Monday 16th May 2016 by THISDAY Newspapers Ltd

Okonkwo Resumes as Fidelity Bank CEO, Balarabe Now DMD Obinna Chima Following the resumption of the Managing Director of Fidelity Bank Plc, Mr. Nnamdi Okonkwo today, Alhaji Mohammed Lawal Balarabe who held fort in Okonkwo’s absence, has been appointed as the Deputy Managing Director of the Bank,

T H I S D AY S P E C I A L R E L E A S E subject to regulatory approval. Balarabe was temporarily appointed acting managing director of the bank, while Okonkwo was being investigated by the Economic

and Financial Crimes Commission (EFCC) for accepting lodgements running into millions of dollars from the former Minister of Petroleum Resources, Mrs.

Diezani Alison-Madueke. Since the beginning of investigation launched by the commission to establish any complicity, Fidelity Bank has maintained that the lodgements were duly reported to the regulatory authorities as required under

the Bank and Other Financial Institutions Act and Money Laundering Act. A statement from the bank yesterday confirmed Okonkwo’s reinstatement, adding that Balarabe is an erudite banker with over 24

Discos Disconnect Legacy Debtors…

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years’ experience in corporate, commercial and retail banking. “He has worked in various capacities in Nigeria’s financial services industry where he acquired strong strategic management, leadership and people skills,” Fidelity Bank added. Continued on page 11

Monday 16 May, 2016 Vol 21. No 7690. Price: N250

www.thisdaylive.com TR

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& RE A S O

Kachikwu: Subsidy Removal Will Save N16.4bn Paid to Marketers Monthly

In Abuja, Venezuela’s ex-energy minister congratulates Nigeria for bold move NLC's planned strike faces headwinds, House to deliberate on fuel price hike today Chineme Okafor, Damilola Oyedele and Paul Obi in Abuja The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that the federal government would

have had to cough up N16.4 billion every month to offset the subsidy claims of oil marketers had it not taken the decision to remove the subsidy on petrol. Continued on page 10

Chevron Evacuates Staff as Masterminds of Attacks on Facilities Apprehended N’Delta stakeholders meet on upsurge in violence Group blames Jonathan’s loyalists for violence Ndubuisi Francis, Senator Iroegbu, Chineme Okafor in Abuja and Ejiofor Alike in Lagos Following the spate of attacks on its facilities, Chevron Nigeria Limited at the weekend commenced the

evacuation of staff from its installations in the western Niger Delta, including the Escravos Export Terminal, THISDAY has learnt. The company has however Continued on page 11

PDP Holds NEC Meeting to Address Crisis… Page 12

EKO DISCO IN TALKS ON TECHNICAL PARTNERSHIP

L-R: Managing Director/CEO, Eko Electricity Distribution Plc (EKEDP), Mr. Oladele Amoda; President, Tetra Tech. Inc., Mr. Dean White; Chairman, EKEDP, Mr. Charles Momoh; and Managing Director, Tetra Tech, Mr. David Victor, at the inaugural meeting for technical assistance partnership under the US government’s Power Africa Transactions and Reform Programme (PATRP) for sub-Saharan Africa held between the two organisations in Lagos… recently

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MONDAY, MAY 16, 2016 • T H I S D AY

PAGE TEN KACHIKWU: SUBSIDY REMOVAL WILL SAVE N16.4BN PAID TO MARKETERS MONTHLY Kachikwu, in a series of tweets yesterday, explained that at the time the government made the decision, it was incurring about N13.7 kobo as subsidy on each litre of petrol bought by Nigerians. But his tweet failed to resonate with the major labour union in the country – Nigeria Labour Congress (NLC) – which said yesterday that it had commenced the full mobilisation of workers and civil servants for the nationwide strike and complete shutdown of the economy. This is just as the House of Representatives will today hold a special session to deliberate on the recent removal of subsidy on petrol. Kachikwu said at the rate of N13.7 kobo per litre as subsidy claims, the government would have paid out N16.4 billion to marketers monthly, adding that the government does not have such funds in its 2016 budget, more so now that the country’s earnings from crude oil have dropped. He also listed the benefits of the new policy: “There is no provision for subsidy in 2016 appropriation. As of today, the PMS (petrol) price of N86.50 gives an estimated subsidy claim of N13.7 per litre, which translates to N16.4 billion monthly. There is no funding or appropriation to cover this." He added: “NNPC has continued to utilise crude oil volumes outside the 445,000 barrels per day, thereby creating major funding and remittance gaps into the Federation Account.”

Liberalisation Gets Support from Venezuela Also, a former energy and mines minister of Venezuela, Dr. Alirio Parra, has described the recent decision of the federal government on the downstream petroleum sector as historic and smart. Parra, who is also a member of the global oil industry outfit, CWC Group, stated at a forum in Abuja over the weekend that the liberalisation of the downstream sector in the country was a bold testament to the fact that oil is a market-driven commodity. A statement from the Group General Manager, Public Affairs of the Nigerian National Petroleum Corporation (NNPC), Mallam Garuba Deen Muhammad, stated this. According to Parra, “One really important change in the oil and gas industry in Nigeria is the decision by the federal government to open the domestic market for competition. “I am not necessarily talking about the elimination of subsidy, but opening the market is a statement that oil is market driven and that with time, it is going to be to the benefit of Nigeria, and

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to all Nigerians.” He further stated that the opening up of the market would in no time encourage more players to bring in petrol which would eventually lead to a new era of competitive pricing. “Soon people will start to rush out to bring in oil thinking they are going to make a huge profit but as more oil comes into the market, things would start to stabilise and slowly it would find its own level at a price no one can forecast but surely it would be at a competitive price. “I think this is a historic decision and it is one of the smartest that Nigeria has taken in recent years,” he said. The statement also said Parra endorsed the nomination of former Group Managing Director of NNPC, Dr. Mohammed Sanusi Barkindo, by the government as Nigeria’s candidate for the Secretary General of the Organisation of the Petroleum Exporting Countries (OPEC). “I think that Barkindo will make a fantastic secretary general, he will return the dignity of Nigeria in the international service, he will be a secretary general of huge category and an important figure in the international oil industry,” he said.

House to Hold Special Session In a related development, the House of Representatives will today hold a special session to deliberate on the recent removal of subsidy on petrol. During the session, Kachikwu is expected to be present to brief the lawmakers on the government’s decision to liberalise fuel imports. However, before his appearance, several lawmakers had already voiced their support for the removal of the subsidy element on fuel. The Majority Leader of the House, Hon. Femi Gbajabiamila, on a blog expressed support for the removal, even though he was vehemently against its removal in the past for ostensibly political reasons. Gbajabiamila as minority leader at the time, by his own admission, had written a caustic and scathing letter to former President Goodluck Jonathan in 2010, opposing any planned removal of the subsidy. “So what if it costs the government billions of naira to subsidise every year? Mr. acting President, so what? Every year for the past eight (8) years, government has funded different events costing the tax payers billions of naira, some of which many will consider unnecessary... For crying out loud, you have just proposed in your 2010 budget to spend billions on such fancies but no we do not have billions to subsidise oil for the welfare of Nigerians? Commonsense. Mr. acting President, common sense,” Gbajabiamila had written. Gbajabiamila in his blog at the weekend, however, noted that he was convinced of the need for the reversal after the “doomsday prognosis” by the minister of state for petroleum at a stakeholders meeting last Wednesday. He noted that it would however be necessary to consider a review of the minimum wage to cushion the effects of the fuel price increase for Nigerian workers. Also, the Minority Leader, Hon. Leo Ogor, explained that the country could not continue to subsidise consumption. “Especially for an import whose primary product is exported from here,” Ogor said and called on the government to urgently engage the

labour movement in dialogue on palliative measures. Ogor however disagreed with the price of petroleum being pegged by the government, advising that the market should be allowed to determine the price through competition. On its part, the Peoples Democratic Party (PDP) caucus in the House has demanded an apology from the All Progressives Congress (APC) and its leaders for their roles in the protests which led to the reversal of the removal of fuel subsidies in 2012. Ogor, in an interview with THISDAY, recalled that President Muhammadu Buhari, then an opposition leader, APC chieftain, Senator Bola Tinubu, and several others, vehemently opposed the removal in 2012. “El-Rufai (Kaduna State Governor), Tunde Bakare (Buhari’s running mate in the 2011 elections) led major protests against the removal and Jonathan was blackmailed into dropping the laudable policy which would have saved us trillions of naira by now. They have set the country back by several years,” Ogor said. “They also owe Nigerians an apology for not thoroughly investigating the issues surrounding the subsidy before opposing it,” he added. Hon. Uzoma Nkem Abonta (Abia PDP) also accused APC members of adopting a destructive position in 2012 and now turning around to adopt same policy. “They ‘Occupied Nigeria’ in 2012, so what changed between 2012 and now causing the increase? That means they were ignorant and lacked political reasoning. “They criticised Jonathan and tried to condemn him. Those who surrounded Buhari misled Nigerians using the Labour movement. Lai Mohammed was one of those who occupied Nigeria. What would he say now?” Abonta asked. “I hope the Eighth Assembly would do the right thing and let the removal stay, although those at the helm now all canvassed against it. So now they should tell Nigerians sorry,” he added.

Labour Begins Mobilisation Meanwhile, the NLC yesterday said it had commenced the full mobilisation of workers and civil servants for the nationwide strike and shutdown of the economy once the three-day ultimatum given to the federal government expires tomorrow at midnight. The union said considering the manner with which government went ahead to announce the price increment without recourse to labour, it would ensure that the strike is total. At one of their clandestine meetings held to strategise on the strike, NLC Secretary General, Dr. Peter Ozo-Eson, told THISDAY that organised labour would not relent in making sure that the strike and shutdown of the economy is effective and efficiently carried out. According Ozo-Eson, “We so declared and we are mobilising. You can see today is Sunday (yesterday), and we are about to enter the meeting, it is part of the preparation for action.” The NLC chief scribe accused the federal government of ambushing the labour union by unilaterally announcing the petrol price increase only to turn round to allude that the decision was taken in collaboration with labour and other stakeholders. He recalled that the NLC received a letter from the presidency inviting

them for a meeting with the subject matter indicated in the invitation. He said those present at the meeting comprised some senators led by the Deputy Senate President, Ike Ekweremadu, some members of the House of Representatives, led by the Speaker of the House, Hon. Yakubu Dogara and the Chairman of the Nigerian Governors’ Forum (NGF), Abdul’aziz Yari of Zamfara State. Others included the President of TUC, Bobboi Kaigama, and NUPENG President, Igwe Achese, the Governor of Kaduna State, Ahmed el-Rufai, Imo State Governor, Rochas Okorocha, and Delta State Governor, Dr. Ifeanyi Okowa. But as NLC met yesterday to discuss the nationwide strike, a source within the union informed THISDAY that there were growing reservations over whether the strike will be successful. The source explained that unlike the Jonathan's administration that consulted widely before announcing the removal of petrol subsidies, the Buhari administration abruptly announced the same policy without consulting with stakeholders across a broad spectrum of society. The source further stated that geopolitics and regional sentiments might impede the strike, taking into cognisance the fact that many in the north would not come out in support of the industrial action as they did in 2012. Meanwhile, security around Abuja metropolis appeared to have been beefed up, as labour threats to shut down the country takes shape. Similarly, NLC does not have the support of several civil society groups this time around like it did in 2012, as a coalition of 20 civil society organisations yesterday called on NLC and the Trade Union Congress (TUC) to shelve their proposed strike over the increase in the price of petrol. This was contained in a statement signed by Mr. Tosin Adeyanju, Executive Director, Conscience Nigeria, for the group, reported the News Agency of Nigeria (NAN). He listed some members of the coalition in support of the liberalisation of fuel imports to include Stand up Nigeria, Centre for Leadership Development (CPALD), National Youth Council of Nigeria, and Arise Nigeria. Adeyanju said embarking on the strike would do more harm than good to the country’s economy. “We all know the implication that will arise as a result of this sudden change. We must endure this phase in order for our country to survive these present economic realities that are very obvious. “We equally appeal to the NLC and other civil society colleagues to shelve the proposed nationwide strike and engage the government. “We want NLC to engage government on the need to create immediate palliatives to cushion the effect of this policy instead of worsening the already bad economy of the country. “If our country is shut down as proposed, billions of naira will be lost and the country will suffer for it in the long run,” Adeyanju said. He said that no fewer than 20 CSOs were in support of the bold step of the federal government to fully deregulate the oil sector.

FG Rolls out Palliatives to Cushion Price Hike Also, in a bid to cushion the harsh effect of the new price of petrol on the people, the presidency is set to implement the N500 billion earmarked in the 2016 budget for

social welfare. A statement by the media spokesperson to Vice-President Yemi Osinbajo, Mr. Laolu Akande, in Abuja yesterday stated: “All together the federal government would be directly impacting the lives of more than eight million Nigerians in different social spending that would provide succour and be a ready-made palliative to ordinary Nigerians.” Giving a breakdown of the interventions and palliatives, Akande said that there would be “the direct payment of N5,000 monthly to one million extremely poor Nigerians for 12 months as provided in the 2016 budget for which N68.7 billion has been appropriated.” Similarly, the government has made available a “direct provision of very soft loans/cash payments to market women, men and traders, including artisans and agriculture workers. “This would be for a total of 1.76m Nigerians, without the requirement for conventional collateral. Some of the traders will likely get about N60,000. “A total of N140.3 billion has already been appropriated for this in the budget”. A further breakdown showed there would be payment of between N23,000 and N30,000 monthly to 500,000 unemployed graduates who would be trained, paid and deployed to work as volunteer teachers, public health officers and extension service workers, among other responsibilities. “They would also be given electronic devices to empower them technologically both for their assignments and beyond,” Akande stated. According to the media aide, “100,000 artisans would also be trained, for which N191.5 billion has been set aside for this in the passed budget.” He also said that at least 5.5 million Nigerian primary school children starting first in 18 states in each of the geopolitical zones would be fed for 200 school days under the free Homegrown School Feeding Programme. For this, N93.1 billion has been appropriated in the 2016 budget. In this same vein, “100,000 tertiary students in science technology engineering and maths (STEM) plus education, will benefit from the N5.8 billion education grant in the budget". Akande stated that the payments would be made directly to the students. He stated further that these measures would start in a matter of weeks and would lift the ordinary man from the pangs of economic hardship and poverty.

Fuel Scarcity May Worsen over Dollar Shortage However, despite the liberalisation of fuel imports, it emerged yesterday that at least 75 ships with two and a half million tonnes of fuel were waiting for importers in Nigeria to find the dollars they need to pay for the cargoes, according to ship tracking data and fuel traders. Some of the vessels arrived a month ago and their frustrated owners had almost given up hope and started to offer their fuel to buyers outside Nigeria, several traders told Reuters. The armada of fuel ships and tankers stuck mid-sea and unable to unload their cargoes of diesel and petrol is an even-present reminder for President Buhari that another

fuel crisis is looming on the horizon. A slump in world oil prices has hammered Nigeria’s state income and because crude oil sales are the government’s main source of revenue the fall has caused crippling shortages of dollars within the economy that have been hurting businesses for months. In a bid to break the impasse and head off more fuel shortages, the government raised the price cap for petrol by 67 per cent, officially sanctioned importers to use the black market to find the hard currency they need to get cargoes off the ships and allowed any Nigerian company to import fuel. Announced last week, the reforms were welcomed by some in the oil industry as badly needed steps in the right direction. The changes have largely eliminated the system of heavily subsidised fuel prices, removing one strain on Nigeria’s increasingly stretched finances. But the so-called parallel market has struggled to cope with the demand for dollars that followed the reforms. Nigeria consumes an estimated 45 million litres of petrol a day, or roughly 280,000 barrels, which would require the market to provide some $18 million a day. Though importers cover about 30 per cent of this, with the state oil firm covering the rest, it is still a big strain on the market for dollars. The naira has already weakened due to the spike in demand for dollars from fuel importers. At the weekend, the US currency fell to N360 on the parallel market, whereas the official exchange rate has been held firm at just under N200. “The risk is that the parallel rate will depreciate even more, giving the marketers a pretext for yet further price increases at the pump,” said Alan Cameron, an economist covering Africa with Exotix Partners. Buhari has resisted International Monetary Fund (IMF) calls to devalue the naira, though Vice-President Osinbajo sparked speculation a devaluation might be on the cards when he said the central bank had to change its policies. Nigeria has four refineries but decades of neglect mean it has to import most of its fuel, which was less of a problem when crude was at $115 a barrel and the OPEC member was the leading oil exporter in Africa ahead of Angola. As well as the slump in crude prices, which touched a 2016 low of $27 in January and were below $48 last week, Nigeria’s output has also been hit by instability in its oil producing Delta region, further reducing the state’s dollar revenues. Nigeria’s production dropped this month to 1.65 million barrels per day from 2.2 million and risks slumping to its lowest since 1970. In an effort to address the looming fuel shortages, the NNPC has begun talks with at least three international firms to swap more of its crude for gasoline, according to traders and oil executives. But the drop in output due to the unrest in the Niger Delta – as well as the fact that oil firms take more physical cargoes as payment for services when prices are low – means the NNPC has less crude to swap for fuel. “There aren’t enough cargoes available to NNPC,” said Dolapo Oni, head of energy research at Ecobank. “I don’t see how it can get more from international oil companies.”

T H I S D AY • MONDAY, MAY 16, 2016

PAGE ELEVEN

CIA Admits It Sent Mandela to Jail A former CIA spy has revealed his key role in the arrest of Nelson Mandela, which led to the future South African president’s trial and imprisonment for almost 28 years. The bombshell disclosure led to a demand at the weekend for the CIA to come clean about putting behind bars a figure who became one of the world’s most revered statesmen, reported the Londonbased Times newspaper. A veteran political associate of Mandela called it a “shameful act of betrayal” that “hindered the struggle against apartheid”. The former CIA operative, Donald Rickard, was unrepentant, saying that when arrested in 1962, Mandela was “the world’s most dangerous communist outside of the Soviet Union”. He made his taped confession in March to the director John Irvin, who has recreated Mandela’s final months of freedom before his arrest

for a film that will be previewed at the Cannes festival this week. Rickard, 88, died two weeks after talking to Irvin. His disclosure clears up the 54-year-old mystery of how the South African security forces knew precisely where Mandela, known as “the Black Pimpernel”, would be on the day they captured him. Mandela was South Africa’s most wanted man. He had embraced armed resistance to apartheid in the wake of the Sharpeville massacre in 1960, when police had fired into a crowd, killing 69 people. When arrested, he was about to embark on what he called a campaign of “sabotage, guerrilla warfare, terrorism and open revolution” as leader of the armed wing of the African National Congress (ANC). Rickard, who was officially the US vice-consul in Durban, told Irvin he had learnt that Mandela was on his way to the city, the capital

Mandela of Natal. Mandela, Rickard believed, was “completely under the control of the Soviet Union, a toy of the communists”, and was about “to incite” the Indian population of Natal into a communist-led mass rebellion against the apartheid regime, paving the way for Russian intervention. “Natal was a cauldron at the

time,” said Rickard, “and Mandela would have welcomed a war. If the Soviets had come in force, the United States would have had to get involved, and things could have gone to hell.” He added: “We were teetering on the brink here and it had to be stopped, which meant Mandela had to be stopped. And I put a stop to it.” Rickard, who clearly had informers inside the ANC, was able to provide his police contacts with advance details of Mandela’s journey back to Johannesburg from Durban. Mandela, in a chauffeur’s uniform, was sitting in the back of the car, which was being driven by a white associate, when police stopped it outside Durban. At the weekend, Ronnie Kasrils, a senior ANC member who saw Mandela in Durban a few days before his arrest — and decades

later was the minister in charge of intelligence in his government — said it was “a most shameful incident of betrayal”. He added: “Mandela’s early capture certainly hindered the struggle against apartheid. It is clear that the regime and its spooks worked hand in glove with the CIA. The CIA needs to come clean on what happened.” The agency, which is known to have co-operated closely with the South African security forces in the apartheid years, has resolutely refused to release the papers on its activities. Rickard retired from the CIA in 1978 and withdrew for the rest of his life to a remote area of Colorado. He was tracked down there three years ago by James Sanders, who was the researcher for Anthony Samp¬son’s authorised biography of Mandela in 1999 and is also the researcher for Irvin’s film, Mandela’s Gun.

When Irvin, who directed the TV series Tinker, Tailor, Soldier, Spy, visited Rickard two months ago, the agent talked openly at last about his role in Mandela’s arrest. Sanders’s full account of the story was in the Sunday Times News Review section yesterday. Rickard justified his actions on the grounds that South Africa was being targeted by the Soviet Union at a time when the Cold War was at its height. Mandela “described himself as a democrat but he was lying, of course. He prided himself on being a communist”, he said. Mandela always denied he was a communist, but when he died in 2013, the South African Communist party said: “At his arrest in August 1962, Nelson Mandela was not only a member of the then underground South African Communist party, but was also a member of our party’s central committee.” Friends of Mandela contested the claim.

the National President of NCNDE-A, Israel Akpodoro, urged the former president to call members of the NDA to order, saying they were the ex-Nigerian leader’s boys. Akpodoro alleged that the present violent activities were planned by the immediate past administration in January last year before the presidential election. “The Niger Delta Avengers is a creation of Dr. Jonathan and aimed at thwarting any efforts made by the successive administration especially that of the President Muhammadu Buhari-led All Progressives Congress (APC) administration,” the statement said. The threat, Akpodoro added, was planned at a well-attended meeting at the instance of Governor Seriake Dickson of Bayelsa State at the Government House, Yenagoa in January last year, with all the prominent ex-militants, including himself and senior officials of former President Jonathan’s government in attendance. He alleged that the message from Jonathan was delivered by the then Special Adviser to the President on Niger Delta and Chairman of the Presidential Amnesty Programme, Hon. Kingsley Kuku. The message, he alleged was that “all ex-militants from the region should return to the creeks preparatory for action should Buhari emerge victorious against their wish”.

Akpodoro claimed that he condemned the resolution and cautioned against placing the country on the path of anarchy in a bid to satisfy one man’s ambition, but he was bundled out of the venue on the orders of the conveners of the meeting. “I was bundled out of the meeting but then that is reality of what Nigerians are witnessing today. Former President Jonathan created the monster, Niger Delta Avengers, and he alone can call them to order and that is what my group is asking him to do. “Nigerians should hold the Ijaw leader, Jonathan, responsible for any possible collateral damage that may be incurred in the process of exterminating that destructive rag tag group with all its sympathisers in the region. “Our common enemies in the Niger Delta region are those governors, ministers, special advisers, directors general, senators and other representatives from the region who participated in Jonathan’s five-year misrule using their offices to enrich themselves at the detriment of the general good. “We must redirect our anger to those who cornered the dividends of democracy in the region buying fleets of airplanes, building mansions in choice cities of the world while their people live in abject poverty,” the group stated.

CHEVRON EVACUATES STAFF AS MASTERMINDS OF ATTACKS ON FACILITIES APPREHENDED refused to confirm or deny the development, insisting that it has a longstanding policy not to comment on its security arrangements. The Escravos terminal, which was expected to lift 1.9 million barrels weekly after the first attack on the company’s installations, has so far not been affected by the renewed attacks on its facilities. However, the Defence Headquarters (DHQ) yesterday confirmed the arrest of suspected members of the Niger Delta Avengers (NDA), a new militant group in the oil-rich region, which had claimed responsibility for attacks on Chevron and Shell’s facility in the western Niger Delta. It also threatened to blow up more installations and specifically targeted Chevron’s facilities and its head office in Lagos for further attacks if the company refused to shut down its operations. In response to the threat, a top official of Chevron told THISDAY at the weekend that oil loading at Escravos was reduced after the latest attacks. He said the company could no longer guarantee the safety of its workers at the Escravos terminal and other facilities in the western Niger Delta and had commenced the evacuation of what he described as “non-essential staff”. “It started on Friday morning when they started to evacuate catering staff and contract staff. But in the evening, the situation changed and they started to evacuate non-essential staff, whether expatriate or national. “If they feel that the job being done by 10 people can be done by five people, they evacuate five people. Some of the people being evacuated are trainees because there is no point keeping trainees when the environment is not safe. “Because of the latest attacks, Escravos loading is severely impacted. Even though the terminal has not been attacked, the producing fields that supply crude to the terminal have been attacked. So exports will not be as frequent as they used to be,” he explained. He stated that the evacuated workers have been directed to remain at home until the security situation improves. “If you are not on duty at the moment, you will remain at home until they call you back,” he added. The weekend attacks on the company’s facilities affected Makaraba and Otunana fields, disrupting the flow of crude oil.

The earlier attack on Okan Field affected the production of significant volumes of crude. When contacted yesterday, Chevron’s General Manager in charge of Policy, Government and Public Affairs (PGPA), Mr. Deji Haastrup, however stated that the company does not comment on security plans. “Do not believe everything you hear. We have a longstanding policy not to comment on our security plans,” he said. With the attacks on Chevron facilities, coupled with Shell’s closure of its 250,000 barrels per day (bpd) Forcados terminal, the force majeure declared on Bonny Light exports due to a leak on the Nembe Creek Trunkline, as well as another one declared by ExxonMobil on exports of Qua Iboe crude, following the damage on a pipeline by a drilling rig, Nigeria’s crude exports have been severely impacted in recent weeks.

Insurgency Cuts Oil Output to 1.65mbpd Confirming this yesterday, the Minister of State for Petroleum, Dr. Ibe Kachikwu, tweeted that the renewed insurgency and pipeline breaks in the Niger Delta had resulted in Nigeria’s daily crude oil production dropping to 1.65 million barrels per day (mbpd) as against the 2.2mbpd that was projected in the 2016 budget. He said this had reduced government’s earnings and foreign exchange build-up to perhaps support the subsidy on importation of petrol into the country. He equally listed the benefits of the new policy, saying that going forward, 100 per cent payments to the Federation Account on the allocated 445,000bpd of crude oil to the Nigerian National Petroleum Corporation (NNPC) would be assured and tailored to provide palliative measures for the country. He also said the policy would encourage market stability in the downstream petroleum sector; stabilise fuel supply in the country; discourage hoarding of products and reignite investors’ interests in setting up refineries in the country to cut the importation of petroleum products.

Military Confirms Arrest of Militants Meanwhile, DHQ yesterday confirmed the arrest of suspected members of the NDA who had

claimed responsibility for the recent attacks on oil and gas installations operated by Shell and Chevron. The latest arrest, which is the first since the new group emerged, was disclosed by the Director of Defence Information, Brig-Gen. Rabe Abubakar. “This is to confirm the arrest of some suspected members of Niger Delta Avengers; investigations are currently on going,” Abubakar said. He assured the public that the “military will continue to do its best to safeguard strategic facilities and provide security to lives and property”. He noted that the military action was in line with the military's rules of engagement, adding that the arrested suspects were behind the recent attacks on Chevron’s oil facilities in the western Niger Delta. The defence spokesman also urged community and traditional rulers and patriotic citizens to cooperate with the military in its efforts to get rid of criminals in the country. Abubakar had in a previous statement vowed that the militants would be treated as criminals and that the security forces would leave no stone unturned to apprehend the perpetrators.

N’Delta Stakeholders Meet Despite the arrests at the weekend, civilians in the Niger Delta and the military have commenced a series of consultations to arrest the upsurge in the insurgency. At the meetings, which commenced last Thursday, were the Commander of the Joint Task Force (JTF) Operation Pulo Shield, Maj-General Alani Okunola; Brigade Commander, Second Brigade, Port Harcourt; retired generals from the region; ex-agitators; elders and opinion leaders, among others. The Special Adviser to the President on Niger Delta and Coordinator of the Presidential Amnesty Programme (PAP), Brig.Gen. Paul Boroh—a prime mover of the meetings – confirmed the development to THISDAY on the phone, although he could not volunteer further details. The consultations holding at the headquarters of the Second Brigade, Port Harcourt, are expected to run through May 24 and provide a potent response to the resurgent violence in the region. Boroh, at the weekend also met with ex-agitators to find ways of restoring peace in the region. THISDAY gathered that the meeting, which was at his instance, was

designed to find a lasting solution to the renewed militancy in parts of the region. At the end of the meeting, the ex-agitators not only condemned the renewed violence, but totally dissociated themselves from the activities of the NDA. In a terse statement captioned, “Ex-agitators of the Presidential Amnesty Programme Disassociate and Condemn in Totality the Activities of Niger Delta Avengers– NDA”, which was made available to THISDAY, they detached themselves from the group’s agitation for a republic and the ongoing criminal activities in the region. “We condemn it in totality,” the ex-militants said. Confirming the meeting, Boroh said it was held to explore solutions to the increasing militant activities of some criminal elements in the region. Boroh disclosed that the ex-agitators were completely opposed to the renewed violent agitation in the region in whatever guise, but were also apprehensive that the federal government’s N20 billion budgetary allocation to the programme could scarcely sustain it. According to him, the ex-agitators were afraid that the 2016 budgetary allocation was indicative that the government was angling towards abruptly stopping the DDR (Disarmament, Demobilisation and Rehabilitation) programme for ex-militants, with a subsisting two-year exit strategy in place. Boroh said that they appealed to the federal government to review upwards the 2016 budgetary allocation to the Presidential Amnesty Programme to enable existing beneficiaries undergoing one form of training or the other –both locally and internationally to conclude them.

Group Blames Jonathan’s Loyalists for Violence But as stakeholders in the region held consultations to stem the wave of attacks on oil facilities, a group called the National Coalition of Niger Delta Ex-Agitators (NDNDE-A) yesterday traced the renewed violence in the region to the doorsteps of those it called former President Goodluck Jonathan’s loyalists. The group alleged that the renewed destructive activities were planned as an alternative to their reign ahead of the March 2015 presidential election. In a statement issued yesterday,

OKONKWO RESUMES AS FIDELITY BANK CEO, BALARABE NOW DMD Balarabe holds a Bachelor’s Degree in Accounting and Finance from Nottingham Trent University, United Kingdom as well as Master of Science (M.Sc.) in Finance from the University of Lagos (UNILAG). He has attended several executive education programmes at the Columbia University Business School, INSEAD; Said Business School, University of Oxford; and Kellogg School of Management, amongst others. A licensed member of the Nigeria Stock Exchange (NSE) since 1992, Balarabe also served as the Executive Director of Oceanic Bank Plc, pursuant to his appointment by the Central Bank of Nigeria (CBN). He was also a General Manager in United Bank for Africa (UBA) and had been the General Manager & Chief Executive of Newdevco Finance Services Company Limited before his appointment to the board

of Fidelity Bank in April 2012. According to the full year audited results of the bank for December ending 2015, its gross earnings grew from N136.9 billion in 2014 to N146.9 billion in 2015. Profit before tax (PBT) declined by 9.6 per cent to N14.0 billion from N15.5 billion in 2014, while Profit After Tax (PAT) settled at N13.9 billion compared with N13.8 billion the previous year. Hence, the directors recommended a dividend of N4.6 billion, thus maintaining a tradition of consistent dividend payout for the past six years. Total equity increased by six per cent to N183.5 billion from N173.1 billion in 2015 full year, net operating income stood at N83.9 billion, a moderate 12.5 per cent rise from N74.6 billion in 2014 full year, growing the major income lines across the quarters.

MONDAY MAY 16, 2016 • T H I S D AY

NEWS

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

PDP Holds NEC Meeting to Address Crisis Party declares South-west zonal congress illegal

Onyebuchi Ezigbo inAbujawith agency report Ahead of its national convention scheduled for May 21 in Port Harcourt, Rivers State, the Peoples Democratic Party (PDP) will tomorrow hold its National Executive Committee (NEC) meeting to address nagging issues currently bedevelling the party. It was learnt yesterday. Recalled that the NEC meeting was earlier scheduled to hold last Thursday but for a reason best known to the party, it rescheduled the meeting for today to be held in Gombe State. The party has however fixed the meeting for tomorrow (Tuesday). Some other issues that might likely be discussed by the party at the NEC are the issues raised by the PDP Concerned Stakeholders, the Northern PDP Elders and others, who are calling on its National Chairman, Ali Modu Sheriff, and members of the National Working Committee (NWC) to vacant office by May 21 and also to postpone the national convention. However, the party leadership has approved the shift of venue for the 71st National Executive Committee (NEC). A statement signed by the National Secretary of the party, Prof. Wale Oladipo, said the meeting would now hold on Tuesday, May 17, 2016 at the PDP national secretariat in Abuja. The statement further noted that the Board of Trustees (BoT) meeting will still hold today at the PDP national secretariat as earlier scheduled. It advised the BoT, which will hold its meeting today and NEC members to attend these meetings unfailingly and on time as crucial party matters shall be discussed. Reacting to this development, while speaking with some journalists, Wilberforce Juta, one of the agitators for the postponement of the national convention and a

member of BoT said. “Some of our members in the BoT will attend the meeting.” According to him, “What happened the last time was not correct. I don’t know why the NEC meeting was called in such a hurry. But I understand that this time, the BoT will meet before the NEC meeting.” Also speaking, former Minister of Information, John Odey, confirmed that the BoT meeting will hold today (Monday) in Abuja ahead of the Tuesday meeting. He further confirmed to our correspondent that the concerned stakeholders who are members of the NEC will attend the meeting and reiterate their position as regards activities in the party. Odey said: “I can confirm that the BoT will hold in Abuja today and all members of the concerned stakeholders who are members will attend. Also, members of the concerned stakeholders who are members of NEC will also attend the NEC meeting and we will make our position known. “For us, the issue is not about Sheriff but about the democratic process which is not in keeping to the true spirit of the party.” The National Secretary of the PDP, Professor Wale Oladipo, has described the party’s South-west zonal congress which took place at the weekend as illegal. Oladipo and Governor of Ekiti State, Ayodele Fayose, had engaged in a verbal war over the propriety of going ahead with the zonal congress despite a court injunction restraining the party from doing so. While the PDP scribe had accused Fayose of causing confusion in the party, the governor had questioned the powers of Oladipo to give directive in such matters. According to Fayose, the national secretary alone does not constitute the leadership of the party, adding: “He is an interested party on this issue. “He can only talk as Oladipo, not as secretary because he cannot

Shekarau: I Never Collected N25m for Campaigns in 2015 The former Governor of Kano State and ex-Minister of Education, Malam Ibrahim Shekarau, has denied receiving the sum of N25million from the alleged N950million campaign funds shared at his residence in Kano before the 2015 general election. Shekarau who spoke with journalists after his release from the custody of Economic and Financial Crimes Commission (EFCC) in Kano, said he was ready to defend himself before any judicial body or court of law. He explained that somebody mentioned his name among top members of Peoples Democratic Party (PDP) who were given N25million each to campaign for the former President, Dr. Goodluck Jonathan. The former minister said he challenged the person who indicted him before the EFCC operatives to prove the allegation that he collected the money. He said: “I told the EFCC that even if it is one naira that I was accused of collecting, I will not pay until it is proven. Whoever gives me the money should come out and explain where, when and

how he gave it to me and anything short of that, I am ready to stay with the EFCC for years until the allegation is proven.” He said the operatives have searched his house and could not find anything incriminating against him, adding that they have collected his account number for further investigation. Shekarau said he is ever ready for any investigation and would not mind if the EFCC can trace his financial transactions of 20 years back. He said he was not above mistake, but he was ready to face any investigation and where found wanting he will defend himself. Shekarau said as a politician, the development would turn to blessing to him and his followers, saying this is not a new thing in politics. The former governor therefore called on his followers to remain calm, noting that as a believer, he must accept destiny be it good or bad. The former minister and top members of PDP in Kano are being investigated over N950million shared at his residence for the 2015 electoral campaigns.

use his interest to pull the party backwards.” However, the National Auditor of the party, Alhaji Adewole Adeyanju, who also hails from the zone, yesterday said the congress was an exercise in futility. Adeyanju, in a statement ,distanced the party from the exercise, describing it as a show of impunity by those who convened the congress, stressing that the party would not tolerate such actions as a law abiding party. Adeyanju said: “It is the height of indiscipline and political rascality for any PDP member to claim ignorance of the order or participate in such futile exercise. “Why would they encourage such impunity in our party. If the party has abided by the court order there is no reason why some persons should still go ahead with such exercise. The party has no hand in it. “Those who went ahead with the exercise despite the

court order will have to answer to the court when the time comes. We confirmed to them that we have received the court order at the national leadership and we communicated to them to stop the exercise. We are a law abiding party and we will not condone the disobedience of a court order.” Justice Ibrahim Buba of a Federal High Court in Lagos, had last Thursday granted a restraining order against the party’s conduct of South- west zonal congress. Adeyanju and Oladipo, being the two highest ranking party officers in the zone, had last Friday in Abuja, while addressing journalists, admitted receipt of the court order and declared that the party would comply accordingly. But Fayose was alleged to have spearheaded the conduct of the congress which was held in Akure, Ondo State. Meanwhile, the National

Chairman of the party, Sheriff, has apologised to aggrieved stakeholders of the party over statements credited to him by his personal aides and associates. Sheriff, who gave the apology at a media briefing in Jalingo yesterday, said: “As a well cultured and astute politician, I would never make any comment that would ridicule the party.” He added that it was not in his character to join issues with highly respected elders of the party, noting that he never authorised any of his aides or political associates to react to issues raised by aggrieved elders of the party. Sheriff according to the News Agency of Nigeria (NAN) said the aggrieved members of the party reserved the right to complain about issues affecting the party which they considered inimical to the progress of the PDP. He, therefore, urged any

aggrieved member to bury the hatchet and join hands with the present leadership to rebuild the party and restore the confidence of Nigerians in it. He also noted that the PDP as the main opposition party in the country could not afford to have a divided house and appealed to members to work for the unity of the party at all times. He explained that the present leadership of the party was poised to lend a listening ear to all shades of opinions with a view to strengthening it to face the challenges ahead. He maintained that the battle for 2019 general elections had started in earnest, adding that the party could not afford to remain divided if the desired goal was to be achieved. He said: “Under our leadership and the support and encouragement of stakeholders and supporters, PDP will definitely bounce back in 2019.”

PHOTO EXHIBITION

L-R:DirectorGeneral,NationalGalleryofArts,Mr.AbdullahiMuku;MinisterofInformation,ArtsandCulture,AlhajiLaiMohammed;ChiefJusticeofNigeria, JusticeMahmudMohammed;andMinisterofScienceandTechnology,Dr.OgbonnayaOnu,duringanhistoricalphotographicexhibition,inAbuja...weekend

Militants in Bloody Clash with NSCDC Operatives in Bayelsa Three gunmen killed, two personnel injured

Emmanuel Addeh in Yenagoa A bloody exchange of gunfire between some operatives of the Nigeria Security and Civil Defence Corps (NSCDC) and suspected Niger Delta militants has led to the death of three members of the gang while two officials of the corps were injured. During the incident which took place along the Snake creeks in Nembe, Bayelsa State, many of the suspected hoodlums, who reportedly attacked the NSCDC personnel were said to have fled with gunshot injuries. Security operatives have recently become the targets of militants and sea pirates in the Niger Delta region, leading to the death of at least 10 soldiers and naval officers in the last one month. Confirming the latest attack, Mr. Desmond Agu, Commandant of the NSCDC in the state, noted that his men were on patrol when they came under fire from the suspected criminals. “NSCDC personnel, while on

patrol along Snake creek within Nembe creeks, came under heavy attack from the criminals operating along that axis. After the ensuing gun battle, three of the assailants were killed while the rest escaped with gunshot injuries. “Two NSCDC personnel sustained minor gunshot injuries but have been treated and discharged from the Federal Medical Centre, Yenagoa,’’ Agu said yesterday. On the security threats posed by the recent upsurge in the activities of the militants and fears that oil production in the region might end if the attacks continue, Agu stated that the NSCDC and the other security agencies were working seriously to ensure that threats are minimised. “The militants cannot take over the creeks because that’s not possible. The nation belongs to all of us. We are talking about protecting Nigeria’s critical assets. We will make sure that in collaboration with the other agencies, the pipelines and other assets are protected.

“We are ensuring that this thing is minimised so that Nigeria can breathe. Nigeria depends largely on oil. On the destruction of pipelines, we are at red alert,’’ he added. Other gains recently recorded by the security outfit, according to him, were the arrest of one Tama Emmanuel and two others along Azuzuama for masterminding the destruction of an Agip flow line at Ogbounbiri-Tebidaba. According to the Commandant, a coordinated massive operation at an illegal bunkering den at Otuegwe 2, Ogbia forest, also led to the destruction of the site and arrest of 15 vandals. “Those that are determined to make sure we do not sleep, let them look for something else to do. Nothing is in the pipelines except destruction and pollution. Right now, there are no fish and no farm. They blow pipelines and blame everybody else. “The NSCDC, would not be deterred by the activities of the militants because Nigeria is bigger

than individuals. “The police, soldiers and navy are working together. Their attacks will not intimidate us. As a small child, it was illegal to possess arms, even Dane guns, now you have sophisticated weapons everywhere,” he lamented. He commended the federal government for supporting the outfit, but added that ‘ like Oliver Twist, it’s never enough. Agu also listed the arrest of one ‘General’ Yere, wanted for vandalising oil facilities in Pirigbene, Southern Ijaw; the destruction of over 400 illegal refineries and repelling several kidnap attempts by kidnappers and sea pirates attempting to invade communities in Sagbama as some of the successes recorded recently. To ensure the motivation of the officers fighting the vandals in the creeks, the Commandant however called for the payment of the allowances owed them, stressing that the officers’ allowances haven’t been paid since the beginning of the year.

