Friday 13th May 2016 by THISDAY Newspapers Ltd

Buhari Announces New Measures to Stop Corruption Seeks travel restrictions for corrupt persons, says international community turns a blind eye to graft London summit launches global plan to recover stolen assets

Tobi Soniyi in Abuja President Muhammadu Buhari yesterday in London said that in furtherance of his administration’s war against corruption, Nigeria would soon

begin the full implementation of the principles of Open Contracting Data Standard

(OCDS). In Nigeria’s country statement to the anti-

corruption summit hosted by the British Prime Minister David Cameron, Buhari said

that the federal government would apply the OCDS to major projects in the oil,

Alleged Diversion of Funds: FG Orders Audit of Military Payroll... Page 56

transportation, power, health, education and other sectors. The OCDS enables disclosure of data and documents at all stages of the contracting Continued on page 10

Friday 13 May, 2016 Vol 21. No 7687. Price: N250

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& RE A S O

Subsidy Removal: PPPRA Pegs Naira at N298/$ for Fuel Imports

Currency falls to N341 on parallel market as oil stocks gain on fuel price hike NLC to hold emergency meeting today, NANS threatens protest Goddy Egene, Obinna Chima, Ejiofor Alike in Lagos, Paul Obi and Chineme Okafor in Abuja Oil marketers have been given the go-ahead to source foreign exchange (forex) to import petrol into the country at an autonomous exchange rate of N298 to the dollar. According to reliable sources in the Petroleum Products Pricing Regulatory Agency

(PPPRA), which released a revised pricing template for petrol on Wednesday night, the forex rate was pegged at N298 to the dollar to limit

See More Reactions on Pages 58 & 59 the challenges associated with sourcing and accessing forex for the importation of petrol Continued on page 11

Militants Give Oil Firms Two Weeks to Shut Operations, Evacuate Staff

Chevron’s facilities targeted There’ll be no hiding place for you, navy warns

Emmanuel Addeh in Yenagoa and Monday Osayande in Warri

The Niger Delta Avengers (NDA), the new face of violent agitation in the oilrich Niger Delta, yesterday issued a two-week ultimatum

to owners and operators of oil concessions in the region to shut down their businesses and evacuate all their staff or face a “bloody attack”. The group had recently claimed responsibility for Continued on page 10

GOOD AFTER CAMERON’S ‘FANTASTIC’ GAFFE PDP Crisis: Jerry Gana Group Sets ALL’S President Muhammadu Buhari (right) meets with British Prime Minister, David Cameron, at a bilateral meeting on the sidelines up Parallel Leadership... Page 12 of the Anti-Corruption Summit in London… yesterday

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PAGE TEN MILITANTS GIVE OIL FIRMS TWO WEEKS TO SHUT OPERATIONS, EVACUATE STAFF the destruction of Chevron and Shell’s oil facilities in the western Niger Delta, resulting in the shut-in of several thousands of barrel of crude oil, disruption of crude supply to the Kaduna and Warri refineries, disruption of gas supply, and the attendant drop in power generation nationwide.

A statement by the group’s spokesperson, ‘Col Mudock Agbinibo’, warned Chevron not to embark on the repair of the valve blown up last week, or several casualties would be recorded during any confrontation. “To owners and operators of these oil blocks in our region, the Niger Delta Avengers is giving you two weeks ultimatum to shut down your operations and evacuate your staff. “If at the end of the ultimatum, you are still operating, we will blow up all the locations. It will be bloody. So just shut down your operations and leave,” the group warned. Giving a detailed breakdown of owners of the oil wells in the Niger Delta region, it claimed that at least 90 per cent of the platforms are owned by people outside the oil-producing region, stressing that they (NDA) would shut down the companies permanently. “There is a rumour that oil has been discovered in the North-east. How will you feel if this new found oil is being managed by Niger Deltans. We are very sure the Niger Deltans won’t even have 2 per cent of the oil blocks if oil is really found in the North-east. If you don’t shut down, we will shut your stations permanently for you,” the group threatened.

Focusing on Chevron again, the militant group claimed that it had information that the company was in the process of fixing the facilities recently blown up by its members. “From our investigation Chevron is about to carry out repair works at the valve platform that was blown by us. We made it clear that no repair works should be done until our demands are fully met. “When we blew the Chevron valve platform, it resulted in total blackout at the Escravos tank farm for more than three hours. If we can do it, just know that we are capable of bringing down your tank farm if you continue with repair works on the blown valve platform. “Chevron and the Nigeria government are pushing us against our beliefs, despite making it clear we are not after innocent human lives, but as it’s going, we might cause human casualties if they don’t listen to us. “Be informed that if we decide to strike, it is going to be bloody. And the contracting firm going to do the repair works, we want you to know that your facilities and staff will be our first casualties,” the group added. Revelling in the success of its recent attacks, the avengers boasted that despite the heavy military presence in the creeks, it would not stop the group from carrying out its attacks. “We are ready to destroy more pipelines, we won’t only destroy pipelines, but will bring the fight to your tank farm and your headquarters in Lekki, Lagos (Chevron). If you continue to undermine us and go ahead with the repair works, you won’t see us coming but we are coming for you,” the militants said. Describing its critics as cowards,

the group took a swipe at Mr Government Ekpemupolo, better known as Tompolo, stressing that the ex-militant does not have the interest of the region at heart. “To ex-agitators of the likes of Tompolo, we know why you people are after us. Our agitation is more civilised than yours. The Niger Delta Avengers is more concerned with people of the Niger Delta. “Unlike you (ex-agitations) that were into kidnapping, killing Nigeria soldiers, engaging in piracy of vessels and tanker hijacking, we are able to carry out all our operations without killing a fly. “We have sophisticated arms far better than what you used to have during your kidnapping days,” the group revealed. The group claimed that it has its spies in the Nigerian military, noting that all the plans of the security forces were being divulged to its members. “In our meeting comprising all heads of the strike teams, which was held in Bayelsa, the Niger Delta Avengers’ high command came to the conclusion that if the military harasses or invades any community in the region, then you (Nigeria military) will get a feel of the avengers,” it said. It also claimed that all the group’s commanders are evenly spread across the region. “The commander of strike team 9 of the Niger Delta Avengers is from eastern Nigeria, so nobody should limit this struggle to the Ijaws of the Niger Delta only. “The leader of the strike team 6 that blew up the Chevron valve platform is Itsekiri. The commander of our elite team strike team one is from Akwa Ibom,” the militants claimed. “To the international oil companies, this is just the

beginning and you have not seen anything yet. We will make you suffer as you have made the people of Niger Delta suffer over the years from environmental degradation and pollution. “To the President of Nigeria, Buhari, we are sure you have not been to the creeks of the Niger Delta before and 90 per cent of your cabinet does not know what the region looks like. You think the Niger Delta region is full of animals that are going to frustrate your government,” the group stated.

Navy Warns Militants Despite its threat, the new Flag Officer Commanding (FOC), Central Naval Command, Rear Admiral Mohammed Garba, yesterday warned the militants against further bombing of oil facilities in the region. Garba, who took over from Rear Admiral Tariworio Dick yesterday, vowed that the Nigerian Navy would crush the militant activities in the region. After a meeting with his officers and men at the command’s headquarters in Yenagoa, Bayelsa State, the new FOC said his task was to implement the vision and mission of the Chief of Naval Staff, Vice Admiral Ibok Ibas, as contained in the Strategic Directive 2015. According to Garba, the directive involved zero tolerance for crude oil theft, illegal oil bunkering, pipeline vandalism, kidnapping and socio-economic and political threats. The naval commander said he had observed with dismay the recent resurgence of militant activities in the region and warned its perpetrators to desist from the act or face the full weight of the Nigerian Navy.

“I wish to emphasise that there will be no hiding place for oil thieves as the command has intensified patrol of its area of responsibility with the recent delivery of more platforms by the Nigerian Navy. “With the recent resurgence of pockets of militant activities, I wish to specifically call on these groups of people to desist from criminal activities amounting to security breaches in the Niger Delta. “Additionally, let me say that they (militants) have no constituency as all well-meaning Nigerians and law-abiding citizens of this country will not want to associate with them. “I therefore urge these criminal gangs to engage in meaningful and legitimate businesses because anybody found wanting will be made to face the full weight of the law,” he said. He called on individuals to report any suspicious activities immediately to security agencies for swift response in curbing criminal activities in the Niger Delta region.

Tompolo Accused of Backing Militia In a related development, the Commandant General, Riverine Security (Coast Guard of the Federation), Commander Bibi Oduku, has accused Tompolo and the people of the Gbaramatu Kingdom of aiding and abetting criminals in their community in the recent attacks on oil and gas installations within and outside the kingdom. Bibi, in a press statement yesterday, said that Gbaramatu was not only the host of oil and gas facilities in the region, it is also the home of the most dreaded

militia leader in the Niger Delta, Tompolo, who has been declared wanted by the Economic and Financial Crimes Commission (EFCC). He disclosed that investigation from his security outfit revealed that the militants who had claimed responsibility for the recent attacks on oil facilities in the Niger Delta were from Gbaramatu Kingdom, adding that it would be difficult for an outsider to storm the area and carry out such coordinated attacks on oil facilities without insider collaborations. According to Oduku, “It is not possible for any militia group to carry out attacks in Gbaramatu without the permission or blessings of Tompolo. The people of Gbaramatu are enlightened enough to understand the economic and environmental implications of pipeline bombings and oil spills, and as such will not allow outsiders to carry out attacks on oil facilities within and close to the kingdom. “Investigations by the Riverine Security (Coast Guard of the Federation) shows that the Niger Delta Avengers, which have claimed responsibility for the latest attacks on oil installations in Warri SouthWest Local Government Area are operating from Gbaramatu Kingdom and its environs.” He called for more government and stakeholders’ support for riverine security, stating that it would end the activities of criminals in the Niger Delta. Oduku also tasked traditional rulers and community leaders and well-meaning Niger Deltans to continuously denounce the activities of the group as devilish and advised youths in the region not to join the group and other militia groups.

BUHARI ANNOUNCES NEW MEASURES TO STOP CORRUPTION process by defining a common data model.

The publication of OCDS ensures greater transparency in public contracting, and can support accessible and in-depth analysis of the efficiency, effectiveness, fairness, and integrity of public contracting systems. A statement issued by the Special Adviser to the President on Media and Publicity, Mr Femi Adesina, quoted Buhari as saying that his administration was also taking steps to ensure greater transparency of the ownership and control of all companies involved in property purchase and public contracting. “Nigeria is already collating this information through the extractive industry initiative process and will extend it to other sectors. “Nigeria will establish a transparent central register of foreign companies bidding for public contracts and buying property. We welcome the proposal by developed countries to work together to improve the access of developing countries to beneficial ownership information for use in public contracting,” the president said. Buhari also welcomed a proposal to restrict the ability of those involved in corruption to travel, invest and do business overseas. “We commit to joining the pilot initiative for the automatic exchange of beneficial information. Nigeria commits to deploying public-private information sharing partnerships to bring together governments, law enforcement agencies, regulators and the financial sector to detect, prevent and disrupt money laundering linked to corruption. “We commit to work together to enhance company disclosure on the payments to governments for the sale of oil, gas and minerals, complementing ongoing work within the EITI. “Nigeria is already reporting

progress through the EITI working groups and will continue to work with interested countries to build a common understanding and strengthen the evidence for transparency in this area. “We welcome voluntary disclosures through EITI reporting and by some major companies regarding payments to governments for the sale of oil, gas and minerals. “We welcome the new 2016 EITI Standard, in particular the requirements on beneficial ownership and the sale of the government’s share of production. We will sign up to the Common Reporting Standard initiative. “We commit to reviewing penalties and other actions against professional enablers of tax evasion, including for corporations that fail to prevent their employees from facilitating tax evasion. “We support the development of a global commitment for public country by country reporting on tax information for large multinational enterprises. “We commit to the strengthening of our asset recovery legislation, including through non-conviction based confiscation powers and the introduction of unexplained wealth orders. “In order to improve on the current legal procedures and ease asset recovery procedures, we have drafted the Proceeds of Crime Bill which provides for the transparent management of recovered funds and assets and a non-conviction based approach to asset recovery. “We will work with other countries, civil society and international organisations to support the accelerated implementation of the voluntary provisions of the UN Convention Against Corruption (UNCAC) and we commit to the implementation of the outstanding obligations under the UNCAC. “We support the establishment

of an International AntiCorruption Coordination Centre to be managed by National Crimes Agency (NCA) of Britain. We will work with NCA in promoting this centre in the African region,” the president said. Buhari also excoriated the international community for turning a blind eye to corruption, adding that Nigeria losses $7 billion yearly to crude oil theft. In order to stop further theft of Nigeria’s oil, Buhari appealed to the international community to urgently create an anti-corruption infrastructure. Buhari said that new measures against corruption that would be adopted by the summit should also include mechanisms that would assist countries like Nigeria to combat illegal activities such as crude oil theft. He also sought the creation of a strategic action plan to facilitate the speedy recovery and repatriation of stolen funds hidden in secret bank accounts abroad. He said: “When it comes to tackling corruption, the international community has unfortunately looked away for too long. We need to step up and tackle this evil together. That is why we have gathered here today. “Corruption creates a system where resources are shared by a small elite while the majority wallows in poverty. Corruption also undermines the ability of countries to finance development. “I recall in this regard, the landmark Addis Ababa Action Agenda of the 3rd International Conference on Finance for Development held in January this year. “A prominent feature of that global framework was the recognition that good governance and measures to combat corruption and curb illicit financial flows will be integral to the effort to attain sustainable

development globally by the year 2050. “It is for this reason that my government is determined to address illicit financial outflows which have served as a major impediment to progress in our country. “I wish to reiterate our demand that the global community must come up with mechanisms for dismantling safe havens for stolen funds and facilitate the return of stolen assets to their countries of origin.” In his opening remarks at the summit, Cameron applauded Buhari's vigorous efforts to curb corruption in Nigeria. Other speakers at the opening session included the President of the World Bank, Dr. Jim Yong Kim, and the United States Secretary of State, Mr. John Kerry. Meanwhile, the BBC also reported that the Global Forum for Asset Recovery would bring together governments and law enforcement agencies to discuss returning assets to Nigeria, Ukraine, Sri Lanka and Tunisia. The meeting will be held in the US next year, co-hosted with the UK, and supported by the UN and the World Bank. The British PM made the announcement at the global anti-corruption summit in London yesterday. It was hailed as the first of its kind, bringing together governments, business and other organisations. However, it was overshadowed by controversy after it emerged that Cameron had described Nigeria and Afghanistan as “fantastically corrupt”, while meeting Queen Elizabeth II and the Archbishop of Canterbury while telling them of the summit. Buhari made no reference to the comments while sitting next to Cameron at the opening of the conference. There has been concern recently that the UK, particularly London, had become a place where rich

foreigners could buy properties but hide their true ownership. Cameron said to stop that happening, foreign firms which own property in the UK must declare their assets in a public register. Downing Street said Cameron’s plans would include those who already owned UK property as well as those seeking to buy it. It said the register would mean “corrupt individuals and countries will no longer be able to move, launder and hide illicit funds through London's property market, and will not benefit from our public funds”. It said foreign companies owned about 100,000 properties in England and Wales and that more than 44,000 of these were in London. Five other countries including France, Kenya, The Netherlands, Nigeria and Afghanistan also pledged to launch public registers of true company ownership. Australia, New Zealand, Jordan, Indonesia, Ireland and Georgia announced initial steps towards similar arrangements. But critics said the UK’s overseas territories and Crown dependencies also needed to be more transparent. Tax havens with UK links, including Bermuda and the Cayman Islands were represented, but the British Virgin Islands was not at the summit. Neither was FIFA, football’s governing body, which is at the centre of a large bribery scandal. The British Virgin Islands has not yet signed up to the automatic sharing of its register, but the Prime Minister defended Britain’s overseas territories, saying they had come a long way. Jersey, the Cayman Islands, Bermuda, Anguilla and the Isle of Man have agreed to join a group of several dozen nations that share their registers with one another. Alan Bell, the chief minister of the Isle of Man, which is a

Crown dependency, said progress could not be made unless the US did more and tackled its own tax havens such as the state of Delaware. Kerry said this month, President Barack Obama’s administration had announced a set of financial regulations designed to force companies to disclose more information about their owners. There are also plans for a new anti-corruption coordination centre in London and a wider corporate offence for executives who fail to prevent fraud or money laundering inside their companies. Cameron said they were looking for greater transparency and were introducing a code of conduct for professionals such as accountants, solicitors and estate agents who enabled corruption, either knowingly or unknowingly. He wanted to see how assets could be recovered, with legislation being introduced in 21 additional countries.

TOP GAINERS NGN NGN TIGERBRANDS 0.51 5.56 LIVESTOCKFEEDS 0.08 0.92 DIAMONDBANK 0.15 1.84 FCMB 0.09 1.18 WEMABANK 0.06 0.79 TOP LOSERS NGN NGN FLOURMILLS 1.18 22.58 UPL 0.25 4.90 UNILEVER 1.22 36.00 UPDC 0.10 4.00 NEMINSURANCE 0.02 0.80 HPE Nestle Nig Plc ₦680.00 Volume: 261.944 million shares Value: N1.491 billion Deals: 3,457 As at yesterday 12/05/16 See details on Page 54

% 10.1 9.5 8.8 8.2 8.2 % 4.9 4.8 3.2 2.4 2.4

T H I S D AY • FRIDAY, MAY 13, 2016

NEWS

Suicide Bombing at Borno Secretariat Claims Two, Injures 19 Michael Olugbode in Maiduguri A suicide bombing yesterday in Maiduguri, the Borno State capital, claimed two lives and caused injuries to 19 others. The information officer of the Borno State Emergency Management Agency (BOSEMA), Abdullahi Umar, who spoke to THISDAY on the phone, said the incident occurred at about noon at the state secretariat at the post office area of the town. The post office area is in the central business district of the troubled city. Umar said the suicide

bomber pretended to be one of several employees of the Borno State Government who had been ordered to make themselves available for biometric verification currently being carried out in the state to fish out ghost workers. He said the suicide bomber had a file with him, which he showed to the police personnel at the gate of the secretariat that he was an employee of the state government. But he was turned back by the policemen when he could not present a staff identification card. Umar said the bomber then walked some metres

away from the security post and detonated the bomb strapped on him, which led to his immediate death and claimed the life of one of the policemen. He added that the explosion equally caused injuries to 19 other persons who were rushed to the Borno State Hospital, Maiduguri for treatment. He said the corpses of the two deceased were deposited at the morgue of the hospital. Confirming the attack, the spokesman of the Nigerian Army, Col. Sano Kukasheka Usman, said troops immediately cordoned off the area and evacuated all

workers from the secretariat and reinforced security. “In addition, the Explosive Ordinance Device (EOD) and K9 teams have been mobilised to the secretariat for screening until it is declared safe. “This unfortunate incident has reinforced the need for more security consciousness and awareness on the part of all of us as the remnants of the Boko Haram terrorists and their sympathisers still mingle with the society. “It therefore behoves all and sundry to ensure that they are detected and prevented from carrying out their dastardly acts,” he said.

Borno State Governor, Kashim Shettima

SUBSIDY REMOVAL: PPPRA PEGS NAIRA AT N298/$ FOR FUEL IMPORTS by oil marketers. However, news on the removal of subsidy on petrol exerted downward pressure on the naira on the parallel market yesterday, where it fell sharply in a single day by N18 to close at N341 to the dollar, relative to the N323 at which it sold on Wednesday. Sources in PPPRA explained to THISDAY yesterday that while the government’s official naira/ dollar exchange rate through the Central Bank of Nigeria (CBN) window remains at N199 to the dollar, the decision to adopt a parallel market rate for petrol importation was agreed by all stakeholders in the downstream oil sector during the consultations. They explained that before arriving at the new pricing template, a comprehensive study of the cost of importation was undertaken and all stakeholders, including oil marketers and independent experts, were consulted to arrive at an appropriate cost reflective regime. The template, which put the landing cost of petrol at N119.74 per litre and distribution margins as N18.37, meant that the total cost-to-pump price for a litre of petrol rose to N138.11. The template, however, indicated that marketers could sell petrol within a retail price band of N135 to N145 per litre.

Naira Heads South However, it was uncertain if the PPPRA template, which pegged the forex rate at N298 to the dollar, was expected to make much of a difference, as the naira plummeted significantly to N341 yesterday, from N323 to the dollar the day before. The sharp decline was blamed on the government’s announcement of the removal of fuel subsidies and the green light given to oil marketers to source their forex requirements from parallel or autonomous market sources. This, according to a source, led to an upsurge in forex demand on the parallel market. Speaking on the development, the CEO, Financial Derivatives Company Limited, Mr. Bismark Rewane, said the parallel market does not

have the depth to fund the importation of petroleum products, arguing that the central bank needs to find a way to continue to fund petrol importation. “If they say they can’t fund the importation of petrol from the official market, then why do we have that market?” Rewane queried. He added: “What they have done was to effectively devalue naira for petrol imports, if you say the CBN cannot supply to that sector. “But the government cannot push the funding of petrol to the parallel market because the market does not have the depth to fund the importation of petrol. “What we will see is a situation where the NNPC will be selling petrol at a different price while other marketers would be selling at a different rate, thereby creating a dual exchange rate regime.”

Oil Stocks Gain on Fuel Price Hike Despite the dichotomy created in the forex market, share prices of oil marketing firms rose on the Nigerian Stock Exchange (NSE) yesterday, as investors reacted positively to the increase in the pump price of petroleum to N145 per litre. Other than the shares of MRS Oil Nigeria Plc, which remained flat, the shares of other major marketers recorded gains. Forte Oil Plc appreciated by N10.50 to close at N220.50, followed by Total Nigeria Plc with a gain of N9.19 to close at N159.60. Mobil Oil Nigeria Plc also chalked up N5.57 to rise to N155.96 per share, while Oando Plc and Conoil Plc advanced by N0.23 and N0.06 to end the day’s trading at N4.80 and N18.16 per share, respectively. The gains lifted the NSE Oil & Gas Index by 3.78 per cent. In their reaction, analysts at FBN Capital, an investment firm in Lagos, said: “We believe the likely implications are, firstly, quarterly import allocations by the PPPRA may cease to exist and marketers would be allowed to import products as each firm determines. “Secondly, the PPPRA’s product pricing template’s forex assumption would now reflect the forex rate at the parallel market. The

second point is the real game changer and should see the re-entrance of many industry participants, mainly the independent marketers. “The policy change also suggests that the PPPRA would have to monitor two variables going forward, crude oil prices and forex rates at the parallel market, as opposed to only oil prices previously. “We expect increased pressure on parallel market rates to be a major fallout of this decision." “Also, we are yet to determine if the forex rate assumption for NNPC imports would also now be at parallel market rates. We do not expect a strong push back from organised labour given that it was carried along and should understand the circumstances that led to this decision,” the investment firm said. It explained that major marketers posted stellar profits before tax growth in the first quarter of 2016 due to their ability to source forex required for product importation, mostly from international oil companies (IOCs). “However, we expect more competition in the second half of 2016, given that independent marketers are likely to re-enter the market now that importation is economically viable. “Nonetheless, if forex supply agreements with the IOCs remain at the official rate, major marketers could have a pricing advantage. Given the supply gap, we still expect pump sale prices within the PPPRA price band on average. “This could lead to gross margins expanding nicely, especially for the marketers under our coverage, Total and Mobil,” FBN Capital said.

NNPC Depots Suspend Loading Meanwhile, the Pipelines and Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has suspended the sale of petrol at its depots, as well as the private depots that have throughput arrangement with the company. It has also advised oil marketers that paid the old ex-depot price to pay the difference arising from the hike in the price of petrol. PPMC also in an internal

memorandum issued yesterday to all its depot managers and coordinators at the private depots, directed them to sell at the new exdepot price of N126.64 per litre, up from N76, the price at which the product was sold at the depots before the removal of subsidy. The memo signed by A.T. Gwarzo on behalf of PPMC’s executive director in charge of supply and distribution, also reminded the managers that the federal government had increased the ex-depot price and pump price of petrol. Also in a circular issued to the marketers yesterday, the PPPRA directed depot operators to sell at new exdepot price of N123.8-N133.28 per litre. The acting Executive Secretary of PPPRA, Mrs. Sotonye Iyoyo, who signed the letter, informed them that the agency would “continue to monitor market fundamentals in line with the policy of appropriate pricing, with a view to advising marketers on the subsequent guiding price band for petroleum products at the beginning of every month”. She advised marketers to operate within the indicative price band as issued by the agency to avoid sanctions. Iyoyo also informed the marketers that the implementation of “this new price mechanism is in line with the PPPRA’s mandate of determining pricing policy and setting benchmark prices of petroleum products in the country”. However, all PPMC depots and private depots with PPMC products refused to load petrol since the new price regime took effect on Wednesday. THISDAY gathered that NNPC’s depots at Mosimi in Ogun State, Ejigbo in Lagos, Ibadan, as well as some private depots engaged in a throughput arrangement with the corporation, refused to sell petrol until the marketers who paid the old price paid the difference arising from the current increase. The development led to long queues of tankers waiting to lift NNPC product at Folawaiyo, Aiteo, AA Rano and Capital Oil and Gas depots in Lagos. Nonetheless, many other depot owners that imported product sold yesterday at different ex-depot prices.

For instance, NIPCO Plc sold at ex-depot price of N130 per litre; Stallione at N136 per litre; Rahamaniyya Oil and Gas Limited at N130 and Gulf Treasure at N135 per litre. Some of the marketers, who spoke to THISDAY, said the new pump price was high because the federal government used an exchange rate of N300 to arrive at the figures. Many filling stations in Lagos and Abuja yesterday adjusted their fuel dispensing machines to reflect the new price approved by PPPRA.

NLC to Hold Emergency Meeting But as the oil industry operators adjusted to the new price regime, the Nigeria Labour Congress (NLC), which has already expressed its opposition to the subsidy removal, said yesterday that it would hold an emergency National Executive Council (NEC) meeting today to strategise on ways to confront the federal government over the petrol pump price increase. NLC Secretary General, Dr. Peter Ozo-Eson, told THISDAY that after the NEC meeting scheduled for 2pm today, the resolutions therefrom would be tabled before the National Action Committee (NAC) of the union to decide on the way forward. Ozo-Eson recalled that “even in 2012 when former President Goodluck Jonathan increased the pump price of petrol, it took time before NEC declared action, so we will still follow that process”. The National Association of Nigerian Students (NANS), on the other hand, had no bureaucratic bottlenecks to contend with, when it declared that it would mobilise its members across the country to protest against the increment until government reverses the price of petrol. Speaking with THISDAY, NANS President, Mr. Tijani Usman Shehu, said yesterday: “We condemn it in totality and the leadership of NANS will do everything within its power to ensure that this pump price is reversed to N87. “When President Muhammadu Buhari came into office, he assured Nigerians that he was going to reduce fuel pump price to

N50. So we want to believe that he is a man of integrity and a man of honour. “Nigerians believed him and it is in view of this that when we got the sudden news yesterday (Wednesday) in the morning that subsidy had been removed, we sat down and had an emergency meeting yesterday (Wednesday) at 12 pm to 2 pm with the executive leadership of NANS and came up with a position that Nigerian students will condemn the price hike in its totality.” Shehu revealed that by next Tuesday, all zonal structures will embark on a nationwide protest, adding that between Wednesday and Thursday, NANS members would converge in Abuja in continuation of their protest. “We want to believe on or before Thursday, the pump price of petrol would have been reversed. If it is not done, we shall demand that Mr. President redresses the matter,” the NANS president said. Also, the President of the Catholic Bishops Conference of Nigeria (CBCN) and Archbishop of Jos, Ignatius Kaigama, in an interview with THISDAY, said: “Nobody is happy with the increase. It means more suffering, so more pain has been added to the already existing pain of Nigerians.”

Security Beefed up in Abuja However, in anticipation of the protests, the Nigeria Police Force yesterday beefed up security across the Federal Capital Territory (FCT). THISDAY learnt that armed policemen drawn from the various units of the FCT Command were deployed to strategic government institutions and locations in a bid to pre-empt the breakdown of law and order over the fuel price hike. Battle-ready police officers and men drawn from the regular, combatant and counter-terrorism units were seen in the Abuja metropolis and it suburbs. Also, armoured tanks fitted with modern communications gadgets, were rolled out in different parts of the city. A source in the FCT Command explained that deployment of policemen was done to forestall violent fuel hike protests in and around Abuja.

FRIDAY, MAY 13, 2016 Ëž T H I S D AY

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Ă?ĂĄĂ? Ă&#x17D;Ă&#x201C;Ă&#x17E;Ă&#x2122;Ă&#x153; Davidson Iriekpen Ă&#x2014;Ă&#x2039;Ă&#x201C;Ă&#x2013; davidson.iriekpen@thisdaylive.com, 08111813081

2016 Budget: FG Identifies Priority Areas Earmarks N940m for grazing reserves, N284.1bn for job creation, school feeding Rules out VAT increase Unveils strategic implementation plan as capital releases begin today Ndubuisi Francis Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039; With a budgetary provision of N940 million, the federal government has finally settled for grazing reserves in what appears a potent option to resolve the seemingly intractable problem of bloody clashes between Fulani herdsmen and various communities in the country. Under its N500 billion Social Intervention Projects, the government is to also channel a total of N284.1 billion into job creation and school feeding as it unveiled what it called a Strategic Implementation Plan to realise the objectives of the 2016 Budget A breakdown of N284.1 billion shows that N191 billion is earmarked for job creation, while N93.1 billion will be channeled into feeding an estimated 5.5 million school children across the country for 200 school days. The Minister of Budget and National Planning, Senator Udona Udo Udoma, who presented the 2016 Budget highlighs in Abuja yesterday, said the Social intervention projects are in five areas, including job creation, school feeding, conditional cash transfer, enterprise programme, and STEM education grant. Giving the breakdown of the â&#x20AC;&#x153;Budget of Changeâ&#x20AC;&#x2122;, Udoma said it was designed to actively pursue macroeconomic policies and growth strategies that will reflate the economy by investing in key infrastructure and social development, adding that it is anchored on six pillars, including economic reforms, infrastructure, social development, Governance and security, Environment as well as states/regional development.

The key assumptions of the budget, the minister noted, are underpinned by an oil production of 2.2 million barrels per day, a benchmark oil price of N438 per barrel, and an average exchange rate of N197 per dollar. Based on these assumptions, Udoma pointed out that the budget envisages a net distributable revenue of N5. 72 trillion, comprising mainly the Federation Account Revenue of N4.303 trillion, and N1. 416 trillion from the Value Added Tax (VAT) Pool Account. The N6.06 trillion budget, the minister added, represents a 35 per cent increase over that of 2015, with a Statutory Transfer (inclusive of the N157 billion capital component) standing at N351.37 billion; Debt Service (including Sinking Fund provision) N1.48 trillion, and Recurrent (non-debt) Expenditure N2.65 trillion. Capital Expenditure (excluding share of Capital Statutory Transfers is N1.59 trillion while Capital Expenditure (including share of capital expenditure in Statutory Transfer) is N1.75 trillion. Some of the key sectoral allocations in the 2016 Budget include Power and Works and Housing N456.93 billion; Transportation N202.34 billion; Defence N443 billion; Interior (including Police) N513.65; Education N403 .16 billion. Others are Health N250.06 billion; Agriculture and Rural DevelopmentN75.80 billion; Solid Minerals N16N16.73 billion; Youths & Sports Development N75.79 billion; Water Resources N53.30 billion while Special

Intervention Programmes got a vote of N500 billion. Udoma stated that the government would actively support the use of public private partnerships in the development of infrastructure, adding that: â&#x20AC;&#x153;We are encouraging our ministers to explore concessioning arrangements for airports, major roads and other infrastructure projects.â&#x20AC;? He disclosed that as part of efforts to encourage private sector participation, the government was working towards establishing infrastructure fund, which is anticipated to raise up to a $25 billion within three years. Udoma stated that major projects to be covered by the budget are over 40 spread across

the country, noting that N35.6 billion has also been earmarked for 1.973 blocks of 7,068 housing units in the six geo-political zones. On agriculture, Udoma said N940 million would be channeled into the development of Strategic Grazing Reserves while another N90 million is for Price Stabilisation/Buy=back/ Price Gurantee Scheme, just as NN939.7 billion is for extension services He declared governmentâ&#x20AC;&#x2122;s determination to change the structure of the Nigerian economy once and for all through a singleminded implementation of the budget, adding that a Strategic Implementation Plan (SIP) for implementing the budget had been put in place.

Udo-Udoma said the budget would be implemented under six major strategic invention areas in the SIP to revamp the economy, adding that: â&#x20AC;&#x153;The plan will place the economy on the upward trajectory as it is repositioned for change, inclusive growth and sustainable development.â&#x20AC;&#x2122;â&#x20AC;&#x2122; The government, he noted, would achieve appropriate Foreign Exchange Regime and increase low interest lending to the real sector, adding that the federal Government had set deadlines to achieve selfsufficiency and net export of a certain number of agricultural produce and items to diversify the economy. According to him, the country is expected to attain

self-sufficiency in rice â&#x20AC;&#x201C;by 2018, tomato paste this year, wheat 2019 and increase local production of maize, soya, poultry and livestock. Udoma added that the government would optimise 7,000 megawatts installed power generation capacity and provide facilities required to transmit and distribute it in one year, stressing that it would distribute the capacity through privatisation and concessioning under its priority strategies in power, rail and road sectors. â&#x20AC;&#x153;It will ensure that tariff includes all costs of transmission, generation and gas at new price and that DISCO cost required operating, maintaining and upgrading distribution network.â&#x20AC;?

OF THE BUDGET Buhari: Meeting with Chibok DETAILS Lâ&#x2030; R: Minister of State for Budget and National Planning, Hajia Zainab Ahmed; Minister of Defence, Mohammed Dan Ali; Minister of Budget and National Planning, Senator Udoma Udo Udoma; and the Minister of Finance , Mrs. Kemi Adeosun, at the Overview of the 2016 Budget at the Presidential Villa, Abuja Ă&#x2013; yesterday

Girlsâ&#x20AC;&#x2122; Parents is Not Good for My Emotional State PDP Crisis: Jerry Gana Group Sets up Parallel President Muhammadu video to the parents, saying Buhari has said meeting there was no point raising Leadership parents of the schoolgirls abducted from Government Secondary School, Chibok, Borno State, on a regular basis is not good for his emotional state. Lamenting the plight of the parents in an interview with Christine Amanpour, a CNN anchor, Buhari said he could not imagine his own daughter in such situation. â&#x20AC;&#x153;I saw the families as a group twice. The first time, they came to visit my wife. The second, time, they came as a group to see me, and the less I see them the better for my own emotional balance,â&#x20AC;? he said. â&#x20AC;&#x153;I try to imagine my 14-year-old daughter missing for more than two years. I try to imagine what condition are they in. A lot of the fathers would rather see their graves, than imagine them under such condition,â&#x20AC;? Buhari said. He also opposed the idea of showing a proof of life

their hopes when the girls had not been rescued. During the second anniversary of their abduction, CNN made public a video of some of the girls. The video was said to have been sent to negotiators by their captors. â&#x20AC;&#x153;I have not seen that video and even if I see it, I will be very careful about showing it to the family. There is no point to deliberately raise the hope of the families if you canâ&#x20AC;&#x2122;t meet them.â&#x20AC;? â&#x20AC;&#x153;If we know where they are, then we can organise to secure them, but if they have been divided in a group of five, ten, two all over the region of Lake Chad commission, that is Cameroon, Chad, Nigeria and Niger, there is no way we can spontaneously and simultaneously attack all those locations and get the girls and the important thing to us is to get them alive,â&#x20AC;? he explained.

Sheriff: I will not step down, threatens to drag Gana to EFCC over N500m OnyebuchiEzigbo Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039; The brewing crisis in the Peoples Democratic Party (PDP) over the process leading to its national convention yesterday took a new dimension with a group of concerned party stakeholders appointing a 21-member steering committee to take over the management of the affairs of the party. However, the move by the aggrieved PDP group led by a former Minister of Information, Prof. Jerry Gana, has attracted an equally forceful response from the embattled PDP National Chairman, Senator Ali Modu Sheriff, who has threatened to take Gana to the Economic and Financial Crimes Commission (EFCC) to account for N500 million he allegedly took on behalf of the party. Rising from their meeting in Abuja, the concerned stakeholders made up of mainly former ministers in the past

PDP administration, following wide spread disenchantment and in order to stop the party from further slide into confusion, â&#x20AC;&#x153;the leaders of the party from the six geopolitical zones hereby announce a 21-day member steering committee to manage the affairs of the PDP.â&#x20AC;? In a communique issued at the end of its deliberations was jointly signed by former Deputy Senate President, Senator Ibrahim Mantu, Prof. Tunde Adeniran and Chief Raymond Dokpesi, the group said the committee would work closely with members of the PDP Board of Trustees (BoT) till and proper, lawfully organised national convention of the party would be held and new authentic leadership of the party emerge. The group said the committee would immediately put in place a national reconciliation committee to reconcile all previously aggrieved party members.

â&#x20AC;&#x153;We the founding fathers, stakeholders and leaders of the party from all the six geopolitical zones hereby announce a 21 member steering committee to manage the affairs of the PDP, and work intimately with our respected members of BoT who are the conscience of the party till such a time that a proper, lawfully organised national convention of the party, where a new authentic leadership of the party will be duly elected in accordance with the provisions of our party constitution and guidelines.â&#x20AC;? The group contended that at the expiration of the tenure of the members of the National Working Committee (NWC) on March 24, a national convention to elect the new executives ought to have taken place or a caretaker committee put in place to run the affairs of the party till a convention is held. They described the extension

of the tenure of the national chairman and other members of the NWC by the NEC as an illegality and â&#x20AC;&#x153;therefore untenable and contrary to the provisions of our party constitution which gives such powers only to the national convention of the partyâ&#x20AC;? steering committee. However, in his reaction to the move to unseat him, Sheriff described the Jerry Gana group as self- styled leaders of the party who are unknown. He said given his recent actions, there is not much value Gana could add to the repositioning efforts being pursued by current PDP leadership. Speaking with journalists at the national secretariat of the PDP in Abuja, the Sheriffâ&#x20AC;&#x2122;s Special Assistant on Media, Mr. Innua Bwala, accused Jerry Gana of collecting about N500 million from the bank on behalf of the party and for which the party has been dragged to the court.

T H I S D AY FRIDAY MAY 13, 2016

T H I S D AY • FRIDAY, MAY 13, 2016

COMMENT

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

BRITAIN: AN EXTRAORDINARILY CORRUPT NATION (1)

Akin Babajide argues that many British nationals and institutions are complicit in corruption

he media (including the new media) are full of reports of the utterances of the British Prime Minister, David Cameron’s recent careless and sweeping statement calling Nigeria ‘’A fantastically corrupt country.’’ His statement comes only weeks after Cameron himself was named as a corrupt leader with a fantastic style of keeping laundered funds in tax havens. The British prime minister made this damning statement at a time he, David Cameron, is under intense pressure to invoke special powers that would force British tax havens to end their fiercely protected secrecy and rape of the economies of developing nations. One should ordinarily not be surprised because the British have a way of double-speaking. It is most unfortunate that Cameron spoke in that manner and smeared the image of Nigeria. The British prime minister failed to consider the unassailable fact that Britain and British nationals and organisations are not only vicariously liable for providing safe vaults for laundered funds from Africa which is the poorest continent in the world, but are also complicit, and her citizens, actually collaborate with Africans to engage in illicit transfer of funds out of the continent. The Panama Papers scandal, which revealed the extent to which the likes of the British Virgin Islands were being used to hide money offshore, is a classic example of how unjustifiable Cameron’s attack was, given the fact that Britain is an accessory to laundering funds out of Africa. From available indications and going by the Panama expose, David Cameron himself is a corrupt personality. I will justify my assertion. According to the Encyclopedia of International Development corruption “refers to bribe-taking or dishonesty by people in authority,” but its meaning and definition varies between places and contexts. ‘’It is the flouting of rules by willing partners, with consequent loss of accountability. Unlike fraud, all the parties to corrupt practices must share a guilty knowledge of corruption.” I also make bold to state that Britain is an extraordinarily corrupt nation given its penchant for receiving and accommodating looted funds as an accomplice, and using slush funds to develop its economy at the expense of developing nations. The World Bank also defines corruption as when “public office is abused for private gain (and) when an official accepts, solicits or extorts a bribe.’’ It is also abused when private agents actively offer bribes to circumvent public policies and processes for competitive advantage and profit. This is where Cameron perfectly fits in. Public office can also be abused for personal benefit even if no bribery occurs, through patronage and nepotism, the theft of state assets or the diversion of state revenue”. Britain, by its actions in protecting slush funds also fits into the category of the class of ‘’All those improper actions or transactions aimed at changing the normal course of events, judgment and positions of trust.’’ Britain also scores very high marks in moral corruption, political corruption, economic corruption, and bureaucratic corruption.” Professor Mthuli Ncube, a former chief economist and vice-president of the African Development Bank once asserted that “The resource drain from Africa over the last 30 years – almost equivalent to Africa’s current GDP – is holding back Africa’s lift-off.” Such slush funds have been used to develop Britain and the West at the expense of Africa. The situation is so critical that the joint report from the African Development Bank (AfDB) and Global Financial Integrity (GFI), a US research organisation, says the continent has been a long-term net creditor to the rest of the

THE BRITISH PRIME MINISTER FAILED TO CONSIDER THE UNASSAILABLE FACT THAT BRITAIN AND BRITISH NATIONALS AND ORGANISATIONS ARE NOT ONLY VICARIOUSLY LIABLE FOR PROVIDING SAFE VAULTS FOR LAUNDERED FUNDS FROM AFRICA, BUT ARE ALSO COMPLICIT, AND HER CITIZENS ACTUALLY COLLABORATE WITH AFRICANS TO ENGAGE IN ILLICIT TRANSFER OF FUNDS OUT OF THE CONTINENT

world. Africa lost $597bn-1.4 trillion in net resource outflows between 1980 and 2009 after adjusting recorded transfers for illicit financial outflows. Specifically, ‘’Africa lost up to $1.4 trillion in illicit financial flows in 1980-2009, far exceeding money coming in over the same period and seriously undermining the continent’s development. Illicit financial flows involve the transfer of money earned through corruption, bribes, tax evasion, criminal activities and transactions involving contraband goods. Tax evasion and illicit financial flows have been on the agenda of past G8 summits and British companies have been found to have raped Africa’s economy badly. Most African countries, with weak tax regimes, are by far the biggest losers. “The traditional thinking has always been that the west is pouring money into Africa through foreign aid and other private-sector flows, without receiving much in return.’’ But that has been proven to be false as a result of inquisitions into Overseas Development Assistance that has dwindled considerably. The report added that ‘’Even the estimates of illicit financial flows – large as they are – are likely to understate the problem as they do not capture money lost through drug trafficking and smuggling. But the huge financial transfers out of Africa – dwarfing money coming into the continent – deprive Africa of resources for development. “The resource drain from Africa over the last 30 years – almost equivalent to Africa’s current GDP – is holding back Africa’s lift-off,” said Professor Mthuli Ncube, chief economist and vice-president of the AfDB. “The African continent is resource-rich. With good resource husbandry, Africa could be in a position to finance much of its own development. “Three African regions – west and central Africa ($494bn), north Africa ($415bn) and southern Africa ($370bn) – accounted for 95% of total cumulative outflows over the 30-year period. In west and central Africa, outflows were driven largely by Nigeria, Congo-Brazzaville and Ivory Coast. Egypt, Algeria and Libya saw the largest illicit financial flows in north Africa, while South Africa, Mauritius and Angola lost most in southern Africa.’’ The African continent is resource-rich. With good resource husbandry, Africa could be in a position to finance much of its own development. Ncube asserted that the Western world cleverly siphoned from “Three African regions – West and Central Africa ($494bn), north Africa ($415bn) and southern Africa ($370bn) – accounted for 95% of total cumulative outflows over the 30-year period. In west and central Africa, outflows were driven largely by Nigeria, Congo-Brazzaville and Ivory Coast. Egypt, Alger ia and Libya saw the largest illicit financial flows in north Africa, while South Africa, Mauritius and Angola lost most in southern Africa.’’ It could be asserted that authorities of these receiving nations know much more than African leaders where the slush funds are resting, but out of the desire to utilise funds from Africa to develop their societies have deliberately shielded all efforts to repatriate these funds back to where they found their ways to the developed world. Britain under Cameron cannot claim not to be aware of the complicity of British nationals and organisations in these ugly developments. Britain, indeed, has a huge concentration of accomplices to office-holders in some African nations whose funds are warehoused in British banks.

