%

132,812,583,330.40

2.16

1.67

0.32

27.70%

0.23

702.00

680.00

3.24%

556,444,688,904.00

29.95

22.71

3.97

2.21%

14.18

1.15

1.11

3.60%

44,529,147,038.75

0.02

46.42

1.06

4.50%

0.46

24 Guinness Nig Plc

112.00

107.99

3.71%

168,659,477,056.00

0.78

138.76

3.26

0.00%

3.64

25 FCMB Group Plc.

0.80

0.77

3.90%

15,842,168,603.20

0.49

1.56

0.11

38.96%

0.10

26 Skye Bank Plc

0.99

0.95

4.21%

13,741,498,395.90

0.85

1.11

0.10

31.58%

0.09

27 Fidelity Bank Plc

1.34

1.28

4.69%

38,826,228,010.82

0.48

2.65

0.29

10.94%

0.21

28 AIICO Insurance Plc.

0.85

0.81

4.94%

5,890,673,808.00

0.18

4.62

0.21

0.00%

0.43

29 Unilever Nigeria Plc.

30.92

29.45

4.99%

116,979,520,050.00

0.93

31.56

1.87

4.24%

15.39

30 Nigerian Brew. Plc.

109.20

104.00

5.00%

865,857,816,969.60

5.37

19.37

2.98

4.33%

4.84

1.15

1.15

0.00%

33,321,016,576.45

0.23

5.43

0.29

11.20%

0.20

32 Cadbury Nigeria Plc.

17.20

17.20

0.00%

32,305,075,088.00

3.21

5.92

1.06

6.84%

3.45

33 Glaxo Smithkline Consumer Nig. Plc.

24.98

24.98

0.00%

29,872,994,670.24

2.05

11.90

0.97

5.33%

2.29

34 Okomu Oil Palm Plc.

30.00

30.00

0.00%

28,617,300,000.00

2.25

13.58

3.28

3.28%

1.18

35 Cap Plc

38.50

37.56

2.50%

26,950,000,000.00

1.66

22.37

3.91

2.69%

14.82

36 Mansard Insurance Plc

2.20

2.14

2.80%

23,100,000,000.00

0.18

12.24

1.53

1.83%

1.24

37 Custodian And Allied Insurance Plc

3.90

3.89

0.26%

22,939,270,360.50

0.70

5.52

0.90

2.84%

0.88

38 National Salt Co. Nig. Plc

7.02

7.17

-2.09%

18,599,057,413.56

0.97

7.23

1.73

12.86%

3.31

39 FCMB Group Plc.

0.76

0.73

4.11%

15,050,060,173.04

0.82

1.08

0.13

33.71%

0.11

40 Skye Bank Plc

0.99

0.96

3.13%

13,741,498,395.90

0.90

1.22

0.11

27.27%

0.11

41 Honeywell Flour Mill Plc

1.51

1.44

4.86%

11,974,598,463.58

0.14

10.34

0.24

10.96%

0.54

42 Cement Co. Of North.Nig. Plc

8.88

9.00

-1.33%

11,159,298,562.08

1.13

8.08

0.70

7.68%

1.07

43 Continental Reinsurance Plc

0.92

0.92

0.00%

9,542,924,767.04

0.16

6.09

0.63

10.31%

0.66

44 UACN Property Development Co. Limited

5.10

5.10

0.00%

8,765,624,974.50

1.81

2.96

0.82

13.08%

0.28

45 Unity Bank Plc

0.67

0.64

4.69%

7,831,856,421.14

0.54

1.22

0.12

0.00%

0.09

46 Wapic Insurance Plc

0.50

0.50

0.00%

6,691,369,124.00

0.03

17.47

1.78

0.00%

0.45

47 Nigerian Aviation Handling Company Plc

4.10

4.10

0.00%

6,659,296,875.00

0.45

8.10

0.72

8.24%

0.97

48 Resort Savings & Loans Plc

0.50

0.50

0.00%

5,664,866,202.00

4.68

0.11

0.02

0.00%

1.89

49 AIICO Insurance Plc.

0.80

0.78

2.56%

5,544,163,584.00

0.18

5.08

0.23

0.00%

0.47

50 Fidson Healthcare Plc

2.50

2.40

4.17%

3,750,000,000.00

0.63

4.26

0.18

15.56%

0.63

03 Dangote Cement Plc 04 Dangote Sugar Refinery Plc 05 Flour Mills Nig. Plc. 06 Forte Oil Plc.

20 U A C N Plc. 21 FBN Holdings Plc 22 Nestle Nigeria Plc. 23 Transnational Corporation Of Nigeria Plc

31 Fidelity Bank Plc

TOTAL

8,312,404,950,079.81

TOTAL MARKET CAP

8,950,508,046,015.51

% OF MARKET CAP Annotation - MA* = Simple Moving Average

91.97%

Table 1 Market Statistics Mkt Indicators NSE All Share Index NSE Market Cap (N'Trillion) Thisday BGL 50 Index Thisday BGL 50 Market Cap (N'Trillion)

Open 21-Mar-16

Close 22-Mar-16

Change %

25,902.95 8.91

26,020.32 8.95

0.45% 0.45%

106.20 8.27

106.76 8.31

0.53% 0.53%

Table 3 Top 5 Gainers Stock

Open Close Change 21-Mar-16 22-Mar-16 %

Nigerian Brew. Plc. Unilever Nigeria Plc. AIICO Insurance Plc. Fidelity Bank Plc Skye Bank Plc

104.00 29.45 0.81 1.28 0.95

109.20 30.92 0.85 1.34 0.99

5.00% 4.99% 4.94% 4.69% 4.21%

Table 4 Top 5 Losers Stock

Open Close Change 21-Mar-16 22-Mar-16 %

Seplat Petroleum Dev. Co. Ltd. Nigerian Aviation Handling Company Plc Wema Bank Plc. National Salt Co. Nig. Plc P Z Cussons Nigeria Plc.

330.00 4.00

310.00 -5.00% 3.80 -4.99%

0.80 7.22 22.84

0.76 -3.15% 6.86 -2.53% 21.71 -2.50%

Market continues upward trend as ASI gains 0.45% Market pulse on the Nigerian Stock Exchange (NSE) today- Tuesday March 22nd, 2016, was positive as the market closed green thanks to 2015 full year earnings announcement by company’s coupled with dividend declaration much to the delight of investors. This was further highlighted by positive performance from the NSE Sub sectors; Banking and Insurance (Save Oil & Gas and Consumer Goods). Trading activities increased in volume as 344.12 million shares worth N2.460billion in 4,386 7deals exchanged hands today. This is an increase from the 412.47 million shares worth N2.06 billion in 3, 285 deals carried out on Monday. Topping in volume terms was Zenith Bank Plc, Fidelity Bank Plc and Afromedia Plc, while Nigeria breweries Plc and Zenith Bank Plc ended trading as the most active stocks in value terms.

The All Share Index (NSEASI) closed positive with a 0.45% (+117.37) increase to 26,020.32 from 25,902.95 the previous trading day. Market Capitalization appreciated in tandem to N8.95 trillion from N8.91 trillion of prior trading day. The Thisday BGL 50 Index followed suit with 0.53% increase to close at 106.76 from 106.20 the previous trading day, while its market capitalization stood at N8.31 trillion from N8.27 trillion of the previous trading day.

A total number of 15 stocks gained on the bourse today while 25 stocks declined, leaving 62 stocks unchanged.

Nigerian Breweries Plc emerged the toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 5.00% to close at N109.20 per share. It was followed Unilever Nigeria Plc with a gain of 4.99% to close at N30.92 per share. Others on the gainers list include: AIICO Insurance Plc, Fidelity Bank Plc and Skye Bank Plc while on the decliners’ list; Seplat Petroleum Dev. Co. Ltd led with a loss of 6.06% to close at N310.00 per share. It was followed

by Nigerian Aviation Handling Company Plc with a loss of 5.00% to close at N3.80 per share. Others on the losers list include; Wema Bank Plc, National Salt Co. Nig. Plc and P Z Cussons Nigeria Plc.

REQUIRED DISCLOSURE This report has been prepared by BGL Plc. BGL Plc does and seeks to do business with companies covered in its research reports. As a result, the firm may have a conflict of interest that could affect the objectivity of this report. Investors should use this report as one of many other factors in making their investment decisions.

For more details go to www.thisdaylive.com

48

T H I S D AY • WEDNESDAY, MARCH 23, 2016

MARKET NEWS

Wema Bank Commits to Retail Banking, Posts N3bn Profit Goddy Egene and Eromosele Abiodun The Managing Director/Chief Executive Officer of Wema Bank Plc, Mr. Segun Oloketuyi has said the bank begun this year with a renewed focus on its vision to become a leading retail bank in Nigeria.

Speaking against the background of the bank’s 2015

financial performance, Oloketuyi said Wema Bank Plc recorded a 9.5 per cent growth in its gross earnings on the back of improved deposit liabilities and a robust risk management framework as demonstrated by non-performance loan NPL ratio of 2.67 per cent and a less than1.0 per cent cost of risk.

Specifically, Wema Bank recorded gross earnings of N45.9

T H E MAIN BOARD

DEALS

MARKET PRICE

billion in 2015, up from N42.2 billion. Net interest income stood at N17.7 billion, down from N18.6 billion.

However, investment and other income rose by 28 per cent to N8.7 billion, compared with N6.7 billion posted in 2014.

