Thursday 16th June 2016

T H I S D AY THURSDAY JUNE 16, 2016

3

4

THURSDAY JUNE 16, 2016 T H I S D AY

T H I S D AY THURSDAY JUNE 16, 2016

5

8

T H I S D AY • THURSDAY, JUNE 16, 2016

NEWS MARKET RALLIES, ANALYSTS BULLISH AS CBN FLOATS NAIRA bank loan, hurt your interest charges on your bank loans.

So we need to be very careful.

“And that’s the reason we’ve starting the OTC FX futures market, so that you can take it easy. If you are not too sure, go to the futures, commit yourself to a rate and you’ll find a deal – all the banks will provide you with a FX futures rate whether from one to nine months and with that, you are able to go about your business without losing sleep.

“We’ve committed ourselves to the level of guarantees to say, it’s like a bet if the rate that you get eventually at the time of your futures maturing is higher than the deal date, as we will pay you the difference.

“But if the rate on that day is lower than the deal date rate, you’ll pay us the naira equivalent,” the governor explained.

Revised Guidelines for NIFEX Market Following Emefiele’s briefing, the CBN yesterday posted the revised guidelines for the operation of the NIFEX market on its website, stating that the CBN shall operate a single market structure through the autonomous/interbank market, i.e. the interbank forex market with the CBN participating in the market through interventions directly in the interbank market or through dynamic “Secondary Market Intervention Mechanisms”.

Furthermore, it stated that in order to promote the global competitiveness of the market, the interbank FX market would be supported by the introduction of additional risk management products offered by the CBN and authorised dealers to further deepen the market, boost liquidity and promote financial security in the market.

“Additionally, to further improve the dynamics of the market, the CBN shall introduce FX Primary Dealers (FXPDs).

These shall be registered authorised dealers designated to deal with the CBN on large trade sizes on a two-way quote basis, amongst other obligations as stated in the FXPD Guidelines.

“Participants in the interbank FX market shall include authorised dealers, authorised buyers, oil companies, oil service companies, exporters, end-users and any other entity the CBN may designate from time to time.

“Authorised dealers shall buy and sell FX among themselves on a two-way quote basis via the FMDQ Thomson Reuters FX Trading Systems (TRFXTConversational Dealing), or any other system approved by the CBN. “Authorised dealers may offer one-way quotes (bid or offer) on all products and on request to other authorised participants via the FMDQ Thomson Reuters FX Trading System (FMDQ TRFXT - Order Book System), or any other system approved by the CBN. “The maximum spread between the bid and offer rates in the interbank market shall be determined by FMDQ OTC Securities Exchange (FMDQ) via its market organisation activities with the Financial Market Dealers Association (FMDA).

“Proceeds of foreign investment inflows and international money transfers shall be purchased by authorised dealers at the interbank rate," it added.

However, to further deepen the FX market, in addition to

the already approved hedging products referenced in the CBN “Guidelines for FX Derivatives and Modalities for CBN FX Forwards”, the new circular stated that authorised dealers are now permitted to offer naira-settled non-deliverable over-the-counter (OTC) FX Futures.

It explained that OTC FX Futures’ transactions shall be non-standardised with fixed tenors and bespoke maturity dates, adding that the OTC FX Futures sold by authorised dealers to end-users must be backed by trade transactions (visible and invisible) or evidenced investments.

“FMDQ will provide the appropriate benchmarks for the valuation and settlement of the OTC FX Futures and other FX derivatives. FX OTC Futures and Forwards will count as part of the FX positions of authorised dealers.

“To promote market liquidity, authorised dealers may apply FX spot transactions to hedge Outright Forwards, OTC FX Futures and FX Options, etc.

“Settlement amounts on OTC FX Futures may be externalised for Foreign Portfolio Investors (FPIs) with Certificates of Capital Importation. Such settlement amounts shall be evidenced by an FMDQ OTC FX Futures Settlement Advice,” the guidelines stipulated.

CBN further referenced its earlier Circular Ref: TED/FEM/ FPC/GEN/01/001 dated 12th January 2015, authorised dealers, (FXPDs and non-FXPDs), a review in the daily foreign currency trading positions of banks has been made with a new limit of +0.5%/-10% of their shareholders’ funds unimpaired by losses as Foreign Currency Trading Position Limits to support their obligations as liquidity providers at the close of each business day.

“Where an authorised dealer requires a higher position limit to accommodate a customer trade, the authorised dealer shall contact the Director, Financial Markets Department.

“Where the request is assessed as valid, the director shall communicate immediate approval by text or email to the authorised dealer. Thereafter, the authorised dealer must, with 24 hours, write to the Director, Financial Markets Department who will thereafter communicate an approval in writing.

“The Director, FMD shall exercise discretion on the duration of the temporary position limit depending on the estimated defeasance period of the transaction size.

“Returns on the purchases and sales of FX shall be rendered daily to the CBN by authorised dealers. Interbank funds shall NOT be sold to Bureaux-de-Change,” it stated.

According to the CBN, participation in the FX market by the CBN shall be via: the Interbank FX Market or Secondary Market Intervention Sales (SMIS).

Guidelines for Primary Dealership in Forex Products In a separate circular on the guidelines for primary dealership in foreign exchange products, the central bank explained that the FXPDs system is one whereby interested authorised dealers are accorded access to transact FX products directly with the CBN. The main objectives for the establishment of primary

dealership in FX products, the CBN explained are: to achieve exchange rate management policy objectives; to improve the effectiveness of CBN FX market intervention activities; and to enhance market liquidity.

In addition, it stated that the FXPDs shall be evaluated on the following qualitative criteria: strong FX trading capacity (qualified and experienced; FX dealers, strong sales teams, and wide distribution networks); deployment of all FMDQ1 Thomson Reuters FX Trading Systems or any other systems approved by the CBN; dealing room standards and a dealing room supported by independent market risk management, back-offices and effective disaster recovery plan, among others.

The FXPDs are expected to have a minimum shareholders fund unimpaired by losses of at least N200 billion; minimum of N400 billion in total foreign currency assets; and minimum liquidity ratio of 40 per cent.

“FXPDs shall have a maximum limit of +0.5%/10% of their shareholders’ funds unimpaired by losses as Foreign Currency Trading Position Limits. Where an FXPD requires a higher position limit to accommodate a customer trade, the FXPD shall contact the Director, Financial Markets Department.

“Where the request is assessed as valid, the director shall communicate immediate approval by text or email to the FXPD. Thereafter, the FXPD must, with 24 hours, write to the Director, Financial Markets Department who will thereafter communicate an approval in writing.

“The Director, FMD shall exercise discretion on the duration of the temporary position limit depending.

“FXPDs must have a robust business continuity plan and be able to interface with the CBN from an alternate location (Contingency Dealing Room) in the case of a disaster.

“FXPDs’ disaster recovery capabilities, as reflected in their business continuity plans and are routinely tested, should ensure continuous participation in CBN’s FX trading operations (including trading, clearing and settling) in the event of a widescale disruption in the FXPD’s primary place of business.

“The CBN expects FXPDs to maintain a robust compliance programme, including procedures to identify and mitigate legal, regulatory, financial, and reputational risks.

Such programme should include compliance officers dedicated to the business lines relevant to the FXPD functions.

“The CBN will not designate as FXPD, any authorised dealer that is, or recently (within the last year) has been subject to financial market- related litigation or regulatory action or investigation that the CBN determines material or otherwise relevant to the potential FXPD. “In making such determination, the CBN will consider, among other things, whether and how any such matters have been resolved or addressed and the authorised dealer’s history of such matters.

“In addition, with regard to registered FXPDs, the CBN may limit access to any or all operations, and may suspend or terminate the FXPD status of an authorised dealer, at anytime deems necessary, if it becomes the subject of, or is involved with, regulatory or legal proceedings that, in the judgment of the CBN, unfavourably impacts the FXPD relationship.

“FXPDs shall maintain such accounting and other records of their respective activities in the interbank FX markets as set forth by the CBN and other relevant regulatory authorities from time to time and render returns of trades executed with the CBN to the Bank.

“All FXPDs shall submit a weekly report of FX transactions undertaken by them in the format advised by the CBN. FXPDs shall advise CBN the authorised dealers for which they do not have PSR lines for and state the reasons why.

“FXPDs shall treat all non-public information received from the CBN and, in particular, information relating to transactions and outstanding positions with the highest degree of confidentiality.

FXPDs shall not share this confidential information with any third party unless required to do so by applicable law or a court order,” the guidelines for FXPDs stipulated.

How CBN NairaSettled OTC FX Futures Will Work In addition, providing clarification on how the CBN Naira-settled OTC FX Futures would work, the central bank explained that the proposal of the OTC FX Futures are Non-Deliverable Forwards (i.e. a contract where parties agree to an exchange rate for a predetermined date in the future, without the obligation to deliver the underlying US dollar (notional amount) on the maturity date, i.e. the settlement date).

On maturity date, it will be assumed that both parties would have transacted at the spot FX market rate. The party that would have suffered a loss with the spot FX rate will be paid a settlement amount in naira, according to a document on the central bank’s website.

The CBN stated that it would kick off the market by acting as the seller of OTC FX Futures contracts for defined tenors, i.e.

1-month, 2-month, 3-month, 6-month, 9-month, 12-month, 18-month and 24-month.

The dollar/naira OTC FX Futures contracts will provide the CBN the opportunity to kick-start the liquidity of risk management products available to end-users in the FMDQ OTC markets.

According to the central bank, the contracts would assist the CBN to manage the volatility in the spot FX market thereby promoting stability and entrenching confidence in the FX market.

Furthermore, it explained that all OTC FX Futures contracts would be trade-backed, adding that visible, invisible and investments qualify for OTC FX Futures.

FMDQ will act as the ‘OTC FX Futures Exchange’ and its appointed agent, the Nigeria Inter-Bank Settlement System PLC (NIBSS) will clear the interbank OTC FX Futures, i.e. collect initial and variation margins and settle the party to compensate on the maturity date.

“The introduction of the OTC FX Futures market will encourage end-users to spread out their demand for spot FX deals as they are now able to lock down the exchange rates for future FX requirements. This has the potential to eradicate the constant frontloading of FX requirements and minimise the disequilibrium in the spot FX market.

“End-users will make better judgements as to the timing of

accessing the spot FX market.

The availability of the OTC FX Futures will improve the business planning practice of end-users and FX sellers, as the future exchange rate is guaranteed through the OTC FX Futures.

“An end-user (buyer of USD) may consider it wiser to delay the purchase of its USD requirement in the spot FX market if the spot FX rate is higher than the OTC FX Futures rate of a particular tenor. The end-user will borrow USD or obtain trade finance and simultaneously hedge its exchange rate exposure with an attractive OTC FX Futures sold by the CBN. “At maturity of the OTC FX Futures contract, the end-user will access the spot FX market.

The OTC FX Futures will be used to attract significant capital flows to the Nigerian fixed income and equity markets as returns can now be enhanced as FX exposures are hedged.

Foreign Portfolio Investors (FPIs) will be able to use the OTC FX Futures for capital protection.

“The envisaged increase of supply of US Dollars due to the OTC FX Futures offered by the CBN in the spot FX market will cause the spot FX rate to moderate.

“OTC FX Futures which are non-deliverable are ideal for FPIs and even Foreign Direct Investors (FDIs). OTC FX Futures can be used when the investor wants to hedge the exchange rate risk without interest in buying outright forwards which will necessitate liquidation of its investment to pay for outright forwards.

“Banks will increase the liquidity in the OTC FX Futures market (by selling OTC FX Futures) if $/N Spot FX rate starts dropping. This may cause the Spot FX rate to drop further,” it added.

Equities Rise, Naira Remains Stable Reacting to the adoption of a floating exchange rate regime yesterday, the Nigerian Stock Exchange All-Share Index (NSE-ASI) rose by 3.17 per cent to close at 27,891.96, up from 27,034.05 the previous day, while market capitalisation added N279 billion to close higher at N9.579 trillion.

Similarly, the volume of trading soared by 244 per cent from 170,686 million shares valued at N2.424 billion the previous day to 588.437 million shares worth N3.477 billion yesterday.

The market had recorded losses for three consecutive days starting from last Friday before the rebound yesterday.

Some market analysts attributed yesterday’s rally to the central bank’s announcement on the details of the new forex guidelines.

In the parallel market, on the other hand, the rate of the naira remained stable selling at N370 to a dollar yesterday, same value at which it sold on Tuesday.

Analysts Welcome New Forex Policy Speaking on the new NIFEX policy, the Managing Director/ Chief Executive, Cowry Asset Management Limited, Mr. Johnson Chukwu, expressed satisfaction with it, saying that a flexible exchange rate would provide opportunity for inflows from other sources other than crude oil sales.

According to him, the decision to allow foreign

remittances to be converted at the interbank rate as well as inflows from foreign investment would help to address the disincentive that operators and other players in those areas had witnessed in the last couple of months, forcing inflows from those sources to dry up.

“So I expect that in the medium-to-long term, but not immediately, we should begin to see improvement in inflows from other sources. I want to believe the federal government would back this up with other fiscal policies, particularly as it relates to investments and in an area like infrastructure by making the infrastructure sector attractive for private sector investments.

“That would now help drive inflows. But what the central bank has done was most expected. I think clearly, in the medium term, it would help open up the economy and help stabilise the exchange rate,” Chukwu said.

The Head of Research at SCM Capital Limited (formerly Sterling Capital), Mr. Sewa Wusu, described the decision by the central bank as a positive and good move for the economy, adding: “Although it was delayed, it is better now than never.”

“We have seen the impact of that delay on the market and by extension the economy.

All the same, the adoption of flexibility around the interbank market is a policy that would help bridge the gap that had existed in the forex market in the past, particularly the gap between the official and parallel markets. We expect that gap to fizzle out.

“Now, what has been adopted is more or less a floating exchange rate, which entails that we would see the interplay of demand and supply. That would by extension determine the true value of exchange rate in the country.

“What that means is that businesses would be able to plan with respect to their forex requirements and that is very critical. It would also help reduce the volatility we have seen in the market over a long period of time.

“Also, the introduction of the futures market is a positive one.

It would allow for demand to be met and apart from that, you can also hedge in your transactions. So that would help for proper business planning,” he said.

However, Wusu expressed concern over forex supply in the market considering the weak value of the country’s external reserves.

In a note to THISDAY, London-based Economist at Exotix Partners LLP, Alan Cameron, said judging from the statement, the CBN would keep the bulk of its intervention for the NDF market (forward market) while futures would also be introduced, with FMDQ acting as the platform.

“Overall, this looks like quite a bold step towards liberalisation – and certainly better than many investors’ expectations (and our own), who have seen many false dawns before.

“The key feature here is that the multiple tiers/layers have been removed – the sub-text of this decision that the president (Muhammadu Buhari) has finally recognised that multiple tiers lead to arbitrage, and arbitrage creates opportunity for fraud.

“Reading a bit deeper into things, we are also tempted to conclude that this is a sign of Buhari handing the reins of the economy (back) over to his ministers,” he added.

THURSDAY, JUNE 16, 2016 • T H I S D AY

9

NEWS

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

Obanikoro Addresses $2.1bn Arms Deal Allegation, Welcomes Extradition Process Says Buhari’s government is characterised by ethnic divisions, economic illiteracy Chiemelie Ezeobi

Following the raid by the Economic and Financial Crimes Commission (EFCC) on the Ikoyi, Lagos, residence of former Minister of State for Defence, Senator Musiliu Obanikoro, last Tuesday, the former minister has dismissed the allegations of his involvement in the $2.1 billion arms deal, adding that they were based solely on rumours.

Obanikoro who had earlier responded to the raid by the commission, during which his cars and valuables were carted away by the agency, through his media aide Jonathan Eze, however decided to address the incident himself.

In a series of posts on his Facebook page yesterday, he said the raid by the EFCC was based purely on rumours of his supposed involvement in the $2.1 billion arms deal and the National Security Adviser’s imprest account.

He said: “Suggestions of an EFCC investigation have dwelt solely in the realm of rumour, over which I have sued several media organisations.

“The rumour before was that of the $2.7 billion (sic) arms issue, now they say it is NSA imprest account. Let them make the documents public.

“EFCC has never officially made public any investigation of my record in government at any time before this illegal invasion of my house.”

While stressing that the rumours of a plan to extradite him from the United States were lies, he however said he would welcome an extradition process, as it would expose government’s shenanigans.

“Rumours of extradition are

also lies. False allegations cannot stand up to any decent legal inquiry in a civilised system such as in the US. “The allegations are lies, not backed by fact or evidence but a burning desire to obliterate the opposition and keep Nigerians distracted.

“The illegal invasion of my house and @realFFK (Femi Fani Kayode) and several others in detention, gives me no confidence in government’s willingness to do justice,” Obanikoro stated.

He added: “I welcome an extradition process as it will expose the shenanigans going on with their fraudulently fictitious fight against ‘corruption’.

“Since EFCC opted to make this a media trial/circus, let them make public any document linking me or any of my children to any financial scam.”

“I cannot submit myself to such a glaring witch hunt, injustice and charade; but I will fight it legally with God and a clear conscience on my side.”

Condemning the raid on his home during the Ramadam fast, he said: “To put one’s family and dependents through such trauma of illegal invasion, in this holy month of Ramadan is an unfair reward for service.

“I put close to two decades into public service, in opposition and in government, all with an unblemished record and a clear conscience.

“The aim of government is to distract the people from their woes. Such tactics have been tried before, in Nigeria and elsewhere, they failed.

“If hounding Peoples Democratic Party (PDP) members will solve Nigeria’s economic woes then we welcome it. This is a rather woeful attempt to distract

NLC Gives Banks 14-day Ultimatum to Reinstate Sacked Workers Paul Obi in Abuja In a move to confront some banks which recently retrenched about 3,000 workers, the Nigerian Labour Congress (NLC) yesterday issued a 14-day ultimatum to six banks to reinstate sacked workers or face shut down of their headquarters and branches across the country.

The letter of ultimatum was issued to Fidelity Bank, Diamond Bank, First City Monument Bank, First Bank, Eco Bank and Skye Bank.

At the last count, the six banks had sacked nearly 3,000 workers citing economic recession and dwindling returns as the reason for mass sacking of their staff.

But a statement, signed by the NLC Deputy General Secretary, Mr. Chris Uyot, on behalf of the President, Ayuba Wabba, said the inability of the banks to address the crisis with the National Union of Banks, Insurance and Financial Institutions Employees prompted the NLC to take the current stand of shutting down the banks.

Uyot said: “I have been directed to notify you that we have been informed by our affiliate union, the National Union of Banks, Insurance and Financial Institutions Employees that your bank has arbitrarily sacked a large number of workers contrary to laid down procedures and the country’s extant labour laws.

“In addition, you have also resisted unionisation of workers in your bank despite spirited efforts by the union to amicably engage you in the process.

“By this letter, we are giving your bank 14 days ultimatum commencing from today to immediately recall all workers sacked and allow unionisation of workers in the bank or face industrial action, which may include closure of your banks and all its outlets nationwide.

“While hoping our request meets your kind consideration, please, accept our goodwill and best regards.”

from those woes.

“If the harassment of PDP members will help government to deliver good governance, many of us would submit ourselves willingly to martyrdom.

“But unfortunately, harassing PDP leaders is not in any way equal to the delivery of good governance, no matter who applauds such illegality.

“The illegal invasion without EFCC invitation, notice of investigation or a court order is also a mockery of the intelligence of Nigerians.

“The illegal invasion and raid is a mockery of justice, an expression of disdain towards the judicial system and a terribly bad precedence

“Such invasion and raid of my house without prior invitation from EFCC to me or any court order towards this, signals a return to despotism.

“Furthermore, no court ordered a raid on my house or seizure of my belongings. Any such move is illegal and will be fought against legally.

“Let me reiterate clearly; I have never received any invitation from EFCC over any issue up till date. This invasion therefore is premature.

“In 16 years of democracy, we thought we had conquered despotism for good in Nigeria but in one year, this government has brought it back.

“The invasion and raid of my

residence yesterday (Tuesday) by agents of the state is a sad throwback to a tyrannical past that is better forgotten.”

While addressing Nigerians, he said: “Nigerians must remain steadfast in condemning the nepotism like ethnic divisions and economic illiteracy that have characterised this government.

“Pursuing Obanikoro, hounding (Alison) Madueke, detaining FFK and (Sambo) Dasuki will not distract the people from the failure of government to deliver on its own promises.

“This is a government determined to outdo the abysmal and ignominious economic records of December 31, 1983 to August 27, 1985 that ended

in shame.

“This is a government that promotes ethnic divisions, distracts from issues, political persecution and official gangsterism from high places.

“I also remain unshaken in my belief that truth will prevail over falsehood, as ever before, no matter how exciting the falsehood may sound.

“I remain confident in my ultimate vindication and urge EFCC to make public any investigation so far conducted without any invitation to me.

“I commit myself, my family, my allies, and my friends into the hands of the Almighty God to whom all of us will give account one day.”

THE MEN IN CHARGE

R-L: Vice President Yemi Osinbajo; Secretary to the Government of the Federation (SGF), Mr. Babachir David Lawal; and Chef of Staff to the President, Mallam Abba Kyari, as the vice president presided over the Federal Executive Council (FEC) meeting held at the Council Chamber of the Presidential Villa in Abuja....yesterday GodwiN omoiGui.

Senate Constitutes C’ttee to Probe Non-remittance of N1tn by NNPC Corporation, others owe NIMASA $3.78bn Omololu Ogunmade in Abuja The Senate yesterday constituted an ad hoc committee to probe the allegation by the National Extractive Industries and Transparency Initiative (NEITI) that Nigerian National Petroleum Corporation (NNPC) failed to remit over N1 trillion to the federation account in 2013.

The move was a spontaneous reaction to the submission by the Executive Secretary of NEITI, Mr. Waziri Adio, before the National Assemblyduring yesterday’s plenary. Adio had been summoned by the Senate last week to appear before it yesterday and brief it on the allegation of non-remittance of over N1 trillion to the federation account by NNPC. Adio had in his submission, said the audit of the 2013 oil and gas report showed that the country made $58.07 billion out of

800.3 million barrels of crude oil adding that out of this sum, the total outstanding revenue from NNPC stood at $3.787 and another N358.287 billion.

According to him, the total losses to the federation as a result of offshore processing arrangement (OPA) crude oil swap, crude oil theft, among others, stood variously at $5.96 billion and another N20.4 billion adding that the total under-assessment and under payment by companies due to contested pricing methodology was $599.8 million in 2013.

Furthermore, he said the income of $58.07 billion realised in 2013 implied a decline of eight per cent when compared to $62.99 billion generated in 2012.

Also said the decrease in 2013 was largely due to a drop in the sales revenue from crude oil and gas which he attributed to a reduction in production

and lifting volume caused by the divestment of the federation equity in some oil mining licence (OMLs) notably a Shell Petroleum Development Company (SPDC) joint venture (JV) calls from which NNPC lifted crude oil on behalf of NPDC instead of the federation.

He also attributed the decline to deferred production and crude oil losses and destruction of production facilities and pipeline oil breakages as well as crude theft. He added that there was a reduction of 25 per cent from $24.580 million in gas flared penalty in 2012 to $18.475 million in 2013.

The NEITI boss said payment was not made for four OMLS in NAOC JV assigned in December 2012 neither was the deed of assignment containing the value paid. He also disclosed that whereas eight OMLS assigned to NPDC from Shell JV between

2010 and 2011 was valued at $1.8 billion only $100 million was paid into the federation account while NPDC allegedly sat on the remaining sum of $1.7 billion.

Adio further told the senators that whereas between 2005 and 2013, Nigeria Liquefied and Natural Gas (NLNG) paid $12.9 billion dollars to NNPC, the corporation only acknowledged the payment but failed to remit the money to the federation account.

After the Senate President, Bukola debated the submission of Adio, Saraki constituted a nine-man committee with the following terms of reference: reexamination of financial processes, fiscal audit of NEITI, financial loss and leakages to the government, among others.

He said: “Based on the fact that the issues we talked about

Cont’d from Pg 59

10

THURSDAY, JUNE 16, 2016 • T H I S D AY

NEWS

Rampaging PDP Youths Sack Sheriff from Party’s Secretariat

Oladipo, Adeyanju jump fence to escape DSS operatives withdrawn from secretariat Party’s national caucus, governors meet Allegation of being APC stooge, ridiculous, says Sheriff Onyebuchi Ezigbo in Abuja and Michael Olugbode in Maiduguri Less than two days after he stormed the National Secretariat of the Peoples Democratic Party (PDP) along with his loyalists to imposed himself as National Chairman, of the party aggrieved youths have sacked Senator Ali Modu Sheriff from the national secretariat.

The group of youths under the aegis of PDP National Rebirth Group and PDP Concerned Rescue Group invaded the party premises yesterday morning and sealed off

the party’s national headquarters and handed the keys over to the Chairman of the Board of Trustees (BoT), Senator Walid Jibrin.

In what looked like the high point of over five hours of demonstration at the PDP headquarters by protesting youths who threw their support behind Senator Ahmed MakarfiNational Caretaker Committee, those who came with Sheriff to occupy the place were sacked.

Following yesterday’s allegation by the Makarfi-led National Caretaker Committee accusing the Department of State Services (SSS) of providing the

ousted chairman, Sheriff security to storm the PDP secretariat, the department has withdrawn its men from the secretariat.

Even the police presence was very light compared to when the security agents were deployed in the wake of the latest leadership crisis.

This was as the meeting of the national caucus, BoT and the governors’ forum get underway this night in Abuja with sole purpose of finding lasting solution to the leadership

problem.

Sheriff was however not at the secretariat when the demonstrators arrived, as he was said to have gone to Borno State for a burial.

There was a report that he was invited by the Economic and Financial Crimes Commission (EFCC) to its Maiduguri office in connection with PDP campaign fund.

But his media aide, Inuwa Bwala denied the report saying they were in Maiduguri, Borno

State capital for a burial and that he would be back to Abuja later in the day.

“There was no such thing.

He went to Maiduguri for a burial and is billed to be back by 4p.m. today (Wednesday).

“I saw the post by an anonymous source and I believe it is part of the smear campaigns going on. Sheriff can never be involved with the pittance that was alleged to have been earmarked for him,” Bwala said.

The two former members of the National Working Committee (NWC)of the party who are in Sheriff’s camp, Professor Adewale Oladipo (former National Secretary) and Alhaji Adewole Adeyanju (former National Auditor) who were at the National Secretariat escaped mob attack by whisker.

The two former national officers who earlier forced their

Cont’d on Pg 58

Court Remands Jonathan’s Aide, Dudafa in Prison Davidson Iriekpen Federal High Court in Lagos yesterday remanded in prison custody, Warpamo Dudafa, former Special Assistant on Domestic Affairs to ex-President Goodluck Jonathan over alleged fraud.

Also ordered to be remanded in prisons custody is one Iwejuo Joseph Nna who is also known as Taiwo Ebenezer and Olugbenga Isaiah.

They were arraigned before Justice Mohammed Idris on a 23-count charge bordering on alleged N5.1 billion fraud by the Economic and Financial Crimes Commission (EFCC).

The accused persons pleaded not guilty to all the charges, and upon their pleas, the prosecutor, Rotimi Oyedepo, urged the court to remand them in prison custody, and adjourned for trial.

However, counsel to the accused persons, Gboyega Oyewole and Sunday Abumere, informed the court that their clients’ bail applications had been filed, and same had been served on the prosecution.

They urged the court to admit their clients on bail in liberal term.

But Oyedepo admitted receiving the bail applications.

He, however, informed the court that he was not opposing the bail applications but needed time to respond.

Upon the submissions of both parties, the trial judge ordered that the accused persons be remanded in prisons custody till the court decides on their bail applications tomorrow.

In the charge sheet endorsed

by Oyedepo, EFCC alleged that Dudafa and Joseph Nna, who also claimed to be Taiwo Ebenezer and Olugbenga Isaiah, had between June 11, 2013, and June 2015, used different

companies to fraudulently steal and commit the alleged offences.

Some of the companies allegedly used in committing the alleged offences are Seagate Property Development and Investment Limited, Avalon Global Property Development Company Limited, Iwejuo Joseph Nna and Pluto LUTO Property.

Others are Investment Company Limited, Iwejuo Joseph Nna and Rotate Interlink Services Limited.

Others are Ibejige Services Limited, DE Jakes Fast Food and Restaurant Nigeria Limited and Ebiwise Resources.

The count one of the charge read in part: “That you, Warpamo Owei Emmanuel Dudafa and Iwejuo Joseph Nna (a.k.a. Taiwo Ebenezer and Olugbenga Isaiah), on or about June 11, 2013 in Lagos, within the jurisdiction of this court conspired amongst yourselves to commit an offence, to wit: concealing the proceeds of crime in the sum of N1.6 billion and you thereby committed an offence contrary to Section 18(a) of the Money Laundering (Prohibition) (Amendment) Act, 2012 and punishable under Section 17(a) of the same Act.” Another count of the charge read: “That you, Warpamo Owei Emmanuel Dudafa, on April 27, 2016 in Lagos, within the jurisdiction of this court failed to furnish any information in relation to your interest in Ibijige Services Limited as required in page 12 of the declaration of assets form and thereby committed an offence contrary to and punishable under section 27 (3) (c) of the EFCC (Establishment) Act 2004.”

The alleged offences are said to be contrary to and punishable under sections 17(a), 18(c), and 27 (3) (c) of the EFCC (Establishment) Act 2004.

ENOUGH IS ENOUGH

Youth group of the Peoples Democratic Party (PDP) taking over the party’s national headquarters in Abuja....yesterday ENOCK REUBEN

House Cautions against Use of Force in Niger Delta Choice of official vehicles divide lawmakers Damilola Oyedele in Abuja The House of Representatives has cautioned the federal government on its use of force in its attempt to stop the attacks on oil facilities by the Niger Delta Avengers (NDA) in the region.

It advocated the formulation of a sustainable plan to end militancy in the region, rather than the confrontational approach being adopted.

The House also appealed to the (NDA), to cease the incessant attacks on oil pipelines and facilities and embrace dialogue.

Hon. Ekpenyong Ayi (Cross River PDP) and 30 others, in a motion, called for improved funding of the amnesty programme and a strategic plan to end militancy on the region.

The amnesty programme of late President Umaru Musa

Yar’Adua was instrumental to the rise on oil revenues and curbing militant activities in the region, Ayi recalled.

“The incessant attacks on oil facilities have led to Nigeria losing its place as Africa’s largest oil producer because it’s oil output has fallen to a 22 year low of 1.4 million barrels per day against the budgetary target of 2.2mbpd,” he said.

Ayi added that the huge slash in the budget for the amnesty programme from N55billion to N20billion threatens its sustainability.

“This has led to a resurgence of militancy, as the militants are being owed arrears of stipends which have in turned to slump in oil production, “the lawmaker said The attacks, he added, have contributed to the low electricity

output.

Meanwhile an executive session by members of the House of Representatives yesterday turned into a stormy session as the lawmakers argued over the choice of vehicles to be purchased for their oversight functions.

Some of the lawmakers favoured the Prado Land Cruiser Sport Utility Vehicle (SUV) purchased for their Senate counterparts, while others argued in favour of the Toyota Camry 2016 model. Others expressed preference for the Peugeot 508.

The lawmakers espoused the advantages of their choices over the others. Those who canvassed for the Prado SUV pointed out its ability to smoothly navigate tough terrains, while the Camry advocates argued for its understated elegance alongside its durability.

A lawmaker who spoke with THISDAY off record, disclosed that tells champions of the Peugeot 508 noted that the manufacturer now assembles in Nigeria.

“We are talking about ‘buy Naija’,” the lawmaker said.

THISDAY gathered that most of the first timers preferred the Prado SUV, while old members okayed the other two choices.

“But with the slash in our budget, it is surprising that some would still want us to buy Prado suit,” the lawmaker added.

Chairman of the Committee on Media and Public Affairs, Hon. Abdulrazak Namdas, a few weeks ago had said the House would purchase 360 Peugeot 508 cars for each of its members for their oversight functions.

T H I S D AY THURSDAY JUNE 16, 2016

11

14

T H I S D AY • THURSDAYJUNE 16, 2016

COMMENT

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

HOLD ON BABANGIDA, THANK YOU (1) Innocent Oparadike pays tribute to former military president, Ibrahim Babangida

T

he rumoured death of Nigeria’s former military president, which thankfully turned out to be the figment of someone’s twisted imagination jolted me to action.

It reminded me that death is inevitable and inexorable for every mortal. Like all mortals, Ibrahim Badamosi Babangida, Nigeria’s only military president will one day die. But he should hold on, he shouldn’t be in a hurry to transit to the other world.

This is for two reasons. First, he owes Nigerians an authentic account of his colourful life as a soldier, president and statesman.

Two, he has to wait for me to pay him a debt of gratitude that has burdened me for 31 years. In 1985, General Babangida broke a glass ceiling. He brushed aside threats, blackmail and high level conspiracy to make me editor of the federal government-owned New Nigerian Newspaper. I thus became the first and only southerner and Christian to edit the New Nigerian.

The story actually started in 1982. Chief MKO Abiola, Publisher of the Concord Newspapers had directed that all political stories had to be cleared with me. Some of the editors of the individual titles resented this directive. One of them told the publisher that I was using the position to enrich myself. Chief Abiola ordered an investigation.

Unknown to me, my lifestyle and banking relationships were thoroughly investigated. The outcome reinforced his faith in me. He promoted me from chief political correspondent to group political editor.

When I got to know of the investigation, I felt like a victim. My joy at being promoted was dampened by the thought of being surreptitiously investigated. I used this as an excuse to accept an offer to be the pioneer editor of a new newspaper to be based in Kaduna, known as the Democrat.

Courtesy demanded that I inform a publisher who had treated me as his kid brother. He apologised for doubting my integrity but asked me to see the brighter side. He advised me against taking up the Democrat job. He said it was a ploy to get me out of the system. He revealed that the Northern establishment had asked him to fire me but he refused. He warned that by taking the appointment I was making myself vulnerable. They would use me and fire me. Unfortunately, I had given me word to the prospective employers who took me on a facility tour prior to making me an offer.