SAME OLD, SAME OLD

so much like our current crop of politicians because they seem to be showing Nigerians how to play real politics. During the electioneering campaign, the All Progressives Congress (APC) stalwarts told us that there was nothing like subsidy. They insisted that anybody talking about removing a subsidy that was never there in the first place was a barefaced liar and a thief. Thus, many Nigerians accepted their message without questioning. Hence, Jonathan’s SURE-P was seen as a calculated fraud. Meanwhile, when the subsidy was first removed by the immediate past administration in early 2012, the Nigeria Labour Congress (NLC) along with her sister organisations organised a nationwide protest where some Nigerians lost their lives. Today, Nigerians are forced yet again to swallow the bitter pill of petroleum subsidy removal only that this time the pill came with some sugar-coated explanations all directed towards convincing everyone that cared to listen that the complete removal of the fuel subsidy is for the good of all. Thus, every Nigerian is made to believe that the increment is good for the country even when the burden of the increment will only be borne by the masses not those in power (since they do not buy the product with their own money). Similarly, when electricity tariff was to be increased, I saw and heard some labour union leaders making noises everywhere opposing the idea but when the time federal government fixed for the increment came, my monthly electricity bills shot up as if to dare any union leader that would raise a dissenting voice against the administration’s policy. Hence, it seems crystal clear that those labour unions who clamoured against the increment of electricity tariff have finally accepted their fate or better still

What is there to cushion the effect of petrol subsidy removal? asks Paul John have been “settled”. Again, we are told that why some states could not pay salaries was due to the fall in international oil price yet oil price is increasing locally. I leave that to the economists to analyse. When I told people that the artificial scarcity of premium motor spirit (PMS) was to pave way for the increase in the price of the product, the pro-APC and the “Sai Baba” groups attacked me from all angles and now we have arrived at my prophecy. I must give kudos to the media team of the current administration: they are doing a good job, at least letting the populace know that every action of the government is justified and anyone not justified will be directly or indirectly linked to Jonathan’s administration. It was Mark Twain who said, “It is easier to fool people than to convince them that they have been fooled.” Hence, these media henchmen have been continuously fooling the people. These politicians are following Napoleon’s principle of placing their iron hands inside a velvet glove. My happiness is that all of us are going to bear the brunt together and I, therefore, encourage the police to arrest anybody who would try to commit suicide due to the expected economic hardship the increment will be generating because we cannot just be left to suffer alone. This hardship must be borne evenly. Nobody is permitted to leave the stage under any guise or circumstances. Both NLC and many Nigerians have since accepted the increment on the grounds that it will in the long run be good to the people. This scenario was captured by Chimamanda Ngozi Adichie, in one of her books, The Purple Hibiscus, when she wrote: “The educated ones leave, the ones with the potential to right the wrong. They leave the weak behind. The tyrants continue to reign because the weak cannot resist. Do you not see that

it is a cycle? Who will break that cycle?” My question is this: Must the masses be the ones to make sacrifices when there is economic meltdown? What sacrifices are those in power making in terms of reducing the cost of governance in order to cushion the effect of the economic meltdown? In Jonathan’s era, the revenue recovered from the partial subsidy removal was used to establish SURE-P. Although the programme was hijacked by some state governors who diverted part of the funds, everybody witnessed what SURE-P did in terms of healthcare, road constructions, skill acquisition, among other outstanding achievements particularly where the programme enjoyed the support of state governments too. Now that it is obvious that PMS subsidy has been completely removed, what would the people of Nigeria expect? Will the ever-ready media team of the current administration tell us that there should be no need to cushion the effect of such subsidy removal and that the money realised will be used to fight corruption and to clean up mess left by the past administration? This strong media team has finally laid the issue of the N5000 per month promised to the jobless and the indigent, which was one of their campaign promises, to rest. I am happy because members of the Independent Petroleum Marketers have now been vindicated. They were complaining that they would not sell below their cost price since they bought at higher prices but nobody believed them. I will certainly not end this piece without reciting the two stanzas of one of the songs of late Lucky Dube. The song is titled ‘Political Games’ and it is dedicated to all politicians worldwide. It goes like this: How do you feel when you lie?

Straight faced while the people cry How do you feel when you promise something That you know you’ll never do Giving false hope to the people Giving false hope to the underprivileged Do you really sleep at night? When you know you’re living a lie To you it is just a job To the people it hurts to the bone What do you say to the orphans? Of the women and men you sent to war What do you say to the widows? Of the men you sent to the war Telling them it is good for the country When you know it’s good for your ego What a shame Do you really sleep at night? When you know you’re living a lie You talking tough, you talking sincerely Giving false hope to the infected Giving false hope to the affected To you it is just a job To the people it hurts to the bone As earlier stated, the above song was dedicated to all politicians and I quoted it here because our politicians after removing the subsidy are now telling us that it is good for us the same way Lucky Dube said in the song that the politicians would be Telling them it is good for the country. Adolf Hitler did the same thing by praising the Germans and assuring them that they were the best in the world; hence, German soldiers perished in their numbers having gone to war against many nations after being brainwashed. It was Shakespeare who left us with the aphorism: “If you want to kill a man, flatter him.” Dr John wrote from Port Harcourt

T H I S D AY • FRIDAY, MAY 13 2016

EDITORIAL HIGH COST OF MARKET FIRES It is time to enforce building codes and regulations

nection of electricity, carelessness due to lit matches or forgotten candle lights, stoves, cookers and gas cylinders in the markets; as well as ignorance of safety procedures and of course, the often lousy and ineffective response to emergencies by the fire fighting agency. “We further appeal to government to revisit the nation’s firefighting agency with a view to re-organising and retooling it for effectiveness,” he said.

he recent fire incident at the Sabon Gari Market in Kano reportedly was the worst market fire disaster in Nigeria, taking down with it some 3,800 shops and goods estimated at N2 trillion. Unfortunately, it was not an isolated fire incident. Barely a few hours after, other fire incidents also spread panic and darkened the outlook in a neighbouring furniture market in Gwarzo in the same Kano State and another one in Birnin Kebbi, the Kebbi State capital. In a space of three months, 10 major markets across the country went down with goods and property worth trillions of naira. The National Association of Nigerian Traders (NANTs) is alarmed and pained at the spate of market fires in the country. In the last 17 years, the association estimated the cost of goods lost to fire incidents at a hefty N5.3 trillion, barely a trillion less than the most ambitious budget of Africa’s largest economy. Among the gutted markets was the famous Balogun Market in Lagos Island. The early morning inferno IT HAS BECOME razed six buildings INCREASINGLY IMPORTANT within the market THAT TRADERS SHOULD and some 50 lockup GET THEIR SHOPS AND shops in January GOODS INSURED 2015. Some N30 billion worth of goods was lost to the fire incident. What compounds the tragedy, according to NANTs President, Mr. Ken Ukaoha, was that in all the instances, the state authorities could only offer sympathy visits and pronouncements of support, which were hardly backed up with any concrete measures. Perhaps what made these losses really haunting is that most traders do not insure their goods and hence cannot recover their losses in the event of disasters. Ukaoha was bold enough to lay the blame where it partly belongs. He linked some of the fire outbreaks to factors such as fuel storage; power surges (the cause of the Kano inferno); illegal con-

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owever, while many of these disasters are preventable, it is imperative to ask whether serious consideration was ever given for the inevitability of fire outbreaks in many of these markets and indeed in private and public buildings in Nigeria. In most countries, it is not just enough to design and construct buildings, it is also important to make allowances for a possible outbreaks of fire by ensuring the availability of fire fighting equipment in such facilities. Making such allowances is indeed part of urban planning. We are aware that such codes and regulations are also available here, but they are rarely enforced. Indeed, limited access points through which firefighters and emergency personnel could gain entrance to put off a fire before it spread led to the huge damage in the Jankara Market fire incident in Lagos a few years ago. The fire, said to have been caused by the combustion of explosives, razed 15 buildings. What all the recent developments point to is that there is need for a better appreciation of the challenge posed by fire outbreaks so that the authorities can begin to fashion ways to deal with them. To reduce the increasing regularity of fire outbreaks and the attendant dangers to lives and property, it is important to step up advocacy on the issue, conduct regular fire drills in markets and other public buildings, enforce existing fire codes, and raise the profile and the resources available to our fire services. It has also become increasingly important that traders should get their shops and goods insured. That is the only way they could recover goods lost to fire disasters.

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.

LAGOS’BOOST FOR LOCAL PRODUCTS

t the launch of the first Lagos State Micro, Small and Medium Enterprises (MSMEs) Fair, Lagos State Governor, Mr. Akinwunmi Ambode affirmed that the best way to revive the national economy was to evolve a conscious development of its micro, small and medium enterprises sub-sector. According to the governor, there was the need to put in place policies and programmes that would boost local production, encourage consumption of same and stimulate exports, to diversify sources of earnings and conserve the nation’s foreign exchange. He further asserted that encouraging and promoting locally produced products remain the only way forward for the resuscitation of the ailing Nigerian economy. In his words: “Our country would develop, overcome its economic challenges and become a global economic hub when Nigerians starts to patronise locally-made products”. In order to create the conducive environment that will actually stimulate the encouragement of made-in-Nigeria products, the Lagos State government has domesticated the federal government’s policy on MSMEs. Similarly, the Ambode administration recently inaugurated the state council on MSMEs for proper coordination of the MSMEs in the state. The council would identify MSMEs operating in the state to help enhance their productivity and enable them to serve as the bedrock for the economic development of the state. It is also important to stress that the council would be a platform for implementing the five critical policy priorities of the national policy. This includes enabling a regulatory environment that supports MSMEs; fostering MSME growth and profitability by promoting

clusters; facilitating business support services and creating demand for MSMEs’ products and services; improving access to financial support for MSMEs; raising broad-based awareness and appreciation for entrepreneurship and equip a new generation of entrepreneurs with requisite business management skills; and ensuring , through adequate vocational, technical and entrepreneurship training institutions, an adequately skilled workforce that can effectively support the growth of the MSMEs subsector in partnership with strategic MDAs at the federal, state and local government levels; the private sector and the civil society. As a further step to encourage growth of MSME in the state, the state government recently held the maiden edition of its MSME fair in collaboration with Konga Online Shopping Ltd. The event, which is to be held twice every year, is principally designed to promote locally made products, create employment and generate wealth. The maiden edition availed local producers from across the country the opportunity to exhibit their products for prospective consumers. Governor Ambode was among the numerous callers that were on hand to catch a glimpse of the numerous locally produced items that were on display at the fair. With the coming on board of Konga Online Shopping Ltd into the project, local producers now have a bigger platform through which they could penetrate into the global market. In order to ensure that the required workforce to enhance the operations of MSMEs in the state is readily and constantly available, the state government is equally boosting technical education. Technical education is the form of education that prepares people for specific trades, crafts and careers at various levels. It is based on manual or

practical activities, related to a specific trade, occupation, or vocation. It makes the trainee develop expertise or skill in a particular group of techniques. As our country aspires to diversify its economy, it is evident that a vital instrument needed for attaining such height is skilled manpower development and a competent workforce. This is necessary for the effective implementation of national development projects and for attracting foreign investors. Current studies have shown that universities, polytechnics, technical/vocational colleges, educational institutions have been largely incoherent with industrial and socio-economic needs due to continuous neglect of technical/vocational education of competence and undue emphasis on ‘paper qualification/certification’. This trend has further retarded scientific and technological breakthroughs. It is in order to reverse this trend that the Lagos State government has been working tirelessly to add value to technical education in the state. At a recent exhibition held in Lagos tagged “Maker faire Africa”, Lagos State Technical College, Agidingbi made the nation proud with its display of an inverter locally produced and attested to be of international standard by US-based programme coordinator, Mr. Emeka Okafor. The device came with circuit diagram which lends credence to the creativity and innovativeness of the students. The state government is equally partnering Samsung in developing technical colleges in the state. As a first step, the state technical college at Agidingbi, is wearing a new look with physical infrastructural development and provision of equipment. Tayo Ogunbiyi, Ministry of Information and Strategy, Alausa, Lagos

T H I S D AY • FRIDAY, MAY 13, 2016

POLITICS

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

PERSONALITY FOCUS

Ekweremadu’s Idea of a New Nigeria The launch of a book, “Who Will Love My Country: Ideas for Building the Nigeria of Our Dreams”, authored by the Deputy Senate President, Ike Ekweremadu, raised fundamental issues about Nigeria’s unity with specific references to the civil war and the prevalent social ills in the land. Omololu Ogunmade writes

t was brief but eventful. Notable Nigerians from all walks of life assembled at the International Conference Centre (ICC) on April 27 for the launch a book, “Who Will Love My Country: Ideas for Building the Nigeria of Our Dreams,” authored by Deputy Senate President, Ike Ekweremadu. The event resuscitated the fond memories of Nigeria’s civil war which was orchestrated then by loss of confidence in the “geographical expression” called Nigeria by the Igbo ethnic group to which Ekweremadu belongs. The episode was also a recollection of the memories of the good old days, when progress was accelerated in Nigeria as a result of healthy competition among the three existing regions – East, West and North. The book launch revealed that all is now tense as what obtains today is a juxtaposition of events in pre-independent and post-independent Nigeria with federating units thronging the Federal Capital Territory (FCT) seeking the centre’s bailout for survival. Nevertheless, the launch was a bold statement against the hitherto total loss of confidence in the entity called Nigeria by the Igbo led by the late Col. Chukwemeka Odumegwu Ojukwu in 1967. The three-year civil war which the scheduled Aburi accord failed to avert precipitated the Nigerian civil war, thus culminating in the destruction of over a million lives. However, the book was symbolic as Ekweremadu who belongs to Igbo ethnic group and who was barely two years old when the war started, became the advocate of the unity of Nigeria, canvassing his immeasurable love for the country in the book and beckoning to fellow Nigerians to join him in this new found love. The launch became much more symbolic as General Yakubu Gowon (rtd.), Nigeria’s head of state, who led the nation against the secession move of the Igbo between 1967 and 1970, was the chairman of the occasion. Little wonder, that Gowon in his opening remark stated without mincing words that Ekweremadu’s decision to write a book in expression of his love for Nigeria was nothing but a mission of self-rediscovery. While commending the author for investing his time and energy to write a book which he described as thought-provoking, Gowon said from the title of the book, “Who Will Love My Country,” it was easy to conclude that Ekweremadu had embarked on a journey that was hinged on patriotism. In clear terms, he said he believed that the motivation to write the book arose from the circumstances which led to civil war. Hear Gowon: “From the title of the book, it is easy to determine that the author and Distinguished Senator Ekweremadu has set out on a journey of self-discovery, not necessarily personal to him but one in which all lovers of Nigeria should be interested in venturing an answer. “It is a journey that is hinged on patriotism. It is a journey in which only an individual is best positioned to answer as honestly as possible, based on personal convictions and whether or not he or she truly loves his or her country; this country; our country Nigeria. “One statement that particularly struck me in the opening pages of the book is the open declaration by Senator Ekweremadu and I quote him ‘I love Nigeria and will forever love it.’ This is a strong, bold statement that he further clarified and substantiated by saying that he had lived all his 53 years and now nearly 54 years in Nigeria and that he had no other country to call his own in a haste apart from Nigeria

Mohammed, Ekweremadu, his wife and Gowon at the book launch

regardless of personal feeling or the circumstance of nationhood.’ In other words, my country, right or wrong, how many Nigerians can make this bold declaration?” he asked. In his welcome address, Ekweremadu said he was neither motivated to write the book as the deputy senate president nor as a card carrying member of any political party but rather as a patriotic Nigerian, who was concerned about the future of Nigeria. According to him, the book was his article of faith in the drive for the examination of Nigeria’s problems with the intention “to provoke discussions about how Nigeria can overcome its challenges and build a better country for our children.” Ekweremadu, who holds a doctoral degree in Law, said he wrote the book to serve as the platform for the dismantling of ethnic consciousness, partisanship and egocentric attitudes, which had held Nigeria down for almost six decades and challenging Nigerians to build a better country that all and sundry can be proud of. Putting on the cassock of a preacher, Ekweremadu said it was high time Nigerians made a U-turn from wrong paths and reposition the nation for meaningful and productive future,

I remember vividly a verse in our old national anthem, which challenged us ‘to hand onto our children a banner without stain.’ I urge everyone here to think for a moment the state of the banner we intend to hand over to our children. Are we going to bequeath to them a banner stained by corruption, bad governance, ineffective leadership, ethnicity, slacking moral values, decadence, mediocrity, and sloth? God forbid

describing the book as a compedium of issues he had once advocated. “It is also an encapsulation of most of the things I have said before. I lay no claims to having the solutions to Nigeria’s problems. I simply want to challenge and inspire Nigerians to rise above ethnic, partisan and selfish interests and focus more on how to build a better country for us and our children. If you are on a journey and you find out that you are travelling the wrong road, the right thing to do is to turn back and take the right path. “I remember vividly a verse in our old national anthem, which challenged us ‘to hand onto our children a banner without stain.’ I urge everyone here to think for a moment the state of the banner we intend to hand over to our children. Are we going to bequeath to them a banner stained by corruption, bad governance, ineffective leadership, ethnicity, slacking moral values, decadence, mediocrity, and sloth? God forbid!” he said. He challenged Nigerians to show greater love for their fatherland by rising above tribal, ethnic, religious and political persuasions in the overriding interest of the country. According to him, to love Nigeria will entail critically revising and re-examining individual attitudes, values and treating one another with dignity. adding that Nigeria has been unfairly treated. “The state of this banner inspired the title of this book. A country that has given us so much, provided the platform and avenues for us to live out our potential now begs us to reciprocate its love for us. Nigeria deserves better treatment from all of us. We can and must do better to demonstrate our love for a country that has given us so much. The greatest honor and tribute we can pay to Nigeria is to love it. “To love Nigeria requires us to fundamentally revise and reexamine our attitudes, our values, and how we treat one another. It demands of us some sacrifice. We must subordinate our ethnic interests, partisan ambitions, and personal preferences to the overriding interest of the nation and posterity,” he added. In his remark, President Muhammadu Buhari, who was represented by the Minister of Information, Lai Mohammed, condemned the senseless killings by the herdsmen in strongest terms. He also sympathised with those, who lost their loved ones and property in the wicked acts. According to him, he had asked the security chiefs to secure communities terrorised by the herdsmen with a view to bringing erring persons to book.

The president commended Ekweremadu for taking time out of his busy schedule to write a book bordering on Nigeria’s progress as he called for attitudinal change on the path of public officers, saying anyone who loves his country will shun corruption and impunity. He observed that Nigerians could only secure a country of their dreams if they placed the nation’s interest above their individual interests. “The author struck the right chord, when he enjoined leaders to carry out programmes that would enhance the prosperity, happiness and living conditions of citizens and value reorientation including attitudinal change especially as it concerns corruption and impunity and of course, the need for Nigerians to love their country. “He also demonstrated in the book that Nigerians can only get to the Nigeria of their dreams if they make these efforts to love her above their individual selves and individual interests. Let me say here that there is no controverting these critical issues posed by the author and that indeed, for this government, excellence and merit and virtues to be coveted. “The author demonstrated that Nigerians can get the Nigeria of their dreams, if they put the nation first. We should start with the individual; if we change our ways, society will change for the better. The author urged all tiers to undertake programmes and policies to enhance the people’s living standards,” the president stated. Commenting on the book, Professor Pat Utomi thanked Ekweremadu for presenting the book, which he said advocated the unity of Nigeria at such a time like this, noting that unity is worth promoting because it is a custodian of values. He said disunity in a nation breeds civil wars, which he said had been the lots of Nigeria in recent times. He listed such civil wars which Nigeria has been fighting in recent times to include militancy in the Niger Delta, insurgency in the North and gruesome attacks by herdsmen on innocent Nigerians. While commenting on the recommendation of Nigeria’s return to regionalism by the author, Utomi recalled with nolstagia the prevalent healthy competition among the then three regions of East, West and North, which he said drove rapid development of each region when Nigeria practised regionalism. Utomi, however, noted that the healthy competition of those days had now given way for dependence on the centre for allocation by the states for survival. He said Nigeria could drive development by diversifying growth and exploring various resources in every part of the country. “What is unity reality about? I think that unity makes sense because it has certain values. If the country is not united, what you can have and sadly, our country has been in this state for quite some time now, is a series of lingering civil wars. “We can call them all kinds of names; today it is herdsmen attacking some communities and yesterday, it will be militants preventing some activities of economic nature, the other time, it is insurgency in some regions, but our country has been in a continuous state of civil war. If we are going to make the kind of progress that we deserve, that civil war has to be ruled out. “One of the essences of a federal structure is competition between units as to who will make more progress among the constituent units. How did Nigeria begin to industrialise and did so rapidly in the early 1960s? One premier rushes up and creates an industrial estate now called Ikeja in the Western Region.

T H I S D AY • FRIDAY, MAY 13, 2016

PERSPECTIVE

Analyzing the Buhari Appeal Time was when President Muhammadu Buhari was loved at home but reviled abroad. Today, the reverse is the case, writes Magnus Onyibe

s the old saying goes, a prophet is not recognised in his home but often times, revered outside. As President Muhamadu Buhari is increasingly being loathed at home, if social media activities are anything to go by, he is now being courted abroad. On Monday, May 9, he jetted off again to the United Kingdom for a conference on anticorruption – a subject our president is very passionate about. This is ironic because President Buhari was first very well loved at home, which is the reason he was elected president, overwhelmingly barely one year ago. We shall come back to the reason he is now a darling of Western heads of government and supra national institutions when opposite was the case, some 32 years ago, when he was military head of state. But first, let’s take a cursory look at why he was so revered about a year ago at home. General Buhari, as he was known a year ago, was a cult figure but arising from his draconian rule as head of state – December 1983 to 1986 – Nigerians across tribal divides, loved and disliked him in equal proportion, hence he ran for the presidency thrice, unsuccessfully. But following a political realignment that made him the candidate of a broad coalition of political parties, his candidacy was so popular that he had the appeal of 10 A-list Nollywood Stars together, and could pull crowds to his campaign rallies that only Evangelical preachers like, Reverend Bonkhe could attract to a religious crusade. The reason for his magnetic appeal is because he was a symbol of integrity and epitome of probity contesting on a nationally spread political platform. Buhari brooked no nonsense and he never compromised his rigid principles. At a time when mind-boggling embezzlement of public funds like $49 billion alleged unremitted oil proceeds by NNPC, ostensibly aided by politicians in the executive arm of government and stealing of billions of naira of civil servants pension funds by fellow civil servants – Abdulwalid Maina and John Yesufu – Nigerian voters were looking for a messiah, more so as Boko haram terrorists were decimating lives in the north eastern parts and rampaging through huge swathes of land and claiming Nigerian territories by hoisting their flags. While the frightened women saw a knight in shining amour coming to save them, men envisioned ‘captain America’ coming to their rescue and the youths fantasied about superman in his trademark red cape lifting them out of danger. Comics aside, Nigerians actually totally embraced Buhari as evidenced by the over 15m votes cast in his favor nationwide, which was about 2.5m more than the roughly 12m cast in Favour of Goodluck Jonathan. Truly, it was the votes of the masses that swept Buhari into office as president and Commander-in-Chief of the armed forces of Nigeria on March 28th 2015. The sense of expectations of Nigerians was as huge as the wave of sentiments that swept Buhari into office. But soon after taking office, a dirty war ensued within the ruling party, APC as the National Assembly commenced electing or selecting principal officers. Opposing camps emerged and battle of supremacy raged with many Oxen being gored in the process of office contestation, leaving APC – the party that Buhari leads – badly bruised. While the APC was reeling in pains, Buhari’s super human image was dented as he was expected to have managed the NASS situation more dexterously. Then it took awfully long time – five months – to name a cabinet. Nigerians grew more impatient, and that took a toll on Buhari’s image, too. Along with the long delay in setting up

Buhari...a switch of appeal

government, came anxiety of voters, in addition to fellow politicians, who started feeling frustrated that the reward of appointment of other political stakeholders, into political offices, like boards of parastatals etc, had become elusive. As a result of the foregoing, the sense of joint ownership of the successful takeover of government by the APC, with Buhari at the helm, also started evaporating, rapidly. Another critical Buhari appeal repellent is the fact that the Chibok girls abducted in April by Boko Haram terrorists about two years ago have remained in captivity. Although the dastardly activities of the terrorist group have been greatly curtailed and most of the territories earlier captured, are being recovered by gallant Nigerian army bolstered by sophisticated equipment, the danger faced by the victims and misery of the families left behind, still leave bad taste in the mouth. That too has rubbed off badly on Buhari’s stellar image, because getting rid of Boko Haram and bringing the estimated 218 kidnapped Chibok school ex-girls home, were campaign promises, which voters took very seriously and they have remained unfulfilled. To crown all the missteps or sins of Buhari, listed above, 2016 national budget, which is a routine record of planned income and expenditure for a designated period has been bogged down in parliament, since last December. Not only that, the document has also been dogged by accusations and counter-accusations of ‘padding’ by the executive and the legislative arms of govt. Again, though he has apologised for the budget mess, President Buhari is being held accountable for the poor handling of the budget fiasco, thus demystifying his superhuman toga such as body language, new sheriff in town, earlier conferred on him at inception of his regime. Even if the global economic meltdown stemming from the sudden crash in crude oil price, which is Nigeria’s main foreign exchange earner was not the fault of President Buhari, he has been made the-fall-guy, as the grim and biting reality of poverty have turned some former Buhari devotees into critics. With all of the above listed lofty public expectations not being met by Buhari, Nigerians felt betrayed and the bubble has burst as the president’s high approval rating plummeted and his legendary invincibility became hollow in some quarters. The angst in the polity is so palpable that some would argue that if Buhari should contest for an election in Kano, home to his most ardent supporters, he would likely suffer a loss.’ So, in just one year, President Buhari’s image has swung 360% from very well loved to being resented. In the light of the foregoing scenario, it is unsurprising that his unprecedented foreign trips, is attracting bile and ire of Nigerians, so much so that all sorts of caricatures have been made of the president in the social media and even cartoons, in mainstream newspapers. Consequently, President Buhari’s media

handlers are having quite an arduous task trying to restore his pre-election image without much luck. Cabinet member and super minister, controlling three powerful portfolios of power, works and housing, Babatunde Fashola had weighed in with his characteristic intellectual fervor. In the manner that he ascribed to ‘stomach infrastructure’, the loss of Ekiti State by his fellow governor, Kayode Fayemi to the enfant terrible, Governor Ayo Fayose of PDP, Fashola tried to justify President Buhari’s frequent foreign trips to no avail. Incidentally, not many Nigerians were impressed by Fashola’s salesmanship as he tried to rationalise the president’s numerous travels, simply because, all other tension points were already stacked up against President Buhari. So, his numerous foreign travels to foreign lands are the most easily identifiable soft targets and sore points to anchor public resentment. Contrary to the current situation of being loathed back home, Buhari’s frequent international travels is a reflection of the magnetism to his personality, by his fellow heads of government, who are enamored by his characteristic abhorrence of corruption, and have been extending invitations to him, left right and centre to visit or participate in their pet projects etc. From his first trip to neighboring Niger/ Chad republics immediately after taking office to negotiate joint efforts at fighting Boko Haram by multinational forces, to honoring invitations to EU meetings in France and then Germany, President Buhari has been airborne most of his time as C-In-C in Aso Rock, seat of government. In the space of one year in office, he had been to the USA twice, first on a state visit and secondly to attend a nuclear summit thereafter. The president has also been to India on state visit; London for a trade conference after which he squeezed out a few days for a short holiday. Now, he is headed back there. He has been to Saudi Arabia and Qatar to negotiate possible reduction in oil supply to boost the crashed price that has inflicted huge toll on Nigeria’s foreign exchange income and reason for the crippling financial crisis that has resulted in the rationing of foreign exchange. The last trip was to China on a state visit from which he returned with a harvest of loans and business deals-naira/yuan swap that could ameliorate the pressure on the meagre foreign exchange in Nigeria’s foreign reserve when implemented. Remarkably, after his first stint in office as military head of state, 2004-2006, when he foisted policies such as trade by barter and introduced draconian laws like retroactive death sentences for drug traffickers; jailing of journalists that criticised government, as well as attempting to kidnap a politician, Umaru Dikko, who was on self-exile in London; he was a persona non-grata to most Western countries. Today, the circumstances are diametrically opposed to the former, as instead of being a pariah nation – Buhari is finding it difficult honoring the deluge of invitations by fellow heads of state of both big and small Western countries for state visits. Over all, Buhari’s foreign trips have been justifiable in my view, but a combination of the negative factors earlier listed, plus the acute hunger and starvation in Nigeria, have been fueling the resentment hence the intrinsic value of the shuttle diplomacy is not being well appreciated. You know how folks feel resentful when a friend, cousin or uncle who recently turned down their request for a small loan is seen in first class cabin traveling abroad in style. Certainly, the chief reason, our president is receiving accolades abroad, is his celebrated zero tolerance for corruption, which is resonating in the right quarters abroad. The Western approval is not so much because the

super powers believe it would help Nigeria make further progress, but simply because it keys into their agenda, which is that it would facilitate international trade if there is more financial transparency in Nigeria and the rest of Africa, which is the new frontier for business. Fighting corruption also aligns with the Financial Action Task Force (FATF) agenda, which is an agency set up by the OECD immediately after the unfortunate terrorists attack against the USA on Sept. 9, 2011, now famously referred to as 9/11. The aim of the agency is to rein in illicit movement of funds around the world, which could be used to fund terrorism and other nefarious activities.’ FATF gave birth to the Economic and financial Crimes Commission (EFCC) through a sovereign ratification under Olusegun Obasanjo’s presidency. So President Buhari’s hosts abroad really don’t care if he is loved at home, as long as he is helping them achieve their objective of being able to track illicit funds likely to be used in activities that threaten their peace. The ability of Western countries to break into African market which is in excess of one billion people, to sell their products outside of Europe and Asia, that have reached their saturation point and facing recession, is also another attractive motive for their keen interest in any anti-corruption African leader that builds his reputation on being incorruptible. South Africa under President Nelson Mandela and then Thabo Mbeki fitted the role, but under current President Jacob Zuma, who is tainted by corruption, there is a vacuum, which Buhari is filling. With respect to Britain and her Prime Pinister, David Cameron, the anti-corruption summit in London is meant to help the prime minister clean up his image, having been implicated in the famous Panama Papers scandal, where his family is listed as having beneficial interests in a business linked to the financial safe haven. With gurus in foreign relations like former Commonwealth Secretary General, Emeka Anyaoku in President Buhari’s corner, he would likely quickly learn how to navigate the treacherous foreign affairs minefields. Having said that, going forward, the number one task for the president’s reputation managers is to sustain Western powers new found love for President Buhari as he continues to fight corruption in a less destructive and rancorous manner. Corruption can’t be wiped out overnight, so it’s a scientific and systemic approach, rather than a bulldozing attitude that would not work better to cure Nigeria of the disease. What’s the point chasing a bull into a China shop, where all the delicate wares could be broken in the process of catching the bull? My president must also try to reset his warm relationship with his home base, by reaching out to the poor masses in more profound ways than he is currently doing. As he pointed out during his budget signing ritual, living in Aso Rock has not changed him, so he still feels the pains of the masses so he has to set about proving his continuous connection to the grassroots. To find his way back to the hearts and minds of his local base and regain his prime position, President Buhari has to quickly start implementing his social security programmes, which should not include sustenance of the naira guzzling fuel subsidy. Yes, five thousand naira, N5,000 stipend would go to the poor monthly and five hundred thousand. 500,000 graduates would get jobs as teachers, as provided in the recently signed 2016 appropriation bill, but how far would that go towards assuaging the disappointment and anger of the hoi-poloi? -Onyibe, a development strategist and former commissioner in Delta State is an alumnus of the Fletcher School of Law and Diplomacy, Tufts University, Massachusetts, USA

T H I S D AY • FRIDAY, MAY 13, 2016

POLITICS

OFF-THE-TURF

For Garba, Movie-watching is Decompressing Former National President, Nigerian Union of Journalists and current Kano State Commissioner for Information, Alhaji Mohammed Garba, watches movies to ward off stress, writes Shola Oyeyipo

he immediate past National President, Nigerian Union of Journalists (NUJ) and current Commissioner for Information, Kano State, Alhaji Mohammed Garba is a man with many qualities that stand him out. First, in his profession as a journalist, he is a prolific writer and avid reader as well and the combination of the two are parts of his daily life that is both work and fun till now. Aside that, even while he worked as a media practitioner, joined the NUJ politics and eventually attained the number one position as president, he had always farmed too. He farms, where he plants various kinds of crops but more importantly, Mohammed is more passionate about his herds of cows and

if you are close to him, he would always sell the idea of animal husbandry to you, as an extra source of income and a money spinner. Interestingly, none of these serves as his

I love watching films; American war films. That is what I do to relax. It takes away all my thoughts and I usually feel comfortable. I leave aside all my worries when I’m watching an interesting film

way of relaxing, rather, he prefers watching movies. Though he watches varieties of movies, including the Nigerian home videos, Mohammed is at his best when he watches American war films. “I love watching films; American war films. That is what I do to relax. It takes away all my thoughts and I usually feel comfortable. I leave aside all my worries when I’m watching an interesting film,” Mohammed said. Asked how watching American war films has been helpful to him, Mohammed said: “After working hard, it helps me regain strength and it strengthens my brain. Making the films takes expertise and watching and understanding it also requires intelligence.” In the annals of the NUJ history, Mo-

hammed will be remembered as one of the leaders of the union, who was committed to the welfare of journalists. He traversed the length and breadth of Nigeria canvassing for an improvement in the working conditions of journalists. While he was at the helms of affairs at the NUJ, he was also the President, West African Journalists Association (WAJA) and also, President, Federation of African Journalists and he was reputed to have performed extraordinarily at all levels. Currently, Mohammed is contributing his wealth of experience in managing the image of the Kano State Government under Governor Abdulahi Umar Ganduje and projecting the activities of the government to the world.

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Quick Takes FAAN to Employ Security Applicants

Successful aviation security candidates who participated in the recruitment exercise conducted by the Federal Airports Authority of Nigeria (FAAN) last year would soon be invited for interview and other pre-employment procedure. This was disclosed by the Managing Director of FAAN, Saleh Dunoma while playing host to some of the candidates in his office recently. He expressed appreciation for the patience and understanding showed by the applicants, adding that the seeming delay in inviting them for interview was necessitated by the need to observe due diligence in the employment procedure. Dunoma also added that successful candidates would be formally notified and invited in batches, for training and documentation, in line with international best practices for the employment of aviation security officers.

ADVAN Hosts 2016 Marketers’ Conference

CAPACITY BUILDING

L-R: Secretary, Joint Tax Board , Federal Inland Revenue Service (FIRS), Mr. Mohammed Abubakar; Managing Director, Intermarc Consulting, Mr. Adeyinka Adeyemo; President, Chartered Institute of Taxation of Nigeria, Dr, Olateju Somorin and Executive Director, System Spec, Mr. Deremi Atanda, during the E-Revenue Sustainability Conference 2016 in Abuja …recently

Afreximbank Offers $20bn Loan to African Airlines Chinedu Eze African Export-Import Bank (Afreximbank) has earmarked over $20 billion to be given to airlines from member African countries as syndicated loans to acquire new aircraft. The offer is aimed at reviving and sustaining airline operation in the continent and only airlines that intend to acquire new aircraft will benefit from the loan. Senior Manager, Syndications and Specialised Finance, Afreximbank, Samuel Mugoya, who disclosed this at the 25th Air Finance African Conference and Exhibition in Johannesburg, South Africa, said one of the major challenges faced by African airlines is their inability to source long-term loans at

AVIATION single digit interest rates. THISDAY learnt that some Nigerian airlines that plan to acquire more aircraft and expand their operation have indicated interest in the loan. Mugoya, who spoke at a panel during the conference said another challenge many African airlines face that over 60 per cent of their expenses are done with hard currency, whereas they generate their revenue in local currency. He said part of the guarantee for the loan is the aircraft, which is a huge asset adding before the bank offers to give loan to any airline, it must be convinced about its business plan, which must be in tandem

with the reality of its operational environment. He noted that there is a lot of debt financing for African airlines but no equity and faulted the business plan of many of the airlines, saying most of the business plans are not satisfactory. “A lot of routes are not developed on business principle. A start up airline should begin with domestic operation, then regional operation and the business plan should reflect business reality. You find many airlines in Francophone countries rushing to operate to Paris, while Anglophone countries rush to go to London without checking the business sense in that route,” Mugoya said.

Afreximbank is contemplating establishing a leasing company to help smaller airlines, which may not be able to access its loans and also help in the growth of airline industry in the continent. “We may establish a leasing company so that we could lease aircraft to smaller airlines or we work with lessors or establish a platform to cover the broad spectrum of the continent. We need to provide funding to our member states,” Mugoya added. In Nigeria, airlines face difficulty obtaining loans from local banks because of high interest rate and short term repayment arrangement. Industry experts said the arrangement was wrong because with very low profit

Mugoya also disclosed that

Continued on page 20

IATA: Carbon-offset Deal Would Cost Airlines $6.2bn in 2025 A global market-based measure to curb aviation emissions would cost the airline industry up to $6.2 billion in the year 2025, but carriers could face higher charges if governments fail to reach a deal by October, the International Air Transport Association (IATA) has said. Government representatives gathered Wednesday at the United Nations’s civil aviation agency to negotiate a draft deal on carbon-neutral growth from 2020, which is to be voted on at a fall assembly. “That of course is the result the industry is counting on,” Reuters quoted IATA Chief Executive Tony Tyler to have

AVIATION told participants at a global sustainable aviation forum in Montreal on Tuesday, in reference to a draft deal in the fall. By 2035, the deal would cost airlines up to an estimated $24 billion, as air traffic grows, according to figures from the Montreal-based International Civil Aviation Organisation (ICAO). According to Reuters, the cost projections are for sample years after the deal would become active in 2021. Airlines are nevertheless urging ICAO’s 191-member states

to reach a global agreement in the fall because the cost of a patchwork of national and regional agreements could be even higher. “A market-based cost will be much more efficient, and much fairer than the alternative which is a patchwork of inefficient and ineffective charges and taxes which are cooked up primarily just to raise cash rather than to tackle climate change,” Tyler said. “We expect that the cost will be not insignificant, but it will be manageable.” According to ICAO data cited in an IATA position paper, the estimated cost of offsetting a flight carrying 267 passengers

from Moscow to New York on a B777 would cost up to $804 in offsets. Aviation was not included in the global climate deal reached at a United Nations (UN) conference in Paris in December, and ICAO is tasked with nailing down a strategy to limit emissions after six years of talks. The plan would allow airlines to offset their emissions by buying carbon credits from designated environmental projects around the globe, but countries remain divided on how offset obligations are Continued on page 20

The Advertisers’ Association of Nigeria (ADVAN) will hold its first Marketers Conference today at the Lagos Sheraton Hotel, Ikeja with the theme ‘Connecting Brand Builders’. According to the president of the association, Mr. David Okeme, the event will feature keynote addresses as well as panelists’ discussions on priority information and insights. Giving the breakdown of the event at a press briefing recently, Okeme rolled out topics to include amongst others; ‘Consumer Confidence Trends’, ‘Consumer Engagement’ as well as Highlights from the ‘World Federation of Advertisers’ Global Marketers Conference’ which took place in Malaysia recently. Speakers at the event are made up of the most astute professionals from the various units within the marketing communications value chain including Mr. Lampe Omoyele (MD The Nielsen Company), Mrs. Juliet Ehimuan Chiazor (Country Manager Google Nigeria), Mrs. Joan Ihekwaba (GM Marketing UAC Foods Nigeria) and Mr. Kola Oyeyemi (GM Business Development Sales and Distribution Division MTN Nigeria). Others are Mr. Kachi Onubogu (Commercial Director Promasidor Ltd), Dr. Ken Onyeali Ikpe (MD/CEO at Mediacom Nigeria), Mr. Richard Iwenoge (GM Consumer Marketing MTN Nigeria), Mr. Tony Agenmonmen (Vice President NIMN) and Mr. Obinna Anyalebechi (Consumer Marketing Guinness Nigeria Plc).

Heathrow Plans New Runway

London’s Heathrow Airport, seeking government permission to build an additional runway, said it would comply with an extended ban on night flights and meet European air quality rules if the project gets the go-ahead, according to Reuters. Heathrow is operating at full capacity and has been campaigning for 25 years for approval to build a third runway, but political wrangling, objections from local residents in west London and environmentalists have prevented expansion. A government-appointed Airports Commission last year named Heathrow as the preferred site for an additional runway in London, setting out a number of conditions to help win over opponents.Heathrow faces competition from London Gatwick, which also wants to build a new runway. Transport Minister Patrick McLoughlin said in February that a decision on airport expansion could come by the end of July.The issue is a divisive one for Prime Minister David Cameron’s Conservative government, already split over next month’s referendum on the United Kingdom’s (UK)’s membership of the European Union(EU). Heathrow said on Wednesday that it would comply with all 11 conditions set out by the Airports Commission, including a key requirement on air quality which stated that new flights would only be permitted if air quality did not breach EU limits.

“Since the beginning of this century, the diversification of Africa’s partnerships and its integration within the world economy has certainly led to acceleration in the region’s economic attractiveness” CEO, African Aviation Services Limited

Nick Fadugba

T H I S D AY • FRIDAY, MAY 13, 2016

BUSINESSWORLD AFREXIMBANK OFFERS $20BN LOAN TO AFRICAN AIRLINES margin, airlines are usually given long term loans at single digit interest rates. THISDAY gathered that in the last three years, Nigerian airlines have made several requests to the federal government to facilitate a process whereby they could obtain loans from banks through the Bank of Industry at single digit interest rates. The airlines reasoned it would be a significant way government could assist the domestic carriers to grow. Afreximbank was established in Abuja, Nigeria in October, 1993 by African governments, African private and institutional investors as well as non-African financial institutions and private investors for the purpose of financing, promoting and expanding intra-African and extra-African trade. The bank was established under the twin constitutive instruments of an agreement signed by member states and multilateral organisations, and which confers on the bank the status of an international multilateral organisation; as well as a charter, governing its corporate structure and operations, signed by all shareholders. Its mission is to stimulate a consistent expansion, diversification and development of African trade while operating as a first class, profit-oriented, socially responsible financial institution and a centre of excellence in African trade matters.

IATA: CARBON-OFFSET DEAL WOULD COST AIRLINES $6.2BN IN 2025 shared between developing and developed states. ICAO’s proposed Carbon Offsetting Scheme for International Aviation recommends bringing in the carbon offsets agreement in phases to accommodate developing nations and exempting the world’s least-developed countries. But in a recent position paper, China raised concerns that the deal would “impose inappropriate economic burden on developing countries, where the international aviation market is still maturing.

Group Business Editor

Chika Amanze-Nwachuku

NEWS

LADOL Boss Points Way Forward for Maritime, Oil & Gas Sectors Nosa Alekhuogie The Managing Director, Lagos Deep Offshore Logistics base (LADOL), Amy Jadesimi, has called for more collaboration among Nigerian operators as a way of moving the nation’s maritime, oil and gas sectors forward. Jadesimi made the call while speaking on “Driving Economic Growth through Indigenous Private Sector Investment in Nigeria,” at the week-long annual Offshore Technology Conference (OTC), which ended last week in Houston, United States of America. She expressed optimism about the future of the local industries particularly in Nigeria, saying for the industries to optimise their potential, there are hurdles that must be overcome. The hurdles, according to her, are the long contracting cycle, the foreign controlled private monopoly strangling the industry and the need for greater collaboration amongst Nigerians, in the public and private sector to create the hundreds of thousands of jobs that will be generated. In order to overcome the hurdles, she urged indigenous private sector companies who have invested in the industry, and the government to work together towards the realisation of this objective. She noted that going forward, the industry requires a huge private investment of about $20 billion per year of private

money just to maintain status quo and an additional $15 to $20 billion to grow the market. “This means Nigeria has to become more competitive, we have to become the hub and premier investment destination for the oil and gas sector in West Africa. Altogether the industry is targeting production levels of three million barrels of oil and 10 million scf of gas per day. Fortunately, the fundamentals of the Nigeria petroleum sector are very strong, with many

acreages being self-funding, when in production with strong operational and cost controls in place. With this huge market potential and strong fundamentals, Nigeria should naturally be the most attractive oil and gas investment destination in the world,” she said. The LADOL boss further pointed out that beyond these potential that abound in the country, “governance and macroeconomic factors are also in Nigeria’s favour. From an

investment perspective, our current government and the low oil price have created a perfect window of opportunity at precisely the right moment in the life of our industry.” Although she commended government for announcing a reduction in the tender cycle to six months, she said it was still far too long in comparison to our neighbouring countries. “And to reassure investors that six months is achievable,

we would like to see concrete and detailed plans on how six months, or even less, can be achieved” she said According to Jadesimi, cost reduction is another vital area that must be addressed. She noted that the industry had maintained an expensive foreign controlled monopoly in the provision of oil and gas logistics in the past “that literally kill our chances of growing the market and attracting new investors.

PROMOTING BEAUTIFUL ENVIRONMENT

Registrar/ Chief Executive Officer of Advertising Practitioners Council of Nigeria (APCON), Alhaji Bello Kankarofi and Managing Director/CEO of Lagos State Signage & Advertisement Agency (LASAA), Mr. Mobolaji Sanusi, when the former came on a fact finding mission to the agency in Lagos... recently.

Sub-regional Underwriters’Turnover, Profit Nosedive Ebere Nwoji Operators of African Subregional Insurance market have continued to lose major businesses to their counterparts in foreign markets due to a lack of technical capacity and other related factors. As a result, their profit margin and premium income have continued to nosedive in recent times. The region, has in the past five years, recorded losses in core technical businesses like aviation and oil and gas, a situation, which they blamed on lack of support to each other by their various counterparts and preference of big business operators in the region to insure abroad instead of within the

region. In the 2016 annual review of African Insurance Organisation (AIO), released at the 43rd AIO conference and General Assembly held in Marrakech, Morocco, the African Aviation Insurance pool, a consortium of countries underwriting aviation insurance, in its report to the general assembly, said that the pool’s premium income in 2O15, dropped by 40percent from the $2,670,621million in 2014 to N1,021,77million in 2015. The pool also recorded a drop in its gross premium between 2012 and 2013. The AIO review shows that the pool’s gross premium dropped from $3,249,244million in 2012 to $2,670,622million in 2013.