Profit before tax fell marginally by 1.6 per cent to N3.0 billion, from N3.1 billion, while profit after tax fell to N2.3 billion,

N I G E R I A N QUANTITY TRADED

STO C K

VALUE TRADED ( N )

Daily Summary as of 15/03/2016 Printed 15/03/2016 14:36:17.017 Daily Summary (Bonds) No Debt Trading Activity Daily Summary (Equities) Activity Summary on Board EQTY AGRICULTURE Crop Production OKOMU OIL PALM PLC. PRESCO PLC Crop Production Totals Livestock/Animal Specialties LIVESTOCK FEEDS PLC. Livestock/Animal Specialties Totals AGRICULTURE Totals CONGLOMERATES Diversified Industries A.G. LEVENTIS NIGERIA PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. Diversified Industries Totals CONGLOMERATES Totals CONSTRUCTION/REAL ESTATE Building Structure/Completion/Other COSTAIN (W A) PLC. Building Structure/Completion/Other Totals Infrastructure/Heavy Construction JULIUS BERGER NIG. PLC. Infrastructure/Heavy Construction Totals Real Estate Development UACN PROPERTY DEVELOPMENT CO. LIMITED Real Estate Development Totals Real Estate Investment Trusts (REITs) UPDC REAL ESTATE INVESTMENT TRUST Real Estate Investment Trusts (REITs) Totals CONSTRUCTION/REAL ESTATE Totals CONSUMER GOODS Beverages--Brewers/Distillers CHAMPION BREW. PLC. GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. NIGERIAN BREW. PLC. Beverages--Brewers/Distillers Totals Beverages--Non-Alcoholic 7-UP BOTTLING COMP. PLC. Beverages--Non-Alcoholic Totals Food Products DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC NASCON ALLIED INDUSTRIES PLC TIGER BRANDED CONSUMER GOODS PLC UNION DICON SALT PLC. Food Products Totals Food Products--Diversified CADBURY NIGERIA PLC. NESTLE NIGERIA PLC. Food Products--Diversified Totals Household Durables VITAFOAM NIG PLC. Household Durables Totals Personal/Household Products P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC. Personal/Household Products Totals CONSUMER GOODS Totals FINANCIAL SERVICES Banking ACCESS BANK PLC. DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED FIDELITY BANK PLC GUARANTY TRUST BANK PLC. SKYE BANK PLC STERLING BANK PLC. UNITED BANK FOR AFRICA PLC UNION BANK NIG.PLC. UNITY BANK PLC WEMA BANK PLC. Banking Totals Insurance Carriers, Brokers and Services AIICO INSURANCE PLC. CONTINENTAL REINSURANCE PLC CORNERSTONE INSURANCE COMPANY PLC. INTERNATIONAL ENERGY INSURANCE COMPANY PLC LASACO ASSURANCE PLC. AXAMANSARD INSURANCE PLC N.E.M INSURANCE CO (NIG) PLC. SOVEREIGN TRUST INSURANCE PLC STANDARD ALLIANCE INSURANCE PLC. WAPIC INSURANCE PLC Insurance Carriers, Brokers and Services Totals Micro-Finance Banks NPF MICROFINANCE BANK PLC Micro-Finance Banks Totals Mortgage Carriers, Brokers and Services ABBEY MORTGAGE BANK PLC Mortgage Carriers, Brokers and Services Totals Other Financial Institutions AFRICA PRUDENTIAL REGISTRARS PLC CUSTODIAN AND ALLIED PLC FCMB GROUP PLC. ROYAL EXCHANGE PLC. STANBIC IBTC HOLDINGS PLC UNITED CAPITAL PLC Other Financial Institutions Totals FINANCIAL SERVICES Totals HEALTHCARE

from N2.3 billion.

“Our 2015 performance is a reflection of our resilience and our commitment to continuously deliver value to our stakeholders. The 2015 financial year was a particularly challenging one for the banking sector as the impact of low Government spend, policy changes in foreign exchange administration, a depressed

19 5 24

33.07 34.25

116,531 10,700 127,231

3,841,928.14 384,772.00 4,226,700.14

12 12 36

1.22

851,138 851,138 978,369

1,044,028.36 1,044,028.36 5,270,728.50

1 184 28 213 213

0.76 1.14 20.95

240 24,090,695 82,460 24,173,395 24,173,395

180.00 27,641,625.48 1,699,248.06 29,341,053.54 29,341,053.54

1 1

0.50

50,000 50,000

25,000.00 25,000.00

14 14

41.50

92,917 92,917

4,113,798.00 4,113,798.00

9 9

5.10

41,627 41,627

216,923.46 216,923.46

1 1 25

10.00

15 15 184,559

150.00 150.00 4,355,871.46

9 47 10 109 175

3.00 112.79 18.50 93.00

186,330 56,810 38,825 910,268 1,192,233

546,898.50 6,260,194.48 687,308.64 86,403,248.71 93,897,650.33

34 34

154.00

175,349 175,349

26,907,869.08 26,907,869.08

31 35 30 20 189 1 306

6.01 19.29 1.64 8.00 3.04 11.25

226,918 201,814 905,530 151,351 15,627,864 1,282 17,114,759

1,336,423.28 3,895,080.32 1,492,087.65 1,185,227.30 47,491,930.79 13,704.58 55,414,453.92

15 49 64

17.20 690.00

15,705 22,562 38,267

262,529.44 15,371,795.58 15,634,325.02

4 4

4.30

3,949 3,949

16,151.41 16,151.41

22 24 46 629

25.00 28.05

130,500 107,357 237,857 18,762,414

3,100,335.48 3,067,966.81 6,168,302.29 198,038,752.05

230 30 26 135 460 57 366 553 37 17 34 1,945

4.58 1.35 16.26 1.20 16.20 0.99 1.65 3.74 5.71 0.64 0.83

13,454,556 3,849,052 319,603 12,616,743 16,476,426 3,971,581 2,583,895 71,981,533 632,510 615,732 1,508,719 128,010,350

63,541,837.77 5,228,335.10 5,359,956.99 15,258,417.75 273,236,491.23 3,932,566.39 4,263,864.13 269,169,272.92 3,619,529.94 394,068.48 1,256,638.76 645,260,979.46

12 16 1

0.81 0.91 0.50

166,176 7,966,000 450,000

131,718.23 7,260,650.00 225,000.00

1

0.50

598,888

299,444.00

4 5 9 2 1 14 65

0.50 2.14 0.75 0.50 0.50 0.50

1,500,000 63,000 418,199 250,000 1,000 3,383,010 14,796,273

750,000.00 139,386.17 317,306.24 125,000.00 500.00 1,691,505.00 10,940,509.64

7 7

1.07

162,085 162,085

172,360.10 172,360.10

1 1

1.25

250 250

297.50 297.50

160 4 132 1 16 159 472 2,490

3.20 3.81 0.86 0.50 15.30 1.75

7,068,868 177,095 11,539,007 10,000 297,321 15,166,381 34,258,672 177,227,630

23,028,383.26 669,657.55 10,000,439.45 5,000.00 4,489,324.44 26,376,256.46 64,569,061.16 720,943,207.86

energy sector, declining manufacturing outputs and elements of insecurity continued to take a toll on consumer spending and economic activities.

Without a doubt, these challenges moderated our performance but we still posted a modest and encouraging result at the end of the 2015 financial year,”Oloketuyi said.

The MD noted that bank also

achieved several significant milestones during the financial year including the granting of a National banking licence by the Central Bank of Nigeria (CBN), authorising physical presence anywhere in the country.

“The bank has, however, started the year with a renewed focus on its strategic aspiration of becoming a leading retail bank in Nigeria.

E XC H A N G E

MAIN BOARD

DEALS

Pharmaceuticals FIDSON HEALTHCARE PLC 5 GLAXO SMITHKLINE CONSUMER NIG. PLC. 9 MAY & BAKER NIGERIA PLC. 13 NEIMETH INTERNATIONAL PHARMACEUTICALS PLC 1 Pharmaceuticals Totals 28 HEALTHCARE Totals 28 ICT Processing Systems E-TRANZACT INTERNATIONAL PLC 1 Processing Systems Totals 1 ICT Totals 1 INDUSTRIAL GOODS Building Materials ASHAKA CEM PLC 11 BERGER PAINTS PLC 4 CAP PLC 8 CEMENT CO. OF NORTH.NIG. PLC 12 DN MEYER PLC. 1 LAFARGE AFRICA PLC. 86 Building Materials Totals 122 Electronic and Electrical Products CUTIX PLC. 8 Electronic and Electrical Products Totals 8 Packaging/Containers BETA GLASS CO PLC. 3 Packaging/Containers Totals 3 INDUSTRIAL GOODS Totals 133 NATURAL RESOURCES Chemicals B.O.C. GASES PLC. 1 Chemicals Totals 1 NATURAL RESOURCES Totals 1 OIL AND GAS Integrated Oil and Gas Services OANDO PLC 112 Integrated Oil and Gas Services Totals 112 Petroleum and Petroleum Products Distributors CONOIL PLC 54 ETERNA PLC. 5 FORTE OIL PLC. 11 MOBIL OIL NIG PLC. 3 MRS OIL NIGERIA PLC. 1 TOTAL NIGERIA PLC. 8 Petroleum and Petroleum Products Distributors Totals 82 Exploration and Production SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD 24 Exploration and Production Totals 24 OIL AND GAS Totals 218 SERVICES Apparel Retailers LENNARDS (NIG) PLC. 1 Apparel Retailers Totals 1 Automobile/Auto Part Retailers R T BRISCOE PLC. 1 Automobile/Auto Part Retailers Totals 1 Courier/Freight/Delivery RED STAR EXPRESS PLC 2 TRANS-NATIONWIDE EXPRESS PLC. 3 Courier/Freight/Delivery Totals 5 Hotels/Lodging IKEJA HOTEL PLC 3 TRANSCORP HOTELS PLC 1 Hotels/Lodging Totals 4 Media/Entertainment DAAR COMMUNICATIONS PLC 4 Media/Entertainment Totals 4 Printing/Publishing ACADEMY PRESS PLC. 4 LEARN AFRICA PLC 5 Printing/Publishing Totals 9 Road Transportation ASSOCIATED BUS COMPANY PLC 1 Road Transportation Totals 1 Transport-Related Services AIRLINE SERVICES AND LOGISTICS PLC 1 NIGERIAN AVIATION HANDLING COMPANY PLC 10 Transport-Related Services Totals 11 Support and Logistics C & I LEASING PLC. 1 Support and Logistics Totals 1 SERVICES Totals 37 EQTY Board Totals 3,811 Daily Summary (Equities) Activity Summary on Board PREMIUM FINANCIAL SERVICES Banking ZENITH INTERNATIONAL BANK PLC 425 Banking Totals 425 Other Financial Institutions FBN HOLDINGS PLC 265 Other Financial Institutions Totals 265 FINANCIAL SERVICES Totals 690 INDUSTRIAL GOODS Building Materials No. of Deals DANGOTE CEMENT PLC 60 Building Materials Totals 60 INDUSTRIAL GOODS Totals 60 PREMIUM Board Totals 750 Equity Activity Totals 4,561

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

2.70 24.98 0.91 0.72

120,557 18,477 507,725 9,000 655,759 655,759

309,846.49 442,241.10 465,638.71 6,750.00 1,224,476.30 1,224,476.30

3.00

60,000 60,000 60,000

180,000.00 180,000.00 180,000.00

24.00 9.42 38.50 8.60 0.70 84.00

30,185 2,394 60,465 3,541,915 1,000 12,060,208 15,696,167

727,173.05 22,264.20 2,243,736.00 30,462,346.00 670.00 1,002,849,990.28 1,036,306,179.53

