Monday 5th September 2016 by THISDAY Newspapers Ltd

Banks Adopt ‘Survival’ Strategies on Frail Macro Environment Obinna Chima The tough macroeconomic environment is obviously taking its toll on commercial banks as well as other financial institutions with most of them adopting

various strategies to remain afloat. The impact of the tough operating environment clearly manifested in the recently released half year results posted by the banks, which were largely below market

expectation, even though some banks did well. Nigeria’s economy contracted by 2.06 per cent year-on-year in the second quarter of 2016, as against the 2.4 per cent recorded in the corresponding quarter of 2015,

thus confirming the economy to be in a recession. The deepening of Nigeria’s economic decline was largely due to the troubled oil and gas sector, which contracted by eight per cent year-on-year in the second quarter of 2016,

as against the 6.8 per cent in the comparable period in 2015. Owing to this, from downsizing of workforce, to freezing staff promotion, giving staff targets, reduction of salaries and other emolument, as well

as embarking on aggressive deposit mobilisation by deploying more staff into market-facing units, banks are doing all to ensure that they improve their revenue. Continued on page 9

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Faced With Insider Arms Deals in North East, Military Ups the Ante in N’Delta Militants warn residents to vacate communities rigged with explosives

Senator Iroegbu in Abuja, Omon-Julius Onabu in Asaba and Sylvester Idowu in Warri Faced with increasing insider arms deals with insurgents in the North East of the country, the Nigerian military is not taking chances as it stepped up its game in the Niger

Delta at the weekend, rolling out its armoured tanks and other sophisticated military hardware in a show of force that seeks to discourage militants and criminal elements from perpetrating further violence in the region. Continued on page 9

CBN Calls for Calm as PDP Blames Buhari for Recession

Labour demands wage increase, prompt payment of salary

Onyebuchi Ezigbo, Paul Obi in Abujaand Amby Uneze inOwerri As the economic recession bites harder, spelling acute hardship for Nigerians, the Central Bank of Nigeria (CBN) yesterday sought

to downplay rising worries over their wellbeing and asked the people to be calm as the economy would soon rebound. The bank spoke through Continued on page 8

DSS Arrests Boko Haram IED Specialist, Others in Kano… Page 8

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T H I S D AY MONDAY SEPTEMBER 5, 2016

RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY SEPTEMBER 2, 2016 S/N 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18

CUSTOMER NKECHI NWOSU NKECHI NWOSU ESTHER CHINEDU OBIEKWE ESTHER CHINEDU OBIEKWE JMG LIMITED VITAGRACIA INVESTMENT LIMITED OLUKAYODE ADEYEMI FAGOROYE SET-UP BUREAU DE CHA CAML BDC LIMITED ENTERPRISE BUREAU DE FELMAK BUREAU MOSHEE BUREAU DE CHA HIGH TARGET ZONE BUR VERTOPLUS BUREAU DE BUSINESS TIDES BUREAU DE CHANGE LTD MAMU MU AH BDC LTD WORLDLINK BUREAU DE USTAZ BUREAU DE CHAN

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DATE OF FUND PURCHASE 1/9/2016 1/9/2016 1/9/2016 1/9/2016 1/9/2016 1/9/2016 02/09/2016 02/09/2016 02/09/2016 02/09/2016 02/09/2016 02/09/2016 02/09/2016 02/09/2016 02/09/2016 02/09/2016 01/09/2016 01/09/2016

RETURNS ON SOURCES OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY SEPTEMBER 2, 2016 S/N SOURCE

1 2 3 4 5 6 7 8

AUTONOMOUS AUTONOMOUS AUTONOMOUS ZENITH BANK PLC AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS

DATE OF FUND PURCHASE 9/1/2016 9/1/2016 9/1/2016 9/2/2016 9/1/2016 9/2/2016 9/2/2016 9/2/2016

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T H I S D AY MONDAY SEPTEMBER 5, 2016

MONDAY, SEPTEMBER 5, 2016 • T H I S D AY

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DSS Arrests Boko Haram IED Specialist, Others in Kano Arrests over 20 top criminals nationwide Senator Iroegbu in Abuja The Department of State Services (DSS) has arrested high profile Boko Haram members, including an Improvised Explosive Device (IED) specialist in Kano, as well as other 20 members of criminal gangs across the country. The DSS, in a statement yesterday by its spokesman, Tony Opuiyo, said that as part of its commitment towards improving security across the country, the department had sustained tactical and counterterrorism operations, which had yielded major successes with the arrest of terrorists and other criminals across the country. It said: "In response to the regrouping of Boko Haram elements in Kano State, the Service in concert with the military, carried out coordinated operations in the state which led to the apprehension of two high profile members of the sect, namely; Ibrahim Ustaz

Abubakar and Idris Audu (aka AYA)." According to him, Audu is an IED specialist who was being groomed to penetrate security agencies in the country. "Audu had already perfected plans to seek for recruitment in the next recruitment scheme of the Nigerian Army, before his arrest," it revealed. It said that the Service on August 22, 2016, arrested a kidnap kingpin, Samuel Asuquo, at Nasarawa Bakoko village in Cross River State. It stated further that Asuquo was the mastermind of the kidnap of three Australian staff of Lafarge Cement Company, for which his gang received a ransom of N150 million. The DSS added: “On August 30, 2016, the trio of Bamaiyi Mustapha (aka Dan Borno), Aminu Isa and Hassan Shehu, members of a notorious kidnap gang operating around the Abuja-Kaduna axis, were arrested at Lafia, Nasarawa State,” saying that the gang had earlier kidnapped five Igbo women and collected

N13 million as ransom. It noted that its operatives had in another operation carried out on August 30, at Tamburawa village along Kano-Zaria Expressway, Kano State, apprehended members of a notorious kidnap/armed robbery syndicate operating from Falgore forest in Doguwa LGA, Kano State, including Alhassan Musa and Ado Yusuf. On August 19, 2016, it added, two kidnappers, Abdulrasheed Ibrahim and Aliyu Umar, who had been operating in Zamfara and its environs, were arrested, explaining that the duo had been terrorising residents of the area along with a kidnap group headed by Buhari General, who is still at large. Part of the statement read: "Also, on August 26, 2016, two notorious kidnappers, armed robbers and assassins; Moses Achia and Fanen Igbetar, were arrested at Kperlegba Village, Katsina-Ala Local Government Area of Benue State. One AK-47 rifle, five

fully loaded AK-47 magazines, 150 rounds of live ammunition and one pistol loaded with 15 rounds of live ammunition were recovered from them. The syndicate had planned to kidnap a female business tycoon in Makurdi, Benue State. "On September 3, 2016, a kidnapping gang under the coordination of one late Sunny Isaac, which has been terrorising residents in states of the South-east zone, was busted by the Service at Aba in Abia State. Prior to their arrest, the gang had masterminded series of kidnapping incidents in the state, including the abduction of one Uche Ikonne, an American citizen in the state. Other members of the gang arrested by the Service include Nnaoma Amak, Chiedozie Ebere, Bartholomew Michael, Chinweotito Innocent and Celestine Ikarangwan, while the following items were recovered from them during the time of arrest; the sum of N400,000.00, a double-barrel gun with two

(2) live ammunition, a ToyotaCorolla car, a Volkswagen Golf car, and the mobile cellphone belonging to Ikonne. "In another development, this Service has arrested one Abbas Mohammed at Asokoro, Abuja. The subject was sending several threat messages to the Ukranian Ambassador to Nigeria. Preliminary investigation revealed that Mohammed was formerly employed by the embassy as a driver but he began threatening his former employer after losing his job arising from observed gross acts of insubordination from him to his employers. "On the economic front, this Service is currently intensifying action against high level fraudsters whose unwholesome activities are negatively affecting investors confidence with multiplier risk to genuine businesses nationwide." The DSS also revealed that it had arrested one Izuagie Mohammed in Benin City, Edo State on August 24, 2016, for

impersonating the Accountant General of the Federation. It stressed that Mohammed had already defrauded unsuspecting members of the public posing as the Nigerian AGF on Facebook and promising them facilitation of Central Bank of Nigeria (CBN) empowerment loan, before he was apprehended. The DSS also said on August 28, 2016, it apprehended Taiye Alade and Ajoke Kolawole at Fabian Hotel, Ado-Ekiti, Ekiti State, explaining that the two had cloned the GSM number of the Group Managing Director of the Nigerian National Petroleum Corporation and were using it to defraud his close associates. Assuring all law abiding citizens and residents that it would not rest on its oars in its determination to ensure a safe environment for all to carry out their legitimate business, the DSS appealed to the public by providing useful information to its operatives on criminal elements in their midst.

