Monday 30th May 2016 by THISDAY Newspapers Ltd

Senate Wades into AGF, EFCC Clash over New Money Laundering Bill Omololu Ogunmade in Abuja The Senate is currently battling to resolve the sharp disagreement between the Attorney General of the Federation (AGF) and Minister of Justice, Mallam

Abubakar Malami, and the Economic and Financial Crimes Commission (EFCC) over the Money Laundering Prohibition (Amendment) Bill sent to the National Assembly in January by President Muhammadu Buhari.

Tagged an 'Act to Repeal the Money Laundering (Prevention and Prohibition) Act to Provide for Measures for the Prevention and Prohibition of Money Laundering in Nigeria and for Other Related Matters 2016', Buhari had sent the bill

to the National Assembly in January 27 in order to repeal the Money Laundering (Prohibition) Act 2011. The bill, among others, provides for the revocation of the licence of any bank which fails to report cases of money

laundering. It also provides jail terms for citizens who are aware of money laundering acts but fail to report such cases to the appropriate authorities. But the EFCC has vehemently opposed the passage of the bill by the

National Assembly and has advised the federal legislature to jettison it in favour of the Money Laundering (Prohibition) Act, 2011, currently in force. Continued on page 10

Half-year in Office: Tomorrow Watch out for the Ministerial Dashboard Monday 30 May, 2016 Vol 21. No 7704. Price: N250

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Citing Legal Reasons, FG Backtracks on Unveiling Looters of Public Funds Says details of stolen assets to be released before end of this week Tobi Soniyi and Senator Iroegbu in Abuja Following the disappointment expressed by many Nigerians over President Muhammadu Buhari’s failure to make public the details of the monies recovered from alleged looters of public funds, their

identities, and the efforts to prosecute them, the Minister of Information and Culture, Alhaji Lai Mohammed, has explained that the names of those who purportedly stole public funds could not be divulged for legal reasons. Continued on page 11

Military Averts Attack on Agip Pipeline, Arrests 10 Militants

FG meets ex-militants, agreement reached to end bombings of oil facilities Senator Iroegbu in Abuja, Adibe Emenyonu in Benin and Sylvester Idowu in Warri The Nigerian Army said yesterday that it successfully averted planned attacks by

militants on oil pipelines in some parts of the Niger Delta. A statement by the army spokesman, Col. Sani Kukasheka Usman, said troops Continued on page 10

Stanbic IBTC Leads as CBN Dollar CELEBRATING THE NATION’S DEMOCRACY State Governor, Alhaji Aminu Waziri Tambuwal (in a patterned cap, centre) and officials of his administration, Sales Drop to $133m… Page 10 Sokoto when they celebrated the 2016 Democracy Day with school children in Sokoto… yesterday

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Stanbic IBTC Leads as CBN Dollar Sales Drop to $133m Obinna Chima The Central Bank of Nigeria (CBN) last week continued its rationing of dollars, when it sold $132,839,661.28 to 14 commercial banks and three merchant banks, returns on forex utilisation published by the respective financial institutions have shown. The amount was however lower by $9,807,230.73, compared with the $142,646,892.01 sold to the banks in the preceding week. The drop was partly attributed to the fact that FirstBank of Nigeria Limited did not publish its returns during the week. The returns on forex utilisation published by the financial institutions last week revealed that Stanbic IBTC Limited

with $18,685,730.12 got the highest allocation from the central bank. Stanbic IBTC sold the greenback to 140 customers, most of whom were taking capital from the economy. Once more, they were mostly foreign portfolio investors exiting the equities, bonds and money markets. The United Bank for Africa Plc (UBA) came in second with a forex allocation of $17,623,843.80. Forex returns published by the pan-African bank showed that Dangote Group, which got $5 million was its biggest customer during the week. Others were Eterna Plc, which bought $2.401 million, IATA which purchased $1.5 million from the bank for

ticket sale remittances, Knight Metal Manufacturing Company Limited - $1.086 million, and Flour Mills - $1 million. Standard Chartered Bank Limited held the third position with a forex allocation of $12,425,194.16. The bank sold the greenback to 247 customers. Its biggest customers during the week were Matrix Energy Limited which got $1.598 million, Dangote Sugar Refinery Plc which also bought $2 million from the bank, and BUA Limited which bought $1 million. Diamond Bank Plc came in fourth with $12,144,423.10, while Citibank Limited got $11,228,233.26 to hold the fifth place. Citibank sold the dollars it was allocated to 99 customers. A lot of

its customers took capital out of the economy. Guaranty Trust Bank Plc came in sixth with a forex allocation of $11,017,251.86, while Zenith Bank Plc with $10,343,290.37 held the seventh position. Ecobank Nigeria Limited was allocated $9,195,650.58 which placed the panAfrican bank on the eight position, while Fidelity Bank Plc with total forex allocation of $5,627,738.11 came in ninth; First City Monument Bank Plc was in the 10th place with a forex allocation of $5,282,778.83, which its published returns showed it sold to 325 customers. Union Bank Plc also got a total of $4,290,460.71 from the central bank, which it sold to 150 customers.

RETURNS ON FOREX UTILISATION ON MAY 23-27 RANKING

BANK

AMOUNT ($)

Stanbic IBTC

18,685,730.12

UBA

17,623,843.80

Standard Chartered

12,425,194.16

Diamond Bank

12,144,423.10

Citibank

11,228,233.26

GTBank

11,017,251.86

Zenith Bank

10,343,290.37

Ecobank

9,195,650.58

Fidelity Bank

5,627,738.11

FCMB

5,282,778.83

Union Bank

4,290,460.71

Keystone Bank

3,935,149.21

Sterling Bank

3,471,661.13

Access Bank

2,932,972

MERCHANT BANKS

MILITARY AVERTS ATTACK ON AGIP PIPELINE, ARRESTS 10 MILITANTS of 343 Artillery Regiment of 2 Brigade, 82 Division of the Nigerian Army, in the early hours of yesterday, carried out a patrol within the general area of Gulobokri and Eweleso, around Brass in Bayelsa State. Usman revealed that during the exercise, the patrol team had an encounter with some armed militants in two speedboats who intended to blow up Nigerian Agip Oil Company’s (NAOC) pipeline at Gulobokri. He said that the suspected vandals opened fire on the patrol team and “the troops responded with overwhelming superior firepower and as a result, the suspected criminals sped off from the area with many of them sustaining gunshot wounds”. He said that there was no casualty on the part of the patrol team, except an official of the Nigerian Security and Civil Defence Corps (NSCDC) attached to the team who sustained gunshot wound. He disclosed that the victim was evacuated and is in a stable condition. Usman further disclosed that another patrol team of the same unit of 82 Division Nigerian Army, which was on patrol around Perigbene House Boat (HB), encountered three speedboats suspected to be conveying militants about to attack another critical infrastructure in the area. He said the troops opened fire on them, killing most of them and injuring others. “However, the casualty on the militants could not be ascertained as it was raining heavily and the raging storm prevented the troops from pursuing the escaping criminals,” he stated. Usman said a mop-up operation was organised for the militants that escaped with gunshot wounds and injuries as they may be receiving treatment in neighbouring communities. With this development, he said troops would continue to intensify patrol in the general area to avert further vandalism or attacks in the area. In another incident, the

commander of the 4 Brigade, Nigerian Army in Benin, Edo State, Brigadier General Farouk Yahaya, confirmed yesterday that 10 suspected members of the Niger Delta Avengers had been arrested. He said the suspects were arrested because of their links to pipeline bombings and militancy in the Niger Delta region. General Yahaya, while briefing journalists, said the suspects were arrested during a cordon-and-search exercise conducted in Oporozoa community and its environs in Gbaramatu Kingdom, Warri South Local Government Area of Delta State. Residents and various groups in the area had decried the invasion of the community since Saturday and raised the alarm over the alleged intimidation of innocent residents by troops of the Nigerian Army. A resident, who identified himself as Raphael, said the suspects arrested were innocent people who could not run away fast enough. He said the soldiers arrested them and labelled them members of the Niger Delta Avengers while other residents took refuge in the bush. The Niger Delta Avengers is the group that has claimed responsibility for recent attacks on oil and gas pipelines and installations in the Niger Delta. General Yahaya however said the suspects were arrested for their links to the Niger Delta Avengers, insisting that guns, ammunition and other dangerous items were recovered from them. He said the operation was conducted professionally in line with the rules of engagement of the Nigerian Army. The army also restated its commitment to tackling oil facilities’ vandalism in the Niger Delta region. Meanwhile, the Presidential Adviser on the Amnesty Programme, BrigadierGeneral Paul Boroh (rtd), who relocated to the Niger Delta last week to address the rising wave of militancy

in the region, has met with repentant militants, during which both sides reached a resolution to end the conflict which has resulted in the destruction of oil and gas assets. He said the meeting was convened at his instance with the phases one, two, three ex-militants of the Amnesty Programme from Rivers, Bayelsa, Delta and Edo States converging on Benin City, the Edo State capital at the weekend. At the meeting, which lasted over six hours, issues on how to end the attacks on oil and gas installations were discussed at length. Speaking to journalists after the meeting, Boroh declared that the recent bombings in the Niger Delta was inflicting pains on Nigerians and hampering the economy. He said he encouraged the ex-militants to open up on their concerns rather than resort to violence, adding that plans were in top gear to provide welfare and housing schemes for them outside the usual programmes and projects for the Niger Delta region. He stressed that the current situation in the region had rendered the country impotent. He explained that the meeting was convened to assure the repentant militants that the Amnesty Programme is their programme and that the bombings affect all Nigerians, whether they were resident in the creeks or outside them. Boroh, who was optimistic about the meeting, added: “We have all resolved that we will put our heads together to prevent the recurrence of this type of thing.” He also assured oil companies in the country that the federal government was committed to ending the bombings, saying: “Collectively, we (federal government and militants) have agreed to work as a team to prevent a recurrence. We feel bad that it is happening, it is affecting our economy and it is affecting development and we are very concerned

about this.” Some of the militants who were present affirmed what the presidential adviser said and pledged to support the federal government to bring lasting peace to the Niger Delta. Since the resumption of attacks in the region, Nigeria’s oil production has been halved. Recent attacks on oil facilities owned by Shell, Agip and Chevron have been blamed on a newly established militant group, the Niger Delta Avengers, which has vowed that it would completely halt the country’s oil production unless the government meets its demands. Last Friday, the group took to Twitter to claim responsibility for an attack on “Nembe 1, 2 and 3 Brass to Bonny Trunk Line belonging to Agip and Shell”. In another Tweet, the group warned that “something big” was about to happen. Military presence in the area has increased following the attacks. Buhari has accused the group of vandalism and warned that the Nigerian government would deal with it in the same way it is tackling Boko Haram terrorists in the country's North-east region. British Foreign Minister Philip Hammond, however, said Buhari needed to address the underlying causes of the conflict, amid fears a military confrontation could end in “disaster”. Niger Delta community leader Udengs Eradiri also warned that violence was likely to escalate unless the government “changes its body language”, Reuters reported. Eradiri blamed Buhari for his decision to cut funding for the Amnesty Programme that offered militants money and a job training if they stopped attacks by two-thirds. “The body language of this administration did not suggest that they wanted a peaceful environment,” he said. “Once the presidency begins to do what is right, they (militants) will be restrained,” he added.

Coronation Merchant Bank

FSDH Merchant

969,686.04

RMB

718,087.18

TOTAL

2,947,470.82

132,839,661.28

SENATE WADES INTO AGF, EFCC CLASH OVER NEW MONEY LAUNDERING BILL The EFCC had argued that the provisions of the Money Laundering (Prohibition) Act are comprehensive enough and more effective than the Money Laundering (Prevention and Prohibition) Bill, 2016. The anti-graft agency said that the new bill was counter-productive because it seeks to protect criminals by giving them easy escape routes. The EFCC was also of the view that the bill provides many escape routes for money launderers, noting that: “Clause 2(2) makes it an offence for a person to conceal, disguise, convert, transfer or remove ‘from Nigeria’ any property which he knows or ought reasonably to have known or suspects that the property has a criminal origin.” The implication, the EFCC has argued, is that once such property is not moved outside Nigeria, then no offence is committed. This clearly creates an escape route for money launderers by arming them with a defence in the event of prosecution, the commission had argued. The anti-graft body also rejected the bill because “Clause 4 (1) makes it an offence for a person to acquire, use or have possession of any property which he knows or ought reasonably to know or suspects that such property has a criminal origin”. However, Section 4(2)(b) makes an exception when such a person acquires, uses or has possession of the property for adequate consideration. This provision, the EFCC is contending, implies that once a person pays the full price for such property, then it is not a crime even if it is known that it was acquired with the proceeds of crime. This comment also applies to Section 4(3), EFCC has argued. The agency is also contending that the bill creates unnecessary bottlenecks in the fight against money laundering, because Section 5 (4)(b) makes an exception for an untrained employee, who fails to report knowledge or suspicion of money laundering as it is fundamental that ignorance of the law is not an excuse.

“Moreover, one should not hold himself out as being capable of doing a job without the requisite skills, or he should be held accountable to established standards for the given profession,” the commission had argued. However, the opposition of the EFCC to the bill has not gone down well with the AGF who originated the bill and wants the National Assembly to pass it as proposed. However, the EFCC is insisting that it must be dropped because it will make its operations cumbersome. The disagreement between the AGF and anti-graft agency has stalled further legislation on the bill, because the Senate has been handicapped from taking the bill through the second reading long after it passed the first reading. Owing to the discord, the Senate leadership has resolved to invite the AGF and EFCC to a roundtable meeting this week with a view to resolving the conflict. When THISDAY contacted the Senate Leader, Senator Ali Ndume, on the clash between the AGF and EFCC, he confirmed that there was a disagreement between them, which he said had stalled the second reading of the bill. Continued on page 11

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T H I S D AY • MONDAY, MAY 30, 2016

PAGE ELEVEN

Bomb Kills Soldier, Four Others at Military Checkpoint in Biu The Nigerian Army has said that a commercial tricycle, known in local parlance as Keke NAPEP, detonated a bomb when it unknowingly ran over an improvised explosive device (IED) planted by the side of the Biu-Damboa road, close to a military checkpoint on the outskirts of Biu town, Borno State. A statement issued by the Nigerian Army spokesman, Col. Sani Kukasheka Usman, said the incident occurred at 8.15 am yesterday.

“Unfortunately, the IED exploded instantly killing four persons comprising a woman and her baby and two other male adults. “Three other persons were injured including a soldier and they were immediately evacuated to Biu General Hospital. We regret to state that the injured soldier also died at the hospital,” Usman said in the statement. He said the general area was immediately cordoned off and the Explosives Ordinance Device

(EOD) team from the Forward Operation Base (FOB) in Buratai was mobilised to carry out a further search of the area. “Preliminary investigations show that the IED was buried a long time ago undetected. It exploded when the tricycle erroneously ran over it,” he added. The army commiserated with the families of the victims of the incident, noting that the unfortunate development brought to the fore the need for more security consciousness

and vigilance among Nigerians. “We would like to reiterate that the explosion would not deter us from seeing to the end of Boko Haram terrorists wherever they might be hiding through our ongoing clearance operations. “We want to use this opportunity to solicit for more cooperation from the public to enable us succeed in the fight against the remnants of these criminal elements going by the appellation ‘Boko Haram’,” he said.

Chief of Army Staff, Lt.-Gen. Tukur Buratai

CITING LEGAL REASONS, FG BACKTRACKS ON UNVEILING LOOTERS OF PUBLIC FUNDS He however stated that details of the sums recovered from the alleged looters would be made public before the end of this week. Buhari had repeatedly promised that he would disclose the details of the amounts recovered from alleged looters, their names, and the details of their prosecution during his Democracy Day broadcast to the nation. However, Nigerians were disappointed when Buhari, during his broadcast yesterday to commemorate his first year in office, failed to deliver on his promise. Instead, he acknowledged that large amounts had been recovered, but placed the responsibility of giving details and naming and shaming the alleged looters of the nation’s assets to the Ministry of Information and Culture. He said: “We are also engaged in making recoveries of stolen assets some of which are in different jurisdictions. The processes of recovery can be tedious and time consuming, but today I can confirm that thus far significant amount of assets have been recovered. “A considerable portion of these are at different stages of recovery. Full details of the status and categories of the assets will now be published by the Ministry of Information and updated periodically.” He admitted that his first year in office had been tough, but promised that recovered funds would be ploughed back into the treasury once forfeiture formalities are completed. “When forfeiture formalities are completed, these monies will be credited to the treasury and be openly and transparently used in funding developmental projects and the public will be informed,” he said. However, the Minister of Information later clarified that the details on the amounts recovered from alleged treasury looters would be made public soon. Speaking yesterday evening on Channels television’s special

Democracy Day programme tagged, 'Assessing the Government', Mohammed when pressed by the programme’s anchor, Ms. Kadaria Ahmed, said information on the amount recovered would be made public soon, before the end of this week. He was quick to add, however, that the names of the alleged looters would not be made public, explaining that this could not be done for legal reasons. “Yes he initially said so (naming looters), but he was advised against doing so for legal reasons. Of course, he has a right to reverse himself on that," Mohammed told his interviewer.

Buhari Warns Niger Delta Militants Buhari also warned Niger Delta militants to stop further attacks on oil industry facilities in the oil-rich region, stating that his government would arrest the vandals and those sponsoring them. He said: “The recent spate of attacks by militants disrupting oil and power installations will not distract us from engaging leaders in the region in addressing Niger Delta problems. “If the militants and vandals are testing our resolve, they are much mistaken. We shall apprehend the perpetrators and their sponsors and bring them to justice.” The president said his government was fully aware that those vested with interests who had held Nigeria back for so long would not give up without a fight. “They will sow divisions, sponsor vile press criticisms at home and abroad, incite the public in an effort to create chaos rather than relinquish the vice-like grip they have held on Nigeria,” he added. He said his government remained committed to implementing the United Nations Environment Programme (UNEP) report on the Niger Delta.

“We are advancing clean-up operations. I believe the way forward is to take a sustainable approach to address the issues that affect the Delta communities. Re-engineering the amnesty programmes is an example of this,” he said. On the economy, Buhari repeated what has become the common refrain of his administration, stating that oil dependent countries, Nigeria inclusive, had been struggling since the drop in oil prices. According to him, many oil rich states have had to take tough decisions similar to that of Nigeria’s. He said the world, Nigeria inclusive, had been dealing with the effects of three significant and simultaneous global shocks starting in 2014: the 70 per cent drop in oil prices; the global economic slowdown; and the normalisation of monetary policy easing by the United States Federal Reserve. He said: “Our problems as a government are like that of a farmer who in a good season harvests ten bags of produce. The proceeds enable him to get by for the rest of the year. However, this year he could only manage three bags from his farm, so he must now think of other ways to make ends meet.” He cautioned that some of the measures his government would adopt to rebuild the country might lead to hardship, adding that the real challenge of his government had been reconstructing the spine of the Nigerian state. According to him, the last 12 months had been spent collaborating with all arms of government to revive institutions, so that they are more efficient and fit for purpose. He said: “That means a bureaucracy better able to develop and deliver policies. That means an independent judiciary, above suspicion and able to defend citizens' rights and dispense justice equitably. “That means a legislature that actually legislates effectively and above all, that means political parties and politicians committed

to serving the Nigerian people rather than themselves.” He described the measure as the pillars of the state on which democracy could take root and thrive. “But only if they are strong and incorruptible,” he added. He said his government was also working very hard to introduce some vital structural reforms in the way government business is done and lay a solid foundation on which enduring change could be built. “An important first step has been to get our housekeeping right. So we have reduced the extravagant spending of the past. We started boldly with the Treasury Single Account, stopping the leakages in public expenditure. “We then identified 43,000 ghost workers through the Integrated Payroll and Personnel Information System (IPPIS). That represents pay packages totalling N4.2 billion stolen every month. “In addition, we will save N23 billion per annum from official travel and sitting allowances alone,” the president disclosed. He also said the Efficiency Unit of the Ministry of Finance would cut costs and eliminate duplication in the ministries, departments and agencies of government, noting: “Every little saving helps. The reduction in the number of ministries and work on restructuring and rationalisation of the MDAs is well underway. “When this work is completed, we will have a leaner, more efficient public service that is fit for the purpose of changing Nigeria for the good and for good.” On the devaluation of the local currency, the president explained his opposition to the devaluation of the naira, stating that in the past, devaluation had done “dreadful harm to the Nigerian economy”, however, he lent his support to the monetary authority’s decision to ensure an alignment between monetary policy and fiscal policies. “I would like to directly address

you on the very painful but inevitable decisions we had to make in the last few weeks specifically on the pump price of fuel and the more flexible exchange rate policy announced by the central bank. “It is even more painful for me that a major producer of crude oil with four refineries that once exported refined products is today having to import all of its domestic needs. This is what corruption and mismanagement has done to us and that is why we must fight these ills. “We shall keep a close look on how the recent measures affect the naira and the economy. But we cannot get away from the fact that a strong currency is predicated on a strong economy. And a strong economy pre-supposes an industrial productive base and a steady export market. “The measures we must take, may lead to hardships. The problems Nigerians have faced over the last year have been many and varied,” he said. Apart from savings, Buhari said he had changed the way public money is spent, adding that in all his years as a public servant, he had never come across the practice of padding budgets. “But I am glad to tell you now that we not only have a budget, but more importantly, we have a budget process that is more transparent, more inclusive and more closely tied to our development priorities than in the recent past. “Thirty per cent of the expenditure in this budget is devoted to capital items. Furthermore, we are projecting non-oil revenues to surpass proceeds from oil. “Some critics have described the budget exercise as clumsy. Perhaps, but it was an example of consensus building, which is integral to democratic government. In the end, we resolved our differences. “We have therefore delivered significant milestones on security, corruption and on the economy,” he said.

Lawyer Reacts to Broadcast

their case. It is not a question of the AGF and EFCC. The AGF as the originator of the bill is like a tailor who sews clothes for people of different sizes. But the EFCC knows what fits it better than the tailor but is incapacitated because it is under the minister. “So EFCC is sometimes not forthcoming, so that it will not be seen by the ministers to be overreaching itself. We see this

when carrying out our oversight functions. “In reality, there is no disagreement, there are only grey areas. I don't want to be pre-emptive and that is why we are all going to the drawing board. “The EFCC wants to ensure that it meets international standards especially in the area of stolen wealth. That is why we will look at the laws in other jurisdictions.”

Reacting to Buhari’s Democracy Day broadcast yesterday, human rights lawyer, Ms. Carol Ajie, described the president’s speech as “slumbering” that failed to address many critical national issues, especially his failure to publish the recovered loot and looters. Ajie, in a statement analysing Buhari’s speech, said the president was at most incoherent and inconsistent about his promise to publish the details of the recovered loot and instead shifted the responsibility to the Ministry of Information with no stipulated date. She said: “Rather than personally speaking on the matter and providing specific details as promised, Mr. Buhari only said he had directed the Ministry of Information to periodically publish details of the assets recovered so far.” She also listed 12 key areas, which Buhari either failed or deliberately chose to ignore including the galloping inflation arising from Buhari’s refusal to unfold an economic policy in Africa’s most populous country more than a year post-inauguration. Ajie also said Buhari through his broadcast failed to respect the sanctity of life with too many killings involving the Zaria massacre, Fulani herdsmen slaughtering from Agatu to Enugu, and other extra-judicially killings. She also warned that the Buhariled All Progressives Congress (APC) was sending dangerous signals to Nigeria’s democracy, as he refused to address the failure by the Independent National Electoral Commission (INEC) to announce the results of elections conducted months after the exercise was concluded in places like Rivers State, “just because his political party APC lost those elections”. She further reminded the president that “most states have no Resident Electoral Commissioners (RECs), whom he has failed to appoint”.

SENATE WADES INTO AGF, EFCC CLASH OVER NEW MONEY LAUNDERING BILL He added that the development had prompted the Senate to schedule a meeting with both of them and other relevant stakeholders with a view to securing a harmonised position on the bill so that the coast could be cleared for the bill to pass its second reading. When THISDAY also contacted the Chairman of the Senate Committee on Anti-corruption and Financial Crimes (EFCC), Senator

Chukwuka Utazi, he confirmed that progress on the bill had been stalled by the disagreement between the AGF and EFCC, stating that there was a need to resolve grey areas before going ahead with the process. He echoed Ndume's position that a meeting of the stakeholders had been scheduled for this week with a view to resolving what he described as grey areas in the bill.

Drawing on an analogy to illustrate the impasse, Utazi described the AGF as the tailor who designs clothes and the EFCC as the owner of the clothes, explaining that the EFCC that will use the clothes may be able to speak with more authority on its size than the tailor who only works on the design. He said: “We are looking at the nitty-gritty of the bill so that we can have a consensus and by the

time we start working on the bill, it will be easier. “I’m sufficiently informed that we are scheduled to meet the EFCC and the AGF on the bill this week to look at all those grey areas so that they reach a compromise and take a decision on it so that when we start working on it here, the only delay will be the public hearing. “It will allow all parties to make

MONDAY MAY 30, 2016 • T H I S D AY

NEWS

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

Attacks on Oil Facilities: Tompolo Calls on Militants to Ceasefire Insists he has no hand in bombings

Iyobosa Uwugiaren in Abuja The ex-militants leader, High Chief Government Ekpemupolo (Tompolo), yesterday called on the new militant group, the Niger Delta Avengers, to put an end to its attacks on oil facilities, saying it would not do the nation any good, especially at this critical period of the country’s economy. In a statement titled: ‘A Call to the Niger Delta Avengers to give Peace a Chance in the Niger Delta Region,’’ which he personally signed, the Ibe-ebidouwei of the Ijaw nation denied any involvement in the recent attacks. According to him, ‘’You members of the Niger Delta Avengers group are aware that some mischievous persons have continued to point accusing fingers at me that I am either behind you or directly carrying out the destruction of oil pipelines across the Niger Delta region, therefore I should be arrested by the Nigerian military. “Sadly, the military had bought

this ethnic induced and wicked accusation without a single proof to show that I am truly behind you people. On the other hand, some have suggested that you may be part of the multitude of persons I had catered for, from economically empowering to payment of school fees, hospital bills, and house rents and so on. “And that as I am out of circulation as a result of my travails in the hands of the Economic and Financial Crimes Commission (EFCC), you might be tempted to strike out on your own for sheer survival.’’ Maintaining that he knows nothing about the new militant group and the destruction of crude oil facilities in the Niger Delta region, Tompolo said he had made it clear in many occasions that the issue he has with the EFFC would not make him resort to violence and bombing of oil pipelines. He added that his team of lawyers had already challenged the defective process of legal service on him at the Court of Appeal.

‘’I am a man of truth and peace, therefore will not be involved in violent activities. That notwithstanding, for the love of country and out of patriotism, I wish to appeal to you once again to stop the bombing of oil facilities in the Niger Delta region, and embrace the path of dialogue with the Federal Government of Nigeria,’’ he claimed. ‘’The government is ready to hear you out on whatever issues you wish to discuss with it. You guys know that I do not know you and how to reach you, except through the mass media. If truly as you guys claimed that you are fighting for the well-being of the people of the Niger Delta, then you must adhere to this appeal otherwise, the world will label you as

criminals.’’ Reminding the new group of the consequences of their actions in the Niger Delta region, particularly as it affects him and the people of Gbaramatu kingdom, Tompolo said just yesterday, the Nigerian Army invaded the ancestral headquarters of the kingdom, Oporoza town, under the guise of looking for members of the group, particularly him and unleashed mayhem on the innocent people of the community. He added: ‘’And this happened in my absence as I am currently out of Gbaramatu kingdom, but what I gathered from some of the victims of the army invasion is unspeakable. “Even pots of soup where not

spared. The army has massively looted residents’ homes, desecrated traditional places of worship, committed sacrilege, abominations and what have you. The army has continued to occupy the community till this moment. What a sad tale.’’ Tomopolo said the federal government seemed not to be interested in its constitutional duty of protection of lives and the welfare of its citizens, except flow of crude oil in the region. He further stated that the same army arrested Chevron Nigeria Ltd staff and labelled them as members of the Niger Delta Avengers few weeks ago in one of the communities in Gbaramatu kingdom, adding that it took a spirited effort

by the community and other well-meaning Nigerians to intervene in the release of those Chevron staff. “This shows that the Nigerian government can do anything to our innocent people in the communities in the guise of looking for members of the avengers,’’ he added. “One other reason you guys must stop this new campaign of destruction is that the contractors in charge of repair works of attacked pipelines are equally culpable in the act of pipeline vandalism as they now sponsor their allies in the communities to continue to destroy pipelines to get more repair works. This is the sorry state we have found ourselves in the Niger Delta.’’

Buhari Announces N1.6bn Women Empowerment Fund Says N500bn earmarked for social intervention will make a difference Tobi Soniyi in Abuja President Muhammadu Buhari has set aside N1.6 billion for the empowerment of women. He announced this during his broadcast to the nation to mark his one year in office. The president said: “I would like to take this opportunity to express my appreciation for the increasing role that our women are playing in revitalising the agricultural sector. “Modern farming is still hard and heavy work and I salute our Nigerian women for sharing this burden. “In this respect I am very pleased to announce that the government will shortly be launching the national women’s empowerment fund, which I have approved to provide N1.6 billion in micro-finance loans to women across the nation to assist in rehabilitating the economies of rural communities, particularly those impacted by the insurgency and conflict.” Buhari expressed regret that for too long, Nigeria had been a society that neglected the poor and victimised the weak. He said : “A society that promotes profit and growth over development and freedom. “A society that fails to recognise that, to quote the distinguished economist Amartya Sen ‘poverty is not just lack of money. It is not having the capability to realize one’s full potential as a human being.” He announced the launching of what he described as ‘by far the most ambitious social protection programme in our history.’ The programme, Buhari said, sought to start the process of lifting many from poverty, while at the same time creating the opportunity

for people to fend for themselves. He said: “In this regard, Five Hundred Billion Naira has been appropriated in the 2016 budget for social intervention programmes in five key areas. “We are committed to providing job creation opportunities for five hundred thousand teachers and one hundred thousand artisans across the nation. 5.5 million children are to be provided with nutritious meals through our school feeding programme to improve learning outcomes, as well as enrolment and completion rates. “The conditional cash transfer scheme will provide financial support for up to one million vulnerable beneficiaries, and complement the enterprise programme – which will target up to one million market women; four hundred and sixty thousand artisans; and two hundred thousand agricultural workers, nationwide. “Finally, through the education grant scheme, we will encourage students studying sciences, technology, engineering and mathematics, and lay a foundation for human capital development for the next generation.” With respect to solid minerals, the president said the Minister for Solid Minerals, Dr. Kayode Fayemi, had produced a roadmap. He said government would work closely with the world bank and major international investors to ensure through best practices and due diligence that only the right partners were selected. “Illegal mining remains a problem and we have set up a special security team to protect our assets. Special measures will be in place to protect miners in their work environment,” the president added.

DEMOCRACY DAY GIG

L-R: Senator Hassan Fasinro; Oba of Lagos, Oba Rilwan Akiolu; Governor Akinwunmi Ambode; his wife, Bolanle; and Deputy Governor, Mrs. Oluranti Adebule, during the Democracy Day celebration with physically-challenged persons to commemorate the first year in office of the governor at the Lagos House,Ikeja,Lagos....yesterday

FRCN Bars Foreign Audits, Accounting Firms from Signing off on Company Accounts James Emejo in Abuja The Executive Secretary, Financial Reporting Council of Nigeria (FRCN), Mr. Jim Obazee, has said going forward, overseas audit/ accounting firms whose certificates have not been domesticated are barred from signing off on company accounts in the country. He also said any member of a company’s audit committee who is not an accountant is no longer allowed to be part of such committees. He said: “The rule now is that you have to be an accountant to be on an audit committee so that you’ll understand your accounts.” Obazee said it would henceforth amount to a breach of the code of corporate governance as well as the FRC Act for firms with overseas qualification to approve financial accounts of Nigerian companies unless such accounting or audit firm have the Nigerian equivalent of their professional

qualification. The rule also applies to Nigerians who hold foreign certification without the Nigerian complement. He said: “The accounts that they sign are not recognised unless they have Nigerian equivalent qualification.” Speaking in Abuja during a courtesy visit to the Securities and Exchange Commission (SEC), he maintained that “It doesn’t matter how highly trained you are in England, those certificates are not recognised for the purposes of signing accounts in Nigeria until you have domesticated those certificates” adding that “These things have been happening but the people don’t know.” However, the FRC boss said the visit to SEC was necessitated by the need to have the input of the Commission to the proposed National Code of Corporate Governance which would soon be operational. A public hearing

on the subject is billed for June in Lagos. He maintained that there was increasing need for companies to adhere to the details of the FRC Act to enhance transparency and eliminate lax corporate governance. He said: “The protection of the investing public has hitherto focused primarily on the reporting of results. Entities are required to provide their financial reporting stakeholders with fair, transparent and reliable financial results, give information necessary to understand those results and secure the attestation of independent financial reporting experts in order to give comfort to the user of the information. Internationalisation is beginning to change all of these. “The reporting of results alone is no longer sufficient. In addition to financial results, entities are now required to analyse and evaluate the quality of the processes and

controls used to report the results. To achieve this objective, it is important for relevant institutions to collaborate sufficiently and in a timely manner.” He said there was currently greater awareness by investors, directors, managers, and auditors on the urgency to improve compliance with financial reporting requirements by publicly traded companies largely through the efforts of various regulatory agencies. He said: “Today, monitoring and enforcement mechanisms of accounting and auditing standards and codes have improved (although international audit standards have not been implemented); errant companies and auditors are now being sanctioned. The progress is an indication of government’s commitment to improving the quality of financial reporting/ corporate governance, key contributors to enhancing investor confidence and economic growth.”

T H I S D AY MONDAY MAY 30, 2016

T H I S D AY • MONDAY, MAY 30, 2016

COMMENT

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

CHANGE AND CHALLENGE OF HISTORY President Buhari’s challenge is to end the country’s agony, writes Chido Nwangwu

itizens of Africa’s most influential country of 183 million will agree with me that Nigeria’s problems are compounded by the extraordinary scale of outright theft of oil and gas money by government officials, corporations and small mercenary/ militant groups. Remarkably, mainly colourful and inflated accounting books were kept by these conniving gangs; full of financial shenanigans and misleading numbers but very small money and whole scale environmental destruction of the Niger Delta and parts of the South east. To understand some of the factors which impacted the first year and will affect this second year of Nigeria’s democratically-elected president, the retired army general Muhammadu Buhari, you have to seriously examine, at least, seven major issues. First, is the dramatic drop in the price of a barrel of oil from $100 per barrel in mid-2014 to the mid and high $40s during his first year. With fewer resources, an escalating population, more than 12 million unemployed youths and hundreds of yet-to-be-fulfilled campaign promises, there are legitimate concerns and frustration of expectations regarding Buhari’s not quite clear agenda. Thankfully, the price of oil has increased to $50 per barrel. That is, using the global benchmark of Brent crude and West Texas Intermediate oil price for May 25, 2016. Second, is that the exponential loss of exchange value for Nigeria’s national currency, naira, has been catastrophic as the daily, operational reality for the unemployed, working class, middle class, business/employers, importers, exporters and even the very rich in Nigeria. Third, the higher and tripled price of fuel for cars at the gas/fuel stations as stipulated by the Buhari administration has escalated inflation and impacted the transportation of foods and essential commodities. Buhari has kept the oil/gas/ petroleum portfolio. That’s why fuel scarcity and expensive fuel have since become Buhari’s challenge as well as a burden as his presidency enters its second year. Since Nigeria depends on crude oil/petroleum sale for nearly 71% of its national income, under the current rate, there will necessarily be, at least, a 48% reduction in funds going to the 36 states of Nigeria and its local government administrations. According to the Deutsche Bank, for Nigeria to balance its federal budget for the 2014-2015 period, it needed a revenue stream pegged at $120 per barrel. It did not happen. Amidst many disruptions this May 2016, Nigeria’s shipment dropped to 1.1 million barrels of oil per day (OPEC’s 10th highest; Angola is Africa’s top producer); and will need to be

WHILE NIGERIANS AND OTHER ACCOUNTABILITY AGENCIES COMMEND BUHARI FOR PROBING AND COLLECTING BILLIONS OF DOLLARS FROM THE STINKING, PLUNDERING AND PRIMITIVE IMPUNITY OF THE GANGS AND SOME ‘STEAK HOLDERS’, THEY ASK A FOLLOW UP QUESTION: HOW MUCH HAS BEEN COLLECTED AND WHAT ARE THEY BEING USED FOR?

increased to at least 2.1 million barrels per day to begin to meet the spiraling bars of expectations awaiting Buhari, the 73-year-old man who ruled the country as a dictator from December 1983 to August 1985. Fourth, Buhari needs to gainfully engage the army of unemployed youth, rebuild the country’s transportation and petroleum infrastructure, repair the dilapidated shacks which Nigerian kids go for their education and update the non-equipped death beds in dirty, strange places named “hospitals”. Anyway, who cares? After all, the rich Nigerians have their own doctors in different cities of India, in Dubai, Germany, France, the U.S., and in the United Kingdom. Fifth, while Nigerians and other accountability agencies commend Buhari for probing and collecting billions of dollars from the stinking, plundering and primitive impunity of the gangs and some “steak holders”— especially from the Jonathan and Obasanjo presidencies — they ask a follow up question: how much has been collected and what are they being used for? Sixth, the defiant escalation by the ISIS-backed terrorists Boko Haram regarding who completely and, in toto, defines and holds final authority and power over the geo-political integrity of Nigeria. It is remarkable that the Islamic group’s response since Buhari announced he would crush the group has killed almost 5,100 persons. Seventh, what is the core vision for governance, now and into Nigeria’s future, by President Buhari? Only one year ago, he was, literarily, canonised as the second coming of a strict “miracle worker” by his teeming supporters and a jaded country. Today, the same country is divided into those who are awaiting the long-in-coming fruits of hopeful change versus those who insist they have seen the Buhari movie before, and it did not end well; they swear the leopard has not changed its ways…. Worse, they predict he will drown in his mechanised ethno-religious zealotry and end as a catastrophic failure! No! As Buhari begins his second year in office, the question amidst the dramatic interplay of the current opportunities for a national rebirth, is whether he would rise to the challenge of history to be recorded as a man who had a rare second chance and truly turned Nigeria away from being the playground of economic leeches, political gangsters, irreligious murderers and social swines. Dr. Nwangwu, Founder & Publisher of USAfrica multimedia networks since 1992, wrote from Houston, Texas

IN DEFENCE OF INDIMI Ahmad Rufai argues Muhammadu Indimi, chairman of Oriental Energy Resources Limited, is committed to the good of all “One never notices what has been done; one can only see what remains to be done”- Madame Curry

am writing in response to recent posts on social media, which contained numerous false and scurrilous allegations about Dr. Muhammadu Indimi. These unwarranted attacks are connected to the Dr. Indimi International Business Centre. For more than a week now, the centre has been trending on all the major social media platforms for different reasons. While some people are seeing the centre as a good platform that will nurture students from Nigeria and other African countries into becoming world class business experts; others are seeing it from the point of view that such donation should not come from a Maiduguri- born business man. There were numerous posts, comments, analysis and gossips on the donation. First, who is Indimi? Muhammadu Indimi is the chairman of Oriental Energy Resources Limited (OERL), a privately held oil and gas exploration and production company. They currently have three projects in the offshore Nigerian oil and gas industry which include OML 115, Ebok field (OML 67), and Okwok field (OML 67). In Nigeria today, the social media is being used as a tool to spread rumours and hearsays instead of fair and accurate information. As usual, many people have been condemning Dr. Indimi for investing in education, which an unbiased individual would rather see as an investment for humanity no matter where it is located. References were being made with the current situation in the North-East. People

went so low to make false claims that the successful business man and his company have never contributed to the society as part of their corporate social responsibility obligation or donate to the society in form of charity. In fact, Dr. Indimi has a long and proud record of philanthropy and charity, giving both personally and through his company. Dr. Indimi is a rare benefactor who does not feel the need to tout his good works in the public domain. In fact, he always prefers to maintain a low profile and to do his philanthropic activities out of the public eye. He never discusses his activities in press interviews or on television or radio programmes, nor does he permit his staff to discuss such matters. Dr. Indimi performs his charitable acts on behalf of Almighty Allah who has no need for any media outlet to broadcast to him. Today, however, because of recent unwarranted, false and scurrilous attacks, it is now of paramount importance that I do a portrait of Indimi that the public does not read about in newspapers or on social media platforms. With regard to its corporate social responsibility, OERL has been involved in a variety of activities designed and intended to improve the welfare and development of their host communities. In 2005, OERL donated a 30-person water taxi to one of its host communities. In 2007, OERL in collaboration with one of their partners, Addax Petroleum Ltd, provided comprehensive free- eye treatment and eye glasses to over 800 indigenes of its host communities. From 2009 till date, OERL has awarded more than 150 scholarships (ranging from secondary to tertiary education) to indigenes of host communi-

ties. In the year 2013, OERL constructed and commissioned a 14-room self-contained apartments for teachers in Effiat. In 2013, OERL in collaboration with their partners, AFREN, made a commitment for upgrading the Chemical and Petroleum Engineering Department of University of Uyo. Seventy youths were trained at seven skills acquisition centres in Uyo, Oron, Eket and Ewang, in Akwa Ibom State. Some 500 community women were also trained in financial literacy. All of these corporate social responsibility activities have been conducted quietly by OERL and out of the public eye. Projects and activities due for this year include: to purchase and empower 25 local fishermen with fishing equipment and materials, pay existing scholarship recipients and award additional 50 scholarships, commence training of additional 70 community youths on technical skill acquisition and conduct community health outreach; and so many more. I don’t know of a successful company in Nigeria that’s being led by a team of formidable youths like Oriental. Majority of the staff in Oriental are below the age of 40 while the company promotes diversity within its workforce. Dr. Indimi has also been personally quite generous in his public and private philanthropic efforts. In February 2013, Indimi donated a sum of N200 million to the federal government flood relief and rehabilitation committee. In November 2014, Dr. Indimi donated a sum of $5,000,000 for the support of Victims of Terrorism in Nigeria. In May 2014, Indimi donated critically-needed pharmaceuticals and medical equipment worth millions of naira to Borno State Government. In

August 2015, he donated the sum of N100 millon to internally displaced persons (IDPs) in Adamawa State. In 2015, Indimi offered scholarship to some students from the North-East to study undergraduate and post- graduate courses at the African International University, Khartoum, Sudan. As part of his plans to empower the youths of Borno State, Dr. Indimi plans to create a rehabilitation and skill acquisition centre that will seek to promote entrepreneurs in the state and also to seek to rehabilitate victims of trauma due to the insurgency in the area. Dr. Indimi will also use his Maiduguri factory to train youths in Borno State to learn welding and assembly skills to manufacture pipe and water pumps for use throughout Nigeria. Contrary to reports being circulated, he donated $900,000 to the university not $14 million as rumored. The centre was named after him for his kind donation at the fundraising, and also for his commitment and support to the university. Although many may not know, Dr. Indimi is a recipient of the university’s doctorate award, and almost all his children studied at Lynn University for either undergraduate or post graduate degrees. Dr. Indimi proposed a synergy of Lynn University and Borno State government in other to establish a world class university like Lynn in Borno. This was why Borno State SSG attended the groundbreaking of the Muhammadu Indimi Centre. Commitment was made by both Dr. Indimi and Lynn University, but up till today, nothing has been heard from the state government, even when it won’t cost them a dime. Rufai wrote from Guildford, United Kingdom

T H I S D AY Ëž Ë&#x153; ÍąÍŽË&#x153; Í°ÍŽÍŻÍ´

EDITORIAL A TALE OF TWO NIGERIAN CITIES

The ranking of Lagos and Abuja as some of the worldĂ s worst cities is a wakeâ&#x2030; up call

ercer, one of the worldâ&#x20AC;&#x2122;s human resources consultancy firms, releases annually a quality of living index, which looks at the cities that provide the best quality of life. Unfortunately, both Abuja (the administrative capital) and Lagos (the commercial heartland) were listed among the 33 cities with the worst quality of life. That should worry the authorities. According to the latest report which examined 450 cities in 230 countries, Lagos was ranked number 20 while Abuja was jointly ranked number 19 alongside Dushanbe, Tajikistan. Twenty of the 33 worst cities are in Africa. Dar Es Salaam, Tanzania, was ranked 33 while Bangui in the Central African Republic was ranked number two, with Baghdad in Iraq the worst place to live in. In ranking Lagos, the index said: â&#x20AC;&#x153;The countryâ&#x20AC;&#x2122;s largest city battles environmental threats, such as riptides, annually. Citizens are also under continual threats to their personal safety, including the kidnapping of students and murder,â&#x20AC;? while Abuja â&#x20AC;&#x153;suffers from high crime rates from intercommunal violenceâ&#x20AC;?. CITIES HAVE GREAT The index based IMPACT ON MENTAL AND the overall ranking on PHYSICAL HEALTH AND cities on key indicators INDEED THE WELLNESS OF like the political and ITS INHABITANTS social environment (political stability, crime, law enforcement); economic environment (currency exchange regulations, banking services); socio-cultural environment (media availability and censorship, limitations on personal freedom); medical and health considerations (medical supplies and services, infectious diseases, sewage, waste disposal, air pollution); and schools and education (standards and availability of international schools). Other indices considered were public services and transportation (electricity, water, public transportation, traffic congestion); recreation (restaurants, theatres, cinemas, sports and leisure); consumer goods (availability of food/daily consumption items, cars); housing (rental housing, household appliances, furniture, maintenance services); and natural environment (climate, record of natural disasters).