MONDAY MAY 16, 2016 • T H I S D AY

NEWSEXTRA

FG Plans to Recharge Lake Chad at Estimated Cost of $15bn

Humanitarian situation in 11 IDP, three refugee camps, very critical Air Force looks inwards towards building capacity, production of platforms, equipment

Senator Iroegbu in Abuja and Chiemelie Ezeobi in Lagos The federal government has successfully conducted a feasibility study towards recharging the Lake Chad through an inter-basin water transfer from the Congo basin at an estimated cost of $15 billion. This is a part of the projects envisioned to transform the region into a more stable economic hub as the counterterrorism and counter-insurgency operations against Boko Haram in the North-east draw to a close. The Minister of Foreign Affairs, Mr. Geoffrey Onyeama, disclosed this at the weekend on the sidelines of the just concluded second Regional Security Summit in Abuja. Onyema noted that even though the figure was a rough estimate, it would be executed under a public private partnership (PPP) when it comes into force. “We also have the issue of

environment and economic activities. Also, there is the issue of recharging the Lake Chad basin, which is extremely expensive. So we will be looking at financiers and the mechanism of PPP. “Yes its a rough estimate and there is research that was done and the rough patch was that it will cost $15 billion,” he stated. In the same vein, the Executive Secretary, Lake Chad Basin Commission (LCBC), Mr. Sanusi Abdullahi, gave some details about the planned inter-basin recharging of the Lake Chad as part of grand post-conflict rebuilding projects in the region. According to him, with the war on terror gradually entering the finishing line, now is the time to aggressively turn attention to the implementation of development projects and programmes to facilitate the re-building of those critical areas in the North East of Nigeria, the far North of Cameroun,

the Lake region of Chad and the Diffa and Zinder regions of Niger affected by Boko Haram insurgency as well as the Central African Republic’s war (CAR). He stressed that articulating these programmes and implementing them would no doubt, immediately register the active presence of governance in the communities, adding that they “should not only win the war but win the peace as the most desirable and sustainable goal.” The LCBC boss noted that “prior to the activities of Boko Haram terrorists which shifted the attention of the Sub-regional leaders and the Commission to the fight on the war on terror, discussions had reached advanced stage with respect to the recharging of the Lake Chad through Interbasin Water Transfer from the Congo basin to Lake Chad in order

Cont’d on page 58

T H I S D AY • MONDAY MAY 16, 2016

COMMENT

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

TIME TO REINVENT THE PDP

A change of leadership is vital to the repositioning of the party, argues Ojo Maduekwe

change of leadership at the end of this month as earlier promised us will be the beginning of the repositioning of the party as a party ready to re-discover itself, and therefore, set to be entrusted with governance responsibilities by the electorate again. The Peoples Democratic Party (PDP) was given a unique, and unprecedented opportunity by the Nigerian electorate to provide leadership for 16 solid years to Africa’s premier nation! I was privileged to be National Secretary at a time the party controlled 28 out of 36 states, and an overwhelming majority in the National Assembly. Whatever our critics may now say, especially from the trenches of partisanship, the scorecard reveals that the areas we did well far exceed the areas we missed the mark. Apart from securing the longest democratic rule in Nigeria, the PDP in government created the institutions of state that remain the dominant vehicles for effective governance, whether in the area of fighting corruption, or growing the economy, or even confronting insecurity. We are therefore a party of institutional memory like no other. That feat is unlikely to be repeated by any other political party in our national history. It will therefore be such an incalculable loss to the nation if this unique national asset, the PDP got decimated, whether by the actions or inactions of its leaders, or by those who don’t wish it well and are not expected to do so. It is not really about the PDP. It is about Nigeria, and how the messy exit from the political space by PDP will diminish the nation’s democratic capacity. A viable democracy is one with a strong but responsible and constructive opposition that will not only push the frontiers of political accountability, but will also be the nemesis for probable abuse of power and corruption. That is to say – such a party in opposition must be perceived as a credible alternative to the government of the day. What happened to PDP in the elections of last year was more of an implosion than a defeat. The party’s electoral machine collapsed under the accumulated weight of party impunity. The reinventing of PDP must proceed through the transition of a party of penitence to a party in power. We lost at the polls because the PDP that went into the last election was different from the one the Nigerian electorate had been voting for since 1999. PDP cannot afford a second implosion. That will be terminal. But what was it that led to the first implosion? As far back as November 18, 2014 when we were still in power, and I was serving as High Commissioner in Canada, I said at Chidi Amuta’s book presentation in Lagos “We must re-invent ourselves as a political class and be in quest of a critical mass of voices who will re-frame the fundamentals of why politics is such a noble vocation and remains the best platform for policy leadership with the farthest reach. We must begin to believe in something, and steadily reject the cognitive dissonance that defines our current outings.” That view expressed while we were in government, is even more valid, and more urgent, now that we have lost power. In the same speech, I had warned, in reference to both our own party then in power, and the All Progressives Congress (APC) in opposition that “if one party is perceived, rightly or wrongly, mainly by ability to hold on to power for a decade and a half, and the other, by no better purpose than sheer desperation to take over at all costs, just for the sake of it, and without a clear alternate vision to that of the ruling party, the lava of frustrations of the newly alienated, may not be too far below

THE PAST FACES OF IMPUNITY IN PDP MUST BE REPLACED WITH NEW FACES COMMITTED TO A COLLECTIVE DETERMINATION TO RUN A TRANSPARENT, DEMOCRATIC PARTY. IT CANNOT BE RUN BY POLITICIANS WHO ARE NOT CONSTRAINED BY SHAME

the ground level, even as we, chase the votes.” You do not have to be a security expert to identify that the air is already thick with such frustrations. And that places a challenge and urgency for reinvention. A total makeover (which is what reinventing is all about) is a sine quo non to regaining the social and political capital we need to become a party in power again. We cannot make it, if the ordinary Nigerian voter does not perceive the party as a phoenix that has risen from the ashes of its defeat. That perception will not evolve if we continued doing the same things we had been doing before. We cannot reinvent the party if we continued with the same structures and norms of impunity. The party must be opened up to real participatory democracy. It must be a party where each vote inside the party must begin to count before taking credit for making it count in a general election. The split-personality profile of the party where we heard, through leaders in party and government the right things – whether on fighting corruption, or on internal democracy – and yet they were caught in the act of doing the very opposite, is a disabler for winning the elections of the future. It is unhelpful to our party’s fortunes if the face of its leadership will attract from the public the response of “what you are is so loud we cannot hear what you are saying.” And yet Nigerians are willing to give the PDP a second chance. That second chance is already exemplified by the party winning most of the elections that have been conducted after it lost the general election of 2015. We should have started yesterday. There are millions of Nigerians who are currently politically stranded. They are neither APC, nor are they planning to remain in PDP if there is no visible change in both leadership and operational culture. My take is that if the forthcoming national convention produces a leadership that is still defined by the impunity and arrogance that had marked our ways in the past, the ensuring haemorrhage will not be contained. A change of leadership at the end of this month as earlier promised us will be the beginning of the repositioning of the party as a party ready to re-discover itself, and therefore, set to be entrusted with governance responsibilities by the electorate again. It is only logical to deduce that the past faces of impunity in PDP must be replaced with new faces committed to a collective determination to run a transparent, democratic party. It cannot be run by politicians who are not constrained by shame; or politicians who only yesterday, were crucial to APC emergence, only now to come in to lead PDP! Do we believe in anything at all? Imagine a situation where PDP is unable to bounce back because of debilitating self-inflicted wounds; that would leave the political space solely to the new kids in town called APC. A dysfunctional, fragmented PDP that is still traumatised by unexpected defeat, angling for space in a political landscape dominated by a fractious, inexperienced ruling APC, will be a damning verdict on Nigeria as a serious investment destination. This scenario will guarantee that the economy continues on a tailspin, with implications for youth restlessness that is fuelled by high unemployment. If the economy continues to tank because of attendant political instability, the security situation is bound to be conflated. But even more fundamentally worrisome is the prospect of withdrawal from the democratic space by huge numbers of the aggrieved who may resort to self-help, if a credible two party system fails to endure. Chief Maduekwe, CFR, is Nigeria’s former High Commissioner to Canada

BRITAIN: AN EXTRAORDINARILY CORRUPT NATION (2)

ccording to a report in the Nigerian Guardian newspaper of January 28, 2014; one late Nigerian leader alone reportedly laundered more than US$4 billion looted from Nigeria and this was traced to London offices of 15 banks. About £1.5 billion looted from Nigeria was as at same date allegedly sitting in British banks. Could anybody in his right senses claim that such huge stolen funds would go into the financial system in Britain without the regulatory alarm system sounding? Why have these western nations failed to send the monies back to Nigeria if they themselves are not corrupt? What right do these foreigners have to give conditions for returning monies stolen from Africa? They should ideally pay huge interests to African nations for utilising funds from the poorest continent in the world to develop their country. To make matters worse, these accomplices usually put in place stiff conditions to stall repatriation of funds back to nations where they are stolen. Yet, British institutions, particularly universities visit Nigeria almost daily to recruit Nigerian students for British universities so they could continue to utilise funds from Nigeria to develop British institutions of learning, and by implication the British economy. That is the stark truth that would reveal a lot if statistics of students in British universities are taken. Global Financial Integrity (GFI), a Washington D.C.-based research and advocacy organisation said that Africa lost about $854 billion in illicit fi-

Akin Babajide argues that many British institutions aid and abet corruption

nancial outflows from 1970 through 2008. Besides, it also claimed that total illicit outflows may be as high as $1.8 trillion. Of this, sub-Saharan African countries experienced the bulk of illicit financial outflows with the West and Central African region posting the largest outflow number. Nigeria tops four other countries with $89.5 billion as the highest outflow, followed by Egypt ($70.5 billion), Algeria ($25.7 billion), Morocco ($25 billion), and South Africa ($24.9 billion). The GFI report also asserted that such outflows from the entire region outpaced official development assistance going into the region at a ratio of at least 2 to 1; and growing at an average rate of 11.9 per cent per year. GFI director, Raymond Baker, emphasised the import of the statistics, saying: “The amount of money that has been drained out of Africa hundreds of billions decade after decade - is far in excess of the official development assistance going into African countries… Staunching this devastating outflow of much-needed capital is essential to achieving economic development and poverty alleviation goals in these countries.” Continuing, Baker added: “As long as these countries are losing massive amounts of money to illicit financial outflows, economic development and prosperity will remain elusive.’’ Technically, IFF is money illegally earned, transferred or used. At origin or during movement or use, the flow of money has broken laws and is thus considered illicit. It is different from capital flight, which is understood as the movement of funds abroad to secure better returns, often as a response to an

unfavourable business climate in the country of origin. IFF comprises three major components and these are: theft, bribery and other forms of corruption by government officials; criminal activities including drug trafficking and funds money laundering, racketeering and counterfeiting as well as international commercial transactions, including tax evasion, trade mispricing, over-invoicing, involving mostly multinational corporations. But it excludes smuggling. However, at the conclusion of its continental-wide consultation with stakeholders which ended with participants from West and Central African countries in Ghana, Mbeki himself joined others in seeking concerted and broad-based actions through continental-wide political will, participation of every citizen, global partnership and cooperation among others in fighting the menace of IFF. The Nigerian media owe it a duty to correct distortions and misrepresentations, especially by the Western media. The assertion by David Cameron is one issue that must not be allowed to go without an analysis and a good response. There are so many unwarranted and generalised statements, which may not be reasonable. This is one issue that must attract the particular attention of the media in the advanced world. Civil society organisations abroad and locally should commence campaigns against these double-faced friends of the developing world. There are so many unwarranted and generalised statements, which may not be reasonable. Such sweeping publications cannot be clinically or scientifically proved to be true. I

wish to refer, for instance, to a broadcast by the CNN entitled “How to Rob a Bank” on Sunday June 11, 2006, which was unfortunately followed by an equally unpalatable derogatory publication on the BBC world service. Both reports contained disparaging reports about Nigeria and Nigerians. Reuben Abati of the Guardian newspapers must be commended for rising patriotically to put up a brilliant defence in 2006, when the Cable Network News ran an unsavoury documentary on Nigeria and Nigerians. Abati argued that “the truth of the matter is that the credit card fraudsters, the con-artists, the drug couriers who seem to attract the attention of the international media constitute a minority. The majority of Nigerians is made up of honest, hardworking persons who are trying to earn a living. There may be problems in terms of the value system, in terms of an obsession with money for its own sake. But there is nothing in Nigeria that is so different from other countries. There are more criminals in America than there are in the whole of Nigeria. How about the ENRON scandal, the mismanagement of the Hurricane Katrina relief effort, the robberies and killings on the streets of America: do these necessarily make every American a gangster? Indians and Koreans come to Nigeria to do business and they treat our people badly but I don’t consider either Indians or Koreans superior to Nigerians. ‘’If the CNN were to investigate Italians and Hispanics, its investigators would find a lot to put on air, except they may not consider it politically correct to do so”.

T H I S D AY MONDAY MAY 16, 2016

EDITORIAL LIVING IN DIFFICULT TIMES The economic downturn in the country is making life hard going

n the course of signing into law the 2016 budget recently, President Muhammadu Buhari said Nigeria was “experiencing probably the toughest economic times in the history of our nation”. He acknowledged what most citizens now go through when he said, “I read the newspapers and listen to the television and radio. I hear your cries. I share your pains.” If anything, that pain has only been increased with last week’s removal of subsidy on petrol. To say that many Nigerians are living in difficult times is to put the situation rather mildly. In the past few months, prices of commodities, particularly imported ones, have shot through the roof, making life unbearable for the citizenry. Inflation is soaring away in double digits, put at 12.8 per cent in March and expected to climb higher in April when the figures are eventually released. Even the underperforming electricity distributing companies (Discos) have also upped their tariffs by as much as 40 per cent, despite the fact that they cannot keep the lights on. To make matters worse, those at work are finding it difficult to make ends SINCE 2014, THE meet because their ECONOMY HAS BEEN monthly wages are not CONTRACTING AS paid on a regular basis. THE PRICE OF OIL, THE About 27 of the 36 COUNTRY’S CHIEF states reportedly owe FOREIGN EXCHANGE salaries to their workEARNER, PLUMMETED ers, some for as many FROM AN AVERAGE OF as 10 months. The $100 PER BARREL TO LESS agony in the streets THAN $30 EARLY THIS can only be further YEAR appreciated in the fact that millions of Nigerians are unemployed and have no form of social security to cushion their plight. Indeed, a combination of factors is making life particularly difficult for Nigerians now. A prolonged period of cheap oil in the international market has impacted the flow of foreign currency to the national treasury. Since 2014, the economy has been contracting as the price of oil, the country’s chief foreign exchange

Letters to the Editor

earner, plummeted from an average of $100 per barrel to less than $30 early this year, thus costing Nigeria more than two–thirds of its foreign exchange earnings. For a country that is dependent on imports for almost everything, the impact of the cash flow crisis was made worse by extravagant and corrupt governments over time. The central bank is now forced to ration dollars and restrict some items from accessing foreign exchange from its official window as way of conserving foreign reserves. The nation’s currency has been devalued twice within a period of almost two years and now stands officially at N197 to the dollar. But on the black market, the naira has lost half its value such that by the weekend, it was hovering around N360 to the dollar. Since many of the importers get their foreign exchange from the black market, the economy is suffering from the low strength of the national currency.

T H I S DAY

EDITOR IJEOMA NWOGWUGWU DEPUTY EDITOR BOLAJI ADEBIYI MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR KAYODE KOMOLAFE CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN

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

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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.

WHY IGALAS SHOULD BE GRATEFUL TO FALEKE

t may still take sometime before the political drama in Kogi State ends. Nigerians are patiently watching and are not tired of the occasional interludes. The film is patently interesting as the episodes therein which though different are interconnected. Let us flash our minds back to the vicious campaign between the then ruling Peoples Democratic Party (PDP), her dethroned Governor Idris Wada and the All Progressives Congress (APC) candidate, late Prince Audu Abubakar. Audu died suddenly few hours to the conclusion of the electoral processes from which he would have emerged the bearer of the most coveted gubernatorial crown of the confluence state. Obviously, he was destined not to occupy the prestigious Lord Lugard House for the third term as the state’s helmsman. His demise and the subsequent declaration of the gubernatorial election inconclusive by INEC threw up a conundrum beyond any immediate political solution. It raised a recondite legal issue never before considered in the annals of politics and judicial system. The event nearly made every Nigerian a lawyer of sort. People interpreted the nation’s constitution, particularly the aspects that have to do with governorship election, in the way that suited them. However, the matter is now before the tribunal for adjudication. Interestingly, the electoral law allows the matter to travel to the apex court. The decision of our final court on the matter will further expound or expand our knowledge of jurisprudence on electoral matters, particularly in the area that our law has not envisaged. Be that as it may, another amusing scene in the drama is that of rival claims between the incumbent Governor Alhaji Yahaya Bello and Hon. James Abiodun Faleke, deputy governorship candidate to late Audu Abubakar that both of them ought to be on the number one seat in the

atters are complicated by a drastic fall in foreign investments. In the first quarter of 2016, for instance, some measly $711 million flowed into the country, a 74 per cent drop from the previous year. “The collapse in investment inflows will deal two very serious blows to Nigeria’s economy, which is already reeling due to low oil prices,” said Capital Economics’ Africa economist, John Ashbourne. “This will exacerbate the country’s serious balance of payments problems and further depress investment in an economy that is starved of capital.” Last week, the president rekindled hope when he said N350 billion would soon be injected into the economy for capital projects. “We are working night and day to diversify the economy such that we never again have to rely on one commodity to survive as a country,” said President Buhari. “So that we can produce the food we eat and most of the things we use. We intend to create the environment for our young people to be able to innovate and create jobs through technology.” We hope the administration will act fast by putting in place policy measures that will cushion the effects of the current hardships on ordinary Nigerians.

state. Such claims notwithstanding, anyone familiar with the efforts and struggles that ensured an APC victory in Kogi State needs not look too deep to know who is more deserving of the much coveted throne. As nature does not allow vacuum, Alhaji Bello is now the defacto, and de jure Governor of Kogi State until the judiciary says anything to the contrary. Just as the legal battle rages on, Hon. Abiodun Faleke and his supporters believe strongly that they will laugh last while those in Bello’s camp sees such optimism and hope as forlorn. Notwithstanding the political and legal drama with its attendant intrigues, Faleke remains undisturbed and is strongly and positively looking forward to a day when he will reclaim his alleged stolen mandate. Faleke, a thorough bred democrat has gone back to his legislative business without losing focus or relenting in his dogged fight to reclaim his said robbed victory. Amid this theatre, Faleke has demonstrated extreme loyalty to the cause of his erstwhile boss, late Audu. Even after the death of Audu, Faleke has kept the political flag of the late grandmaster of Kogi politics flying in a rare demonstration of loyalty, sacrifice and commitment to the Igala nation who gave everything but is being schemed out of the state affairs. He is undoubtedly the arrowhead of Prince Audu political structure today. His uncommon honesty, dedication and sincerity of purpose to an Igala born Prince, late Audu has endeared him to the hearts of Igala sons and daughters. Indeed, if the Igala nation does not embrace and rally round Faleke in these trying times and in the days to come, it would, to say the least, be a nation done for. Nay, it will create the perfect situation of a paradox of the oppressed majority. Comrade Musa Wada, Lokoja

THE PROBLEM WITH BENUE LEADERS

enator George Akume’s comment, entitled: “I regret making Suswam governor”, published in many national dailies recently, impelled me to write this piece. It is very sad that since 1999 till date, Benue people are not fortunate to have leaders that can develop them and the state. Both the past and the present leaders of the state from 1999 till date are noise makers, corrupt and selfish, people who are only interested in enriching themselves with public funds. Was it Senator Akume that made Suswam the governor of Benue State or was it the people of the state? If truly Akume made Suswam the governor over the people of Benue, then, it is clearly that Suswam did not win governorship election in the first place but Akume manipulated things in Suswam’s favour. Nevertheless, Senator Akume

was the one who manipulated everything in favour of the present governor, Samuel Ortom. It is no more news that Akume hijacked APC’s governorship primary in the state and automatically issued the party’s ticket to Ortom, after being defeated from PDP governorship primary. Senator Akume, who makes people governor in the state may soon regret as usual for making Samuel Ortom governor. It is unfortunate that few individuals in the Nigerian society are always manipulating things for their selfish interest at the expense of the majority. Let me appeal to Senator Akume to allow the people of the state to be making their own governors. He should please stop imposing candidates on the people of the state, and consider the interest of the Benue people above his selfish interest. Awunah Pius Terwase, Mpape, Abuja

T H I S D AY • MONDAY, MAY 16, 2016

POLITICS

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

T H E M O N D AY D I S C O U R S E

Cameron’s Comment: Buhari’s Incautious Truth Though it is almost a consensus among Nigerians that corruption is endemic in the country; this much many outsiders know as well. But aside the fact that not every Nigerian is corrupt, the current administration is already taking steps to curtail the menace. So, could it have been right for the British Prime Minister, Mr. David Cameron, to tag Nigerians as being corrupt and how rational did President Muhammadu Buhari handle the matter? Shola Oyeyipo, Segun James and Jemeela Sanda examine the heated debate

Buhari and Cameron...hand in glove over comment on Nigeria

n the lyrics of one of his popular songs in 1989, ‘Beast of No Nation,’ Nigerian musician and Afrobeat legend, the late Fela Anikulapo Kuti and his Egypt 80 Band lambasted the Nigerian government for insulting Nigerians before the international community by saying “My people are useless, my people are senseless, my people are undisciplined,” when he sang: “Na animal talk be that. Na Nigerian government oh! I never hear that before oh!” Undoubtedly, when President Muhammadu Buhari was sworn in on May 29, 2015, he carried a huge burden to change how things are done in Nigeria, particularly with his

vow to take on corruption head on. It was one of his cardinal electoral promises. In fact, at a point, he said: “If we (Nigerians) do not kill corruption, corruption will kill us.” It is by every means a statement that succinctly depicted the level of corruption in Nigeria and his readiness to combat it and many people agreed with him. Despite the fact that corruption is a symbolic scourge debasing Nigeria and its people abroad, how convenient is it for Nigerians to carry the stigma of being corrupt considering the recent comment of British Prime Minister David Cameron about the country and the fact that President Buhari did not disagree with the undignified classification

of the country in totality? This is more so considering the humiliation Nigerians go through at most international airports across the world, irrespective of their personality just because of the corruption tag. Yes, corruption is endemic in Nigeria and it has impacted negatively on the country’s reputation internationally but it would not have been out of place if Mr. Cameron was told point blank that his comment was unguarded and undiplomatic. His description of Nigeria and Afghanistan as “fantastically corrupt,” though in a conversation with Queen Elizabeth of England, which was caught on camera, simply generalised everybody in the two countries as being corrupt.

The prime minister was in a discussion about last week’s anti-corruption summit in London when he told the Queen at her 90th birthday party that: “We’ve got some leaders of some fantastically corrupt countries coming to Britain…Nigeria and Afghanistan, possibly the two most corrupt countries in the world to attend.” Cameron paid no attention to the fact that the people are the greatest victims of corruption in Nigeria. He did not also note that the main problem is official corruption and not necessarily a situation where every Nigerian is corrupt. He did not identify the CONT’D ON NEXT PAGE

T H I S D AY • MONDAY, MAY 16, 2016

POLITICS/ THE MONDAY DISCOURSE C A M E R O N ’ S C O M M E N T: B U H A R I ’ S I N C A U T I O U S T R U T H

Dasuki…facing high profile alleged corruption case

fact that the masses are fed up with corrupt officials but are unable to do anything about the system. He did not even consider the fact that quite a number of Nigerians are doing legitimate businesses all over the world. And neither did he consider the import of his statement on law abiding Nigerians and those who are living in abject poverty as victims of massive mismanagement of public funds over the years. Cameron who was apparently unaware that he was being filmed by the multiple cameras in the room, did not even indicate that there is a renewed collective effort on the part of Nigerians and government, to stamp out corruption in Nigeria. Thanks to the Archbishop of Canterbury, Justin Welby, who intervened and said: “But this particular president (Buhari) is not corrupt… he’s trying very hard.” Why the Stigma Sticks Though people have debated the issue from various perspectives, some accept that corruption is a way of life in Nigeria, while others feel it is unbefitting of a man of his (Cameron) status to publicly castigate another country whereas some Nigerians have expressed displeasure about the way President Buhari reacted to the matter, but the word of the BBC Diplomatic Correspondent, James Landale, which described the PM’s comments as a “truthful gaffe”, which depict Cameron as saying the obvious but in a wrong manner draw attention to why many people see Nigeria as a country where anything goes. Over the years, Nigeria has entertained saner climes with endless-unbelievable stories of massive corruption scandals. It is even worse that most of the recent cases of corruption are celebrated on social media while the suspects walk freely enjoying their loot, depending on which political party they pitch their tent. It is therefore easy to tag Nigeria a

‘fantastically corrupt’ nation putting into perspective the nature of news aired about the country daily by local and international mass media and the monumental scandals that have damaged Nigeria’s goodwill in the eyes of the international community. Nigerians and people around the world are waiting to see what becomes of the ongoing investigation of the National Security Adviser (NSA) to the immediate past president, Dr. Goodluck Jonathan, Col Sambo Dasuki, who was arraigned in court for allegedly embezzling $2.1 billion meant for arms purchase. The case was

How convenient is it for Nigerians to carry the stigma of being corrupt considering the recent comment of British Prime Minister David Cameron about the country and the fact that President Muhammadu Buhari did not disagree with the undignified classification of the country in totality? This is more so considering the humiliation Nigerians go through at most international airports across the world, irrespective of their personality

made worse by the fact that the arms were meant to fight the dreaded Boko Haram insurgents who were better equipped than the Nigerian military. Rather than dispatch the money for the purpose it was designed, the former NSA, prominent military officers, members of the ruing Peoples Democratic Party (PDP) and some other notable Nigerians allegedly shared the money. Dasuki has pleaded not guilty to the allegations against him by the Economic and Financial Crimes Commission (EFCC) and the case is currently in court. The South African government had intercepted a total of $15 million cash belonging to Nigeria in its country. The said money intercepted on two different occasions in the sums of $9 million and $6 million was purportedly for the purchase of arms during the Jonathan administration. Contrary to the usual practice, a private jet conveyed the cash to Johannesburg, South Africa, for the arms deal between Nigeria and a South African firm. Though the deal embarrassed Nigeria, the National Assembly did not carry out any meaningful investigation into the matter. Efforts by the lawmakers on the platform of the then opposition All Progressives Congress (APC) to bring up the matter at the House of Representatives were frustrated by PDP members. Recently, one of the most startling corruption cases in Nigeria’s history was the one allegedly perpetuated by former chairman, Pension Reform Task Team, AbdulrasheedMaina, who was accused of looting N195 billion. The alleged fraud prevented the payment of pension to about 141,790 pensioners. The Senate set up a committee to investigate the matter but both Maina and a former Director of Pension in the office of the Head of Service of the Federation, Mr. Sani ShuaibuTeidi, who was prosecuted along with 31 others, alleged that Aloysius Etuk, representing Akwa Ibom State and

other members of the committee, demanded $100,000 from them as bribe. Teidi alleged that Mr. Etuk and other members of the committee collected a bribe of N3 billion from him. In the long run, Maina fled the country and he is believed to have escaped to Saudi Arabia where he is currently walking free. It was obvious that he enjoyed government protection and the National Assembly also did not push the executive hard enough to implement its report on the pension scam and punish offenders. The kerosene scam is another massive fraud against an average Nigerian. When kerosene was supposed to be sold for N50 to the consumers, it sold for between N100 and N120 per litre despite the huge subsidies paid by the federal government. This was many years after a presidential directive ended subsidy for kerosene. Yet, the Nigerian National Petroleum Corporation (NNPC) claimed it had continued to subsidise the product while Nigerians are not benefiting from the subsidy as the product sells far above the official price at the pumps. Money running into several billion of naira was stolen under the guise of kerosene subsidy. Though the National Assembly made a feeble attempt to get to the root of the matter, nobody was indicted and no genuine steps were taken to resolve the matter. No official of the NNPC nor the Ministry Petroleum Resources was sanctioned over the matter and the cabal behind the scam was never named. In another staggering fraud under the Police Pension Fund, five people, including a former Director of Police Pension Fund, EsaiDangabar and former Assistant Director, John Yakubu, were accused of misusing N32.8 billion from the Police Pension Fund and connived with others to steal N27.2 billion, which resulted in untold hardship CONT’D ON NEXT PAGE

T H I S D AY • MONDAY, MAY 16, 2016

POLITICS/ THE MONDAY DISCOURSE C A M E R O N ’ S C O M M E N T: B U H A R I ’ S I N C A U T I O U S T R U T H

Members of the Nigerian Labour Congress (NLC) staging a protest against widespread corruption in Nigeria

on police pensioners. Delivering judgment in the case brought against the accused persons by the EFCC, Justice Abubakar Talba of a Federal High Court, Abuja, ordered the forfeiture of 32 houses traced to Yusuf in Abuja and confiscated N325 million in his account. But there was outrage among Nigerians when the judge pronounced him guilty (Yusuf actually pleaded guilty) and sentenced him to two years concurrent prison terms for three offences with an option of N750,000 fine. Dangabar on his part had accused some committee members of the Senate of benefiting from the loot. The Senate denied the allegation without ordering an investigation and as such Nigerians and the rest of the world may never know the fact of the matter as to whether or not the Senate joint Committee on Establishment and Public Service Matter, and State and Local Government Affairs indeed took bribes from the pension thieves. During the Jonathan era, a former Aviation Minister, Stella Oduah, was embroiled in a N255 million armoured car scandal where she was accused of abusing her office by compelling an agency under her ministry to buy her expensive cars. Despite public outcry over the matter, Oduah has remained free. The House of Representatives failed to release a detailed report of its investigation into the matter. Although Oduah was later relieved of her job as minister, everyone involved in the matter remained free till today. A former Governor of the Central Bank of Nigeria (CBN) and now Emir of Kano, Alhaji

Muhammadu Sanusi II, in 2013, accused the NNPC of failing to remit billions of naira in oil proceeds to the federal government. This caused a huge rift between the CBN governor and President Jonathan, leading to the suspension of Sanusi as CBN governor by the president. The National Assembly investigated the matter but was unable to bring it to closure. Buy yet, not a few Nigerians are of the opinion that Sanusi knew what he was saying and are still

Cameron paid no attention to the fact that people are the greatest victims of corruption in Nigeria. He did not also note that the main problem is official corruption and not necessarily a situation where every Nigerian is corrupt. He did not identify the fact that the masses are fed up with corrupt officials but are unable to do anything about the corrupt system

waiting for the incumbent government to dig out facts about the petroleum ministry, particularly under the former president. Until recently, a former Minister of Interior, Mr. Abba Morro, was walking free despite superintending a Nigerian Immigration Service (NIS) recruitment that led to the death of 19 job seekers who went to write examinations on March 13, 2015. Former President Jonathan did not relieve Morro of his job as the Minister of Interior in spite of several calls for his sack back then. The former minister, who is currently facing charges, was alleged to have been involved in a scam that made jobless candidates pay N1,000 each for application forms. A private company, Drexel Nigeria Limited, was also implicated in the recruitment scam. Though federal lawmakers commenced investigation into the incident, nothing has been heard of the matter ever since. Nigerians suspected a cover-up, especially because Morro enjoyed the backing of some powerful persons in the immediate past government. Another major scam in Nigeria is the Malabu Oil scam and like many others, it did not receive the kind of attention it deserved. The scam involved a former Petroleum Minister, Mr. Dan Etete, who was convicted in France for money laundering. His company, Malabu Oil, received an illegal $1.1million from the Nigerian government as proceeds for the sale of an oil block and the money was quickly disbursed to some individuals; as in the case of other corruption matters, the National Assembly

indicted officials of the presidency, ministers and businessmen. In a scandal that aptly captured the state of official corruption in Nigerian, a House of Representatives member, Hon. Farouk Lawan, was caught on tape collecting $620,000 out of a $3 million bribe he demanded from oil mogul, Femi Otedola, while his committee investigated the fuel subsidy scam. He was seen collecting the money from Otedola. The House of Representatives referred the bribery allegation to its Committee on Ethics. But no report has been issued till date. The $180 million Halliburton bribery scandal, which dates back to 1994 when the Nigerian government planned to build the Bonny Island Natural Liquified Gas Project where several government officials are believed to have been involved is another unresolved case capable of painting Nigerians as people that are comfortable with corruption. Whereas there have been indictments of foreign companies and their top executives in Europe and America, a UK lawyer, Jeffry Tesler, had served out his imprisonment term while Nigeria’s own government has not taken any action in the very country in which the corruption took place. Two former Nigerian officials, former Chief of Staff to former Nigerian head of state, Abdulsalami Abubakar, Major-General Chris Garuba and his wife, Ritta; and Abubakar himself, who were alleged to have received bribe as president and late Andrew Agom CONT’D ON NEXT PAGE

T H I S D AY • MONDAY, MAY 16, 2016

POLITICS/ THE MONDAY DISCOURSE C A M E R O N ’ S C O M M E N T: B U H A R I ’ S I N C A U T I O U S T R U T H

Dabiri…Buhari was right

are all free men. Garuba is now chairman, Obepa Petroleum, Abdulsalami is a respected elder statesman and until his death, Agom was a strong member of the PDP. The story of former Delta State governor, Mr. James Ibori, currently languishing in a UK prison and former Bayelsa State governor, late DiepreyeAlamieyeseigha, who escaped to Nigeria from London by dressing as a woman to avoid prosecution for money laundering and who later got pardoned by Jonathan were also image tainting for Nigeria. Though the federal government has said that it had not closed any criminal case being investigated in the country, thereby raising the hope that some highly placed and untouchable Nigerians implicated in the legendary Siemens and Halliburton case and other scandals, may still face trial; until when these category of people who have defrauded Nigeria are thoroughly investigated and the cases sincerely laid to rest, many Nigerians and outsiders will be convinced that there is any anti-corruption fight in Nigeria. Where President Buhari Goofed President Buhari’s reactions to Cameron’s blanket statement on Nigeria were in three phases; first was when Sky News asked him: “Are you demanding apology from the Prime Minister,” and Buhari answered: “No, no, not at all.” Sky News asked again: “Are you embarrassed by what he said?” Buhari said: “No, I’m not.” Then the reporter asked again: “Is Nigeria fantastically corrupt?” and the president said “Yes.” During a chat after the derogatory statement, President Buhari expatiated on his position when he said: “I’m not going to demand any apology from anybody. What I’m demanding is the return of assets. I have already mentioned how Britain rarely lie and how disgraceful one of the Nigerian executive exit London; he had to dress as a woman living behind his bank account and fixed asset, which Britain is prepared to hand over to us. What do I need apology for? I need something tangible.” Though during his interview with CNN’s Chief International Correspondent ChristainaAmanpour, he cited a few instances of corruption and how perpetrators are being put behind bars by his administration, but the president did not only de-market Nigerians with the way he handled the issue, he also scored his government low by not arguing that his government and

Melaye…tagging Nigeria as corrupt is unacceptable

Nigerians are working together to stop corruption. In the interview he granted CNN in London, Buhari said Cameron was “talking about what he knows”, adding that no one should “fault” the British leader. Asked by Amanpour to react to what Cameron said, Buhari said: “Well, I think he’s being honest about it. “He is talking about what he knows, about the two of us; Afghanistan and Nigeria, and by what we’re doing in Nigeria by the day, I don’t think you can fault him. I hope he did not address the press. He said it privately and somehow you got to know it.” In a similar interview with the BBC in

People have debated the issue from various perspectives; some accept that corruption is a way of life in Nigeria, some others feel it is unbefitting of a man of his (Cameron’s) status to publicly castigate another country whereas some Nigerians have expressed displeasure about the way President Buhari reacted to the matter, but the words of the BBC Diplomatic Correspondent James Landale which described the PM’s comments as a ‘truthful gaffe’, which depict Cameron as saying the obvious but in a wrong manner draw attention to why many people see Nigeria as a country where anything goes

London on the same day, Buhari repeated that Cameron was “talking about what he knew”. “If you look at what this government - I mean the government I am heading - we campaigned on citizen security, economy, unemployment and then fight against corruption and what I have uncovered since we came in has proved he was right,” Buhari told BBC’s Clive Myrie. Not stating that Nigerians and his government are on the same page in fighting corruption simply means that he is not aware that a lot of Nigerians voted for him as president because of his anti-corruption posturing and his vow to fight corruption to a stand still. It also connotes that President Buhari does not seem to be aware that there are several Nigerians who are very disturbed about the untamed spate of corruption in the country but who have been helpless in trying to fight the endemic scourge. So, would it have been wrong if President Buhari noted that he was embarrassed? Rather than saying he was not embarrassed, he could have been embarrassed for two reasons at least; one because not every Nigerian is corrupt. Secondly, that his country ranks prominently among corrupt nations such that a leader of another country could tag it as “fantastically corrupt” should be embarrassing. Diplomatically and for the sake of branding of Nigeria before global citizens, one would have expected that the gathering where President Buhari said that: “What do I need apology for; I need something tangible,” is also a veritable opportunity for him to say what effort his administration is putting in place to curb corruption. He could also say the impunities that characterised governance are now a thing of the past. The Debate Like her boss, a former House of Representatives member and Special Adviser to President Buhari on Foreign Affairs, AbikeDabiri, agrees with Cameron’s definition of Nigeria as a “fantastically corrupt” country. Dabiri tweeted that: “President Muhammadu Buhari inherited a fantastically corrupt nation and he is bent on cleaning the Augean stable.” She however added that “Britain should not condone looters.” But one of Nigeria’s anti-corruption crusaders and National Assembly member representing Kogi West senatorial district, Senator Dino Melaye, would not agree with

Cameron basically because there was no basis for his generalisation. “David Cameron is wrong in categorising my beloved country Nigeria as fantastically corrupt. What are his indices, yardsticks and criteria?” he queried. For Reno Omokri, the president should not have admitted that Nigeria is corrupt because not every Nigerian is corrupt. “I am shocked at Buhari’s admission to Sky News that Nigeria is indeed ‘fantastically corrupt’. If he is, I am not! Like Omokri, Joyce Odukoya contends that “The fact that people don’t think there’s something wrong with Buhari calling Nigeria a fantastically corrupt country abroad is unacceptable.” Also discussing whether Nigeria is fantastically corrupt or not, OnyeNkuzi said: “Buhari and NnamdiKanu (pro-Biafra agitator) agree on this (that Nigeria is corrupt) - although Kanu goes further to call it a zoo.” Former Nigerian international and former Super Eagles coach, Sunday Oliseh, simply asked “Does this video prove Prime Minister Cameron right on Nigeria as a corrupt nation?” To Remi Sonaiya, with the kind of massive mismanagement of public funds being unravelled daily, it is easy for any observer to agree with Cameron that corruption thrives in Nigeria. “Who wouldn’t describe Nigeria as fantastically corrupt, given the revelations being made? If such stealing isn’t fantastic, what is?” she asked. A former Special Adviser to former Lagos State governor and current Minister of Power, Works and Housing, Mr. Lateef Raji, noted that Britain itself has been aiding and abetting corruption in Nigeria by helping the thieves keep their loot in banks in the country, stressing that “A person who assists a thief to keep his loot is a thief. Nigeria stolen money is in UK. UK is fantastically corrupt.” Conclusively, though there is near consensus that corruption is rampant in Nigeria but that is basically among government officials at various levels. So, to an average Nigerian, Cameron’s uncomplimentary comment that Nigeria is fantastically corrupt is unacceptable and embarrassing. The fact is that Cameron was not at his diplomatic best when he was caught on camera telling Queen Elizabeth that Nigeria and Afghanistan are fantastically corrupt countries.