1.58

72,500 72,500

115,310.00 115,310.00

45.50

17,169 17,169 15,785,836

742,387.56 742,387.56 1,037,163,877.09

3.95

66 66 66

248.16 248.16 248.16

4.82

1,757,769 1,757,769

8,473,384.08 8,473,384.08

20.10 1.80 293.23 171.00 47.18 150.00

342,445 90,000 5,223 357 150 9,000 447,175

6,767,782.21 162,315.00 1,454,971.11 57,994.65 6,724.50 1,338,064.00 9,787,851.47

350.00

202,644 202,644 2,407,588

70,931,581.10 70,931,581.10 89,192,816.65

3.00

15,000 15,000

42,750.00 42,750.00

0.50

10,000 10,000

5,000.00 5,000.00

4.00 1.18

154,695 2,562 157,257

618,780.00 3,151.26 621,931.26

2.47 5.51

97,060 500 97,560

239,747.20 2,620.00 242,367.20

0.50

111,000 111,000

55,500.00 55,500.00

0.57 0.86

65,000 68,575 133,575

37,000.00 58,439.50 95,439.50

0.50

10,000 10,000

5,000.00 5,000.00

2.20 3.91

3,000 211,963 214,963

6,930.00 828,703.07 835,633.07

0.50

11,111 11,111 760,466 240,996,082

5,555.50 5,555.50 1,909,176.53 2,087,620,208.14

12.83

31,187,922 31,187,922

403,549,637.99 403,549,637.99

3.73

14,091,156 14,091,156 45,279,078

53,063,627.44 53,063,627.44 456,613,265.43

Current Price 164.00

Quantity Traded 762,374 762,374 762,374 46,041,452 287,037,534

Value Traded 124,340,537.50 124,340,537.50 124,340,537.50 580,953,802.93 2,668,574,011.07

8.47 2.44 5.92 11.59 20.01

269,790 5 980 5 2,080 272,860 272,860 272,860

2,277,329.70 12.20 5,801.60 57.95 41,620.80 2,324,822.25 2,324,822.25 2,324,822.25

Daily Summary (ETP) Exchange Traded Fund Name LOTUS HALAL EQUITY ETF VETIVA BANKING ETF VETIVA CONSUMER GOODS ETF VETIVA GRIFFIN 30 ETF VETIVA INDUSTRIAL ETF Exchange Traded Fund Totals ETF Board Totals ETP Activity Totals

6 1 1 1 1 10 10 10

49

WEDNESDAY MARCH 23, 2016 • T H I S D AY

AFTERMATH OF RIVERS POLLS

Wike Urges INEC to Release Results Already Collated Insists PDP relied on voters, APC relied on soldiers Commission decries attack on personnel Ernest Chinwo in PortHarcourt Rivers State Governor, Nyesom Wike, has called on the Independent National Electoral Commission (INEC) to release results already collated in the state to clear itself of the toga of being partisan in the re-run elections in the state.

This is as he said the Peoples Democratic Party (PDP) won the state and National Assembly re-run polls because the party relied on voters for victory and not on the military as the All Progressives Congress (APC) did.

Speaking when the executive members of the Federated Correspondents’ Chapel of the Nigeria Union of Journalists (NUJ) paid him a courtesy visit yesterday, Wike said it was unfortunate that INEC refused to release the results of the elections in areas where elections were concluded

without any incident of violence or malpractice.

“There was no incident of violence or malpractice in Obio/ Akpor and Port Harcourt Local Government Areas. So, why has INEC refused to announce the results of these areas? There must be more to the failure of INEC to announce results than the issue of violence which was actually localised to a few place,” Wike said.

While stating that INEC does not have the powers to cancel results already announced, Wike said the commission was giving the impression that it was siding a particular party.

He said: “Does INEC have powers to cancel results that have been collated, announced at local government areas. You have no power. You know that a particular party has lost. They came with might.

US Expresses Concern over Election Violence The United States Diplomatic Mission in Nigeria has expressed its concern over reports of violence, including the possible targeting of electoral officials and irregularities during the re-run elections in Rivers State.

A statement made available to THISDAY by the embassy’s Public Affairs Section read in part: “We condemn the use

of violence and disruptions of the democratic process. We call upon the leadership of Nigeria’s political parties to urge their supporters to conduct themselves peacefully throughout the electoral process. We call on those dissatisfied to pursue a resolution of their grievances peacefully in accordance with the rule of law.”

“Tell INEC to release results declared. You have announced that PDP won. What are you doing with them. Nigeria of today is not Nigeria of yesterday. People have become more aware.”

According to the governor, before now, there was a plan to impeach him through the state House of Assembly, but noted that it had failed, because the PDP was firmly on ground in the state.

He said: “Part of the plan was to impeach me. Has the impeachment not died, it has died natural death. You planned to impeach me if you win all the seats in the House, what has happened now.

Has the impeachment not died.

Come and impeach me na. They plan, but they dont know what God plans,” he said.

He faulted the call by the APC for the outright cancellation of the rerun elections because INEC ad hoc staff were not well trained for the election.

He said: “APC is saying no proper training of adhoc staff. You can see father and son quarrelling.

Imagine APC saying that they did not train their adhoc staff well. You may be laughing but it is a “You were here, we were shouting that a particular party was recruiting its members as ad-hoc staff, you did not report it. We even wrote to INEC, attached the names.

Anywhere PDP is winning, collation

officers ran away so that collation will not take place.”

He said the APC lost because the party and the Minister of Transportation, Chibuike Amaechi, depended on soldiers, rather than voters for victory.

He wondered why soldiers flooded the state, and only did the bidding of APC leaders.

He noted that while he was assigned eight policemen, Amaechi and the Director General of NIMASA, Dr. Dakuku Petetside moved about with more than 100 soldiers.

He said that insecurity in the state is being fuelled by the politicisation of heads of the various security bodies, noting that they were being changed frequently on the flimsy excuse that they were not giving him heat.

“Are you not the one causing insecurity in the state by your actions, you change Commissioner of Police, Director of DSS frequently because you think they are not doing what they should do.

“A Commissioner of Police is planning and the next thing he is removed for fear that he is close to the governor, or not doing what he should do. Who is the person causing this insecurity?

“Those causing this insecurity know themselves. God who brought us here will make us solve the man-made problems. If you

are changing heads of security like that it must have effect on the entire system.”

Meanwhile, INEC has described as unfortunate the lack of concern of the public on its personnel deployed to conduct elections.

The commission said politicians and members of the public were more concerned about results and did not bother about the safety of personnel who conduct the elections.

Rivers State Residence Electoral Commissioner (REC), Aniede Ikoiwak, spoke while fielding questions from journalists at the commission’s head office in Port Harcourt yesterday.

Ikoiwak condemned attitude of members of the public to have results announced, without concern for the lives of INEC personnel involved in the exercise.

He stated that the staff of the commission involved in the re-run elections were affected by violence in pockets of the state and said the commission was assessing the situation to ascertain the number of those involved.

“We are also assessing the personnel involved in the exercise.

People are talking about results; nobody is talking about the personnel and materials that were used. People should talk about human beings. Nobody is talking the issue of personnel and

materials. They are after the results.

That is not fair,” he lamented.

Meanwhile, The Peoples Democratic Party (PDP) in Rivers State has condemned the call by the All progressives Congress (APC) for the cancellation of the entire results of the re-run election in the state.

The state APC Chairman, Dr. Davies Ikanya, had, in a press conference in Port Harcourt, called on the Independent National Electoral Commission (INEC) to cancel the re-run election on grounds that it was charactyerised by insecurity and malpractice.

But in a statement in Port Harcourt yesterday, The state Chairman of PDP, Felix Obuah, said the Electoral Act clearly spells out condition for cancellation of results, saying all the results in the re-run election won by candidates of the PDP substantially complied with all the provisions of both the Nigerian Constitution and the Electoral Act. “Having strictly complied with the provisions of the Electoral Act and results declared, as stipulated by law, it cannot therefore be cancelled by INEC. So, the APC leadership or anybody calling for such cancellation is ignorant of the law and such call amounts to an invitation to anarchy in the state,” the state PDP boss noted.

Probe Crises, PDP Tells Buhari Party may sue INEC over cancelled results Onyebuchi Ezigbo in Abuja As an aftermath of the crisis that rocked last weekend’s re-run elections into the National Assembly and state House of Assembly, the Peoples Democratic Party (PDP) yesterday asked President Muhammadu Buhari to institute a probe panel to unravel the causes of the crises with a view to bringing the culprits to book.

The party demanded that the Independent National Electoral Commission (INEC) should declare the remaining election results, failing which it might be forced take steps permitted by law to compel the commission to restore the mandate of the people.

According to the PDP, INEC does not have the powers to suspend the declaration of results after collation had been completed.

“We stress that the Electoral Act 2010 (as amended) and applicable regulations do not support the suspension of the declaration of results after collation has been completed. We therefore demand for the declaration of all results already collated and the return of the winners of the elections.”

Addressing a press conference yesterday at the party ‘s national secretariat, the PDPNational Chairman, SenatorAli Modu Sheriff, said the party joins every well-meaning Nigerians to condemn the violence unleashed on the people of the state during the re-run election, especially the alleged ignoble role played by the military.

“While we join well-meaning Nigerians to condemn the cases of violence which reportedly characterised

the process in some areas, we enjoin the president to immediately constitute a panel to carry out a dispassionate investigation of the circumstances with a view to unraveling the truth and bringing the culprits to book,” he said.

Sheriff who was flanked by the National Secretary, Prof. Wale Oladipo, and other members of the National Working Committee (NWC), said the party also condemned the reported roles played by some officers ‘ and members of the armed forces of the who he said have acted beyond their expectedroleofmaintenanceoflawand order and taken over the responsibility of INEC during the conduct of the re-run election.

“The fact that the armed forces acted as they did in flagrant disobedience of an order of court to the contrary is a matter that requires urgent investigation and appropriate sanction.

“The PDP is also appalled that the Independent National Electoral Commission (INEC), after results had been collated and declared on the ground in many wards and constituencies, yielded to the pressure and instruction of a highly placed politician in Rivers State to suspend the much-awaited declaration of final results and return of the winners, who are already well known to the electorate.

“We stress that the Electoral Act 2010 (as amended) and applicable regulations do not support the suspension of the declaration of results after collation has been completed. We therefore demand for the declaration of all results already collated and the return of the winners of the elections,” he said.