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Even though no ranking or measurement is perfect, the latest ranking was more or less in sync with previous efforts. An earlier international survey also named Lagos as one of the worst cities to live in, describing its infrastructure as â&#x20AC;&#x153;intolerable, undesirable and uncomfortableâ&#x20AC;? and placed it in the same league with Dhaka, the capital of Bangladesh, and Port Moresby in Papua New Guinea. The indices considered then were more or less the same: political and social stability, crime, education, and access to health care.

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here is no doubt that in the past few years, various governments in Lagos have been trying hard to turn the fortunes of the city of about 18 million inhabitants around. But it has not been an easy task. The city is still congested â&#x20AC;&#x201C; vehicular traffic is a daily nightmare. Basic services are lacking. Electricity and drinking water, like everywhere in Nigeria, are rationed. Access to health care is difficult, just as good roads are in short supply. Law enforcement is difficult, made more so by so many unruly people and the police have become a by-word for brutality. Today, Lagos is ringed with shantytowns and slums populated by the poor and once in a short while, criminal gangs exercise a murderous grip on parts of the state. Abuja is also increasingly becoming the victim of neglect and has started acquiring some of the negative symptoms that led to its founding. The parlous state of infrastructure is becoming alarming. Most satellite communities are yet to experience any meaningful form of development. Many of the streets reek of urine as sanitation standards are poor and expenditure on health care and city services are dwindling. Crime is surging. At practically all levels, there is absence of good governance which is focused on the people, their safety and welfare. The regulatory environment for business could also be better. Yet it makes sense to take these rankings seriously. Cities have great impact on mental and physical health and indeed the wellness of its inhabitants. They are powerful tool for economic development as they attract business and investments and boost local economies. The present shameful rankings should therefore be seen as another wake up call for more attention to our cities.

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NIGERIAâ&#x20AC;&#x2122;S WINTER OF DISCONTENT â&#x20AC;&#x153;After all is said and done, more is said than doneâ&#x20AC;? Aesop

he inauguration of Gen. Muhammadu Buhari (rtd.) as the fifth executive president of Nigeria could be best described as pomp and circumstance. It was a day of profound enthusiasm. For the majority of Nigerians who voted for President Buhari, it was not just the end of an era but also the beginning of another. President Buhari who had defeated the incumbent Goodluck Jonathan, was designed and presented to be the cure-allmedicine to the Nigerian socio-political and economic malaise. During the electioneering campaigns, he and his All Progressives Congress (APC) spin doctors were making watering promises â&#x20AC;&#x153;like tomorrow no dey.â&#x20AC;? They, by so doing, lured the majority of Nigerians into believing that re-electing Goodluck Jonathan â&#x20AC;&#x201C; whom the party described as clueless â&#x20AC;&#x201C; would be their worst sin on earth. So the inauguration day was the epiphany of APC. The partyâ&#x20AC;&#x2122;s vuvuzelas were sounding â&#x20AC;&#x153;Sai Baba.â&#x20AC;? The trekker who would later meet the new president was hitting the road from Lagos to Abuja. The poor masses â&#x20AC;&#x201C; especially those of northern extraction who massively voted for the man they called â&#x20AC;&#x2DC;Mai Gaskiyaâ&#x20AC;&#x2122; â&#x20AC;&#x201C; clung to their radio and television sets with great aplomb. But barely one year into President Buhariâ&#x20AC;&#x2122;s four years constitutionally allotted tenancy of Aso Rock, theâ&#x20AC;&#x2DC; Sai Babaâ&#x20AC;&#x2122; crusaders have vanished. The balloon of great expectations has

been punctured. Everywhere you go, people will tell you: this change is killing us! Just few days after he took the reins of office, the naira depreciated to an alarming level. And the price of crude oil fell below $50 a barrel. Many expected President Buhari to wave his magical wand and fulfill his electoral promises of restoring dollar-naira parity and to save the falling oil price. But the septuagenarian bluntly told Nigerians that he was not a magician and that at his age, that there were things he could not do. When many began to complain, the APC branded them â&#x20AC;&#x153;Wailing wailers.â&#x20AC;? To compound the problem, President Buhari, who was ruling then by means of body language decided, apropos of nothing, to embark on a seven-month search for political saints to make ministers. Hon. Patrick Obahiagbon phrased the futile venure as â&#x20AC;&#x153;directionless directionlessness.â&#x20AC;? As if that was not enough, the 2016 budget debacle was unveiled. For three months, the Nigerian state was at a standstill as her president was trying to understand the denotations and connotations of the word â&#x20AC;&#x153;padding.â&#x20AC;? It didnâ&#x20AC;&#x2122;t take long before almost all Nigerians (except those enjoying the goodies accompanying the public offices they occupied) started wailing. The depreciation in naira affected almost everything that even the bitter-leaf sellers would tell you the effect of naira-dollar disparity. Both the rich and the poor are affected. The average families started finding it difficult to have a three square meal a day let

alone paying house rents and school fees. Ever wonder why everybody is complaining about the change? It was against this backdrop of rampaging poverty and glaring unemployment that President Buhari found it worthwhile to remove the governmentâ&#x20AC;&#x2122;s subsidy on premium motor spirit, often called petrol. This public policy which came after President Buhariâ&#x20AC;&#x2122;s message to Nigerians that his occupancy of Aso villa did not alienate him from the sufferings of the people did portray him as a hypocrite. Come to think of it, this is a government that promised to sell fuel at N45 a litre if voted in. The subsidy removal meant that the price of goods and services would further go up. So how is President Buhari sharing in our pains? Then came the strike threat, the court order and a divided Nigeria Labour Congress (NLC). The Ayuba Wabba-led NLC went on strike while the Joseph Ajaero faction pulled out. After four days of strike, the Wabba group called off the strike and returned to the negotiating table with the government. Nigerians are still waiting patiently for the result of the negotiations before it dawned on them that President Buhari has spent one year in office. While there are some good news in terms of security, as we can see in the rescue of Amina Ali, President Buhariâ&#x20AC;&#x2122;s one year in office could best be described as Nigeriaâ&#x20AC;&#x2122;s winter of discontent. Asikason Jonathan, Enugwu-Ukwu, Anambra State

T H I S D AY • MONDAY, MAY 30, 2016

POLITICS

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

* * * D E M O C R A C Y D AY E D I T I O N * * *

The Illusion of Change One year after assuming office, President Muhammadu Buhari is still struggling to understand, let alone deliver change, writes Olawale Olaleye

here is a convenient argument and in a manner of speaking, an excuse often advanced by some of the ardent supporters of President Muhammadu Buhari. It is the fact that had former President Goodluck Jonathan continued as president, the economy of Nigeria would have totally collapsed. That is common knowledge and in fact, a statement of fact. But these supporters have yet to come to terms with the fact that even Buhari does not appear to be in a position to take the nation to the Eldorado. The 2015 choices between Jonathan and Buhari were the most horrible the nation had come to deal with at such a critical time in her national life. The political space was deliberately narrowed to allow for those two choices, sadly in a nation of over 170 million people. There was no mistaking that Jonathan was clueless and lacked the capacity to make hard choices that could have ended up the “turning point” in the life of the country, nothing in Buhari’s antecedents or records shows he had the intellectual credentials to turn the tide too. As former governor and minister, nothing was stellar about his performance that could have drawn attention to him. As former head of state, the story was that he was not in charge but his late deputy, Tunde Idiagbon, translating that he was not a hands-on leader. During his days at the Petroleum Trust Fund (PTF), he was said to have made very good use of consultants and could hardly conceive any idea original to him. Yet, he got away with all this and 12 years after many attempts at the presidency, a combination of forces across the geo-political zones made it possible for him to eventually reify his presidential dream. But in just a year in office, he remains the same yesterday, today and evidently, tomorrow. One year after a struggle that has rendered some persona nongrata in their home states and others, extremely broke, the story of the hyped change is now one of ugly choice, indeed, what many would consider an error of choice. Thus, if you are still one of those, who are unable to see that the government of Buhari is already in trouble, perhaps, completely bereft of ideas on the way forward, then, you are evidently one of those the president should personally start to cut off from with immediate alacrity. There is no doubting the fact that the president has been caught in the frenzy of two categories of people – the wailing wailers and the hailing hailers – the time to begin to sift, who truly belongs where is nigh. The president has a problem and it is fundamentally one of capacity – indeed, on rudimentary governance. Although the circumstance of the choice of President Buhari can be explained away without much ado, certainly, the margin of disappointment factored into the decision could not have been in the region of what is currently playing out. The stakes in the period leading to the 2015 elections were high, no doubt. Perhaps, the highest in history! Former President Jonathan had lost it. The country was in total decrepit with no help in sight. Government was evidently helpless but only living each day as it came. The future was too inexact. Even more unfortunate for the country and her people was that the party in power, the Peoples Democratic Party (PDP) had been there for sixteen unbroken years and as a result, had become an institution of sort. In addition, the federal government was the biggest dispenser of patronage with thriving corruption, complicating the degree of stake, akin only to the “sleeper cells” as obtainable in the world of terrorists. Yet, the last election provided the biggest opportunity to rout the PDP and possibly, give the country a fresh and promising beginning. However, crucial in that decision was a very strong candidate that could be sold across the country and with the kind of following that would compete with anyone or even trump them as a collective. Buhari readily came to mind as he aptly fits the bill. With his experience and assumed passion for the country, especially having taken several shots

Buhari...change according to the president

in not less than 12 years at the presidency, he naturally wore the image of the messiah. Suffice it to reiterate that the choice between him and Jonathan was a rather disappointing one save for the urgency of uprooting the PDP. The former had exhibited a high degree of his clueless ineptitude and the inability to make hard decisions in collective interest and had become a hard-sell at the time. But because he had been granted the right of first refusal by his party and also the only one who could fund such a huge project, he became indispensable for the PDP until Nigerians disposed of him. The incumbent, on the other hand, did not prove to be significantly better. Apart from going round the country campaigning with some of the nation’s best, who had partnered him on the project Nigeria for obvious stakes, he failed to give a good and convincing reason why it should be him. He could not even debate the issues and the stakes. The truth was, he neither understood nor could sell the issues. But he had a rich following, which was key and those who had bought into his candidacy were willing to fund him – all for Jonathan to go. It was not so much about the PDP. Ultimately, those who had bought into the Buhari idea had something fundamentally instructive in mind. It is the fact that even if he failed in terms of performance, he would not be as difficult to upstage, both at the party and national election. Besides, his own election would have been a lesson to him too that no one is indispensable. If Jonathan’s PDP could be taken out after 16 years of staying in power, then APC’s Buhari would only be for the asking. Since he assumed office, nothing has critically changed to justify the frenzy that typified his election of change. A former military head of state, whose reign was notoriously draconian, Buhari professed to be a democratic convert even though he would never apologise to Nigerians for overthrowing a democratically elected government. “We intervened to save the country”, has remained his lot. Yet, he has been more of his old self than the “polished” civilian image that was sold to Nigeria and

the world. From what is on the card now, President Buhari’s problems are legion and rightly so, intrinsic. From his attitudinal disposition to the underpinning philosophy and the window of time through which he sees things, these traits have always been present and sadly, remain unchangeable. A leader who listens to no one is of course his own problems. A leader, who sees everyone else but himself as a thief, either has an unidentified social case or is at best, a glorified follower. A leader, who feigns to know all things or have the solutions to all the problems bedeviling his people, can only be one thing: an error of choice. A leader, who delights in vindictiveness, hate politics and is palpably ethnocentric in a multi-ethnic nation like Nigeria is definitely limited in all ways by his beliefs and faith or is at a huge disadvantage by class complex. Unfortunately, a gamut of all these are gradually beginning to define what ultimately would be recorded in history as the highlights of the Buhari presidency in a civil rule. With a poor, uninspiring and somewhat disappointing

From what is on the card now, President Buhari’s problems are legion and rightly so, intrinsic. From his attitudinal disposition to the underpinning philosophy and the window of time through which he sees things, these traits have always been present and sadly, remain unchangeable

take-off, the last thing that would happen to the Buhari presidency and his party, the All Progressives Congress (APC) is to assume that lame excuses would give way when another election bout beckons. This is because beyond performance (which is not likely to be above average in another three years if it manages to attain the average mark), the government would be required to also stand before the people to give explanations to some of the developments that have so far been defining his presidency. He would be unable to avoid debate and Jonathan would have ceased to be a handy excuse for failure. Particularly instructive is that the president would someday have a reason to explain why his appointments have been consistently lopsided in favour of a certain ethnic group. He would explain to the Nigerian people why it took him almost six months to appoint ministers, at the end of which he was unable to bring onboard angels from different planets. When eventually, the story of the trial of the Senate President, Bukola Saraki is written and properly documented, he would explain why under his watch, covert attempts were made to subvert extant laws and provisions just because there was an alleged plan to achieve a premeditated goal in the trial of the nation’s number three citizen. The story of his presidency would not be complete without a mention of the embarrassment caused during the Kogi and Bayelsa State governorship elections. The violence in the Rivers State elections too would not be shoved aside. His fight against corruption – his only unique selling proposition – would be analysed and the fault lines, identified without prejudice to those affected. The need to justify his endless travelling cannot be skipped when the time comes. The cost would be placed side-by-side with the gains. What with his budget of embarrassment? The controversy that attended the 2016 budget is not one to be glossed over. In fact, it is an area scholars of political economy would focus sometime in life and situate who played what role in a series that brought the nation under huge disrepute. That the economy is out of his control is evident. But how is what explanation to make to the Nigerian people. So far, government’s definition of technical defeat of Boko Haram might have begun to make sense with its recent routing of the sect, government would certainly not be condoned for allowing some suspected Fulani herdsmen get away with the murdering of other nationalities in daylight across the country, even while it is ready to do battle with the South-south Avengers. Another undoing of the government is its poor management of the recent fuel crisis, for which the government was seen to have taken the people for granted. Both as president and substantive minister of petroleum, the president didn’t deem it fit to address the nation, when the crisis was not a child’s place. But he would carry on with his superiority complex as if all is well. After all, he was begged to come and serve. His constant de-marketing of Nigeria is one stigma he has helped to further establish and unfortunately, he would not be an exception to the consequences even though he enjoys setting himself aside as different from the rest. Even the President of Panama has done nothing but defend his country. The British and the French, who came to Nigeria and stole many of her artifacts never admitted to corruption. David Cameron, the Prime Minister of Britain, whose name came up in the Panama mess had the impetus to dismiss Nigeria as fantastically corrupt and Buhari said he was right. He failed to realise that such a blanket dismissal of the country in such a condescending manner didn’t leave him out and everyone, including his own family too would have to deal with the consequences of his apparent lack of wisdom. What’s more, his recent disappointment of the Lagos State Government and her people over a suspended state visit is a manifestation of his attitude to work, which of course explains

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T H I S D AY • MONDAY, MAY 30, 2016

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POLITICS

Buhari’s Electoral Promises in Reverse Mode

The brazen denial of its key electoral promises is the beginning of a credibility crisis for the government of the day, writes Shola Oyeyipo

Buhari on his campaign train

head of the 2015 presidential election, President Muhammadu Buhari and his party, the All Progressives Congress (APC), made series of promises to the Nigerian people. And because of the huge goodwill he enjoyed amongst the people, hope was high that there would be spontaneous fulfillment of those promises by the Buhari/Osinbanjo-led government. This, naturally, made the most formidable and only opposition to former President Goodluck Jonathan and his party, the Peoples Democratic Party (PDP) Like any other contender for public office, the Buhari movement promised to create an enabling environment for all stakeholders within the Nigerian structure and system. It also vowed to protect the environment from any form of pollution as a way to restore the nation’s ecosystems as well as invest in natural disaster solutions. The Buhari government and APC leaders vowed to work to address Nigeria’s environmental challenges. The APC also noted that the country’s politics required fundamental reforms and improvement in governance, more transparency and accountability. President Buhari promised to publicly declare his assets if elected. The party assured the people it would urgently secure the territorial integrity of the nation. It said it would never leave the defence of the nation in the hands of hunters, children, and civilian JTF. The parties assured Nigerians that it would stamp out the dreaded Boko Haram in the Northeast within a timeframe and address all forms of insecurity in other parts of Nigeria. The party, however, went ahead with an ambiguous promise to end insurgency with 100 days in office, which by all calculations, was a tall dream. In the areas of jobs creation and the economy, the APC did not mince words on its view that Nigeria’s economic mainstay, the oil sector, has

not really galvanised growth and therefore has not created enough jobs. So, Buhari pledged to strengthen country’s economy by reforming the oil sector. Buhari also promised to focus on building a solid foundation for the education, healthcare, youth, sports, and culture sectors and to also look for practical, valuable opportunities that would empower and enhance the women for gender balancing. The APC presidential candidate also said he would ensure that the naira was equal to the dollar in value, if elected as a president. It is indeed a long list of promises, some of which were said campaigns purposes but the fact is that with the level of disenchantment about the past government, not a few Nigerians took those promises hook and sinker. And to analysts, the APC success at the presidential poll has a direct correlation with the promises they made. For instance, the APC promised to create a social welfare scheme that would provide 25million poorest and most vulnerable citizens with at least N5, 000 per month. This was expected to cough $7.575b out of the treasury annually. There is also the promise to provide free meal for each child per day at N200 per meal, which was estimated to cost Nigeria N14.4b. The APC promised creation of 3 million jobs per annum and vowed to employ 500,000 teachers as well as eradicate the ‘state of origin’ concept and replace it with ‘state of residence’ as a way to enhance national unity. The Unfulfilled Promises Not only was Boko Haram not defeated within 100 days because fighting insurgency is not tantamount to conventional warfare, even till now, though the sect has been significantly decimated, government is still battling to trump the outlawed terror group. Many are also looking up to the government

to fulfill its promises to engage 500, 000 teachers, achieve the Naira equalisation, a perfect oil sector reform, provision of free meal for each child per day, the creation of 3 million jobs per annum that has not been fulfilled in the first 365 days and several other promises that sold the APC to the Nigerian electorate, one particular reversal of promise that did not go down well with Nigerians was the stoppage of the N5,000 to 25m vulnerable Nigerians. It was shocking to many when President Buhari in faraway Doha, Qatar, United Arab Emirates, dropped a bombshell that one of his major campaign promises was no longer practicable – the promise to pay unemployed youths N5, 000 monthly stipends. It was jettisoned or so it seemed. According to President Buhari, the N5,000 stipend was a campaign promise of his party and one of the cardinal points of his party’s manifesto but he had not personally campaigned about it and it was not going to be a priority of his administration in view of other more significant and important challenges. His position attracted condemnations from the new and influential media because many Nigerian youths elected President Buhari based on the promise and the trust they had in him and had expected the change mantra to become reality as soon as he came on the saddle. Why Some Promises are Not Feasible During the elections, the challenges facing Nigeria were common knowledge and as such, the promises of key presidential candidates were also similar. Like President Buhari, Jonathan, also promised to stop insurgency, eradicate corruption and give jobs to the youth. But then, it was obvious that some promises by the APC were only achievable in the dreams. It is the basis why some commentators hold

the views that the party and the president brazenly denied a document they used in campaigning and wining votes soon after the election. That they were not actually committed to fulfill the promises they made during campaigns Going with facts and figures, some of the promises President Buhari made were made when oil sold at below $50 and even as at then, workers in about 20 states could not receive their salaries, and the country’s treasury was bleeding red ink. At such point, any addition to government’s recurrent expenditure would be suicidal. Going by UNICEF records, children less than 15 years account for about 45 per cent of the Nigerian growing population, which translates that about 72m children are in primary schools and providing free meal for each child per day at N200 per meal will cost Nigeria N14.4b. If this figure is imbedded into the national budget, Nigeria would spend N4.32t just to feed the children. In the area of job creation, the ruling APC has not been specific about how the promised 3 million jobs are to be created because already, most ministries and agencies have more than required staff, whereas the budget are limited. In fact, back then when the APC was reeling out its promises, former Central Bank of Nigeria (CBN) Governor, Professor Chukwuma Soludo warned them then that the resources available would not be able to take care of the many promises. In soludo’s intervention before the election, titled ‘Buhari vs Jonathan: Beyond the Election’, the Economics Professor said, “Even with all the loopholes and waste closed, with increased efficiency per dollar spent, there is still a binding budget constraint. To deliver an efficient national transport infrastructure alone will still cost tens of billions of dollars per annum even by corruption-free, costCONT’D ON NEXT PAGE

THE ILLUSION OF CHANGE why Nigeria has remained in this horrible state since he took over. Three reasons were in circulation for why he did what he did and only one could sufficiently suffice. The excuse that he had scheduling difficulties was the dumbest it gave. This, evidently, was an appointment that must have been secured months ago with the exchange of many correspondences. In fact, an advance team was said to have arrived town preparatory to his coming. Whatever later turned out difficult in his scheduling is yet to be understood as he would

later entertain a private visit that was heavily celebrated in the media. The other excuse that he had an ear infection was unable to fly too. That was too cheap, coming from the presidency, if it ever did. However, what sounded as the most plausible was the political slant, which alluded to a no-love-lost between the president and a former governor of the state, Bola Tinubu. Thus, while the second and third reasons were no less some gutter gist, the official was unthinkable. In all, it is a reflection of how unreliable the government can be. Those who

have continued to claim it is too early to assess the government are the biggest enemies of the administration. They said the same thing when it was 100 days in office and one year after, they are saying the same thing. By the time it is another election year, they would say the same thing the way Jonathan was urged to carry on because he needed more time to “perform” and further plunge the nation into a mess. If no one is telling the president the truth, it is important he knows that the situation in the country is very bad and excuses of time

or how bad the economy was on assuming office would not fly on the day of reckoning. It would simply be recorded that he had his time and he messed it up. Nigeria is not his personal estate and his leadership is constitutionally tenured, therefore, he should know that a one-man show is no longer in vogue anywhere in the world as it is a one party system. Whatever he does with his time will be recorded against his name and he would be solely responsible for his scorecard. But so far, this change is no less a mirage.

T H I S D AY • MONDAY, MAY 30, 2016

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POLITICS

For Nigerians, It’s Regrets and Disappointment Segun James, who spoke to Nigerians of different classes and stature on President Muhammadu Buhari’s one year in office, presents a verdict of regrets and forlorn hopes

he proverbial one year in office has always provided the opportunity to assess the performance of any government or individual in a position of authority in the country. After the one year mark, the people usually make up their minds if the government or the political office holder will be a success or failure. That is the reason each president of the country uses the one year period to give his state of the nation address, where he accounts for his stewardship on his first year in office and the hopes for the future. It is usually a time for the president to plead for understanding as he struggles to move the nation forward. But for many state governors, it is always party time. It is the time to make elaborate publicity, showcasing the many projects they have executed within their one year in office. Some of the governors are so desperate to showcase their achievements that they take pictures of vehicles bought for government official use as achievement. The story was told of a governor of Imo State, who allegedly considered as one of his achievements, the opening of a Mr. Bigg’s Fast Food restaurant in the state. But since the coming of President Buhari, the economy of the nation has nosedived. Crude oil sales which has been the mainstay of the nation’s economy had gone down, coupled with the activities of Boko Haram terrorists in the northeast and now, the rising spate of militancy in the Niger Delta, which has wreaked havoc on the nation’s dwindling and precarious economic and political situation. These are certainly not the best time for the country, worse of all, for President Buhari. Opinion checks among a cross-section of Nigerians shows that opinions are divided on the president’s performance and his politics. According to Alhaji Tafal Tajudeen Falowo, a businessman from Ila in Oyo State, the most remarkable change that the government has achieved is the reduction in the activities of Boko Haram terrorist in the country. He gave the President and the federal government a negative rating in the area of the management of the economy. But for Samson Adeleke from Ekosin in Odotin LGA in Osun State, there have been some noticeable changes in the political sphere. He said the last one year has made Nigerians more appreciative of the government and what it does. He also scored the government a negative in the area of economy management. The management of the economy was also the area that is particularly very worrisome to Mr. John Okafor, a trader who cried that the economy has collapsed under Buhari. “Food is expensive and almost beyond the reach of the common man now. Our children

Nigerians voting in a crucial election

are no longer going to school. Is that what we voted for? Buhari should find solution. That’s all we demand,” he cried. For Alhaja Abeni Adedeji, who lives in Lambe in Ifo LGA of Ogun State and a trader in the local Jalasco market, “everything is hard, things are no longer easy. What we expect from the President is not what we are getting. We know the President is godly, so he should do something now as we the people are already getting desperate.” Mr. Chido Obi, a business man who sells motor spare parts in Ladipo market in Lagos admits that the economic downturn is not peculiar to Nigeria even though, according to him, the situation in the country is worse than other countries he has visited recently. “We who travel know that this problem is the world over, but it is worse off here in Nigeria. If you visit Kenya, Ghana, Cameroon and even China, where I came from recently, the cry is the same. The economic downturn is biting hard. The number of Nigerians buying goods from China has reduced and the volume has trickled down to the lowest level. In fact, they are crying more than us.” Mrs. Dora Oshevire from Warri opines that “we are yet to see and feel what the President

is doing. We don’t care if he inherited a bad economy or not, what we want is for him to manage what he has inherited properly. And that is what he is not doing.” Mr. Mark Tari Ombe in Yenagoa also shared this opinion. He said “What we are experiencing under Buhari is a phenomenon whereby things are so hard, yet nobody is complaining. Look at the strike issue, Nigerians simply ignored the NLC. With situation like these, the government will simply be doing what it likes without regards to the feelings of the people.” But Mr. Niyi Awolalu, an engineer with one of the power holding companies in Lagos while agreeing with the way the President has been handling issues since he came to power, however warned that greatest problem of the President is “time management.” He opines that the president seems to have forgotten that he has only four years to do all he has to do. According to him, the issue of time management was what bogged down the Chief Olusegun Obasanjo’s government as it could not achieve all it set out to do within the time he was constitutionally allowed. “Buhari is repeating the same mistakes that he made the last time. Why should it

take six months to appoint ministers? Look at the budget, he and the National Assembly kept on tossing it between themselves even as the nation suffers, yet time is going. One year is gone out of four years. So what time is remaining for him to do other things?” He queried. Awolalu, however, gives the President kudos in terms of security management. “We believe that he has tried. He has been able to bring the Boko Haram menace to a manageable level. But as for what is happening in the Niger Delta, he should first of all extend a hand of negotiation to the boys in Delta.” Mrs. Augusta Segun-James urged the President to buckle up and do something on the economy or the spontaneous reaction of the people would not be easy to manage when their goodwill to government expires. She stressed that corruption and catching thieves is not all that the government was elected to do, saying the economic situation in the country is making people to be very desperate and may lead more people into armed robbery and other social vices. She, therefore, urged the president to listen to the cry of the people and find solution to the problem of the economy as soon as possible.

BUHARI’S ELECTORAL PROMISES IN REVERSE MODE effective means. “Did I hear that APC promised a welfare system that would pay between N5,000 and N10,000 per month to the poorest 25 million Nigerians? Just this programme alone will cost between N1.5 and N3 trillion per annum. “Add to this the cost of free primary education plus free meal (to be funded by the federal budget or would it force non-APC state governments to implement the same?), plus some millions of public housing, etc. I have tried to cost some of the promises by both the APC and the PDP, given alternative scenarios for public finance and the numbers don’t add up. Nigerians would be glad to know how both parties would fund their programmes. “Do they intend to accentuate the huge public debt, or raise taxes on the soon to-bebeleaguered private businesses, or massively devalue the naira to rake in baskets of naira from the dwindling oil revenue, or embark on huge fiscal retrenchment with the sack of labour and abandonment of projects, and which areas of waste do they intend to close and how much do they estimate to rake in from them, etc?” Observations The truth is that the situation in the country as at 2015 is not similar to what Buhari had in 1983. This is democracy and not military rule where some decisions can be taken by fiat. Worst still, more than before, the fault lines in the country are more conspicuous.

In one of his back page columns in THISDAY Newspapers, the publisher, Ovation Magazine and former presidential aspirant, Mr. Dele Momodu wrote: “Truth is there are already some loud whispers in many quarters that lofty expectations are turning to a mirage and that things are already falling apart. Every explanation that it is too early to expect miracles is hardly treated with belief. “Maybe the president could have requested his ruling APC party to take the bullet for him by getting the party chairman, Chief John Oyegun, to talk to the nation about the need to revise the manifesto that was sold to the electorate with so much glee. There is nothing wrong if fresh realities have necessitated a change of plans. There is usually a world of difference between the idealism of opposition and the reality of being on the hot seat. It is one of the reasons I don’t envy the president on this present job. “Mr. President and his party would have to sit down urgently to reappraise things and come out with a tidier and clearer agenda containing the realistic plan for Nigeria and Nigerians in this dispensation… It would be disastrous if by May 29, 2016, we still cannot have a glimpse of where the government is headed or heading. The staccato, stop-start fashion by which things are being currently handled must yield way to a smoother policy manifestation and implementation. There are many things that need to be worked on speedily.” According to him, “The economy is on

a freefall, the sort we’ve not encountered before. My humble suggestion is that the president should assemble a crack economic team immediately. There are at this moment only a few sincere economists about and we should tap into these people but not make the mistake of putting them on the same platform with the evildoers lest we become unable to separate the wheat from the chaff.” Few days to the first year anniversary of the Buhari presidency, former president, the Nigerian Bar Association (NBA) Dr. Olisa Agbakoba (SAN), addressed a press conference, where he stated that with the no-clear economic policy of the present government, Nigeria is no more in recession but in depression. Though government commended President Buhari’s effort at curtailing corruption and degrading the strength of Boko Haram terrorists to carry out attacks on the people, he scored the president below average because his government seems not to have clear-cut solutions to the present hardship in the country. “We are no more in recession; we are now in depression because five consecutive quarterly growths which Q1 2016 shows a negative balance is a depression. Technically speaking, you calculate growth rate by GDP over population, goods and service produced over population. Do you know the current growth rate for the Q1? According to the National Bureau of Statistics, is 0.34. The last growth rate was 2, so we lost 2. “Therefore, we are now at the depression

stage. Also, if you look at all the critical indexes, you will find out that things are really bad, foreign direct investment is zero, stock market is down, petroleum prices are up, in fact no good news.” Though he acknowledged that Nigeria was on the fringe of chaos and disorder before 2015 elections, coupled with massive insecurity, weak political structure empty treasury and corruption, but after 365 days, he queried how the president has handled these issues? Agbakoba implored President Buhari to look back in history and borrow a leaf from President Roosevelt of the United States, whom he said ably dealt with the shock of the great depression that ravaged the country in the 1930s. “In appraising the one year of President Buhari government, we must also acknowledge the crises of the old order. So all I am saying is the crises of the old order and the hope of change, and now what has happened? The crises of the old order meant that things were very difficult; there was high rate of corruption, insecurity occasioned by Boko Haram among others, so how has President Buhari handled all these? “In the beginning, I was cautiously positive, but now, I am cautiously negative. I am waiting to see what will happen, but in fairness to Buhari, he has been challenged by the envisaged crises of governance that he found. These crises meant that he was bogged down. Also, more credit should go to him CONT’D ON NEXT PAGE

T H I S D AY • MONDAY, MAY 30W, 2016

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POLITICS

Judiciary: Still a Shadow of Itself

Two recent conflicting court orders on the crisis in the Peoples Democratic Party have further exposed the systemic rot in the nation’s judiciary. Davidson Iriekpen writes The judiciary is one of the three arms of government whether at the federal or state level. Its journey is germane vis-a-vis the political and constitutional development of the country. For those who have been following happenings in country in the last 17 years, the judiciary has tremendously helped to shape democracy. As the third arm of the government, it has clearly played its role in deepening democracy with several landmark decisions. Not only has the country witnessed vibrancy in the judiciary, it has also seen landmark constitutional interventions, especially on electoral matters, which have contributed to deepening democracy. ‘Stolen’ electoral mandates have been restored, just as key constitutional disputes that could have thrown the country into chaos resolved. As it became famous for its interventions, its role in determining who wins election, which was either hailed by those it favoured, or disparaged by those it did not favour, began to be criticised. People started to query the rationale behind the ‘judicial usurpation of peoples’ power to determine who they want as their leaders. Infuriated by the development, lawmakers amended the Electoral Act and withdrew the powers of the tribunals to declare winners of elections. Those who felt offended also approached the judiciary for succor. As a result, Justice Okechukwu Okeke (now retired) of the Federal High Court in Lagos nullified Section 140 (2) of the Electoral Act, 2010 which prevents Election Petitions Tribunals from declaring winners of elections. Section 140 (2) specifically states that: “Where an election tribunal or court nullifies an election on the grounds that the person who obtained the highest votes at the election was not qualified to contest the election, the election tribunal or court shall not declare the person with the second highest votes as elected, but shall order a fresh election.” Delivering judgment in a suit filed by the Action Congress of Nigeria (ACN) challenging the legality of the amendment done to the Electoral Act 2010 by the immediate past National Assembly, Justice Okeke said the section was null and void and of no effect whatsoever and inconsistent with the constitutional provision, which gives powers to the courts to make declarative injunctions. However, it has not only been accolades for the judiciary, the events surrounding the annulment of elections by tribunals opened a pandora box in the sector. It was such that accusations of unethical conduct and corruption among the top echelon of the judiciary deeply eroded public confidence in the integrity and impartiality of the judiciary. In developed world, where democracy has really taken firm root, the judiciary is central to effective governance and central element of civil society – the sole adjudicator over the political, social and economic spheres. As the third arm of government, it acts as a check on the executive and the legislature. But in Nigeria, this statement is fast becoming a literary expression and cliché as the reality is fast becoming a mirage. Due to political and other influences, the judiciary is not living up to public expectation. Its integrity is being questioned because of the poor conduct of some judges. Currently, Nigerians see the judiciary in two perspectives. While some have commended this all-important third arm of government for some landmark cases that have redirected

CJN, Mahmud Mohammed...Judiciary still below expectations

the country from certain precipice, with some of its conducts, others have wondered it is serving other ends than ensuring that litigants obtain justice. This impression is not misplaced. From time to time, some office holders within the

In developed world, where democracy has really taken firm root, the judiciary is central to effective governance and central element of civil society – the sole adjudicator over the political, social and economic spheres. As the third arm of government, it acts as a check on the executive and the legislature…But in Nigeria, this statement is fast becoming a literary expression and cliché as the reality is fast becoming a mirage

judiciary either through forceful inducement or unlawful enticement have attempted to entangle the judicial system in the abominable vice of compromising justice. To most Nigerians, one of the worst things that have befallen the judiciary, like every other thing in the polity, is subjecting it to a lot of politics, which has not only undermined its performance and perception but threatened its integrity, to the extent that its decisions are now subject of doubts. To a lot of Nigerians, one of the major problems the judiciary has is its snail-speed in dispensing justice. This has led to loss of faith in the judicial system and made a mockery of the system widely perceived as the last hope of the common man. Unfortunately, these are the categories of people in the society that the third arm of government is supposed to serve because of their vulnerability. This set of the people either have their cases delayed while they wait in limbo or are out-priced. Like a scholar recently put it, “court proceedings have now become cash and carry. Justice now goes to the bidder.” Observers have argued that the sustenance of democracy and development is largely dependent on building and maintaining solid structures that guarantee the rights of every citizen, ensure speedy dispensation of justice and provide the framework for peaceful coexistence among people irrespective of their socio-political or economic standing. It is true that there have been isolated cases of bad eggs within the judiciary in terms of corruption, bribery, compromise of cases and others.