MONDAY,MAY 16, 2016 • T H I S D AY

FEATURES

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

Incessant Kidnapping of Lecturers Lecturers of higher institutions of learning in Nigeria are often kidnapped for ransom by suspected gunmen. Odimegwu Onwumere writes that many often die in the hands of their abductors, while only few live to tell the tale

Prof. Erie...killed by his abductors

ecently, suspected kidnappers invaded the University of Calabar residential quarters and abducted a senior staff in the School of Medical Sciences, Dr. S. Ndifon, his wife and daughter to an unknown destination. The gunmen who were said to have invaded the school premises from Obufa Esuk River which is close to the staff quarters, released hell of bullets in all directions to scare people before gaining entrance into the lecturer’s house. Nothing has been heard about their whereabouts. The kidnap victims either came back alive or are murdered by their abductors. Dr. Paul Erie was kidnapped in his native home of Igbanke in Orhionmwon Local Government Area of Edo State. He was Associate Professor in the Department of Agricultural Economics and Extension, Ambrose Alli University, Ekpoma, Edo State, till his abduction on June 16, 2015. His seizure affected lectures and the examination of part time students that were ongoing as at the time he was kidnapped. They were suspended. Opening conversations with the family members, the abductors tagged a ransom of N30 million, which was later reduced to N12 million, before he could be released. The members of the Nigeria Police Force swarmed into action to trace his whereabouts, which yielded little or no result. After spending 105 days in captivity, Erie did not make it back home alive. His decomposing remains were exhumed in the forest between Orhionmwon and Igueben Local Government Areas, on September 30 2015. That was achieved by a tipoff after the arrest of persons alleged to be in connection with

Prof-Olomo...missing since 2013 the hijack, who were from his community. They included Stephen Usiagwu alias Finish and Go, Jeremiah Amayo, Eboigbe Monday aka Yawa and Ejime Oyakhire. They were kept in Police custody. While the examination of the confessions of the suspected criminals were made in the presence of Police and journalists on how the lecturer died, the Commissioner of Police, Chris Ezike, flummoxed thus: “This is a day of mixed feelings to us, it is a breakthrough but our hearts will go out to the families of late Professor Paul Erie. As you are aware, on the 16th of June, he was kidnapped, these bad people took him away and since June he has not been seen despite the fact

Teaching and learning cannot take place in an environment where fear reigns supreme and insecurity is the order of the day. We believe that this ugly trend has become pervasive and almost a normal thing because little or nothing has been done to apprehend the hoodlums as they seem to be having a field day in their nefarious business

that they collected ransom from the family. Many thanks to the dexterity and passion for excellence of the detectives on this job and with the help of technology, today, we do not only have them in our net but we have been able to successfully exhume the remains of the erudite scholar where they buried him.” He promised that other suspects at large would be arrested and brought to book. A bombshell came from the Nigeria Union of Teachers (NUT) through its National President, Michael Olukoya, in Ado Ekiti on October 5, 2015, during the World Teachers Day celebration, stating that 600 teachers were killed by suspected Boko Haram terrorists in the insurgency in North-east of the country and 19, 000 others, were among Internally Displaced Persons (IDPs) in the region. The confessions by the apparent kidnappers of how the university don met his death were that he was shouting in the night and one of them identified as Lucky delegated one of them to muffle his mouth for the fear that his groaning might attract the attention of passersby, especially hunters hunting in the night. It was after the lecturer was perceived not to be making a noise that the person who tied him was sent back to untie him around 2am, only to establish out, and broadcast that he was not making any sign as one who was alive. “After his death, we left the place and started consulting among ourselves what should we do with the body, then Arikpo suggested that the body should be deposited by the roadside but Lucky Umeh opposed it and said the best thing was to bury him. He now sent one of us to go bring tools

to dig the ground and before he came, it was already 6am and we dug the grave and buried the man,” part of the reports made available to newsmen reads. It was gathered that the Police Public Relations Officer, Mr. Stephen Onwochei, said, “He (one of the suspects) volunteered and led police pathologist, forensic experts, detectives, family members and the press to a bush at Igbanke where a shallow grave was identified and successful exhumation of the suspected remains of Prof. Paul A. Erie was carried out. Items recovered from the grave and scene are consistent and suggestive that the remains are indeed that of Prof. Paul A. Erie as identified by family members.” When Erie was in the kidnappers’ den, his colleagues took to a peaceful protest in Ekpoma, on Friday, July 3, 2015. They chanted songs of solidarity and raised placards in condemnation of the kidnappers’ deed and lodged official complaints with the Nigeria Police and the Department of State Security (DSS). The Chairman of Academic Staff Union of Universities (ASUU), AAU Chapter, Prof. Fred Esumeh, said that in an environment where fear was heightened, it would never be easy to learn in such an environment. “Teaching and learning cannot take place in an environment where fear reigns supreme and insecurity is the order of the day. We believe that this ugly trend has become pervasive and almost a normal thing because little or nothing has been done to apprehend the hoodlums as they seem to be having a field day in their nefarious business,” Esumeh told newsmen. While Erie did not make it, it was not the fate with Dr. Femi Omisore, a lecturer in the

T H I S D AY • MONDAY, MAY 16, 2016

FEATURES Environmental Design Department of the Obafemi Awolowo University, Ile-Ife, who was kidnapped on Saturday, May 9, 2015 in Ado-Ekiti, the Ekiti State capital. Although, the inglorious activity was fatal as the driver of the lecturer did not make it in the journey Omisore was, on his way to a funeral ceremony, at Oye, Ekiti. The driver was killed in the incident by the gunmen, after the bullet-riddled-fuel-tank of the car the lecturer was being driven in had no fuel to power the car. Confirming the incident to newsmen, the Chairman of the OAU chapter of the Academic Staff Union of Universities, Dr. Caleb Aborisade, said: “It is true. He was taken away and his driver was killed. His car was also burnt.” But Omisore was not later found in the grave and exhumed like Prof. Erie; he was publicised to have been rescued alive by vigilantes at Esure, Ekiti, in the early hours of Saturday, May 23, 2015. Alongside the preceptor, nine others were rescued and taken to the palace of the Elesure of Esure Ekiti. Across the country, kidnapping of lecturers for ransom was fad. On March 16, 2013, the University of Uyo (UniUyo) was thrown into mourning and helplessness as Dr. Ime Udotong was kidnapped by unknown gunmen on her way from work. Udotong who’s a lecturer in the Department of Biochemistry was later released as was briefed by a press statement signed by Mr. Nwachukwu Anyim, the Chairman of the UniUyo Branch of the Academic Staff Union of Universities (ASUU). Anyim did not say if any ransom was paid before she was released when journalists inquired. He rather said, “The family would not want to be dragged into that now. What we can say is that we are happy that she has regained her freedom.” In many of the kidnappings, the union of universities staff across the country known as and called Academic Staff Union of Universities never rested on its oars without protesting the kidnap of its members. Inscriptions on the members’ placards while on a protest mainly read: “ASUU Say No To Kidnapping; Kidnapping Is A Crime Against Humanity; ASUU Demands Unconditional Release of Our Members” and “Ensure Safety of Life and Property.” But that never deterred the activities of kidnappers against its members or their cronies. Mrs. Hamdallah Ettu, wife of a lecturer in the Department of Biology at the Tai Solarin University of Education, Ijebu Ode, Mr. Gbenga Ettu, was kidnapped on April 3, 2015 on her way home from her shop, where she sold daily needs. She, however, regained her freedom on Tuesday, April 7, 2015, after the sum of N20m as ransom was demanded by the kidnappers. On May 18, 2015, ASUU was rattled when kidnappers demanded N210million ransom for the release of its three members in Ekiti State University. “Five lecturers were initially abducted by the criminals who later released two of them to source for the money to secure their colleagues’ freedom. This was disclosed by the union when its members staged a protest in Ado-Ekiti, the state capital over the incessant kidnappings of its members in Ekiti State. “ASUU lamented that five of its members had been kidnapped at various locations in the state within two weeks, of which two had been released to look for N210 million being demanded as ransom for the release of other three hostages, describing the scenario as frightening and disturbing.” Frightening and disturbing as kidnapping of lecturers had become, Mr. Tobi Benson, a middle aged man, who’s a senior lecturer at the Delta State-owned polytechnic in Ogwashi-Uku, was kidnapped on Monday September 28, 2015, at his residence along Assemblies of God Church Street of the state, and the abductors demanded the sum of N100m to make his release. That was the same case with Dr. Tunji Akinlabi, a lecturer in the Department of Meteorology of the Federal University of Technology, Akure (FUTA), Ondo State, in September 2011. Security agents said that he was kidnapped by gunmen numbering about six and they later demanded for N15m ransom from the family of the lecturer. That was the same fate that befell a lecturer

Members of ASUU protesting

Dr. Omisore...released alive by his abductors

Hamdallah Ettu...came back alive

IG Solomon Arase

with the University of Port Harcourt, Mrs. Awala George, on March 3, 2015, but was freed on March 11. The Rivers State Police Command confirmed the incident through Mr. Ahmad Muhammad, a DSP, and the Public Relations Officer of the Command thus, “Following credible information about criminal hideouts in an uncompleted building along ABC/Rumuola bye pass road in Port Harcourt, Police patrol teams immediately stormed the scene and rescued Awala George. Awala was kidnapped at her residence at Ozuoba by four armed men on March 3.’’ Professor James Bolarinwa Olomo who is a Professor of Nuclear Physics of the Obafemi Awolowo University, Ile-Ife was declared missing three days later after he lodged into Hotel Farlem situated at 8, Archibong Street, Afaha Ukwu, Eket, in Akwa Ibom State on Thursday, October 17, 2013.

His missing came after he was kidnapped 10 years ago and was released. The National Association of Nigerian Students on Sunday, January 12, 2014 felt that the authorities had not done enough to find the whereabouts of the lecturer; hence the group ordered the Akwa Ibom State Government under Godswill Akpabio, the police and other security agencies to find the missing lecturer. The Coordinator of the NANS in the South-west, Mr. Sunday Ashefon said in a statement, “We are using this medium to remind our slumbering authorities at all levels, who are saddled with the primary responsibilities of protecting the lives and property of the citizens, to wake up from their deep slumber and begin to take actions necessary to safeguard the people. We wish to state that Nigerian students across the South-west, and indeed the entire country, shall hold the Government of Akwa Ibom State responsible for whatever happens to our much revered professor. “We wish to remind them that state governors remain the chief security officers of the states they govern. The government of Akwa Ibom, as a matter of compulsion, must ensure that Prof. Olowo is found within 14 days. Failure to do so will attract serious actions from all Nigerian Students across the South-west. Equally, we wish to call on the Nigeria Police Force and every other security agencies to intensify efforts at ensuring unconditional release of Prof. Olomo from wherever he may be.” All efforts to trace the whereabouts of Prof. Olomo have proved futile. A lecturer with the Federal Polytechnic, Mubi, in Adamawa

State, Mr. Faluyi Isaac, was found dead in his farm outside Mubi town in June 2008. Nevertheless, while Police would always tell the unsuspecting citizens that ransom was not paid whenever a snatched victim was freed, they were not lucky this time as a lady seemingly disclaimed the Police supposedly report that no ransom was paid to free the 10 victims of kidnapping in which Dr. Femi Omisore was involved. She also rebuffed the claim that they were rescued by vigilantes. The lady, whose name was given as Seyi Olaoluwa, said: “It’s a lie. They were not rescued by anybody. The vigilante did not rescue them; we paid ransom. Everybody paid ransom before they were released.” She claimed that her brother was the one that took the ransom to Benin Road, when the kidnappers said the family members should come to Akure. She added that her family members were asked to come towards Benin Road, when they got to Akure. “They used the phone to trail them until they got to somewhere near Benin. They directed them towards a forest before Benin, where they showed them the money some of the victims’ relations had paid. They were so confident that they said everybody must pay before the victims would be released,” she said. Professor Esumeh, FUTA, Deputy Registrar, Information and Protocol; and Omololu Adegbenro at Federal University of Technology, in their respective messages while condemning what their colleagues suffer in the hands of kidnappers, said, “It’s worrisome and unfortunate”.

In many of the kidnappings, the union of universities staff across the country known as and called Academic Staff Union of Universities never slept on its oars without protesting the kidnap of its members

IMAGES

T H I S D AY • MONDAY, MAY 16, 2016

Photo Editor Abiodun Ajala Email abiodun.ajala@thisdaylive.com

L-R: Human Resources/Corporate Services Executive, MTN Nigeria, Mrs. Amina Oyagbola; Chairman, MTN Foundation, Prince Julius Adelusi-Adeluyi; and Executive Secretary, Ms. Nonny Ugboma, presenting an award to Sunday Ogah, an MTN what can we do together Nominator, during the appreciation party to host the 200 nominators and launch Phase II of the Initiative, in Abuja........recently.

L-R: Member National Administrative Council of Nigeria, Dr. Comfort Oko; National President, Trade Union Congress, Comrade Bobboi Kaigama; National President, Nigeria Labour Congress (NLC), Comrade Ayuba Wabara; and Chairman, Labour/Civil Society Coalition, Dr. Oladipo Fashina, during the NLC’s meeting on government removal of fuel subsidy recently. ENOCK REUBEN

L-R: Welfare Officer, Kirikiri Minimum Prison, Isaiah Adeyeye; Felicitator, Mrs Sola Adegbayemu; Director of Programmes, Development Support Institute, Mrs Stella Olubunmi Francis; and an inmate participant, during the Institute’s two-day empowerment programme for inmates at Kirikiri Minimum Prison, Apapa, Lagos recently

L-R Head-Business Developement, Stanbic IBTC Asset Management, Mr Babalola Obilana; Capt Benoni Briggs with his wife Rosemary Briggs; and Chief Executive, Stanbic IBTC Asset Management, Bunmi Dayo-Olagunju, during the Company’s Client Appreciation Dinner in Port Harcourt recently

L-R: Camp Director, National Youth Service Corps, Mrs. Winifred Shokpeka; State Coordinator , Mr. Cyril Akhanemhe; Winner of the Cooking Competition, Miss Elumayowa Odunayo Bukola ; and Consumer Marketing Manager, Honeywell Flour Mills Plc, Mrs. Esther Tontoye, during the Batch A, Honeywell Wheatmeal Cooking Competition, at the NYSC Camp, Iyana Ipaja, Lagos… recently.

L-R: CEO, Multimix Ltd, Dr. Obiora Madu; Deputy Director, South-West Region, SON, Mrs. M.B Kehinde; Divisional Head, Managed SMEs, Fidelity Bank Plc, Ken Opara; and Assistant Comptroller General, Nigerian Customs Service, M. P. Binga, at the two day export master class Workshop organised by Fidelity Bank in conjunction with the NEPC in Ibadan recently.

L-R: Human Resources Director, Lexcel Group, Mr. Wale Dosunmu; Nollywood Actor, Emeka Ossai; Nollywood Actor, Ik Ogboanna; Acting Managing Director, Grand Oak Ltd, Aare Fatai Odesile; Group Executive Director, Lexcel Group / Head, Drinks Business, Mr. Adekunle Rosiji; and Managing Director, Emma Ogbata and Son Ltd, Mr. Emmanuel Ogbata, during the re-launch of Lord’s Dry Gin at the Company’s Distributors Conference in Lagos recently.

Front Row L-R: Panelist,Mrs. Morin Desalu; CEO Stanbic IBTC Holdings, Mrs. Sola David Borha; CEO Arise Women, Mrs. Siju Iluyomade; Keynote speaker/ partner, TLcom/ former Minister of Communications Technology, Dr Mobola Johnson; co-founder, Multistream Energy, Mrs Awuneba Ajumogobia, Upper row: L-R ;Ms Osayi Alile, Mrs Yemisi Ayeni, Dr Yemisi Adeyemi-Bero, and Mrs Lanre DaSilva-Ajayi, at the Handmaidens Women in Leadership Series, in Lagos recently

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Quick Takes NSE President for PEARL Awards Lecture

The PEARL Awards Nigeria has concluded arrangements to hold the 12th annual PEARL public lecture for capital market development. The lecture is scheduled for Friday, May 27, 2016 in Lagos. The theme for this year’s public lecture is “Global & National Socio-Economic Challenges & Renaissance: Whither the Nigerian Capital Market?’’. President and Chairman of Council of the Nigerian Stock Exchange, Mr. Aigboje Aig-Imoukhuede will deliver the PEARL Awards lecture. The event will be chaired be a former Director General of NSE, Apostle Hayford Alile, while some experts in corporate Nigeria, President, Chartered Institute of Stockbrokers(CIS), Oluseyi Abe; MD/CEO, NASD Plc, Mr. Bola Ajomale; and , General Manager (Operations) CSCS, Plc, Mr. Joseph Mekiliuwa will lead discussants. According to a statement by Secretary, Board of Governors, PEARL Awards Nigeria, Mr. Olalekan Adekoya, the annual lecture was instituted in 2005, to provide a forum for seasoned experts and technocrats (nationally and internationally) from the public and private sectors to brainstorm on germane, contemporary and emergent issues in capital market development. “This year’s event, the 12th edition is expected to attract who is who in the Nigerian capital market and other stakeholders in the nation’s economy,” he said.

UNITED AGAINST CORRUPTION

L-R: British High Commissioner to Nigeria, Paul Arkwright; Managing Director, Lagos Deep Offshore Logistics (LADOL), Dr. Amy Jadesimi and the Archbishop of Canterbury, The Most Revd Justin Welby, at the anti-corruption summit hosted by British Prime Minister David Cameron in London …recently

Fixed Income Securities Market Attracts N32tn in Four Months Goddy Egene The fixed securities and currencies market has attracted investments worth N31.93 trillion between January and April 2016, statistics obtained by THISDAY have revealed. The money was invested in the securities via the FMDQ OTC Securities Exchange, which was licensed by the Securities and Exchange Commission (SEC) in 2013 as an over-the-counter (OTC) securities exchange and self-regulatory organisation to run the fixed income trading platform. While N22.5 trillion was invested in the first quarter of 2016, N9.43 trillion was invested in April, bringing the total to N31.93 trillion in four months.

STOCK MARKET A monthly breakdown of the data, showed that N13.92 trillion was invested in January and February, while N8.58trillion was invested in March, just as investors staked N9.43 trillion. A further analysis of the investment indicated that activities in the foreign exchange (FX) market accounted for 16.69 per cent of the turnover, as against 18.67 per cent recorded in March, while Treasury Bills (T.bills) transactions continued to dominate, accounting for 42.03 per cent of the total market, 4.37 percentage points higher than the previous month. Secured Money market (Repurchase Agreements/ Buy-Backs) and FGN2 Bonds

transactions accounted for 30.47 per cent and 9.41 per cent of the total turnover respectively, whilst Unsecured Placements/ Takings contributed 1.39 per cent to total turnover Transactions in the FX market settled at $6.10 billion, which is 6.99 per cent lower than the value recorded in March. Member-Member trades recorded $0.71 billion in turnover for April, compared to $0.59 billion recorded in March, indicating an increase of 19.36 per cent. Turnover in the Member-Client category, on the other hand, settled at $5.39bn, a dip of 9.60 per cent from the previous month. On an aggregate, turnover on spot transactions dropped 19.92 per cent to settle at $4.23 billion

while transactions in the Swaps market increased by 28.61 per cent to end the month at $1.61 billion. FX Options transactions worth $80.16 million were also recorded within the month. Turnover in the Fixed Income market settled at N4.85 trillion, 17.35 per cent (N0.72 trillion) above the value recorded in the previous month, with transactions in the T.bills market accounting for 81.72 per cent of the turnover compared with 78.21 per cent recorded in March. Outstanding T.bills stood at N5.41trillion in the month whilst outstanding FGN bonds increased 2.73 per cent to close at N6.41trillion. Trading Continued on page 24

With New Fuel Price Regime, MPC May Adjust MPR to Suppress Inflation Eromosele Abiodun Following the introduction of a new fuel price regime by the federal government, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) is likely to respond by raising the monetary policy rate (MPR) further in response to inflationary pressure. Inflationary pressure was largely the premise on which the Committee hiked rate at its last meeting in March, analysts at Eczellon Capital Limited stated in a report The next MPC holds 23rd and 24th of this month. The Consumer Price Index (CPI),

ECONOMY which is used to gauge inflation rose to 12.8 per cent in March. The CPI figures are expected to be released this week. The federal government last Wednesday announced a new fuel price regime and adjusted the price of petrol, from N86.50 to a band of N135-N145. According to analysts, “We opine that the nation’s inefficient foreign exchange market is the underlying driver of the current inflationary pressures in the country. Thus, a comprehensive review and restructuring of the forex market will go a long way in addressing the current

economic challenges bedeviling the economy as oppose to a mere increment in the MPR.” The firm stated that the implication of the new fuel price regime would be further erosion in the real disposable income of the average Nigerian which should impair the sales volume of consumer facing companies/industries. “Nevertheless, we see all these as being short term pressures which should whither down as the price of petrol balances and finds a new equilibrium position. Such equilibrium position will be bolstered by enhanced supplies from domestic refineries as the

recent move by the government will accelerate the set-up of refineries in the country in the medium to long term,“ they added. The analysts, however, stated that the new pricing regime puts the price of petrol near current market realities and kick-starts the process of finding an enduring solution to the perennial challenges of petroleum scarcity in the country. They said: “Likewise, the recent decision may also be an indication that the government is now willing to fine Continued on page 24

SO&U to Host AAAN AGM Dinner

Preparations are in top gear for a successful hosting of the 43rd annual general meeting of the Association of Advertising Agencies of Nigeria (AAAN), in Uyo, Akwa Ibom State. The AGM scheduled to hold between the 19 and 21 of May 2016 has “Communication as a tool for National Development,” as its theme. According to the organisers of the AAAN AGM, the event promises to be fun filled and engaging as a series of activities have been lined up to ensure delegates enjoy the rich hospitality that the state offers even in the peak of deliberations. To kick off the AGM, a former AAAN President and Group Managing Director of SO&U Group, Mr. Udeme Ufot will be hosting delegates to an exclusive welcome dinner. The dinner, which will hold on Thursday 19th May, would have the State’s Deputy Governor Mr. Moses Ekpo as its Special Guest of Honour. According to Ufot, the welcome dinner offers the delegates an opportunity to relax, network and enjoy the hospitality of the state. Whilst commending the organising committee members for their professionalism, excellence and dedication, he noted that the SO&U Group would continue to play a prominent role in AAAN activities. Ufot explained that eme Ufot the theme of meeting “Communication as a tool for National Development is an appropriate and strategic discourse highlighting the importance of communication for national development.”

Wentworth Reduces Net Loss in 1Q

East Africa focused oil and gas company Wentworth Resources Limitedreduceditsnetlossduringthefirstquarterof2016,compared to 1Q 2015, achieving an average gross daily production of 48 million cubic feet of gas per day in the process. Wentworth’s net loss for the quarter was $910,000, marking a significant improvement from a net loss of $2.72 million recorded in 1Q 2015. The energy firm reported an increase in cash and cash equivalents to $4.05 million as at March 31, from $2.75 million as at December31,2015.Explorationanddevelopmentcapitalexpenditures amounted to $660,000 in 1Q 2016 compared to $9.55 million during the same period last year. Wentworth achieved an average gross daily gas production of 48 million cubic feet of gas per day for the first quarter and reached 65 MMcfpd on March 31, which was described by FirstEnergy as “encouraging as the company continues to deliver on its promise to ramp up to 70-80 MMcfpd over the coming months.” “Over the coming months, production is expected to stabilise between 70-80 MMcfpd and maintain this level for the remainder of 2016. We continue to build cash reserves from internally generated cash flows and strengthen our balance sheet while looking for strategic opportunities to further enhance shareholder value,” said Wentworth’s Managing Director, Geoff Bury, in a company statement.

There needs to be transparency not just at the CBN’s level, but at the banks’ level; Not just transparency as to who has received what, but what are the rules around who gets what.” Managing Director, NSE, Mr. Oscar Onyema

T H I S D AY • MONDAY, MAY 16, 2016

BUSINESSWORLD FIXED INCOME SECURITIES MARKET ATTRACTS N32TN IN FOUR MONTHS

intensity in the Fixed Income market settled at 0.74 and 0.14 for T.bills and FGN bonds respectively, with maturities between 1M and 3M being the most actively traded in the review period. Activities in the secured money market (Repos/BuyBacks) settled at N2.87trillion, 8.90 per cent (N234.68bn) above the value recorded in March whilst Unsecured Placements/ Takings dropped 36.45 per cent to close the month at N130.93 billion. WITH NEW FUEL PRICE REGIME, MPC MAY ADJUST MPR TO SUPPRESS INFLATION

tune its economic policies after the dismal performance of its earlier stance on petroleum prices and the value of the naira. Recent comments attributed to the Vice-President, Professor Yemi Osinbajo on the likelihood of the FG allowing for flexibility in the pricing of the naira anytime soon also attests to this. “While all these seem interesting and positive, the key impact point of the recent petroleum policy will be on the general price level of goods and services in the country. We believe a significant shift in prices will stem from further fall in the value of the naira as heightened demand for foreign exchange by oil importers from the parallel market will lead to a higher equilibrium price in that market compared to the N320-N323/$ it has hovered around in recent times.” On their part, analysts at Afrinvest West Africa Limited stated that they anticipated the price review to mount further pressure on May inflation numbers. “We see inflation rate in April at 13.6 per cent year-onyear and expect further increase in May driven by transport division and electricity, gas and other fuels which both contribute 23.2 per cent to the CPI weighting.

Group Business Editor

Chika Amanze-Nwachuku Maritime Editor

John Iwori

AgriBusiness/Industry Editor

Crusoe Osagie

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (AgriBusiness)

NEWS

Rockefeller Foundation, Others to Provide $1m Grants to Enhance Cassava Production Obinna Chima The Rockefeller Foundation, Dalberg and the International Institute of Tropical Agriculture (IITA) have launched an Innovation Challenge to uncover innovative solutions to increase cassava shelf life in Nigeria. The Challenge was announced at the just concluded World Economic Forum – Africa annual meetings in Kigali, Rwanda, and will provide up to $1 million in funding, as well as technical assistance to implement business model development and product design. Cassava is critical for food security in Africa. It is the main source of nutrition for around half of the continent’s population, or 500 million people. Yet this root crop has a very short shelf life and if unprocessed it will spoil within 24-72 hours after harvesting – less if it is damaged during harvesting or transport. Nigeria is the world’s largest cassava producer, accounting for more than 20 per cent of global production – more than 50 million tons annually, grown by nearly 30 million smallholder farmers. Approximately 40 per cent of this cassava is lost due to spoilage, a tremendous problem that limits farmer incomes and rural economic development, and one that stretches far beyond Nigeria’s borders as food spoilage and wastage affects our global economy and impacts greenhouse gas emissions. The President of the African Development Bank, Dr. AkinwumiAdesina said: “The agricultural transformation agenda is beginning to open

up new income streams for farmers. A good example is the case of cassava.” In his previous tenure as the Minister of Agriculture and Rural Development in Nigeria, Adesina championed cassava commercialisation in the country and grew the capacity to process cassava into flour, starch, and several other products. The Rockefeller Foundation Cassava Innovation Challenge will consider applications that are incremental as well as those that are transformative to the Nigerian cassava value chain. The shelf life issues arise from some of the following barriers: Limited access to existing cas-

sava varieties: Though varieties that extend shelf life do exist, access to or awareness of them may need to increase; preservation of cassava between harvest and processing: Poor and inefficient handling, storage and transport either damages roots or leaves them exposed to the elements; and far-away processing: Processors are far from cassava farms and use inefficient manual peeling, allowing more time for the root to spoil before it can be processed into forms that have longer shelf life. Any innovation that could enhance shelf life or reduce postharvest losses will be

SES, a global player in satellite operations has signed a multi-year agreement with Cable Channels Nigeria Ltd. (CCNL) to provide a strategic, reliable and stable video platform, via SES’s prime orbital position 28.2 degrees East, for the provision of Digital Terrestrial Television (DTT) and Direct to Home (DTH) broadcast platforms in Nigeria. The partnership will enable SES to migrate over 25 million households in Nigeria from analogue to digital broadcasting platform, ahead of the country’s digital migration plan by June 2017. SES hopes to achieve this by utilising teleport services provided by its local partner Computer Warehouse Group Plc. (CWG). CCNL, a company licensed by the Nigeria National Broadcasting Commission (NBC), is the certified content aggregator and platform owner for the free-to-air DTT and DTH platforms in Nigeria, and is playing a key role in the Nigeria Digital Switchover

cassava improvement and value chain development for many years from our base in Ibadan, Nigeria and our substations all over sub-Saharan Africa. We are very excited about the potential of this Challenge to bring to light innovations but also to get these innovations into the hands of smallholder farmers in Nigeria in a sustainable way.” “The Rockefeller Foundation has a long history of supporting agricultural innovation and enhancing food security and farmer income,” the Managing Director of The Rockefeller Foundation Africa Regional Office, MamadouBiteye said.

WOOING INVESTORS

L-R: Ogun State Commissioner for Special Duties, Barr. Adeleke Adewole; former President of Colombia, Mr. Cesar Augusto Gaviria Trugillo and Business Executive, South West, Sterling Bank Plc, Mr. Rasaq Aboyeji at the Ogun State Investors’ Forum held in Abeokuta...recently

SES to Migrate over 25m Households to Digital Platform Emma Okonji

considered and those organizations that have ideas for transforming this critical link in food security – but may not have food security expertise – are encouraged to apply. Given the global nature of cassava, which outside of Africa is grown in countries as diverse as Thailand, Indonesia, and Brazil, the Challenge is global and is open to organisations with innovative products/ technologies, processes or services—in various stages of development—from anywhere inthe world. IITA Director General Dr. NteranyaSanginga also said: “We have been working on

(DSO) process by getting channels onto the land-based DTT network and onto satellite as DTH, both offered under the brand FreeTV. Vice Chairman of CCNL, Mohammed Bawa, said: “This agreement with SES will have a massive impact on consumers as we move towards the Nigeria DSO process. It moves over 25 million households from three to four analogue channels to 15 channels at launch, increasing to at least 30 channels in digital quality picture and sound.” SES will be providing the space segment and specific platform services for the DTH service which will be used to feed the DTT transmitters around the country - a Hybrid DTH/DTT solution. Using teleport services provided by SES local teleport partner CWG, the channels are aggregated from all over Nigeria by way of microwave, fibre, IP or satellite, and then multiplexed before uplink to the ASTRA-2F satellite at 28.2 degrees East. Senior Vice President, SES Commercial in Africa, IbrahimaGuimba-Saidou, said:

“SES is proud to be CCNL’s partner of choice and at the forefront of the DSO process of the most populous nation in Africa. The service will provide 100% coverage for Nigeria DSO through DTT and DTH and gives viewers the opportunity to receive high quality TV throughout the country, regardless of their location. It will also give them access to multiple local, regional and national channels.” According to the Chief Executive Officer, CWG Plc, James Agada, “CWG Plc. is elated to be the teleport services provider for this landmark project, through its strategic alliance of over 15 years with SES. We believe that the introduction of ‘Free to Air’ (FTA) Direct to Home digital TV (DTH TV) to the Nigerian broadcasting landscape through digital technology will improve the clarity and quality of signals as well as create more awareness of local products and services. This noteworthy feat seamlessly aligns with CWG’s goal of enabling growth through technology.”

NECA Opposes NLC/TUC Proposed Strike over New Fuel Price Regime Nosa Alekhuogie The Nigeria Employers’ Consultative Association (NECA) has condemned the planned strike by the organised labour following the hike in pump price of petrol. The organisation also expressed its full support for the partial deregulation of the downstream sector of the oil and gas industry. NECA said that the policy was a crucial first step in the resolution of the perennial dependence of Nigeria on imported petroleum products. Speaking in Lagos, the Director General, Mr. Olusegun Oshinowo, praised the federal government for the courage it has demonstrated, which past administrations had unwittingly shied away from, by embracing a policy option that will jump start significant reform in the downstream sector that would impact positively on the economy both in the short and long terms. He said as key actors in the economy, and participants at various committees of the government in the past on the subject at stake, NECA deplored the usual resort of organised labour to threat of

strike to impose its position even when such would be to the long term detriment of the economy as we have seen over the year with the subsidy regime. The Director General: “One stakeholder’s interest should not loom larger than several other stakeholders’ and should not be pushed through an illegal strike on an issue outside the primary mandate of the custodian of the interest. He added: “Government’s policy on oil and gas is not an employment and labour issue, and should not be a basis for a national strike. Organised labour should instead focus on how to improve the welfare of its members through wage discussion and related matters.” Speaking further, Oshinowo enjoined employees in the private sector to ignore any directive from NLC/ TUC and go about their normal duties.” He reminded workers to understand that “it is in the interest of both the employer and workers to ensure and sustain business survival as their wages are not dependent on government’s budgetary appropriation or monthly allocation”.

T H I S D AY • MONDAY, MAY 16, 2016

BUSINESSWORLD

MARKET REPORT

Stock Market Sustains Bull Run on FG’s Forex Management Plan Goddy Egene and Eromosele Abiodun The Nigerian equities market surged further last week on the back of investors’ anticipation that further flexibility may be introduced into the current foreign exchange management regime by the federal government in the coming weeks. The government on Wednesday announced a new price band of N135-145 per litre for non-NNPC imports, with total cost-to-pump at around N138 per litre. The government introduced a new exchange rate for the petroleum imports, saying marketers are to source for forex at autonomous market at N285/$, compared to the official rate of N197-199/$. Investors in oil stocks reacted positively to the new fuel pump price as they swooped on shares, leading to a jump of 5.1 per cent in the Nigerian Stock Exchange (NSE) Oil/Gas Index. Combined with activities of barging hunters in the banking and oil/ gas stocks, the market NSE All-Share Index appreciated by 2.88 per cent last week to close at 26,441.03, while market capitalisation rose 2.92 per cent to be at N9.099 trillion. Similarly, all other Indices finished higher during the week, with the exception of the NSE Industrial Goods Index that declined by 1.15 per cent. The NSE Banking Index surged by 8.7 per cent, while the NSE Consumer Goods Index and NSE Insurance Index went up by 4.1 per cent and 1.33 per cent respectively. The market had appreciated by 2.55 per cent, despite closing in the red in two of the four days trading the previous week. The performance was boosted by the announcement that the MSCI would retain Nigeria in its benchmark frontier market index after giving indications that the country may be excluded. Daily Performance Summary The market had last week opened on a positive note, climbing 0.49 per cent to 25,828.30 points, although it rose as high as 25,898.82 points during intra-day trading. This outcome was driven by investor appetite for banking stocks such as Zenith Bank Plc and Guaranty Trust Bank Plc and consumer counters such as Nigerian Breweries Plc and Unilever Nigeria Plc which offset Nestle Nigeria Plc. Major sectors in the NSE ASI closed mixed with the banking and consumer goods rising per cent 2.08 per cent and 0.6 per cent respectively, while the oil and gas and Industrial sectors fell 0.37 per cent and 0.06 per cent respectively. The market breadth index, a measure of investor sentiment, remained positive on the day on the back of 28 stocks that gained against 20 losers. Market activity improved on the day as total volume and total value jumped 74 per cent and 45 per cent respectively to 316 million units of shares worth N1.7 billion. Access Bank Plc (1.90 per cent) represented 51 per cent of total volume and 40 per cent of total value. The profit taking activities depressed the equity market on Tuesday. Consequently, the NSE index depreciated by 0.70 per cent to close at 25,646.56. The depreciation recorded in the share prices of Dangote Cement Plc, FBN Holdings Plc, Lafarge Africa Plc, Forte Oil

Bank Plc and FBN Holdings Plc equally recorded significant gains. These performances offset the sell offs in Nigerian Breweries Plc. All major sectors closed positive led by the Banking sector which rose 3.80 per cent while the Oil and Gas sector followed closely, climbing 3.46 per cent. The Industrial sector increased by 2.55 per cent while the Consumer Goods was up 1.01 per cent. There was a considerable improvement in market activity as total volume and value spiked 117 per cent and 140 per cent to 568 million units of shares worth N3.58 billion.

Plc and United Bank for Africa Plc were mainly responsible for the loss recorded in the Index. Similarly, the market capitalisation depreciated by 0.70 per cent to close at N8.82 trillion compared with the appreciation of 0.49 per cent recorded the previous day to close at N8.88 trillion. Activities of profit takers waned on Wednesday as the NSE ASI depreciated marginally by 0.06 per cent to close at 25,630.62, compared with the depreciation of 0.70 per cent on Tuesday. The depreciation recorded in the share prices of Dangote Cement Pl c, Dangote Sugar Plc, Flour Mills Nigeria Plc, Lafarge Africa Plc and ETI Plc accounted for decline recorded in the index. Similarly, the market capitalisation depreciated by 0.02 per cent to close at N8.820 trillion compared with the depreciation of 0.70 per cent recorded the prior day to close at N8.822 trillion. The equities market rebounded on Thursday on renewed bargain hunting activity. This resulted in an increase of the twin market performance measures, NSE ASI and market capitalisation, by 91.5 basis points each. Shares of major petroleum products marketers such as Forte Oil Plc, Total Oil Nigeria Plc, and Mobil Oil Nigeria Plc, appreciated by N10.50, N9.19 and N5.57 to close at N220.50, N159.60 and N160.66 per share respectively. However, fast moving consumer goods maker, Unilever Nigeria, retreated by N1.22 to close at

N36.00 while shares of major cement manufacturer, Lafarge Africa Plc lost N1.00 to close at N68.00. Last Friday, the market surged 2.23 per cent or 575.97 points to

TOP TEN BROKERS(BY VALUE)

26,441.03. The session was largely driven by gains in Dangote Cement Plc, and Nestle Nigeria Plc. There were also gains in Lafarge Africa Plc. Zenith Bank Plc, ETI Plc, Access

AS AT LAST FRIDAY

BROKER RENCAP SECURITIES (NIG) LIMITED EFCP LIMITED STANBIC IBTC STOCKBROKERS LIMITED CHAPEL HILL DENHAM SECURITIES LTD - BRD CSL STOCKBROKERS LIMITED CORDROS CAPITAL LIMITED - BRD READINGS INVESTMENTS LIMITED - BDR AFRICAN ALLIANCE STOCKBROKERS LTD FBN SECURITIES LIMITED CARDINALSTONE SECURITIES LIMITED

TOP TEN BROKERS

(BY VOLUME)

BROKER READINGS INVESTMENTS LIMITED - BDR

VALUE

% VALUE

3,029,928,928.90

24.39

1,991,379,148.45 1,474,871,991.27 584,346,885.25 549,685,670.27 459,135,684.44 356,122,711.05 293,142,073.72 204,431,956.76 202,968,081.92 9,146,013,132.03

16.03 11.87 4.70 4.42 3.70 2.87 2.36 1.65 1.63 73.61

AS LAST FRIDAY VOLUME %VOLUME 197,329,576

8.88

EFCP LIMITED

165,350,873

7.44

STANBIC IBTC STOCKBROKERS LIMITED

150,091,848

6.75

RENCAP SECURITIES (NIG) LIMITED

131,838,813

5.93

APEL ASSET LIMITED - BRD

114,482,438

5.15

MORGAN CAPITAL SECURITIES LIMITED

101,237,846

4.56

CSL STOCKBROKERS LIMITED

95,953,482

4.32

FBN SECURITIES LIMITED

62,432,379

2.81

CARDINALSTONESECURITIESLIMITED

57,516,208

2.59

FORTE FINANCIAL LIMITED

57,393,232

2.58

1,133,626,695

51.01

Market Turnover During the week under review, volume and value of trading surged 101 per cent and 125 per cent as investors exchanged 1.826 billion shares worth N14.468 billion in 20,058 deals, up from 910.659 million shares valued at N6.409 billion that exchanged hands the previous week in 15,023 deals the previous week. The Financial Services Industry led the activity chart with 1.471 billion shares valued at N10.686 billion traded in 11,038 deals, thus contributing 80.58 per cent and 73.86 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 187.026 million shares worth N313.287 million in 1,545 deals. The third place was occupied by the Consumer Goods Industry with a turnover of 74.728 million shares worth N2.054 billion in 3,633 deals. ETI Plc, Access Bank Plc and FBN Holdings Plc accounted for 682.553 million shares worth N6.787 billion in 2,916 deals, contributing 37.38 per cent and 46.91 per cent to the total equity turnover volume and value respectively. Also a total of 382,448 units of Exchange Traded Products (ETPs) valued at N10.288 million executed in 43 deals during the week, compared with a total of 6,837 units valued at N16.316 million transacted the prior week in 25 deals. A total of 8,033 units of Federal Government Bonds valued at N8.923 million were traded in 6 deals compared to a total of 23,903 units of Federal Government valued at N28.385 million transacted the previous week in 7 deals. Gainers and Losers Meanwhile, a total of 54 equities that appreciated in price during the week, higher than 40 equities of the previous week. Seventeen equities depreciated in price, lower than 25 equities of the previous week, while 118 equities remained unchanged lower than 124 equities of the previous week. The top 10 gainers were: Tiger Branded Consumer Plc (N2.00), Diamond Bank Plc (62 kobo), FCMB Plc (30 kobo), Neimeth Plc (22 kobo), TRANSCORP Plc (24 kobo), Skye Bank Plc (21 kobo), Livestock Feeds Plc (20 kobo), May & Baker Plc (17 kobo), United Capital Plc (30 kobo) and Unity Bank Plc (11 kobo). Conversely, top 10 losers were: MRS Oil Nigeria Plc (N4.46), University Press Plc (81 kobo), Caverton Plc (14 kobo), Academy Press Plc (4 kobo), Portland Paints Plc (11 kobo), John Holt Plc (4 kobo), Berger Paints Plc (42 kobo), Golden Guinea Plc (84 kobo), Custodian and Allied Plc (10 kobo) and Presco(68 kobo).