My stay at the Democrat was brief. The first rescue mission of General Buhari spelt the death of the Democrat as unknown to me until then; its continued survival was dependent on the National Party of Nigeria (NPN) remaining in power. With that coup and the drying up of the funding, the dream of a Daily Democrat fled. I became a

BABANGIDA OWES NIGERIANS AN AUTHENTIC ACCOUNT OF HIS COLOURFUL LIFE AS A SOLDIER, PRESIDENT AND STATESMAN

columnist in the weekly paper, and received a hefty salary I didn’t earn. I felt obliged to resign and I did. Members of the Board of Directors couldn’t believe that a Nigerian with a young family (I wedded Lady Esther in 1983) would resign for not earning his pay.

Just as I was to leave Kaduna for Lagos, I saw an advertisement in the New Nigerian for vacancies that included Editorial Board Members and Deputy Editor. I settled for member, editorial board, but someone persuaded me to go for deputy editor and I did. Professionals were hired for the recruitment exercise. Given my qualifications and experience, I really had no competition in both the written and oral tests.

But I had an intrinsic disability. I was a Christian, Southerner and Igbo. Some hawks among New Nigerian stakeholders wanted to use the name of General Muhammadu Buhari to deny me the position. Unfortunately for them, I knew Alhaji Maida Wada, his press secretary, in the News Agency of Nigeria, where we were both pioneer staff.

I told him what was going on; he asked the general who reportedly retorted, “What is my business with who becomes deputy editor of New Nigerian?” Mallam Maida Wada came to Kaduna to tell the New Nigerian management to do the needful and leave General Buhari out of the internal politics of the newspaper house.

So, I became the deputy editor of the New Nigerian in 1984. My editor, Mallam Bukar Zarma, was a brilliant young banker who transitioned to editor, in the New Nigerian tradition that began with Mallam Adamu Ciroma, the venerable newspaper ’s first Nigerian editor and later, chief executive.

My relationship with him was a bit tricky at first. I was a professional journalist. He was a new entrant. I was also more experienced and probably older in age. With time, he understood that I meant well, had no designs on his job. He gave me ample room to perform which was smart of him, as he earned more discretionary time.

Unfortunately, there were those in house who resented his superimposition on them. They fought him to a point he needed to disengage. I became acting editor. Those who ousted the substantive editor had sought to recruit me into their group, but I told them about my loyalty to my boss.

They resented my being at the mantle of office they had successfully fought for. I became the new target.

Meantime, General Babangida had emerged as new leader following the overthrow of General Buhari in August 1985. As he assumed power, he had Commodore Ebitu Ukiwe as his deputy. We learnt that they had decided to make Mohammed Haruna, the Managing Director and me, Editor. The permanent secretary of the Federal Ministry of Information, a gentleman from a powerful family in Kano, had the duty of communicating this.

PREVENTING FUEL SHORTAGES

T

Labour should ask for a proper audit of NNPC’s accounts, reckons Steve Agwudagwu

here are some critical factors which labour unions should have brought up in their ongoing negotiations with government. Of course, if you raise these issues with the unionists, they will argue that they are none of their business because they relate to governance and not labour.

However, whether they like it or not, the issues are so fundamental that unless they are addressed ab initio, the implementation of the outcome of their negotiations with government may be marred and everybody will soon be back to the vicious cycle of fuel scarcity, price hike, strike, price cut and back to scarcity all over again. These factors are three: one revolves around the Nigerian National Petroleum Corporation (NNPC), the second has to do with the four refineries and the third is environmental.

I will start with NNPC but in doing so my intention is not to embarrass the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, who by all objective assessment, is doing a commendable job.

As a matter of fact, the issue I am about to bring up predates his appointment as minister and group managing director of NNPC. It is not to cast aspersion on NNPC as an institution either. Everybody is talking about deregulating the downstream stream sector of the petroleum industry. To succeed in this objective, NNPC as the regulator of that key sector, has to put its act together and do things right in order to be in a position to report revenues that are not subject to disputation and attract new investments into the downstream sector, a situation that forever will put to an end the ugly spectre of fuel scarcity and price hikes. If NNPC as the regulator remains murky, investors will hesitate to come because they won’t be sure of a level playing field.

NNPC is the most strategic public company today

because it manages the sector that earns almost all the revenues of the country. Being a behemoth taking care of our collective patrimony, it has to be accountable and incorruptible. The point I am alluding to is that it has to maintain proper record of its statement of affairs, a system of annual reporting and accounting, audited annually by reputable external auditors for its own creditability. However, what is on ground now is that NNPC as a corporation does not have a properly audited statement of accounts for almost five years running. As a matter of fact, it’s last signed consolidated group financial report was for 2010/20011. This is not good enough.

Truth be told, the only audit worth its name of NNPC since that time, is the PriceWaterhouse Coopers (PwC) forensic audit of February 2015 ordered by President Mohammadu Buhari to investigate the allegation of unremitted funds into the federation account by the corporation. However, the terms of reference of PwC was quite specific and focused as indicated in the report: “The procedure we performed, did not constitute an examination or review in accordance with generally accepted auditing standards or attestation.” Therefore this should not be confused with a proper audit. Though NNPC, since Dr Ibe Kachikwu came on board, has been making effort to be transparent by publishing a monthly financial statement on its Twitter platform, the figures there are at best tentative until subjected to the rigours of scrutiny for errors and mistakes by external auditors who are professionals not subject to management. Mind you, I am not saying that NNPC has no internal financial controllers and auditors; it has but they are all staff of the corporation.

If private companies on the stock exchange are compelled by law to provide statement of affairs every year and follow it up with “facts behind the

figures” appearances at the Nigerian Stock exchange (NSE) before stock brokers and investors to explain their operations for the year, why shouldn’t there be a legislation compelling NNPC, not only to cause its operations to be audited by reputable external auditors, but make it public by presenting the reports to the House Committees on finance and media at least once a year? I thought labour should have picked on this issue and pushed for a complete restructuring of NNPC as a precondition for backing down. I thought they should have asked for its signed audited accounts for 2012, 2013, 2014 and 2015, because without these, all the figures at the disposal of the negotiating teams are flimsy, unverified approximations supplied by NNPC officials, which can be modified as occasion demands and therefore not reliable for planning. Without proper accounts, what reasons have labour unions and civil society groups to trust the figures on revenue receipts, expenditure, investments and projections, even subsidy payments, being presented at the negotiating tables right now?

I think labour should suspend all negotiations with the government for six months at least to enable NNPC supply it with signed audited accounts for the years already mentioned. William Chambers, an 18th century politician and publisher explained the picture I am trying to paint this way: “Conventional wisdom is that government cannot be effective in absence of public trust. Government auditors play a central role in fostering such trust. Without them, citizens would lack credible insights into the soundness of the inner workings of government.” Labour is happy that it is part of the committee consisting of Employers Consultative Association (NECA), Governor’s Forum, NLC, TUC, political parties and civil society groups to negotiate minimum wage and the N500 billion palliative as captured in the budget. Suppose

by chance, due to corruption, waste and lack of transparency and other factors the revenue did not come, what will happen to the agreements reached at the negotiations? This is why I believe this matter also concerns labour, and that time has come for it to go deeper than it usually does.

The reality is that NNPC manages the energy sector for the people of Nigeria. The people should know how much it earns and how much it spends.

They should know the quantity of crude it exports and cross check to see that the dollars earned corresponds to the quantity. They should know if NNPC is doing exactly what it is set up to do, its goals and how far it is achieving them and whether its expenditures are proper. Without a properly audited statement of affairs presented publicly, how can the people know all these? If NNPC is to husband the total deregulation of the downstream sector successfully, it should follow the procedure adopted by efficient private sector enterprises. And there should be a law making this process mandatory.

The unfortunate thing is that the years when NNPC group had no audited accounts were the years when the largest amounts of subsidy were paid out to independent marketers, with uncontroverted reports of corruption among government officials. For example, in 2011 $1.8 billion was paid out as subsidy; 2012, $2.63 billion; 2013, $3.26 billion; and 2014, $3.14 billion. We only hear that the amounts have been paid. Nobody knows the quantity each individual marketer imported to deserve payment. Nobody has sat down with NNPC to examine the importation and other documents surrounding the transactions.

An external auditor would have done all these and provided the nation with a true, fair and accurate picture of all the transactions and figures associated with them.

15

T H I S D AY THURSDAY JUNE 1,6 2016

EDITORIAL PREVALENCE OF SEXUAL VIOLENCE

T

Cases of rape and related crimes should be prosecuted swiftly of the most demeaning kind which leaves scars on many victims for life.

However, having created a society in which the seemingly strong are seeking ways to display their superiority over ‘weaker’ people, rape may be a more blatant manifestation of a deeper deviation in our social psychology. It goes without saying that when positive means of personal identification and legitimate expression are suppressed, the devil finds work. But no society should condone rape which regrettably is fast becoming a social epidemic across the country.

he Lagos State Government recently disclosed that in the last one year it handled a total of 4,035 cases ranging from rape, child abuse, sexual assault, defilement, divorce, matrimonial issues, child’s custody and maintenance.

The Lagos authorities have also vowed not to shy away from prosecuting perpetrators of domestic crime no matter how highly placed in the society.

The state’s Attorney General and Commissioner for Justice, Mr. Adeniji Kazeem, who spoke on the activities of the Lagos State Domestic and Sexual Violence Response Team (DSVRT) in the last one year, said government, through the agency, equally handled a total of 192 cases. Out of those cases, Kazeem said the government dealt with 89 domestic violence cases, 62 defilement cases, 18 rape cases, six attempted rape, 10 child neglect and seven child abuse cases, while 92 cases were presently being heard in court.

It is good that the Lagos authorities are devising effective measures OUR PRIVATE NETWORK and strategies to PROVIDERS SHOULD checkmate the READILY DONATE HELP growing menace of LINES WITH FREE domestic violence CALLS FOR VICTIMS OF and sexual assaults, VIOLENCE, WHILE OUR but this is a malaise HOSPITALS AND THE that is national. What LEGAL PROFESSION is most disturbing SHOULD BE PREPARED about the report is TO OFFER PRO BONO child molestation SERVICES TO THE VICTIMS which has become very rampant in our country. Hardly a day passes without one report or another about a grown man raping a child. But it is not only children who are victims; it is a challenge at every strata of our society. Even our university campuses ordinarily considered as sane and safe havens for the acquisition of knowledge and inculcation of character have been turned into hideouts for gang-raping, sexual gratification and sex hawking.

Yet rape, as we have said repeatedly, is a violation

Letters to the Editor

T T H I S DAY

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

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

EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU, EMMANUEL EFENI, IJEOMA NWOGWUGWU GROUP FINANCE DIRECTOR OLUFEMI ABOROWA DIVISIONAL DIRECTORS PETER IWEGBU, FIDELIS ELEMA, MBAYILAN ANDOAKA, ANTHONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTORS HENRY NWACHOKOR, SAHEED ADEYEMO CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI GENERAL MANAGER PATRICK EIMIUHI GROUP HEAD FEMI TOLUFASHE ART DIRECTOR OCHI OGBUAKU II DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO TO SEND EMAIL: first name.surname@thisdaylive.com

he situation is compounded by police insensitivity while the fear of stigma (or persecution) discourages targets of violence from formalising the reports of incidents involving them. This reluctance has only contributed to the rise in the culture of impunity on the part of the perpetrators. Therefore, a point of safe, protective and comforting recourse must exist for victims of sexual violence to address their immediate needs as well as to enable them summon the courage to pursue the ends of justice. While diligent prosecution and swift and exemplary sanctions would certainly send a strong signal to the perpetrators to desist, the press remains a necessary partner in sustained efforts to curb these wanton acts of evil.

Our courts must also be more proactive and stringent in applying sanctions, as some of the verdicts, for the few that have actually been successfully prosecuted, are ridiculous. Our private network providers should readily donate help lines with free calls for victims of violence, while our hospitals and the legal profession should be prepared to offer pro bono services to the victims. We must all be ready to stand up to fight this menace which violates the dignity of our girls and women.

While human rights violations of this nature occur everywhere in the world, as the sick, the evil and the deranged exist in all societies, the only manner in which citizens can feel safe and secure is where the response to crime is swift, efficient and effective.

That is what the current situation demands from the relevant authorities.

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

NIGER DELTA PEOPLES ASSEMBLY AND UTOROGU PLANT

W

e The Niger Delta Peoples Assembly (NDPA), an umbrella group of amalgamation of the various coalition groups and civil society networks in the Niger Delta region resolved to raise alarm over alleged fresh plots by an indigenous contractor’s threat to raze down the multi-billion dollars national gas plant assets located at Utorogu and the Ughelli East Gas Plant and all the facilities in OML34 which are very strategic national economic assets to the federal government if its request to be recognised in the Utorogu community scheme of things were not met.

We of the NDPA in a petition addressed to President Muhammadu Buhari, the National Security Adviser, Major-General Mohammed Babagana Monguno (rtd), the Director General of the Department of State Security Services(DSS), Malam Lawal Musa Daura and the Inspector General of Police (IGP) Mr. Solomon Arase, warned that the said contractor had threatened to cause mayhem and breach of peace and security in the upland of the Western Niger Delta region if its company is not recognised by the operating Utorogu community in Ughelli South Local Government Area of Delta State following several attacks against top management staff of the NPDC, an arm of NNPC in Warri at a meeting held on May 25, 2016, in Warri at the instance

of NPDC top executives concerning payments to community indigenous workers in respect of OML 34.

We are alarmed and most disturbed that at time when the upland parts of the Western Niger Delta is witnessing utmost peace and socio-economic activities to the delight of Niger Deltans this contractor is threatening to burn down the Uturogu gas plant if he is not recognised as stakeholders by the Utorogu community stakeholders.

The NDPA hereby call on that the hardworking NSA, Gen Monguno, the DG of DSS, Malam Daura and the Inspector General of Police to bring the culprits to book immediately to save these vital national economic assets.

In our previous petition, we of the NDPA made bold to state as follows: “For the avoidance of doubt, it would interest you to know that at the said meeting, in the presence of all the stakeholders in this matter, including the community contractors and staff of NPDC, the contractor interrupted proceedings and threatened to cause mayhem in Uturogu Gas plant. To assure them that she has the Police Warri Area Command Officers at her call, she called them to bring a truckload of policemen to arrest NPDC management staff who are assets managers of OML 34.

But the officers at the Ejeba office of NPDC promptly brought her under control. But she boasted that the Warri Area Police

Commander was her boy and on her payroll and would protect her if she burnt down the gas plants. We hereby call on IGP and the NSA, DG of SSS to use their exalted offices to bring the contractor and collaborators to book.

In our petition signed by our President Comrade Douglas Ningi and Secretary and Publicity Director-Oghenetega Omovudu and Hon Solomon Manager respectively, we had warned that given the current security situation in the Niger Delta region which has had adverse impact on the socio-economic wellbeing of the nation, we stated emphatically that we are committed to ensuring that there was manifest peace and security in Urhoboland, especially the upland part of the Western Niger Delta region which is home to the strategic OML 34 facilities and the Uturogu Gas plant and associated oil and gas companies and in order to forestall any breach of peace and security in the area, we want the federal government and indeed the office of the NSA, DG SSS and IGP to commence immediate steps to prevent any break down of law and order by first redeploying the Warri Area Police Commander and thereafter subject these conspirators who are threatening to cause anarchy to proper interogations.

Utorugu gas plant is too strategic to be left for one individual to be threatening.

Oghenetega Omovudu, Ughelli, Delta State.

16

T H I S D AY • THURSDAY, JUNE 16, 2016

POLITICS

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

T H E G U B E R N AT O R I A L I N T E RV I E W

Badaru: We Weathered a Bad Financial Storm In marking his first year in office, the Jigawa State Governor, Alhaji Muhammadu Badaru Abubakar did not roll out the drums but spent time with different stakeholders, giving a situation report. In an interview with journalists, the governor told the story of the journey so far. Gboyega Akinsanmi presents the excerpts: How has it been in the last one year?

I feel relatively fulfilled coming after the shock and bewilderment that we were after the swearing-in. You know, we made some discoveries during the transition period. But it was only after we took over that we realised the extent of the financial mess that we inherited.

We had to quickly revert to survival mode. Even the previous administration was counting the days till we crash-landed from the enormity of the financial burden because they knew what they left behind. But we thank God for his mercies. We weathered the storm. We have put the state on a reasonable, solid and sustainable expenditure framework relative to our present earnings. We are hoping for better days ahead.

How are you coping with the harsh economic realities given sharp decline in federal allocation?

Like I said earlier, we switched to survival mode.

In May 2015, we had less than N17 million in the treasury. I am talking about the total amount of cash that was available to the state.

We had salaries to pay, scholarship arrears and exam fees owed to WAEC and NECO. The Hajj operation preparations had started in earnest.

After trying unsuccessfully to “borrow” from the contributory pension fund, the previous administration simply achieved this through the back door by refusing to pay the state’s own contribution for almost 11 months.

To compound issues, contractors started demanding payment of their liabilities which amounted to over N14 billion in vouchers awaiting cash backing in the treasury and close to N100 billion in ongoing projects. I had to call major stakeholders and lay bare the financial situation to them and said gentlemen, this is our situation. I believe I have the capacity to deal with this. But it will not be easy or painless.

Even the previous administration was counting the days till we crash-landed from the enormity of the financial burden because they knew what they left behind.

But we thank God for his mercies. We weathered the storm.

We have put the state on a reasonable, solid and sustainable expenditure framework relative to our present earnings.

We are hoping for better days ahead

Badaru...we inherited a lot of mess

I got the mandate I needed and immediately started a massive cost cutting exercise starting from the Government House.

If I say I am cutting my salary and that of the deputy governor in half it would translate to about N12 million annually and our deficit is in nine figures. So, that will not help our case. We had to look at holistically reducing the cost of doing government business. It was not difficult to find areas because the previous regime was living in a fool’s paradise, just increasing recurrent spending exponentially in direct proportion to the windfall from the federation account.

In specifics, how did you confront these challenges?

Certainly, protocol expenditure in Government House was slashed by 88.6 per cent from N325,395,536 in the last 11 months of the previous administration to N37,035,187 of the same time frame in our tenure. Likewise, security and related expenditure dropped by 87.9 per cent from N1,825,866,274 to N220,251,850. The Government House expenses dropped by 60.7 per cent from N1,524,115,320 to 598,194,408 while that of the Deputy Governor’s office was reduced by 56.6 per cent from N456,400,00 toN198,000,000. Overhead expenses for the civil service was also reduced by 47.55 per cent from N1,661,202,000 to N871,253,000 in consultation with heads of MDAs. I am giving you figures so any one doubting can verify. These are public funds and we are not running a secret society. Also, all government service agreements were renegotiated with facility management contracts for the federal secretariat and other assets reduced by 50 per cent, with

the same contractors agreeing to provide the same level of service at half the cost. We also undertook the 2015 Hajj exercise, adjudged to be one of the most successful and incident free at the cost of N280 million compared to N780 million spent in the 2014 exercise.

The list goes on. Anywhere we can find a cheaper way of doing things without losing quality or value, we go for it. That is why they call me “Mr. Calculator.” I do not mind because I am applying the same principles of prudence and accountability for the state that I apply in my own business, go and investigate the lifestyles of some of these people out of government. Are they spending their own money with the same profligacy and recklessness that they applied to public funds? I hope you are also aware that we did all this without the benefit of a salary bailout, even though I wish we had collected it because when the federal government suspended deduction of debts for two months now, including the salary bailout, most states got over N2 billion in deductions suspended, my deductions are just about N100 million, so that alleviation did not have any impact on our bottom line.

With these realities, are you able to implement new projects and programmes since you assumed office?

As soon as we saw the positive results of our cost realignment strategy working, we decided that since we were able to meet our recurrent expenditure, we should prioritise the ongoing projects accordingly. That was very difficult politically because the penchant is for supporters to say: ‘let us abandon the projects the previous administration started and start

our own projects’. So, I had to be very firm.

Some politicians personalise public works to the extent of chastising citizens for failure to show appreciation for projects sited in their vicinity, can you imagine?

It hurts me when I see people hiring buses at great expense to go and thank a governor they elected because he built a road, or school or provided water. It is their money and their mandate. It is the least a governor can do.

Otherwise you have no business in Government House. I had to explain to supporters that the previous government’s projects were started with Jigawa funds. It would be irresponsible for me to abandon them and waste public money in starting new ones.

So, a committee verified the projects and we prioritised them in order of public impact and the stage reached. We threw out some that were hurriedly and improperly awarded to friends and families. I then called the contractors personally and explained our situation to them. Nigeria is broke. There may not be jobs for any of you for some time. But I am willing to assure you continuity and prompt payment if you will give Jigawa a discount. It was very tough, and I had to assure them that they have my protection.

I am not expecting a percentage from anyone neither is any of my children, commissioners or government officials. If that happens they have my direct line. This was how we got an average of 17 per cent discount amounting to almost N5 Billion for projects awarded as far back as 2013 in some cases.

Can you give some specific instances?

CONTINUED ON PAGE 18

17

T H I S D AY • THURSDAY, JUNE 16, 2016

INTERVIEW BADARU: WE WEATHERED A BAD FINANCIAL STORM I can give you a summary. We inherited a total of 332.04 kilometers of regional roads with a total contract sum of N36.4 billion out of which the previous government had paid N16.775 billion leaving an unpaid balance of N19.625 billion. We have negotiated a discount of N2.902 billion and paid out N8.619 billion leaving a balance of N8.506 billion to complete.

We also inherited a total of 98.75 kilometers of township roads with a contract sum of N14.675 billion out of which only N3.273 billion was settled by the previous government leaving an unpaid balance of N11.402 billion. The sum of N1.996 billion was discounted and we have so far paid out N897.268 million leaving a balance of 8.509 billion.

Apart from these projects, all feeder roads with a total length of 97.4 kilometers at a contract cost of N1.652 billion were also taken over, out of which N1.06 billion was settled by the past government leaving a balance of N571 million.

A discount of N91.613 million was obtained and we paid N94.658 million, leaving a balance of N385 million to complete. The sum of N81.742 million has also been paid on existing road rehabilitation and emergency repairs using the Jigawa State Road Repair Agency (JIRMA). In summary, we are presently working on 528 kilometers of various road types, and have spent a total of N9.7 Billion to get contractors back to site and working. You can get a list of specific roads from the Ministry of works section of the state’s web portal.

But what has your administration done in other sectors apart from road infrastructure?

We are not abandoning any sector. Our focus is human development in all ramifications with the ultimate aim of reducing the poverty level.

That is why I told you that even the roads we are continuing were selected based on public impact, opening up communities, providing access to markets for their farm produce and linking major towns and communities. The other critical sectors in this chain are health and education. We must educate our people.

As the saying goes, health is wealth. In the health sector, we have reverted to a focus on primary healthcare delivery to devolve smaller facilities spread out at the grassroots level as opposed to mega hospitals that are costly and very inefficient since all cases irrespective of severity are handled at that level.

Typically, close to 80 per cent of patients can be handled at the primary level for malaria, antenatal e.t.c with only serious cases referred to the hospitals. Most importantly, we can now achieve eligibility in accessing funds from the National Health Fund to augment our efforts

We had salaries to pay, scholarship arrears and exam fees owed to WAEC and NECO. The Hajj operation preparations had started in earnest.

After trying unsuccessfully to “borrow” from the contributory pension fund, the previous administration simply achieved this through the back door by refusing to pay the state’s own contribution for almost 11 months

We are approaching stability now

at the state level. To strengthen this basic level, we have commenced construction of 27 basic health clinics in each local government at the cost of N424.98 million and 27 units of midwives’ quarters in hard-to-reach Primary And Basic Healthcare Centres at the cost of N203.257 million.

We have also embarked on renovation and improvement of hospitals in Gwaram and Birniwa with the provision of an operating theatre at the total cost of N194.918 million as well as several smaller facility interventions in Sarawa, Majeri, Kununu and Katsinawa and renovation of 25 health facilities worth N25 million in Birnin Kudu, Garki, Gwaram, Jahun and Maigatari Local Government Areas.

Within this period, drugs worth N612.738 million were procured under the drug revolving scheme. The construction of the Birnin Kudu General Hospital is also being continued as well as the construction of the main gate and perimeter fence for the new Hadejia General Hospital and the conversion works on the proposed second school of nursing, Hadejia, which has reached completion stage.

What’s going on in education?

I am coming to education. This was a sector I believe was also neglected perhaps because of the adage ‘you cannot value what you do not have’. Immediately after we were sworn in, I was amazed to find out that counterpart funding for SUBEB and UBE were unpaid for two years, which meant the last time primary school structures received any decent attention was in early 2013. This government had to pay up counterpart funding for the 3rd and 4th quarter of 2013, the 1st, 2nd, 3rd and 4th quarters of 2014 resulting in the injection of N3.1 billion into the basic education sector within a period of 11 months.

This translated into the provision of 16,599 sets of classroom furniture and the construction and renovation of 1,793 classrooms. We had to also clear a backlog of scholarship payments from the 2014/2015 academic year, totaling N500 million. We spent money on data acquisition relating to the quality and number of students, teachers and facilities in conjunction with the DFID ESSPIN programme to enable us address problems in the sector in a targeted and specific approach instead of ploughing money in an uncoordinated and erratic manner with no results.

To ensure students welfare and provide much needed support, we paid out the sum of N882,425,839 within the last 11 months in scholarship funds, and introduced an e-platform to eliminate delays in future payments. We are also testing and deploying various e-learning initiatives to address the issue of serious deficit we have in quality teaching at the basic level.

Jigawa, like most other states, is in serious need of qualified teachers that are simply not available due to the systemic collapse of

teacher education and training nationwide and the simultaneous demand by private schools that continue to grow at an exponential level to fill the educational void.

I believe technology holds the key to maximizing teaching resource availability through distant learning, visual and electronic teaching aids as well as networking of schools to avail them concurrent use of electronic educational material to augment conventional methods. To support these and other tech dependent initiatives, we have reinvested in resurrecting Galaxy ITT, the state owned internet provision and IT services firm.

The company is currently testing a city wide wireless network covering the whole of Dutse, and with the renewal of their national ISP license, will begin to provide quality internet service provision to all our major towns and indeed beyond the state’s boundaries on a commercial basis. So, as you can see, we haven’t abandoned education for roads!

What are you doing in Agriculture in view of the need for food sufficiency in the country?

We have no option because it is the only sector, where we have a comparative advantage at the moment. I will focus on attracting large scale agricultural investment because we must leapfrog and catch up with global best practices.

If you have a look at our statistics, we are at the bottom of almost every yield table for our major crops despite intervention from the government and development partners for years.

The only game changer I can see is private sector involvement. If we do not begin to look at agriculture from a business perspective, we cannot be competitive and no amount of government control or protection can help a farmer producing 2.5 tons a hectare against his counterpart in Thailand or Brazil producing 10 tons per hectare twice a year.

There is simply no contest. In pursuit of this, we have adopted the International principles of large scale agricultural investment (RAI) and developed a State Land Acquisition and Resettlement Framework (LARF) to achieve a balance between the investors need for large scale land and the citizens’ right to minimal disruption of lifestyle and livelihood.

This has resulted in the adoption of outgrower scheme models involving small-scale farmers in all our major large scale agricultural partnerships which include the Dangote Rice Project that will eventually cover about 30,000 hectares and The Lee Group Sugar Project covering about 12,000 hectares.

The out-grower scheme has commenced in earnest even before the development of the commercial farms, and farmers have already started benefitting from the advantage of an organised cluster approach with pooled resources and input provision. Recently, during the recent fuel shortage, which saw

many individual farmers abandoning their cultivation due to lack of fuel for irrigation, the members of the out-grower cooperatives had the protection of group logistic dynamics that guaranteed all inputs including fuel as part of the agreement.

As we speak, a large percentage of rice cultivation in the affected areas is only evident on farms that are part of the scheme because individual farmers could not afford fuel for irrigation at the black market price. We have also adopted the same approach for other farmers outside the out-grower framework by clustering small holder farmers in all 287 wards into 50 Hectare clusters per ward with a maximum of 3 groups per cluster to accord them the same benefits and advantages of the out-grower programme under a state-organised initiative.

For effective and uninterrupted supply of inputs, we are recapitalising JASCO to the tune of N200 Million to strengthen its capacity to provide quality consumables at affordable prices to the cluster groups, and 450 motorcycles have been provided to extension workers that are currently undergoing training by NIRSAL to improve their mobility and capacity to provide extension services.

Over N100 Million is being spent to rehabilitate about 87 tractors spread over 27 local governments to provide mechanisation.

We are also expanding the SLTR programme, which will simplify acquisition of title to land and focus on small holder farmers to enable them unlock the capital potential of their landholding at an affordable price.

One area you promised during your inauguration was to create an enabling environment for investors. What have you achieved in this respect?

I believe we have and it was not easy. We had to go the extra mile in attracting the right kind of investment in Jigawa because we are surrounded by states like Kano that have a comparative advantage in terms of infrastructure and a ready market. I have already mentioned our giant strides in the agricultural sector with conglomerates moving in to give impetus to our goal of large scale production.

In the last 11months alone, we have also fast tracked the development of Solar energy with Nova Scotia power and Pan Africa solar taking advantage of the LARF policy to fast-track land acquisition and compensation process to commence 80MW solar plant in Dutse and another 100MW divided between the Hadejia and Dutse substations. Erisco Foods and Dangote Farms are establishing tomato paste factories covering a combined 5,500 hectares.

Additionally, following the successful opening of the Lee Group Kijawal factory in Ringim Local Government Area, the company has expressed its desire to expand with production lines and the state government has decided to establish an Industrial park in the same vicinity to take full advantage of the location. The Park will provide incentives and the provision of common services including infrastructure, serviced industrial plots, and warehouses as well as ancillary business and production support like group security, weigh bridges etc.

Here in Dutse, we just commissioned a granite and marble tile production factory that has the capacity to cater for both domestic and international demands for granite finished products. By sheer dint of relentless focus on investor requirement and promotion, we were able to achieve a concept to production cycle of just six months following my first trip to China, and today, branded “Jigawa Granite” is rolling off the production line in Kachi and making inroads into the building material market.

This is the same dedicated approach we intend to use in ensuring the gradual industrialisation of Jigawa State notwithstanding the prevalent economic challenges, using the full complement of my office as Chief Investment Promoter, and our supporting agencies which are being strengthened for greater service delivery, I am a business man turned politician and not the other way round.

More so, we are working on the moribund Maigatari EPZ. Our plan is to re-organise it to actualise the Zinder-Daura-Jigawa-Kano trade corridor to encourage seamless ECOWAS trade relations and divert trade traffic to land locked Niger Republic through the Maigatari border. I am sure you will agree with our promotion slogan, “Jigawa is open for business”

18

T H I S D AY • THURSDAY, JUNE 16, 2016

INTERVIEW

Ize-Iyamu: Oshiomhole’s Second Term is a Disaster A Peoples Democratic Party governorship aspirant in Edo State, Mr. Osagie Ize-Iyamu, was in Lagos recently, where he bared his mind on the issues around the governorship election in the state. Shola Oyeyipo presents the excerpts:

W

hat is your motivation for joining the Edo governorship race and why are you all out against the Oshiomhole administration, having been initially part of it?

Our state is not a poor state but the honest truth is that in terms of development, Edo State is very poor. When you look at the people, who live there today, they count among the poorest in Nigeria. But when you look at the resources we have and when you look at the past few years, the resources that have accrued to the state, the truth is that we have no business being where we are.

I believe I have the education, I have the experience and I have the knowledge to be able to make the difference. What our people want today is somebody that is sincere, somebody they can trust, somebody who is accessible, somebody who understands the problem of the state and I can tell you honestly, I fit those requirements. I have served in various capacities before. I have served at the local government level. I have also served at the state government level. So, I understand the workings of government.

But one thing that is obvious is that there is a lot of difference between being an appointee in government and being a chief executive. I have been Chief of Staff, I have been Secretary to the State Government and there is a world of difference between occupying these positions and being a chief executive.

I believe that if I am chief executive, I would be able to steer the ship of state in a better manner than it is being done now. In the past seven and a half years now, a lot of resources have accrued to our state. Sometimes people tell me why I was so critical of this present government, especially considering that I was one of those, who brought the government into the state and I also have a moral right to be very concerned about their performance.

In their first four years when they did well, I was in the fore-front of those applauding them. But in the second four years when I expected that they would finish strongly, what I have seen is a very strong disappointment.

There are many critical areas in our state that have not been touched.

Industries have not been touched, agriculture has not been touched, sports has not been touched, tourism has not been touched, housing has not been touched and then a few others.

It was a big mistake and like you just pointed out, sorry I didn’t pray. And so, I supported him again. The second term, I am sorry to say, is a disaster. If there is time, I would challenge any of you to tell me where this man has done well and I would just tell you a few words that he didn’t do well. I am not being malicious, even if I wasn’t running; I would be very strong in condemning him because I am disappointed

going to find out that is the pattern.

You will see three to four classroom blocks costing N87 million. If those were your personal funds, will you even accept to pay N10 million for that kind of building? So, for me, the years of surplus were totally mismanaged.

When I look at the cost of those projects, I don’t see any reason why anybody can tell me that even with these new resources we cannot cope. If these new resources are applied judiciously, I believe we can do more.

Ize-Iyamu...Oshiomhole frittered away his goodwill

And there is no way you can govern the state and neglect these areas. Even the areas that have been touched, the approach has been more cosmetic than anything else. So, for me, the past seven and a half years, they have not carried our state to the level I had hoped our state would get to, but a lot can still be done.

So, let’s talk about why are you running for office?

I am running for office believing that I have what it takes to be able to make the difference.

I have not unveiled my agenda but I have a very simple agenda. I want something that our people can understand. One of the things that attracted me into politics was the 4-point cardinal programme of the UPN in 1978. It was very simple to understand and one could measure the achievements of that programme; free education, free health services, rural integrated development and employment for all.

These were the four programmes, so I wanted to think of something that our people could hold me to because the problem we have in this country is that we elect people on sentiments, on change and on all kinds of emotional factors, at the end of the day, we really cannot pin point what exactly he promised. So, I needed to come up with an agenda that would guide my performance, and that is why I have come up with what I call simple agenda.