positive growth. The party described the analogy made last Thursday by the Governor of Jigawa State, Abubakar Badaru, blaming the recession on Jonathan as grossly ill-informed. It said the PDP-led government under Jonathan saw the looming danger since 2011 and wanted to deregulate the sale of hydrocarbons in 2012, but that Governor Badaru and others in the APC vehemently opposed it. Again, it said that the Jonathan administration also wanted to encourage more savings in the Excess Crude Account (ECA) and set up the Sovereign Wealth Fund (SWF) but some state governors at the time took the federal government to court and did everything to frustrate the effort. The PDP said it was disappointing that a notable personality as highly placed as a state governor could be drawn into making idle and pedestrian claims without the benefit of facts. According to the opposition party, it was the ever challenging, unpredictable, unstable and energy sapping business environment being witnessed under the APCled administration that had compounded the economic situation. The party quoted the President of the Nigerian Employers Consultative Association (NECA), Larry Ettah, as having complained bitterly about the difficult operating business environment, adding that Badaru should have known that one could not plant grapes and harvest mangoes. The PDP said: "It is no secret that the policies and statements made by key government actors have not been business-friendly and Nigerians and foreign business men took their hard currencies out of the country. "It is either he does not realise the obligation of speaking responsibly in that position

or he is grossly ill-informed; in which case, we could only try to put the facts before him, and hoping he would recognise them.” The PDP pointed out that Buhari and his party at the advent of their administration spent more time de-marketing Nigeria all over the world rather than making efforts to woo investors.

be talking about government, government and government. "The government has its roles to play but we all as individuals should also have our roles to play and when each of us take responsibility to play our roles in our own little ways and corners, those things add up to bring the stability for we are believing God.” On the visit of the US Secretary of State John Kerry, which Christians complained they were excluded, Okoye warned that Nigeria should be careful because some US officials had been looking for a way to cause division in the country. He said: "Well, it depends on the reason why he came. If the reason why he came was to meet with the Muslim community because of some challenges there and so on, I think it was okay. "But I think like some people have already said, generally the western world has been doing some funny things to divide us, which is not healthy. I think we should also be careful so that we don't push some of these things to the extreme."

CBN CALLS FOR CALM AS PDP BLAMES BUHARI FOR RECESSION its acting Director, Corporate Communications, Mr. Isaac Okoroafor, but said, however, that the quick rebound was only possible if Nigerians increased their productivity, patronise made-in-Nigeria goods and support measures being taken by it to manage foreign exchange. He spoke in Owerri at a oneday interactive enlightenment meeting with organised labour where the workers told him that they want an enhanced wage and prompt payment of their salaries, saying it was the only way they could be shielded from the harsh effects of the recession, which the Peoples Democratic Party (PDP) through a statement in Abuja yesterday, said was brought about by the incompetent handling of the economy by President Muhammadu Buhari. Addressing stakeholders at the Owerri interactive enlightenment meeting, Okoroafor urged Nigerians to have the strong belief that with hard work the economy would rebound soonest. “What is required from everyone of us is a strong belief that we can get out of it as hardworking people. There are things we need to do to get out of the recession: we are calling on all Nigerians to be calm, work hard enough and obey simple rules,” he said. He encouraged Nigerians to support the federal government directives to ban the importation of 41 items that could be produced in Nigeria to save the country’s foreign exchange reserve. “We should all support that policy, so that we can allow our people to produce those goods and supply to the people so that we can consume them and give employment to our people, instead of importing the same goods from abroad and creating jobs abroad for their people,” he said. Okoroafor said Nigerians should support the central bank by exposing economic saboteurs

who speculate against the naira. Responding, the Deputy President of the Nigeria Labour Congress (NLC), Issa Aremu, admonished the political and economic class to cultivate a bipartisan and pan-Nigerian approach to overcome the current economic crisis instead of passing blame and giving excuses. He said all Nigerians regardless of their callings are damned by the data on rising inflation, double digit interest rates, factory closures and general underdevelopment, adding that Nigerians must collectively confront underdevelopment instead of giving excuses and blaming each other. On the critical views of the past two governors of the CBN, Mr. Charles Soludo and Emir of Kano Mohammed Sanusi II, on the policy thrust of the Buhari administration, Aremu said the two voices sounded too familiar, predictable but unhelpful for an economy begging for solutions. “It’s time to work the recovery of Nigeria based on 1999 constitution's provision that says the purpose of governance is welfare and security of the citizens,” he said. According to him, “After 30 years of structural adjustment programme of privatisation, trade liberalisation and currency/financial liberalisation, Nigeria urgently must replace the current disjointed policies with sustainable national development agenda consolidated in various national discourses articulated in visions 2010, 2020 and 2014 National conference.” He called for the realignment of Nigeria’s monetary and fiscal policies to drive sustainable development and hailed the current spirited efforts of the Governor of the CBN, Godwin Emefiele, to defend the value of naira through stringent capital control measures in the face of dwindling external reserves caused by the collapse of oil

price. He said the ban on 41 imported goods and services from the list of items valid for forex in the forex markets was desirable for import substitution. He suggested that as part of the complementary efforts of the monetary authorities, Buhari and Vice-President Yemi Osinbajo must quickly hit the ground running and convoke a stakeholders' forum with all the manufacturers and producers of the 41 banned items with a view to removing the structuring problems facing them to produce these items at home and that if necessary, there should be sequencing and spacing of reforms to avoid the negative impact on the citizens.

PDP Blames Buhari In its update on the recession, the PDP said there was no need for the federal government to beat about the bush over the cause of the economic downturn, pinpointing Buhari’s lack of vision as the culprit. The party in a statement by the National Publicity Secretary of its Caretaker Committee, Prince Dayo Adeyeye, said rather than continue to pass the buck to the President Goodluck Jonathan administration, the All Progressives Congress (APC)-led government should blame its poor policies for the current economic stagnation and recession in the country. “The major cause of recession is inflation and poor handling of the economy given that the higher the rate of inflation, the more impoverished people become, industrial production and GDP decline resulting in massive job losses,” it said, Giving instances of remarkable turnarounds in the United States of America and Great Britain, the opposition party noted that world history was full of many examples where genuine leaders took over countries whose economies had stagnated and moved them to

Hunger Increases Suicide A former Chaplain of Aso Villa Chapel and General Overseer of All Christians Fellowship Mission, Maitama, William Okoye, yesterday expressed concerns over the hunger and poverty in the country, stating that it had increased cases of suicide. He said this in Abuja during an interview with journalists, after addressing his congregation on the state of the nation message entitled: "The Need for a Social and Cultural Security Safety Net." He warned that if urgent steps were not taken by the government, the number of people killing themselves because of poverty and hunger could increase, ushering in confusion and more devastation. Okoye urged Buhari to listen to the voice of reason and urgently embark on the processes of restructuring the country in line with demands from the intelligentsia and leading bureaucrats. He said: "Yes, Nigeria is in a serious problem now; people are dying and killing themselves because when they come to the end of the road and they don't have anybody to support or encourage them, they think that the best option is just to give up by just killing themselves. "It shouldn't be happening in our society where we have responsible citizens, we should reduce that (suicide). We can't

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T H I S D AY • MONDAY, SEPTEMBER 5, 2016

PAGE NINE

I Suspect Foul Play in My Son’s Death, Says Oduah’s Estranged Husband Sylvester Idowu in Warri Lt. Col. Satchie Etoromi (rtd), the estranged husband of the former Minister of Aviation, Stella Oduah, yesterday said he suspected foul play in the death of his son, Maxwell Toritseju Etoromi. He said that controversies surrounding his death would be investigated and urged the appropriate security agencies to take up the matter. Just as he was grieving over the death of Maxwell, another of his son, Tuoyo Etoromi Oduah, has added more sorrow for his father saying he would rather be a bastard than to be called his son. Tuoyo had, in a letter to his father, a copy of which was made

available to newsmen, disowned his father, insisting that he would rather be a bastard than be called his son. He had accused his father of being an attention seeker over his brother’s death. But the retired Army officer fired back, imploring his son to retrace his steps and not allow himself to be used by his mother. Chief Etoromi in his statement to his son wrote: "Eyituoyo my son, they have misled you. When Omabuwa came home last year, Stella, your mother told me to call you to come home. She gave me your phone number. She said you were in the United States of America and don't answer calls. All calls to that your phone were not

answered. I believe Omabuwa was killed, that is why Stella refused to tell me. "The stories about how Stella took you away need not be told now. The grief that my son, Omabuwa, who was contacted by your junior sister, Valentina Omawumi Etoromi, and who came home, is dead is too much a pain for me now. Stella should bring our kids home. I want to bury Omabuwa who is now late, and you my lovely son, Eyituoyo should come home. "I married Stella traditionally and under Ibo marriage law, every child she has before my dowry is returned belongs to me. It is Stella and not yourself who should tell me that my son, Omabuwa, your

senior brother is dead." Etoromi added: "You said you offered flight tickets and accommodation to attend the burial and funeral of my son. Burial where? Do you have flight infrastructure at Akili Ozizor now? Is it Ibo culture for a woman whose dowry was paid to take her children's corpse to her home town? That is abomination. The controversies surrounding Omabuwa's death will be investigated. "My son, do not allow yourself to be dragged into what you do not have knowledge. Could it be that Omabuwa was killed because he came home? This is not the time to talk. May the Almighty God grant us His mercies, show

us light that will make us know the truth. Amen. "Eyituoyo, I am not Mr Satchie Etoromi. I was commissioned into the Nigerian Army and attained the rank of Lieutenant Colonel before Stella came into my life. I was also conferred with a chieftaincy title when she was with me. It is a pity that you were not told my status in life. You will know I am not a nonentity as you were made to believe. "My marriage with Stella was not short. She moved out of our home 19 years ago and so her telling you she divorced me 30 years ago is another big lie. How old are you? So why did she tell you all these lies? I am an incorruptible and disciplined officer and gentleman

and you shall be proud that my blood flows in your veins when the truth becomes public knowledge. “I was a polygamous man before Stella married me. I married many wives and it is a custom of our people. His Royal Highness, Igwe Oduah 1 of blessed memory had many wives too, so what did I do wrong? When Stella took you and everything away, in humility I prayed for the Almighty God's mercy. "Must she not do the needful and bring you to me? The Almighty God shall judge. I am your father. Bring Omabuwa home and come with him. I am not threatening you nor your mother. May the Almighty God bless you my son. All will be well."