Such isolated cases have not only been promptly dealt with by the NJC, they have also succeeded in diminishing or dimming the good work of a vast majority of hardworking judges, who have shown exceptional courage and activist orientation in handing down judgments that have deepened democracy, promoted good governance, protected civil rights and liberties, shielded the rule of law from assault and fought corruption in governance. Apart from that public disagreement and accusation of infractions, there are many ridiculous decisions taken by the judiciary that infuriated the public. Interestingly, the judiciary has also embarked on self-cleansing exercise. Trying very hard to redeem its battered image, the NJC had frowned at some of those ridiculous decisions and wielded the big stick in some cases. A few judges have been sanctioned through dismissal, suspension and compulsory retirement. Beyond funding, one problem the judiciary is currently grappling with is conflicting judgments and orders. The issues became pronounced during the last adjudication on electoral process. At the Court of Appeal level, Nigerians were constantly inundated with conflicting and discordant judgments. So bad was the issue that the Supreme Court had to intervene. Only last week, the judiciary exhibited part of the frustration and disdain the Nigerian populace has over its conduct, when two Federal High Courts in the country gave two conflicting rulings in the national convention held by the Peoples Democratic Party (PDP). While a Federal High Court sitting in Port Harcourt, the Rivers State capital, granted an interim injunction restraining the immediate past National Chairman of the party, Ali Modu Sheriff and Professor Adewale Oladipo, who were removed from office from parading themselves as national officers of the party, another Federal High Court, this time in Lagos, declared as invalid the caretaker committee constituted over the weekend to take over the affairs of the party. The court of concurrent jurisdiction in Lagos presided over by Justice Ibrahim Buba sacked the seven-man interim committee led by Makarfi. To many observers, the orders by the two courts of concurrent powers have again brought to the fore the level of decadence in the country’s judiciary, and portrays it as a confused institution, where orders and judgments can be procured by the highest bidders. While worldwide people take their disputes to the courts for resolution and justice, this is not usually the case in Nigeria as cases get complicated in some instances, making many Nigerians wonder when the country would ever get things right. The frustration, to many Nigerians, is accentuated by the fact that since the enthronement of democracy in 1999, the executive and legislative arms government have not left much to be desired but the judiciary which prides itself as the hope of the common man is intermittently wobbling. Too often, litigants, out of desperation have had cause to play on the integrity of the judiciary by out-smarting it and how the all-important arm of government has allowed itself to be deceived by them when indeed members of the bench, who adjudicate on these cases, live in the same society with these litigants baffles many others. At the end of the day, it is the entire institution that is brought to disrepute.

BUHARI’S ELECTORAL PROMISES IN REVERSE MODE in respect of the anti-corruption war but the anti-graft programme is rigmarole, and like I said, if you keep looking in the rear mirror, you don’t move. “We know that many people have stolen money, but what we want to see is an aggressive action plan. The Economic and Financial Crimes Commission (EFCC) and other law enforcement agencies clearly don’t have the resources, capacity and skill, so the resources we could have gathered (at least 3 to 4 trillion naira from the anti-graft war) are not coming in. “We hear a lot about corruption, although quite agreed that there have been strong action from the government in respect to corruption, insecurity has had flip flops – Fulani herdsmen, kidnappings, Niger Delta militancy, and the

suppressed Boko Haram. So, with all these and we need a new anti-corruption apparatus that can deliver results but let’s also agree that something has happened in the anti-graft war.” On way forward, he said: “We need to rebalance the federation. We need to include all Nigerians. So, I think that the president appraisal in handling political stability in the country has been rather weak. Going forward, he needs to address how to make Nigeria a place, where everybody participates.” Agbakoba’s position is similar to the position of former vice presidential running mate to President Buhari during the 2011 presidential election and founder, Latter Rain Assembly, Pastor Tunde Bakare that Nigeria is faced with a fundament problem of bad structuring

that he said is affecting the quest for national growth. The renowned preacher, while addressing the topic: ‘The Case of New Nigeria’ at a public policy forum held at the Bankers’ House, Victoria Island, Lagos, said the fundamental error in the country is with the national configuration and the constitution, which he said are defective. According to him, “Embarking on policy initiatives without the needed foundational structural changes is not sufficient in delivering the promise of a new Nigeria since it never worked even when the economic climate was favourable. “The framework of state; it is an error in value configuration, the end product of which

has been structural deformation, institutional degradation, constitutional aberrations and governmental incapacitation. For Nigeria to overcome her limitations, her nationhood must be reconfigured and the framework of state restructured,” he said. The man of God also reiterated that the 1999 Constitution is fraught with a number of inconsistencies. For instance, he said: “Whereas federalism is implied no fewer than 790 times in the letters of the Constitution, it is a unitary Constitution in essence. He therefore urged that the report of the 2014 National Conference with its Nigerian Charter for National Reconciliation and Integration should provide a ready-made operational springboard for this team.

MONDAY,MAY 30, 2016 • T H I S D AY

FEATURES

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

A Rite of Passage Adibe Emenyonu writes on the rites of passage of Omo n’Oba n’Edo UkuAkpolokpolo, Oba Erediauwa of Benin Kingdom, who recently joined his ancestors

Late Oba Erediauwa

ealistically, the Oba of Benin, Oba Erediauwa made an indelible mark in his 37 years reign as King. His dexterity, frank disposition on issues at local, national and international levels no doubt earned him a lot of respect. He made history as one of those who reigned and his efforts contributed in great measure to sharpen the course of discourse and history. For instance in the heydays of the Sanni Abacha junta, some traditional rulers were falling on each other to take home some ‘Ghana Must Go’ bags with the intention of endorsing him to transmute from khaki to a civilian president, Oba Erediauwa remained one of those who refused to compromise. Besides, Oba Erediauwa was in indeed a rare gem of lasting and permeating peace, unity which brought enormous relief to many because of his reputation of handling issues, including his high sense of maturity, fearlessness, fairness and great wisdom. Therefore, when penultimate week, the Iyase of Benin, Chief Sam Igbe, broke the news that one of the foremost kings in Nigeria, the African continent, a lawyer and retired permanent secretary, His Royal Majesty, the Oba of Benin has finally left the savannah to reunite with his ancestors, his subjects, non-indigenes, politicians, friends

and associates at home and in the diaspora were thrown into mourning. They wept and wailed, an indication of how much he was loved by his people and allies. With the breaking of the traditional native chalk, called Orhue in Benin language at the main entrance of the palace of Oba by the Iyase (Traditional Prime Minister) himself in company of other palace chiefs, to signpost that the Oba has translated into a higher

Oba Erediauwa was in indeed a rare gem of lasting and permeating peace, unity which brought enormous relief to many because of his reputation of handling issues, including his high sense of maturity, fearlessness, fairness and great wisdom

realm, chief, Enigies (Dukes) broke down in tears for the transited Oba. Market women in the state capital and beyond with deep passion for the Oba were not left out in the tear shedding ritual for the revered king. In accordance with the Benin traditional mourning rites for a king that has joined his forebears, the palace directed all male citizens to clean shave the hair on their heads beginning from the date of announcement of transition of the monarch. The directive did not stop at that. The Benin Traditional Council also ordered all persons to bury their dead noting that all funeral rites would be prohibited in the kingdom from the date of announcement of “Emwinnekhua”, transition of Oba Erediauwa. The rites of passage which were transmitted by the Benin Traditional Council and signed by its secretary, Frank Irabor also noted that all the burial rites have been approved by the Heir Apparent to the thrown and the Edaiken N’Uselu, Eheneden Erediauwa. Some of these rites include that all Palace Chiefs, Enigies, Traditional Priests and palace functionaries who are entitled to wear beads as part of their normal traditional outfit, will henceforth cease to wear any from the date of announcement. In place of this, they are to wear (Omon-

rhue), hand bead or white thread (Ikhian) until further notice. The traditional council further admonished friends and well wishers including those who reside and work for their living within the kingdom who may wish to join in clean shaving of their hair to do so. Also as a mark of honour for the departed monarch, Edo state government declared five days public holiday with effect from Tuesday May 3, 2016 to mourn the revered royal father. In a Government Special Announcement signed by the state Commissioner for Information and Orientation, Kassim Afegbua, only those on essential services in hospitals, health centres, the fire service and others are exempted from observing the public holiday. Not only that, Nigerian National Flag also flown at half mast across the state during the five days mourning period. The announcement came just as the National Chairman of the All Progressives Congress (APC), Chief John Odigie-Oyegun, during a condolence visit to the Edaiken N’Uselu and Crown Prince, described the translated Oba of Benin as a royal colossus, whose exploits in the annals of governance brought honour, dignity and candor into traditional rulership in Nigeria and beyond.

T H I S D AY • MONDAY, MAY 30, 2016

FEATURES

Mike Ozekhome...shaves his head as mark of respect for late Oba Erediauwa

In accordance with the Benin traditional mourning rites for a king that has joined his forebears, the palace directed all male citizens to clean shave the hair on their heads beginning from the date of announcement of transition of the monarch

Oyegun, a Benin son was accompanied by another Benin indigene and Minister of State for Health, Dr. Osagie Ehanire on the visit, revealed that the Oba of Benin was a great inspiration to all those who worked with him during his civil service years. The APC boss who disclosed that their visit to the Crown Prince and other members of the royal family was meant to console and reassure them of the support of the people. He however posited that as sad as the exit of Oba Erediauwa may be, there was consolation in the fact that the great king left a well equipped, vibrant and articulate successor. According to him, “with regard to the pedigree of the Crown Prince as an accomplished diplomat and administrator, there is no doubt that he has the ability and preparedness of His Royal Highness to successfully pilot the affairs of Benin kingdom to the desired destination”. Politician were not left out in the eulogies for the departed king. Most of them across the state shelved their campaign programmes just to pay homage and obeisance to the king. One of them is the governorship aspirant of APC and former President of Trade Union Congress (TUC), Mr. Peter Esele. Esele whose condolence message was issued by Sylvester Ikuvbogie, Head of Administration/Protocol, of the campaign, described the 37 years reign of the Oba as very eventful, peaceful and rewarding. According to the statement, “the leadership style of Oba Erediauwa is second to none. We are therefore consoled in his everlasting legacy of consistency in policy formulation and evaluation as well as his administrative prowess. “In view of this present situation in Benin kingdom, we members and team of Peter Esele Solidarity Committee, the Campaign Organisation of Peter Esele have suspended all campaign activities for seven days to honour our revered monarch, Oba Erediauwa as a mark of respect for our tradition and culture; which also for part of our core campaign policies”, the statement stressed. While praying to God to give the Crown Prince the wisdom, good health, knowledge and understanding to pilot the affairs of the great Benin kingdom, the Esele campaign said though it has began its campaigns in Edo North district of the state, it has suspended all campaign activities for seven days as

Iyase with the white chalk

The Iyase (middle in red top) breaking the white chalk announcing the passage of Oba Erediauwa

The broken white chalk mark of honour. Another aspirant of the party who also shifted his campaign programme is Godwin Obaseki. Obaseki who was to flag off his declaration during the period had quickly informed his supporters of an indefinite postponement and other campaign schedule. Similarly, aspirants of the PDP like Pastor Osagie Ize-Iyamu and Matthew Iduoriyekemwen also shifted their campaign schedules to honour the PBA’s exit. Little wonder Patrick Obahiagbon, Chief of Staff to Governor Oshiomhole in his

usual bombastic language, described Oba Erediauwa as a man of impeccable and unimpeachable integrity with the resilience of a royal salamander. Obahiagbon, a former member representing Oredo federal constituency and popularly called the grandson of Igodomigodo said: “You cannot gloss over the fact that in the Oba, you find a coruscating display of that apothegm which holds that noblesse oblige. The sui generis quintessential quality of his came under bold relief especially during the locust and philistine years of military

militocracy. According to him, “the Oba was practically the only triton among the minnows of royal hierarchs that stood up to the military rascality and apachism that characterised the Abacha era. “He stood still at all times with the people eyeballing political and military demagogues and damning their treacherous hooey and Blarney’s. It is therefore not be erroneous and superfluous therefore to pontificate that his integrity was altruistically integrious if you permit me that neologism”.

IMAGES

R-L: Chairman, Centre for Values in Leadership, Prof. Pat Utomi; the celebrant, Igwe Alfred Nnaemeka Achebe; celebrant’s sister, Mrs. Stella Mordi; and Igwe Oko, Prof. Laz Ekwueme, during a presentation of CVL’s ‘Leader Without Title’ plaque to Igwe Achebe at a colloquium organised by CVL in his honour as part of the activities marking his 75th birthday in Lagos... recently

T H I S D AY • MONDAY, MAY 30, 2016

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

L-R: Deputy National Chairman of the All Progressives Congress (APC); Alhaji Lawal Ahmed Shuaibu; former vice-president and chieftain of APC Atiku Abubakar; and Mr Tolu Jinadu at the APC presidential campaign photo exhibition organised by Jinadu in Abuja...recently

L-R: Miss South Africa, Zurisna Maduna; Secretary to the Kwara State Government, Alhaji Isiaka Gold; Miss Nigeria (Tourism) Temi Salami; Kwara State Governor, Alhaji Abdulfatah Ahmed; Miss India, Purma Rana; and Miss Botswana, Motamma Sesinyi, during a courtesy visit to the governor in Ilorin...recently

L-R: Sales/ Marketing Director, Kasapreko, Mr. Sam Osafo; Best Distributor for 2015, Mr. Okwudili Ani of Golden Ariwawa Ltd; and Managing Director, Kasapreko, Mr. Kojo Nunoo, during the prize presentation to the best distributor for 2015 in Lagos...recently ETOP UKUTT

L-R: Presenter, All Eyes on Africa, USA, Ms. Kemi Fadojutimi; Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, Ojaja II; and the creator and producer of ‘Not in my Country’, a citizen-led anti-corruption campaign project, Mr. Akin Fadeyi, after a meeting with the Ooni on Cultural values and grassroots mobilisation against corruption at the Ooni’s palace, in Ile-Ife...recently

L-R: Director, Information Technology and Mobile, Samsung Electronics West Africa, Emmanouil Revmatas; Sales and Distribution Executive, MTN Nigeria, Omatsola Barrow; President, Samsung Electronics Mobile Communications, DJ Koh; Chief Operating Officer, MTN Nigeria, Muhammad Siddiqui; and Vice-President, Samsung Electronics, Sunghyuck Yoon, during Samsung team’s visit to MTN Nigeria in Lagos...recently

L-R: Assistant Corps Marshal, Manpower Development, Federal Road Safety Commission (FRSC), Stephen Maitazuma; Corps Marshal, Boboye Oyeyemi; and Head, Media Relations and Strategy, Bisi Kazeem, during a meeting with the House of Representatives Committee on Federal Character in Abuja...recently

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Quick Takes Iconic Annual Business Rankings Unveiled

RENDERING ACCOUNT

L-R: Managing Director, May & Baker Nigeria Plc, Mr. Nnamdi Okafor; Chairman, Lt-Gen Theophilus Danjuma (rtd); and Company Secretary, Dr. Edugie Abebe, at the 65th annual general meeting of the company in Lagos…recently SUNDAY ADIGUN

Plummeting Oil Prices: LNG Price Slumps By over 50% Ejiofor Alike The plummeting prices of crude oil have taken a toll on the price of Liquefied Natural Gas (LNG) in the international market as the latter also slumped by over 50 per cent due to the correlation between the prices of the two products, THISDAY has learnt. THISDAY gathered that LNG buyers in Europe, who use to pay $9 per unit of LNG, now pay $5 or $6 per unit, after the price of crude dropped from $115 per barrel in June 2014 to less than $50 per barrel in May 2016. It was also learnt that Asian LNG buyers that used to pay $15 per unit of LNG, now pay about $6 per unit because of

ENERGY the corresponding drop in the prices of crude oil. The Managing Director and Chief Executive Officer of Nigeria LNG Limited, Mr. Babs Omotowa, who confirmed the drop in LNG price, told THISDAY in an exclusive interview that the gas prices were affected by the global slump in oil prices because gas prices were linked to oil price, as both were energy sources. Omotowa revealed that there was a 70 per cent correlation in the price of oil and the price of gas. “So, when you look at NLNG’s Facts and Figures publication, which we released a few weeks ago, even the

revenue of 2015 was 40 per cent lower than 2014 and even this year, our revenue will even be lower than in 2015. So, the gas market has seen a big drop. This year, for example, in Asia where we use to get up to $15 per unit of gas, we get today about $5-$6. In Europe where we used to get $9 per unit, we get about $5 -$6. So, the price of gas has also come down; revenues have dropped,” he explained. “But we are working very hard to make sure that we still remain profitable. We are working hard to make sure we find new opportunity areas; higher value markets and we are also making sure that we drive operational efficiencies and we are reducing our costs

so that we can still be profitable and continue to return good revenues to the coffers of the government and our shareholders,” he added. Omotowa added that based on the support of President Muhammadu Buhari and the Minister of State for Petroleum, Dr. Ibe Kachikwu, NLNG’s shareholders hope to take the Final Investment Decision (FID) for the Train 7 before the end of the tenure of this administration on May 29, 2019. “In 2008, we were ready to take the Final Investment Decision (FID). But due to some discussions at that time around other priorities, especially from the federal government side, Continued on page 24

CSCS Clears N4.327 Trillion Equities in Five Years Goddy Egene The Central Securities Clearing Systems (CSCS) Plc, has settled and cleared 495.65 billion equities valued at N4.327 trillion in the stock market in the past five years, statistics obtained by THISDAY has shown. The CSCS is the clearing house of the Nigerian capital market that ensures all activities in the market are cleared, settled and investors get their value of the proceeds of transactions. THISDAY checks revealed that between 2011 and 2015, CSCS cleared 495.65 billion worth N4.327 trillion. An analysis of the performance

CAPITAL MARKET showed that the highest volume and value of shares cleared was in 2014 and 2013. A total of 108.47 billion shares valued at N1.338 trillion was settled and cleared in 2014, while 106.54 billion shares worth N1.043 trillion were recorded in 2013. The year 2015 accounted for 92.86 billion shares valued at N653.43 billion, while 2012 and 2011 recorded 89.18 billion shares and 89.58 billion shares valued at N658.2 billion and N634.9 billion respectively were recorded. CSCS Plc recorded total operating income of N7.602

billion for the year ended December 31, 2015, down by 7.8 per cent, while total operating expenses rose by 4.2 per cent from N2.482 billion to N2.586 billion. Profit before tax stood at N5.016 billion, showing a decline of 13 per cent, compared with N5.759 billion in 2014. The company ended the year with profit after tax of N4.460 billion, which is marginal 3.5 per cent fall, compared with N4.622 billion in 2014. However, shareholders’ funds grew by 14 per cent from N20.581 billion to N23.818 billion, while total assets grew by 10.1 per cent from N23.073 billion to N25.402 billion. Based on the

performance, the directors recommended a N1.336 billion, which translates to 26 kobo per share, which approved by the shareholders at the company’s annual general meeting recently. The Chairman of CSCS Plc, Mr. Oscar Onyema told shareholders that the company would build on the gains recorded in 2015 and move to stronger position this year and beyond. Although the company made a lot of gains in 2015 despite the economic challenges recorded within the year, Onyema said it would build on these gains Continued on page 24

One of Nigeria’s leading concierge and lifestyle management company,iConcierge,inassociationwithDragonAfricaandJobberman, has put together the very first issue of ICONIC. Published yearly as a coffee-table book, ICONIC presents seminal rankings of companies in Nigeria that have out-performed since inception through the last fiscal year, and those that show great future potential. PresentingapreviewcopyofICONIC,whichwasexclusivelyunveiled ontheBusinessMorningshowofChannelsTV,theChiefEditor,Mrs.C.E Duru-Ocan,explainedhowthisannualbusinesspublication“encourages economic diversification and decentralisation by celebrating notable businesses that have been consistent in contributing to Nigeria’s Gross Domestic Product (GDP) and by recognizing new and unknown businesses, outside the usual suspects, that are already making their mark on the nation’s economy.” Particularly targeted at graduates, professionals and investors, ICONIC provides informative perspectives on the ranked companies presented, together with commentary on currently trending socioeconomic topics and original articles on finance, industry, investment ormarketingtopics.ICONICalsofeaturesanexclusivebusinessdirectory of notable companies with active operational and/or marketing presence in Lagos State, Nigeria. Furthermore, ICONIC recognises achievements of Nigeria’s labour force through its online campaign, #myfutureICON, where nominations of professionals across Nigeria are received for consideration to be featured on its cover page. Duru stated June 13th, 2016 as the official release date for this publication where free digital downloads can be made via www. iconciergehub.com, www.jobberman.com, and on the digital platforms of BeatsFM, ClassicFM, and NaijaFM. The limited edition of its hard copy can also be ordered via www.iconciergehub.com and www.amazon.com.

GTBank Wins ‘Most Innovative Bank’ Award

GuarantyTrust Bank Plc (GTBank) said it has been named the “2016 Most Innovative Bank in Africa” by African Banker Magazine at the African Banker Awards which took place on the sidelines of the AfDB annual meeting in Lusaka, Zambia, recently. Nowinits10thyear,TheAfricanBankerAwardsprovidesaplatform to bring together industry leaders from across Africa, celebrate the achievements of those driving economic growth and shaping the future of Africa. Commenting on the awards ceremony, Publisher of African Banker Magazine; Mr Omar BenYedder said: “Technology is constantly shaping the banking landscape and the bank of tomorrow will be those who continually leverage advancements in technology to pioneer innovative products and services to create sustainable value for their stakeholders and improve the overall customer experience. “GTBank through the introduction of its Bank 737 – a products that allows customers perform basic banking functions from the comfort of their mobile phone without the need for data – has redefined the traditional bricks and mortar experience to a swift, convenient and mobile user-friendly experience.” He further stated that in today’s banking, there is no room for complacency as there is so much expectation for growth and development to ensure we achieve the transformation we all desire and work towards.

Sterling Bank Fetes IDPs in Jos

It was all smiles for children at the Internally Displayed Persons (IDPs Camp) in Jos, Plateau State as top management of Sterling Bank Plc joined them in the celebration of the 2016 Children’s Day. Apart from celebrating and dining with the children at the camp, the bank’s management team, headed by its Executive Director, Finance and Strategy, Abubakar Sulaiman, represented by the Group Head, Strategy & Communications, Mr. Shina Atilola, also donated various food items, clothes and toys to the delight of the kids. In other activities to mark the day, the bank according to a statement, also hosted students from both public and private schools to a party at its corporate head office in Lagos. The bank also donated its financial literacy books: “Funds” and “My Little Money Book’ to the Lagos state government for onward distribution to pupils and students of the schools in a bid to promote financial literacy among the students.

“NLNG was set up for only two purposes – to help to eliminate gas flaring and to help to monetise the gas resources to create more revenue for the government” Managing Director of Nigeria LNG Limited, Mr. Babs Omotowa

T H I S D AY • MONDAY, MAY 30, 2016

BUSINESSWORLD PLUMMETING OIL PRICES: LNG PRICE SLUMPS BY OVER 50%

the FID could not be taken at that time. What that has meant is that overtime, the contracts that should have been put in place – the bids have all elapsed. So, we have to go back to the starting block,” he said. He said the shareholders were currently on ‘the basis for design stage’ of the project, adding that the next stage would be the Front End Engineering Design (FEED) before the shareholders would move into tendering for the activities- engineering procurement and construction (EPC). “That will enable us take the FID. We are working hard because we have so much support now from the government. Both the President and the Minister of State for Petroleum are very supportive and we want to take FID during this administration. Having said that, the current low price of oil, of course, makes it more challenging. So, we also have to work at reducing the cost of the project. We are very determined and we are making all the progress now to take this FID during this administration,” Omotowa explained. He debunked insinuations that Nigeria does not have sufficient gas to meet the needs of LNG projects, saying that the country has much more than enough gas as one of the top 10 countries in the world with gas reserves. CSCS CLEARS N4.327 TRILLION EQUITIES IN FIVE YEARS

and move to stronger position within its Sector. He said: “We will continue to pursue achievement of our strategic goals. In 2016, our aim shall be to strengthen our management team to keep it competitive and focused on executing business strategy as it relates to our core businesses, whilst implementing new business initiatives that will guarantee our sustainability as a profitable enterprise.”

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

NSE President Seeks Collaboration Between Govt, Market Stakeholders Goddy Egene The President of the Nigerian Stock Exchange (NSE), Mr. Aigboje Aig-Imoukhuede has called on the federal government to incorporate the capital market into its policy making process in order to create an enabling environment for investment, entrepreurship that will lead to economic growth and development. Aig-Imoukhuede, who made the call at the 12th annual Pearl Awards public lecture for capital market development in Lagos, said that the country would not experience any meaningful growth without the capital market. According to him, economic growth is the panacea to most of the country’s challenges, stressing that there should therefore be increased dialogue between policy makers and the capital market stakeholders. “Public and private sector cooperation, collaboration and partnership are required. The NSE and other capital market stakeholders are ready, capable and willing to do what is required for Nigeria’s socio-economic recovery,”AigImoukhuede said. In order to deepen the market, Aig-Imoukhuede explained that major companies operating in telecommunications and oil and gas sectors as well as national champions not yet listed should be encour-

aged to list on the NSE. He noted that one of the ways to achieve this, stimulate growth and development is through incentives. The former managing director of Access Bank, said that government must have both technical and business expertise that would put together quality infrastructure projects with the right risk and return ratio to attract capital. He stated that the existing

legal and regulatory framework should be reviewed to reduce bottlenecks and promote economic activities. Aig-Imoukhuede , who spoke on: “Global and National Socio-economic challenges and renaissance: Whiter the Nigerian capital market?, added that Pension Fund Administrators (PFAs) should be encouraged to invest in public infrastructure. He said that roadshows to

Following the projected $90 billion annual investments to meet Africa’s current energy shortfall, the Nigerian government and other African governments have been enjoined to invest in renewable energy, if Africa must achieve her target of 300 gigawatt capacity by 2030, as announced by the African Union and its member governments at the recent Paris climate talks. A recent report published by the Economist Intelligence Unit, and sponsored by IHS, the largest mobile telecommunications infrastructure provider in Africa, projected that a 680 per cent increase in net renewables capacity deployment is needed, if Africa is to achieve the African renewable energy initiative ambition. Based on the report findings, which reaffirmed that sub-Saharan Africa has the raw ingredients for a vibrant renewables energy market, such as abundant resource, falling costs of wind turbines and solar panels, IHS has called for the political commitment of governments across Africa to begin to consider investments in renewable energy. Giving details of the report at a press conference in Lagos recently, the Executive Vice Chairman and Group CEO of IHS Towers, Mr. Issam

gone through the agony of having graduates finding it difficult to spell their names. Authority should manage our social environment well and keep it free from corruption, stealing and other vices. Those corrupt should be dealt with instantly. The global negative perception of Nigeria is regrettable. I commend the law enforcement agencies for the work done so far,” he declared.

ECONOMY ON THEIR MIND

L-R: Group Head, Strategy and Communications, Sterling Bank Plc, Mr. Shina Atilola; Chairman, House Committee on Banking and Currency, Hon. Jones Onyereri and Chairman, House Committee on Finance, Senator John Enoh at the Nigerian Economic Stakeholders Summit held in Abuja…recently

African Governments Urged to Invest in Renewable Energy Emma Okonji

attract international funds/ investors with infrastructure focus should be encouraged. Speaking in the same vein, former Director General of NSE, Apostle Hayford Alile urged government to hand over schools to the missionaries in order to grow the nation’s educational sector and inculcate virtues and morals into the system. “Some of us that seek recruitment interview have

Darwish, advised Nigerian government and other African governments to begin to invest in renewable energy because of its many advantages. He specifically urged the Nigerian government to see renewable energy as a sure means of providing constant power supply to Nigerians at low cost. He said the cost of renewable energy is dropping, while the cost of other power supply is on the increase, and called on governments to see the urgent need to invest in renewable energy now. According to Darwish, “At IHS, we have seen the energy and operational efficiency benefits that come with investing in renewable power solutions, having invested $500 million in new green energy power systems across our portfolio. Over the next few years, we plan to become almost diesel neutral across our Zambian portfolio and we are assessing solar from opportunities in Rwanda that could potentially supply power to the national grid in the first ‘energy swap’ model to be used in Africa.” According to the report findings, building renewable energy infrastructure in sub-Saharan Africa is stronger than ever and would greatly reduce cost of energy supply; it has the capacity to leapfrog heavy infrastructure with a larger-than-assumed market, the emergence of smart busi-

ness models and improved technology; and investors are carefully assessing the technical capacities of country’s infrastructure track record and the connection between renewable targets and economic need. The report, which featured over 28 experts interviews, field work and reportage from Nigeria, Uganda, Zambia, suggests four measures to attract increased investments in successful renewable projects to include: Government target on subsidies that protect the poor, while not deterring investors with artificially low tariff; more transparent and harmonised regulations by government to support private sector decisionmaking; Improved border customs efficiency to reduce costs and improve construction and maintenance times by making it easier to move technology and equipment in and out of landlocked counties; as well as special attention on government-led comprehensive renewable procurement programmes, rather than relying on one-off investments. Darwish said the report was commissioned by IHS in March this year and made public few weeks ago, with the belief that it would help companies, governments and investors to support accelerated development of the renewable energy infrastructure required to meet the needs of a prospering Africa.

LCCI Seeks FG’s Intervention on Dilapidated Wharf-Apapa Road Peace Obi The Professional Practice Group (PPG) of the Lagos Chamber of Commerce and Industry (LCCI) has condemned the dilapidated state of the roads within the country’s busiest water Port area, describing it as a threat to businesses located around the area. The Chairman of the PPG, Mr. David Bawa, who stated this during the group’s courtesy visit to THISDAY corporate office in Lagos, noted that Apapa, which used to be a business hub for different sectors of the economy, is today a shadow of itself. According to him, the PPG being an advocacy group within the LCCI wants to initiate a relationship with THISDAY Newspaper to continually push for right policies and societal reform. Speaking on the various advocacy programmes the group had undertaken and the successes recorded, Bawa noted that his group has been in the forefront for port decongestion and port reform, which he said was ongoing. While calling for government’s intervention on the state of the roads in Apapa, he said: “Port activities are tools of economic growth and development and if stifled, it will have adverse effect on the economy and the people. We believe that a symbiotic relationship can be built between your organisation and the Lagos Chamber of Commerce and

Industry, using this platform to continually put pressure on government to come up with the right policies that can translate to economic growth and general wellbeing of the people.” He welcomed the federal government’s plan to introduce a flexible foreign exchange policy, saying there was the need for the CBN to give further clarification on what it describes as a special window for physical transactions. Also speaking at the event, the Head, Editorial Board of the group, Mr. Obiora Osokolo, blamed the state of the nation on the lack of clear cut policies on critical areas that could lead to productivity, growth and development. He said that government’s inefficiency over the years has not only negatively affected private business but has also affected government revenue generation. According to him, with the bad roads in Apapa and workers spending hours in traffic, workers would invariably become inefficient and unproductive, while business establishments struggle to survive rather than focusing on expansion, development and diversification. Welcoming the PPG team, the Deputy Managing Director, THISDAY Newspapers, Mr. Kayode Komolafe, who led the team of management staff to receive the visitors, assured them of THISDAY Group’s commitment to seeing positive change through government intervention in its immediate business environment.

T H I S D AY • MONDAY, MAY 30, 2016

BUSINESSWORLD

MARKET REPORT

Stock Market Hits Six Months High on Flexible Exchange Rate Goddy Egene and Eromosele Abiodun

28,902.25 points. The appreciation recorded in the share prices of ETI Plc, Unilever Nigeria Plc, Oando Plc, Nigerian Breweries Plc and Union Bank Plc were mainly responsible for the gain recorded in the Index. Similarly, the market capitalisation appreciated marginally by 0.09 per cent to close at N9.926 trillion compared with the appreciation of 2.18 per cent recorded the previous day to close at N9.917 trillion.

The bulls dominated the Nigerian equities market last week following the Central Bank of Nigeria’s (CBN’s) announcement during the week that it would adopt a more flexible exchange rate policy. Consequently, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) crossed the 28,000 points level last Wednesday, the first time since the 5th of January this year. At the close of trades for the week, the NSE ASI and market capitalisation appreciated by 6.59 per cent and 6.58 per cent to close the week at 28,902.25 and N9.926 trillion respectively. Similarly, all other indices finished higher during the week. The Yearto-Date (YTD) performance stood at 0.91 per cent. Traders and market analysts have said the developments will impact the performance of the market positively. “In the immediate, while we expect the ongoing optimism regarding a possible shift to a market-determined exchange rate regime to support market performance. We see the impacts of these events on market performance. However, in the medium to longer term, we see improved performance on the back of efficiency gains from an expansionary fiscal policy leading to improvement in aggregate demand,” said analysts at InvestmentOne Limited. Daily Performance Summary Trading had resumed last Monday, the first trading session after the publication of the Nigeria Bureau of Statistics’ GDP report, which showed a 0.36 per cent decline in GDP, on a poor note as the NSE ASI declined by 0.37 per cent to close 27,015.97 points. The session was driven by decline in Banking names such as Zenith Bank Plc, Access Bank Plc and Guaranty Trust Bank Plc in addition to Nigerian Breweries Plc and PZ Cussons Plc. These performances offset the gains in Stanbic IBTC Plc and Dangote Sugar Plc. All major sectors closed in the red, with the exception of the industrial which was flat at close. The Banking sector was by far the worst performer shedding 2.01 per cent while the Consumer Goods and Oil and Gas sectors fell by 0.41 per cent and 0.09 per cent respectively. The market closed higher on Tuesday with the Nigerian Stock Exchange All Share Index appreciating by 0.80 per cent to close at 27,231.50 points. The appreciation recorded in the share prices of ETI Plc, Transcorp Plc, Access Bank Plc, Nigerian Breweries Plc and Dangote Cement Plc were mainly responsible for the gain recorded in the Index. In the same vein, the market capitalisation appreciated by 0.80 per cent to close at N9.35 trillion compared with the depreciation of 0.37 per cent recorded the previous day to close at N9.28 trillion. The total value of stocks traded on the floors of the NSE on the day was N1.54 billion, down by 19.40 per cent from N1.91 billion recorded the prior day. The market surged up 3.78 per cent or 1,029 points to close at 28,260.61 points on Wednesday, supported by previous day’s announcement that the CBN would be introducing a degree of flexibility into current

foreign exchange policy. All major sectors closed in the green with the exception of the Oil and Gas (0.12 per cent), which was dragged down by Forte Oil Plc (2.95 per cent) and Mobil Oil Nigeria Plc (5.00 per cent). Banking was the best performer, climbing 5.89 per cent, followed closely by the Industrial, up 4.16 per cent and Consumer Goods which increased by 3.29 per cent. There was also a noticeable improvement in market activity as investors exchanged 474 million units of shares worth N3.5 billion. The banking sector accounted for the majority of total volume and value as investors exchange N961million worth of Guaranty Trust Bank Plc (3.81 per cent) shares and N790 million worth of Zenith Bank Plc (10.07 per cent) shares. The bulls maintained strong hold on the equity market on Thursday as the NSE ASI recorded a gain of 2.18 per cent to close at 28,877.47 points. Consequently, the NSE ASI recorded the highest level in the year 2016 bringing the Year-to-Date (YTD) return to a positive region of 0.82 per cent. The appreciation recorded in the share prices of Nestle Nigeria Plc, UBA Plc, Zenith Bank Plc, Nigerian Breweries Plc and Lafarge Africa Plc were mainly responsible for the gain recorded in the Index. Similarly, the market capitalisation appreciated by 2.18 per cent to close at N9.92 trillion compared with the appreciation of 3.78 per cent recorded the previous

day to close at N9.71trillion. The total value of stocks traded on the floors of the NSE on the day was N5.02 billion, up by 43.29 per cent from N3.50 billion recorded the prior day.

TOP TEN BROKERS(BY VALUE)

The equity market took a breather at the close of business last Friday after a three-day rally. The NSE ASI slowed down to record a marginal gain of 0.09 per cent to close at

AS AT LAST FRIDAY

BROKER

VALUE

STANBIC IBTC STOCKBROKERS LIMITED RENCAP SECURITIES (NIG) LIMITED INVESTMENTONESTOCKBROKERSINTLLTD-BRD CARDINALSTONE SECURITIES LIMITED EFCP LIMITED FBNSECURITIESLIMITED CSL STOCKBROKERS LIMITED PRIMERA AFRICA SECURITIES LTD MORGAN CAPITAL SECURITIES LIMITED A.R.M SECURITIES LIMITED - BRD

TOP TEN BROKERS

(BY VOLUME)

BROKER

% VALUE

3,306,929,658.35

11.14

2,523,983,058.25 1,262,975,344.94 1,229,173,665.93 1,227,275,249.73 1,085,897,903.84 828,637,862.30 771,860,844.77 712,909,895.62 704,190,873.32 13,653,834,357.05

8.50 4.25 4.14 4.13 3.66 2.79 2.60 2.40 2.37 45.98

AS LAST FRIDAY VOLUME %VOLUME

STANBIC IBTC STOCKBROKERS LIMITED

302,455,212

MORGAN CAPITAL SECURITIES LIMITED

264,114,071

5.65

179,086,571

3.83

FBN SECURITIES LIMITED

178,893,505

3.83

RENCAPSECURITIES(NIG)LIMITED

175,842,962

3.76

INVESTMENTONESTOCKBROKERSINTLLTD-BRD

165,239,786

3.53

A.R.M SECURITIES LIMITED - BRD

148,694,106

3.18

PILOT SECURITIES LIMITED

122,590,580

2.62

CARDINALSTONE SECURITIES LIMITED

6.47

PRIMERA AFRICA SECURITIES LTD

111,528,310

2.38

EFCPLIMITED

104,850,191

2.24

1,753,295,294

37.49

Market Turnover During the week under review, a turnover of 2.338 billion shares worth N14.789 billion in 24,942 deals were traded by investors on the floor of the exchange in contrast to a total of 2.446 billion shares valued at N13.145 billion that exchanged hands the previous week in 23,680 deals. The Financial Services Industry measured by volume led the activity chart with 1.874 billion shares valued at N10.549 billion traded in 15,232 deals, thus contributing 80.16 per cent and 71.33 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 225.806 million shares worth N351.338 million in 1,462 deals. The third place was occupied by the Consumer Goods industry with a turnover of 64.001 million shares worth N1.430 billion in 3,444 deals. Trading in the Top Three Equities namely – FBN Holdings Plc, United Bank for Africa Plc and Transnational Corporation of Nigeria Plc.(measured by volume) accounted for 810.444 million shares worth N2.904 billion in 5,128 deals, contributing 34.67 per cent and 19.64 per cent to the total equity turnover volume and value respectively. Also traded during the week were a total of 537,969 units of Exchange Traded Products (ETPs) valued at N56.655 million executed in 43 deals, compared with a total of 307,411 units valued at N21.406 million transacted the prior week in 38 deals. A total of 4,000 units of Federal Government Bonds valued at N4.438 million were traded in 8 deals compared to a total of 4,143 units of Federal Government valued at N4.248 million transacted the previous week in 8 deals. Gainers and Losers In terms of price movement, a total of 56 equities appreciated, higher than 35 equities of the previous week. Twenty equities depreciated in price, lower than 37 equities of the previous week, while 104 equities remained unchanged lower than 109 equities of the previous week. The top 10 gainers were: ETI Plc (N2.93), Stanbic IBTC Plc (N2.70), Oando Plc (N1.50), NAHCO Plc (N1.03), DN Meyer Plc (21 kobo), Diamond Bank Plc (44 kobo), FCMB Group Plc (32 kobo), Unity Bank (15 kobo), Livestock Feeds Plc (18 kobo) and Transcorp Plc (20 kobo). Conversely, the top 10 losers were: Mobil Nigeria Plc (N8.75), CAP Plc (N2.00), Glaxo Smithkline Plc (N1.92), Union Dicon Plc (N1.30), PZ Cussons Plc (N1.29), Learn Africa Plc (9 kobo), University Press Plc (47 kobo), AG Leventis Plc (8 kobo), Caverton Plc (10 kobo) and Ikeja Hotel (11 kobo).