Between 2010 and 2011, the pool recorded a major drop from $5,896,189million in 2010 to N3,987,719million in 2011. The pool recorded a drop in profit between 2013 and 2014 from N1,517, 317million in 2014, to N371,904 in 2013. The pool’s profit again dropped from $824,720 in 2011 to $9,759 in 2012. The AIO review also showed a major drop in the pool’s profit from N3,924,854million in 2010 to N824,720 in 2011. In oil and gas sector, the report also showed that it is not yet uhuru for the regional market as the African Oil and Energy pool with 50 underwriting members from 14 African countries in 2010 recorded

gross premium income of N21,103,565 million as against the N16,350,761million in 2011. The pool, however in 2013, recorded slight improvement in its gross premium as it rose from N14,904,928 in 2012 to $15,902011 in 2013. The pool’s profit also dropped from N4,750,653 million in 2013 to N247,574 in 2014. The profit again dropped from N 8,153,076 in 2011 to N3,153,302 in 2012 .In 20 10, the profit was N10,868,083million. The Organisation said the oil and Energy pool witnessed increase in its income between 2013 and2014 despite the fact that offshore energy rates have been falling in a very competitive market. The hike in premium income,

it noted, was due to increased businesses from Algeria, Nigeria, Egypt, Congo, Republic, Equatorial Guinea and Gabon. The review further said the formation of its own local oil and Energy pool by Nigeria, also affected the performance of the sub-regional pool. In February last year, the Nigerian Insurance Underwriters, in their bid to ensure active participation in underwriting of businesses of oil multinationals in the country, formed their own energy pool. Immediate past president of AIO Mrs. Lamia Ben Mahmoud urged members of the pool to cooperate with each other in order to improve on their performance.

Maritime Editor

John Iwori

AgriBusiness/Industry Editor

Crusoe Osagie

Comms/e-Business Editor

MTN, Lumos Expand Solar Electricity Service to Katsina

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 (Maritime)

MTN and Lumos have reaffirmed their commitment to further expand the service across Katsina state, providing accessible electricity to thousands of homes and businesses across the state. Expansion to Katsina began earlier this year with hundreds of customers already enjoying steady electricity supply. MTN and Lumos joined the dots between the mobile phone revolution and solar energy.

Together they are making modern electricity available to millions of Nigerians through reliable smart solar systems offering electricity as a service paid through MTN mobile phones. Marketed as the MTN Mobile Electricity, and available at MTN stores, the MTN-Lumos Smart Solar Solution enables Nigerian households and small businesses to replace expensive, dangerous and noisy generators as well as candles

and flashlights with modern solar electricity that can power DC electronic devices such as LED lights, cellphones, fans, computers, TVs. The MTN-Lumos solar solution includes a large solar panel linked to an indoor storage unit that allows customers to access significant amounts of power on-demand, day or night. The service is provided on a lease to own basis, and the cost is spread over a five-year term, payable in

affordable payments via mobile phone from an MTN airtime account. Customers receive a full product warranty during the lease period, providing peace of mind and quality assurance. Existing customers include not only residential users but also empowers small business, healthcare facilities, community buildings and schools. “We are very excited about this major milestone, which will enable us to accelerate our

growth in Northern Nigeria and improve the lives of thousands of Nigerian homes and businesses,” said CEO at Lumos Nigeria, Yuri Tsitirnbaum. “Together with MTN, we are committed to supporting Nigeria’s efforts to address power access challenges and pledge to increase our contribution to spreading clean energy solutions that will impact the lives of millions of Nigerians living off-grid.”

T H I S D AY • FRIDAY, MAY 13, 2016

BUSINESSWORLD

AVIATION

Expert Proffers Solution to Nigerian Airlines’ Problems Chinedu Eze The President of Sabre Network West Africa and the current President of Aviation Round Table (ART) a think-tank body in the industry, Gbenga Olowo has acknowledged that the fortunes of air transport sector is declining with reduction in fleet and poor service of some domestic routes. Olowo attributed Nigeria’s airlines problem to government’s lack of policy focus and hostile operating environment, which include high charges indiscriminately leveled on the airlines. “Airline user charges for example are as high as 15 per cent. User charges are revenue collected for other organisations factored into the fare (without commission ) whereas airlines are not revenue collectors. Hence the International Air Transport Association (IATA) DirectorGeneral, Tony Tyler described airlines as cash cows. “High cost of fuel, high cost of funds, exorbitant airport rent, airspace movement charges at home require government serious attention. On the other hand, poor management decisions and corporate governance by the airlines owners have resulted to high mortality rate in the industry,” Olowo said. He recalled that in 2010, Nigerian airlines had 54 commercial operating aircraft but by 2013 the fleet had reduced to 39, noting that with declining fleet size, route expansion would be limited and robust schedule very difficult and down time for maintenance would impact negatively on schedule. On charges, THISDAY learnt that the Federal Airports Authority of Nigeria (FAAN) has charges that include landing and parking, passenger service charge, Common User Terminal Equipment (CUTE)

charge, avio-bridge charge, rent and service recovery charge. There are also on duty card charge, toll access payments, airside operator vehicle permit and electricity charge. These are major charges directly paid by airlines to FAAN, which also gets N2.50 from every litre of Jet A1 uplift at the airports. Industry observers say these charges are too much but FAAN, which relied heavily on aeronautical charges has to diversify and explore non-aeronautical source of revenue, which has become the vogue for airport operators in modern times. However, Olowo observed that airline mortality rate in Africa especially Nigeria is relatively high usually 10-15 years but often less for so many reasons and attributed it to very difficult operating environment resulting from government policy inconsistency and lack of direction or focus to absolute lack of support “from what the Bible describe as dull hearing.” “The airlines are faced with so many operational issues without government attention. That is not all. There is no corporate governance in most of the airlines. One-man owner calls all the shots and takes a lot of unwholesome decisions. The airlines are relatively small, weak and vulnerable to competition.” The ART President said Nigerian airlines cannot cope with the charges, the harsh operational environment and still thrive unless government takes actions to reposition the domestic carriers, which are critical to the economic development of the country. This unfavourable situation, he noted, has put airlines in huge debts and they have become insolvent. “Insolvency simply put is when an individual or organisation can no longer meet its financial obligations. Do an x-ray of our airlines today;

this is precariously what you find. All the airlines owe huge debts to fuellers, workers, government and trade partners. Government should set up revenue collection agent either individual firms or banks to collect user charges being collected on tickets and eroding airline revenue with several debt burden and conflict with government agencies.” He said President Muhammadu Buhari should task Transport / Aviation Ministry to deliver at least 1 percent of the GDP by 2020. It is presently 0.4 percent, “a grossly underperforming sector, by implication the sector will be required to grow annually at 25/30 percent and this is achievable. If we apply 5:20 rule to our airlines requesting them to grow fleet by 20 aircrafts every five years, it means three airlines by 2020 will parade a minimum of 60 operational aircrafts each, provide job for 15,000 workers and 30,000 workers with 120 aircrafts by 2025 at the rate of 250 workers per aircraft.” In the same vein, he noted that airports, airspace and catalytic activities would also grow simultaneously. “This is the only way to rescue market share from foreign airlines that must repatriate up to 95 per cent of their income back to their home countries in dollars and continue the weakening of the Naira. Truth be told, 5-10 aircraft airlines as we have it today cannot be described as strong schedule players. All the existing seven operators should pool their resources together, operate under one AOC (Air Operator Certificate), harmonise their schedule and stop the stupid ongoing competition among themselves. Then we will be having two near strong players,” Olowo urged.

Emirates to Add More A380s Without Planned New Version Emirates said it would buy more A380s even if Airbus decides not to move ahead with a version with new engines, Emirates President Tim Clark said. According to Reuters, Emirates is the biggest operator of the A380 and most vocal supporter within the airline industry of the world’s largest passenger jet. The airline has ordered 142 A380s, of which 77 are in operation. A potential upgraded version with more fuel efficient engines, dubbed the A380neo, has been shelved for the time-being, however, as Airbus concentrates on a bigger version of the A350. “If they decide not to bring the neo into play, we will buy more of the current A380,” Clark told report-

ers on the sidelines of an Emirates news conference at which the airline announced a 56 percent rise in annual profit. “As the first batch comes up to retirement we will want to replace those with more 380s… If you replace over time it’s a continuum of orders.” The superjumbo, which typically seats 544 passengers, has helped Emirates ease runway constraints at its Dubai hub, but Airbus plans to cut production due to weak sales. Clark said Emirates could increase its A380 fleet to 200 when the airline moves to Dubai’s second airport, although that switch is unlikely before 2023. “Whether that’s enough to persuade Airbus to keep

the line going is up to them, they have got to sell more and are trying very hard to do that,” said Clark. Emirates is also still considering an order of about 50-70 Airbus A350s or Boeing 787s. The Dubai carrier cancelled an order for 70 A350s in 2014, saying the new plane did not fit its original specifications, but later launched a new purchasing process. The A350 has suffered supply chain problems that have slowed deliveries this year, prompting criticism of Airbus from Gulf carrier Qatar Airways. “By the time we make that decision and by the time they are in a position to deliver what we want, the timeline will be 2019-20,” said Clark. “So I would hope by then Airbus will have sorted out the ramp-up problem with regard to the A350.”

AIR WATCH Curbing Customs’ Excesses

AVSEC officials assaulted by Customs

ne of the major challenges faced by the aviation sector is failure of the Nigerian society to recognise the sector’s special peculiarities. This often leads to crisis and disagreements between aviation personnel and members of the society, especially security operatives. For example, while Nigeria has Consumer Protection Council (CPC), aviation has its equivalent, the Consumer Protection Directorate (CPD), an agency approved by the International Civil Aviation Organisation (ICAO) to serve as an umpire between airlines and passengers. So, there is always a conflict when the CPC wades into the affairs of aviation as in the case of Turkish Airlines that failed to fly in luggage along with the passengers and Egypt Air that allegedly maltreated a young Nigerian passenger. This is because CPC ought to recongise the peculiar situation in aviation, which tends to replicate agencies to specially attend to aviation issues. And this is recognised worldwide. In the same vein, the aviation sector has Aviation Security (AVSEC) with regulations by ICAO. In many countries AVSEC works with other security agencies but it is only AVSEC that is recognised by ICAO. Also, as a highly regulated industry, it is only AVSEC that has the right to access the airside of the airport. In Nigeria, it is only AVSEC that has the necessary aviation security training in accordance to ICAO Security Annexe that stipulates security regulations at airports. What this means is that when it comes to airport security, other security agencies should subsume themselves to AVSEC command and control. Aviation security observers said the prohibited areas of the airports are only accessed by AVSEC personnel, but on special arrangement, other security agencies can have access to the airside of the airport. This is where there has been a lot of conflict. There have been reports of disagreements between AVSEC and Customs officers over the refusal of the later by AVSEC to access the airside. Industry security experts are of the view that this fact has not been driven home to other security operators at the airport, from the Nigerian police, to Customs, Immigration and the Nigeria Air Force; so over the years there has been a growing conflict among the security operatives at the airports and sometimes there are obvious muscle flexing about who should be in charge and why some security operatives are relegated. This has caused a lot of conflicts in recent times and some of such documented conflicts involved officials of Nigerian Customs Service and staff of the Federal Airports

Authority of Nigeria (FAAN). Such conflicts have also manifested between the Nigerian Air Force personnel and FAAN staff and these resulted in exchanges that ended in violence. Recently, an official of Nigerian Customs Service seconded to the Murtala Muhammed International Airport (MMIA), Lagos sprayed teargas into the eyes of a staff of the Federal Airports Authority of Nigeria (FAAN) following the latter’s refusal to allow him follow exit gate to the cargo terminal. THISDAY learnt that the Customs staff simply identified as H. Daboh who was in mufti and without On-duty Card (ODC), was aggrieved that the FAAN official attempted to stop him from accessing the Monument Gate that leads to the Cargo and Hajj Terminal through the exit gate, instead of the entrance gate. Also, last year two Nigerian Customs officers who illegally attempted to get on the tarmac of the Murtala Muhammed International Airport without proper accreditation got angry and attacked a security official attached to the Federal Airports Authority of Nigeria (AVSEC), who wanted to stop them. This resulted in a chaos, as the Customs officials mobilised more of their colleagues to assault FAAN security officials. At least five security officials were severely injured. Aviation security expert said NCAA and FAAN should carry out induction for any security operative from Immigration, Customs, police, and even the National Drug Law Enforcement Agency (NDLEA) transferred to the airports on the role played by AVSEC and expected roles each organisation should play at the airport and they should be made to understand that as far as airports are concerned, the other security operatives play complementary roles, but the security of the airport is fully the responsibility of AVSEC. The CEO of Scope Centre, an aviation security company, Adebayo Babatunde said other security operatives like the police and the Nigerian Air Force are allowed to be at the airport and reinforce security because AVSEC officials are not allowed to carry arms, noting that in some countries AVSEC officials carry arms. He added that although ICAO rule does not stipulate that AVSEC officials should carry arms, but every country localises the regulation as it suits local realities. So it behooves on the government to decide if AVSEC officials should be carrying arms so that other security operatives may not be needed at the airport, and even if they are, they should not resort to fracas between AVSEC officials whenever their excesses are questioned.

T H I S D AY • FRIDAY, MAY 13, 2016

BUSINESSWORLD

AVIATION

Challenges to Growth in Africa’s Air Transport Industry Despite the growing number of African airlines, European and Middle East carriers still dominate the continent. Chinedu Eze identifies factors responsible for the dominance of international operators in the region Aviation industry experts have posited that European, Middle East and US carriers would continue to dominate air transport in the African continent until states and investors in the region get their act together and identify the best ways to move the industry forward through policy implementation and cooperation among African airlines. That was also the verdict on Tuesday when industry experts in Africa and beyond met at the Air Finance Africa Conference and Exhibition in Johannesburg, South Africa, organised by African Aviation Services Limited. Operators, financiers, suppliers and top government officials from different parts of Africa met to rub minds on ways to make African airlines grow and become competitive in the world air transport market. The CEO of African Aviation Services Limited and former Secretary-General of African Airlines Association (AFRAA), Nick Fadugba, warned that except African governments take the initiative to find ways to ensure the growth of airlines in Africa, they would continue to lag behind. He noted that air transport holds the key to unlock the economic potential of Africa and urged African states to take advantage of this potential by creating the environment for the airlines to flourish through policies and incentives. Competition The Chief Executive, Airlines Association of Southern Africa (AASA), Mr. Chris Zweigenthal, in his presentation, titled: ‘Re-shaping the Africa Airline Industry’, disclosed that in 2016 African airlines would record projected loss of $100 million, adding that in 2015, airlines in the continent lost about $140 million. He said because African airlines have remained uncompetitive, their foreign carrier counterparts are not worried about whether they would lose the African market share to the regional operators. He identified the factors responsible for the poor performance of African airlines to include high cost of aviation fuel, high charges, poor and high cost of infrastructure, small market size, regulatory barriers and poor funding of airlines. Zweigenthal expressed the regret that while international carriers controlled 80per cent of the share of the African market; African airlines have only 18, which means that the African market share has been shrinking over the years as the regional carriers continued to be dominated by airlines from Europe, Middle East and the US. He said that tourism, which is powered by air transport has been identified as the key to economic growth of African states adding for African airlines to grow, they need to have a base for domestic, intra regional and international operation. “To Achieve this we need leadership; strong political will to implement policies. Government policies must align and interface with interest in aviation and tourism,” he said. He also suggested that to grow strong airlines in the continent there should be a lot of cooperation among the operators and urged African states to facilitate the establishment of regional union like the European Airline Association. To revamp African carriers, he suggested that each airline operating in the region should have a credible plan, a credible balance sheet and set objectives on how it can grow and be held accountable. The Chief Executive of AASA said partnerships also help airlines, noting that the African airlines that joined Star Alliance and other partnerships have benefitted immensely from it. Political Will Experts at the conference frowned on what currently obtains in many countries in Africa, where governments show more favourable disposition to international carriers than regional airlines and facilitate their operation to the

continent. A good example is what obtains in Nigeria, where the Ministry of Aviation issues out multi designation to international carriers without looking at the benefits for the country or how it could enhance the growth of local carriers in partnership with their foreign counterparts. The conference also looked at the liberalisation of Africa’s airspace and the implementation of Yamoussoukro Decision. Fadugba noted that since it was agreed that Africa would open up its airspace about 30 years ago, it has not been implemented. The International Air Transport Association (IATA) said open sky Africa would be a win-win situation for all the countries in Africa that embrace it. IATA said additional services generated by intraAfrican liberalisation between just 12 key markets would provide extra 155,000 jobs and $1.3 billion in annual GDP. A potential five million passengers a year are being denied the chance to travel between these markets because of unnecessary restrictions on establishing air routes. “Aviation already supports 6.9 million jobs and more than $80 billion in GDP across Africa. The InterVISTAS research demonstrates that liberalization will create opportunities for further significant employment growth and economic development. The jobs and GDP impact for the 12 countries in the study are listed in the table below,” the world body said. The failure to open up the region airspace is given as one of the reason why African airlines are not yet very profitable and cannot play at the international level. Added to this is the animosity that seems to define the activities of the regional carriers among themselves. The acting Chief Executive Officer of South Africa Airways, Musa Zwane, therefore urged African airlines to make sure they defend their market. “We want to cooperate and not destroy each other. We are fostering relationships, we should come together and work together for us to succeed,” he said. Cooperation Also, at a meeting with the CEO of Ethiopian

Airlines, Tewolde Gebremariam, in Addis Ababa last year, he shared similar views about African airlines undermining themselves while international carriers are eroding the region’s market. Gebremariam said so far the African continent has not encouraged African partnership in the aviation sector as much as it should. “Now, with a renewed initiative in the Yamoussoukro Declaration (YD) we do hope that the African heads of states should see a single sky, a single aviation policy, a single aeronautical policy whereby African carriers can cooperate, African countries can cooperate to double up their aviation sector with free access to their markets to African carriers. “Basically what we are looking for in the coming meeting of heads of states of Africa is full implementation of the Yamasokoro Declaration on one hand, which means that the African airspace will be treated as a single airspace. So, any African carrier will be able to fly from any point to any point without any restriction in the continent. The second objective, which we are pushing as African airlines, the African Airlines Association (AFRAA) and the African Civil Aviation Commission (AFCAC), which is headed by a Nigeria lady, is to formulate an aviation policy, single market for Africa, which will have the same community clause as the European Union has today. “By this what we mean is, today in the European Union member states treat the European airspace as a single market. So, they have full freedom of the air for their airlines within the European Union but when it comes to air services agreement negotiation between member states of the European Union and other countries outside the European Union, the European Union will act as a single market,” the Ethiopian Airlines CEO said. He noted that if one of the European Union member country airlines wants to fly to any country in Africa in the air services agreement, there will be a clause mandating the European airline to fly to that country through any other European country.

“For instance, British Airways can fly to Addis through Paris with the European Union community clause. But unfortunately Ethiopian Airlines or Kenyan Airways or Aril Air will not be able to fly to European countries through other African countries, which doesn’t have an airline. For instance, if we want to fly to Paris through Chad in the existing arrangement, we will not be able to do so, while Air France will be able to fly to Addis through one of the member countries in Europe. So, this kind of block to block, the African Union as a block, and the European Union as a block, block to block negotiation should be there to make it competitive and create level playing ground for everybody.” Gebremariam noted that because of lack of the two policy instruments, the Yamoussoukro Declaration and unfair competition in the continent the region’s airlines would not grow. And the result of it is that 80 percent of intercontinental traffic between African and the rest of the world is carried by non-African carriers, only twenty percent is carried by African carriers “and this is lopsided and it has to be corrected.” According to him, in other to correct this imbalance and unfair competition, it is necessary to enact those two instruments explained earlier. “And I hope and I wish and I sincerely hope that Nigeria will lead the change because Nigeria is a big aviation market, she is the most populous country, the largest economy now in the continent, so Nigeria has a lot of ways to drive this initiative,” Gebremariam said. As Fadugba noted at the Air Finance Africa Conference, there is significant growth potential in Africa, and all indicators point to significant growth in air travel in Africa in the years ahead but African nations have to put their act together to develop that potential to reality by empowering the airlines and creating policies that enhance intra and inter regional flight operations that would strengthen African carriers.

T H I S D AY • FRIDAY, MAY 13, 2016

BUSINESSWORLD

INTERVIEW

Aligbe: Without Legislative Backing, Airport Concessions Lack a Legal Basis Industry consultant and CEO of Belujane Konsult, Chris Aligbe is of the view that the concession of airports must have legal backing. He also spoke on the government’s new policy for the establishment of a national carrier. Chinedu Eze presents the excerpts: The recent statement made by the Minister of State for Aviation that if airline wants to partner with Nigeria to establish a national carrier that the airline would be given conditions and two of the condition are that the carrier would have to transfer technology to the Nigerian personnel and build Maintenance Repair and Overhaul (MRO) facility. How is that possible? I listened to him and first and foremost I think every partner will have condition for partnership and will offer also his terms for partnership, it is a two-way thing. No partner will come without his terms for partnership and no partner will come into a place and not have terms for partnership. If you remember what happened with Virgin Nigeria, they came and we did not offer any conditions for that partnership and all that the former President, Chief Olusegun Obasanjo did was to accept that Richard Branson was going to invest and he gave him everything he asked for and that eventually became a fiasco. If you go to Saudi Arabia, United Arab Emirates (UAE) they have conditions for those who are coming to invest and those who are coming to invest also have the perks of their investment and also attractive conditions to enable them invest. So it is a two-way thing, that is the way I see it, but I think that the first thing is for us to say, yes we want a national carrier and this is the kind of national carrier we want. It is the kind of national carrier that we want, and we should clearly state the terms of that establishment, I think we need to do that. And when you make the terms clear and available with all the backing laws and regulations, then those who are coming to invest will look at it, and then when that look at it, they will say well we will come up to this point or we are not willing to invest beyond 30 per cent or 20 per cent. These are the terms, so it becomes a competitive thing. So the conditions are a two-way thing, the investors will come with their terms, Nigeria will have their terms but our terms must be attractive to investors for them to be able to come. But from what the President said recently that the priority of his government now is not the national carrier, don’t you think the Minister was running too fast? Let me tell you, this is the way I see it. When the President said it is not a priority for now, those who don’t want or those who don’t understand the whole idea of national carrier have tried to tell the President he has to make huge investment in establishing a national carrier and that there is no money. They told him that the little money that is available is what is required for other areas like agriculture, security, health and

If you go to Saudi Arabia, United Arab Emirates (UAE) they have conditions for those who are coming to invest and those who are coming to invest also have the perks of their investment and also attractive conditions to enable them invest

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education. That is what people have said to the president. And from that perspective the president was absolutely right when he said it is not a priority from the point of allocating resources from the lean purse that we have. I also do not support the idea that the President or Nigerian government should invest huge sums in the formation of a national carrier, the government should not. The government should facilitate the establishment of a national carrier through what it has done to some other sectors, like making available an intervention fund available to the industry. It may not only be for the national carrier butt made available to the industry, that the industry will access through their banks and pay for it. It is not something that we go in there as government investment; government should not invest those funds. I have always said that the airline needs money to take off but it should be from the funds that will be at single digit interest rates and long-term repayment period. There are funds, if you know how much money we have in the pension funds, it is running into trillions, these are available funds that can be put into

investments that yield profit and it should come as a loan in single digit interest with long terms repayment. That is all that we need; it should not be taken from federation account. I don’t support that. So I think that is the President’s position but if it can come without government funding, it is a priority. Let me tell you why it is a priority for this country. Without a national carrier we are facing a lot of challenges. We are losing a lot in terms of money and in terms of creating jobs. Everyday you hear a Minister say Nigeria is importing $1 billion dollar worth of rice annually, that Nigeria has to cut that back. In each sector they are looking at how much Nigeria is losing by not revamping that sector. In the aviation sector we have to come to a point to identify what Nigeria is losing. The country is losing over $3 billion dollars annually in the airline sub sector. Are you not going to cut it down? If you are in charge of a sector where you are losing $1billion or $2 billion, what about the sector where you are losing over $3 billion, are you not going to cut it down? So that is the crux of the matter; it is not only all these arguments of whether we can

do or we cannot do. Look at what we are suffering at the hands of foreign airlines, the airlines are complaining, they can’t transfer their funds, they can’t do this and they can’t do that and Nigerians are beginning to suffer. They want to travel to the US, they are prepared to book you from here to London and then they want you to pay differently from London to US where they know they will collect forex from you. Our naira is no longer easily acceptable by the airlines for long distance travel particularly travels that goes beyond first destination point. Once you have two, three destination points they find a way of making you pay the other destination points in hard currency. We suffered this many years ago until we managed to resolve it but this time it has started again. The only way to address this is to have our own carriers that can at least wake up and challenge the excesses that we are beginning to experience. The airlines have their own arguments. If you look at it, yes you cannot make all the money and you can’t transfer it but they should recognise that we are facing economic CONTINUED ON PAGE 24

B re ha w no to th w w w th Lu no kn ot be w ai bu th ow

T H I S D AY • FRIDAY, MAY 13, 2016

BUSINESSWORLD

AVIATION

ALIGBE: WITHOUT LEGISLATIVE BACKING, AIRPORT CONCESSIONS LACK A LEGAL BASIS should be taken at the level of the executive and legislative. One will also ask; where is the framework for concessioning? There must be legal frameworks; there must be legislative framework. Look at what is happening with Petroleum Industry Bill (PIB), for a long time it is being debated. Look at the energy sector, the unbundling that happened in NEPA, these are happening in legislative frameworks, maybe the government may have taken a different decision but when this new government came and they saw that it went through the National Assembly, that a framework was put on ground, it is not something you can easily upturn. That is what investors look for when they come into your country.

challenges, which many countries also are facing; whether it is Greece or whatever. So we will have to establish a flag carrier, so the Minister is brining the other side of it saying, you want to come to Nigeria? We are willing to have you but you must come with this and this. So the Minister is making it clear, this is something we need but we need a different model, it is not a model where the government will pump in money but the model where whoever is coming will have something to bring onto the table. Is it because the airlines cannot transfer their revenues earned in Nigeria that they hiked fares in order to exploit Nigerians? No, I don’t think the airlines basically want to exploit Nigerian travellers; the airlines won’t do that, but remember they are in business. They are in business and they want to make sure that they stay in business. They are reacting to the economic circumstances they are facing. You see there are so many things that are happening. The other day my son went to buy a ticket from Qatar Airways. He went online and got the rate at $895, then the airline rate is 200 to the dollar. Then we used POS to pay, the bank charged it at black market rate of N320 per dollar. Now he complained and went back to the bank, the bank said, no it is the airline that used the N320 per dollar. My son now went to the airline and the airline denied, saying its exchange rate is N200 per dollar; that it was the bank that took the money. Even the airline advised him to cancel that ticket and that if he cancelled it he would only lose N10, 000. So the bank has taken in excess of N85, 000. So the banks are playing some game; in fact, it is an issue. I told my son that we would protest to the airline first to refund the excess, if they don’t refund we protest to the Nigerian civil Aviation Authority (NCAA), consumer protection and next to the Central Bank of Nigeria (CBN); that the bank has no reason to use exchange rate that is not the airline’s exchange rate to accept payment from intending passengers. So there are so many games, between the banks and the airlines. The banks don’t have dollars; they take off excess money from passengers and pretend that it is from the other side, the airlines, that it is coming from. The airline said it is not them and even advised us to cancel the ticket and come and rebook; that we will only lose N10, 000 for rebooking against 85,000. But the truth of it is that if the airlines are not being able to transfer their money from the CBN, they are building up funds such that they don’t know what the Naira will become tomorrow for them to be able to meet their obligations. I won’t even be surprised if some airlines begin to buy their dollars from the parallel market. Even Nigerian airlines that have to pay for maintenance and crew training overseas are buying theirs from the parallel market. So airlines are trying to cope with the circumstance they find themselves. So I don’t see the foreign airlines charges as trying to take it out on Nigerians but trying to stay alive. And nobody should crucify anybody for trying to stay alive because our own Nigerian airlines are facing the same challenges. Do you think that there is a correlation between the value of the naira and the new tendency of these foreign airline to build a kind of operational hubs outside Nigeria, like what Ethiopian Airline is doing in Lome, Togo, South Africa Airways in Accra with African World Airlines (AWA); it is also alleged that British Airways threatened it would be moving operations to Accra? How does that relate with our policy? Well the truth of it is that they have watched us; they believed that sometimes within the democratic dispensation that we will adjust and wakeup in the industry. They have watched us but we have not woken up and so they are beginning to find ways where it is easiest for them and it is going to be pretty terrible if we stay and they go to where they want to go. But I tell you one thing BA will not move its operations out of Nigeria, British Airways is one of the most resilient airlines that operate in Nigeria and because of long standing relationship and UK businesses under Nigeria and so they know that it just takes

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one single policy to strengthen things and when those things strengthen out, Nigeria will overtake the countries all around because the market is here. And again they know that if they move out one or two Middle East airlines will try to move in and when that happens it becomes very difficult for them to recapture the market. I am not very much afraid of that but I am sad about it because it is high time we did something differently and we need to, if this dispensation will offer it to us, lets wake up and do it. There is no reason why we will not immediately focus on building our hubs, Lagos, Abuja, Port Harcourt and Kano as regional hubs we need to focus on that. And that is why I said no foreign airline would come to Nigeria to build you a hub for the simple fact that they know Nigeria has the capacity to generate its own airline that will be in contention. But they know that Lome is small, they know Ghana is now a global hub for NGOs in West Africa, so Ghana is picking up properly but there is no way Ghana can meet one quarter of Nigeria’s market or potential in the aviation sector. Nigeria is the point but

So airlines are trying to cope with the circumstance they find themselves. So I don’t see the foreign airlines charges as trying to take it out on Nigerians but trying to stay alive. And nobody should crucify anybody for trying to stay alive because our own Nigerian airlines are facing the same challenges

we cannot keep saying Nigeria is the point without waking up to explore it, we must have to explore it. There are so many things to be done, our airports are critical and a national airline is critical to it. So we need national carrier, we need to focus on the hub, we need to develop our airports and we need to open up our policies somehow, we need to help our domestic airlines because they are suffering. They have their own problems and there are also problems external to them. How do you evaluate the effort to develop airport facilities? As long as Nigerian government thinks or believes that the Federal Airports Authority of Nigeria (FAAN) can and should run airports so long will we remain at the level where we are. Things will only change if we immediately do a transparent concessioning of our airports and this should be a matter of urgency; unless we do it, we will not bring sanity to the airports. But even before the concessioning issue starts, there are decisions that we have to make; we need to sanitise our airport environment. There are things they will not wait for terminal concessioning or airport concessioning for us to do. I keep saying look at our flagship, Lagos airport, the access roads are the business of government. You can concession the airports roads whether from Oshodi into the airport. If you look at what is happening every day there are allocations along the road for houses or offices to be built. People are not looking ahead, when the construction comes how will we redesign the roads to make sure we have easy access to the terminal building? I think, honestly speaking, the government should put an immediate stop to further allocation of land along the airport corridor. They should stop immediate allocation of land until a design have been brought up, approved for construction of the roads; otherwise government will start paying for buildings that will be destroyed. And government will pay because they approved for those buildings to be there. So, that should be an immediate decision and then government should clear all tankers from the airport corridor, they are doing nothing there, they are not for Jet A1. We need a holistic approach to airport sanitization; it should be a major issue that

Talking about airport concession, terrorism and general insecurity, there is an argument even at the level of Airport Council International that in some countries government should take charge of airport management. What is your view? First and foremost there is a difference between concessioning and privatization. Privatization is that you completely sell off and you have no hand in it, like telecommunication companies. You only put a regulatory agency to regulate them but you have nothing any more to do with them. It is a different thing from concessioning. Concessioning is that you are ceding out a right to do 1, 2, 3, 4, 5, things but you are also there yourself looking at things. So nobody will concession security. When you concession the terminal and the airport, development and everything, security is in the hands of government; nobody ever concessions security. If you go to other airports that have been concessioned security is not in the hands of airport managers. Go to Heathrow, Gatwick the security is in the hands of the British government. So, the people arguing about security are just using it to try to stall what ought to be. In South Africa other people are managing the airports but the security is in their hands of government. Having said that, there must be a difference between concessioning and privatisation, I don’t agree that we should privatise but I agree we should concession. So the security issue is a non-issue because when you concession you don’t concession security even when you privatise you don’t give out the security of the state because airport represents the state. Even Gatwick, you know who owns Gatwick; he is a Nigerian, he is not in charge of security. So that should be taken out, it is a useless argument. What is your candid opinion about the agitation of Bi-Courtney Aviation Services Limited that it ought to be given the General Aviation Terminal (GAT) at Lagos airport in accordance to the agreement it had with the federal government? Then talking about the concessioning that we have done, I told you there are no frameworks, all the concessioning arrangements, if we take the flagship in concession, which is Bi-Courtney; it is sitting on a legislative framework void. Nigeria has not established frameworks for concessioning that is why I said the National Assembly becomes critical on this issue to establish the frameworks so that all the concessioning will sit on this framework. Even up till today people don’t know, before even Virgin Nigeria came in, Virgin was no sitting on any framework. The Act establishing Nigeria Airways is still there, the first thing for you to have done is to repel the Act because they are brining a new arm; that is the work of the legislature. So before you start repeal the Act setting up Nigeria Airways and then you can go ahead. So we need to look at the entire laws, it is something we should go for because the economic dangers are immense for our nation. So if it was not sitting on a void, the issue of court and all these things are a lot easier. Even the court decisions for me since the court has talked about it, it is no longer subjudice I can talk about it. There is so much prejudice and the court themselves for whatever levels they went to ought to know the exact details of what they are doing or they decided to push CONTINUED ON PAGE 25

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MARITIME

ALIGBE: WITHOUT LEGISLATIVE BACKING, AIRPORT CONCESSIONS LACK A LEGAL BASIS it by the side. Secondly, the duration of the concession, that is why the government is resistant of giving out GAT because of the controversy, was it 12 years that the President approved, was it the Minister that extended 36 years? If the Minister has done that does he have such powers to do that? Even if the court affirms something that generality of Nigerians or people in the industry don’t believe should have happened. If they affirm what does not make sense to government and the generality of the people it will not work. So they have just loaded a gun with bullets without firepower. The industry today does not believe that everything was well with that concession, they didn’t believe that it went through the proper processes and so the industry does not care about that and the industry makes up the government. For you to say pay N32 billion, handover this property, government does not handover its property under no circumstances. But I think we need to resolve that issue, I believe that Bi-Courtney has made great effort in investing in that sector and so it is something to be applauded. I think we should resolve the controversy but I think in resolving the controversy government should move away from its grandstanding and Bi-Courtney should drop off its legal guard robe and come to the table as a business concern. If they keep talking about laws, justice and whatever, the justice that they are pointing to most of us don’t believe it is justice and government does not believe it is justice. What they hold today as justice most Nigerians don’t believe it is justice, and I personally don’t believe it. But it is an issue we need to solve because it is destroying our image externally. And then the whole idea of operating regional, if you look at it, the beauty of that terminal, is the space that it has and the way things are operating. If you start another major operation there that airport will lose its ambiance. It was built basically for domestic operations, even though there is something in their mind that it could be used for regional. But again these are approvals given by one who has no respect for laws, he has no respect for processes and procedures because if he had they would have done environmental impact assessment to know whether a major airport operating domestic, regional shout sit at the point where it is sitting. If they did that environment impact assessment they will know that it will not happen. Look at the problem today with the parking bay, there had been accidents of aircraft hitting their wings there. If they start regional operations from there, you will have additional six flights a day in that place. Look at the lounge; it will not be enough for that. Again there is no room for that expansion in that airport because Arik has taken the other part of it where it should have been extended, you know that was a major problem in the early days when Bi-Courtney wanted to

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extend it and Arik came, it was almost a fistcuff between Babalakin and Arumemi (owners of BASL and Arik respectively). That was why that airport was not extended and that is why there was no space for the extension of that airport. The terminal is not equipped for regional operation no matter what anybody wants to say. Again why were Virgin and Arik moved out of the international terminal some years ago? I still insist that, that international terminal is too small; it is not conducive for you to combine domestic, regional and international operations. That was why they were moved out to go and operate domestic flight elsewhere. These are the situation and so you cannot now wake up and start an argument that you want to combine domestic and regional operations in that terminal. For me, I do not see it as feasible; I do not see it as reasonable, given

Toyota Forecasts Fall in Profits on Yen Strength Toyota Motor Corp forecast a bigger-than-expected 35 per cent tumble in net profit for the current year due to the sharp appreciation of the yen, ending three straight years of record profits driven in part by a weak currency. The Japanese automaker said on Wednesday profit for the year ending in March 2017 will fall to 1.5 trillion yen ($13.81 billion) from 2.31 trillion yen in the prior year, far short of the average 2.25 trillion yen for the current year estimated by 28 analysts, according to Thomson Reuters. Lower profits forecast under the weight of a strengthening yen will make it harder for Toyota, the world’s most valuable automaker, to keep investing in new technologies and products even as com-

petition intensifies in areas such as autonomous and alternative-energy vehicles. For the current year, Toyota said it was assuming the dollar would average 105 yen this year, versus a far more favorable 120 yen JPY= last year. Foreign exchange losses would therefore have a negative impact of 935 billion yen on operating profit this year, it said. “Earnings results in the past few years have been largely helped by foreign exchange rates,” said Toyota’s President and Chief Executive Akio Toyoda at an earnings briefing, describing the yen’s weakness as “tailwind.” “But since the start of this year the tide has changed.” The yen’s sudden strength is creating a tough business

environment for Toyota. Volatility in the yen’s value can have a major impact on Toyota’s earnings, as it exported nearly half of its domestic production in the past year. Each 1 yen move in the dollar/yen rate affects its operating profit by 40 billion yen. Toyota’s smaller domestic peers Nissan and Honda are relatively less impacted by the yen’s moves because a greater chunk of their production is done outside Japan. Nissan and Honda are reporting results later this week. Toyota Executive Vice President Takahiko Ijichi said the company plans to keep investing in technologies and expects fixed costs, which include investments, to remain at similar levels as the recent past.

all the circumstances that I have reeled out to you. If for example like Bi-Courtney that says he owns GAT and finally GAT was handed over to him, he can now says okay, I am moving all domestic operations to GAT and MMA2 will now be for regional operation, then you know he has separated them. But for regional and domestic to be operated within the existing terminal of MMA2, for me as an industry man I do not support it. We need the two terminals to keep operating domestic because domestic operation will grow over time so even when we finish addressing international terminal, we all come back to talk about domestic terminal. We are only hoping that sooner than later that Lagos airport in the Lekki zone will come up and ease some congestion at any point in time. But I think urgently we need to look at the airport on a holistic basis but the policy is to

concession the airport and to put in place all the legal requirements through the legislature and through the executive to bring into being all the necessary frameworks that will lead to successful concession. Privatisation should be ruled out. I am sure the budget has been approved now, I think we should look at the Nigerian Airspace Management Agency (NAMA) to see what they require because as we are looking forward to improve the industry, the more aircraft that come into the country the greater the development is, the higher the requirement for airspace management. And so they should look at that. And I also think the regulatory agency also must be completely equipped by training. We know that training is the major thing NCAA offers and without that we won’t have effective regulation, we will run into trouble.

Online Platform to Boost e-Commerce Debuts in Nigeria Crusoe Osagie A multi-functional platform, myKustoma, aimed at boosting traditional, electronic commerce and market research has debuted in the nation’s e-commerce space. A report made available to THISDAY, said the uniqueness of myKustoma is its wholesomeness and elimination of buyerseller anonymity, adding that platform is a scalable market aggregation platform designed for all cadre of merchants, service providers as well as buyers to freely interact as they wish either online or offline. According to the report, “MyKustoma also functions as a directory for buyers looking for services, jobs, vehicles and real estate. Buyers and sellers on myKustoma can share contact

and location details, exchange messages, negotiate deals, discounts and may complete transactions offline if they so desire.” The reports said CBN projects that the e-commerce industry would be worth 2.5 trillion naira ($13 billion) by 2018, maintaining that myKustoma brand enters the Nigerian market to provide an enabling environment to all merchants and service providers. The report said the innovative platform provides a canvas for Nigeria’s burgeoning serial entrepreneurship to foster, pointing out that since most Nigerians engage in more than one line of business or trade to earn a desired living standard; myKustoma supports their endeavors by providing a single virtual storefront to

promote multiple business ventures across Nigeria and the globe. The Chief Executive Officer (CEO), myKustoma, Mr. Sylvester Chigbu, said on the launch day that he is not fazed by competition in the e-commerce industry. He explained:“Competition is good for an emerging industry as individual firms’ efforts are complementary to its growth. People that enjoy other e-commerce platforms would embrace myKustoma too when they discover the platform’s inherent freedom and flexibility. On myKustoma buyers can shop based on proximity and freedom to negotiate terms including pricing with sellers. It is the goal of myKustoma that buyers’ search listings would return merchant entries closest to their immediate location.

T H I S D AY • FRIDAY, MAY 13, 2016

BUSINESSWORLD

MARITIME

Enhancing Inland Waterways for More Efficient Transportation NosaAlekhuogiewritesthatwithimprovedcontrolsandavisionarystrategy,theNigerian Inland Waterways Authority could turn the country’s waterways into gold mines

The movement of people and goods along inland waterways is one of the oldest means of transporting goods and services from point to point. Inland water transport offers the most economical, energy efficient and environmental friendly means of transporting all types of cargo from place to place. It also offers safer and cheaper rates in areas where water exists naturally. This facilitates commerce, promotes wealth creation, poverty alleviation, and creates job opportunities for youths within such regions.. Despite the immense benefits to the economy, inland water transport in Nigeria has had a long history of neglect by both the government and the private sector. Little efforts were made to develop inland water transport facilities prior to the 1980s. This stems largely from policy inconsistency, limited private sector involvement, and conflicts by agencies involved in the management of inland water transport in Nigeria. However, since the 1990s, the federal government has been taking a number of initiatives to turn the sector around and make transport attractive. The initiatives taken by the government include capital and infrastructure improvement, channels dredging and maintenance and installation of safety facilities. Industry watchers and analysts have argued that with efficient control systems, the Nigerian Inland Waterways Authority (NIWA) could function appropriately to realise significant economic benefits from the sector. Their arguments, no doubt, are based on the efficient operations of the Inland Waterways Transportation of the United States with about 25,000 nautical miles, out of which 12,000 miles have been commercialised and maintained by the government. The American inland, intra-coastal and coastal waterways and channels, available statistics reveal, accommodates about 3,008 businesses and 24,908 employees as well as makes a whopping $8 billion annually. More than 60 per cent of America’s grain exports, about 22 per cent of domestic petroleum products and 20 per cent of the coal used in electricity generation is ferried via America’s water transportation system. The Nigerian Situation The case is, however, not the same in Nigeria. For years, the growth of water transport and other ancillary businesses have been impeded by numerous obstacles prominent among them is the battle for control.

Virtually all the state governments with this geographical advantage are engaged in subtle regulatory or supremacy battle with the federal government. Nigeria has 36 states plus the FCT owing a land area of 924000skm with an estimated population of about 170 million. The country is blessed with a coastline of about 870km and about 3000km of inland waterways. Nigeria currently has six major ports (Tincan Island, Apapa, Warri, Port Harcourt, Onne and Calabar) and 10 crude oil terminals. Some of them are Escarvos, Bonny, Sapele, Forcados, Tuma and Okrika. According to the Nigeria Ports Authority (NPA), traffic into the major ports excluding tankers is about 35, 000 vessels per annum and overall cargo throughout (excluding crude) was 222.23 million tons. The total number of passenger that patronise the sea ports is estimated at 35000 per annum. Statistics from NPA indicate that 4,070 vessels with 121,350,844GRT visited Nigeria in the year 2000 alone, having an overall cargo throughout at 28,859,274 million tons. Sequentially, container traffic at major ports was 119,458 (outwards) and 204,299 (inwards). However, there are l other ports along the 300km of inland waterways including Onitsha, Oguta, Opobo, Lokoja, Baro, Jebba. Nigeria being major oil producing and exporting country records about 2,000 petroleum tanker vessels calling at her ports annually, with an average tanker size of about 95000. Industry analysts therefore wonder why the federal and states government cannot take

Experts also believe the effective implementation of the Cabotage Act will catalyse the growth and development of the transportation sector and reduce the over dependence of the nation on road transportation operations and its consequent damage of the roads since the collapse of the railway system in Nigeria

advantage of the huge opportunities in the sector to create jobs. “Pause and reflect on the import and export statistics in terms of numerous trade opportunities and the never- ending operations on the Nigerian coastal ways nationwide. Such transport or activities over waterways is especially effective when the source and/or destination are a water front location, which is a main infrastructural advantage that regularly needed to be trained, maintained and upgraded, of which Nigeria is specially blessed with such infrastructure as waterways unlike the hinterland states,” an industry watcher said. According to him, the Nigeria inland waterways operations and management has been in service for a very long time but are yet to meet with its expectation seeing the various natural features on ground as tools to facilitate its operations. “Nigeria aspires to be amongst the top 20 largest economics by the year 2020 and successful operations and management of the inland waterways by the actual implementation of the enacted cabotage laws in Nigeria is critical to the success or otherwise of the plan because of the indispensable role shipping plays in not just the movement of goods and services around the country but also the revenues collected as tax from the various actors in the sector,” he added. Cabotage Act Impact Experts also believe the effective implementation of the Cabotage Act will catalyse the growth and development of the transportation sector and reduce the over dependence of the nation on road transportation operations and its consequent damage of the roads since the collapse of the railway system in Nigeria. Others believe the growth of the sector is expected when the dredging activities on in the nation’s inland waterways are concluded. “However, the initiatives and strategies projected for the future still do not move a foot if the problem of enforcement geometrically progresses due to the infallible and unchangeable management governing the corridors of power in this sector, seeing actually that most of them still lack the rudimentary understanding of its existence and how it operates,” said the industry analyst. The LASWA Example Meanwhile, all hope is not lost if the effort made by the Lagos State government to develop the sector is anything to go by.