The simple agenda is an acronym; the S is for security and social welfare, the I is for infrastructural development, the M is for manpower development, the P is public-private initiative, the L is the leadership by example and E is employment and empowerment. This acronym captures exactly what we intend to achieve.

You have been known to always change parties, is this not going to count against you?

Sometimes people complain about you leaving one party to the other. I also wonder why because apart from our constitution guaranteeing freedom of movement and association, are we to remain fixed to a place that has become oppressive; a place whose ideas and objectives have been totally hijacked simply because we are afraid of being stigmatised? I am a football fan. Jose

Mourinho used to be our coach in Chelsea and he has just left for Man U. To use the Nigerian word, he has “decamped” from Chelsea to Man U. So, for me, really, I think when somebody moves from a political party, what is important is, why did he do so? If he is doing so because the other party has just won an election, yes, it is something that can be condemned. But if the government is in power and he tries to leave because he believes they have derailed, I think he should be applauded rather than being condemned because for me, the two times that I have had to leave a political party, I left parties that were in government.

Do you worry when people assume you are desperate?

When I tell people I want to be governor but I am not desperate, they are shocked and I tell them that anyone, who truly wants to serve cannot be desperate. It is when you have an ulterior motive that you are desperate.

I want to be governor, but it cannot be at any cost. I want to assure you that I mean well. The period that I was Chief of Staff and secretary to government opened my eyes to the workings of government, I am not a novice, I am not somebody that would need to learn the ropes and I don’t need months to understand how the government functions.

I know what to do.

And now that we are going through very serious economic challenge, I think what we need is somebody that will know the priorities of our people, somebody that would prudently manage the resources. Somebody asked me a question and said with the very lean resource now, how are you going to cope? I told him that even with the lean resources that we are having now, we would be able to do more than the surplus resources we had in the past. One of my grouses as somebody who has always lived in Edo is that government’s money is squandered.

I’d give you a simple example. A new university has been built by the governor in his village. I was looking through and I stumbled on documents on the cost of a hostel for students – a 168-room hostel – and I found out that the cost was N1.6billion. That means that just one room for students cost Edo State government over N10 million to build. That to me is very expensive. You are

At what point did you part ways with the governor and what are the specifics of your disagreement?

My problem with Adams Oshiomhole – quite interestingly – I supported him to become governor. The platform was our platform.

We brought him to come and join us. I don’t want to use the word he decamped to come and join us, but we brought him to come and join us.

One, he came from a place that has never had a governor. We have three senatorial districts. I come from Edo South, and Lucky Igbinedion was governor of our state. He is from my senatorial district. Edo Central, even though recently they have not had governor, they once had Prof. Ambrose Ali. But Edo North that has six of the 18 local governments has never had a civilian governor, so I said to be able to lay a foundation in future, where you come from would no longer be an issue, it would be good if we once and for all balance out by giving Edo North somebody to be governor.

Number two, I was looking at his antecedents, I presumed that as former President of Nigeria Labour Congress, if such a person is governor of Edo State, the man is going to be in the forefront of making things happen. Workers would enjoy, industries would come, there would be agricultural loan and so, there were a lot of things that were at the back of my mind that such a person would really make a lot of change. I didn’t do any due diligence.

I didn’t call former labour leaders to ask for their opinion. I didn’t call journalists to say please you guys know what we don’t know, who is this guy? I didn’t pray.

So in the first term, we managed him, but I was already seeing disturbing signs. He never liked any dissenting voice. A lot of things he did on the spur of the moment, he never consulted, so there were so many things I was seeing, but I kept telling myself the man is not that experienced. Maybe he was more interested in the labour activism, I saw that and I said maybe in his second term.

When he was about serving the second term, a lot of the guys, who supported said no, they would not support him and I said I would like to support him. One, I said I would like to support him. Two, I don’t also want it to be said that we didn’t allow Edo North to do two terms. Let him complete is second term. If you bring somebody else from Edo North now, that one too would want to do two terms and in any event, whatever lapses he had in the first term, in the second term he would be able to correct them.

It was a big mistake and like you just pointed out, sorry I didn’t pray. And so, I supported him again. The second term, I am sorry to say, is a disaster. If there is time, I would challenge any of you to tell me where this man has done well and I would just tell you a few words that he didn’t do well. I am not being malicious, even if I wasn’t running; I would be very strong in condemning him because I am disappointed.

Now, in the second term, he became uncontrollable. He became inaccessible, and he just launched a war-on-practically every sector. And the areas that were crying for NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

19

T H I S D AY • THURSDAY, JUNE 16, 2016

INTERVIEW

Niran-Oladunni: I’ll Recreate Ondo Moyosola Niran Oladunni is an aspirant of the All Progressives Congress in the 2016 gubernatorial election in Ondo State. He spoke to James Sowole on his vision for the sunshine state. Excerpts:

Q

I am not used to copying others because I believe in my ability to create enviable things that others would see and want to emulate.

I believe that this state needs to be recreated. We are going to recreate a state that our people will be proud of. We are going to recreate a state that prosperity will be the lot of the people. We want to recreate a state that all other states will see and they will be envious of us. I am recreating selflessness, integrity and visionary leadership

uite a number of aspirants in APC want to get the ticket of the party to contest the November 26 governorship election. What are your chances of picking the

ticket?

I do not know of any aspirant in APC that you will ask such a question and he or she will tell you that he or she has no chances. We know why so many people are aspiring. I am not a stranger in political field of Ondo State and people that could have been following my political antecedents will attest to the fact that I have always been persistent in this struggle among the aspirants on the field.

We have looked at the aspirants on the field and we believe if we have to do appropriate analysis, I am in the best position to rescue this state from the present position. I have no doubt in my mind that we will be the choice of the majority of the people of this state.

I think I am dynamic, young, and vibrant and I also think I am exposed to a level that could provide the visionary leadership that the people of this state have been yearning for over the years. We will do whatever we promise them and deliver appropriately.

Akoko leaders in APC are making moves that will ensure that the division produced a consensus candidate that will compete with others in the party’s primary. What is your take on this?

Yes, we are very much aware that there have been moves to unite all the aspirants from Akoko to agree on one person, so that we can work together and promote a candidate we think has the best chance of winning the election. It is a welcome idea and it is not alien to politics.

In politics, I do not think there is any idea that is not worth consideration. The plan is okay but for us, we have to make sure that the sincerity of the leaders is not in doubt and we have to be clearly convinced of the criteria so that this idea does not backfire.

We also have to be clearly convinced that all the aspirants will have to buy into the idea.

Having said that, I have not found in the constitution of the APC, where such power is vested in any group within the party except Electoral College that the party recognises to determine how it wants to nominate its candidate. I think it is still a welcome idea to unite all the aspirants as long as the fairness behind that could be proven and get the buy-in of all the aspirants and abide by whatever decision that is taken thereafter.

Is it true that the leaders in Akoko areas have chosen one of the aspirants as being rumoured?

That is far from the truth. The elders as far as I know about such plan have not picked any aspirant. I want to believe that the elders have no particular aspirant in mind. I have met with the elders at a meeting once. I am sure that a lot of people in Akoko including the elders understand my character and background.

They know that the only thing we trade in is our integrity.

In that meeting, I made it clear to the elders that the idea of settling for a consensus candidate is a welcome idea but we need to set the criteria very clear.

When you want to go by consensus, are you going to go by questionnaire, where criteria will be set? What is going to be the determining factor for arriving at a particular candidate? We are approaching the primary according to INEC’s Time table, which must be concluded before September ending. If the elders could be fast enough to take whatever decision they want to take, the better for all of us. The processes and procedure must be set in time to meet the INEC Timetable if not, we will all submit ourselves to primaries.

The most important of this is to get all the aspirants’ approval for such exercise. Many of us have been on the field spending money and using energy while most of these elders too

Niran-Oladunni...we’ll be practical with governance

have been directly or indirectly been involved in the campaigns of the aspirants. If at this late hour, the elders think we should have consensus candidate, it will mean that the elders have a lot of jobs to do. They must be able to prove their neutrality. If the elders fail in this aspect of neutrality, the whole move will divide the aspirants rather than unite them.

I know that many of the elders a re very respectable. I know of many of them, who value his or her integrity and he or she would not want to be dragged in the mud.

I am sure they will tread cautiously. Let me add that if you want to pick a consensus candidate among seven people, you will first bring the criteria out. All of us most unanimously agree to the criteria and later set up another committee that will use the criteria to appraise the aspirants.

The Committee must ask about the character, network ability, educational background, exposure, age, antecedents and financial capacity. You must have all these things set out clearly. All the aspirants will agree. An unbiased panel will then be set up to assess us. Those are the things that must be done.

Anything other than this will not make the plan work. You cannot sit somewhere and believe that whoever brings the highest cash to you should be the consensus candidate.

That is not going to work. The process must not only be fair, it must be seen to be fair and transparent.

What do you have different from other aspirants that can take the state out of its present economic doldrums?

I am not used to copying others because I believe in my ability to create enviable things that others would see and want to emulate. I believe that this state needs to be recreated. We are going to recreate a state that our people will be proud of.

We are going to recreate a state that prosperity will be the lot of the people. We want to recreate a state that all other states will see and they will be envious of us. I am recreating selflessness, integrity and visionary leadership.

It is going to be political leadership that will not play lip service to the critical sectors of our economy. I am vibrant, young, exposed and I am a man of integrity. I am a man of unquestionable character. I am traceable and my antecedents are verifiable. We believe we possess the required qualification to provide the desired leadership. I know I am selfless.

So, for me, I am looking beyond the primary of APC. It presupposes to assume that the wouldbe governor should have deep political knowledge, characterised by a period of time that he has been exposed to governance at different levels of government. What experiences have you?

I want to believe that your question is personal and relative because there is another school

of thought that says we need new breed of young politicians as governor. The agitation is becoming popular now and fast gaining support. Experience in governance is relative.

What you term as experience in governance maybe experience in corruption. I want to tell you that running a government is different from running a private liability company.

In private liability company, at the end of the financial year, you must declare profit.

In governance, what you declare is social infrastructure to the people of your state.

The people of the state are crying yet you have a governor that became a Commissioner between 1991 and 2008. He became an SSG and Minister of the Federal Republic of Nigeria.

What experience do you need again? What is the reward of that experience?

Leadership is leadership. If you will never be a good leader, when you go to the US for leadership training, you will never be one.

Leadership is all about vision, empathy and selflessness.

These are attributes that people who know us very well can attest to. I am sure that a person, who has these attributes can be a better leader. So, experience is relative. We have people who are experienced in the act of stealing, political deceit and corrupt practices.

On the day of election, the people of this state shall determine the kind of experience they want from the would-be governor. I will provide leadership with vision to recreate Ondo State.

20

THURSDAY, JUNE 16, 2016 • T H I S D AY

FEATURES

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

Medical Services for Ugep Community The Nigerian Navy recently offered free medical services in Ugep community as part of events to celebrate its Diamond Jubilee, writes Bassey Inyang

The navy medical team attending to patients

A

ccording to historical records, the Nigerian Navy was established on June 1, 1956 with the responsibility of protecting the nation’s territorial integrity from the coastal region.

First it was christened the Nigerian Navy Defence Force (NNDF), and after Nigeria attained political independence from Britain in 1960 and eventually become a republic in 1963, it was renamed the Nigerian Navy.

So, recently, from May 18th to June 1st officers and rating of the Nigerian Navy rolled sailed across the territorial waters of the country, into far flung communities in the nation’s hinterland to celebrate its 60 years of existence- Diamond Jubilee.

The Eastern Naval Command (ENC) with headquarters in Calabar, celebrated the epoch making event in a unique fashion.

Aside from the normal military fashion in the bases and platforms where an event of such magnitude are usually celebrated, the uniqueness the navy introduced was the medical rhapsody for the civilian population within the operational territories of the ENC. Medical rhapsody, according to the Nigerian Navy is one of the numerous avenues through which it showcases its humanitarian content by reaching out to the civilian population and offering them free medical service; and in the process appreciating the support of their host communities in enabling the navy to carry out its principal functions of protecting the nation’s coastal waters.

Being one of the numerous activities lined up for the celebration of its Diamond Jubilee, Ugep , a densely populated community and

headquarters of Yakurr Local Government Area, Central Cross River State was chosen

Medical rhapsody, according to the Nigerian Navy is one of the numerous avenues through which it showcases its humanitarian content by reaching out to the civilian population and offering them free medical service; and in the process appreciating the support of their host communities in enabling the navy to carry out its principal functions of protecting the nation’s coastal waters

as centre for the staging of the medical rhapsody through which free medical services were offered to the hundreds of people who presented themselves from the entire Yakurr and beyond.

To ensure the success of the medical rhapsody, the navy deployed scores of well trained medical personnel, among them consultants from its medical corps, and the University of Calabar Teaching Hospital (UCTH).

Medical services offered by the navy included eye screening, surgery for removal of eye cataract, diabetes screening, free blood pressure checks, de-worming of children, malaria treatment, and distribution of insecticide treated mosquito nets, distribution of drugs, and a health talk.

Complicated eye problems that were not envisaged, but discovered to be the ailments suffered by some of the patients who were screened were referred to the Navy referral hospital in Calabar for further free medical treatment.

Speaking at the opening session of the event which held in the conference room of Yakurr Local Government Secretariat on Monday May 23, the Flag Officer Commanding (FOC), Eastern Naval Command, Rear Admiral James Oluwole, said the Navy acknowledges and appreciates the role of the civilian populace in the society.

The FOC who was represented by Commodore Tanko Pani, said that the medical rhapsody was one of the ways the navy shows concerns for the civilian population in their areas of responsibility.

He said they would always work to add value to the lives of the people they are trained to protect.

The FOC, therefore, appealed to the people of Yakurr to avail themselves of the medical rhapsody.

The Commander of the Nigerian Navy Reference Hospital in Calabar, Surgeon Rear Admiral Abubakar Yusuf, said the navy conducts medical rhapsody as a means of promoting good health among selected communities.

Yusuf stated that the medical rhapsody was designed to also to promote good relations between the Navy and the civilian populace they protect.

Yusuf who stated that it was the first time free eye surgery would form part of the medical rhapsody, added that other health checks would be carried out on the people during the exercise.

“Several persons will benefit from the free cataract surgery and will also be given eye glasses accordingly while over 500 were tested, treated and given drugs in other ailment.

“We have had a cordial relationship with this community over the years. We are offering them this medical service in order to strengthen that existing relationship.

“We came with all our relevant equipment for this exercise. I am happy that we have positively affected the health of residents in this community. As people get older, the number of cataract cases increases."

Explaining why the navy decided to offer free eye surgery, Yufuf said:"Well, we know that the Nigerian society is getting older.

We are getting older people generally our life expectancy has increased. So, in some Nigerian communities, we will have the Continued on next page

• T H I S D AY THURSDAY, JUNE 16, 2016

21

FEATURES

Medical services offered by the navy included eye screening, surgery for removal of eye cataract, diabetes screening, free blood pressure checks, deworming of children, malaria treatment, and distribution of insecticide treated mosquito nets, distribution of drugs, and a health talk Obol Lopon of Ugep,Offem Ubana, being attended to

People waiting for screening

Drugs for patients

number of people we are treating. " Cataract is such a condition that treatment is readily available with less complication and the benefit is so much to the people.

"So, we have our people in communities like this who have treatment that is readily available, but they are struggling through life. So, we believe that the medical rhapsody will have some positive impact on the community and like the representative of the FOC said, we are ready to take on any number, including in our hospital in Calabar. So, we had to identify this because the surgery would be beneficial to them.

We have identified some eye conditions now which we did not envisage. We will still take them on at no cost.”

The Paramount Ruler of Ugep, Obol Opon Offem Ubana, who declared the event open expressed gratitude to the Navy for choosing his community for the medical rhapsody.

Ubana said the gesture was a testimony that the navy cared for members of the civilian population they are mandated to protect.

“I wish to thank the Nigerian Navy for this humanitarian gesture. It is a rare one.

Imagine the huge sum of money our people would have spent in different hospitals seeking for this treatment, but the navy has offered this treatment free of charge,” the monarch said.

A beneficiary of the free medical service, Mr. Enang Tom, who's eye cataract was operated on expressed gratitude to the navy for the gesture done to him and others in the community.

"I have been suffering from eye problems for almost three years now without money to go for proper medical checkups. I wish to thank the navy for this free medical treatment,” Tom said.

A beneficiary of the medical service who gave her name as Gladys Okoi said,” I have been screened and given drugs. What the navy is doing is very good. It is very nice. I am very happy and I thank God for the navy.

Another beneficiary of the free medical treatment, Hon. Obia Ekuru, spoke on the gesture from the navy, saying:"It is a good thing. That means they want to help us.

Once in a while, if somebody pays or wants to treat you free or half of the payment is made, that is something good. That shows that we are being recognised that we are part of them. If it is possible, they can do it often, but the cost is what I am thinking about.”

22

IMAGES

L-R: Attorney General and Abia State Commissioner for Justice, Hon. Ume Kalu; member representing Ohafia/Arochukwu federal constituency, Hon. Uko Nkole; Abia State Governor Okezie Ikpeazu; and his deputy Ude Oko Chukwu, on their arrival for an interactive town hall meeting in Ohafia and Arochukwu LGA at Ohafia council headquarters...recently

T H I S D AY • THURSDAY, JUNE 16, 2016

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

L-R: Consultant Dermatologist, National Hospital Abuja, Dr. Olanrewaju Falodun; Vice-Chairman, Albino Foundation, Dr. Douglas Anele; and founder, Albino Foundation, Mr. Jake Epelle, during the international Albino Awareness Day celebration in Abuja...recently ENOCK REUBEN

L-R: Member, Not in my Country Crew, Martins Adun; Creator and Producer, Akin Fadeyi; Senior Special Adviser to the President on Political Matters, Senator Babafemi Ojudu; Nollywood actress, Efe Mayford-Orhora; and member, Not in My Country Crew, Busuyi Ojo, after a meeting with Ojudu in Abuja...recently

L-R; Producer, lnspaya TV programme, Yemi Awosanya-Adefajo; Executive Producer/Presenter, Banji Adesanmi and Production Manager, Wumi Raji at the media session/unveiling of a new TV programme, lNSPAYA in Lagos...recently ABIODUN AJALA

L-R: Chief Executive Officer, Spectranet 4G LTE, David Venn; CEO, Fibre Path Ltd, Anaekwe Obumneme; Head of Sales, Spectranet, Pankaj Manan ;and Head of Marketing, Mike Ogor; during Spectranet DealersĂ­ Forum in Lagos...recently

L-R: Medical Detailing Manager-Nigeria, Kraft Heinz, Mr. Victor Rowland; Consultant Cardiologist, LUTH, Dr. Casmir Amadi; Country Manager, Kraft Heinz West and Central Africa, Mr. Vincent Egbe; and the National Treasurer, Nutrition Society of Nigeria (NSN), Mrs. Fatima Amodu, during a scientific symposium by Kraft Heinz company, in Lagos...recently

L-R: Head, Business Development, Mixta Nigeria, Mr Tunji Osinulu; Executive Producer, Wakaa the Musical, Ms. Bolanle Austen-Peters; and the Executive Secretary, MTN Foundation, Ms. Nonny Ugboma, during a press conference to announce the upcoming MTN Foundation wakaa the musical concert to hold in London...recently

24

T H I S D AY •THURSDAY, JUNE 16, 2016

BUSINESSWORLD

NEWS

OPERATORS PUSH FOR 60% REDUCTION IN TELECOMS LEVIES

FG, Tuns Farms Sign N25bn MoU on Egg Production

the naira is not encouraging from a capital expenditure (CAPEX) rollout perspective,” Teniola said.

According to him, revenue derived from voice communications service offerings is seriously being challenged. “To worsen the situation, telecommunication companies are barely making any money from voice, due to a considerable drop in the average revenue per user (ARPU) rates and the direct implication of this is that the revenue that is generated from data is now being challenged by the cost of operating the business, which is increasing on a daily basis and may lead to cutting down on staff strength,” he said.

James Emejo in Abuja

HUAWEI SEES GROWTH POTENTIAL IN AFRICA’S MOBILE DEVICE MARKET categories and segments.

We will continue to make investments in our channel partners, people, marketing, incentives and sales, including staff training with keen focus towards building long term competitiveness and eventually winning the Nigerian market.”

Also, the Marketing Director, sub-Saharan Africa, Huawei Technologies, Hawa Hyath said: “We have seen that the African market is growing fast and we have decided to continue in the production and sales of all categories of our mobile phones, including the low-end, middle-end and high-end phones, that will meet the demand of the emerging market.”

Giving some reasons for shrinking the number of its mobile phone models from 75 in 2011 to 70 in 2012, and presently to 20 models since 2015, Xu said it was a global strategy to do so as a company, in order to focus on distinct models that would always appeal to the customers. We do not want to create confusion in the minds of customers, hence we decided to cut down on the number of mobile device models that we release to the market, and the essence is to enable us meet the basic needs of phone consumers, Xu added.

Group Business Editor

Chika Amanze-Nwachuku 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 (Maritme)

The Ministry of Agriculture and Rural Development has signed a N25 billion agreement with Tuns Farms Nigeria Limited on the National Egg Production Scheme (NEGPRO).

The project, which will be financed by the Bank of Industry (BOI) leveraging on the Central Bank of Nigeria (CBN)’s Anchor Borrower Scheme seeks to improve egg intake in the country.

Essentially, NEGPRO is an initiative of the Federal Ministry of Agriculture, which is aimed at increasing the output of egg production in the country to 50 million table eggs daily by 2018.

The scheme further seeks to create about 1 million jobs at full capacity, empower farmers, increase poultry sector share to GDP as well as boost Internally Generated Revenue (IGR) to government.

In addition, it would help sustain the present administration’s school feeding initiative where a minimum of three eggs are to be provide to every children on weekly basis.

Speaking in Abuja at the signing of the memorandum of Understanding (MoU) between both parties, the Minister of Agriculture and Rural Development, Chief Audu Ogbeh said apart from providing greater source of protein for children, the project will increase economic activities in rural areas by creating jobs for Nigerians.

He further commended BoI for facilitating funding support to the farm at a period when commercial banks had refused to understand the importance agricultural financing.

Ogbeh said the federal government would back the partnership and garner support for the success of the

programme.

However, Chairman, Tuns Farms, Mr. Olatunde Badmus said the agreement marked a milestone in poultry production in the country, nothing that poultry production was nothing to write home about in the past 14 years.

He commended government’s commitment to the revival and growth of the agricultural sector.

Speaking at the ceremony, he

commended government’s commitment to the revival and growth of the agricultural sector.

He said: “The agricultural sector is pivotal to the stability of Nigeria, its people and its economy.

The government’s commitment to the revival and the growth of the agricultural sector must be commended.

“Today, our country is faced with economic challenges

occasioned in part by overreliance on receipts from crude oil sales. Present challenges in global oil market has made us vulnerable and reinforced the need for a better route to economic prosperity.”

He stressed that his company was determined to support the government in its bid to grow the nation’s economy.

As part of its role as manager of the scheme, Tuns farms will further recommend eligible

entrepreneurs to access the N25 billion facility through the BoI. The company will also develop customised and standard feed concentrate for the scheme to ensure uniformity.

The company is ranked among the top three producers of broiler meat in Nigeria, with over three decades of continuous development and improvement in all areas of integrated operations.

UNFOLDING GLOBAL STRATEGIES

L-R: Global Public Relations Director, Consumer Business Group (CBG), Ada Xu and Marketing Director, sub-Saharan Africa, Hawa Hyath, both of Huawei Technologies, at a press briefing on the global strategies of the company in Shenzhen, China...recently

Sokoto Govt Flags Off Minister Calls for Improved IT Education Fertiliser Sales, Announces Emma Okonji facilitate integration of ICT IT systems administrators.

Although the Nigerian IT into education. We must cre70% subsidy Worried about the poor state of sector has recorded remarkable ate the necessary platform for Mohammed Aminu in Sokoto Sokoto State Governor, Alhaji Aminu Tambuwal, Tuesday flagged off sales of fertilizer for the 2016 cropping season, disclosing that his administration has subsidised the commodity by 70 percent.

Speaking during the flag off ceremony in Silame local government area of Sokoto, Tambuwal said the state government subsidised the commodity by 70 percent to enable farmers enhance production.

He stated that the government had procured about 9,000 metric tonnes of fertiliser for the 2016 cropping season, which include Urea, NPK and SSP brands.

“This year, Urea brand, bought by the government at N6859 would be sold to farmers at the price of N2,300; NPK, which was procured at the cost N6,400, would be sold at the rate of N2,200 while SSP, also bought at the rate of N6,400, will be sold

to our farmers at the rate of N2,100,” he said.

Tambuwal pointed out that his administration would not relent on efforts to improve agriculture.

He announced that the state government also procured 19,620 bags of rice seeds of 50kg size to be distributed to rice farmers for the 2016 wet and dry season farming.

“In the same vein, certified seeds of onions and lettuce have been sourced for distribution to vegetable farmers in Goronyo, Rabah, Wurno, Kware, Tambuwal, Wamakko, Silame, Kebbe, Sokoto North and Shagari local government areas,” he stated.

Tambuwal added that government would continue to explore avenues to enhance water management especially for the two major dams in the state.

According to him, this is to mitigate flooding and its negative consequences, and at the same time improve wet and dry season farming.

information technology education across various institutes of learning in the country, the Minister of Education, Mallam Adamu Adamu, has stressed the need for private sector collaboration with government to improve technology education in the country.

The minister, who expressed worry over the poor state of technology education in schools at the just concluded Information Technology (IT) Assembly in Kaduna, organised by the Computer Professionals Registration Council of Nigeria (CPN), attributed the situation to poor critical IT infrastructure, poor power and inadequate funding.

The minister, who was represented by the Director of ICT, Ministry of Education, Ik Orji, also blamed the situation on fraudulent practices and weak supervision, among others.

The CPN organised IT Assembly is an exclusive networking event for senior Information Technology decision makers, IT consultants, upcoming IT entrepreneurs, IT practitioners, teachers and

achievements in the past, the minister listed some of its recent challenges to include poor data, low capacity of teacher to deliver on IT in education, IT curriculum dynamism, among others.

Noting that the federal government recognises the critical role of IT in its development agenda, the minister said fraudulent practices and weak supervision of IT contracts must be addressed immediately.

According to him, the poor state of IT is unacceptable, and this has to be addressed, if the country must make appreciable progress towards the attainment of the national goals and the sustainable development goals.

To expand the frontiers of IT development in the country, the minister said: “We must address critical national IT infrastructure and professional development as a priority. We must also facilitate technology enabled learning as a way of preparing our youths for the future work place. We must expand on borderless access to teaching and learning and address curriculum issues to

the management of date and information.”

The minister was of the view that should the challenges be adequately addressed, there would be astronomical growth in the area of knowledge society that would provide the country with comparative advantages in an increasingly competitive global village.

He challenged the IT professionals to come up with recommendations on how best to address the issues.

The President/Chairman of CPN, Prof. Vincent Asor, who also spoke at the event, warned against quackery in the country’s IT profession.

Asor said the council was determined to fish out quacks that are practicing Information Technology in the country without appropriate registration.

In line with the practice of CPN IT Assembly, Asor inducted no fewer than 300 new members into the IT profession.

While welcoming the new inductees, he told them that their legal professional practice in the IT sector had begun.

25

T H I S D AY •THURSDAY, JUNE 16, 2016

BUSINESSWORLD

E-BUSINESS

Imbroglio over MTN Fine Emma Okonji discusses the divergent views that have greeted the reduction of the $1.04 trillion fine imposed on MTN by the NCC to N330 billion When the Nigerian Communications Commission (NCC), the telecoms industry regulator, slammed MTN with a whooping N1.04 trillion fine on October 26, 2015, for violating its directive to deactivate 5.2 million unregistered and improperly registered SIM cards on its network, NCC new that its action would generate various reactions from the public. But the commission was bent on exercising its powers as a regulator of repute, and went ahead to enforce the fine.

Although the fine was unprecedented and the highest so far in the history of fines globally, NCC decided to implement it to serve as a deterrent to other firms who have no respect for the rule of law in the environment where they operate.

Soon after the fine was pronounced, various reactions had started pouring in from within and outside Nigeria.

Shocked by the action of the NCC, most telecoms stakeholders said the fine was capable of putting MTN out of business. Other stakeholders hailed NCC for the bold step, which they said, was right to curtail the impunity of MTN and its disrespect for law and order.

But after several months in court and decision to settle the matter out of court, most stakeholders who had initially aligned with NCC, began to see the need for the reduction of the fine.

This followed an apology by MTN for its plea for leniency, as according it, it lacked the financial capacity to pay the huge fine.

But after much consideration, the NCC, at the weekend, decided to temper justice with mercy and decided to further reduce the fine to N330billion from the N780billion, which it initially directed the telecom company to pay.

While several Nigerians, including telecoms stakeholders, have hailed the decision of NCC to further reduce the fine, saying that NCC has shown that it has human face in regulating the telecoms sector, the House Committee on Telecommunications has vehemently kicked against the reduction, insisting that MTN must pay the N1.04 trillion.

The Genesis Citing security risks emanating from kidnapping and threats to lives through phone conversations, the NCC, last year ordered all telecoms operators to deactivate all unregistered and improperly registered SIM cards on their networks. Others complied, except MTN, despite several warnings from the NCC. Disturbed about the national security risk and irked by the refusal of MTN to obey the instruction on SIM card deactivation, the NCC, on October 26, 2015, imposed a fine of N1.04 trillion on MTN, having discovered that MTN still accommodated 5.2 million unregistered and improperly registered SIM cards on its network. The fine for the infraction for a single SIM card, attracts N200,000, hence the total fine of N1.04 trillion.

Reactions From the very first day that the fine was pronounced, several reactions started pouring in from within and outside the country.

While some were in doubt if the regulator has the powers to impose such a huge fine that is capable of grounding the operations of a telecoms company that it regulates, others were hailing the decision of NCC. The supporters of NCC insisted that since the fine was a breach of agreement reached between the regulator and the operators, the law should take its course and must not be bent. They said the fine served MTN right, noting that it was an opportunity to cut down on the excesses of MTN as a dominant telecoms operator.

Telecoms Lawyer, Jiti Ogunye, advised MTN to go to court to challenge NCC for its insensitivity to the feelings of telecoms subscribers and the operators whom he said, were operating under a difficult market environment. Speaking on the legal implications of the fine, he said the action of NCC could split the telecoms sector if not checked. Describing the fine as a ripoff on both the operator and the subscribers, Ogunye called on other telecoms operators

Symbol of authority

to collectively resist the fine by seeking legal redress in the court of law.

The Chairman, Association of Licensed Telecoms Operators of Nigeria (ALTON), Mr. Gbenga Adebayo, who also condemned the fine, warned NCC against the use of fine in addressing telecoms issues, which he said, could end up destroying the industry it laboured to build over the years. He said the fine on MTN could ground the entire telecoms industry, if allowed to stay.

National President, National Association of Telecoms Subscribers of Nigeria (NATCOMS), Chief Deolu Ogunbanjo, who said although the NCC acted in accordance with its position as the regulator of the telecoms industry who keeps operators in check, however, noted that the fine was rather outrageous for a single company like MTN to pay and still remain in business. According to him, the company is key to the growth of the Nigerian economy, creating millions of direct and indirect jobs for Nigeria.

“The penalty is the highest anywhere in the world and that was the reason it generated several reactions and comments from Nigerian community and the international communities,” Ogunbanjo said.

Impact of the fine Speaking on the implication of the fine, Ogunbanjo said it had already sent wrong signals to both local and foreign investors that may be interested in investing in Nigeria.

The fine led to loss of job of the former Chief Executive Officer of MTN Group, Mr. Sifiso Dabengwa. Here in Nigeria, it has led to the loss of jobs of the former Chief Executive Officer of MTN Nigeria, Mr. Mike Ikpoki and the former Corporate Services Executive Officer, Mr. Wale Goodluck.

“If MTN had been forced to pay the N1.04 trillion, the company would have gone under and thousands of MTN staff who are Nigerians, would have also lost their jobs. Again, millions of Nigerians who are indirectly employed

by MTN, like contractors and recharge card vendors, would have also lost businesses,” Ogunbanjo said.

“MTN has the largest number of subscribers in the Nigerian telecoms space, contributing the highest to Nigerian GDP, compared to other operators that have lesser subscriber number.

What this means is that MTN contribution to GDP willno longer be forthcoming if the company eventually goes down,” he added.

Seeking redress in court

Immediately the NCC announced the fine, a lawyer, Oluyinka Oyeniji and Ogunbanjo, had instituted a legal case against NCC at the Federal High Court in Lagos, challenging the authority of regulator to impose such a whopping fine on MTN, without establishing, maintaining and conducting updates on the registration of telephone subscribers regulation of 2011.

They however, withdrew the case shortly after it was filed.

But MTN Nigeria, in December 2015, which was two months after NCC imposed the fine, filed a case against NCC at the Federal High Court in Lagos, challenging its powers to impose such huge amount of fine on the telecoms company. MTN went to court after several failed attempts to reach a peaceful resolution on the matter. The telco, however withdrew the case in February 2016, to enable it continue with its earlier stand of peaceful negotiations.

According to MTN, the decision to withdraw the case, followed the renewed steps it took towards a negotiated settlement and to create a conducive atmosphere for further negotiations.

It was gathered that MTN withdrew the case on the advice of the federal government, as a condition for a renewed negotiation. MTN had to pay N50billion to the federal government immediately it withdrew the case, as a gesture of good faith and commitment to the continued efforts towards an amicable resolution.

NCC’s position Although the NCC did not show any sing of regret over the fine, it, however, explained that it never envisaged that MTN would breach the law on SIM card deactivation to the extent of keeping up to 5.2 million unregistered and improperly registered SIM cards on its network, knowing fully well that each defaulting SIM card attracts N200,000.

The Director, Public Affairs of NCC, Mr. Tony Ojobo, told THISDAY that the Commission was as shocked as the general public.