THANK YOU FOR COMING

Rivers State Governor, Nyesom Ezenwo Wike (right), and the Chairman of the state Federated Correspondents’ Chapel, Mr. Ernest Chinwo, during the courtesy call by officials of the chapel to the governor in Government House, Port Harcourt...yesterday

Suspending Elections is Illegal, Says PDP House Caucus Wants role of military investigated

Damilola Oyedele in Abuja The Peoples Democratic Party (PDP) caucus in the House of Representatives has described the decision of the Independent National Electoral Commission (INEC) to suspend all activities regarding the National and State House of Assembly re-run elections in Rivers State, as illegal.

It added that since the elections had already been concluded, with results announced at polling units’ level, anything contrary to announcing the total results, would

be a breach of the Electoral Act, and a coup against the people of the state.

The Minority Leader of the House, Hon. Leo Ogor, briefing journalists, also called for an investigation into the role of the military in the suspended the Rivers elections.

“The conduct and action of INEC show not just incompetence, but a regression from the gains of the reformed electoral system as championed by President Goodluck Jonathan, which enabled the APC to win the 2015 elections,” he said.

“Nigerians have witnessed serial regression by INEC in the last few months, from the inconclusive Kogi elections where an interloper was installed without a deputy, to Bayelsa, to Imo where election was aborted and now Rivers,” Ogor added.

The Minority Leader, flanked by the members of the caucus, alleged that the actions of the APC government, threatens the country’s democracy.

Speaking on the role of the military, Ogor said the ruling of the Supreme Court that armed personnel should

not go near the polling unit, even when deployed for security reasons, had been disregarded.

“Section 218 stipulates the operational use of the armed forces, and the only person authorised to deploy them is the Commander in Chief. A situation where armed soldiers were carrying ballot boxes and electoral materials, is not only condemnable, but embarrassing,” he said.

“Or have the insurgents moved to Rivers, that soldiers were deployed?

We need our soldiers in Sambisa forest,” Ogor noted.

50

WEDNESDAY MARCH 23, 2016 • T H I S D AY

NEWSEXTRA

DHQ Inaugurates C’ttee on Human Rights Abuse Allegations To investigate N’East operations, Rivers elections, military clashes with Shiites, IPOB, others Military kills 58 terrorists, clears more hideouts in the North-east Senator Iroegbu inAbuja The Defence Headquarters has set up a committee on human rights with a clear mandate to independently verify all the allegations of human rights violations levelled against the personnel of the Nigerian Armed Forces in the discharge of their duties across the country.

The Chief of Defence Staff (CDS), Gen. Abayomi Olonisakin, while inaugurating the 12-man committee in Abuja yesterday, charged them to dispassionately look into various human rights issues, which borders on the conduct of the troops in the discharge of their constitutional responsibilities.

Olonisakin said in furtherance of the DHQ commitment to demonstrate its resolve to protect of human rights, it became necessary to task independent-minded individuals to examine the conduct of the military operations.

It is on this premise, he noted, that each member of the committee was invited to look into the complaints of human rights abuses levelled against the personnel of the armed forces.

He urged the committee to expand their focus beyond the North-east, to also include other areas of contention including the issues emanating from clashes with the Islamic Movement of Nigeria

(IMN), Indigenous People of Biafra (IPOB), and Rivers State election rerun, amongst others.

Although he said most of the accusations against the AFN emanated from the North-east in the ongoing Counter-Terrorism and Counter-Insurgency Operations (CT COIN), but your focus should not be limited to the North-east alone.

The CDS said the inauguration of the committee was to further demonstrate the openness and commitment to all and sundry that the AFN is a responsive organisation despite the operational challenges.

He said the Nigerian military is through this, out to prove that it does not condone acts of human rights violations.

He said: “We are all aware of the arduous tasks of our troops in their fight against terrorists, insurgents and other sundry crimes to ensure security of lives and property as well as corporate existence of Nigeria.

Generally, our troops are succeeding and their collective actions reflect the highest standard of professionalism as the well as strict adherence to the tenets of human rights conventions.

“Therefore, it is necessary to dispel all wrongly held opinions that the armed forces condone and encourage violations of human rights in the conduct of their operations.”

“It is to be noted that the armed forces are always guided by global best practices, Rules of Engagement

(ROE) for military operations other than war as well as Codes of Conduct for internal security operations. The armed forces are not unaware of some isolated cases of human rights violations but such instances are promptly dealt with.

“However, you must have noted our continued engagement with the Amnesty International (AI), National Human Rights Commission (NHRC) and Civil Society Organisations (CSOs) to put the records straight when the need arises,” he added.

Olonisakin listed the Terms of Reference (TOR) for the discharge of their assignments including collation and documentation of written complaints, as well as investigation of all the alleged rights violations , interface with human rights bodies, recommend appropriate sanctions where necessary and advise generally on modalities to curtail violations of human rights by troops.

Responding, the Chairman of the committee, Maj-Gen. Abubakar Gana (rtd), assured that the

committee will conduct an objective and unbiased investigations.

Gana also assured that they would be factual in their recommendations and submissions, adding that the committee will soon make public its contact telephone numbers to receive complaints from the public.

Also speaking with journalists shortly after the inauguration, Gana said they would investigate all reported cases of rights violations against the military including the recent Rivers rerun elections.

Other members of the committee are: Commodore O.O Olawumi (rtd), Group Captain J.P Musa (rtd), and Directors of Legal Services from the Ministry of Defence, Army, Air Force and Navy.

They also include: Director Coordination DHQ Air, Commodore O.O Akinsanya; Representative of the Attorney General of the Federation, Juliet Ibekaku; Representative of National Human Rights Commission, Mr. Harry Ogwuche

Obe; Representative of Red Cross Society of Nigeria, Mr. Bello Diram and Col. O.N Taiwo as the Committee Secretary.

Meanwhile, in continuation of its clearance operations of Boko Haram remnants in the North-east, the Nigerian military has killed 58 of the terrorists in the last two days.

The Director of Army Public Relations (DAPR), Col. Sani Usman, in a statement yesterday, said the troops of 153 ask Force Brigade, 5 Brigade recorded this success on Monday during an encounter with terrorists at Musari village in Borno State.

During the clearance operations, Usman said a soldier paid the supreme price, while the troops killed 58 terrorists and recovered two hand grenades.

He listed other items recovered to include 52 motorcycles, several bags of foodstuffs such as beans, onions, sweet potatoes and guinea corn, as well as cartons of fish.

In a related development, he said troops from the 29

Task Force Brigade have also conducted clearing operations on the remnants of Boko Haram in their area of operations with remarkable success.

He said: “Within the last two days the units under the brigade cleared the remnants of Boko Haram terrorists hibernating in the following areas; Abukarti, Baradili, Borgozo, Gaijaribul Abukar, kolomi, Marguba, Umarumi and Yasori 1 and 2.

“The gallant troops also recovered several items including single barrel gun, motorcycles, drums and bags of millet and dead cattle that ran into Improvised Explosive Device (IED) buried by the Boko Haram terrorists.”

Usman also disclosed that the troops detonated an IED in one of the buildings at Yasori 1.

“It was equally discovered that prior totheclearance, the terrorists have also been frequenting Borgozo general area which they used as harbour and staging area when conducting their nefarious activities,” he stated .

Customs Reimposes Restriction on Rice Via Land Borders Ndubuisi Francis inAbuja The Nigeria Customs Service (NCS) has re-introduced the restriction order on importation of rice through land borders across the country.

The Comptroller-General of Customs, Col. Hameed Ali (rtd), who has declared a zero-tolerance stance on rice imports via land borders, approved the reversal of an earlier policy in October 2015, which allowed rice imports through the land borders, once appropriate duty and charges were paid.

At a review session held with Comptrollers of Border Commands and Federal Operation Units in Abuja yesterday, the NCS noted that dwindling revenue from rice imports through the land borders did not tally with the volume of rice landed in neighbouring ports.

Rather, reports from border commands indicated an upsurge in the tempo of rice smuggling.

A statement issued yesterday by the NCS’ Public Relations Officer, Mr. Wale Adeniyi, said the implementation of the restriction order got off to a smooth start, with a high level of compliance in October 2015.

“However, revenue started dwindling from January 2016 with importers blaming access to Forex as major impediments. During the five-month period when the importation was allowed--October 2015-March 17, 2016, a total of 24.992 metric tonnes of rice valued at N 2,

335,131,093 was imported through the land borders.

“During the period, total revenue generated amounted to N 1,685,112,810.

“This is considerably lower than the revenue projected to be generated with the removal of import restrictions,” the statement added.

The NCS noted, however, that an upsurge in the number of the seizures has been reported across the land borders since January 2016.

It added that in the first two months of 2016, a total of 9238 bags were seized, with Duty Paid Value of N64,666,000 made by the Customs anti-smuggling patrol teams of Federal Operations and Border commands.

Ali, according to the statement, noted that his officers and men cannot be totally exonerated from the abuse associated with the implementation of the order on rice, as his office has been inundated with reports of collusion between them and rice importers.

The customs chief executive has directed investigation into the reports, insisting that indicted personnel will be sanctioned.

While declared zero-tolerance on rice imports through the land borders irrespective of volume with immediate effect, Ali stated that importers who have already initiated import processes will have a grace period ending Friday, March 25, 2016 to clear their consignments.

MONETARY POLICY MAKERS

L-R: Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele; Director General, Economic Policy, Dr. Sarah Alade; and Deputy Governor, Mr. Sulieman Barau, during monetary policy meeting in Abuja...yesterday

Nigeria Turns to Oil Swaps to Stave off Petrol Shortages Nigeria is set to ramp up the amount of crude oil it swaps for vital petrol imports by more than a third as it grapples with the worst economic crisis in years and upheaval in its energy sector.

A more than 60 per cent drop in global oil prices since 2014 has hammered Nigeria’s economy and triggered a currency crisis, leaving it short of funds to pay for imports of oil products.

While the country is Africa’s biggest oil producer, it is almost entirely reliant on imports for oil products, especially petrol, after successive governments allowed its refineries to fall into disrepair.

In recent weeks, the Nigeria National Petroleum Corporation (NNPC) has agreed deals with seven refining companies – ENI, Essar, Litasco, Total, Cepsa, Societe Ivorienne de Raffinage (SIR) and Vitol refining arm Varo, with local partners – to take oil in exchange for gasoline imports, according to traders and other sources close to the negotiations.

The deals, according to Reuters, are crucial to staving off fuel shortages that have already created queues across the country.

“Nobody wants to see people spend two hours on fuel queues,” Minister of State for Petroleum

Resources, Ibe Kachikwu, said on Twitter this week. “We are working on long-term solutions,” he added.

The deals are not yet watertight, however, but while the broad terms were agreed, multiple sources told Reuters that at least some of the one-year contracts have not been signed – leaving them at risk of change.