Recently, the Lagos State Waterways Authority (LASWA) confirmed that about two million people shuttle the Lagos waterways on a monthly basis. The Managing Director, LASWA, Abisola Kamson, who disclosed this, noted that the number of people that ply the state’s waterways has grown rapidly over the years, saying that measures are being put in place to strengthen the authority’s water guards to enforce safety rules. Kamson also revealed that new safety rules for the growth of water transportation sector in the state is underway take care of challenges being encountered by LASWA on the waterways She also said that they are in partnership with the National Inland Waterways Agency (NIWA) in order to regulate various activities on the state’s waterways and ensure that it is safe. She stated that the new guidelines would focus on the quality of boats, size of the boat, size of the engine, and general safety for commuters. The LASWA boss said operators would be given a period to comply with the new guidelines after which government would begin strict enforcement of the guidelines, adding that the agency would employ more water guards to enhance patrol on waterways. She said the water guards of the authority provided statistics on daily basis on the number of passengers plying the jetties in the state, saying that many people were now used to commuting on the waterways and that the number still kept on growing. “The core function of LASWA is to act as a regulatory agency for all movements on waterways. We are to provide enabling infrastructure that will promote water transport. She said the authority is working closely with the Marine Police in order to beef up the security and also, curb illegal access on the waterways adding that plans were underway to ensure that jetties and boat operators not licensed by the state government were not allowed to operate on the waterways,” Kamson said. She added that there would be proper channelling of boat routes to prevent boat users from interference. This, she said, would enable the authority to monitor the number of approved vessels plying certain routes, which would make for safety of the waterways. The MD appealed to Lagos residents to desist from dumping refuse and open defecation on water as such practice could impede movement on waterways, adding that efforts were underway for mechanised clearing of the waterways.

WEEKEND WEEKLY PULLOUT

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

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EXCEPTIONAL STRIDES OF A YOUNG NIGERIAN ACTING EDITOR CHARLES AJUNWA / charles.ajunwa@thisdaylive.com

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13.05.2016

Exceptional Strides of a Young Nigerian Godbless Eduviere writes on the extraordinary strides of a very young and vibrant Nigerian, Antoinette-Rita Okeyemi, a Law graduate of the London School of Economics and Political Science whose show of brilliance and creativity have paved the way for her globally There’s no doubt that Nigeria has the finest talents in the whole world hence we are found in every part of the world and in notable positions for our knowledge, academic excellence and creative talents in various endeavours. Thus, one great and fascinating example includes a very young and vibrant barrister, AntoinetteRita Okeyemi. Okeyemi, who started writing poetry and songs at the age of six, is a Law graduate of the prestigious London School of Economics and Political Science. She obtained her LL.M master of Law from the University of Chicago Law School, and has been called to the Bar of England and Wales. She is also a Civil and Commercial Law Mediator, and has been recognised widely for her academic excellence, passion, uniqueness and creativity. The great lawyer, author, poet, songwriter, musician and empowerment speaker is a proud Nigerian, who said, “Even though I was born in London, I am very proud that Nigeria blood flows through my veins”. Okeyemi discovered her talent for writing at age six. “Actually, when I was in primary school, my teachers gave me a certificate that says Antoinette-Rita is a great writer. So when I took the certificate back home and showed my mum, my mum thought I had good handwriting but it was later on that she realised that I can write poetry, songs, and music”, she said. When she was at the age of 12, she was actually invited to the Young Poetry Award held in Florida, in America and she won and from there her mother realised that she has the gift of writing and can write her own books. Realising her potential, Okeyemi started taking all over the world with her love for poetry and for writing. Her first book which she titled ‘Purple And Blue-Inspirational Poems’ was released in 2008, before her 18th birthday and her second book which she titled ‘Blue Ocean’ was released in October 2011 and launched in London by former President of Nigeria, Olusegun Obansanjo who wrote the foreword to the Blue Ocean. She also released her third book, which she titled ‘Stella-Her Journey And Her Legacy’, which is the first biography of late Mrs. Stella Obasanjo, to mark 10 years since she passed on. “I was really honoured to be given that kind of privilege to write about her because nobody has ever written about her. This is the first book on her life and it came as a surprise knowing that there’s no one out there who has written about her, so my book is very original. It’s a book of reference that people can go to read and learn about her and also look at their lives and see how they too can shape their lives around the way Mummy Stella Obasanjo also shaped her life”, she added. She resounded that there is no right or wrong when it comes to writing because writing is your expression. “As an artist, you are the painter, molder and the potter and it’s up to you to be able to create whatever you want to create. And if you are in a particular mood of feeling or a particular emotion, or you want to talk about your friends, your family, love, religion or God, just write”, she added. The astonishing, hard working young lady who is currently working on a journal said, “I flipped back to my journal, and I realised what I did but it’s not just about knowing what I did but also knowing that I have a flare for writing ”, she added. Speaking of her source of inspiration, she said her mother is her source of inspiration for writing. “I will call her Mama barrister because I am a barrister”, she proudly continued, “She is just a faithful woman of God, a woman of wisdom, and a blessing to others who does not let the circumstances surrounding her to hinder her ability to help people”, she added. “I am a success story because of my mother, she is the one who has made so many sacrifices

Okeyemi

Okeyemi with Prime Minister, David Cameron

for me to be who I am today. Without God using her as a person to be my mother, I wouldn’t be who I am today”, she said. The circumstances surrounding the condition of Okeyemi’s mother prompted her to cause a change in the so-called stigma that is attached to disability to make a change for her people, Nigeria. She said, “I really have to make a change for my people. To let them see that there’s more than someone’s disability; there’s ability behind one’s disability. My Mum is my biggest source of inspiration, despite her disability”. The heavily gifted writer and barrister spoke quite well and proudly about her beautiful mother and her unique potentials as well. She seems to have derived lots of strengths from her, which also helps her in her carrier as a barrister, poet, empowerment speaker and a singer. Her greatest influences in her career, she said is God, her heart, family, and friends and of course, her fellow Nigerians. She added by saying that when she sees the struggles that Nigerians go through, she just feel that there’s more she can do and that’s why she is actually coming back to do her National Youth Service Corps (NYSC) in Nigeria so that she can contribute to the economy of the country and to the socio-economic welfare as well as to be a voice to the voiceless and hope for the hopeless.

No doubt, the young and beautiful writer who is heavily bagged in wisdom does not only have dreams for people but also the drive to see her dreams come true. Thus, when THISDAY reporter asked about the challenges of combining poetry, law and music, she said, “I wouldn’t say that there are challenges because if you have a passion for something and if you love doing what you are doing, that is success”. Indeed, for the young barrister, writer, singer, and empowerment speaker, passion has been the drive. Still speaking on challenges, she added by saying, “Everything complements each other. As a barrister, being a writer helps on how to write my arguments and submissions to persuade the court, my opponent and the jury. More so, being a poet, an author, musician and an empowerment speaker helps me with my oral and inter-personal skills so everything together compliments each other”, she professionally added. Okeyemi started coming to Nigeria at the age of 11 and by the time she became a teenager, she realised that she can do something for Nigeria but it wasn’t until she finished her Masters in Law at the University of Chicago Law School that she realised that she can actually come back to Nigeria for her NYSC to make a revolution for her people. Apart from all these unique potentials of the great lawyer, singer and writer, Okeyemi

said, “I understand my language very well and I can cook delicious Nigerian food as well because my Mum, who is a true Yoruba woman thought me”. The amazing empowerment speaker, author and poet appreciated that Nigeria is beautiful. “I came back to do my National Youth Service Corps and also do Law School here in Nigeria, knowing that by taking these basic steps, one day it’s going to be for the better and I will be able to make a difference”, she added. Comprehensively, Okeyemi’s mother was her eye-opener and role model as they both have same passion, dreams, and purposes towards Nigeria and the world at large. “My Mum has a Non Governmental Organisation (NGO) for disabled people both registered here in Nigeria and in UK. With my role as a lawyer and as an empowerment speaker, I want to be able to utilise what I have. My ability and my talents so that I can help people realise that there are disabled people in this country who are starving, begging, they don’t have shoes on their feet and been seen as outcast and it’s not right because they are human beings and God loves them. So my coming back now and realising that I really love my country, is down to my mother, to the fact that I know my language and culture, and the fact that God actually opened my eyes”, she said. Speaking of her achievements so far, Okeyemi said she has won so many international awards, and even in Nigeria. Her extraordinary intelligence and amazing talents have driven her far beyond expectations that she even have encounter with prestigious people like His Excellency, Chief Olusegun Obasanjo, Queen of England who has also written to her, Prime Minister of United Kingdom, David Cameron during her 21th birthday, ambassadors around the world and many more. Apart from above listed, she also won the honorary award of the celebration of women’s history, Miss Africa USA organisation as the outstanding young women leaders in a series of weekly inspirational journals. As for her music, she said, “I have recorded tracks and demo and there is no reason for me to stop writing and I know that God will continue to grease my elbow in order for my mother’s hard work not to be in vain. Speaking on how art can be used to heal the world and make it a better place, she said, for one to paint a picture or write a story, it comes from within you through your emotion. You can feel and emphasise with people. Therefore, you can put yourself in other people’s position and in their own mind and know what they are going through as you can sense and feel their pains because you can write about pain in papers or even draw about pain in a Canvas. “Art is a very valuable tool and it fascinate to the people whether you are drawing a picture of somebody, or you make a stature of something and then, people can look and say it looks beautiful but there are stories behind every creative work that inspires artists to do what they do.” Okeyemi has done so much so far for Nigeria. She has a poetry workshop in Ayetoro in Ogun State. “I really want to encourage the masses and children because they are our future generation of mutants”, she said. She gave them books and told them that she will be there for them. She is indeed a woman of great esteem, whose desires are not only to encourage youths with her great works but also to effect change in the lives of many, especially in Nigeria. Such a distinguished and heavily gifted young lady with greater passion for the less-privileged, orphans and the world at large is a great seed that should be emulated, commended and recognised time after time for her good works and dreams she has cultivated for this great nation, Nigeria.

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13.05.2016

Dare David Oduntan

Haliru Abubakar

Bringing Back the Intrigues in Horse Racing Mary Ekah While Horse racing is one of the oldest sport in the world and a traditional sport in Northern Nigeria, the same cannot be said of the sport when it comes to other paths of the country which is why Alhaji Haliru Abubakar, an official of the Northern Horse Racing Club has decided to berth the sport across Southern Nigerian states. The Chairman of newly registered Southern Horse Racing Club with his Vice, Mr. Dare David Oduntan, are spearheading the first Southern Horse Racing Tournament billed to hold in July. Shading light on the ornament among other things, Oduntan said the Southern Horse Racing Tournament is a three-day event billed to hold between July 15, 16 and 17 in Lagos. “We are going to build a race track. There will also be some entertainment on that day. There are five races for each day for those three days making it a total of 15. Before each of the race starts, the horses have to be introduced to the public. There will be 10 horses for each race. At the end of the race there will be cash prizes for the 1st, 2nd and 3rd runner up. It’s going to be a very colourful event; horse racing has always been an interesting sport everywhere in the world. It’s very big in the North and dates as far back as 1960. The tournament is going to hold in all the southern states but we are starting first with Lagos. I’m optimistic it will be a successful tournament. Right now the atmosphere is boring so Lagosians, are in for a great time.” Speaking on what motivated his involvement in horse racing, Oduntan said it all started when he went to Benin Kebbi where he met Haliru Abubakar, through the Special Assistant on Development in 2004. “He wanted to bring

horse racing to Southern part of Nigeria and I happened to like horse racing a lot because growing up back in the UK, we used to go to outside London to watch the sport. But shortly after my discussion with Haliru, I travelled back to the UK. Upon returning from the UK, I decided to give it a shot again and here we are”, he recalled. . Asked what it takes to be a rider, he said, “The riders are called Jockeys. Horse racing is a big fun but it can also be dangerous. To become a rider you must get your permit. There are no Jockeys here in Lagos, so for this tournament coming up in July, the Jockeys are coming all the way from the North with 50 horses and the seats are limited. So I will encourage as many as would love to have the experience because it going to be a one of a kind event, to make their reservation early enough as soon as the sale of tickets starts.” For his partner, Abubakar, horse racing is not alien in Nigeria. “I will say that in the South it is something new but in the North it has been a traditional sport for a very long time and that is how we come to embrace it”, he said. Speaking further, the Chairman of the Horse Racing Club said, “Right from when I was 10 years old, I could remember that there were horses in my house; my father use to have them. Normally, it originated from the kings, chiefs; they are the people who are owners of horses and they do this traditional sport during Salah. The next level started right from 1960, when Sir Amadu Bello Surdana the first Emir of Northern Nigeria in order to unite the North, he introduced a tournament, called Northern Club Authority which involved big cities like Zaria, Jos, Kaduna, Sokoto, Kebbi and Maiduguri. There were representatives from all these cities. It was

a huge tournament. I even went to the UK to represent my state at a point. “On what informed his decision to bring it to the South, he explained that horse racing has been on for quite a long time. “In the history you talk about the UK, Dubai, America and so on. Horse racing has reached another level where it is more than just a traditional sport like we did in the North. It is a worldwide investment and we choose Lagos because it is a very enterprising town. We want to do the whole South but we started with Lagos because it is the root. And it has a positive effect; there are chances of getting employment. Like in Japan horseracing club helps in social services annually more than one billion dollars. In Lagos for example, we are starting with not less than 50 horses, each horse has a houseboy, each horse has a Jockey and there are others that are labourers, so it’s advantageous. Horse racing is no longer traditional like I said; it’s going to be a full blown business in Nigeria as a whole that is what we are working on.” For him, horse racing is a very loveable sport. “If you see anybody that doesn’t like horse racing definitely he hasn’t come across one. Horse racing is all about competition. Anything competitive people tend to love it because in human athletics you can see how excited people can be when they see heroes. I am telling you when it involves horses it is even more interesting”, he added. Speaking on the Southern Horse Racing Tournament, Abubakar said, “My friend Dare Oduntan who is my Vice now, did his NYSC in my state. He happened to have interest in horse racing and always frequented our Race Course. Already before we met, I had it in mind to introduce this sport to the South so when the opportunity of meeting him

provided itself we started discussing it and that was in 2004. From the moment I met him, I found him very hard working and I liked his tenacity in achieving his goal not just horse racing but whatever he puts in mind to achieve, he achieves.” He maintained that horse racing is not an elitist game. “Maybe if it’s about buying horses you can call it an elitist game because a rich man can buy as many horses as he can. And how much the horses cost depend on the breed. We have Argentine, we have Sudanese, we have thorough breed. The breed determines the prices. A thorough breed for instance, a racing horse in Europe or Dubai you will get for about two million to 10 million dollars. The last horse that won a cup in Dubai is worth about 10 million dollars. But if you are talking about Nigeria, you know we are just introducing it to the South so our own horses are cheaper. We only want people to become aware of the sport. The horse will be cheaper here but the more a horse becomes a hero the money will go up again”, he added. For those who may desire to buy a horse, he warned that maintaining a racehorse is not easy. “You have so much work to everyday. You have to buy the food, mostly millet. You have constant water; you shouldn’t allow it to be tasty. In short, they have to be at least two boys looking after a horse. One boy takes care of the horse. The other one exercises the horse, ride it every day say to a distance of 10 kilometres”, he noted. He was quick to add that horse racing is a tourist attraction in itself, adding, “If the government should be involved, it will go a long way to provide employment and that will be the best thing to happen to this sport.”

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13.05.2016

Group Launches ‘Make Naija Stronger’ Health Campaign Mary Ekah In bid to persuade government to keep its promise to address health crises and drastically improve the country’s health system, a coalition of civil society organisations recently launched a campaign to amplify Nigerian citizens’ demands that the government fulfill its promises and save the health system by funding the 2014 National Health Act and also allocate 15 per cent of the national budget to health. Anti-poverty organisation ONE and its partners, including Nigeria Health Watch, the Health Reform Foundation of Nigeria, Africa-Dev, the Women Advocates Research and Documentation Centre and the Centre for the Right to Health, are calling for improved access to lifesaving health services for all Nigerians. The group posited that 15 years ago, all African governments made a commitment in Abuja to increase health spending to 15 per cent of their national budget and to address the health crises Nigeria is facing, the coalition launched a new public health campaign, calling on the Nigerian government to keep the promise to increase funding for healthcare. “Successive governments have failed to deliver on the Abuja commitment and Nigerians–particularly women and children–continue to die from treatable and preventable diseases”, the group noted. It further stressed that the historic Abuja declaration has never been met by Nigerian policy-makers as only 4.37 per cent of the budget is allocated to health in the 2016 Appropriation Bill - and the recent National Health Act has not yet been funded nor fully implemented. “We are all hopeful for change,” says Dr. Chikwe Ihekweazu of NHW. “But as responsible citizens, we must learn how to hold our governments

Mwambu Wanendeya and Waje during the Make Naija Stronger' campaign

accountable for the promised change. Fulfilling the Abuja promise will make a difference for millions of Nigerians who die needlessly from lack of access to basic healthcare. It’s hard to imagine that in our beautiful country, millions of Nigerians from Lagos to Wawa, from Sokoto to Yola, die preventable deaths every year because of poor investment in the health sector” said Waje, top Nigerian recording artiste and ONE’s Strong Girl campaign activist. “I am asking all Nigerians to join us in calling the implementation of these life-saving plans and promises, starting with the 2017 budget. This is not beyond Nigeria, I know it is doable and we need to support government in rolling out those plans”, she noted further. Despite being Africa’s biggest economy, Nigeria spends relatively little on the health of its citizens and is facing both a health and a nutrition crisis, as women and children continue to die from treatable

and preventable diseases. It is therefore believed that, if fully implemented, the National Health Act could save the lives of over three million mothers, newborns and children under-5 by 2022. “Nigeria has a large rural population and many of these people are impoverished. The Nigerian government owes welfare to her citizens especially in the area of healthcare delivery services,” said, Dr. Nkem Onyejizu, ONE champion working in Kano State. “President Muhammadu Buhari and the Minister of Health last year reaffirmed their commitments to prioritising healthcare by agreeing to pursue the new Sustainable Development Goals. We therefore urge President Buhari to keep his promise to increase the quantity and quality of funding to implement the National Health Act, and ensure all Nigeria’s children not only survive, but thrive,” said Mwambu Wanendeya, Africa Executive Director of the ONE Campaign.

Tribe Nation Crew Launches ‘Dawn’ Omowale Akinbami The second season of ‘Dawn’ a Tribe Nation Original Web Series written, produced and directed by Anita Edwards was premiered recently in Lagos. The series was initiated in 2013 and sponsored by Custodian Insurance Plc. in collaboration with Zaron Cosmetics Limited. Tribe nation is a gospel entertainment company based in Nigeria, founded in April 2008 in Ile – Ife, Osun State. The core goal of the organisation is to be the leading supporter of everything gospel in Africa and the world at large. The first series of the soap is titled ‘The morning after the Dawn’. It was centered on the life of a young campus girl, named Dolapo Adenuga. A naïve village girl, who struggle to make ends meet and upscale the standard of living for her stricken family, rather reverse was the case. The official premier of ‘Dawn’ was launched by the organisation in a bid to correct the misconception among youth of this modern day on how they should

Actor, Jude Orhorha and Anita Edwards (producer and director of 'Dawn')

live outside their parental guide. Speaking to THISDAY, Edwards said the main aim was to help the youth

discover who they are, what they can achieve without giving anyone to define and redefine them by their mistakes and past error. She further emphasised, “It is about finding who we are and stop allowing our past mistakes to pin down our dreams and aspirations”. She also stated that “God has really been helping us, there are many people out there that are doing one project or the other because they wanted to do it. But we thank God that we are able to impact lives with our project so far, it has been God’s doing”. In the same vein, Dayo Davies one of the casts in the series also elucidates more on the theme by saying, “parents should learn to know the company of friends their children keep. And make sure they develop a cordial relationship so that their children can trust them enough to share their emotional feeling or any trauma they might be under go”. The soap opera is educative, informative and entertaining. The central idea of the complete series is salient and peculiar to young adult. It is a movie must watch for every home.

Asa Holds First Live Concert in Lagos The first ever-live concert of the international soul-Jazz singer, Asa, which held in Lagos, recently was definitely an unforgettable night for all who attended. The event, which was a sold out concert, was packed with music lovers, corporate individuals, socialites and celebrities. The event was opened with great performances by MOBO Award-winning Singer, Rachel Kerr, Project Fame alumni, Isaac Geralds, Soul Fusion artist Falana, singer and pianist Kaliné, producer and song writer, Cobhams Asuquo and alternative soul singer Bez. The evening was proudly sponsored by one of Nigeria's most loved brands Hennessy, which set up bars and a Lounge for VIP guests.

At the Asa Live in Lagos concert

The Hennessy Lounge hosted various personalities such as Omawumi, Richard Mofe Damijo, Bovi, Dr. Sid and Simi Esiri,

and more with Hennessy Cocktails all night long. Guests were also thrilled with songs such as ‘Awe’, ‘Satan Be Gone’, ‘Fire On The Mountain’, ‘Bibanke’ and even performed a duet with songwriter/music producer Cobhams Asuquo to Beyonce's ‘Halo’. Asa, who performed for two hours, kept all the energy levels in the hall high. The audience sang and danced, as the concert became the number one trending topic in Nigeria. Asa delivered more than what was promised as the audience was simply blown away. Hennessy is the largest Cognac Producer in the World, and was founded by Richard Hennessy in 1765. It is a highly regarded brand with a range that stretches from VS to XO and beyond.

Klint da Drunk to Lead Performances at Daylight Awards As part of the several entertainment activities lined up for the forthcoming Daylight Annual Leadership Awards (#DALA) 2016, some tested and trusted comedians have been painstakingly chosen to thrill special guests at the historic gathering. The high-octane awards ceremony holds on Sunday, May 22, at the prestigious Civic Centre, Victoria Island, Lagos, Klint Da Drunk amid glitz and grandeur. Multi-talented entertainer, Klink da Drunk will be leading the team of top-notch comedians waiting to serenade and raise the roof of the upscale venue with their rich repertoire of jokes and exhilarating performances. Interestingly, the very hilarious quartet of De Don, Elder O, D’Lectura, Baba de Baba and a few others, will also be teaming up with Klint da Drunk on the big stage to further electrify guests with their widely acclaimed rich reservoir of jokes. According to a statement issued by the Publisher/ Editor-in-Chief of the online newspaper, Mr. Azuh Amatus (NGE), who is also the Chairman and Founder of the awards scheme, the star-studded list of comedians expected to crack ribs at the ceremony is tight and carefully selected to add fun and undiluted entertainment at the high-net-worth event. ‘’DALA is a glamorous awards ceremony and we are bringing the very best on board to make the event memorable and fun-filled,’’ stated the Anambra State-born publisher. Azuh further added that the aim of the awards is to recognise, reward and celebrate excellence among Nigerians who have excelled immensely in various leadership positions and equally impacted positively on our nation in both public and private sectors. Amazingly, the famous duo of Okey Bakassi and Jennifer Eliogu are the super star hosts of DALA 2016.

Adefarasin Uplifts Souls at Word Conference Vanessa Obioha Shouts of praise, thanksgiving, dance of victory and screams of joy, these and more captured the electrifying ambiance at the just concluded Word Conference hosted by House on the Rock Church, Lekki, Lagos. Over the years, House on the Rock Church has been focused on positively influencing and impacting the community both physically and spiritually. This year’s word conference themed Adefarasin ‘Faith to Faith’ did not in any way go against the goal of the church, with life changing messages and spirit filled ministrations. The church was able to impact, empower and spiritually refresh the lives of thousands of attendees who pooled from all parts of the world. With Paul Adefarasin leading other great ministers of God like David Abioye, Mensah Otabil, Matthew Ashimolowo and Cindy Trimm, teaching in various sessions, the guests had in-depth revelation of the Word of God like never heard before. The teachings were complimented by musical ministrations from gospel artistes like Micah Stampley, Sonnie Badu, Onos Ariyo, Sammy Okposo, Tim Geoffrey, Gloreay Briamah and many more, putting people in the heart of genuine moment of praise and worship. By the end of the five-day event, which culminated in a Sunday service, guests were empowered by the Word and experience of the conference. Some of the guests couldn't stop gushing about conference and the impact it had on them. Their testimonies only reiterate the commitment of Adefarasin to use the gospel to reach out to thousands of souls lost in the world.

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13.05.2016

1000 Youths to Receive N500million Naira Grant For Start Ups

Queen of Osun Launches Pet Project Queen of Osun attending to kids at an orphanage

The reigning Queen of the State of Osun, Ms Oluwakemi Kumolu, launched her pet project called ‘Showing Love and Attending to the Needs of the Less Privileged People’ last Sunday. Held at the Heritage Hotel, Osogbo, the event was attended by the Deputy Governor, Mrs. Titi Laoye-Tomori, and other top government functionaries. The 24-year-old beauty queen, who was crowned on May 24, 2015, later visited the Abiye Orphanage Home at Olorunda, in Osogbo, to donate various items needed to sustain the orphans.

She also counselled them on how they could become better persons in future, through hard work, determination and prayers. Born and bred in Ibadan, Oyo State, Oluwakemi who is a native of Obokun town, in Osun, attended Omolara Nursery and Primary School, Ibadan (1993-2002), All Saints' College, Ibadan (2002-2008), and the Federal Polytechnic, Ede, where she had her Higher National Diploma (HND) in Accountancy. She was also Miss Accountancy in her days at the Polytechnic. Among the items donated were bags of rice, cartons of Indomie noodles, spaghetti, and toiletries.

The Genesis: An Exhibition for Charity Rebecca Ejifoma Aesthetic painters like George Edozie, Abraham Uyovbisere, Osagie Rafael Aimufia, Gerald Chukwuma, Joshua Nmesirionye, Segun Aiyesan, Ebenezer Akinola, Wallace Ejoh, Kunle Adegborioye and Bimbo Adenugba with a few from the Alpha Arts Group in Lagos were some of the artists that featured at the just concluded art exhibition of charity for Project No Excuse. This cocktail of 10 reality artists joined the convoy of this group art exhibition on a lawn in Ikoyi, where 40 per cent of their proceeds will go directly to the Ovie Brume Foundation – the sole proprietor of the show through its Project No Excuse, a scheme for children from indigent homes. Tagged 'The Genesis exhibition', its uttermost quest is to give children of poor homes opportunity to get education. Project No Excuse spells out that there is no excuse for anyone to be left behind, whether his or her parents are gatemen, cooks or whatever. The Director of Ovie Brume Foundation, Barrister Wale Orokoso, had said that the idea was bridge the disparity in the quality of education the children from poor background and the rich get, adding, “There will be difference but you need to try and close the bridge.” According to the Director,” this ongoing programme has got between 30 and 50 children on it. It started where the youth

Art lover at the The Genesis exhibition

centre is located in Victoria Island, Lagos. “It is to raise funds for the foundation, which has a youth centre, where children come to read after school. “We also have the Barak Obama centre, where these children come to read about the USA. We do other stuffs like taekwondo classes and others.” There were extremely large canvases with works like ‘Eden’, ‘Arise O Compatriots!, ‘Horsemen at Dawn’, ‘Reflection III & IV’, ‘The Eye’, ‘Baba Ijebu’, ‘The Guard’, ‘Eden’, ‘Green Seduction’, ‘Lost in the Crowd’, ‘Me and My Emotions’, ‘Fits of Passion II’, ‘Children of Paradise I and II’, ‘Mood I and II’, ‘Friends’ and ‘The Brides and Friends’.

Others were: ‘Wanderers’, ‘Guy’, ‘Enterprise’, ‘Vegetable Section’, ‘Somewhere in Lafiaji’, ‘Eko Si Kwalu ike’, ‘Mr. and Mrs. ii’, ‘Sugar Girls at Olosi’, ‘Covered’, ‘Metamorphosis’, ‘The Cord’ ‘Adorned’, ‘Children of Paradise ii’, ‘Atinuke’, ‘Morenike’, ‘Man in the Mirror’ and ‘Supplication’ among aesthetic others. Forty per cent from the proceeds of this array will go into charity in support of the Ovie Brume Foundation. Established in July 1973, its mission was mainly to support and promote institutions that serve as catalysts for accelerating the development of the nation by helping to realise the vision for a Nigerian society.

LG: Sustaining Development with High-Ended Technology The city of the future is an explorative and predictive exercise paying attention to the areas that are likely to impact the cities: technology, economics, climate, culture and demographics. There is a tremendous need for innovations and products that will help consumers experience an elevated standard of living. Leading electronics manufacturing companies are now devoting a large aspect of their Research and Development to churning out products that make for intelligent urbanism. One of such companies is LG Electronics with its forward-thinking and revolutionary products. LG Electronics is x-raying the likely areas with a city-centric lens. The city of the future concept focuses on particular areas that will likely affect how people experience and move throughout cities for years to come. LG is bracing up to addressing today and tomorrow’s biggest environmental challenges, the Therma V line is one way of doing that with the innovative technology of extracting heat from the surrounding air to minimise consumption of power thereby reducing billings drastically, which invariably affects the environment positively. The eco-friendly technology powering the Therma V line up is affordable and can be installed with ease, aiding homeowners to switch easily from obsolete

LG Dual DID Refigerator

home appliances to more advance innovative climate control devices. The newest LG air and water purifiers may therefore become helpful in the future. Until the future city catches up and is able to solve these issues on a larger scale, these types of appliances will become absolutely necessary in emerging economics during the short term.

The health benefits they provide will ensure that a foundation for an improved standard of living in the home is in place, making the city more habitable ensuring smart living and benefitting society as a whole. Commenting on the issue, Head of Corporate Marketing, LG Electronics West Africa operations, Mr. Rajesh Agnihotri said: “We care about our consumers and their well-being that is why we are committed to producing cutting-edge technologies that will not only shape their lifestyles but also solve their problems”. However, the LG signature line of home appliances, are perfect examples of what the future looks like. In the eyes of the electronics giant, future appliances will not only look great, they will be much easier to use. The appliances that is likely to dominate the future will boast of features such as doors that can automatically open when you approach, easy to understand control panels in accessible areas, and panels that become translucent to touch. The future appliance will be more efficient and quieter; all of these features can be found in the LG signature. With this in place, the ideal future home and the future city will not only look good, but also it will change ways and manners consumers interface with these devices.

A young trailor

Over 1000 Nigerians will this year be beneficiaries of N500Million Naira Grant seed capital set aside for young Nigerian entrepreneurs and students. This was disclosed today during the launch of the YESGrant Scheme by the Nigerian Young Professionals Forum in partnership with Heritage Bank, which took place at the Four Point Hotel in Lagos, Nigeria. The event which was very well attended by dignitaries, including representatives from the Nigerian University Commission (NUC), National Youth Service Corps (NYSC), as well as captains of industries and top Government Functionaries as part of efforts to grow more indigenous entrepreneurs among young Nigerians and deliberately create over 50,000 jobs in the next 5 years of the program circle. Speaking during the launch, Chairman, NYPF, Moses Siloko Siasia, said he was inspired by the big impact small businesses can have on the economy and that was why the grant was created to provide incubator support to enable young entrepreneurial postulants with creative ideas in Agriculture, ICT and creative economy start or expand their business concepts in those areas. "I have built businesses from the scratch and I understand the challenges people face and that is why I am optimistic that if given the necessary support, young Nigerians will not only grow the Nigerian economy, they will completely revolutionize it" Speaking also, the Managing Director of Heritage Bank, who was represented by the Head of Marketing Strategy Mr. Obioma Emenike said he was optimistic that the initiative would lead to start ups and give a boost to economic growth and issued a call out to entrepreneurs to use their network to encourage their friends and colleagues apply for it. The YESGrant will provide business training for up to 600 aspiring young entrepreneurs spread across all geo-political zones in Nigeria and will encourage expansion, specialization and spin-offs of existing businesses, which is to enable young entrepreneurs access a wide business professional network and improve their visibility, while entrepreneurs will receive up to 2million Naira annually as grant. The YESGrant is to enable Nigerian students with extreme financial need pursue their academic dreams and aspiration in the areas of research and technological/scientific innovation and it will also help low income and disadvantage students with their tuition of which over 500 students will benefit from this year’s grant. Furthermore, Students studying in Nigeria will receive up to 500,000 (Five Hundred Thousand Naira) while those studying in the United Kingdom will receive up to 3,000pounds and those studying in the United States will receive up to 5,000dollars annually as grant To apply for the YESGrant available at www.yesgrant. com prospective recipients must be between the ages of 18- 40, be registered members of the Nigerian Young Professionals Forum (NYPF) and have an account with Heritage Bank prior to the disbursement of the funds in August 2016. Student’s award recipients must in addition provide their matriculation number and academic progression report.

13.05.2016

32/ENTERTAINMENTRAVE

eraveonline@gmail.com

@eraveng

www.eraveng.com

Wizkid Scores First Number One Hit on Billboard Hot 100 Talented Nigerian act, Wizkid has scored his first number one hit on the Billboard ‘Hot 100’ chart for the week ending May 21. This great feat made him the first Nigerian and African artist to lay claim to the biggest song in America. The great achievement is courtesy of his feature on Drake‘s monster single, ‘One Dance’ which is also Drake’s first ever No. 1 track as a lead artiste on the Billboard charts. Billboard shared the news on their website – “Drake celebrates his first No. 1 as a lead artiste on the Billboard Hot 100(dated May 21), as “One Dance,” featuring WizKid and Kyla, climbs 2-1. The track is from his new album, Views,

Wizkid .

which, as previously reported, debuts at No. 1 on the Billboard 200 with his best

sales week and a record-setting weekly streaming total.” In another development, Wizkid emerged as the African Artiste of the year over the weekend at the 17th edition of Ghana Music Awards. The multi-talented act beat the likes of Patoranking, Olamide, Harrysong and Korede Bello to pick up the plaque at the event which held at the Accra International Conference Centre. The pop star has also signed three Ghanaian artistes onto his Starboy Entertainment Worldwide label. He made the announcement during his acceptance speech at the Ghana Music Awards. The three acts are R2Bess, Mr. Eazi and Efya.

Aity Dennis Unleashes Amigo Gospel music singer and mother of twins, Aity Denis, has dropped a brand new video titled, 'Amigo', a song written in Spanish, English and Igbo. “Welcome to May, your month of favour and grace. Enjoy my new release, Amigo, an exciting new video that will bless your soul and move your feet. It is a beautiful blend of Spanish, English and Igbo,” an excited Aity Denis posted on her facebook profile announcing the release of the video last week. Shot by Honesty Music Productions in Lagos, Nigeria, the platform behind gospel music videos like Sinach’s I Know Who I am among a host of others, the video has been on massive rotation on the airwaves. In a career spanning almost two decades, Aity Denis has written over 2000 songs and could be described as a multilingual singer, worship leader

Aity Dennis

and prolific songwriter. With a Masters degree in Mass Communication and a degree in French, Aity has performed on big stages across the globe ministering

alongside gospel music stars like Ron Konnely, Alvin Slaughter and Hope Davies among a host of others. The Chief Executive Officer of Honesty Music Entertainment Limited, Mr. Anthony Chukwudi Umeh said it took two days to make the Amigo video, “The video took us two days, adding that the challenge was that, “it took some time trying to even choose the song because the artist had other good songs even as interpretation was also a challenge.” “We needed to listen over and over before concluding on the concept. Another was location, costume, then editing”, Umeh noted further. Umeh, who said Amigo is a very good song that talks about the awesomeness of God, revealed that his Multi media studio is coming up in less than two months.

Court Orders Nigerian Artiste, Zeez to Refund N22 Million to Record Label A high court in Lagos has asked popular Nigerian artiste, Zeez (formerly known as DJ Zeez) to refund over N22 million to his record label, HF Music. The presiding judge, Honourable Justice B.A. Oke-Lawal (Mrs.) in the case brought before the High Court of Lagos State, ordered that Zeez, real name – Kingsley Elikpo, should refund the sum of N22,378,605.70 (twenty-two

million, three hundred and seventyeight thousand, six hundred and five naira and seventy kobo) being the total amount spent by HF Music through various advances made to and on his behalf, from the commencement date of his contract with the label until the point when it was breached by him. Both HF Music and Zeez are yet to make any official statement on the issue.

2FACE IDIBIA Highly respected Nigerian artiste, Innocent Idibia, a.k.a 2 Baba was conferred with a honorary degree by the Igbinedion University, Okada, Edo State on Tuesday May 10th.He earlier made the announcement on his Instagram page . “Ladies and gentlemen! I’m pleased to let you know that I’m going 2 be Conferred with an honorary degree @ Igbinedion University on the 10th of May in okada. You are all invited. #GRATEFUL #igbinedionuniversity Thank you for the honour”.

TIWA SAVAGE

Talented singer, Tiwa Savage has broken her social media silence. Since the troubles in her marriage began about two weeks ago, the mother of one has distanced herself from all her social media handles. She wrote: ‘From the bottom of my heart, I want to thank each and everyone of you for your support and kind words this trying time. Without it, I do no know how I would have made it through. Most importantly, thank you for your continued prayers for Tunji, Myself and Jamil. May God meet each and everyone of you in your time of need’.

zeez

Iyo Returns with Ko Kan Won Fast-rising Nigerian artiste, Iyo has released a new single with a crisp video titled 'Ko Kan Won'. The new single is a follow up to her last Afro Pop tune, Pack Up & Go which was adjudged as one of the most played songs on radio and made it to most of the popular music charts. The new single, Ko Kan Won is an upbeat jam that once again re-emphasised the immense talents of Iyo and her vocal dexterity. Produced by Dapiano, the song is poised to top music charts and rock the dance floors in coming weeks. The crisp video which was directed by Mex featured cameo appearances from Sound Sultan, CDQ, Orezi, DJ Spinall and May D. Managed by veretan artiste manager, Sunday Are of List Entertainment, talented Iyo is one of the music acts that is poised to lead her generation in no distance future.

KENNETH OKONKWO Nollywood actor, Kenneth Okonkwo and his wife Ifeoma are very happy at the moment. The couple welcomed their first baby on Saturday May 7th at St. Joseph Medical Centre, Baltimore, USA after nine years of marriage. The baby has been named after his father, Ken. The elated father shared pictures on social media with the caption "God has been faithful. To Him be the glory for giving us another Ken."

33/ PERSPECTIVE

13.05.2016

Resolving the Terrorism of Herdsmen Emmanuel Nwosu President Muhammadu Buhari’s directive to the security agencies, to deal with herdsmen rampaging farming communities, mostly in the North-central and Southern states of the country, cannot be the panacea to the terrorism. First, it is belated and imprecise, as if no lessons were learnt from the Boko Haram debacle. Are they to be engaged like the insurgents or are they only to be arrested for criminal prosecution? The desperate herdsmen have hordes of militia, formidable in formation and lightening in attack and retreat, which may not be lightly dislodged if challenged while bearing arms. That is the crux of the matter. It is imperative that they are first disarmed and demobilised, with their sources of weapon cut off and their principals fished out, if they are to be reined in at minimal cost any time soon. Our security agencies always cue to the body language of the powers that be. For example, they stood by while Western Region’s political crisis escalated from 1962, simply because it favoured the agenda of the ruling Northern Peoples’ Congress for the domination of the country. That crisis then triggered the first military coup d’etat of January 15, 1966, leading to events which redefined Nigeria for worse. In the present case, they might have read Mr. President as indifferent to the terror of the herdsmen believed to be of the same Fulani stock as he and for the fact that he has always been quick to commiserate with other nations whenever life was lost or property destroyed but had seemed unperturbed over the massacre and ransacking of the communities. Without precise empowerment on the line of action, our security agencies might still dither. Otherwise, the Police, at least, would have been booking them for trespass, rape, murder, arson and illegal possession of firearms. Second, the deployment of force may only yield temporary reprieve because there can be no lasting peace without justice, even in a garrison. But the complementary measures must be ones whereby farmers can possess their farmlands in peace, without further trespass and loss while herdsmen become less nomadic and yet able to bountifully feed their cattle and earn better returns without incidents. In this regard, it is most sagacious to have cattle-growing states (and other interested states anywhere) collaborate with the private sector to develop commercial feedstock farms and state-of-the-art ranches where cattle can be best husbanded to global health, productivity and return-oninvestment standards, without hindering crop farming. It will galvanize employment and internal revenue as well. The option of grazing routes and reserves or settlements nationwide - in the face of diminishing arable land and vegetation (owing to environmental challenges, population explosion and urbanisation) and given the diversity in agricultural practices among geographical zones - is predatory, prone to incident, unsustainable and antithetical to lasting conflict resolution. Land is particularly scanty in the South and, in most cases, individually (rather than communally) held. The whole of the South-East will be smaller than the typical state

Fulani herdsmen

of the North. The opportunity cost of the reserves would be too high in that case. Third, no matter what leaders of the North may now spin, the Fulani are the dominant cattle entrepreneurs of Nigeria and must be the reference point in the terrorism of the herdsmen who have mostly been identified as Fulani in all the narrative of incidents. Though gentle in mien, the impression is that the Fulani (including the herdsmen among them) are, generally, master-strategists, conquest-oriented and brook no opposition, as can be evidenced in the attacks. In the absence of resistance from both the government and the communities to the raids, they will now be conditioned to a higher degree of suzerainty. Their forefathers had also conquered the larger part of the North and imposed Islam. And they have outwitted everybody in the political arena since setting foot on Nigeria in 1804, through to the days of British rule, till today. Given this propensity for the subjugation of others, including well-wishers (remember Dan Fodio vs Yunfa and Alimi vs Afonja) a lot of people are uncomfortable with the idea of the Federal Government carving out titled districts (amounting to federal territories) for them, in the name of grazing reserves and settlements, throughout the country. The psychological and sociological dimensions cannot be ignored. Perception could be stronger than reality as a motive force. Fourth, if we had not been laid back, we would not be in the chaotic conditions of today. There is the Ministry of Agriculture at both national and state levels. We have a multitude of research institutes, extension departments and universities. But there is insufficient evidence of crossfertilisation of ideas between them and the farmers, most of who are still burning farmland and cultivating with hoes

and cutlasses the way our forefathers did. The herdsman and his cattle are still nomadic, exposed to the vagaries of the environment without safeguards. Cattle ranching, large-scale farm settlement and mechanisation initiated by the enterprising regions of the First Republic have been disembarked. The story is the same in other sectors because there was crude oil rent (produced by foreigners) to share. Our conditions would have been radically different if the production of food and other needed goods and services had been propelled by the machineries of government! This situation brings to the fore the need to restructure Nigeria. The First Republic was economically successful because substantial fiscal, political and administrative independence was devolved to the regions to take their fate in their hands. The leadership of each region was compellingly Spartan and frugal, with a sense of mission to make the best of the region’s assets for the benefit of all the people. Conversely, concentration of political and economic controls on the Federal Government, with states as vassals for revenue sharing (rather than generation) has resulted in the predatory attitude to one another by individuals and groups, which the terrorism of herdsmen for random grazing and the excision of farmlands, from both cattle-growing and non cattle-growing states, for grazing reserves for a group, at the expense of other citizens and occupations, exemplify. We are like spoilt children of a polygamous home squabbling over limited food in the kitchen instead of each mother daring the weather to the farm with her children to compete and harvest food in abundance. “The harvest is plentiful but labourers are few”, as if the Lord Jesus Christ was talking about Nigerians. Significant fiscal independence will compel federating units to exploit their respective resources to produce and galvanize Nigeria to prosperity.

Lamentation on Nigeria’s Power Woes Uzo Nwokwu For too long now, Nigeria has become synonymous with epileptic power supply. Without doubt, the country harbours the most generators of all nations on earth, including brands and sizes. Today, we have graduated from epileptic supply to virtually zero supply of electricity to our citizens. No one in the government seems to be worried about the incalculable harm of these generators to public health, the environment, our psyche and the owners and neighbours of these harmful machines. But it is scandalous that a nation that sits on nearly inexhaustible quantum of oil and gas, petro-chemicals, trash, wind and sunshine is at the same time living in the darkest part of the earth. This is mainly because of the greed, avarice, ignorance, mediocrity and partisanship of its political class and leadership. At a time the world's water resources are fast drying up as a result of climate change, and nations are in panic mood, desparately exploring and deploying all sorts of alternative energy technologies, Nigeria's leadership is still focused on the Kainji Dam for solution to its power quagmire. At a time even much more endowed nations in the oil and gas sectors, including Saudi Arabia, Kuwait, and UAE are investing heavily in renewable energy technology as a present and long-term solution, our leadership is obsessed with the moribund Egbin power (less) station for succour. At a time the world, including the USA, Germany, Saudi Arabia, Italy, France and other advanced and not-so advanced societies are tapping into all possible sources of energy simultaneously, we are protecting special interests in the power sector, playing dirty geo-political partisan politics while Nigeria lies prostrate on the ground. Just last week, the President, Muhammadu Buhari went to China and entangled Nigeria in among some other messy stuff, the construction of a solar farm-based power plant, a technology that has since become virtually moribund but

Fashola

which China is busy replicating all over Africa, from South Africa to Zambia, Kenya, Tanzania etc. The cost and source of funding are even the more worrisome. For a nation that has some of the most brilliant experts in the power sector in the world today, it is inexplicable that rather than declare a state of emergency in the power sector and tap these experts to come home and rescue the nation, we have lumped the power ministry together with those of works and housing in apparent emphasis of our ignorance and low priority for the power sector. Truth is that no nation, including Nigeria can develop without sufficient electricity to power its infrastructure, electricity being the bedrock on which every and any other development or project depends for sustainability.