T H I S D AY • MONDAY, MAY 30, 2016

BUSINESSWORLD

INSIDE BROAD STREET

A view of Lagos financial district

AKINWUNMI IBRAHIM

Relief for the Markets MARKET INDICATOR Obinna Chima The announcement of plan by the Monetary Policy Committee (MPC) to adopt a flexible exchange rate policy last week brought relief to the markets. Following the announcement at the end of the 250th MPC meeting, financial markets were eager to understand the structure of the policy. The move clearly instilled confidence in the markets as both the equities and fixed income markets reacted positively, although some pressure was noticed at the parallel arm of the forex market. Following the decision of the MPC to retain MPR, the bonds market gained traction last Wednesday as average yields declined from 13.6 per cent on Tuesday to 13.4 per cent. But last Thursday average yields further moderated to 13.3 per cent before closing at 13.7 per cent on Friday. MPC Decision The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Ifeanyi Emefiele said the central bank resolved to introduce greater flexibility in the interbank foreign exchange market structure and to retain a small window for critical transactions for prospective investors. Also, while citing limited options in an already tight fiscal environment and the need to allow previous monetary policy decisions to crystalise, the CBN resolved to leave the monetary policy rate (MPR), otherwise known as the interest rate, unchanged at 12 per cent with the asymmetric corridor at +200 and -500 basis points around the MPR. Emefiele said, in arriving at MPC’s decisions, the nine members of the committee, who attended the meeting, assessed the relevant risk profiles and came to the conclusion that although the balance of risks remained tilted against growth, previous decisions needed time to crystalise. “Consequently, in a period of stagflation, the policy options are very limited. To avoid complicating the conditions, the committee decided on the least risky option to hold. “With the foreign exchange market framework now ready, the MPC voted unanimously

Emefiele to adopt greater flexibility in the exchange rate policy to restore the automatic adjustment properties of the exchange rate,” he added. Relief to Markets Financial markets analysts, who welcomed the decision by the central bank to adopt a flexible exchange rate regime, however warned in separate phone interviews with THISDAY that continuing to allocate forex to “critical transactions” could lead to abuse in the system. Also, a top bank executive, Mr. Abdulrahman Yinusa, said it was good to reintroduce the autonomous forex market, which according to him had been squeezed because there was no freedom of price determination when all the transactions were being done at N197 or N199. According to Yinusa, what the central bank wants to do is to create some liquidity in the forex market so that the price can respond to supply and demand, noting that the CBN cannot continue to subsidise forex. “My only objection is the issue of still using

the CBN rate for what they called ‘critical transactions’. There was no definition of what they called ‘critical transactions’. “It was a loose definition and there should be clarity because before you know it, CBN officials may abuse it if there is no clarity. In our own opinion, we would rather have everybody use the autonomous rate and move on,” Yinusa added. The Managing Director of Financial Derivatives Company Limited, Mr. Bismarck Rewane, described the decision by the MPC as a move in the right direction. “Adopting a flexible exchange rate policy is what I have been talking about for a long time and everybody knows that. Now, the question of having a rate for critical transactions is a recipe for abuse and it should be discouraged immediately. “Everybody should go to the autonomous market. The market structure has to be supported by market dynamics,” he said. Also, the Head of Research at Afrinvest West Africa Limited, Mr. Ayodeji Ebo, said the decision by the MPC would excite the market, adding that it was a big shift from

the past stance of a fixed forex regime. “With the MPC attempting to adopt a flexible exchange rate regime, this would excite the market. I expect the equities market to sustain its positive form which was in anticipation of this flexible regime and fixed income investors would come back to the market,” Ebo predicted. The Head, Research at Cowry Asset Management Limited, Edgar Ebinum, said that the current inflationary pressure would continue unrestrained as budgetary disbursement commences. “Capital market activities are expected to witness gradual recovery as foreign exchange risk diminishes with the adoption of a more flexible exchange rate regime,” he added. On their part, the Lagos Chamber of Commerce and Industry (LCCI) also commended the decision of the CBN to adopt a flexible exchange rate regime. The chamber said it believed the policy choice would help improve efficiency in foreign exchange allocation in the economy. Director General, LCCI, Mr. Muda Yusuf added that it would help address the distortions that currently characterise the forex market and bring the economy closer to equilibrium. Furthermore, he said it would help to improve liquidity in the forex market; lead to a reduction in the current trade arrears; and reduction in the arrears for forex requests that have accumulated in the past 18 months. “We also welcome the decision of the CBN to refrain from further tightening at this time. The current context is that the economy is contracting, unemployment is on the rise, manufacturing capacity utilisation has been weakening, and investor confidence has been at its lowest ebb. The decision not to tighten monetary policy is therefore appropriate,” he said. To analysts at Lagos-based CSL Stockbrokers Limited, the move by members of the MPC was in line with what they had been expecting for the currency. Its report said: “Over time, the move is likely to increase the supply of US$ liquidity to the interbank market as remitters and exporters are likely to be more willing to sell dollars at the lower interbank rate. Similarly, we believe that investors who have been sitting on the sidelines for fear of not being able to get hard currency out of the economy will now be more willing to commit. With this increased supply, we expect that the flexible interbank market rate will gradually appreciate towards N310-N320/US$1. “Overall this greater flexibility will be positive for the economy as it will improve access to foreign exchange (albeit at a higher rate) for firms which have been struggling to buy hard currency. The inflationary impact, we believe, will be fairly limited because many importers who were accessing dollars were already doing so on the inefficient parallel market.” On their part, analysts at Ecobank Nigeria Limited pointed out that while it might be difficult to fully dimension the full impact of the expected adjustment in the operation of the interbank foreign exchange market, they opined that the flexible interbank exchange rate was likely to be above the current rate of $1/N197, at which the CBN had been selling dollars to banks. They predicted that the expected currency adjustment would be around the current parallel market rate of N340/US$1 as pent-up demand for dollar was released onto the market. “The effectiveness of this policy is likely to depend on the size of the allocation to ‘critical sectors’ (as well as the sectors that fall into this category) and the amount that is left available for the newly-autonomous interbank market. The system could be open to abuse. However, this opportunity to roundtrip is not new and has been available under the system that was in place until today’s announcement,” Ecobank analysts said. But the Managing Director/Head of Research for Africa at Standard Chartered Bank, Razia Khan, in a note to THISDAY, pointed out that markets dislike uncertainty, and urged the central bank not to delay the announcement of the policy change. Therefore, as the market awaits details of the new forex policy, there is need for the CBN to ensure transparency and a level playing field for all participants in the market. The banking sector regulator must be careful in handling the proposed special window for critical transactions.

T H I S D AY • MONDAY, MAY 30, 2016

BUSINESSWORLD

APPOINTMENT / AWARDS

NCC Wins Africa Regulator of the Year Award The Nigerian Communications Commission (NCC) has won the African Regulator Award for 2015. The Africa Information Technology and Telecoms Award (AITTA), which took place recently at the Kempinski Hotel, Gold Coast City, Accra, Ghana was the climax of a twoday 3rd West Africa Telecom Summit and Expo 2016. The award was hosted by the London-based MobileWorld Magazine and United Kingdom (UK) registered Instinct Wave Inc. Director, Public Affairs at NCC, Mr. Tony Ojobo, represented the Executive Vice Chairman of NCC, Prof. Umar Danbatta. Ghana’s Chief Regulator and Director General of the National Communications Authority (NCA), Mr. William Tevie, was also represented. The organisers arrived at the choice of NCC as the winner of the award based

on the U.K. firm’s Intelligence Unit gathering of data across the African continent. The report said: “NCC’s strong and committed effort to enhance competitiveness and innovation as factors of economic growth” made it the winner of the title. The organisers said the NCC’s transparent regulatory activities, prudent management of spectrum and human resources makes it a regulator of choice. Besides these, the NCC remains the pathfinder and first among equals as far as telecommunications activities are concerned that is why it remains a shining example of how the sector should be regulated. Today, Nigeria is the investors’ first choice for telecommunications investments in Africa. The organisers also said, that Nigeria by the International Telecommunications Union (ITU) assessment recorded the

highest and fastest growth in numbers connected by five years consecutively and so got global nods for that and coming home to Africa, the continent has continued to benefit from NCC’s experience and expertise. The active subscriber base of Nigeria surpasses those of several countries combined in Africa and Africa’s largest networks reside in Nigeria, all thanks to the robust regulatory activities of NCC. Ojobo, who was visibly excited, dedicated the award to the Almighty God saying the award is only “a motivation for the Commission to do more, in protecting both the consumers and operators.” Other award winners from Nigeria included National Information Technology Development Agency (NITDA), for Local content promotion in Africa; President of Nigeria Computer Society (NCS), Prof. Adesola Aderounmu, for promoting advancement of

IT professionalism in Africa; MainOne Cable Company for Africa wholesale Telecom Company of the year; IHS Towers ffor Africa Telecom Infrastructure Company of the year and Mr. Stanley Jegede of Phase 3 Telecom for Africa Telecom Entrepreneur of the year. All the key players in ICT in Ghana including Airtel, Tigo, Vodaphone, MTN, National Information Technology Agency (NITA), e-Crime Bureau, Serianu among others attended the ceremony. The large delegation from Nigeria included, Acting Director General of NITDA, Dr. Vincent Olatunji; Director, Public Affairs NCC, Tony Ojobo, President, Association of Telecom Companies of Nigeria, ATCON, Olusola Teniola, his NCS counterpart, Prof. Adesola Aderounmu, Cyber Security Expert, Alhaji Abdul-Hakeem Ajijola and Kazeem Oladepo among others.

Coscharis Technologies Wins APC Best Distributor Award Coscharis Technologies, an information and communications technology company based in Nigeria, has been awarded the APC Best Distributor Award (West Africa) at the just concluded Middle East and Africa (MEA) Distributors Conference 2016 organised by APC by Schneider Electric in Geneva, Switzerland. Incorporated in 1993, Coscharis Technologies is a subsidiary of the Coscharis Group, one of the most diversified conglomerates in Nigeria. The company is at the forefront of innovative pursuits that will change the landscape for the deployment of ICT technologies in the country and is an authorised partner/distributor to some of the world’s best ICT brands such ASUS, APC, Mercury, Samsung, Solidworks, Lenovo, HP (Hewlett Packard), IBM, Microsoft, etc. Presenting the award, the Vice President, English West Africa, APC by Schneider, Ayo Adegboye, stated that Coscharis Technologies is indeed a dependable IT partner of choice. According to him, “We are not surprised at the level of commitment and growth the

company has recorded in the last three years because of the management structure.” He further stated that the Best Distributor Award (West Africa) is a well deserved recognition and encouraged the management not to relent in its pursuit of excellence. In his response, the Managing Director, Coscharis Technologies, Sunday Mukoro, dedicated the award to God Almighty for the grace to excel against all odds. He also thanked all partners nationwide, the APC product head in Costech and all company staff for helping the company achieve the feat. According to Mukoro, “doing business with APC by Schneider has giving us an opportunity to contribute positively to both the domestic and industrial power needs of the nation by providing quality and reliable power and physical IT infrastructure for individuals and corporate bodies.” He also pledged that Coscharis Technologies would continue in the stride to always be in the forefront of making APC by Schneider products available to every Nigerian wherever they are in Nigeria.

Fets Emerges Africa’s Most Trusted Mobile Payment Company

BUILDING TOMORROW’S LEADERS

L:-R : Divisional Head, Consumer Experience and Analytic, Heritage Bank, Mrs. Rabi Momoh; the representative of the Registrar, Chartered Institute of Bankers of Nigeria (CIBN) and Deputy Director/Head, Building and Certification, CIBN, Mr. Akin Morakinyo and Permanent Secretary, Lagos State Ministry of Education, Mr. Adesina Odeyemi, who represented the Deputy Governor of the State, Dr. Oluranti Adebule at the launching of the Protector, a comic book on children financial literacy in Lagos … recently

SAHCOL Wins African Brand Leadership Merit Award The Skyway Aviation Handling Company Limited (SAHCOL) has won the award of “African Best Passenger Handling Services Provider of the year 2016”. The award was presented to SAHCOL by the Institute of Brand Management of Nigeria (IBM), in collaboration with the African Institute of Brand Management (AFribm) at the 2016 edition of the Brand Leadership Merit Awards held at the Sheraton Hotel and Suites, Ikeja. As the only brand selected from the Aviation sector this year, SAHCOL was picked for the award by the Brand Leadership Award’s Technical Committee because of its recent strides and innovation in building a brand that is in tune with International best practices.

The Brand Management Institute said that the SAHCOL brand has a great story behind it, “it is an authentic, unique, value adding African brand, and has been connected with the people within and outside.” They further stated that, SAHCOL has made an outstanding contribution to the development of the continent, the economic aspirations of its citizenry and the transformation of African’s image in the International market while displaying a high standard of good corporate citizenship, social and environmental responsibilities. The African Brand Leadership Awards, according to the organisers is aimed at celebrating Leadership, innovations and creativity in Africa. It showcases brilliant minds and institutions that are delivering

positive change and shaping Africa’s future. The theme of the 2016 Congress was ‘Achieving Sustainable Branding in Africa: Prospects and Challenges’. The Chairman of the event, Professor Samaila Mande said in his address, that marketing productivity and resources in developing countries are fundamentally different compared to advanced countries. Therefore, branding should be done a bit differently to what is obtainable in the western world. He went on to say that the use of sophisticated technology should be employed to accelerate the levels of consumer access, bypassing many of the traditionally staged levels of advanced countries. He also opined that many Nigerians are highly inspirational, educated and street smart, they should

hereby consider the possibility of developing local brands for the global market so as to instill national pride and serve as real alternatives to global brands. The Skyway Aviation Handling Company Limited (SAHCOL) was prior to December 2009 a struggling establishment of the Federal Government of Nigeria, having been rescued from the ashes of the liquidated Nigerian Airways. The fortunes of SAHCOL however took a turn for the better, after 2009, when the SIFAX Group led by its Executive Vice Chairman, Dr. Taiwo Afolabi (MON), bought over SAHCOL, in a keenly contested privatization exercise by the Nigerian Government Privatization Agency- Bureau of Public Enterprises (BPE).

Funds and Electronic Transfer Solutions (Fets), one of the leading licensed mobile money operators, established by the Central Bank of Nigeria (CBN) has won the 2016 Africa’s most trusted Mobile Payment Technology Company. The award was announced at the African Brand Leadership Merit Awards ceremony, which took place in Ikeja, Lagos, recently. The Institute of Brand Management of Nigerian (IBMN) in collaboration with the African Institute of Brand Management (Afribm) held this year’s edition of African Brand Leadership Merit Awards. The African Prize for Leadership is a prize for excellent leadership experience for selected organisations that have made an impact in the development of the African economy through their innovation, creativity and leadership. Fets’ mobile money was launched in 2011 to enhance the lives of customers by providing convenient, reliable and affordable payment solutions to the unbanked population in Nigeria as well as offering bespoke services to corporates. Fets’ mobile money product, fetswallet, enables the transfer of money from one point to another (person, business, government) using electronic value of money on basic mobile phones. The company offers a range of services, which include cash in and cash out at agent location, transfer across locations, micro health insurance, salary disbursements, international remittances, micro finance, disbursement and insurance products. Over the years, Fets has acquired a growing portfolio of corporate

clients from several sectors in the country inclusive of Fast Moving Consumer Goods (FCMG), Health and government parastatals. Fets operates through an agent network and currently has an extensive mobile money agent network. The brand’s network exists in 33 states covering all local government areas. Fets’ agent location provides total brand experience to the customers and also deploys bespoke agent solutions to cater for the needs of their corporate customers. In addition, Fets infrastructure is secure and their information security policies are in line with world standards. The Fets platform is extremely efficient and has a high availability ratio, running multiple transaction types with robust offerings and industry leading security features. The platform user interface is easy to use and will be convenient for customers to use. Commenting on the award, Managing Director, Fets, Omotade Odunowo said: “We are deeply honoured to have received this award and it further reaffirms the impact we have made in the Nigerian economy and society. Currently, 59 million adult Nigerians and 70 per cent of rural Nigeria have no banking or formal financial institution presence, thus creating a huge physical barrier and high cost in accessing money and financial services. We provide mobile money, banking and formal financial institution presence, thus creating proximity, low cost and affordable access to money and financial services.

T H I S D AY • MONDAY, MAY 30, 2016

BUSINESSWORLD

INTERVIEW

Omotowa: Nigeria Should Honour Its Agreements Managing Director of Nigeria LNG Limited, Mr. Babs Omotowa spoke to Ejiofor Alike on the changing dynamics in the global liquefied natural gas market, positing that for Nigeria to succeed in her current drive to attract foreign investments, she must honour existing agreements with investors to assure others of the stability of the operating environment. Excerpts: The issue of granting incentives to NLNG by the NLNG Act has been a bone of contention between your company and some agencies of federal government. What are those incentives granted to you under the NLNG Act? It actually took more than 30 years for NLNG to come to fruition – most of that time several investors, who needed to bring in money to invest in the project had doubts about Nigeria – whether it was a suitable place to put so much money. So, after 30 years, the NLNG Act was put in place, which enabled the investors to have the comfort to bring in over $6 billion that was used to build the project. There are a couple of aspects of the NLNG Act. The first aspect is that it grants 10 years tax holidays for Company Income Tax. The 10 year period has expired and we have been paying Company Income Tax. It also has apart, which is about exemption from Customs Duties during construction. That exemption is only for the construction period. After we finished constructing, of course, we have been paying Customs Duties. And then it has an exemption from any other new taxes or levies that will be imposed. You can understand that because if you don’t protect the company, any economics they would have done would not work if any new taxes could be unilaterally imposed. But the last part of the law is that it has what is called assurances and guarantees, which is that the country, through that law said that it assures and guarantees the investors that the country will honour the Act and not change it. So, that is what that Act is and it has enabled the country to attract over $6 billion from its shareholders and that is what has enabled us to generate over $33 billion that has been paid to the government; it is what has helped us to reduce gas flaring from 65 per cent to 25 per cent. Will these incentives continue to exist as long as the company exists or do they have a life-span like the 10-year tax holidays? The Act itself is very clear that the incentives granted will be for the life of the project. And this is normal and there is nothing unusual about this. In Nigeria, we have the Free Trade Zones (FTZs) either in Lekki or in Onne and in those areas as well, the applicable incentives are in perpetuity. They don’t even pay Company Income Tax; they don’t pay any tax at all and those things are also in perpetuity. So, perpetual incentives and guarantees are not unusual, especially for export based projects, because you want the companies to be able to compete externally. So, if you over tax them in your country then they will never ever be able to compete and if they can’t compete, then you can never earn any revenue or foreign exchange for the country. So, the reality is that there are even other more generous incentives in Nigeria than NLNG Act and if you look at every other LNG countries of the world – if you go to Angola; if you go to Oman; if you go to Malaysia and even Trinidad –they and others all have incentives and many of them are even more generous than we have. So, it is not an unusual incentives and if you think about it – if you ask somebody to bring $6 billion to Nigeria, you need to assure him that you wouldn’t tomorrow create a new levy that will wipe off the relevance of his project economics or his ability to obtain return investments. Returns after all, is the major reason why investors bring their money to the table.

Omotowa Why this proposed amendment of the Nigeria LNG Act in the first place? Do we really have a need to amend this NLNG Act at this moment? This current effort is widely perceived to be an attempt to force the NLNG to pay NDDC levy of three per cent. That is what this current effort is. And there are two fundamental things to look at about that. The NDDC Act itself is focused on trying to redress the ecological and environmental damages in the Niger Delta, that is, companies that are creating oil spills; that are creating flaring – for them to pay back to the Niger Delta Commission, so that they will mitigate those impacts. However, NLNG does not fit into that kind of situation; we actually are cleaning up the Niger Delta. NLNG cleans to help reduce gas flaring and since we have been there, we have progressively reduced it from about 65 per cent to today’s less than 25 per cent. So, we do not create any pollution for which the NDDC Act itself was set up. The second thing is that this case has been taken to court- NDDC has gone to court since 2005. They went from High Court to Appeal Court and to Supreme Court. In both the High Court and the Appeal Court, the case was ruled in NLNG’s favour. They went to Supreme Court and their case was dismissed. So, clearly, it is not about the law because the law states clearly that NLNG is exempted and in the NDDC Act, we are not a polluter but an entity that cleans the environment. So, that is why clearly, we believe that this should not apply to NLNG and we should not jeopardise the country because of the attempt to make a change against a promise made by the country. Does the Act make any provision for amendment?

Of course, any Act can be amended but what was written in that law is that you should do it in collaboration as the Act has its foundation in a contract between Nigeria and the investors. So, the government must be involved in that- the executives; you should involve the shareholders, whom you have made the promise in the Act to and that should be done on a collaborative manner and not just one side on its own making changes, changes, which is what that law provides assurance for. We know that NNPC is the largest single shareholder in the NLNG but the other foreign investors combined hold the majority share. When two or three people make laws to establish a business and they want to change the laws, I think all of them should agree together. So, what is the role of the other shareholders in this proposed amendment? In the recent public hearing, the NNPC was there, the Attorney General was represented and all the shareholders were there and they all canvassed the position that they don’t support any changes to the law at this point in time. So, as you rightly said, two people agreed on a contract and one party said they want to change but the other people said they don’t want to change right now. I think as we said, for a country that needs to be respected internationally, it is important that we honour our commitments and words. The view in effect is that when a country strategically important country like ours which is committed to investments and development as we are, makes a promise; when we give an assurance, the honourable thing to do is to honour that agreement and not make changes unilaterally because it will hurt the country and because other people will not want to come to Nigeria to invest. One irony inherent in all of

this is that over 70 per cent of what is being sought in the amendment is already being paid by NLNG to the Federation account. So this amendment will just be to reduce what goes to Federation account and is currently being shared by all State Governments, to pay to an agency of the Federal Government, and is this what we should jeopardise our national interests for? What is the position of the NNPC in particular, in this proposed amendment? NNPC was at the public hearing and they presented their position very clearly that Nigeria should honour this Act and that there should be no changes in the Act because it will hurt the country. You want to change because of the little you will earn here but there is a bigger negative impact to the country. Nigeria is today looking for more money to invest in gas facilities for domestic power. The President has just gone to China, US and UAE to try to attract investors. If they see that you are changing promises that you have made to earlier investors, then they are very unlikely to want to bring any investments to Nigeria in the future. In one of the debates at the House of Representatives, it was alleged that you also pollute the environment through flaring. How do you respond to this accusation? I cannot comment or add any further wisdom to what people say because the facts are there and visible to every objective observer. You can also check with the NNPC and the Department of Petroleum Resources (DPR), who are the regulators and they will re-confirm that NLNG has been the biggest contributor to reducing CONTINUED ON NEXT PAGE

T H I S D AY • MONDAY, MAY 30, 2016

BUSINESSWORLD

INTERVIEW

OMOTOWA: NIGERIA SHOULD HONOUR ITS AGREEMENTS well? Why don’t we have more LNG plants? How do we attract investments?. How do we create a business environment that allows these because we need to create jobs for our people and generate more revenue. This is what we need to spend more of our time on, rather than today we seem to spend more of our time trying to cut and share the little cake that we have into different shapes. I think we need to put more energy into value addition; more energy into value creation; that is what this country requires from all of us in various leadership positions - be it in the companies; in the legislature or executive. I think that is what the country deserves.

gas flaring in the Niger Delta. We were set up for that purpose. NLNG was set up for only two purposes – to help to eliminate gas flaring and to help to monetise the gas resources to create more revenue for the government. We have been a key factor in helping to reduce gas flaring in the Niger Delta from 65 per cent that it used to be to less than 25 per cent. If you ask the experts who know, and the NNPC and the DPR, they will confirm that NLNG is not a polluter – it is indeed the biggest effort by government to clean gas flaring in the Niger Delta, in addition to being a very sound and profitable investment. The Minority Leader in the House of Representatives, Hon. Leo Ogor was reportedly quoted as alleging that by not contributing to the NDDC Fund, the NLNG is not doing enough for the Niger Delta. Do you think he was right? That is simply not correct, and again the facts bear me out. We probably, are the biggest single individual company that contributes to the Niger Delta in terms of capacity development. We have spent close to $200 million developing the Niger Delta. We recently offered the federal government to contribute N60 billion to help build the road that transverses through Bodo, Ogoni, Andoni to Bonny. These are all communities in the Niger Delta. We have built a vocation school with unique measurable benefits in the Niger Delta; we provide 24 hours of electricity, pipe borne water, roads; we provide over 3,000 scholarships to Niger Delta citizens. We have just built a N340 million laboratory for the University of Port Harcourt; we have also been involved in health issues, building hospitals and constructing schools and other infrastructure. So, there is no doubt that our contribution to the Niger Delta has been huge and significant. But even going forward, we have offered to the NDDC that we are willing to work together on projects. We have full, unequivocal commitment to the Niger Delta; we are willing to work together on projects, which we can identify every year and together, we make it happen. But we believe that we can develop the Niger Delta without jeopardising Nigeria’s overall best interest. Remember, we are already paying most of these monies to the Federation Account. So, it is not that it is monies that are coming out of NLNG; it is monies that should have gone to the Federation Account that will now be coming into the NDDC Levy. So, you will be reducing the Federation Account for this levy in reality and reducing what is available for all States and by extension millions of needy Nigerians to benefit from. But we do not think that would warrant now putting in jeopardy, foreign investments. For example, we are making progress in building Train 7 of the NLNG. If we get to the final decision on this, this will attract $10 billion of investment in building our facilities and additional $15 billion to build the upstream gas projects that needs to be done. That in itself will create more than 30,000 jobs in the Niger Delta in both the NLNG and upstream companies. If you make these kinds of amendments as proposed to the NLNG Act, which will send signals to investors that you are not a reliable or trustworthy country, and then you can reasonably forget such investments. I don’t think that is what the country needs now. We need jobs; we need more projects; more revenue for the government and to create activity in the contractor environment as well. You said that Train 7 of NLNG would attract investment of $25 billion? Yes, $25 billion in both the NLNG side and the gas supply projects of the upstream companies. How much revenue will Train 7 generate? You will find out that in this exercise, this will bring 40 per cent increase on what the NLNG is doing today because Train 7 is 40 per cent increase in our volumes. So, when you think about it that in 2015, the NLNG contributed $4 billion to the Nigerian economy through taxes we paid; the dividends we paid and what we pay to Nigeria to buy gas from the upstream companies. If you take 40 per cent of that, it gives you an indication of what we will be delivering every year when a project like this is built.

Omotowa We have been talking about Train 7 for close to a decade. What is actually delaying the FID? In 2008, we were ready to take the Final Investment Decision (FID). But due to some discussions at that time around other priorities, especially from the federal government side, the FID could not be taken at that time. What that has meant is that overtime, the contracts that should have been put in place – the bids have all elapsed. So, we have to go back to the starting block. Currently, we are in what is called the basis for design stage. When we finish this stage in the next few months, we move into the Front End Engineering Design (FEED) and finally again, we go back into tendering for the activities- what we call EPC (engineering procurement and construction). That will enable us take the FID. We are working hard because we have so much support now from the government. Both the President and the Minister of State for Petroleum are very supportive and we want to take FID during this administration. Having said that, the current low price of oil, of course, makes it more challenging. So, we also have to work at reducing the cost of the project. We are very determined and we are making all the progress now to take this FID during this administration. But there are concerns in the area of gas supply to the proposed Train 7 due to the current gas supply challenges in the country. How are you sorting out the issue of gas supply? Nigeria has much more than enough gas; we are one of the top 10 countries in the world with gas reserves. Today, we have 180 trillion cubic feet of gas that is proven, most of which was discovered by accident while exploring for oil. It is known by analysis that Nigeria has about 600 trillion cubic feet of gas. Just to give you an idea; out of the 180 TCF of gas that we have, the whole requirement of NLNG for 25 years will be less than 30 TCF. So, it is small when you think of 30 out of 180 or 30 out of 600; it is not much. So, Nigeria has more than enough gas for export; for domestic power and for petrochemical. If you look at a country like Australia, they have less than 60 per cent of what we have in gas reserves and they are building LNG plant that are at least four times what we have built and they have power generation of more than 40,000 megawatts. So, in real terms gas availability is

not our problem; our challenge is creating the right business environment to attract investors and be able to start and mature key projects in a secure environment and with the right regulatory framework. Those are the kind of things we need to focus on. But the gas itself is more than enough in the ground. How has the current drop in the price of oil affected the price of LNG in the global market? It has affected us because gas prices are linked to oil price being both energy sources. There is a 70 per cent correlation in the price of oil and the price of gas. So, when you look at NLNG’s Facts and Figures publication, which we released a few weeks ago, even the revenue of 2015 was 40 per cent lower than 2014 and even this year, our revenue will even be lower than in 2015. So, the gas market has seen a big drop. This year, for example, in Asia where we use to get up to $15 per unit of gas, we get today about $5-6. In Europe where we used to get $9 per unit, we get about $5 -$6. So, the price of gas has also come down; revenues have dropped. But we are working very hard to make sure that we still remain profitable. We are working hard to make sure we find new opportunity areas; higher value markets and we are also making sure that we drive operational efficiencies and we are reducing our costs so that we can still be profitable and continue to return good revenues to the coffers of the government and our shareholders. Trying to amend the NLNG Act at this point has been considered by some oil and gas industry operators as trying to change the goal post at the middle of the game. What is your advice to the people championing this amendment? My advice is that Nigeria is such a blessed country in terms of natural gas reserves. We can do more by creating more values; we can spend our time to create even a bigger pie and a bigger cake. We need to be able to build more gas power plants, build more LNG plants; we need to be able to build more petrochemical plants; we need to really create an industry that can employ hundreds of thousands of people if not millions, and what we need to spend efforts on is looking at what is militating against us achieving that as a country. Why don’t we yet have huge petrochemical plants in Nigeria? Why don’t we have more gas power plants working very

You said that you have spent $177 million in corporate social responsibility in the Niger Delta. What are your future plans? Have you finished spending? We will continue to do more. We have gone round to build engineering laboratories, for example, to support technology learning and research in six universities across the country. We have built more capacity across the country; we are doing quite a good number of projects. As I mentioned, we are committed to partner the federal government and contribute N60 billion, which is about $300 million to build the road across Bodo, Adoni, Ogoni to Bonny. We are working with the community in Bonny where we are putting N3 billion every year to implement a master plan for Bonny that hopefully will in 25 years’ time make the community look more like Dubai or Singapore. So, we will continue to do quite a lot of capacity building. We have spent quite a lot in education. We believe that if we can develop an educated people, the future will be a lot brighter. So, NLNG will continue to be committed as I have enumerated to even doing more in the area of CSR. Our science and literature prize is the biggest in Africa and the most respected prize that encourages development in the sciences and encourages writers across the country. So, NLNG is a model in terms of CSR. Despite the glut in the LNG market, you recently embarked on acquiring six new LNG vessels. What informed your decision to buy new vessels at this time? It is because we take a long-term view of the market. We know that there is still a huge growth opportunity in the LNG market despite the current glut. This of course, is because LNG is one of the cleanest hydrocarbons because gas is cleaner, more efficient and more available , and is one of the fastest growing energy resources in the world – it is growing more than twice any other hydrocarbon energy source. We believe that despite the glut we are seeing today, the requirement for gas will continue to grow globally. Many countries are now opening up to receive gas, which was not the case in the past. So, when you take a long-term view, you can see growth, which is why I said that this is what we should focus on in this country- how do we grow the LNG market? How do we take advantage of those opportunities? Some people built the first six trains; we can build the next six trains to make it 12 and even double the value of what NLNG contributes to this country. So, we see a big future and is why we have acquired the ships. They are state-of-the-art ships and in our shipping activities - we have a huge Nigerian Content part of it. Most of the items used in those ships such as furniture, paints, cable – were all bought from Nigeria. More than 600 Nigerians were trained. They are really Nigerian ships in that sense and these will help us in our growth activities in addition to positively expanding Nigeria’s global business footprint. When we build Train 7, these ships will be available to take us into the next generation. How many of the ships have been delivered? We contracted to build six and five of them have been delivered. The last ship is scheduled to be delivered in June. So, within another few weeks, we will take delivery of the last ship and they are being manned mainly by Nigerians and the five ships are doing exceptionally well. This is in our view is the profile of a business keeping its promises and achieving its business potential.

T H I S D AY • MONDAY, MAY 30, 2016

BUSINESSWORLD

NEWS

Shareholders of Legacy Pension Approve N480m Dividend James Emejo in Abuja Shareholders of Legacy Pension Managers Limited have approved a dividend payout of N480 million for the 2015 financial year. This translated to 60 kobo per unit of share and represented a 20 percent increase over the 50 kobo issued in 2014. Speaking in Abuja at its Eighth Annual General Meeting (AGM), Chairman of the company, Alhaji Lamis Dikko said the 2015 financial year was rather a “bumpy ride” given the unfavourable business environment in the country.

Nevertheless, he said the company’s performance showed it remained proactive in its commitment to deliver on its promise of sustainable growth, good returns to shareholders as well as good customers’ service experience. Meanwhile, he noted that the impending commencement of the Transfer Window (TW), which would allow pension contributors the freedom to move their accounts between Pension Fund Administrators (PFAs) will be a game-changing development with regards to market share. He said: “Legacy Pension is

positioned to take on the challenges ahead. Our entrenched cultures of sound corporate governance, compliance, proactive management as well as strong capital are some of our strengths for the building of a competitive franchise.” The Managing Director, Legacy Pension, Mr. Misbahu Yola said its profit after tax (PAT) in the financial period stood at N623.37 million while asset under management increased to N166 billion, representing a 9.2 percent increase from N151.93 billion the previous year. The company’s gross operating revenue to N2.19 billion in

2015 compared to N1.89 billion in 2014 while its registered employers rose to 6,713 from 5,107 as well as the registered contributors which increased by 13.98 percent to 327,211 from 287,072, The company’s shareholders’ funds closed at N2.5 billion while total asset in its financial position grew 13.5 percent to N3.1 billion. Yola said it had paid a total sum of N25.45 billion to 10,636 retirees and other eligible contributors since 2007, adding that as at 2015, the company had paid a total sum of N3.43 billion as lump sums, arrears

and programmed withdrawals to 802 retirees; N1.18 billion was disbursed to 390 beneficiaries as death benefits. He said compliance on enrollment by employers remained a challenge to the scheme while the current fiscal challenge and increasing unemployment had stunted the growth of enrollment into the contributory pension scheme (CPS). Furthermore, he said that it’s asset management revenue was also affected by the transfer to the Police PFA as well as challenges of contribution remittances. He said: “Funding the

retirement savings account (RSA) has become a major issue. It’s not unconnected to the dwindling revenue in both the public and private sectors, resulting in the low level of pension contributions. “In addition, while the Pension Reforms Act (PRA) of 2014 increased the minimum contribution by employers and employees to 18 percent cumulative contributions, this has not been implemented by many employers.” According to him, the company will remain strong in its corporate governance and risk management practices.

May & Baker Outlines Strategic Plan to Sustain Growth Eromosele Abiodun

ENHANCING POWER SUPPLY

L-R: Board Chairman, Abuja DisCo, Ambassador Shehu Malami; MD/CEO Benin Electricity Distribution (BEDC) Plc, Mrs. Funke Osibodu and Chairman, Eko DisCo, Mr. Charles Momoh at the signing ceremony between representatives of the United States Agency for International Development (USAID) Mission in Nigeria and BEDC in Abuja…recently

Customs Posts N4bn Revenue in Three Months Ademola Babalola in Ibadan The Nigeria Customs Service (NCS), Oyo/Osun Area Command has earned over N4billion in the first quarter of the fiscal year. The figure put at N4,611,914,510.32, according to the Area Controller of the Command, Temitope Ogunkua, followed the Command’s renewed efforts at delivering on its set target. Ogunkua said the command will also re-strategise and reengineer the anti-smuggling operation modalities to match the ever evolving challenges posed by smugglers, recalled that a total of six hundred and

seventeen (617) vehicles paid duty to the tune of ninety eight million, four hundred and thirteen thousand, thirty two naira (N98,413,032.00). He said: “On the other hand, the Oyo/Osun Command generated a total of Four billion, six hundred and eleven million, nine hundred and fourteen thousand, five hundred and ten naira thirty two kobo (N 4,611,914,510.32) in the first quarter of the year 2016.” Ogunkua also listed the seizures in the first quarter of the year to include 206 packages of Cannabis Sativa; 3,103 50kg bags of rice with duty paid value of N24,

793,945.00, a total of 43 fairly used assorted vehicles were arrested with a duty paid value of N52,985,217.00, 66 cartons of frozen imported poultry products with a duty paid value of N548,262.00 were also intercepted within this period under review”. He said all hands must be on the deck to generate maximum revenue while blocking all leakages within the Command’s area of coverage, saying the command has identified about seven (7) excise factories within the area command where they can generate more revenue. “Repeatedly, a total of 72 seizures with the duty paid

value of 203, 649,995.00 only from the month of January to April 2016. “It is expected that there will be increase in the command’s revenue profile in this quarter through voluntary compliance to duty payment by all genuine importers and excise factories, channeling efforts towards breaking new frontiers through stakeholders engagements, building a more robust synergy with other security agencies, intelligence sharing and utilisation, discovering emerging extant factories and bringing them under excise control. “We are looking at how we can block those revenue leakages,” he said.

May & Baker Nigeria Plc plans to expand into new business areas as it seeks new opportunities that will add value to its performance while sustaining the growth of existing businesses and investments. Chairman, May & Baker Nigeria Plc, Lt. Gen. Theophilus Danjuma (rtd), disclosed this at the company’s annual general meeting (AGM) held in Lagos. Danjuma told shareholders that the company was set to break new grounds and enhance the value of their investments. According to him, with its existing businesses showing resilience and the continuing operational efficiency of its World Health Organisation (WHO)-certified pharmaceutical complex in Ota, Ogun State, May & Baker is shifting focus to acquire new competences and expand its business into new profitable ventures. “In the years ahead, our plan is to acquire necessary competences in new business areas and seek opportunities that will add value to our investments. At the same time we shall continue to leverage our installed capacity at the pharmaceutical facility in Ota, energise the food and beverages businesses by promoting existing brands and introducing new ones. May & Baker has a great pedigree but the future is even more alluring as we make new strides and break new grounds,” Danjuma said. He explained that the company had delayed its capital raising in order not only to extract the greatest value for the existing shareholders that had toiled to build the company but also to ensure that new equity investments are in line with the strategic vision of future expansion and technical competences. The company had in 2014 empowered the company to raise N3.2 billion new equity capital. But the chairman said the board had, in the interest of all the shareholders, decided not just to go for financial investments, but more importantly to look for investors that can, in addition, offer technology that will help the company to better leverage

its Pharmacentre investment. “This way we shall secure both funding and technology competencies to delve into new areas,” Danjuma said. He said the company has restarted discussions with the President Muhammadu Buhari government on the joint venture business for local vaccine production and the signals from the discussions indicate that government is positive on the local production and the revised joint venture agreement will soon be ratified by the Federal Executive Council. “We have absolute confidence in this project and that explains why we have not given up on it through these many years of delay. The need to produce vaccine in Nigeria has become even more imperative because the major foreign donor agency for vaccine, Global Alliance for Vaccines and Immunisations (GAVI) has indicated its desire to withdraw sponsorship by 2022. This leaves local vaccine production as the only sustainable avenue to keep our population secure from immunisable diseases,” Danjuma said. He noted that the performance of the company in 2015, in spite of the challenges in the economy, showed that it has continued to be resilient and focused on creating values for shareholders. Analysis of its audited financial statement showed that sales grew by 7.8 per cent while increased cost efficiency and internal control boosted pre-tax profit by 41 per cent. Turnover rose from N7.02 billion in 2014 to N7.57 billion in 2015. Operating expenses reduced by 11 per cent, while distribution, sales and marketing expenses remained flat at 2014 level. Administrative expenses also reduced by 8.4 per cent from N641.33 million in 2014 to N587.3 million in 2015. Finance charges which has remained a major headache of the company is gradually also being contained. Cost of funding the business was thus reduced by 2.6 per cent from N603.87 million in 2014 to N588.18 in 2015. With this level of operational efficiency, profit before tax grew from N101.2 million in 2014 to N142.4 million in 2015.