quality services to our customers. We have cut down on running diesel for long hours till 8pm. For my staff who are doing MBA and other academic programmes, you can go read at home because we are not going to be providing you light and air conditioner to do that in the office anymore. “What I am saying is that some people stay long hours in the office not because they

are working. They shut down when the bank officially closes and switch over to do their own things. We don’t need to put on a huge generator in this office just because someone wants to study. So, in this head office, our generator goes down at 7.30pm and then we put on a smaller generator for essential services such as the data centre, the lift and the MDs office.”

It said: "One more time, we are warning and at the same time appealing to residents around major oil and gas facilities across our region to please evacuate immediately. "This warning has become necessary because of the fact that we do not wish any of our people, for whom we have taken up this crusade, to become casualties of our campaign. "All the marked facilities in all the states have been rigged with explosives at strategic points, waiting to be detonated. "We are only being slowed down because of the presence of those still living close by. This struggle will only cease when the adversarial Nigerian system yields to reason." Reacting to the claim by Ijaw National Leader, Chief Edwin Clark, that it had ceased fire, the militant group described it as a charade aimed at hoodwinking the federal government into believing that he was in control of the region. It warned the federal government to be wary of Clark's antics adding: "We have warned the federal government to be wary of the old man, Chief E.K Clark, and his antics; he can do anything to make dirty money. He and his cohorts, in their desperation to make the unsuspecting government, oil companies and the general public believe they are indeed 'lords' of the Delta, created a big fat lie, another charade, in the name of a non-existent ceasefire by the Niger Delta Greenland Justice Mandate." The group said it had no reason to halt its anger against the federal government, which it said had not responded to its requests. It denied having a member called Odu, which a national newspaper reported was negotiating with Clark on its behalf. The NDGJM said: "This call and the so-called ceasefire is all a job, just like the Ijaw-dominated, Clark-

convened Niger Delta stakeholders meeting in Effurun was. They both are meant to justify money they hope to obtain from government." The militant group advised the public to disregard the Clark initiative, noting that it has its own means of communicating. The group said it had observed an organised plot to tag it as an Urhobo group thus the frequent and deliberate characterisation as such by a section of the media, especially Vanguard and THISDAY. It said: "This attempt has been followed up by a reckless military invasion of some Urhobo communities. Our message to those in this plot; keep at it, your recompense is nigh.”

BANKS ADOPT ‘SURVIVAL’ STRATEGIES ON FRAIL MACRO ENVIRONMENT An auditor with a first generation bank said: “Banks are struggling. Even as an auditor whose job entails visiting branches, normally if I use my personal car to visit any of the branches, they refund us by calculating the mileage and number of kilometres we covered and refund. But we have been told that due to budget constraints, even if we use our

cars, we should not make any request for refund. “In fact, we were told recently that due to budget constraints, we should reduce the number of times we visit the branches. For the low risk branches, the instruction is that we should do the risk assessment online, while for the high risk branches, we can be visiting once in two months.”

Also confirming the situation in the banking sector, the Managing Director, Wema Bank Plc, Segun Oloketuyi, said as a result of development, his bank had continued to watch its cost of operation. He said some of his branches now close at 4pm as part of the cost-saving measures. He said: “We haven’t retrenched in this bank in the face of economic pressure and

we are not about to do one either. We have done adjustment where it needs to be done. Adjustment doesn’t mean salary because I didn’t cut anyone’s salary either. But we have adjusted the way we do things. For instance, you don’t need to put on the light when there is nobody. “We ensure that we do our jobs between 8am and 4pm in some branches and still deliver

FACED WITH INSIDER ARMS DEALS IN NORTH EAST, MILITARY UPS THE ANTE IN N’DELTA The Nigerian Army, which rolled out its tanks in Port Harcourt, Rivers State on Sunday, is being complemented by the Nigerian Airforce, which has also deployed more personnel and war planes in an exercise code-named “Operation Crocodile Smile” that the Director of Army Public Relations, Col. Sani Usman said was organised to prepare its troops for the task of routing out criminal elements and ending militancy in the oil-rich region. The military had said on Thursday that some soldiers were selling arms and ammunitions to the Boko Haram insurgents in the North East, compounding the efforts to defeat terror in the region that had been under the scourge of insurgency in the last six years. The Theatre Commander of Operation Lafia Doyle, Maj. Gen Lucky Irabor, had told a news conference in Maiduguri that the military was worried by the development he said amounted to the betrayal of the Nigerian people, adding that it was dealing appropriately with the situation. Irabor’s conference came three weeks after the Nigerian Army said a military tribunal was trying 16 officers and troops accused of offenses related to the fight against Boko Haram, including the theft and sale of ammunition to insurgents. On Sunday, however, the military, despite efforts by the federal government to court the militants and agree on a peaceful resolution of their grievances, continued with its show of force in the Niger Delta, displaying heavy military equipment and arms and ammunitions in Port Harcourt, Rivers State even as the Nigerian Air Force deployed more personnel for combat mission the restive region. The military action apparently became justified by the increasing

number of militant groups sprouting up and issuing threats to sabotage more oil and gas installations in the region. One of them, the Niger Delta Greenland Justice Mandate (NDGJM), a Urhobo militant group, yesterday advised residents around major oil and gas facilities across the Niger Delta to evacuate immediately to avoid human casualties in its next attacks, saying several of the installations had been laden with explosives that would soon be detonated. The Director of Army Public Relations (DAPR), Col. Sani Usman, in a statement yesterday, said the "show of force" was part of the activities lined up for the field training, code-named 'Operation Crocodile Smile'. The military exercise was instituted to train personnel in amphibious warfare as part of the federal government's efforts to rid the region of criminal elements and also meet the challenges posed to oil and gas exploration activities by militants dispensing violence in the area. Usman said military personnel from 2 Brigade Nigerian Army stationed in Port Harcourt conducted the show of force as part of the exercise to prepare them for their responsibility in their area of command. He said, however, that the exercise was not all about showing force but also had humanitarian component, adding that troops of 2 Brigade, 82 Division, Nigerian Army, on Saturday, touched the lives of over 500 people within Bille Community in Degema Local Government Area of Rivers State with free medical outreach. According to him, the free medical services featured consultation, diagnosis and eye care, blood pressure checks, free drugs, blood tests and counselling services. He said: "A similar exercise was

held at Nembe, Ogbolomabiri and Bassambiri, Bayelsa State on the same day with impressive turnout. At all locations, the beneficiaries of the services expressed happiness with the outreach. "The Brigade has further sensitised the communities on the impending military training exercise, Operation Crocodile Smile, enjoining them to go about their normal businesses as it is aimed at exercising the troops in the Niger Delta region in amphibious operations." In a related development, the Chief of Air Staff (CAS), Air Marshall Sadique Abubakar, has disclosed plans by the NAF to deploy additional personnel in the Niger Delta as part of the resolve to combat militancy and other forms of internal security challenges in the region. Abubakar, in a statement signed yesterday by the Director of Public Relations and Information (DOPRI), Group Captain Ayodele Famuyiwa, made the disclosure in Yenagoa, Bayelsa State while on operational visit to the NAF Mobility Command. According to him, the planned deployment is aimed at strengthening the existing NAF manpower disposition, especially in Bayelsa State, and to enhance their involvement in Operation Delta Safe. He said that preparatory to this deployment, new facilities were recently put in place to cater for accommodation and other welfare needs of the personnel. The Air Force chief listed the facilities to include the construction of new blocks of accommodation for officers and men, office accommodation, airmen mess, and provost squadron, which were commissioned recently. He said that two of the airmen’s block of accommodation were named after Corporal Omaka VI and Aircraftman Ofonih EF,

both of whom were killed recently in Bosso, Niger State during an internal security operation. Earlier, Abubakar had, during the visit, paid a courtesy call on the Governor of Bayelsa State, Seriake Dickason, who stated that his administration was ready to partner with the NAF and other security agencies because it understood the importance of security and the need for the state to be safe for economic prosperity. Dickson also promised that his government would partner with the Air Force to build NAF primary and secondary schools in the state to enable Bayelsans benefit from the quality education provided by them with a view to bringing about discipline and reorientation among youths in the state. Meanwhile, Air Vice Marshal Larry Koinyan (rtd), who inaugurated the newly constructed projects at NAF Base, Yenagoa, lauded air force personnel for their courage and resounding successes brought about by the renewed vigour at ensuring peace and stability in the various theatres of operations across the country. Koinyan also called on Bayelsans to partner with the federal government to provide holistic solutions to the problems of the Niger Delta.