In addition to Geothermal technology, there is an abundance of technology and funds in the renewable energy sector outside Nigeria to power the nation but for some anachronistic policies and the greed of Nigeria's political class. It becomes even the more bizarre when you reckon with the fact that God has placed Nigeria right there at the centre of the equator which means that she can generate from renewable energy sector, twice or even thrice the amount of power that other nations can generate with the same equipment and investment. Unfortunately, even states, local governments and institutions are also folding hands, waiting for the federal government which appears today so confused and helpless in the face of the crisis. Only God knows how many lives have been lost to the power crisis, how much financial loss we have incurred, the damage to the manufacturing sector and the economy generally, the discomfort to the people as well as what is going on in the minds of our rulers, particularly former Lagos State Governor Babatunde Fashola whose benchmark for determining competent administrations is provision of adequate power supply within six months but who after one year seems yet to be as to wondering if he is actually the Minister of Power, Works or Housing. I guess whenever we come to terms with the fact that the status quo ante in Nigeria, our present politics, bitterness, vindictiveness, perception and manner of approach to our problems are unsustainable, we will turn around and make the necessary changes for the better. Nigeria needs all Nigerians, particularly its best eleven to bring her back to life. Those Nigerians making excuses for the political class, the president and present and past administrations should hide their faces in shame. The decision to move the country forward must begin with the people and quickly enough, unless we want Nigeria to die of an imminent heart attack. . Nwokwu wrote from USA Email cegainc@gmail.com

34/ETIQUETTE

13.05.2016

THE ETIQUETTE FORUM ADEKANMI OTEDOLA-OLUSANYA

email mretiquetteonline@yahoo.com

tel. 08112661635, 0809285 4855

The Gentleman and Infidelity We live in a world of fast decaying moral standards. Vices like lying, corruption, sexual effervescence as portrayed by nudity in musical videos, indecent exposure in dressing and racy commercials have become normalcy. One of the resultant effects of these maladies is increasing infidelity in marriages. In recent weeks, celebrity couples at home and abroad such as Beyonce and Jay Z and Tiwa Savage and Tunji ‘Tee Billz’ Balogun have openly disclosed infidelity in their relationships. While Beyonce alluded to hers in her new album titled ‘Lemonade’, with her husband attesting to its credibility, and even purportedly prepping a musical response to his wife’s disclosure, that of Tiwa Savage and husband was even messier. Tiwa Savage recently spoke of how she confronted her husband with a woman he spent the night with in a hotel after seeing a suggestive social media exchange between them - while Tee Billz has accused Tiwa Savage of sleeping with three other musical artistes. Should infidelity be tolerated by and from a gentleman? Does infidelity by a gentleman to a lady not amount to emotional torture? Does it not breed distrust, deceit, dishonesty and selfishness in relationships? Are these vices not the direct opposite of virtues such as consideration for others, kindness and curtsy, honesty and integrity that make up a gentleman? If the word infidelity is synonymous with the word cheating, should a gentleman be associated with such an act? Should a true gentleman cheat? If infidelity was a noble act would it have led to the near impeachment of Bill Clinton as president of the United States after his affair with Monica Lewinsky? I would like to suggest to men all across this nation and beyond regarding what their

approach to infidelity or the possibility of it should be. Firstly, the notion that faithfulness is impossible should be discarded and I will buttress this point with an example at the end of this write up. Self control is one of the hallmarks of the human being in all his intelligence - our world collapses without it. Therefore alluding to the impossibility of faithfulness in relationships is an insult to the intelligence of the human being. Secondly, openness, honesty and integrity are the hallmarks of a true gentleman. You should discuss infidelity issues with your wife at the slightest instance. Secrecy and lack of openness feeds the potential for infidelity like no other. Pay attention to the sign posts that feed infidelity. It could be the friends you keep, the root habits that spill over into deadlier vices, the places you go to, the things you say, the things you see or the structures you have built around your work life. If you need to get a male personal assistant rather than a female one then do so. Next week, I hope to dwell more on this. I have a friend who got married few years ago and was sort of a ladies’ man while single. He was warned by a married man that once he sleeps with a woman outside marriage it would be almost impossible to stop. The reality of that truth seemed to sink into him as he remained faithful over the years. If he remained faithful you also can. You could purchase a copy of my book on etiquette titled PROPER MANNERS AND ETIQUETTE IN ANYTHING AT ANYTIME AND ANYWHERE at the price of N3,500 at our corporate head office at 340 - 344 Ikorodu Road, by Idi-Iroko Bus Stop, Maryland, Lagos. Or call 0802 312 6010 or 0811 266 1635 to have a copy sent to you.

In recent weeks, celebrity couples at home and abroad such as Beyonce and Jay Z have openly disclosed infidelity in their relationships. While Beyonce alluded to hers in her new album titled ‘Lemonade’, with her husband attesting to its credibility, and even purportedly prepping a musical response to his wife’s disclosure

Pay attention to the sign posts that feed infidelity. It could be the friends you keep, the root habits that spill over into deadlier vices…Becker stated that he admitted to his wife that he had the one night stand with another woman while his wife Barbara was pregnant with their second child. His friends at the time included Tiger Woods and rapper Sean ‘Diddy’ Combs

Tiwa Savage and Tee Billz have openly disclosed infidelity in their relationships. Tiwa Savage recently spoke of how she confronted her husband with a woman he spent the night with in a hotel after seeing a suggestive social media exchange between them

If the word infidelity is synonymous with the word cheating, should a gentleman be associated with such an act? Should a true gentleman cheat? If infidelity was a noble act would it have led to the near impeachment of Bill Clinton as president of the United States after his affair with Monica Lewinsky?

35/ENTREPRENUER

13.05.2016

‘We are Using our Training as Doctors to Save Lives’ Having survived gunshots incident in 2011where about 20 bullets were shot into his neck by armed robbers, Dr. Kunle Megbuwawon, a medical practitioner and a family physician by training and founder Orange Health Initiative in this interview with Mary Ekah, says he plans to carry out free surgical exercise on Nigerians suffering from various forms of ailments that require surgery from May 19 to 22 in Lagos State

Dr. Megbuwawon attending to an elderly patient

Dr. Megbuwawon

Some of the elderly being given attention

years, we are going to become that. We are enjoying good health now and we can run around but when we are 60 and 70 years of age, we discover that our strength is not as strong as it used to be. We move from being independent to being dependent and except the society decides to take care of her dependent; we find that most people will be in need of those to cater for them. We find out that a lot of people that were not hypertensive or diabetic will become that and a lot of others will develop so many other ailments while others develop enlarged prostrate that needed to be treated, so different life events happen that make us to begin to depend on our families and society at that age. And these are people that actually need the healthcare because you also discover that they are not given access to health insurance. So we are saying, we are the voice for the elderly and so we started Project Grey, an annual event where we celebrate the World Elders’ Day. And last year we treated over 1,500 elderly people in Fadeyi, Lagos, where we brought them together and do eye surgeries for them, gave them eyeglasses and served them for five days and this year we are also planning to do same. We also started the Veteran Health, which is a health package for the elderly people, which with minimum amount they can have access to healthcare. We also started the Senior Citizen Health Fund when we discovered that the elderly do not access healthcare not because they do not want to but because they cannot afford it. And so we are appealing to organisations to support the Senior Citizen Health Fund by subsidising the cost of their healthcare so that the little amount that is paid by these elderly ones, and the subsidy will cover for them so that by the time they come to hospitals, they could have access to better healthcare. Apart from the scheduled free surgical Now the impact of this is that it is going to exercise, what other things do you do at prolong their lives and they are going to live better and longer lives while they continue Orange Health Initiative? One of our core areas at Orange Health to impact on the society. Because whether Initiative is the care of the elderly. We discovered we like it or not, the wisdom of the elderly that in Nigeria, nobody is talking about caring can never be quantified. When the young for the elderly. And it is a paradox because are growing up, they need the elderly ones you and I in a few years are going to join to guide them; when you feel you know it that group called the elderly because from 60 all, the man that had done it several years

before can tell you the history and where the pit holes are and the youth can actually gain a lot from the wisdom of the elderly. Aside from these, we also do consultancy and other advocacies. We are also looking at so many other things that we can do and once we have support, we will be able to do more and impact lives. One of such areas is youth empowerment and areas that concern the women.

Tell us what you do for a living and how you came about the present project? I am a medical practitioner and a family physician by training. I work with an international NGO and I have also volunteered to work with Orange Health Initiative as the Project Coordinator. We started in 2014 together with Dr. Segun Ogundimu, who is presently the Chairman of the Initiative, Mrs. Titilope Godo and my wife, Temitope Megbuwawon. We also have other doctors who have volunteered their service each time we hold a programme. So we strive on volunteer services and I must say that voluntary services are what a lot of youths are shying away from but this is actually a way they can also build their skills and knowledge. Basically one of the reasons why I volunteered to do this was to say thank you to God for sparing my life after gunshots injuries on my neck. I was shot by armed robbers in 2011and there were about 20 bullets that went into my neck but God spared my life and apart from thanking God for such miraculous deed, I promised that I will use my skills, knowledge, network and moneyto give back to society. So my wife and I started the Orange Health Initiative with help from other partners as mentioned earlier. We have been using our resources to impact on the society and we have been collaborating with other groups andorganisations to find ways of impacting lives. One area we felt was germane was in the healthcare space and as doctors that is our core area. We knew that not everybody can afford the services that we offer and not everybody can afford surgery even though they had a huge need for it. So we said this is our own little way of contributing to better the society and to impact lives.

Dr. Megbuwawon with beneficiaries during one of the processes for free surgeries

we said it is not focusing on the urban areas and middle class alone but let us also go to those in the disadvantaged areas that have these disease but cannot afford the money. Now we also chose One Life Hospital because for every programme that we have to do, we must have a base with which we must do it. We have to use somewhere that has requisite facility to be able to take care of the patients and so we look for venue and it has to be a member of ARSPON who is So how does the Association of Rural willing to volunteer his/her hospital. Once you Surgical Practitioners of Nigeria come in? volunteer your hospital, there is a checklist I am not the only one involved in this we are after which you provide the necessary project, it is the Association of Rural Surgical materials would be needed and once all that Practitioners of Nigeria (ARSPON) of which I is set, we take off. am the Public Relations Officer that is running What qualifies a patient to be a part of the programme in conjunction with Orange Health Initiative and the hospital where the this free exercise? Once you have been diagnosed to have operations will be carried out is One Life Hospital, owned by a member of ARSPON. one surgical condition or the other, you are So now, ARSPON in conjunction with my qualified to come for the registration at the One NGO, Orange Health Initiative with support Life Hospital. After which other examinations from Lifebox Foundation, UK and One Life will be carried out on you to confirm that you Hospital will be offering four-day free surgical actually can go through the surgical operation. operations to Nigerians suffering from various And we are looking at doing 100 surgeries forms of ailments that require surgery. The in four days starting from May 19 – 22. We exercise, which will take place at the One have done it before in Festac, Lagos, where Life Hospital, located on Agege Motor Road, we did over a 100 surgeries in three days Bolade, Oshodi, Lagos, totally free of charge. and we have done Ibadan and even in the Expected to be carried out are operations for Eastern states. Hernia, Lipoma, breast lump, fibroid, goiter, How often do you do this? prostrate, tooth extraction amongst others during We do this at least four or five times in a year the exercise which begins on Thursday May depending on the resources and sponsorships 19 and runs till Sunday, May 22. The Association of Rural Surgical Practitioners that we have. One major area is that if we of Nigeria is an NGO made up of medical have sponsorships, we are available to do as doctors and surgeons that came together to many as possible at every nook and cranny give their services to the very poor in the of the nation. And so my appeal will be to society and those that cannot afford to pay organisations that if they are looking for a place for their medical service. Operating a Fibroid to put their CSR funding, this is a good place surgery, for instance, could cost as much as to do that because they are going to see the 150,000 naira depending on the area and yet effects, impacts and results. At the moment, not many can afford that kind of money and it has been solely financed by us with some so we came together as doctors and give these doctors offering their free services and facilities, services as pro bono to people that cannot without any outside organisation assisting us afford it. So one of the things we do is to go in any way. So we want kindhearted Nigerians to communities - resource poor areas and and various organisations to partner with us utilise hospitals and community centres in in giving better healthcare services to the less those areas to do free surgeries for people. So privileged Nigerians.

36/COLLAGE

13.05.2016

R-L; Chairman, Guiness Nig Plc, Mr. Tunde Savage; National Coordinator, lndependent Shareholders Association of Nigeria, Sir Sunny Nwosu; Mrs Rose Savage; Lady Comfort Nwosu and Secretary, Petrol Tanker Driver/ NUPENG, Calabar, Mr. Sunday Okusami during the memorial outing service of the parents of Lady Nwosu, Pa Lawrence and Madam Grace Okusami at Emmanuel Anglican Church, lsonyin, Ogun State...recently ABIODUN AJALA

R-L: Olori Wuraola; her husband, Ooni of Ife, Oba Adeyeye Enitan Ogunwusi; Mr Aderemi Ajose; President, Rotary Club of Omolegolden, Idowu Afelogun; and the incoming President, Titi Sunmonu, during the induction of Ooni of Ife as the Honorary member of the Rotary Club of Omolegolden, in Lagos....recently

L-R: Mrs. Bukunola Faleke, Chief Wole Olanipekun (SAN), and Hon. James Abiodun Faleke, during the burial reception of Pa Joseph Shofolahan at gradeur event centre in Lagos recently ETOP UKUTT

L-R: Wife of the Pastor-in-Charge, Lagos Province 16, The Redeemed Christian Church of God (RCCG), Pastor (Mrs.) Bola Kpandei; Special Assistant to the General Overseer, RCCG on Women Affairs / Pastor-in-Charge, Region 11, Pastor (Mrs.) Oretayo Adetola; Executive Secretary, AmuwoOdofin Local Government, Deaconess Modupe AjibolaOjodu; Executive Secretary, Apapa Local Government, Mrs. Bolaji Dada and Pastor-in-Charge, Lagos Province 16, Pastor Charles Kpandei, during the commissioning/dedication of â&#x20AC;&#x153;Lively Women Maternity Homeâ&#x20AC;?, Ibasa Town, Lagos State ...recently

L-R: The Most Rev'd. Dr. E. A. Ademowo (the Diocesan Bishop of Lagos & Dean Emeritus Church of Nigeria Anglican Communion), the Venerable Henry O. Adelegan and his wife Damola during Collation of the Ven. Henry Olubunmi Adelegan as an Archdeacon in the Diocese of Lagos at Our Saviour's Church, TBS, Lagos..recently

Mr. Ezugo Valentine Augustine and former Miss Esther Chidima Nwekeaku, during their wedding at the Holy Trinity Catholic Church, Maitama, Abuja...recently

37/THISLIFE

13.05.2016

Celebrating Felix Osifo at 80 A book titled ‘From Machine Boy to Managing Director’ written by Prof. Hope Eghagha, to celebrate the sterling life of Mr. Felix Matthew Osifo, who is often referred to as a thoroughbred corporate titan with a knack for excellence, was presented to the public at a reception held at Golden Tulip Hotel, Lagos. Funke Olaode who covered the event, reports

Celebrant, Mr. Felix Matthew Ogbeyewebor Osifo and wife, Beatrice, at the book launch in Lagos...recently

He is an enigma whose life has become an open book for a determined heart who wants to succeed having risen from zero to become a hero. He has equally grown in profile as a corporate and public success. But to Mr. Felix Matthew Ogbeyewebor Osifo, more than anything, perseverance, dedication to duty, being focused, determination and above all the grace of God has helped him to weather the storm of life to rise above life adversities. He was inspired by a man who introduced himself as ‘Doctor of Machine’ from Lagos during a church convention in Warri. From that day, he aspired to be a doctor of machine, which he later became. The life trajectory of Osifo is no doubt a lesson in perseverance, dedication, commitment and above all, God’s providence. Born on April 19, 1936 in Warri in the present day Delta State. His name Ogbeyewebor meaning a poor man has no voice or say suggests his humble beginning. But rather than wallow in self-pity, the young Osifo took a leap of faith. After Standard Six, his hope of furthering his education was truncated by lack of fund. He summoned up courage and came down to Lagos at age 17 where he was trained as apprentice, graduating in 1956. Determined to succeed, he joined UAC at age 20 and by the time he retired in 1986, he had seen it all by becoming the executive director and capped it as Managing Director of Vono Products, a subsidiary of UAC. Today, he is an inspiration, a mentor and a source of hope for the younger and disadvantage generations. Osifo as a beloved of many - his, boss, contemporaries and boardroom colleagues alike- was brought to bear on Saturday, May 7, 2016 when people from all walks of life converged on Golden Tulip Hotel in

Festac area to celebrate this man of many parts the presentation of his biography ‘From Machine Boy to Managing Director’ written by a Professor of Literature, Prof. Hope Eghagha and was reviewed by the Chairman, Editorial Board of the Nation Newspaper, Mr. Sam Omatseye. The roll call of eminent personalities that graced the occasion included former Managing Director of Nigerian Breweries Plc, Mr. Felix Ohiwerei, his counterpart from Unilever Brothers, Chief Michael Omolayole, Chief Phillip Asiodu who chaired the occasion, Chief Oprah Benson, Chief Arthur Mbanefo, Dr. Emmanuel Edozien, Governor of Delta State, Dr. Ifeanyi Okowa was represented by Hon. Anthony Elekeokwuri, Engr. Olusola Erinle, Bashorun J.K. Randle, Chief Ezekiel Anayide, Chief Chris Okunowo, Otunba Subomi Balogun, Chief Ernest Shonekan were ably represented, Umunede Community led by HRM, Dr Ezeawu Ezenwali,Obi of Umunede, Rotary Club of Apapa, Nigerian Institute of Directors and church members were all on hand to felicitate with him. Osifo's former boss at UAC, Chief Christopher Abebe who sent a personal text message to him that morning was represented by his son, Dr. John Abebe, Surrounded by his amiable wife, Beatrice, their children and grandchildren, the elated Osifo was full of gratitude to God for sparing his life to witness his day of joy. The 280-page book, which forward was written by Mr. Felix Ohiwerei, narrates the challenges Osifo faced at work and how he dealt with them. What is particularly interesting is that he did not depend on godfather; rather, he focused on God to see him through. Of significant note in his endeavour while climbing the ladder was his belief that hard work was not enough to see him to the top, he knew the quality of his work must be

outstanding. Osifo was loved and liked by his bosses but it was as a result of his amiable character and the quality of his work. No doubt, Osifo’s philosophy is a guide to his brilliant performance. In it lies some of the keys to “good success.” It is also instructive that he sees success in the light of what you do to develop others- a clear recognition that a lone star does not translate into the success of an organisation. Osifo the corporate guru is also an excellent family man whose name and reputation went before him in most circles, often in positive terms. This is evident in the show of affection as guests generously launched the book the unveiling. Showering encomium on Osifo, Dr. Omolayole said he was delighted to perform the unveiling of an inspiring book, which he promised to finish reading within 48 hours. He said he admired Felix, as he is fondly called by his peers, for one thing: “He is widely read and very versed which often shows his depth and knowledge in our discussions.” He wished him well in his endeavours. In his words, Otunba Subomi Balogun who was represented by Mr. Diran Olojo eulogised Osifo whose story is that of amazing perseverance, hard work and being focused to become somebody in life. According to Olojo, “There is always a saying that if you want to hide something from a black man put it in a book.” But Osifo's biograhpy, he says, is worthy of reading because it is an inspiration of a man who rose from zero to become a hero. For the 65-year-old Dr. John Abebe who has known Osifo throughout his life and whose father used to refer to Osifo as a ‘good boy, since he joined UAC in 1979 and met him, he knew Osifo to be a very precise man. He prays to God for him to continue in good

health and to be around in good health for many more years. Chief Ezekiel Anayibe said he is happy to be physically present to honour the man he calls a father. “He is a wonderful man who has lived a wonderful life. Our paths crossed when he joined Rotary Club of Apapa. His commitment and dedication endeared me to him. He will live long in good health,” he said. In his congratulatory message, read by Hon. Anthony Elekeokwuri, Delta State Governor, Dr Ifeanyi Okowa said: “Today is a milestone for you which calls for a sober reflection and the celebration to God the giver of life. You have made a mark in your endeavours. In spite of your achievements, you remain humble. I pray for God’s blessing upon your life and members of your family.” Dr. Okowa launched the book with a sum of one million naira while Hon. Elekeokwuri donated the sum of N500, 000. For Chief Andrew Omeri his kinsman, Osifo is a role model to Umunede children. “He has been a pillar piloting the affairs of Umunede community and today, we all standing on that platform.” Chief Chris Okunowo representing Nigerian Institute of Directors said he is a distinguished member, a reservoir of knowledge, an epitome of good governance and a man of many parts. Rounding off the colourful but modest ceremony was Mr. Ohiwerei who remarked: “A lot has been said but most outstanding one was him knowing God at the of 14. The success we are celebrating is what God can do for a man who is under His guidance. He has lived an exemplary life. He equally married a good woman who stabilizes him and gives him a happy home. I wish you many more years in sound health,” he concluded.

38/OPINION

13.05.2016

ADEOLAAKINREMI HOME TRUTHS

Email: adeola.akinremi@thisdaylive.com

Tel 08116759785(sms only)

David Cameron’s Error of Judgment

o you really take the British Prime Minister, David Cameron serious? Cameron has used a number of words in the past, even to his own countrymen that should make us ignore him. In January, Cameron’s appetite for using wrong phrases to describe situations was condemned by everyone including the United Nations, when he described immigrants as a “swarm of people.” The real trouble with Cameron is his narrow view of the world. So I agree with those who called him hypocrite or those who say he sounds like Tory. For instance when he talked about the Calais Crisis, during a visit to Vietnam, Mr. Cameron said attempts to enter the United Kingdom had increased because “you have got a swarm of people coming across the Mediterranean, seeking a better life, wanting to come to Britain because Britain has got jobs, it’s got a growing economy, it’s an incredible place to live”. Unsurprisingly, Cameron has now said Nigeria is “fantastically corrupt” without reservation and in an ineradicable manner common with the Tory leader. But the probable question to ask Cameron is why is it difficult to get Nigeria’s looted fund out of Britain after many years and why did it take Cameron days to acknowledge that he benefitted financially from an offshore account of a company seemingly created to avoid British taxes as revealed by Panama Papers?

Cameron

That British fantasy that makes Nigeria still looks like a subject rather than a sovereign country more than 50 years after independence has been one of the reasons to blame for Cameron’s wrong choice of words to describe Nigeria, despite efforts by the current government to turn the tide. It may really have much to do with aid that the United Kingdom still gives to Nigeria but Cameron is not looking beyond the end of his nose, when he made that comment. Curiously, Cameron and Nigeria’s President Muhammadu Buhari met just a few hours after the disparaging statement, but I’m glad Buhari, a man who will not take insult from anyone cleverly called Cameron’s country, a rogue haven. “Corruption does not differentiate between developed and developing countries… I have already mentioned how disgraceful one of the Nigerian executive dressed as a woman to

leave Britain, leaving behind his bank account and fixed asset, which Britain is prepared to hand over to us, this is what I’m asking for. What will I do with apology? I need something tangible. “Repatriating stolen assets is tedious, time-consuming, costly. It entails more than just signing of bilateral agreements,” he said. “I call for establishment of an anti-corruption infrastructure that will trace and return stolen assets to their countries of origin. “This consideration informed my decision to attend this event as well as the anti-corruption summit organised by Prime Minister David Cameron that will be held tomorrow.” “I’m not going to demand any apology. All I demand is a return of assets. What would I do with apology?” the president asked. So, will Cameron step forward and respond to Buhari’s major request? The idea that looted fund is difficult to get back from Britain and other western countries should be a serious concern for everyone, because while the West continues to blame governments in Africa and elsewhere of not doing enough to tackle corruption, they enjoy having the loot stashed up in their countries. Some of the monies stolen by the late Nigerian military dictator, General Sanni Abacha are still being held by countries where the monies were laundered more than 19 years after. And while the funds are being used to improve the economy of the countries where they are deposited, the Nigerian people, who own the looted funds, are facing healthcare and infrastructure challenges that the fund could have been used to improve, if they

had been repatriated. The complicity of the UK financial sector and others in money laundering has been established over the years. For instance, £23bn-£57bn was said to be the estimate of funds laundered each year. Even a recent UK government report confirmed that the volume of corrupt money moving in and out of the UK is huge. So what is Cameron up to when he said Nigeria is “fantastically corrupt” without telling us the role of his own country in making corruption a festering abscess. With a subtle description calling it a “significant intelligence gaps,” a report from the UK Homeland said: “There are known professional enablers within the legal sector who are facilitating money laundering through the purchase of property with criminal proceeds, and the creation of complex corporate structures and offshore vehicles to conceal the ownership and facilitate the movement of criminal assets. “Although there are few complicit professional enablers known within the legal sector relative to the size of the sector as a whole, the potential impact they can have on money laundering remains high given their ability to conceal and disguise large sums of criminal money. They also pose a threat to the reputation and integrity of the vast majority in the legal sector who are not complicit in money laundering”. Where do we go from here? The solution to corruption is not to see it as a developing countries’ problem. To do that will be myopic and that is what Mr. Cameron wants us to believe.

LEKANFATODU HEADS-UP

Email lekantodun@yahoo.com

NLNG’s Act and Reps’ Doubtful Tact

recall that my submission sometime in November 2015 on the real task of nation-building before the 8th National Assembly as against the normal business of self-enrichment that drives many to contest for a place into the legislative chambers received impressive responses that largely corroborated my viewpoint. The piece, titled ‘The boys are back at work’, was essentially a jab at the junior lawmakers for resuming their legislative duties in the usual uninspiring manner at a time when hopes for change peaked across the country. In it, I highlighted the peril of legislative frivolities while reiterating the need for renewed efforts at deepening good governance through worthy contributions from the legislature. That intervention was prompted by the House of Representatives’ decision to constitute an ad-hoc committee on refined product exchange agreement/crude oil swap seeking a new “forensic investigation” into the activities of an aspect of the oil industry in a bid to “expose corruption, inefficiency or waste in the operations of the SWAP agreement…”, which I considered a sheer waste of precious time. My reasons for such stance are quite comprehensible. Asides that the House of Representatives had previously constituted different committees on varying oil and gas issues and had produced reports from statements of hundreds of witnesses and about 2,500 volumes of documents taken in evidence without any meaningful outcome, the Presidency, which has demonstrated greater degree of seriousness and focus in its mandates, has recently set up a more reliable plan in concert with relevant government

Omotowa

agencies and security operatives both within and outside of the country to clear the grey areas around the crude oil exchange scheme. So, truly speaking, there was no point expending precious legislative hours on matters that are already under the control of a different and more dependable arm of government and especially at a time when Nigerians anxiously yearned for proactive and relevant legislation. Interestingly, it is this same concern for purpose-driven legislative engagement and socio-economic advancement of Nigeria that has again informed this thought on a critical and potentially counter-productive legal and policy disagreement between the Nigeria Liquefied Natural Gas (NLNG) and the House of Representatives. Recent arguments on the proposed amendment of the NLNG (fiscal incentives, guaranteed and assurances) Act, 2004 by the House of Representatives have made it

absolutely necessary to pull our legislators by their earlobes, so that the message about the present agonies of many Nigerians and the desperate need to creatively salvage the sinking economy can, perhaps, be driven well into their eardrums. Expectedly, critical stakeholders in the Nigerian gas sector have been expressing profound concerns on what has been largely described as a misplacement of priority, and a display of gross insensitivity by the Representatives. For clarity, the Reps have accelerated efforts to amend the NLNG Act, essentially to compel the NLNG to remit three per cent of its annual revenue to the Niger Delta Development Commission (NDDC). The amendment, according to the legislators, is premised on the provision of the act which recommends the remittance of three per cent annual revenue into the NDDC fund. But this is despite available records showing that the NLNG, a private liability company, has expended over $150 million in community improvement, infrastructural development and education like the construction and equipping of a $2 million engineering faculty at the University of Port Harcourt; and a judicial reprieve by the Supreme Court, which, clearly explains the provisions of the act as regards the levy, exempted the company from such remittance. Reacting to the development at a public hearing called by the House of Representatives' Committee on Gas Resources, the chief executive officer of the NLNG, Mr. Babs Omotowa, made a brilliant submission on the matter. “As far as we are aware, this is the first time in the history of legislative practice in

Nigeria that a proposal is being made to amend a law for the sole purpose of imposing a levy against a company for the benefit of an agency of government. We urge the Honourable Committee not to lend itself to the establishment of an unjust precedent. To do otherwise would be to encourage other agencies of government who fail to make their case in judicial proceedings in court, to resort to legislative engineering to achieve what they failed to obtain in court,” Omotowa said. Omotowa didn’t add, however, that the frenetic rush to amend the act is not just for the benefit of an agency of government, but also to serve the interest of some rapacious government officials including, probably, some members of the House and their shadow businesses usually run by proxies. Really, instead of frustrating the exemplary business model and contribution of the NLNG to the Nigerian economy with the company’s remittance of over $3 billion into the nation’s treasury in 2015and scaring investors from pumping more money into the development of Nigeria’s grossly under-developed proven gas reserves of about 185 trillion cubic feet, the lawmakers should occupy their minds with legislations and regulatory frameworks and incentives that will attract huge investments in the gas market which will help in creating jobs across its chain value to fill the massive unemployment gap in the country. And the House should focus more on what ministries and agencies like the NDDC and Ministry of Niger Delta have done with the billions so far received towards the development of the Niger Delta and its people.

T H I S D AY • FRIDAY, MAY , 

BUSINESSWORLD

ANALYSIS

Public Private Partnerships as Key to Infrastructure Devt As part of efforts to improve infrastructure in the country, Nigeria and Japan have entered a partnership to develop a solid blueprint for economic sustainability in high quality infrastructure and human capital development. Ugo Aliogo and Jemaima Bolokor examine the benefits of the partnership Poor infrastructure has been described as one of the major bottlenecks for slow global economic growth amongst countries. If countries aspire to achieve an all inclusive and sustainable growth in the “quality” of infrastructural investments, there is a need to encourage public-private sector collaborations, while drawing a leaf from the developmental strides of some of the advanced economies in the world. For a country such as Nigeria with huge potential for growth; there is need to develop the infrastructure and investment in human capital in order to achieve remarkable growth in human capital and the economy. The above assertion was what formed the focal point of discussions at a recent publicprivate sector conference, organised in Lagos by the Japan External Trade Organisation (JETRO) in partnership with the Japanese Ministry of Land, Infrastructure, Transport and Tourism (MLIT) and the Lagos State Chamber of Commerce (LCCI). The partnership agreement was aimed at developing a solid road map to achieve significant improvement in infrastructure and quality of life. It will also focus on sustaining Nigeria’s economic growth through sharing of experiences and technologies from the Japanese government; while strengthening bilateral ties between both countries. The Deputy Minister for Construction, Engineering and Real Estate Industry, from MLIT and the government of Japan, Yasuki Kaibori, stated that Nigeria’s potential for development and infrastructure demand such as roads, bridges and port has been increasing; noting that the conference was an opportunity “for many leading Japanese companies to introduce their good practices of high quality infrastructure to Africa and the world.” Kaibori expressed confidence that the gathering will provide the platform to broaden Japan’s efforts in a regional level partnership across Africa, “it would also strengthen deeper understanding of high quality infrastructure in Nigeria and African.” In his address, the Executive Vice President of JETRO, Dr. katsumi Hirano, stressed that the conference will help the Nigeria economy to understand the technologies Japan has cultivated over the years. He further noted that the conference will also enable the participating Japanese companies to become aware of the potential to assist in developing infrastructure in Nigeria, “we want to see Japanese companies proactively take part in related projects.” Hirano remarked that despite the immense benefits of the oil and gas industry in sustaining economic growth, the Nigeria economy needs to empower the service industry to become a strong driving force for economic development. He added: “After recalculating its Gross Domestic Product (GDP) in 2014, the Nigeria economic scale has become the largest in Africa. Simultaneously, its industrial structure has been changing as well. It is imperative to strengthen the competitiveness of the various industries to ensure sustainable growth in the economy. “Lagos is one of the largest cities in Africa. The city faces many problems that are associated with urbanisation; traffic congestions, deficiency of lifeline utilities including water and electricity, and strains on waste management. Japan had faced similar issues during the period of high economic growth from 1950s to 70s, and we succeeded in solving them through infrastructural reform. “In light of our experience, we are confident that we can make effective proposals to

Buhari

Nigeria regarding its own urbanisation. We would like to introduce some of them in this seminar.” The President of Lagos Chamber of Commerce and Industry (LCCI), Dr. Nike Akande, noted that the critical level of Nigeria’s infrastructural deficit has continued to hinder economic growth and development, adding that statistics from the African Development Bank (ADB) estimate the country’s core stock of infrastructure at only 20-25 percent of GDP, compared with 70 percent recorded by other middle income countries. She added that the statistics leaves an infrastructural deficit of $300 billion, while there are considerations on the use of pension funds for infrastructural financing and the 2016 federal budget allocating about N1.8trillion to capital expenditure, “there is a need for Foreign Direct Investment (FDI) to deepen finance for infrastructure in the country.” Akande stated: “For transport infrastructure alone, Nigeria’s infrastructure agency, the infrastructure Concession Regulatory Commission (ICRC) confirmed recently that we need about N3.1trillion to bridge the infrastructure gap in the transport sector. I hope to see deliberations here today crystalising into the concrete cooperation and partnerships between the two countries. The LCCI has always advocated for publicprivate partnership model in financing infrastructure in Nigeria, given the limited resources available to government, especially at this time. “My wish is that at the end of this programme, a few collaborations would have been established, and Memorandum of Understanding (MOU) signed. We will continue to do our own bit. The LCCI is an establishment that is trying to encourage Foreign Direct Investment. If you come to Nigeria and you want to establish business, within a short time, they will give you the necessary approval so that such business will be able to impact the public positively. “This is the cooperation from the government. The Japanese Ambassador is very concerned about the public benefit from the

Japanese Prime Minister, Shinzō Abe

partnership. The country needs good quality infrastructure. At the Lagos Chamber, we are not silent on the issue. I have been in the private and the public sector, I’m determined to make a change and let people benefit from my experience. The whole essence of this conference, she further stated was to encourage PublicPrivate Partnership because the government cannot do it alone especially with the present state of the economy. “People should be willing to collaborate with us in order to achieve this”, she stressed. Objective of conference In its bid to support infrastructural development, the Japanese government had called for investment promotion in high quality infrastructure. It stated that the concept of ‘high quality infrastructure’ comes with the features of easy-to-handle, long lasting, environmentally-friendly, and resilient to natural disasters. The government in a document explained that infrastructural development would certainly enhance the connectivity of African States and give birth to numerous employment opportunities locally; while noting that it would also contribute to upgrading the skills of the local labour power, and uplifting the living standards of the people. The document further stated that for more than 20 years, the Tokoyo International Conference on African Development (TICAD), which has constituted a major pillar of Japanese foreign policy towards Africa; places great importance on high quality infrastructure alongside human capital development for the continent of Africa. The document added: “In post-2015 process of the United Nations, target 9.1 of the Sustainable Development Goals (SDGs) proposed by the Open Working Group for SDGs emphasises the importance to develop quality, sustainable and resilient infrastructure. The G20 leaders in Brisbane last November agreed on a set of voluntary leading practices to promote and prioritise quality investment, particularly in infrastructure to lift quality public and private

infrastructure investment. “Infrastructure development in Africa is being advanced under the programme for Infrastructure Development in Africa (PIDA) which aims to promote socio-economic development and poverty reduction in Africa through improved access to integrated regional and continental infrastructure networks and services. “We are looking forward to the opportunity of having you as our good partner for building a cooperative relationship in the field of materials and equipment, including construction of machineries and raw materials, as well as in the field of human resources, including technicians, and other areas for implantation by Japanese companies of the projects in your country.” The Nigeria Ambassador to Japan, Mr. Bello Husseini, who commended the partnership, expressed appreciation to the Japanese government for the support received over the years; noting that Japan has supported Nigeria in infrastructural development, capacity building, research and development and other areas. Husseini added: “Some of the refineries in Nigeria were built by Japanese engineers and we are proud of the quality of those facilities. The Japanese renowned Architect, Kenzo Tange was the architect who helped to designed Abuja master plan. We appreciate you for your support. Japan was among the first country to come to the aid of Nigeria at critical moments. This may explains why the government of Nigeria was quick to put together a lot of money in support of the East Japan earthquake and Tsunami in the 2011. “Donations between Nigeria, Africa and Japan witnessed a dramatic change in the 1993 when the Tokoyo International conference Development (TICAD) was launched. TICAD has helped to raise Africa from an aid receiving nation to a winnerwinner nation. Therefore this conference is a manifestation of the paradigm shift. I call on participants of this conference to use the opportunity to establish partnership that will benefit both countries.”

FRIDAY MAY 13, 2016 T H I S D AY

T H I S D AY • FRIDAY, MAY 13, 2016

BUSINESSWORLD

PERSPECTIVE

Nigeria-China Trade Deal: Bondage or Panacea for Naira Stability? Chamberlain S. Peterside The recent trade deal signed between Nigeria and China during the visit of President Buhari to Beijing in early April has been making news headlines, for very obvious reasons. In this period of economic crunch most Nigerians of all shades are patient and keenly awaiting a new lease of life or economic miracle from the “Change” promised during the electioneering campaign of 2015. Since thenliving conditions have been worsened by the precipitous decline in crude oil prices over the last year, engendering a steep fall in the value of the local currency in the parallel market. Recent inflation figures show a rise to over 12.8% that is the highest level since the last four years.Businesssentiment and manufacturing capacity remain at the lowest ebb in over 12 months as foreign investors in the capital market have fledfor fund preservation.Recent data from the Nigerian Stock Exchange (NSE) put the monthly foreign portfolio outflows at N314.84 billion in February 2016, more than 20.79% increase from N26.36 billion outflowsin the previous month. Meanwhile, foreign portfolio inflows continued to wane, plunging 35.68%in February this year from N17.01 billion in January. That’s just the prevailing circumstances that cannot be denied, neither is it fair to blame the current administration for this turn of events. Where the focus should be is in what the President and his team ought to do in other to ameliorate the conditions then set the country on a non-natural resource-based growth trajectory. Source: Organization of the Petroleum Exporting Countries (OPEC), National Bureau of Statistics (NBS) Nigeria faces a myriad of challenges on many fronts. Its predicament, including the wobbly Naira exchange rate cannot be easily wished away. All these have brought to the fore the urgency and imperative of seeking non-conventional measures, not simple and temporary exit strategies, but more fundamental and lasting solutions. Whether the latest trade deal with China could be one of those enduring masterstrokes by this government remains to be seen. In my basic understanding of the trade agreement signed, there are two key elements; the first is attracting over $6 billion additional investment from China through the trade pact and the second being the currency swap deal with the Industrial and Commercial Bank of China (ICBC). Hence in course of Nigeria-China engaging in bilateral commercial and economic relations, transactions can be settled in either the Chinese currency the Renminbi or Naira, therefore bypassing the almighty US dollar. Right off the bat, this arrangement can ease, albeit temporarily, the pressure on the Naira by creating a balance of payment buffer for the country and less demand for USD to fund much needed imports from China. But to expect that such an option will strengthen the Naira over the long term and provide the kind of fiscal relief that could boost the currency without further structural reforms will be too much to ask. …Currency Swaps and New World Order Nigeria is not the first country to engage

in such a direct currency swap arrangement with China, neither is bilateral trade agreements or currency swaps new in the global arena. There have been a handful of other countries, including the UK, South Africa and a few others that have similar engagements with China over the last decade. Whilst the verdict is still pending on the long-term direct impact on the affected currencies, it is safe to say that bilateral trade agreements and direct settlements via currency swaps can actually help to lift the volume of commercial activities and deepen economic relations between the countries involved. This emerging scenario doesn’t necessarily mean that the US dollar will disappear anytime soon as a unit of account or means of settlement in international commerce. In the case of United Kingdom, the bilateral local currency swap agreement with China was recently extended to 2018 and the swap line was increased from 200 billion yuan (£20.41 billion) to 350 billion yuan (£35.72 billion).In October 2015, almost £40 billion worth of trade and investment deals between the two countries were agreed and now China represents the UK’s sixth-biggest export market, taking 3.6% of its goods and services. South Africa currently has a trade volume of over $10 billion annually with China and is poised to benefit from increased exports and easier trade settlements with China. For the records, that relationship is potentially being fostered by Industrial and Commercial Bank of China that owns about 20% stake in South African-based Standard Chartered Bank (Stanbic), which in turn operates in Nigeria under the Stanbic IBTC Bank brand. According to available data, Nigeria’s export to China amounts to only 1.6% of total volume as opposed to 22.3% of its total imports originating from China. To fully appreciate the essence of this new agreement, one must view it from two angles; what will be the impact on the Nigerian currency and how can this boost trade volume between both countries? Thankfully, China and Nigeria have quite a bit in common and do need each other in many ways. Clearly these are two leading economic giants in their respective regions with large domestic market. China can truly teach Nigeria few lessons on economic transformation. As China radically reformed to become the world’s manufacturing powerhouse, Nigeria remains predominantly an agrarian and raw materials exporter.

Table 1: Nigeria - China Trade Statistics (2013 – 2015) – Imports

…The Infrastructure Kingpin The rising profile of China and its investments in Africa and particularly in Nigeria has been the subject of wide debate in recent years. China has demonstrated to the world how drastic and consistent economic reforms, outside the context of western-style democracy and political systems, have lifted the populace out of excruciating poverty and backwardness – and some African countries might be watching. Where the western countries have been reluctant to step up, China has often filled the void in several African countries by providing not only cheap and affordable infrastructure and technology but also issuing soft long-term loans to bankroll projects. As an illustration, Ethiopia successfully built and recently launched its intra-city light rail system in the capital city of Addis Ababa, just as the Nigerian railway system and airports are currently being revamped by the Chinese company (China Civil Engineering Construction Corporation - CCECC) with loan facilities from the Export-Import Bank of China. This makes you wonder which western country, including the United States has the financial wherewithal and appetite to embark on such ambitious projects in Africa today, beyond the extractive industries. Even in the global economic stage, China’s currency was recently admitted into the club of reserve currencies by the International Monetary Fund (IMF). China’s ability to quickly ramp up its infrastructural capacity and log in consistent double-digit growth for over two decades now is truly a roadmap for Nigeria to follow. More than anything else Nigeria needs the help of China to continue expanding and modernising the decayed railway network, plus the transportation and electricity infrastructure. Consequently, Nigeria stands to gain from these investments funded through long-term soft loans from China with which settlement can actually be executed via direct currency swaps between the Naira and Renminbi (RMB). Based on some analysis, given the current exchange rate of N30 to 1RMB, and 1USD exchanging for N198.50 at the interbank window, there seem to be a near parity of the both currency exchange rates against the Naira. I have also read an opinion recently that illustrated a 9% advantage of the Naira/RMB versus the Naira/USD. With a mere 1.6% of Nigeria’s export going

to China the immediate forex arbitrage gain could be quite insignificant. …A Case for Balanced Trade On the second front, with a higher export volume of goods coming from China into Nigeria (about 22.3% of the total Nigeria’s imports in 2015), the margin of bilateral trade (imports versus exports) between the both countries remains quite high. In the short-run that remains disadvantageous to Nigeria, though over the longer-term horizon, the disparity could actually prove to be legroom for growth and signpost the prospects for increased trade flow from Nigeria. As it is today the bulk of imports from China to Nigeria are manufactured consumer goods, equipment/machineries and other intermediate goods that feed the processing industries in Nigeria. On the flip side, the main export to China from Nigeria is crude oil and to a lesser extent agricultural raw materials. Therein lays the inherent opportunity for both countries. India in recent years has emerged a leading importer of Nigeria’s crude oil by overtaking the United States. For this new trade deal to make sense for Nigeria and China, it could be leveraged as launch-pad to boost crude oil and value-added agricultural product exports to China, thereby feeding its growing appetite for energy and massive population. Just as in return, Nigeria can import more equipment and machineries to grow its local manufacturing base and revamp its decrepit infrastructure. The potential sore point of this deal and where it could hurt Nigeria the most is if China sees Nigeria as a dumping ground for its finished goods, rather than a growing industrial hub and destination for manufacturing equipment. We must bear in mind that China has a huge existing capacity and factories that churn out all manner of cheap commodities, which could flood the Nigerian market and continue to stifle domestic industries - case in point is US and China trade relations that is lopsided and dominated by exports of finished goods at the great expense of US companies, while China amasses colossal trade surplus and foreign reserves that is reinvested in US treasury bonds. Nigeria will be worse off in the long run, if this were to be the case. Chamberlain is the Executive Chairman of Xcellon Capital Advisors Ltd in Lagos, Nigeria.