T H I S D AY • MONDAY, MAY 30, 2016

BUSINESSWORLD

NEWS

Mutual Benefit Assurance Boss Highlights Stanbic IBTC Explains Delayed Release of 2015 Role of Insurance to Economic Growth Ebere Nwoji The Group Managing Director of Mutual Benefit Assurance plc, Dr. Akin Ogunbiyi has said there is a significant relationship between insurance development and economic growth. He also noted that Insurance provides vital support for emerging economies and helps in an indispensable manner to achieve growth targets. Ogunbiyi, who stated this at the Pearl Awards organised in Lagos at the weekend, also noted that a strong and competitive insurance industry not only enhances growth, but substantially mitigates critical challenges on the path of sustainable economic development”. Ogunbiyi, in a speech titled; ‘Insurance Development Will Fast Track Genuine Change Efforts’, said insurance makes economic activities possible and contributes directly to it. According to him, through its risk transfer and indemnification services as well as

the essentially value-adding financial intermediary services, insurance guarantees productivity improvement, production efficiency enhances and increases investment opportunities. He also said insurance institutional monitoring benefits provides valuable administrative services in business such as risk management and claims payment. According to him, despite this all important role played by the industry, regrettably, Africa’s share in the global insurance market is a paltry 1.5% with South Africa contributing nearly 74% to this figure. Ogunbiyi further stated that the insurance contributes close to 15% to South Africa’s Gross Domestic Product (GDP) while in Nigeria, it is still less than 1%. “Insurance plays a positive and very significant role in employment generation. The machinery of insurance, through its value-adding activities, generates a sustained increase in decent employment and income. To grow the economy, he said Nigeria must do something

that utilises its strengths and delivers benefits to its teeming population. He urged Nigerians to embrace the seeds of insurance, water them, and feed on them assuring that they will blossom into wonderful achievements. “If insurance penetration is the ratio between insurance premiums written and gross domestic product, then let us collaborate to grow these penetration ratios in order to bring them very close to expected values”, he stressed. Furthermore, he said in the on-going efforts to grow Nigeria’s economy and deliver democracy dividends to the teeming population, the insurance industry should be supported for it to fully achieve its growth enhancing potential. He enjoined Nigerians as well as government at all levels and the private sector to join hands and support the industry to play its highly indispensable role in galvanising the economy. Ogunbiyi, said Mutual Benefits Assurance has through its

pioneering of entrepreneurial value-adding initiative, and very audacious transformational goal, demystified the myth that the huge business of insurance can only thrive in the formal sector. “With little premium, we are taking insurance to all the local government areas of Nigeria. We are guaranteeing personal well-being and comfort as well as investments that deliver and engender sustainable growth”, he stated. He further said through its marketing and development initiatives, the company has given employment to over 5,000 Nigerian youths and about 500 others in Liberia and Niger Republic where it has full-fledged operations. “Our strategy is to give a fillip to corporate and individual efforts and make entrepreneurs as well as businessmen/women more productive and effective. We enhance and boost the wealth of the rich and at the same time help the hardworking poor to completely cast-off the chains of poverty and climb the progress ladder.”

L-R: Consul General, Republique Francaise, Mr. Laurent Polonceaux; Consulate General of the USA, Mr. John Bray; Chairman, Tricotinental Group/ President, Nigerian-American Chamber of Commerce (NACC) , Chief Olabintan Famutimi and Consulate General of the Federal Republic of Germany, Lagos Office, Mr. Ingo Herbert; at a sendoff dinner hosted for Dehab Ghebreab and Brian McCleary by the President of NACC in Lagos…recently

Sophos Introduces Enterprise Malware Removal Tool does not need to be installed, which is particularly useful in cases of ransom ware infection or in situations where malware is manipulating installed security software. “The need for next-generation endpoint protection that doesn’t rely on signatures is long established. Zero-day threats and some ransom ware like Cryptolocker can only be detected by the integrated capabilities of exploit prevention, behavior analytics and pre-execution heuristics built into our endpoint protection software today,” General Manager and Senior Vice President for Enduser Security at Sophos, Dan Schiappa, said: “Sophos Clean can complement any in-

Eromosele Abiodun Stanbic IBTC Holdings Plc has said that in the running of its business, it will continue to exercise its constitutional rights to seek redress and protection through the legal process and the law courts. The organisation made the clarification in response to the expected publication of its 2015 audited financial statements, for which it is in dispute with the Financial Reporting Council of Nigeria (FRC). In a letter to the Nigerian Stock Exchange (NSE) dated May 27, 2016, the bank said it was imperative to bring all stakeholders up to date on why the issuance of its 2015 financial statement is being delayed. The bank explained that on 24 March 2016, it informed NSE, shareholders and other stakeholders about the reporting challenges it was experiencing with FRC regarding its 2015 financial statements, which subsequently led to the engagement of its external auditors on the appropriate presentation of certain items in its financial statements, which are the subject of ongoing legal proceedings. Stanbic IBTC had instituted an appeal at the Lagos Division of the Court of Appeal following allegations of mis-representation of its financial report, over which FRC had announced a regime of sanctions against Stanbic IBTC Holdings, including a fine of N1billion. The bank noted that in order to ensure the timely finalisation of its 2015 audited financial statements, it obtained the approval of the NSE to delay the filing of its 2015 audited financial statements on 24 March 2016, while the Securities and

Exchange Commission (SEC) applied the regulatory sanction for late filing of financial statements by a listed entity. “However, the challenges with the FRC continued, as the regulatory agency continued to place hurdles in the way of fair and quick resolution of the issues. For instance, on 15 March 2016, FRC published on its website undated new rules which the agency said applied with immediate effect. In essence, the new rules would apply to all financial statements that had not been finalised as at 15 March 2016. “Stanbic IBTC Holdings PLC has prepared its 31 December 2015 financial statements in compliance with the undated new FRC rules published on 15 March 2016 and all extant accounting standards. KPMG has however indicated that they will not be able to express an audit opinion in respect of the financial statements given the stance taken by the FRC on this issue, ”the bank said. The company added that it considers the position taken by the FRC with respect to the injunction and its 2015 financial statements as erroneous and unfortunate and has alerted the Central Bank of Nigeria (CBN), its primary statutory regulator, as well as the Minister of Industry, Trade and Investment to the challenges posed by the FRC. Even more troubling, according to Stanbic IBTC, is that FRC has informed it that it will not comply with the court orders or engage constructively with Stanbic IBTC “unless and until there is a non-appealable decision of a court of competent jurisdiction. It is pertinent to mention that only decisions of the Supreme Court of Nigeria are non-appealable.”

…Partners LEAP Africa on CEOs Forum

FAREWELL OUR FRIENDS

Sophos, one of the global leaders in network and endpoint security has launched the latest addition to its end user protection portfolio of advanced malware detection, remediation and removal software. The signature-less technology uses progressive behavior analytics, forensics and collective intelligence to discover and remove code from zero-day threats, Trojans, rootkits, polymorphic malware, irritating cookies, spyware and adware. Built on technology acquired from SurfRight B.V in December 2015, Sophos Clean represents the next generation of malware detection and removal tools that can detect known and unknown threats. The on-demand scan

Financial Result

stalled anti-malware software by providing a second opinion on suspected files. With a minimal footprint and fast scan, Sophos Cleanwill quickly identify and remove all residual traces of malware.” According to him, resilient malware attacks critical system files or boot records to manipulate Windows and antivirus software - even before the operating system boots. “Sophos Clean can remove persistent threats from within the operating system and replaces infected Windows resources with safe original versions. Reinfection attempts are proactively blocked until threat remediation has finished,” he said. Also commenting, Vice

President of Sophos Labs, Simon Reed said: “Today’s malware is persistent by design: difficult to detect, difficult to remove and difficult to recover from. Our researchers are seeing an ever increasing sophistication of malware, both the techniques being used and the heavy use of automation. Polymorphism is becoming the norm, and previously unknown malware is on the rise. These attacks, once active on your system, embed themselves deeply using multiple techniques to ensure long term persistence. Using the latest removal technology, Sophos Clean is able to remove all fragments of a malware infection and return the system to a pristine state.”

Stanbic IBTC Bank and LEAP Africa, a leadership development non-profit organisation, are partnering to organise the 11th edition of the CEOs Forum, with a focus on how small businesses can attract funding for sustainable growth. The CEOs Forum, which was initiated in 2005, brings together local and international speakers for knowledge sharing with entrepreneurs on building sustainable local businesses. The event is targeted at SME founders, captains of industry, private and public sector leaders as well as CEOs drawn from different sectors of the economy. The forum is currently organised as an annual event within the SME space. With the theme: “Attracting financing for your business: strategies and opportunities,” the forum is slated for Lagos on June 2, 2016, and will attract speakers from different sectors of the economy, including CEO, Financial Derivatives Company Limited, Bismarck Rewane; Executive Director, Stanbic IBTC Bank, Yewande Sadiku; and Founder/CEO, Paga Technology, Tayo Oviosu. The Chief Executive, Stanbic

IBTC Bank, Mr. Yinka Sanni, welcomed the collaboration, which he said was in line within Stanbic IBTC Bank’s commitment to helping Nigeria attain her developmental aspirations, while delivering long-term value to customers, partners, businesses, professionals and the economy at large. “We value this partnership with LEAP Africa, especially as the focus of this year’s forum resonates well with our own goal of building a new cadre of leadership among business leaders in Nigeria and Africa,” a statement quoted Sanni to have said. He said the spotlight on the SME segment could not have come at a better time as efforts to diversify the country’s economy intensify. “SMEs constitute the pivot of the economy. We have consistently demonstrated our commitment to the development of the sector. However, SMEs should realise that attracting financing and ensuring sustainability is only guaranteed by planning, delivery and profitability, and we remain committed to supporting them in this regard,” he added.

T H I S D AY • MONDAY, MAY 30, 2016

BUSINESSWORLD

NEWS

‘AGOA Can Create over 1m Direct Jobs in Nigeria’ The President of the Nigerian-American Chamber of Commerce (NACC), Chief Olabintan Famutimi, has urged the federal government to expedite measures on implementing the extended African Growth and Opportunity Act (AGOA) programme in Nigeria. According to him, the implementation of the programme can generate over one million direct jobs. Speaking at a business roundtable dinner in Lagos, the NACC president said more than ever before, Nigeria is desperate for economic diversification, noting “we have arrived at the point of no return in our quest for those critical tools that would help develop trade and commerce outside oil, strengthen and grow our small medium enterprises, our manufacturing sectors, and add value to growth.” According to him, implementing the AGOA programme will in a way address the challenges in the non-oil export sector in

the country. “It would also enable African countries to be engaged in the rules of origin to engender value-addition of raw materials as they could now include the cost of direct processing, as they share production from one country to another on their way to the United States market,” he said. He explained that “when the Act was established, the Nigerian private sector in particular, believed in the golden opportunity being offered to us by this Act to genuinely shift paradigms; think outside oil, invest in and develop our second economy.” He stated that nearly 15 years after the approval of AGOA, Nigeria’s export to the US under this Act totaled a miserly $2.6 million when South Africa did in excess of $1.2 billion. According to him, petroleum products continued to account for the largest portion of US AGOA imports with a 69 per

cent share of overall AGOA imports in 2014. “In the same year, US imports decreased mostly oil from Nigeria by 67 per cent. It is therefore in understanding the reason for this downward spiral as attributable to the decline in US import of merchandise associated with oil, that the need to break the jinx of our dependence on oil as our key foreign exchange earner should equally be understood,” he said. Famutimi reiterated that AGOA can create more than one million direct jobs in Nigeria in a few years “if we get our act together. What AGOA can do for Nigeria in terms of job creation cannot be underscored. Since the passage of the Act, AGOA has generated about 350,000 direct jobs and 1,000,000 indirect jobs in Sub-Saharan Africa.” He noted that after completing its initial 15-year period of validity, AGOA was on 29th of June 2015 extended by a further 10 years, to 2025 which means

that the US has graciously given us another 10 years to pump up our exports under AGOA and improve regional trade as well. “With the 10-year extension, we can indeed continue to take advantage of the duty-free status afforded African goods entering the American market under AGOA, and investors can plan for the future,” he said. He, however, reassured stakeholders that NACC is determined not to let another 10 years of AGOA slip through its fingers. “We have taken it as a key responsibility to ensure that we collaborate with public and private stakeholders in bringing the value of AGOA to our people. This sensitisation programme is only one of several steps in that direction. Through public-private partnerships, we must continue to find solutions to constraints to bilateral trade and commerce initiatives like AGOA,” the NACC boss stated.

Diaspora Commends Buhari on New Fuel Policy Regime Adedayo Akinwale in Abuja The Nigerians in Diaspora Monitoring Group have commended President Muhammadu Buhari for liberalising petrol sales, describing it as the beginning of economic rebirth for the country. A statement by the United Kingdom Coordinator of the group, Adeka Onyilo, noted that the inherited rot that left Nigerians suffering on fuel queues was becoming an international embarrassment until the President took the drastic step to salvage the unbearable situation. Onyilo stated: “The cartel that acquire FOREX from government under the guise of importing petrol only embark on round tripping that has been severed from the supply chain and should leave the government with some money to invest in other sectors that will touch the lives of citizens across board. “We however urged that the judicious and prudent management of the resources of Nigeria

vested in the custody of the present government because this is important to the nation’s prosperity.” With this drastic decision, the group stressed that Buhari and the Minister of State for Petroleum, Dr. Ibe Kachikwu have carved niches for themselves in Nigeria’s history and deserving laurels for daring to do the right thing. The group however urged Buhari and Kachikwu to ensure that Nigerians who now have to pay realistic prices for petrol were not shortchanged by fraudulent marketers, who tamper with their meters to underdispense the product. It added: “We further urged the Minister to enforce the price cap as reports indicate that some outlets still sell above the computed N145 per liter. “Such development can only create the cover for those opposed to change to creep on the government and populace with another price hike or petrol scarcity citing the willingness of the people to pay more as excuse.”

Virtual Accounting to Help SMEs in Bookkeeping Berths in Nigeria Eromosele Abiodun

FOR CAPITAL MARKET DEVELOPMENT

L-R: Group Managing Director, Mutual Benefits Assurance Plc, Dr. Akin Ogunbiyi; Past Registrer-General, Corporate Affairs Commission & Chairman, PEARL Awards Nigeria, Alhaji U.F. Abdullahi and President, Nigerian Stock Exchange, Mr. Aigboje Aig-lmoukhuede at the 12th Annual PEARL Awards Public Lecture for Capital Market Development in Lagos …recently ABIODUN AJALA

Japaul Repositions for Improved Performance Goddy Egene

The management of Japaul Oil and Maritime Plc has decided to reposition the company for growth and improved performance given the weak economic fundamentals in the oil and maritime industry, which has continued to hamper growth in the sector. The performance of operators in the sector, including Japaul, has been affected by the challenging operating environment. However, the company said in a statement that unfavourable operating environment and other challenges notwithstanding, the board and management of the group have declared their desire to reposition the company for growth and improved performance.

To this end, the company said it would be proposing to its shareholders during the annual general meeting (AGM) in June, capital raising exercise to inject fresh funds into its operations. The funds, according to the company, would by way of rights, foreign investors, private placement among others options. Other than raise fresh capital, Japaul also wants to restructure its operation to focus on its core competences. In this regard, some of its equipment’s either underutilised or not functioning as a result of the business environment would be sold and the proceeds plugged back into areas of its operations with better prospects for growth. “The company will in 2016

drive improvements in its underlying asset quality, cost efficiency, enhanced revenue generation and extracting synergies across the group. There are foreign investors that have indicated interest in the company and are ready to inject millions of dollars as a result of the intricate value seen in the company, more so that the company has cleaned up its books,” it said. Incorporated in 1994 as a private limited liability Japaul company commenced active business operations in 1997. The company is into marine logistics/equipment fabrication, leasing and repairs; dredging & reclamation works, downstream petroleum marketing, pipeline/ flow-line constructions and repairs, mining, infrastructural development, engineering,

procurement, installation and commissioning. The company has Mr. Paul Jegede as the group managing director. And indications that the company would be repositioned came when Mr. Kayode Oluwasegun-Ojo was appointed deputy managing director last year. Prior to his appointment, Oluwasegun-Ojo worked as the managing director, Nigeria Aviation Handling Company (NAHCO) Plc. In his role as MD of NAHCO Plc, he lead the change and business diversification strategy of the company transforming it to an internationally recognised aviation services company as it became the first Ground Handling Company in West Africa to attain the prestigious ISAGO status conferred by International Air Transport Association (IATA).

In an effort to help the small and medium scale enterprises (SME) sector get unfettered access to necessary equity and debt financing and to ensure growth, Pundit Bookkeeping Services, has announced it is offering SME operators a bouquet of accounting services suitable for their peculiar needs. Recently launched in Nigeria, the company provides general accounting services as well as specialized flexible and efficient bookkeeping solutions to SMEs and individuals who desire professional help in keeping track of their finances. By rendering this service to them, SMEs can focus on other important aspects of their businesses without thinking of the high cost of maintaining full-time accountants. Speaking on some of the benefits that come with hiring its services, Managing Director, Pundit Bookkeeping Service, Ms. Jovita Madojemu, said that the company understands that many SMEs in dire need of clear co-ordination in their business finances often think that such professional service comes highly-priced. She, however, assured that their services are affordable. “We are well positioned to provide such businesses with professionally-prepared books of accounts and services at a very friendly price. This way, SMEs will not only save funds spent on extra office space for the recruitment of a full-time accountant but they will also have access

to a pool of professionals and chartered accountants, who will be made available to them, providing expert advice where necessary, as well as detailed information and reports, ”Madojemu stated. She added: “At half the cost on a monthly retainer, our clients will have access to key services, which include free consultation, open and friendly interactions, clear and jargon-free business analysis, transparent and flexible pricing, pay-as-you-go or monthly, professionallyprepared books of accounts, timely, monthly management reports, including but not limited to income statement, balance sheet, annual budget and forecasts, debtors and creditors schedule, bank reconciliations, among others.” On his part, Director, Pundit Bookkeeping Services, Mr. Layi Adetona noted: “As bookkeeping is a universal concern for entrepreneurs, it is absolutely necessary to keep track of those debits and credits alerts. “It is a fallacy to believe, as a business owner, that the practices that brought you thus far can take you further. “Many have found that to succeed in an ever changing business environment, one needs reliable bookkeeping and the use of information provided to chart the course towards success. What makes a profitable business go bankrupt can also make a business with good cash flows grind to a halt. The antidote to this lies in business decision tools that reliable bookkeeping provides.”

T H I S D AY • MONDAY, MAY 30, 2016

BUSINESSWORLD

NEWS

BoI Commissions N32m Solar Power System in Kaduna James Emejo in Abuja The Bank of Industry (BoI) has commissioned a N32 million- micro grid solar system in Charwa/Chakun, an off-grid community in Markafi Local Government Area of Kaduna State. The commissioning of the 24 kilowatt (KW)-stand alone solar electrification project developed was the last of the sixth pilot programme executed by the development finance institution in partnership with the United Nations Development Programme (UNDP). Altogether, the sixth rural electrification projects, which is a combination of micro offgrid and stand-alone solar systems, has cost BoI about N240.6million. The initiative further targets to provide electricity to thousands of rural dwellers who hitherto had no access

to the national grid. Apart from Charwa/ Chakun, other communities including Bisanti, in Katcha LGA of Niger State, Onibambu in Ife-North LGA of Osun State, Ogbekpen, Ikpoba, in Okha LGA, of Edo State, Onono, Anambra West LGA, of Anambra State and Kaltungo LGA of Gombe State have all benefitted from the electrification project. Under the stand-alone solar systems model, users are required to purchase electricity vouchers through a wireless mobile technology from a local vendor employed the project developer within the community, which will be used to recharge the pre-paid meters provided in each home. Speaking during the commissioning of the Charwa/ Chakun solar systems, the acting Managing Director of the bank, Mr. Waheed Olagunju, said that the project

has had strong catalytic effects on the lives of the people to the extent that demands for the deployment of solar solution had increased across the country. Olagunju noted that, for instance, Gombe State Governor, Ibrahim Dankwambo, had asked the bank to partner with the state with a view to replicating the solar systems in other 10 local government areas. According to him, the governor has given the nod for the commencement of the project in two villages of the state and would soon be commissioned. He added that other governors, private organisations, multinational corporations, religious bodies and communities leaders had also approached the bank for the execution of the solar project in their select communities.

Meanwhile, concerning the Charwa/Chakun project, the BoI boss explained that each home would have sufficient solar electricity to power three LED light bulbs, 1 eletric fan, 1 radio/TV set and mobile phone charging system. On the significance to the rural community, he said: “What we are implementing is a tested and commercially sound model for delivering power to the Nigerian rural homes at affordable rate. We want all our rural communities to take control of their energy needs by paying for only energy used. “This is the sixth of the last pilot project that is being implemented in partnership with the UNDP. We have achieved our objective of ensuring that we sensitise Nigerians to alternative renewable energy sources that are more efficient, cleaner. Testimonies from the five

communities where we have successfully commissioned off-grid solar solution are quite positive. “Living standard has improved, quality of lives has been enhanced and commercial activities have equally picked up, especially micro, small and medium enterprises.” Olagunju said the bank’s medium term target was to have 100,000 homes installed with solar systems in the next five years through a combination of micro-grid and stand-alone solar home systems. In his remarks, however, Kaduna State Governor, Mallam Nasir el-Rufai, said the project would strengthen the government’s initiative to providing the creation of the much needed employment in the state. According to him, if the commissioned project provides

electricity for 200 homes in Charwa/Chakun, its replication in other selected nine communities would bring the total number of homes having access to off-grid electricity to 2,000. The governor who was represented at the occasion by the Director General, Kaduna Power Supplies Company, Dr. Abdulkareem Mayere, urged the people of the community to protect the facilities in their care for a sustainable use. Also speaking, Africa Development Bank (AfDB) representative, Mr. Akinwunmi Emmanuel, noted that the electrification project would enhance the living standard of the people in the community. He said the goal of the bank was to ‘light up Africa’ and would do everything possible to support every initiative aimed at reducing poverty among the rural dwellers.

Techno Introduces Phone Pad II to Nigerian Market Emma Okonji

LUCKY WINNER

L-R: Executive Director, Skymit Motors, Mr. Martin Ayeni; Winner of Mercedes Benz B170, Miss Benedicta Ojo; Executive Director, Commercial, Ebonylife TV, Mr. Uzoma Onwuchekwa; and Chief Strategy Officer, Ebonylife TV, Miss Eunice Omole, during the car presentation ceremony of win with fifty the movie of Ebonylife films at Skymit Motors in Lagos… recently

Dell Unveils Adaptable, Future-Ready Storage Solutions After three years of research, Dell has announced the completion of the Storage Centre Operating System 7(SCOS7),an innovative platform, which will further redefine the economics of enterprise storage by accelerating the industry shift to modern, flash-based architectures. The uniquely adaptable SCOS 7 aggressively promotes the adoption of flash while elevating and abstracting data control through increased virtualisation. It unifies Dell’s storage ecosystem across multiple portfolios. The release provides new

intelligence and flexibility to help businesses advance their infrastructure to meet today’s needs and prepare for future challenges. Country Manager, Dell Nigeria, Akin Banuso, said the new operating system would deliver industryleading capabilities resulting in significant business benefits for customers, including increased portfolio-level investment protection. “Dell’s SC Series has always been an extremely progressive storage platform – and SCOS 7 is by far our most revolutionary software release to date. We

designed the SC platform from the ground up to be future ready and this release takes flash, deduplication and system intelligence to the next level,” Banuso said. “SCOS 7 makes leadingedge storage technology practical for more workloads, enabling a fundamental transformation of the data centre by eliminating acquisition cost barriers for flash and lowering ongoing expense with simplified management and increased efficiency” he added. SCOS 7 will be delivered as a free firmware upgrade for SC Series customers with a

current support contract. Most SCOS 7 features are available immediately on SC9000, with general availability across the SC Series portfolio planned for Q3, 2016. Dell PS Series customers who want to take advantage of the new PS and SC unified management and cross-platform replication capabilities can upgrade to the new PS 9.0 firmware, available this month at no charge with a current support contract, Banuso said, but explained that licenses between PS and SC series do not transfer and a Replication license is needed for the SC Series.

In an effort to consolidate on its drive to become a major market player in the tablet and mini PCs segment in Nigeria, Techno Mobile Technology has introduced Techno Phone Pad 7 II to the Nigerian Market. Speaking during the launch of the new device in Lagos recently, the General Manager, Techno Nigeria, Mr. Chidi Okonkwo, described the introduction of Techno Phone Pad 7 II as an important milestone in the history of techno family. He added that the device was specially designed for Android users and to deliver a superior user experience, stressing that the phone’s massive 4100mAh battery would support the standby for nearly a month on a single charge. “One unique thing about this device is that it is 4G LTE enabled. You can put your 4G SIM on it and start enjoying super functions of this device,” he said. The Marketing Lead, Techno Tablet Business Unit, Mr. Gbenga Oguntade, said the launch of the new device was due to the success that came with the Droipad 7C pro and the high demand by end users. According to him, “We at Techno Tablet Division are proud to say that this is another great PAD+Phone device, the next generation Android Phablet designed for productivity and style. For those who may have experienced the Droipad 7C Pro and who by now have an understanding of the

fusion of PAD productivity and Smart Phone elegance will comprehend what we are saying.” “This Droipad 7 II phablet comes with 4*1.0GHz Cortex A53 processor and an ultra fast 4G network which will make web browsing and downloading faster and with a 7inch IPS display that delivers 170 degree viewing angles and an accurate colour production, movies viewing and gaming will be more immersive,” he added. Other great features that users can appreciate include: 16GB internal memory and powerful antenna technology that allows user enjoy FM radio without the use of headset. What is needed to do is tune your radio function and enjoy on-the-go and the 2.0MP front camera with flash, paired with the IPS display, will definitely satisfy photo lovers selfie enjoyment, even in low light and the 5.0MP back camera also gives a better focus on those beautiful views. Oguntade emphasised that Techno had always maintained a mutual relationship with e-commerce sites in Nigeria so that its products could be timely delivered to end users at affordable prices where and when they demand for them. “Let me say that our 2016 strategic focus is to bridge the gap between customers demand for quality product and availability of these products at affordable price and across distribution channels to make the purchase experience if our end users seamless by cultivating a user base,” Oguntade said.

T H I S D AY • MONDAY, MAY 30, 2016

BUSINESSWORLD

PERSPECTIVE

One Year After, Where is the Nigerian Economy Heading? Uzoma Ngozi Nigeria’s overdependence on oil is one reality that President Buhari’s government has to grapple with if it will survive the crash in the global oil prices. The good news is that every challenge posed to this administration is a prospect for them to make a change, just as they promised during the presidential campaign. However, it seems that this government has no clue on how to fix the economy. The incompetence of Buhari’s economic team is instantly apparent as the economic system is on the verge of collapsing; inflation is on the rise, purchasing power is very low, unemployment is high, the country is in gross darkness and it seems like Nigerians have already lost hope in this government. The best word to depict an economic system led by Buhari and his team without a pattern is to refer to it as “Buharinomy.” To borrow the words of Prof. Utomi, Buhari is indeed operating an

“archaic and medieval kind of economic system.” Despite the pathetic situation of the economy, his economic team has been mum about the present state of affairs. And instead of the president to accept the responsibility of giving direction to the economy, he keeps blaming the immediate past administration for the present economic woes. He forgets the word of the German author Eckhart Tolle that says, “Discontent, blaming, complaining, self-pity cannot serve as a foundation for a good future, no matter how much effort you take.” There is no basis to compare the Buharinomy and the economy of the past administration because the economic policies of the immediate past administration were direct and had a human face to it. One technocrat that made a difference in the past administration was the former Minister of Finance and coordinating minister of the economy who helped in charting a cause for the economy. Although the administration had its own

Buhari challenges, she put policies in place that helped cushion the hardship known to the ordinary man in the country. Okonjo-Iweala in a bid to help this administration advised the president to concentrate on diversifying the economy, block leakages and rebuild buffers. But they’ve chosen to dismiss her advice with an excuse of fighting corruption. The government claims it is fighting corruption, thereby leaving the economy to take a downturn. Jonathan’s administration also experienced a shortfall in the na-

tion’s revenue which also resulted from the fall of oil price. But it was quickly addressed by Dr. OkonjoIweala, thereby, reducing the effect on the economy. The minister strategically achieved this by opening up Nigeria to the global business community which made the country to be Africa’s number one destination for foreign investors. In the first six months of 2014, a total of US$9.70 billion or N1.51 trillion flowed into the national economy as foreign direct investments (FDI). This is relative to what this present economic team is doing, instead of working hard to open up the country; they are all singing the same song of blaming the previous administration, without any clue and vision on what to do to move the nation forward. One year running, this administration has no economic blueprint for the country. However, if the president really wants to diversify the nation’s economy then he should stop being the Minister of Petroleum and become the

Minister of Agriculture. Although Jonathan wasn’t the Minister of Agriculture, he appointed a skilled technocrat that made a difference. As at the end of 2013, the proceeds from Nigeria’s non-oil export rose to 2.97 billion by the end of 2013, up from 2.3 billion in 2010. I am yet to see the present Minister of Finance Kemi Adeosun chart an economic policy that will curb inflation against the increase in the price of fuel. I’m yet to see Audu Ogeh, the present Minister of Agriculture encourage policies that will inspire the young generation to go into farming. And I’m yet to see where the Nigerian economy is heading. Nigerians must stand up and call out this government to do the right thing by taking ownership of the challenges. Thereby, finding lasting solutions to the hardship some Nigerians are facing. Uzoma Ngozi is an entrepreneur and a social commentator who resides in Lagos. Facebook:https://www. facebook.com/uzoma.ngozi.52

The Pitfalls of Competition Without a Competition Law Leonard Otuonye Ugbajah As the discourse on the recent deregulation (or is it hike in price) of premium motor spirit (PMS), otherwise called petrol rages, it is pertinent to pay more attention to the finer policy issues that would ultimately determine the impact of market reforms in that sector and all other sectors. One of such important policy issues is the need for an appropriate regulatory framework to ensure that markets deliver optimally to the citizens and the economy as a whole. At the core of this regulatory framework is competition law. The government has continued to use the argument of the virtue of private sector competition as a stabilizing factor both on the price and availability of the product. While it is true that an open market may result in more firms going into the market and the possibility of competition reducing price overtime, this scenario is not a given. It is dependent on the ability of the government to monitor the market and apply the right sanctions for abuse of the process of competition in the market. Failure to do this would result in some other types of monsters that would defeat the expected gains of deregulation. In the absence of the right kind of regulatory framework (i.e a competition law) to address market abuses, the recent move by the Nigerian government in deregulating the market for PMS (fuel) amounts to fueling competition in the absence of a competition law. The problem is that like fire, competition can be either a positive or a negative force in absence of boundaries or purpose. Since market reforms involve having a number of private firms operating in a given market, this creates the need for the firms to compete for market share and profit within the market. To this

end, it is conceivable that where the conditions permit, private firms can adopt unethical or abusive practices in order to make as much profit as possible. For example, nothing stops the few importers of PMS from coming together to agree at a price at which they would sell their products to the members of the public. They can also agree to manipulate supply in such a way that pump prices are not reflective of economic cost of importation and distribution. This foregoing scenario is typical of a cartel arrangement. The evil of cartel arrangements lies in the fact that suppliers can manipulate the market in such a way that consumer are meant to pay much higher for poor quality products or services. Another conceivable abuse in the market for PMS is where a firm – especially a dominant one – that owns the facilities for landing, storage or distribution of the product denies other firms access to these facilities or demands unreasonable costs for access to these facilities. What this means is that the dominant firm is effectively undermining competition in that market and would keep on determining price and output. Similarly, a dominant firm or group of firms that feels threatened by the entry of more firms into the market can decide to push the new entrants out by selling below the cost of supplying the products in what competition law experts call predatory pricing. The idea is to run the new entrants or even existing competitors out of the market and then assume the status of a monopoly. Beyond the economic consequence of these abusive conducts, there are also the socio-political consequences because instability of supply or high cost of basic needs usually leads to civil unrest and sometimes mass revolt leading to change in

Saraki government. Furthermore, if private firms decide to use their economic power to pursue a political agenda, they can thwart the course of democracy and popular participation in governance. This leads to a situation of “state capture” by private business interests. These pernicious economic, social and political consequences of unbridled concentration of economic power in few hands is at the heart of the history of competition (or antitrust) law as championed by the Americans from the 19th Century. The goal of competition law is to set the rules that would ensure that competition is protected in the market. It prohibits conducts and even market structures that restrict or eliminate competition in the market. Competition law prohibits such conducts as collusion by firms to fix prices, allocate markets, boycott a supplier or buyer, etc. It also frowns against the abuse of dominance by a dominant firm through predatory pricing, denying smaller firms access to critical facilities, requiring distributors to boycott the products of other suppliers, etc. Competition law takes exception to mergers and acquisitions where the aim or the likely result of such would be to lessen or eliminate competition in the market.

Placing the foregoing in the context of the deregulation of the market for PMS and the likely abuses that may arise in the market, one can only say that it is unfortunate that Nigeria lacks this critical tool for market regulation. The several attempts, since the inception of the fourth republic, to enact a competition law in Nigeria have been unsuccessful due to a myriad of reasons ranging from lack of appreciation of the import of the law on the part of the politicians to the alleged subversive acts of vested interests, and the lack of unanimity among different government agencies on the orientation of the law. The last administration sent in a bill on competition and consumer protection to the National Assembly but the timing was bad – about three months before the general elections. Just like the saying about the idea whose time has come, there is currently a remarkable commitment on the part of the leadership of both chambers of the National Assembly to give the country a competition law at this time. To underscore this commitment, the Senate has listed this bill as one of their priority bills in the legislative agenda. This bill also featured prominently in the review of regulatory framework for doing business in Nigeria commissioned by the President of the Senate and presented and deliberated upon by stakeholders at the first round of the National Assembly Business Environment Roundtable (NASSBER) in March of this year. At the moment, there are a few bills on competition law before both chambers of the National Assembly. While stakeholders are rallying around the version tagged Federal Competition and Consumer Protection (FCCP) Bill, efforts are also underway to harmonise this

with other versions. Under the FCCP Bill, the existing Consumer Protection Council (CPC) would be subsumed under the new Federal Competition and Consumer Protection Council. The Bill also repeals the existing Consumer protection Council Act and contains improved provisions for the protection of consumer rights in Nigeria. No market reform can truly deliver value to the citizens/consumers without the appropriate regulatory framework to check abuses and unethical practices in the market. This is the whole essence of the FCCP Bill. At the end of the day, it is the consumers that benefit the most as there are guaranteed of variety of suppliers and products to choose from, competitive prices, and continuous improvement in quality. Business (especially SMEs) would also benefit from access to markets and business opportunities, access to inputs at reasonable prices, incentive to innovate, etc. The country as a whole benefits from elimination of waste in allocation of resources since resources would flow to the most productive sectors, reduction in the cost of infrastructure and other social goods through competitive procurement processes, etc. Specifically in the market for PMS, a proper enforcement of competition law would ensure that importers, distributors, tank farm owners, truck owners and drivers, etc do not collude to manipulate the market for their selfish gains. It is, therefore, important that every concerned citizen lends a voice to the demand that the National Assembly passes the competition bill before it. Join the conversation on Twitter and Facebook using the hashtag #YesToCompetitionBill Ugbajah is the Resident Rep of CUTS International in Nigeria and Adviser to the Private Sector Coalition on Competition Law in Nigeria

T H I S D AY MONDAY MAY 30, 2016

INDEPENDENT NATIONAL ELECTORAL COMMISSION Plot 436 Zambezi Crescent, Maitama District, Abuja

REQUEST FOR PROPOSAL 1.0

INTRODUCTION The Independent National Electoral Commission (INEC) in pursuance of its statutory role invites interested reputable Facility Cleaning Companies to indicate interest by submitting proposals for managing the following facilities in the Commission and Guzape residential quarters, Abuja;

2.0

DESCRIPTION OF ASSIGNMENT

S/N LOT 1. LOT A 2.

LOT B

DESCRIPTION OF FACILITY The Electoral Institute/ Central Warehouse INEC Annex 1 Office

LOT C

INEC Annex 11 Office

LOT D

INEC Staff Clinic

LOT E

INEC Main Building

LOT F

LOT G

INEC ICT and Media Centre INEC Staff Clinic Kubwa

LOT H

3.0

13 Nos Residential buildings(Duplex with guest chalets)

LOCATION Central Business District, Abuja Blantyre Street, Wuse 2, Abuja Blantyre Street, Wuse 2, Abuja OlusegunObasanjo Way, Area 10, Garki, Abuja Zambezi Crescent, Maitama, Abuja Zambezi Crescent, Maitama, Abuja former INEC Staff quarters, Federal Housing Estate, Kubwa INEC residential quarters, Guzape Abuja

SCOPE OF WORK The scope of work includes the following listed items; i. Periphery of all offices/residences, waiting rooms, common rooms, toilets and the surroundings to be cleaned maintained and fumigated. ii. Mopping, dusting and cleaning of all A/C ducts, furniture items and electric casings/fittings and polishing of the interior and exterior of all offices/residences. iii. Removal of dirt from stairs, roofs, toilets, furnishings, windows, doors, common rooms, corridors, walkways, gutters and manholes. iv. Sweeping, stripping, polishing and restoration works on staircases and landing, stain removal; v. Fumigation and pest control, internally and externally. vi. Horticulture, grass cutting, de – weeding, planting of new flowers, planting of carpet grass, washing and cleaning of drains. vii. Cleaning of streets.

4.0 ELIGIBILITY CRITERIA FOR TECHNICAL PROPOSAL 1) Evidence of Company Registration with Corporate Affairs Commission (CAC) 2) Evidence of registration on the National Database of Contractors, Consultants and service providers, by submission of Interim Registration Report by BPP (Bureau of Public Procurement) 3) Evidence of Tax payments (current tax Clearance Certificate for the last 3 (three) years (2013,2014,2015) 4) Current Certificate of Compliance with Pension Reform Act 2004 issued by PENCOM 5) Current Certificate of Compliance issued by Industrial Training Fund (ITF) in compliance with Section 6(2)of the ITF Amendment Act 2011 OTHERS ARE; 6)

Corporate profile of the firm(s) with curriculum vitae of Key personnel showing verifiable evidence of their academic, professional qualifications and experience. 8) Evidence of registration with Environmental Health Officers Registration Council of Nigeria (EHORCN) 9) Verifiable evidence of contracts of similar nature with any works executed/ongoing (Letter of award, Completion or Payment certificate required) 10) Sworn Affidavit from Federal or State High Court disclosing as follows; · That all documents submitted are not only correct but genuine · That the Director(s) has/have never been convicted by any court of law. · That none of the firm's directors or company is bankrupt. · Whether or not any of the officers of INEC or BPP is a former or present Director of the company

11) Evidence of financial capability to execute the project (Bank reference letter/Bank guarantee) 5.0

SUBMISSION OF TECHNICAL PROPOSAL. i. All documents for technical bid are to be submitted in one (1) copy each in A4 paper size and neatly bounded. The Technical documents should be arranged in the other listed under eligibility criteria for Technical proposal. ii.

The Technical documents must be sealed in an envelope and should indicate the Lot and Lot Description at the top left hand corner of the envelope and the name of the bidding Company boldly written at the back.

iii. All documents must be addressed and submitted to; The Hon. Secretary, Independent National Electoral Commission (INEC) Plot 436, Zambezi Crescent, Maitama, Abuja 5th floor Room F-511 6.0 SUBMISSION, CLOSING AND OPENING DEADLINE The deadline for Submission of Technical bid documents proposal shall be on Friday, 17th June, 2016 at 12:00 noon, while opening of Technical bid documents proposal will be immediately after the deadline on Friday, 17th June, 2016 at 12:00 noon, at; The Commission Conference Room Independent National Electoral Commission (INEC) Plot 436, Zambezi Crescent, Maitama, Abuja 7.0 IMPORTANT NOTICE i. INEC reserves the right to verify the authenticity of any claim(s) made on the tender documents submitted by companies. ii. Failure to comply with the instruction(s) and provide any required document(s) may automatically result in disqualification. iii. Tender documents submitted late shall be rejected. iv. INEC reserves the right to reject any or all the tender documents. v. This advert shall not be construed to be a commitment on the part of INEC nor shall it entail the applicant to make any claim(s) vi. Only qualified companies shall be contacted to submit financial bids.

Current 3 (three) years audited account of the company (i.e. 2013, 2014, 2015)

For further enquiries, contact 0818 766 3799 between the hours of 10:00am – 3:00 pm, Monday to Friday.