Militants Tell Residents to Evacuate Urhobo militant group, NDGJM, yesterday advised residents around major oil and gas facilities across the Niger Delta to evacuate immediately to avoid human casualties in its next attacks. According to a statement signed by its spokesman, Aldo Agbalaja, the group said the warning became necessary since most of the marked facilities in all the states in the region had been rigged with explosives waiting for detonation.

MEND Confirms Moves to Settle Jonathan, Okah Brothers' Rift The Movement for the Emancipation of the Niger Delta (MEND) yesterday confirmed moves by the Clark’s Peace Committee to settle the longstanding row between former President Goodluck Jonathan and Henry and Charles Okah, who are currently in prisons in Nigeria and South Africa. MEND, in a statement by its spokesman, Jomo Gbomo, said it welcomed the steps being taken by the Ijaw leader, to reunite the Okahs, whose altercation with the ex-president dates back to 2010 when they allegedly bombed the venue of Nigeria's Independence Day celebrations in which 12 persons died. MEND said separate meetings with the lawyer of the two brothers, Timipa Okponipere, and Jonathan had been held by Clark with a view to reconciling them and getting them to drop their N5 billion libel suit threat against the former Nigerian leader.

MONDAY SEPTEMBER 5, 2016 • T H I S D AY1

NEWS

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

FG Says US Congressman’s Comment on Buhari Out of Tune with Reality Iyobosa Uwugiaren in Abuja

The federal government has described as “sadly out of tune with reality” the published letter from US Congressman, Tom Marino, to the Secretary of State, John Kerry, asking the US to withhold security assistance to Nigeria on the strength of some imaginary infraction by the President Muhammadu Buhari administration. The member of the United States Congress had written a letter to Kerry, asking the US government to withhold security assistance to Nigeria until Buhari demonstrates a “commitment to inclusive government and the most basic tenets of democracy: freedom to assemble and freedom of speech.” He had also asked the State Department to refrain from selling warplanes and other military equipment to Nigeria until Buhari establishes a track record of working towards inclusion. In a two-page letter dated September 1, 2016 and addressed to Kerry, a copy of which was exclusively obtained by THISDAY, Marino, a Republican from Pennsylvania, who assumed office on January 3, 2011, said there were a number of warning signs emerging in the Buhari administration that signal “the man who once led Nigeria as a military dictator

might be sliding towards former autocratic tendencies.” The congressman, who is a member of the Committees on the Judiciary, Homeland Security and Foreign Affairs, and the Chairman, Sub-committee on Regulatory Reform, Commercial and Antitrust Law, said the Nigerian government must “hold accountable those members of the Nigerian Police Force and the Nigerian military complicit in extra-judicial killings and war crimes.” In the six-paragraph letter to Kerry, Marino also expressed concern over Nigeria’s anticorruption war, saying “of additional concern is President Buhari’s selective anti-corruption drive, which has focused almost exclusively on members of the opposition party, over-looking corruption amongst some of Buhari’s closest advisors. Politicising his anti-corruption efforts has only reinforced hostility among southerners.” However, reacting to the US Congressman’s letter yesterday, the Minister of Information and Culture, Alhaji Lai Mohammed, said Marino was poorly informed about the issues he commented on, wondering why he did not take the pains to get first-hand information from the US Embassy in Nigeria or any other credible source before engaging in what what the minister described

as a ‘propaganda of his own imagination’. The minister said by asking the US to refrain from selling warplanes and other military equipment to Nigeria based on a faulty premise, the congressman has demonstrated a poor understanding of global security issues. According to him, ‘’Insecurity anywhere is insecurity everywhere. Had Marino understood this, he would not have made the kind of call he made concerning the US security assistance to Nigeria. The Boko Haram insurgency that Nigeria has decisively dealt with under President Buhari is not just a Nigerian problem but a regional and international crisis.’’ Mohammed said the congressman definitely did not have Nigeria in mind when

he wrote that the US should withhold security assistance to Nigeria until President Buhari ‘demonstrates a commitment to inclusive government and the most basic tenets of democracy: freedom to assemble and freedom of speech. ‘’An administration that operates purely on the basis of respect for the rule of law and a strict adherence to constitutional order is not one to deny the citizens of their constitutionally-guaranteed rights. This administration therefore does not need the goading of Marino or anyone for that matter to do what is right,’’ the minister further stated. ‘’Concerning running an inclusive government, had congressman Marino done his homework before dispatching his letter, he would have realised

that no part of the country is left out in the distribution of political appointments, for example, or in the appointment of ministers, which was done in accordance with the Constitution that mandates that the President must appoint at least one minister from each of the 36 states and the Federal Capital Territory (FCT).’’ The minister said if the congressman had sought information from credible sources before engaging in a ‘’flight of fancy,’’ he would have been presented with a comprehensive information on the appointment of CEOs for federal government’s parastatals, agencies and commissions that shows that the appointments were almost evenly matched along the line of the six geopolitical zones in the country:

With the North-west having 51, North-central 46, North-east 45, South-east 41, South-west 45 and South-south 45. The federal government added that each geo-political zone comprises six states, with the exception of North-west (seven) and South-east (five). The minister described Marino’s description of the administration’s anti-corruption efforts as ‘selective’ as a tired argument that clearly shows that the US lawmaker must have appended his signature to someone have concocted line. Mohammed said Nigeria is delighted that Kerry, to whom the Congressman addressed his letter, is more knowledgeable, better briefed and definitely more hands on concerning Nigerian issues.

APC Govt Not Averse to Restructuring, Says Ngige Charles Onyekamuo in Awka

after that will look into the political restructuring of the Amid the clamour for political country, adding that it is one restructuring of the country to after the other. “After economic restructuring make for equity, stability and good governance, the Minister to reposition the economy of Labour and Employment, Dr. of this country, the Buhari Chris Ngige, has said the All administration will embark on Progressives Congress (APC) the political restructuring and administration at the centre is will set the modalities for the not averse to restructuring the exercise,” he said. But he didn’t say if the country. The administration’s position, envisaged restructuring of the he said, was at variance with the polity would be anchored on misgivings being expressed by the famed 2014 constitutional some Nigerians on the subject conference report hailed by Nigerians as a watershed in matter. The call for political the country’s quest for unity, restructuring of the country had development, political and been very stringent by ethnic economic stability of the nationalities in the southern country. “When we get to that, part of the country who feel short changed by the current we shall address the issues,” structure of the country which he said, and beckoned on apparently conferred political separatists and agitators as advantage to the northern part well as militants blowing up oil installations to sheath of the country. But Ngige who spoke their swords and embrace with THISDAY in Awka, the dialogue with the government Anambra State capital, last night, and rally round the Buhari said the President Muhammadu administration with a view Buhari administration had to ensuring that it meets its already begun the restructuring set goals for the development process with the nation’s and transformation of every economy which impact may section of the country. “Militancy and agitation are not be immediately felt but will definitely in the long run take not the answer to the resolution Nigeria to the desired Eldorado. of myriads of problems which At least, Nigerians, he said, the present administration had positively changed their didn’t create in the first place. “What is required is for way of doing things and have become more prudent and all hands to be on deck and judicious in their spending support this administration to meet its set goals for pattern. development and He said restructuring for the the Buhari administration had transformation of all sections begun with the economy and of the country,” he said.