T H I S D AY • MONDAY, MAY 16, 2016

BUSINESSWORLD

INSIDE BROAD STREET

New Fuel Price Regime as Necessary Pill MARKET INDICATOR Obinna Chima After months of speculation and lobbying, the federal government took a bold move to liberalise the petrol market by introducing a price band for the product with a price cap of N145/litre and a floor of N135/litre. This policy represented a marked upward adjustment from a fixed peg of N86.50/litre introduced in January, clearly implying that subsidy would no longer be paid on any price differential between the total retail costs (including distribution margins). Although the policy has been embraced by a lot of Nigerians who believe it would curb wastage and help create transparency in the management of public finance, issues around source of foreign exchange for oil marketers appear to be creating some confusion and panic in the market. According to reports, the Petroleum Products Pricing Regulatory Agency (PPPRA), which released revised pricing template for petrol, stated that oil marketers can source for forex to import petrol into the country at an autonomous exchange rate of N298 to the dollar, which is far above the N145 it had pegged a litre of fuel. As expected, this has led to a significant depreciation in the value of the naira on the parallel market. The nation’s currency fell to N350 to a dollar on the parallel market on Friday. In January 2012, the immediate past government had attempted to initiate a zero subsidy programme, which then resulted in a 117 per cent increase in the pump price of petrol to N141/litre from N65/litre. Severe public backlash followed and the pump price was lowered to N97/litre. But the sharp decline in oil prices, which started in 2014, pushed many oil exporters to embark on austerity measures to mitigate the impact of lower prices on their fiscal revenues. Ghana partially removed its fuel subsidy while Angola has fully removed its fuel subsidy payment effective September 2015. The Nigerian government on the other hand then reduced the pump price of petrol by 10 per cent to N87 in 2015. However, the prolonged fiscal problem facing Nigeria was further impetus to introduce the new fuel price regime. Between 2006 and 2013, the government spent over N5.42 trillion on subsidy, which was 15.57 per cent higher than the 2014 national budget of N4.69 trillion, yet the impact on the economy has been negative. The current consumption rate of 45m litres per day has been deemed inaccurate with NNPC claiming that products are being diverted to neighbouring countries where the product sells at higher prices. Adjusting local prices to reduce the arbitrage incentive could potentially reduce petrol demand and foreign exchange obligations. Indeed, the previous fuel price regime wasn’t transparent and was seen as rent-seeking opportunities for few fat cats. It is clearly one of the ways the present government can have resources to address some of the challenges facing the economy. In addition, the previous policy was just all about taking away resources especially from the poor to reward those who consume more fuel, which are mostly wealthy Nigerians. Sourcing of Forex Clearly, one of the reasons why the policy was introduced was because of forex scarcity as most marketers, who import about 50 per cent of the country’s fuel consumption, could not raise Letters of Credit (LCs). Therefore, with the new policy, they are expected to source for forex from either the interbank of parallel arms of the market. But some market commentators believe that the parallel does not have the depth to fund importation of fuel in Nigeria, just as they urged the federal government to find a solution to that. The CEO, Financial Derivatives Company Limited, Mr. Bismark Rewane said: “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

Buhari

Kachikwu

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.”

growth may also be dragged by the hike but we believe gains in productivity from petrol availability will partially offset in the short term while budget implementation will unlock more benefits in the medium term. Also, the Managing Director/Chief Economist Africa, Standard Chartered Bank, Razia Khan, 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 not 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 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, the Chief Executive Officer of the Nigerian Economic Summit Group (NESG), Mr. ‘Laoye Jaiyeola, pointed out that throughout the transition programme, the federal government made it clear that it was going to take

Boost for Public Finance To analysts at Afrinvest West Africa Limited, the previous fuel subsidy regime affected the effective transmission of monetary policy due to pressure on the external reserves. “Thus, we view the removal of restrictions and quota system as positive, for removal of subsidy, although belated, is prudent for fiscal management as it reduces recurrent expenditure and closes a potential source of leakages,” the Lagos-based research and investment firm stated. They noted that retaining the previous price implies that extra-budgetary expenditure would be made since the recently passed budget does not make provision for subsidy. “Yet, there are limitations to the policy shifts. Introduction of a price cap implies PPPRA still regulates pricing, thus speculative practices cannot be avoided close to seasonal adjustment dates of the pricing template. “Also, since domestic prices reflect impacts of exchange rate and crude oil price movements, fixed landing cost and distribution margin set in the current pricing template may be inadequate to ensure stable margin for industry players, thus constituting a business risk for marketers. “More importantly, policy inflexibility of forex market still constitutes a burden to importers and tacit approval granted to marketers to source forex at secondary markets could pressure exchange rate further at the parallel market. We think that the recent effort should be complimented with an exchange rate liberalisation policy. Hence, we anticipate a major move on forex by the CBN this month,” they added. We expect the price review to mount further pressure on May inflation numbers. We see inflation rate in April at 13.6% Y-o-Y and expect further increases in May driven by Transport Division and Electricity, Gas and Other Fuels COICOP Divisions which both contribute 23.2% to the CPI weighting. Real consumption spending

some though decision, just as he welcomed the decision to end the new fuel price 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. Also, the Senior Partner and Managing Director, Boston Consulting Group ( BCG), a professional services firm which recently opened its Lagos office, Mr. Luis Gravito, welcomed the move by the federal government. “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 signalling mechanism to allocate resources in any economy is a transparent pricing system and prices need 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 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.

T H I S D AY • MONDAY, MAY 16, 2016

BUSINESSWORLD

APPOINTMENT / AWARDS

Akinosho Wins the Distinguished Contribution to Industry Award Toyin Akinosho, Publisher of Africa Oil+Gas Report, received the top award of the latest edition of the “Big Five Awards” conferred on distinguished oil industry players at the annual Africa Oil Week in Cape Town. The one week conference is one of the most prestigious gatherings of operators and regulatory authorities on the continent. The awards are named after the big five game animals of the African Jungle; as oil exploration is often described as hunting for game. The term ‘big five game’ was coined by big-game hunters and refers to the five most difficult animals in Africa to hunt on foot. They are the African lion, African elephant, Cape buffalo, African leopard, and White/Black rhinoceros. On the 18th anniversary of the awards,Duncan Clarke, Chairman and CEO of Global Pacific & Partners, organisers of the 22 year old conference, announced the 2015 winners for their contribution to excellence in Africa’s petroleum industry. The winners included Toy-

inAkinosho, Publisher ofAfrica Oil+Gas Report, who bagged the Distinguished Contribution to the African Industry. The Elephant is the largest living land animal and Africa’s true King of the Savannah. Akinosho has over 27 years of oil industry experience, 20 of them spent as petroleum geologist with wide and increasingly diverse experience in Chevron, where he retired in 2008. He publishes the widely readAfrica Oil+Gas Report, which has shown uncommon courage and candour in its coverage of the industry. Toyin has demonstrated keen interpretation of issues and trends in the technology, fiscal and strategic aspects of the oil industry, leading his magazine to establish rankings of top independent foreign and local producers and spotting the emergence of African indigenous independents. This award is particularly granted for his having the courage of his convictions. Contribution To African Petroleum & Excellence was won byMick McWalter, Advisor

at Large The Lion is a African Predator, and McWalter, with over 35 years post graduate industry experience , has shown appetite for new oil and new ways of seeing things since he started exploration logging in Asia and the South Pacific in 1980. Independent Player in Africa 2015 went toCairn Energy. The Leopard is a survivor and predator, with much skill. With its basin opening discovery in largely underrated Senegal in 2014 and an aggressive follow up, Cairn is clearly the lead hunter in the African wild. At a time that the continent’s discovery is either large gas finds in deep waters or oil in thousands of kilometres to the coast, the London listed player has delivered a major oil discovery offshore.African National Oil Company 2015 GEPetrol, the state hydrocarbon company of Equatorial Guinea has acted like a Rhino, solid and commanding and tenacious. In a tough year, it has continued with the work of ensuring that the small

Island nation remains one of the top hydrocarbon producers in a continent booming with new discoveries and Service & Supply 2015 MGGS BV(Mark Guillon, Director/Owner) Mark Guillon, founder of the Marine Geological and Geophysical Services BV, has, like the Buffalo been tough and persistent. Aside the Big Five and the Legend Award, the African Institute of Petroleum gave the 7th Annual Conrad Gerber Awardfor research and intellectual contribution to Africa to Requier Wait of KPMG, in recognition for the development a structure to evaluatepetroleum fiscal systems in Africa; Global Women Petroleum &Energy Club conferred the Woman in Africa Award, 2015 to Dianne Sutherland, owner, publisher and Chief Editor, Petroleum Africa. The PetroAfricanus Club awarded the Chief Executive of Styx Energy its Lifetime Achievement Award. His name was not included on the reference material.

Red Star Express Appoints New EDs, MDs for Subsidiaries One of Nigeria’s logistics companies, Red Star Express Group has appointed new Executive Directors for the group and Divisional Managing Directors for its subsidiaries. The subsidiaries are Red Star Logistics, Red Star Support Services, Red Star Freight and the Express arm. According to a statement, Sola Obaboriis now the Group Deputy Managing Director/Chief Executive Officer. An astute management professional with long and outstanding Sales and Marketing career, he traversed different spheres in the industry, making landmark contributions in areas of Customer Service and business development, Outsourcing, Logistics, Warehousing and Freight. He was previously the General Manager/ Chief Operating Officer of Red Star Logistics Limited. He is an alumnus of several advanced management and leadership programmes from world class institutions including The School of Business Leadership of the University of South Africa, McGill Executive Institute, Canada, Lagos Business School, Nigeria; Harvard Business School, USA; Haas Business School of the University of California, Berkeley, USA; The University of Westminster, United Kingdom and FedEx Purple Academy, Belgium where he excelled as the Purple Star Award Winner in 2006. He is an Associate member of the National Institute of Marketing of Nigeria (Chartered) and a Fellow of the Institute of Business Development. Victor Ukwat is the Executive Director, Sales and Marketing for the group. A resourceful professional with strong expertise in revenue expansion and cost reduction through building of a competitive corporate brand, he is passionate about excellent service delivery, building and motivating dynamic teams and

creating revenue opportunities. Victor holds a Bachelor’s degree in Science (B.Sc) from the University of Calabar; M.Sc. from the University of Ibadan and an MBA in Business Administration from the Lagos Business School. He is an alumnus of Senior Entrepreneurship, Management and Leadership Programmes from some Global best institutions, including FedEx Purple Academy Brussel; IESE Business School (Spain); Harvard Business School (USA); Columbia Business School New York; University of Wisconsin (USA) and most recently, Schulich Business School, Toronto Canada. Auwalu Babura is the Executive Director, Finance and Administration for the group. He holds a first Degree in Accounting (BSc) from Bayero University Kano and an MBA in Business Administration (MBA) from the Lagos State University. He is also an Associate of the Institute of Chartered Accountants of Nigeria. He Joined Red Star Express in 1994, and has served in various capacities as Head of Internal Control and Processes, Head of Treasury and Accounts, Group Accountant, Group Treasurer, Credit Controller among others. Charles Ejekam becomes the Divisional Managing Director of the Express arm of the group. He started his career in Red Star Express as a Commercial Executive in year 2000. He holds a Masters degree in Public and International Relations from the University of Lagos and a Bachelor of Science Degree in Political Science with a Second Class Honours (Upper Division) from the University of Nigeria, Nsukka. Enoma Ojo is the Divisional Managing Director, Red Star Support Services, responsible for the management of the outsourcing arm of the group.

OAAN Introduces New Award Category for Poster Awards MERITORIOUS AWARD

Publisher of Africa Oil+Gas Report, Toyin Akinosho Akinosho, flanked by Senior Partners of Global Pacific & Partners, Duncan Clarke (left) and Babette van Gessel (right) during the annual Africa Oil Week in Cape Town…recently

APM Terminals Apapa Limited Appoints New Managing Director APM Terminals Apapa Limited, the largest container facility in Lagos, and the busiest in West Africa, has announced the appointment of Martin Jacob as the new Managing Director, effective June 1st, 2016. Mr. Jacob brings with him extensive experience in the industry from a wide variety of roles held during his 16 years with the AP Moller-Maersk Group, including the past five as the Managing Director of the West Africa Container Terminal (WACT), in Onne, Nigeria.

WACT, which handled 233,000 TEUs in 2015, was named Nigeria’s Best Container Handling and Port Development Company of 2015 at the African Governance and Corporate Leadership awards earlier this year. The award was presented by the Nigerian Institute for Government, Research, Leadership and Technology in recognition of the terminal’s achievements in productivity, investment, innovation and customer service. “I am looking forward to my new responsibilities at

APM Terminals Apapa, and to working closely with our customers, local and national authorities to continue to achieve success and to help facilitate the growth and progress of the Nigerian economy”, Mr. Jacob said. APM Terminals Apapa is the largest container facility by capacity of the three serving Lagos, Nigeria’s largest city and business center. It is also the largest container terminal operation in West Africa, having doubled container traffic after concession began in 2006,

with dramatically improved productivity. A $350 million USD investment and expansion program was announced for APM Terminals Apapa since 2006. Container throughput in 2015 was 608,000 TEUs. Nigeria is the most populous nation in Africa, and the 7thlargest in the world, with a population of 177 million, and is Africa’s largest economy. APM Terminals currently operates the Apapa and WACT facilities in Nigeria, with plans to develop a third at Badagry.

Outdoor Advertising Association of Nigeria, OAAN has announced the introduction of a new award category for its annual Poster Awards. The 2016 edition is slated for next month. The award, which is in its 10th edition, was conceived a few years ago to celebrate creative excellence among outdoor advertising practitioners in Nigeria. This year’s edition according to the award committee will be a special event, as it will bring together all stakeholders in the industry and create a platform for them to deliberate and collaborate. In line with the theme of the 2016 edition “strengthening our partnership”, the Award Committee Chairman, Mr. Ladi Sole disclosed the introduction of a new award category for the ‘Regulatory Agency of the Year’ which he described as key and unique. He explained that the motive behind this is to strengthen partnership with the regulators and ensure

smooth operation. He noted that other categories for awards consideration remain the same. “The unique thing about this year’s event is the introduction of a new category; ‘Regulatory Agency of the Year’. It is a key addition to the award in appreciation of the role of government agencies in our industry. It is also to show that we welcome them and we are ready to work together with them and strengthen partnership for smooth operation. “The categories for awards’ consideration have not changed. I encourage the Creative and Buying Agencies to seize this landmark edition to also make their landmark in the number of entries the summit,” he said. Expected to deliver a key note address at the Business Session of the award is renowned Marketing Communications expert, Mr. BiodunShobanjo, who will be talking on the topic ‘Indices of a Vibrant Economy: Outdoor Advertising- A Catalyst for Growth.’

T H I S D AY • MONDAY, MAY 16, 2016

BUSINESSWORLD

INTERVIEW

Onyema : Nigeria Will Come Out Stronger from Economic Downturn The Chief Executive Officer of the Nigerian Stock Exchange, Mr. Oscar Onyema, in this interview with Tokunbo Adedoja and Obinna Chima at the just concluded World Economic Forum on Africa in Kigali, Rwanda, expressed optimism that despite the challenges of the Nigerian economy, the nation will come out stronger. Onyema also spoke on other issues affecting the market. Excerpts:

Onyema If you follow the weekly reports on returns on forex utilisation by banks, you will observe the huge amount of capital outflows by foreign portfolio investors every week, as the head of the NSE, are you not concerned about this trend? We certainly are concerned, but we also understand the reasons for the outflows. In order to understand that, you have to understand the reasons for the inflows in the first place; a lot of these foreign portfolio investors are actually institutional money. These are monies that are tracking either an African index, a global emerging market index or a frontier market index and they have investors that are expecting returns. They consider country risk they consider opportunities in deciding where they put money. As you know, we live in a global village. So, if you are running a frontier

market fund for example, Nigeria is one of many countries you can put money. So, what are the things that would make you put your money in Nigeria? The first thing is that you have to consider the economy of that country, you have to consider the ease of bringing in your money and taking it out, you have to consider the growth opportunities in terms of the companies you actually want to buy into, you also have to consider the limitations on your portfolio or the portfolio policy, for example, some companies would say you can’t take more than five per cent stake. So, these determine how you allocate money. In Nigeria, as you know, we have had commodity prices shocks, which have really affected the economy. This is because our economy depends quite a bit in terms of foreign revenue on crude oil. Whereas the Gross Domestic Product (GDP)

is diversified, government’s revenue is really tied to crude oil. And because government plays such a big role in our economy, when the government sneezes, the economy catches cold. So, the stock market is just reflecting what is happening in the economy. And so, these investors have currency risk that they feel they do not have clarity as to how that currency risk would play out. So they are rotating out of Nigeria into other countries like Egypt, Vietnam and the rest of them. So, we need to realise that we are competing in global setting and we have to make our economy attractive to investors, both domestic and international. We note that because of the way financial markets are working right now globally, you do not want to limit your market to only a domestic affair, but you certainly do not want it to be dominated by foreigners. You want a good interplay

between the various types of investors in terms of foreign versus domestic;in terms of holding period - short versus long; in terms of investing philosophy - contrarian versus momentum, and the rest of them. All of that playing together helps to establish deep and liquid market and markets that gives investors the confidence that they can easily come in and out. So, we are concerned, we are monitoring the situation, we are talking to investors, both domestic and foreign, we have ramped up our efforts in terms of government relations to report what we are seeing and to look for new ways and solutions that would continue to make our market attractive to all investors. In specific terms, what measures do you CONTINUED ON NEXT PAGE

T H I S D AY • MONDAY, MAY 16, 2016

BUSINESSWORLD

INTERVIEW

ONYEMA : NIGERIA WILL COME OUT STRONGER FROM ECONOMIC DOWNTURN think should be put in place to halt these capital outflows and possibly attract new investors into the market? I think it is important to understand that the government is taking a much broader macro view and so, understanding the economic blueprint of the government in the short to medium term is very important. It needs to be well articulated and highly disseminated so that everyone can understand the sound box we are playing. Once that happens, fiscal and monetary policies would find their level within that box. And once that happens, investors would be able to make investment decisions within that box. I think that, that is the way to go. This is because markets do not like uncertainty. So, when you have that level of certainty and consistency with regards to policy, people can then adjust for currency risk and other kinds of risks and make investments. That would also help to ginger economic activities, especially now that we have clarity around the budget In this case, what role is the country’s present monetary policy stance playing? Well, that is a difficult question for me to answer. We asked that question because you spoke earlier about currency risk being one of the factors responsible for the exit by portfolio investors? I mean the feedback we are getting from investors is that they do not like capital controls and that they do not like a fixed exchange rate regime. Having said that, our view is that you cannot copy the western world fully and willingly. We have to look at the peculiarities of our own economy. Economies have been known to successfully used capital controls in the short-run to address certain imbalances and shocks in the market place or in the economy, and then transit into a medium to longer term policy that allows for controlled fluctuations in currency. So, our view really is that it could work in the short-term if there is transparency in the allocation of foreign exchange. There needs to be transparency not just at the Central Bank of Nigeria’s (CBN’s) level, but at the banks’ level. Not just transparency as to who has received what, but what are the rules around who gets what. Is it first-in-first-out, is it last-in-first-out, is it by pro rata? Those are the kind of transparency that international investors and even the indexers like MSCI for example, would like to see in order to continue to keep us within the index and in order to continue to consider us as a viable investment destination.

they are doing swap to bring in dollars. So, providing more clarity around that is something we are trying to do so that these indexers, because it is not just the MSCI, there are quite a lot of indexers that are also considering the position of Nigeria such as Standard & Poor’s, would understand the issues. So, we think engagement is very important, communication with clarity is also important. We also believe that given the level of clarity to address the supply and demand side, that by the June reconstitution, we shall continue to have Nigeria on the index.

Can you take us through the implication of the MSCI’s latest decision on Nigeria? Really, their initial concern was the ease at which you can bring in money and take out money from a forex perspective for an investor, and whether investors are still able to replicate the index in their portfolio allocations. They started a consultation process and we engaged very actively with them to explain what was going on. We got very good support from the Central Bank of Nigeria in explaining what was going on and measures that the central bank is taking to ease the flows of forex in and out of the economy. They (MSCI) has two milestones: The first one was that they just completed a re-balancing and in their consultation what they wanted to know was if the Nigerian companies that make up the MSCI Frontier market index should be rebalanced or should they be held static. So, they made the decision to hold them static and continue to watch. The second milestone was in country constitution: So, which countries should be in the index? So, we continue to engage with them and we can help to address all open issues and we will put them in front of policy makers and we can talk directly to investors that are tracking these indexes. As you know, the central bank and the government are doing a lot of work around currency swap, a lot of work in trying to make it clear that they are trying to address the supply and demand side of forex. The demand side from an import-substitution perspective, from controls as to what you can buy using the official rate. Then on the supply side,

You were recently re-appointed as the CEO of the NSE, what have you set out to achieve in your second tenure? Well, we have done a lot of work to try to execute the transformational strategy for the first five years and now we have transitioned into a growth strategy that will increase our footprint across Africa and position us to be a viable listing destination for companies that are doing business across the continent. We believe that our fortunes are highly tied to the fortunes of Nigeria. We are a great believer in Nigeria and we hope we can do a better job of reflecting the Nigerian economy in our market. So, bringing in companies from oil and gas, telecoms, from the utility space, power companies for example, water and the rest of them. So, doing a lot of these things helps to create a foundation and listing is the foundation, from which we can then create products, indices, Exchange Traded Funds, support corporate bonds and as you know we are also working on derivatives, and the rest of them. So, in the next five years, we want to continue to deepen and broaden our product offerings, we want to complete our demutualisation process that gives us the flexibility to do other kinds of transactions such as mergers and acquisitions, to unlock liquidity for our members and to allow us to drive a more aggressive growth agenda and also to facilitate better corporate governance and the rest of them. So, derivatives, demutualisation, more products in terms of more listings, more liquidity are a few of the things we want to do. In the context of demutualisation, getting regulation at a

Onyema place where we minimise conflict of interest is also something we like to accomplish. So, if I am able to accomplish these things with my team, with guidance from my board, I will be very happy towards the end of this tenure. Obviously, sustainability, proper succession planning are things we think are very important. So, grooming the next generation of leaders is something we are also focused on. Companies have started releasing their results and we observed a southward slope in terms of their profits. Is this an indication of a larger problem in the economy and what is the outlook like? You know companies do not operate in vacuum, they operate within an economy. The economy has high linkage with the companies. So, the companies that have reported are reflecting the slow down in the economy and we believe that with the signing of the budget, if the government is able to implement the budget, it would unlock so many other areas because it would have a multiplier effect. Regardless, we are just going through a cycle, we have gone through this before and we would come out of it stronger. The question is how long is the slowdown going to last? That is not entirely outside of our country if we make the right decisions, if we implement those decisions, we could shorten the down cycle and you will see it reflected in the numbers of these companies. That is from a macro view. In a rising tide, all the boats would go up. So, from a company-to-company specific, it still goes down to the ability of the management to execute their strategy. That is where you begin to see emergence between winners and losers in particular industries. So, I cannot speak on a company-to-company specific basis, but from a macro perspective, in a low tide, all the ships would come down and in a high tide, everybody goes up. Now, the people that would go up more, depends on the execution of strategy from the management. Can we have an update on the demutualisation of the NSE? As you know, the Securities and Exchange

Commission released rules which created a framework for demutualisation about two years ago. So, what we are doing is following that path to execute on our demutualisation. We started out by going through a process to select our financial, legal and tax advisers and we have created a project plan which we are now executing. We are engaging with all of our stakeholders, our members and regulators, and the rest of them. We are on track. We would be doing a few things in the public domain in the next few weeks to close our register and to begin to execute the demutualisation plan. We have done quote a lot of work and I can assure you that it is taking a lot of my time because this is one of the projects we said we want to deliver. What measures are you putting in place to once more attract retail investors back to the stock market? Well I believe that a lot of retail investors got their finders burnt in 2008 during that market down turn abc have not fully recovered. That was their first major experience with regards to a significant market downturn. Having said that, you will notice that by 2014, we had recovered a lot of those losses and the index got to about 44,000 before this next round of market downturn. So, markets go up and come down, it is a cycle. Investors have this mantra: Buy low, sell high. But in reality, they buy high and sell low because of panic. My advice to investors us for them to develop a solid investment plan. If you are going to do that type of thing, you need a professional to guard you. Take a portfolio approach to investments and take a long term view to investing. Stick to your plan. And over long period of time, no assets class gives you a higher return than equities. So, equities must form the foundation of your portfolio. However, you must diversify. You must have exposure in fixed income, real estate and other asset classes in order to balance the fluctuations in your portfolio. So, my advice investors is that this is a great time to buy, stocks are on sale, but do not do a one-off purchase, do it as part of a portfolio and continue to monitor and build your portfolio and take a long term view. Again, use professionals.

T H I S D AY • MONDAY, MAY 16, 2016

BUSINESSWORLD

NEWS

Yamaha, CFAO Move to Deepen Business Interest in Nigeria Ugo Aliogo One of the leading manufacturers of automobile products in Nigeria Yamaha and CFAO Nigeria, have stressed their commitments to deepen business partnership in the Nigeria automobile industry, stating that the Nigeria market has enormous economic potential for growth. Speaking at the grand opening of the Yamaha showroom and assembling plant in Lagos at the weekend, the Chairman of the Management Board, CFAO Nigeria Limited, Mr. Richard Levigne, said that CFAO has continued to invest in the Nigeria market due to the current position of Nigeria as the largest economy and its potential to boost growth among other markets in Africa. He stated that CFAO Nigeria

has developed many business activities in the country; stressing that the goal of the company is to always offer the best value for money, while striving to develop their business activities in Nigeria and Africa. “CFAO is a group whose business is deeply rooted in Africa and has been investing in the continent for more than 160 years. CFAO has a large distribution network with operations in 24 countries. It is a distribution company specialised in automotive and equipment which represents 55percent, pharmaceutical products which represents 35percent of and consumable goods representing five percent,” he noted. Levigne expressed the company’s resolve to do business in Nigeria and develop new

projects despite the harsh economic conditions; adding that developing with Yamaha is one of the most significant projects that CFAO has embarked on, “it is a significant project because Yamaha and CFAO have been partners in West Africa for more than forty years. CFAO is the sole distributor of Yamaha products in 16 Africa countries.” He added: “It is a significant project for Yamaha and CFAO because over 1million motorcycles are sold each year, the Nigeria market is the largest market amongst our 16 other markets. Therefore, it is a strategic market for both CFAO and Yamaha. It is also a significant project because for the first time the partnership between CFAO and Yamaha has taken the shape of a joint venture which benefits from

the strong synergy we have established. “Motorcycle production in Nigeria with the full support from government will boost economic growth, strengthen industries and create employment opportunities. We are in a market that is highly competitive, but I’m quite confident that we will gradually become a market leader thanks to the good qualities of Yamaha products.” Also speaking at the event, the Managing Director of Lubcon Limited, Taiye Williams, noted that the company’s partnership with Yamaha as its official blender of its lubricants (Yamalu) is very vital for them, because a company in Nigeria is able to produce the lubricants needed for Yamaha assembled motorcycles and outboard engines.

“This is a huge step for us and it implies capacity building for the company. It will also enable us to raise our standards to the international level,” he noted. Williams expressed displeasure over the various challenges facing manufacturers in the country such as power failure, and lack of infrastructures to support manufacturing; while expressing hope that the present administration would ensure that there is adequate support given to local manufacturers, especially at this time where the economy is import dependent. He stressed: “The essential way to go is to focus on local manufacturers. We are positioned to provide the desired lubricants that would make the country’s machinery run. Raising our standards despite

competition is a continuous process. There is a regular audit, though we are approved to blend. JX Nippon provides the plant certification, it is not something that is given to you and it is does not stop at that. “They come annually on a regular visit to check if we are still maintaining the required standards. Lubcon is ISO certified company which implies that we also go through regular internal and external audit in our management and quality system. All these assist us to maintain the quality that is required in order to meet the standards that Yamaha will require. We aim to improve on this partnership and we highly determined to ensure that we will not disappoint them.”

Nigeria to Expose Opportunities in Non-oil Sectors at Gitex 2016 Emma Okonji

STOCK TAKING

L-R: Executive Director, Femi Niyi; Deputy Managing Director (Business Development & Operations), Wale Sonaike; Company Secretary, Yeye Nwidaa; , Chairman, Group Captain Salami Osuolale (Rtd.); Group MD, Adebola Akindele and Deputy Managing Director (Finance & Admin), Rotimi Olaoye, all of Courteville Business Solutions Plc at the company’s 11th annual general meeting (AGM)…recently

Communications Experts to Speak at APRA Conference Raheem Akingbolu As the 28th edition of the African Public Relations Association (APRA) conference gathers momentum, more renowned speakers have joined the league of facilitators for the conference scheduled to hold this month in Calabar International Convention Centre, Calabar, Nigeria. The edition also commemorates the organisation’s 41st anniversary. To add colour to the event, the leadership of the Pan African Organisation, has unveiled a logo identity to drive the event with the theme ‘Leapfrogging Africa: The Role of Communication. Unveiling the logo for the forth-coming 28th Annual Conference at a press conference addressed by the SecretaryGeneral of the Association, Mr. Yomi Badejo-Okusanya in Lagos, Ms. Kate Henshaw, an actress and adviser to the Cross River State governor explained that the unstoppable Spirit of Africa resonates with her state adding the state will stop at nothing in promoting

the spirit of Africa as a business and tourism destination on the continent. Henshaw pledged the support of the Governor of Cross River State, His Excellency, Dr. Benedict Ayade who is expected to grace the event. APRA being the central and most significant interaction platform for the practice of public relations in Africa is established to foster unity via interaction and exchange of ideas amongst public relations practitioners in Africa as a whole, and through communication, promote social, political and economic integration on the continent. It is also aims to drive the narrative and frame vision and reputation of the continent, as the clearing house for public relations information in Africa, it also promotes African Unity and cooperation especially as a consultant body to the African Union and its various agencies. According to the APRA Secretary-General in the 40-year existence of the association, 27 editions of the conference have been held across various countries on the continent. Such locations include Lagos,

Abuja, Accra, Kumasi, Nairobi, Mombassa, Addis Ababa, Mauritius, Abijan, Yaounde, Dakar, Johannesburg, Kampala, Banjul but to mention a few. “As a forum to review and measure the progress of practice vis a viz global practice and build a strong fraternity of public relations professionals on the continent, the conferences have been sought after as a ‘must host’ for many countries who wish to use it as a platform for energizing practice as well as showcase the country and host state to the world”, he said, adding that it is against this backdrop that Calabar, Cross River State, Nigeria was announced as venue for the APRA 28th annual conference. According to the SecretaryGeneral, the theme is deliberate because the key challenges of Africa lie in communication. “When we look at the issues of economic emancipation, infrastructural deficit, improved governance, citizens’ engagement etc, communication has a most significant role to play and it is against this backdrop that we have chosen to discuss

and proffer solutions”, BadejoOkusanya said. APRA Calabar 2016 will parade an array of renowned speakers, including His Excellency Erastus Mwencha, the Deputy Chairperson of the African Union Commission, Alhaji Aliko Dangote, Chairman, Dangote Group, Bart de Vries, the President of International Public Relations Association (IPRA), Maxim Behar, President International Communications Consultancy Organisation (ICCO) and five (5) major PR networks namely; Weber Shandwick, Fleishman Hilliard, Hill & Knowton, Grayling and Burson Marsteller. Other speakers include Robyn de Villiers, Chairman and CEO of Burson Marsteller Africa who has well over 25 years of strategic communications experience advising clients across multiple sectors including privately-owned companies to multinationals, NGO’s and government bodies. The Conference is expected to draw attendees, speakers and facilitators from all over Africa, Europe, Asia and North America.

The Nigerian Pavilion at Gitex 2016 will be exposing opportunities in non-oil sectors and how the Nigerian government is committed to supporting foreign and local entrepreneurship, particularly in the Information and Communications Technology (ICT) sector, according to the National Information Technology Development Agency (NITDA), the government agency responsible for the implementation of ICT policy for Nigeria. The Head of Corporate Affairs at NITDA, Mrs. Hadiza Umar, who equally heads the sub-committee on Managing and Promoting the Nigerian Pavilion at Gitex 2016, made the disclosure at the weekend. The acting Director General of NITDA, Dr. Vincent Olatunji, said NITDA would foster its 2016 Gitex presence on “the promotion of ICT startups as the country aggressively pursues foreign earnings in non-oil sectors.” While speaking in Lagos over the weekend, Umar said Nigeria would not be in the global technology event for a jamboree. According to her, “There are clear objectives for joining over 130 countries to be part of Gitex to showcase our budding ICT industry and provide a platform for foreign prospects to see the boundless opportunities in our non-oil sectors.” “Last year there were over 150, 000 trade visitors to the Gitex Technology Week, the Nigerian Pavilion attracted well over 4000 visitors and hundreds of enquiries; we had official visitation from public and private sectors from Bahrain, Serbia, Egypt, Malaysia and the UAE among others. Of course, there were numerous enquiries and set-up meetings from several offshore companies seeking to see how they do business in Nigeria and how to could explore partnerships with existing companies in Nigeria,” she added.

While encouraging Nigerian companies to leverage on the opportunities provided by the country’s pavilion, she said the Nigerian Pavilion, last year, boasted of heavy public sector and private sector exhibitors. They include the Nigeria Investment Promotion Council (NIPC), the Nigerian Communication Commission, NigComSat, PFS, Sidmach, Sasware, and a number of startups championed by the NITDA. This year, we are consolidating on that. We are using the Pavilion to leverage on government’s new economic thrust to aggressively seek investment and build non-oil sectors, Umar said. According to her, Gitex has grown to become the top ICT meeting point in Middle East, Asia and Africa. More than 120 countries including those of Europe and the Americas are represented through countrypavilions and series of trade delegations in this technology expo. Since 2013, the NITDA has used the Gitex to attract world’s attention to Nigeria’s budding IT industry. “Our participation in Gitex over the years has really benefitted the country in many ways. It has attracted investments to the country; and two of our startups that showcased their innovation at last year’s event have been engaged by a Malaysia company. We are getting attention from Asia firms wanting to collaborations in our local sector” said Olatunji. Startups in Nigeria have a chance to participate in the Gitex 2016 STARTUP MOVEMENT and pitch for the one million dollar prize at the technology trade show billed to hold in Dubai in November this year. NITDA will be sponsoring 15 to 17 startups to the global startups event that will be attracting over 400 startups in addition to the over 150, 000 trade visitors from more than 150 countries expected to attend the 5-day event.

T H I S D AY • MONDAY, MAY 16, 2016

BUSINESSWORLD

NEWS

MTN Excites New Subscribers with StartPack In line with its bold, new digital mandate, MTN Nigeria has introduced a special tariff plan for new subscribers on the MTN network called the MTN StartPack. The MTN StartPack was designed to welcome new customers with great and exciting voice and data offers. The offers are automatically activated as soon as a customer successfully registers a new MTN number. MTN Executive, Amina Oyagbola, said: “The introduction of MTN StartPack is in line with MTN’s commitment to giving more value to our customers

from the very beginning. This is why new subscribers will immediately enjoy six times the value of any recharge, 10MB on every recharge of N200 and above as well as free data on the MTN Deal Zone. The new value proposition also aligns with MTN’s quest of deepening internet penetration in Nigeria. ” Speaking on the new proposition, General Manager, Consumer Marketing, MTN Nigeria, Richard Iweanoge stated that the new data and voice service pack is designed to excite new subscribers on the network. “Our new MTN StartPack has been specially

created to give new subscribers a unique experience both on MTN’s voice and data servicing. MTN as a company is passionate about providing world class services to our esteemed customers and positively impacting their lives. This is just one of the ways through which we do that,” he said. On how to enjoy the new offer, Iweanoge stated that new subscribers should purchase a new MTN SIM and register at authorized outlets. “They can then proceed to enjoy the service offering by recharging the line to get six times the value of the original recharge

and make calls, send sms or browse within 48 hours of purchase to remain active on the network,” he said. While stressing that MTN SIM registration is free, Iweanoge also encouraged subscribers to always patronise authorised MTN outlets in order to ensure maximum security of their personal details and valid registration of their sim cards. MTN as the leading ICT company in Nigeria is committed to efficient service delivery to delight its customers and promises even more exciting offers.

DISCUSSING PRIVATE BANKING

L:-R CEO of Brookstone Investment and properties Limited, Subu Giwa-Amu; CEO Bestman Games Limited, Nimi Akinkugbe; CEO/Vice Chair, Fine and Country West Africa, Udo Maryanne Okonjo; Chairman First Bank of Nigeria Limited, Ibukun Awosika; MD, Land of Promise Limited, Abosede Osho; and Group Head, Private Banking, First Bank of Nigeria Limited, IdowuThompson, at the FirstBank Private Banking, Fine & Country Finer Wealth series held in Lagos…recently

Firm Introduces Online Payment System for Cargo Clearance The operator of Ghana’s National Single Window project, West Blue Consulting has introduced an online payment system to facilitate prompt clearance of goods in the nation’s seaports. Besides lowering the cost of doing business at the country’s ports, it will also eliminate the hiccups experienced by port users in the old method of clearing cargo. The firm, which also handled the pre-assessment risk reports (PAARS) for the Nigeria Customs Service (NCS) said in a statement that the online payment solution for cross border trade was successfully launched in Accra Ghana. Describing it as the “first of its kind” in the West African Sub region, it said the new payment system offers shippers (importers/ exporters) easy and flexible payment options. These include card payment (Visa and MasterCard), mobile money powered by telecoms operators and the various online payment platforms of commercial banks.

The Ghana National Single Window system provides the platform for an integrated clearance process to minimise the human factor as much as possible and, to a large extent help to reduce the processing time for trade documents. West Blue Consulting developed the PAARS for Ghana Customs. It was flagged off on September 1, 2015, and its implementation is to complement the country’s single window environment. PAARS has already significantly reduced the time and cost of doing cross border trade in Ghana. Previously, it takes an average of two weeks for trade documents to be processed. According to the company, the PAARS implementation has cut processing time for complaint cases to two days and in some cases two hours. The statement added that the objective of the Ghana National Single Window system is to enhance its trade competitiveness by 50 per cent within the next five years. “The system will save Ghanaian tax payers no less

than $200 million annually. The new system comes with multiple advantages such as secured transactions, increased transparency, and financial inclusion. It new system of payment frustrates the use of cloned or forged trade documents. The system has rendered obsolete paper invoices and bank confirmations with the attendant delay and inconvenience to members of the trading community,” it said. Already, the Director General of Ghana Ports and Habours Authority (GPHA), Mr. Richard Anamoo, commended the firm for deploying the innovative IT solutions to modernise Ghana’s cross border trade, saying it will aid trade facilitation. According to the statement, the GPHA boss made the remarks while on a oneday working visit to the Customs Technical Services Bureau (CTSB), a unit under the Customs Division of the Ghana Revenue Authority (GRA), to familiarise himself with the operations of the Bureau and implementation

of the country’s PAARS. Anamoo acknowledged the quality of the technical support being provided by West Blue Consulting to the Revenue Authority via Ghana Customs (CEPS), especially in the implementation of the Ghana national single window project. Anamoo said the IT solutions introduced by the company on behalf of the Ghana Revenue Authority have impacted positively on the performance of the GPHA, including helping to shore up revenue for the government. In his remarks, the Commissioner-General of the Ghana Revenue Authority, Mr. George Blankson, explained that the Ghana Single Window system has made it possible for Ghanaian importers and exporters to electronically lodge their documents, including customs declarations, certificates of origin, invoices at a single location to be accessed by all regulatory and trade agencies, instead of they sending copies of the same documents to different agencies.