“It was a difficult decision to take, but we had to act the way we acted because we are regulator that is setting the pace of telecoms regulation for other regions and we must be seen as upright in our dealings always. We have followed the law, and any regulator that follows the law, can never go wrong,” Ojobo said.

According to him, the Commission acted in the best possible way it could as a regulator, by coming out with the guidelines on SIM card deactivation in 2011, with a very stiff penalty, which they did not expect that any operator will breach it because of the huge consequences.

The reduction After several pleas from MTN, NCC eventually reduced the fine by 25 per cent, which brought it to N780 billion. But MTN kept pleading for further reduction, a situation that attracted the intervention of the Presidency because NCC, at that time, had no governing board to take final decision on the matter.

However, the intervention of the Presidency did not achieve quicker result in settling the issue. Rather it prolonged it and the issue dragged on for eight good months before it was finally resolved last weekend through the help of NCC. At the peak of negotiations between MTN, the NCC and the federal government, the MTN team was headed by former US Attorney General and Head of Covington & Burling LLP, Washington DC, Mr. Eric H. Holder Jr., while the government team was led by the Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami (SAN). The President of South Africa, Jacob Zuma, had to fly into Nigeria to continue negotiation on the matter since MTN is a South African company.

But reprieve came the way of MTN last week when NCC announced a further reduction of the fine from N780 billion to N330 billion, to be paid within a space of three years.

According to a statement from NCC, the reduced amount of N330 billion, would include the initial payment of N50 billion earlier made by MTN to the government.

The regulator said the balance of N280 billion would be made in six tranches within a period of three years. By the terms of agreement, MTN will pay N30 billion into NCC’s Treasury Single Account (TSA) with the Central Bank of Nigeria (CBN), 30 days from the date of the agreement dated June 10, 2016. Other dates of payments include: March 31, 2017, (N30 billion); March 31, 2018, (N55 billion); December 31, 2018, (N55 billion); March 31, 2019, (N55 billion) and the balance will be in May 31, 2019, (N55 billion.)

A new twist However, just as Nigerians were commending NCC for the reduction, the House Committee on Communications, has condemned the reduction, insisting that MTN must pay the full value of the N1.04 trillion fine.

The committee also ordered all parties involved in the matter to stay action pending the outcome of its investigations. But in spite of the latest position of the law makers, stakeholders have continued to commend NCC for its role in further reducing the fine, explaining that MTN has learnt its lessons.

26

T H I S D AY •THURSDAY, JUNE 16, 2016

BUSINESSWORLD

E-BUSINESS

Oriade: Homegrown Solutions Will Reduce Cost of Online Education

Adewole Oriade, Managing Partner and CEO of DexNova Consulting, a strategic process management company, spoke with Emma Okonji on the company’s recent online management solution that will address a whole lot of issues in acquiring technology skills, among others. Excerpts: Tell us about the involvement of DexNova Consulting in technology development and training?

DexNova Consulting is a strategic process management company that uses strategic tools such as project management, business analysis, among others, in helping organisations achieve their strategic objectives, through consulting and training. As Managing Partner and CEO of DexNova Consulting, I have over eight years of banking experience, four years’ experience in oil and gas before establishing DexNova Consulting.

We recently launched a new software solution called DexLearn that enhances learning in the area of information and communications technology (ICT), as well as management learning. How does it operate?

DexLearn is a learning management system that enhances online learning, using ICT as a platform. It is a platform through which people can learn various ICT skills. It is designed for ICT skills acquisition and those who want to sit for professional ICT exams can also use the platform for their studies. Those who want to develop themselves without necessarily sitting for information technology (IT) certificate exams, can also study with the platform.

Today there is a paradigm shift from analogue communication to digital communication and so every organisation is looking for the best and fastest means of moving their operations to a technology-driven platform, in order to catchup with today’s technology trend. It is for this reason that we developed a software learning solution called DexLearn, which enhances technology training of individuals and people from corporate organisations. Dexlearn LMS is designed in accordance with international standards to compete favourably with any other learning management systems in the world.

The standard practice all over the world is to support classroom learning method with online learning management to ensure time maximisation and sustain productivity while learning is taking place. The product contains over 100 software solutions, and about 20 professional certification courses and we will continue to add to the solution, to boost the entire package of DexLearn.

What could have motivated you into developing the software learning solution?

We were motivated by several factors. We discovered that there are quite a number of constraints that prevent people from acquiring knowledge in the area of ICT, and cost is a major factor. Again, the shrinking state of the Nigerian economy is not helping matters and people try to shy away from acquiring ICT skills. Training is key in any organisation, and technology training is most important.

It is for this reason that we developed our software learning solution, which will enable majority of people acquire technology skills at the lowest cost ever. Another reason could be likened to our philosophy and goals to offer as many people as we can, the opportunity to acquire ICT skills through our robust software solution package.

These days, the greatest challenge of workers and organisations, is about time to acquire new ICT skills, while on the job. How will DexLearn solution help in addressing this?

We also factored in time management, when we were developing the solution, which helps self-training and organisational training with ease, without taking people away from their jobs. Most learning management system are developed abroad and they are highly priced. So our solution has international and local contents, with international standards and people could just log online and get registered.

Oriade

In Nigeria, there are several platforms for online learning. What stands out DexLearn from others?

We are unique because as of today, there is no homegrown management learning package in Nigeria. All we have are solutions developed in foreign countries and sold to Nigerians. So DexLearn is the first locally developed learning management solution platform with international standard that is known to Nigerians. Since it is a web-based solution, the users will be competing with other learning management solutions developed abroad. The good thing about our solution is that it is accessible from any part of the country and from any part of the world because it is web-based.

of ICT skills among fresh employees. How will your solution help in addressing some of the skills gap?

Our solution can address dearth of ICT skills in the country. However, the solution is specifically designed to train people who already have some level of management skills, which they want to update, while on the job. The training gives them some skills that meet labour demands. With DexLearn, people can acquire several management skills like motivation, team building, problem solving among other skills.

So our management training complements the technical skills that people may have already acquired.

So what are the benefits of the web-based solution to Nigerians?

It comes with several benefits. Since it is homegrown, people and organisations can easily pay in naira currency denomination to acquire the same online management skills that they would have paid for in dollar denominated currency. So the challenge of getting dollar is completely eliminated.

Again, the solution uses relatively low bandwidth connectivity, which of course makes it easy for people to stay longer on the internet, while carrying out researches, and they will pay less for cost of bandwidth Other benefits of the e-learning platform, include cost effectiveness, learning 24/7 anywhere, easy tracking of progress as well as discreet learning. Again, it has over 100 soft skills courses as well as professional certification courses such as PMP Exam Prep, Prince 2 Exam prep, ITIL, Six Sigma, ScrumStudy, CBAP/CCBA. So the platform is set to revolutionise knowledge and skill acquisition among Nigerians and any discerning person around the globe.

Some of its features include course guide, instructor led, self-paced training, progress tracker, simulated assessments, participants’ discussion forum, downloadable training materials, participants online and offline interaction, among others.

So what is your assessment about management learning skills in Nigeria?

Management learning system has been around in Nigeria for some time now, and some of them are used to compliment learning skills in the universities and polytechnics. Some corporate organisations that have adopted it, are using it to train their staff in-house. But most of the management online learning solutions in the country are developed outside the country with foreign contents and they are sold to Nigerians, and there is need for homegrown management solution system that addresses the peculiarities of Nigerians in a way that Nigerians will pay less to acquire the skills, and that was what actually propelled us into developing DexLearn.

Employers have always complained of dearth

Your solution is homegrown. What are your plans to sustain it over a long period of time?

The good thing about DexNova Consulting, which is the developer of DexLearn management solution, is that it is a project management organisation that is focused on online training.

It has a focus to sustain the solution over a long period of time. It has dedicated staff that will keep the platform running over a long period if time. We are also ready to collaborate with other organisations for the purpose of continuity.

Nigerians have penchant for foreign developed solutions. Now that you have a homegrown

solution, how do you intend to convince Nigerians to buy into it?

Yes it is homegrown solution, but it has international standards and features that will attract Nigerians to embrace the solution.

Our payment gateway is PayPal, which is an international payment gateway. Again we have contents of international repute.

What is your view about ICT education in Nigeria?

ICT education is the way forward for fast economic development and most things are centred around ICT in today’s global thinking. What we have done with DexLearn is in line with the current technology development across globe.

What do you think are some of the technologies that will drive online learning in Nigeria?

Online learning must be easily accessible, must be cost effective and must add value to learning.

With the learning management solution, which we are promoting, I think it is one form of technology that will enhance online learning participation among Nigerians. Online learning encourages distant learning, and our solution is about online learning that people can key into from any part of the country, provided they have internet connectivity.

You have offices in Lagos and Port Harcourt.

Do you intend extending your office to other parts of the country?

With the present state of online learning, we do not have need to establish physical offices around the country, when people can easily have access to our management learning programmes from any part of the country.

Before now, people call us to ask when we are extending our offices closer to them, but with the DexLearn solution, online management learning has been demystified to the extent that people can connect to the learning platform from any part of the country, as well as from outside the county, to get easy access to our online management learning programmes, with same quality at a much cheaper rate.

T H I S D AY •THURSDAY, JUNE 16, 2016

27

BUSINESSWORLD

E-BUSINESS

Of Value Creation and Sustainability in Telecommunications Emma Okonji examines how new ideas being pushed by telecoms operators will enhance value creation and sustainability in their businesses

MTN CEO, Ferdi Moolman

With series of unprecedented events in the telecommunication sector, especially during this period of economic turbulence and its ripple effects on the populace, telecoms operators have continued to release business ideas and solutions that will no doubt, help to mitigate situation by giving Nigerians good value for their money.

The telecoms industry, in a bid to reduce cost and enhance quality service delivery, recently launched series of amazing bonus offer for the telecoms subscribers.

MTN offerings As the largest telecoms network by subscriber number, MTN has introduced several bonus offers for its subscribers. Tagged ‘MTN Start Pack’ otherwise known as ‘Yafun Yafun Bonus’.

The promo which was strategically designed to excite new MTN subscribers, will give adequate value for their money each time they call or digitally connect the world.

Speaking on the MTN Start Pack and its benefits, the General Manager Consumer Marketing MTN, Richard Iweanoge, said the Yafun Yafun bonus is part of the company’s concerted effort to reward and excite existing and new customers on the MTN network. The special tariff plan according to Iweanoge, would offer subscribers with discounted call rates and free data to surf the internet.

“We at MTN are always looking for opportunities to satisfy and excite our esteem customers with offerings that will help redefine and ease their day-to-day activities with quality telephony and reliable data services. In line with this proposition we have decided to reward new customers on the MTN network with special tariff plan that will afford them the opportunities of making cheap calls and receive data bonus on all recharge,’’ Iweanoge said.

He further stated that customers will only be able to access the new offerings after purchasing an MTN line and have satisfactorily completed the mandatory Subscribers Identification Module (SIM) registration. The subscribers after validating their data on the network at no cost in an MTN outlet and other accredited registration points nationwide will enjoy 6 times the value of all their recharge which is representing 500 per cent each time they top up their account.

Airtel CEO, Segun Ogunsanya

In addition to the 500 per cent bonus on all recharge, subscribers will also be given 10MB on every recharge of N200 and above.

“The offering is creatively designed to attend to the need of our customers and ensure uninterrupted, unequal voice and data service that will surpass subscribers expectation in terms of quality and efficient telephony,’’ Iweanoge said.

Yafun yafun bonus since its launch has set agenda and positively established the tone for value creation, especially in a diversified and competitive market such as Nigeria. Many companies, particularly the indigenous ones have over time conventional created a business task of ensuring wide profit margin as against balancing quality service delivery that will facilitate repeated sales and unconsciously groom brand loyalist to price fixing.

“This area of value creation has not been critically explored to further appreciate the existence of the end user as major stakeholder in an organisation. Promotion on the other should not just be used to push sales for the mere reason of making profit, but rather focus on satisfying and appreciating customers for their patronage and support.

Disclosing the rationale behind the offer, MTN Executive, Amina Oyagbola, said, “the introduction of MTN Start Pack is in line with MTN’s commitment to giving more value to its customers and ensures the company’s quest of deepening internet penetration that will support business at all level in Nigeria.”

“In line with our bold new digital commitment, we have designed voice and data services that will facilitate and render support to all our esteem customers, thereby ensuring they get value for their money. This is why new subscribers will immediately enjoy six times the value of any recharge, 10MB on every recharge of N200 and above as well as free data on the MTN Deal Zone. The new value proposition also aligns with MTN’s quest of deepening internet penetration in Nigeria,” Oyagbola said.

Globacom’s offering In a bid to excite customers on its network, Globacom recently announced new plans to give out a total of N125 million in cash prizes to its subscribers in a new promo called Glo

CEO, Globacom, Chief Mike Adenuga

Hamma Millions.

The consumer reward scheme, will run for the next 100 days. Giving details of the promo Globacom’s Coordinator, Enterprise Sales, Mr. Folu Aderibigbe said five subscribers would win N5 million each, making a total of N25 million. The N5 million winners will emerge every 20 days.

In addition to the N5m jackpot prize, there is also N100,000 cash to be won by 1,000 other lucky subscribers. He disclosed that 10 subscribers will each win N100,000 cash every day for 100 days, making a total of 1,000 winners and a total of N100 million.

Officer, Airtel Nigeria, Ahmad Mokhles noted that Airtel is committed to its key objective of providing innovative, highly relevant and affordable mobile Internet services and solutions to telecoms consumers across the country.

According to him, the new value offering is yet another testimony to Airtel’s renewed drive of making reliable mobile Internet service more accessible to SMEs, corporates and high net-worth individuals.

“At Airtel, we are passionate about empowering and helping SMEs, entrepreneurs and high networth telecoms consumers to succeed in their professional and business endeavours,” he said.

Etisalat latest offerings Etisalat has extended its ownership of the innovation sphere with the launch of the revamped and easy-to-use EasyMobile App. Among its several unique features, the new EasyMobile App enables customers on the Etisalat network to get things done in a simpler, easier and faster way by eliminating the trouble of having to remember, text or dial certain codes before they can access services from their devices on the etisalat network.

Etisalat announced that the re-engineered EasyMobile App now comes with an enhanced user interface and improved user experience with features that enable personalisation and instant customer support. The App is zero-rated, which means subscribers do not need to have data to use it.

Commenting on the App, the Director, Brands and Experience, Etisalat Nigeria, Elvis Ogiemwanye, explained that with the new EasyMobile App customers can further optimise the innovative value offerings that are available to them on the Etisalat network.

Stakeholders’ views Market research experts have also been commenting on the need for value creation, as it helps to build trust and confidence in the product or service render. Trust and confidence from customers can be achieved through series of productive engagement with all the stakeholders which includes the end users. Constant customer’s engagement will not only build trust, but also create avenue for feedbacks which can be used to adjust or fine-tune essential features in the products and services.

According to Abiodun Faniran, a youth leader and market research expert, the era of taking the back sit to draft company’s policy that does not incorporate constant stakeholders engagement is over. It has become imperative to shift focus to consumer behaviour, and have clear understanding of consumer’s lifestyle and their immediate need. These needs vary based on consumer behaviour and analytic.

He further expantiated his view on consumer management and engagement, by advising companies to devise different strategies that would facilitate profitable engagement with all the stakeholders.

“It is unfortunate that so many companies do not create ample time to study their consumers, understand their lifestyle and income before certain product or service is introduced. With this, there would be difficulty in making sales and sometimes distort the intended public perception of the company. So, constant customer’s engagement will give clue to their needs, as far as lifestyle is concerned,” market research experts said.

Airtel’s customer solution Airtel Nigeria has equally announced the launch of Airtel Mega Pack offer, a distinctive package that provides a free Dongle, MiFi or Router on any purchase of bundles from N10, 000.00 and above.

Airtel Mega Pack Offer, which is designed to reward its customers, will provide one free device to customers who purchase data bundles from N10, 000.00.

Speaking on this new offer, the Chief Commercial

28

T H I S D AY • THURSDAY, JUNE 16, 2016

BUSINESSWORLD HP Launches Solutions to Make Business Printing Secure, Mobile Stories by Emma Okonji Hewlett Packard (HP) has announced new mobile and business intelligence software to help business information technology (IT) managers make their print environment more mobile, secure and productive.

New offerings include: Mobile print software that makes printing from mobile devices to printers on a corporate network easy and accessible, as well as new business intelligence tools that help IT understand and optimise their printer fleets for better performance.

Announcing the software solutions, Head of JetAdvantage Solutions at HP, Edmund Wingate, said: “Our customers need print infrastructure that gets their employees working even more efficiently. Today HP is delivering new tools for IT managers to improve mobility, management and security so that printing is fast, reliable and sure to boost productivity.”

According to Wingate, HP JetAdvantage Connect, would enable mobile devices to print to printers on the corporate network with a simple, intui-

tive PC-like print experience, without extra steps like opening a print app or sending an email to the print queue. It is also easier and less expensive for IT to deploy as print job rendering takes place on the mobile device, eliminating the need for a dedicated server, and IT can leverage the same tools used to configure and manage PC-based print infrastructure.

Currently HP JetAdvantage Connect supports Android with iOS device support coming later in June. Support for other mobile platforms will be added in the future, he said.

In the area of security, Wingate said the HP access control Secure Pull Print makes the print authentication capabilities of HP Access Control available as a stand-alone offering at a lower cost. “With this solution, IT can provide the same monitoring and protection features for print jobs coming from mobile devices as they do for print jobs coming from PCs. HP Access Control 15.2 has been updated with support for the latest security protocols and the ability to use pull printing across IT environments with multiple domains.”

E-BUSINESS

‘Glo Hamma Millions Promo’ Winners Receive N5m, Other Cash Prizes The first set of winners in the on-going Glo Hamma Millions promo, including the winner of the jackpot prize of N5million, on Tuesday received their cash prizes at the Globacom Headquarters in Lagos and four other locations across Nigeria amid pomp and pageantry.

Winners of N100,000 in Lagos, Abuja, Enugu, Benin and Port Harcourt also received their prizes, bringing the total number of winners who got their money pan Nigeria to 201.

Palpably excited winners led

by Hameed Olatunji who won N5 million, with their friends and relatives had arrived the Lagos venue of the presentation ceremony as early as 8am on Tuesday, eager to claim their prizes.

Expressing his heartfelt appreciation in an emotion laden voice, Olatunji thanked Globacom for making him a multi-millionaire overnight,

adding, “I’ll invest part of this money in my poultry business and use part of it to purchase a truck.” Welcoming the guests earlier, Globacom’s Executive Director, Legal Services, Mrs. Gladys Talabi, said the promo was an initiative to reward the company’s subscribers for keeping faith with the network. “The reward scheme was launched by Globacom despite the current economic challenges to appreciate our customers who are the focal point of our operations by making over one thousand of them richer and turning others into multimillionaires,” she explained.

Talabi stated that more winners would emerge in the days ahead, and encouraged existing and new subscribers to avail themselves of the opportunity to become millionaires in the promo by sending ‘GLO’ to 555 and

answering a simple football question.

In a remark, the acting Managing Director, Bank of Industry, Mr. Waheed Olagunju, thanked Globacom Chairman, Dr. Mike Adenuga Jr, for building a world class telecoms company like Globacom, which he noted could compete with any telecoms company in the world.

“He is one person who connects with people at the bottom pyramid and that is why we are here to identify with this.

Those of you who won 100k that could be the beginning of your journey to becoming a Mike Adenuga of tomorrow.

We at BOI are available to support you and hold your hand. We have our consultants and experts who will advise you on the type of business you can go into in your immediate environment.”

The Speaker of Ogun State House of Assembly, Hon Adekunmbi, said: “Globacom has done a lot for Nigerians.

It liberated Nigerians with the per second billing it introduced at inception.”

In the 100-day promo, 10 winners of N100,000 will emerge every day, while a N5million jackpot winner will emerge once every 20 days. In all, a total of 1000 lucky winners of N100,000 and 5 winners of N5million will emerge in the promo.

Other dignitaries at the event included the Deputy Speaker, Lagos State House of Assembly, Hon Wasiu Eshinlokun Sanni; Lagos State Coordinator of the National Lottery Regulatory Commission, Mr. Fidelis Ajibogun and the Zonal Coordinator, Lagos Office, Nigerian Communications Commission (NCC), Mr. Ikechukwu Aninweke.

Lenovo Unveils World’s First Tango-Enabled Smartphone Lenovo has launched the much anticipated PHAB2 Pro, which is the world’s first Tangoenabled smartphone to enable augmented reality experiences, plus the dual-camera PHAB2 Plus and full-sized PHAB2 smartphones. Unlike any other phone, the PHAB2 Pro, powered

by Tango technology, is a set of sensors and software from Google that senses and maps its surroundings, and makes a host of cutting-edge smartphone augmented reality experiences possible. According to Lenovo, using augmented reality apps, students could place true-toscale virtual dinosaurs in their classrooms and enhance their learning through augmented reality data overlays that appear while they walk around the creatures.

Augmented reality gaming experiences allows users to play virtual dominos on their kitchen table, raise a digital pet in your bedroom and fight back swarms of aliens invading your house.

With Tango technology, the PHAB2 Pro can even begin to change the way people think about mapping indoor spaces to create new experiences like future augmented reality museum tours via the GuidiGO app. With Tango, the PHAB2 Pro offers unprecedented experiences on a smartphone that will continually learn and improve, Lenovo said in a statement.

The Vice President and General Manager of Android and Chrome Computing at Lenovo, Jeff Meredith, said: “Put simply, we wanted to take what was an amazing concept and transform it into a commercially viable mobile device. From the moment we saw Tango, we knew it could become pervasive, just like GPS.”

However, to truly make the PHAB2 Pro a game-changer, we developed it at an affordable price for mainstream consumers, delivering not just a bleedingedge phone, but an all-around fantastic phone that’s first to market, Meredith said.

Engineering Director at Google, Johnny Lee, said: “Tango enables our devices to sense physical motion and space and, as a result, has the power to change how we interact with our surroundings. We believe that devices with positional tracking functionality will be pervasive and are happy that the PHAB2 Pro will introduce these new capabilities, making your phone even more useful.”

Senior Vice President, Product Management, Qualcomm Technologies, Alex Katouzian, said: “Lenovo needed a highly robust and dependable platform for Tango and we are extremely pleased they chose the Qualcomm Snapdragon 652 processor for its advanced technology and comprehensive design.” He added, “The close collaboration between Lenovo, Google and Qualcomm Technologies allowed this new and innovative user experience to be implemented completely in software on the Snapdragon 652, allowing us to meet Lenovo’s aggressive deployment schedule without needing a separate coprocessor or requiring hardware re-certification.”

While Tango makes the PHAB2 Pro unique, the device stands on its own as a premium smartphone. It is powered by the Qualcomm Snapdragon 652 processor, which brings efficient hardware integration and processing, leading 4G LTE connectivity, and cutting-edge time stamping and camera and sensor processing capabilities.

A NEW OFFERING

L-R: Guest of honor/CEO,VJ Adams Fashion, Mr.Abiodun Adams; Special Guest of honor, Miss Green and white Nigeria, Mariam Adeniyi; Deputy Marketing Manager, PR/Event Sponsorship Tecno mobile, Mr. Attai Oguche and the Head Lagos office, Consumer Protection Council(CPC), Mr. Joshua Nggada, at the unveiling/launch of the New Techno Camon C9 phone, held in Lagos ...recently DAN UKANA

Glo, Others Support Africa’s First TechPlus2016toBoostTechnology ICC Arbitration Conference Innovation Globacom, in collaboration with other corporate bodies, has thrown its weight behind the first International Chamber of Commerce (ICC) Africa Regional Arbitration Conference, billed to hold in Lagos next week.

The Chairperson of the conference’s planning committee, Mrs. Dorothy Udeme-Ufot, who made the disclosure in Lagos recently, said leading corporate bodies in Nigeria have shown incredible and overwhelming support for the conference, beginning with Globacom.

“Globacom led the way by offering a massive financial support to ensure the successful hosting of the event in Nigeria.

Globacom’s support has opened doors for other organisations to also support the conference, it has been success all the way. Every other corporate body we turned to accepted to offer

us their support in various capacities,” she said.

Udeme-Ufot, who thanked the Chairman of Globacom, Dr. Mike Adenuga Jnr, for accepting to be part of the continent’s first ICC arbitration also expressed profound gratitude to all the other sponsors who agreed to back the conference.

The conference, which is being organised by ICC’s International Court of Arbitration in conjunction with the ICC, Nigeria will focus on the relationship between inward foreign investment in emerging markets in Africa, the types of disputes which may arise, and the African experience in arbitration proceedings.

Among the dignitaries expected from the government sector is the Vice President of the Federal Republic of Nigeria, Professor Yemi Osinbajo, who will be the Special Guest of Honour.

Technology experts, enthusiasts, innovators, policymakers and a vast spectrum of tech-savvy brands and individuals, will on July 22 and 23, be hosted at the biggest tech gathering in Nigeria, called TechPlus2016.

With the theme ‘A Connected World’, TechPlus2016, which is billed to hold in Lagos, will converge over 10,000 participants, 60 panellists, 100 exhibitors, 3,000 gamers and hackers, and a wide array of tech-savvy, insight-driven audience across diverse sectors.

Featuring five unique segments: Conference, Exhibition, Gaming, Hackathon and Pitch event, TechPlus2016 provides an avenue to advance technological discourse, innovation, showcase and networks in Nigeria, Africa and beyond.

In its second year, Techplus is a gathering of everything technology, providing a robust tripartite tech experience through its conference, exhibition and gaming structures

while serving as a platform for knowledge sharing, networking and market place for the consumers and businesses.

Techplus has positioned itself as the premier and most authoritative tech gathering in Nigeria. The maiden edition of the event saw the display of hi-tech innovations and gaming solutions.

Managing Director of Connect Marketing, organisers of TechPlus 2016, Tunji Adeyinka, said: “Techplus Conference and Expo is a place where new technology comes to life, new products are launched and innovations converge, providing manufacturers, concept generators, software and hardware companies, content developers a platform to bring their products and services to life.”

Many speakers outlined for the event include thought leaders, organisational heads, tech advocates, serial entrepreneurs, innovators, policy makers and trend setters.

9 T H I S D AY •THURSDAY, JUNE 16, 2016

29

BUSINESSWORLD

CONSUMER

As UAC Takes Its Campaign to Families Raheem Akingbolu reviews the new reality show conceptualised by UAC Nigeria to deepen its relationship with consumers

Having been around for decades, the United Africa Company of Nigeria Ltd, otherwise known as UAC, has always tried to be current and bond with its patrons. At the beginning, the company was not only a major spender in the advertising industry; it set a pace for other companies to explore the platform. Over the years, it has explored other platforms like periodical rebranding and other repositioning techniques to be relevant.

But with growing indifference to advertising by audience, especially the youth, and the need for orgnisations to look for ways of positioning their products and services to attract new and retain old customers, UAC, like other brands recently turned to reality TV shows sponsorship.

The platform has thus become one of the most popular platforms used by the brand to keep its patrons.

At the beginning, the company rolled out two impactful programmes, The Real Nigerian Show (2008-2010) that was anchored by the comedian teju baby face and UAC Laff Hour, which sustained Nigerian television audience until recently when it was put on hold. While The Real Nigerian Show was conceptualized to engage the youths through a well scripted quiz competition that involved students of higher institutions from various part of the country, UAC Soccer La1/2 Lines was a gripping 30-minute TV offering that addressed major and fresh issues in football circle in an inimitable presentation style.

Enters UAC Unscripted To raise the bar and further engage the market, UAC and its production agency –HS Media Group, a Sports Marketing and Media Content Development & Production company will soon hit the airwaves with UAC Unscripted.

The 30-minute reality show is a step ahead the previous shows in content and delivery.

Anchored by Comedian Okey Bakassi, UAC Unscripted though maintains the humour and thrilling effect of the UAC Soccer La1/2 Lines, the content is broader because it touches on various aspects of human lives. In line with the trend of the previous shows, the new edition also comes with a game but the participants are different. From the guests on the show –two celebrity couples, it is easy to know that it targets families. This is strategic because it will attract all segments of the market who are also family members, the children, youths,

minutes of keen competition, the couples were rewarded with prizes.

Aside the humour, the new reality show is full of suspense and excitement. From the word ‘unscripted’, the show is conceptualised to meet the couples unprepared. As the wife or the husband spin the will, one is carried away with the mood and feelings that enveloped the partner.

The couples pray that the spin board stop at their areas of interest. The programme will no doubt warm its way into the hearts of Nigerians with its unique concept and interpretation that is entertaining and equally educative.

Ettah

mothers and fathers.

The first edition of UAC Unscripted features Nneka & Issac Moses on one side and Moyo & Owen Gee on the other side. Nneka and Isaac Moses have been presenting Goje Africa on television since January 1999. They were said to have met on the set of a movie titled ‘Love in Vendetta’ by Zack Orji many years ago. The second contestant, Comedian Owen Gee and his wife, Moyo, last month, precisely on May 28, celebrated their 7th wedding anniversary.

In the first episode, Okey Bakassi starts by relating a story that is both humorous and educative. “There was a man that had family problem,” he said. “One day, he was alone and frustrated. His eyes suddenly caught an empty crate of drinks and he started addressing the inanimate object. He took a bottle and said ‘na you make my wife leave me’ then he smashed the bottle. He picked another one and addressed it again, ‘if not you, my children wouldn’t have left me’ then he smashed it.

He picked another one and said ‘if not you I will not be alone, he smashed it. He went on and on until his eyes caught this particular bottle that was still intact and full with drink.

He picked and looks at it and said; ‘this one your hands no dey inside my problem. Then, he put it aside. After Bakassi completed the story, the audience roar into laughter and the real game started. At this stage, the comedian faces the celebrity couples and asks them to spin the wheel. The show aims at testing the knowledge of the couples in sports, movies, current affairs, music and tourism. Whenever the wheel stops at a sport marks ‘try again’, the couple concerned is expected to spin again until it touches on any of the areas. After 30

Flash back The Real Nigerian Show and UAC Soccer La1/2 Lines, wholly sponsored by UAC of Nigeria Plc, attracted and sustained Nigerian television audience while they lasted.

For instance, UAC Soccer La1/2 Lines is a gripping 30-minute TV offering that addressed major and fresh issues in football circle in an inimitable presentation style. Its uniqueness stems from the fact that core issues around a game that strikes virtually every Nigerian’s attention were discussed with a dose of comedy. The programme is creatively segmented in a way that made it offered real entertainment amid providing basic information in the world of football. Yaw, Klint Da Drunk and Biola Kazeem were pioneer anchors of the programme.

How it all started Today UAC of Nigeria Plc (UAC) is a leading diversified company, operating in the food and beverages, real estate, paint and logistics sectors of the economy. The Company has been active on the Nigerian economic landscape since 1879.

It has a rich and varied history of successful enterprise that pre-dates the geographical entity called Nigeria. The rumps of the Company’s early days can be traced to the activities of European traders and commercial activities.

The Company has evolved through a series of mergers and acquisitions and restructurings as the various entrepreneurs sought to enthrone profitable and enduring enterprises.

One of the most significant developments in the company’s history was the setting up of the Royal Niger Company, which was chartered between 1672 and 1750 to administer the territory that would later become Nigeria.

On March 3, 1929, The United Africa Company was formed by the joint agreements of The

African & Eastern Trade Corporation and the Niger Company (Owned by Lever Brothers Limited).

UAC was first incorporated in Lagos, Nigeria under the name Nigerian Motors Ltd on April 22, 1931 as a wholly-owned subsidiary of the United Africa Company Ltd. (a subsidiary of Unilever), which later became UAC International.

The Company’s name was changed to United Africa Company (Nigeria) Ltd on 23rd July 1943.

It became The United Africa Company of Nigeria Ltd on 1st February, 1955 and started acquiring, over a period of five years, a large part of the business of UACI. In 1960 C.W.A. Holdings Ltd, England also a subsidiary of Unilever, acquired UACI’s interest in the company.

The name was changed to UAC of Nigeria Limited on 1st March, 1973.

In compliance with the Nigerian Enterprises Promotion Act 1972, 40 percent of the company’s share capital was acquired in 1974 by Nigerian citizens and associations and in accordance with the provisions of the Nigerian Enterprises Promotion Act 1977, an additional 20 percent of the UAC’s share capital was publicly offered in 1977, increasing Nigerian equity participation to 60 percent. The name UAC of Nigeria Plc was adopted in 1991. In 1994, following the divestment of 40% interest in the Company by Unilever PLC, the Company became a whollyowned Nigerian Company. The transformation of UAC from a trading behemoth into a leading manufacturing concern, even though it took root in the 1980s, was given serious impetus in 1990s, following the exit of the company from its trading businesses. In early 2000, it further embarked on a series of business restructuring with a thorough portfolio review and switch of focus to value-adding operations. This has led to an era of focused growth on the foods, real estate, logistics and automobile sectors.

Speaking on the impact of the various reality shows on the brand, the Group Managing Director at UAC of Nigeria, Mr. Larry Ettah said the company has both used reality show as a platform to engage and educate. “Having grown over times with Nigeria, the UAC brand understands Nigerian consumers and always responds to their yearnings. Through the various reality shows, we celebrate, engage and educate our consumers. Our reality shows are always captivating and this has impacted positively on the way our brand is viewed in the market place,” he said.

30

T H I S D AY •THURSDAY, JUNE 16, 2016

BUSINESSWORLD

ADVERTISING

Positioning Technology for Robust GDP Growth With the nation’s economy begging for revival, stakeholders in various sectors have gone back to the drawing board to fashion out a way out of the doldrums. In this encounter, organisers of the proposed Nigeria International Technology Exhibition & Conference identified technology as an area that could be further exploited. Raheem Akingbolu writes It was hard to believe that the nation’s entertainment industry could attract the kind of attention and investment it has attracted in the last few years. But as a result of the commitment of players in the industry and little encouragement from government and private sector, an enterprise that was once regarded as a weak area, boomed and attracted global attention.