The NNPC is in the middle of a restructuring that would split it into 30 different companies, leading to an extensive management shake-up.

Sources said constant changes in management and staffing at NNPC meant they were at times dealing with one person one day,

and a different the next, making it difficult to conclude the contracts and raising concerns over NNPC changing the terms.

Under preliminary agreements, each refiner would ship roughly 90,000 tonnes of gasoline in exchange for each 950,000-barrel cargo of oil, regardless of the grade, along with other products, sources said.

That amounts to NNPC swapping 330,000 barrels per day (bpd) of crude in total, well above the 210,000 bpd agreed initially last year with four refineries.

The new agreements were intended to start with the April crude loading programmes.

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NEWSEXTRA

EFCC Runs out of Patience with Tompolo’s Absence, Arraigns Akpobolokemi, Others Davidson Iriekpen Following the continued absence of Government Ekpemupolo (aka Tompolo), the Economic and Financial Crimes Commission (EFCC) yesterday arraigned

the former Director General of the Nigerian Maritime Administration and Safety Agency (NISAMA), Patrick Akpobolokemi, and eight others over a N35 billion fraud.

The arraignment had been

Kogi: Thugs Stone Wada at Election Tribunal Tobi Soniyi inAbuja It was a near tragic outing for former Governor of Kogi State, Idris Wada, yesterday as thugs allegedly hauled stones at his vehicle at the state governorship election tribunal sitting in the Jabi district of the Federal Capital Territory (FCT), Abuja.

The incident occurred at about 1:35p.m. at the premises of an Abuja High Court where the tribunal was located.

Wada was at the tribunal where he is challenging the return of Alhaji Yahaya Bello of the All Progressives Congress (APC) as winner of the November 21, and December 5, state governorship election.

The thugs who besieged his vehicle outside the tribunal chanting solidarity songs in favour of APC, later went wild and started hauling stones at his vehicle.

His driver sensing danger, quickly sped off at a neck- breaking speed even as security operatives were left helpless.

Reacting to the development, the governor described the attack on him as barbaric, acts of bestiality and in responsibility to recourse to acts of thuggery.

His Special Assistant on Media and Publicity, Mr. Jacob Edi, who spoke on the matter, condemned the development in its totality.

Meanwhile, the tribunal has adjourned hearing of the petition between the All Progressives Grand Alliance (APGA) and Yahaya Bello to April 11 and 12, 2016.

The petition by Labour Party (LP) against Bello was adjourned to April 6 and 7, 2016.

In the petition by Wada, proceedings were stalled following the inability of counsel to the parties to resolve the issues arising from the schedule of documents to be tendered by the petitioner.

Accordingly, the tribunal adjourned till April 13.

Wada’s petition, which is being handled by Chief Chris Uche, (SAN), leading two other Senior Advocates of Nigeria, among other lawyers, had the Independent National Electoral Commission (INEC), Bello, and the APC as respondents.

Wada was the Peoples Democratic Party (PDP) candidate in the November 21 governorship election declared inconclusive by the INEC. It was later concluded on December 5, after a supplementary election in 91 polling units across the state.

Also, James Abiodun Faleke, the running mate to the APC candidate in the election, late Prince Abubakar Audu, had also filed a petition at the tribunal, challenging the decision of the INEC in declaring the November 21, election inconclusive.

Faleke, who held that INEC erred in its inconclusive declaration, maintained that November 21 election by all standards was concluded and prayed the tribunal to declare that the APC on the Audu/Faleke ticket won the election.

Jonathan’s Uncle Regains Freedom Five Weeks after Abduction Emmanuel Addeh in Yenagoa Five weeks after he was seized from his residence in Otuoke, Ogbia Local Government Area of Bayelsa State, Chief Inegite Nitabai, ex-President Goodluck Jonathan’s uncle was yesterday freed by his abductors.

It would be the second time that Nitabai, 72, a former lecturer with the Rivers State University of Science and Technology, would be kidnapped by the gunmen in about two years.

His release also came on a day that Jonathan vowed not to succumb to the demand of the kidnappers of his uncle, who is also his foster father.

Details were still sketchy last night as to how he was released or rescued, but a source told THISDAY that the septuagenarian was released unhurt and was reunited with his family.

Butswat Asinim, the police spokesperson in the state, did not pick up his calls to confirm if

any ransom was paid, however, the Bayelsa State Commissioner of Police, Mr. Peter Ogunyanwo, had a few hours before then boasted to newsmen that Jonathan assured him that he would not succumb to cheap blackmail.

“On the kidnap of the foster father of Former President Gooluck Jonathan, Chief Inegite, I have met several times with the former President on the matter and he has insisted that he is not going to pay ransom.

“The kidnappers have reduced their ransom to about N2million but the former President said he would not pay ransom. We are on the trail of the kidnappers and we would get them,’’ he had assured.

Nitabai was kidnapped at his residence along with a 35-year-old relative Mr. Samuel Oki, who was later killed by the abductors.

Oki’s body was found floating at Otuoke creeks two days after his abduction.

continuously stalled due to the inability of the EFCC to arrest Tompolo.

At the last court sitting last month, counsel to the EFCC, Festus Keyamo, requested for an adjournment to enable him separate the charges, leaving out Ekpemupolo who would face a separate charge when arrested.

In the new charge, Akpobolokemi, Global West Vessel Limited, Odimiri Electrical Limited, Kime Engozu, Boloboere Property and Estate Limited, Rex Elem, Destre Consult Limited, Gregory Mbonu, and Captain Warredi Enisuoh are accused of conspiracy to commit the fraud between 2012 and 2015.

All the defendants pleaded not guilty.

The defendants’ lawyers prayed the court to grant their clients bail “in the most liberal

terms.”

Keyamo did not oppose the bail applications.

“Because the accused persons are already on bail in another charge before this court, I pray my Lord to grant them bail in a condition good enough to enable them attend this trial,” Keyamo said.

Justice Ibrahim Buba granted bail to all the defendants, except Enisuoh, in the sum N50 million with “one reliable surety in like sum.”

Enisuoh, who was charged in two out of the 40 counts (totalling N8 million), received a N10 million bail with one surety.

“The defendants who are already on bail are to perfect their bail conditions within 24 hours or be remanded in prison.

“Those appearing before me for the first time should perfect their bail conditions today or be remanded in prison,” Justice

Buba said.

The judge adjourned till May 23, 24, 25, and 26 for trial.

The judge also adjourned till April 18 for arraignment, another 22-count charge of fraud involving Tompolo ,Akpobolokemi and about 11 others. Akpobolokemi is also facing four other fraud charges before different judges.

Speaking to journalists outside the courtroom, Keyamo said Tompolo would be charged separately “when we get him.

“It is the duty of the security forces and they are still making efforts to get him. “He’s on the run and he cannot continue to be on the run for ever. We will get him.

A federal court had, on January 14, issued a warrant for the arrest of Tompolo after he shunned an invitation to appear before the EFCC last December.

On February 8, Justice Buba

renewed the arrest warrant, paving the way for the EFCC to declare Tompolo wanted.

Two weeks later, Tomopolo, through his lawyer, Ebun Adegboruwa, headed to the Court of Appeal to challenge the warrant for his arrest, insisting that it was not competently placed before the court.

The former militant leader also asked the appellate court to transfer the charges against him to a different judge.

On March 11, Tompolo filed his Appellant’s Brief of Argument before the Court of Appeal “in further demonstration of his commitment to the rule of law and due process.

“Tompolo is thus asking the Court of Appeal to set aside the warrant for his arrest and vacate all subsequent proceedings emanating from the flawed process of the criminal charge.”

MEDIA TOUR

L-R: Executive Director, Corporate Services, THISDAY Newspapers, Mr. Emmanuel Efeni; Deputy Managing Director, Mr. Kayode Komolafe; Director, Naval Information, Naval Headquarters, Abuja, Commodore Chris Ezekobe, and the Command Information Officer, Western Naval Command Lagos, Lt. Commander Lurwanu Abdukadir, during the Naval officers’ visits to THISDAY Corporate Head Office in Apapa, Lagos...yesterday Dan Ukana

Judge Recuses Self from Saraki’s Case Citing Publication Tobi Soniyi in Abuja Justice Abdulkadir Kafarati of the Federal High Court in Abuja yesterday declined to give judgment in the case of enforcement of fundamental human rights instituted before him by the Senate President, Dr. Abubakar Bukola Saraki.

The judge premised his refusal to deliver judgment on the grounds that an online medium had made a wild allegation against him in respect of the case.

Justice Kafarati who had reserved judgment in the suit fixed for yesterday, told the lawyers in the matter that the online medium had alleged that he was given N2 billion by Saraki to give judgment in his favour.

The judge also said the medium quoted the Economic and Financial Crimes Commission (EFCC) as its source of information and that the EFCC source also confirmed to the online news medium that the said money from Saraki had been found

in his bank account.

Kafarati said the online medium publication was not only condemnable having been so biased against him, but was also malicious and unwarranted.

“It’s only here in Nigeria that people just wake up and start assassinating the character of their fellow beings wickedly and unjustly simply because there are no strong laws to take care of such people.

“In the instance case, I am already caught in between two devils because any attempt to give the judgment in this matter, even though it is ready for today, can be used by the wicked people to justify their malicious publication against my person.

“I was even called a high level corrupt judge and this is very unfortunate that a publication from a medium that is supposed to be objective was dished out in the most reckless manner.

“I regard them as people without conscience who derive pleasure in publishing what they know that

is not true simply because they wanted to assassinate a character.

“In view of this grievous allegation, even though my judgment in the matter is ready, I have no other option than to disqualify myself from proceeding to deliver the judgment because the malicious publication had already polluted the minds of the public.

“So I hereby disqualify myself from this case and the case file shall be returned to the Chief Judge, Justice Ibrahim Auta, for possible re-assignment to another Judge” Kafarati said.

Saraki filed the suit to enforce his fundamental human rights to a fair hearing and trial on the falsification of assets criminal charges brought against him by the federal government at the Code of Conduct Tribunal (CCT).

Saraki, through his lawyer, Mr. Raphael Oluyede, claimed in the suit that he could not get justice from the CCT Chairman, Mr. Danladi Umar, who is being investigated

by EFCC and who is being used

by the same EFCC and its lawyer to prosecute him.

The Senate President claimed that in utter breach of the law, his assets form submitted to the Code of Conduct Bureau (CCB) was investigated by the operatives of the EFFC as against those of CCB empowered to do so in law.

He also claimed that apart from investigating his assets form against the law, the EFCC went ahead to engage its lawyer to file a 13-count criminal charge against him and also deployed its lawyer in person of Mr. Rotimi Jacobs (SAN) to put him on trial instead of the CCB mandated by the constitution to do so.