Glo Launches Talk Special, Reloads Three Other Products Emma Okonji Globacom has moved to enhance the communication experience of subscribers on its platform with the launch of a new product called Talk Special. It also reloaded three other products which were launched recently to boost the power of Nigerians to use their phones for education, social and business purposes. The repackaged products are Campus Booster, which is now called Campus Booster Plus Voice, Twin Bash and the Glo N2500 data plan which has been reloaded to give 5GB data bundle per month instead of the previous 4.5GB data bundle. Announcing the initiative, Globacom explained that Talk Special gives subscribers six times the value of the subscribed amount and is specially designed for subscribers who use more talk time and less data. The product also gives subscribers additional data to gift to another Glo customer for free. Globacom stated that, in the Talk Special offer, a N100 subscription will give the subscriber N400 talk-time to call all networks and 75MB data worth N300. The 75MB data includes 25MB free data that can be gifted to friends and loved ones. To enjoy the unmatched benefits of the offer, customers are to dial *303# to select their bundle of choice from the N100, N200, N500, N1,000, and N5,000 available denominations. For customers who use more data and less voice, Globacom has the new reloaded Twin Bash, which gives six times the value of the recharge to subscribers and additional data to gift to another Glo customer for free. It said any subscriber who recharges with N100, for

instance, will get 125MB data worth N500, part of which is 25MB data for subscribers to give out as gift to another Glo customer and N200 talktime to call all networks. The offer is available in all other recharge denominations such as N200, N500, N1,000, and N5,000. Glo advised customers to dial *223*PIN# to enjoy the abundant benefits of the reloaded Twin Bash. Customers can also buy Twin Bash bundles by dialling *303#. On the reloaded Campus Booster Plus Voice, Globacom explained that the product, the first of its kind in Nigeria, has now been improved to give free talk time to customers. The unique product gives subscribers eight times more value for their existing data while browsing on the campuses across the country. For a N200 data plan, for example, the subscriber gets 200MB of data off campus, but 400MB on campus and an extra N50 as talk-time to make calls. The Campus Booster plus Voice bundles are also available in the N500, N1,000, N2,000 and N5000 denominations. With the enhanced product, Globacom stated, students and other members of the academic communities around the country can have extra data for academic, research and social activities. To subscribe to the data plan, customers are required to dial *777# and choose a Campus Booster Plus Voice plan of their choice. Globacom advised customers to dial *606# to gift free data on any of the products as well as configure their 10 special numbers. The third reloaded product, the N2500 Data Plan, gives customers a massive 5GB data valid for 30 days

Galaxy Backbone Wins Best Hosting Company at Web Awards Galaxy Backbone Ltd, an ICT infrastructure and services provider has emerged the Best Hosting Company in Nigeria in 2016 at the 2016 .ng Web Awards by Nigeria Internet Registration Association (NIRA). NIRA are managers of the country’s Internet real estate. The award aims to continuously encourage the growth of local website hosting companies in Nigeria. To qualify for this category, content must be hosted in Nigeria. Galaxy Backbone alongside 3 others namely; .ng (Upperlink Limited); .com.ng (Galaxy backbone Limited); and .com.ng (MTN) were assessed by the Award Jury as fulfilling the criteria. The winner was determined by the number of votes received. The organisers had advised nominated organisations to reach out to

their employees, customers, friends and fans to vote for them. According to the letter of notification, the more votes received by an organisation the better the chances of emerging winner in this category. According to NIRA, “the strategic position taken by Galaxy Backbone Limited to register and use the .ng domain name, demonstrates the organization’s commitment to relate with the .ng online identity of Nigerians, Nigerian businesses, local content and culture. This key to doing business within and outside Nigeria and this qualifies Galaxy Backbone Ltd as an invaluable asset in this our historic celebration of the .ng online identity, excellence and creativity”. Galaxy Backbone Ltd also handles the registration of .ng top domain name in the Nigerian public sector.

T H I S D AY • MONDAY, MAY 16, 2016

BUSINESSWORLD

NEWS

Firm to Invest in Mobile Advertising Start-up, Slide Airtime Emma Okonji Singularity Investments has announced its plans to invest an undisclosed sum into Sliide Airtime, a mobile advertising technology start-up that gives consumers free airtime in return for engaging with news and branded content delivered to the lock screen of their mobile devices. The investment further confirms Singularity’s commitment to the Nigerian telecoms market and follows last month’s investment in Lagos-based corporate market intelligence startup, Asoko Insight. Singularity Investments Principal, IssamDarwish, who made the disclosure in Lagos,msaid: “Sliide has an

innovative business model that enables operators and consumer brands to achieve sustainable customer engagement in competitive environments, while enhancing the value of the mobile experience for their customers. We believe that, by combining the innovative ideas and skills of the Sliide team with our expertise in scaling pan-African businesses, the Sliide platform is just the first of the company’s disruptive mobile-based products that will add tremendous value to the mobile ecosystem across Africa.” Sliide Airtime launched Africa’s first lock screen content delivery platform in Nigeria in March. The platform provides users with a new way of accessing content from

their mobile devices, while simultaneously earning free airtime. After entering information about their interests, users receive personalised content as soon as they wake their phone, including news and entertainment handpicked from local and international media sources as well as branded and sponsored content. Sliide Airtime provides advertisers with a new and unique platform to reach consumers through their most prized and most frequently used device – the mobile. Sliide Airtime also enables mobile network operators to benefit from shared advertising revenues, as well as increased user engagement and time spent online. Sliide Airtime has partnered

a variety of organisations to deliver branded content, including Google, Facebook’s Audience Network, and Twinpine, the largest mobile advertising network in Africa and part of Africa’s leading digital media business, Terragon Group CEO and Co-founder of SliideAirtime,CorbynMunnik, said: “The response to our launch in Nigeria was phenomenal and exceeded expectations. Our business model has proven successful, and we welcome Singularity’s involvement as we continue to grow the company.” The Sliide Airtime Android app can be downloaded from the Google Play Store or directly from the website, http://www.sliideairtime.ng.

TVC to Showcase African Culture on DStv, GOtv Emma Okonji Continental Broadcasting Service (CBS), owners of TVC recently announced the launch of two of its channels on DStv and GOtv, aimed at showcasing the African culture and telling the African story to the entire world. The focus, according to the company, is to tell the ‘Good’, the ‘Bad’ and the ‘Ugly’ sides of African story in order to portray Africa just as it is, which will help the western world understand the true state of Africa. The essence is also to correct the negative perceptions against Africa. TVC says it is commitment towards the democratisation of information, and will allow Africans tell their stories from the African perspective on the DStv and GOtv platforms. Following the launch, which was announced at a press conference in Lagos last week, TVC News Nigeria is now available on DStv channel 418 and GOtv channel 45, while TVC Entertainment is on GOtv channel 27. Announcing the launch, the Chief Executive Officer, CBS, Mr. Nigel Parsons disclosed that with the launch of the channels, CBS is on a momentous step to deepening

its penetration and reach across Africa. Partnering with MultiChoice Africa reinforces TVC’s vision of being the continent’s first truly pan-African 24-hour news station, 24-hour Nigeriacentric news channel and 24/7 entertainment channel. The Managing Director of MultiChoice Nigeria, John Ugbe, welcomed the addition of homegrown channels on the DStv and GOtv platforms, which he believes both play a pivotal role in showcasing the channels’ rich content to the rest of Africa. “We are deeply committed to Africa and support the growth of original African programming. The collaboration with Continental Broadcasting Service will complement and expand our range of quality local content on our platforms,” he said. According to him, TVC would focus on News and Programmes that are tailored towards the African rich cultural heritage, believes, and lifestyles. Established in 2007, CBS owns and operates TVC News, which is the first pan-African 24-hour news station. It also owns TVC Entertainment, TVC News Nigeria, Radio Continental 102. 3 FM, Adaba 88.9 FM Akure and Uniq 103.1 FM, Ilesha.

Adiba.com Opens Lagos Store to Serve Offline Consumers Raheem Akingbolu

RENISSANCE CONFAB

L-R: Chief Executive Officer, Renaissance Capital, Igor Vayn; CEO Renaissance Capital (Nigeria), Temitope Popoola; Global Head of Investment Banking, Renaissance Capital, James Friel; and Global Chief Economist, Charles Robertson, at the 7th annual Pan-Africa investor conference in Lagos

Ecobank Announces Prizes for 2016 Essay Competition Ecobank Nigeria Limited has opened its annual national essay competition for children as part of activities to commemorate the May month dedicated to children around the world. The Ecobank National Essay competition for children with the EcobankMyFirst Account calls for entries from students between the ages 8 to 12 in category one and ages nine to 14 in category two. Topic for the easy is “The need to imbibe the culture of savings at an early age”. Prizes to be won include Laptops, Educational Tabs and several consolation prizes. Announcing the competition in Lagos, Head Consumer Banking, KoredeDemolaAdeniyi, was quoted in a statement as saying Ecobank instituted the competition to commemorate the banking month as well as being part of the process to push the frontiers of academic excellence among the young ones in society. According to her “the month of May is set aside by the

bank to celebrate childhood and how our children enrich our lives. We acknowledge the importance of our customers, young and old, to Ecobank’s ongoing success story. The bank, whose vision is to build a world-class pan-African bank and contribute to the economic development and financial integration of Africa, sees educational development as fulcrum for positive integration.” Demola-Adeniyi who wished all Nigerian children a happy may month celebration reiterated that Ecobank is committed to meeting customers life-long banking needs with quality service and advices on the journey to financial independence. She stated that the EcobankMyfirst Essay competition is open to all students within the age limit who have EcobankMyfirst account, while parents are encouraged to open accounts for their children and wards should they not already have one.

Skye Bank Bags Awards for Payment Standards Skye Bank Plc has been recertified and presented with Certificate of Compliance to the Payment Card Industry Data Security Standard (PCIDSS) version 3.1. According to a statement, the re certification underlined the bank’s highly secured electronic channels. The was contained in a message from the Council of PCI, which indicated that Skye Banks substantially met of all the stringent requirement as enumerated and outlined by PCI. The certificate, according to the ED, IT and Service delivery Channels, Mrs. MarkieIdowu, “is a confirmation that we ensure security of card holder data and Card transactions end-to-end on all our electronic terminals and platforms terminals/channels (ATM, Web, POS e.tc). According to Idowu “Customers holding Skye Bank cards or other banks customers using any of our terminals can be rest assured of the security of

our platform as it conforms to global standard of security.” The electronic platforms of the bank that have been recertified by PCI are: POS/Card Present; Internet Transactions/ ecommerce; ATM Transactions; Clearing and Settlement; Payment Gateway/switching; Issuer Processing and Prepaid Services among others. Commenting on the milestones, the GMD/CEO of the bank, Mr. Timothy Oguntayo, lauded PCI for the re-certification and emphasized that Skye as a leading brand has been in the forefront of using ICT to drive seamless and first class customer service leveraging technology. “Skye Bank’s history and exploits in e-channels is well documented in the nation’s banking industry and our huge investment in ICT has been deliberate and strategic to our overall corporate vision. Recognition and awards like that of PCI justifies our huge investment in ICT, said Oguntayo.

To attend to the need of about 91 percent of Nigeria consumers, who buy prefer offline shopping, adiba.com, has inaugurated a store with the promise that more will follow this year. According to the Chief Executive Officer of the company, Chris Udeji, despite the growing population of online shoppers across the country, only 9per cent of the shopping class in Nigeria order for goods online. Speaking at the inauguration of the store in Lekki, Lagos, Udeji said access to internet on mobile has created massive awareness for consumers, adding that players have taken advantage of this platform to launch out several platforms to sell to Nigerians and other shoppers. Shedding light on while adiba decided to set up physical stores, the CEO said it was done to create convenience for customers, stating that despite the fact that the future of shopping is online, most Nigerians still prefer to touch and feel their goods before the purchase them. He said: “We found out that a lot of people have no facility to shop online. Only 9per cent of Nigerians are really shopping online. As a result, you cannot rule out

the traditional shoppers and that is why we are giving our online shopping customers the opportunity to interface and know where Adiba.com comes from. “Since online really do not address the issue of customer complaints, Adiba.com has provided a channel. Customers on our platform can now lodge their complaints in whatever form at the physical stores, which would be extended to Ikorodu and Ikeja, while Lekki store will serve as the pilot outlet. If a customer shop at our platform online and he or she is dissatisfied, such customer con visit any of our stores and complaints and his or her challenge will be addressed appropriately,”. He said offline stores will be used as collection centres for the customers in those locations where stores will be located. For instance, the CEO stated that a customer who lives in Ikorodu but works on the island does not need to shop on the island. On further expansion on both online and offline, the eCommerce expert explained that the business particularly would be looking on how to expand out of Lagos since the online is global. He added that as the revitalisation is going online, the offline platform would equally experience the same structure.

“It has becomes very certain that we will expand. We will be looking to expand out

T H I S D AY • MONDAY, MAY 16, 2016

BUSINESSWORLD

NEWS

Experts Proffer Solutions to Challenges in Transportation Experts in the maritime sector of the economy have pointed way forward for the transportation industry. Speaking at the inaugural transport leadership lecture organised by Kings Communications Limited in Lagos with the theme “Driving Change with Leadership in Transport Industry” the experts said there should a significant shift in the way and manner things are done in the transport industry so that they can be in tune with the change mantra of the President MuhammaduBuhari’s administration. Former Director General of Nigerian Maritime Administration and Safety Agency (NIMASA), Mrs. MfonUsoro was of the view that Nigerian experts should not de-market Nigeria as far as development is concerned in the transport sector. Usoro, who is the Secretary General, Memorandum of Understanding on Port State Control (PSC), otherwise called Abuja MoU, said that while criticizing the federal government in areas of failure, there was need to also highlight its positive records. National President of the Association of Nigerian Licensed Customs Agent

(ANLCA), OlayiwolaShittu in his contribution called on the Minister of Transportation, Mr. RotimiChibuikeAmaechi to refer to the reports of various committees set up in the past by his predecessors instead of setting up fresh committees. Shittu said the problem has been that recommendations by experts are usually not implemented. As a way out, he called on the Minister to set up a committee that will harmonise all the recommendations made in the past for the development of the transport sector. On his part, the Chairman, Ports Consultative Council (PCC), OtunbaKunleFolarin proposed a realignment of the transportation sector in line with a national transport policy. According to him, the agencies under the ministry require master plans to enable them function with a focus. “Nigeria needs an integrated transport system to support its economic agenda of the Buhari’s administration,” he said. The acting Registrar, Nigeria Institute of Freight Forwarders and Customs Brokers (NIFFCB), Mr. Alban Igwe called for a transportation policy and the need to make

Unilever Showcases Rebranded Sunlight Detergent in Ibadan Ademola Babalola in Ibadan One of Nigeria’s foremost multinational company and suppliers of fast-moving consumer goods, Unilever, has presented rebranded sunlight detergent to hundreds of customers at an event tagged: “Sunlight Detergent AlarambaraOwanbe”. At the colourful event held at Mauve 21 events centre on MKO Abiola way, Ring Road, Ibadan, hundreds of its customers were tutored on business gains, empowerment tools and successful family growth. The management of Sunlight Detergent also treated their dealers, retailers and general public who graced the event to sumptuous meals and showered them with company’s products. The Brand Manager, Sunlight Detergent, OjeabuoAkhiojemi, said the event marked the second AlarambraOwambe in Ibadan, just as he stressed that the importance of women cannot be overemphasised in any society be it in children’s upbringing, homemaking and general wellbeing of the society. He stated that “it was this that informed the decision of Unilever’s Sunlight 2-1 detergent to embark on a journey to educate women on various issues bothering on personal development, homemaking,

pand out of Lagos

social relationship, marriage, amongst many other important topics that could help become “Sunlight”women through its radio drama series.” Akhiojemi had earlier said the company brought to an end its 13-week long Sunlight’s Alarambara radio drama series ‘with this AraOtunOwambe. I urge you all to enjoy every bit of it.” He also stressed that “the essence of Sunlight detergent can be captured in two words, “Fragrance” and “Cleaning”. These are two benefits you get anytime you use Sunlight detergent. “As it is our tradition at Unilever to always follow trends, watch out for our customers and try to decipher what they want per time, we recently improved on what Sunlight detergent is known for in terms of fragrance and cleaning power and demo washes held in Lagos and Abuja once again proved Sunlight 2-1 as the only detergent that offers customers burst after burst of freshness. “In addition to the improved fragrance and cleaning power, Sunlight 2-1 detergent now has a 25g economy pack for N10 and 225g for N100. These are in addition to existing 500g, 1kg and 2kg pack sizes, all of which come in 2 variants – Tropical Sensation (Sunlight Pink) and Spring Sensation (Sunlight Yellow).”

available a document that would encourage prospective investors to the sector. He said the draft policy on transportation needs a review in order to give the industry the required direction, while professionalism should be given a priority in the running of the industry. A Lagos base legal practitioner, Mr. EmekaAkabogu called for a leadership with focus on driving set agenda and achieving goals, not just going about routine works and signing of contracts. He charged Amaechi to define Nigeria’s transport policy, have operational

standards and ensure that the agencies under the ministry performed their key roles to develop and grow the sector. While defining leadership as one focused on goals, Akabuogu called on the Transport Ministry to pursue the passage of relevant bills concerning the sector in the National Assembly. Referring to the Petroleum Industry Bill (PIB), which is now receiving the attention of the National Assembly because of the efforts put up by the Ministry of Petroleum Resources and other stakeholders, he said it should have been the same

on the transport side as far as National Transport Commission (NTC) bill and other related bills were concerned. He also pointed out the need for a transport policy, cabotage shipping, Cabotage Vessel Financing Fund (CVFF), conflicting roles of government agencies in the sector, trade facilitation and marine transportation as among the challenges of the sector that the Minister of Transportation should address. The event convener, Mr. Kingsley Anaroke, said the issue of a national transport policy should be top on the

agenda to engender the desired position for Nigeria’s transportation system. Anaroke said the draft policy on transportation had been abandoned since 2003, therefore leaving the industry without a clear-cut direction to follow. He urged the transportation minister to raise and work with technical committees that have the wherewithal to address the issues plaguing the industry. High point of the event was the award presentation of the ‘Best Maritime Agency of the Year 2015’ to the Nigerian Shippers’ Council.

T H I S D AY • MONDAY, MAY 16, 2016

BUSINESSWORLD

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Nigerian Breweries’ Improved Performance Excites Shareholders Goddy Egene Shareholders of Nigerian Breweries Plc have commended the profit after tax (PAT) of N38 billion recorded for the 2015 financial year and payment of N4.80 dividend per share. The shareholders, who spoke at the 70th annual general meeting in Lagos last week, noted that the company’s performance in spite of the very challenging operating environment, show resilience and is an example for other manufacturers to emulate. For instance, Bello Owonikoko of Ibadan Zone of the Shareholders Solidarity Association stated that the 2015 results and the dividend pay-out are strong signals of the resilience of the company in the face of the challenges of the economy. Speaking in the same vein,

Chibuzor Eke-Emmanuel, expressed confidence that the company remained in good stead to weather the storm and deliver good returns to shareholders in the future. Addressing the shareholders, Chairman, Board of Directors of Nigerian Breweries Plc, Chief Kola Jamodu, said the company had paid an interim dividend of N9.5billion(N1.20) in October 2015, before a final dividend of N3.60. He stated that the policy of dividend pay-out is in the strategic interest of the shareholders. “We remain committed to winning with Nigeria. Thus we will sustain the investment in our operations, systems, brands and of course people. Cost leadership and market leadership supported by innovations remain our key strategic pillars,” Jamodu said. According to him, the

anchor focus of the cost leadership agenda in 2015 was the “every naira counts” programme. “The objective was to ensure that we run our business in the most efficient way and that no cost too small to ignore. Elements of the programme included ensuring the delivery of the cost synergies from the merger with the dissolved Consolidated Breweries Plc,” he said. Looking ahead, Jamodu said the company remains committed to winning with Nigeria. “Thus we will sustain the investment in our operations, systems, brands, and of course people. The board believes that the challenging 2016 outlook notwithstanding, and barring any other unforeseen adverse event, the

company is in a good position to weather the storm and deliver good returns to our dear shareholders,” he said. Nigerian Breweries is the second most capitalised company on the Nigerian Stock Exchange (NSE). Many analysts said that Nigerian Breweries Plc has consistently added value to shareholders’ investments with its consistent dividend payment. According to the 2015 corporate rating report by Augusto and co; Nigerian Breweries possesses very strong financial condition and very strong capacity to meet local currency obligations as and when they fall due. The rating, Augusto maintained, is underlined by the company’s dominant position in the industry; highly experienced and stable Board of Directors; and competent management team.

Maritime Arbitrators Association to Hold Dispute Resolution Week Nosa Alekhuogie The Maritime Arbitrators Association of Nigeria (MAAN) has concluded plans to host its first dispute resolution week(DRW) for maritime industry stakeholders, operators and regulators. The President of the association, Omogba iOmo-Eboh, said the DRW would hold from May 16 to 20, 2016 in Lekki, Lagos. The president said in a statement that in line with the core vision of MAAN to become a worldwide recognised leader in commercial maritime dispute resolution by supporting and facilitating domestic and international arbitration and promoting Nigeria as a venue for the settlement of maritime disputes through arbitration and alternative dispute resolution (ADR), the association is undertaking this initiative which aims to raise awareness of non-court based approach to resolving maritime disputes in Nigeria. “To this end, we expect to facilitate the resolution of about 50 maritime disputes through the utilisation of ADR techniques that is arbitration, mediation, conciliation or negotiation. Our aim is to expose these forms of ADR

mechanisms as being more effective than the court/ litigation process,” he said. Omo-Eboh explained that the advantages of ADR are reduced time in dispute resolution, reduced cost, confidentiality of the process, improved satisfaction with the outcome among disputants, among others. He noted that the week-long programme promises to be a beneficial and advantageous endeavour to the maritime industry. He said: “As this is the inaugural scheme, it will be offered for free to disputants this year so as to encourage the submission of disputes for resolution. A day will be set aside during the week for sensitisation of disputants on the workings of alternative dispute resolution mechanisms chosen to resolve their disputes. Various organisations including government agencies, shipping companies, terminal operators, importers, freight forwarders and the organised private sector are billed to participate in the DRW.” He said the DRW is in line with MAAN’s mandate of enlightening the general public and stakeholders in the maritime industry about arbitration and ADR as a viable alternative to litigation.

Konga.com Rallies Support for MSME to Promote Local Products

OUR CUSTOMERS ARE OUR PRIORITY

R-L: Chief Corporate Services Officer, Mrs. Kunbi Labiyi, Chief Legal Officer, Lucky Ayomoto, Chief Technical Officer, Ashok Acharya and Head, Agents and Channels Development, Mrs. Felicia Nlemoha, all of Benin Electricity Distribution Plc (BEDC) during the Customer’s forum organised by the company for customers in Edo state and environs …recently

Diamond Bank Rewards Five Entrepreneurs with N15m Eromosele Abiodun Diamond Bank Plc has rewarded five budding entrepreneurs with N3 million each at its just concluded Building Entrepreneurs Today (BET) Season five. The winners are: Uchechi Arinze, Folarinyo Abiodun, Ayodeji Agboola , Emmauel Okiedesan and Hauwa Bello. The BET is a collaboration between Diamond Bank Plc and Enterprise Development Centre of the Pan Atlantic University, which started about five years ago. Speaking at the presentation ceremony, Group Managing Director/CEO of Diamond Bank, Mr. Uzoma Dozie, stated that BET has been supported by the bank for the past five years, remarking that each year it has become more and more exciting with diverse innovative ideas emerging.

He added that Diamond Bank recognised that the business environment in Nigeria was a tough one and needed lots of commitment for one to succeed, hence the bank’s support for small businesses in a bid to ensure they grow against all odds. “We had over 500,000 applications that were pruned to the final 15 after several screenings and this is just to show how creative Nigerians are. We decided to support small businesses because we know how difficult the business environment is,” Dozie said. On his part, the Director, EDC, Mr. Peter Bamkole, stated that it was another milestone that has been attained by the bank because it means a new set of five winners will be joining the other 20 winners, not forgetting the 50 entrepreneurs who were engaged in six months of intensive training.

“A lot of banks screamed about supporting small businesses but none plays like the way Diamond Bank does. And BET is one of the many ways they ensure they support small businesses and that goes a long way in helping these entrepreneurs achieve their goals,” he said. One of the winners, Okiedesan said he was amazed to have won because he was lucky to be a part of the final 15 but his first final presentation was a disaster. However, he was able to pull himself together at the second session. He also thanked Diamond Bank and EDC for giving him and others the opportunity to learn and interact. Earlier, Ubong Effiong, a BET Season one winner, had told the audience that “BET goes beyond the money won but the knowledge gained and most importantly the relationship formed in the academy.”

Bamkole further stated, “To be a part of the next season of BET, a prospective candidate must have an existing business that has been in operation for at least three months prior to the application date. The applications will then be reviewed by a panel of judges based on a predetermined set of criteria after which successful candidates will be invited for an interview session. “At the end of the initial screening, 50 shortlisted candidates will undergo a six months training with the EDC, after which the top 15 will be selected for a second phase of top-flight advisory services where they will be required to present their business models. At the end of the process, the five participants who are adjudged to have the best plans will be given a grant of N3 million (three million naira) each by Diamond Bank Plc to support their businesses.”

A leading online mall, Konga.com, has proven its commitment to deepening commerce and trade in Africa by supporting Micro Small & Medium Enterprises. To this end, the company recently partnered with Lagos State government to host MSME Exclusive Fair in Lagos. According to the two partners, the fair focused on indigenous and local manufacturers and producers with the aim of promoting “made in Nigeria” products. Declaring the Fair open, Governor of Lagos State Akinwunmi Ambode, who was represented by the Deputy Governor of the State, Mrs. Oluranti Adebule expressed the government’s appreciation for the support that Konga brings in supporting Micro, Small and Medium Enterprises in the State. He acknowledged the importance of MSMEs to the Nigerian economy with over 3,000,000 micro enterprises and over 11,000 SMEs, adding that Lagos accounted for the largest concentration of micro and small-scale enterprises in Nigeria. The governor identified funding as a major challenge facing small businesses, which compelled the state to disburse N6.25bn out of the N25bn employment trust fund established by it. Also speaking at the event, the Chief Executive Officer of the online mall, Mr. Shola Adekoya, said the world is changing and will

keep evolving as humans have moved over the years from subsistence farming, to trade by barter and now in the age of technology which he said is moving very fast. He said: “This fair is in line with Konga’s mission to be the engine of trade and commerce in Africa by empowering indigenous MSME’s to reach a wider market across the nation. Our organisation is poised at helping MSMEs match with the fast changing technology by providing platforms that showcases their products to the entire world with just a click. We are providing a platform for MSMEs to sell, a payment solution that their business needs and logistics solution that moves their goods all over the country,” Lagos State Commissioner for Commerce, Industry and Cooperatives, Mr. Rotimi Ogunleye said the partnership would see to the listing of exhibitors on Konga platform for market access and global visibility. He also stated that the platform would also foster quality comparison and innovative improvements among participating exhibitors for local and international competitiveness. The commissioner added that the fair was organised to reiterate the buynaija mentality as it promotes small scale production for economic growth and employment generation for all Nigerians.

T H I S D AY • MONDAY, MAY 16, 2016

BUSINESSWORLD

NEWS

Stanbic IBTC Upgrades Banking Platform to Enhance Operations Eromosele Abiodun Stanbic IBTC Bank, a member of Stanbic IBTC Holdings Plc has concluded plans to upgrade its core banking platform to enhance its information technology (IT) infrastructure and operational efficiency. The bank, in a statement, said the upgraded of its core banking system will go live on May 16, 2016 “In preparation for the switch over, during the weekend of May 14-15, 2016, all Stanbic IBTC channels will be unavailable for transac-

tions. The cut-over window commences at 12.00am on Saturday, May 14, 2016, and ends by noon on Sunday May 15, 2016. The Stanbic IBTC Customer Service Hotline will remain available to assist customers resolve any issues at any time,” the bank said Chief Executive, Stanbic IBTC Bank, Yinka Sanni, stated that the systems upgrade is in conformity with the customer value proposition of the bank, which is to provide exceptional financial solutions to its customers. “We will continue to focus on meeting the diverse needs

of our customers in a timely and efficient manner; by availing them of a wide array of products and services that enable them to realize their personal and business goals,” he added. In providing these leading edge products and services, he said the bank will continue to work closely with its customers and potential customers, while it consistently invests in its people and employ leading edge technology. The new system, Sanni stated, comes with enhanced functionalities and faster turnaround time. Whilst thank-

ing its customers for their continued support, he also apologized for the inconveniences this may cause. Sanni advised that the bank does not require any information or action from its customers for this upgrade. Stanbic IBTC Bank is a member of Stanbic IBTC Holdings Plc, a full service financial services group with a clear focus on three main business pillars - corporate and investment banking, personal and business banking and wealth management. Stanbic IBTC belongs to the Standard Bank Group.

COURTESY VISIT

R-L: Norwegian Ambassador to Nigeria, Mr. Rolf Ree, Lagos State Commissioner for Commerce, Industry and Cooperatives, Hon. Rotimi Ogunleye and the Chairman, Nigerian-Norwegian Chamber of Commerce, Mr. Chijioke Igwe, during a courtesy call to the Ministry of Commerce, Industry and Cooperatives, Alausa Ikeja…recently

MAN Commends CBN for Forex Allocation Dele Ogbodo in Abuja The President, Manufacturers Association of Nigeria (MAN), Dr. Frank Udemba Jacobs has commended the Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emiefele, for steps he took to improve the foreign exchange requirement for manufacturers to source for raw materials overseas. Jacobs, who said in a telephone conversation with THISDAY in Abuja, said: “At present, the CBN is making every effort to satisfy our foreign exchange requirement, though we don’t get exactly what we want, but they have tried to allocate some forex to our members.” Jacobs explained: “At the first quarter, when we met them (CBN) that manufacturers will close shops due to nonavailability of raw materials arising from lack of forex, the CBN governor invited me for an meeting. “At the end of that meeting, MAN and CBN, agreed that there was need to ensure that

manufacturers are given their foreign exchange even if it is not 100 percent. He applauded the efforts of the CBN governor, noting that although what the manufacturers are receiving are not exactly what they asked for, “they have been getting something to keep the factories afloat.” Jacobs admitted that his members were aware of the difficulties government was facing on its external reserve. He said: “We understand the difficulties the government is having with the depletion of the external reserves, so that is what is going on now. “As far as we know CBN is being transparent, we cannot accuse them of any corruption in the allocation procedure to our members, but we cannot say same on the parts of the commercial banks. The CBN have been very transparent in the allocation of forex.” On the prospect for manufacturers with the economic hardship, he expressed optimism that with the implementation

of the budget, things will begin to take good shape. “I believe that when they begin to implement the budget we will now have a direction in terms of policy thrust as MAN members have been able to key in. “I’m very hopeful that manufacturing will prosper because the N350 billion that will be released into the system for capital expenditure is going to help empower the populace in terms of buying power and they will be able to patronise the manufacturing sector as they produce and this will get better in this second quarter.” he said. He said MAN is happy about the recent petrol pump price modulation and partial deregulation of the downstream petroleum sector, stating it was what MAN had been clamouring for. Jacobs added: “This is what we have been advocating for along that the subsidy should be removed because, if that is done the prices will come down though in the short-run

it might be high but on the long and as time goes on the law of demand and supply will bring prices down. “Because, it happened with automotive gas oil (diesel). Look at the prices of diesel and today we are enjoying more stable prices on diesel and if we do same on petroleum, the perennial problem of PMS scarcity, black market or hording and all other vices will stop.” According to the MAN boss, “Already the current prices of petrol across the country is even more than N145, it is only in Abuja and Lagos that you get it at the controlled price. “Even at that controlled price, you cannot even get it now. In other parts of the country people have been buying at N150 per liter and above. “I don’t agree with that argument that it will drive prices up, if it was going to drive prices up, it would have done that a long time ago when we were buying fuel at about N180 to N200 per litre.

NSDC Wants Savannah Sugar to Adhere to Standards James Emejo in Abuja The acting Executive Secretary, National Sugar Development Council (NSDC), Mr. Samuel Kwabe has advised the Savannah Sugar Company Limited (SSCL) in Numan, to adhere strictly to national standards. His advice followed a proposal by SSCL, seeking to reduce sugar colour from the recommended ICUMSA 45 to 60 in order to cut down the cost of refining chemicals. But, according to Kwabe who instantly declined the request, only the Standard Organization of Nigeria (SON) and the National Agency for Food and Drug Administration and Control (NAFDAC) have the sole responsibility to change food standards in the country. Speaking during a familiarization visit to SSCL, which is located in Numan, the acting executive secretary, however noted that strong partnership among stakeholders will ensure Nigeria achieves the expected 70 per cent self-sufficiency in sugar production within the shortest possible time. He said the desired for a new dawn where the industry becomes a key foreign earner for the country was realisable if all stakeholders work in line with NSDC’s mandate to enhance effective and coordinated planning supervision and promotion of the sugar sub-sector. Kwabe further promised that the NSDC will always ensure conducive atmosphere in all host Communities for the industry to thrive and contribute effectively to the country’s industrial and economic development. He said though the visit was explanatory, NSDC was impressed with efforts of Dangote Industries Limited in ensuring effective production of sugar locally, promising

that all issues raised as well as observations from the field and factory tours would be communicated to the Minister of Industry, Trade and Investment, who supervises the NSDC. The Executive Secretary said NSDC’s door was opened at all times to offer assistance to SSCL whenever the need arose and assured the company that the issue of Urea fertilizer will be given priority mention in the council’s submission to the minister. Meanwhile, the acting General Manager of SSCL, Mr. T.A. Todi said the planned 150ha seed cane farm project had been put on hold because the Management of Dangote Sugar Refinery (DSR) was yet to settle the contentious land issue with the Taraba State Government. He however said the already planted 20ha seed cane farm was harvested and transported to SSCL, Numan for milling and to serve as seed cane, adding that the Company currently maintains the ratoon while discussions were ongoing with the Taraba Government to reconcile existing differences over the land. At the Savannah Estate, the acts GM lamented that lack of Urea fertilizer remain the major challenge facing the company, stating that due to the current security situation in the North-East, truck-loads of Urea fertilizer meant for SSCL were impounded by security operatives in Kogi State. Top officials of the company, according to him, were in-touch with relevant security agencies to release the trucks. He said as part of efforts to address its raw material needs, the SSCL is already working on sourcing the commodity locally given the negative effects lack of fertilizers or its late application would have on sugar cane yield.

Boska Unveils Pain Free Day Initiative Chinazor Megbolu An indigenous pain killer company, Dexa Medica, makers of Boska recently has unveiled its ‘Pain Free Day’ initiative in Onitsha, Anambra State. The firm said the Pain Free Day initiative was aimed at improving consumer’s health noting that from qualitative findings, it was observed that consumers often engage in strenuous activities directly or indirectly and rarely find the time to do a health check, which makes them experience sudden breakdown in their health systems resulting in body pains. The Brand Executive, Mr. Uche Aghado, said that the event provided the opportunity for consumers of various classes

to see health experts who provided full range of health advice and support. “This included rendering advice about entire body system care: eyes, ears, nose and throat care and prescribing drugs to treat eye, ear and nose defects. Besides rendering free health services, Boska team also leveraged the opportunity to educate consumers on how to live stress-free while at their various duties, “he said. He also expressed the company’s commitment to improving consumer’s health because; “because health is an important part of one’s life and should be taken seriously and the high level of consumer response today shows that this sort of program is most beneficial to consumers”.

T H I S D AY • MONDAY, MAY 16, 2016

BUSINESS/MONEYGUIDE

Erisco Targets One Million Metric Tonnes of Tomato Processing Nume Ekeghe The Chief Executive Officer, Erisco Foods Limited, Mr. Eric Umeofia has said that his firm is targeting to achieve one million metric tonnes of tomato processing by the fourth quarter 2016. Umeofia, made this known at the Katsina State Economic Summit recently. He also commended President Muhammadu Buhari’s commitment and support towards backward integration and economic stability. Umeofia said: “It is a complete shame and embarrassment that while we waste our tomatoes in our backyards, we use our hard-earned money to import sub-standard tomato pastes from other countries. Meanwhile with Erisco Foods Limited and Dangote Farms, Nigeria does not need to ever import tomato paste into our country again. “Erisco Foods alone has an

installed capacity to produce 450, 000 metric tons of tomato paste per annum but we are currently utilising less than 20 per cent. Our target is to hit one million metric tonnes per annum when our Katsina, Jigawa and Sokoto state projects come on stream by the last quarter of this year as far as we receive adequate support.” He added: “We believe that with faithful implementation of President Buhari’s policies Nigeria should move from being the largest importer of tomato pastes to one of the largest exporters of tomato paste in the world. Is it not an irony that at a time when Nigeria is striving to go into the orbit and make giant strides in science and technology, Nigerians still cannot provide our basic needs like simple tomato paste and other food products which we can provide better by ourselves for us to eat healthy in our own country.”

A research by Agusto and Company recently stated that although Nigeria accounts for about 10.8 per cent of Africa’s tomato production, the country imports processed tomato paste in excess of 300,000 metric tonnes valued at over $80 million (16 billion) annually from China and Italy. Nigeria is believed to be China’s highest tomato export destination as the country is the eighth largest importer of tomato paste in the world. Furthermore, the Erisco Foods boss added: “It will however shock Nigerians that while genuine manufacturers such as Erisco Foods and Dangote Farms are working hard to ensure full backward integration in the tomato sub-sector, a cabal of tomato importers have been very busy lobbying and deceiving well-placed government officials to stop them from taking actions that will transform Nigeria’s tomato sector for the better.”

Access Bank Partners UNICEF Peter Uzoho Access Bank Plc has announced that the 10th edition of its annual charity shield competition for vulnerable school children in Kaduna State would hold from end of May to 5th of June this year as it continues to partner with the United Nations Children’s Emergency Fund (UNICEF) and the Fift Chukker. The Executive Director, Personal Banking, Access Bank, Mr. Victor Etuokwu said the bank wants to “recommit itself to the things it has been doing”.

“We want to recommit ourselves to the things that we do, especially, around providing value for our communities and trying to be ourselves. As passionate about life, economic development, health care, education, as we’ve always done, so what we want to announce here is that the charity shield competition that we have every year is going to happen this year in schools in Kaduna between the end of May to the 5th of June. And we’ll have the one in London on July 16 which is the Polo Club,” Etuokwu said at a media briefing in Lagos. He added: “Every year we

have this event, we like to make them as interesting as possible as beneficial as we can for orphans and vulnerable children in Nigeria. And as you know, for the last eight to nine years we’ve focused our attention on kids in Kaduna. We have done projects around empowerment and positive development and we would continue that. This year will not be different.” Commenting on the partnership between Access Bank and UNICEF, Communications, Advocacy and External Relations, UNICEF, Mrs. Blessing Ejiofor, commended the bank for the collaboration.

Fidelity Bank Rewards Customers in Savings Promo Ugo Aliogo As part of efforts to reward its loyal customers, Fidelity Bank Plc in the sixth draw of its Save-4-Shelter savings promo has rewarded lucky winners with various prices such as power generating sets, refrigerators, cash, 4-bedroom detached duplex in Abuja, Lagos and Port-Harcourt as well as funds for rent support. The winners were identified through a random selection process in which saw six customers won N500,000 each; one won N1 million; and another lucky customer won N2 million. Speaking at the draw which took place in Lagos, the Acting

Chief Executive Officer, Alhaji Mohammed Balarabe, expressed appreciation for the initiative, stressing that the bank is highly focused to renewing its commitment to their customers. He noted that the initiative which began in September 2015, was aimed at encouraging people to build a strong savings culture, in order to have something to fall back on during their rainy day. “It is important that we save money, so we can have something to fall back on. This is the sixth promotion we are doing and we will continue to do it. It is not just to get people to come, but it is for them to benefit from such initiative.

“If people save very well, they will win great prices such as a house or cash to support your rent. We believe that shelter is a vital aspect in life. We have also done a promotion on education. We have another promo where we encouraged people to win cars. When we come with initiatives, they are always things that are current and addresses the need of the time,” he stated. Balarabe stressed that the promotion was not just a one-off exercise, but it was aimed at satisfying a particular need, adding that when they began the promotion last year, they realised that the need for housing was very vital.

ForexRally Gives outToyota Hilux to Contest Winner Peter Uzoho ForexRally Global Limited, an international online broker, has rewarded winners of its 2016 trading competition in Nigeria with prizes. At the award ceremony held in Lagos, Mr. Henry William, a Ghanaian national, resident in Nigeria, who emerged the star prize winner, was awarded a brand new Toyota Hilux. The runners up at the competition were equally given various consolation prizes, ranging from Mac Book Pro, IPhone

6 and cash money. Speaking at the event, the Chief Executive Officer, ForexRally Global Limited, Mr.TrofyMenko, said the competition was introduced to encourage traders to achieve their financial goals through global knowledge and local support. Trofy also announced a zero deposit bonus of N5,000 for Nigerians which would be made available immediately they open up trading account with ForexRally. “In November 2015, we introduced the unique and

exciting trading competition in Nigeria. The competition was designed to encourage local traders to achieve their financial goals through global knowledge and local support, and it was promised that the trader with the highest number of points on the 29th April 2016,would be awarded a brand new Toyota Hilux. “Fast forward to 29th April 2016, with several contestants competing for the main prize, the contest was completed with an emerging winner,” Trofy explained.

Umeofia

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

N13.1141

N13.5095

ARM Discovery Fund

N288.9978

N297.7112

ARM Ethical Fund

N22.6462

N23.3290

ARM Money Market Fund

13.1161 (Yield % ) • Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE AS AT 12 MAY 2016 The price of OPEC basket of thirteen crudes stood at $43.31 a barrel on Thursday, compared with $41.40 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Murban (UAE), Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), 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) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna

T H I S D AY • MONDAY, MAY 16, 2016

MARKET NEWS

Champion Breweries Promises to Sustain Positive Performance Goddy Egene and Eromosele Abiodun The Chairman of Champion Breweries Plc, Dr. Eljiah Akpan has assured shareholders that the company will sustain the positive performance recorded in 2015 and achieve dividend payment very soon. Champion Breweries returned to profitability last year after

recording a loss the previous day. Speaking at the 40tha annual general meeting (AGM) recently in Lagos, Akpan said the company recorded substantial improvement in its trading results in the year under review compared to previous years. According to him, revenue increased to N3.5 billion from

N3.3 billion in 2014 while operating profit was N207 million as against N26 million recorded in 2014. Also, profit before tax was N210 million, up from N1.1 billion loss recorded in 2014. “The company’s successful conclusion of debt re-financing, increase in production and sales volume of Champion Lager Beer as well as re-introduction of

Champ Malta has resulted in positive turnaround of the business performances during the year,” he said. He assured the shareholders of better days ahead, saying they will soon start enjoying the dividend of their investments. “Considering our present financial position from deficit to surplus, our company has the right mindset and structures to

achieve payment of dividend to you our dear esteemed shareholders in no distant time”, he said. Akpan, who said there would be stronger competition with on-going global mergers between brewing giants in the world, noted that the situation would lead to more innovations and inflow of new brands in the market.