As government and other stakeholders in the Nigeria project are struggling hard to invigorate the economy, the Managing Director of Neo Media and Marketing, who is also the convener of the maiden edition of Nigeria International Technology Exhibition & Conference (NITEC), Mr. Ehi Braimah, has identified technology as another area that could be explored to rescue the economy.

Speaking to THISDAY about the conference, which is slated for next week, Braimah said NITEC is a brand his team is trying to build in the Nigerian market especially in the technology space and that it is being positioned as a platform to redefined technology as an enterprise that can impact Nigerian economy.

“The whole idea is to create a platform to showcase what we call the Nigerian technology ecosystem. And at the same time promote innovative ICT solutions from Nigerians.

That’s the vision for NITEC. And as you can see from our slogan; trending technologies, it means technology will keep on changing. As you have obsolete technology, new ones are coming. We know how music and Nollywood became big industries in Nigeria. We are also saying technology should take its own pride of place to become a key factor when you talk about growing our GDP in Nigeria,” he said.

Theme of conference According to the organiser, technology is another area of human endeavour that can play important role in the day today activities of Nigerians. He further added that it can be used to surmount Nigeria current economic challenges. Braimah cited example of how technology is currently demystifying communication, transportation and banking globally with a well researched theme; “The role of Disruptive Technologies in Catapulting the Africa Continent GDP”, promoters of NITEC see the conference as being timely and crucial to the nation’s economy.

“Today we have uber, a technological devised means of transportation. Through the platform, you can easily get taxi anywhere you are. That was not there five years ago.

Today, I can download an app on my phone to make international call and pay through phone data. It is like using Whatsapp and other communications techniques. That’s why we are focusing our theme for this year on ‘disruptive technology’. Today, I can do so many things on my phone; pay bills, make calls, transfer money, read newspapers. All of these are disruptive in nature. Another point about telephone calls is that having access to Internet is creating a shift from voice to data and data is increasingly becoming cheap due to intense competition among the telcos.

With my skype, I can run my business from which ever location in the world. These are all disruptive innovations. We are also looking at new trends in the tech space. And we are saying let’s come together for two days and talk about trending technologies.

Unique selling point To Braimah and his team, including the founder of techsmart, Mr. Chukwuemeka Fred Agbata (CFA) Jnr, what is unique unique about the maiden edition of NITEC is the fact that the organisers are bringing the private and public sectors together.

“We are bringing together stakeholders in both private and public spaces to rub minds on technology. There’s even a third leg; we are bringing young entrepreneurs. They are the tech innovators; Nigerians who are interested in starting a business that is technologically

Minister of Science and Technology, Dr. Ogbonnaya Onu

driven. We believe the future belong to them.

Look at how Mark Zukerberg created a revolution with facebook. Look at the two guys behind Google. What about twitter? So we are saying this revolution will be continuous.”

Target audience in the interim, the conference has been described

by Mr. Chukwuemeka Fred Agbata as the ‘tech trinity’. He tagged it this way because it is bringing together the public sector, private sector, and the young start-ups. “For these two days, we are bringing students, youth corps members to explore and discuss. It will

The whole idea is to create a platform to showcase what we call the Nigerian technology ecosystem. And at the same time promote innovative ICT solutions from Nigerians. That’s the vision for NITEC. And as you can see from our slogan; trending technologies, it means technology will keep on changing

also attract many tech enthusiasts; who read computer science and have passion to advance it. what we are saying is ‘let them come and hear what’s happening to technology around the world and how technology is changing by the minutes.”

Reacting to the current economic situation in the country and whether the timing of the conference is appropriate, Braimah said the challenging period is the most appropriate, arguing that the economy should not stop innovations. “People are thinking and creating every day, economic situation cannot take away one’s God-given brain and talents. The four pillars of NITEC are conference, exhibition, networking and games. We plan to do this event at the Civic Centre, Victoria Island, Lagos.

Talking about stakeholders in the industry, we have made presentation to Nigeria Information Development Association; we are also having support from Nigeria Internet Registration Association (NIRA).

That is the organisation that focuses on promoting our identity online; ‘.ng’. We believe it’s also a good platform to promote the Nigerian identity online. In the UK they are signing to ‘.co.uk’, in South Africa it’s ‘.co.za’. So why can’t we also be proud of ‘.ng’? That is why I’m impressed that most private universities are going on ‘.ng’. There’s also the aim to focus on the capacity and talents of Nigerians in the technology space. Let Nigeria also become the hub of technology in Africa because this has the capacity to grow Africa’s GDP as well,” The Neo media boss went on to state in details how Technology is growing the GDP of countries all over the world. “People created Google, twitter, Facebook and we are saying we can draw inspiration from these people to grow Nigeria’s tech status with Nigerians creating things that can even be bigger than these current innovations. A forum like this will not only talk about what is happening around the world, but encourage our young entrepreneurs to become better than the Zukerbergs of this world in terms of ideation and creation via their talents. That’s the whole idea.

Five year agenda

Speaking further, Mr. Braimah commended the National Assembly intervention in reawakening various sectors of the economy, citing the recent stakeholders’ forum on the capital market as a good starting point. “The National Assembly’s stakeholders’ forum on capital market is a brilliant initiative because we have to strategise on how to move this economy forward using the capital market as a platform to engineer the recovery of the economy. NITEC is a similar forum, but focusing on technology. This has the potential to grow the economy through the rediscovery of the SME and startup technologists. And by the way, the SMEs are the engine room of developing economies. Look at the population of Nigeria; over 180 million people majority of whom are youths and we keep complaining of lack of employment opportunities.

“Now, we are moving from job seeking to people creating jobs. Many young men are digital marketing specialists who are trained on their own with digital resources. With their laptop, mobile phone, they don’t need to work for anyone. They build websites, create contents for clients, engage with consumers of brands on behalf of their clients. Before long, they will begin to create a community for consumers online. So those are the kind of things we want to focus on. We want to tell them that the power is in their hands if they can use technology to reduce unemployment.

Feedback Over a month after the preparation for the conference has started; Braimah and his team are not impressed with the level of commitment from Nigerians, especially the business owners who can ride on it for positioning. “The feedback is poor. I would use this opportunity to call on Nigerians, corporate bodies, individuals and students to come for this event. We have gotten everything set but the response in terms of sponsorship has been very poor. While some organizations are complaining about the economic situation, others are waiting to see the policy direction of the economy from the government.

But what I have continued to say is that good ideas can’t wait for the economy. The ideas can even trigger growth in the economy.”

T H I S D AY •THURSDAY, JUNE 16, 2016

31

BUSINESSWORLD

ANALYSIS

As Duru Takes Case to Buhari After many attempts to ward off the Economic and Financial Crimes Commission from his trail, a former member of the House of Representative, Chidi Duru, has taken his case to President Muhammadu Buhari. Davidson Iriekpen writes

Chairman, EFCC, Ibrahim Magu

A former member of the House of Representative and founder and promoter of First Guarantee Pension Limited (FGPL), one of the Pension Fund Administrators (PFA) licensed under the Pension Reform Act of 2004, Hon, Chidi Duru, is currently seriously embattled as forces higher than him, are seeking his down fall.

Last week, he reacted angrily to a story that he was invited by the Economic and Financial Crimes Commission (EFCC) to clear his name in the forgery allegations levelled against him by some shareholders of the firm.

The anti-graft commission had said the invitation was to protect over N100 billion worth of pension assets managed by FGPL. Others also alleged to have been invited alongside Duru were one Chief O.O Ojo, and a South African, Mr. Derrick Roper, representing Novare Holding Limited.

Specifically, Duru was accused of diverting N16 million being part of the equity contribution of Novare Holding, a South African 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.

He was also accused of serving as the chairman of the board of executive committee of FGPL that was “fraudulently’’ involved in engaging the services of Hard Rain Software Limited to develop a software for the licensed pension administrator at the cost of N31million despite the directive of the National Pension Commission (PenCom), the apex regulatory agency for pension administrator calling for suspension of the project.

The EFCC also accused him of approving payment amounting to $285,102 to Novare Investments for “questionable’’ consultancy services and other charges without board approval. The agancy said it had indicted Duru and his collaborators of alleged forgery of some shareholders signatures on a document referred to as the “Shareholders Resolution,” which purportedly mandated him to negotiate with Novare Holding on behalf of other shareholders during the acquisition of the FGPL’s shares

by Novare Holding.

In order to arrest him, the anti-graft commission had arrested his elder sister, Mrs. Chinyere Christie Ekweonu, who is a Director in the Federal Ministry of Justice. She was detained for 10 days and subjected to unimaginable hardship. Though she was released last week, Ekweonu’s offence was that she stood surety for Duru, when he was first arrested in 2011.

But last week, Duru reacted to the allegations, insisting he was never invited by the EFCC. He accused the anti-graft commission of being manipulated by the power-that-be to persecute him. He quickly countered the allegation of

Speaker, House of Representatives, Yakubu Dogara

fraud against him, saying he could not have defrauded the FGPL, a company he founded and nurtured to good financial health until it paid its first dividend to shareholders in 2010 and got commendation letter from the PenCom as the most improved PFA in 2010.

Sensing that the EFCC was acting a scripted carefully crafted for it by some powers-that –be in the society, Duru in a petition to President Muhammadu Buhari, alleged that the antigraft agency was being used to put him away permanently and pave the way to fully take charge of FGPL. Specifically, he accused Alhaji Kashim Ibrahim Imam, a FGPL shareholder, and the Director General of PenCom, Mrs. Chinelo Anohu-Amazu, of being behind his plight. He stated that the accusation were not new as the issue had long been quashed by Justice Donatus Okorowo of the Federal High Court Abuja on August 11, 2011 and June 18, 2012.

“It is the same old falsehood against me which was quashed by Justice Donatus Okorowo of the Federal High Court Abuja on August 11, 2011 and June 18, 2012. It is a continuous attempt to obscure issues,” told said.

On the allegation that he shortchanged some of the shareholders by withholding money given to him to buy the company’s shares, he said that was not possible. “Before the FGPL, we operated under three names. Initially, we were First Provident Trust Limited, but that name was rejected by PenCom. We now changed the name to First Pension, which again was rejected before we finally changed the name to FGPL which was now approved. Each and every investor, shareholder in FGPL, issued his cheque or instrument to either of these three names. At the beginning it was First Provident Trust, then First Pension and finally FGPL. None of these investors and shareholders invested in any other platform other than these three.

It was this instrument that was now used as a proof of evidence to PenCom of the investment that was done by each and every shareholder.

“It could not have happened that any shareholder or investor in FGPL would have either given money to me or to any other person to invest in FGPL because the guidelines that were enunciated by the PenCom is that every investment must be made in the name of the proposed PFA on the basis of which they now issued what they called approval in principle for you to now become a PFA. After the AIP, we were now given a final license when we presented the final instrument that each and every shareholder invested.

“When other PFA’s were raising N150 million, FGPL in the first tranche raised N235 million and then raised another N500 million and later to well over N800 million. All those investments were done in either of the three

names I told you.”

On the allegation of forgery levelled against him, Duru said: “One of the charges they brought before the magistrate court in Abuja was the forgery of the signature of Alhaji Kashim Ibrahim Imam in the shareholders agreement to admit the investment of our partners from South Africa into FGPL. For me that was surprising because, first, I am not the management, second I have no role to play in it.

“However, I recall that on November 13, 2008 when the then Managing Director presented to the board that the shareholders agreement permitting the investment of Novare into FGPL had been signed by the shareholders (there are two ways to obtain the agreement of shareholders – either by all the shareholders signing by what we call round ribbon or at a general meeting of the shareholders) but this process was done through round ribbon. The chairman in his considered wisdom at that meeting said that since we have an AGM of the company coming up on January 19, 2009, he would prefer that the question of investment of Novare be tabled and discussed at the AGM. He said that why he agrees with the Managing Director and Company Secretary that Novare had met every condition necessary for a resolution of the shareholders to admit Novare into FGPL but that we have nothing to lose if we wait for the next two months to take the matter to a general meeting of the shareholders. And that was carried as a resolution of the board.

“In the January 19, 2009 shareholders meeting, the chairman made a profound statement that he had been advised that with the shareholders agreement as signed, we had met the requirement to admit Novare, but that he would like to keep the document aside, because he wanted the shareholders to understand what they had signed which would dilute their shareholding because when Novare invests into FGPL, if you own 18 percent for instance, it will now come down to 15 percent.

“The matter was discussed extensively. In fact, if we spent 10 minutes at that AGM, eight minutes were devoted to the issue of Novare’s investment. But at the end of the day, unanimously, without any dissenting vote, Novare was admitted to invest in FGPL. It was the resolution of that meeting that was filed with the CAC admitting the investment of Novare into FGPL. “So, this was a resolution of the shareholders at the general meeting. If anybody knew that his signature was forged or he didn’t agree with it, he could have raised it at the AGM.” In any case, Duru said a court had quashed the charge. Accusing the DG of PenCom of bad faith, Duru said Justice Okorowo of the Abuja High Court had dismissed the same charges

on June 18, 2012 and upbraided PenCom for acting above the law and ordering that the interim management set up by the regulatory agency be removed.

Duru said he couldn’t have been on the run when he dutifully attends the court personally to answer to the fresh charges preferred against him in a Lagos High Court by the EFCC, describing the arrest of his sister, Mrs. Chinyere Christy Ekweonu, who stood surety for him in 2012, as an act of impunity.

Duru accused Kashim Imam and co-travellers of being the ones guilty of forgery.

“Following Justice Okorowo’s ex-parte order on August 11, 2011, insisting that PenCom should reverse the steps they had taken and allow the directors to take back and run their business, in December 2011, a curious thing happened in the CAC, which was that a filing that didn’t have the directors approval nor the shareholders resolution was filed in CAC that restructured the shareholding structure of FGPL where the shares of our foreign partners, Novare, were removed as investors in FGPL and treated now as deposit for shares. And my shares were reduced by 50 per cent from N248 million to under N122 million. There was no shareholders’ resolution, there was no shareholders’ meeting, and there was no directors’ meeting where this was done.

“Also, Kashim was purportedly elected as the chairman of FGPL, even when there is an order of the court by Justice Okeke against that.”

“My and our appeal is that if it is found that there has been an infraction on our part, then let justice be done, but if it is found that we have not done anything wrong, and some other people have misused their power and influence, let justice also be done.

“But more importantly is that there must be an immediate order that those who are managing the business of FGPL should convene a shareholders meeting. It cannot happen that a business such as FGPL has not had a meeting in the last five years. It cannot happen that a business such as FGPL has not filed its annual returns and accounts with the CAC in the last five years and the Corporate Affairs Commission (CAC) is keeping quiet. It cannot happen that FGPL has not paid dividend to the shareholders in the last five years and it cannot also happen that a business such as ours has not paid its tax to the regulatory authorities.

“Now that the states and federal government are broke and they are looking for money to run the affairs of the country, it is the duty of all responsible corporate entities to pay their taxes. This is part of the corporate governance compliance we are urging the regulator who is managing the business to do immediately.”

32

T H I S D AY •THURSDAY, JUNE 16, 2016

BUSINESSWORLD

NEWS

‘Nigeria Airports Can Be Self-sustaining’ Chinedu Eze A former Director of Engineering Services with the Federal Airports Authority of Nigeria (FAAN), Mohammed Sadiq (FNSE) has said the nation’s airports are capable of operating without capital from government while contributing revenues to government coffers.

Sadiq said FAAN generates over N33 billion annually and could contribute 25 percent of this to the federal government if the right policies are put in place.

He also said the FAAN could pay off the loan secured from China, which is being used to fund the new terminals under construction at the nation’s major airports

because the loans were secured at a very low interest rate of 2per cent and payable over 22 years.

Sadiq said: “It is this economic viability of our airport system that the economic terrorists are targeting by advocating privatisation of the only viable international airports to the detriment of the overall development of the other airports and by extension the development of the country.”

Comparing with revenue data from the US airports, Sadiq noted that the busiest airport in the world, Hartfield-Jackson airport in Atlanta, Georgia had an annual turnover of $24 billion, which is equivalent to about N7.2 trillion; more than the N6 trillion Naira

budget of Nigeria, He identified the advantages government ownership of airports has over being run by private organisations and they include safety and security of the entire nation.

He also identified infrastructural development, national development, financial contribution to the Treasury Single Account (TSA), adding that the takeover of these airports would lead to loss of experienced personnel, and expressed amazement at the level of greed, which he attributed to the quest for the concession of the airports.

“All airports are considered as boarders of the host country.

So they are security posts. The entire security of the nation can be compromised if the

airports are in private hands.

Setting up a government security apparatus to oversee the security cannot solve the problems because the private airport operator can create avenues to circumvent security in the transportation of arms and ammunitions, drugs, fake currency and other dangerous goods.

“The government will then need the cooperation of the operator of the airport to securely manage the whole airport infra-structure. But with the present government ownership and FAAN management of airports such nefarious activities cannot be entertained. This is one of the reasons why FAAN should be strengthened to run the airports in a profitable manner and then pay a large

percentage of their earnings to the federal government through the TSA,” he said.

Explaining how government ownership can boost infrastructural development, Sadiq said the private operators of airports are only interested in milking the system and leaving it dry and fallow at the end of the day.

“These so-called private operators only concentrate their attention on the terminal buildings. They don’t contribute to the maintenance of the airports’ most critical safety infrastructures namely the runway, taxiway, apron, navigational aids, airport ground lighting system, fire and safety service, airport perimeter fencing and the general maintenance of the airside.”

“FAAN has been in the business of airport management and operation since 1976 initially as NAA (Nigerian Airports Authority). FAAN has therefore gathered valuable experience over the `past 40 years that no other group or organisation in Nigeria can match. Areas of weakness that have been identified such as overstaffing, top heaviness of the organisation etc are externally imposed and can be corrected to improve the efficiency of the organisation,” Sadiq said.

On national development he said FAAN has been operating the Nigeria’s single airport system by cross-subsidising the smaller airports that cannot break even on their own from the revenue generated by the bigger airports.

Firm Procures More Garbage Trucks for Oil Spill Control African Circle Pollution Management Limited has procured more specialised garbage trucks and mini oil spill response stores in a bid to actualise its mandate in the fulfillment of the provisions contained in marine pollution (MARPOL), one of the key conventions stipulated by the global maritime watchdog, the International Maritime Organisation (IMO).

The procurement of the specialised trucks and mini oil spill response stores are in addition to the ones it took delivery in 2014 in the furtherance of its roles and responsibilities as enshrined in the agreement it signed with the federal government through the management of Nigerian Ports Authority (NPA).

The trucks which are six in number were specially built

by Mercedes Benz for African Circle Pollution Management Limited as their types are not presently in the open market.

Speaking at the formal unveiling of the trucks and mini oil spill response stores at Finger Jetty, Tin Can Island Port Complex (TCIP), Apapa, Lagos, the Executive Director, Marine and Operations in Nigerian Ports Authority (NPA), David Omonibeke commended African Circle Pollution Management Limited for the strides it has made since it signed the build, own, operate and transfer (BOOT) agreement with the federal government over a decade ago.

Omonibeke, who was represented by NPA General Manager, Health, Safety and Environment (HSE), Mr. Lawrence Alabi said the federal government was happy that the company was living up to expectations in the discharge of its mandate as enshrined in the agreement.

“There is no doubt about it.

You are doing well. In fact, you are one our worthy partners in the task of fulfilling the provisions of MARPOL and we are very proud of the achievements you have made over the years. This is one of the reasons why we are ready to showcase what you are doing within and outside the country.

In a recent meeting at IMO Headquarters in the United

Kingdom, we made it clear that we are not lagging behind in addressing the provisions of MARPOL and that we are ready to showcase what we are doing to the world, anytime, any day”, he said.

He enjoined the management of the firm not to rest on its oars but continue to deliver on the provisions of the agreement it signed with the federal government through the authority in the years ahead.

A statement from the company quoted the acting Coordinating Manager, African Circle Pollution Management Limited, Mr. Ahmadu Fidi Ahmadu as saying that the procurement of the additional trucks and mini oil spill response stores was in line with the company desire to discharge its functions effectively.

According to him, with the procurement of more trucks and equipment, it would place the company in a vantage position to deliver its roles and responsibilities in the nation’s seaports.

The Regional Manager, South West, African Circle Pollution Management Limited, Mrs. Oyenike Shobowale, in her remarks, disclosed that the firm would take delivery of more trucks and equipment soon.

According to her, in order to ensure that other parts of the country also benefit from the services rendered by the firm, some of the trucks and equipment would be deploy to the ports situated in other pilotage districts such as Calabar and Port Harcourt.

Explaining how the trucks and equipment work, the Health, Safety, Environment and Quality Manager of the firm, Pastor Kingsley Okojie said the trucks have the capacity to compress 20 cubic metres of recyclable and non-recyclable waste.

He said the mini oil spill response stores can be used on land and water by hooking it to a truck or flying boat and deploy to the scene of any oil spill. “With these mini oil spill response stores, the spread of oil spill can be curtailed to avert further damage to the environment.

TOTAL VISITS STOCK EXCHANGE

L-R: Head, Corporate Services Division, Nigerian Stock Exchange (NSE), Mr. Bola Adeeko; Executive Director, Total Nigeria Plc, Mr. Jefferson Nnamani; Non-Executive Director, Mrs. Hern Christine, Total Nigeria; Executive Director, Market Operations and Technology, NSE, Mr. Ade Bajomo; Director, Total Nigeria Plc/Senior Vice President, Africa & Middle East Total Marketing & Services, Mr. Stanislas Mittelman; Managing Director, Total Nigeria Plc, Mr. Jean-Phillip Torres; Director, Total Nigeria Plc, Chief Felix Majekodunmi; General Counsel/Head of Regulation, NSE, Ms Tinuade Awe and General Manager, Human Resources/ Corporate Services/Company Secretary, Total Nigeria Plc, Ms. Bunmi Popoola-Mordi, at the Closing Gong Ceremony at the NSE in Lagos…recently

Solvency 2 Regime: Insurers DexLearn Introduces Solution to Boost Online Learning Focus on Building Reserves Ebere Nwoji The introduction of the Solvency 2 regime in the regulation of insurance industry is compelling insurers to concentrate more effort on building strong reserves than dishing out returns on investment. The Solvency II regulatory and supervisory regime, is an EU initiative but a world-leading standard of regulation that requires insurers to focus on managing all of the risks facing their organisation. It adopts a more dynamic risk-based approach and implements a non-zero failure regime.

Here in Nigeria, the Solvency 2 principle, serves as a guiding principle to the insurance industry regulatory body, the National Insurance Commission( NAICOM) in the introduction of its Risk based supervision model, which is currently at its early stage of introduction in Nigeria. The risk-based supervision, according to the World Bank, is a supervision approach that considers each of the risks that companies face and through a structured process, identifies the risks that are most critical to the financial

viability of the institution.

Under the model, the supervisory on-site review process, looks at the management of the key risk areas of a company and focuses attention on the critical net risk exposures.

The introduction of the model in insurance industry is a sharp migration by the NAICOM from the hitherto compliance-based supervision model and is part of its steps to build globally competitive industry.

Unveiling the model to insurers recently, the Commissioner for Insurance, Alhaji Mohammed Kari, had alerted the insurers that the commission would ride on the principle of Solvency 2 regulation model to implement the Risk based Supervision model and warned that operators may witness a more strict regime from the regulator.

“In doing this, the commission would be guided by the spirit enshrined in the principles laid down in the Solvency II framework companies and this would see the commission administering more strictly, fit and proper test in the appointment of company officials at all levels, Kari forewarned.

Emma Okonji DexNova Consulting Limited, a strategic process management outfit, with offices in Lagos and Port Harcourt has introduced into Nigeria, an online learning, management system called DexLearn.

With this feat, Dexlearn is the newest platform emanating from Nigeria to join several global e-learning platforms that have millions of subscribers worldwide.

Managing Partner/CEO of DexNova Consulting Limited, Mr. Adewole Oriade explained that the Dexlearn LMS is designed in accordance with international standards and therefore can compete favourably with any other learning management system in the world.

“The standard practice all over the world is to support class room learning method with online learning management to ensure time maximization and sustain productivity while learning is taking place.

E-learning has been adopted by all levels of education. At DexNova Con-

sulting, we believe Nigeria should not lag behind in this global trend considering her strategic role in Africa and being the most populous black nation in the world,” he explained.

Oriade enumerated some of the benefits of e-learning to include cost effectiveness, learning 24/7 anywhere, easy tracking of progress as well as discreet learning.

According to him, there are over 100 Soft skills courses on Dexlearn platform as well as professional certification courses such as PMP Exam Prep, Prince 2 Exam prep, ITIL, Six Sigma, ScrumStudy, CBAP/CCBA, adding that the platform is set to revolutionize knowledge and skill acquisition among Nigerians and any discerning person around the globe.

He listed the value added features of Dexlearn LMS to include course guide, instructor led, self-paced training, progress tracker, simulated assessments, participants’ discussion forum, downloadable training materials, participants online and offline interaction.

T H I S D AY •THURSDAY, JUNE 16, 2016

33

BUSINESSWORLD

NEWS

Global Technology Partners Wins ‘Visa Prepaid Service Provider’ Award Global Technology Partners (GTP), a processor of Visa prepaid debit cards in over 30 African countries, has been awarded the ‘Visa Prepaid Service Provider of the Year’ at the Prepaid Summit Middle East and Africa 2016.

Head of Prepaid and ATM, Central and Eastern Europe, Middle East and Africa (CEMEA) at Visa, Fiona Duncan,

said: “We would like to congratulate GTP on winning the ‘Visa Prepaid Service Provider of the Year’ award. As consumers worldwide increasingly shift to digital payments from cash, GTP is playing a key role in bringing cashless efficiencies to the largely untapped Africa region. Their efforts in paving the way forward for prepaid card development are truly

commendable. The mission to make the Middle East and Africa among the first cashless regions in the world is closely aligned with Visa’s strategy of leading the development of convenient and secure digital payment options, and we look forward to partnering with GTP in bringing these next-generation services to the prepaid industry.”

This year’s award was presented recently at the Shangri-La Hotel in Dubai as part of a larger conference that brought together the leading players in the region to discuss the future of prepaid and review practical case studies of successful banks and retailers generating new revenue streams and offering customers added value through their prepaid portfolios.

GTP’s Chief Executive Officer, Rich Bialek, accepted the award on behalf of the company.

“GTP is honored to receive this year’s award. Visa is a key partner for GTP, and we are excited about the prospects for expanding Visa prepaid products and services in Africa and the broader CEMEA region.

GTP is particularly interested in expanding financial inclusion

with programs focused on payroll, travel and e-commerce,” he Bialek said. As part of the conference, several GTP partners were invited to demonstrate the innovative and successful programs they’ve launched in Africa, including the Bancore and Wakanow programs in Nigeria, the Numherit program in Senegal, and the Weblogy program in Cote d’Ivoire.

Natures Gentle Touch Unveils New Products Recare International, owners of personal style brand, Natures Gentle Touch, has unveiled a new range of its bath and shower concentrate.

The Bath and Shower concentrate range which has five products; Essential Oils, Thai Basil oil, Tangerine oil, Essential oil, Ginger oil and Ylang Ylang fragrances is designed to clear blemishes and improve skin health.

Speaking at the launch, the operations manager, Recare International, Mr. Daniel Anim-Appiah, said the introduction of the new products were necessary to meet the sophistication of Nigerians.

“Nigerians are discerning and the skin care addition to the brand is to provide solutions to acne, clears blemishes, deep cleanses pores and also serves as an anti-aging formula”.

Also speaking, the sales manager of the company, Richard Esiobo, who introduced each of the products with scientific explanation on their importance, said the presentation was necessary to empower Nigerians with the knowledge that would guide them while making purchase decisions for the right skin care products. “Natures Gentle Touch Bath and Shower Concentrate, caters to all skin types and colors including dark skinned people despite the cliché that most of these shower gels

here in Nigeria are designed for light skinned people. As you may have noticed Oluchi and Leila Lopes are both our Brand Ambassadors with varying skin type and color” he added. Speaking on the essential of the product range, he said, “Natures Gentle Touch Essential Oils Bath & Shower Concentrate is a mild and gentle cleansing formula which ensures total suitability for the most sensitive of skin. Containing Essential Oil(Rosemary oil & Thyme Oil), this luxury shower-gel base lathers easily to deep cleanse and tone the whole body without disturbing the skins delicate pH balance. Experience your invigorating shower with Essential oil shower bath.

“Also, Natures Gentle Touch Ginger Oil Bath & Shower Concentrate is a mild and gentle cleansing formula which clears blemishes and acne while deep cleansing your pores with its magical fragrance driven by Citrus, aromatic and spicy notes that promotes the health of body, mind and spirit.

“The Tangerine Oil fragrance is a mild and gentle cleansing formula which moisturizes, improves skin health and serves as an anti-aging formula.

Natures Gentle Touch Thai Basil Bath & Shower Concentrate is a fresh, pleasant & refreshing cleansing formula which moisturizes and improves skin health,’ he said.

AFWN Manufacturing Conference Holds Africa Fashion Week Nigeria (AFWN) will hold the inaugural edition of textile and garment manufacturing conference early next month in Lagos. According to a statement issued by the organizers, the conference is aimed at redefining textile and garment production as well as its entire value chain in order to boost job creation and a future of shared prosperity for Nigerians.

The theme of the conference which is the primary activity on the opening day of the 2016 edition of the Africa Fashion Week Nigeria show will hold under the theme: Making Nigeria the fashion production hub of Africa.

The statement further stated that the event will host fashion entrepreneurs, development finance institutions, and textile industry groups, among others.

It was also stated that speakers at the conference will include;

the Commissioner for Finance, Lagos State, Dr. Mustapha Akinwunmi, Executive Secretary, Lagos State Employment Trust Fund, Mr. Akin Oyebode, and President, Nigerian-British Chamber of Commerce, Mr. Dapo Adelegan, Speaking on the conference, Founder, Africa Fashion Week Nigeria & London, Ronke Ademiluyi, said the conference was necessitated by the abysmal performance of the textile industry.

“It is ironic that the textile manufacturing sector which played a major role in boosting the nation’s economy and accelerating her development pace is at an all-time low.

This is why Africa Fashion Week Nigeria is bringing industry stakeholders together to deliberate and strategize on how to get the sector which once provided employment to millions of Nigerians fully operational again.”

CONGRATULATIONS

L-R: Relationship Officer, Adeniran Ogunsanya Branch, Skye Bank Plc; Uchechukwu Okereke; Winner of the N1, 000, 000 Category, Mr. Daniel Edem Umoh and Group Head, Retail Banking, Skye Bank Plc, Nkolika Okoli at the eleventh cheque presentation to winners in the ongoing Skye Bank’s “Reach for the Skye” Millionaire Reward Scheme held in Lagos … recently

NBC Appoints New Director, Delta to Restart BrusselsLegal, Public Affairs Atlanta Service for Summer 2017 The Nigerian Bottling Company (NBC), Limited, has announced the appointment of Mrs. Sade Morgan as Director, Legal, Public Affairs and Communications.

Mrs. Sade Morgan took over the mantle of leadership of the newly merged Legal, Public Affairs and Communications department of the leading non-alcoholic bottling giant, with effect from February 2016.

According to the Managing Director, NBC Ben Langat, “The announcement of Morgan as Director of Legal, Public Affairs and Communications, is as a result of the need to further drive excellence in managing our external legal and community relations., while up scaling the process in which NBC relates with stakeholder publics.’

Ben Langat added that Mrs. Sade Morgan would also drive the company’s reputation management process and business sustainability agenda.

The new appointee joined NBC in 2014 with over 20 years of experience in legal practice and professional corporate experience across international markets covering

various roles, including several years of executive team experience. Prior to her joining NBC, Morgan was Eastern Europe, Middle East & Africa (EEMEA) Regulatory and Marketing Counsel for British American Tobacco, based in the UK and responsible for regulatory and marketing issues across the group’s 86 country markets.

She has managed development and implementation of regulatory strategies in conjunction with Corporate and Regulatory Affairs and Marketing functions aimed at delivering workable and successful code of practices with internal and external stakeholders.

She obtained her Bachelor of Laws degree from Obafemi Awolowo University, Ile-Ife in 1992 and was subsequently called to the Nigeria bar.

Over the last few months, Morgan has overseen the Public Affairs and Communications function in addition to her original role of Legal Director of the Company.

The new director is expected to sustain and build on the reputation of the company amongst its stakeholder.

Delta Air Lines has announced its Brussels-Atlanta service will resume from March 2017, doubling its network from Belgium. The U.S. airline currently operates a daily year-round service between Brussels and New York-JFK. The service, which will begin on March 26, 2017, will be the only nonstop flight between the Belgian capital and Atlanta and will operate daily throughout the summer. From Delta’s two U.S. hubs – Atlanta and New York-JFK – customers will have a combined choice of more than 200 same-day onward connections throughout the United States, including the popular cities of Los Angeles, Orlando and San Francisco. All flights from Belgium are operated in conjunction with joint venture partners Air France, KLM and Alitalia. “As Brussels Airport transitions all airlines back to the main check-in area, we are pleased to confirm we will reinstate our Atlanta service for next summer,” said Delta’s Senior Vice President, Trans-Atlantic, Dwight James. “It has been a difficult few months for the local community but we remain committed to Belgium

and showing our support by operating two daily flights, which will benefit both the travelling public and also the local economy.”

The route will be operated using a 225-seat Boeing 767300 aircraft. All flights from Brussels are equipped with Wi-Fi, allowing customers to stay connected at 30,000 feet, in addition to complimentary ondemand in-flight entertainment in all cabins. Movies and TV shows can also be downloaded to tablet and laptop devices.

Customers flying in Delta Comfort+ will benefit from up to four additional inches of legroom and 50 percent more recline than Main Cabin seats, as well as priority boarding.

Furthermore, Delta’s flights from Brussels feature fully flat-bed seats in the Delta One cabin, with Westin Heavenly Inflight Bedding from Westin Hotels & Resorts and TUMI amenity kits featuring products by MALIN + GOETZ. Customers will enjoy a range of regional dining options in the Delta One cabin produced using seasonal ingredients and paired with wines selected exclusively for Delta by Master Sommelier, Andrea Robinson.