Table 2: Nigeria - China Trade Statistics (2013 – 2015) –Emports

T H I S D AY • FRIDAY, MAY 13, 2016

CITYSTRINGS

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

L-R: Managing Director, Total Nigeria PLC and member, Jury Board, Alexis Vovk, Uzoma Eleke 1st Runner- up, Opeyemi Owosho, winner, the head of the Jury and Chairperson, Ibukun Awosika, 2nd Runner- up , Emeka Nwachinemere and Deputy Managing Director of Total; E and P, Ahmadu- Kide Musa, at the award presentation to the winners

Encouraging Creativity Opeyemi Owosho emerged the winner of Totalstartupper competition with his manufacture of table-top gas stoves. Ugo Aliogo and Jemaima Bolokor write that the initiative by Total Nigeria Plc is aimed at rewarding creativity and innovativeness among young entrepreneurs

peyemi Owosho is a 31-yearold graduate of Engineering, from University of Lagos. He was the winner of the TotalStartupper challenge and he represented the company at the Total Africa Startupper competition in Mauritius in April. He is also an engineer with Fitco Tech Integrated Venture. His entrepreneurial spirit and industry lends credence to the fact that there still exist some young minds passionate about transforming the country with their innovativeness. He comes from a humble background where the issue of domestic safety is taken seriously. For 25 years, he lived with his mother, who was always using firewood to cook. She accustomed herself to this local source of energy, not because she lacked the financial wherewithal to buy a cooking gas, but due to the risk of fire explosions associated with cooking gas. Owosho did not find this cooking energy very pleasing though, but he managed with her. Like a divine calling, something strong was bothering his mind daily. He was eager to meet a need that will not only benefit

his family, but the larger society. Owosho began a journey to discover a better cooking energy with mitigated risks, or even if there

These three winners will receive the Startupper 2016 Award by Total, financial assistance, support and guidance from the Total Group of companies in Nigeria. In addition to this, the numero uno will proceed to Mauritius next week to present and pitch his project and compete with other winners from across Africa for an even bigger prize

are risks, it should be well managed. Today, his long nurtured dream is a reality. In 2016, he manufactured table-top gas stoves with pre-installed safety regulators which prevent gas leakages, and guarantee the users of safety. He explained that the competition was a wonderful experience for him, especially emerging as the first winner, adding that it was really challenging for him sourcing for funds from banks, despite having an idea which was bankable, “I have bootstrapping, though I got a grant somewhere else, but it has not been forthcoming.” Speaking on the newly manufactured device, he stated that the gas stove is safe from gas leakage, fire outbreak, therefore more Nigerians can switch from kerosene to table top cooking gas, but the only difference is that there is a pre-installed safety regulator in it, “the users has to click the button before cooking.” Owosho further stated that whenever there is a leakage while cooking, the user should click down the safety regulator, then it will pop out back by itself, and if there is gas leakage, it will cut off gas supply to the

burners, so the building is safe. He added: “Getting the patent and manufacturing the device took me three years. I started the production in less than six months ago, but the patent was over three years. At the point in our national life, we need to diversify, we will be so lucky if we have oil price increase to 50 dollars per barrel. “Funds should be made available for young entrepreneurs, and the complexities involved in accessing these funds should be removed. The environment should also be made conducive to allow young entrepreneurs access funds without collateral as a way of encouraging them. “Total is concerned about safety in their gas cylinders. My table top gas is always neat and it is safety regulated. By securing a partnership with them, it is an amazing one. By two months’ time, I will move from my 50 units at pilot phase to 1,000 units in two months’ time. With this grants from Total, I will be able to move to the 1,000 units. There is a market for the product, and it is huge. The federal government should create manufacturing hubs for young entrepreneurs in order to produce. It will cut cost and

T H I S D AY • FRIDAY, MAY 13, 2016

CITYSTRINGS

L-R: Managing Director, Total Nigeria PLC and member, Jury Board, Alexis Vovk, the winner, Opeyemi Owosho, the head of the Jury and the Chairperson, Ibukun Awosika, and the Deputy Managing Director of Total; E and P, Ahmadu- Kide Musa, at the award presentation in Lagos

make scaling easy and energy will not be a problem.” The Totalstartupper challenge was launched by Total Nigeria Plc and Total Upstream Companies on November 1, 2015. The challenge was initiated simultaneously by the company in 34 countries in Africa. The competition was aimed at identifying, rewarding, providing support to the best business creations and business development projects less than two years of existence in Nigeria by Nigerians within the age of 35 and below. The online registration and submission portal was open from November 1, 2015 (8:00 GMT) to January 31, 2016 (23:00 GMT), a total number of 1,934 projects were submitted and evaluated to get the top 30. They were conducted in accordance with the contest rules, by the first level reviewers who comprised of carefully selected professionals, business experts, professors and senior lecturers in the country. Thereafter, there was a second level evaluation by a jury of professionals who reviewed and selected the top ten projects based on specific criteria which included innovation, originality, audacity and potential to impact on socio-economic development of the society. These finalists received high impact one-on-one coaching engagements with business technocrats who served as their mentors. The top three projects were selected from the ten finalists at a pitch event on April 6, 2016 in Oriental Hotel, Lagos. This was after evaluation of their project presentations by the honourable ten-man jury for the “Startupper of the year” Challenge in Nigeria.

The other two winners were Miss. Uzoma Eleke of Zeta Prime Alternative Technologies, who took the second position, while Mr. Emeka Nwachinemere of Kitovu Ltd, who took third position. They were given awards and financial assistance. The head of the jury, Mrs. Ibukun Awosika, noted that the initiative was not just aimed at only bringing alternative source of energy, but also to challenge young Nigerians to think, look at problems within their environment and find commercially viable solutions, “total had this initiative going on simultaneously in all Africa countries where they were operating.”

Opeyemi Owosho began a journey to discover a better cooking energy with mitigated risks, or even if there are risks, it should be well managed. Today, his long nurtured dream is a reality. In 2016, he manufactured tabletop gas stoves with preinstalled safety regulators which prevent gas leakages, and guarantee the users of safety

She explained that there were thousands of applications processed, with elimination and winners picked at different stages, while stressing that these winners moved unto the next stage until they had the final ten. Awosika, who is also the Chairman of First Bank, stated that at the stage of final ten ideas, they had major presentations by each individual in details, noting that it provided the platform for all the members of the jury to ask questions about the project, in order to understand the viability of the project, the impact of the project to the society, the jobs that will be created with the project, the commitment of the entrepreneur to the process and the innovativeness of the process, “it was the last group of ten that gave us our three winners.” She added: “The first winners solved a problem that he experienced for 25 years of his life. His project was about the safety of using gas, he has created a cooking gas which if there is a leakage, it cuts off by itself, which is an intelligent cooking system. This will serve a lot of families and remove many threats in that regard. “The first runner up started her project during her National Youth Service Corp (NYSC) in Osun State. She discovered a problem around where she served, she did not drop it, but kept thinking about how to link the farmer with the market and how to link the famer with the buyer. In order to ensure that the product they grow and it will be used to meet a particular need. The project was about is using technology and the mobile platform to solve a problem. “When you view the three winners, the solution they have provided are solutions that

will serve millions of Nigerians and millions of the other Africa lives. Ultimately, with the support of the Total process, the education, trainings, mentoring, and empowerment will go a long way to help them. The money is not for them to go and spend, it is meant for them to execute the projects at different stages along the line. They will get different portions of the money as milestones to execute the projects, so that they can build a viable project that can employ other Nigerians.” The Managing Director, Total Nigeria Plc, Alex Vovk, stated that the challenge is aimed at supporting young Nigerian entrepreneurs through financial support, customised coaching, an impactful, rewarding label, and visibility, adding that the company identifies with young entrepreneurs who are interested in empowerment and visibility. Vovk also noted that it is an initiative with a very concrete response towards strengthening the industrial fabric of nations and improving employment locally by supporting the most innovative entrepreneurs in realising their projects. He said: “At a pitch event, the 10 finalists presented their projects to the honourable 10 woman and man Jury of the “Startupper of the year” Challenge in Nigeria. After careful and thorough evaluation, the top three projects were chosen. “These three winners will receive the Startupper 2016 Award by Total, financial assistance, support and guidance from the Total Group of companies in Nigeria. In addition to this, the numero uno will proceed to Mauritius next week to present and pitch his project and compete with other winners from across Africa for an even bigger prize.”

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INTERNATIONAL

email:foreigndesk@thisdaylive.com

Brazil’s First Female President, Rousseff Impeached

Brazilian President Dilma Rousseff was suspended yesterday to face impeachment, ceding power to her vice-president-turned-enemy Michel Temer in a political earthquake ending 13 years of leftist rule over Latin America’s biggest nation. A nearly 22-hour debate in the Senate closed with an overwhelming 55-22 vote against Brazil’s first female president. Pro-impeachment senators broke into applause and posed for selfies and congratulatory group photos in the blue-carpeted, circular chamber. Only a simple majority of the 81-member Senate had been required to suspend Rousseff for six months pending judgement on charges that she broke budget accounting laws. A trial could now take months, with a two-thirds majority vote eventually needed to force Rousseff, 68, from office altogether. Within hours, Temer, from the center-right PMDB party, was to take over as interim president, drawing the curtain on more than a decade of dominance by Rousseff’s leftist Workers’ Party. He was preparing to announce a new government shortly and said his priority is to address Brazil’s worst recession in decades and end the paralysis gripping Congress during the battle over Rousseff. A onetime Marxist guerrilla tortured under the country’s military dictatorship in the 1970s, Rousseff has denounced the impeachment drive as a coup and vowed to fight on during her trial.

She was expected to be officially notified of the vote’s result at 10:00 am (1300 GMT) Thursday and was planning to address the nation around the same time. A crowd of supporters was gathering outside the presidential palace to salute her as she drove off, a spokesman for the Workers’ Party told AFP. Due to host the Olympic Games in Rio de Janeiro in less than three months, Brazil is struggling to stem economic disarray and handle the fallout from a corruption scandal reaching deep into the political and business elite. The latest target of a sprawling probe into the graft was Senator Aecio Neves, who narrowly lost to Rousseff in the 2014 presidential elections — and who was one of the senators voting to impeach Rousseff. The Supreme Court authorized a probe into his alleged bribe taking and money laundering overnight. The multiple crises have wreaked havoc on the Workers’ Party, whose transformative social programs have lifted tens of millions of people from poverty since 2003, but which has been portrayed as increasingly incapable of governing. Senate President Renan Calheiros, who oversaw the proceedings, told reporters that impeachment would be “traumatic.” And divisions were plain to see outside Congress, where police erected a giant metal fence to keep apart small rival groups of demonstrators. Riot police pepper sprayed a group of Rousseff support-

US to Activate $800m Missile Defence Site in Romania The United States is to switch on a $800 million missile shield in Romania, part of an umbrella from Greenland to the Azores against Iranian rockets that Russia aims to knock out its nuclear weapons. At the remote Deveselu air base in Romania, senior U.S. and NATO officials will declare operational the ballistic missile defence site capable of shooting down rockets from so-called rogue states that Washington says could one day reach major European cities. “Iran continues to develop, test and deploy a full range of ballistic missile capabilities and those capabilities are increasing in range and accuracy,”said Frank Rose, deputy U.S. assistant secretary of state for arms control. “Iran’s systems can reach into parts of Europe, including Romania,” Rose said, before heading to the site to join U.S. Deputy Defence Secretary Robert Work and NATO Secretary-General Jens Stoltenberg for a ribbon-cutting ceremony at 0900 GMT. On Friday, the United States will break ground on a final site in northern Poland that

should be ready by the end of 2018, completing the shield first proposed almost a decade ago and that also includes ships and radars across Europe. It will be handed over to NATO control in July. Russia is incensed at such of show of force by its Cold War rival in formerly communist-ruled eastern Europe. Moscow says the U.S.-led alliance is trying to encircle it close to the strategically important Black Sea, home to a Russian naval fleet and where NATO is also considering increasing patrols. The readying of the shield also comes as NATO prepares a new deterrent in Poland and the Baltics, following Russia’s 2014 annexation of Crimea. In response, Russia is reinforcing its western and southern flanks with three new divisions. The Kremlin says the shield’s aim is to neutralise Moscow’s nuclear arsenal long enough for the United States to strike Russia in the event of war. Washington denies that.“We are not meddling in anything that could perceived as potentially destabilising,” said Douglas Lute, the United States’ envoy to NATO.

ers late Wednesday and pro- and anti-impeachment protesters also scuffled briefly in Rio. Even though the impeachment vote came in the middle of the night, residents in central Sao Paulo — Brazil’s financial center and an opposition stronghold — set off fire crackers, banged pots and yelled “Dilma out!” from their windows. Senators made their cases in 15-minute blocks, alternately describing Rousseff as the cause of Brazil’s humiliating economic decline or defending her as victim of

a coup in a deeply corrupt political system. Jose Eduardo Cardozo, Rousseff’s attorney general, delivered a passionate closing statement, telling senators that they were “condemning an honest, innocent woman” whose supposed crimes amounted to nothing more than a long accepted accounting practice. “If this is carried out, it will break constitutional order. If it goes through, it will be a coup that leaves a stain on our history,” he said. But Neves — who is just one of dozens of senators facing

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or who have faced criminal cases — said “Brazil can now start to turn a new page.” “I have no doubt that Brazil will have a new opportunity and we need to unite,” he said. Even some of those opposing Rousseff doubt that a change of power will resolve the country’s underlying problems of corruption and mismanagement. Pro-impeachment protester

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Sulineide Rodrigues said that even if she wanted Rousseff out, she had few hopes for Temer improving things. “We don’t think Temer will be any better,” said Rodrigues, 59. “But you know what we’ll do? We’ll keep coming back and keep having impeachments until there’s someone there who listens to us Brazilians.”

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I, formerly known as IYAWE OROH ESEOSA, now wish to be known and addressed as ETCHIE OROH ESEOSA. All former documents remain valid. The general public should please, take note. I, formerly known as MOBI IDOWU BENJAMIN, now wish to be known and addressed as AKPOLOGUN IDOWU BENJAMIN. All former documents remain valid. The general public should please, take note. I, formerly known as RASHEEDAH OLUBUSOLA HASSAN OLUNOWO, now wish to be known and addressed as RASHEEDAH OLUBUSOLA HASSAN ODUKAYE. All former documents remain valid. The general public should please, take note.

I, formerly known as MISS MERCY TEMITOUYO OKORODUS, now wish to be known and addressed as MRS MERCY TEMITOUYO SALAWU. All former documents remain valid. The general public should please, take note.

T H I S D AY • FRIDAY, MAY 13, 2016

BUSINESS/MONEYGUIDE

Muruako: FG May Lose over N1tn to Non-Remittance by Revenue Agencies James Emejo in Abuja The acting Chairman, Fiscal Responsibility Commission, Mr. Victor Muruako has said the federal government may be losing over N1 trillion due to the non-remittance of operating surplus. He said agencies have perfected their art of defrauding the country through deliberate wrong computations, express diversion of funds, application of wrong accounting standards and non-inclusive listing of all government corporations under the FRA, 2007. However, he disclosed that on its part, the commission had so far caused over N360 billion to be remitted into the consolidated revenue fund (CRF). Speaking in Abuja when he led the management of the

Commission on a courtesy visit to the Minister of Budget & National Planning, Senator Udo Udoma, Muruako said, the Commission was already partnering with the Ministry of Budget and National Planning to ensure strict implementation of government policies and revenue drive. He said the commission was ready to do more particularly with the falling oil revenue and the apparent need to diversify government revenue base, noting that it had come up with a new template for determining operating surplus to ensure proper remittance of revenue. This, he said, would be launched in due course. “The Commission is poised and ready to partner with your ministry to engage government agencies who hide under vari-

ous excuses to shortchange the Federal Government,” he said. He, however, appealed to the Federal Government to set the overall debt limit for the amounts of consolidated debt of the Federal Government in compliance with section 42 of the FRA, 2007. This, according to him, would enhance the commission’s efforts in effectively monitoring borrowings by all tiers of government particularly the State Governments, he stated in a statement by FRC, Head, Press Unit, Abdulganiyu Aminu. On Medium Term Expenditure Framework, (MTEF), the acting FRC boss called for its timely submission so as to ensure that budgets are presented early in order to check the challenges associated with the 2016 budget.

With Enterprenuership, Africa’s Business Leaders Eye 25 Million Jobs From Obinna Chima in Kigali, Rwanda Young people in Africa that wish to transform their business ideas into successful enterprises are set to benefit from a new initiative by business leaders in the continent which is aimed at promoting youth entrepreneurship and tackle joblessness in the continent. The President of the African Development Bank (AfDB), Mr. Akinwumi Adesina, disclosed this at a media briefing yesterday, at the ongoing World Economic Forum (WEF) on Africa in Kigali, Rwanda. According to Adesina, Africa currently has a job crisis. He said two-thirds of the conti-

nent’s youths are without jobs, which he stressed put then in vulnerable position. “If you take a look at Africa, we have a job crisis and two-thirds of Africa’s youth are without jobs and are in vulnerable position. This can heighten social tension in the continent. Therefore, the AfDB is announcinannoung is meeting a new initiative that is focused on creating 25 million jobs for Africa’s youths over the next 10 years. “Most of that would be in the area of skills and entrepreneurial development, so as to support the businesses of young Africans. My expectation is that at the end of this WEF on Africa session, we would be able to understand the enabling

conditions that Africa must fulfil to participate effectively in the fourth industrial revolution and also unleash its skills in the 21st century. “I think the issue we are talking about is the fourth industrial revolution, which is very important for Africa. But we must recognise that the fourth industrial revolution is here, yet Africa has not participated in the second industrial revolution,” Adesina who is a Co-chair at the forum said. Also, the Chairman of Heirs Holdings, Mr. Tony Elumelu, warned that if measures are not taken to tackle unemployment in the continent, Africa’s demographic boom might turn out to be a demographic doom.

FirstBank Explains Involment in EFCC Investigations FirstBank of Nigeria Limited has explained its involvement in the ongoing investigations by the Economic and Financial Crimes Commission (EFCC).The bank in a statement yesterday said

its Executive Director, Mr. Dauda Lawal was invited by the EFCC to assist with the ongoing investigations into sums allegedly received from the former Minister of Petroleum, Diezani Allison-

Madueke. The statement added that as a law abiding citizen Lawal is cooperating fully with the authorities, saying that it will issue an official statement on the matter in due course.

FCMB’s Training Academy Receives CIBN Accreditation Obinna Chima The capacity building and the training programmes offered by First City Monument Bank (FCMB) Limited’s Training Academy have received due recognition and positive affirmation. The Academy has been certified and granted full accreditation status by the Chartered Institute of Bankers of Nigeria (CIBN). This is due to its compliance with best practices and other requirements set by the Institute. The certification came at the end of a recent evaluation exercise carried out by the CIBN which is the sole accreditation agency under the Competency Framework for the country’s Banking and Finance industry put in place by the Central Bank of Nigeria. The FCMB Training Academy is a full-fledged learning and development centre responsible

for the continuous building of skills and the expansion of knowledge base of new and existing staff of the Bank. It is to effectively equip them as professional bankers. Over the years, the Academy has upgraded the quality of its offerings to further add value to the Bank and its staff. These include the introduction of an industry leading e-learning platform, hiring of internal and external facilitators of high repute and provision of modern facilities. According to a statement, during the evaluation exercise, the CIBN team carried out various reviews and processes regarding the services provided by the Academy. These covered operating procedure, programmes and curriculum, quality of internal and external pool of faculty, programme delivery and evaluation process and facilities in place, among others.

Speaking at the certificate presentation ceremony in Lagos on May 12, 2016, the President/ Chairman of Council of the CIBN, Mrs. Debola Osibogun said: “I am indeed elated that First City Monument Bank (FCMB)’s Learning Academy has also joined the league of institutions certified to provide training services in the industry. I thank the Chief Executive Officer (CEO) of FCMB, Mr. Ladi Balogun for deeming it fit to tap into the scheme for the benefit of staff”. Also, the Group Managing Director/Chief Executive, Mr. Ladi Balogun, said: “This is another landmark achievement. It is a clear demonstration that the various strategic approaches we have adopted to boost our workforce’s learning and development through our Training Academy are yielding the desired results and our stakeholders appreciate them.”

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

FEBRUARY 2016 Broad Money (M2)

20,489,166.72

-- Narrow Money (M1)

9,095,578.34

---- Currency Outside Banks

1,377,483.11

---- Demand Deposits

7,682,095.23

-- Quasi Money

11,429,588.38

Net Foreign Assets (NFA)

5,471,351.78

Net Domestic Assets(NDA)

15,017,814.94

-- Net Domestic Credit (NDC)

22,414,322.75

---- Credit to Government (Net)

3,424,029.62

---- Memo: Credit to Govt. (Net) less FMA

4,807,604.55

---- Memo: Fed. and Mirror Accounts (FMA)

-1,383,574.93

---- Credit to Private Sector (CPS)

18,990,293.13

--Other Assets Net

-7,396,507.81

Reserve Money (Base Money)

5,095,380.23

--Currency in Circulation

1,711,623.51

--Banks Reserves

3,383,756.72 • 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

120.47

Stanbic IBTC Ethical

1.10

1.13

Stanbic IBTC GIF

142.90

143.38

UBA Balanced Fund

1.2563

1.2493

UBA Bond Fund

1.3443

UBA Equity Fund

0.8205

0.8074

UBA Money Market Fund

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 WEDNESDAY 11, MAY 2016 The price of OPEC basket of thirteen crudes stood at $41.40 a barrel on Wednesday, compared with $40.20 the previous day, 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

T H I S D AY • FRIDAY MAY 13, 2016

Nigeria’s top 50 stocks based on market fundamentals

12-May-16

11-May-16

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

01 Dangote Cement Plc

162.52

0.00%

2,769,423,263,460.60

10.64

15.27

5.63

4.92%

4.30

02 Nigerian Brew. Plc.

121.00

118.00

2.54%

959,421,207,448.00

5.37

22.54

3.47

2.98%

5.63

18.49

18.35

0.76%

544,182,503,851.76

3.38

5.47

2.37

9.57%

1.32

680.00

671.00

1.34%

539,006,251,360.00

29.95

22.71

3.56

4.26%

14.18

05 Zenith Bank Plc

14.00

13.80

1.45%

439,550,913,004.00

3.37

4.16

1.02

12.86%

0.74

06 Lafarge Africa Plc.

68.00

69.00

-1.45%

309,733,323,080.00

5.93

11.47

1.16

4.41%

1.76

220.50

210.00

5.00%

287,197,083,211.50

4.45

49.57

2.30

1.56%

6.21

14.41

0.00%

264,417,033,008.15

1.39

10.35

0.51

4.30%

0.71

345.00

340.00

1.47%

190,892,057,985.00

23.48

14.69

1.69

4.61%

0.68

10 Guinness Nig Plc

94.80

0.00%

142,758,200,222.40

0.78

121.81

2.86

0.00%

3.19

11 Stanbic IBTC Holdings Plc

14.00

14.13

-0.92%

140,000,000,000.00

2.04

6.87

1.18

0.71%

1.25

12 Unilever Nigeria Plc.

36.00

37.22

-3.28%

136,198,665,000.00

0.32

114.23

2.30

0.14%

17.02

13 Access Bank Plc.

4.46

4.31

3.48%

129,018,753,474.26

2.28

1.96

0.38

12.33%

0.35

14 United Bank for Africa Plc

3.50

3.42

2.34%

126,978,342,127.00

1.64

2.13

0.40

17.14%

0.38

15 FBN Holdings Plc

3.46

3.45

0.29%

124,197,713,060.32

0.42

8.20

0.25

4.34%

0.21

16 7-Up Bottling Comp. Plc.

145.00

0.00%

92,885,602,635.00

11.12

13.04

1.19

1.52%

3.87

17 P Z Cussons Nigeria Plc.

22.00

21.00

4.76%

87,350,494,990.00

1.10

20.05

1.21

5.91%

2.08

18 Dangote Sugar Refinery Plc

5.90

5.79

1.90%

70,800,000,000.00

0.96

6.14

0.70

8.47%

1.22

19 International Breweries Plc.

20.00

0.00%

65,884,985,600.00

0.64

31.29

3.56

1.25%

5.47

20 Flour Mills Nig. Plc.

22.58

23.76

-4.97%

59,255,275,682.46

1.84

12.26

0.18

8.86%

0.58

160.66

155.09

3.59%

57,933,234,792.92

13.51

11.89

0.90

4.48%

3.77

4.80

4.57

5.03%

57,766,170,691.20

0.50

9.60

0.10

15.63%

0.37

43.00

0.00%

56,760,000,000.00

1.85

23.26

0.42

3.49%

2.34

159.60

150.41

6.11%

54,187,685,185.20

11.92

13.39

0.26

8.77%

3.34

25 Sterling Bank Plc.

1.70

1.71

-0.58%

48,943,710,814.20

0.36

4.76

0.44

5.29%

0.51

26 Transnational Corporation Of Nigeria Plc

1.19

1.12

6.25%

46,077,986,935.75

0.05

22.68

1.13

0.00%

0.53

27 Diamond Bank Plc

1.84

1.69

8.88%

42,615,115,701.12

0.24

7.53

0.20

0.00%

0.20

18.62

18.63

-0.05%

35,766,494,885.94

2.70

6.90

0.49

5.37%

0.48

1.22

1.17

4.27%

35,334,354,544.24

0.48

2.54

0.24

13.11%

0.19

35.02

35.70

-1.90%

35,020,000,000.00

3.28

10.68

3.08

0.29%

1.56

0.79

0.73

8.22%

30,473,828,203.99

0.06

13.09

0.66

0.00%

0.66

32 Cadbury Nigeria Plc.

15.64

0.00%

29,375,079,905.60

3.21

4.88

0.87

8.31%

2.84

33 Okomu Oil Palm Plc.

29.11

0.00%

27,768,320,100.00

2.76

10.55

2.85

0.34%

2.30

34 Cap Plc

38.50

0.00%

26,950,000,000.00

2.49

15.49

3.82

2.99%

17.73

35 Glaxo Smithkline Consumer Nig. Plc.

20.36

0.00%

24,348,045,295.68

0.81

25.23

0.79

1.47%

1.85

36 FCMB Group Plc.

1.18

1.09

8.26%

23,367,198,721.58

0.24

4.91

0.15

8.47%

0.14

37 National Salt Co. Nig. Plc

8.59

0.00%

22,758,675,667.02

0.79

10.81

1.41

6.40%

3.21

38 Custodian And Allied Insurance Plc

3.79

0.00%

22,292,265,299.05

0.71

5.31

0.75

3.69%

0.86

39 Mansard Insurance Plc

2.10

2.00

5.00%

22,050,000,000.00

0.16

13.27

1.33

2.38%

1.27

40 Skye Bank Plc

1.11

1.09

1.83%

15,407,134,565.10

0.85

1.30

0.11

27.03%

0.11

41 Honeywell Flour Mill Plc

1.68

1.59

5.66%

13,322,732,065.44

0.14

11.89

0.27

9.52%

0.62

42 Continental Reinsurance Plc

1.01

0.00%

10,476,471,755.12

0.21

4.89

0.53

11.88%

0.67

43 Cement Co. Of North.Nig. Plc

7.04

0.00%

8,847,011,472.64

0.96

7.37

0.68

1.42%

0.87

44 Unity Bank Plc

0.75

0.72

4.17%

8,767,003,456.50

0.54

1.38

0.14

0.00%

0.10

45 UACN Property Development Co. Limited

4.00

4.10

-2.44%

6,874,999,980.00

1.81

2.21

0.61

17.50%

0.21

46 Nigerian Aviation Handling Company Plc

4.14

3.95

4.81%

6,724,265,625.00

0.33

12.50

0.79

4.83%

1.10

47 Wapic Insurance Plc

0.50

0.00%

6,691,369,126.00

0.10

5.16

0.94

6.00%

0.45

48 AIICO Insurance Plc.

0.83

0.00%

5,752,069,718.40

0.28

3.00

0.17

6.02%

0.59

49 Resort Savings & Loans Plc

0.50

0.00%

5,664,866,202.00

4.68

0.11

0.02

0.00%

1.89

50 Fidson Healthcare Plc

2.24

2.14

4.67%

3,360,000,000.00

0.50

4.51

0.41

2.23%

0.53

03 Guaranty Trust Bank Plc. 04 Nestle Nigeria Plc.

07 Forte Oil Plc. 08 Ecobank Transnational Incorporated 09 Seplat Petroleum Dev. Co. Ltd.

21 Mobil Oil Nig Plc. 22 Oando Plc 23 Julius Berger Nig. Plc. 24 Total Nigeria Plc.

28 U A C N Plc. 29 Fidelity Bank Plc 30 Presco Plc 31 Wema Bank Plc.

TOTAL

8,270,827,759,910.14

TOTAL MARKET CAP

8,900,510,863,447.71

% OF MARKET CAP Annotation - MA* = Simple Moving Average

92.93%

Table 1 Market Statistics Mkt Indicators NSE All Share Index NSE Market Cap (N'Trillion)

Open Close Change % 11-May-16 12-May-16 25,630.62 8.82

25,865.06 8.90

0.91 0.91

105.41 8.21

106.22 8.27

0.77 0.77

Thisday BGL 50 Index Thisday BGL 50 Market Cap (N'Trillion)

Table 3 Top 5 Gainers Stock

Open Close Change 11-May-16 12-May-16 %

Diamond Bank Plc FCMB Group Plc. Wema Bank Plc. Transnational Corporation Of Nigeria Plc Total Nigeria Plc.

1.69 1.09 0.73 1.12

1.84 1.18 0.79 1.19

8.88 8.26 8.22 6.25

150.41

159.60

6.11

Table 4 Top 5 Losers Stock

Open Close Change 11-May-16 12-May-16 %

Flour Mills Nig. Plc. Unilever Nigeria Plc. UACN Property Development Co. Limited Presco Plc Lafarge Africa Plc.

23.76 37.22 4.10

22.58 36.00 4.00

-4.97 -3.28 -2.44

35.70 69.00

35.02 68.00

-1.90 -1.45

Market ASI Appreciates by 0.91% Market pulse on the Nigerian Stock Exchange (NSE) today – Thursday, May 12, 2016 ended on a positive note compared to the preceding 2 days loss as the market closed green due to resumed strategic activities by investors. This was further highlighted by positive performances from the NSE Sub sectors; Banking, Insurance, and Oil & Gas (Save Consumer Goods). Trading activities increased in volume as 261.94 million shares worth N1.49 billion in 3,457 deals exchanged hands today. This is an increase from the 220.12 million shares worth N1.50 billion in 3,474 deals carried out on Wednesday. Topping in volume terms was FCMB Group Plc, FBN Holdings Plc and Transnational Corporation Of Nigeria Plc, while Zenith Bank Plc and Lafarge Africa Plc ended trading as the most active stocks in value terms. The All Share Index (NSEASI) closed positive with a 0.91% (+234.44) increase to 24,865.06 from 24,630.62 the previous trading day. Market Capitalization appreciated in tandem to N8.90 trillion from N8.82 trillion of prior trading day. Similarly, the Thisday BGL 50 Index followed suit with an increase of 0.77% to close at 106.22 from 105.41 the previous trading day, while its market capitalization stood at N8.27 trillion from N8.21 trillion of the previous trading day. A total number of 37 stocks gained on the bourse today while 11 stocks declined, leaving 50 stocks unchanged. Diamond Bank Plc emerged the toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 8.88% to close at N1.84 per share. It was followed by FCMB Group Plc with a gain of 8.26% to close at N1.18 per share. Others on the gainers list include; Wema Bank Plc, Transnational Corporation Of Nigeria Plc and Total Nigeria Plc, while on the decliners’ list; Flour Mills Nig. Plc led with a loss of 4.97% to close at N22.58 per share. It was followed by Unilever Nigeria Plc with a loss of 3.28% to close at N36.00 per share. Others on the losers list include; UACN Property Development Co. Limited, Presco Plc and Lafarge Africa 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

T H I S D AY • FRIDAY, MAY13 , 2016

MARKET NEWS

Unilever Shareholders Approve N189m Dividend Goddy Egene and Eromosele Abiodun Shareholders of Unilever Nigeria Plc yesterday approved the N189.2 million dividend recommended by the board of the company for the year ended December 31, 2015.The dividend, which translates to five kobo per share, was approved by the shareholders at the annual general meeting

N1.2 billion in 2015. Addressing shareholders at the AGM, the Chairman of the Board of Directors, the Obi of Onitsha, Nnaemeka Achebe, said that Unilever Nigeria Plc has once again demonstrated business resilience under very difficult circumstances. “Although 2015 was a challenging year for businesses in Nigeria particularly within the manufacturing sector, Unilever

(AGM) in Lagos. The shareholders, however, said the dividend was low and urged the board and management to improve the performance of the company in order to pay higher divided going forward. Unilever increased its revenue by 6.2 per cent from N55.7 billion recorded in 2014 to N59.2 billion in 2015. But Profit After Tax (PAT) dropped from N2.4 billion in 2014 to

T H E

MAIN BOARD

N I G E R I A N

remains committed to delivering returns to its shareholders. Our company’s performance demonstrates our entrenched values of creating a brighter future for stakeholders and for our consumers through brands that make them feel good, look good and get more out of life,” he said. According to him, in the midst of economic downturn, the company will continue to

STO C K

E XC H A N G E

DAILY STOCK MARKET REPORT DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

Daily Summary as of 22/02/2016 Printed 22/02/2016 14:36:10.010

Daily Summary (Bonds) No Debt Trading Activity Prices for Securities Traded as of 12/05/2016 Daily Summary (Equities) Printed 12/05/2016 14:43:58.058 Activity Summary on Board EQTY AGRICULTURE PRICES FOR PREMIUM BOARD SECURITIES Crop Production FINANCIAL SERVICES S/N BANKING OKOMU OIL PALM PLC. 1 ZENITH INTERNATIONAL BANK PLC BANKING PRESCO PLC S/N OTHER FINANCIAL INSTITUTIONS 2 FBN HOLDINGS PLC Crop Production Totals OTHER FINANCIAL INSTITUTIONS Livestock/Animal FINANCIAL Specialties SERVICES INDUSTRIAL LIVESTOCK FEEDS PLC. GOODS S/N BUILDING MATERIALS Livestock/Animal Specialties TotalsPLC 3 DANGOTE CEMENT BUILDING MATERIALS AGRICULTURE Totals INDUSTRIAL GOODS PREMIUM BOARD TOTALS CONGLOMERATES Diversified Industries PRICES FOR MAIN BOARD SECURITIES AGRICULTURE A.G. LEVENTIS NIGERIA PLC. S/N CROP PRODUCTION TRANSNATIONAL CORPORATION OF NIGERIA PLC 5 OKOMU OIL PALM PLC. 6 PRESCO PLC U A C N PLC. CROP PRODUCTION S/N Totals FISHING/HUNTING/TRAPPING Diversified Industries FISHING/HUNTING/TRAPPING CONGLOMERATESS/N Totals LIVESTOCK/ANIMAL SPECIALTIES 8 LIVESTOCK FEEDS PLC. CONSTRUCTION/REAL ESTATE LIVESTOCK/ANIMAL SPECIALTIES Infrastructure/Heavy Construction AGRICULTURE CONGLOMERATES JULIUS BERGER NIG. PLC. S/N DIVERSIFIED INDUSTRIES 9 Construction A.G. LEVENTIS NIGERIA PLC. Infrastructure/Heavy Totals 11 JOHN HOLT PLC. Real Estate Development 13 TRANSNATIONAL CORPORATION OF NIGERIA PLC 14 U A C N PLC. UACN PROPERTY DEVELOPMENT CO. LIMITED DIVERSIFIED INDUSTRIES Real Estate Development Totals CONGLOMERATES CONSTRUCTION/REAL ESTATE CONSTRUCTION/REAL ESTATE Totals S/N BUILDING CONSTRUCTION CONSUMER GOODS BUILDING CONSTRUCTION S/N BUILDING STRUCTURE/COMPLETION/OTHER Beverages--Brewers/Distillers BUILDING STRUCTURE/COMPLETION/OTHER CHAMPION BREW. PLC. S/N INFRASTRUCTURE/HEAVY CONSTRUCTION 18 JULIUS BERGER NIG. PLC. GUINNESS NIG PLC INFRASTRUCTURE/HEAVY CONSTRUCTION INTERNATIONAL BREWERIES PLC. S/N REAL ESTATE DEVELOPMENT 20 UACN PROPERTY DEVELOPMENT CO. LIMITED NIGERIAN BREW. PLC. REAL ESTATE DEVELOPMENT S/N REAL ESTATE INVESTMENT TRUSTS (REITS) Beverages--Brewers/Distillers Totals REAL ESTATE INVESTMENT TRUSTS (REITS) Beverages--Non-Alcoholic CONSTRUCTION/REAL ESTATE CONSUMER GOODS 7-UP BOTTLING COMP. PLC. S/N AUTOMOBILES/AUTO PARTS AUTOMOBILES/AUTO Beverages--Non-Alcoholic TotalsPARTS S/N BEVERAGES--BREWERS/DISTILLERS Food Products 25 CHAMPION BREW. PLC. 27 GUINNESS NIG PLC DANGOTE SUGAR REFINERY PLC 28 INTERNATIONAL BREWERIES PLC. FLOUR MILLS NIG. PLC. 30 NIGERIAN BREW. PLC. BEVERAGES--BREWERS/DISTILLERS HONEYWELL FLOUR MILL PLC S/N BEVERAGES--NON-ALCOHOLIC 32 7-UP BOTTLING COMP. PLC. NASCON ALLIED INDUSTRIES PLC BEVERAGES--NON-ALCOHOLIC N NIG. FLOUR MILLS PLC. S/N FOOD PRODUCTS 33 DANGOTE SUGAR REFINERY PLC TIGER BRANDED CONSUMER GOODS PLC 34 FLOUR MILLS NIG. PLC. Food Products Totals 35 HONEYWELL FLOUR MILL PLC 38 NASCON ALLIED INDUSTRIES PLC Food Products--Diversified 40 TIGER BRANDED CONSUMER GOODS PLC UNION DICON SALT PLC. CADBURY NIGERIA42PLC. FOOD PRODUCTS NESTLE NIGERIA PLC. S/N FOOD PRODUCTS--DIVERSIFIED 43 CADBURY NIGERIA PLC. Food Products--Diversified Totals 44 NESTLE NIGERIA PLC. Household Durables FOOD PRODUCTS--DIVERSIFIED HOUSEHOLD DURABLES VITAFOAM NIG PLC.S/N 46 VITAFOAM NIG PLC. HOUSEHOLD Household Durables TotalsDURABLES S/N PERSONAL/HOUSEHOLD PRODUCTS Personal/Household48Products P Z CUSSONS NIGERIA PLC. P Z CUSSONS NIGERIA PLC. 49 UNILEVER NIGERIA PLC. PERSONAL/HOUSEHOLD PRODUCTS UNILEVER NIGERIA PLC. CONSUMER GOODS Personal/Household Products FINANCIAL SERVICES Totals S/N BANKING CONSUMER GOODS Totals 50 ACCESS BANK PLC. 51 DIAMOND BANK PLC FINANCIAL SERVICES 52 ECOBANK TRANSNATIONAL INCORPORATED Banking 53 FIDELITY BANK PLC 54 GUARANTY TRUST BANK PLC. ACCESS BANK PLC. 55 SKYE BANK PLC DIAMOND BANK PLC 56 STERLING BANK PLC. 57 UNION BANK NIG.PLC. ECOBANK TRANSNATIONAL INCORPORATED 58 UNITED BANK FOR AFRICA PLC 59 UNITY BANK PLC FIDELITY BANK PLC 60 WEMA BANK PLC. GUARANTY TRUST BANK PLC. BANKING SKYE BANK PLC S/N INSURANCE CARRIERS, BROKERS AND SERVICES 62 AIICO INSURANCE PLC. STERLING BANK PLC. 63 AXAMANSARD INSURANCE PLC 65 CONTINENTAL REINSURANCE PLC UNITED BANK FOR66AFRICA PLC CORNERSTONE INSURANCE COMPANY PLC. 74 LAW UNION AND ROCK INS. PLC. UNION BANK NIG.PLC. 77 N.E.M INSURANCE CO (NIG) PLC. UNITY BANK PLC 78 NIGER INSURANCE CO. PLC. WEMA BANK PLC. 87 WAPIC INSURANCE PLC INSURANCE CARRIERS, BROKERS AND SERVICES Banking Totals S/N MICRO-FINANCE BANKS FORTIS MICROFINANCE BANK PLC Insurance Carriers,88 Brokers and Services 89 NPF MICROFINANCE BANK PLC MICRO-FINANCE AIICO INSURANCE PLC. BANKS S/N MORTGAGE CARRIERS, BROKERS AND SERVICES CONTINENTAL REINSURANCE PLC MORTGAGE CARRIERS, BROKERS AND SERVICES S/N OTHER FINANCIAL INSTITUTIONS PLC CONSOLIDATED HALLMARK INSURANCE 95 AFRICA PRUDENTIAL REGISTRARS PLC LASACO ASSURANCE PLC. AND ALLIED PLC 96 CUSTODIAN 98 FCMB GROUP PLC. AXAMANSARD INSURANCE PLC 100 ROYAL EXCHANGE PLC. HOLDINGS PLC N.E.M INSURANCE102COSTANBIC (NIG)IBTC PLC. 103 UNITED CAPITAL PLC UNITY KAPITAL ASSURANCE PLC OTHER FINANCIAL INSTITUTIONS FINANCIAL WAPIC INSURANCE PLCSERVICES HEALTHCARE Insurance Carriers, Brokers and Services Totals S/N HEALTHCARE PROVIDERS Micro-Finance Banks HEALTHCARE PROVIDERS S/N MEDICAL SUPPLIES NPF MICROFINANCE BANK PLC 106 MORISON INDUSTRIES PLC. MEDICAL SUPPLIES Micro-Finance Banks Totals S/N PHARMACEUTICALS Other Financial Institutions 108 FIDSON HEALTHCARE PLC 109 GLAXO SMITHKLINE CONSUMER AFRICA PRUDENTIAL REGISTRARS PLC NIG. PLC. 110 MAY & BAKER NIGERIA PLC. CUSTODIAN AND ALLIED PLC 111 NEIMETH INTERNATIONAL PHARMACEUTICALS PLC PHARMACEUTICALS FCMB GROUP PLC. HEALTHCARE ICT STANBIC IBTC HOLDINGS PLC S/N COMPUTER BASED SYSTEMS UNITED CAPITALCOMPUTER PLC BASED SYSTEMS S/N COMPUTERS AND PERIPHERALS Other Financial Institutions Totals COMPUTERS AND PERIPHERALS FINANCIAL SERVICES Totals COMMUNICATIONS SERVICES S/N ELECTRONIC ELECTRONIC COMMUNICATIONS SERVICES HEALTHCARE S/N IT SERVICES Pharmaceuticals 117 COMPUTER WAREHOUSE GROUP PLC 119 TRIPPLE GEE AND COMPANY PLC. FIDSON HEALTHCARE PLC IT SERVICES

Price List (Equities) MARKET CAP(Nm)

PRICE

6439,550.91 6 MARKET CAP(Nm) 12124,197.71 19 19 2,769,423.26 31

30.00 14.00 34.00 PRICE

%CHANGE

3.46

0.29

1.25

MARKET CAP(Nm)

PRICE 162.52

12,629 11,640 24,269

1.45 %CHANGE

1,078,511 1,078,511 0.02 1,102,780

%CHANGE

TRADES

VOLUME

374,530.15 13,604,895 13,604,895 421,345.20 VOLUME 29,563,057 795,875.35

219 219 TRADES 272 272

29,563,057

491

43,167,952

1,358,964.30 VOLUME 1,358,964.30 123,303 123,303 2,154,839.65 123,303

TRADES 40 40 40 531

43,291,255

Price List (Equities)

5 MARKET CAP(Nm) 6827,672.93 1335,020.00 MARKET 86CAP(Nm) 86 MARKET CAP(Nm)

0.77 PRICE 1.13 29.01 35.02 20.47

1,840.00

0.92

13 MARKET CAP(Nm) 13 2,779.65

41.50 PRICE

%CHANGE

1.05

5.00

295.76

0.76

48,381.89

1.19

6.25

PRICE PRICE

33,500 %CHANGE 6,740,423 -1.90 65,995 %CHANGE 6,839,918 6,839,918 %CHANGE

25,070.00 VOLUME 7,635,453.96 70,044 212,133 1,344,425.15 282,177 VOLUME 9,004,949.11 0 9,004,949.11 VOLUME

TRADES 15 13 28 TRADES 0 TRADES 33

9.52

4,174,972

535,766.49 5 18

18.62 5.20

31,970 31,970 28,901 28,901 60,871

-0.05

4,174,972

4,457,149

1,409,214.78 VOLUME 110,699 1,409,214.78

TRADES 7 3

9,072

218

41,825,073

863,550 154,716.48 42,808,394 154,716.48 42,808,394 1,563,931.26

51 279 279

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES 0

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

6 24 56,760.00 7 CAP(Nm) MARKET 98 6,875.00 MARKET 135 CAP(Nm) MARKET CAP(Nm)

9 9

2.85 PRICE 118.8543.00 20.00 PRICE 99.004.00 PRICE

190,900 53,000 %CHANGE 15,200 -2.44 429,541 %CHANGE 688,641 %CHANGE

166,476 166,476

VOLUME

528,079.00 VOLUME 1 500 6,201,924.95 1 500 293,757.00 TRADES VOLUME 23 296,324 42,728,789.84 23 296,324 TRADES 49,752,550.79 VOLUME TRADES

296,824

MARKET CAP(Nm)