DAILY STOCK MARKET REPORT T H E

N I G E R I A N

STO C K

He also expressed optimism in Nigeria’s outlook in 2016 which, according to him is brightened by the large and varied opportunities in different sectors of the economy. “We shall explore the available possibilities the Nigerian business environment is offering to increase our market share within our business region,” he said.

E X C H A N G E

Prices for Securities Traded as of 13/05/2016

Printed 13/05/2016 14:32:58.058

PRICES FOR PREMIUM BOARD SECURITIES

Price List (Equities)

824.00

2.06

9.57

302,917

174

2,080,389

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

S/N

ELECTRONIC AND ELECTRICAL PRODUCTS

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

461,528.46

14.70

5.00

300

25,526,779

133

135

AUSTIN LAZ & COMPANY PLC

2,256.91

2.09

300

25,526,779

136

CUTIX PLC.

1,391.44

1.58

1.94

281,011

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

281,011

132,812.58

3.70

6.94

TRADES

VOLUME

FINANCIAL SERVICES S/N

BANKING

ZENITH INTERNATIONAL BANK PLC

BANKING S/N

OTHER FINANCIAL INSTITUTIONS

FBN HOLDINGS PLC

692

107,172,820

OTHER FINANCIAL INSTITUTIONS

692

107,172,820

FINANCIAL SERVICES

992

132,699,599

ELECTRONIC AND ELECTRICAL PRODUCTS S/N 137

INDUSTRIAL GOODS S/N

BUILDING MATERIALS

DANGOTE CEMENT PLC

MARKET CAP(Nm)

PRICE

%CHANGE

2,811,683.72

165.00

1.53

TRADES

VOLUME

1,066,424

BUILDING MATERIALS

1,066,424

INDUSTRIAL GOODS

1,066,424

1,057

133,766,023

PREMIUM BOARD TOTALS PRICES FOR MAIN BOARD SECURITIES CROP PRODUCTION

PACKAGING/CONTAINERS AVON CROWNCAPS & CONTAINERS

138

BETA GLASS CO PLC.

139

GREIF NIGERIA PLC

140

W A GLASS IND. PLC.

S/N

TOOLS AND MACHINERY

Price List (Equities)

S/N 142 PRICE

%CHANGE

TRADES

VOLUME

CHEMICALS B.O.C. GASES PLC.

68,203

S/N

PRESCO PLC

35,020.00

35.02

93,147

METALS

161,350

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

CROP PRODUCTION FISHING/HUNTING/TRAPPING 8

LIVESTOCK FEEDS PLC.

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

2,000.00

1.00

8.70

79 79

LIVESTOCK/ANIMAL SPECIALTIES AGRICULTURE

VOLUME

A.G. LEVENTIS NIGERIA PLC.

2,779.65

1.05

18,009

3.58

2,573.31

3.96

1,000

TRANSNATIONAL CORPORATION OF NIGERIA PLC

52,447.59

1.29

8.40

399

74,121,105

U A C N PLC.

37,552.90

19.55

4.99

107

2,752,481

DIVERSIFIED INDUSTRIES

513

76,892,600

CONGLOMERATES CONSTRUCTION/REAL ESTATE

513

76,892,600 VOLUME

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES 0

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

TRADES

VOLUME

BUILDING CONSTRUCTION BUILDING STRUCTURE/COMPLETION/OTHER 18

JULIUS BERGER NIG. PLC.

%CHANGE

PRICE

56,760.00

43.00

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

7,218.75

4.20

5.00

1,028,451

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

INFRASTRUCTURE/HEAVY CONSTRUCTION REAL ESTATE DEVELOPMENT UACN PROPERTY DEVELOPMENT CO. LIMITED

S/N S/N

REAL ESTATE INVESTMENT TRUSTS (REITS)

REAL ESTATE INVESTMENT TRUSTS (REITS) CONSTRUCTION/REAL ESTATE S/N

AUTOMOBILES/AUTO PARTS

MARKET CAP(Nm)

S/N

BEVERAGES--BREWERS/DISTILLERS

CHAMPION BREW. PLC.

GOLDEN GUINEA BREW. PLC.

GUINNESS NIG PLC

INTERNATIONAL BREWERIES PLC.

%CHANGE

PRICE

NIGERIAN BREW. PLC.

S/N

BEVERAGES--NON-ALCOHOLIC

1,030 1,048,497

TRADES

VOLUME

PRICE

%CHANGE

TRADES

VOLUME

2.95

266,018

0.85

-4.49

127,918

143,059.38

95.00

0.21

298,384

65,884.99

20.00

935,237.45

117.95

-2.52

180

1,887,468

262

2,579,806

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

7-UP BOTTLING COMP. PLC.

92,885.60

145.00

24 24

49,853

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME 3,104,524

BEVERAGES--NON-ALCOHOLIC S/N

FOOD PRODUCTS

DANGOTE SUGAR REFINERY PLC

72,600.00

6.05

2.54

FLOUR MILLS NIG. PLC.

61,669.57

23.50

4.07

836,945

HONEYWELL FLOUR MILL PLC

13,481.34

1.70

1.19

3,739,602

MULTI-TREX INTEGRATED FOODS PLC

1,861.25

0.50

N NIG. FLOUR MILLS PLC.

6.65

NASCON ALLIED INDUSTRIES PLC

21,460.45

8.10

0.75

498,100

TIGER BRANDED CONSUMER GOODS PLC

29,950.00

5.99

7.73

207

8,862,894

UNION DICON SALT PLC.

3,523.34

12.89

FOOD PRODUCTS S/N

FOOD PRODUCTS--DIVERSIFIED

CADBURY NIGERIA PLC.

NESTLE NIGERIA PLC.

S/N

HOUSEHOLD DURABLES

S/N

PERSONAL/HOUSEHOLD PRODUCTS

P Z CUSSONS NIGERIA PLC.

UNILEVER NIGERIA PLC.

100,100

442

17,147,665

PRICE

%CHANGE

TRADES

VOLUME

32,380.20

17.24

10.23

298,907

572,297.81

722.00

6.18

203,803

128

502,710

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

91,320.97

23.00

4.55

229,759

136,198.67

36.00

HOUSEHOLD DURABLES

PERSONAL/HOUSEHOLD PRODUCTS CONSUMER GOODS BANKING

101,120

330,879

915

20,610,913

84,509.67

4.99

131,694.68

3.63

4.18

2,118,403

3.71

121

15,607,346

9,000.79

0.77

2.67

8,374,676

29,316.59

0.76

-3.80

339

38,489,529

MARKET CAP(Nm)

1.06

4.95

697,000

INTERNATIONAL ENERGY INSURANCE COMPANY PLC

642.04

0.50

2,500

LAW UNION AND ROCK INS. PLC.

1,753.04

0.51

500,000

N.E.M INSURANCE CO (NIG) PLC.

4,171.60

0.79

-1.25

2,646,863

6,691.37

0.50

552,472

6,148,977

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

2,698.23

1.18

-4.24

202,492

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

5,980.00

2.99

4.91

3,820,191

21,762.90

3.70

-2.37

810.00

INSURANCE CARRIERS, BROKERS AND SERVICES

MICRO-FINANCE BANKS MORTGAGE CARRIERS, BROKERS AND SERVICES

1.29

9.32

6,644,140

2,572.69

0.50

160,810

144,800.00 11,700.00

14.48 1.95

3.43 9.55

FINANCIAL SERVICES

S/N S/N

MARKET CAP(Nm)

PRICE

%CHANGE

HEALTHCARE PROVIDERS MARKET CAP(Nm)

PRICE

%CHANGE

S/N

ASHAKA CEM PLC BERGER PAINTS PLC

127

CEMENT CO. OF NORTH.NIG. PLC

128

DN MEYER PLC.

131

LAFARGE AFRICA PLC.

132

PAINTS AND COATINGS MANUFACTURES PLC

42,096 3,837,053 VOLUME

PRICE

%CHANGE

TRADES 0

PRICE

%CHANGE

TRADES

VOLUME

161

TRANS-NATIONWIDE EXPRESS PLC. HOSPITALITY

S/N

HOTELS/LODGING

164

IKEJA HOTEL PLC TRANSCORP HOTELS PLC MEDIA/ENTERTAINMENT PRINTING/PUBLISHING

169

LEARN AFRICA PLC

171

UNIVERSITY PRESS PLC.

S/N

ROAD TRANSPORTATION

S/N

SPECIALTY

173

INTERLINKED TECHNOLOGIES PLC TRANSPORT-RELATED SERVICES

175

AIRLINE SERVICES AND LOGISTICS PLC

176

%CHANGE

TRADES 0

PRICE

%CHANGE

TRADES

VOLUME

2,352.09

3.99

5,000

234.61

1.18

9.26

11 12

553,200

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

NIGERIAN AVIATION HANDLING COMPANY PLC SUPPORT AND LOGISTICS

177

C & I LEASING PLC.

178

CAVERTON OFFSHORE SUPPORT GRP PLC

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

5,093.05

2.45

-4.67

1,354,929

36,557.94

4.81

200

1,355,129

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

655.73

0.85

8,055

2,109.59

4.89

-0.20

935,789

943,844

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

0 VOLUME

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

946.80

4.00

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

1,236.30

1.95

-1.02

555,560

6,708.02

4.13

-0.24

741,138

1,296,698

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

941.41

0.50

5,059.27

1.51

4.86

1,000

SUPPORT AND LOGISTICS SERVICES MAIN BOARD TOTALS

PRICES FOR ASEM SECURITIES

548,200

TRANSPORT-RELATED SERVICES S/N

0 VOLUME

PRICE

MARKET CAP(Nm)

SPECIALTY S/N

0 MARKET CAP(Nm)

ROAD TRANSPORTATION

S/N

1,110,805

1,111,805

5,260,681

4,456

432,844,965

Price List (Equities)

112 170

579,950

PRICE

%CHANGE

TRADES

VOLUME

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

PHARMACEUTICALS

HEALTHCARE

PHARMACEUTICALS

ELECTRONIC AND ELECTRICAL PRODUCTS

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

ELECTRONIC AND ELECTRICAL PRODUCTS

INDUSTRIAL GOODS

S/N 186

PETROLEUM AND PETROLEUM PRODUCTS DISTRIBUTORS CAPITAL OIL PLC

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

2,928.77

0.50

400,000

PETROLEUM AND PETROLEUM PRODUCTS DISTRIBUTORS

400,000

OIL AND GAS

400,000

TRADES

VOLUME

SERVICES S/N

FOOD/DRUG RETAILERS AND WHOLESALERS

MARKET CAP(Nm)

PRICE

%CHANGE

FOOD/DRUG RETAILERS AND WHOLESALERS

SERVICES

ASEM TOTALS

10,481,001 13,239,502

404

34,785,855

2,131

309,283,812

EQUITIES TOTALS

PRICES FOR ETP SECURITIES S/N

COMPANY

979,950 567,590,938

TRADES

VOLUME

Price List (ETP) MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

522.04

8.42

TRADES

VOLUME

NEWGOLD EXCHANGE TRADED FUND (ETF)

366.75

2,445.00

-0.12

2,113

STANBIC IBTC ETF 30

824.18

72.00

VETIVA BANKING ETF

VETIVA CONSUMER GOODS ETF

VETIVA GRIFFIN 30 ETF

VETIVA INDUSTRIAL ETF

1.01

4.12

785,646

1,569.55

1.00

8.70

813,869

1,987,540

1,989,540

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

TRADES

VOLUME

TRADES

VOLUME

TRADES

VOLUME

2,000

1,130.76

10.47

1 1

1,000

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

1,000

0 VOLUME

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

2,446.80

0.50

1,000

%CHANGE

TRADES

VOLUME

14,000

2,350.47

8.11

26,950.00

38.50

200

9,286.85

7.39

4.97

565,191

227.50

0.70

1,598

324,309.01

71.20

4.71

126

1,167,639

784.99

0.99

3,333

25,511

LOTUS HALAL EQUITY ETF

0 0

10 5,523

989.80

19.41

9 MARKET CAP(Nm)

MORTGAGE CARRIERS, BROKERS AND SERVICES

OIL AND GAS

264,695

43,467.79

TRADES

S/N

PRICE

579,950 579,950 VOLUME

%CHANGE

INDUSTRIAL GOODS

10.12

MARKET CAP(Nm)

PERSONAL/HOUSEHOLD PRODUCTS

9 9

PRICE

S/N

22.42

%CHANGE

1.45

FINANCIAL SERVICES

26,811.55

PRICE

%CHANGE

1.40

VOLUME

HEALTHCARE

2,000

MARKET CAP(Nm)

PRICE

415.80

MORTGAGE CARRIERS, BROKERS AND SERVICES

123,330

%CHANGE

MARKET CAP(Nm)

TRADES

MARKET CAP(Nm)

S/N

PRICE

%CHANGE

FINANCIAL SERVICES

0.45

MARKET CAP(Nm)

MCNICHOLS PLC

PRICE

PERSONAL/HOUSEHOLD PRODUCTS

2.25

%CHANGE

FOOD PRODUCTS

180

MARKET CAP(Nm)

CONSUMER GOODS

3,375.00

PRICE

S/N

VOLUME

MARKET CAP(Nm)

PROPERTY MANAGEMENT

FOOD PRODUCTS

INDUSTRIAL GOODS

CAP PLC

42,096

9 412

MARKET CAP(Nm)

PRINTING/PUBLISHING

ICT

124

RED STAR EXPRESS PLC

S/N

PROCESSING SYSTEMS

125

VOLUME

MARKET CAP(Nm)

MEDIA/ENTERTAINMENT

TRADES

IT SERVICES

126

AUTOMOBILE/AUTO PART RETAILERS

160

166

ELECTRONIC COMMUNICATIONS SERVICES

BUILDING MATERIALS

APPAREL RETAILERS

COURIER/FREIGHT/DELIVERY

S/N

%CHANGE

COMPUTERS AND PERIPHERALS

S/N

306,919

TRADES 9

HOTELS/LODGING

1.65

COMPUTER BASED SYSTEMS

MASS TELECOMMUNICATION INNOVATIONS NIGERIA PLC TELECOMMUNICATIONS SERVICES

ADVERTISING

S/N

ICT

122

1.45

HOSPITALITY

PRICE

PHARMACEUTICALS

TELECOMMUNICATIONS SERVICES

350.00

COURIER/FREIGHT/DELIVERY

251.09

HEALTHCARE

S/N

197,205.60

AUTOMOBILE/AUTO PART RETAILERS

MARKET CAP(Nm)

MEDICAL SUPPLIES

NCR (NIGERIA) PLC.

%CHANGE

APPAREL RETAILERS

HEALTHCARE

PROCESSING SYSTEMS

SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD

PRICE

ADVERTISING

440,211

0.54

25,545.50

OTHER FINANCIAL INSTITUTIONS

118

156

MARKET CAP(Nm)

VOLUME

10,995.11

S/N

EXPLORATION AND PRODUCTION

1,805,182

TRADES

CONTINENTAL REINSURANCE PLC

IT SERVICES

S/N

100,493 277,965

11,589,491

S/N

40 57 368

26,791,362

238,600

ELECTRONIC COMMUNICATIONS SERVICES

6.52

33,287,749

882,342

S/N

-9.73

170.00

63,639,174

VOLUME

COMPUTERS AND PERIPHERALS

8.93

40.47

57,718.71

268,146,488

S/N

175.00

10,278.92

142

COMPUTER BASED SYSTEMS

63,104.17

MRS OIL NIGERIA PLC. TOTAL NIGERIA PLC.

295

S/N

MOBIL OIL NIG PLC.

154 155

68,827

186

1,647

NEIMETH INTERNATIONAL PHARMACEUTICALS PLC

405,152

2.94

TRADES

111

152

8.11

4.29

MAY & BAKER NIGERIA PLC.

2.04

1.30

2.41

110

225.00

5.74

%CHANGE

GLAXO SMITHKLINE CONSUMER NIG. PLC.

645,826

293,058.25

1.75

2.19

109

1.20

0.85

FIDSON HEALTHCARE PLC

9.78

1.29

PRICE

108

4.96

3.03

18.73

5,890.67

MORISON INDUSTRIES PLC.

%CHANGE

19.06

3,951.56

37,377.49

22,995.00

PHARMACEUTICALS

FORTE OIL PLC.

VOLUME

PRICE

13,226.73

551,245.99

AXAMANSARD INSURANCE PLC

106

152

TRADES

MARKET CAP(Nm)

AIICO INSURANCE PLC.

S/N

ETERNA PLC.

MEDICAL SUPPLIES

PETROLEUM AND PETROLEUM PRODUCTS DISTRIBUTORS CONOIL PLC

151

1,989,675 1,989,675

CONSUMER GOODS

S/N

150

100

34 34

23,432,563

BANKING

HEALTHCARE PROVIDERS

10.21

113

WEMA BANK PLC.

S/N

5.29

VOLUME

4.51

UNITY BANK PLC

102 103 STANBIC IBTC HOLDINGS UNITED CAPITAL PLC PLC

63,663.13

100

TRADES

15.06

UNITED BANK FOR AFRICA PLC

CUSTODIAN AND ALLIED PLC

%CHANGE

276,344.24

UNION BANK NIG.PLC.

DEAP CAPITAL MANAGEMENT & TRUST PLC

OANDO PLC

PRICE

ROYAL EXCHANGE PLC.

148

MARKET CAP(Nm)

FCMB GROUP PLC.

INTEGRATED OIL AND GAS SERVICES

CONSTRUCTION/REAL ESTATE

S/N

CONSTRUCTION/REAL ESTATE

12,682,999

50,383.23

TRADES

16,656.36

100

%CHANGE

0.50

9.78

STERLING BANK PLC.

AFRICA PRUDENTIAL REGISTRARS PLC

PRICE

3,131.35

2.02

SKYE BANK PLC

MARKET CAP(Nm)

46,783.99

GUARANTY TRUST BANK PLC.

OTHER FINANCIAL INSTITUTIONS

ENERGY EQUIPMENT AND SERVICES JAPAUL OIL & MARITIME SERVICES PLC

PROPERTY MANAGEMENT

FIDELITY BANK PLC

MORTGAGE CARRIERS, BROKERS AND SERVICES

0 VOLUME

VOLUME

S/N

0 TRADES

32,133,196

S/N

TRADES

%CHANGE

156

NPF MICROFINANCE BANK PLC

%CHANGE

PRICE

TRADES

PRICE

MARKET CAP(Nm)

8.30

ECOBANK TRANSNATIONAL INCORPORATED

WAPIC INSURANCE PLC

0 VOLUME

MARKET CAP(Nm)

%CHANGE

MICRO-FINANCE BANKS

4.83

DIAMOND BANK PLC

30,298

PRICE

S/N

30,298 VOLUME

139,722.10

ACCESS BANK PLC.

INSURANCE CARRIERS, BROKERS AND SERVICES

MARKET CAP(Nm)

S/N

1 TRADES

SERVICES

FINANCIAL SERVICES S/N

%CHANGE

OIL AND GAS

500

MARKET CAP(Nm)

FOOD PRODUCTS--DIVERSIFIED

%CHANGE

3.76 PRICE

EXPLORATION AND PRODUCTION

5,000

37 38

1,185.03

PAPER/FOREST PRODUCTS

S/N

153

49,853

34 36

VOLUME

PRICE

1,565.08 MARKET CAP(Nm)

PETROLEUM AND PETROLEUM PRODUCTS DISTRIBUTORS

VOLUME

2 44

23,097.01

BEVERAGES--BREWERS/DISTILLERS

MINING SERVICES

147

S/N

19,016

MARKET CAP(Nm) 231.34

TRADES

MARKET CAP(Nm)

INTEGRATED OIL AND GAS SERVICES

CONSUMER GOODS AUTOMOBILES/AUTO PARTS

METALS

ENERGY EQUIPMENT AND SERVICES

19,016

REAL ESTATE DEVELOPMENT S/N

2,361,400

VOLUME

11,529,171

2,588.07

182

CHELLARAMS PLC.

S/N

30,298

103

MARKET CAP(Nm)

0 VOLUME

TRADES

INFRASTRUCTURE/HEAVY CONSTRUCTION

0 0

OIL AND GAS

S C O A NIG. PLC.

S/N

0 TRADES

NATURAL RESOURCES

%CHANGE

BUILDING STRUCTURE/COMPLETION/OTHER

%CHANGE

11,367,821

PRICE

BUILDING CONSTRUCTION

0.63 PRICE

11,367,821

S/N

131.43 MARKET CAP(Nm)

S/N

PAPER/FOREST PRODUCTS

MARKET CAP(Nm)

DIVERSIFIED INDUSTRIES

0 0

MINING SERVICES

CONGLOMERATES S/N

0 0

CHEMICALS

29.01

LIVESTOCK/ANIMAL SPECIALTIES

9.23

NATURAL RESOURCES

MARKET CAP(Nm) 27,672.93

S/N

%CHANGE

1.45 43.23

393.57

INDUSTRIAL GOODS

OKOMU OIL PALM PLC.

FISHING/HUNTING/TRAPPING

PRICE

991.76 21,613.79

TOOLS AND MACHINERY

S/N

MARKET CAP(Nm)

PACKAGING/CONTAINERS

AGRICULTURE S/N

PORTLAND PAINTS & PRODUCTS NIGERIA PLC

BUILDING MATERIALS

2.56

2.64

5.18

76.08

6.55

1.24

1,843.90

12.26

2.77

80.44

18.36

2,133

96.52

ETP TOTALS

PRICES FOR DEBT SECURITIES

5 5

Price List (BONDS) %CHANGE

TRADES

VOLUME

16.00% FGN JUN 2019

374,486.15

106.60

-9.66

2,039

16.39% FGN JAN 2022

671,894.71

111.00

-7.31

1,000

3,039

S/N

COMPANY

BONDS TOTALS

MARKET CAP(Nm)

PRICE

T H I S D AY • MONDAY, MAY 16, 2016

CITYSTRINGS

Minister of Power, Works and Housing, Mr. Babatunde Fashola

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

Head office of Kaduna Electric Distribution Company

‘Give Us Light’ John Shiklam writes on how communities in Kaduna are spending millions of naira to maintain electricity installations without any compensation or improved services from the Kaduna Electricity Distribution Company

hen the former Power Holding Company of Nigeria (PHCN) was unbounded and privatised, electricity consumers were hopeful of improved and efficient services from private owners. However, the story seems to be the same as there seem to be no departure from the inefficient, corrupt and fraudulent activities of the defunct PHCN. In Kaduna, what has become a source of serious worry among electricity consumers in the northern city, apart from the epileptical electricity supply, lack of prepaid metres and crazy bills, is the fact that they also have to bear the huge cost of repairing or replacing electricity installations and other accessories like transformers, burnt armored cables, feeder units, panels, fuses and many others. Although the Kaduna Electricity Distribution Company (KEDC) maintained that it is its responsibility to ensure the repairs or replacement of electricity installations, THISDAY findings revealed that the company, in a deliberate effort to compel electricity consumers to bear the cost of addressing faults, will ask them to wait or contribute money to make the repairs. It was gathered that any community that chooses to wait for the company stays without electricity supply for eternity. It was also learnt that because of the importance of electricity in the lives of people and how desperate they need it for their businesses, the electricity company,

especially its staff always capitalised on this to compel people to bear the cost of the repairs as well as extort them. As a result, many communities across the state contribute money to either buy a new transformer or repair a faulty one. For instance in Kigo New Extension, residents of the area had to spend over N200,000 to repair their faulty transformer after they were given an option of waiting or repairing it by themselves. Chief Donatus Eze, a community leader in the area told THISDAY in an interview that the when the transformer in his area became faulty sometimes in March 2016, the community reported the matter to the electricity company, but was told that there was no transformer on the ground and should be patient pending when there is transformer. “We went to the Head office of the Kaduna Electricity Company to complain. They told us that they will look into it. Two days after, they came and confirmed that the transformer was bad. “They said they don’t have transformer on the ground to give us. They said we should be patient until when they get transformer. We asked them how long it will take them to get the transformer for us. They told us that they don’t know when they will get it. “We asked them whether they can repair the one that is spoilt. They told us that they can repair it but that they don’t have the materials to repair it except if we can take

it upon ourselves. “So each member of our community contributed N4000 and we spent over N200,000 to repair the transformer. We gave the money to the staff of the electricity company. They even charged us for the company’s crane that carried the transformer for the repairs. They collected about N170, 000 for the repairs and about N50, 000 for their crane that carried it,” Eze said. According to him, less than one week after electricity was restored, the marketer covering the area came and to say that people were not paying their bill. We told him that everybody in our community has a prepaid metre and it was not possible for anyone using electricity not to pay for it. “He made a call and said he was ordered from above to disconnect us. So he disconnected us and for hours we were without electricity. “We asked him to give us the phone number of his boss and we spoke to the man, I don’t know who the boss was. After several hours, they reconnected us around 10pm,” Eze said. The community leader wondered why the electricity company which is now a private company will shift its responsibilities to customers, saying that the company should find a way of compensating customers for the maintenance of their equipment. “We pay our bills promptly. Why should we be the ones to be repairing their equipment for them? This is a private business, if

we are spending money to repair or replace their facilities, they should find a way of compensating us. “Their argument is that if we cannot repair it, we should be patient until when they have the equipment. But the truth is that even if they have the equipment, they will still not want to spend their money because the staff and the company are capitalising on the fact that we are desperate to have electricity, so anything they tell us, we will do it,” Eze stated further. In Sabon Tasha GRA, the community was solely responsible for connecting the area with electricity some years ago and has been bearing the brunt of repairs and replacement of electricity facilities ever since. According to Mr. Appolos Fatherson, a resident of the area over N4 million was spent by the community to be connected to electricity during the PHCN era. He noted that although the company has been privatised, he maintained that nothing has changed in terms of service delivery, efficiency and transparency in transaction. According to him, the staff of the electricity company still exhibits the same fraudulent and corrupt attitude that the PHCN was known for. “When the transformer got spoilt, we had to contribute money to buy 24 yards of armored cable, fuses, panel box and other materials. After that we were asked to write that we are donating these materials to the electricity company. Each house in the community contributed N5000

T H I S D AY • MONDAY, MAY 16, 2016

CITYSTRINGS

Managing Director, KEDCO, Engr. Garba Haruna

Many communities still contribute money to buy transformers; many communities still pay for repairs of the transformers, cables and other accessories and still pay the staff of the company for the repairs. Any community that does not bear the cost of all these is left in darkness. This is very unfortunate for the repair of the transformer. He narrated further that when the armored cable located near the Sabon Tasha Police Station was vandalised, “we reported to the electricity company, but they told us that they don’t have the cable except if the community will contribute money and buy.” According to him, “Each house again contributed N5000 and after it was bought, they asked the community to write an undertaking that we are donating the cable to them. The community wrote the undertaking and submitted the material to them. “Now our transformer is faulty and we have been without electricity for about two weeks now (as at May 7) and they have not done anything. As usual, they are waiting for the community to initiate another contribution to either repair or buy another transformer. They told us that they don’t have any transformer on ground. “They told us that we will stay without electricity if we don’t contribute money and get a transformer. Each time there is any fault, we will have to contribute money and purchase whatever that got spoilt and still pay their staff for fixing it.” Fatherson lamented that “This has been the practice right from the era of National Electric Power Authority (NEPA), PHNC and now Kaduna Electricity Distribution Company.”

According to him, “As a private company, we thought the situation will improve, but it is the same story if not worst now. The fact of the matter is that the company is feeding fat on consumers in despite poor services. This type of privatisation will not help us. “We need a situation that will bring about competition just like it is in the telecommunication industry so that people can have the choice of switching over if a particular company is not serving them well.” Also the Youths Leader of Peoples Democratic Party (PDP) in Kaduna State, Mr. Danjuma Sarki who resides in Angwan Sunday area of the city said, “each time our transformer or any other thing is spoilt, we will contribute money to repair it”. He said the Kaduna Electricity Distribution Company has not live up to expectations of the people as nothing has changed. “Many communities still contribute money to buy transformers; many communities still pay for repairs of the transformers, cables and other accessories and still pay the staff of the company for the repairs. Any community that does not bear the cost of all these is left in darkness. This is very unfortunate,” he said. In the Nuhu Aliyu area of Barnawa GRA, residents of the area had to stay without electricity for six months for failing to contribute money to replace their transformer. According to one of the residents of the area, Mr. Emma Ado, the transformer was vandalised sometimes in December last 2015 and the community reported to the Kaduna Electricity Distribution Company. “It took them time to come and look at the transformer. When they came, they were not categorical in telling us what to do. At one point they were telling us that we don’t need to pay to replace it, at another point somebody was saying we had to pay to replace it, there was nothing definite from them and we were confused about what they want. “We actually wanted to contribute money to replace it, but we didn’t get the cooperation of residents who felt that it is not their responsibility to replace transformer belonging to the electricity company and still pay for electricity bill. “So people resorted to using their generators. We stayed for six months without electricity before they eventually brought a refurbished

transformer that could not service the whole area,” he explained. Condemning the attitude of the electricity company, a resident of the area who didn’t want his name in print, alleged that there is massive extortion of electricity consumers by the company. According to him, there is a cartel within the staff and some management staff of the company who are exploiting the desperate quest for power supply by Nigerians to enrich themselves by compelling them into repairing electrically installation. “In fact, sometimes they have the transformers and some of the equipment in their store, but they will collect hundreds of thousands of naira from people and still go to the store and supply them and share money among themselves,” he alleged. He urged the Nigerian Electricity Regulatory Commission (NERC) to intervene in the dubious activities of electricity distribution companies and make them live up to their responsibilities. “I have never seen a place where a business is guaranteed, whether they give you light or not, they are guaranteed a certain percent of payment, so they have incentive to improve services. The so called privatisation of the power sector has not improved anything,” he added. From Badarwa, Nasarawa to Angwan Sarki area, to Mando and several other suburbs in Kaduna metropolis, the story is the same as communities contribute money to repair or replace electricity installations without any compensation from the distribution company. In some instances, politicians have had to purchase and donate transformers to some of the communities. However while reacting to the allegations, Head, Corporate Communication, Kaduna Electricity Distribution Company, Abdulazeez Abdullahi, admitted it is the responsibility of the company to repair and replace its installations, saying that electricity consumers don’t always have the patience to wait for the repairs to be made. According to him, because of the importance of power in the socio economic lives of the people, they are always in a hurry and they feel the fatest way of resolving the problem is to contribute money and do it. He said the company does not even encourage communities to repair its installations, pointing out that the company cannot compensate anyone for spending money on its installations, because, in the first place it did not ask anyone to do so. “It is our responsibility to repair our installations and all our electrical equipment but what happen usually is because you know how important power is in the lives of people, they don’t have the patience to wait for us to do it. So they feel that the quickest way for them is to contribute money and resolve the problem. “Of course because we don’t have these equipments in store, for us to get them, it takes a little bit of time. And because people are impatient, they will contribute money and

fix it. But ideally, it is our responsibility to fix whatever problem there is. It is not the responsibility of communities to contribute money. We don’t even encourage it officially,” he said. On allegations of corrupt practices among the staff of the company, Abdullahi said he cannot vouch for the character of all the staff of the company. “We have so many people out there, if this person is good, you can’t vouch for the other person. If any of our staff tells the people in the community contribute money to fix anything, chances are that we may not know and like I said, because people are desperate to get power restored as soon as possible, they will go to any length. “That is why people do things that are illegal so that they can have power. But we keep urging people to come and report whatever faults to us, so that we on our part will do what we can to resolve such problems,” he said. According to him, some communities have been waiting for a long time to get things sorted out and called members of the public to report any unacceptable behaviour of staff to the office. “If any of our staff ask you to do what you feel is not right, you have the right to come to the head office and complain. He has superiors. Some of our workers will go and collect money and they don’t return it, they collect payments and put it in their pockets. There are bad eggs. But if we hear of these cases, we take action against it. We investigate and punish those found guilty. According to him, these kinds of complaints are very common among the Distribution Companies (DISCOS) “Anywhere you go, it is like that. Any DISCO you go, it is the same attitude. It is unfortunate. This vandalism that we are talking about, I think communities need to do more to in order to guard the installations,” he said. He explained further that it is not possible to address the needs of all communities neither is it possible to have a large stock of equipment to respond promptly to complaints. “We can’t have enough because of the number of the communities. Look at how scattered the communities are! You wouldn’t know where a problem will happen tomorrow. You can’t say you will buy 300 transformers and keep for faults. You can have may be 50 or a reasonable number and keep. “Remember we are not just dealing with Kaduna alone, Sokoto, Kebbi, Zamfara and Sokoto are all there. That is part of the problem, I am sure if you have been following happenings in the industry, there is a cash crunch hitting the industry. “It is affecting the purchase of metres. The cost of getting metre is huge, yet electricity consumers don’t want to pay. People are used to not paying their electricity bills. Somebody that has not been paying his bill for many years, there is no guarantee that he will pay even if you give him metre. It is better to have the metre but people don’t appreciate what we go through to get the metres,” he said.

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MONDAY MAY 16, 2016 • T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

WEF: Dangote, Others Seek Improved Image for Africa Crusoe Osagie Conscious efforts at countering and redressing the gloomy pictures painted about doing business in Africa was a major step offered by business leaders at the World Economic Forum (WEF) on Africa in Kigali Rwanda in order to attract more investors into the continent. Led by the Nigeria’s Business leader, Aliko Dangote, members at a McKinsey Private Breakfast discussion Panel agreed that Africa’s long term growth potentials should be a subject of emphasis to gradually change the wrong perception. Other speakers on the Panel, who expressed confidence in the long term giant leap in Africa industrial strive in years to come, while reviewing the McKinsey report titled“Lions on the Move 2.0: The continuing progress of Africa’s economies”were Dominic Barton, CEO Global McKinsey; Ashish Thakkar, Executive Chairman of Mara Sokoni; Makhtar Diop;Vice-President for Africa, the World Bank and Carlos Lopez: General Executive-Secretary, Economic Commission for Africa (ECA). The executive summary of the report indicated that“Africa growth story is still positive and business opportunity is large and shifting, over 4trn across B2B and B2C “The Continent’s biggest 700 companies are mostly local and highly profitable, but too few and too small. “ 6+1 Imperatives to Governments to sustain and accelerate the momentum.” Dangote emphasised there are positive events and stories on Africa but “we have to get rid of perception risk. The fragility of perception drives away investors. We need to change the mind set because good things are happening in Africa.“Sometimes the old and existing investors paint a gloomy picture of doing business in Africa to avoid competition and scare away potential investors.You have to act big and bold.” The frontline businessman disclosed that the Cement segment of his Group’s businesses has invested over 4 billion dollars in

the continent and that the returns are quite good.“We are bullish about investing in Nigeria, devaluation or no devaluation” In response to how African entrepreneurs can have wider access to finance, Dangote advised that there should be a robust policy that encourages bank especially locally owned ones to finance local entrepreneurs. He pointed out that 90 per cent of Nigerian banks are owned locally and that perhaps correlates with why Nigeria has the highest number of entrepreneurs in Africa. However, one of the biggest challenges to investing in Africa, according to the richest man in Africa, is lack of credible data to work on While encouraging that African should stand up and tell their stories, he expressed optimism that his group, in the next five years, will be the first African company to feature on Fortune 500 list of companies. In his comment, Dominic Barton, CEO Global McKinsey, spoke about the fact that Africa could boast of young population and good talent poll which would aid her industrial efforts. While calling for a collaboration between the private sector and government to enhance the capacity building of the young population, build efficient tax system. He also posited that the democratic dividends occasioned by the stable governance should be harnessed to strengthen quality education for the young population. Also, Ashish Thakkar, Executive Chairman of Mara Sokoni harped on the development of e-commerce as the emerging market and that young entrepreneurs should be inspired and mentored to keep on track The McKinsey report expressed the believe in Africa’s long-term growth prospects which it described as being very strong but powered by four factors. It gave the factors as the working age population which will be world’s largest by 2034 at 1.1bn with stable jobs now growing faster than the labour force.

The second factor, the report indicated is that Africa has continued to urbanize rapidly:“Another ~190 million moving to urban regions by 2025 and Urban areas have 2.5x higher productivity than rural areas” The third propeller factor is the “Technology creating opportunities to leapfrog in key sectors e.g. Financial services, Education and

A Congolese general recruited, financed and armed elements of a Ugandan Islamist group to kill civilians while he was in charge of a military operation targeting the rebels, according to a confidential report to the United Nations Security Council. A panel of U.N. experts, who monitor sanctions on Democratic Republic of Congo, said“it has become clear that FARDC (Congolese army) officers were involved in recruiting and supplying armed groups involved in the killings (of civilians).”

The West African Women Association (WAWA), has again called for the immediate release of the Chibok girls, saying their continued hostage by the Boko Haram militants was unacceptable. While announcing its plans for the 2016 Children’s Day celebration in Nigeria, the women noted that the Federal Government should intensify effort in making sure that they are rescued as soon as possible. WAWA stated that the call is cogent as the children’s day celebration would not be the usual static match past and addresses, rather, it would be to enrich, and discuss issues relating to the lives of the children. Speaking at a press briefing at the ECOWAS Commission in Lagos weekend, the Focal

priorities and actions for Africa’s leaders as they look to build economies resilient to today’s challenges and able to flourish in the increasingly digital, convergent marketplaces of tomorrow. Participating in the discussions in Kigali are over 1,200 leaders from government, business, civil society, academia, media and the arts.

More than 500 people have died in a wave of attacks in eastern Congo since October 2014, rights groups say. The Congolese government has blamed most of those on the Allied Democratic Forces (ADF). Brigadier General Muhindo Akili Mundos was in charge of the offensive against the ADF - named Sukola, or “cleanup” in the local Lingala language - between August 2014 and June 2015. “The Group knows of eight individuals that were approached in 2014 by General Mundos to participate in the killings,” the

experts wrote in the report, seen by Reuters. Three members of the ADFMwalika, a splinter group of the core ADF, told the experts that before the killings began Mundos had persuaded elements of their group to merge with other recruits.“According to them, General Mundos financed and equipped this group with weapons, ammunition and FARDC uniforms. He came to their camp several times, sometimes wearing an FARDC uniform and sometimes in civilian clothes,”the experts said.

“Although it is unclear if they knew what the objective was initially, these three ADF-Mwalika elements were eventually given the order to kill civilians,” they said. Mundos told Reuters on Saturday that the accusations against him were false and the killings had continued after he left the operation. The U.N. report also contains accusations of links between other Congolese army officers and the ADF. The Congolese army and the Congolese government did not immediately respond to requests for comment on Saturday.

Kerry Meets Saudi King to Discuss Syria A Congolese general recruited, financed and armed elements of a Ugandan Islamist group to kill civilians while he was in charge of a military operation targeting the rebels, according to a confidential report to the United Nations Security Council. A panel of U.N. experts, who monitor sanctions on Democratic Republic of Congo, said“it has become clear that FARDC (Congolese army) officers were involved in recruiting and supplying armed groups involved in the killings (of civilians).” More than 500 people have died in a wave of attacks in eastern Congo since October 2014, rights groups say. The Congolese government has blamed most of those on the Allied Democratic Forces (ADF). Brigadier General Muhindo Akili Mundos was in charge of the offensive against the ADF - named Sukola, or“cleanup”in the local Lingala language - between August 2014 and June 2015.

Announces plan for Children Day celebration Person for WAWA, Dr Beatrice Ubeku, said its plan for this year’s Children’s Day celebration will be its maiden edition. She pointed out that the reason is informed by the Sustainable Development Goals (SDG) 3,4,5, which are: Good Health and Well-being, Quality Education and Gender Equality. Ubeku added that the goals call for extra handwork on the part of families, governments and societies to bring up a child in a good way in order to contribute his/her quota to the society. “United Nations Education Scientific Organisation Organisation (UNESCO), said that Nigeria is ranked fourth in the global list of “out of school”drop out. Adopted about eleven million children of school age do not go to school and 90% of them are from the North eastern part of the country

on Africa, currently on-going in Rwanda is focusing on Connecting Africa’s Digital Transformation. Convening under the theme, “Connecting Africa’s Resources through Digital Transformation,” the discussion in Kigali is coming after the Forum’s Annual Meeting in Davos-Klosters in January. The Forum is seeking to identify

UN Experts Accuse Congo’s General of Aiding Attacks

West African Women Call for Chibok Girls’ Release Zacheaus Somorin

Retail/Wholesale” The last factor for long term growth in Africa is the level of Infrastructure investment, which the report claimed had risen to 30% over last five years. The Infrastructure investment stood at $80bn in 2015, or 3.6% of GDP, up from 3.2% in 2010. The World Economic Forum

wherein insurgency has crippled the society for years”, she added. In her welcome address, the WAWA Secretary, Mrs. Hauwa Sodeinde, stated that the Children’s Day celebration has always been a match past and salutations, pointing out that there would be a departure of the tradition. Mrs Sodeinde added that WAWA has thought of ways of engaging the children and how to help them realise their purpose for living; guiding them against violence in the society. “We are looking for preventive ways of tackling violence among children. If children are instructed on how to live, they will be conscious of right living. However, WAWA has invited schools to participate in debate and quiz competition, scheduled for 27th of May.