Saraki had asked the Federal High Court to set aside the charges against him having flouted the due process of law and having been brought in breach of his fundamental rights to fear trial.

Justice Abdulkadir Abdulkafarati, after listening to arguments from EFCC lawyer, Mr. Rotimi Jacobs (SAN) and that of Saraki on March 1, 2016, fixed yesterday to make pronouncement on the court action.

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WEDNESDAY MARCH 23, 2016 • T H I S D AY

NEWSEXTRA

NBS: Nigeria Spent N1.24trn on Petrol Imports in 2015 Nigeria spent N1.239 trillion on the importation of petrol in 2015, National Bureau of Statistics (NBS) has revealed.

The NBS in its Foreign Trade Statistics for the Fourth Quarter of 2015 stated that the amount spent on fuel import in 2015 represented an increase of 3.08 per cent or N37

billion when compared to the N1.202 trillion spent in the importation of fuel in 2014.

The 2015 figure according to the News Agency of Nigeria represented a 367.55 per cent increase or N974 billion higher than the 2013 fuel imports figure of N264.85 billion.

Giving a breakdown of the 2015

Court Restrains Adefarasin, Church from Trespassing on Land Justice Adebisi Akinlade of the Lagos State High Court in Igbosere has restrained popular Lagos Pastor, Paul Adefarasin, and his church, House on the Rock, from trespassing on a land belonging to businessman, Gerald Chukwueke.

The judge granted the interim injunction after hearing a motion exparte filed on behalf of Chukwueke and four others by their counsel, Moyo Onigbanjo (SAN), seeking to bar Adefarasin and his church from further trespassing on a land located in Lekki area of the state.

Others claimants in the suit are Chinelo Chukwueke, Mrs. Martha Chukwueke, Germaine Logistics Limited and Germaine Auto Centre Limited.

They are seeking the sum of N800 million as damages for the trespass.

Other defendants in the suit, apart from Pastor Adefarasin, are the Incorporated Trustees of the Rock Foundation, the Registrar of Titles, Lagos State Land Registry and the Attorney General of the state.

Specifically, Justice Akinlade restrained the defendants, their servants, agents or privies from demolishing or removing any structure whatsoever be they temporary or permanent on the claimants premises located at plots 15, 16, 17 and 18 located at 188

Ikate, Lekki.

The court also barred the defendants from commencing any development, construction, building or erecting any structure whether temporary or permanent in any manner whatsoever on the land.

The judge also restrained the defendants from selling, mortgaging the disputed land or pledging it as security in any manner or form.

Justice Akinlade, while directing the claimant’s lawyer to put the defendants on notice by serving all processes filed so far in the case, also held that the interim injunction shall abate after seven days from March 17, 2016, when the order was made.

In the motion on notice, the claimants alleged that Adefarasin and his church, sometimes in January 2016, repeatedly trespassed on their premises.

They also averred that when their lawyer wrote them over the illegal action, the first and second defendant claimed that they acquired ownership and possession of the property by virtue of a Deed of Assignment registered as No. 98 in volume 2513, executed in their favour

by Diamond Bank Plc. The claimants also alleged that investigation revealed that the purported acquisition of the property was fraudulent.

Alleged Sexual Harassment by Queen’s College Teacher Not Unfounded, Says GCOGA Peace Obi The Queen’s College Old Girls’ Association (GCOGA) has disclosed that the sexual harassment allegations levelled against a male teacher, Mr. Seni Oshifala, of the school are not unfounded.

The association made this known in a statement by the fact finding panel it set up after the allegations hit public domain.

The statement signed by the chairperson of the committee, Laila St. Matthew Daniel and the Secretary, Nkoli Ogbolu, among other findings noted that the allegations of sexual harassment, sexual impropriety and indecent treatment of children by Olaseni Oshifala are not unfounded.

And that the allegations go as far as 2005 when he was first employed. “allegations of sexual harassment, sexual impropriety and indecent treatment of children by Olaseni Oshifala are not unfounded. “allegations of sexual harassment, sexual impropriety and indecent treatment of children

by Oshifala and other male staff, were consistently reported to the

current Principal, Queen’s College Principal (PQC), current VPQCP, former PQC as well as former VPQCP and no steps were taken to stop this dastardly acts.

“There are male staff living in close proximity (within the hostel areas) while the girls move about in different conditions.”

The group in their report made recommendations and called for a criminal investigation to be commenced by the police and that petitions should be filed by the GCOGA as concerned citizens.

They called on the Federal Ministry Education to immediately take steps to remove the alleged perpetrator from the school premises.

Effort by THISDAY to get the current Principal, Lami Amodu, and the immediate past Principal of the school, Mrs. Martha Osime, proved abortive as their Glo lines were switched off.

However, the chairperson of the school’s PTA, Akhetuamen, revealed that the Federal Ministry of Education had set up a committee and that she would not make any further comment on the issue.

figures on a quarterly basis, the NBS disclosed that in the first quarter of 2015, the country spent N288.871 billion on the importation of petrol, while in the second quarter, the country spent N389.257 billion.

In the third quarter, the NBS said the country spent N250.329 billion; while in the fourth quarter, N310.866 billion was expended in the importation of petrol, which it termed mineral fuel.

On a month-by-month basis, in the months of January to June, the country spent N49.2 billion; N105.973 billion; N133.697 billion; N139.237 billion; N133.793 billion and N116.227 billion respectively on the importation of petrol.

For the months of July to December 2015, N134.14 billion, N85.451 billion, N30.737 billion, N68.083 billion, N120.519 billion and N122.263 billion respectively were spent on the importation of

petrol.

Furthermore, the report explained that the bulk of Nigeria’s PMS and other products imports were from Asia, as it spent N2.833 trillion on imports from the continent.

Europe followed on the chart, as Nigeria imported goods valued at N2.502 trillion; while it spent N871.275 billion on imports from the Americas, and total imports from Africa stood at N420.379 billion, with ECOWAS countries accounting for N213.768 billion of trade in the continent.

Further breakdown of imports from Asia showed that Nigeria’s imports from Japan, India and China stood at N89.74 billion, N408.572 and N1.567 trillion respectively.

In the case of Europe, the NBS revealed that imports from Germany stood at N210.36 billion; United Kingdom (UK) accounted for N283.759 billion; Netherlands

– N415.404 billion, while imports from Italy, France and Spain stood at N157.457 billion, N157.187 billion and N140.074 billion respectively.

In the Americas, Nigeria spent N581.996 billion, N49.725 billion and N171.462 billion on imports from United States of America (USA), Canada and Brazil respectively.

In addition, data from the report also pointed out that the country’s import from countries in Oceania stood at N71.133 billion in 2015.

However, the NBS stated: “The total value of Nigeria’s merchandise trade during the fourth quarter of 2015 stood at N3.653 trillion, 9.2 per cent lower than the value of N4.021 trillion recorded in the preceding quarter.

For the 2015 calendar year, the country’s total trade was recorded at N16.427 trillion, amounting to N7.252 trillion or 30.6 per cent less than the total trade value recorded

for 2014.

“This development arose largely due to sharp decline in the value of exports; from N16.304 trillion in 2014 to N9.729 trillion in 2015, a decline of 40.3 per cent. A decrease of N676.4 billion or 9.2 per cent in the total imports in 2015 helped to mitigate the declining trade balance, which stood at N3.031 trillion, N5.899 trillion less than the value in 2014.

“The crude oil component of total trade decreased by N4.946 trillion or 41.6 per cent as against the level recorded in 2014. The value of Nigeria’s imports stood at N1.576 trillion at the end of fourth quarter 2015.

This was 6.6 per cent less than the value (N1.688 trillion) recorded in the preceding quarter. Comparison with the corresponding quarter of 2014, showed a decrease of N454.6 billion or 22.4 per cent.”

NEW BUSINESS FRONTIERS

L-R: National Women Leader, Peoples Democratic Party (PDP), Mrs. Kema Chikwe; Chairman, Owerri Mall Development Company, Chief Herbert Chikwe; Imo State Governor, Mr. Rochas Okorocha; and his wife, and Managing Director, Resilient Africa, Mr. Jason Buhrs, at the opening ceremony of Owerri Mall, Egbu Road, Owerri....recently

Oyegun Warns against Implosion in Kano APC as Ganduje, Kwankwaso Rift Deepens Onyebuchi Ezigbo in Abuja The National Chairman of the All Progressives Congress (APC), Chief John Odigie-Oyegun, has cautioned the warring parties in the Kano State chapter of the party against creating problem that may lead to a volatile situation in the state.

Oyegun’s caution came just as the rift that pitted the state Governor, Abdullhi Umar Ganduje, against his predecessor, Senator Rabiu Kwankwaso, seems far from receding as the 36 state lawmakers and the state executives of the party yesterday insisted on suspending the former state Chairman of the party, Umar Haruna Doguwa, and the Organising Secretary, Sanusi Sirajo Kwankwaso.

Addressing a delegation of the party stakeholders from at the APC national secretariat in Abuja yesterday, Oyegun said allowing crisis to rock a state as sensitive and volatile as Kano would spell doom for governance of the state.

“So it is in our interest, your interest and certainly our interest

in the national secretariat to ensure that this differences between two of our very prominent leaders in state must not go any further and does not become yet another issue so that we will be feeding the media.

“Let me warn that the greatest disservice we can do to ourselves now is to have wars within the party in a state as critical to us as Kano. Kano is an important and critical state to the APC. “The country, though no fault our, is going through more difficult time. We took over in a situation that was worse than we expected.

So all of us in the party must unite behind our chief executives, the president and the governors,” he said.

Oyegun said the party had already appointed a three-month team led by a Deputy National Chairman (North), Senator Lawal Shuaibu; the party’s National Secretary, Alhaji Mai Mala Buni, and the National Organising Secretary, Osita Izunaso, to mediate in the crisis.

“I am also aware that the

governors have also waded in.

Lastly, I am aware that traditional rulers in the state have also meddled in this issue. It is a situation that we must not as a party allow to blossom. We must nip it in the bud because it is unnecessary, a most distracting thing capable of causing problem in a state as sensitive, and to some extent, as volatile as Kano,” the party chief added.

While making their position known to the national chairman of the party, the Chief Whip, House of

Representative, Hon. Ado Doguwa, who led the delegation, clarified that they decided to stand behind the state governor as the leader of the party in the state, “not because we hold anybody in suspect, but to respect the establishment.”