Signed: INDEPENDENT NATIONAL ELECTORAL COMMISSION (INEC)

T H I S D AY • MONDAY, MAY 30, 2016

BUSINESS/MONEYGUIDE

DMO: FG’s Diversification Initiatives Will Strengthen Economy Obinna Chima The Director-General Debt Management Office (DMO), Dr. Abraham Nwankwo has said that efforts by the federal government to revitalising the agriculture, solid minerals and manufacturing sectors as well as widen the tax base would have massive impact on the economy in the next three to five years. The DMO boss also expressed optimism the policy direction of the government would help strengthen the naira as well as the country’s foreign exchange. Speaking at a breakfast meeting with members of Finance Correspondents Association of Nigeria (FICAN) in Lagos at the weekend, Nwankwo said with government’s diversification project in full gear, Nigeria’s economic growth and development will no longer be influenced by activities in the international crude oil market. He said a lot of revenues would be derived from taxation going forward, adding that the country’s low comparative tax revenue to Gross Domestic Product (GDP) ratio, which stands at about seven per cent, as against 18 per cent average in most developing countries, would be improved on as the country begins to gain strength in production. He said with individuals and corporate bodies paying taxes, government can secure the needed fund to fund major

developmental projects. “You can see that in the manufacturing sector, some factories are operating below capacity. But with the on-going implementation of President Muhammadu Buhari policy on diversification of the economy and revitalising the power infrastructure, the sector will pick up and create more jobs for the people,” he said. Nwankwo said achieving self-sufficiency in power will enable government generate more income; companies will be able to pay more taxes, thereby helping government diversify its revenue bases. “In the next five to seven years, solid minerals will be exported. It is possible that in the next five to seven years, the whole picture of Nigeria will be a complete turnaround because of government’s economy diversification plan. The difference between Nigerian and other countries facing similar economic challenges is that those countries do not have the same opportunities we have in Nigeria. Nigeria is near 100 per cent idle capacity, meaning the flexibility to grow the economy is high,” he said. He urged Nigerians not to be depressed because of drop in crude oil prices, saying “we have no reason to be depressed just because crude oil price is down. We have to see the varieties of opportunities available for the country to grow the economy based on a well-diversified

and sustainable manner. We as responsible stakeholders in the economy, should emphasise these opportunities. “Indeed in other countries, the major source of revenue is taxation. Taxation should also be explored. Government should be able to sustain itself with taxation revenues. Now with the better tax compliance, and effective sanctions for defaulters, we have a room to boost public revenue from taxation,” Nwankwo stated. The DMO boss said government has made significant progress in the agriculture sector, adding that in the next five to seven years, Nigeria would have reduced its reliance on imported foods, tackled unemployment and created huge jobs for the people because production is synonymous with job creation. He said the focus of the 2016 budget is to address structural challenges in the economy while providing the enablement to create diversification and selfsufficiency growth. “This is the first time that the budget specified that all borrowed funds will be for capital expenditure. The sharing of internal and international borrowing is almost 50/50. We have been borrowing locally, but we have to take advantage of the relatively low cost of funds externally. We do not want to borrow too much from the domestic economy, so that we do not crowd-out the domestic environment,” he said.

Agusto & Co Upgrades Coronation Merchant Bank’s Rating to ‘A’ Coronation Merchant Bank (formerly Associated Discount House Limited) has announced an upgrade of its credit rating by Agusto & Co. The rating agency upgraded Coronation Merchant Bank’s credit rating from ‘A-’ to ‘A’, with stable outlook. This, according to a report serves as a valid testament to the bank’s “strong capitalisation, good liquidity profile, good asset quality and experienced management team.” With this coming barely one year after the bank’s conversion to merchant banking operations, the effectiveness of the new business strategy and operational

model has become evident. Over the past one year, Coronation Merchant Bank has demonstrated a strong capacity to intelligently navigate the challenging and complex business environment in a manner that guarantees shareholders value. “The bank has adopted a business model which is very risk focused and is committed to the adoption of risk management best practices in all facets of its operations and predicates its operations on a conservative but highly responsive portfolio management philosophy. “This strategy, laced with a guarded risk attitude and strong

risk bearing capacity supported its seamless transition from Discount House to Merchant Bank. Inspired by its aspiration of becoming Africa’s Premier Investment Bank, Coronation Merchant Bank is already demonstrating industry leadership in responsible business practices,” the report added. The bank is one of the latest entrants to the Merchant Banking space and offers diversified services through its subsidiaries; Coronation Securities Limited and Coronation Asset Management. It has two branches located in Abuja and Port Harcourt, and its Head Office is in Lagos.

More Winners Emerge in UBA’s Remittance Promo Nume Ekeghe As part of its commitment to reward loyalty, the United Bank for Africa Plc (UBA) has rewarded 50 of its customers in the second season of the ‘UBA Remittance Awoof’ promo. A total of 78 customers who qualified for this draw did international money transfers through Western Union and MoneyGram from January 25 to April 30th. At the draw, which took place at the bank’s head office in Lagos at the weekend, 10 customers won a three-day all-expense paid trip to the Safari in Kenya. Others won 10 Beats by Dre headphones, 10 Bose Speakers, 10 Home Theatre sets and 10 DSTV

decoders with one year free subscription. The event was witnessed by the Head of the Lagos Office of the Consumer Protection Council (CPC), Mr. Joshua Ngada, to ensure transparency. Speaking at the draw, the Group Head, Consumer and Digital Banking, Mr. Anant Rao said the bank was going through a transformation phase. “The bank is transforming starting from people, processes; technology is being transformed to align with the customer. The whole idea is to encourage customers to patronise UBA. So the more they transact with us, the more they are likely to win. “You don’t have to come

to branch anymore. You can transact through our ATM, internet banking and process your funds. That is the process of transformation and the whole idea is to simplify customer experience and create a certain bond with the customer.In that connection, we are having this draw,”Rao stated. Furthermore, he said: “We had a good response in the last four months which we had a significant increase of new customers who actually came in to use UBA as a channel to get their remittances. The essence of what we are doing is to connect, retain and reward our customers. We have a very elaborate plan to actually engage customers to help us grow our customer base.”

Nwankwo

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 26 May 2016 The price of OPEC basket of thirteen crudes stood at $45.43 a barrel on Thursday, compared with $44.97 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 30, 2016

MARKET NEWS

Vono Products Delisted from NSE after Merger with Vitafoam Goddy Egene and Eromosele Abiodun The Nigerian Stock Exchange (NSE) has delisted the entire shares of Vono Products following its merger with Vitafoam Nigeria Plc. Before the delisting last week, the shares of the company had been placed on suspended from trading since March 21, 2016. The NSE

had said Vitafoam and Vono Products had obtained Court’s sanction of their scheme of merger effective March 11, 2016. The exchange had explained that at the conclusion of the merger process, Vono Products Plc would be dissolved and de-listed from the Daily Official List of the NSE. Vitafoam Nigeria had in August 2010 acquired majority

T H E

shareholding in Vono Products and took over the board and management of the company. Vono Products in 2012 launched a N840 million rights issue to strengthen its operations and pursue expansion programme as part of efforts to emplace the company on the path of sustainable profitability. However, Vono Products Plc had reported a loss of N102

N I G E R I A N

million for the year ended September 30, 2015, compared with a loss of N11.9 million in 2014. Also, the company ended the period with a negative working capital of N645 million, a development that made the company’s auditors, Ernest & Young to raise doubt about its continuing as a going concern. Despite the poor financial state of Vono Products, the

STO C K

Group Managing Director, Vitafoam Nigeria Plc, Mr. Taiwo Adeniyi said merger of the two companies would create better values for shareholders and enhance the long-term competitiveness of the larger company. According to him, the shareholders of the two companies voted in favour of the merger because of potential benefits

E XC H A N G E

such as economies of scale, cost savings and improved operational and administrative efficiencies among others. “If we produce foam and Vono produces furniture, they are complementary. It is a strategic decision for Vitafoam to have Vono as a subsidiary. As you are aware, we have other subsidiaries such as Vitabloom, Vitagreen and Vitapur. “

T H I S D AY • MONDAY, MAY 30, 2016

CITYSTRINGS

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

Shoyebi Street, one of the newly inaugurated roads in Kosofe

Ambode Makes His Mark Last week, Lagos State Governor Akinwunmi Ambode inaugurated projects that touched the lives of residents across all the councils of the state, writes Peter Uzoho

he primary objective of every government is to improve the lives of the people by ensuring it delivers infrastructure that would affect the people both directly and indirectly. This purpose is surely not lost on the Lagos State Governor, Mr. Akinwunmi Ambode. In nearly one year since he took over the saddle as the Governor of the state, he has continued to give residents a cause to smile again. For Ambode, nothing short of making life comfortable for the people of the State would be acceptable and thus, he is leading from the front to ensure that his administration does not fall short of the expectations of the people. What has got many talking about Lagos today is the way and manner the present administration has gone about delivering the dividends of democracy and improving the giant strides witnessed in the past two administrations. In some quarters, the Governor has been nicknamed ‘less talk, more action’ while some prefer to refer to him as ‘silent achiever’ and the reason is not farfetched. In the last 11 months, every local government in the state has felt the impact of the present administration through one project or the other. From upgrade of road infrastructure to schools’ upgrade as well as street light projects, the wind of change blowing through the state is fast sweeping across all the 20 Local Governments and 37 Local Council Development Areas. In the outgoing week, Ambode was in the news again. This time, as part of plans to mark his one year in office, series of projects, including those executed by the local and state government were inaugurated across the 57 councils. Spread across five days, Ambode in line with his mantra to ensure inclusive governance, detailed his cabinet members to do him the honour of officially handing over the projects to the benefit of the people. On Monday, May16, the train moved to Apapa, Ajeromi, Kosofe, Ikorodu and Badagry local

governments. At Apapa Local Government, the projects handed over by the Governor include nine roads within the Apapa Business District, Ultramodern Liverpool Jetty, 12 block of classrooms at Methodist Nursery and Primary School and four block of classrooms at Arakan Barracks Nursery and Primary School with standard facilities such as modern toilets, sick bay, furniture, ceiling fans, ramps to accommodate the physically challenged, among others. Specifically, the road inaugurated are Marine Road, Bombay Crescent, Randle Road, Ibikunle Akintoye Street, Commercial Road, Burma Road, Plateau Road, Zeek Avenue, Marine Road Extension and Connector Road; otherwise known as Bombay Crescent to Calcutta Road Phase III. The roads were designed to accommodate walkways, street light and drainage system. The Governor, who was represented by the state’s Commissioner for Youth, Sports and Social Development, Uzamat Akinbile-Yusuf, said the projects were in sync with his promise of running an all-inclusive government where no area would be left behind. In Ajeromi-Ifelodun Local Government,

A former Lagos State Deputy Governor, Prince Abiodun Ogunleye who spoke in Ikorodu, commended the laudable stride of the Governor in just 11 months of inception, just as he appealed to people who are yet to feel the impact of government in their areas to be patient

Ambode

Governor Ambode inaugurated an Ultra-modern Court Complex and a 360-meters interlocking road with drainage situated in Aduke Street, while in Ikorodu, the Governor, who was represented by the Commissioner for the Environment, Hon. Babatunde Adejare, inaugurated an Ultra-modern shopping complex at the popular Sabo Market. He also inaugurated the Ota-Ona Dual Carriage Road as well as block of classrooms in Agbede, all in Ikorodu. At Badagry, the Governor who was represented by the Special Adviser on Education, Mr. Obafela Bank-Olemo inaugurated a block of 16 classrooms and another block of 8 classrooms, as well as six classrooms in Badagry West Local Council Development Area. At Kosofe, the Governor represented by the Commissioner for Special Duties and InterGovernmental Relations, Mr. Oluseye Oladejo inaugurated road projects at Oladele, Shoyebi and Ademola Taiwo/Alamu Taiwo/Ogunsola Streets. Speaking on the 114 LG roads, Ambode, who was represented in Ajeromi-Ifelodun by the

State’s Attorney General and Commissioner for Justice, Mr. Adeniji Kazeem said: “The feat is unprecedented in the history of Lagos and this has provided employment to over 9,000 citizens directly and indirectly within the year. Counterpart funding of more than 60 per cent has been committed by the state to ensure speedy completion of the exercise before the end of June, 2016.” Speaking on the projects, the Ojora of Ijora, Oba Fatai Aromire commended Governor Ambode, saying the remarkable feat achieved just within one year in office was an eloquent confirmation that the state is progressing. “As the paramount ruler of this domain, I like to specially appreciate our amiable Governor for the projects he embarked upon in our area. We are indeed very happy and wish the Governor well in the leadership of the State,” Oba Aromire said. Also, Vice Chairman of Apapa Community Development Committee (CDC), Mr. Saka Yussuf said the projects inaugurated in their area were unprecedented in the history of the area, adding that the people were indeed happy with the leadership of the state. A former Lagos State Deputy Governor, Prince Abiodun Ogunleye who spoke in Ikorodu, commended the laudable stride of the Governor in just 11 months of inception, just as he appealed to people who are yet to feel the impact of government in their areas to be patient. At Ifako-Ijaye Local Government Area of the state, the Governor, who was represented by the Commissioner for Tourism and Culture Mr. Folorunsho Folarin Coker inaugurated Oluwasijibomi, Folorunsho Streets and Iju Primary Health Care Center, Lonlo saying that the era of spending tax payers money on white elephant projects not needed by the people were gone in the state. He said that the state has experienced improved physical and urban development, proper land administration and illumination of its highways and streets.

T H I S D AY • MONDAY, MAY 30, 2016

CITYSTRINGS

Newly inaugurated Moshalashi-Ipaja Road

Newly inaugurated ultra modern Sabo Market in Ikorodu

Newly inaugurated Mosan Okunola mini water works

Newly inaugurated Brown Street, Oshodi

Newly inaugurated block of classrooms at Badagry Senior Grammar School

Newly inaugurated Iju Public Healthcare Centre

The governor appealed to monarchs and communities leaders to address the menace of cultism, miscreants and hoodlums and promote peace and clean environment at all times. In Alimosho Local Government Area, the Governor inaugurated the Mosan Okunola Mini Waterworks after over 20 years of being moribund. Represented by his Special Adviser, Housing, Mrs. Aramide Giwanson, Ambode said the state now has 33 Mini Waterworks and five Major Waterworks. Giwanson said the administration of Governor Ambode was on a steady journey to achieve the daily production of 540 million gallons of water to meet the demand of about 22 million population of the state, adding that presently, the state is producing 210 million gallons of water per day. Earlier, the Executive Secretary of Mosan Okunola LCDA, Mrs. Opeyemi Akindele said the water project was an eloquent testimony of a promise kept and delivered. Also, a community leader and pioneer chairman of Mosan Okunola LCDA, Elder Abel Gbadejo said that just in less than a year in office, Governor Ambode has performed creditably well, adding that the Water Project would improve the life style of people in the area because water is very important. In Oshodi Isolo Local Government Area, the Governor inaugurated the popular Brown Street, Okota Road in Isolo and a Police Post in Ejigbo Local Council Development Area of the state. Brown Street had been in dilapidated form for years until the Lagos State Government awarded the contract to Messrs Lubrik Construction Company Limited in October, 2015

to rehabilitate and upgrade the road. The road, with a length of 690 metres has the economic importance of improving the standard of living in the area, enhance property values, abate flooding in the area, improve traffic flow and shorter travel time for road users. Other projects inaugurated are the upgraded Okota Road and the inaugurating of Ashamu Police Post in Ejigbo. Speaking at the inauguration of Brown Street, Oshodi, the Governor who was represented by the Commissioner for Local Government and Community Affairs, Muslim Folami, said he had promised during his inauguration to run a government of inclusion that would not leave anyone behind and where everyone would have a voice. He said his Government had worked to promote active collaboration among all tiers of government with the community development as the centre piece. In Ejigbo, the Governor inaugurated the rehabilitated Ashamu Police Post in Ailegun, Ejigbo and handed it over to the police. Area Commander, Salisu Gyadigyadi who represented the Police Commissioner, Fatai Owoseni while commending the Governor said the importance of citing the Police Post at Ailegun could not be over-emphasised as it would checkmate criminal activities around the area and to checkmate the influx of undesirable element in Ejigbo and Ijegun areas. He appealed to community members to support the police in fighting crime by giving out useful information that would lead to nabbing of criminals. In Ojo Local Government, Governor Ambode inaugurated the Usman Mogaji Road and the

Data Capturing Centre. Represented by his Special Adviser on Urban Development, Mrs. Yetunde Onabolu, Ambode told the residents that his administration would not renege on running a transparent government, just as he vowed to make the dividends of democracy get to every nook and crannies of the State. At the inauguration of the data capturing centre in Ojo Local Government where all unemployed youth in the area would register and collate their data, Ambode assured the residents of making effective use of the centre for engagement of their youths. Also at the inauguration of Usman Mogaji Road in Ajangbadi, the governor advised the residents to make good use of the road and ensure they pay their taxes as at when due. A chieftain of the All Progressives Congress (APC), Ayo Ogunlana, commended Governor Ambode for the laudable strides he has recorded just in his eleventh in office as the Governor of Lagos State. In Amuwo Odofin Local Government, the Governor who was represented by the Commissioner for Women Affairs and Poverty Alleviation, Hon. Lola Akande formally handed over 10 passengers’ capacity fibre boats to Riverine Communities in Amuwo Odofin Local Government and Oriade Local Council Development Area in Ijegun Jetty to aid in conveying school teachers based in riverine areas. In Epe, the Governor who was represented by his Special Adviser on Community and Communications, Kehinde Bamigbetan, inaugurated blocks of classroom at St. Theresa’s College, Oke-Oyingbo, a Town Hall at Ita-Opo, Epe and Regional Water Scheme, Otta-Ikosi, while

in Eti-Osa, the 1.9km Unity/1st Avenue Osapa London Road in Eti-Osa Local Government and block of 16 classrooms with modern facilities at Kuramo Primary School in Iru-Victoria Island Local Council Development Area (LCDA). The Governor also inaugurated the Job Registration and Labour Exchange Centre for the Lagos Division in Eti-Osa Local Government Area of the state as part of the employment creation and wealth generation initiative of his administration. In Shomolu Local Government, Ambode inaugurated a Primary Healthcare Centre and Diagnosis Centre named after him and a 400 metres road in Bariga Local Council Development Area. Speaking while inaugurating the Primary Healthcare Centre (PHC), Ambode, who was represented by the Special Adviser to the Governor on Art and Culture, Mrs. Adebimpe Akinsola, said that the Centre would cater for the health needs of residents and reduce the incidences of maternal mortality. He said the 400 metres of Baptist Church Street would link several communities in the area, even as he warned against destruction of the roads by plumbers and other artisans. In Ibeju Lekki Local Government, Ambode who was represented by the Special Adviser, Food Security, Ganiu Okanlomo Sanni, inaugurated the Origanrigan and Awoyaya PHC, saying it was in line with his administration’s zero tolerance for maternal mortality. As the wave of project delivery continues to sweep to all the nooks and crannies of the state, hopes are high that Lagos under Governor Ambode as captain of the ship is bound to sail smoothly to shore.

MONDAY MAY 30, 2016 T H I S D AY

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T H I S D AY • MONDAY, MAY 30, 2016

Nigeria’s top 50 stocks based on market fundamentals

27-May-16 26-May-16

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

01 Dangote Cement Plc

175.13

175.08

0.03%

2,984,304,061,837.65

10.64

16.46

6.07

4.57%

4.63

02 Nigerian Brew. Plc.

142.00

140.68

0.94%

1,125,932,326,096.00

5.37

26.45

4.08

2.54%

6.61

03 Nestle Nigeria Plc.

784.66

787.50

-0.36%

621,965,654,694.32

29.95

26.20

4.11

3.70%

16.36

04 Guaranty Trust Bank Plc.

20.61

21.00

-1.86%

606,576,603,806.64

3.38

6.10

2.65

8.59%

1.47

05 Zenith Bank Plc

16.58

17.10

-3.04%

520,553,866,971.88

3.37

4.93

1.20

10.86%

0.88

06 Lafarge Africa Plc.

83.01

0.00%

378,102,399,248.10

5.93

14.00

1.41

3.61%

2.15

07 Ecobank Transnational Incorporated

18.05

16.50

9.39%

331,209,399,430.75

1.39

12.96

0.64

3.43%

0.89

08 Forte Oil Plc.

206.21

0.00%

268,584,628,249.63

4.45

46.36

2.16

1.67%

5.80

09 Seplat Petroleum Dev. Co. Ltd.

360.00

0.00%

199,191,712,680.00

23.48

15.33

1.76

4.42%

0.71

10 United Bank for Africa Plc

5.04

5.19

-2.89%

182,848,812,662.88

1.64

3.07

0.58

11.90%

0.55

11 Stanbic IBTC Holdings Plc

17.71

17.76

-0.28%

177,100,000,000.00

2.04

8.70

1.50

0.56%

1.58

12 Access Bank Plc.

5.96

5.98

-0.33%

172,410,710,920.76

2.28

2.62

0.51

9.23%

0.47

13 Guinness Nig Plc

109.81

110.08

-0.25%

165,361,581,924.28

0.78

141.09

3.32

0.00%

3.70

14 FBN Holdings Plc

4.36

4.37

-0.23%

156,503,476,573.12

0.42

7.28

0.31

3.44%

0.27

32.00

31.52

1.52%

121,065,480,000.00

0.32

101.53

2.04

0.16%

15.13

7.50

7.30

2.74%

90,259,641,705.00

0.50

15.00

0.16

10.00%

0.57

138.50

0.00%

88,721,765,275.50

11.12

12.45

1.14

1.59%

3.70

7.18

7.19

-0.14%

86,160,000,000.00

0.96

7.47

0.85

6.96%

1.48

19 PZ Cussons Nigeria Plc.

21.66

0.00%

86,000,532,794.70

1.10

19.74

1.19

6.00%

2.04

20 International Breweries Plc.

19.85

19.98

-0.65%

65,390,848,208.00

0.64

31.06

3.54

1.26%

5.43

166.25

0.00%

59,948,962,307.50

13.51

12.30

0.93

4.33%

3.90

22 Julius Berger Nig. Plc.

45.00

0.00%

59,400,000,000.00

1.85

24.34

0.44

3.33%

2.45

23 Flour Mills Nig. Plc.

22.52

23.00

-2.09%

59,097,821,451.24

1.84

12.23

0.18

8.88%

0.58

170.00

0.00%

57,718,712,290.00

11.92

14.26

0.28

8.24%

3.55

25 Diamond Bank Plc

2.35

2.32

1.29%

54,426,914,074.80

0.24

9.62

0.25

0.00%

0.25

26 Transnational Corporation Of Nigeria Plc

1.37

1.38

-0.72%

53,047,766,472.25

0.05

26.11

1.30

0.00%

0.61

27 Sterling Bank Plc.

1.70

0.00%

48,943,710,814.20

0.36

4.76

0.44

5.29%

0.51

28 Fidelity Bank Plc

1.40

0.00%

40,547,619,968.80

0.48

2.92

0.28

11.43%

0.22

29 U A C N Plc.

20.90

22.00

-5.00%

40,146,065,688.30

2.70

7.74

0.55

4.78%

0.54

30 Presco Plc

36.50

35.71

2.21%

36,500,000,000.00

3.28

11.13

3.21

0.27%

1.63

1.71

0.00%

33,862,635,435.51

0.24

7.11

0.22

5.85%

0.21

16.85

16.80

0.30%

31,647,704,374.00

3.21

5.25

0.94

7.72%

3.06

0.80

0.78

2.56%

30,859,572,864.80

0.06

13.26

0.67

0.00%

0.67

34 Cap Plc

40.00

0.00%

28,000,000,000.00

2.49

16.10

3.97

2.88%

18.42

35 Okomu Oil Palm Plc.

29.02

0.00%

27,682,468,200.00

2.76

10.52

2.84

0.34%

2.29

36 Glaxo Smithkline Consumer Nig. Plc.

20.80

0.00%

24,874,230,950.40

0.81

25.78

0.81

1.44%

1.89

37 Mansard Insurance Plc

2.32

2.21

4.98%

24,360,000,000.00

0.16

14.66

1.47

2.16%

1.40

38 National Salt Co. Nig. Plc

8.40

8.62

-2.55%

22,255,282,375.20

0.79

10.57

1.38

6.55%

3.14

39 Custodian And Allied Insurance Plc

3.61

0.00%

21,233,529,743.95

0.71

5.06

0.71

3.88%

0.81

40 Skye Bank Plc

1.32

1.30

1.54%

18,321,997,861.20

0.85

1.55

0.13

22.73%

0.13

41 Honeywell Flour Mill Plc

1.86

0.00%

14,750,167,643.88

0.14

13.17

0.30

8.60%

0.69

42 Continental Reinsurance Plc

1.10

1.05

4.76%

11,410,018,743.20

0.21

5.32

0.58

10.91%

0.73

43 Unity Bank Plc

0.93

0.86

8.14%

10,871,084,286.06

0.54

1.71

0.17

0.00%

0.13

44 Cement Co. Of North.Nig. Plc

7.90

0.00%

9,927,754,351.40

0.96

8.27

0.76

1.27%

0.98

45 Nigerian Aviation Handling Company Plc

5.39

5.40

-0.19%

8,754,539,062.50

0.33

16.28

1.03

3.71%

1.44

46 UACN Property Development Co. Limited

4.22

4.20

0.48%

7,253,124,978.90

1.81

2.33

0.65

16.59%

0.22

47 Wapic Insurance Plc

0.50

0.00%

6,691,369,126.00

0.10

5.16

0.94

6.00%

0.45

48 Resort Savings & Loans Plc

0.50

0.00%

5,664,866,202.00

4.68

0.11

0.02

0.00%

1.89

49 AIICO Insurance Plc.

0.81

0.00%

5,613,465,628.80

0.28

2.93

0.17

6.17%

0.58

50 Fidson Healthcare Plc

2.12

0.00%

3,180,000,000.00

0.50

4.27

0.39

2.36%

0.50

15 Unilever Nigeria Plc. 16 Oando Plc 17 7-Up Bottling Comp. Plc. 18 Dangote Sugar Refinery Plc

21 Mobil Oil Nig Plc.

24 Total Nigeria Plc.

31 FCMB Group Plc. 32 Cadbury Nigeria Plc. 33 Wema Bank Plc.

TOTAL

9,285,234,887,974.10

TOTAL MARKET CAP

9,926,460,233,535.90

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

93.54%

Table 1 Market Statistics Mkt Indicators NSE All Share Index NSE Market Cap (N'Trillion) Thisday BGL 50 Index Thisday BGL 50 Market Cap (N'Trillion)

Open Close Change % 26-May-16 27-May-16 28,877.47 9.92

28,902.25 9.93

0.09% 0.09%

119.16 9.28

119.25 9.29

0.07% 0.07%

Table 3 Top 5 Gainers Stock

Open Close Change % 26-May-16 27-May-16

Ecobank Transnational Incorporated Unity Bank Plc Mansard Insurance Plc Continental Reinsurance Plc Oando Plc

16.50

18.05

9.39%

0.86 2.21 1.05 7.30

0.93 2.32 1.10 7.50

8.14% 4.98% 4.76% 2.74%

Table 4 Top 5 Losers Stock

Open Close Change % 26-May-16 27-May-16

U A C N Plc. Zenith Bank Plc United Bank for Africa Plc National Salt Co. Nig. Plc Flour Mills Nig. Plc.

22.00 17.10 5.19 8.62 23.00

20.90 16.58 5.04 8.40 22.52

-5.00% -3.04% -2.89% -2.55% -2.09%

Bargain Hunting leads to a marginal 0.09% rise in NSE ASI Market pulse on the Nigerian Stock Exchange (NSE) today – Friday, May 27, 2016 ended on again on a bullish note as the market closed green triggered by investors’ optimism giving rise to bargain hunting. This was further highlighted by positive performances from NSE Sub sectors; Insurance and Oil & Gas (Save Banking and Consumer Goods). Trading activities decreased in volume as 621.45 million shares worth N2.81 billion in 5,802 deals exchanged hands today. This indicates a decrease from the 650.00 million shares worth N5.02 billion in 5,796 deals carried out on Thursday. Topping in volume terms was FBN Holdings Plc, Transnational Corporation Of Nigeria Plc and Access Bank Plc, while FBN Holdings Plc and Access Bank Plc ended trading as the most active stocks in value terms. The All Share Index (NSEASI) closed positive with a 0.09% (+24.78) increase to 28,902.25 from 28,877.47 the previous trading day. Market Capitalization appreciated in tandem to N9.93 trillion from N9.92 trillion of prior trading day. Similarly, the Thisday BGL 50 Index followed suit with an increase of 0.07% to close at 119.25 from 119.16 recorded the previous trading day, while its market capitalization stood at N9.29 trillion from N9.28 trillion of the previous trading day. A total number of 23 stocks gained on the bourse today while 26 stocks declined, leaving 51 stocks unchanged. Ecobank Transnational Incorporated emerged the toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 9.39% to close at N18.05 per share. It was followed by Unity Bank Plc with a gain of 8.14% to close at N0.93 per share. Others on the gainers list include; Mansard Insurance Plc, Continental Reinsurance Plc and Oando Plc, while on the decliners’ list UACN Plc led with a loss of 5.00% to close at N20.90 per share. Again, it was followed by Zenith Bank Plc with a loss of 3.04% to close at N16.58 per share. Others on the losers list include; United Bank for Africa Plc, National Salt Co. Nig. Plc and Flour Mills Nig. 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 30, 2016 • T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Judge Unseals Documents in Trump’s University Case A judge, called a “hater” by Donald Trump for his handling of a lawsuit related to the businessman’s Trump University real estate school, has unsealed documents related to the case. Trump, the presumptive Republican presidential nominee, is fighting a lawsuit that accuses his school venture of misleading thousands of people who paid up to $35,000 for seminars to learn about the billionaire’s real estate investment strategies.

In an order signed on Friday, U.S. District Judge Gonzalo Curiel said that materials, including Trump University procedures on dealing with students and the media, should be unsealed. He noted that they had already been published by the media organization Politico and that a magistrate judge described them previously as “routine” and “commonplace.” At a rally in San Diego

on Friday, Trump criticized Curiel for his handling of the Trump University case. “I have a judge who is a hater of Donald Trump. A hater. He’s a hater,” Trump said. “We’re in front of a very hostile judge. The judge was appointed by Barack Obama,” Trump said, add-

ing he believed Curiel was Mexican. Curiel is an American who was born in East Chicago, Indiana, and graduated from the Indiana University School of Law. Trump has drawn criticism for his comments about immigrants from Mexico, some of whom he has said

were criminals and rapists. He has proposed building a wall along the U.S. border with Mexico to prevent illegal immigration and requiring Mexico to pay for it. Hispanics are a critical voting bloc in U.S. presidential elections. Last week, Trump knocked one of the highest

profile Hispanic women in the Republican Party, criticizing New Mexico Governor Susana Martinez for her handling of the state’s economy. Her office said his criticisms were not substantive. Martinez has been touted as a potential vice presidential pick for a Republican ticket.

700 Migrants Died at Sea This Week, Say MSF, UN It has been estimated that between 700 migrants may have died at sea this past week in the busiest week of migrant crossings from Libya towards Italy this year, Medecins San Frontieres and the UN Refugee agency said yesterday. About 14,000 have been rescued since Monday amid calm seas, and there have been at least three confirmed instances of boats sinking. But the number of dead can only be estimated based on survivor testimony, which is still being collected. “We will never know exact numbers,” Medecins San Frontieres said in a Tweet after estimating that 900 had died during the week. The United Nations High Commissioner for Refugees (UNHCR) said more than 700 had drowned. Migrants interviewed on Saturday in the Sicilian port of Pozzallo told of a large fishing boat that overturned and sank on Thursday with many women and children on board. Initial estimates were that 400 people died, but the UN Refugee agency said on Sunday there may have been about 670 passengers on board. According to testimony collected by EU border agency Frontex, when the motorless fishing boat capsized, 25 swam to the boat that had been towing it, while 79-89 others were saved by rescuers and 15 bodies were recovered. This meant more than 550 died, the UNHCR said. The migrants -- fleeing wars, oppression and poverty -- often do not know how to swim and do not have life jackets. They pay

hundreds or thousands of dollars to make the crossing from Libya to Italy, by far the most dangerous border passage for migrants in the world. This week’s arrivals included Eritreans, Sudanese, Nigerians and many other West Africans, humanitarian groups say. Despite the surge this week, as of Friday 40,660 arrivals had been counted, 2 percent fewer than the same period of last year, the Interior Ministry said. Most of the boats this week appear to have left from Sabratha, Libya, where many said smugglers had beaten them and women said they had been raped, said MSF, which has three rescue boats in the area. The migrants are piled onto flimsy rubber boats or old fishing vessels which can toss their occupants into the sea in a matter of seconds. About 100 are thought to have either been trapped in the hull or to have drowned after tumbling into the sea on Wednesday. On Friday, the Italian Navy ship Vega collected 45 bodies and rescued 135 from a “half submerged” rubber boat. It is not yet known exactly how many were on board, but the rubber boats normally carry about 300. “Some were more shaken than others because they had lost their loved ones,” Raffaele Martino, commander of the Vega, told Reuters on Sunday in the southern port of Reggio Calabria, where the Vega docked with the survivors and corpses, including those of three infants.

Five Ukrainian Soldiers Killed in Separatist Attacks Five Ukrainian servicemen have been killed and four wounded in the past 24 hours as a result of attacks by pro-Russian rebels in separatist eastern regions, Ukrainian military spokesman Oleksandr Motuzyanyk said yesterday. This follows a report of the deaths of seven Ukrainian soldiers last Tuesday - the highest daily casualty figure for government troops since August. A ceasefire signed in February 2015 has failed to quell all fighting in Ukraine’s separatist east, with each side accusing the other of violations. Motuzyanyk highlighted the government-controlled frontline

town of Avdiyivka, north of separatist-held Donetsk city, as a recent hotspot for rebel attacks from both light and heavy weapons, including mortars. Russia denies Western charges it has provided the rebels in the Luhansk and Donetsk regions with arms and troops in a conflict that has killed some 9,000 people and led to Western economic sanctions against Moscow. On Saturday rebel officials said two civilians had been wounded as a result of shelling by Ukrainian troops, separatist website DAN reported.

AGAINST TRUMP

Protesters picket outside the event site before Donald Trump begins a rally with supporters in Albuquerque, New Mexico…weekend

US-led Coalition Troops Seen in New Iraqi offensive Servicemen from the U.S.-led coalition were seen near the front line of a new offensive in northern Iraq launched yesterday by the Kurdish peshmerga forces that aims to retake a handful of villages from Islamic State east of their Mosul stronghold. A Reuters correspondent saw the soldiers loading armored vehicles outside the village of Hassan Shami, a few miles east of the frontline. They told people present not to take photographs. They spoke in English but their nationality was not clear. Reuters had earlier reported that they were American but this

could not be confirmed officially. Commenting on the ground deployment of coalition soldiers seen near the battle front, Baghdad-based spokesman for then coalition, U.S. Army Colonel Steve Warren, said:“U.S. and coalition forces are conducting advise and assist operations to help Kurdish Peshmerga forces”. He said he could not confirm which country those seen by Reuters were from.“They may be Americans, they may be Canadians or from other nationalities,” he said, when told that some forces were reported to be wearing maple leaf patches, the

emblem of Canada. The sighting of the servicemen near the frontline is a measure of the U.S.-led coalition’s deepening involvement on the ground in Iraq as the war against Islamic State approaches its third year. Iraqi Kurdish Peshmerga forces in the early hours of Sunday launched an attack to dislodge Islamic State fighters from villages located about 20 km (13 miles) east of Mosul on the road to the regional capital, Erbil. Fighting appeared heavy. Pick up trucks raced back from the frontline with wounded people in the back, and two

of the U.S.-led coalition servicemen helped haul one man onto a stretcher. Gunfire and airstrikes could be heard at a distance, while Apache helicopters flew overhead. One of the villages, Mufti, was captured by mid-day, the Kurdistan Region Security Council said in a statement. Mosul, with a pre-war population of about 2 million, is the largest city under control of the militants in both Iraq and Syria. Iraqi Prime Minister Haider al-Abadi at the end of last year expressed hope that the“final victory”in the war on Islamic State would come in 2016 with the capture of Mosul.

French Government to Stand Firm on Labour Reform The French government will stand by its labour reform plans, it said yesterday, while resuming talks with unions in an effort to end widespread protests before the country hosts the Euro 2016 soccer tournament next month. The hardline CGT union has organised street protests, train strikes and refinery blockades to pressure the government to scrap plans that would make it easier for companies to hire and fire workers. French Prime Minister ManuelValls was quoted as saying yesterday that he is determined not to join a long list of politicians who have conceded defeat to protesters.“If we gave in to the street and to CGT because

we were obsessed over the short term by 2017 (presidential elections), we would lose everything,”Valls told French newspaper Le Journal du Dimanche. In the mid-1990s Prime Minister Alain Juppe triggered France’s worst unrest in decades because he would not budge on pension reform but he eventually backed down after weeks of industrial action and protests. The dispute has sent Valls’ approval rating to 24 percent, its lowest since he became Prime Minister, according to a poll conducted by BVA for Orange et iTELE. Juppe resigned as prime minister in 1996 after his rating dropped below 25 percent.

The government is under pressure to find a solution to the latest stand-off before the June 10 start of the Euro 2016 tournament, which the CGT has threatened to disrupt. “I cannot believe for a second that he (CGT union chief Philippe Martinez) will take France hostage, because the image of France is at stake,”Socialist party leader JeanChristophe Cambadelis told RTL radio station on Sunday. The Prime Minister had all trade unions leaders on the phone on Saturday, government spokesman Stephane Le Foll told France 3 TV. “This is a proof that nothing is completely finished ... We are ready to discuss, but not to give

up,” he said. A source close to the prime minister’s office said that, while Valls and Martinez have been unable to reach agreement so far, he has sought to reassure more supportive unions that he will stand firm on the text of the draft labour bill. A plan to overhaul labour rules is crucial to proving France’s ability to reform, Finance Minister Michel Sapin said in an interview with Reuters and three European newspapers. “First and foremost we must be firm,”Sapin said.“Doing otherwise would be wrong with respect to (other) labour unions, most of whom support the text.”

MONDAY, MAY 30, 2016 • T H I S D AY

INTERNATIONAL

Iran Says Its Pilgrims Will Not Attend Haj in Saudi Arabia Iran’s Haj and Pilgrimage Organisation said yesterday that the country’s pilgrims would not attend the annual Muslim haj

pilgrimage, blaming regional rival Saudi Arabia for “sabotage” and failing to guarantee the safety of pilgrims.

Uganda to Halt Military, Security Ties with North Ugandan President, Yoweri Museveni, has said that his country would halt security and military cooperation with North Korea, a South Korean official said following a summit in Kampala between Museveni and South Korean President Park Geun-hye. Uganda hosted 45 North Koreans providing police training as recently as December, according to a February report by a United Nations panel of experts. Another report by the panel last year said North Koreans trained Ugandan police on the use of AK-47s and pistols. Isolated North Korea has come under growing diplomatic pressure in the aftermath of its January nuclear test and a space rocket launch in February, which led to a United Nations Security

Council resolution in March tightening sanctions against Pyongyang. “During the summit, Uganda’s President Museveni...said he had ordered (officials) to faithfully enforce the U.N. Security Council resolution including halting of its security, military and police cooperation with North Korea,” Jeong Yeon-guk, a spokesman for Park, told reporters in the Ugandan capital on Sunday, according to the presidential Blue House in Seoul. Uganda abstained from voting on all nine U . N . General Assembly resolutions on North Korean human rights for which votes were counted since 2005, a record mirrored by countries including India, Ethiopia, Nigeria, M a l i a n d Q a t a r.

59 Injured in Guinea’s Religious Clash A t l e a s t 5 9 p e o p l e w e re i n j u re d i n G u i n e a w h e n youths, kept out of the opening of a new mosque i n t h e t o w n o f Ti m b o , clashed with police, a hospital director and witnesses said on Saturday. Security officials stopped ordinary people from entering the mosque t o a l l o w l o c a l d i g n i t a ries to pass but youths became angry a n d t h r e w stones and attempted to rush in, witnesses s a i d . Po l i c e r e s p o n d e d with teargas and beat back the youths. “There was a huge clash between the police and the young p e o p le and clouds of tear gas. I saw old w o m e n p u s h e d o v e r by the surging crowd. It

w a s s e r i o u s ,” s a i d L a t i f Haidera, a witness. M a m a d o u Ko u y a t e , t h e d i re c t o r o f t h e re g i o n a l hospital at Mamou, said 59 people were treated a t h i s h o s p ital alone following the incident on Friday in Timbo, which is about 260 km (163 miles) northeast of the capital Conakry. About 85 percent of Guinea’s population follows Sunni Islam and Timbo is a centre of Islamic learning and the capital of the Foutah branch of Islam in Guinea. The town is also a stronghold of the political o p p o s i t i o n t o P re s i d e n t Alpha Conde, though witnesses said the clash was not directly connected to national politics.