“The Group knows of eight individuals that were approached in 2014 by General Mundos to participate in the killings,”the experts wrote in the report, seen by Reuters. Three members of the ADFMwalika, a splinter group of the core ADF, told the experts that before the killings began Mundos had persuaded elements of their group to merge with other recruits. “According to them, General Mundos financed and equipped this group with weapons, ammunition and FARDC

uniforms. He came to their camp several times, sometimes wearing an FARDC uniform and sometimes in civilian clothes,”the experts said. “Although it is unclear if they knew what the objective was initially, these three ADF-Mwalika elements were eventually given the order to kill civilians,” they said. Mundos told Reuters on Saturday that the accusations against him were false and the killings had continued after he left the operation.

The U.N. report also contains accusations of links between other Congolese army officers and the ADF. The Congolese army and the Congolese government did not immediately respond to requests for comment on Saturday. The U.N. experts said that while the number of killings had decreased since Mundos was transferred from the Sukola operation in June 2015, “the killings of civilians have continued by armed elements throughout 2015 and early 2016.”

T H I S D AY • MONDAY, MAY 16, 2016

Nigeria’s top 50 stocks based on market fundamentals

13-May-16 12-May-16

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

Table 1 Market Statistics Mkt Indicators

01 Dangote Cement Plc

165.00

162.52

1.53%

2,811,683,721,825.00

10.64

15.51

5.72

4.85%

4.36

02 Nigerian Brew. Plc.

117.95

121.00

-2.52%

935,237,449,739.60

5.37

21.97

3.38

3.05%

5.49

03 Nestle Nigeria Plc.

722.00

680.00

6.18%

572,297,813,944.00

29.95

24.11

3.78

4.02%

15.06

04 Guaranty Trust Bank Plc.

18.73

18.49

1.30%

551,245,986,865.52

3.38

5.54

2.40

9.45%

1.33

05 Zenith Bank Plc

14.70

14.00

5.00%

461,528,458,654.20

3.37

4.37

1.07

12.24%

0.78

Table 3 Top 5 Gainers

06 Lafarge Africa Plc.

71.20

68.00

4.71%

324,309,008,872.00

5.93

12.01

1.21

4.21%

1.84

Stock

225.00

220.50

2.04%

293,058,248,175.00

4.45

50.58

2.35

1.53%

6.33

15.06

14.41

4.51%

276,344,241,297.90

1.39

10.81

0.54

4.12%

0.74

350.00

345.00

1.45%

193,658,609,550.00

23.48

14.90

1.71

4.55%

0.69

10 Stanbic IBTC Holdings Plc

14.48

14.00

3.43%

144,800,000,000.00

2.04

7.11

1.23

0.69%

1.29

11 Guinness Nig Plc

95.00

94.80

0.21%

143,059,377,860.00

0.78

122.06

2.87

0.00%

3.20

12 Access Bank Plc.

4.83

4.46

8.30%

139,722,102,977.73

2.28

2.12

0.41

11.39%

0.38

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

13 Unilever Nigeria Plc.

36.00

0.00%

136,198,665,000.00

0.32

114.23

2.30

0.14%

17.02

14 FBN Holdings Plc

3.70

3.46

6.94%

132,812,583,330.40

0.42

8.77

0.26

4.05%

0.23

15 United Bank for Africa Plc

3.63

3.50

3.71%

131,694,680,548.86

1.64

2.21

0.42

16.53%

0.40

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.

23.00

22.00

4.55%

91,320,972,035.00

1.10

20.96

1.26

5.65%

2.17

18 Dangote Sugar Refinery Plc

6.05

5.90

2.54%

72,600,000,000.00

0.96

6.29

0.72

8.26%

1.25

19 International Breweries Plc.

20.00

0.00%

65,884,985,600.00

0.64

31.29

3.56

1.25%

5.47

5.29

4.80

10.21%

63,663,133,949.26

0.50

10.58

0.11

14.18%

0.40

175.00

160.66

8.93%

63,104,170,850.00

13.51

12.95

0.98

4.11%

4.11

23.50

22.58

4.07%

61,669,573,894.50

1.84

12.76

0.19

8.51%

0.60

170.00

159.60

6.52%

57,718,712,290.00

11.92

14.26

0.28

8.24%

3.55

43.00

0.00%

56,760,000,000.00

1.85

23.26

0.42

3.49%

2.34

25 Sterling Bank Plc.

1.75

1.70

2.94%

50,383,231,720.50

0.36

4.90

0.46

5.14%

0.53

26 Transnational Corporation Of Nigeria Plc

1.29

1.19

8.40%

49,950,086,678.25

0.05

24.59

1.23

0.00%

0.57

27 Diamond Bank Plc

2.02

1.84

9.78%

46,783,985,715.36

0.24

8.27

0.22

0.00%

0.22

19.55

18.62

4.99%

37,552,898,765.85

2.70

7.24

0.51

5.12%

0.51

1.29

1.22

5.74%

37,361,735,542.68

0.48

2.69

0.25

12.40%

0.20

30 Presco Plc

35.02

0.00%

35,020,000,000.00

3.28

10.68

3.08

0.29%

1.56

31 Cadbury Nigeria Plc.

17.24

15.64

10.23%

32,380,203,169.60

3.21

5.38

0.96

7.54%

3.13

0.76

0.79

-3.80%

29,316,594,221.56

0.06

12.60

0.64

0.00%

0.64

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.

22.42

20.36

10.12%

26,811,550,860.96

0.81

27.78

0.88

1.34%

2.03

36 FCMB Group Plc.

1.29

1.18

9.32%

25,545,496,907.49

0.24

5.37

0.17

7.75%

0.16

37 Mansard Insurance Plc

2.19

2.10

4.29%

22,995,000,000.00

0.16

13.83

1.39

2.28%

1.32

38 Custodian And Allied Insurance Plc

3.70

3.79

-2.37%

21,762,897,521.50

0.71

5.18

0.73

3.78%

0.83

39 National Salt Co. Nig. Plc

8.10

8.04

0.75%

21,460,450,861.80

0.79

10.19

1.33

6.79%

3.03

40 Skye Bank Plc

1.20

1.11

8.11%

16,656,361,692.00

0.85

1.40

0.12

25.00%

0.12

41 Honeywell Flour Mill Plc

1.70

1.68

1.19%

13,481,336,018.60

0.14

12.03

0.27

9.41%

0.63

42 Continental Reinsurance Plc

1.06

1.01

4.95%

10,995,108,970.72

0.21

5.13

0.56

11.32%

0.71

43 Cement Co. Of North.Nig. Plc

7.39

7.04

4.97%

9,286,848,690.74

0.96

7.73

0.71

1.35%

0.92

44 Unity Bank Plc

0.77

0.75

2.67%

9,000,790,215.34

0.54

1.42

0.14

0.00%

0.10

45 UACN Property Development Co. Limited

4.20

4.00

5.00%

7,218,749,979.00

1.81

2.32

0.64

16.67%

0.22

46 Nigerian Aviation Handling Company Plc

4.13

4.14

-0.24%

6,708,023,437.50

0.33

12.47

0.79

4.84%

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.

0.85

0.83

2.41%

5,890,673,808.00

0.28

3.08

0.18

5.88%

0.61

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

2.25

2.24

0.45%

3,375,000,000.00

0.50

4.53

0.41

2.22%

0.53

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

28 U A C N Plc. 29 Fidelity Bank Plc

32 Wema Bank Plc.

TOTAL

8,460,269,680,099.42

TOTAL MARKET CAP

9,098,709,012,861.16

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

92.98%

NSE All Share Index NSE Market Cap (N'Trillion) Thisday BGL 50 Index Thisday BGL 50 Market Cap (N'Trillion)

Open Close Change % 12-May-16 13-May-16 25,865.06 8.90

26,441.03 9.10

2.23% 2.23%

106.22 8.27

108.66 8.46

2.29% 2.29%

Open Close Change % 12-May-16 13-May-16

Cadbury Nigeria Plc. Oando Plc Glaxo Smithkline Consumer Nig. Plc. Diamond Bank Plc FCMB Group Plc.

15.64 4.80 20.36

17.24 5.29 22.42

10.23% 10.21% 10.12%

1.84 1.18

2.02 1.29

9.78% 9.32%

Table 4 Top 5 Losers Stock

Open Close Change % 12-May-16 13-May-16

Wema Bank Plc. Nigerian Brew. Plc. Custodian And Allied Insurance Plc Nigerian Aviation Handling Company Plc 7-Up Bottling Comp. Plc.

0.79 121.00 3.79

0.76 117.95 3.70

-3.80% -2.52% -2.37%

4.14

4.13

-0.24%

145.00

0.00%

Market ASI records a striking 2.23% appreciation Market pulse on the Nigerian Stock Exchange (NSE) today – Friday, May 13, 2016 ended on a positive note as the market closed green due to investors’ renewed optimism and confidence which led to increase in market activities. This was further highlighted by positive performances from all NSE Sub sectors; Banking, Insurance, Consumer Goods and Oil & Gas. Trading activities increased in volume as 567.59 million shares worth N3.58 billion in 5,523 deals exchanged hands today. This is an increase from the 261.94 million shares worth N1.49 billion in 3,457 deals carried out on Thursday. Topping in volume terms was Fidelity Bank Plc, FBN Holdings Plc and Transnational Corporation Of Nigeria Plc, while Zenith Bank Plc and FBN Holdings Plc ended trading as the most active stocks in value terms. The All Share Index (NSEASI) closed positive with a 2.23% (+575.97) increase to 26,441.03 from 24,865.06 the previous trading day. Market Capitalization appreciated in tandem to N9.10 trillion from N8.90 trillion of prior trading day. Similarly, the Thisday BGL 50 Index followed suit with an higher increase of 2.29% to close at 106.66 from 106.22 the previous trading day, while its market capitalization stood at N8.46 trillion from N8.27 trillion of the previous trading day. A total number of 51 stocks gained on the bourse today while 10 stocks declined, leaving 37 stocks unchanged. Cadbury Nigeria Plc emerged the toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 10.23% to close at N17.24 per share. It was followed by Oando Plc with a gain of 10.21% to close at N5.29 per share. Others on the gainers list include; GlaxoSmithkline Consumer Nig. Plc, Diamond Bank Plc and FCMB Group Plc, while on the decliners’ list; Wema Bank Plc led with a loss of 3.80% to close at N0.76 per share. It was followed by Nigerian Breweries Plc with a loss of 2.52% to close at N117.95 per share. Others on the losers list include; Custodian And Allied Insurance Plc, Nigerian Aviation Handling Company Plc and 7-Up Bottling Comp. 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

MONDAY MAY 16, 2016 T H I S D AY

MONDAY MAY 16, 2016 • T H I S D AY

NEWSEXTRA

UK’s Foreign Secretary Says Nigeria’s Trials Extend beyond Boko Haram Praises Nigeria days after Cameron called nation ‘fantastically corrupt’ Nigeria, in economic crisis, must multi-task to address a range of urgent security challenges, from stabilising areas wrested from Islamist militant control to dealing with rising unrest in the oil-rich Delta, British Foreign Secretary, Philip Hammond, has said. Hammond who visited at the weekend for a security summit convened by President Muhammadu Buhari, said the country - which he described as its “without doubt the most important” nation on the continent - is facing “very big strategic challenges” that must be tackled simultaneously. Buhari, while addressing the summit, stressed the need to remain focused on returning more than two million Nigerians displaced by the conflict to their homes “in peace and dignity.” That effort is likely to take many years and is likely to be constrained by funding challenges. Buhari took office last May on a wave of hope for Nigeria’s prospects but has spent his first year in office contending with a bleak economic reality that has diverted attention from the battles the former military ruler most wanted to fight: ending the devastating Boko Haram insurgency in the North-east and rooting out rampant corruption in government and business that has stifled the country’s growth and potential. The economic crisis is compounded by new security

problems that cannot be ignored, he said. “You can’t say, ‘we’re fighting a war in the northeast and we can’t do anything else’,” Hammond told journalists on the sidelines of the security summit last Saturday. Nigeria must “deal with unrest in the Niger Delta, in the Middle Belt . . . with the broken economy, with the power crisis, with the population challenge, all of those things need to be addressed.” Nigeria is forecast by the UN to become the world’s third largest country by 2050, but its skyrocketing population growth is far ahead of its economic growth, Hammond noted. Tumbling oil prices have slashed government revenues in what was Africa’s top oil producer until last week, when output dropped to 20-year lows due to a spate of militant attacks by a new group threatening to bring production to zero. Hammond according to Reuters, called the security situation in the southerly region a “major concern, not least because of its direct and dramatic impact,” on the economy. The new threat in the Delta risks overshadowing Nigerian military gains against Boko Haram. In a campaign launched in early 2015, the army has forced Boko Haram off of a swath of territory roughly the size of Belgium that the terror group seized in 2014. Though the push was launched before the

elections that brought Buhari to power, the military has continued its advances on his watch. The president’s claim that the group is only able to launch “hitand-run” attacks, not military-style operations, seems justified, but the next phase of returning displaced people to their homes is likely to be complicated. Security experts and Western diplomats in Abuja say most “liberated” areas are not yet safe for residents to return to, and resources for policing and restoring civilian authority are limited. “I’m afraid . . . that beating Boko Haram looks like the easy bit of the strategic challenge,” Hammond

said. “The flow of battle has turned and I believe Boko Haram will be defeated, but some of these challenges are going to be much more difficult and take much longer.” In remarks earlier in the day, he referred to Britain’s fight in Iraq and Afghanistan in stressing the long-term effort to address underlying grievances that enabled the rise of Islamist extremism. Though militants have since expanded their reach in neighbouring countries, most recently Cameroun, coordination between Nigeria

and its Francophone neighbours has improved dramatically on his watch, as evidenced by the comments of West Africa leaders and their Western partners on Saturday, all of whom stressed that working together in the fight to end Boko Haram’s threat was in their common interests. Hammond commended President Buhari’s strong leadership and his approach to fighting terror group Boko Haram, which has links with Islamic State (ISIS), also known as Daesh, during a security summit in Abuja, Nigeria, today. Last week, Cameron was caught

on camera making the unflattering comment during a conversation with the Queen ahead of an anti-corruption summit. He was overheard saying: “We’ve got some leaders of some fantastically corrupt countries coming to Britain. Nigeria and Afghanistan - possibly the two most corrupt countries in the world.” After the prime minister’s embarrassing gaff, a Downing Street spokesman said: “Both leaders have been invited to the summit because they are driving the fight against corruption in their countries. The UK stands shoulder to shoulder with them as they do so.”

NCAA to Begin Implementation of New Regulations in July Chinedu Eze The Nigerian Civil Aviation Authority (NCAA) has announced that the new Nigeria Civil Aviation Regulations (Nig.CARs) promulgated in December, 2015, will take effect from July 1, 2016. The new regulation was supposed to update new development and policies done in the industry since the first regulation as amended was introduced. It was also expected to correct errors and pitfalls of the last regulation in terms of conflicting rules and lack of clarity in directives given to guard the sector. Spokesman of NCAA, Sam Adurogboye, said the decision to start the implementation of the new regulation was contained in a Circular Ref: NCAA/DG/ AOL/21/16/01 sent to all Airline Operators last month. “While all operators are in possession of the copies of the regulations, the interregnum between April and the commencement date is a permissible transitional period. During this time, all stakeholders are expected to acquaint themselves with the contents therein for seamless implementation,” Adurogboye said in a statement. According to him, the process of review was set in motion to align Nigeria Civil Aviation Regulations (Nig.CARs) with recent International Civil Aviation Organisations (ICAO) amendments and industry observations received by the authority.

“In other words, the reviewed Nig.CARs is to ensure a completion of the annexes. Provisions have therefore been made for economic and consumer protection regulations – that were hitherto not incorporated in the 2009 edition. “In addition, the NCAA decided on the review to standardise the operational procedures, implementation and enforcement in the industry,” Adurogboye said. He noted that all these have been done in conformity with the Standards and Recommended Practices (SARPs) as contained in the Annexes to the Chicago Convention. “The new Nigeria Civil Aviation Regulations 2015 has 19 parts comprising general policies and definitions; personnel licensing; aviation training organisations; registration and marketing; airworthiness; approved maintenance organisations; instrument and equipment; operations; air operator certification and administration and commercial air transport by foreign air carrier within Nigeria. Others are commercial aircraft operations used for specialised services (aerial works); aerodrome regulations; air navigation services; carriage of dangerous goods by air; environmental protection regulations; aviation security and offences,” he explained. The regulatory body, Adurogboye remarked, urged all airline operators of Nigeria and all stakeholders to ensure total and sustained adherence to the reviewed regulations.

COURTESY VISIT

L-R: Chairman, House Committee on Finance, Hon. Babangida Ibrahim; President, Chartered Institute of Taxation, Dr. Olateju Abiola; Speaker, House of Representatives, Hon. Yakubu Dogara; Registrar, Chartered Institute of Taxation, Fisayo Awogbade; and the Chief Whip, Hon. Alhassan Ado Garba, during a courtesy visit by the management of the institute to the Speaker in Abuja....recently

Herdsmen Attack: We Killed Because TivYouths Stole 800 of Our Cows, Says Fulani Spokesman Jukuns urge Taraba govt to set up vigilante George Okoh inMakurdi and Sunday Okobi inLagos Last weekend’s bloody attack by Fulani herdsmen on Buruku Local Government Area of Benue State has been blamed on Tiv youths. This was revealed by the spokesman of Myetti Allah Cattle Breeders Association of Nigeria (MACBAN), Garus Gololo, who said the reason for the Friday night attack on the Tiv people of Agwabi village in Binev Council Ward in Buruku Local Government Area of the state which led to the death of many persons was due to the killing of 800 cattle by Tiv youths. However, the state police command confirmed five people killed by suspected Fulani herdsmen on Friday night who invaded the affected community. Gololo said information gathered from his kinsmen in the troubled Buruku area alleged that trouble started when youths from the affected village last Thursday carried away 800 cows belonging to the resident herders. According to him, “the (herders)

traced the missing cows the following day to that village and that was how trouble started.” “This is highly regrettable because they should have notified the security apparatus already put in place by the state government who could have handled the matter. They didn’t report the matter even to us (MACBAN). “It is painful that while the state government is doing everything to resolve the crisis, some others are taking the law into their hands. But, those found wanting in this matter would surely be handed over to the security agencies,” he said. In another development, a foremost socio-cultural group in Taraba State, Jukun Development Association (JDA), yesterday urged the state Governor, Darius Ishaku, to immediately set up a vigilance group to monitor and ensure security of all farm settlements in the central and southern parts of the state as a measure to curb the herdsmen killings. The group which rose from its emergency extra-ordinary congress yesterday in Lagos, said such steps

became necessary in view of the federal government’s inability to ensure the security of lives and property of her people, especially farmers against rampaging armed Fulani herdsmen. The Jukun people also resolutely rejected the proposed grazing reserve exclusively for Fulani people in the country, declaring that no part of Jukunland would be surrendered for whatever purpose to anyone outside the zone. The association pointed out that Jukun people, as farmers, traditionally need more land to cultivate and sustain their growing population. The association wondered why the government is planning to spend billions to create grazing reserves for private business ventures of individuals “who sell their cows at premium price and don’t even pay tax,” observing that if the grazing must be established, government must equally be prepared to create hunting, farming, fishing, and other reserves to cater for other Nigerians who don’t rare cows, but embrace other professions. The extra-ordinary congress

which had in attendance current, and past exco members of the association nationwide praised the association’s national president Mr. Benjamin Boko, for his quality leadership which many observed may go down in history as the most profound leadership for his numerous achievements since the inception of the association 30 years ago. Bako whose tenure has expired was returned unopposed by the congress which passed a vote of confidence on his leadership. Bako lauded President Muhammadu Buhari’s order on security operatives for a crackdown on the rampaging herdsmen with cautious optimism, wondering why it took the president so long to respond to the manslaughter which was occurring nationwide which attracted global condemnation. He wondered why President Buhari would order a crackdown on the Niger Delta militants and pro-Biafran groups in the South-east and keep quiet while thousands of unarmed farmers, women and children are slaughtered daily in the nation’s North-central.

MONDAY MAY 16, 2016 • T H I S D AY

NEWSEXTRA

Discos Disconnect Legacy Debtors Ejiofor Alike The nation’s power sector crisis deepened at the weekend following the mass disconnection of legacy debtors by all the electricity distribution companies (Discos) to protest the huge unpaid electricity bills by this class of consumers. For now, all historic debtors, including residential, commercial, industrial and government establishments across the three tiers of government would have to find alternative means of electricity supply until this debt issue is resolved, said the Association of Nigerian Electricity Distributors (ANED). As at the last calculation, the body revealed that government establishments, including the military and security agencies alone owed the Discos some N93 billion. The figure, it said, comprised N39.1 billion pre-privatisation of electricity assets and N39.5 post-privatisation. Also thrown into the debt calculation is the outstanding interest of N15 billion, which the Bulk Trader charges Discos for

late payment of their electricity bills, which was worsened by the non-settlement of electricity bills by consumers as and when due. Two weeks ago, all the Discos took pages in some national newspapers to issue all legacy debtors deadlines within which to pay their debts or have their electricity supply disconnected. Mr. Sunday Oduntan, Executive Director of ANED, said at the weekend that his membercompanies had to carry out its threat when it became “obvious that there was nothing on the table”. He said: “Although we appreciate the efforts of VicePresident Yemi Osinbajo and the Minister of Power, Works and Housing, Mr. Babatunde Fashola, but the stark reality is that there is nothing concrete to hold on to. “There is no provision for MDAs’ debts to Discos in the budget, even though we started discussions before the budget was passed. The indebtedness has become so huge that we are truly troubled about how the government would resolve this without a budgetary allocation.”

Oduntan, however, made it clear that the current mass disconnection protest embarked upon by Discos was not an exercise targeted at MDAs, “but all legacy debtors”. “Our position is that this indebtedness is killing us; it is seriously impacting negatively on the entire value chain in the power sector equation. Don’t forget that only 25 per cent of this debt actually belongs to Discos, the rest are for other companies in the value chain – generating companies, the bulk trader, gas suppliers, etc. “So if you don’t pay and you accumulate debt, what you are looking at is a possible total collapse of the entire power sector. That is what we seek to avert by this action. “We need this fund to energise the power sector; to ensure electricity supply and to grow the sector,” he said. Oduntan noted that the operations of all distribution

companies were hampered by huge indebtedness of these legacy debtors. Government establishments, comprising ministries and departments, military formations, security agencies owe each distribution company as follows: Abuja Disco - N18.6 billion, Eko Disco - N8.6 billion, Kaduna - N8.2 billion, Enugu- N7.2 billion, Ibadan- N6.8 billion, Ikeja- N5.9 billion, Port Harcourt - N6.8 billion, Benin - N5.8 billion, Jos - N6.5 billion, Yola - N2.4 billion and Kano - N1.2 billion. While electricity consumers across the country expect the distribution companies to provide modern facilities such as transformers, pre-paid meters, etc, and render world class services, their ability to deliver on these expectations has been seriously constrained by the shortage of funds occasioned by the huge indebtedness and government’s inability to implement the power

tariff structure, which would have made funds available to them. Energy analysts are contending that unless this funding crisis is resolved through the prompt payment of the huge debts and implementation of the new power sector tariffs, the nation’s hope of improving power supply may remain a mirage. Realising the enormity of the financial challenges the Discos are facing, Fashola recently advised them to divest 60 per cent shares in the utilities through initial public offerings, in order to access more liquidity. This suggestion has however been roundly rejected by energy experts, most of whom contend that the privatisation agreement the Discos entered into with the Bureau of Public Enterprises (BPE) was clear that no investor will be allowed to sell more than 5 per cent of their shares in the first five years post-privatisation. What the government should

do, according to analysts, is to promptly pay up the huge debts of the MDAs so that the Discos raise fund for their operations. They also urged the federal government to pursue its plan to secure a N309 billion bond to finance the shortfall in the Nigerian electricity market. Oduntan added: “One indisputable fact is that the power sector needs to be well-funded. In other climes, governments don’t compromise making such a sector to have access to the needed funding. “In addition to immediately ensuring that the MDAs’ indebtedness to the sector are settled forthwith, the federal government should also pursue this bond targeted at financing the shortfall in the Nigerian electricity market. “It is a major way out of our electricity crisis. It is the shortest route to industrial growth, as there can’t be industrial growth without stable power supply.”

FG Debunks Rumour of Outbreak of Steven Johnson’s Syndrome Martins Ifijeh The Minister for Health, Prof. Isaac Adewole, has debunked media publications that there was a recent outbreak of the Steven Johnson’s Syndrome (SJS), which was alleged to have killed at least one person in the country recently. The minister, while setting the record straight in a release made available to THISDAY, said the disease was only the subject of discussion when the ministry, in collaboration with a marathon runner, Mr. Fadesola Adedayo, organised a press conference over the weekend to create awareness on SJS which is a rare medical condition that unfortunately took the life of the brother of the marathon runner, Dr. Adeyosola Adedayo in 2012. The marathon runner organised the event in memory of his late brother who died as a result of the rare disease. According to Adewole, he mentioned that Adedayo died about four years ago due to an adverse drug reaction to medications he took after sustaining a needle stick injury while managing a patient that was living with HIV infections, adding that the late doctor was managed for SJS at the Lagos University Teaching Hospital Idi-Araba but died after few days due to severity of the disease.

Adewole, who at the event praised Fadesola Adedayo’s positive attitude of remembering the death of his brother by creating awareness through his 17-day marathon race from Abuja to Lagos also encouraged Nigerians to always report every case of adverse drug reactions through the Pharmacovigilance unit of NAFDAC. He also mentioned that SJS was not a new disease, that it was first discovered in 1922. In support ofAdedayo’s marathon race, the minister directed all Federal Health Institutions along the track of the marathon race to offer free ambulance and emergency services to the runner. ThemarathonrunnerFadesola,who at the event thanked the minister and other dignitaries for their support, advised all Nigerians that jogging or running as a form of exercise promotes health and prevent risk of deadly diseases. The Minister of Health declared open the marathon race with other dignitaries by jogging with Mr Fadesola Adedayo before bidding him farewell and wishing him a successful run to his final destination in Lagos. Recall that over the weekend, there were publications by some media houses, (THISDAY not included) that SJS, a rare disease was currently threatening the health of Nigerians.

PDP Lawmakers Meet over State of Party Democratic Party (PDP) in the Senate and the House of Representatives will meet today to deliberate on the crisis rocking the party which has threatened the forth-coming national convention of the party. A statement jointly signed by the Minority Leader of the Senate, Senator Godswill Akpabio and his counterpart in the House of Representatives, Hon. Leo Ogor, disclosed that the joint meeting of the lawmakers would hold at the House of Representatives’ complex, Abuja. According to the conveners of the joint session, the sole agenda of

the meeting would be the review of the state of the party against the backdrop of the forth-coming national convention of the party. They added that attendance is mandatory. Sources however, disclosed that the lawmakers might also deliberate on the recent fuel price hike and take a position that would reflect their collective stance on the issue of the fuel subsidy. The House of Representatives would re-convene today to also deliberate on the recent deregulation of the petroleum downstream sector in Nigeria.

SUMMITFOR A BETTER COUNTRY

Managing Director of LADOL, Dr. Amy Jadesimi, flanked by the British High Commissioner to Nigeria, Mr. Paul Arkwright (left); and Archbishop of Canterbury,JustinWelby,atthe justconcludedInternationalAnti-CorruptionSummithosted bytheUKPrimeMinisterinLondon...recently

LASG Renegotiates Domestic Loans, Saves N3.8bn Monthly Targets 10% increase in revenue generation Gboyega Akinsanmi The Lagos State Government has said it has re-engineered its outstanding internal loans, saying the decision has reduced the burden on its internally generated revenue (IGR) and saved N3.8 billion monthly. The state government has also said it has been able to save N5.99 billion for adopting the Treasury Single Account (TSA), thereby enhancing transparency and efficiency in its financial management. The figures were contained in a presentation made by the Commissioner for Finance, Dr. Mustapha Akinkunmi, at a news conference to mark the first anniversary of Governor Akinwunmi Ambode in office. The commissioner addressed the conference alongside his Information and Strategy counterpart, Mr. Steve Ayorinde and the Accountant General of the state, Mrs. Abimbola Umar, among others. At the conference,

Akinkunmi said the state government successfully reengineered the state’s outstanding internal loans “to reduce burden on IGR and technically saved N3.8 billion per month.” He disclosed that the proceeds from the re-engineering of the state’s outstanding internal loans “has been applied continually for the execution of capital projects. In different parts of the state. “This was achieved by renegotiating interest rates from an average of 18 per cent monthly (N5.35 billion monthly payment) to 12.5 per cent (N1.52 billion monthly payment),” he explained. He revealed that the state had successfully restructured its outstanding bonds from bullet payment to amortising payment “to reduce debt service resulting in huge savings recorded from this initiative. “Through this, we have also achieved savings of over N500 million in monthly contributions to Consolidated Debt Service Account (CDSA) and over N40 billion saved in interest payments over

the lifetime of the instruments.” Also, the commissioner acknowledged that the implementation of the TSA had been very rewarding to the state, noting that the state government had been able to save a sum of N5.99 billion through it. As a result of the TSA, Akinkunmi said enhanced transparency and efficiency “has increased the IGR through seamless revenue generation and collection and improved cash management in the state. This has resulted in savings of N5.990 billion.” He added that all revenue generating agencies in the state had been tasked to increase revenue target by 10 per cent, even though the state generated N101.7 billion as revenue in the first quarter. He said the state “has a taxable population of at least eight million, signalling growth prospects for tax collection. Frantic efforts have been set in motion to grow IGR by 50 per cent in 2017 / 18 by the GIS Land Administration Project and the Smart City Project. “The state’s strong internal

revenue base underpins its borrowing capacity and due to its impressive credit history, Lagos State’s legal borrowing capacity exceeds that allowed to other States. “The current composition of the state’s borrowing reflects improvements in debt management over the course of the year. A recent restructuring of loans/bonds will save the state over N40 billion over the next four years.” Akinkunmi said as a reflection of its strong track record of public finance management and administrative reforms, the state successfully drew down the third and final tranche of the World Bank Development Policy Operation, DPO facility (DPO III) in April this year worth $200m. He said Lagos would continue to manage efficiently its financial resources to deliver more dividends of democracy, saying the state’s debt sustainability ratios were all within World Bank guidelines and that its credit ratings remained one of the best in the country presently.

MONDAY MAY 16, 2016 • T H I S D AY

FUEL PRICE HIKE

NLC Faction Sets up Joint Action Committee to Harmonise Protest Gives govt Tuesday deadline for fuel price reversal Our Correspondents The faction of the Nigerian Labour Congress (NLC) led by Joseph Ajaero has announced that it has set up a joint action committee for coordinated protests all over the country to force government to reverse the 67.63 per cent hike in petrol pump price. It also said it had given the authorities till tomorrow to reverse the price increase or face indefinite protests that will paralyse all activities nationwide. The federal government last Wednesday announced sharp increase in the price of petrol, giving many reasons why it had to take the decision. Briefing journalists at the weekend after an emergency meeting of the Central Working Committee (CWC) of the group in Lagos, the factional leader said the congress made five major decisions, namely that the federal government should reverse its decision to hike the pump price of petrol to N145/litre between now and Tuesday at midnight. According to him, “The congress also resolved that the government should convoke a meeting of all the relevant stakeholders if it is desirous of taking any action in the industry with far reaching consequences on the citizenry. “That government must engage the core stakeholders including the leadership of the industrial unions in the oil and gas sector and the NLC that represent them. “Finally, labour warned that if government fails to heed these calls and correct itself; it shall be forced to call out Nigerian workers and masses to the streets to shut all critical sectors of this economy down for as long as it shall take to force the government to subject itself to the desires of the people.” Ajaero said the organised labour would meet civil society groups early this week to decide when the civil action will commence in case government fails to heed their call. He stated that the labour group he is heading would not accept any invitation for dialogue unless government rescinds its decision first to pave way for talks. According to him, even if the other faction of the congress chooses not to take any action, his group will make sure that government reverses the increase to N86.50, saying that the 67.63 per cent increase was totally unacceptable. Describing the Muhammadu Buhari government as anti-masses and wired against the poor, the labour leader said it is irresponsible for this government to unilaterally hike the price of petrol without considering the existing understanding of industry stakeholders. He said the price increase, if allowed, will have multiplier effect citing the sharp rise in foreign exchange rate within three days after the price hike. “Today, the dollar exchanged for N365 from N320, within few hours after the announcement. The implication is that there will be artificial scarcity because if you used to import one million litres before now, with the same amount, you won’t be able to import equal volume given the sharp rise in foreign exchange. “You will import much less because the value of the dollar has changed significantly. With so much money, you end up buying so little, that is the logic, and you will be left with scarcity of the product. Therefore, the product won’t sell for N145 if there is scarcity,” the labour leader submitted, “he said. He urged Nigerians to come all out against the government, insisting that the issue of fuel price increase is not a labour issue but a national issue that goes beyond labour centres. “Nigerians should look beyond labour

organisations and rise to the occasion and stop government. All Nigerians should step out and save this country from imminent collapse,” Ajaero advised. Reeling out series of government’s antimasses policies and actions, the President of Nigerian Union of Electricity Employees (NUEE) stated that the new government has never done anything for the poor since assuming office a year ago. The congress accused government of deliberately creating fuel scarcity so that the citizens would accept whatsoever hike it forced on them. “It is evil for government to create artificial scarcity of petroleum products grinding the citizenry to the dust and extorting N250 per litre of petrol as gleefully acknowledged by the honourable Minister. This is Machiavellian and a complete breach of trust. Nigerians are truly being taken for a ride by those in government,” said the congress.

Labour Union’s Move Deceitful, Says CNPP The Conference of Nigeria Political Parties (CNPP) has warned Nigerians against the futility of the planned industrial action by the organised labour over increase in pump price of petrol. The group said Nigerians should not trust the labour unions as they have been compromised, adding that the planned strike action scheduled for Wednesday will not last beyond Friday. In a statement issued yesterday by the CNPP National Secretary, Willy Ezeugwu, the group accused the leadership of the labour unions of using the strike as a ploy to scuttled genuine actions against the increment in the pump price of petrol as they did in 2012. The umbrella body of political parties in Nigeria said this in a statement jointly signed by its National Chairman, Alhaji Balarabe Musa and the Secretary General, Chief Willy Ezugwu. According to the CNPP, “What the labour unions are doing now by calling for a strike action is what they did in 2012 during the Occupy Nigeria protests in response to similar increase in the pump price of petrol under former President Goodluck Jonathan. The labour unions later scuttled the action by purportedly entering into an agreement with the then government on behalf of Nigerians and ended up fixing the pump price of petrol at N97.00 per litre. “Nigerians must be beware that the planned strike action scheduled for Wednesday won’t last beyond Friday. The labour leaders have been compromised and are using the call as a ploy to deceive the masses. “We have it on good authority that the labour leaders are compromised. Recall that the labour leaders were at a meeting where the decision to inflict more and more pains on the already impoverished Nigerian people by increasing the pump price was taken and never protested against it. Why the sudden U-turn by the same labour leaders? “The ever increasing hardship enthroned on Nigerians by the current government cannot be be tolerated. The federal government and its labour collaborators must be told that the CNPP, the masses and the civil society shall occupy Nigeria until the reversal of the pump price of patrol. Enough of more and more suffering under the guise of fuel subsidy removal,” the statement.

FG’s Policy on Fuel Pump Price is Erroneous, Says Omotola

L-R: Mr. Lawrence Eze; his wife, Lina; Governor Ifeanyi Ugwuanyi of Enugu State; Secretary to the State Government, G.O. C Ajah; and stateCommissionerforGenderAffairs,PrincessPeaceNnaji,duringtheinaugurationofOjorowobridge,Ugbawka/Nara,NkanuEastLocal GovernmentAreareconstructedbyMr.Ezeforhiscommunity....recently The Group Managing Director of CFL Group, Mr. Lai Omotola, yesterday faulted the decision of the federal government that ended subsidy regime on petrol. Omotola, also Publisher of Infrawatch Nigeria, equally criticised the judgment of the federal government, which threw open the importation of PMS to the organised private sector and the autonomous market. He disapproved the decision in a statement he issued yesterday, pointing out that the decision to remove fuel subsidy should not have been made only two weeks to the first anniversary of President Muhammadu Buhari. In a three-page statement he personally signed, Omotola noted that the reason for the increase “has been hinged on scarcity of foreign exchange and as such the solution is for government to throw open the importation of PMS to the organised private sector and the autonomous market. “These two entities are tasked with the responsibility of bringing the price of petrol down in 6 months. Where is the address of this so-called autonomous market? Who is the managing director? “After much enquiry, I think the autonomous market is not the BDC, but the black market pure and simple. The black market in true sense is an illegal market, an unregulated market and a market controlled by urchins that scout for dollars either to sell or to buy on the street.” He therefore argued that to think that the petrol scarcity that the federal government and CBN “cannot solve will be solved by the twin effect of OPS and autonomous market is a joke taken too far. “It is not possible for organised private sector or any Nigerian entity has the capacity to deploy PMS and later bring the cost of PMS down is 6 months as widely speculated by the minister of state.” Like the unbundling of Power Holding Company of Nigeria (PHCN), the chief executive said the Central Bank of Nigeria (CBN) might end up creating another intervention fund to help the oil and gas sector. Consequently, Omotola said the policy “is not well thought out. The thinkers of the federal government got it wrong. The organised private sector is at a prostrate state. Are they the one to bring in products and build refineries?” He noted that waiting for this to happen “will only show lack of understanding of the challenges the sector is going through. We find a situation where these marketers are grossly indebted to Bank and the Banks

unwilling to fund the oil and gas because of its many troubles. “Even the banks are going through the worst era of banking history and therefore are not smiling. The same federal government has removed idle funds in the name of Treasury Single Account (TSA), have set EFCC on their trail resulting to the arrest of four bank chiefs. I doubt if the banks will come to the rescue of federal government on reducing pump price.”

Group Backs Petrol Price Hike, Cautions Labour Unions The Conscience Nigeria (CN) in partnership with other leading Civil Society Organisations (CSOs) has backed the federal government decision to increase the price of petrol to N145 The group, which also comprises Stand Up Nigeria, Centre for Leadership Development (CPALD), National Youth Council of Nigeria, Arise Nigeria and a host of others in a statement yesterday, supported what they described as the bold step of the present leaders of the country to fully deregulate the oil sector. In the release signed by the Executive Director, CN, Tosin Adeyanju, the CSOs said that the new face of this deregulation ably led by Ibe Kachiukwu is worthy of commendation after many years of monumental corruption in the subsidy regime. Adeyanju said: “No nation can move forward without liberalisation or deregulation of its critical sectors like ours as it was done in the telecom sector, about 80 per cent of our countries revenue comes from oil proceed and as the global economic meltdown continue there is need for this to take place if we must be taken seriously among committee of nations.” Therefore, he said, the step taken by the federal government to deregulate this critical sector is the best as at this material time.

Jalingo Residents Welcome Hike as Marketers Resume Sales A cross section of Jalingo residents have continued to hail the recent hike in the price of fuel as most of the filling stations that have been under lock and key have opened for business. This is coming just as the long queues that have characterised the NNPC mega

stations and retail outlets have disappeared with the motorists buying fuel with ease unlike the case in the past four months. Unlike last other stations where fuel was being sold at N145, the product was being sold at N143 at the NNPC mega station and retail outlets on Sunday. The downward review of the price, according to officials at the NNPC stations was based on the directive from their head office though other stations still maintained the price at N145. Most of the motorists who spoke with THISDAY hailed the development which has finally brought to an end the endless queues at the mega stations due to the refusal of the other marketers to sell products. A retired Chief Superintendent of Police, Emeka Atama, who spoke with THISDAY at Kashere filling station in Jalingo, the hardship faced by residents of Jalingo in the past months had been harrowing saying since he could not afford to spend days on queues in order to buy fuel, he buys at the black market for as high as N300 per litre. Meanwhile, there has not been any significant increase in the cost of transportation in Jalingo as transporters still maintain the fares they charged before the increment.

NANS to Shut Down Campuses in Ekiti Tomorrow over Fuel Price Hike The National Association of Nigerian Students (NANS), Ekiti State chapter, will shut down all tertiary institutions in the state tomorrow to protest the hike in the price of petrol by the federal government. NANS, in a statement by the President of the chapter, Shina Awopeju, at the weekend said the astronomical increase of the petrol pump price from N87 to N145 by President Muhammadu Buhari’s government is ‘’cruel, wicked, insensitive and brazenly oppressive.” Awopeju said all the tertiary institutions in the state, both private and public, would be shut down on May 17 in protest if President Buhari refuses to reverse the policy which he described as ill-timed and obnoxious. The students’ leader averred that the ‘unwarranted’ increase would exacerbate the level of inflation in the already debased economy and exert untold hardship on poor Nigerians.