168.50 PRICE

%CHANGE

TRADES

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

23,097.01

2.95

70,217

54142,758.20 65,884.99 38959,421.21 6 MARKET CAP(Nm) 12 92,885.60 1 MARKET CAP(Nm) 29 70,800.00 59,255.28 140 13,322.73

5.6194.80 20.00 19.00 121.00 1.37 PRICE 145.00 6.86 6.65 PRICE 1.275.90

21,301.48

8.04

1,002,813

27,800.00

5.56

10.10

124

5,076,979

11 3,523.34 54 65 29,375.08

MARKET CAP(Nm)

22.58 1.68

17.8612.89 700.00 PRICE

2,120,306 314,421 2.54 40,000 %CHANGE 119,863 433 %CHANGE 1.90 3,285,739,119 -4.97 3,288,334,142 5.66

28,285,937.95 VOLUME 0 28,285,937.95 0

18,825 98,360 -117,185 -

48,788 11,610,520.13 100 5,953,792.96 1,058,405 177 1,177,510 55,716.00 TRADES VOLUME 11 13,110 842,442.48 11 13,110 2,736.56 TRADES VOLUME 44 1,171,141 4,074,348,894.07 82 858,103 4,092,814,102.20 49 2,639,898 38 1

131

45,000 329,518.50 10,793,934 68,567,962.00 VOLUME 15 68,897,480.50 44,863 1

345

%CHANGE

TRADES

680.00

1.34

PRICE 4.46 5.42

%CHANGE

5,326.78

MARKET CAP(Nm)

PRICE

%CHANGE

539,006.25

11 11

MARKET CAP(Nm)

87,350.49

13 136,198.67 21 34 MARKET CAP(Nm) 394 129,018.75

15.64

22.00

21.90 36.00 28.00 PRICE 4.46

99,050 99,050

4.76

36,887 133,117 170,004 %CHANGE 3,289,575,498 3.48 -3.28

49 TRADES 4 4 TRADES 21

29,381 74,244

VOLUME 420,455.00 9,150 9,150 420,455.00 VOLUME

171,782

820,034.75 573,204 66 744,986 3,737,067.92 652 12,812,934 4,557,102.67 TRADES VOLUME 4,244,727,629.11 162 13,414,885 45

42,615.12

1.84

8.88

1,151,666

264,417.03

14.41

-0.07

1,677,183

35,349.25

1.22

544,182.50 82 15,407.13 5148,943.71 81,122.51 21 126,978.34 258,767.00 30,473.83 200 MARKET 41CAP(Nm) 5,752.07 1622,050.00 10,476.47 1477,364.75 111,753.04 4,224.40 153,869.74 676,691.37 676CAP(Nm) MARKET

18.49 4.10 1.11 1.49 1.70 4.79 15.60 3.50 0.75 1.21 0.79 16.70 PRICE 1.07 0.83 1.76 2.10 1.01 2.95 0.50 0.51 5.30 0.80 0.63 0.50 0.50 0.98

11,776.80

5.15

2,698.23

PRICE 1.18

14 8 MARKET2 CAP(Nm) 5,700.00 322,292.27 723,367.20 2,572.69 140,000.00 10 10,680.00 1 1 46

0.80 PRICE 0.90 PRICE 0.50 2.85 0.50 3.79 1.18 2.06 0.50 14.00 0.76 1.78 0.50 0.50

1 1

1.08 1.65

MARKET CAP(Nm)

MARKET CAP(Nm) 251.09

PRICE PRICE

4.27

126

0.76

167

1.83

3,962,506 2,163,396 -0.58 278,470 2.34 4.17 790,900 8.22 4,847,312 %CHANGE 1,969,858 2.41 1,204,932 5.00 0.99 8,586,418 3.92 39,752 -2.44 - 501,617 5,920,564 30,265,725 %CHANGE -

32 929 TRADES 33 13 13 1 3 14 1 2 80 TRADES 0

2.61

19 TRADES

200,107 276,500 %CHANGE 5,004,000 -0.35 1,000,000 8.26 351,540 -0.92 327,285 1.71 37,708,135 10 44,867,577 %CHANGE

%CHANGE -

PRICE

%CHANGE

3,360.00

2.24

4.67

20.36 2.46 0.97 4.00 0.92 0.85 14.15 PRICE 1.31

36 29

%CHANGE

MARKET CAP(Nm)

3124,348.05 950.60 71,443.99 105 7 MARKET CAP(Nm) 20 MARKET 170CAP(Nm) 893CAP(Nm) MARKET

38 216

4,760 4,760

19 0 TRADES 44 4 110 1 15 79 253 1,281

TRADES 0 TRADES 0 0 TRADES 9

26,718,071

3,042,974 16,210,255.82 4,696,651 3,314,106.88 1,559,383 448,809 4,136,459.40 21,994,088 5,100,602 958,864.34 20,934,720 80,963,793.44 100,739,032 VOLUME 2,115,552.11 645,560 2,087,767.85 750,000 933,996 25,302,954.71 4,700 168,000 205,645.40 1,236,958 316,018.71 475,000 497,100 5,813,502.17 4,711,314 141,424,920.83 VOLUME 0 494,689

494,689 160,838.67 VOLUME 251,350.00 0 VOLUME 2,502,000.00 1,674,676 500,000.00 41,935 28,242,702 720,728.80 400,000 225,670 245,325.31 8,976,075 18,854,067.50 39,561,058 145,506,093 5.00 23,234,315.28 VOLUME 0

4,950.40 0 0 4,950.40 VOLUME

VOLUME

734,052

PRICE

1,149,464 4.30 27,041 4.55 31,257,120 38,035 %CHANGE 708,255 %CHANGE 33,179,915 108,317,977 %CHANGE

14,051 2,830,722.84 16 612,400 104,002.06 8 550,300 41 1,910,803 26,613,309.20 41 1,910,803 537,985.34 TRADES VOLUME 931,556.31 0 0 TRADES VOLUME 31,017,575.75 0 0 TRADES 195,681,762.26 VOLUME 0

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

6,741.29

2.67

500

796.88

1.61

400

PRICE

2.69

614,065

1,572,223.05 900

these challenging times,” he said. The chairman told the shareholders that things have already started looking up in 2016, recording growth in turnover and bottom-line. While the company recorded 12.5 percent increase in turnover to the tune of N16.8 billion in the first quarter of 2016, PAT grew 76 per cent to N1.04 billion for the first quarter ended March 31, 2016.

invest heavily in its factories, people, processes and brands in order to continue to build the needed capabilities to win into the future. “As a company, we will continue to appreciate the resilience and unwavering commitment of all our stakeholders, dynamic employees, loyal consumers, dedicated suppliers and other service providers for their unflinching support through

MAIN BOARD

DEALS

GLAXO SMITHKLINE CONSUMER NIG. PLC. 32 MAY & BAKER NIGERIA PLC. 4 NEIMETH INTERNATIONAL PHARMACEUTICALS PLC 6 Pharmaceuticals Totals 69 HEALTHCARE Totals 69 ICT IT Services TRIPPLE GEE AND COMPANY PLC. 1 IT Services Totals 1 S/N PROCESSING SYSTEMS MARKET CAP(Nm) ICT Totals 1 PROCESSING SYSTEMS INDUSTRIAL GOODS SERVICES S/N TELECOMMUNICATIONS MARKET CAP(Nm) TELECOMMUNICATIONS SERVICES Building Materials ICT INDUSTRIAL ASHAKA CEMGOODS PLC 16 S/N BUILDING MATERIALS MARKET CAP(Nm) BERGER PLC 9 124 PAINTS ASHAKA CEM PLC 43,467.79 125 BERGER PAINTS PLC 2,350.47 CAP PLC 4 126 CAP PLC 26,950.00 127 CO. CEMENT OF NORTH.NIG. PLCPLC 8,847.01 CEMENT OFCO.NORTH.NIG. 6 128 DN MEYER PLC. 227.50 PORTLAND PAINTS PRODUCTS NIGERIA PLC 10 131 LAFARGE AFRICA& PLC. 309,733.32 132 PAINTS AND COATINGS MANUFACTURES PLC 784.99 LAFARGE AFRICA PLC. 31 BUILDING MATERIALS S/NMaterials ELECTRONIC AND ELECTRICAL PRODUCTS MARKET CAP(Nm) Building Totals 76 136 CUTIX PLC. 1,365.02 Electronic andAND Electrical Products ELECTRONIC ELECTRICAL PRODUCTS CUTIX PLC. 6 S/N PACKAGING/CONTAINERS MARKET CAP(Nm) 137 AVON CROWNCAPS & CONTAINERS 991.76 Electronic and Electrical Products Totals 6 PACKAGING/CONTAINERS S/N TOOLS AND MACHINERY MARKET CAP(Nm) Packaging/Containers TOOLS AND MACHINERY BETA GLASS PLC. 5 INDUSTRIALCO GOODS NATURAL RESOURCES Packaging/Containers Totals 5 S/N CHEMICALS MARKET CAP(Nm) 142 B.O.C. GASES PLC. 1,565.08 INDUSTRIAL GOODS Totals 87 CHEMICALS OIL ANDS/NGAS METALS MARKET CAP(Nm) EnergyMETALS Equipment and Services S/N MINING SERVICES MARKET CAP(Nm) JAPAULMINING OILSERVICES & MARITIME SERVICES PLC 2 S/N PAPER/FOREST PRODUCTS MARKET CAP(Nm) EnergyPAPER/FOREST Equipment and Services Totals 2 PRODUCTS NATURAL RESOURCES Integrated Oil and Gas Services OIL AND GAS MARKET CAP(Nm) OANDO S/N PLCENERGY EQUIPMENT AND SERVICES 90 ENERGY EQUIPMENT AND SERVICES Integrated and Gas Services Totals 90 S/N Oil INTEGRATED OIL AND GAS SERVICES MARKET CAP(Nm) 148 OANDO PLC 57,766.17 Petroleum and Petroleum Products Distributors INTEGRATED OIL AND GAS SERVICES MARKET CAP(Nm) CONOILS/N PLCPETROLEUM AND PETROLEUM PRODUCTS 21 DISTRIBUTORS CONOIL PLC 12,602.17 ETERNA150PLC. 7 151 ETERNA PLC. 3,599.44 FORTE OIL 8 152 PLC. FORTE OIL PLC. 287,197.08 153 MOBIL OIL NIG PLC. 57,933.23 MOBIL OIL NIG PLC. 21 154 MRS OIL NIGERIA PLC. 11,386.31 155 TOTAL NIGERIA 54,187.69 TOTAL NIGERIA PLC. PLC. 7 PETROLEUM AND PETROLEUM PRODUCTS DISTRIBUTORS Petroleum Petroleum Products Distributors Totals 64 S/N and EXPLORATION AND PRODUCTION MARKET CAP(Nm) 156 SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD 194,388.37 Exploration and Production EXPLORATION AND PRODUCTION AND GAS SEPLATOILPETROLEUM DEVELOPMENT COMPANY LTD 33 SERVICES Exploration and Production Totals 33 S/N ADVERTISING MARKET CAP(Nm) ADVERTISING OIL ANDS/NGAS Totals 189 APPAREL RETAILERS MARKET CAP(Nm) APPAREL RETAILERS SERVICES S/N AUTOMOBILE/AUTO PART RETAILERS MARKET CAP(Nm) Automobile/Auto Part Retailers R T BRISCOE PLC. 1 159 R T BRISCOE PLC. 588.18 Automobile/Auto Part Retailers Totals 1 AUTOMOBILE/AUTO PART RETAILERS S/N COURIER/FREIGHT/DELIVERY MARKET CAP(Nm) Courier/Freight/Delivery 161 TRANS-NATIONWIDE EXPRESS PLC. 214.73 RED STAR EXPRESS PLC 5 COURIER/FREIGHT/DELIVERY S/N HOSPITALITY MARKET CAP(Nm) Courier/Freight/Delivery Totals 5 HOSPITALITY S/N HOTELS/LODGING MARKET CAP(Nm) Printing/Publishing 164 IKEJA HOTEL PLC 5,342.51 LEARN HOTELS/LODGING AFRICA PLC 13 S/N MEDIA/ENTERTAINMENT MARKET CAP(Nm) Printing/Publishing Totals 13 MEDIA/ENTERTAINMENT S/N PRINTING/PUBLISHING MARKET CAP(Nm) Transport-Related Services 169 LEARN AFRICA PLC 655.73 UNIVERSITY PRESS 2,113.91 AIRLINE 171 SERVICES ANDPLC. LOGISTICS PLC 1 PRINTING/PUBLISHING NIGERIAN AVIATION HANDLING COMPANY PLC MARKET CAP(Nm) 22 S/N ROAD TRANSPORTATION ROAD TRANSPORTATION Transport-Related Services Totals 23 S/N SPECIALTY MARKET CAP(Nm) SupportSPECIALTY and Logistics S/N TRANSPORT-RELATED SERVICES MARKET CAP(Nm) CAVERTON SUPPORT 1 175 OFFSHORE AIRLINE SERVICES AND LOGISTICS PLCGRP PLC 1,248.98 176 NIGERIAN AVIATION HANDLING COMPANY PLC 6,724.27 SupportTRANSPORT-RELATED and LogisticsSERVICES Totals 1 S/N Totals SUPPORT AND LOGISTICS MARKET CAP(Nm) SERVICES 43 178 CAVERTON OFFSHORE SUPPORT GRP PLC 4,824.73 EQTY Board Totals 1,811 SUPPORT AND LOGISTICS SERVICES Daily Summary (Equities) MAIN BOARD TOTALS Activity Summary on Board ASeM Price List (Equities) PRICES FOR ASEM SECURITIES CONSUMER GOODS ESTATE CONSTRUCTION/REAL S/N PROPERTY MANAGEMENT MARKET CAP(Nm) Food Products PROPERTY MANAGEMENT CONSTRUCTION/REAL MCNICHOLS PLC ESTATE 2 CONSUMER GOODS Food Products Totals 2 S/N FOOD PRODUCTS MARKET CAP(Nm) FOOD PRODUCTS CONSUMER GOODS Totals 2 S/N PERSONAL/HOUSEHOLD PRODUCTS MARKET CAP(Nm) PERSONAL/HOUSEHOLD ASeM Board Totals PRODUCTS 2 CONSUMER GOODS Daily Summary (Equities) FINANCIAL SERVICES Activity Summary on Board PREMIUM S/N MORTGAGE CARRIERS, BROKERS AND SERVICES MARKET CAP(Nm) FINANCIAL SERVICES MORTGAGE CARRIERS, BROKERS AND SERVICES BankingFINANCIAL SERVICES ZENITHHEALTHCARE INTERNATIONAL BANK PLC 306 S/N PHARMACEUTICALS MARKET CAP(Nm) BankingPHARMACEUTICALS Totals 306 HEALTHCARE Other Financial Institutions INDUSTRIAL GOODS S/N ELECTRONIC AND ELECTRICAL PRODUCTS MARKET CAP(Nm) FBN HOLDINGS PLC 278 ELECTRONIC AND ELECTRICAL PRODUCTS INDUSTRIAL GOODS Other Financial Institutions Totals 278 OIL AND GAS FINANCIAL SERVICES Totals 584 S/N PETROLEUM AND PETROLEUM PRODUCTS MARKET CAP(Nm) DISTRIBUTORS INDUSTRIAL GOODS 186 CAPITAL OIL PLC 2,928.77 AND PETROLEUM PRODUCTS DISTRIBUTORS BuildingPETROLEUM Materials OIL AND GAS DANGOTE CEMENT PLC 35 SERVICES S/N FOOD/DRUG RETAILERS AND WHOLESALERS MARKET CAP(Nm) BuildingFOOD/DRUG Materials Totals 35 RETAILERS AND WHOLESALERS SERVICESGOODS Totals INDUSTRIAL 35 ASEM TOTALS PREMIUM Board Totals 619 EQUITIES TOTALS Equity Activity Totals 2,432 PRICES FOR ETP SECURITIES S/N COMPANY Daily Summary (ETP) 1 LOTUS HALAL EQUITY ETF

MARKET PRICE

QUANTITY TRADED

25.33 0.94 0.69

551,998 16,020 597,000 1,779,083 1,779,083

1.69 PRICE

%CHANGE

TRADES

PRICE

%CHANGE

TRADES

19.41 8.11 38.50 7.04 0.70 68.00 0.99 PRICE 1.55

24.00 9.30 35.78 8.62 3.36 -1.45 80.50

%CHANGE

%CHANGE -

%CHANGE

1.45

PRICE

%CHANGE

50.00 PRICE

%CHANGE

3.76

PRICE

%CHANGE

0 0

900

110,727 2,707,053.97 VOLUME 40,229 63,607 362,501.29 21 1 2,000 26,700 12,179 992,680.00 9 12 142,300 44,012 1,227,076.00 2 22,000 966,480.00 108 299,900 2,394,855 1 500 14,373,223 1,157,057,077.16 156 4,469,553 TRADES VOLUME 14,993,079 1,163,312,868.42 TRADES

8,000 8,000

134,500 VOLUME 1 134,500 1,000 1 1,000

TRADES

VOLUME

24,529 4,478,553 1,165,135.50 24,529 VOLUME 1,165,135.50 TRADES 3 4,926 15,152,108 1,164,682,243.92 159

4,926

TRADES

VOLUME

PRICE

%CHANGE

TRADES

PRICE

%CHANGE

TRADES

PRICE PRICE 4.80

3.47

%CHANGE %CHANGE

5.03

159.60

18.34 0.33 1.84 342.00 5.00 3.59 150.00 6.11 145.00

PRICE

%CHANGE

PRICE 18.16 2.76 220.50 160.66 44.83

345.00

%CHANGE

1.47

318.00

204,240.00 204,240.00

TRADES

0.50

805.00 805.00 805.00

VOLUME

1.51

PRICE

13,903,164.18 15,299.40 412,110.00 15,902,796.63 15,902,796.63

500 500 500VOLUME

PRICE

VALUE TRADED ( N)

0 VOLUME

0 24,262 VOLUME 24,262 0

4,926

12,131.00 12,131.00

3,827,573 VOLUME 13,288,632.05 0 0 3,827,573 VOLUME 13,288,632.05 TRADES

TRADES

414,344

81,125 VOLUME 10100,300 134,390 15 636,526 153 20,300 609,987 15 65,984 16,295 184,965 37 92 13,699 968,220 322 2,600,072 TRADES231,719 VOLUME

1,505,034.50 182,832.00 6,595,470.00 2,396,080.60 1,959,692.96 12,639,110.06

TRADES

62,273

PRICE

%CHANGE

PRICE

%CHANGE

389,934 3,076,689 124,037,602.56 TRADES389,934 VOLUME 124,037,602.56 0 4,473,488 VOLUME0 149,977,475.67 TRADES 0

PRICE

%CHANGE

TRADES

VOLUME

0.50

356

1 1

PRICE

%CHANGE

TRADES

1.08

3.80

4.85

PRICE

%CHANGE

PRICE

%CHANGE

2.57

0.89

4.90

941 941

3,400 3,400 VOLUME

32,870 TRADES 32,870 0 2

TRADES

89,200 89,200 VOLUME 0 352,840 352,840

%CHANGE

PRICE

%CHANGE

TRADES

0.85

-4.85 2.29 4.00 %CHANGE

14,960

450,000

464,960

PRICE

%CHANGE

PRICE

%CHANGE

TRADES

0 1.97

1.68 6.49

4.14

4.81

PRICE

%CHANGE

1.44

4.35

PRICE

%CHANGE

1.21 PRICE

%CHANGE

PRICE

%CHANGE

PRICE

%CHANGE

11.45 %CHANGE

PRICE 0.50

3.74

%CHANGE

VOLUME 0 VOLUME VOLUME

16,000.00 16,000.00 VOLUME 1,694,242.54 551,700 5,785,390,675.15 551,700 267,350

1,437,334

2,899,434

2,925

218,252,699

TRADES

VOLUME

0 270,464 270,464 TRADES 0 270,464 TRADES 0 270,464

0 VOLUME 0 VOLUME 0

TRADES

VOLUME

13,929,679 TRADES 0 13,929,679 10,438,552 0 0 10,438,552 24,368,231 TRADES TRADES

0 VOLUME 0 0

39,515,087.18 39,515,087.18 199,120,526.41 VOLUME 0

400,000

VOLUME

400,000

38,770 5,304,666.00 TRADES 38,770 VOLUME0 5,304,666.00 0 0 38,770 0 5,304,666.00 1 400,000 24,407,001 3,457 261,943,954 204,425,192.41 3,452,903,681 5,990,143,129.00

PRICE

%CHANGE

TRADES

509.02

8.21

-0.12

NEWGOLD EXCHANGE TRADED FUND (ETF)

367.20

2,448.00

0.16

STANBIC IBTC ETF 30

824.18

72.00

91.77

2.51

0.40

75.16

6.47

0.94

1,794.27

11.93

0.93

250,000

80.44

18.36

Exchange4Traded Fund ETF VETIVA BANKING VETIVA CONSUMER GOODS ETF Name 65 VETIVA GRIFFIN 30 ETF 7 EXCHANGE VETIVA INDUSTRIALTRADED ETF NEWGOLD FUND (ETF) VETIVAETP BANKING ETF TOTALS VETIVA CONSUMER GOODS ETF VETIVA GRIFFIN 30 ETF FOR DEBT SECURITIES VETIVAPRICES INDUSTRIAL ETF S/N COMPANY Exchange Traded Fund Totals ETF Board Totals ETP Activity Totals

2 2 2 2 Price List (BONDS) 2 MARKET CAP(Nm) 10 10 10

PRICE

-0.54 2,330.00 2.33 6.02 11.09 18.07 %CHANGE

159,605,439.23 159,605,439.23

Price List (ETP)

MARKET CAP(Nm)

327,261.44 327,261.44 327,261.44 327,261.44

VOLUME

%CHANGE

10,001.84 1,001,583.80 1,011,585.64

1,169,984

139.83 PRICE

538,430.00 538,430.00

10,000 44 10,000 50 TRADES 923,993 4 3,428,226,216 4 6

PRICE

VOLUME VOLUME

4,588 251,094 TRADES 0 255,682 TRADES

PRICE

127,756.40 127,756.40

VOLUME

6 624,500 TRADES 624,500 0

PRICE

4.90

470.50 470.50

1 8 8

TRADES 0

3,000 20 20 20 15 3,075 3,075 3,075

5 250,070 250,070

VOLUME 0

6,986,000.00 46.70 120.20 221.80 270.65 6,986,659.35 6,986,659.35 6,986,659.35

T H I S D AY • FRIDAY, MAY 13, 2016

WORLD OF ISLAM

Edited by: MJO Mustapha Email deji.mustapha@thisdaylive.com

Islam Beyond the Five Pillars - 2

Charles Le Gai Eaton/IslamiCity

(Continued from last week) xtremism and anger are both of them ugly in their manifestations. In one of his inspired sayings (these are quite separate from the revealed text of the Quran) the Prophet said: “God is beautiful; He loves beauty”. It is significant that the Arabic word Aasan means both “good” and “beautiful”. The connection is clear since a good action or, for that matter, a good character has a quality of beauty which, in its turn, is related to the idea of harmony, just proportion and therefore of justice as such. It is worth noting that the English word “fair” means both just and beautiful. The Arabic verb adala, from the same root as adl (Justice), is usually translated as “to proportion”, “to create in symmetry” or “to be equitable”. Here again we have the idea of harmony which is dependent upon justice. Muslim thinkers have always been interested in the science of numbers and their significance, and each letter of the Arabic alphabet has a particular number attached to it. Words derived from the root ‘DL, including adl, occur 28 times in the Quran, and, as it happens, there are 28 letters in the Arabic alphabet. These are related to the 28 “mansions of the moon” which determine the Muslim calendar. This may seem somewhat esoteric but, in the Islamic perspective, there are no chance coincidences and, for Muslims, it is further proof of the universal harmony which is the pattern of creation and a sign that everything makes sense when it is closely examined. In the Quran, which is for all Muslims the directly revealed Word of God, He says: “We sent down the Book and the Balance so that mankind might uphold justice”. Here again the idea of balance occurs, linked directly with the revelation itself. The “scales of justice” are set up and our actions are to be weighed in perfect equity. Regarding the Last Judgment, we read in the Quran: “That day mankind will issue forth in scattered groups to be shown

their deeds, and whoso does an atom’s weight of good will see it then and whoso does an atom’s weight of ill will see it then”. Actions which may appear to us completely trivial are cast into the balance, but good and ill are not alike in weight. The Quran tells us also that a good action, however small in itself, will be rewarded many times its own weight whereas the crimes or sins we may have committed will weigh no more and no less than what they are as such. It might even be said that the scales are themselves weighted in favor of the good and since God is the source of all that is good, all that is beautiful, all that is harmonious, this is in the nature of things. So far as human justice is concerned, the Prophet counseled all those who are obliged to sit in judgment over their fellows to “avert penalties by doubts” and this is clearly in accordance with the requirement of the British legal system that guilt must be proved “beyond reasonable doubt”. In the present age, at least in the West, the notion of justice and, in particular, of rights has taken on a coloring that is specifically modern. People are unwilling to accept that misfortunes are a part of life and not necessarily the fault of someone else or of the system. Earlier generations in the West were taught the virtue of resignation, as are Muslims still to this day. The cry “It’s so unfair!” is heard now on every side and the subjective conviction that one has suffered injustice or that one’s rights have been infringed is a source of bitterness and unhappiness. The Muslim, while he must uphold justice so far as he can, has no right to such self-indulgence or to suppose that he can be judge in his own case. To complain against destiny is, in effect, to enter a complaint against Him who holds all destinies in His hand and whose justice is beyond questioning. Here certain Quranic verses are particularly apposite: “And surely We will try you with something of fear and hunger and the loss of wealth and lives and crops. But give good news to the steadfast who say, when misfortune strikes them: ‘Truly we belong to God and truly to Him we return’. These are

they upon whom are blessings from their Lord and mercy. Such are the rightly guided”. Life’s vicissitudes test our metal and reveal what we truly are in ourselves. The notion of “fair shares” can be dangerous since few people today are ready to accept that what life has given them is indeed fair. In the Islamic perspective ultimate justice puts everything in its appropriate place, whether high or low, and this is to be accepted since there is no place from which the ascent to the Creator – “seeking the Face of his Lord Most High” – may not be undertaken. This, rather than wealth or good fortune, is the priority of the Muslim who aims to fulfill the purpose of his life. Clearly the question of balance arises once again: on the one hand the obligation to strive for justice in this world, on the other to accept the injustices which are woven into our earthly life in a spirit of resignation. Circumstances dictate which of these alternatives is appropriate. The story is told of a merchant in Muslim Spain who, when told that his ship had sunk with all his goods aboard, looked down for a moment before exclaiming: “Praise be to God!”. Later a man came to tell him that the ship had been saved. Once again he looked down before exclaiming: “Praise be to God!”. He was asked why he had looked down. “I wanted,” he said, “to be sure that my heart was untroubled”. Equanimity is a basic virtue in Islam. Here, perhaps, there is a clue to the reconciliation of the alternatives with which we are so often faced – to take up arms against the injustice we have suffered or to accept it with resignation. The right choice can only be made if we detach ourselves from our emotions and from all subjectivism. This, of course, is an ideal not easily attainable but what matters is that the ideal stands clear of personal entanglements, is respected and is seen as the goal for which the good man should aim. History recounts that, during one of the battles in defense of the Muslim community in Medina, the Prophet’s son-in-law Ali, engaged in combat with one of the pagans, brought his enemy to his knees and was about to strike the

killing blow when the man spat in his face. Ali sheathed his sword, knowing that to strike out of personal anger rather than as an act of dispassionate justice would be a sin. So justice is a basic principle of Islam since it has its roots in God Himself. To the secular jurist who sees it as an end in itself this may seem an alien concept but Islam is a God-centered Faith which never permits anything to be detached from its divine source, al-Aaqq, one of the “99 Names”, which means “The Truth” but can also be translated as “The Real”, ultimate Reality itself. There is therefore a principle which over-masters justice and this is RaAmah, Mercy. According to another of the Prophet’s inspired sayings: “When God completed the creation He wrote the following, which is with Him above His Throne – My Mercy takes precedence over my Wrath”. Justice is, in a sense, a manifestation of Wrath unless it is tempered by Mercy. All but one of the chapters of the Quran opens with the words: “In the name of God, the Merciful, the Dispenser of Mercy”, and, among Muslims, these same words initiate all human actions. It is said that the instrument of creation was the “breath of the Merciful” and therefore that existence itself is a mercy for which we have a duty to be grateful. Indeed, ingratitude and unbelief are almost synonymous in the Islamic perspective. Believers are warned again and again that if they hope for mercy from their Lord – as all must – then they have to show mercy to their fellows and to “every creature that has a living heart” including the beasts and the birds. “God gives a reward for gentleness which He will never give for harshness”, said the Prophet. It is clear that, for the Muslim, there is a powerful restraint upon justice if justice is understood merely as a weighing of relevant facts and that is why the human judge, fallible and himself in need of mercy, trembles when he gives judgment. In Islam mercy always has the last word. Concluded

FRIDAY, MAY 13, 2016 • T H I S D AY

NEWSXTRA

Alleged Diversion of Funds: FG Orders Audit of Military Payroll Ndubuisi Francis in Abuja The Minister of Finance, Mrs. Kemi Adeosun, has directed an investigation into the armed forces payroll, including that of the Air Force, Navy and the Army by the Continuous Audit Team of the federal government. The directive followed revelations arising from the ongoing trial of the former Chief of Defence Staff, Air Marshal Alex Badeh, at the Federal High Court, Abuja, that the sum of N558.2 million was allegedly diverted monthly from the Nigeria Air Force account, into private pockets. The minister has therefore charged the Continuous Audit Team, which is saddled with the responsibility of scrutinising the payrolls of the three services, to ensure that all possible loopholes that could lead to leakages are blocked. The Director of Special Projects in the Ministry of Finance, Mr. Mohammed Kyari Dikwa, will head the Continuous Audit Team and report the findings for appropriate action by the federal government The exercise will be conducted pending the biometric capturing and migration of the payroll of the three services to the IPPIS, in line with the policy of the federal government to clean up the payroll of all public sector employees. The minister stated that the measure had become necessary as part of the change mantra of the Muhammadu Buhari administration, which include the restoration of the culture of transparency, accountability and control in the management of public funds, a statement issued by the Director (Information) in the finance ministry, Salisu Na’inna Dambatta, said. The Continuous Audit Process

was one of the initiatives of the minister approved by President Muhammadu Buhari as part of the on-going reforms in the public finance management system of the federal government. Meanwhile, the federal government has expressed its resolve to ensure that the nation’s tax system reflects the commercial activity levels in Nigeria, saying it is committed to the process of mobilising revenue from the non-oil sector. In a keynote address at the opening ceremony of the 18th annual tax conference of the Chartered Institute of Taxation of Nigeria (CITN) in Abuja, the Minister of Finance, Adeosun, who represented President Buhari, stressed the need for a robust tax system, which she described as a pre-requisite for any economy that is serious in its commitment to growth and development. “I carefully read the communiqué arising from the tax conference held last year and I acknowledge the remarkable insight of the diagnosis that ‘Nigeria is experiencing growth without development. I think that the CITN set out clearly the fiscal priorities needed to underpin our economic agenda in a concise manner. Tax collection must grow in line with growth in the economy but this has not been the recent case in Nigeria and that is our challenge,” she said. Harping on the current administration’s resolve to mobilise revenue from the non-oil sector, the minister noted that the prevailing tax system must reflect the nature of the nation’s commercial activity levels, adding that oil is just 13 per cent of the nation’s GDP. She, however regretted that it represents a disproportionate share of the tax revenue in the country, promising that government would develop a framework that will mobilise revenue from the non-oil

IEA: Iran Helping to Offset Production Losses in Nigeria, Canada The International Energy Agency (IEA) yesterday disclosed that higher than expected, Iranian oil production has helped stabilise the global oil market by offsetting concerns generated by wildfires in Canada and violence in Nigeria. In its monthly report, the Paris-based IEA said global oil output rose to 32.7 million barrels a day in April, a figure boosted by Iran as its production increased faster than expected following the lifting of international sanctions earlier this year. According to the Associated Press, the IEA is forecasting a sharp drop in the global oil supply surplus by the year’s end, which should push the market toward “much-anticipated balance” after a volatile couple of years. Oil prices fell in April after leading producers failed to agree on production cuts, but have since risen after troubles in oil-producing Canada and Nigeria threatened output. The IEA said it’s unclear how deeply the damage from a devastating, ongoing wildfire

in Canada’s oil sands town of Fort McMurray will hurt overall production. In Nigeria, Shell closed the terminal exporting the country’s benchmark Bonny Light crude oil Wednesday and evacuated workers from a threatened oil field after new deadly violence by militants demanding a bigger share of the country’s oil wealth. Chevron’s Escravos oil and gas facility closed after a bomb attack. The IEA also noted concern about falling production in Libya, which is split among warring factions, and economically atrophying Venezuela. Overall oil prices have recovered slightly this year to the $45 a barrel range but remain much lower than in recent years. Despite concerns about a global economic slowdown, oil demand grew more than originally thought in the first quarter, the IEA said. It’s maintaining its forecast for global oil demand growth of 1.2 million barrels per day for 2016.

sector. Adeosun explained that the nation’s tax system must be dynamic in order to respond to an ever-evolving commercial landscape and to increasingly technology-driven business models. She stated that the Federal Government, as part of the drive to increase non-oil revenue, has set an aggressive target for increasing tax collection. This, according to her, is a reflection of the fact that the current level of compliance is low and in some cases, the effective tax rate paid by those that are compliant is lower than expected. She added that the commendable administrative efforts of FIRS would be complemented by an overhaul of the tax code

and tax laws. She disclosed that the federal government planned to engage with relevant members of the National Assembly to ensure that required revisions, amendments and new laws can be passed expediently to keep pace with the rapid change in business practices. The minister admitted that: “An overhaul of our tax code is long overdue as is the redrafting of our tax laws to reflect current business practices and new trends. We must respond to the growing phenomenon of base shifting and other practices that allow companies to evade their fiscal and legal responsibilities. “We will critically examine our GDP to align taxes with economic activity in our bid to block all leakages. For example,

the multi-billion naira losses being identified in our solid minerals sector by illegal and undocumented miners will be addressed with increased formalisation and review of the governing laws. Indeed, we are committed to the continuous improvement of our tax system as part of a dynamic framework. We will use tax administration and technology to widen compliance and encourage more individuals and companies into the tax net,” adding that the federal government is already investing in technology to boost the efficiency of our collections. According to her, some of the recent initiatives being implemented in the Ministry of Finance mean that it is now virtually impossible to obtain a payment from the Federal government without being fully

taxed compliant. Promising that tax revenues will be judiciously utilised going further, the Mrs. Adeosun stated that tax payment is part of the social contract between Government and people and that the most effective measure to enhance compliance is the knowledge that tax revenues are being utilised effectively for the development of the people. The Minister explained that the Federal Government is already implementing public financial management reforms to strengthen financial controls and ensure greater accountability, while the government is also making progress to ensure value for money in every naira spent in its efforts to reduce overhead and increase the efficiency of government expenditure.

SEEKING COLLABORATION

Minister of Finance, Mrs, Kemi Adeosun (right), chatting with the Publisher of The Abuja Inquirer, Mr. Dan Akpovwa, when the minister and some of her colleagues met with members of the Newspaper Proprietors’ Association of Nigeria (NPAN), in Lagos....recently

Slain Soldiers: Bayelsa Residents Flee over Fear of Military Reprisal Emmanuel Addeh in Yenagoa

Residents of Foropa, Southern Ijaw Local Government Area of Bayelsa State where three soldiers were killed on Monday have started fleeing the area for fear of reprisal from security operatives, it was learnt yesterday. A gang of militants operating in a speedboat reportedly ambushed and killed the soldiers attached to the Joint Task Force (JTF) and carted away their weapons. However, it was learnt that the state Governor, Seriake Dickson had prevailed on those remaining in the community to stay, assuring them that the Nigerian nation would ensure their protection. Confirming the development yesterday, the Caretaker Committee Chairman of Southern Ijaw Local Government Council, Mr.

Joshua Macaiver, noted that the community had been living in fear since the incident. He absolved the youths of the community of the killings, stating they would collaborate with the government and security agencies to arrest the perpetrators of the dastardly act. The community leader who came with his chiefs, said already, Dickson appealed to the people to return to their community as he has the assurance of the federal government that no harm would befall them. “The people of Foropa have fled the community for fear of invasion by soldiers. Dickson has urged the people to return to their community. As we speak, there is nobody in the community for fear that soldiers would invade Foropa. The governor believes the community is not part of what happened,” he said.

While commiserating with the federal government and families of the three soldiers over the incident, Macaiver said the attack occurred at a time the council was working hard to ensure that Southern Ijaw becomes one of the most peaceful areas in the state. He said the people of Southern Ijaw Local Government Area would not rest on their oars until those behind the killing of the three soldiers are brought to justice, stressing that, the local government would not condone any form of violence and criminal activities that would threaten the peace of the area. In his remarks, Apoi-kori the 7thof Apoi kingdom, Chief Ebi Llyod Alamene, also decried the incident and expressed the community’s readiness to go into the creeks and surrounding villages to fish out those who committed the crime. “Foropa Community is

not a militant abode and we do not harbour criminals and hoodlums. The JTF has been with us for over five years and so they know how peaceful we are. These persons came from the river and operated and left so we too are looking for them. “Concerning the incident that happened on May 10, our hearts are bleeding. This is because we don’t believe in violence in Foropa. The Army has come to settle down with us and Foropa has been peaceful. We condemn the killing by all standards and we will never support it. “We can never be for it. We are ready to cooperate with the government to go into the creeks and the surrounding villages, wherever they are to fish them out and hand them over to the government. We are a harmless people; we don’t have guns, but we can give information,” he said.

FRIDAY, MAY 13, 2016 • T H I S D AY

NEWSXTRA

Buhari: No Tax Clearance, No Payments by Government Says economy will recover James Emejo in Abuja President Muhammadu Buhari yesterday said his administration would not make any payments, no matter how small to individuals or companies which are unable to provide evidence of tax compliance from the Federal Inland Revenue Service (FIRS). He said henceforth, there would be confirmation of tax compliance before any payment can be made to beneficiaries.

He said: “It is now virtually impossible to get any payment, no matter how small from the federal government without being fully tax compliant. Before any payment is made, we make reference to the FIRS to confirm the tax status of that company.” “No tax, no payment. It’s very simple,” he added. Buhari also said the federal government would overhaul tax laws and codes to reflect

Sheriff: Why I Left APC Wole Ayodele in Jalingo The acting National Chairman of the Peoples Democratic Party (PDP), Senator Ali Modu Sheriff, has explained the rationale behind his leaving the ruling All Progressive Congress (APC) for the PDP. Fielding questions from journalists at the Jalingo airport yesterday after a visit to the Taraba State chapter of the party, Sheriff disclosed that he left APC due to developments that were not in tandem with his political beliefs and ideology. The PDP chairman, who is in line to re-contest for the position at the forthcoming national convention of the party further noted that he was compelled to leave the APC because the party was being run in a way that negates his ideologies. Sheriff, who arrived the state on Tuesday night, was driven to the airport in the same vehicle with Governor Darius Ishaku and in company of the Senate Deputy Minority Leader, Senator Emmanuel Bwacha, as well as Senator Sani Abubakar Danladi and Hon Victor Bala Kona who was re-elected the state party chairman at the state congress on Tuesday. Speaking further, Sheriff noted that he contributed immensely to the growth of APC, stressing that his contributions to the success

of the party cannot be over emphasise. Expressing optimism that he would emerge as the PDP chairman at the party’s convention slated for Port Harcourt, the former two-term governor of Borno State stated that it is God that crowns leaders but his is to ensure he does everything humanly possible to emerge victorious. According to him, “It is God that crowns leaders. My own is to do the right thing and sell myself to members of our party. With God on our side, I’m confident that our people will give me the mandate to lead them at this point in time.” He, however, maintained that he was sure of getting the support of the state at the convention, saying his people the Kanuris and the Jukuns have common background and hailed from the same source and he’s therefore at home in Taraba. Also speaking at the occasion, Senator Bwacha described PDP as a phenomenon in Taraba State as he maintained that the party would continue to rule the state for a very long time to come. He however noted that it was good for the party to experience being an opposition party at the national level, saying the development would afford the party the opportunity to do better when it regains power at the centre.

present economic realities as government tries to reduce its over reliance on oil revenue. Noting that the country had been unable to grow even when oil prices averaged $115 per barrel owing to corruption, wastage, inefficient spending and revenue leakages, Buhari described the current tax to Gross Domestic Product (GDP), ratio of seven per cent as low-a situation which he said had further resulted to the present fiscal imbalance in the economy. Nevertheless, he assured that going by the various interventions by government, the “Nigerian economy will surely recover.” Speaking in Abuja at the opening of the 18th annual tax conference of the Chartered

Institute of Taxation of Nigeria (CITN), themed: “Fiscal Challenges and Opportunities of the Nigerian Economy,” he said the next few years would be a busy period for tax practitioners in the country. Represented by the Minister of Finance, Mrs. Kemi Adeosun, he noted that a robust tax system was a prerequisite for economic growth and development. He said tax collection must be seen to grow in relation to growth in the economy, but he regretted that this had not been the case in Nigeria. He said tax revenue currently contributed so little to government revenue, adding that government had set an aggressive target to increase non-oil revenue, adding that

the current level of compliance remained “very low.” He maintained that in some cases where there’s compliance, the effective tax rate paying had been lower than expected. Nevertheless, he said the federal government, as part of plans to reposition the tax system to boost non-oil revenue, will engage with relevant members of the National Assembly to ensure amendments to tax laws can be passed expeditiously to keep pace with the rapid change in business practices. He said an overhaul of tax laws was long overdue in order to reflect current business practices and new trends. The president said: “We must respond to the growing phenomenon of blame shifting

and other practices that allow companies to evade their fiscal and legal responsibilities.” He added that government would critically examine the GDP to align taxes with economic activities in a bid to block all leakages. Specifically, he said the multi-billion naira loses being identified in our solid mineral sector by illegal and undocumented miners would need to the corrected. Meanwhile, President of the institute, Dr. Olateju Abiola Somorin earlier stressed the need to effect tax reforms and review the Nigerian tax laws. She said the amendments have become critical and overdue if the country must substantially boost revenue from taxation.

PDP CHIEFTAINS

L-R: Former Police Affairs Minister, Alhaji Maina Waziri; former Deputy Senate President, Ibrahim Mantu; and former Minister of Education, Prof. Tunde Adeniran, at the concerned People Democratic Party (PDP) stakeholders’ meeting in Abuja....yesterday .ENOCK REUBEN

NANS Protests in Abuja, Gives Education Minister 48-hour Ultimatum over Sacked VCs Paul Obi in Abuja

The National Association of Nigerian Students (NANS) yesterday protested over the refusal of Minister of Education, Adamu Adamu, to reinstate the 13 vice chancellors sacked by government without recourse to rules and principles governing university system. The protesting students who came in about 10 buses to the Federal Secretariat, barricaded the entrance of the Federal Ministry of Education, chanting anti-government songs and carrying placards with inscriptions like, Adamu Must Go, Reinstate Sacked VCs, Stop Abusing University Autonomy, Stop the Interference among others. Addressing the students, NANS President, Comrade Tijani Usman Shehu, gave the

minister 48 hours ultimatum to reinstate the sacked VCs or face the wrath of the students. Shehu maintained that Adamu had remained adamant to the demands, paying deaf ears to the demands for the reinstatement of the sacked 13 vice chancellors, despite the merits of such request. He said: “We have remained steadfast in voicing our appropriate displeasure at the dictatorial manner the minister is conducting the affairs of this sensitive ministry. Adamu’s impunity began rising to its never-ending crest with his arbitrary pronouncement of the sack of the VCs without recourse to the extant laws. “Indeed, throughout the ensuing stalemate, several other factors such as statements, directives and actions played out which only went further

to buttress the ministers recalcitrance for taking correction just as he lacked the finesse for conducting the affairs of this great ministry within the ambits of due process. “May we also bring this to the knowledge of the concerned public that the minister has rather chosen to attack the image of our renowned association using faceless groups and phoney characters all in a bid to avoid doing the right thing.” Shehu added that the wrong precedence the minister of Education seeks to entrench has already begun to exert a negative toll on our educational institutions as seen in the numerous upheavals taking place on campuses without the due attention of the minister. According to NANS,

President Muhammadu Buhari’s open apology on the sack, the Permanent Secretary in the ministry, Dr. Folashade Esan’s apology to the National Assembly and “the minister’s consistent approach of avoiding stakeholders who have posited the simple solution to the matter,” glaringly show the dangerous path being threaded by Adamu. The National Universities Commission (NUC) Executive Secretary, Prof Julius Okojie, who came out on behalf of the ministry to calm down the protesting students assured them that he would make their grievances known to the minister. He appealed to them to remain peaceful as their demands are carefully being looked into, in the overall interest of the country.