LOVE FOR WORTHY PARENTS

L-R: Former Rivers State Governor, Dr. Peter Odili; his wife, Justice Mary Odili; Governor Nyesom Ezenwo Wike; and his wife, Justice Eberechi Suzzette, at the memorial mass to mark the 13th anniversary of HRH Eze Bernard Nzenwa and first anniversary of Ugozue Bernadette Nzenwa, at the Holy Ghost Parish, Mbaise, Imo State... yesterday

AGF Explains Why Repatriation of N218bn Abacha Loots from US is Delayed Tobi Soniyi in Abuja The Attorney General of the Federation and Minister for Justice, Abuakar Malami (SAN), has explained that the suit filed by a lawyer, Godson Nnaka, for a share in assets recovered from former military ruler, General Sani Abacha, valued at $458million is stalling the reparation of the money to Nigeria. In a statement he issued yesterday in Abuja, the minister said in 2013, the United States Department of Justice, (USDOJ) as part of its Kleptocracy Asset Recovery Initiative, commenced a forfeiture proceeding to confiscate approximately $550 million that had been corruptly obtained by late General Abacha and his associates (the “Abacha Case”). According to him, a portion of the Abacha loot, valued at $458 million, has now been forfeited to the United States. He said: “On December 17, 2015, the United States District

Court for the District of Columbia entered final judgment forfeiting certain Abacha assets valued at $458 million. “The forfeiture proceeding as to those assets is therefore concluded and the forfeited assets are ripe for repatriation to the innocent victim – Nigeria. “However, Godson Nnaka has filed an appeal against the judgment of forfeiture, falsely claiming to be entitled to a portion of the assets as compensation for legal services allegedly rendered to Nigeria. His claim is untrue. “The USDOJ has represented to us that the appeal is the only issue delaying repatriation of the forfeited assets to Nigeria. They have explained that the forfeited assets are not located in the US and that only upon disposition of the appeal would the US then have a final judgment upon which it can seek the retrieval of the forfeited assets which are frozen

in multiple foreign jurisdictions and return same to Nigeria. “The forfeiture of the remaining $100 million in assets is still pending. The forfeiture of these assets is being contested by certain individuals, who are related to Atiku Bagudu (General Abacha’s associate) and who claim that these assets are the subject matter of a private family trust. “In this regard, we are cooperating with the USDOJ by providing them with the documents, information, witnesses and other evidence required to secure expeditious forfeiture of this portion of the Abacha loot.” Malami also described as spurious the allegation by Nnaka that he asked for kickbak. The minister said the allegations were aimed at extorting settlement from Nigeria and a sheer blackmail. The minister said Nnaka failed to appreciate and abide by the laws in the jurisdiction wherein he practiced law. He said: “He fails to understand that even though the Abacha

loot has been forfeited to the US, there are additional provisions of US law wherein victims of looted funds like Nigeria can have the looted funds returned to them. “The office of the AGF never negotiated any terms with Nnaka or his counsel. The only communication with Nnaka was only out of professional courtesy. He was advised to follow due process in requesting instructions as outside counsel retained by Nigeria in this case did. “He was advised to submit his proposal to President Advisory Committee on Corruption, the office of the Solicitor General, the Department of State Services (DSS) and based on evaluation and recommendation from the above bodies, the Office of the Attorney General would consider his request.” Malami said Nnaka’s allegations of a kickback demand were untrue and simply reek of desperation.

MONDAY SEPTEMBER 5 , 2016 • T H I S D AY

NEWS

Ekweremadu Gives Recipe to End Attacks by Suspected Herdsmen Says restructuring the only way out for Nigeria’s progress

The Deputy Senate President, Senator Ike Ekweremadu, has once again, frowned at the incessant attacks in Igbo land and some other parts of Nigeria by suspected herdsmen, and called on affected states to pass legislations restricting cattle rearing to modern ranches, while also setting up Forest Rangers to enforce such laws. Similarly, he maintained that unless Nigeria was restructured, to make it more efficient and productive, it would be difficult for the country to wriggle out of security challenges, pervasive poverty, and retarded growth, as successive leaders would only be dealing with the symptoms, not the root causes of a festering illness. Ekweremadu spoke at the weekend in New York, the United States of America, during the 2016 Convention of the World Igbo Congress (WIC) He, however, said while the country is awaiting the much-needed restructuring, the incessant havocs wreaked by suspected herdsmen was unacceptable because they had monumental socio-economic consequences on the nation. Commending the efforts of various state governments at managing the humanitarian crisis resulting from the attacks and ensuring there was no total

breakdown of law and order, the senator emphasised that every legitimate step must be taken to end the menace and avoid a dangerous situation where the people begin to resort to self-help. He said: “Governments of various states in Igbo land and indeed other parts of the country should immediately consider enacting legislations that confine cattle-rearing to modern ranches as obtainable in developed societies. In fact, our governments could go a step further to invest in constructing and leasing out modern ranches. “This will produce healthier animals, give better products, provide employment, added value to the farm products, and help in promoting peaceful co-existence as well as sifting armed bandits and terrorists from real farmers doing legitimate business.” Ekweremadu however, warned that enforcement of such measures should not be left entirely in the hands of the federal security agencies. “Sadly, when you enact laws to checkmate the menace, as Ekiti State has commendably done, you will still rely on the same security institutions to enforce them. This is the dilemma. “Therefore, our state governments should take

further step by ensuring that such legislations provide for enforcement bodies, such as Forest Rangers, which will consistently comb the forests to ensure that those who run foul of the laws are arrested and speedily prosecuted to serve as deterrent to others.” He regretted that “successive military regimes reneged on the core ingredients of a federal structure agreed upon by our founding fathers, at various constitutional conferences leading up to independence, as the basis of the Nigerian union” He further stated: “Over the years, we have moved from a strong and viable three-regional federal structure to a weak, spendthrift, and unwieldy 36-state structure; we moved

from a decentralised police system that allowed the federating units to take greater charge of security of life and property in their territories to a centralised police system in which one man at the centre pretends to be in full charge of security of lives and property in the creeks of the Niger Delta, the cocoa farms of the South-west, the expansive land mass of the North, and the hinterlands of the South-east. “We also moved from fiscal federalism, which encouraged productivity and competitive development to a feeding bottle federalism that runs on free oil money, encouraging indolence, corruption, and lack of creativity in governance. “Now you can see why the cost of governance is so high;

why states can no longer pay salaries; why neither the federal government nor the federating units cared to invest, but lived off their allocations like lottery proceeds over the years; why it is difficult for a state governor to sack rampaging suspected herdsmen; and why those who have the authority to call the security agencies to action to put a full stop to the menace may not be quick in their response,” he added. Ekweremadu called on Ndigbo in the diaspora to join in shaping the ongoing debate on restructuring in Nigeria, because “it is at the heart of the forward-movement.” He regretted that efforts and calls to restructure the country had always fallen on deaf ears because some

people felt favoured by the current arrangement, insisting that the message should be continually passed that “he who pins another to the floor is also detaining himself. “With good faith and realistic restructuring, every part of Nigeria, Igbo land inclusive, will explode in prosperity, the expected initial challenges notwithstanding; and the good thing is that we can set a timeline and adopt an incremental approach to allay unfounded fears and misgivings that have held us down,” he added. Ekweremadu commended the Igbo in the diaspora, especially the WIC for its efforts towards the development of Igbo land in particular and Nigeria in general.

Abdulmumin Offers to Help Salvage 2016 Budget from Fraud Damilola Oyedele in Abuja The sacked Chairman of the House of Representatives Committee on Appropriation, Hon. Jibrin Abdulmumin, has offered to identify wasteful insertions in the 2016 budget, and remove such insertions as a way to save funds. The lawmaker said this is necessary in view of the fall in the revenue projection, and to also tackle the misuse of appropriation powers to commit fraud. Abdulmumin, after his sack as Chairman of the Appropriation Committee, had accused Speaker of the House, Yakubu Dogara, Deputy Speaker, Yussuff Sulaimon Lasun, Chief Whip, Alhassan Ado Doguwa and Minority Leader, Leo Ogor of allocating to themselves N40 billion out of the N100billion allocated to the entire National Assembly. He also accused them, alongside nine committee chairmen, of making senseless insertions into the 2016 budget. The embattled lawmaker who met with the President Committee Against Corruption (PCAC) last week, in a statement issued yesterday, called for equitable distribution of the N40, to all constituencies. “The most important reform here is to ensure that budget estimates and details are returned to the floor of the House at the same time for passage. This will check the

fraudulent insertions by some standing Committee Chairmen and Principal Officers in the process of budget passage,” he added. Abdulmumin also called for transparency on the internal budget of the House to allow for accountability on the expenditure of the elected members. “The running cost of members must be adjusted to a reasonable amount and made public but most importantly, the administration of the running cost must not be exposed to abuses as presently obtained,” he added. “The House must move quickly to implement e-Parliament to include a very functional website that can help track members activities, sitting attendance, movement of bills and motions, voting pattern on issues. There is also the need to activate the House intercom system so that our constituents can call a member straight on his office desk! I am aware many NGOs have offered to build some of these platforms free of charge but the House has refused to accept,” the lawmaker further alleged. Abdulmumin however has continued to stay silent over allegations that he is being investigated by the Economic and Financial Crimes Commission (EFCC) over a N413 million contract fraud for the National Commission of Refugees.

YOUTH EMPOWERMENT

L-R: Chief Operating Officer, The Tony Elumelu Foundation, Abimbola Adebakin; Founder, Mr. Tony Elumelu; and ECOWAS President, Marcel De Souza, during the signing ceremony of a memorandum of understanding (MoU) on youth empowerment and entrepreneurship development between Tony Elumelu Foundation and ECOWAS in Abuja.... weekend.

How National Assembly Members Earn N6.78bn Annually At a time Nigerians are groaning under the yoke of recession, members of the National Assembly comprising the senators and members of House of Representatives have received a total sum of N6.78 billion as their official salaries and allowances in one year, investigation by Economic Confidential has revealed. The report obtained by the Economic intelligence magazine showed the ‘legitimate’ remuneration of the federal legislators in compliance to the statutory approval of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC). The remuneration packages include: annual salaries, accommodation, vehicle maintenance and fuel, personal assistants, house maintenance, domestic staff, entertainment and utilities allowances.