He said the decision to relieve the chairman of APC in the state, Doguwa, and Organising Secretary, Kwankwaso, still subsists, adding that Hon. Abdullahi Abbas had been appointed as caretaker Chairman while Ahmed Muhammed as acting Organising Secretary.

Sam Omatseye to Deliver Lecture Tomorrow The Chairman of the Editorial Board of The Nation Newspapers, Mr. Sam Omatseye, will deliver this year’s College of Humanities lecture of the Joseph Ayo Babalola University, Ikeji-Arekeji Osun State, on March 24.

Omatseye, who is also an award-winning columnist and fellow of the Nigerian Academy

of Letters, will speak on the topic: ‘The rule of law in an age of impunity’.

The event is coordinated by Professor Richard Olaniyan, Dean of the College of Humanities at JABU. The university Vice-Chancellor, Professor Sola Fajana, will be the chairman of the occasion.

T H I S D AY WEDNESDAY MARCH 23, 2016

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T H I S D AY •WEDNESDAY MARCH 23, 2016

WEDNESDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com

AFCON 2017 QUALIFIER

Nigeria v Egypt: Iwobi Sick from Food Poisoning

Fit-again Arsenal forward back to training Moses, Adi, Ighalo speak on Pharaohs

Olawale Ajimotokan in Abuja Alex Iwobi caused a stir yesterday after falling ill on national duty as a result of food poisoning three days before the 2017 Africa Cup of Nations qualifying clash with Egypt.

The in-form Arsenal midfielder, stayed behind at the hotel, and was not among the 19 players that trained at the Abuja National Stadium, before leaving for Kaduna later in the day.

But in the evening at the Ahmadu Bello Stadium in Kaduna, Iwobi trained with Eagles, shrugging off the food poisoning that sidelined him earlier in the day.

The 19-year-old’s presence at the training put an end to speculations that he may not be available for the clash with Egypt.

However, while the team trained together, Iwobi worked with the team’s physio as he tried to build up stamina. The Arsenal player walked around the pitch a few times before he was put through aerobic exercises and light ball juggling.

Team Doctor, Ibrahim Gyaram, who tempered reporters’concern, said that blood test indicated that the player suffered from an allergy called ‘Traveller’s Diarrhoea’, an ailment that results when a visitor eats in a new place.

Gyaram ruled out virus or anything other thing, stressing that Iwobi will be okay after resting yesterday.

“It results when you travel to a new place and you eat.

People react differently. You can

eat normal food and have it. The fact that Iwobi does not come here (Nigeria) regularly may have led to the diarrhea. It is nothing serious.

“He should be okay after a day.

That is why when you travel, you are advised to avoid vegetable meals for the first two days as your body is susceptible to the effect of a new environment,” Gyaram lectured.

Super Eagles trained for about two hours under the supervision of interim coach Samson Siaisia and his assistants- Emmanuel Amuneke and Alloy Agu. West Ham winger,Victor Moses expressed happiness he was back in the national team for the first time since the FIFA World Cup in Brazil two years ago. He has been battling recurring injury crisis.

Moses remarked that he was delighted to train with the group and make sure Nigeria defeats Egypt on Friday.

“I have been through injuries and stuff. I am just happy I want to train with them and make sure we win this important game. My goal is always to play for Nigeria,” he said.

He however warned Nigeria to brace up for unyielding Pharaohs that boast of the best record at the Africa Cup of Nations.

“Egypt is a good and consistent African side that unfortunately went off the radar. Egypt is Egypt and we are Nigeria. We just have to concentrate on ourselves. It’s going to be a big game and hopefully we can get the points on Friday,” Moses warned.

Eagles new boy, Fanendo Adi,

described his national call up as a dream fulfilled. He said it was a privileged for him to play for Nigeria, adding that he is in with the national team for a long haul.

The physically built Portland Timbers striker said he wanted to show his ability in a group of talented players that constitute the ranks of the Nigerian national team.

The MLS-based player warned Nigeria to be wary of Egypt which is a good side that may likely

play the ball through the middle.

“We need to go into the match and try to win the game. We also know they (Egypt) are a good team. They are a side that like to play the ball and through the middle. I think if we play as a team collectively, definitely, we can be victorious,”Adi reasoned.

Despite lack of a previous link with the Nigerian at any level, Adi scoffed at suggestion of stage fright. He insisted that he plays in the big league and

will concentrate on what he can do and help the team to qualify for the Africa Cup of Nations in Gabon next year.

Eagles front-man, Odion Ighalo, who is likely going to lead the attack on Friday, said Nigeria has what it takes to win in Kaduna, though beating the Pharaohs would not be an easy task.

The Watford hit-man described Egypt as a classy side with an enviable profile that cannot be matched by other Nigerian adversaries in Group G.

Iwobi(left) having a chat with Eagles’ physio at training in Kaduna ... yesterday evening

“Egypt is a traditional African football force that is obviously not on the same level withTanzania and Chad.The Pharaohs are a formidable team. We have to be on top of our game to win this match; we must be 100 per cent ready; we must play attacking football and come all out, give our best and try to score in every chance we create.

It is a home match, we must score early goals to avoid playing under undue pressure,”Ighalo appealed to his teammates.

COuRTESY GOAl.COm

Zenith Bank WBL: Deepwater Records Third Victory

Ilara-Mokin to Host Golf Tournament for Royal Fathers

It was three wins in four games for vying to hold the second round of same phase three consecutive times.

Also, officials of the federation First Deepwater of Lagos yesterday the league, which is expected to in the first phase of the Zenith commence on April 9 or 10. Asaba have said that no team is a Bank Women Basketball League and Port Harcourt stand a better walk-over, as most of them are currently going on at the sports chance of hosting the second stage pulling their weights in the hall of the Abuja Stadium as the of the league after Ilorin hosted the competition. former champions beat Zamfara Babes 48-41.

In a ding dong affair, the Lagos team did the needful to record a hard-earned victory. First Deepwater’s only loss came in the 45-50 defeat in the hands of AHIP. In some other games played, IGP Queens beat Coal City Queens 63-26, while Benue Princess also defeated Nasarawa Amazons 70-37.

First Bank’s Elephant Girls and Dolphins will resume play today after resting yesterday. The Elephant Girls will take on Benue Princess at 3:30 pm, while reigning champions, Dolphins will battle Customs at 5pm.

In other games, AHIP will take on Oluyole Babes, Taraba Hurricane will take on Nasarawa Amazons, Delta Force and Immigration will fight for the two points at stake, Sunshine will take on FCT Angels, GT 2000 takes on Zamfara Babes, while Plateau Rocks and Coal City Queens are to play the last game of the evening.

Indications are however rife that Action scene from the Delta Force versus Oluyole Babes clash Asaba, Port Harcourt and Ilorin are ... yesterday

O l a w a l e A j i m o t o ka n in Abuja Smokin Hills Golf Resort, Ilara- Mokin, Ondo State, will conduct the country’s first dedicated golf tournament in honour of traditional rulers later in the year, THISDAY has gathered.

The Marketing and Promotions Manager of the course, Prince Bayo Aderinto, said the Royal Golf Tournament is designed to bring together the traditional rulers who are known to be golfers.

The Sultan of Sokoto, Muhammadu Sa’adu Abubakar III will be the Royal Guest of Honour.

“This is one of the events on our calendar for this year. As we speak, there are over 50 traditional rulers in Nigeria who are playing golf and even owing golf courses.

We intend to bring

all these traditional rulers, which will be the first time this will ever happen anywhere in Africa. I have the authority of the Sultan of Sokoto to be the Royal Guest of Honour on that Day,” Aderinto said.

Some notable golf playing royal fathers, include the Amayanabo Twon- Brass Kingdom, Alfred Diete-Spiff, Tolowu of Akinale, Ogun State, Oba Femi Ogunleye, the Emir of Suleija Alhaji Awwal Ibrahim, Emir of Dutse, Alhaji Nuru Sanusi and Emir of Birnin Gwari, Alhaji Zubair Jibril.

In fact, Sanusi is credited for singlehandedly designing the Royal Dutse Golf Course, which employs reticulation method, which keeps the course green throughout the year, even when there is acute shortage of water.

Smokin Hills, which is a short drive from Akure, is considered one of the benchmark golf courses in Nigeria.

The 18-hole golf course, developed by Chairman of Toyota Nigeria, Chief Michael Ade-Ojo, was built in 2011 in the rolling hills of Ilara-Mokin at a cost of N2 billion to make Ilara-Mokin a preferred destination by tourists.

Aderinto also revealed the discussions to bring the Sunshine Tour to Nigeria leading to some events on its schedule to be played in Ilara Mokin.

Sunshine Tour, based in South Africa is the biggest golf tour in Africa.

It attracts professional golfers from Europe and other parts of Africa to its series of money spinning events.

Aderinto told THISDAY that plans have been concluded with Marriot of Atlanta to put together 106-room hotel on the golf course, which they will manage for two years.

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T H I S D AY •WEDNESDAY MARCH 23, 2016

WEDNESDAYSPORTS N I G E R I A N P R O F E S S I O N A L F O OT B A L L L E AG U E

Chikatara, Obaroakpo Set for Warriors’ Midweek Clash with Wikki There was immense joy and excitement when the Super Eagles duo, Chisom Chikatara and skipper Austin Obaroakpo returned to the Abia Warriors Camp in Umuahia for today’s midweek clash with visiting Wikki Tourists of Bauchi.

The duo were dropped from Super Eagles camp ahead of the 2017 Africa Cup of Nations double header against the Pharaohs of Egypt by Interim coach, Samson Siasia.

According to Media Officer of Abia Warriors, Igwe Onuoha, as soon as the final list was released, in Abuja both Chikatara and Obaroakpo jetted back to Umuahia with the next available flight and the camp exploded in ecstasy when they were seen by their colleagues.

The duo later participated in the evening training session where they gave a good account of themselves.

Speaking to Abia Warriors website, both players said they had no hard feelings about the decision of the national team handlers to drop them and wished the Super Eagles well in the double header.

According to Chikatara, who certified himself 100 per cent fit, the players who were chosen by Coach Siasia are good enough to handle Egypt in both qualifiers, adding that he would continue to work hard in order to get future call-ups.

“All of us cannot play for Nigeria at the same time,

so I will wait for another opportunity to play for my fatherland,” observed Chikatara who has been acquired by Morocco’s Wydad Casablanca.

He disclosed that all his attention is now focused on helping Abia Warriors achieve success in the domestic League beginning with the week eight mid-week clash against Wikki Tourists of Bauchi in Umuahia.

Obaroakpo, on his own, said in as much as he was physically, mentally and psychologically ready for the Egypt match, he has no hard feelings for being drooped, adding that it is the dream of every player to don the country’s national team colours.