MONDAY MAY 16, 2016 • T H I S D AY

NEWSEXTRA

House Committee Advocates More Powers for DMO Ugo Aliogo The House of Representatives Committee on Aids, Loans and Debt Management has advocated for more powers for the Debt Management Office (DMO), Nigeria. The House committee said the mandate of the DMO should be strengthened to include monitoring the implementation of all projects of government that is financed with borrowed funds. The Chairman of the House Committee on Aid, Loans and Debt Management, Hon. Adeyinka Ajayi, advocated the position alongside other members of the committee at a three-day retreat for member of the committee in Owerri, Imo State, over the weekend. Ajayi, in his keynote address at the retreat organised by the DMO, noted that it had become imperative for the DMO to be empowered to monitor the implementation of all projects

financed with borrowed funds. He argued that since it was the duty of the DMO to raise funds to finance budget deficit, “the body should as be saddled with the responsibility of monitoring implementation,” noting that this would ensure compliance, transparency and accountability. The committee praised the DMO management for coming up with the retreat, whose theme was: Debt Sustainability and the Challenge of Financing Economic Recovery, saying that the retreat was timely, coming at a time the nation was facing some economic challenges. Ajayi said the workshop was coming on the heels of concerns expressed by some Nigerians over the rising debt profile of the nation. While acknowledging the prevailing economic challenges, the House Committee Chairman said the committee would work with the DMO to ensure effective implementation of the 2016

Ayade, a Governor, Activist that Feels the Pulse of the People, Says Ita-Giwa Former Presidential Adviser on National Assembly Matters, Senator Dr.Florence Ita-Giwa, at the weekend was full of praises and commendations for the governor of Cross River State, Professor Ben Ayade, for standing up and identifying with the deprived people of Bakassi. In a statement released to journalists, Ita-Giwa said that she was impressed that Ayade was speaking for the internally displaced persons (IDPs) in Bakassi, noting that previous government’s had not shown any commitment to the struggle of her people. She added that it was rare to see a sitting governor who is also an activist who feels the pulse of his people like Ayade is doing, adding that the people of Bakassi and the entire people of Cross River would forever be grateful to him. The statement read in part: I

want to use this medium again to appreciate my governor, Ayade for speaking in behalf of the displaced people of Bakassi. It is commendable because he is not just seated in the comfort of his home and office to talk about their plights but visits them and gather first-hand information about their sufferings. The people of Bakassi have suffered a lot perhaps because we are the minority and it is in the light of this that we express profound gratitude to him for all his good works and concerns for the Bakassi people. “I am also using this medium to call on the federal government to pay attention to the displaced people of Bakassi as he is doing to the IDP’s in the North-east. The rain season is here and it may get worse for them if they are not taken care of adequately

budget. Other members of the House Committee on Aid, Loans and Debt Management emphasised the need for the diversification of the economy especially in the areas of agriculture, solid minerals and manufacturing. Earlier in his presentation, the Director-General of the DMO, Dr Abraham Nwankwo, had restated government’s

are two subsisting acts of the National Assembly which strengthened regulation of the sector; The PPPRA and the Price Control Acts. Both laws regulate the price of petroleum products and for as long as they remain in our law books, deregulation can never be legal. Those laws need to be repealed or amended first and the only body constitutionally empowered to do this is the legislature. It’s as simple as that Mr. Acting President. Mr. Acting President, I make bold to say that whilst you may be able to effect many policies by merely pronouncing them, the one policy that is outside your control is the removal of subsidy if that is what deregulation in the Nigeria context means. I refer you to yet another section of the constitution (this time a justice able one). Section 59(1) (b) of the constitution is implicit in its provision that any law or action that would impose or

feasible given its abundant ideal economic capacity. Nwankwo told members of the committee that the administration of President Muhammadu Buhari has taken a bold step to stimulate the economy by making sure that the nation’s huge infrastructure gap was quickly closed through efficient and effective application of all borrowed funds into capital

projects. Meanwhile, Governor Rochas Okorocha of Imo State, has commended the DMO for its forthrightness in managing the nation’s debt portfolios as assets for national growth. Okorochas made this commendation when members of the House Committee paid him a courtesy call at the Government House, Owerri.

FG PLANS TO RECHARGE LAKE CHAD AT ESTIMATED COST OF $15BN to substantially increase the volume of water in the Lake.” Abdullahi further disclosed that “pre-feasibility studies financed by Nigeria showed that the project is technically feasible and economically viable.” According to the executive secretary, the project is to principally strengthen the resilience of the ecosystem, fauna and flora as well as the productive systems around the basin areas to enhance food security, reduce poverty and have the youths more gainfully employed to deny bad groups the opportunity of sourcing them for activities that are detrimental to the sub-region. He said: “Financing and the need for intensified hydro diplomacy with the governments of the donor basin are the major issues for the project. “In 2012, the project was estimated to cost $14.5 billion. We are currently engaging organisations and institutions who may assist with technical expertise and financial support to bring back, to the fore, this flagship project for further actions that will lead to its implementation.” He continued: “As we are now hopefully approaching the end of the dark tunnel, ending the horrific and devastating consequences of Boko Haram insurgency in the sub-region, our attentions must now necessarily and urgently too, shift to the root causes and drivers of poverty, violence and intolerance in the region, to enable sustainable solutions to be articulated to specifically address our youth and women as the most vulnerable in our societies.

BACK PAGE: FEMI GBAJABIAMILA Whilst many may argue that the above provisions are technically not enforceable under the doctrine of non justice ability, I believe they are part of the constitution which you sworn an oath to defend and protect. Because I believe in your sincerity as an avowed defender of the rule of law, I know you will do the right thing. Still on the law Mr. Acting President, I do not believe you can unilaterally and by presidential fiat deregulate the oil sector, a draconian policy with the potential consequence of affecting negatively the lives of the masses without the input of the legislature who were elected by the same people to represent them. To argue otherwise would negate the principle of representative democracy enshrined in the constitution. Going further on the law and the role of the legislature in the deregulation of the oil sector; first, there

commitment to financing capital projects aimed at addressing Nigeria’s huge infrastructural deficit and repositioning the economy The DMO boss who spoke against the backdrop of the agency’s role in the implementation of the 2016 budget, said the nation’s long term debt financing of sustainable economic recovery and growth is

increase any tax, duty or fee or for that matter that may reduce same, must come by way of a money bill. The removal of subsidy no doubt will increase (or even decrease as strenuously but disingenuously suggested by proponents of deregulation), the cost of fuel and therefore must come by way of a money Bill through the National Assembly. Sir, I pray that God will give you the wisdom, courage and empathy for your people to do the right thing and that wiser counsel will prevail on this issue. If we cannot approach this issue through a common sense approach I hope we will be able to deal with it from a legal prism. Thank you, Mr. Acting President. • Gbajabiamila, the Majority Leader in the House of Representatives, wrote this as then acting President Goodluck Jonathan two years before the 2012 fuel subsidy removal which almost engulfed the country

“Our leaders at this Summit, are respectfully urged to address with vigour, the socio-economic structure of the region’s economies, resources and infrastructural deficits in such a creative ways to facilitate wealth creation, hence poverty alleviation, provision of quality education, hence capacity building and the issues of physical, human and food security through series of developmental programmes that are carefully selected and targeted to impact the people, especially, the most vulnerable people in our sub-region.” Also speaking, the Commander, Multi-National Joint Task Force (MNJTF), Major Geneneral Lamidi Adeosun, noted that the humanitarian situation within their area of operation remains very critical. Currently, Adeosun said, there are 11 IDP camps and three Refugee camps within the

MNJTF Area of Responsibility (AoR). “They include Kolafata, Mora and Fotokol IDP Camps and Minawawo Refuegee Camp in Cameroun. Yokoua, Bagasola IDPs and Daressalam Refugee Camps in Chad, Baga and Kukawa IDP Camps in Nigeria, Jakimiya, Kablewa, Kangouri and Assagar IDP Camps and Assagar Refugee Camp in Niger,” he stated. He said that the MNJTF secures these Camps with armed troops, and escorts humanitarian workers. The Commander listed some areas that require urgent attention in the Camps including; provision of water and food in all Camps, deployment of medical personnel and materials, provision for over 40,000 Children out of School, reconstruction of destroyed infrastructures to enable return of displaced and refugees.

Given the economic downturn of Nigeria, the Nigerian Air Force (NAF), has said it has decided to look inwards in building capacity and a culture of self reliance especially as regards its continuous fight against insurgency in the North-east. Through the command InterUnit Research and Development (R&D) competition organised by the Standards and Evaluations unit of the NAF, the Chief of Air Staff (CAS), Air Marshal Sadiq Abubakar hopes to use R&D to curb foreign reliance for platforms and equipment. While the Commander, 401 Aircraft Maintenance Depot, Air Commodore Emmanuel Wonah built the Aircraft Engine Compressor Washing Machine and mobile hydraulic cart, the Commander, 403 Communications Group, Captain Ayodele Hanidu built a tech firing range equipment.

MONDAY MAY 16, 2016 • T H I S D AY

CRIME&PUNISHMENT

Igbos Threaten to Close Shops in Cross River over Kidnappings Bassey Inyang in Calabar Seriously worried about the kidnapping of their members, the Igbo community in Cross River State, comprising traders and others, has decided to close their shops and suspended their services for two days to protest the rampant kidnap of Igbo people doing business in the state. Operating under the aegis of Igbo Unity Forum (IUF), the group complained that at

least 35 business men from Igbo extraction had been kidnapped in the last one year, and that they had been forced to cough out hundreds of millions of naira as ransom for them to regain their freedom. At a press briefing yesterday in Calabar where they lamented over their plight in the hands of the kidnappers who have made their lives and business environment most uncomfortable, the coordinator of IUF, Okechukwu Ebubedike, said

a date for all Igbo business men and women to close shops throughout Calabar metropolis and its environs in protest against the incessant kidnap of their members would soon be announced. Ebubedike disclosed that the decision to close shops and shut down their business for two days was taken at an emergency meeting attended by all major stakeholders and members of town unions of the Igbo extraction resident doing

business in the state. The group leader, who is also the chairman of Igbo Professionals in the state, lamented profusely that at least 30 prominent Igbo men and their wives and daughters have been kidnapped in the state in the last one year. He said the victims, their families and members of the Igbo community in the state were forced to pay huge amount as ransom to secure the freedom of the victims of

the frequent abductions. Ebubedike disclosed that between N5million to N30million was paid as ransom to secure the release of the victims from the kidnappers, some of whom he said were brutally manhandled and injured by their captured and psychologica “We have been made targets of kidnappers. We are now preys in the hands of criminals and everybody seem not to bother because it is Igbos. But will resist it

because we are here to do business and assist in developing the state sincerely. So, we can no longer fold our hands and watch our people being used as moneymaking machine by kidnappers,” Ebubedike said. Ebubedike appealed to the state government to step up security surveillance within the metropolis so as to provide the necessary security, not only to members of the Igbo business community, but to every members of the society in the state.

Boy, 17, Commits Suicide over 12-year-old Girl’s Refusal to Marry Him Segun Awofadeji in Bauchi A 17-year-old boy in Soro town, Ganjuwa Local Government Area of Bauchi State last Friday killed himself over the refusal of a 12-year-old girl to marry him. The deceased, whose name was given as Usman Abdu, was said to have hung himself on a tree after the girl, his cousin, said she would not marry him. The Police Public Relations Officer, Bauchi State Command, DSP Haruna Mohammed, disclosed this in a statement made available to journalists in Bauchi at the weekend. Mohammed said: “On the May 13, 2016, at about 9.p.m, one Usman Abdu, male, 17, of Ganja ward, Soro town in Ganjuwa of Bauchi State

allegedly committed suicide by hanging himself on a tree with a rope. “The scene of the incidence was visited by police detectives led by DPO, Soro Division. The victim was photographed and rushed to Soro hospital where he was certified dead by a medical doctor.” The PPRO stated that preliminary investigations revealed that the victim hanged himself when his cousin, a 12-year-old girl of the same address, rejected his marriage proposal. He said the exhibit recovered included rope which the victim used in hanging himself. He added that the corpse was released to his relative for burial after postmortem examinations.

THANKS FOR IDENTIFYING WITH US

Former Governor of Anambra State, Mr. Peter Obi (left); being welcome to the 2016 pre-synod breakfast fellowship, by the Anglican Archbishop of Province of Lagos, Most Rev. Prof Adebayo Akinde, at St. Jude Cathedral, Yaba, Lagos....recently

4,000 Inmates Awaiting Trial in Lagos Prisons, Says Govt Gboyega Akinsanmi The Lagos State Government at the weekend disclosed that of the 5,000 inmates in different prisons in the state, no fewer than 4,000 were still awaiting trial, representing 80 per cent. The state government added that through its newly initiated mobile courts, it had successfully prosecuted 1,107 persons, who violated different environmental and traffic regulations in the state. The state Attorney-General and Commissioner for Justice, Mr. Adeniji Kazeem, disclosed this at a news conference he addressed alongside his Information and Strategy counterpart, Mr. Steve Ayorinde and the state SolicitorGeneral, Mrs. Funlola Odunlami, among others. He noted that 80 per cent of 5,000 inmates in the prisons across the state “are awaiting trials in spite of the effort of the state government to decongest the prisons. A lot has to be done in decongesting prisons in the state.” He said the state government had introduced community service in order to address prison congestion, saying 2,073 offenders were sentenced “to various terms of community service across the state’s

12 Magisterial Districts between May 2015 and March 2016.” According to him, the offenders actively assisted to improve their respective communities instead of being incarcerated in prisons with the consequential disruption to their economic, social and family lives. On mobile court, the attorneygeneral said since the inauguration of the Special Offences (Mobile) Court on February 5, 2016, the court “has successfully prosecuted 1,107 violators of traffic and environmental nuisance.” He explained that the special offences court was established “to facilitate prompt and immediate trial of traffic and environmental offenders. It is vested with the powers to sit at any convenient place close to the scene of the commission of any offence triable by it.” Aside, Kazeem said the Directorate of Public Prosecution prosecuted about 1,536 criminals in 2015, which he said, facilitated the recovery of N114 million for residents which it provided legal services for. He said out of the 1,536 cases, 1,375 are currently being prosecuted at the Federal and State High Courts as well as 122 and 38 respectively at the Court of Appeal and the

Supreme Court. Kazeem said in addition to the 1,536 active criminal prosecution files, the Directorate of Public Prosecution (DPP) was also handling 137 applications for enforcement of fundamental rights. “With regards to criminal prosecutions, the DPP is committed to ensuring that all offenders are brought to book, thereby discouraging impunity in our society. The Directorate is also committed to speedy trails so that suspects are not detained for too long awaiting trial.” He said the Legal Advisory Unit which focuses exclusively on the review of criminal case files, containing reports of investigation submitted by the police and issuance of legal advice has been able to hasten considerably the speed of criminal prosecutions by reducing the time spent on issuing legal advice. “In the period under review, out of 1,209 police investigation files sent to the DPP’s office for legal advice, the unit has already completed work on 940 while the rest are still being processed, many requiring additional information or further investigation by the Police or other relevant agency.”

Director Sues EFCC, Asks Court to Declare Her Continuous Detention Illegal Akinwale Akintunde A director in the Federal Ministry of Justice, Mrs. Christie Chinyere Ekweonu, has urged the High Court of the Federal Capital Territory to order the Economic and Financial Crimes Commission (EFCC) to release her from detention. Ekweonu, who is also a legal practitioner has been in EFCC detention since Wednesday, May 11, 2016. Aside the EFCC, other respondent in the suit is the EFCC Chairman, Ibrahim Magu. In the suit filed through her lawyers, Abdul Mohammed, Mase D. Acho and Francis Amedu, the applicant is praying the court to declare that her arrest and detention by the EFCC until she produces the person she stood surety for is illegal, unconstitutional and ultra vires of the statutory duties of the commission under the Nigerian laws. Ekweonu is also asking the court to declare that the EFCC has no power whatsoever to detain her on the grounds that the person she stood surety for cannot be found. She therefore urged the court to direct the EFCC to release her with immediate effort.

She is also seeking N5 million as general damages for the infringement of her rights as protected under section 35, and 41 of Chapter 4 of the 1999 Constitution of the Federal Republic of Nigeria and the African Charter on Human and People’s Right. In her affidavit of facts, the applicant stated that as a legal practitioner, she stood surety for one Mr. Chidi Duru in 2010 when the EFCC arrested the said Duru pursuant to an investigation of a petition submitted by the shareholders of First Guarantee Pensions Limited premised on a Target Examination Report prepared by the National Pension Commission. According to the applicant, after the commencement of the investigation, the Federal High Court in a judgment delivered by Justice D.U. Okorowo on July 18, 2012 in Suit No FHC/ABJ/ CS/709/2011 nullified the Target Examination Report. “From the time of the nullification of the Target Examination Report, the applicant believed that she has been released of her bond. “However, when the respondents continued to request Duru to come to their office, the said Duru petitioned the office of the H

Attorney General of the Federation (AGF) and Minister of Justice. “The AGF wrote several letters to the respondents requesting them to advise him of the status of the investigation. “The respondents have failed and refused to do so. “Now the respondents have arrested the applicant on the grounds that the person she stood surety for is not found. “The actions of the respondents is a gross violation of the applicant’s right to personal liberty and freedom of movement as protected by section 35(1) and 41 (1) of the 1999 Constitution (as amended),” she stated. Her lawyers said “The arrest and detention of Ekweonu was carried out despite the fact that Section 7 of the Administration of Criminal Justice Act (ACJA) forbids the arrest of a person in place of suspect. Specifically, Section 78 of the Act forbids the arrest and detention of surety. “She argued that the best that can be done when a suspect runs away is to forfeit the bail bond signed. “For an accused that jumped bail if the matter is already in court, the best that could be done is to issue a bench warrant and none of these have been done.”

T H I S D AY •MONDAY MAY 16, 2016

MONDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com

F I N A L DAY O F E P L

Bomb Scare at Old Traford A controlled explosion was carried out at Old Trafford yesterday after a suspect package was found before Manchester United’s match against Bournemouth. Greater Manchester Police described the device as“incredibly lifelike” but confirmed it “wasn’t viable”. The Sir Alex Ferguson Stand and

the Stretford End were evacuated before the game and sniffer dogs brought in. Kick-off, due at 3pm was delayed and shortly afterwards the match was abandoned on police advice. A bomb disposal team carried out the explosion at about 14.30pm. Just under two hours earlier, an “operation red code” alert had

Iheanacho Fires City into Champions League Kelechi Iheanacho’s fifth minute goal at Swansea City was all Manchester City needed to edge past rivals Manchester United to the fourth UEFA Champions League ticket in the EPL final day. It was his 14th goal in all competitions in his debut season in the EPL. Nigeria starlet Iheanacho scoffed several other chances thereafter, so too Sergio Aguero, as City held on

to draw with Swansea in Manuel Pellegrini’s last game in charge at The Etihad. City finished on 66 points and even though Manchester United home game against Bournemouth was not played because of security concerns, this tally was enough for City to clinch a Champions League place next season at the expense of their cross town rivals.

been heard over the public address system, and the players who were warming up had left the field. Fans were then advised that, because of “the discovery of a suspect package in the north-west quadrant of the ground, the match has been abandoned for today on police advice”. Supporters who were still in the ground were advised to stay in their seats while the forecourt was cleared of fans who had been in the two stands that were evacuated. While the evacuation was occurring, Manchester United Executive Vice-chairman Ed Woodward spoke to Premier League Chairman Richard Scudamore about the game being called off,

BBC Sport revealed. The Premier League has announced it is looking to rearrange the match as soon as possible. “The game will definitely need to be played but there are logistical issues that need to be resolved,”a statement read. “However, they cannot even start to begin discussing them until the police have done what they need to do here (at Old Trafford).” Speaking before the controlled explosion was carried out, Assistant Chief Constable John O’Hare of Greater Manchester Police said their priority “was to ensure the safety of everyone in the stadium and surrounding area”. He said“military colleagues”were

assisting with the incident, adding: “We don’t make these decisions lightly and we have done this today (abandoned the match) to ensure the safety of all those attending.” United players were seen leaving the ground shortly after 4.30pm while Bournemouth players and staff boarding their team bus outside Old Trafford around an hour later. The south coast club later confirmed they would be flying back to Bournemouth last night. Manchester United had started Sunday with an outside chance of qualifying for next season’s Champions League by finishing fourth in the Premier League. However, Manchester City’s draw against Swansea in their final game

means United are effectively out of the running, with City three points clear of United and possessing a goal difference that is 18 better than that of their rivals. Vice-chairman of the Manchester United Supporters’Trust, Sean Bones, said:“It is obviously a dark day in Premier League history. We have obviously got to give our thanks to the club and the authorities for getting supporters out of the ground safely and home to their families. “If it turns out there was a bomb at Old Trafford, it is obviously a concern that we have these type of people in our midst and it is going to have a huge effect on security at football matches in the future,” he concluded.

FIFA President, Infantino, to Grace Zenith Football Final Following robust and illuminating sessions with the leadership of the Nigeria Football Federation (NFF) at the 66th FIFA Congress in Mexico City, the President of football’s world governing body, Gianni Infantino, has promised to visit Nigeria in a few weeks. NFF President, Amaju Pinnick, said at the weekend that during the visit, which date will be communicated in a number of days, the world’s number one football administrator will pay a courtesy call on President Muhammadu Buhari, attend the finals of the NFF/Zenith Bank Future Eagles Championship, have an evening with Corporate Nigeria and also have an interactive session with a horde of African FA Presidents who will also be in Nigeria to receive him. Pinnick said: “The FIFA president said Nigeria is a big country and a massive footballing nation that should help with the new FIFA leadership’s drive to truly develop the game.

“He is excited about our various capacity-building and youth development programmes and that is why he is coming to watch the NFF/Zenith Bank Championship finals. “He sees a lot of potentials and dynamism in the current NFF leadership and said he would love to work with the NFF for the general development of the game,”observed Pinnick yesterday. Infantino took office at the head of world football after winning election at an extraordinary general congress in Zurich on February 26, 2016. The 46 year-old Italian’s motto is“bringing football back to FIFA and FIFA back to football.” At the recently-ended FIFA Congress in Mexico City, the world body appointed Senegalese President, Nigerian Basketball Federation (NBBF), Mallam Tijani Umar (left), presenting the winner’s trophy to the First Bank Fatma Samba Diouf Samoura, Team Captain,Chioma Udeaja, at the final of the 12th National Women Basketball League, sponsored by the Zenith Bank, at 54, as its first-ever woman the National Stadium, Surulere, Lagos… last Thursday night Secretary General. The multilingual Samoura, who spent 21 years working for the United Nations, will take office next month. The international friendly a day as a result of the Tour Administrator, Enebi Achor, matches. The NFF has also submitted match between the Super de France cycling competition, said yesterday. The match in Luxembourg fresh applications for those Eagles and the national with Luxembourg much will take place at 7pm on who were earlier denied. team of Luxembourg has involved. The Super Eagles play Mali’s “The change in date will not Tuesday, May 31, at the been brought forward by in any way affect our program. Josy Barthel Stadium in that Les Aiglons in Rouen on May 24 hours. 27 and play Luxembourg in A letter to the Nigeria The entire contingent will country’s capital city. Achor also confirmed that that country on May 31, as Football Federation (NFF) move to Luxembourg from Challenge race. by the Football Association Rouen in France, where we a number of technical and part of preparations for the Anolue Uzochukwu from Cutix of Luxembourg on Friday will play Mali on 27th May. administrative officials have first matches of the 2018 Plc and Austin Ani from Stanbic IBTC explained that the match, We will still have three days now been issued Schengen FIFA World Cup qualifying came second and third respectively, earlier scheduled for 1st June, to train for the match against visas, enabling them to enter series to be played later while Esther Obiekwe from Diamond had to be moved forward by Luxembourg,” Eagles’ Team the two countries for the this year.

Super Eagles, Luxembourg Clash Now for May 31

NSE-led Corporate Challenge Race against Cancer Rounds off Third Edition in Lagos SundayOkobi Hundreds of individuals, corporate bodies and celebrities trooped out on the street of Lagos last weekend (May 14) to run against kin in the third edition of the Nigerian Stock Exchange (NSE) Corporate Challenge tagged ‘e-Race Cancer’. The race which was organised by NSE in conjunction with the Committee Encouraging Corporate Philanthropy (CECP) started at the Muri-Okunola Park, Adeyemo Alakija Street,Victoria Island aimed at raising awareness and funds for the purchase of 37 Mobile Cancer Centres (MCCs). Over 600 runners from 100 companies participated in the race that saw Paul Alabi from Aluko & Oyebode emerge the overall winner of this edition of the NSE Corporate

Bank emerge the fastest female, and Rene Gabriel from Nigerian Breweries came first in the senior citizen category. Meanwhile, as its contribution towards the fight against cancer in Nigeria,Airtel Nigeria, has announced its support to a cancer awareness initiative tagged ‘e-Race Cancer’ organised by NSE. Commenting on the telco’s support to the initiative, Director of Corporate Communications and CSR, Airtel Nigeria, Mr. Emeka Oparah, said Airtel Nigeria is committed to partnering credible organisations and platforms to improve the quality of lives of Nigerians.

Yobo Testimonial Tickets Go on Sale Tuesday Tickets for the Yobo Testimonial game in Port Harcourt on May 27 will go on sale on Tuesday May 17. Organisers said at the weekend that the tickets are priced at N500 Regular, N2000 for VIP and N5000 for VVIP. “We have a lot of international stars coming, but we are also mindful

of the current economic situation in the country so we have tried to make the tickets as affordable as possible,” Coordinator of the testimonial game, Waidi Akanni, said. Tickets will be sold at different outlets across the country as well as online and Akanni added that there will be opportunities

for fans to win tickets “It’s the celebration of Yobo’s career and his achievement of being the first player to reach 100 games for Nigeria. So we will be giving out 100 tickets to fans, among other things.” The game will be played at the Adokiye Amiesimaka Stadium, annd Akanni said

the Rivers State government deserves credit for the work it has put in “All of this would have been almost impossible without the assistance of the Rivers State government and we are grateful to His Excellency, Gov Nyesom Wike, for his personal interest in making this game a success.”

T H I S D AY •MONDAY MAY 16, 2016

MONDAYSPORTS

NPFL: Rangers Consolidates after Crushing Ikorodu Utd 4-1 Rangers consolidated their leadership of the Nigeria Professional Football League (NPFL) yesterday on the back of a 4-1 thumping of bottom club Ikorodu United. ‘The Flying Antelopes’ now have 31 points from 17 matches. Abia Warriors moved into second place on the table with 30 points after they pipped Rivers United 1-0. Third-placed Kano Pillars were held to a goalless draw by visiting Heartland to now have 28. Francis Madu scored an own goal against his team Ikorodu United after just 10 minutes as Rangers piled on the pressure from the onset. Tope Olusesi made it 2-0 after 16 minutes and scored his brace five minutes later, before Ebiye Moses pulled a goal back for the visitors a minute later. Obinna Nwobodo wrapped up a convincing home win for Rangers four minutes from time. Elsewhere, Michael Olaha scored on 24 minutes to settle a scrappy contest between Abia Warriors and Rivers United. The Warriors won 1-0 in a

game that promised so much but delivered so little from the perspective of genuine quality and aesthetic football. Heavy rains before kick-off rendered large sections of the pitch at the Umuahia Township Stadium almost unplayable. As a result, both sides, famed for attractive, possession-based football, struggled to bring their optimum game to the table. The hosts should have doubled their lead in the final minute of added time after Rivers United conceded a penalty with captain, Austin Festus, handling the ball in the box. Second half substitute, Chisom Chikatara produced a tame shot which was saved by the United goal keeper, Sunday Rotimi. “I was over confident. I thought that I had scored already. That’s why I missed,” Chikatara said of his shocking effort from 12 yards. The defeat sees United fall to sixth on the standings with 28 points from 17 matches while Abia Warriors rose two places and now occupy second place with 30 points from 16 matches.

Ikhana Confirms Resignation from 3SC Job Coach Kadiri Ikhana has confirmed he has resigned his position at the Nigeria Professional Football League (NPFL) side, Shooting Stars Sports Club (3SC). The experienced coach joined the Oluyole Warriors at the beginning of the ongoing top flight. Ikhana said the failure of the management to issue him with a contract paper almost at the end of the first stanza of the league, coupled with the hardship faced by the players, are the reasons he decided to take a walk at the Ibadan Warlords. “Yes, I have resigned my position at 3SC since two days ago (Friday) and the reasons are not far-fetched.

“The players do not get their salaries as well as match bonuses and I have not been given a contractual paper as we speak (Sunday); that means I was never employed. “I believe the factors mentioned above are too weighty and enough for one to resign his appointment. “The reasons stated have made it too difficult to get positive results in the ongoing top flight. How do you expect good responses from the players on an empty stomach. “I’m a father and leader to the players and their complaints are too touching for me to overlook so I must pay the price. “I tried my utmost to manage in this tough situation but it is

Edo FA Set for South-south Champion of Champions Tourney Edo State Football Association has concluded plans for a smooth kick off of the inaugural South-south Champion of Champions Soccer Tournament which is billed to run from May 18-21 in Benin. Chairman of Edo FA, Frank Ilaboya, in a statement made available to the media in Lagos said eight teams would be featuring in the maiden edition of the competition which is a gathering of top clubs in the South-south zone of the country. He said the Sam Ogbemudia Stadium, Benin and the Ugbowo Campus Stadium of the University of Benin would play host to the matches. Ilaboya stated that the tournament which is being bankrolled by FROT Group,

a Lagos-based firm would serve as an avenue for teams from the zone to get their acts together ahead of the national Federation Cup which kicks off next week. “The tournament is designed for teams from South-south zone to prepare for the national Federation Cup. Our desire is to see the Federation Cup won last year by Akwa United remaining in the zone,” Ilaboya stated. Three teams from the host state, Edo- Inneh Stars, Dynamites and Benin landlords, Insurance FC will feature in the tournament. The winners, courtesy of FROT Group would smile to the banks with N1million, while the runners up would pocket N500,000.

In Kano, Heartland FC of Owerri came off the best for it as they held Kano Pillars to a goalless draw in the encounter at the Sani Abacha

Stadium, Kano. Pillars started with a bang, with Rabiu Ali shooting twice in the opening minutes but

Heartland goalkeeper Ebere Obi showed the Naze millionaires as Heartlanders are fondly called were ready for battle.

In was a highly tactical game in which both teams ensured they had their backsides well fenced before surging forward.

Policemen in front of Old Trafford after fans were evacuated yesterday after the bomb scare

PZ Cussons Rewards Consumers with All-expense Trip to Etihad In fulfillment of its promise to send consumers to the Etihad Stadium to watch the training and games of Manchester City football club, PZ Cussons on Friday at the Justrite Supermarket, Abule Egba, Lagos, conducted the draws in which two consumers won two tickets for an all- expense trip to the Etihad, while several others won gift items ranging from Manchester City jerseys to football, flash drives and t-shirts. The raffle draw at Abule Egba was followed by another draw on the second day at Park

and Shop, Ilupeju, Lagos, in which two other winners of an all- expense trip emerged. One of the winners, Michael Aniete, said it was beyond his wildest dream that he would one day visit the Etihad Stadium, not to talk of seeing players that he normally watch on television live. “I could not believe my ears when I first received the call that I that I had won an all- expense trip to the Etihad to watch Manchester city play. Though it has always been a dream to see some of these

players live but I never knew how it would come about. I am so excited,”an obviously elated Aniete said. In a chat with Brand Manager (Premier), Deedi Modey, she said PZ Cussons had a three-year partnership with Manchester City and“we therefore want to engage our customers and we felt there was no better way than to a chance to purchase the product that they love and by that win a trip to watch a match involving Manchester City.”

According to Modey, aside from the consumers having an opportunity to see Manchester City players live, they would also be lounged in a three-star hotel in Manchester, with their feeding taking care of. They would also take a tour of the city and voucher would be given to each of them for their shopping. To ensure there was no discrepancy in the raffle draws, an official of the Consumer Protection Council, CPC, was on hand to witness the draws.

Women’s Football Deserves More, Says Akide-Udoh Nigeria legend Mercy AkideUdoh says women’s football worldwide, and especially on the African continent deserves greater attention and investment. Akide-Udoh was one of the legends of the game, and the only former African woman player, invited by FIFA to attend the General Assembly in Mexico in order to help chart a new course for football, and the Nigeria super star said women have been given short shrift for too long “Girls train as hard as the men, play as hard as the men but women footballers are treated like second class citizens, especially in Africa. That needs to change,” Akide-Udoh said. “The girls must be treated with respect, they must be paid as well as the men, and they must have proper domestic competitions to play in. “It is very important for sponsors to invest in women’s football as many of these girls are also breadwinners for their families. “To do that, we need to sit down, talk about what is wrong with the game and

find workable ways to make things better.” She praised FIFA President Gianni Infantino for his initiatives in reshaping football “It was a good experience intact ingenuity him. He has

Legends of female football

some bright ideas to move football forward and I believe that with everyone’s support, he will make things better.” Mia Hamm and Luis Figo were appointed as the player representatives in the FIFA Council, and Akide-Udoh

said they would be great representatives “Mia and Luis have the full support of all of us as our representatives on the FIFA Council and I have no doubt in my mind that they will do a fantastic job.”

MONDAY MAY 16, 2016 T H I S D AY

T H I S D AY MONDAY MAY 16, 2016

Monday May 16, 2016

UT H

& RE A S O

Price: N250

MISSILE NANS to FG

“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.” – The National Association of Nigerian Students (NANS) condemning the increase in the pump price of petrol from N86.50 to N145.00.

FEMIGBAJABIAMILA GUEST COLUMNIST

Deregulation… A Common Sense Approach

ear Mr. Acting President, I am assuming that even if not de jure, you have de facto assumed the powers and functions of the office of the president since the law and nature abhor a vacuum, if my assumption is correct, let me delve straight into the subject of my letter to you. The Federal Government of Nigeria, it appears, is totally committed to the deregulation of the oil sector. Were deregulation in the best interest of Nigeria and the people of Nigeria I would have not opposed it. Unfortunately I find the policy totally anti-people on many fronts and place my opposition to it on record. Contrary to the impression the government has strenuously tried to create, subsidy is not necessarily a bad thing particularly if it is the only thing a government can give back to its people for the protection of their welfare, and maintenance of their already pitiful standard of living. This is more so when what government is subsidising is a product that has been given so mercifully to the country by God and is readily available in our backyard. To now expect that pricing of such a product should be based on international market prices which are dependent on many vagaries and variables including quotas, politics, wars, etc, defies and stands logic on its head. Logic and commonsense dictate that petroleum products should be cheaper in Nigeria pretty much the same way coffee is cheaper in Brazil or tea in China. The notion that the cost of a product that is produced in one’s own backyard should be based on the cost of importation offends the sensibilities of most Nigerians. Deregulation as an economic term can in and of itself be a good thing, however in the context it is being employed in today’s oil sector reform means simply relaxing the controls on the importation of fuel. Why must we import what we have? That is the real question that government has been unable to answer satisfactorily. Why in the name of anything and everything you believe in are our refineries not working? Why must we import our own products? It beats me hollow Mr. Acting President, beats me hollow. So what if it costs the government billions of naira to subsidise every year? Mr. Acting President, so what? Every year for the past eight years, government has funded different events costing the tax payers billions of naira, some of which many will consider unnecessary. From CHOGM (visiting Heads of States) to Commonwealth games COJA, to this year’s World Cup. For crying out loud you have just proposed in your 2010 budget to spend billions on such fancies but no we do not have billions to subsidise oil for the welfare of Nigerians? Common sense. Mr. Acting President, common sense. I have also heard the argument that under the current set up there is a cabal that is milking the country and benefitting from the present arrangement. Now Mr. Acting President, are you telling Nigerians that with everything at its disposal this government does not have the will, intellect or capacity to weed out this phantom cabal and cut them to size? Now for argument’s sake let’s assume your government says it cannot, then why can’t we just simply balance the equities? Do we have to punish the rest of Nigeria (95 per cent) for the sins of at best a 5 per cent cabal? Many Nigerians will tell you commonsense says let them continue with their plundering activities if trying to stop them would mean destroying the lives of the rest of your people. Common sense, that’s all it is. Again Mr. President, subsidy can be a good thing. I am sure you are aware that subsidies

Jonathan exist in many countries for products, goods and services. They exist not because the governments of those countries have so much money to give away, no sir. The subsidies exist simply because the government believes the welfare of the citizenry is its raison detre and if it needs to subsidise certain things to give them a more abundant life, then so be it. The subsidy on agriculture in the United States (probably the most capitalist country in the modern world) and the subsidy on transportation in the UK will suffice as examples. Yet these are countries that have all the basic necessities of life in place from health care to education to electricity, water, good roads, social security etc unlike Nigeria where the government now seeks to remove subsidy even in the absence of these basic necessities. Common sense Mr. Acting President, common sense. If you do not believe me, then I suggest if you are not able to visit personally, you send your advisers to Venezuela (another oil rich country) where the citizens fill their cars for less than N500 to study its model. Actually Mr. Acting President there is nothing to study. The formula is simple… fix your refineries and stop basing prices of petroleum products on international market prices and cost of importation. Such perfidy reminds me of a line an old Bob Marley songs; “in the abundance of water, the fool is thirsty”. Mr. Acting President I am sure you know our economy is a mono economy, driven and dependent almost solely on our oil revenue and consequently, the removal of subsidy or increase in fuel price will as of necessity cause hyper inflation and an increase in every product or services in Nigeria. Even your CBN Governor said as much. The effect on the people you govern can only be imagined. Even from a selfish point of view Mr. Acting President, how do you go to the electorate to ask for their votes in an election year when you have just coldly inflicted them with unnecessary hardship? I am sure you will agree with me that would not be politically expedient nor would it make any sense. Your timing could not be worse. Though I agree that government should not always be run as a beauty or popularity contest and hard decisions that may not go down well with the people are sometimes necessary, this is not and should not be one of those decisions. Government should feel the pulse of the nation when the decision has the potential of affecting if not destroying lives. It is the reasons why from medieval Roman times to modern day contemporary democracies, governments sometimes call for plebiscite and referendums so as to be able to hearken to the voice of its people. Mr. Acting President together with Mr. President,

you have made security of lives and property part of your agenda, and quite rightly so as this is enshrined in section 14 of the constitution which declares that the security and the welfare of the people shall be the primary purpose of government. Well, sir, I have news for you. There is a direct correlation between poverty and crime. The more abject the poverty, the higher the crime rate. Studies over the years have established this fact. What do I mean? When you deregulate, remove subsidy and consequently increase fuel prices, because of our mono economy, everything whether goods or services goes up. As a result the standard of living falls whilst the cost of living goes up. Like night follows day, crime rate increase. For every thesis and anti-thesis there is a synthesis and there goes a critical part of your seven-point agenda and section 14 of the constitution which you swore to uphold! I know, I know, you never saw it like that. Well here’s an opportunity to avoid such a consequence. By the way sir, I noticed in the budget proposal you forwarded to the National Assembly, that the cost of subsidy which I assume is government expenditure was not included. I am sure this was an oversight and not a surreptitious way of deregulating and removing the subsidy. Anyway we will try to correct the mistake before passing the budget. In any case, if the removal from the budget is intentional and not a mistake, one would have thought the yearly N600 billion would represent savings and therefore some form of indirect or assumed revenue to government. This has not been reflected and more egregious is the fact that we do not know what we would be applying the savings towards. And please spare us the tired line of roads, infrastructure, health and

education. We do not need to kill Nigerians before these can be realised. If you do there won’t be many people alive to enjoy your platitudes. Now, Mr. Acting President if my commonsense approach does not persuade you, how about we try the law. Let’s start with the constitution. In my opinion Mr. President, it is very doubtful that you can constitutionally deregulate and hand over the petroleum industry to the private sector. I am not arguing the merits or demerits of this privatisation policy, I only speak to its constitutionality. Why, you ask? The 1999 constitution in section 16 (1) states: a). The state shall, within the context of the ideals and objectives for which provisions are made in this constitution. b) Control the national economy in such a manner as to secure the MAXIMUM (emphasis mine) welfare, freedom and happiness of every citizen. c) Without prejudice to its right to operate in areas of the economy, MANAGE and OPERATE the MAJOR (emphasis mine) sectors of the economy. These two provisions appear in spirit and in letter to render the deregulation of the petroleum sector unconstitutional. Furthermore, section 16 (2) states: b) That the material resources of the nation are harnessed and distributed as BEST as possible to serve the COMMON GOOD (emphasis mine). Sir, the only way you can ‘harness and distribute’ the nation’s resources ‘as best as possible to serve the common good’ is to invest in the refineries so as to bring down the price of petroleum products a la Venezuela. Continued on page 58

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