Others allowances are: Constituency allowance, annual leave, hardship allowance, wardrobe, newspapers and responsibility allowances. A careful scrutiny of the report showed that each senator has an annual salary of N2.02million while a member of House of Representative receives N1.98million as annual basic salary. The basic salary of the Senate President is N2.48million while that of the Speaker of House of Representatives is N2.47million. The Deputy Senate President has N2.30million as annual basic salary while his counterpart, Deputy Speaker earns N2.28million annually. In addition to the annual basic salary, each member of the National Assembly receives 200 per cent of the annual salary for accommodation, 75 per cent

for vehicle maintenance, 25 per cent for personal assistants, five per cent for house maintenance, 75 per cent for domestic staff, 30 per cent for both entertainment and utilities. Others are, 25 per cent for wardrobe, 15 per cent for newspapers and responsibility allowance of between 10, 7, and 5 per cent respectively as the case may be on the position of the legislator. While each senator receives a whopping 250 per cent for constituency allowance, member of House of Representative gets 100 per cent for the same annually. In all, the senate alone numbering 109 senators gulped the sum of N1.85billion annually, while the 360 members of the House of Representatives got N4.93 billion as total remuneration packages.

According to estimates from the report, there are non-regular allowances federal legislators are entitled to. They include furniture and severance gratuity which are due only once in four years. Other non-regular allowances include estacode allowances which is paid in US dollars for foreign trips and duty tour allowance which is paid in naira for local trips within Nigeria. Further analysis revealed that an average Nigerian worker with a minimum wage of N18,000 a month will have to work for four years before earning the utility allowance for one legislator. Unless the remuneration package is reviewed downward or upward by the RMAFC, the legislators will continue to enjoy the current salaries and allowances.

MONDAY SEPTEMBER 5 , 2016 • T H I S D AY

NEWS

Ondo APC Primary: Akeredolu’s Rival, Abraham Concedes Defeat National leadership summons aspirants to Abuja

James Sowole in Akure and Olakiitan Victor in Ado Ekiti The first runner’s up in the governorship primary election of the All Progressives Congress (APC) in Ondo State held at the weekend Olusegun Abraham, yesterday conceded defeat to his rival, Rotimi Akeredolu (SAN). Akeredolu scored 669 votes to defeat Abraham, who polled 635 while the second runner’s up, Chief Olusola Oke, scored 583 votes in a keenly contested election. Congratulating Akeredolu for winning the primary election, Abraham commended the election committee headed by the Jigawa State Governor, Mohammed Abubakar, and his team for the display of transparency during the exercise. Abraham while speaking with journalists in his house at Ijapo, Akure commended his supporters for their efforts and sacrifice during the campaign for the election. He commended the APC leadership and members for their activities in ensuring that the exercise was hitch-free. Abraham promised to continue to be loyal to the party saying, “I will not turn my back against the party.” The aspirant promised to continue to support the party so that the APC can defeat the Peoples Democratic Party (PDP) in order to move Ondo State on right track and rescue the state from sinking further. He commended President Muhammadu Buhari for his fight against corruption and resolve to put Nigeria on a good pedestal. Meanwhile, the national leadership of the party has summoned all the aspirants

who contested the governorship primary election of the party to Abuja. The summon of the aspirants was disclosed by a source who did not want to be mentioned. THISDAY learnt that the meeting was necessitated by the need to appeal to the aspirants on the need to take the results of the contest with the spirit of sportsmanship. The source said the aspirants had been directed to arrive in Abuja today. However, the intervention of men of the Nigerian Army yesterday forestalled a planned attack on a member of House of the Representatives, Stephen Olemija at Ikare Akoko. Olemija is representing Akoko North East and Akoko North West in the lower chamber of the National Assembly. The sin of the lawmaker was that he worked against the interest of Abraham, who is an indigene of Ikare Akoko, the headquarters of Akoko North East Local Government Area. The lawmaker worked openly for Senator Omotayo Alasoadura, who is an indigene of Iju in Akure Local Government. Alasoadura scored 206 votes. However, women trooped out in their scores and rained curses on Olemija for working against Abraham in the primary election. THISDAY gathered that women placed fetish objects in front of the lawmakers’ house at Ikare. The Ekiti State chapter of the APC has congratulated Akeredolu for his victory at governorship primaries. It noted that the rancourfree exercise demonstrates oneness of spirit among party leadership, the aspirants and

members, stressing that such conduct signals victory over a “bitterly divided rival PDP” in the November governorship election. The Publicity Secretary, Taiwo Olatunbosun, said in a statement yesterday that Akeredolu’s victory was a consolidation of the rancour-free presidential primaries that produced President Muhammadu Buhari to be followed by Kogi State primaries that produced the late Prince Audu Abubakar. He praised the national leadership of the party for setting records in transparent

The former Minister of National Planning, Dr. Shamshudeen Usman, political economist, Prof. Pat Utomi, the Managing Partner and Chief Investment Officer of Nubuke Investments, Tutu Agyare and other development experts have been slated to brainstorm on solutions to the country’s ailing economy in the forthcoming 2016 International CEOs Economic Summit (ICES) billed for Lagos. A statement jointly signed by ICES Coordinators, Messrs. Charles Nicholas and Tajudeen Kareem, made available to the media yesterday in Abuja, said the event is coming as the democratic space has made business a powerful voice in proffering solutions towards lifting the ailing Nigerian economy out of the woods. According to the statement, the session would bring together business executives, industry and economic experts, government

regulators and investment opportunities, adding that the ICE Summit intends to identify opportunities where businesses can add value to the growth of the economy. The statement read: “It is to this end that the International CEOs’ Economic Summit, ICE 2016, is being organized by The CEO Business Journal to break the afore-mentioned pattern of conventional business summits and decisively raise the bar on business and commercial activities in Nigeria. “ICE 2016 summit has as its theme; “Promoting A Private-Sector Driven Economy Through Partnerships. The summit will serve as a platform for promoting international commerce and partnerships through business to business matchmaking; proffer economic strategies that will create a more healthy economy; attract investments; utilise idea sharing and knowledge transfer; create jobs, as well as grow the

psyche of Ondo State people in the last few years. “Now is the time to break from the yoke of PDP that has imposed the reign of impunity, mismanagement, lack of transparency and accountability and bereft of development programmes even when Ondo is an oil-producing but sadly lacking in right political leadership with right vision to develop the state.” He also praised other aspirants for embracing Akeredolu after emerging victorious, saying this demonstrated a new political conduct that emphasised

collective interest above selfinterests among the contestants. “Self-interest above collective interest in political contest is what is driving PDP into factionalisation at the state and national levels and this is what Nigerians have seen in the party that informed the rejection of PDP in all recent elections across the country. “This Ondo governorship election is not going to be an exception against the background of the ruins the party has brought on the nation during its 16 years maladministration of Nigeria,” he said.

CEDDERT Holds Seminar to Resolve Herdsmen-Farmers Conflicts The Centre for Democratic Development Research and Training (CEDDERT) in Zaria and ENABLE2, a DFiD project will on Thursday hold a seminar on the farmer/ pastoralist conflicts currently ravaging communities across Kaduna, Katsina and Zamfara States. In a statement signed by the Executive Director of CEDDERT, Dr Abubakar Siddique Mohammed, said: “Over the last three decades, most of the states in the northern part of Nigeria have experienced one form of violent conflict or the other resulting from farmer/pastoralist clashes. The information about these conflicts, as reported, paints a depressing picture and points to a future of chaos, social disarray and political instability. The problem, however, is that much of the available information about herders-pastoralists

Ailing Economy: Utomi, Usman, Others to Brainstorm at Lagos Summit Dele Ogbodo in Abuja

democratic electoral process and urged other political parties to emulate APC to strengthen the practice of democracy in line with modern trends in developed democracies around the world. Asking the PDP to prepare for crushing defeat in November poll, Olatunbosun said the bitterly divided house of PDP would give way to APC to enable Ondo residents see development in APC-led government in the state. He said: “In the midst of plenty, PDP-led government has done enough havoc to the

country’s small and medium scale enterprises (SME).” The statement added: “The summit will focus on strategising on issues and areas that are common to our various countries of operation such as import and exports, telecoms and broadband, technology/ new media, energy, agriculture, franchising and manufacturing, affording its participants a wide array of extraordinary opportunities not yet tapped.”