34

T H I S D AY • THURSDAY, JUNE 16, 2016

BUSINESSWORLD

DEVELOPMENT

LADOL: Showcasing Best Practices in Sustainable Growth The Global Green Growth Forum (3GF) took place in Copenhagen, Denmark, recently and convened governments, businesses, investors and international organisations to act together for inclusive green growth. A Nigerian company with interest in the West African region, Lagos Deep Offshore Logistics Base (LADOL) and its Managing Director, Dr. Amy Jadesinmi featured prominently at the forum. Abimbola Akosile and Nseobong Okon-Ekong report

D

loss and waste will not only help us understand just how much food is not making it to our mouths, but will help set a baseline for action.

UNEP welcomes the new FLW Standard and calls on countries and companies to use it to start measuring and reporting food loss and waste, in parallel to taking action to deliver on SDG Target 12.3: Halve food waste by 2030.”

In her paper, Chief Executive Officer, WRAP (The Waste and Resources Action Programme) Dr. Liz Goodwin, focused on what her organisation has done in the UK. “WRAP’s work to help reduce household waste in the UK by 21 per cent was only possible through our groundbreaking analysis to quantify how much and where it was wasted. Food waste is not confined by borders, so WRAP is delighted to have helped develop the Food Loss and Waste Standard. I am confident it will empower businesses, governments, and other organisations to take action on an international scale, an outcome that WRAP will strongly support.”

enmark hosted more than 250 top leaders from all over the world at the Global Green Growth Forum (3GF) Summit 2016 in Copenhagen between June 6 and 7.

For the fifth time, top leaders from the private sector, governments, and civil society from more than 35 countries met at the summit in Denmark. The goal of the forum was to create innovative collaborations and tangible green solutions to some of the world’s greatest challenges across energy, food loss and waste, climate, and sustainable cities.

At this year’s summit, which was also attended by several participants from Africa, more than 30 public-private partnerships sought to develop solutions that would contribute to green growth all over the world.

Background The timing of this year’s 3GF Summit was designed to follow up on the Paris Climate Agreement and the Agreement on UN’s Sustainable Development Goals from September 2015.

Under the headline A Call to Action - Enabling Solutions at Speed and Scale, the 3GF provides a platform for developing solutions and privatepublic partnerships that help fuel the green transition. The summit focused on three areas in particular: the green transition of energy systems, cities as drivers of green growth, and optimising the use of natural resources.

The 2016 summit included launches of several new initiatives originated in 3GF’s public-private partnerships, e.g. a new initiative to combat climate change and an alliance working to reduce barriers to trade in green energy.

3GF was initiated by the Danish government in 2011 in close collaboration with Korea and Mexico. Since then, China, Kenya, Qatar, and Ethiopia have joined the platform. This year, Vietnam and Chile joined as official 3GF partner countries.

Partnership Approach The mission of the Global Green Growth Forum (3GF) is to explore, promote and demonstrate how better collaboration among leading businesses, investors, think-tanks, experts, international organisations and governments can effectively realise the potential for long-term inclusive green growth.

The idea is that partnerships need to be established where markets and government action on their own have not been able to solve intractable challenges. These partnership initiatives seek to unite diverse actors into stronger alliances which obtain the strength to promote and install change.

3GF seeks to provide a framework bridging both partners’ individual motivations for pursuing a green growth pathway and the overall aim of a global transition towards a green and inclusive economy. The aim of 3GF framework is to state that the motivations of individual partners and the holistic green growth perspective are not conflicting.

LADOL Intervention A Nigerian company with interest in the West African region, Lagos Deep Offshore Logistics Base (LADOL) and its Managing Director, Dr. Amy Jadesinmi featured prominently at the forum in Copenhagen, where she discussed her role on the Global Commission of Sustainable Development.

Jadesimi serves the Global Commission for Sustainable Development as one of its 31 commissioners. The Commission is chaired by Lord

Jadesinmi, MD, LADOL at the 3GF in Copenhagen

Mark Malloch-Brown. Her presentation focused on the need to proliferate a new social contract.

The 3GF platform which acts as an accelerator made a global commitment to advancing green transformation at speed and at scale.

The opening plenary session which featured Jadesinmi had other panellists including Prime Minister of Denmark, Lars Lokke Rasmussen; Minister for Natural Resources and Environment, Vietnam, Mr. Tran Hong Ha; Director General, International Union for Conservation of Nature and Natural Resources (IUCN) Inger Andersen; CEO, Danfoss, Niels B. Christiansen; panel moderator and Chair of Board of KR Foundation and CONCITO, Connie Hedegaard, and the European Union Commissioner for Environment, Maritime Affairs and Fisheries, Karmenu Vella.

Jadesinmi premised her presentation on the experience of LADOL over the last 10 years. She emphasised that her company was developed in line with Sustainable Development Goals (SDGs), even before they existed.

According to her, “we are proof that private sector can derive significant profits while achieving the Sustainable Development Goals by pursuing opportunities in growth markets like Nigeria and West Africa. SDGs have been part of LADOL’s DNA for a decade, our success comes from the fact that we privately invested in building capacity to service a clearly defined and drastically underserved $200 billion market in West Africa.

“Respecting and empowering local communities and civil societies is one of the first things investors should do to identify and tap into these opportunities – even the poorest people in the world will invest in healthcare and education given the option, in many cases they are paying for these things already – the role of government and NGOs is to facilitate and define opportunities, the role of private sector is to execute and sustain.”

Speaking on how LADOL represents a prime example of a new economy sustainable company, Jadesinmi said, “International banks and investors need to re-define bankability to enable them to participate in the highly lucrative opportunities for investment around the world, this will also help sustainably and more rapidly achieve the SDGs.” She also posited that “SMEs and other companies in high growth markets need to do their part to attract investment by being Foreign Corrupt Practices Act (FCPA)- compli-

ant and better quantifying the private sector opportunities they have identified.”

Vital Inputs The 3GF2016 summit Charter of Action include a call for the creation of an international sustainable infrastructure registry, promotion of sustainable lifestyles, transition to a new world of energy, use of natural resources, a call for deeper collaboration on sustainable use of water across Africa, Latin America and Asia, and the call for a multi-stakeholder platform to examine the consequences of water pricing.

Executive Director, United Nations Environment Programme (UNEP) Achim Steiner, drew attention to the “scale of the problem of food loss and waste can be difficult to comprehend. Having this new standard by which to measure food

Moving Forward According to experts, a rapid, large-scale industrial transition is needed if global economic growth is to continue while simultaneously reducing greenhouse gas emissions, adapting societies to climate change and promoting a sustainable use of resources. This industrial transition has the potential to unlock new growth engines and spur global economic growth.

More robust participation at the summit was made possible by decision makers from 37 different countries across the public and private sectors along with civil society. There were also over 450 high level delegates at the event including representatives from 68 private companies.

An important commitment extracted from delegates was their continuing resolve to create effective partnerships between the public and private sectors.

RANDOM THOTS

Stimulating Anger

Only an incurable cynic would insist that nothing has changed in Nigeria in the last one year since the current administration assumed power. However, any opinion would also depend on which side the respondent is; either in support or in opposition.

A case study is on the N350 billion stimulus, which the Federal Government promised to inject into the economy to assuage the suffering of the citizens, but which is yet to materialise.

More than three months after making the promise in March, the federal government in a meeting last week admitted that the money is available but it has been hindered by procedural lapses.

It, however, assured concerned citizens that the money would be available in the next week or two. The money is meant to service contractual obligations and start new projects, and the benefits are meant to trickle down to the average citizens too.

Some would readily argue that it didn’t take the government so long to increase the tariff on electricity or impose pre-paid meters on the long-suffering populace; and that it didn’t take such a long process to review the price of petroleum upwards by more than 60 per cent. So any further delay in releasing the stimulus only stimulates the rapidly rising anger of the people. Government must release this subtle safety net speedily or risk losing the goodwill it has enjoyed so far. Delay is dangerous...

Abimbola Akosile

36

T H I S D AY • THURSDAY, JUNE 16, 2016

BUSINESSWORLD

DEVELOPMENT

PETROL TANKERS, THE MENACE OF APAPA, LAGOS

ABIMBOLA AKOSILE

1,200 Niger Delta Households to Ensure Even Devt Across Lagos, Benefit from Biosand Water Project Lawmaker Charges Ambode Omon-Julius Onabu in Asaba A total of 1,200 households are to benefit from the special safe potable water programme under the Dodo River Biosand Filter Project designed to address the problem of access to safe drinking water in most rural communities in the Niger Delta.

This was revealed during the recent Stakeholders’ Planning Meeting and Community Engagement held at the PIND appropriate technology enabled (ATED) Demonstration Centre, Egbokodo-Itsekiri, Warri, Delta State.

The coordinator of the Water, Sanitation and Hygiene (WASH) programme of PIND, Mr. Timi Kiakubu, explained that the benefits of the biosand filter include its simplicity and affordability as a means of making water safe for drinking and the elimination of numerous diseases often associated with the common sources of water in the oil-rich region.

Moreover, biosand filter guarantees improved health of users as it reduces WASH-

related diseases as well as the rate of indoor air pollution (IAP) associated with wood and charcoal fuel commonly used to boil water for drinking, he said.

Money that is regularly expended daily or weekly on firewood and charcoal for boiling water, clean water in bottles and packets or provide medicare, would be saved, Kiabuku further said.

Income could also be earned by communities through ‘carbon credits’ as Biosand filter leads to reduction in, or elimination of, carbon emissions associated with firewood, charcoal fuel and fossil fuel used to boil water.

The project, which is expected to spread to numerous communities across the Niger Delta in due course, got a lot of impetus from the Rotary Club of Oxbow Lake, Yenagoa, the Bayelsa capital having been tracking the development of interest in biosand filters for use in riverine communities from inception.

Nevertheless, the key partners driving the biosand water filter project include Rotary Club of Oxbow Lake Yenagoa; Rotary

District 9140, Nigeria; Rotary Club of Parkdale, High Park, Toronto, Canada; Rotary District 7070, Canada as well as Dodo River Communities of Bayelsa.

The Partnership Initiative in Niger Delta (PIND) is providing the technical and some measure of financial assistance with the support of Chevron.

On the essence of the programme, the WASH Coordinator said, “The objectives of this project is to provide clean drinkable water through the installation of 1,200 Biosand Filters in each household in the five communities located in Dodo River Communities Rural Development Association, namely Amatu I, Amatu II, Bilabiri I, Bilabiri II and Bisangbene in Ekeremor Local Government Area of Bayelsa State. The project will also provide training on use and maintenance of filters, safe water storage, hygiene and sanitation.”

THISDAY learnt that the oil-city of Warri, which is accessible by water, is the nearest community to the Dodo River communities though in neighbouring Bayelsa State.

Femi Durojaiye A lawmaker, Hon. Abiodun Tobun has urged Governor Akinwunmi Ambode never to relent in his efforts at bringing development to both urban and rural areas of Lagos state.

Tobun made the appeal at a recent weekly media chat with the State Assembly’s correspondents in Ikeja, the state capital. The lawmaker commended Ambode for all his strides towards sustaining infrastructure in the metropolis and taking development to the hinterlands of the state.

He said, “The approach of leaving the rural areas to develop urban areas has led to migration of people to the city. The idea of developing the metropolis is the mind set of people at the helms of affairs; some governments develop the centre and leave the rural areas.

“This approach usually leads to rural-urban migration and makes the centre to be congested while some governments believe in developing the rural areas to decongest the city to make more people comfortable living in the rural areas.

“The best approach is to develop both the rural and urban centres simultaneously.

The government should not allow the infrastructure at the urban centre decay while at the same time take development to the rural.

“This is the approach the present government is adopting.

There is no rural area that is not touched. We are encouraging the governor not to relent his plans to develop the state”, he added. He commended the governor for picking two roads from each of the 20 Local Governments and 37 Local Council Development Areas (LCDAs) to prevent the influx of people into the urban area.

He also urged the governor to sustain his determination to light up all communities and construction of more roads to improve socio-economic activities in all areas.

According to him, before the present administration, Epe and Ikorodu did not have master plans, but the government has awarded the work to a consultant to come up with master plans for the two suburb communities.

The lawmaker said such would bring about overall development to the areas.

He said the state government was also planning to develop the Fourth Mainland Bridge through the Public-Private Partnership (PPP) approach.

On the Local Government Administration Amendment bill the House passed on Thursday, the lawmaker said that the bill would encourage good governance and checkmate excesses at the local level.

According to him, the cordial relationship between the executive and the legislature in Lagos State has occasioned different developmental projects across the state.

To make fuel products, especially petroleum, more affordable for the masses, Tobun urged the Federal Government to look inward by resuscitating local refineries for production of fuel. He also urged the President to sustain his determination to stop eventual importation of fuel.

The lawmaker further assured concerned stakeholders that he would not betray the confidence reposed on him by the people.

37

T H I S D AY • THURSDAY, JUNE 16, 2016

BUSINESSWORLD

DEVELOPMENT QUOTE OF THE WEEK

“This year, Urea brand, bought by the government at N6859, will be sold to farmers at the price of N2,300; NPK, which was procured at the cost N6,400, will be sold at the rate of N2,200 while SSP, the third brand of fertiliser, also bought at the rate of N6,400, will be sold to our farmers at the rate of N2,100” - GOVERNOR AMINU WAZIRI TAMBUWAL OF SOKOTO, SPEAKING AT SILAMI LGA, WHILE FLAGGING OFF DISTRIBUTION OF SUBSIDISED FERTILISER TO FARMERS IN THE STATE

BATN Foundation Donates Solar-powered Borehole to Enhance Agriculture Clement Danhutor

UN Releases Analysis of Global School Feeding Practices Abimbola Akosile The United Nations has announced the release of a major analysis of global school meal practices, which offers guidance on how to design and implement large-scale sustainable national school feeding programmes that can meet globally approved standards.

Produced by Imperial College, London’s Partnership for Child Development (PCD), the World Food Programme (WFP), and the World Bank, the Global School Feeding Sourcebook: Lessons from 14 countries, was created in response to demand from governments and development partners.

The Sourcebook documents and analyses a range of government-led school meals programmes to provide decision-makers and practitioners worldwide with the knowledge, evidence and good practice they need to strengthen their national school feeding efforts.

With school meals’ proven ability to improve the health and education of children while supporting local and national economies and food security, WFP reported that school feeding programmes exist in almost every country in the world for which there is data, for a total annual global investment of $75 billion.

This provides an estimated 368 million children – about one in five - with a meal at school daily. However, too often, such programmes are weakest in countries where there is the most need, the UN agency warned, in a release. With high-level collaboration with government teams from 14 countries (Botswana, Brazil, Cabo Verde, Chile, Cote d’Ivoire, Ecuador, Ghana, India, Kenya, Mali, Mexico, Namibia, Nigeria and South Africa), the Sourcebook includes a compilation of concise and comprehensive country casestudies.

It highlights the trade-offs associated with alternative school feeding models and analyses the overarching themes, trends and challenges

Feeding in progress in a Nigerian school

which run across them.

In a joint foreword, World Bank Group President Jim Yong Kim and World Food Programme Executive Director Ertharin Cousin said the research showed how school meals programmes help to get children into the classroom and keep them there, “contributing to their learning by avoiding hunger and enhancing cognitive abilities.”

“Today, national school feeding programmes are increasingly embedded in national policy on poverty elimination, social protection, education and nutrition,” the UN system officials added.

Meanwhile, lead Editor and PCD’s Executive Director Lesley Drake said the overall message from this research is that there is no ‘one size fits all’ for school feeding and there are many routes to success.

“Context is key,” she noted. “This sourcebook will act as a valuable tool for governments to enable them to make evidenced-based decisions

that will improve the effectiveness of their school feeding programmes.”

The Sourcebook follows Rethinking School Feeding and The State of School Feeding Worldwide as the third in a trilogy of agenda-defining analysis produced by the World Bank, WFP and PCD global partnership. These have reportedly shaped the way in which governments and donors alike approach school feeding.

“Helping countries to apply this knowledge [in the Sourcebook] to strengthen national school feeding programmes will contribute to reducing the vulnerability of the poorest, giving all children a chance for an education and a bright future and eliminating poverty,” said Dr. Kim and Ms. Cousin.

The Federal Government has recently moved to unveil school-feeding programme in Nigerian primary schools, in collaboration with state governments; a move which is still generating varied reactions from the states.

The British American Tobacco Nigeria Foundation (BATNF) recently unveiled a new water project in Akparabong Community, Ikom Local Government Area of Cross River State.

The project, which is in line with the government’s efforts at bringing succour to rural communities across Nigeria, is expected to avail residents of Akparabong steady access to potable water and boost agricultural produce processing in the area.

The water facility, which includes a 17,500 water-storage capacity tank, solar panels, a solar submersible pump, water management kiosk, improved sewage management, among others, was hinged on the constructive dialogue with various stakeholders in the community.

General Manager, BATNF, Abimbola Okoya, who represented the Chairman of the Foundation, Chief Kola Jamodu, CFR, said the gesture was in furtherance of the Foundation’s commitment to improving the quality of lives in rural communities through the provision of potable water.

The Akparabong water project donated to the community was the third solar-powered water facility to be donated to communities in the South-south geo-political zone of the country and the first in Cross River State, THISDAY learnt.

“I am confident that with the provision of this water project, the challenge of inadequate supply of safe-drinking water that was confronting residents in Akparabong community and indeed other adjourning communities will become a thing of the past,” stated Okoya.

“Access to potable water should not be a luxury, especially for smallholder farmers in rural communities who require clean water for both domestic usage and processing of agricultural produce. More importantly, we expect that the income of our farmers will increase with this development as women will have more time for other activities due to reduction in the time spent in search of clean water”, she added.

While charging residents on the sustainability of the water project, Okoya enjoined the residents, through its town council, to take ownership by ensuring that the facility is put to good use in a sustainable manner. Receiving the water project, Hon. Lawrence Takor, on behalf of the community, commended BATN Foundation for supporting the community to engender socio-economic growth through the provision of potable water. He said the initiative would undoubtedly complement efforts made by the government in enhancing the well-being of people in rural communities.

He said: “We express our sincere appreciation to BATNF for the provision of safe drinking water to over 100,000 members of the agrarian communities. We, therefore, assure the Foundation of periodic monitoring visits to the community, so as to ensure that the facility is fully optimised.”

The ceremony was well-attended by residents of the community including leaders from the Igbo, Obudu and Akwa Ibom people living in Akparabong. Adequate provision of quality water is one of the new 17 Sustainable Development Goals (SDGs), which formed part of the Sustainable Development Agenda adopted by more than 190 heads of government at the landmark 70th United Nations (UN) General Assembly (UNGA), which took place in New York, USA in September 2015.

IN PARTNERSHIP WITH UN MILLENNIUM CAMPAIGN / UN SDG ACTION CAMPAIGN

42

THURSDAY JUNE 16, 2016 T H I S D AY

T H I S D AY THURSDAY JUNE 16, 2016

43

46

THURSDAY JUNE 16, 2016 T H I S D AY

T H I S D AY THURSDAY JUNE 16, 2016

47

T H I S D AY THURSDAY JUNE 16, 2016

49

50

THURSDAY JUNE 16, 2016 T H I S D AY

T H I S D AY THURSDAY JUNE 16, 2016

51

52

THURSDAY JUNE 16, 2016 • T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Federal Grand Jury Could Charge Orlando Shooter’s Wife A federal grand jury has been convened to look into possible wrongdoing by the wife of the gunman who killed 49 people at an Orlando gay nightclub, and criminal charges could be brought against her, a law enforcement source said yesterday.

Omar Mateen’s wife, Noor Salman, knew of his plans for what became the deadliest mass shooting in modern U.S. history, said the law enforcement source who has been briefed on the matter. “It appears she had some knowledge of what was going on,”said U.S. Senator Angus King, a member of the Senate Intelligence Committee, which received a briefing on the attack.

“She definitely is, I guess you would say, a person of interest right now and appears to be cooperating and can provide us with some important information,” King told CNN. Salman was with Mateen when he cased out possible targets for an attack in the past two months, including the Disney World resort in April, then a shopping complex called Disney Springs and the Pulse nightclub in early June, CNN and NBC reported.

Mateen, who was shot dead by police after a three-hour standoff at the Pulse club early on Sunday, called 911 during his shooting spree to profess allegiance to various militant Islamist groups. Federal investigators have said he was likely self-radicalised and there was no evidence that he received any instructions or aid from outside groups such as Islamic State. Mateen, 29, was a U.S. citizen, born in New York of Afghan immigrant parents and worked as a security guard.

“He appears to have been an angry, disturbed, unstable young

man who became radicalised,” President Barack Obama told reporters. Mateen was systematic during his rampage, working his way through the packed club shooting people who were already down. He apparently wanted to ensure they were dead, said Angel Colon, a wounded survivor.

“I look over and he shoots the girl next to me and I was just there laying down and thinking: ‘I’m next, I’m dead,’” he said. Mateen shot him twice more, one bullet apparently aimed for Colon’s head striking his hand, and another hitting his hip, Colon said at Orlando Regional Medical Center, where he is one of 27 survivors being treated.

Vigils for the dead continued on Tuesday in Orlando. Hundreds of students gathered to pray and sing in the evening at the University of Central Florida. They shone cellphone flashlights during a reading of the names of the dead including two alumni. Salman’s mother, Ekbal Zahi Salman, lives in a middle-class neighbourhood of the suburban town of Rodeo, California. A neighbour said Noor Salman only visited her mother once after she married Mateen.

Noor Salman’s mother “didn’t like him very much. He didn’t allow her (Noor) to come here,” said neighbour Rajinder Chahal.

He said he had spoken to Noor Salman’s mother after the Orlando attack. “She was crying, weeping.”

Obama and Republican presidential candidate Donald Trump traded barbs in the aftermath of the shooting, which raised questions about how the U.S. should respond to violent extremists at home and abroad. The Federal Bureau of Investigation questioned

Syria Accuses Germany, France of Military Presence in the North The Syrian government yesterday said that German special forces were present, alongside French and American military personnel, in northern Syria, an accusation denied by Germany. Syrian state media said the government strongly condemned the presence of French and German forces in Ain al-Arab, also known as Kobani, and Manbij.

“Syria ... considers it explicit and unjustified aggression towards (Syria’s) sovereignty and independence,”state news agency SANA quoted the foreign ministry as saying. The U.S.-backed Syria Democratic Forces (SDF) are staging an offensive against Islamic State near Manbij, while Kobani is under the control of the Syrian Kurdish YPG militia, part of the SDF. Germany’s defence ministry said repeated claims by the Syrian

government that German special forces were in northern Syria were not and had never been true.

“There are no German special forces in Syria. The accusation is false,” a ministry spokesman said. The Britain-based Syrian Observatory for Human Rights, which monitors the Syrian civil war now in its sixth year, said French special forces were building a base for themselves near Kobani.

France’s defence minister said last week that there were special forces operating in Syria helping the SDF advance towards Manbij. The Observatory also said German, French and American military advisers, and French and American special forces, were assisting the SDF in its fight against Islamic State but had so far remained in a support role and not fought on front lines.

Mateen in 2013 and 2014 for suspected ties to Islamist militants but was unable to verify that he posed a threat.

Obama slammed Trump for his proposed ban on Muslims entering the United States, joining fellow Democrat Hillary Clinton in portraying the Republican as unfit for the White House. Trump criticized Obama for not using the term “radical Islamic terrorism” to describe Islamist militants.

Obama replied that using that label would not accomplish anything.

Mateen made 911 calls from the club in which he pledged loyalty to the leader of Islamic State, Abu Bakr al-Baghdadi, whose organization controls parts of Iraq and Syria.

“We could hear him talking to 911 saying that the reason why he’s doing this is because he wants America to stop bombing his country.

From that conversation from 911 he pledges allegiance to ISIS,” said Patience Carter, 20, who was trapped in a bathroom stall at the nightclub as Mateen prowled outside.

U.S. officials were investigating media reports t h a t M a t e e n m ay h av e b e e n g ay b u t n o t o p e n l y s o , and questioning whether t h a t c o u l d h av e d r i v e n h i s a t t a c k , a c c o rd i n g t o two people who have been

briefed on the investigation and requested anonymity to discuss it.

The owner of the Pulse nightclub, speaking through a representative, denied reports that Mateen had been a regular patron. “Untrue and totally ridiculous,” Sara Brady, a spokeswoman for club owner Barbara Poma, said in an email when asked about the claim.

POPE IN SRI LANKA

A gust of wind blows the mantle of Pope Francis as he stands next to Sri Lanka’s newly elected president, Mithripala Sirisena at the Colombo airport…yesterday

Belgian Police Alerted to IS Fighters En Route Europe Belgian police have received an anti-terror alert warning that a group of Islamic State fighters recently left Syria en route for Europe planning attacks in Belgium and France, a security source said yesterday.

The Belgian crisis centre in charge or coordinating

security responses said that an alert had been circulated to all police forces in the country but there were no immediate plans to raise the security level to the maximum that would indicate an imminent threat of an attack.

Newspaper DH quoted

the alert from Belgium’s anti-terror cell as saying the group “left Syria about a week and a half ago to reach Europe via Turkey and Greece by boat without passports”, without giving an exact departure date.

The alert came two days after an attacker who pledged

allegiance to Islamic State killed a French police commander and his partner at their home outside Paris, and four days after a gunman declaring loyalty to the Islamist militant group massacred 49 people in a gay nightclub in Orlando, Florida.

Libya: Islamic State Attacks Repelled in Sirte Forces backed by Libya’s unity government said yesterday they had consolidated positions on the edge of Sirte, repelling sniper, tank and mortar attacks as they seek to oust Islamic State from its North African stronghold.

Fighting resumed on Wednesday near Sirte’s port, which governmentbacked forces captured last week. There have also been intense clashes in the “700” neighbourhood and around the Ouagadougou conference hall, just south of a 5 km by 5 km area still

controlled by Islamic State, security sources said.

The campaign in Sirte is led by brigades from the western city of Misrata that are aligned with Libya’s U.N.-backed Government of National Accord (GNA).

They launched a counterattack against Islamic State just under a month ago, rapidly recapturing positions on the coastal road west of Sirte and advancing to the outskirts of the city.

A brigades’ statement on Wednesday said they had “resisted Islamic State attacks that used mortar

fire and tanks backed by snipers positioned on tall buildings”.

They said they had been working to clear areas now under their control from mines and explosives and were preparing to launch a radio broadcast that would “respond to the widespread lies and deceptions of Daesh (Islamic State)”.

Five brigade members were killed and more than 30 wounded on Tuesday, officials said. More than 120 have died in the past month’s fighting, with more than 500 wounded.

The brigades say they have inflicted heavy losses on Islamic State, though the militant group is still thought to have hundreds of fighters inside Sirte.

Most of Sirte’s residents have fled, with dozens more families leaving the city last week as the GNAbacked forces advanced.

The GNA is meant to replace two competing governments that were set up in Tripoli and eastern Libya in 2014 during a conflict between loose alliances of rival armed factions.

57

THURSDAY, JUNE 16, 2016 • T H I S D AY

NEWSEXTRA

CAN Calls on FG, N’Assembly to Suspend Grazing Bill Condemns Osun Hijab policy, herdsmen, Kaduna attack To reconcile with aggrieved members over elections

Paul Obi in Abuja The Christian Association of Nigeria (CAN) yesterday rose from its general election to condemn in strong terms the Grazing Reserve Bill where about N1 billion has been earmarked for the project, calling on the federal government, particularly, the presidency and National Assembly to suspend the proposed bill as it portend gave danger to the nation’s unity.

In a communique signed by the outgoing Secretary General, Rev. Musa Asake and Legal Adviser, Mr. Albert Uko, CAN observed that to push ahead with the bill would amount to total disregard for public opinion and an attempt to short change some Nigerians for the benefits of herdsmen.

CAN said: “We observed with serious concern the bill in the National Assembly seeking to create grazing reserve for a segment of herdsmen against the collective interest of farmers.

“The criminal menace of these herdsmen is now affecting almost all the states of the federation and one may be inclined to believe that this is an indirect way to Islamise Nigeria through violence.

“The church calls on the federal government and the National Assembly to suspend consideration of this bill in its entirety and call for dialogue with stakeholders to give room for more inputs.”

CAN also deplored the bizarre religious activities creeping up in Osun State where students and pupils have coerced and forced to use religious garments as school uniform.

According to the Christian body, “The meeting noted with concern the recent High Court judgment in Osun State on the use of hijab in all schools including missionary schools.

“This development is unfortunate and may send a very wrong signal that Osun State Government is clearly favouring one religion over the other. The Osun State Government is hereby advised to be sensitive to religious matters of this nature for peaceful coexistence.”

They also condemned “totally the ongoing persecution of the church in Nigeria, particularly those in the Northern Nigeria.

The instance where a Christian elderly woman is murdered in cold blood for complaining against the blocking of her shop is worrisome.

“The situation where a Christian brother is beaten to a state of coma for eating in the afternoon during Ramadan fast is a clear evidence of the degree of intolerance against Christianity in some parts of the country especially where Sharia law is given prominence.

“The church demands that the perpetrators of these dastardly and barbaric acts be tried openly and punished to serve as a deterrent to others.

“The meeting also painfully noted with concern the attempt to smuggle a bill for the amendment of the constitution to provide for the criminal aspect of the Sharia legal system in the Nigerian Constitution which will open doors for more persecution of Christians in Nigeria, especially those resident within the jurisdictions where Sharia law is being practiced.”

CAN also commended the efforts of “federal government and other donor countries, agencies and individuals on the proposed reconstruction of the North-east zone hitherto devastated by insurgency activities.

“However, its implementation must be seen to be fair especially to all those who suffered the brunt of the deadly attacks.

The members of the committee saddled with this responsibility must take critical note of the real victims and be guided by their conscience.”

They urged “Christians in Nigeria not to give up on peaceful coexistence and unity with themselves and their neighbors.

As a major stakeholder in the

Nigeria project we are committed to the peace, unity and progress of our great nation, Nigeria. Thank you and God bless Nigeria.”

On the elections that threw up Rev. Supo Ayokunle as CAN President, the organisation said the elections “had in attendance the National Officers of the association, all the five heads of blocs, the zonal chairmen, the states chairmen and delegates representing the five blocs of the Association; Catholic Secretariat of Nigeria (CSN), Christian Council of Nigeria (CCN) Christian Pentecostal Fellowship of Nigeria/ Pentecostal Fellowship of Nigeria (CPFN/PFN), TEKAN/ECWA, and Organisation of African Instituted Churches (OAIC).

“The meeting conducted a

successful election that produced Rev. Samson Ayokunle, candidate of the CCN as the president-elect and Prof. Joseph Otubu, of the OAIC as Vice President-elect for the association who would be inaugurated after the General Assembly meeting of the Association to be held at a later date.

“The meeting appreciates God almighty, the head of the church for His providence, protection and provision for the Nigeria Church and our nation.

“The meeting also commended the Chairman and members of the 2016 Electoral College for doing a diligent work that produced the candidates despite noticeable challenges.

“The meeting appreciates

the government for allowing the church to conduct a free, peaceful and credible election into the office of the national president and vice president as against the strong insinuation of their interference in the process leading to the election.”

CAN further frowned “at members of the association who without exhausting in- house mechanism of Christian settlement of disputes among brethren resorted to self help by going to court of law as against the teaching of the Holy Bible.

“The meeting resolved that thorough reconciliation meetings be initiated to bring back to the fold aggrieved members of the association.”

Militancy: Ita-Giwa Wants OVERSIGHT TRIP TO AJAOKUTA Sole Administrator, Ajaokuta Steel Company Ltd, Mr. Isah Onobere; Member. Senate Committee on Privitisation, Senator FG to Dialogue with Credible L-R: Shaaba Lafiagi; Another member of the committee, Senator Samuel Duro Faseyi; and Chairman, Senate Committee on Privitisation, Senator Ben Murray-Bruce, during an oversight visit to Ajaokuta Steel Company and National Iron Ore Limited Nigerians to ascertain the state of the company in Kogi State...yesterday JULIUS ATOI Bassey Inyang in Calabar Former Special Adviser to former President, Dr. Goodluck Jonathan, on Legislative Matters, Senator Flornce Ita-Giwa, has urged the federal government to dialogue with credible Nigerians in order to end the incessant bombings of oil and gas installations by a militant group, the Niger Delta Avengers (NDA).

Ita-Giwa stated this while reacting to claims in the media that she has agreed to serve as a member of the negotiation team with the federal government recently announced by another militant group, the Movement for the Emancipation of Niger Delta (MEND).

Last week, the MEND mentioned Ita-Giwa, Bismark Rewane, Timipa Jenkins Okponipere, Ibanga Isine, Ledum Mitee and Lawson Omokhodion as members of its ‘Aaron Team 2’ that would negotiate with the federal government.

Reacting through a statement made available journalists in Calabar yesterday, the former presidential aide said she was prepared to participate

in any dialogue to end the ongoing attacks on oil and gas installations in the country.

“I will consider serving if the federal government is willing to engage in discussions with credible Nigerians who have genuine interest and sympathy for the people of the region.

“Again, I will serve in order to put in place a lasting solution to the hostility, thereby bringing succour to the people of the region.

“I shall also be willing to be part of the dialogue for the benefit of the people of the region and by extension, the numerous displaced Bakassi indigenes who have been neglected over the years,” she said.

Ita-Giwa who is fondly referred to as ‘Mama Bakassi’, said: “As a major stakeholder and mother in the region and indeed Nigeria, I am willing to be party to any dialogue that will bring peace to the sufferings of the people of Niger Delta.

Ikeja Electric Cautions against Commercial Activities under Power Lines Launches network safety initiative

Ejiofor Alike To further strengthen its commitment towards safety, Ikeja Electric has warned customers and the entire residents of all the areas under its network to desist from engaging in any form of commercial activities under power lines.

The company has also launched its novel Network Safety Monitoring initiative, which allows for round-the-clock electrical asset surveillance across its network by special teams, specifically set up for this purpose.

The teams, made up of safety specialists and technicians, divided into monitoring units, patrol the entire network armed with multimedia gadgets which allow them to capture damaged

assets and imminently dangerous connections in real time.