FRIDAY, MAY13, 2016 • T H I S D AY

NEWSXTRA

US Congress to Compel Obama to Withhold Abacha Loot for Boko Haram Victims Lawmakers in the Congress of the United States of America may soon vote on a bill that will allow President Barack Obama and his government to set aside all or part of the loot recovered from the late Head of State, General Sani Abacha, in the US for victims of the Boko Haram insurgency. Congresswoman, Sheila Jackson Lee, who represents the 18th District of Texas, is sponsoring a bill, H.R. 528, which would allow the US Department of Justice (DOJ) to use money from the recovered Abacha loot that is in its custody to provide relief for families of the abducted Chibok girls. According to Premium Times, speaking on Wednesday at a Congressional sub-committee hearing on the US role in helping Nigeria confront Boko Haram and other threats in Northern Nigeria, Ms. Jackson Lee sought the committee’s support for H.R. 528. “I have HR 528 which I would like to bring to the committee’s attention”, she said, giving the title of the bill as “Victims of

Terror Protection Act” and adding that “it deals with the Abacha loot which the DOJ has.” Jackson Lee was one of 10 people who spoke at the hearing, including one of the Chibok girls who escaped from Boko Haram terrorists on the night they were kidnapped. The Congresswoman, who visited Nigeria on a fact-finding mission a few weeks after the kidnapping, said the bill was motivated by the plight of the families of the kidnapped girls and that the intention was to create relief fund for them and other victims. “When we were in Nigeria two years ago, families were still in pain, they are still in limbo,” she said, adding “Boko Haram has killed Muslims, Christians and others, they’ve killed and burned mosques and churches and homes and schools.” She said while the overall question remained what we can do to bring the girls back, “there are broken families out there” and she believed the DOJ “can begin to utilise that money asap” to provide the relief these

families desperately need. The US was one of the earliest destinations late Sani Abacha and his family chose for their illegally acquired wealth. Mohammed Abacha and his late brother, Ibrahim, opened accounts with Citibank, New York, in 1992 using the aliases

Chinquinto, Gelsobella and Navarrio. Three years later, they opened a business account with the name Morgan Procurement. The Abachas gave a USFrench citizen, named Alain Ober, power of attorney over their New York and London

bank accounts. By 1999 when a US Senate Committee began investigating Abacha loot, the accounts had recorded more than $110 million transactions including $47 million that passed through the New York accounts within

six months and $37 million found in one account in 1995. Ober and other officials of Citibank testified before the US Senate back in 1999, admitting to moving money for the Abachas but claiming that they were not aware of their clients’ true identity.

CBN Governor Donates Rice to IDPs in Borno Michael Olugbode in Maiduguri The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has donated 400 bags of rice to internally displaced persons (IDPs) in Borno State. He said this was in line with the apex bank’s Corporate Social Responsibilities (CSR) to the IDPs and expected to bring some level of succour to displaced persons before they return to their respective communities. Presenting the relief materials at the Boron State Government House, Maiduguri, Emefiele who was represented by the state CBN Branch Comptroller, Alhaji Isyaku Ibrahim, said he was impressed with the news that victories were being recorded by the Nigerian military in the war to restore peace and stability back in the state. He said the efforts of the military would provide an environment for the implementation of policies and programmes of the federal and state governments, and CBN in the North-east.

He said the restoration of peace in Borno State and the North-east sub-region of the country could also revive the state’s local economy; as well as creation of more job opportunities for the unemployed youths. The representative of the CBN governor said: “During the governor’s mother’s funeral in April, 2016, the CBN governor made a commitment to provide the gifts received from friends and well-wishers to the less privileged across the country. “In furtherance of that commitment, he has requested that I provide this truckload of 400 bags of locally produced rice to the state government for the benefits of IDPs, before they return to their respective communities in the state.” The Borno State Governor, Alhaji Kashim Shettima, in his response, commended the apex bank for the relief materials. He also appealed to wealthy individuals and other corporate organisations in the country to emulate the CBN so that the humanitarian challenges could be overcome in the state.

INEC Unveils Timetable For Edo, Ondo Governorship Elections Onyebuchi Ezigbo in Abuja The Independent National Electoral Commission, (INEC) has issued the time table and schedule of activities for the governorship elections in Edo and Ondo, scheduled for Saturday, September 10 and Saturday, November 26, respectively. According to the Commission, June 12 is the date scheduled for the commencement of Campaigns by Political

Parties participating in the Edo governorship election, while July 2 and 4 have been set aside for the conduct of party primaries, including resolution of disputes arising from the primaries. The commission has also scheduled August 11 for publication of official register of voters for the election, while submission of names of party agents for the election to the Electoral Officers of the local government areas has been fixed for August 27.

DIPLOMATIC VISIT

L-R: Czech Deputy Minister of Defence, Mr. Tomas Kuchta; Deputy Minister of Foreign Affairs, Mr. Martin Tlapa; Senate President, Dr. Abubakar Bukola Saraki; and leader of the delegation and Czech Minister of Agriculture, Mr. Marian Jurecka, after the Senate President hosted the Czech delegation to a dinner in Abuja...Wednesday.

Igbo Business Leaders Laud Ambode on Devt, Security, Preach Peace Sunday Okobi Lagos State Governor, Mr. Akinwumi Ambode, has been commended for his leadership style since assumption of office. The Chairman of Etoks Communications, Iyke Kanu, who lauded Ambode during a courtesy visit along with the executives of Akowonjo Igbo Traders Association on the governor in Alausa recently, also commended him for his giant strides in developing infrastructure around the state and quick response to emergency. He sued for peaceful coexistence between the Igbos and their host community. Describing the governor as a man of peace, he urged Ambode to use his good office to protect the lives and property of Igbos resident in the state. While speaking at the governor’s office, Kanu asserted that: “Ambode is a detribalised man of peace and a special breed of politician who while in office, has continued to make good his campaign promises of developing every part of the state.” He further described the governor as a securityconscious leader whose timely intervention forestalled a seeming tribal fight that would have snowballed into

an unmanageable situation at Mile 12 area of the state not too long ago. “May I also seize this privilege to seek more robust relationship and tolerance between the Igbo and Yoruba people, and equally beg for fair playing ground for all,” he stated. Responding, Akinpelumi Ambode, who represented the governor during the visit, heartily appreciated the Igbos for their massive support during the governorship election and assured Kanu of peaceful co-existence between the two tribes and protection of their businesses in the state. The governor also promised security of lives and property as well as equal opportunity for every residents of the state and further thanked Kanu and his team for the noble visit. Kanu who led the executives of Igbo Traders Association on the visit further encouraged his Igbo compatriots to remain lawabiding, support and corporate with the state government under the leadership of Ambode at all times. Other members of the delegation that joined their patron were Ekanem Real, Coordinator, Udoson Oghara ; President, Mr. Goodman Ifeanyi; Secretary, Mr. Keven Ogbonna and Legal Adviser,

EFCC Arraigns Rights Activist, Adegboruwa over Forfeited Property Lawyer granted bail Chiemelie Ezeobi The Economic and Financial Crimes Commission (EFCC) yesterday arraigned a human rights activist and social critic, Ebun-Olu Adegboruwa, before a Federal High Court in Lagos over alleged lease of a forfeited property. The accused was charged on one count bordering on a lease of a Lagos property which is subject of a court order of attachment. When the case was called, prosecuting counsel, Mr. Idris Abdullahi, informed the court of an amended charge dated May 12. He said the earlier charge dated and filed on May 5, had been replaced with the amended charge dated and filed on May 12 and prayed the court to substitute same. He told the court that the charge had been duly served on the accused, and prayed the court for the amended charge to be read over to the accused for his plea to be taken. The presiding judge, Justice Oluremi Oguntoyinbo, in a short ruling, struck out the charge dated May 5, and replaced it with the

amended charge No FHC/L/ CS/181C/2016. Adegboruwa was then arraigned on the amended charge, and he pleaded not guilty. After his arraignment, the prosecuting counsel prayed the court for a trial date and urged it to remand the accused in prison custody. But counsel to the accused, Mr. Emeka Etiaba (SAN), informed the court of a bail application filed on behalf of the accused. He moved the application and urged the court to grant the accused bail on self recognisance. Ruling on the bail application, Justice Oguntoyinbo held: “The accused is hereby granted bail in the sum of N10 million with two sureties in like sum. “The sureties must put down their phone numbers with the court.” She adjourned the case to June 13, 14 and 15 for trial, and ordered the accused to be remanded at the EFCC custody until the bail terms are perfected. The judge also warned the prosecution to pursue its case diligently.

T H I S D AY • FRIDAY, MAY 13, 2015

REACTIONS TO FUEL HIKE …

Tinubu, Kalu Say Removal of Subsidy is Courageous Our Correspondents The national leader of All Progressives Congress (APC), Senator Bola Ahmed Tinubu and former Governor of Abia State, Chief Orji Uzor Kalu have described the removal of petrol subsidy by President Muhammadu Buhari as a courageous decision to reallocate funds to other more socially productive services and undertakings, stressing that the pain is necessary for the gains to come. In a statement issued by his media office yesterday, Tinubu argued that it would have been politically easy for the President to sit back and let the subsidy remain in place, adding that in the art of governance, the easiest policy is rarely the best one. “It was a benefit all were to enjoy. Yet, because past governments were not for and of the people, the true meaning and objective of the subsidy policy became lost. Over the years, the operation of the measure was distorted to where it no longer functioned for the benefit of the masses but for the undue enrichment of a small club of businessmen, some legitimate in their work, some not. Instead of remaining a positive aspect of the social contract, the subsidy was transformed into an opaque haven of intrigue and malfeasance. It was turned into a shadowy process from which the unscrupulous extracted large sums of money without providing the services and products duly paid for. Fake businessmen became true billionaires over night as if by supernatural force. They paraded themselves as such. Meanwhile, the rest of the nation, the innocent people where left to face erratic supply and were made to groan in the misery of long fuel queues and the high costs and loss of time attendant to this situation,” Tinubu explained. On his part, Kalu declared that the subsidy was beneficial to a cabal in the oil sector and greatly disadvantageous to the majority of Nigerians. In statement by his media advisor, Mr. Ebere Wabara, Kalu said: “Recall that, in my congratulatory message to President Buhari when he was being sworn in, I pleaded with him to jump-start the economy by removing the subsidy on fuel as it had been abused over the years by oil barons who capitalised on it to massively enrich themselves to the detriment of the larger society. “It is gratifying to note that Buhari has taken the bold step of blocking this outlet that pauperises most Nigerians while making a few others richer and richer and leaving the country’s economy in comatose. “This is the best thing to happen to the petroleum industry since the advent of this administration.

NACCIMA Hails Petrol Subsidy Removal The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) commend the federal government for finally taking the bold step to remove subsidy on Petrol. The President of the Chamber, Chief Bassey Edem, stated that the step is an attestation to the political will of the present government to put an end to the incessant fuel scarcity being experienced in the country, while reducing the pressure on foreign reserve as a result of huge demand for petrol import. “However, it is pertinent to note that deregulation with the influence of government in pricing is not good for the economy. Therefore we counsel that government should allow market forces to determine price instead of fixing a ceiling of N145 per litre. “Accordingly, we counsel that the Department of Petroleum Resources (DPR) and the Petroleum Product Pricing Regulatory Agency (PPPRA) be restructured and merged into one regulatory body for better monitoring and efficient service provision,” he said.

Analysts, Operators Back Change in Fuel Price Regime The bold move by the federal government in announcing the complete cancellation of the fuel subsidy regime has received the backing of financial market analysts. Speaking in separate interviews with THISDAY on the sidelines of the ongoing World Economic Forum (WEF) on Africa holding in Kigali, Rwanda, the experts noted that ending the problematic fuel subsidy regime would help improve public finance in Nigeria and also remove uncertainty about sustaining the fuel subsidy regime. To the Managing Director/Chief Economist Africa, Standard Chartered Bank, Razia Khan, there was previously an increasing doubt about the willingness to allow for pricing that would not stall economic growth.

its product was exhausted. “We will continue to sell for N130.00 per litre until we finish selling the present stock that we have,” the manager of the station, who did not want his name mentioned said.

Nasarawa Residents React to Fuel Subsidy Removal

A cross section of Nigerians waiting to buy fuel despite the increase in the pump price in Lagos... yesterday She argued that what became clear with the shortage of fuel experienced in the country in the past few months, was that an attempt to regulate at a much lower price did work. “What we have effectively seen was that the actual price of fuel in Nigeria was probably a lot higher than the new ceiling that has been put in place. So, this is an opportunity for reform and putting in place reforms that would hopefully increase the supply of fuel, deal with the bottleneck. “But I think the relevance of this fact goes far beyond the announcement by Nigeria’s government. In terms of trying to show the resolve of the government in terms of what has become a pressing economic issue, it obviously raises the hope that we will see a similar approach being adopted when it comes to other constraints that the economy is facing and other bottlenecks that held back growth. “So, the very interesting part of this fuel price reform is the idea that oil marketers would get the forex that they need from whatever secondary sources that might be available and they are allowed the leeway to show whatever pricing they need to show subject to a certain ceiling. And that is better than the situation before. “In terms of of public finance, there wasn’t a clear system in place previously. Now, we are comfortable that Nigeria’s public finance looks to be on a much more sound footing, simply because the uncertainty about the re-emergence of fuel subsidy in the budget seems to have gone away,” Khan added. Also, in his reaction, the Chief Executive Officer of the Nigerian Economic Summit Group (NESG), Mr. ‘Laoye Jaiyeola, pointed out that through out the transition programme, the federal government made it clear that it was going to take some though decision, just as hd welcomed the decision to end the subsidy regime. “I am happy that it is better late than never. We hope to see that as the beginning of a wholesome reform in that sector. Also, we expect clarity on the Petroleum Industry Bill (PIB). “So, we support the government on that idea and members of the labour movement should please, I am appealing to labour, not to deceive ourselves, because Nigerians have been paying higher for fuel. Let us see what happened in the diesel sector in the petroleum sector. In the short-run, price would go up because we would scramble for the product, but as more people get into the sector, it would go down. So, I appeal to labour to bear with us because what government is concerned about is alleviating the suffering of the people,” the NESG boss said. Jaiyeola also stressed the need for the federal government to “take on the issue of the forex market boldly’” saying that the current forex regime is not sustainable because jobs had been lost a lot of factories shut down. “So we need to look at our forex policy. We talk about the demand side, what about tted supply side? Are we not shutting out people from bringing money to this market?,” he asked. Also, the Senior Partner and Managing Director, Boston Consulting Group ( BCG), a professional services firm which recently opened its Lagos office, Mr. Luis Gravito, said he recieved the news about ending the subsidy regime in Nigeria with happiness, adding that it was clearly in the right direction.

“In the short-term, it is obviously a burden for the population, because prices would go up. But actually, without a pricing system that actually reflects cost in an efficient way, the correct allocation of resources is not possible. The best signaling mechanism to allocate resources in any economy is a transparent pricing system and prices needs to reflect cost for capital to make profit. So, in that respect we think it is clearly a step in the right direction and again it will enable a much healthier growth in the economy and therefore if that happens, you can transfer that to the well being of the people,” he added. However, in a note on the policy pronouncement to THISDAY, an economist at London-based Exotix Partners LLP, Alan Cameron, opined that it wasn’t 100 per cent clear whether the subsidy has been totally removed or whether a new cap has simply been introduced. “Either way, it does look like the government is moving towards a more market-oriented form of pricing, which is a good thing. The big question is whether petroleum marketers will not be made to source from the black market, which (we think) would roughly double the supply of US dollars at the official rate for everyone else,” he said. But Lagos-based CSL Stockbrokers Limited, in a report yesterday, stated that allowing fuel importers to access forex on the parallel market will lead to a surge in demand on the parallel market, which will likely lead to a depreciation of the greenback on the parallel market. “The increase will add to inflationary pressures at a time when inflation has already been heading rapidly higher. Headline inflation registered 12.8 per cent year-on-year in March up from 9.6 per cent in January and higher fuel prices will likely add to the upward pressure. Granted, if the move leads to increased supply of fuel, there will be a reduction in costs associated with fuels queues and shortages, but we do not think that this will offset the price increase. “Overall we refrain from labelling these moves as deregulation because the price of fuel is still regulated. In our opinion, what is required to get the economy back onto its feet is full deregulation of both the fuel market and the foreign exchange market,” the CSL report stated. Meanwhile, the naira slipped marginally as at mid-day to N324 to a dollar yesterday, from N323 to a dollar on Tuesday.

Long Queues Disappear in Cross River as Marketers Adjust Pump Price In most parts of Calabar and its environs, dealers in petroleum products adjusted their pump prices for petrol to N145 and above as a result of the removal of subsidy by the federal government. Filling stations operated by major marketers along the Murtala Muhammed Way adjusted their pump price from N86.00 to N145.00 per litre. Though most filling stations operated by independent marketers remained closed for most of the day, they sold for prices ranging from N145.00 to N170.00. However, one of the independent marketers located along Parliamentary Extension in Calabar sold for N130.00 per litre in the early hours of the day until

In Nasarawa, mixed reactions trailed the increase in pump price of petrol from N86.5 per litre to N145 per litre. While some believed the subsidy should be removed, many others criticised the present government, asking if this was the change the APC members promised during the campaigns last year. In Lafia, the state capital, motorists were seen in long queues at the NNPC mega station, Ombi 1, though no fuel attendant was seen at the gas station. Many motorists who spoke to THISDAY ascribed the chaotic situation to “the insensitivity of the present administration. “I have been at this filling station since 6 am upon hearing of the recent development (the fuel subsidy removal) but have not got fuel even at the new price of N145. This is very insensitive of the government to treat us with so much hardship. “The administration should do the needful in giving us palliatives if they are to remove the fuel subsidy,” Jameel Alhassan, a resident told THISDAY. In Keffi and other suburbs of the Federal Capital Territory, the stipulated ceiling of N145 was grossly jettisoned as many oil marketers sold products for up to N200 per litre. There were also long queues at stations that sold petrol.

Akwa Ibom Residents Not Excited About New Fuel Price Residents in Akwa Ibom State have strongly expressed doubt that the new fuel price regime of N145 per litre as announced by the federal government would come to stay because when the product was being sold at the rate of N86.50 people in the state were buying it between N150.00 to N200.00 per litre. While some of the residents who spoke with THISDAY said it was the down trodden, civil servants, traders and farmers who will bear the burden of the hike, others said the new fuel price regime will stabilise the price of the product and availability in the market. “How would you expect us to buy fuel at N145 now? after all when it was N86.50, we were buying from N150. 00 upward, with this new price don’t be surprised one will be buying it between 200.00 to N300.00,” a resident said. Checks revealed that within 24 hours of the increase, all the filling stations in the state had adjusted their meters to suit the new price of N145.

Petrol Sells at N150 to N155 in Anambra Petrol pump price in Anambra State rose astronomically yesterday, following federal government’s announcement that it has removed subsidy on importation of fuel and officially pegged the pump price at N145.00 per litre. At filling stations in the state yesterday, pump price of petrol sold for between N150 and N155 per litre.

NURTW Chairman Urges Commercial Drivers to be Patient The Chairman, Nigeria Union of Road Transport Workers (NURTW), Jigawa, Alhaji Hussaini Umar, has appealed to commercial drivers to be patient over the removal of fuel subsidy by the Federal government. Umar made the appeal in Dutse yesterday while reacting to the hike in price of petrol announced by government. He explained that the present government of President Muhammadu Buhari was sincere and meant well for the people of the country, hence they must support him to succeed. The chairman said that though they were not happy with the increment, but believed that the President would not introduce any policy to inflict hardship on Nigerians. “I am appealing to all our drivers to be patient and be calm; though we don’t really understand the policy yet but I am sure with time, it will be in the best interest of the country,’’ he said.

FRIDAY, MAY13, 2016 • T H I S D AY

NEWSXTRA

DIPLOMATIC VISIT

FRIDAY MAY 13, 2016 • T H I S D AY

CRIME&PUNISHMENT Yunusa Dahiru: Court to Take Ese’s Evidence in Private Defence lawyers seek variation in bail conditions

Emmanuel Addeh in Yenagoa Justice Aliya Ngajiwa of the Federal High Court, Yenagoa, Bayelsa State, yesterday granted an application by lawyers to Ese Oruru requesting the court to take the young girl’s evidence in camera. Simply put, the law allows judges to take evidence in private or in chambers in cases that would breach trade secrets, national security or matters involving minors. In that case, the press or people who are not connected directly to the matter before the court would not be allowed in, except lawyers to both respondents and their witnesses. Miss Oruru, 14, was allegedly abducted and impregnated by Yunusa Dahiru, a Kano indigene, resident in Bayelsa, in a case that has recently drawn both national and international attention. Citing several authorities, Justice Nganjiwa affirmed

that it was trite that once the court is satisfied with the facts before it, then it can make arrangement for any case to be held in private. Justice Ngajiwa noted that in the opinion of the court, the accused would lose nothing if the evidence of the alleged victim, Oruru, is taken outside the public glare. He held that subject to the provision of the relevant laws, cases are to be held in open court, but noted however, that the judge or magistrate may also use his discretion if in the opinion of the court, the subject is below 18. According to the judge, victims, including those of rape and child trafficking that fall in that category can also be protected by the court. The judge further affirmed that the mother of the now heavily pregnant Miss Oruru has been able to show the court that her daughter was less than 18 years.

“What will the accused suffer if the victim‘s evidence is taken in private? I hereby order that the evidence should be taken in private and in the court chambers. The application hereby succeeds,’’ Ngajiwa said in his ruling. But in his argument, lead lawyer to the defendant, Mr. Kayode Olaosebikan had earlier maintained that there was no merit in taking Ese’s evidence in private. He contended that what the lead counsel to the complainant, Kenneth Dike, was seeking to prevent had already happened with the victim’s pictures already all over the Internet, print and electronic media. Dike, who headed the police prosecution team, however insisted that what the prosecution was seeking was the constitutional right of the victim to fair trial, noting that in the interest of justice, Ese’s image and future must protected.

Meanwhile, Olaosebikan, Dahiru’s lead counsel has asked the court to vary the conditions for his (Yunusa Dahiru’s) bail, since he was finding it difficult to meet the conditions several weeks after he was granted bail by the court. But just before adjourning to June 2, 2016, Nganjiwa said his attention had not been drawn to the application, noting that the request would be argued on a later date. The application was however opposed by Ese’s lawyers. Outside the courtroom, Olaosebikan told journalists that there was nothing unusual about Justice Nganjiwa’s ruling, affirming that he was comfortable with it. “The court has given a superior opinion why the evidence should be taken in camera. We have also filed an application for varying the bail condition. There’s nothing unusual about that,’’ the lawyer said.

In Brief

Navy Intercepts Vandals The Nigerian Navy (NN) yesterday said it had intercepted a 10-man gang of pipeline vandals, seizing two wooden boats carrying 649 drums of stolen products, as well as other equipment at the Badagry area of Lagos. The Commander, Nigerian Navy Ship(NNS) BEECROFT, Commordore Abraham Adaji, made this disclosure while parading the recovered products. Although the suspects evaded arrest, Adaji said the operation and the seizure was carried out by Sub Lieutenant Godwin Enefu. Enefu, while speaking to journalists said the vandals, numbering about 10, on sighting the naval team fled into the bush to evade arrest. He said ‘’During our routine patrol, we got an information about the vandals. On getting to Badagry area to make the arrest, the vandals run away. ‘’When they saw us coming, they fled and abandoned these two wooden boats alongside their equipment. Unfortunately for them, we intercepted these two wooden boats from them.” Meanwhile, Adaji said the navy would not rest on its oars to rid the country’s waterways of oil thieves and vandals. He said, “649 drums each of the capacity of 250litres which altogether gives is over 162 metric tons of products that these vessels would have been carted away from national supplies. ‘’What you see today is the testimony of our ongoing efforts to ensure that all matters of vandalism and pillage of our common wealth is arrested.”

Man Defiles Nine-month-old Daughter The Chief Executive Officer of Financial Derivatives Company

Limi Christopher Isiguzo and Patrick Egwu in Enugu. A middle-aged man, Chukwu Nwanonenyi, suspected to have serially defiled his nine-month old daughter was yesterday paraded by the Enugu State police command. The new Police Commissioner, Emmanuel Ojukwu, who addressed journalists on the feats recorded by the police in the last one week he resumed in the state also paraded suspected armed robbery syndicates, kidnappers and cultists who have been terrorising some areas and communities in the state. Also, two young ladies from Obinagu in Udi council of the state who arranged the kidnap of their mother were equally arrested by the police. Though Nwanonenyi denied the alleged defilement of his daughter noting it was a frame-up, the girl’s mother, Chikaodi Nwafor, claimed that the man started the act since March before she summoned courage to report the matter to the Sexual Assault Referral Centre (SARC) in the state.

DeltaCJSlams28-yearJailTerm onThree Convicts Kidnappers

FARE THEE WELL

Son of the deceased (left), and a cross section of widows of the late former Commissioner for Youth and Sports, Mr. Ademola AdenijiAdele, during the lying-in-state at theLagos City Hall in Lagos...yesterday MUBO PETERS.

Magu Not in Contempt of Court, Says EFCC Okoyomon may be extradited to UK Senator Iroegbu in Abuja The Economic and Financial Crimes Commission (EFCC) has debunked media reports accusing its chairman, Ibrahim Magu, of refusing to obey an order of court in the fundamental right enforcement action brought against the commission by an Austrian businessman, Wolfgang Reinl, who is being investigated for his role in the now infamous $2.1 billion arms deal scandal. The EFCC Head, Media and Publicity, Wilson Uwujaren, in a statement yesterday, said contrary to the insinuations in the media, there was no disobedience to any court order by the EFCC and its chairman as the commission had since May 9, 2016 filed a notice of appeal at the appellate court

challenging the April 20, 2016 ruling by Justice Peter Affen of the Federal Capital Territory High Court. In another development, the former manager of a polymer banknote manufacturer, Securency International Pty Ltd of Australia, Peter Chapman, who allegedly bribed Emmanuel Ehidiamhem Okoyomon, a former Managing Director of Nigerian Security, Printing and Minting Company (NSPMC), to secure a “multimillion-euro” contract, was on May 11, 2016 convicted by a Southwark Crown Court in the United Kingdom, UK. Uwujaren said that the news of his conviction was made yesterday by Serious Fraud Office (SFO), to Magu, who was on a visit to the SFO in

London. The visit, he said, was part of efforts to strengthen cooperation between the SFO and the EFCC. He noted that the trial of Chapman, according to the SFO, began on April 4, 2016. “ Among other allegations, he was said to have paid bribes in order to secure orders for the purchase of reams of polymer substrate from Securency. The total value of the bribes, he was convicted of paying to the agent was approximately $205,000. “The SFO’s director, David Green, said, ‘This has been a long, detailed investigation and a complex prosecution involving assistance from a wide range of jurisdictions. Crimes like this damage the

UK’s commercial reputation and this conviction shows that such activity will not be tolerated.” In expressing its delight at the successful prosecution of Chapman, he said, the SFO expressed gratitude to the EFCC, along with other law enforcement agencies including Australian Federal Police, the National Crime Agency, the Metropolitan Police, the Central Authority of Nigeria and authorities in Brazil, the Seychelles, South Africa, Canada and Spain for their assistance in this case. “Chapman was arrested at Heathrow Airport in April 2015, having been extradited from Brazil, and was charged with six offences under the Prevention of Corruption Act 1906 on April 30, 2015,” he added.

The High Court of Justice sitting in Asaba presided over by Justice Marshall Mukoro, has ordered that three suspects convicted of kidnapping and conspiracy to murder spend 28 years behind bars with hard labour. The three men include a police orderly, driver and security guard police attached to a serving judge under the Delta State Judiciary. The three convicts were among the five accused persons who were arraigned on a four-count charge for the offence of conspiracy to commit felony, kidnapping, making menacing demands and making threats to murder. The offences, which are punishable under Section 406, 516, 324, and 323 of the Criminal Code Cap. C12 volume 1 Laws of Delta State 2016, were said to have been committed against a serving judge of Delta State High Court, Asaba.

Kano Govt Condemns Torching of Lawmakers’ Properties The Kano State Government has strongly condemned the violent protest by some irate youths in Gaya, the home town of Senator Kabiru Ibrahim Gaya and Hon. Abdullahi Mahamud Gaya which led to the burning of their houses and other properties belonging to them. Speaking with journalists on the fracas, the state Commissioner of Information, Mohammed Garba, said after reviewing the situation, the government came to the conclusion that the violent protest was instigated by those who have an axe to grind for no justifiable reason, adding that the Ganduje administration has the intention to improve the lot of the people. According to him, the issue of water supply was a burden the present administration inherited and was willing to tackle it with determination, vigour and seriousness, adding that the effort to provide good drinking water to all the nooks and crannies of the state was a major cardinal thrust of the Ganduje administration. He however stated that the administration inherited a huge debt burden for the contracts executed by contractors agitating to be settle. He pointed out that Gaya and other politicians were working in tandem with stakeholders to address the issue of water and electricity in Gaya town. He said the violent protest had exposed the irresponsibility of those hiding under the facade of politics to cause mayhem in a prevailing atmosphere of peace, stressing that those found to be the masterminds of the rampage would be made to face the full wrath of the law.

FRIDAY MAY 13, 2016 T H I S D AY

FRIDAY, ÍšÍťË&#x153; ÍşÍ¸ÍšÍž Ëž T H I S D AY

FRIDAYSPORTS NFFâ&#x20AC;&#x2122;s Disciplinary Committee Bans Giwa, Others for Five Years Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com

Duro Ikhazuagbe The Disciplinary Committee of the Nigeria Football Federation (NFF) rose from its sitting in Abuja yesterday handing out five years ban each to persons including proprietor of Jos-based NPFL side, Christopher Giwa. Other persons banned from football related activities in the country for the next five years include; Johnson Effiong, Muazu Suleyman, Yahaya Adama and Sani Fema. According to a statement from the NFF yesterday, Giwa who has been at loggerhead with the leadership of the current board at the Glass House since after the September 30, 2014 elections in Warri, Delta State, was slammed

along with his group for be in breach of the statues of the federation through illegal representation. â&#x20AC;&#x153;After reviewing the charges, available facts and evidence, the NFF Disciplinary Committee hereby finds as follows: That Christopher Giwa, Muazu Suleyman, Yahaya Adama, Sani Fema and Johnson Effiong are found guilty of Illegally representing the NFF in breach of Art. 40 of the NFF Statutes, when they without due authorisation and mandate purported to contract a Law Firm, Messrs Leslie Cohen & Associates of Illovo Law Chambers, 4 Fricker Road, Ground Floor, South Africa in the name of Nigeria Football Federation (NFF) and refused to pay

NFF Releases Mikel, Musa for Yobo Testimonial Game The Nigeria Football Federation (NFF) has decided to allow Super Eaglesâ&#x20AC;&#x2122; captain John Mikel Obi and his assistant, Ahmed Musa to be part of the Joseph Yobo Testimonial Game planned for the Rivers State capital, Port Harcourt on Friday, May 27. â&#x20AC;&#x153;The NFF leadership has decided that Mikel (Obi) and (Ahmed) Musa should be excused from the two friendly matches in Europe so that they can honour Joseph Yobo, who is having his testimonial game on the same Friday, 27th May that we are playing Mali in Rouen, France. â&#x20AC;&#x153;The two players have been communicated accordingly,â&#x20AC;? NFF General Secretary, Dr. Mohammed Sanusi, confirmed this yesterday. Nigeria will play Mali in Rouen on May 27 and then take on Luxembourg in Luxembourg on the first

day of June. Yoboâ&#x20AC;&#x2122;s testimonial, to which he has invited several players from outside the country as well as Super Eaglesâ&#x20AC;&#x2122; players of his generation, will come up in Port Harcourt. Joseph Yobo represented Nigeria at both U-20 and senior levels, captaining the Super Eagles at the 2010 and 2014 FIFA World Cups and featuring in six Africa Cup of Nations finals. He won a century of caps for the senior team, with his last match being the FIFA World Cup Round of 16 defeat by France in Brasilia in 2014. Meanwhile, Coach Salisu Yusuf has extended an invitation to Morocco-based midfielder Babatunde Michael, who played for Nigeria at the 2014 FIFA World Cup in Brazil, to join the squad for the two friendly matches against Mali and Luxembourg.

Giwa for services whereby the said Messrs Leslie Cohen

& Associates commenced proceedings against the NFF

for the sum of $100,000 being legal fees for professional services rendered in the High Court of South Africa, Gauteng Local Division, Johannesburg.â&#x20AC;? The committee also ruled that Giwa and his group were guilty of breaching Art. 69(1) of the NFF Statutes by taking football matters to the ordinary court and failing to submit to the jurisdiction of FIFA and the NFF. On the threat by Giwa and his co-travellers to forcefully take over the Glass House, the Disciplinary Committee ruled that there was â&#x20AC;&#x153;insufficient particulars and evidence submitted to establish the charge of threats, unguarded, uncouth and uncivilized statements in the media against the NFF, brought

against Christopher Giwa, Muazu Suleyman, Yahaya Adama, Sani Fema and Johnson Effiong.â&#x20AC;? The Committee also upheld the League Management Companyâ&#x20AC;&#x2122;s decision to fine Giwa FC N2.75m and award three points to Rangers following Giwaâ&#x20AC;&#x2122;s refusal to conclude a disputed league match. Giwa FC also forfeited three points and three goals to Wikki Tourists for failing to turn up for a league match in Ilorin, where Giwa FC was banished to. In attendance at the Disciplinary Committee meeting in Abuja yesterday were; Prof. Olufemi Adegbesan (Vice-Chairman), Adamu Sani Osmond, Kelvin Omuojine, and Christian Emeruwa.

20 Teams Jostle for Access Bank, UNICEF Charity Polo Honours The 2016 edition of the Access Bank-UNICEF Charity Shield Polo tournament is scheduled to hold in Kangimi Resort, Kaduna, from May 25 to June 5, 2016. The biggest charity polo event in Africa in collaboration with Fifth Chukker will this year, feature 15 teams vying for honours in three categories, organisers of the event said in a press conference in Lagos yesterday. The event, which is in its 10th year of Access Bank sponsorship, is a reaffirmation of the importance of the lives of the orphaned and vulnerable children in northern Nigeria. Executive Director, Personal Banking, Access Bank, Victor Etuokwu, said the bank had maintained its yearly support to UNICEF towards its projects

for orphans and vulnerable children. He stated that in addition to the donation, the Bank is continually seeking new avenues through which more resources can be pooled towards supporting the children and touching the lives of the Internally Displaced Persons (IDPs) scattered across the country. â&#x20AC;&#x153;We have been working in Kaduna, in collaboration with UNICEF to elevate quality of lives. We need to do a lot more in support of these orphans and vulnerable children to especially in the IDP camps to enable them live a better life and have access to education,â&#x20AC;? he added. The UNICEF Representative in Nigeria, Jean Gough thanked Access Bank for the partnership

which has over the past decade positively touched the lives of children needing support particularly in Kaduna and its environs. Ms Gough who was represented by UNICEF Communication Officer, Blessing Ejiofor stated that the partnership has increased the space for lots of children orphaned by HIV/AIDs in the target communities to enjoy their rights to education. â&#x20AC;&#x153;We know that sustainable development begins with safe, healthy and well-educated children irrespective of status. We have no doubt through this partnership, made positive impacts in the lives of disadvantaged children in education and healthcare and we are hoping to do more.â&#x20AC;? Fifth Chukker Polo Captain,

Babangida Hassan, said the club is proud to continue in the development of this established partnership with Access Bank and UNICEF. He disclosed that over 20 teams across Africa have signified interest to participate in the Access Bank UNICEF Charity Shield polo tournament for this year. Campaigns for the most prestigious prize, the Access Bank Cup and the low-goal UNICEF Cup promises to make the tournament exciting especially with 15 teams set to display their skills in potentially explosive games. The event is the first stage in the series that will climax in Europe with the Access Bank Charity Shield Polo Day at the prestigious Guards Polo Club in London next month.

Everton Sacks Martinez after Three Years in Charge Everton has sacked manager Roberto Martinez after three years in charge. Martinezâ&#x20AC;&#x2122;s side, 12th in the Premier League, were beaten 3-1 by champions Leicester on Saturday and lost 3-0 at Sunderland on Wednesday. The Toffees lost in the semifinals of the FA Cup and League Cup this season. The club praised the Spaniard, 42, for his â&#x20AC;&#x153;utmost integrity and dignityâ&#x20AC;?, describing him as a â&#x20AC;&#x153;great ambassadorâ&#x20AC;? who played a â&#x20AC;&#x153;key roleâ&#x20AC;? in developing young players. A statement yesterday confirming the decision to relieve him of the post Everton said: â&#x20AC;&#x153;Would like to place on record their thanks for the dedication and commitment

Roberto has shown during his three seasonsâ&#x20AC;?. This season they have won just five league games at home all season and are guaranteed to finish with their lowest points tally at Goodison Park since the introduction of three points for a win in 1981. Evertonâ&#x20AC;&#x2122;s annual awards scheduled for yesterday evening - where protests against Martinez had been expected before his dismissal was announced - has been postponed. Former Ajax coach Frank De Boer, who left the Dutch club yesterday, has been linked with Everton. His agent Guido Albers told BBC Sport: â&#x20AC;&#x153;If a club like Everton comes to him of course he will be interested to talk.â&#x20AC;?

Lâ&#x2030; R: Head Strategic Brand Management, Access Bank Plc, Amaechi Okobi; Director, Business Development, Fifth Chukker, Terri Brennan; Executive Director, Personal Banking, Access Bank Plc, Victor Etuokwu and Communications OďŹ&#x192;cer, UNICEF, Blessing Ejiofor; Head Corporate Communications, Access Bank Plc, Olubusola Osilaja and Captain, Katsina Fifth Chukker, Babangida Hassan, at the 2016 Access Bank, UNICEF Charity Shield Polo tournament press brie ng in LagosĂ&#x2013; yesterday

Friday, May 13, 2016

UT H

& RE A S O

Price: N250

MISSILE NLC to FG

“With the imposition on the citizenry of the criminal and unjustifiable electricity tariff hikes and the resultant darkness and other economic challenges brought on by the devaluation of the naira and spiraling inflation, the least one had expected at this point in time was another policy measure that would further make life more miserable for the ordinary Nigerians” – The Nigeria Labour Congress (NLC) condemning the increase of the pump price of petrol to N145.00 by the federal government.

AKINOSUNTOKUN DIALOGUE WITH NIGERIA

“W

akin.osuntokun@thisdaylive.com

Balance of Terror

e want to pass this message to all the international oil companies operating in the Niger Delta that the Nigerian military can’t protect their facilities. They should talk to the federal government to meet our demands else, more mishaps will befall their installations,”it stated. “Until our demands are met, no repair works should be done at the blast site.” — Niger Delta Avengers. It was always going to come to this — the enactment of the power politics of the presidency of Dr Goodluck Jonathan and the prior Nigerian context of the balance of terror equation. The reason or excuse for this behaviour is the insinuation (right or wrong) of the discriminatory application and enforcement of the rule of law and accountability sanctions against factions of the Nigerian power elite. The dilemma here is that at this particular juncture in the cycle of politics and governance (change of government where a dominant faction of the political elite is being replaced by another) the application is inherently, universally and necessarily discriminatory. It is a platitude to argue that non incumbents cannot be investigated and called to account for stewardship of governance they did not provide. But steeped in the vicious cycle of political underdevelopment and pervasive poverty of governance standards, efforts to enforce the rule of law and public accountability on any particular incumbent are liable to the charge of political scapegoating and persecution. It is to this extent, easy to foster the perception of ill motivated partisanship and parochialism on a possibly genuine endeavour to raise the bar of public accountability. Germane to the argument was the protest of former President Jonathan the other day that limiting the scope of the probe of Nigerian governance to his administration tantamount to witch-hunting and selective judgement. The scriptural observation — all have sinned and fallen short of the glory — speaks directly to the vicious cycle of governmental corruption in Nigeria. Breaking out of this cycle goes way beyond the anti-corruption credentials and commitment of any elected president. It requires a concerted response and commitment to the rectification of the structure that renders Nigeria prone to the balance of terror draw back in the first place. The balance of terror notion was introduced by the 1956 literature Nobel laureate and wartime Prime Minister of Britain, Sir Winston Churchill, with specific reference to the cold war era, which bifurcated the dominant contending world powers into the USA dominated Western bloc and USSRled Eastern bloc. Differently encapsulated as Mutual Assured Destruction (MAD), it was a characterisation of the equivalence of the nuclear capability of each bloc to destroy one another. It was touted as a negative incentive or deterrence to maintain the nuclear capability status-quo and restrain the impulse for global aggression. It has a much more positive, benign and older counterpart in the concept of the balance of power. Balance of power is conventionally applicable to three contexts namely international relations, federalism, and parliament. In each

Buhari

case, ‘it respectively implies parity or stability between competing forces; distribution of power between a central government and its subnational governments; and the power exercised by a minor political party whose support enables a minority government to obtain office’. Both — balance of terror and balance of power — are adaptable to the Nigerian situation and as a fact the latter is a solution to the problem posed by the former. In Nigeria, the balance of terror concept is defined and has manifested in the following observation — the survival and security of incumbent Nigerian regimes; the acquisition and retention of power, is ultimately guaranteed by the capacity of the power wielder’s ethno-regional origins to hold Nigeria to ransom. Between 1966 and 1999 (giving allowance for the intramural squabbles of the ruling elite), the subsistence of the various military/ civilian protégé regimes was guaranteed by the capacity of the Northern region, through the instrumentality of its stranglehold on the military, to hold Nigeria to ransom. This is more the case for military regimes, which, by definition is instituted and imposed by the fiat of the power of coercion. The circumstances leading to the disengagement from military dictatorship and the enthronement of President Olusegun Obasanjo in 1999 were a direct consequence of the crisis of the annulment of the election of Moshood Abiola as President of Nigeria (otherwise designated the June 12, 1993 presidential election annulment crisis). Given the unprecedented scenario of the limitation and exclusion of the presidential election field to Chiefs Olu Falae of the APP and Olusegun Obasanjo of the PDP it is hardly contestable, in fact, logic and speculation that the Nigerian presidency was contrived and conceded to the Yoruba in 1999. It was similarly a fact that between 1993 and 1998, the Yoruba demonstrated a capacity to subvert the extant political order of Nigeria through an escalating and wide ranging options of agitation and propaganda. The successful demonstration of this capability ultimately compelled the compensatory concession of the presidency and the assurance of two term tenure for Obasanjo. No region of Nigeria has suffered the dysfunction of the WAZOBIA domination of Nigerian politics worse than the Niger Delta. Coupled together from the Yoruba (WA) Hausa (ZO) and Igbo (BIA) linguistic for ‘come’, the acronym is employed to symbolise the hegemonic domination of the majority linguistic groups over Nigeria. In this tradition, the minorities

of the Northern region enjoyed the advantage of the bond of overlapping identity mostly the northern Nigeria wide spoken Hausa language. To a limited extent, this overlapping identity is similarly boosted by the scattered regional wide bond of the pre-colonial Sokoto caliphate imperialism. And of course there is the legacy of British colonial administration which governed the north as one region and thereby fostered another identity overlap. These were the enabling precursors to the sense of political inclusiveness of the three zones comprising the north. Thus the northern minorities tended to blend and partake of the advantages of northern unity. The absence of a comparable identity overlap in southern Nigeria left the southern minorities isolated, incoherent, weak and relatively inconsequential. And then came the intervening variable of crude oil; and specifically, its exclusive location to the Niger Delta region and the political purposes it can serve. One of the peculiarities of the last presidential election in Nigeria was the contention over the role of the Boko Haram insurgency. There was a strand of opinion which contended that the perceived indifference of the Jonathan government to the insurgency served to mobilise opinion, especially in the north against his re-election. Beyond this strand was the patronising argument in Western intellectual circles to

the effect that the election of a candidate of common northern Muslim origin like General Muhammadu Buhari would prove a critical facilitator in overcoming the insurgency. Whatever its merits, implicit in this kind of proposition is an inherent liability to legitimise the logic that terrorism and sundry acts of political subversion should compel the concession of political power. There may or may not be a nexus between this logic and the resurgence of the Biafra secessionist agitation in the South-east, what is clear is the predication of the agitation on the relegation and marginalisation of the zone. In recent media reports, there was the pathetic attempt by the Niger Delta militants kingpin, Tompolo, to revealingly dissociate himself from the supposedly new group of militants, the Niger Delta Avengers. He should save his unsolicited repudiation for the Marines or the Navy seals. Within the context of Nigeria’s political history, it will be naïve of any critical observer to imagine that Niger Delta political strategists would have ruled out a recourse to the instigation of the ultimate guarantor of political security and survival in Nigeria-countervailing balance of terror. NOTE: The rest of this article continues in the online edition of THISDAY: www. thisdaylive.com

GOOD DAY TO BURY BAD NEWS YOU SAY IT’S A GOOD DAY TO BURY BAD NEWS! WHAT’S GOOD ABOUT TODAY?

…AND THE BURIED BAD NEWS?

IT WILL NOT BE BURIED FOR TOO LONG! AFTER THE CELEBRATION THE PEOPLE WILL WAKE UP AND PROTEST!

c o P s s c a i h w s l o o I

t S p p w t p a t t h p o s b t a t

s E c r m e f i N t p t b w y t c

WE ARE CELEBRATING OUR PRESIDENT’S BRILLIANT RESPONSE TO DAVID CAMERON’S UNGUARDED COMMENT ABOUT NIGERIA BEING FANTASTICALLY CORRUPT!

…THE PRESIDENT’S BRILLIANT COUP TO REMOVE THE SUBSIDY ON PETROL! PUMP PRICE WILL NOW GO FROM THE PRESENT N86.50 PER LITRE TO N145!

THAT WOULD BE TOO LITTLE, TOO LATE! THE PEOPLE WOULD HAVE COME TO TERMS WITH THE NEW PRICE AND MOVED ON! IT’S COMMON KNOWLEDGE THAT OUR PEOPLE HAVE SHORT ATTENTION SPANS!

13-05-16

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