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5, Tunde Lawal st, off Ezekiah Idowu St, Baale Area near NTABO, IJOKO, Sango, Ogun State. Contact:

08023203178

conflict is inaccurate, onesided, deliberately misleading or does not give an accurate account of their genesis, causes, nature and patterns. As one attack leads to another, more lives, properties and means to livelihood have been destroyed. As these conflicts persist, their root causes, nature, patterns and consequences have not been fully investigated so as

to find durable and sustainable solutions.” The statement further added that the seminar would discuss research findings and the economic impacts of the conflicts on the livelihoods of the affected communities. The broader objective for conducting the research, is to proffer solutions to policy makers based on evidence form

the research findings. To this end, CEDDERT is inviting stakeholders; government representatives, peace-builders, social and community development workers, development communicators, farmers, pastoralists, agricultural cooperatives, the media and the public to the seminar, where the findings of the study would be shared.

T H I S D AY MONDAY SEPTEMBER 5, 2016

T H I S D AY • MONDAY, SEPTEMBER 5, 2016

COMMENT

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

LET OIL FLOW FROM THE NORTH

Godwin Etakibuebu weighs in on the cost implications of searching for crude oil in the north of the country

ood news came some months ago when President Muhammadu Buhari directed commencement of oil and gas exploration in the Chad Basin area of North-east Nigeria. This was made known by the former Group Managing Director of the Nigerian National Petroleum Corporation [NNPC] Dr Ibe Kachikwu, sometime in November, 2015, during his presentation to the Petroleum Club in Lagos on the “On-going Reforms in the Oil Industry: Impact of NNPC Reforms on the Nigerian Economy”. Said the GMD: “There are signs from the latest 3D seismic studies that oil may well be very close to being found now in Lake Chad after very many years of trials. I think that this is very key, it is key both for the geographical balancing of oil production and it is also very key for the purpose of refinery placement in the north in terms of access to crude. I am optimistic that by the end of the year we should be able to announce something major on this.” The good news did not come without Dr Kachikwu revealing to us that we would need to push a very moderate amount of $20 billion into the operation in 2016, for the northern oil to flow. Small amount you would say. Exploration of crude in that region of Nigeria is earnestly ongoing, while the man who brought the good news Dr Kachikwu has since fallen out of the exalted seat at the NNPC, being a casualty of North/South dichotomy or shall l say a victim of not being eligible to manage oil flow anticipated from the North? Then, on August 9, 2016, the news came that “NNPC considers crude importation from Chad, Niger Republic for Kaduna Refinery”. The consideration, according to investigation, was “part of addressing frequent disruptions to the supply of crude oil to the Kaduna refinery and Petrochemical Company [KRPC] as a result of the Niger Delta militancy”. But for this consideration to be operationally effective, investigation further revealed that there would be need to “refit the Kaduna refinery to be able to process Nigerien and Chadian crude grades”. It may interest all to know that the Kaduna refinery was originally designed to refine 60,000 barrels of light crude per day but the refining capacity was later increased to 110,000 barrels, to enable it process paraffinic-based crude oil from Venezuela, Kuwait and Saudi Arabia. Yet, there must be additional “refitting” to enable the refinery refine crude from Chad and Niger Republic because “crude from these two countries are of different specific from the light Bonny

A 2001 SENATE COMMITTEE ON PETROLEUM, HEADED BY SENATOR DAVID BRIGIDI CONFIRMED THAT NOT ONLY DID THE OIL COMPANIES PULL OUT FROM THE TROUGH AFTER DRILLING 3,000 METRES, BUT THAT THE WASTEFUL EXERCISE CAUSED NIGERIA A WHOPPING $379 MILLION

[Nigeria] or the paraffinic-based crude from Venezuela, Kuwait and Saudi Arabia”. Two things are instructive here though. First is the fact that such “refitting” at the Kaduna refinery [if it will be carried out] shall attract some money, maybe within the region of “few billions” of American dollars. The second being the reality that while these changes may go for the Kaduna refinery [because of the Northern oil pursuit] there is no equivalent consideration of “refitting” for all the refineries based in the South/South region of the country. Another revelation on the must-flow-of-Northern-oil came out most recently. This was when the new GMD of the NNPC, Dr Maikanti Baru disclosed to a delegate of Benue State Government on a courtesy visit that “President Buhari has directed the NNPC to begin to search for crude oil and gas from the Benue Trough with immediate effect”. Dr Baru added that “the President’s directive was part of efforts by his government to guarantee energy security for the country, through oil and gas mining from other parts of the country outside the Niger Delta”. The exercise of this writer, on this topic, is not about the “northern oil and gas” flowing or not – oh, we need the northern oil and gas for all purposes and intents. It is not also about the zeal of a president’s attempt on wanting to improve the country’s economy by delving into voyage of discovering, including the search for northern oil and gas. It is not even about the economy of achieving the targeted goal, though we cannot but reminiscence a little about the cost implications of achieving the pursuit. My concern is exclusively about “the desperation of the search for this northern oil and gas” in one hand and how achieving the goal [striking the oil] could help in speedy realisation of the Nigeria’s restructuring, which is long overdue. But first, let us look briefly at the cost implication of the search, using similar searches in the past as a template. Our most beloved President Buhari, having been around the Nigerian oil industry, both as operator and administrator for years, knew well enough that search for oil and gas, in this same Benue Trough, commenced during his tenure as military head of state in 1984. In 1993, three oil giants namely: Chevron, Shell and Elf were even allocated oil blocks under a petroleum sharing contract for non-existing oil, purely in anticipation that large quantity of crude would be discovered while the search was seriously on within the axis of Bauchi, Gombe and Borno. Etakibuebu, a veteran journalist, wrote from Lagos

THE JAGABAN’S MODEL IN EDO

Godwin Obaseki is fit and proper as Adams Oshiomhole’s successor, argues Domingo Alaba Obende

he rowdiness in the court was unusual - the day Comrade Adams Oshiomhole was declared governor in 2008. This was after both petitioners and defendants in an election petition showed appearances at the Court of Appeal sitting in Benin City. Suddenly, Comrade Adams Oshiomhole poked his head through the roof of a black SUV car heading southwards from the Appeal Court and surveyed what he had wrought - a sweet victory. Don’t forget, before this roller- coasterday, the lower court gave what the higher court reaffirmed – that the people gave Oshiomhole what the Peoples Democratic Party took away; this is one of the truest and most resounding judgments so far in the history of our judiciary, when it comes to election petition – unpredictability. And so, Oshiomhole ignited the ancient city, summoned a gathering out of thin air; a reminder that for the right person, the city can be activated at any moment - and such was the undying memories of the Oshiomhole’s historic day, when he was announced the duly elected Governor of Edo State. Upon assumption of office, Oshiomhole and his team, past and present, worked unconscionably long hours, both into the night, either in exco meetings or project inspection so that an accurate job according to specification was carried out. Never mind some saying he was obsessed; others argued he was over ambitious, while a fragment said the reconstruction of Benin City and Edo State in general, for Adams Oshiomhole, is a gargantuan project that would fail and as such, dismissed it out-rightly when he assumed office. Even the opposition PDP would agree in secret that Oshiomhole has done well. But suddenly, for political reasons

and for electioneering purposes the party now claimed in adverts that the governor should have overlooked the issue of taxation and urban renewal among others, a situation that suggests that they seemed to have lost memory of where we were coming from. They forget in a hurry, the long neglect in development such as the stench that pervaded Ring Road and the dilapidation and complete collapse therein – in fact, the entire state was in squalor. My first distinctive memory of Ring Road was of traffic; the chaos and nightmare that characterised Ring Road, now known as Oba Ovonramwen square. Inside the roundabout is the National Museum, the most awesome water fountain in Nigeria – courtesy Adams Oshiomhole, the military cenotaph in honour of the unknown soldiers, and a beautiful park and garden. Just around there is one of the world’s most revered royalty, the palace of the Omo N Oba N Edo, the state House of Assembly complex, Central Bank of Nigeria, among other new generation banks. This spot was highly mystified due to inability of successive governments to do anything about it all these years. It used to be the stinky popular commercial hub of the ancient city. Like Ojuelegba, near Surulere in Lagos, it used to be one bedlam of confusion; I mean Oba Ovonramwen Square. It was characterised by filth and almost everything indecent under the earth - roadside traders, rough-shod motorists, pickpockets, rapists, street urchins, the homeless and other wayward characters were always there with different mission. It was never a question of Benin trying to accommodate Oba Ovonramwen Square but of the all-important roads accommodating Benin where traders hustle to sell their wares, motorists sweat profusely inside

their vehicles in the usual traffic gridlock, occasioned by the lawless “tuke-tuke” bus drivers picking passengers indiscriminately in the middle of the road just as street hawkers thrust their wares at passers-by; all created a confused atmosphere. Oshiomhole vindicated himself, an idealistic and ambitious project that was tagged impossible. A new-look Ring Road sprang up to the bemusement of objective critics, making those who swore never to have anything to do with it eat their words. Today, most people transiting through or having to transact business on the square, either in the day time or at night, have refreshing stories to tell. All the roads leading into it, have been illuminated - Airport road, Sapele road, Sokponba road, Akpakpava road, Mission road, Forestry road and Oba Market road, from where crowds surge in seamless motion with no one looking at the other with suspicion at night anymore. Lest I forget, there is now a musical water fountain right inside the square. Governor Oshiomhole promised to lay a good and solid foundation for his successor in the similitude of former Lagos State Governor, Senator Bola Ahmed Tinubu, who laid the foundation upon which ‘Captain’ Raji Fashola built upon. Fashola was Tinubu’s Chief of Staff when he was governor just as the present governor, Akinwunmi Ambode was the accountant general – he was a technocrat. From benefit of hindsight, it is now clear that Comrade’s intention is to tailor Edo’s development after the Lagos-Tinubu model in terms of sustainable economic foundation for his successor through alternative revenue generation. He wants to toe “the Jagaban’s” step in terms of the model of succession. This is quite clear, with the victory of his Chief Economic Adviser and Chairman, Economic