The data captured is then relayed to a central Control Centre from where it is passed on to the nearest undertaking at which point the network operations logs the information and ensures resolution within the shortest possible time Speaking on the initiative, the company’s Head of Corporate Communications, Mr. Felix Ofulue, explained in a statement yesterday that safety in a high risk sector such as the electricity industry cannot be over-emphasised.

Ofulue cautioned against conducting commercial activities under power lines, warning of the imminent danger associated with sustained activities underneath cables that may be under stress

from strong winds and rains.

According to him, if the safety standards are compromised, the resultant effect could be disastrous leading to damage to property and even loss of human lives.

“Ikeja Electric will not compromise on safety. It is a high risk environment and coupled with the rains and high winds of this season, we have to continue the campaign of safety across our network. We are also aware that by putting forward these initiatives we are raising the bar of safety across the entire company with other industry players also raising their own standards of safety.

In the end if we are able to keep people safe, we will be justified,” Ofulue said.

He noted that in consonance

with the company’s Health and Safety mandate, it has issued series of weather alerts, calling public attention to common dangers associated with the inclement weather and these public alerts are put out in order that consumers may be more aware of their surroundings and adopt better and higher safety precautions in order to remain safe.

According to him, the monitoring team is a roving one, constantly on the move, scouting for unsafe and damaged assets.

He also solicited the support of the public in ensuring that the initiative is a success by urging residents who notice any dangerous asset, such as leaning poles, snapped or low hanging cables to take pictures

THURSDAY, JUNE 16, 2016 • T H I S D AY

58

NEWSXTRA

House Orders Investigation into Centenary City Project Double Taxation Avoidance Bill passes second reading Presidency lauds passage of two executive bills

Damilola Oyedele in Abuja

The House of Representatives yesterday directed its Committee on Federal Capital Territory (FCT) to investigate the Centenary City Project to ascertain if it is being executed in line with the extant laws and regulations.

The Centenary City Project was embarked on by the last administration in 2014 to mark the 100 years anniversary of the amalgamation of Nigeria.

The resolution to investigate the project followed a motion sponsored by Hon. Golu Timothy (Plateau PDP), for alleged irregularities.

Golu alleged that the project, located along the airport road, has cost the government billions

of naira and loss of thousands of hectares of land.

“It was to showcase Abuja as a modern city. Government was not supposed to be part of it. People were meant to be compensated, there is restiveness as there has been no compensation given,” Golu said.

The committee is expected to report back in four weeks.

The lawmakers also passed through second reading, a bill that seeks to eliminate double taxation for transactions between Nigerian and Spanish businesses.

The executive bill sponsored by the Majority Leader, Hon. Femi Gbajabiamila is named: “A Bill for an Act to Provide for the Domestication and

Enforcement in Nigeria of the Avoidance of Double Taxation Agreement between the Federal Republic of Nigeria and the Kingdom of Spain and for Other Related Matters.’

Gbajabiamila recently sponsored a similar executive bill to avoid double taxation with the Republic of South Korea.

Leading the debate, the lawmaker called for expediency in the passage of the bill into law due to the crucial matter being addressed by the bill.

He noted that double taxation

continues to mitigate against the inflow of foreign investment into Nigeria, particularly at this time when the current administration seeks to improve ease of doing business.

Hon. Yaqub Balogun (Lagos APC) said the bill and similar ones would improve the country’s revenue base, outside crude oil.

“Nigerian President does not need to travel to any country to attract investment into the economy. There are certain parameters that if put in place, will naturally influence

the destination preference of foreign investors to Nigeria.

One of such is this avoidance of double taxation treaties signed with the republic of Spain and South Korea,” he said.

The bill was referred to the committee on International Agreements and Treaties for further legislative inputs.

Meanwhile the Presidency had expressed appreciation to the House for passing both executives bills on avoidance of double taxation between Nigeria and Spain, and South Korea.

The Special Assistant to the President on National Assembly matters (House of Representatives), Hon. Suleiman Sumaila Kawu in a statement said the House, by passing both bills, is in solidarity with the Executive’s quest for policies that would make the economy develop.

The statement added that it is the President’s believe that the action will guarantee a robust and cordial relationship between the executive and the House in the next three years.

930 Delegates Endorse Obaseki for Edo APC Guber Primary

Party members protest alleged illegal collection of PVCs Adibe Emenyonu in Benin City Ahead of the governorship primaries of the All Progressives Congress (APC) in Edo State scheduled for Saturday, 930 delegates and members of Edo in Safe Hands led by the state Commissioner of Works, Osarodion Ogie, yesterday endorsed Godwin Obaseki as candidate of the party.

The decision which was reached yesterday at a rally, held at the Oba Akenzua Cultural Centre, Benin City was sequel to a motion moved by a member of the group, Dickson Osaretin after the entire delegates collated their signatures.

The delegates cut across the 192 wards in the state and other leaders of the group present which included the member representing Etsako Federal Constituency in the House of Representatives, Philip Shuaibu and members of the state executive council.

In his address, the chairman of the group, Washington Osifo, said they acknowledged the fact that all the aspirants contesting that under the APC are eminently qualified but they believe Obaseki has the best credential to continue the good works of the Governor Adams Oshiomhole-led administration.

According to him, “At a time like this, taking into cognisance the dwindling resources accruing to our dear state, we need a seasoned economist, manager, and technocrat with proven economic managerial ability coupled with the required political exposure to effectively steer the ship of our dear state, so as to sustain, improve and build on the legacies of the Oshiomhole administration.

“We appeal to other delegates to the Edo State 2016 APC governorship primaries to embrace, support and vote our adopted aspirant, Obaseki.”

However, members of the APC and delegates in the Saturday governorship primaries yesterday staged a protest in Benin City yesterday against what they described as the forceful and illegal collection of their Permanent Voters Cards (PVCs) The protesting delegate who addressed journalists under the aegis of Concerned Edo Progressives while expressing shock over the mopping up of PVCs from delegates across the three senatorial districts alleged that the PVCs were being collected on behalf of an aspirant claim to be acting on the request of the state Government.

In a protest letter signed by Okoh John and addressed to President Muhammadu Buhari, APC National Chairman, Chief John Odigie-Oyegun, National Security Adviser (NSA), the Inspector General of Police and the Director General, Department of State Services, (DSS), read in parts: “It has become necessary to bring this ugly situation to your attention because these agents that are collecting the PVCs on behalf of one of the aspirants claim to be acting on the request of Edo State government officials.

“We cannot reconcile the interest of Edo State Government in the forceful collection of PVCs with the internal democracy of APC. This situation has already created high tension among the members of APC in particular and Edo public in general.

EMPOWERING THE PEOPLE

L-R: Vice Chairman, All Progressives Congress (APC), Isolo LCDA, Hon. Shamusdeen Aderibigbe; former member, House of Representatives, Oshodi/Isolo Constituency II, Hon. Akeem Abiodun Muniru; and Hon. Olasoju Adebayo at the APC empowerment programme in Isolo, Lagos... recently

Rampaging PDP Youths Sack Sheriff from Party’s Secretariat way into the secretariat with aid of loyal thugs were trapped inside the party’s headquarters and managed to escape through the chairman’s gate.

The protesters who forced their way into the premises after moments of solidarity chants, went in search of Sheriff and others, and vowed to physically drag any of them found occupying any of the offices.

It was in the process that security personnel posted to the PDP headquarters hurriedly whisked the former national secretary and nation auditor away through the back entrance.

Oladipo who escaped barefooted, pleaded with some youths who accosted him: “Please, allow me go, I will not come back! I will not come back!”

His driver later managed to smuggle his car parked inside the premises to the back entrance where he was taken away to safety through the adjourning Sky Memorial Complex, to evade the irate crowd.

But Adeyanju who scaled through the fence, abandoned his blue-coloured Toyota Camry with registration number APP 767 CK.

It was however, spared from being vandalised through the intervention of some concerned persons.

After the miraculous escape of the duo, the youths locked up the secretariat and sent for the Chairman of the BoT. Walid arrived shortly thereafter and was handed over the keys by Comrade Franklyne Edede, leader of one of the groups who had earlier accused Sheriff as being a hired agent to destroy PDP. The BoT Chairman who came in company of Dr. Raymond Dokpesi, assured the youths that the BoT would appraise the situation and take necessary decision.

The protesting groups, numbering over two hundred, had defied the early morning rain to arrive the PDP national secretariat as early as 6. 30a.m.

They carried placards with different inscriptions that read: “Sheriff is not a PDP member;” “Sheriff must Go;” “Enough is Enough;” and “Makarfi is real,” among others.

There was a counter group in support of Sheriff led by Solomon Azobie. This group however, did not make much impact and had retreated sooner than they arrived.

PDP youths had in a press conference on Tuesday, given the party leadership seven days to resolve the crisis in the party or they would take over the running of the affairs of the party.

But Oladipo has refuted claims that he was chased out of the national secretariat of the party.

Oladipo in a statement he personally signed yesterday evening, said he actually resumed duty at the party secretariat in the morning alongside the National Auditor of the party, Alhaji Adewole Adeyanju.

According to him, he witnessed the activities of some “miscreants” who invaded the party secretariat to cause trouble over nothing.

He insisted that he voluntarily left the office after he was done with his work.

Meanwhile, Sheriff has said the allegation by the Makarfi-led faction that he was being sponsored by APC and the presidency to scuttle the progression of the opposition party was ridiculous and paint him in bad light.

Sheriff, in a statement sent to our correspondent e-mail by his spokesman, Inuwa Bwala said it was sad that at “a press

Cont’d from Pg **

conference yesterday, one Dayo Adeyeye, speaking on behalf of Makarfi alleged that, he (Sheriff) is being sponsored by the presidency and APC, and that there was no court order granting him leave to operate his office.”

He said: “Ridiculous as it may sound, given the fact that right thinking Nigerians know that, Makarfi and the cabal that have been sponsoring him are merely crying wolf, where there was none, having come face to face with the truth, law and reality, it is imperative to state some facts, for the records.

“Makarfi and his sponsors want to create the wrong impression that Sheriff is not reliable, whereas it is an open secret that Sheriff has given credible and honest leadership to his state, to Nigeria and to the PDP, even for the short period he has been in the saddle of leadership than Makarfi.

“Be that as it may, we wish to challenge Makarfi to name the date, venue and names of those in attendance at the so called meeting Sheriff allegedly had with some governors from the APC. Again how Sheriff could have been a stooge when he remains the only PDP

59

THURSDAY ,JUNE 16, 2016 • T H I S D AY

NEWSXTA

Enugu Killings: Nimbo Community Demands N17bn Compensation from FG Christopher Isiguzo in Enugu

Still mourning the loss of scores of lives and property as a result of the unfortunate invasion of their community by suspected herdsmen on April 25, the people of Nimbo in Uzouwani Local Government Area of Enugu State yesterday demanded a whopping N17 billion compensation from the federal government.

The traditional ruler of the community, Igwe John Akor who made the demand on behalf of his community while testifying before the Judicial Commission of Inquiry set up

by Governor Ifeanyi Ugwuanyi to look at the situation, said only the compensation would appease the people of the area.

“Our community demands a compensation of N17 billion for human loses, unlawful destruction of properties and criminal deprivation of use of our farms for over two decades,” he said.

He said the community also needed a traumatic hospital to rehabilitate victims of the prolonged herdsmen incursions.

Akor said a total of 11 persons lost their lives during the April 25 invasion while several others were injured, adding that the corpses were still at the morgues.

“The conclusive evidence

of deaths recorded during the incursion stands at 11. The economy of our community has been ruined.

“Part of our prayers is for a combined team of police, DSS and the military to investigate why the invasion was not contained in spite of prior information to that effect.

“We equally request the federal government to establish security presence in Nimbo being a boarder community,” he said.

He also denied collecting any form of gratification from the herdsmen to allow them graze in the area, noting that the economy of the rural community had been shattered following the activities of the herdsmen.

On his part, the President General of Nimbo Town Union, Mr. Ekere Matthias said the community had coexisted peacefully with the herdsmen for over 30 years.

Matthias said from the onset, different cattle breeders resided in their community, “and our people insisted that each group must have identification mark.

“When the arrangement of cattle identification was not working, the herdsmen had to relocate but came back in 2003.

“After they returned, our relationship with them became like that of cat and mouse: the herdsmen being the cat and

I-Care Initiative Celebrates World Elder Abuse Awareness Day In recognition of the UN General Assembly’s declaration of Tuesday as World Elder Abuse Awareness Day (WEAAD), following a request by the International Network for the Prevention of Elder Abuse, I-Care Initiative For The Aged, has joined the whole world to voice its opposition to abuse and suffering inflicted on the older generation in Nigeria.

The group said in a statement that it acknowledged that elder abuse as a global social issue affecting the health and human rights of millions of older persons around the world, including Nigeria and applauded the deservedly attention being given it by the international community.

“Ageing population issues constitute the fulcrum of post 2015 Sustainable Development goals (SDG) more so now that the population of older persons is fast increasing and their well-being dwindling especially in the third world countries. These changes have led to a worldwide recognition of the problems and challenges that face the elderly. Research has shown that elderly abuse, neglect, violence and exploitation are the biggest issues facing senior citizens. This is corroborated by the World Health Organisation data which reports that four to six per cent of the elderly suffer from some form of abuse; a large percentage of which goes unreported,” said the group.

I-Care Initiative noted that in Nigeria, poverty is widespread with older persons at higher risk, stressing that it is unfortunate that the federal government does not provide social security to older persons, while

supports from families are fading out due to cash crunch and other economic realities.

The group alleged that the well-being of older persons is largely compromised, adding that due to the youthful nature of the Nigerian age structure, government surreptitiously believes that the health problemsthatmanifestamong children, youths and women require more alteration than that of the older persons.

“As a result, very little consideration is given to the older persons by policy makers. No policy or social security systemisputinplacetocareforpeople inoldagejustastheprimaryhealthcare system has no special provision for providing healthcare for the elderly even as the country’s overall health policy show little or no special concern for the aged. Retirees who served in public or private organizations in their youthfulness are often given gratuities and pensions which were deducted from their monthly salary when in active service. Most times, these dues are not received in their lifetime as a result of the bureaucratic system in the various organisations where they served,” the group added.

“At the I-Care initiative For The Aged, our desire is to give voice to the older persons in our midst as well as speak up for their fundamental human rights. Till date, the rights of older persons have not been included in Nigeria political priorities hence as a result, a lot more remains to be done so that the UN Charter on the rights of the older person is made visible in Nigeria,” the group added.

our people being the mouse.

“Our people were always intimidated because the herdsmen came with sophisticated weapons, ordered farmers to kneel down and march their cows to graze on cash crops,” he said.

He said at their return, the herdsmen did not come with their wives and families, but entered the community through Kogi State.

He said, from their experiences members of the community were still in fear and would

no longer want herdsmen in their community.

“Our men were traumatised as our wives were raped in our presence. From our soured relationship, we don’t want them again in our land. They should find

another place to graze their cattle,” he said.

The Chief Legal Officer of the panel, Mr Richard Udeichi had announced that the Fulani community would be present on June 27 due to the ongoing Ramadan fast.

PROUD PARENTS

L-R: Chairman, Orange Drugs Limited, Mr. Tony Ezenna; his son, George; and his wife, Lizzy, at the graduation of their son from the Massachusetts Institute of Technology (MIT), United States...recently

Market Women,Youths Shut Senate Constitutes C’ttee down Calabar, Seek EIA to Probe Non-remittance of Approval for Superhighway N1tn by NNPC Cont’d from Pg 58 CBassey Inyang in Calabar Thousands of market women and youth groups yesterday took to the streets of Calabar to express their support for the state’s 260km superhighway project.

They carried banners and placards with inscriptions such as: “Cross Riverians say no to conspiracy against superhighway”, “Superhighway our dream for a better tomorrow,, “our economic development depends on the superhighway,” “You can’t hate us and love our forest.”

The protesters denounced what they described as conspiracy by some international non-governmental organisations (NGOs) and their local collaborators against the project.

They therefore, urged the federal government to disregard the antics of the NGOs and ensure timely approval of the Environmental Impact Assessment (EIA) for commencement of construction work on the superhighway.

The rally brought vehicular traffic to a standstill in some parts of the Calabar metropolis for over two hours.

The President National Youth Council of Nigeria, Cross River State council, Ndiyo Ndiyo,

who was visibly angry at what he described as unfair treatment of the state, warned: “We want everybody including the International community and the Federal Ministry of Environment to know that the youths of Cross River State say no one should play politics with our developmental efforts!

Nobody should sacrifice Cross River State for selfish gains!”

Continuing, he said: “When they developed Abuja was there no forest? When they developed China, didn’t they tamper with their forest?

What about other developed countries? Did they develop them without touching their forest? So why is Cross River State’s case different? We hereby pass vote of confidence on the project.”

Ndiyo called on the federal government to expedite action on the approval of the EIA for the project, even as he demanded that the state be paid compensation for preserving its forest over the years.

On her part, the leader of the women group who were mostly market women, Mrs. Vivian Imogbo, said the need for the superhighway could not be over-emphasised given the deplorable state of the only existing highway, which is a federal road.

cut across a lot of the different standing committees, and in view of the enormity involved, the general opinion is that we will set up an ad-hoc committee with the responsibility of addressing them; with the terms of reference to reexamine the financial processes and the fiscal audit report of NEITI; the financial loss and leakages to government and all its ramifications; remedial measures and sanctions where necessary, and of course, more importantly any relevant legislative action that would be required to block all forms of leakages.”

Members of the committee are Senators Tayo Alasoadura; Bassey Akpan; Senator Andy Uba; John Enoh; Jibrin Barau; Chukwuka Utazi; Kabir Marafa; Solomon Adeola and Bukar Mustapha.

The committee was given four weeks to report back to the Senate.

Meanwhile, the House of Representatives Committee on Maritime Safety, Education and Administration yesterday heard that the Nigerian Maritime Administration and Safety Agency (NIMASA) is being owed $3.78 billion dollars by the Nigerian National Petroleum Corporation (NNPC) and other government agencies.

The debts are default on sundry charges and levies owed to NIMASA over a 10 year period.

The other debtor agencies include the Pipeline Products Marketing Company (PPMC and the National Petroleum Investment Management Services (NAPIMS).

NNPC and PPMC owe $3billion while NAPIMS owes $780 billion.

The Director General of NIMASA, Mr. Dakuku Peterside, in his presentation to the committee noted that the defaults on the three per cent levy on gross freight earning on incoming and outbound cargo are due to double billing, disclaimed and disputed bills and actual debt.

He said no debts were supposed to have incurred on the two percent surcharge contract sum on cabotage operating vessel.

“The debt under the ship-toship (STS) is a deliberate attempt by companies not to pay nonremittance by international oil companies to the agency,” he said.

Over 5,300 companies have defaulted on the STS charge, he disclosed.

Dakuku however did not provide the total figure owed to NIMASA by government and private organisations.

The Minister of Transport, Mr. Rotimi Amaechi lamented that NIMASA has acquired a bad image under the last administration.

60

THURSDAY, JUNE 16, 2016 • T H I S D AY

NEWSXTRA

Blood for Transfusion Must Bear Lagos State Logo, Commissioner Tells Operators Martins Ifijeh The Commissioner for Health, Lagos State, Dr. Jide Idris, has ordered that certified blood for

transfusion must bear the logo of the state government as a means of establishing its quality and credibility.

Idris who made the disclosure yesterday at a

Buhari Consoles Ghanaian President on the Death of His Mother Tobi Soniyi in Abuja President Muhammadu Buhari has commiserated with President John Mahama of Ghana to offer heartfelt condolences to his family on the passing away of his mother, Hajia Abiba Nnaba.

A statement by the Special Adviser to the President, Mr. Femi Adesina said Buhari spoke with Mahama on the telephone.

According to Adesina, Buhari, in a telephone call yesterday, prayed that Almighty Allah would grant

the soul of Hajia Nnaba eternal rest and comfort all who mourn her.

Adesina said the president told the Ghanaian leader that his personal thoughts and prayers as well as those of Nigerians were with him as he mourned the passage of a beloved mother.

Adesina said: “The president further prayed that the loving memory and virtues which Hajia Abiba Nnaba lived for will continue to inspire all who knew her and generations to come.”

press conference organised by the Lagos State Blood Transfusion Service to commemorate the year 2016 World Blood Donor Day urged families of patients to take note and report such cases even as he warned that erring public and private blood banks who fail to put the logo shall henceforth be sanctioned.

He advised that all private blood banks in the Lagos should be registered with the state Blood Transfusion Service for effective monitoring and quality control.

While highlighting the objectives of this year ’s campaign which according to him include appreciating

donors for their lifesaving gift of blood and focusing attention on blood services as a community service, he emphasised the need to create wider publicity and sensitization of the populace on the need to show commitment to regular voluntary unpaid donations which translates to self-sufficiency in safe blood and blood products based on 100 per cent voluntary and unpaid donations drive.

“We need to create wider public awareness on the need for regular, unpaid blood donation and inspire young, healthy people who have not yet keyed in to start donating with a view

to have a robust blood bank,” he remarked.

He stated that voluntary blood donors are known to be the foundation of adequate supply of safe blood due to lower prevalence of Transmission Transmissible Infections (TTIs), adding that voluntary donors can walkin to any of the 21 public hospitals with blood banks as well as three standalone blood donor centers to donate blood.

The commissioner stated that the standalone centers are located at the General Hospital, Lagos, Lagos State College of Health Technology (LASCOHET) and Alimosho General Hospital, Igando.

Answering to a question on why husbands of pregnant women are being asked to donate blood, Idris explained that such arrangement is important in case the woman has hemorrhage and as a result, needs blood.

He explained that a cumulative average of 70, 000 units of blood is required annually adding that in 2015, 32, 619 units of blood were donated in public health facilities stressing that only 4, 175 (13per cent) were sourced from voluntary donors while 33 per cent and 54per cent were sourced from replacement and antenatal donors respectively.

UNN Shutdown over Students’ Unrest Christopher Isiguzo in Enugu Irked by last Monday’s protests by students over poor academic environment, authorities of the University of Nigeria, Enugu Campus (UNEC), yesterday officially shut down the school indefinitely.

The Students Union Government (SUG) of institution was also suspended.

In a statement signed by Prof. Smart N. Uchegbu, the Deputy Vice-Chancellor, Enugu Campus, the school announced the immediate and indefinite closure of the university following last students’ protests that halted academic activities.

“This is to bring to the notice of the university community that in the light of the violent protest and monumental destruction of properties on June 13, 2016, the Vice Chancellor has approved the implementation of the measures listed below: “Immediate suspension of the Enugu Campus Student Union Government; and closure of the University of Nigeria, Enugu Campus indefinitely.”

Students of the University had last Monday announced the disruption of academic and other activities in the Enugu campus of the university for one week over alleged poor academic environment.

The angry students in a protest blocked the main entrance of the university, demanding improvement in the basic amenities and learning conditions in the school.

The students who complained about the non-availability of water,

electricity, among others, prevented lecturers and non-academic staff from carrying out their normal duties in their offices.

Apart from the poor academic environment, the students also complained that they buying in buckets at the rate of N30.00 per bucket.

The students turned out in their numbers at the school gate during the protest.

They lamented that they had not had steady power supply for three months now and relied only on generator and intermittent power from EEDC. Apart from epileptic power supply or lack of it, the students complained that their hostels stink because of acute water shortage.

The students who spoke to our journalists equally complained that they lack enough accommodation as too many students are pitched in a room and sleep on mattresses long overdue to be changed.

“We equally paid for wi fi services but are not enjoying it,” they said.

The protesting students carried placards that read thus: “how can we save lives without light, light is our right, no light no lectures,” which they said, they want the school authority to know and do something about.

“Life has not been easy because of lecture hall. Our mattresses are bad. We are too many in a room. We paid for Wi fi but we are not enjoying it,” they point out in unison.

“We are demonstrating against the school management. We don’t want any movement in the school,” the angry students declare as they block the entrance chanting songs.

SIGNED AND SEALED

L-R: Chairman, Tuns Farms Nigeria Limited, Mr. Olatunde Badmus; Permanent Secretary, Federal Ministry of Agriculture, Dr. Shehu Ahmed; and Minister of Agriculture and Rural Development, Chief Audu Ogbeh, during the signing of a Memorandum of Understanding (MoU) on National Egg Production Scheme (NEGPRO) between the ministry and Tuns Farms in Abuja....yesterday

Oando Foundation and USAID Partner to Educate Displaced Children in North-east Oando Foundation (OF) in partnership with the United States Agency for International Development Emergency (USAID) Crisis Response (ECR) has commenced an initiative to transition 60,000 internally out-of-school displaced children in Northern Nigeria from informal to formal/ education mainstream institutions by 2018.

The internally displaced be would children transitioned into 11 Oando Foundation adopted schools in Adamawa and Bauchi states. This endeavour resonates strongly with the 2016 International Day of the African Child themed: “Conflict and Crisis in Africa: Protecting all Children’s Rights.”

Nigeria currently has the largest number of out-of-school children in the world; 10.5 million (UNESCO EFA Report 2014 / 2015). This number has increased drastically with the displacements caused by the terrorist group, Boko Haram, in the North, putting a strain on an already weak education system. As at June 2015, research showed

that children living in 19 of 42 Internally Displace Persons (IDP) camps, did not have access to any form of education.

The six-year insurgency in Northern Nigeria triggered a wave of displacements of over two million people across Adamawa, Borno, Bauchi, Gombe and Yobe States and has led to the destruction of over 10,000 schools, , and displacement of 19,000 teachers and over 800,000 children between the ages of 3 and 17, with no access to education.

As part of steps earmarked to kick start this initiative, Oando Foundation visited IDP camps in Bauchi and Adamawa States.

In attendance were the Commissioner for Education, Adamawa State, Kaletapwa George Farauta, Executive Chairman, Adamawa State Universal Basic Education Board (SUBEB), Hassan Mohamed Gabdo Toungo and Executive Chairman, Bauchi (SUBEB), Professor Ibrahim Yero, among others.

During the visit education starter kits, aimed at easing transition, children’s reintegration, retention and

ultimately their performance in mainstream schools were distributed to the IDP children.

The Foundation will facilitate the placement of these same children in 11 of its adopted schools in these states.

The schools have been supplied teaching and learning aids by Oando Foundation to improve the quality of teaching and ultimately increase learning outcomes for children.

Speaking on the transition initiative, Head, Oando Adekanla Foundation, Adegoke, said: “This is the first in a series of education targeting interventions internally displaced and out of school children in North Eastern Nigeria.

Our call to action is clear: we need to bridge the widening educational gap and ensure that no child is denied the right to education.

Through our Adopt a School Initiative, our target is to enroll 60,000 children in school across Nigeria over a three-year period, ensure reintegration of internally displaced children in formal education and improve

learning outcomes. We are working with the interested government, partners and communities in select states.”

The USAID’s Emergency Crisis Response (ECR) provides access to informal and alternative education for children between the ages of 6 to 17 living in IDP camps.

The organization provides training nine-month programmes in learning centres aimed at transitioning these children into formal education on completion of the training programme.

According to Timothy Curtin, Deputy Director Education, USAID Education Crisis Response: “Our organisation seeks to work with both public and private sector actors to optimise its efforts to help displaced children and youth return to school. Oando Foundation’s mission to improve learning environments and vision of supporting a sustainable and successful educational system in Nigeria that educates and empowers children makes them a valuable actor supporting the education response to the crisis in northeastern Nigeria.”

THURSDAY JUNE 16, 2016 • T H I S D AY

61

CRIME&PUNISHMENT Badeh: Witness Admits Leaving out Vital Information in EFCC Statements Alex Enumah in Abuja As the defence continues its cross-examination of prosecution witness (PW4) Mustapha Yerima in the ongoing trial of former Chief of Defence Staff, Air Chief Marshal Alex Badeh (rtd), the witness has admitted leaving out a vital information during his testimony at the Economic and Financial Crimes Commission (EFCC).

Yerima told the court when asked by counsel to the first defendant, Akin Olujimi, why he left out the information he gave in his evidence-in-chief on May 23, that he was only responding to questions asked at the time.

Yerima had told the court in his evidence-in-chief that he bought the land on the instruction of PW1, Air Commodore Abdullahi Yushau, adding that PW1 also instructed him to do the documentation on his company’s name RyteBuilders Technologies Ltd, until he would give him the real name of the purchaser.

Yerima maintained that Yushau had told him that he was acting on behalf of his boss, then Chief of Air Staff, Badeh.

But when Olujimi confronted

him with his statements in EFCC pointing out that nowhere did he mentioned that Yushau told him he was acting on the instruction of Badeh, the witness said what he wrote at the EFCC was a summary of what transpired.

“In all your five statements at the EFCC, nowhere did you mentioned that Yushau told you the plaza belongs to his boss,” Olujimi pointed out.

The witness responded: “No, I did not, what I gave is a summary. I don’t think I am able to write every single thing that happened within a space of three years”, adding, “EFCC reasoned with me when I told them I cannot remember things that happened within a space of three years.”

The witness further stated that while he was writing his first statement at EFCC, he had documents with him unlike when he was testifying in the court.

Yerima also told the court that the reason he did not state those things he gave in his evidence was because he was not asked those questions.

He said the more the defence counsel asks him the more he remembers.

Also when asked why he did include in his five statements that prior to the commencement of the project he held a meeting with Yushau where he was told the plaza belong to Badeh, Yerima said, “Maybe it skipped”. Adding that, “Interrogation does not work like that, even if I know more than what I am asked I restrict answer to what concerns me and my company.

Also when confronted with the actual cost of the plaza, the witness who stated he cannot remember between N1.1billion and N1.2billion recalled that he had in his statement told his client that the project cannot be completed even at the N1.2billion submitted. “As the project continues I made him and his boss realised that the project cannot be completed even at the N1.2billionn submitted,” he said.

Yerima further denied negotiating with Yushau on the cost. Olujimi had confronted him with his statement of May 23, 2016 where he told the court that upon receipt of the bill of quantity, Yushau had complained that the amount was on the high side and went ahead to offer him N900million

which he rejected.

The witness further admitted paying the sum of N10m to one architect Saka for the drawing of the building plan.

However there was a mild contradiction when the witness admitted that he received funds for the construction of the project before construction started, contrary to his earlier claim that funds for the project was received after parties had reached agreement.

“In your statement of January 6, 2016, you said when the agreements were reached to start the construction of the complex, you were paid a total of N864,582, 832.04 from the Nigerian Air Force accounts into your Zenith Bank account.

In that list of payment, you said N9,220,100 was paid on 29 January 2013. Can you confirm that as at that date, construction had not started?

The witness said yes. He explained that the payment were part of the pre construction expenses, adding that this was from where the payment to Saka was made.

Olujimi then pointed that the witness in his evidence had said they were paid after agreement was reached.

Members of the Boko Haram sect after surrendering to members of the Civilian JTF in Maiduguri....yesterday

Suspect: We Were Paid N5.4m to Release Babington Schoolgirls Contrary to impression that the three abducted schoolgirls of Babington Macaulay Junior Seminary (BMJS) were released without ransom, THISDAY yesterday gathered that N5.4million was actually paid as ransom.

This disclosure was made by the mastermind of the kidnap, 38-year-old Felix Silva, who was arrested and paraded yesterday by the Lagos State Police Command.

The gang had initially demanded N100million as ransom for the three girls, but later reduced it to N20million and later N5.6million.

Apparently, they later settled for N5.4million and were waiting for the balance of N200,000

before they were arrested by the Inspector General of Police Special Intelligence Response Team (SIRT).

The state Commissioner of Police, Fatai Owoseni, said they swung into action and got the girls from a bridge at Ikorodu where the kidnappers had dumped them six days later.

The gang led by Silva and Emmanuel Arigidi, 37, who had since been arrested, had abducted three girls, Olusa Oluwatimilehin, Popo-Olaniyan Tofunmi and Akinayo Deborah, on March 3, 2016.

Although some of his gang members have been arrested months ago, Silva still remained elusive until he was finally nabbed after he coordinated the

Navy Recovers Vessel Used in Pirate Hijack, Arrests Owner The Western Naval Command (WNC) of the Nigerian Navy yesterday took possession of a vessel, Motor Tanker (MT) Dejikun, used by pirates in February 2016, to hijack a foreign vessel, MT Maximus. MT Dejikun, which was recovered from Benin Republic, where it had been abandoned by the pirates, was used by an eight-man piracy gang to hijack MT Maximus.

The pirates had on February 16, hijacked the oil vessel off the coast of Sao Tome, laden with 4,700 tonnes of diesel fuel, and held the crew hostage until they were rescued by the navy on February 22. Although operatives of the Nigerian Navy Ship (NNS) Okpabana rescued the 18-men crew and arrested six of the pirates, two others were said to have fled in MT Dejikun.The disappearance of MT Dejikun, was said to have hindered police prosecution of the pirates in their custody, before it was discovered in Benin Republic waters.

While MV Maximus was handed over to a representative of the company, Super Maritime Nigeria, Limited, along with the 18-crew members, the whereabouts of MT Dejikun and the owner remained unknown until recently. The Flag Officer Commanding, WNC, Rear Admiral Fergusson Bobai, received the vessel alongside the Commanding Officer, NNS Beecroft, Commodore Abraham Adaji, at the naval dockyard, Victoria Island, Lagos. He told THISDAY that his men also arrested the owner of the vessel, MT Dejikun, one Gani Mustapha, along with an accomplice. He said: “The Benninois navy had discovered the vessel on their waters but there was nobody onboard the ship and they took custody of the vessel. “When they got the ship, they were able to recover some documents of the ship and during investigation, it was discovered that the owner of the ship is a Nigerian. The Navy operatives at the Forward Operating Base in Badagry were able to arrest the owner of the vessel, Gani Mustapha, along Seme Border. “The person that chartered the vessel from the owner was also arrested. The vessel and the suspects would be handed over to the police for further investigation.”