He believed the door is not closed for him in the Super Eagles and thanked the organisers for the invitation extended to him in the first place.

The Abia Warriors Captain also said his attention is now focused on how to help his beloved club grab the league diadem or at least pick a continental ticket at the end of the season.

Chikatara (left) and Obaroakpo are back to Abia Warriors’ fold

Rivers Utd’s Inah Shattered by Three-match Ban Rivers United defender Ofem Inah has said he is disappointed he will miss his team’s next three games after a straight red card he bagged against 3SC at the weekend.

The left-back was shown a straight red card for barging into 3SC’s Nojeem Olukokun shorty before half time in the game which United eventually lost 1-0 with Wasiu Jimoh converting the ensuing penalty,

awarded after the incident.

Inah will now miss United’s next three league games following ratification of the ban by the League Management Company (LMC) on Monday.

The defender was heartbroken he will miss the next three matches beginning with today’s NPFL clash against his former club Sunshine Stars in Port Harcourt.

“I feel very sad that I won’t

be playing against my former club (Sunshine Stars),” he lamented.

“I wanted to prove my worth against them but God knows why this happened.

“We must go for a win in that game on Wednesday (today).

“There is going to be no compromise and we are not thinking of any other result, other than a win.”

Inah will now miss the

games involving Rivers United and Sunshine Stars (in Port Harcourt on March 23), Ikorodu United (in Lagos on March 27) and El Kanemi Warriors (in Port Harcourt on April 6).

He is the second Rivers United player to receive a three-match ban this season after defender, Ayobami Asekunowo got the marching orders in the club’s 3-2 reverse fixture to Niger Tornadoes in Lokoja on March 13.

Match-day 8 Rivers Utd v Sunshine Giwa v Elkanemi IfeanyiUbah v Heartland MFM FC v K’ Pillars Lobi v Rangers Akwa Utd v W’Wolves Abia W’ v Wikki Tornadoes v Shooting THURSDAY Enyimba v Plateau Utd Nasarawa v Ikorodu Utd

EPL Retains Four UCL HotSports to Open Fans Arena for Euro 2016 Slots The English Premier League has retained four places in the Champions League for another year after Juventus, Roma and Lazio all crashed out of Europe last week.

England’s top flight was in danger of losing a spot after being just three points ahead of Serie A in last season’s rankings, which determined the allocations for the 2016-17 campaign.

However, Manchester City’s progression to the Champions League quarter-finals at the expense of Dynamo Kiev – coupled with Liverpool making the Europa League – means the Premier League has 12.750 points this

season compared to Italy’s 11.500.

Italy’s hopes of jumping to third in UEFA’s coefficient rankings were dashed when last season’s Champions League finalists Juventus were knocked out at the last-16 stage by Bayern Munich.

Roma also exited the competition after losing their two-legged tie against Real Madrid, while Lazio’s hopes in the Europa League were ended by Sparta Prague.

Russia’s hopes of leapfrogging France or Portugal into the top six, therefore giving them two automatic Champions League places, came unstuck after Zenit failed to progress past Benfica in Europe’s top competition.

HotSports Nigeria Ltd, under the platform of HS Media Group, has concluded plans to setup a mega viewing centre in Lagos for the forthcoming Euro 2016 in France.

The entertainment centre

tagged: Euro 2016 Fans Arena will feature music, entertainment, live screening of most of the 51 scheduled games of the European soccer championship on large video monitors and other side attractions.

According to the Chairman of HS Media Group, Taye Ige, the combination of music, entertainment and soccer will take the passion of football enthusiasts to the crescendo as they enjoy top class football in an environment

of fun and ecstasy.

HotSports had in the past organised successful activations for major sports events like the Olympic Games in London 2012 and the 2014 World Cup in Brazil.

EDO FA/FROT GROUP CUP

Insurance Wallops Sir Wota FC 5-0 Former champions Insurance began the 2016 on a superb note, when they defeated Sir Wota FC 5-0 in the opening game of the 2016 Edo FA/FROT Group Federation Cup played at the Samuel Ogbemudia Stadium, Benin City on Monday.

Twenty-four teams are vying for honours in the competition.

In other first round games, De Leo FC defeated Dynamo Academicals 5-3 on penalties in

an explosive tie while Oleghecy hammered Kings 6-2. Also, Morning Dews overcame Okosieme FC 3-0.

Four matches were played yesterdayday with Royal FC taking on Paulson while Phase FC and Impact slugged it out for a place in the next round of the competition. The other games were Okpella United versus Buffalo FC and Espanyol versus Saviour FC.

Chairman of HS Media Group, Taye Ige (right), discussing with Founder/CEO, DB Video, Dimitri Rayaert (first left), Executive Producer, The Production Room, Robert Paltiel, and Project Manager, DB Video, Ano Dens, during a pre-partnership facility tour of HS Media studios by the Belgium-based multi-camera/audiovisual company in Lagos… yesterday.

Wednesday March 23, 2016

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& RE A S O

Price: N150

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MISSILE

Buhari to NERC “We are facing the classic dilemma of privatisation; public interest versus profit motive. Having started, we must complete the process. But the National Electricity Regulatory Commission (NERC), … has a vital job to ensure consumers get value for the money and overall public interest safe-guarded” – President Muhammadu Buhari on the privatisation in the power sector

KAYODEKOMOLAFE THE HORIZON

kayode.komolafe@thisdaylive.com

0805 500 1974

Herdsmen in Policy Vacuum

T

he horrifying footages on television of the devastation of Agatu communities would remain a chilling monument to the frequent clashes between herdsmen and farmers in some parts of the country. There have been heart-rending reports of lives lost and homes destroyed. Farmlands have been deserted. The wounded and the displaced are in need of proper care and support.

Mercifully, relief is coming the way of the poor victims of the bloodletting. Security forces have also stepped up efforts to restore law and order in the affected areas. It is the hope of lovers of peace that the displaced villagers would all soon be back to their communities. Doubtless, the latest round of violence in parts of the Middle Belt should force an official answer to the lingering question: what is to be done to end the episodic clashes between herdsmen and farmers? If the government was waiting for a wake-up call to respond to this question, what happened to the Agatu communities should be a sufficient alarm. Two broad issues of economics and law and order could be isolated from the tragedy. They are the protection of lives and property as the primary duty of the state and the articulation and implementation of a policy incorporating pastoral farming.

The question of security is urgent. It is highly distressing that communities could be so cheaply invaded by armed attackers for days. Were there any intelligence reports that such violence was about to erupt? The helplessness of those so brutally attacked cannot be rationalised under any guise by the officialdom. In some reports it is even alleged that many of the attackers are foreigners, thereby further complicating the matter. Whatever happened to the security at the nation’s borders? It is scary to contemplate that the violence could not be prevented.

And when killings and destruction begin in communities, it is expected that there would be a swift response to protect the people. It is also important to make an example of perpetrators of violence. You are not going to curb killings when killers go unpunished. It would be interesting for the police to give a comprehensive report on those involved in similar clashes, for instance, in the last one decade. How many of the suspected killers have been successfully prosecuted and punished?

The episodic killings around the country constitute a categorical challenge not only to the police, but the whole of the justice sector. Whatever the motive of killings, a credible system should be able to account for every life lost and ensure that justice is done. It is the least expected from a social order with integrity. It would be useful for the various security agencies to draw lessons from the recent round of violence.

The second issue is the failure (or is it lack) of policy on grazing. As you ponder the tragedy arising from the clashes of

Agriculture Minister, Chief Audu Ogbe

herdsmen and farmers, you are bound to wonder why the problem persists as if it has no solution. The outcomes of the numerous studies and investigations into the problem have not been put into use.

Apart from panels of enquiry, academic findings have been made on what to do in solving the problem. It is ironic listening to experts talk about the solution while the tragedy unfolds. The herdsmen are in need of pastoral farms as they move their cattle round the country while the nation is lacking in policy. So the herdsmen are actually moving round their cattle in a policy vacuum.

When discussing issues of food security and production, Agriculture Minister Chief Audu Ogbe is even more eloquent than his younger predecessor, Dr. Akinwumi Adesina. Both men can wax lyrical when telling you about “agricultural value-chain.”

They are ardent at reeling out figures to convince you about the possibilities in the agricultural sector if developed. But all this would not be a substitute for a proper agricultural policy articulation and implementation.

The consequence of this huge policy deficit is playing itself out in the convulsions. In this specific case, there is the policy challenge of integrating the nomadic herdsmen into the modern agricultural system. It is beyond dispute that the herdsmen are playing an important role in the economy. The cattle they move round communities are a major

source of protein. However, as economic players they should act within the law. On this page, columnists of this newspaper have questioned the practice in the 21st century of moving cattle in hundreds of kilometres in the process of producing animal protein.

In particular, Dr. Chidi Amuta and Mr. Femi Falana have raised important points in this regard. The nation has been reminded of the efforts to create grazing land in the past as part of agricultural policies.

However, it is easier for the political elite to focus on how to exploit the tragedy politically instead of facing the policy challenge squarely. Hence are they are more interested in qualifying the herdsmen with the adjective “Fulani” and describing the farmer as “Agatu “ or “Kanuri” or “Yoruba.” It is important to go beyond the superficial if the problem is to be solved. The contradiction between the cattle herdsman and yam farmer is not based on their respective nationalities.

The conflict is not primarily ethnic. The underlying force is economic. It is not because the farmer is Tiv, Agatu or Yoruba that clashes happen; it is because the production process of the herdsman is incompatible with that of the farmer.

The farmer defends his farm as a source of livelihood. So policy should assist the nomadic herdsman to produce beef in a

way that is compatible with the modern system of production. The herdsmen are stuck in a pre-capitalist mode of production in an age when beef is made available to the market in a sophisticated manner.

Technology has even made the process so advanced that the atavistic method of the herdsmen would have no place in it. So, it is time the government designed up-to-date agricultural policy that would include programmes on development of grazing land and production of beef.

The problem is further compounded by the destructive impact of climate change on the ecosystem. In the northern part of the country from where the herdsmen move downward to clash with farmers there is an ecological battle with desertification.

It is suggestible to Ogbe as he works on the solution to pay more attention to the interplay of the forces of economics and ecology as a policy is being designed.

For instance, the recovery of the ecosystem to create vast grazing land to grow livestock in the northern part of the country could be part of the programme. The scientific management of the grazing lands would also pose its own challenge when they are created. All these are to be squarely addressed in a carefully designed policy.

And that would be a fundamental way of looking at the problem.

The herdsmen are in need of pastoral farms as they move their cattle round the country while the nation is lacking in policy

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