Relations between the two countries plummeted after hundreds of Iranians died in a crush during last year ’s haj and after Riyadh broke diplomatic ties when its Tehran embassy was stormed in January over the Saudi execution of a Shi’ite cleric. The dispute has provided another arena for discord between the conservative Sunni Muslim monarchy of Saudi Arabia and the revolutionary Shi’ite

republic of Iran, which back opposing sides in Syria and other conflicts across the region. “Due to ongoing sabotage by the Saudi government, it is hereby announced that ... Iran’s pilgrims have been denied the privilege to attend the haj this year, and responsibility for this rests with the government of Saudi Arabia,” the Haj and Pilgrimage Organisation said in a statement carried by Iran state media. Saudi media earlier said

an Iranian delegation had left the kingdom without an agreement over the haj, the second time the two countries have failed to reach a deal. Saudi Arabia has blamed Iran for the impasse. “The issue of ensuring the safety of the pilgrims was very important for us, considering the past actions of the Saudi government last year and the martyrdom of many pilgrims from Iran and other countries,” Iranian Culture

ESCAPING VIOLENCE

Opposition supporters affected by tear gas try to leave during a clash with riot policemen in a rally to demand a referendum to remove President Nicolas Maduro in Caracas, Venezuela…yesterday

Merkel, Hollande Mark 100 Years since Verdun Battle German Chancellor, Angela Merkel, and French President, Francois Hollande, together marked the 100-year anniversary of the Battle of Verdun yesterday, laying a wreath at a cemetery in northeastern France for the 300,000 soldiers killed. The two leaders were due to lunch together and then to make joint statements later in the day. Hollande said earlier this week discussions would focus on Europe’s future, including the migrant crisis,

security and the rise of populist movements. The Verdun battle was one of the longest in World War I, lasting more than 300 days from February to December 1916. Yesterday’s commemorations at Verdun took place in the rain, and Hollande held an umbrella for Merkel and himself as they made their way to the German cemetery Consenvoy to lay a wreath. The battle’s commemoration has come to signify the close relationship between Germany

and France. It was not until 1984 that the neighbours carried out a joint ceremony to mark the Verdun battle, another step towards ending decades of residual hostility and distrust after two World Wars. A photo of then French President Francois Mitterand and then German Chancellor Helmut Kohl holding hands in the Douaumont cemetery at Verdun became a symbol of Franco-German reconciliation. That year also saw France

Jordan’s King Dissolves Parliament, Names Caretaker PM Jordan’s King Abdullah appointed veteran politician Hani Mulqi as caretaker prime minister yesterday after dissolving parliament as its four-year term nears its end, and charged him with organising new elections by October. The king accepted the resignation of Prime Minister Abdullah Ensour before

appointing Mulqi by royal decree. Mulki has held senior government posts in successive administrations. Under the constitutional rules the election must be held within four months. Jordan traditionally votes according to tribal and family allegiances but parliament amended the electoral laws in March in a move government

Minister Ali Jannati told Iran state television. Iran boycotted the haj for three years after 402 pilgrims, mostly Iranians, died in clashes with Saudi security forces at an anti-U.S. and antiIsrael rally in Mecca in 1987. Eight months after the last haj, Saudi Arabia has still not published a report into the disaster, at which it said more than 700 pilgrims were killed, the highest death toll at the annual pilgrimage since a crush in 1990.

sources and political analysts say will lead to more candidates from political parties vying for votes. The analysts say the tribal lawmakers who dominated the last parliament had tried to resist changes which might undermine their influence, under a system that still favours sparsely populated tribal areas which benefit

most from state patronage. Jordan’s main political opposition comes from the Muslim Brotherhood movement but it faces increasing legal curbs on its activities, leaving mostly pro-monarchy parties and some independent Islamists and politicians to compete in these elections, the political analysts say. The Brotherhood, wants sweeping

political reforms but stops short of demanding the overthrow of the monarchy in Jordan. Its political arm in Jordan, the Islamic Action Front, represents many disenfranchised Jordanians of Palestinian origin, who are in the majority in the population of seven million and live mostly in urban areas.

and Germany agreeing on the gradual abolition of border checks, a precursor to the Schengen zone of passport-free travel, launched by five European countries the following year. In 2016, however, some of these foundations of the European Union appear under threat. Britain’s June referendum on EU membership, a rise in Islamist militant attacks, the biggest migrant crisis since World War II and a slow economic recovery have strained relations in the bloc and raised the prospect of a catastrophic euro breakup. In her weekly podcast, Merkel said Germany’s relations with France had stood fast even when the countries had diverging opinions, and that Europe would have to adapt. “Europe has problems but Europe has also managed to do a lot and it has come a long way. In a world of global challenges it is import a n t t o d e v e l o p Europe f u r t h e r a n d to push through the changes that are n e c e s s a r y,” s h e s a i d .

MONDAY MAY 30, 2016 • T H I S D AY

DEMOCRACY DAY FELICITATIONS... DEMOCRACY DAY FELICITATIONS...

Detest all Acts of Corruption, Osinbajo Urges Nigerians Democracy remains best solution to our national problems, says Saraki Vice President Yemi Osinbajo has urged Nigerians to detest all forms of corruption, which take away resources that could address the needs of the poor and puts them on private hands. This came as Senate President, Bukola Saraki, at the weekend commended Nigerians for sustaining democracy in the past 17 years despite the myriad of challenges confronting the country since 1999. Speaking at the interdenominational service to mark Democracy Day in Abuja yesterday, Osinbajo also sought prayers for the success of the Social Investment Programme of the Buhari-led administration intended to provide welfare to the poor and vulnerable in the society. The programme would provide hope and substance to millions of Nigerians struggling to survive, he assured. The vice-president who was represented by the Speaker, House of Representatives, Hon. Yakubu Dogara, also called on Nigerians to count their blessings. “Many nations may not have withstood the several pressures and challenges that continue to confront us as a people. But by God’s grace we still continue to stand and we will prevail. Although it appears as though these are trying times, I am confident that the Lord’s work of restoration will surely bring Nigeria to the promised land- and Nigeria shall fulfill its purpose of being a land flowing with milk and honey for all her people,” Osinbajo said. In another development, Speaker Yakubu Dogara has said Nigeria is currently experiencing economic crises as her past leaders made easy choices instead of hard ones. He spoke yesterday at a dedication service for Hon. Olusegun Odebunmi’s (Oyo APC) twins in Abuja. According to a statement issued by Dogara spokesman, Mr. Turaki Hassan, the Speaker lamented that past leaders chose not to invest or diversify the economy. “From about $110 per barrel price for crude, we are now averaging about $40 per barrel and because of the crisis in the Niger-Delta; we used to earn about $110 on 2.2 million barrels a day; right now it’s about $40 on about 1.2 million barrels a barrel per day. So you’d see now that our national wealth has gone down by as much as 50 per cent,” Dogara said. Meanwhile, Saraki, in a statement to mark this year’s Democracy Day, signed by his Special Adviser on Media and Publicity, Yusuph Olaniyonu, described democracy as not only the most globally accepted system of government but also the best solution to the problems confronting a multi-cultural, multi-lingual and multi-religious society like Nigeria. He said in the last 17 years, the electorate had become more discerning and sophisticated, observing that the nation has got to the point where people elected to various offices now know that they are under constant watch and when they fail to meet the expectation of voters, they will be given the red card. “It is the first time in our national history that we will have 17 unbroken years of democratically elected governments. Last year, our people demonstrated that our democracy is fast maturing as they voted out a party in power and elected another party. Since then, one can notice how people have become more and more interested in governance and the performance of those elected and appointed into public offices. “In my own view, these are signs that our democracy has matured. Our people deserve commendation for that. This positive development is also already reflecting in the quality of governance and the level of development being witnessed across board in the country,” he stated. Saraki further called on elected

and appointed officials at all levels of government to continue to justify the confidence people reposed in them, saying both himself and his colleagues in the Senate are conscious that if they fail to live up to the expectation of the people, the next elections will be their nemesis. He added that at a critical time like this, the nation must improve on the conduct of elections in such a manner that the freewill of the electorate will be reflected in the results announced adding that for the country to become a mature democracy, elections must be peaceful, free and fair. “The issue of free and fair elections is a joint responsibility for all of us. The Independent National Electoral Commission (INEC) must continue to improve on its process and machinery for conduct of elections while the people must learn to shun violence and all forms of unlawful conduct during electioneering. We cannot be celebrating many years of democracy if people still take elections as if it is war and refuse to accept the decision of the majority. “We in the National Assembly will continue to strengthen the electoral laws and other legislations that can build institutional checks against the abuse of the laws by individuals and groups. We must get to the point where people who resort to violence to achieve political objectives are severely punished,” he stated. He also said Nigeria must become a model in Africa for the enthronement of rule of law and protection of fundamental human rights of all individuals adding that the country must show good example to other countries on the continent and in the Commonwealth nations in that regard. In the area of economy, Saraki said the entire world was facing challenging times, arguing that what the country requires to overcome the situation are discipline, prudent management of its resources and exploration of hitherto neglected areas in creating national wealth. “I can assure our people that the present economic problem is a temporary challenge. We will all be happy very soon. It is for this reason that, as I congratulate our people on this occasion of Democracy Day, I call on them to continue to pray for the government and support all efforts aimed at ensuring that we all reap the dividends of democracy. We should remember that tough times do not last but tough people do. God bless Nigeria. God bless Nigeria,” the statement added.

Wike: Rivers Not Celebrating because INEC Destroyed Foundation of Democracy Rivers State Governor, Nyesom Wike, has declared that the state is not celebrating Democracy Day because the Independent National Electoral Commission (INEC) has destroyed the foundation of democracy by plotting to allocate legislative seats in the state. The governor also declared that his administration would deliver more pro-people projects and programmes in his second year in office. Speaking during a thanksgiving mass to mark the first year anniversary of his administration at the Our Lady of Holy Rosary of the Catholic Institute of West Africa, CIWA, in Port Harcourt yesterday, Wike said INEC has perfected plans to allocate legislative seats in Rivers State instead of conducting the inconclusive rerun elections in the State. He said: “We will not celebrate democracy because INEC wants to determine who will represent Rivers

L-R: Rivers State Governor, Nyesom Ezenwo Wike; his wife, Eberechi; Catholic Bishop of Port Harcourt Diocese, Most Reverend Camillus Etokudoh; and Deputy Governor, Ipalibo Banigo, during a thanksgiving mass to mark the administration’s first year at the Catholic Institute of West Africa (CIWA), Port Harcourt....yesterday State. After two months of cancellation of elections, so that it can allocate some seats to the All Progressives Congress (APC) and others to the Peoples Democratic Party (PDP) . Is that democracy? “We beg INEC to hasten to conduct elections in the remaining seats. We want our representatives in the Senate, we want our representatives in the House of Representatives. We are not saying that INEC should allocate seats to us. We don’t want allocation, we want voting. “We will not accept allocation of seats. We will only accept elections for the remaining seats.”

He emphasised that his administration decided to focus its attention on agriculture because the sector has the potential to adequately bail the state out from the unfortunate situation. He explained that the state government had intervened in the provision of water pumps, seedlings, drilling of tube wells and agricultural machineries at the cost of N1.6 billion. The governor reaffirmed his determination to increase access to education, improve quality of education through the expansion of schools and construction of new ones as well as continue the sponsorship of students for educational training at all levels, within and outside the country.

Tambuwal: We’ve Laid Down a Durable Foundation for Sokoto Nigeria Has Sokoto State Governor, Alhaji Aminu Achieved Milestone Tambuwal, yesterday said in spite of all in Democracy, Says odds, his administration has laid down a durable foundation for the progress of Group the state. Speaking at the occasion of Democracy Day in Sokoto, Tambuwal said despite the fact that the resources of the state were critical compared to other states, his administration had resolved to overcome challenges and ensure good governance for the benefit of the citizens. According to him, the essence of governance is to ensure continuity, especially where earmarked projects are on the basis of highly aggregated public interest. The governor posited that the state government had critically analysed projects that it wished to ensure their completion while funding has been sustained within the limit of available resources. He said the compelling need to ensure the completion of numerous on-going projects inherited from the previous administration made the state government to adopt evaluation and review techniques that will enable it forge ahead. “Since the inauguration of our administration in May 2015, we have been working considerably to make proper appraisal of the policies, programmes and projects of the previous administration to align them with realities of our time,” he said. Tambuwal noted that the dwindling resources owing to falling oil prices necessitated a paradigm shift in his administration’s approach to economic matters and financial management.

As Nigeria marks its Democracy Day, the Pan-Nigerian Coalition of Patriotic Stakeholders (Pan-NCPS) has praised the people for their enduring sacrifices which has sustained democratic rule in the country for past 17 years. The National Chairman of Pan-NCPS, Prof Godswill Nnaji, in a statement on behalf of the group, remarked that there is cause for celebration in view of the challenges faced over the years to nurture democratic rule in the country. According to the group, “Our democracy has been tested and tried like gold in fire. Today, Nigerians verily deserve praises and congratulations for attaining this political feat cum democratic milestone. “In our tortuous movement towards democratic civility and the given political inertia and naivety, nobody expected that it was going to be very easy or a piece of cake, but given our pedigree as quick-learners and brilliant people, every evidence points to our willingness and preparedness to navigate the process and correct our shortfalls and learn from them as we progress. “This has become necessary for us in order to savour the goodness and full gamut of benefits (dividends) of successful democracy in our national life, devoid of corruption, crass impunity, and also enhance our position in the elite league of democratic nations.” Nnaji, who is the pioneer chairman of the Inter Party Advisory Council

(IPAC) said the pro -democracy group is unveiling a list of more than 25 honorees comprising former President, Olusegun Obasanjo, who have contributed immensely towards the entrenchment of democratic rule in the country. He disclosed that others who made the list were former Vice-President, Alhaji Atiku Abubakar; the Chief Justice of Nigeria (CJN), Justice Mahmud Mohammed; former Senate President, Mr. David Mark; national leader of All Progressives Congress (APC), Asiwaju Senator Bola Tinubu, and Chief of Defence Staff, Gen Gabriel Abayomi Olonisakin, among others.

APC Laying Foundation for New Nigeria, Says Okorocha

Imo State Governor, Chief Rochas Okorocha, has said the All Progressives Congress (APC) government led by President Muhammadu Buhari is breaking down the old shaky structure for the total reconstruction of the country for a new nation which every Nigerian will be proud of. Okorocha made the remarks yesterday while addressing worshippers at a special church service to mark the Democracy Day celebration at the Victory Chapel, Government House Owerri, stressing that what is happening in the country is a total reconstruction of Nigeria and laying a strong foundation that would metamorphose into a new Nigeria. The governor further stated: “The restructuring requires patience and perseverance on the part of all. The APC government led by President Buhari will put Nigeria back on its strong footing. The APC government will not use the downturn of the economy as an excuse but will break water out of stone to put the nation right.” He said: “What we are passing through now as a nation is a road other great nations like USA and Britain passed through before they got to where they are today. If Nigeria fails from now henceforth then, the APC will be held responsible but must be given time to clear the rot of yester years.”

Cont’d on page 61

MONDAY MAY 30, 2016 • T H I S D AY

NEWSEXTRA

IYC: Nigeria will Continue to Experience Agitation, Militancy Until Buhari Adopts True Federalism Sylvester Idowu in Warri Foremost Ijaw youth organisation, Ijaw Youth Council (IYC), has said the only solution to the intermittent crisis in the Niger Delta region, leading to massive bombings of oil installations by militant groups,

is for the federal government to address the resource control and ownership question which has been the remote cause of crisis in the region. The group warned that not until President Muhammadu Buhari put machineries in place

Ngige: With Low Oil Output, Prospect of Fulfilling Campaign Promises Challenged

Says labour ministry to intensify efforts on job creation Paul Obi in Abuja The federal government yesterday said the prospect of the All Progressives Congress (APC)-led government fulfilling its campaign promises faces a great challenge following Nigeria’s low output of oil production brought about by the recent bombings of oil facilities by the Niger Delta Avengers in the oil region. The Minister of Labour and Employment, Senator Chris Ngige, stated this in Abuja while appraising the performance of government in the last one year. According to Ngige, it is imperative that “the general over view of the polity, especially the extant economic situation is important for us to clearly situate and achieve an unbiased review of the efforts of the present administration in the last 12 months. “At present, our OPEC production quota is 2.2 million barrels per day but the reality is that we are far away from meeting this target. As we speak, the nation produces between 1.4 – 1.5 million barrels per day, meaning that about 800, 000 barrels per day of the quota allocated to us by OPEC is lost. “So, where other countries battle with over production and being sanctioned by OPEC, we are under-producing, unable to meet our quota. Unfortunate, you may say. This means that when we assumed office, we already had economic recession, crude oil being the major revenue earner for the

country.” The minister stated that “without enough money to take care of the needs and welfare of the citizen, which is the primary purpose of government, the prospect of swiftly fulfilling campaign promises faces serious challenge. “Nevertheless, the administration trudged on and has recorded immense successes in many areas. In the Ministry of Labour and Employment where I have been in service as the Minister since November 11, 2015, a period of about seven months, we have taken significant steps and achieved quite a lot,” he said. Ngige further maintained that “notwithstanding the prevailing economic down turn, government is doing its best in the provision of jobs, with emphasis though on blue-collar. The main agency of job creation is the National Directorate of Employment (NDE), which is under my ministry. “The NDE has over one hundred skills acquisition centres across Nigeria, apart from the ones owned by some federal ministries, agencies and states. Since I came in, we have embarked on the rehabilitation and re-equipping of these NDE skills centres to enhance their training capacity.” On labour relations, the minister said: “As you may be aware, the entire NLC and TUC have keyed into the palliatives which the federal government rolled out to cushion the effects of the increase in pump price of petrol. We have all agreed to agree!”

NMA, Professor Demand Nullification of UnijosVC’s Appointment Seriki Adinoyi in Jos The Nigerian Medical Association (NMA) and the Director General, Nigerian Institute of Medical Research, Professor Innocent Ujah, have filed a fresh motion asking the court to nullify the appointment of Professor Sebastian Maimako as the new Vice Chancellor of the University of Jos. Maimako was last month appointed as the ninth vicechancellor of the university by the institution’s Governing Council led by Chief Don Etiebet. He is expected to resume duties on June 22, 2016 when the tenure of the current Vice Chancellor, Professor Hayward Mafuyai, will elapse. But in a motion filed at the

for the relevant constitutional amendment to revert the country back to the practice of fiscal and true federalism or immediately begin the implementation of the resolutions of the 2014 national conference, agitations including militancy in the Niger Delta region would never end. IYC’s position was contained in a communique signed by its President, Comrade Udengs Eradiri and spokesman, Eric Omare, at the end of a one-day stakeholders’ conference to mark the end of the month-long activities in honour of Major Jasper Adaka Boro with the theme: ‘The Ideals of Isaac Boro and the Renewed Militancy in the Niger Delta: The Way Forward.’ The conference observed that the renewed militancy in the region is the same issues that gave birth to the Boro’s struggles which culminated into the 12 days revolution in the 1960s. It held that whereas the Presidential Amnesty programme of 2009 brought temporary peace

to the Niger Delta region, however, after the cessation of hostilities in the region, the crucial issues of resource control and true federalism which formed the basis for the agitation were not addressed. It observed among others that most steps taken by the present administration were geared towards antagonising and undermining the interest of the region including the removal of the 10 per cent community development equity share from the Petroleum Industry Bill (PIB) which it said contributed to the present hostilities in the region. The IYC in its resolution, emphasised that the attempt by the federal government to award surveillance contracts to ex-militants would not solve the problem of attack on oil facilities, maintaining instead that once issue of resource ownership and control were addressed, communities and the people would naturally protect oil pipeline situated in their communities as critical stakeholders.

It however added that the award of surveillance contracts, which it saw as also a palliative measures should be for, community-chosen contractors which it insisted are to be held liable for any breach of contract. The conference criticised the federal government for allegedly politicising the issues affecting the region, instead of dealing with the stakeholders on how to resolve the already delicate situation and urged government to start the process of genuine dialogue with stakeholders in the Niger Delta region. It urged President Buhari to stop treating the Niger Delta region as a conquered territory, emphasising its believe in a united Nigeria where every part of the country would be treated as equal stakeholders on the basis of fairness, equity and justice. The IYC further said President Buhari must treat every part of the country as his constituents and equal stakeholders irrespective of their contribution to his electoral

victory. The group however frowned at the alleged cancellation of the Maritime University, Okerenkoko, Delta State, which it said formed one of the conditions for ex-agitators to accept amnesty in 2009 stressing that the purported cancellation of the institution was a breach of the terms of the Presidential Amnesty Programme. The communique also noted that the conference resolved that the renewed militancy in the region was partly an indication of failings in the amnesty programme and therefore called on the federal government to review the programme to address all the issues affecting the successful implementation of the programme. the Ijaw group also vowed to resist any attempt to single out former President Goodluck Jonathan for arrest and humiliation over spurious allegations of corruption in the government’s anti-corruption fight and urged President Buhari to accord Jonathan the same respect accorded other former presidents.

COURTESY VISIT

L-R: Contract Administrator, ExxonMobil, Erha North Phase 2, Mr. Wale Bishi; Ooni of Ife, Oba Adeyeye Enitan Ogunwusi; Technical Manager, Nigeria Projects Organisation Unit, Dr. Adetunji Obawole; and Local Content Coordinator, OneSubsea Offshore Systems, Mr. Donald Ibegbu, during a courtesy call on the Ooni and inauguration of community assistance projects by ExxonMobil’s Erha North Phase 2 in IleIfe...weekend. Dan Ukana

Sheriff Deserves an Honourable Exit, Says Ishaku Wole Ayodele in Jalingo

Taraba State Governor, Darius Dickson Ishaku, has condemned the Federal High Court in Bauchi, way the former acting Chairman counsel to the plaintiffs said of the Peoples Democratic Party consequent upon an earlier (PDP), Senator Ali Modu Sheriff judgment of Bauchi High Court was ousted from office saying he of April 21, 2016, which retrained deserves a honourable exit. the university from conducting the Ishaku, who spoke against the selection process for appointing a backdrop of dissolution of the vice-chancellor for the institution Sheriff-led executive committee of pending a final determination of the party and its replacement with the suit challenging the exclusion of the caretaker committee headed by medical doctors from participating Ahmed Mohammed Makarfi, said in the selection process, the selection Sheriff contributed immensely to of Maimako should be nullified. the party in the past three months He therefore asked the Bauchi and therefore does not deserve to Judicial Division of the Federal be humiliated out of office. High Court to take notice of its Fielding questions from judgment delivered by Justice M. journalists during a media briefing Shitu Abubakar and nullify the to mark his one year in office, the appointment of Professor Maimako governor stated that it was sad and which he said was done in disregard unfortunate that the party found of the directive of the court made itself in its present mess adding on April 21, 2016. that everything humanly possible

would be done to unite the party for it to remain strong to regain power come 2019. He however revealed that he did everything possible in conjunction with Governor Dankwambo of Gombe State to garner support for Sheriff at the botched Port Harcourt convention of the party to no avail, saying there was nothing two of them could do out of the twelve PDP governors. According to him, “Sheriff became the chairman of this party when the party was on the verge of collapse. Within three months of his emergence, he did well to bring back the party alive. Therefore, his exit would have been more honourable than what we have witnessed,” he said. Narrating the efforts he made to prevent Sheriff from being ousted from office, he said: “When we got to Port Harcourt, the table turned and there were 10 PDP

governors against the Gombe State Governor and me. And you know in a democracy, the minority would have their say but the majority would always have their way” Lamenting the level at which the development has polarised the party, Ishaku said efforts are being made to restore the unity of the party saying: “PDP is the only hope of this country and we must do everything to ensure the party remain one. Unfortunately, there are now three factions in the party and that is why we want to send a delegation to Sheriff to prevail on him to withdraw the court case in the interest of the party.” The governor however disclosed that he’s doing everything within his power to develop and harness the agricultural and mineral resources potential of the state in order to fast track its growth and development.

To achieve this, he revealed that a deliberate policy is being put in place to ensure the state provides 10 per cent of the tea requirement of the country while efforts are also being geared towards adopting the Ugandan model to develop coffee as well as focusing on beef production. Ishaku further revealed that his administration had saved over N100 million realised from blocking areas of revenue leakages in the state stressing that all those involved in defrauding the state would be prosecuted. He noted that he had initially planned to block all the leakages within three months of his assumption of office but was slowed down by the cases instituted to challenge his election just as he expressed delight that he was able to achieve his objective within his first year in office.

MONDAY MAY 30, 2016 • T H I S D AY

NEWSEXTRA

Mimiko: No Room for Grazing Land in Ondo Governor hints on successor as Fayose warns Ondo electorate James Sowole inAkure As the controversies over the federal government’s move to realise the establishment of grazing reserves in several parts of the country, as a way to solve herdsmen/farmers clashes, Ondo State Governor, Dr Olusegun Mimiko, at the weekend restated that there is no land for grazing in the state. Mimiko made the declaration in a remark at the lecture organised by the pan-Yoruba socio-political organisation, Afenifere, in honour of its national leader, Chief Reuben Fasoranti, as part of activities to celebrate 90th birthday of the octogenarian. The lecture titled: ‘The Yoruba Welfare Ideology and the Future of the Yoruba Nation,’ was delivered by an academic and historian, Prof. Banji Akintoye, who is an alumnus of University of Ibadan like the celebrant. The lecture, which dealt with the historic, political ideology and contemporary issues about the position of the Yoruba nation since pre-independence era, was attended by leaders and members of the Afenifere and representatives of Afenifere Renewal Group (ARG) from the entire South-east geopolitical zone. The governor, who commented on major issues raised in the lecture, said the proposed grazing land issue does not align with the 1999 Constitution as amended. He said the constitution has vested in the governor the power to allocate land and revoke same and this had not been amended in the constitution that regulates things in Nigeria. Mimiko said though there had been several calls on the need to find

amicable resolution on the matter so that it does not degenerate into what can cause serious crisis, but the more the calls were coming, the more of new crises caused by people from a section of the country. “The question now is for how long shall we continue to call for peace in the face of the prevailing situation; definitely something has to be done. “No law has vested power on any person be it commission or whatever name it is called to take land for any use without the approval of the governor,” Mimiko said. Apportioning tasks to the Yoruba nation on various challenges confronting the country, the guest lecturer said the ethnic group must demand that as a matter of overriding state principle, Nigeria must henceforth employ peaceful negotiations rather than military violence to find solutions to Nigeria’s difficulties. Akintoye, who is the Patron of Oodua Foundation in Diaspora said the Afenifere Nation must work with other ethnic groups to ensure that sane solutions will be found to the tortuous crisis which armed and murderous herdsmen are currently generating in most parts of Nigeria. To achieve effective and lasting solution, the lecturer said President Muhammadu Buhari must set up some measure to ascertain the true facts of the situation. “Merely ordering the Nigerian military and police to stop these herdsmen from attacking villages and farmers as the president has done, is not enough. “The military and the police may succeed in restraining these people to some extent and for some

time, but as long as they remain and important questions about them remain unexplained, wild and inflammatory speculations Nigeria,” he said. Akintoye said the Yoruba nation must demand that President Muhammadu Buhari must lead Nigeria to embark on serious and far reaching discussions with leaders, peoples and the militants of the Niger Delta, the hurting peoples of the Middle Belt desperately in need of security, the Igbo citizens demanding Biafra, the Yoruba people intensely seek’s national autonomy for the benefit of all Nigerian peoples and the Hausa-Fulani insisting on an over-centralised federation for the defence of their interest. “We must find ways to persuade various aggrieved peoples of Nigeria to stop hitting Nigeria, to lay down their arms now and forever, to join hands with the rest of Nigeria to create a harmonious structure for Nigeria, and to turn Nigeria’s destiny around for the

good for all Nigeria,” Akintoye said. He also called on leaders of Yoruba nation to work together peacefully with other nationalities within the country to find ways to restructure the Nigerian federation and ways to revive economic and social development initiatives in all parts of the country. Meanwhile, Mimiko, has expressed optimism that God will bring a man after his heart to continue with the good work he is doing as governor of the state. He promised that the state would never be allowed to go back to ‘Egypt’ again. This came as the Ekiti State Governor, Mr. Ayodele Fayose, advised the people of Ondo State to vote for the continuity of the good legacy of the incumbent governor. While speaking on the coming gubernatorial election coming up in the state in November at a thanksgiving service of the 15th annual convention of the Riches in Christ Evangelical Mission Akure, the Ondo State capital yesterday,

Mimiko noted the God that made his re-election the most peaceful one will make the November 26 gubernatorial election in Ondo State very peaceful. Mimiko who said the church is richly blessed by God with their act of celebration despite economic challenges everywhere in Nigeria added God would heal the land and put an end to all the security challenges in Nigeria Speaking in the same vein, Fayose who was also present at the event urged the people of Ondo State to vote for the continuity of the good legacy of the incumbent governor of the state, Mimiko as the governorship poll approaches. He warned the people of the state not to repeat the mistake Nigerians made during the last presidential election by voting for a candidate that has put the nation in a total hardship. According to Fayose, “the people of Ondo State must not make the mistake we made

during the last presidential election in Nigeria. My advice is that you don’t allow yourselves to be carried away by repeating the mistakes of last year that we are paying seriously for now.” The Ekiti State governor advised the electorate of Ondo State not to allow themselves to be misled by voting wrongly, saying it will be a big mistake on their part if they make the mistake of voting for opposition parties. He noted that the best that can happen to Ondo State is for the people to vote for continuity of Mimiko’s good legacy. Fayose, who said all his predictions for Nigeria last year had come to reality commended Mimiko for identifying with the people of Ondo State across strata. He vowed not to support any ungodly act, saying that his voice will continue to remain different because the Nigerian constitution permits majority to have their way and the minority

Dickson to PDP Leaders: Refrain from Litigations As the Peoples Democratic Party (PDP) rebrands itself for the future, the Chairman of the National Reconciliation Committee of the party and Governor of Bayelsa State, Hon. Seriake Dickson, has in strong terms, advised the leaders to refrain from court actions as well as making provocative statements. According to the governor, resorting to provocations and litigations would jeopardise the ongoing reconciliation in the party. According to a statement signed by the governor’s Special Adviser on Media Relations, Francis Agbo, Dickson spoke at the weekend in Kaduna when his committee visited the Caretaker Chairman of PDP, Senator Ahmed Makarfi, in his country home, in Kaduna. The governor noted that the problems confronting the party were political and could only be resolved through political solutions embedded in constructive dialogue, persuasion, genuine forgiveness and true reconciliation. Quoting copiously from the holy book, the peace maker said God rewards those who make peace, adding that all PDP leaders must work together for ‘‘our great party to regain its lost glory! He therefore, called on all contending forces to embrace dialogue in the settlement of disagreements. His words: ‘‘People should resort to political solutions and political solutions come by robust engagements, not litigation

in the law courts. I see our great party emerging stronger, after the ruins of the past, I see a rebirth of a better PDP, and this process we have begun with reconciliation because we realise that this vision of rebirth can only come to pass if we all, irrespective of our interest, work as one!’’ While assuring Makarfi that all PDP governors were solidly behind him, Dickson said he was in Kaduna to consult with the chairman on the way forward for ‘‘our great party, PDP and country.’’ Meanwhile, Makarfi expressed confidence in the ability of Governor Dickson’s committee to unite all aggrieved parties even as he assured that the PDP will reclaim federal power in 2019 because according to him, PDP was only on ‘‘sabbatical...’’ After Kaduna, the peacemaker stormed Jigawa State. Dickson and his team were received by the former Minister of Foreign Affairs and Governor of Jigawa State, Alhaji Sule Lamido, in his country home at Bamaina, Birnin-Kudu Local Government Area. Lamido backed the ongoing reconciliation in the party and called on all parties to sheath the sword for the re-invention of the party, which he said was in the overall interest of Nigerians, stressing that, Nigeria is in dire need of a virile PDP to bounce back to power in order to correct the wrongs and improve the living standards of Nigerians!

THIS IS FOR MR. PRESIDENT

Publisher, The Diplomat, Mr. Oma Djebah (right), presenting a book on ‘Niger Delta Crisis: Media and Peace-building Options’ to President Muhammadu Buhari at the Presidential Villa, Abuja...weekend

EFCC: Our Action against Duru is Based on Petition by FGPL’s Shareholders Iyobosa Uwugiaren in Abuja The Economic and Financial Crimes Commission (EFCC) has said the best place for former House of Representatives member, Hon. Chidi Duru, and others to defend themselves over alleged financial crimes charges instituted against them is in a competent court of law rather than engaging in media war. The anti-graft agency also stated that its action against Duru and others was based on a petition by some aggrieved shareholders of First Guarantee Pension Limited (FGPL). Speaking with THISDAY in confidence last night in Abuja, a senior operative of EFCC handling the criminal case against the former member of the House of Representatives, while reacting to his claim recently that he was not on the run said the anti-graft agency got involved in the matter in order to protect the over N100 billion worth of pension assets being

managed by FGPL. The EFCC’s source who pleaded anonymity “because of the power play’’ involved in the matter, insisted that Duru, one Chief O.O Ojo and a South African, Mr. Derrick Roper, representing Novare Holding Limited’s interest, are being wanted for diversion of millions of naira of FGPL, a licensed pension administrator. The source added that there is no court order whatsoever restraining the agency from acting or investigating the criminal cases against Hon. Duro, contrary to his claim. The EFCC also said PENCOM and EFCC’s interventions in FGPL were inevitable in view of the fact that the various infractions and looting of the pension administrator persisted since 2007, which forced some shareholders to petition the anti-graft agency and the Nigeria Police Force. “The action of the shareholders was legitimate; it was based on the

urgent need to protect the over N100 billion worth of pension assets, being managed by the FGPL on behalf of over 178, 444 retirement saving account holders,’’ the source added. It added that: “PENCOM only took regulatory action on the three indicted directors, including Duru by removing them from the board of the FGPL pursuant to the provision of Section 88 (2) of the FGPL 2004 and the framework for the Resolution of Failing Operators. “The PENCOM board subsequently set-up an interim management committee to superintend over the affairs of the company until the shareholders re-constitute the FGPL’s board and appoint a new management team.’’ THISDAY further gathered that the shareholders who were alarmed by the finding of the special examination by PENCOM, had filed a suite at the Federal High Court, Abuja with suit number FHC/ABJ/CS/784/2011 --- Alhaji

Kashim Iman & Co Vs National Pension Commission and others, to compel the commission to implement the recommendations of the special examination report and to restrain the indicted directors from interfering with the commission’s decision. “The substantive matter is still pending before the Federal High Court, Abuja. And contrary to Duru’s claim, there is no court order restraining us from investigating him and other indicted directors,’’ the source added. The anti-graft agency has specifically accused Duru of diversion of N16 million --- being part of the equity contribution of Novare Holding --- a South African’s firm to another business without following due process and obtaining board approval; collecting N20.5 million as “executive allowance’’ without board approval and diversion of the company’s assets worth millions of naira for his personal use.

MONDAY MAY 30, 2016 • T H I S D AY

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CAN Expresses Concern over Plans by Government to Interfere in Its Elections Paul Obi in Abuja The Christian Association of Nigeria (CAN) yesterday expressed concern over plans by some government officials to meddle into the affairs of the association in the up coming CAN elections, “in order to elect a puppet loyal to government.” According to the President of Patriotic Christian Youth of Nigeria. (PCYN), an arm of CAN, Simon Nasso, the plan is to frustrate CAN electoral college’s effort and install a stooge, supported by government machinery. Nasso said: “You will recall that since the commencement of the election process, we had raised the

alarm to the fact that a particular candidate is being sponsored by the government through the influence of a top cabinet member of the federal government. “Though there was denial initially but the candidate, as you would have witnessed, acknowledged the fact that the government official being a member of ECWA church has every reason to use his office and influence to project and sponsor the particular candidate.” He maintained that “anybody deceiving the public that beside the vested government interest, there is any law in CAN that gives rights to Gado’s candidature is wrong. “It is so strange to note the

Yobe to Construct First Cargo Airport in Northern Nigeria Michael Olugbode in Maiduguri The Yobe State Government will soon award the contract for the construction of the first ever cargo airport in northern Nigeria. The state Commissioner of Works, Transport and Energy, Mr. Sirajo Wakil, revealed this in Damaturu yesterday. He said the airport which will be for ticketing as well as for cargo will be located in Damaturu, the state capital. He lamented that the state is the only state among the 19 northern states in the country without an airport. He said when constructed, it will be the first of its kind in the North, insisting that it was lamentable that in the whole of the North; there is no state with a cargo airport.

The police have been urged to arrest and stop one Mr. Olapade Agoro from parading himself as the traditional ruler of Erinmo-Ijesa in Oriade Local Government of Osun State. Erinmo Progressive Movement (EPM), an association of young professionals and intellectuals of Erinmo origin with members spread around the globe made the call in a statement made available to THISDAY and signed by it Convener, Comrade Olusesan Ogundele and Publicity Secretary, Oyetunji Ojo Felix The group called on the police and other relevant agencies to stop Agoro from referencing himself as an Oba and be banned from using letterhead, special plate number and other document or items bearing the insignia of an Oba. The movement stated that though Agoro is an indigene of Erinmo-Ijesa, who was once bestowed with a minor chieftaincy title of ATAPAMI, an Ifa priest in Ilesa by the Owa Obokun of Ijesa-land Oba Adekunle Aromolaran II in June 1982, he had since

“To use government machinery to destabilize the forth coming CAN National Executive Council meeting where the two selected candidates by CAN Electoral College will be elected. This will be very unfortunate and we are sure will yield no result in their favor,” Nasso maintained. Also, Head of Baptist Churches in Nigeria, Dr. Samson Ayokunle, has emerged the candidate of the Christian Council of Nigeria (CCN) in the primaries ahead of the CAN presidential election. Ayokunle is expected to pair up with another candidate for the elections of CAN president slated for next month. However, ECWA representative at CAN, Pastor Wakili Kadima, at the weekend stated that the process leading to the June elections has been marred by

some ‘illegality’ and ‘impunity’ geared towards the exclusion of ECWA President, Rev. Jeremiah Gado, from participating in the elections. Also the exclusion of Tarayya Ekklesiyoyin Kristi A Nigeria (TECAN) ECWA nominee as the consensus candidate of the TECAN ECWA block in CAN, a claim CAN officials debunked, is controversal stating that the emergence of Gado was characterised by manipulations including kidnapping and threat of life to some persons. But speaking to journalists, Kadima said: “We have called you to rarely let you know that the process is flawed with irregularity, the exclusion of a candidate who was duly nominated has been block by so much impunity, so much violation of very clear constitutional

provisions. “And we not only reject what has happened but will certainly use every legal constitutional means within CAN and if possibly outside of CAN to challenge the illegality and urge that the right thing be done to save CAN from embarrassment and the perpetuation of impunity and illegality that is threatening to tear CAN into pieces.” He added that ECWA decided to kick against the exclusion “because the process came out with a minority report of members of the electoral college that didn’t agree with what went on and have even suggested that the present national officials of CAN should hand over to a caretaker team for a body that is impartial to conduct election for the new leadership of CAN to emerge.”

He disclosed that most airports in the North are not commercially viable at present since they are operated on the basis of ticketing which ordinarily cannot sustain the survival of any airport. Wakil said the cargo airport would facilitate export of meat, dairy products, Arabic gum, among others which would be source of foreign exchange to the state. The commissioner disclosed that regulatory agencies like the Nigerian Civil Aviation Authority (NAMA), Nigerian Metrological Agency and the Ministry of Aviation had visited the state for the feasibility survey of the propose airport and had all certified the award of the contract. He promised that the Gaidam administration will complete all the ongoing road projects across the state despite the hard economic situation.