Lagos Police Dismiss Five Cops for Extortion For various offences ranging from extortion to other allied crimes, the Lagos State Police Command has arrested and yesterday dismissed five policemen. The dismissed cops were identified as Samuel Ando, Richard Ugwu, Daniel Osaimayu, Sergeant Sulaiman Muhammed, and Corporal Michael Adeoya. The state Commissioner of Police, Fatai Owoseni, while parading the suspects at the command headquarters in Ikeja, said Ando who was dismissed for extortion from Oyo State Command was arrested for a similar crime in Lagos. He said: “Some of the policemen who were bent on tarnishing the image of the police will be shown the way out of the service. They were arrested for mounting road block which contravenes the Inspector General of Police’s directives on road block across the country.

We are doing this to serve as a lesson to other police officers to desist from the act and exposing those who are bent on disgracing the police. Any policeman that falls short of the police regulations would be fired. We cannot continue to accept such act.” Owoseni added that the command had been able to record key achievements in the state including the arrest of 10 notorious armed robbery suspects and six kidnapping suspects.

WE HAVE REPENTENTED

Chiemelie Ezeobi

In Brief

kidnap of a Chinese expatriate in Ajah, Lagos.

In his confessional statement, the suspect said they got the sum of N5.4 million as ransom for the release of the girls.

According to him, “They promised to pay N5.6m but eventually paid N5.4million.

We were expecting them to pay the balance of N200, 000 but they didn’t. I got N300, 000 as my own share of the money.

“The first attempt we made was that the girl we got escaped from us so we left. But we were successful the second time. We bore a hole through one of the school fences. We went back the same way we came.

“When they did not see me, the police arrested my wife, my two children, my father and mother. I ran away when the

police were on my trail.”

On the arrest of the mastermind of the kidnap of the three schoolgirls, Owoseni said the suspect is the leader of an armed-robbery and kidnapping syndicate.

He said the Edo State indigene led the armed robbery and kidnapping operations in Ikorodu, Epe in Lagos State and Ibafo axis in Ogun State until he was arrested last week.

The Lagos police boss said: “This man was also responsible for the kidnap of the rescued Chinese man within the Ajah axis three weeks ago.

“I can assure you that he will be arraigned before a court of law. The command will not rest on its oars as it will continue to utilise every strategy to fight criminality in the state.”

Victim Appeals to AGF, IG to Enforce N20m

A middle-aged man, Mr. Adebayo Olaide, who was a victim of police brutality along Oyo road, yesterday appealed to the the Attorney-General of Federation and Minister of Justice, Mr. Abubakar Malami, and the Inspector-General of Police, Mr. Solomon Arase, to ensure the enforcement of a court judgement which awarded N20million to him against the Nigeria Police Force. He said he got the judgement from Oyo State High Court on January 22, 2013 and that it was upheld by the Court of Appeal, Ibadan Division, on April 15, 2014. Speaking with journalists in Ilorin yesterday, Mr. Olaide said he had been able to receive only N313,000 out of the N20m. He stated that, he was brutalized by the police on June 25, 2009, along Oyo Road, Alagbayun village, near Odo Oba, close to Ogo Oluwa Local Government Area of Oyo State, adding that the attack led to his current visual impairment. Olaide who was flanked by his lawyer, Mr. Wale Adesokan, at the news conference, added that he was currently undergoing excruciating poverty, stressing: “I am now facing ejection because of unpaid rents and my children have been sent away from school because of my inability to foot their school bills. The AGF and IG should please kindly help me and pay the money quickly because I have suffered. Only my wife’s family and my friends have been helping me. I am married to a wife with two children. Now they have sent my children away from schools and they have not been going to school again because of my inability to pay their school fees.“

i

T H I S D AY • THURSDAY, JUNE 16, 2016

THISDAY GUIDE TO FOREX MARKET

FOR THE RECORD

Re-Introducing And Operationalizing Nigeria’s Flexible Exchange Rate Market

An Address by Godwin I. Emefiele, Governor, Central Bank of Nigeria At the Unveiling of the Framework for Re-introduction of Managed Float Exchange Rate System 15th June 2016

Good afternoon ladies and gentlemen and welcome to the Central Bank of Nigeria (CBN).

The Management of the Bank has called this Press Conference in response to one of the commitments contained in the Communiqué of the Monetary Policy Committee (MPC) of 24th May 2016. Having consulted widely and prepared carefully, the committee of Governors of the CBN is delighted to unveil to all stakeholders and the general public, the broad framework and guidelines of the Flexible Exchange Rate at the Inter-bank Market, which we alluded to at the end of that MPC Meeting. Before I proceed into the details of this new policy, please permit me to provide you with a brief context.

2.

We all know by now that Nigeria has been dealing with the effects of three significant and simultaneous global shocks, which began around the third quarter of 2014. These include: • The over 70 percent drop in the price of crude oil, which contributes the largest share of our Foreign Exchange Reserves; • Global growth slowdown and geopolitical tensions along critical trading routes in the world; and • Normalization of Monetary Policy by the United States’ Federal Reserve.

3.

In view of these headwinds, the CBN witnessed a significant decline in our Foreign Exchange Reserves from about US$42.8 billion in January 2014 to about US$26.7 billion as of 10th June 2016. In terms of inflows, the Bank’s foreign exchange earnings have fallen from as high as US$3.2 billion monthly sometime in 2013 to current levels of below a billion dollars per month.

countervailing policy actions, anchored on the prioritization of the most critical needs for foreign exchange as well as maintaining stability in the exchange rate. Having allowed two adjustments from August 2014 to February 2015, which resulted in movement of the currency from N155/US$1 to N197/US$1, we decided to manage the Naira-Dollar Exchange Rate at about N197/US$1 over the last 16 months, and then provide the available but highly limited foreign exchange to meet the following needs: • Matured Letters of Credit from Commercial Banks • Importation of Raw Materials, Plants, and Equipment, • Importation of Petroleum Products, and • Payments for School Fees, BTA, PTA, and related expenses 6.

Over these intervening period, we are happy to note that these policies have yielded some positive developments. In particular, we have managed to stabilize the exchange rate since February 2015, thereby creating certainty for both household and business decisions, and also underpinning the economic growth we recorded in 2015. We have largely eliminated speculators and rent-seekers from the Foreign Exchange Market. Our Reserves, despite having fallen, is still robust and is able to cover about 5 months of Nigeria’s imports as against the international benchmark of 3 months. Furthermore, the domestic production of goods restricted from the FX market has picked up considerably nationwide, thereby creating more jobs for many more Nigerians.

7.

Despite these positive outcomes, the Central Bank of Nigeria has always maintained 4.

Despite these outcomes, the demand that it would continue to monitor situations for foreign exchange has risen significantly. on the ground and ensure that the Bank’s For example, in 2005 when we had oil prices policies reflect these facts and developments at about US$50 per barrel for an extended rather than the sentiments of any groups or period of time, our average import bill was sectors. It is in light of this principle that we N148.3 billion per month. In stark contrast, now believe that the time is right to restore our average import bill for 2015 stood at about the automatic adjustment mechanism of the N917.6 billion per month. Unfortunately, the exchange rate with the re-introduction of a interplay between reduced FX Supply highlighted flexible inter-bank exchange rate market. The above and rising FX demand accounted for workings of this market will be consistent with a substantial drain on our foreign exchange the Bank’s objectives of enhancing efficiency reserves. and facilitating a liquid and transparent Foreign Exchange Market.

5.

In order to avoid further depletion of the reserves, the CBN took a number of 8.

Although the detailed framework and

operational guidelines of the market will be released to the public immediately after this Press Briefing, permit me to highlight its key aspects: a.

The market shall operate as a single market structure through the inter-bank/ autonomous window; b.

The Exchange Rate would be purely market-driven using the Thomson-Reuters Order Matching System as well as the Conversational Dealing Book; c.

The CBN would participate in the Market through periodic interventions to either buy or sell FX as the need arises; d.

To improve the dynamics of the market, we will introduce FX Primary Dealers (FXPD) who would be registered by the CBN to deal directly with the Bank for large trade sizes on a two-way quotes basis; e.

These Primary Dealers shall operate with other dealers in the Inter-bank market, amongst other obligations that will be stipulated in the Foreign Exchange Primary Dealers (FXPD) Guidelines, which would also be released immediately after this Press Briefing; f.

There shall be no predetermined spread on FX spot transactions executed through the CBN intervention with Primary Dealers, while all FX Spot purchased by Authorized Dealers are transferable in the inter-bank FX Market; g.

The Forty-One (41) items classified as “Not Valid for Foreign Exchange” as detailed in a previous CBN Circular shall remain inadmissible in the Nigerian FX market; h.

To enhance liquidity in the market, the CBN may also offer long-tenored FX Forwards of 6 to 12 months or any tenor to Authorized Dealers; i.

Sale of FX Forwards by Authorized Dealers to end-users must be trade-backed, with no predetermined spreads; j.

The CBN shall introduce non-deliverable over-the-counter (OTC) Naira-settled Futures, with daily rates on the CBN-approved FMDQ Trading and Reporting System. This is an entirely new product in the Nigerian Foreign Exchange Market, which would help moderate volatility in the exchange rate by moving non-urgent FX demand from the Spot to the Futures market; k.

The OTC FX Futures shall be in non-standardized amounts and different fixed tenors, which may be sold on any dates thereby ensuring bespoke maturity dates; l.

Proceeds of Foreign Investment Inflows

and International Money Transfers shall be purchased by Authorized Dealers at the Daily Inter-Bank Rate; and m.

Non-oil exporters are now allowed unfettered access to their FX proceeds, which shall be sold in the Inter-bank market.

9.

In terms of timelines, the Management of the Central Bank has agreed as follows: a.

The detailed operational guidelines for the Flexible Foreign Exchange Market will be released immediately after this Press Briefing; b.

The guidelines for the selection and operations of FX Primary Dealers would also be released immediately after this Press Briefing; c.

Selected FX Primary Dealers would be notified by Friday 17th June 2016. All other non-Primary Dealers would remain valid and eligible to participate in the market; d.

Inter-bank trading under the new guidelines will begin on Monday 20th June 2016; and e.

The tenors and rates for the OTC Naira-settled FX Futures will be announced on Monday 27th June 2016.

10.

In closing, let me note that the Central Bank is strongly determined to make this market as transparent, liquid, and efficient as possible. Therefore, we would neither tolerate unscrupulous behaviour nor hesitate to bring serious sanctions on offenders. The CBN expects all authorized dealers particularly to display the highest level of professionalism. We expect them to understand the spirit and letter of this transition to a market based system. The CBN will not allow the system to be undermined by speculators and rent-seekers. Permit me to emphasize that any attempt to breach any aspect of this new framework will be heavily sanctioned by the CBN and this may indeed result in the suspension or withdrawal of the FX dealing license of an offending Authorized dealer.

11.

I therefore urge market participants to assist us in ensuring that this new system enables the CBN to pursue its mandate in a more effective and efficient manner, which guarantees preservation of our scarce commonwealth, stability of our financial system, and growth of our economy to the benefit of all Nigerians.

Thank you all for listening.

ii

THURSDAY, JUNE 16, 2016 • T H I S D AY

THISDAY GUIDE TO FOREX MARKET

Revised Guidelines for The Operation Of The Nigerian Inter-Bank Foreign Exchange Market 1.0 Introduction

v. To enhance liquidity, CBN shall also offer non-deliverable OTC FX Futures (bid or offer) daily on the FMDQ OTC FX Futures Trading & Reporting System. vi. The OTC FX Futures shall be in nonstandardised amounts and different fixed tenors which may be sold on any date thereby giving bespoke maturity dates. vii. FXPDs may purchase OTC FX Futures for their own accounts or sell to other Authorised Dealers and end-users. viii. There shall be no maximum spread on the sale of the Forwards and OTC FX Futures purchased from CBN by FXPDs to Authorised Dealers and end-users.

In line with the objectives of enhancing efficiency and facilitating a liquid and transparent, Foreign Exchange (FX) market, the Central Bank of Nigeria (CBN) hereby releases the revised guidelines on the operations of the Nigerian Inter-Bank FX market towards the liberalisation of the market.

2.0 Guidelines The CBN shall operate a single market structure through the autonomous/inter-bank market i.e. the Inter-Bank Foreign Exchange Market with the CBN participating in the FX market through interventions (i.e. CBN Interventions) directly in the inter-bank market or through dynamic “Secondary Market Intervention Mechanisms”.

Furthermore, to promote the global competitiveness of the market, the interbank FX market will be supported by the introduction of additional risk management products offered by the CBN and Authorised Dealers to further deepen the FX market, boost liquidity and promote financial security in the market.

Additionally, to further improve the dynamics of the market, the CBN shall introduce FX Primary Dealers (FXPDs).

These shall be registered Authorised Dealers designated to deal with the CBN on large trade sizes on a two-way quote basis. amongst other obligations as stated in the FXPD Guidelines - (Guidelines for Primary Dealership in FX Products). The FXPDs shall operate with other Authorised Dealers (non-FXPDs) in the Inter-bank market.

2.1 Inter-bank Foreign Exchange Market 2.1.1 Participants in the inter-bank FX market shall include Authorised Dealers, Authorised Buyers, Oil Companies, Oil Service Companies, Exporters, End-users and any other entity the CBN may designate from time to time.

2.1.2 Authorised Dealers shall buy and sell FX among themselves on a two-way quote basis via the FMDQ Thomson Reuters FX Trading Systems (TRFXT-Conversational Dealing), or any other system approved by the CBN. 2.1.3 Authorised Dealers may offer one-way quotes (bid or offer) on all products and on request to other Authorised participants via the FMDQ Thomson Reuters FX Trading System (FMDQ TRFXT - Order Book System), or any other system approved by the CBN. 2.1.4 The maximum spread between the bid and offer rates in the inter-bank market shall be determined by FMDQ OTC Securities Exchange (FMDQ) via its market organisation activities with the Financial Market Dealers Association (FMDA).

2.1.5 Proceeds of Foreign Investment Inflows and International Money Transfers shall be purchased by Authorised Dealers at the inter-bank rate.

2.2

Hedging Products

2.2.1 To further deepen the FX market, in addition to the already approved hedging products referenced in the CBN “Guidelines for FX Derivatives and Modalities for CBN FX Forwards”, Authorised Dealers are now permitted to offer Naira-settled non-deliverable over-the-counter (OTC) FX Futures.

2.2.2 OTC FX Futures’ transactions shall be non-standardised with fixed tenors and bespoke maturity dates.

2.2.3 OTC FX Futures sold by Authorised Dealers to end-users must be backed by trade transactions (visible and invisible) or evidenced investments.

2.2.4 FMDQ will provide the appropriate benchmarks for the valuation and settlement of the OTC FX Futures and other FX derivatives.

2.2.5 FX OTC Futures and Forwards will count as part of the FX positions of

Emefiele Authorised Dealers.

2.2.6 To promote market liquidity, Authorised Dealers may apply FX Spot transactions to hedge Outright Forwards, OTC FX Futures and FX Options etc.

2.2.7 Settlement amounts on OTC FX Futures may be externalised for Foreign Portfolio Investors (FPIs) with Certificates of Capital Importation. Such settlement amounts shall be evidenced by an FMDQ OTC FX Futures Settlement Advice.

2.2.8 Furthermore, FMDQ will be developing detailed registration and operational regulation on FX Options and will drive, with the market, the development of other risk management products and attendant guidelines.

2.3 Foreign Currency Trading Position 2.3.1 Further to the CBN Circular Ref: TED/FEM/FPC/GEN/01/001 dated 12th January 2015, Authorised Dealers, (FXPDs and non-FXPDs) are hereby notified of a review in the daily Foreign Currency Trading Positions of banks. Consequently, Authorised Dealers shall have maximum limits of +0.5%/-10% of their Shareholders’ Funds unimpaired by losses as Foreign Currency Trading Position Limits to support their obligations as liquidity providers at the close of each business day.

2.3.2 Where an Authorised Dealer requires a higher position limit to accommodate a customer trade, the Authorised Dealer shall contact the Director, Financial Markets Department. Where the request is assessed as valid, the Director shall communicate immediate approval by text or email to the Authorised Dealer.

Thereafter, the Authorised Dealer must, with 24 hours, write to the Director, Financial Markets Department who will thereafter communicate an approval in writing. The Director, FMD shall exercise discretion on the duration of the temporary position limit

depending on the estimated defeasance period of the transaction size.

2.3.3 Returns on the purchases and sales of FX shall be rendered daily to the CBN

by Authorised Dealers.

2.3.4 Inter-bank funds shall NOT be sold to Bureaux-de-Change.

2.3.5 The forty-one (41) items classified as “Not Valid for Foreign Exchange” as detailed in the CBN Circular Ref: TED/ FEM/FPC/GEN/01/010, remain inadmissible in the Nigerian FX market.

2.3.6 Applicable exchange rate for the purpose of import duty payments shall be the daily inter-bank FX closing rate as published on the CBN website.

2.4 CBN Interventions 2.4.1 Participation in the FX market by the CBN shall be via: i. The Inter-Bank FX Market ii. Secondary Market Intervention Sales (SMIS) 2.4.2 Intervention Through the InterBank FX Market i. The CBN reserves the right to intervene in the inter-bank market to either buy or sell FX Spot upon the receipt of valid two-way quotes on the standard amount as defined from time to time in the FXPD Guidelines. ii. CBN may also intervene in the inter-bank market by placing orders for non-standard amounts in the FMDQ TRFXT - Order Book System., or any other system as approved by the CBN. iii. There shall be no predetermined spread on FX Spot transactions executed through CBN intervention with the FXPDs. iv. The CBN reserves the right to intervene in the inter-bank market to either buy or sell FX Forwards upon the receipt of valid two-way quotes on the standard amount as defined from time to time in the FXPD Guidelines.

2.4.3 Secondary Market Intervention Sales (SMIS) i. The CBN may, at its discretion, intervene in the FX market through the sale of FX to Authorised Dealers (wholesale) or to end-users through Authorised Dealers (retail) via a multiple-price book building process using the FMDQ-Thomson Reuters FX Auction Systems, or any other system approved by the CBN. All SMIS bids shall be submitted to the CBN through the FXPDs. • SMIS – Wholesale: o All FX Spot purchased by Authorised Dealers are transferable in the inter-bank FX market. o CBN may offer long-tenored FX Forwards of 6 – 12 months or any tenor to Authorised Dealers. o Sale of FX Forwards by Authorised Dealers to end-users must be trade-backed.

There shall be no predetermined spread. o FX Forwards purchased by Authorised Dealers are transferable in the inter-bank FX market.

• SMIS – Retail: o All FX Spot purchased by Authorised Dealers for end-users shall be for eligible transactions only upon the provision of appropriate documentation. o FX Spot sold to any particular end-user shall not exceed 1% of the overall available funds on offer at each SMIS session. o CBN may offer FX Forwards to end-users through Authorised Dealers and may limit the amount sold to an individual end-user o All FX Forwards sales to end-users must be trade-backed. o There shall be no maximum spread on the sale of FX Forwards by Authorised Dealers to end-users.

3.0 Execution and Reporting 2.5 To ensure effective monitoring of the FX market, all Authorised Dealers and end-users are required to trade only on FMDQ-advised FX Trading System(s). All transactions not executed on the Trading Systems shall be voice reported on the Trading Systems.

2.6 All FX transactions by Authorised Dealers are to be reported to FMDQ via the FMDQ-advised FX Reporting System.

CBN will be granted access to this system.

4.0 Sanctions Authorised Dealers are enjoined to comply with the provisions of these Guidelines, failing which appropriate sanctions shall be imposed, including suspension of the FXPD, Authorised Representatives of the Authorised Dealer, suspension of Authorised Dealer from the FX market and/or withdrawal of the Authorised Dealership Licence.

For the avoidance of doubt, all Authorised Dealers are to refer policy issues in respect of which they are in doubt to the Director, Financial Markets Department, Central Bank of Nigeria for clarification.

5.0. Primacy of the Guidelines These Guidelines supersede: i. Circular Ref: TED/FEM/FPC/ GEN/01/020 dates October 28, 2014 titled “Guidelines on the Operation of CBN Interventions in the Inter-Bank Market through the Two-Way Quote System”. ii. All other prior Circulars and Guidelines on the subject matter.

Please be guided.

iii

T H I S D AY • THURSDAY, JUNE 16, 2016

THISDAY GUIDE TO FOREX MARKET

Guidelines for Primary Dealership in Foreign Exchange Products 1.0 Introduction In line with the Central Bank of Nigeria’s (CBN’s) mandate to foster depth, stability and liquidity in the Nigerian Foreign Exchange (FX) market, CBN has the responsibility to enhance the transparency, efficiency and effectiveness of the market. One of such efforts is to deepen the inter-bank FX market by establishing an institutional framework for Primary Dealership in FX products. A vibrant Primary Dealership system will not only deepen the inter-bank FX market, but will also enhance liquidity management.

The Foreign Exchange Primary Dealers (FXPDs) system is one whereby interested Authorized Dealers are accorded access to transact FX products directly with the CBN. The main objectives for the establishment of Primary Dealership in FX products are: i.

To achieve exchange rate management policy objectives ii.

To improve the effectiveness of CBN FX market intervention activities iii.

To enhance market liquidity These Guidelines set the requirements, responsibilities and minimum standards for FXPDs. Each FXPD must continuously meet the Standards set out in the Guidelines and such other Standards, Rules and Regulation as may be prescribed by the CBN from time to time. The CBN hereby emphasizes that the nature of its relationship with the FXPDs is primarily a counterparty relationship.

Based on the foregoing, market stakeholders are reminded that the designation of an entity as an FXPD by the CBN shall in no way constitute a public endorsement of the superior financial soundness of that entity over non-FXPDs by the CBN, nor should such designation be viewed as a replacement for prudent counterparty risk management and due diligence.

2.0 Appointment of FX Primary Dealers The CBN shall evaluate and approve the application of an Authorized Dealer as an FXPD based on meeting at least 2 of the following 3 Quantitative Criteria as of 31st May 2016: 2.1 Minimum Shareholders Fund Unimpaired by losses of at least 200.00 billion; 2.2 Minimum of N400.00 billion in Total Foreign Currency Assets; and 2.3 Minimum Liquidity Ratio of 40 percent.

In addition, FXPDs shall be evaluated on the following Qualitative Criteria: 2.4 Strong FX trading capacity (qualified and experienced FX dealers, strong sales teams, and wide distribution networks).

2.5 Deployment of all FMDQ Thomson Reuters FX Trading Systems or any other Systems approved by the CBN. 2.6 Dealing Room Standards and a Dealing Room supported by independent market risk management, back-offices and effective disaster recovery plan.

2.7 Active participation in the inter-bank FX market as evidenced by the FMDQ OTC Markets - Dealing Member (Banks) Turnover Ranking.

2.8 Adequate computerisation of its FX trading, reporting and settlement processes, with complete systems installation capacity to accommodate: 2.8.1 FMDQ Thomson Reuters FX Trading Systems (Trading, Auction, Relationship Trading and Surveillance Systems).

2.8.2 Communications equipment (including voice logging devices) for maintaining interface with other FXPDs, non-FXPDs, customers and the CBN. 2.8.3 Any other System approved by the CBN. CBN reserves the right to review these qualifying criteria for the appointment of an FXPD at any time.

3.0

Expression of Interest (EOI)

3.1 Authorized Dealers intending to be FXPDs shall each submit an EOI letter to the Financial Markets Department of the CBN. 3.2 An application for FXPD Registration shall be accompanied by a letter of undertaking to discharge its FXPD responsibilities diligently and abide by the guidelines, rules and regulations of FX Primary Dealership, code of conduct, and all other post-registration requirements that may be required by the Bank from time to time.

3.3 FXPD Registration shall be valid for a period of one (1) year and renewal is subject to meeting the necessary criteria as determined from the annual CBN FXPD Registration Evaluation exercise.

3.4 Registered FXPDs shall not be required to represent an EOI at renewal.

However, interested non-FXPDs who meet the necessary requirements and wish to become FXPDs shall submit an EOI and letter of undertaking during the annual evaluation period.

4.0 Responsibilities of the FXPD On an ongoing basis, the CBN shall expect FXPDs to act as professional counterparties and market participants in their overall conduct and support of market efficiency and liquidity. Key FXPD responsibilities shall include: 4.1 Provision of two-way quotes for advised standard amounts and bid-ask spreads on FX Spot, Forwards, FX Swaps and Naira-settled OTC FX Futures to the CBN as follows: Product Standard Size ($’mm) Spot 10.0 Forwards 5.0 FX Swaps 5.0 OTC FX Futures 5.0 The applicable bid-ask spreads shall be agreed between the CBN and FXPDs

periodically.

4.2 Active participation in CBN’s interventions in the foreign exchange market.

4.3 Provision of two-way quotes to other FXPDs thereby facilitating price discovery and developing liquidity in the FX market.

The standard amounts and spreads of quotes between FXPDs will be as agreed between FMDQ and FMDA . FXPDs will quote to non-FXPDs on a two-way quote basis on the standard amounts and bid-offer spreads agreed by all Authorized Dealers.

4.4 Provision of market information and analysis helpful in the formulation and implementation of foreign exchange policy to the CBN Director, Financial Markets Department.

4.5 FXPDs shall be required to resell a minimum of 70% of any uptake from the CBN in the inter-bank market on the day of purchase.

5.0 FXPD Market Operations 5.1 FXPDs shall be expected to perform their duties during agreed market trading hours, currently 9am to 2pm.

5.2 FXPDs shall not be compelled to trade with the CBN, FXPDs and non-FXPDs outside of the trading hours. Any trades done outside of the trading hours have to be agreed bilaterally, and recorded on the FMDQ Thomson Reuters FX Trading Systems or any other Systems approved by the CBN. 5.3 All Transactions, both during and off trading, must be conducted on the FMDQ Thomson Reuters FX Trading Systems or any other Systems approved by the CBN. 6.0 FXPDs’ Performance Evaluation 6.1 In its evaluation of FXPDs’ performance, the CBN shall assess the quality of the FXPDs’ participation, and

the quality of the market information they provide to the CBN. 6.2 The CBN shall expect the FXPDs to participate in the market on a daily basis or such period as the CBN may require. FXPDs that record low volumes of FX transactions with the CBN during the evaluation period, that repeatedly provide bids and offers that are not reasonably competitive, or that fail to provide useful market information and commentary, shall be deemed not to have met the expectations of the CBN. Furthermore, while the main responsibilities of the FXPD shall be to foster liquidity of FX from purchases, the CBN may trade on their offers. FXPDs that constantly give uncompetitive quotes risk the CBN trading on their offers. In such circumstances, the CBN may limit an FXPD’s participation in any or all operations, approved products and may suspend or terminate the Authorized Dealer’s status as an FXPD if it continues to fail to meet these aforementioned expectations.

6.3 Consequently, FXPDs’ performance evaluation shall be carried out on a pointsbased system, which shall be communicated in due course.

6.4 The CBN shall also conduct half-yearly evaluations which shall be disseminated to FXPDs strictly as feedback on their performance.

7.0 Risk Management Standards 7.1 Market 7.1.1 FXPDs shall have a maximum limit of +0.5%/-10% of their Shareholders’ Funds unimpaired by losses as Foreign Currency Trading Position Limits. Where an FXPD requires a higher position limit to accommodate a customer trade, the FXPD shall contact the Director, Financial Markets Department. Where the request is assessed Continued on page v

v

T H I S D AY • THURSDAY, JUNE 16, 2016

THISDAY GUIDE TO FOREX MARKET HOW THE CBN NAIRA-SETTLED OTC FX FUTURES MARKET WILL WORK (NIBSS) will clear the inter-bank OTC FX Futures i.e. collect initial and variation margins and settle the party to compensate on the maturity date.

Benefits of the Naira-settled OTC FX Futures • The introduction of the OTC FX Futures market will encourage end-users to spread out their demand for Spot FX deals as they are now able to lock down the exchange rates for future FX requirements.

This has the potential to eradicate the constant frontloading of FX requirements and minimize the disequilibrium in the Spot FX market. End-users will make better judgement as to the timing of accessing the Spot FX market.

• The availability of the OTC FX Futures will improve the business planning practice of end-users and FX sellers, as the future exchange rate is guaranteed through the OTC FX Futures.

• An end-user (buyer of USD) may consider it wiser to delay the purchase of its USD requirement in the Spot FX market if the Spot FX rate is higher than the OTC FX Futures rate of a particular tenor. The end-user will borrow USD or

obtain trade finance and simultaneously hedge its exchange rate exposure with an attractive OTC FX Futures sold by the CBN. At maturity of the OTC FX Futures contract, the end-user will access the Spot FX market.

• The OTC FX Futures will be used to attract significant capital flows to the Nigerian fixed income and equity markets as returns can now be enhanced as FX exposures are hedged. Foreign Portfolio Investors (FPIs) will be able to use the OTC FX Futures for capital protection.

• The envisaged increase of supply of US Dollars due to the OTC FX Futures offered by the CBN in the Spot FX market will cause the Spot FX rate to moderate.

• OTC FX Futures which are nondeliverable are ideal for FPIs and even Foreign Direct Investors (FDIs). OTC FX Futures can be used when the investor wants to hedge the exchange rate risk without interest in buying outright Forwards which will necessitate liquidation of its investment to pay for outright Forwards.

• Banks will increase the liquidity in the OTC FX Futures market (by selling OTC FX Futures) if $/ Spot FX rate starts dropping. This may cause the Spot FX

rate to drop further.

Settlement Analysis for Naira-settled OTC FX Futures Contracts Day 1: June 15, 2016 - Bank A buys a 3-month OTC FX Futures contract from the CBN on the FMDQ OTC FX Futures Trading & Reporting System with the following details: • Buyer: Bank A • Seller: CBN • Notional amount: $1,000,000.00 • OTC FX Futures Rate: $/N260.00 • Benchmark: NIFEX • Maturity Date: September 14, 2016 • Initial Margin: 5% (payable by both parties) • Maintenance Margin: 60% of initial margin • Settlement Currency: Naira The OTC FX Futures contract will be valued on a daily basis against the NIFEX to determine payment of variation margin amount.

Maturity Day: September 14, 2016 NIFEX is $/N270.00

It is assumed that Bank A would have transacted (bought USD in the Spot FX market) at $/N270.00 which is higher than the OTC FX Futures contract rate of $/N260.00.

The Clearing House, NIBSS, will pay Bank A 10,000,000.00 (i.e. 10.00 [270.00260.00] per USD) thereby bringing Bank A's effective rate to $/N260.00 (270.00 assumed paid in buying USD less 10.00 received on the OTC FX Futures) which is the OTC FX Futures rate.

CBN is assumed to have transacted (sold USD in the Spot FX market) at $/ N270.00 which is higher than the OTC FX Futures contract rate of $/260.00.

The Clearing House, NIBSS, will take 10,000,000.00 (i.e. 10.00 per USD) from the Margin Account of the CBN thereby bringing CBN’s effective rate to $/N260.00 (270.00 assumed received in selling USD less 10.00 paid out on the OTC FX Futures) which is the OTC FX Futures rate.

Both parties end up with $/N260.00 as the effective rate. This is the rate they guaranteed each other.

If NIFEX had been $/N250.00 on maturity date, Bank A would pay CBN N10.00 per USD.

GUIDELINES FOR PRIMARY DEALERSHIP IN FOREIGN EXCHANGE PRODUCTS as valid, the Director shall communicate immediate approval by text or email to the FXPD. Thereafter, the FXPD must, with 24 hours, write to the Director, Financial Markets Department who will thereafter communicate an approval in writing. The Director, FMD shall exercise discretion on the duration of the temporary position limit depending on the estimated defeasance period of the transaction size. The CBN reserves the right to amend these limits from time to time as its discretion.

7.2 Operational 7.2.1 FXPDs must have a robust business continuity plan and be able to interface with the CBN from an alternate location (Contingency Dealing Room) in the case of a disaster. FXPDs’ disaster recovery capabilities, as reflected in their business continuity plans and are routinely tested, should ensure continuous participation in CBN’s FX trading operations (including trading, clearing and settling) in the event of a wide-scale disruption in the FXPD’s primary place of business.

7.2.2 The CBN expects FXPDs to maintain

a robust compliance programme, including procedures to identify and mitigate legal, regulatory, financial, and reputational risks.

Such program should include compliance officers dedicated to the business lines relevant to the FXPD functions.

7.2.3 The CBN will not designate as FXPD, any Authorized Dealer that is, or recently (within the last year) has been subject to financial market-related litigation or regulatory action or investigation that the CBN determines material or otherwise relevant to the potential FXPD. In making such determination, the CBN will consider, among other things, whether and how any such matters have been resolved or addressed and the Authorized Dealer’s history of such matters. In addition, with regard to registered FXPDs, the CBN may limit access to any or all operations, and may suspend or terminate the FXPD status of an Authorized Dealer, at anytime deems necessary, if it becomes the subject of, or is involved with, regulatory or legal proceedings that, in the judgment of the CBN, unfavourably impacts the FXPD relationship.

8.0 Reporting Obligations 8.1 FXPDs shall maintain such accounting and other records of their respective activities in the inter-bank FX markets as set forth by the CBN and other relevant regulatory authorities from time to time and render returns of trades executed with the CBN to the Bank.

8.2 All FXPDs shall submit a weekly report of FX transactions undertaken by them in the format advised by the CBN. 8.3 FXPDs shall advise CBN the Authorized Dealers for which they do not have PSR lines for and state the reasons why 9.0 Confidentiality FXPDs shall treat all non-public information received from the CBN and, in particular, information relating to transactions and outstanding positions with the highest degree of confidentiality. FXPDs shall not share this confidential information with any third party unless required to do so by applicable law or a court order.

10.0 Sanctions for Non-Compliance The CBN may take action against any FXPD that fails to comply with the standards set forth in these Guidelines.

Such action will vary depending upon the type of non-compliance, but may range, for instance, from fines, suspension from any or all FX operations for a period of time to termination as an FXPD. 11.0 Resignation of an FXPD An Authorized Dealer may resign from its status as an FXPD upon provision of thirty (30) days’ written notice of resignation to the CBN, specifying the effective date of the resignation, provided that the proposed effective date shall not fall within six (6) months of the start of its term as an FXPD. Any Authorized Dealer that resigns from its registration as an FXPD shall be eligible to reapply only during the next annual CBN FXPD Registration Evaluation exercise and such application shall be treated as fresh.

12.0 Amendments to the Framework The CBN may amend these Guidelines from time to time.