Group Urges Police to Arrest, Investigate Agoro for Chieftaincy Impersonation Akinwale Akintunde

level of political manipulations and attempt to forcefully impose a candidate before and during the selection process at the TEKAN/ ECWA bloc level,” he stressed. Nasso further alleged that the plan to install the stooge also include insisting “on getting CAN leadership constitute a Caretaker Committee(CTC) for the purpose of later buying the members to restart the election process and reintroduce Gado as a candidate. We know this attempt is built out of ignorant and desperation as CTC is alien to CAN constitution. “To approach a court of law for an Ex-perte injunction few days to the election not for the reason of having any cause of action but to delay the elections and by implication unnecessary and ignorantly extend the tenure of the current CAN leadership.

been deposed and the title abolished with the consent of the state government in February 1985. According to the group, despite being deposed, Agoro has been using same chieftaincy position to ferment trouble in the Erinmo-Ijesa community and its environs. “The attention of the movement has been drawn to the several criminal activities and media campaigns orchestrated by one Mr. Olapade Agoro who is known as a trouble maker and very provocative. (These activities had been going on for over three decades). The most recent of these activities includes the invasion of Erinmo by Olapade Agoro and his armed thugs wielding several weapons and shooting sporadically into the air causing terror and panic in the community at about 9.30p.m. on Frida, May 13, 2016 “We are compelled to respond to this foregoing because of the possible danger and restiveness this illegal action of Mr. Agoro portends to the peaceful co-existence of the amiable people of ErinmoIjesa and its environs,” the group said

DEVELOPMENT PARTNERS

President of the African Development Bank (AfDB), Dr. Akinwunmi Adesina (left), with Acting Managing Director, Bank of Industry (BoI), Mr. Waheed Olagunju, in a discussion at the AfDB’s annual meeting, in Lusaka, Zambia...weekend

Workers’ Strike: Fayose, HoS Can’t Overrule Us, Say Labour Leaders Victor Olakiitan in Ado Ekiti Sequel to the directive issued by Governor Ayodele Fayose of Ekiti State that only the members of Joint Heath Sector Unions (JEHESU), who have indicated interest to back out of the ongoing strike in Ekiti State will be paid the January Salary, the organised labour has replied that only the body could suspend the industrial action and no other authorised body could do so. It also urged the workers to discountenance the threat by the Head of Service , Dr. Olugbenga Faseluka, ordering senior workers to resume work on tomorrow or face the dire consequences. As a way of dividing the workers and weakening the strike declared by the Nigerian Labour Congress, Trade Union Congress and Joint Negotiating Council, to press for the payment of five month salary arrears, Fayose at the weekend threatened to invoke the doctrine of no-work-no-pay, to coerce the striking workers to return to their duty posts. The TUC Chairman, who spoketo THISDAY on Sunday,

said all workers must remain at home pending the time the labour leaders would suspend the strike. “We have told all civil servants that the strike continues. So, whether you are a junior or senior worker, you are bound to adhere strictly to it. “Contrary to what the Head of Service said, senior civil servants are members of our unions. Their returning to works depend on the position of the labour unions. Nobody can override us on this,” he stated. In another statement issued yesterday being the outcome of an emergency meeting held at the Labour House in Ado-Ekiti on Saturday, the Unions said: “The ongoing strike is not an ego trip noris it politically motivated. It is about the rights of workers and pensioners who are dying daily out of hunger and frustration.” Those who signed the release were the chairmen of TUC, Odunayo Adesoye; NLC chairman, Ade Adesanmi; and Secretary of JNC, Blessing Oladele. They said contrary to common statement by the governor of incorporating representatives of labour

unions in the state’s monthly cash allocation meetings, “The meeting is only a briefing and not a cash allocation meeting. So, the idea of labour leaders sharing monthly cash allocation and the governor approving does not arise. There has never been any advice or suggestion given to government by the organised labour at this forum that has ever been taken.” They disagreed that there was ever a time they reached an accord with government to pay only net salary which would exclude cooperative deductions, bank loans and union dues, stating that the governor himself had condemned net payment when he came on board and during his election campaigns which he had then dismissed as a ‘fraud’. The organised labour unions also expressed shock over the internally generated revenue (IGR) figures reeled out by the governor, saying “the Accountant General had given figures which ranged between only N150m and N200m, except that of N268m for April, the highest so declared by him, the governor during the media chat

gave N267m for September 2015; N252m for October 2015; N195m for November 2015; and N181m for December 2015. “For Jannuary, February and March, the accruals, according to the governor, were N389m, N381m, and N302m respectively, adding “Labour was embarrassed to hear the monthly IGR read on air by His Excellency.” The leadership of the unions further berated the governor for his planned to pay only the Joint Health Sector Unions (JOHESU), a section of workers in the state, which had decided to pull out of the ongoing strike action, urging the entire workforce to remain at home until otherwise directed by their respective unions. “It should be noted that Labour has neither suspended nor called off the ongoing industrial action in the state, hence we are using this medium to implore the entire workers of all categories in all sectors to stay at home and observe the strike action until the leadership of organised Labour gives further directives.”

MONDAY MAY 30, 2016 • T H I S D AY

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Group Asks FHC’s Chief Judge to Consolidate PDP Suits Tobi Soniyi in Abuja

Society for Global Justice and Equity Promotion has appealed to the Chief Judge of the Federal High Court, Justice Ibrahim Auta, to consolidate all the cases filed by warring factions of the Peoples Democratic Party (PDP). The group in a statement issued in Abuja at the weekend and signed by the National Coordinator, Elder Oluwole Adegboyega, said allowing one judge to hear all the cases would save the judiciary from a situation where two contradictory orders on the same issues will emanate from the courts. While making reference to the two contradictory rulings by a Federal High Court in Lagos and another one in Port Harcourt on the lingering crisis in the PDP, Adegboyega said consolidating the suits would prevent the litigants from presenting conflicting facts that might lead the courts into

issuing contradictory decisions. He commended recent efforts by the leadership of the judiciary, especially the Chief Justice of Nigeria, Justice Mahmud Mohammed, to sanitise the judiciary and said that politicians should not be allowed to use the courts to resolve issues that they could simply settle among themselves. He pointed out that non lawyers who did not understand the ways and manner the judiciary works are already casting aspersions on the courts because of the contradictory decisions. According to him, by assigning the cases to one judge through consolidation, His Lordship would have prevented the possibility of politicians misleading the court because all issues would be put in perspective before the trial judge. He said: “We note with great concern the two conflicting orders emanating from two federal high courts on similar issues and hold the

view that such a development does not augur well for our judiciary. “To save the judiciary from further embarrassment, we hereby appeal to the Chief Judge of the Federal High Court to order immediate consolidation of the cases in Lagos and Port Harcourt and assign to a judge to determine the issues therein. “Let us make it clear here. We are not blaming any of the judges. They have only acted on the facts presented before them. Nevertheless, a situation where two conflicting orders on similar issues will emanate from the Federal High Court, which in law is only one court, does not help the image of the judiciary. “Such a situation undermines

the effort of His Lordship, the Chief Judge of the Federal High Court to strengthen the court.” Last week a Federal High Court sitting in Port Harcourt, Rivers State granted an interim injunction restraining Ali Modu Sheriff from parading himself as the national chairman of the PDP. The court also barred Adewale Oladipo from parading himself as the national secretary of the party. The court restrained INEC from according or continuing to accord any recognition to Messrs. Sheriff and Oladipo or any or all members of the National Working Committee (NWC) of the party removed from office at the party’s national convention in Port Harcourt, as officers or organs

of the PDP pending the hearing and determination of the motion on notice. The court mandated INEC to recognise the Makarfi committee in all matters pertaining the conduct of primary elections for political offices and the submission of the PDP List of candidates for any elections to be conducted by INEC pending the hearing and determination of the motion on notice. The court also granted a restraining order on all members of the party’s NWC from receiving nominations or submitting names to the Independent National Electoral Commission (INEC) as officers or candidates of the PDP in whatever capacity pending the hearing and determination

of the motion on notice brought by the party. On the same day, the Lagos Division of the court reinstated Sheriff, and removed Ahmed Makarfi, who was appointed as chairman of the party’s caretaker committee. Justice Ibrahim Buba sitting in Lagos nullified the national caretaker committee constituted by the party in Port Harcourt In his ruling, Justice Buba said the committee was constituted in violation of an order he had made on May 12, when he barred the PDP from holding elections into offices of the national chairman, national secretary, and national auditor pending the determination of a suit before him.

Anglican Diocese Decries Forced Conversion of Christians to Islam Gboyega Akinsanmi The Diocese of Lagos Mainland Church of Nigeria (Anglican Communion) yesterday decried the disturbing cases of abduction and forced conversion of Christians to Islam. The diocese also lamented the growing spate of militancy and criminality in the Niger Delta, which it said, had resulted in bombing of oil installations and sharp reduction in oil production per day. The diocese, also lamented the imminent recession in the economy and called on the federal government to adopt a fiscal policy that would create jobs, stabilise national currency and restore investors’ confidence. The diocese expressed the views in a communique it issued after its fourth synod, which started last Thursday and ended yesterday at the Cathedral of St. Jude, Ebute Meta and All Saints’ Church, Yaba. The communique, which was signed by the Diocesan Bishop, the Most Rev. Adebayo D. Akinde and the Synod Secretary, Ven. ‘Luyi Akinwande, called for end to militancy in the Niger Delta. In the three-page document, the synod completely rejected the growing trend of abduction and forced conversion of Christians to Islam, which it said, had become recurrent in the country. In an unequivocal term, the document described the trend as gross abuse of human rights, which it argued, could only stoke anger, discord and conflict in the land if not effectively managed. It warned that the growing clashes between crop and livestock farmers in various parts of the country “need to be courageously addressed in a fair, just and honest way that protects free and orderly private enterprise but punishes impunity and criminality.” While decrying the growing militancy and criminality in the Niger Delta that has resulted in bombing of oil installations, the communique called on the federal government “to restore

order whilst advising those who have genuine grievances to explore better ways of conflict resolution.” It, however, commended the progress made by the security forces in degrading the Boko Haram insurgents, rescuing thousands of people and recapturing many Nigerian territories previously occupied in the North-east. It urged the security forces to redouble their efforts to restore normalcy and order in those recaptured territories while calling for improvement in the conditions prevalent in internal displaced persons’ camps. On the economic challenges confronting the country, the communique decried the imminent recession in the economy and the prolonged delay in signing the national budget. According to the document, the federal government should implement the national budget in a way to create jobs, stabilise the national currency and restore greater investor confidence. On the anti-graft war, the communique said official corruption, indiscipline and mediocrity remained serious national problems, which it said, should be confronted systematically if the nation is to make meaningful progress. It called for an even-handed anti-corruption campaign driven “to redeem the battered reputation of this country and re-orientate Nigerians to live by their means of income and in accordance with the laws of the land. “Building a strong nation entails putting in place a system that extols the virtues of hard work, godliness, equity, unity and amity amongst the various ethnic and religious components of the country.” The communique called on the Independent National Electoral Commission (INEC) “to raise its service delivery and curtail the spate of inconclusive elections, while urging contestants for political offices not to make it a do-or-die affair.”

DEMOCRACY CELEBRATION

Cross River State Governor, Professor Ben Ayade; his deputy, Professor Ivara Esu; former Governor, Senator Liyel Imoke; Speaker of the state House of Assembly, Hon. John Gaul Lebo; and state Commissioner for Information, Mrs. Rosemary Archibong, during the Democracy Day anniversary thanksgiving service at the St Bernard’s Cathedral, Marian Hill, Calabar...yesterday

Awka Catholic Bishop Reiterates Kogi to Adopt Treasury Single Ban on Extravagant Burial Account Ceremonies David-Chyddy Eleke in Awka The Catholic bishop of Awka Diocese, Most Rev. Paulinus Ezeokafor, has continued his campaign on the ban of expensive burial celebrations in the state, saying it has become a burden on the living. Ezeokafor had earlier abolished all expensive burial celebration in the diocese for Catholics, while calling for respect for the dead, as against the activities of pall bearers who throw caskets bearing corpses about. The bishop while speaking with journalists at the weekend, said since his decision to abolish expensive burial rites in the diocese, several people have been sending messages to thank him for the decision, as most times people weep for the death of their loves ones, not only because of the loss, but also because of the huge financial burden that would follow. “Since we took this decision, all I have been getting is commendation. No form of opposition at all, “he said. Ezeokafor questioned the

rationale behind going to borrow to conduct burial ceremonies, saying that the only aspect of the burial that the dead benefited from was the prayers said by the faithful on their behalf during the Eucharistic celebration. “Instead of spending millions on an event that loses its relevance immediately after it had occurred, sincere Christians should rather embark on carrying out more humanitarian activities in memory of their deceased loved one”, he said. The Catholic prelate decried what he identified as the pagan practice of ostentatious burial ceremonies that left the bereaved more burdened after burying their dead. “Though Christians believe that our bodies, being the temple of the Holy Spirit, should be treated with respect, the feasts that accompany burials in this part of the world are uncalled for. The culture of giving out souvenirs and wearing asoebi dresses was borrowed, culture and contradict the Biblical description of how a burial should be done,” he concluded.

Yekini Jimoh in Lokoja

In an effort to curb corruption in the state civil service, the Kogi State Government is to adopt the Treasury Single Account (TSA). The state Governor, Alhaji Yahaya Bello, disclosed this yesterday during his state broadcast in commemoration of Democracy Day. He noted that his administration had set up an Economic Team and Fiscal Responsibility Committee to assist the administration in the area probity and accountability. According to him, his administration will not condone corruption saying that he was not out to witch-hunt anyone, “we will not close our eyes to obvious cases of embezzlement of state fund. “Of particular note in this regard is the N2 billion youth enterprise fund which the previous administration collected from Central Bank of Nigeria (CBN) and basically distributed among political cronies and other favoured individuals. “In most cases, they used fictitious beneficiaries. This money is a loan meant to stimulate commerce among youths. We will recover it

back from whoever he stolen it.” Alhaji Bello pointed out that his administration is paying great attention to agriculture adding that it is the next frontier in revenue projections. According to him, they have set up several task forces and they have already started making gains in this area noting that in one area where the state has been averaging N2million revenue monthly, they have already earned N13 million in April simply by blacking the leakages as this was intended to grow into many other areas. “We are also signing Memoranda of Understanding (MoU) with tested large scale farm enterprises. The Dangote Group has negotiated for 20,000 hectares of land for rice production and others are in the pipeline. “These people, members of the old retrogressive guard, have deliberately misinterpreted and maligned us and our successes. We however remain totally undeterred. As has become our trade mark in this administration, we will not make apologies or defer one bit to dishonest or divisive interest,” he stated.

MONDAY MAY 30, 2016 • T H I S D AY

DEMOCRACY DAY FELICITATIONS... DEMOCRACY DAY FELICITATIONS...

Tinubu: We Must Resist Recession, Endure Inflation The National Leader of All Progressives Congress (APC), Senator Bola Ahmed Tinubu, yesterday urged Nigerians to resist recession and endure inflation in the face of stark economic challenges. Tinubu, former Governor of Lagos State, also said the period of economic challenges was not the time to lament, murmur or give in to despair, but a period all should make contribution in order to win. He canvassed the positions in a statement he issued yesterday to make the 17th anniversary of civil rule in the country, in which he called for a fiscal policy that “stands unrivalled in its range and its objectives.” Comprehensively, in his statement, Tinubu outlined reasons all Nigerians should work together as a sovereign people to defend democracy irrespective of what might be the challenges they were facing. According to him, we must be the voice and masters of our collective destiny. We must be more active in expressing what we want government to do in order to better this nation and its governance. The national leader therefore challenged the people “to articulate their opinions and goals to give government the input and impetus necessary for it to be as responsive and benevolent as possible.” Likewise, Tinubu called for the need to restructure the domestic economy of Nigeria while acknowledging that restructuring “our economy is the most complex challenge before us.” To accomplish economic rescue, he said: “We need a fiscal policy that stands unrivalled in its range and its objectives. Government must dedicate unprecedented amounts for productive expenditure in our transportation infrastructure, power generation, food security and job creation.”

Fayose: In One Year, Buhari Succeeded in Running Nigeria Aground

Ekiti State Governor, Ayodele Fayose, has lamented that in just one year of the All Progressives Congress (APC) government led by President Muhammadu Buhari, the country’s economy has been ruined so much that states could no longer pay workers’ salaries. He said millions of jobs were lost, prices of essential commodities skyrocketed to the extent that Nigerians could no longer afford ‘common’ tomato just as the middle class has been wiped away completely. In a statement signed by his Special Assistant on Public Communications, Lere Olayinka, the governor said: “Despite President Buhari’s electoral promise to reduce petrol pump price from the N87 per litre that he met it and make life more bearable for Nigerians, he has increased the price of petrol to N145 as well as increased electricity tariff in spite of lack of power supply. “Food scarcity was last experienced when Buhari was that military head of state between 1983 and 1985, and now he has returned to the country with Nigerians being unable to feed.” The governor who said Nigerians should remove party, ethnic and religious sentiments and ask themselves what they have benefitted in the last one year, reminded Nigerians that: “Foreign Reserve was $28.6 billion, Excess Crude Account (ECA) was $2.07 billion, dollar was less than N200, petrol was N87 per litre and most importantly, one bag of rice was N8, 500 and power generation was over 5,000MW when Buhari assumed office.” The statement read in part: “Today, power generation is less than 1,400, foreign reserve has reduced to $26.5 billion, dollar is now over N350, petrol has increased to N145 per litre and one bag of rice is now over N15, 000!

“I read the president’s speech and all that I saw was a president still sounding like he was campaigning for votes more than one year after winning election. It is disappointing that the president’s speech was once again about promises, not about what has been done. “Not even a mention of one kilometre of road tarred by this administration, no single job was created except the ones created in Central Bank of Nigeria (CBN) for their cronies and children, not a single Megawatt of electricity generated. This is shameful. “The reward Buhari gave to Nigerians for electing him as president was to increase petrol pump price by N58.50 and get the Vice President, Prof Yemi Osinbajo, to justify the increment by saying Nigeria was broke! “In other words, President Buhari increased petrol price because the country was broke and it needed to shore up its revenue base. The N58.50 added to the previous pump price of N86.50 was an Indirect Tax imposed on each litre of petrol purchased by Nigerians. “It is even more worrisome that we have a presidency that is not coordinated. The president says one thing, his vice says another while his ministers also singing discordant tunes. This is a clear sign of cluelessness and unpreparedness for governance. “I cannot but agree with the position of former President, Olusegun Obasanjo, Obiageli Ezekwesili and others that President Buhari has no clue economically. The situation of Nigeria today is like the visually impaired leading those who can see. But I warned Nigerians, and I am still warning Nigerians now that as it happened in 1984 when our president was a military Head of State, the economy of Nigeria may collapse! “Therefore, as we look forward to the end of the honeymoon of Buhari’s presidency; I wish to state that if supposed men of honour are going underground because of possible harassment and intimidation, I, PeterAyodele Fayose will not; because this is our fatherland.”

Ayade: We will Not BetrayYour Trust

The Governor of Cross River State, Professor Ben Ayade, has again promised that his administration will not betray the trust reposed in it by the people. Ayade stated this in his massage to the people in a state-wide broadcast to mark his one year in office. The governor said: “In my inaugural speech, we shared with you our vision and dream for our beloved State. I assured you then that the mandate you had entrusted unto us will be held in solemn trust. “My team and I have committed to that promise as we embarked on the pursuit of happiness for you and for us. One year into our administration today we can assure you that victory, prosperity, success and an end to poverty and unemployment is assured. As sharp hunters we won’t miss our mark. As custodians of your collective trust, we would keep our promise.”

My Governorship, an Assignment from God, Says Ambode Lagos State Governor, Mr. Akinwunmi Ambode, yesterday said his ascension to office one year ago as the 14th governor of the state was an assignment from God, just as he vowed to continue to serve humanity selflessly throughout his tenure and lifetime. Ambode, who spoke at a thanksgiving service held at the Chapel of Christ the Light, Alausa, Ikeja, in commemoration of his first year anniversary, said his election, despite many challenges, was a clear indication that God was involved right from the beginning and as such, he would continue to draw strength and inspiration from the Almighty God.

He said: “Exactly a year ago today, I stood before a larger congregation trying to commit myself to the opportunity that you gave me to serve you and I have tried as much as possible not to misplace that opportunity. “I believe so much that this is an assignment from God and that is why I am doing it with all my totality and giving back to humanity. God has been too kind to me and for that reason, I have decided that I will serve the people selflessly to the will of God.” The governor, who thanked all those that stood by him, specifically appreciated his mother, family and wife, Bolanle, who he described as a prayer warrior standing in the gap of prayer for him. He also thanked the national leader of All Progressives Congress (APC) and former Governor of the state, Asiwaju Bola Ahmed Tinubu, and the Oba of Lagos, Oba Rilwan Akiolu, for believing in him and supporting him. In his sermon, Presiding Chaplain of the Chapel, Ven. Femi Taiwo, commended Ambode for his sterling performance in the last one year, saying it was audible and visible for everyone to hear and see.

APC Guber Candidate: Ayade’s Administration Lacks Policy Direction TheAll Progressives Congress (APC) standard bearer in the 2015 governorship election in Cross River State, Mr. Odey Ochicha, has assessed the administration of the state Governor, Ben Ayade, in the last one year and concluded that it lacks policy direction. Ochicha who made his position known on the performance of Ayade’s administration since the governor assumed office on May 29 last year, said: “One year after, Ayade is yet to design a cleared policy plan for his administration. His government has been characterised by inconsistency of policies.” In Ochicha’s text conveying his goodwill massage to the people on the anniversary of 17 years of uninterrupted democracy in Nigeria, which was made available to THISDAY in Calabar yesterday he said: “The last one year has been a great loss for the state because it appears we have a governor without a government. It has been one year of unbridled lip service. What a pity!” In specific terms, Ochicha who stated that Ayade has destroyed the state 16 years’ legacy in one year, lamented that “the state was known globally as the most peaceful and Calabar as the cleanest city in Nigeria. “But shamefully, today, the state is not ranked among the first ten in terms of cleanliness and peace in the country. At times, I wonder if this is the Cross River State of Ayade’s dream or he is operating under the influence of what is yet to be known. The

green and clean city of Calabar has become a shadow of itself.” Although Ochicha commended Ayade for embarking on signature projects, he, however, faulted the implementation of the projects. “On his signature projects, I want to commend him for conceiving the idea of establishing a garment factory, super highway, deep seaport among others. However, while the economic importance of these whole projects when accomplished is enormous, the governor must consider the feasibility of the projects considering the crunched economy of the state before even venturing into the projects.”

I Bear no One Any Illwill, Emmanuel Tells Nigerians Akwa Ibom State Governor, Mr. Udom Emmanuel, yesterday said he would continue to remain focus in executing the tasks bestowed on him by the electorate to govern the state without any distraction. Emmanuel, in a state broadcast to the people of the state to mark the 17th anniversary of the nation said he bears nobody any grouse in his style of running the state. According to him, “I am under oath to do good to all while executing this office of the governor in trust for all Akwa Ibom State people. “Let me use this opportunity and this blessed occasion to state in clear and unequivocal terms that I bear no one any ill will. “My divine mandate is to bless the state and its people. This is a great and noble task and no one would distract me from it. “As many as would want to join me in rebuilding the walls of this great state, I welcome such with open arms irrespective of party affiliation, religious persuasion or ethnic affinity.” According to him, his administration

has so far constructed over 200 kilometers of roads, and 15 bridges across the three senatorial districts of the state with communities that were cut off now being opened up.

Conoil Enjoins Nigerian to be Hopeful Frontline petroleum products marketer, Conoil, has enjoined Nigerians to keep hope alive while calling for unity and understanding on the 17th anniversary of democratic rule in the country. In its message of hope to Nigerians, Conoil noted that Nigeria has indeed come a long way and made notable progress since the return to civil rule 17 years ago; the longest period of sustained democratic governance in the country. The oil major observed that despite the challenges experienced along the way, Nigerians have remained strong, resilient and courageous, and ensured that the country weathered the storm. “It is note-worthy that despite our socioeconomic and political challenges, Nigeria has made appreciable progress in its journey to nationhood. Nigerians have remained resolute and continued to demonstrate the sterling qualities of a dogged, energetic, industrious and brave people,” Conoil stated. The company called for unity among all Nigerians irrespective of ethnic and religious affiliations. It advised that this is the only route to keep the country on the path of greatness, adding that “together, we have all it takes to be great.” As the nation’s foremost indigenous downstream company, Conoil reaffirmed its abiding faith in the future of the country while reiterating its total commitment to go the extra mile to support the Federal Government in its efforts to make fuel available to all Nigerians and grow the economy.

MONDAY MAY 30, 2016 T H I S D AY

T H I S D AY •MONDAY MAY 30, 2016

MONDAYSPORTS

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

NFPL

Abalogu’s Strike Shoots Enyimba to Second Position Enyimba’s quest to regain the domestic league crown was boosted lastnight after Andrew Abalogu struck 18 minutes from the end to condemn Warri Wolves to a 2-1 defeat in a rescheduled Nigeria Professional Football League (NPFL) match. Abalogu reacted quickest to turn home Chima Akas’s free kick in a crowded penalty area to give the Peoples Elephant the lead for the second time in the well-fought

contest decided at the Umuahia Township Stadium. Christian Pyagbara scored in the first minute to give Enyimba the lead but Wolves reacted by netting the equaliser just before the interval with Shedrack Oghu making the most of an Ike ThankGod mistake to prod past Theophilus Afelokhai. Wolves were reduced to 10 men after Solomon Okpako received a straight red card following an altercation with Enyimba midfielder

Ikechukwu Ibenegbu in the 75th minute. Enyimba tried to capitalise on their numerical advantage with Akas

coming close to adding a late third but his free kick could only rattle the crossbar in the 78th minute. The win sees Enyimba climb up

to second place on the NPFL table with 30 points from 16 matches, just a point adrift of the leaders, Rivers United, who have played

two games more. ‘The People’s Elephant’have thus extended their unbeaten run to nine matches.

I N T E R N AT I O N A L F R E I N D LY

S’Eagles Arrive in Luxembourg City

as NFF refutes indignation report on Mali tie

Femi Solaja Still basking on the euphoria of the lone goal win over Mali last Friday, the Super Eagles have arrived in Luxembourg City ahead of tomorrow’s international friendly against that country’s senior national team. The delegation left Rouen, at noon yesterday and are now at the Alvisse Parc Hotel, an impressive facility located on Route d’Echternach in Luxembourg City. There is a great spirit in camp as players and officials look forward to a win against Luxembourg, on the back of the 1-0 defeat of one of Africa’s strongest teams, Mali at the Stade Robert Diochon on Friday. The team later trained at the Stade Josy Barthel, venue of the clash with the Red Lions. However, there is quiet indignation about a report in an African football website, which claimed on Saturday that the Super Eagles could not exchange jerseys after Friday’s international friendly with Mali because the players do not have enough and only do ‘wash-and-wear’ of jerseys. Team administrator Dayo Enebi Achor wondered where such a story

emanated from when the Malian players never offered to exchange jerseys with the Super Eagles at the Stade Robert Diochon. “We have received calls from Nigeria that people are happy about the performance of this young team against Mali. Most people believe that we are on to a good thing with this crop of players but someone is only interested in spewing falsehood to try and embarrass the nation. “We use new jerseys for every match, and we exchange jerseys when it is necessary. The jerseys belong to the players and they are free to do whatever they want with them after these two matches.” Chairman of the NFF Media and Publicity Committee, Hon. Suleiman Yahaya-Kwande confirmed that the new jerseys designed for Nigeria will be unveiled at the Olympic Games in Rio de Janeiro, Brazil in August, where 1996 champions Nigeria is one of only 16 countries taking part in the men’s football tournament. Friday’s defeat by Nigeria was only the third loss in 11 matches for Mali in the past 14 months, and the Malians have already qualified for the 2017 Africa Cup of Nations with two matches to spare.

Glo Congratulates Eagles over Mali Win Nigeria’s National team, Super Eagles have been commended for securing a convincing win over Les Aigles of Mali in an international friendly match played at the Stade Robert Diochon in Rouen Paris , France on Friday. The Super Eagles defeated the AIgles (Eagles) of Mali by a lone goal scored in the 77th minute of the match by Manchester City’s forward Kelechi Ihenacho. The Eagles of Mali, ranked 63 by FIFA, four places above the Super Eagles gave a good account of themselves in a keenly contested match. Globacom, in a press statement on Friday advised the Eagles Super Eagles to work on their current form , improve on it and build a formidable team to regain “...our lost glory in football”. The company commended players for the unity and team-spirit on the pitch, saying that such unity is needed for the team to become a force to be reckoned with in the world of football. “If the Super Eagles continues to play like they did on Friday, they could rise beyond the mediocrity of the past to build an exciting team that

can face any team in the world with confidence, ”Globacom stated.

Rivers State Governor Nyesom Wike (right) been introduced to the former Everton FC Manager, David Moyes (left) while Joseph Yobo watches with keen interest last Friday in Port Harcourt.

DStv Ready for Euro 2016 and Rio 2016 Live Matches slashes HD Zapper Decoder to N9,900

DStv has announced plans to broadcast live the 2016 Euro tournament taking place in France and the 2016 Olympic Games in Rio, Brazil. For the duration of both tournaments, Euro 2016 will be available on SS11 (channel 231) and SS 12 (channel 232), while the Olympics will have seven dedicated channels to broadcast all the actions live.The SuperSport studios will also provide highlights and analyses of the tournaments by experts such as Jay Jay Okocha,Victor Ikpeba and Benny McCarthy, among several others. In addition, DStv is offering the HD Zapper decoder at N9,900 to

subscribers as well as prospective customers.This offer is effective May 27, 2016. Felix Awogu, General Manager, SuperSport, while making these announcements in Lagos, said: “SuperSport has always been associated with quality and we pledge to always deliver worldclass content to our subscribers. In furtherance to this tradition, we will be bringing the Euro and Rio 2016 tournaments live to the living rooms of subscribers, entertaining them with the blow-by-blow actions of all the matches.” The highpoint of the event was the announcement of the price reduction

of the full unit of the HD Zapper decoder which comes with a one month free subscription, at N9,900. “This is the lowest we have given our subscribers in the last 15 years,”said Martin Mabutho, General Manager, Marketing, Multichoice Nigeria.“The offer will take effect from Friday May 27 and will last for the duration of the Euro 2016 tournament, after which it will revert to its original price,”Mabutho added. For the Rio 2016 Olympics, Mabutho said seven SuperSport channels have been dedicated to broadcast all the sporting actions and other interesting content. The tournament will be available

to subscribers on SS12, SS5 and SS7, including GOtv subscribers. Aside the price slash, subscribers stand the chance of winning prizes on MultChoice’s social media platforms by participating in the ‘Predict and Win’ competition. According to Chioma Afe, Marketing Manager, DStv,“A road show will be embarked upon to shopping malls and other locations to enable our esteemed subscribers predict match outcomes and win for themselves amazing prizes. Live updates can be viewed on superssport.com as well as live streaming of matches on DStv online platforms.”

AC C E S S B A N K - U N I C E F C H A R I T Y P O LO

BUA Edge Jericho to Clinch Argentinian Ambassador’s Cup The first week of the 2016 Access Bank-UNICEF Charity Shield Polo tournament came to an exciting end Sunday at the Fifth Chukker Polo and Country Club, Kaduna with Iyatu Farms beating Titan /STL 5 - 4 1/2 to win the UNICEF Cup. BUA also edged Jericho 5 1/2 - 5 in the subsidiary final to clinch the Argentinian Ambassador’s Cup. Keffi-based Iyatu, formed by Abba

Duna Kaloma, Ibrahim Musa Dantala, Aliyu Tijjani and Rabiu Mohammed, topped the15-team table and were the favourites against the secondplaced opponents who featured Aminu Dantata, Seyi Tinubu, Jamilu Mohammed and Halifa Ibrahim. The fire-for-fire encounter saw Ibrahim scoring for Titan/STL to go 2 1/2 - 0 lead having started the match on a 1 1/2 goal handicap

advantage. Two-goaler Mohammed responded but two more goals by Ibrahim himself a three goaler keeps Titan/STL in the lead. Goals by Mohammed and Dantala sandwiched another goal by Ibrahim to make scores 4 1/2 - 4 at the end of the chukka. Iyatu had their nose in front for the first time through Dantala’s brilliant

individual goal to make score 5 - 4 1/2 as the seconds ticked away to end an exciting final match. Dantala,who scored the winning goal, as well as the most goals,was named the MVPwhichcamewithanall-expensereturn ticket to Dubai. The day’s first game saw which was a subsidiary final saw BUA defeated Jericho 5 1/2 - 5 to claim the Argentinian Ambassador’s Cup. The Argentinian

Ambassador, Gustavo Dzugala commended Access Bank and Fifth Chukker for partnering for a humanitarian course. Jericho, formed by Koyinsola Owoeye, Babao Lawal, Saidu Umar andAhmadu Umar. And it was threegoaler Umar,who got the opening goal tocloseinontheiropponents,whobegan the game with a 1 1/2 goal advantage due to handicap difference.

people to invest in the sports.” Soetan added:“We are expecting a lot of people to be here tomorrow. When the sponsors see the numbers, they will be willing to invest in the sports. The Nigeria Cycling Federation (NCF) is offering us technical support and we are very happy about that. We want

to prove that anybody can do it. We are hoping for support from the federal government in the area of road infrastructure, such as cycling lanes, and encourage people to cycle. When you have more government supports a lot of people decide to get involved in the support.”

‘We Want to Promote Cycling in Nigeria’ Ugo Aliogo

As parts efforts to promote the game of cycling in Nigeria and get more people involved, Cycology cycling club will be organising the 2016 cycology criterium on May 30, at Eko Atlantic, Lagos from 10a.m. Speaking at a press briefing in

Lagos yesterday, the captain of the club, Ladipo Soetan, said the essence of the cycling event is aimed at promoting the sports in Nigeria, and get people to be involved in the sports, adding that the federal government spent 18 million naira in Cycling, Badminton, Squash and two other sports, but this event is

costing twice that amount. He expressed confidence that tomorrow’s event would encourage interested investors to support the growth and development of the sports in the country, stressing that “at the moment they have been able to attract a great deal of sponsorship interests, but they are expecting more

Monday May 30, 2016

UT H

& RE A S O

Price: N250

MISSILE Emir Sanusi to Abused Women

“I don’t expect my in-law to lay his hand on my daughter, but I have since urged her to retaliate any form of assault from her husband” —The Emir of Kano, Alhaji Muhammadu Sanusi II, kicking against violence on women and girls as well as child marriage

RENOOMOKRI GUEST COLUMNIST

President Buhari’s Federal Excuses Council

n January 22, 2016, I tweeted a joke which went viral. I had said that at meetings of the Federal Executive Council (FEC), the Minister of Information, Alhaji Lai Mohammed, would address members and say ‘turn to your neighbour and say, neighbour have you blamed Jonathan today’! Yes, it was a joke, but like most good jokes, it had and still has a basis in reality! President Muhammadu Buhari and his ministers appear ill prepared for office and the evidence of this is their inability to take responsibility for the situation of things in Nigeria. Was it not John Burroughs who said: “A man can fail many times, but he isn’t a failure until he begins to blame somebody else.” Those words should be embossed on a plaque and placed in a very prominent location at the Council Chambers of the Presidential Villa. Seeing this admonition weekly may help members of the FEC take responsibility and stop acting the victim. For example, Nigerians were shocked when the Minister of Information, Mohammed, said in December 2015 that the Jonathan administration, which had left office six months ago, was responsible for the biting fuel scarcity the nation was and is still grappling with. That statement by Mohammed is a classic case of psychological projection (a psychological disorder characterised by a patient defending himself against his own unpleasant realities by denying the existence of the reality while at the same time blaming another for it). And it gets worse. It is bad enough that this administration refuses to take responsibility for its own failures, it also wants to take credit for the success of others. In a treatise bordering on megalomania, the publicity and communications team of President Buhari’s office claimed the implementation of the Treasury Single Account (TSA) as the major achievement of the first 365 days of the Buhari administration. But for a government that prides itself on anti-corruption, that statement, fraudulent as it is, is dishonest and ‘fantastically corrupt’! First of all, the TSA was not an idea of the Buhari administration and secondly the present government did not initiate its implementation. The TSA was conceived by the Goodluck Jonathan administration and there was to be a staggered implementation because from an expert point of view, it was thought that if all federal government funds were suddenly pulled out of the commercial banking sector in one fell swoop, the shock on that sector would be so immense that it would trigger job losses and perhaps bank failures. It was thought that a gradual implementation would allow banks recover such that the baby would not be thrown out with the bath water. Enter the Buhari administration which, in a hurry to claim credit, did not tread with caution, but in one fell swoop forcefully withdrew all federal government funds with the threat of sanctions to non-compliant banks. Rather than claim this as an achievement, this administration should chalk this one up as a big failure because in their rush to implement something that should have been gradual they have unleashed an unintended consequence on the banking sector such that Nigerian banks over the last year have shed something like 50,000 jobs. As a matter of fact, the pro-Buhari Leadership Newspaper had as a major headline on September 12, 2015, ‘Banks Begin Massive Sack Over Treasury Single Account’!

Buhari Yet, even as the reality of their rushed action stares them in the face, a presidential spokesman has the nerve to accuse former President Jonathan of lacking the will to implement the TSA! And the excuses continue! In order to explain away its lacklustre performance, various ministers and mouthpieces of the current administration have been touring media houses blaming the precarious state of the economy on the refusal of the Jonathan administration to save for the rainy day when crude oil prices were high. In fact, President Buhari himself said “In the First Republic, more enduring infrastructure was built with meagre resources. But in the past 16 years, we made a lot of money without planning for the rainy day.” But even as this administration is set on revising history, it should not be forgotten so soon that the Jonathan administration met about $6.5 billion in the Excess Crude Account (ECA) and increased it to almost $9 billion by 2012. However, the Nigerian Governors Forum (NGF), using their influence at the House of Representatives, had gotten that August body to declare the ECA illegal in 2012. So excruciating was the pressure from the NGF and most notably from the then Rivers State Governor Rotimi Amaechi, for the Jonathan administration to end the ECA and the Sovereign Wealth Fund (SWF) and instead share the funds in those accounts amongst the three tiers of government that they approached the Supreme Court to challenge the legality of the ECA and Jonathan’s decision to transfer $1 billion from that account to the SWF. Working in tandem with Amaechi and his supporters in the NGF, the then minority All Progressives Congress (APC) members of the House of Representatives approached a Federal High Court on the 7th of February, 2014, for a perpetual injunction restraining the Jonathan administration from operating the ECA and to pay all the proceeds of that account into the Federation Account for sharing amongst the three tiers of government. So it is quite clear that President Buhari made the accusation on April 4th, 2016 without cross checking the facts or consulting history. If the president is not happy that more funds were not saved in the ECA, he should call a FEC meeting and ask members to get up and point accusing fingers at his ministers of transport and power, works and housing. In the last 365 days, the most consistent thing that has emanated from the FEC is blame, excuses, finger pointing and a refusal to accept responsibility. As at the last count, the president and his ministers have excused their inability

to stem the economic tide, fully defeat Boko Haram, provide jobs for Nigerians, maintain the availability of petrol, fix roads and improve power on the previous administration. The funniest thing is that just as the media team of the Buhari-led presidency was reeling out its achievement in office on its first anniversary, two state governors were also doing the same thing. The shocking thing however is that if you get the list of achievements released by Rivers State Governor Nyesom Wike and Lagos State Governor Akinwunmi Ambode, and compare them with what has been released by the presidency, the shocking verdict is that in terms of tangible achievements, like roads built and houses constructed and public infrastructure, both of these states have individually outperformed the federal government! Do not take my word for it. Google their released anniversary documents and compare and contrast them by yourself. Ignore such silly and intangible achievements included in the presidential list like ‘motivated the military’ and ‘no more road blocks and curfews’ (believe me, the president’s team listed these as his achievements!) and focus on tangibles like roads constructed or hospitals built etc and it becomes clear to even the most brainwashed Buhari supporter that both Lagos and Rivers individually beat the federal government hands down. Both Wike and Ambode took over from predecessors that did not really support them and who left huge debts and a high monthly wage bill, yet despite these seeming obstacles, both of them have proven the adage true that you will either find a way or you will find an excuse. And for those who are saying that it

is not realistic to expect a new government to achieve much, let me remind them that in his first year in office, former President Jonathan did not deliver excuses or blames. In fact in his first year, former President Jonathan revived the Nigerian Railway Corporation (NRC) and for the first time in decades, the Lagos to Kano rail services commenced in 2012 at a cost of N1,500. He also built nine new universities including the only federal university in Katsina State where President Buhari hails from. Inflation reduced from 10.2 per cent to 9.4 per cent in his first year and remained at single digit throughout his tenure. Average Life Expectancy increased from 47 years to 52 years (according to the UN). In the same period, he also launched the NigeriaSat-2 and NigeriaSat-X satellites to expand Internet bandwidth and provide early warning to prevent natural disasters as well as established the Automotive Development Fund amongst others. Many Nigerians must be wondering that if the Jonathan administration was as bad as the Buhari government says it is, then how come he had to leave office before they started experiencing double digit inflation, negative economic growth rate and ‘budget padding’? In conclusion, the word ‘execute’ means to carry out or put into effect something. When you have a body of men and women who are not carrying out anything, it is hard to see how you can honestly call them a FEC. What are they executing? Put it this way, are you an executive if all you do is execute excuses? • Omokri, a former social media aide to former President Goodluck Jonathan, is the founder of the Mind of Christ Christian Centre in California

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