and Strategy Team, Godwin Obaseki at All Progressives Congress (APC) governorship primary. Obaseki, if you like, has been, among others who have been around Oshiomhole from inception and are fully abreast with its policy initiation, formulation, and implementation – in fact, he was at the centre of it all. I can see the relationship between Edo and Lagos – the successors are not really politicians but qualitative men who can drive the system and achieve results. Significantly, this is where Obaseki hold the ace - he was the engine room for all those retreats organised for government officials and which culminated into the economic direction of the Oshiomhole administration. It is on this plank that Edo people view Obaseki as the viable alternative who has the magic wand to the socio-economic challenges pervading the entire spectrum in the country and the state in particular. This man - Obaseki, for Oshiomhole, provided the courage and seamless financial providence for which he was able to address the critical monetary challenges that were his lot in government - this quiet, politically unsung and soft spoken gentleman. For him, the challenge of taking Edo State to next level is the provision of massive works and employments for the people with his contacts home and abroad in the private sector. We are told that the ability of the state government to increase her internally generated revenue and get support from World Bank and other donor agencies is through the instrumentality and ingenuity of Obaseki –economic prowess he would bring to bear, when given the mandate on September 10. Senator Obende is chairman, Publicity and Media, APC National Campaign Council for Edo State Governorship Election

T H I S D AY • MONDAY, SEPTEMBER 5, 2016

EDITORIAL BOARDING FLIGHTS WITH TORCHLIGHTS FAAN needs urgent rehabilitation of its electricity system

enultimate Saturday night, the international wing of the Murtala Muhammed Airport, Lagos was thrown into darkness at a period the foreign airlines were boarding their passengers to their various destinations. The power outage paralysed the operations of departing flights and the airlines had to device other means of boarding in the dark by using torchlight and moving the passengers through the ramp. Yet, as unfortunate as that development might have seemed, it was not an isolated incident as flight operations at the international wing of both Lagos and Abuja airports have incessantly been disrupted by power outages which threaten the safety of both passengers and airlines aside compromising security standards in the age of terror. The list of such occurrences is very long. On July 8, 2016, power outage at the Abuja airport forced airlines to abort flights and delayed aircraft about to take off by over one hour. That outage was critical because it affected airfield lighting and left the runway in darkness at about 8p.m. As such, no aircraft could take off or land, forcing those on ground to delay start up, while the fights about to land had to hover for several minutes before power was restored. The Saturday power outage incident was exacerbated by a heavy downpour which disrupted efforts to restore electricity. Indeed, some parts of the terminal remained in darkness till the following day. We must note particularly that airfield outage is dangerous, AVAILABLE REPORTS especially at night INDICATE THAT THE because aircraft on WHOLE UNDERGROUND emergency cannot CABLES HAVE BEEN land at the runway in DAMAGED AND SOME OF the dark and it may THEM HAVE BEEN MELTING not be able to fly to OVER THE PAST DECADES alternative or closest BECAUSE THEY ARE AS airport. It is also OLD AS THE AIRPORT wasteful and risky

Letters to the Editor

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

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for an aircraft to hover, (burning aviation fuel which is not readily available in Nigeria) while waiting for the restoration of light at the runway. This is aside the fact that airlines lose huge amounts of money on avoidable delays occasioned by frequent power outages at the nation’s airports. These delays and disruptions are part of the challenges foreign and local airlines encounter and make Nigeria a hostile environment for air travel operations. Late last year, power disruption at the Lagos airport paralysed the Common Use Terminal System (CUTE), forcing airlines to check in passengers manually, which delayed facilitation and forced international carriers to depart from the airport two to three hours later than their scheduled take off time. The consequences of these problems are the high insurance premium for aircraft operating in our country and the difficulty of international financiers to grant credit facilities or lease aircraft to Nigerian airlines, despite the fact that Nigeria is a signatory to the Cape Town Convention which enables the use of mobile equipment as collateral for aircraft acquisition. There have been efforts made by the federal government through the Federal Airports Authority of Nigeria (FAAN) to improve power supply at the Lagos airport. It is noteworthy that the upgrade of electricity at the airport was started in 2009 and while the federal government gave approval for the purchase of two generators, the scope of the project was later reduced. Meanwhile, available reports indicate that the whole underground cables have been damaged and some of them have been melting over the past decades because they are as old as the airport. FAAN needs to have a comprehensive rehabilitation of its electricity system - the 40-year- old facilities that have been overstretched as well as the cables buried underground which bristle and cut when there is power surge as usage of electricity has surpassed the installed capacity. There must be a lasting solution to the problem to ensure uninterrupted power supply, at least to the nation’s prime and busiest airports.

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.

FINDING COMMON USE FOR SHAREHOLDERS MONEY

t was amusing but worrying while reading “Finding Common Use for Unclaimed Dividends” by Mallam Bashir Ibrahim Hassan in THISDAY of September 1, 2016. Since he centered the subject matter on common use, I would love to know why there should be common use of other citizens’ investment-profit without their consent. This is particularly so when the companies/investors have paid their dues to the federal, states, local governments, regulatory agencies and made donations to communities where they operate and other voluntary services. Is that not impunity? He went further to inform us of what obtained in India and Australia, but failed to tell us what led to such action, how they were composed and method of operation of the systems in those countries and the beneficiaries. Could such not be called half-truth? He ended with false claims by stating that “now is time” for the capital market to get its act right, “by putting the benefit of these returns to common use. This is by channelling them into a fund that will further develop the capital market, the source of the returns in the first place”. Could such

claim not be seen as blasphemy? Because, we might need to know the sector in which the company called “Capital Market Plc” was quoted on the NSE and its contribution to the Unclaimed Dividends and where it derives the power for such claim on all the unclaimed dividends. We regret to note the claim of unclaimed dividends ownership by Capital Market Plc as very insulting to the collective knowledge of shareholders and companies. We view such as an act of impunity because the legitimate owners of the companies are the shareholders, while such claim speaks volume on how some people reason when they are about to do evil and why some of our people employ their intelligence in the wrong direction. We wish to make it known to those that intend to take what doesn’t belong to them that they will fail a million times on claiming the unclaimed dividends of the companies/shareholders and below is my small memo to SEC on their new proposal on unclaimed dividends. Really, one continues to wonder on this movement in circle on what to do with the huge amount in unclaimed dividends

despite the fact that the rules were already in place. It is also a surprise that the regulatory agencies that supposed to cater for the investing public and their investments are the same organs that are always at the vanguard of destroying the space to breath and develop. I respectfully wish to ask the following questions on which l intend to base shareholders objection to the new proposal. Do the companies pay taxes to federal, states, local governments? Do they (companies) pay the required fees to regulatory agencies? Do companies also voluntarily make communal donations to their environment? Do the shareholders/ investors pay taxes to states/local governments while withholding tax on the same dividend is a task that must be done? Who owns the companies? Is it the investors or SEC? What are the free services rendered by the regulatory agencies to the companies? Is the proposed rule on unclaimed dividends an incentive to investors or disincentive? Do the shareholders/investors share from the profit of the regulatory agencies?

Whose baby is “Nigerian Capital Market Development Fund”(NCMDF)? Who is supposed to fund/cater/nurse the NCMDF? It is hope SEC would reflect on the above questions. The so -called New Proposal on Unclaimed Dividends is uncalled for, while regulatory recklessness or radicalism, impunity and theft should be avoided. We hereby wish to advise SEC and her co-travellers to focus more on solving the issues surrounding unclaimed dividends rather than on how to acquire what does not belong to them under the guise of regulations. Unclaimed Dividends belong to shareholders who are the owners of companies. Returning unclaimed dividends back to the companies after 12 years is legitimate; they should not be for the use of interlopers like SEC or any government agency. We respectfully call on the federal government to urgently call the regulatory agencies to order before they add more damage to our already sick economy. The National Assembly should be very careful not to allow itself to be used against the economy. Alhaji Gbadebo Olatokunbo, Isawo-lkorodu,, Lagos State

MONDAY SEPTEMBER 5, 2016 T H I S D AY

T H I S D AY • MONDAY, SEPTEMBER 5, 2016

POLITICS

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

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

Ekiti Grazing Law: The Way to Go Perhaps, if other state governments could borrow leaf from the Ekiti State Grazing Law recently signed by Governor Ayodele Fayose, the prevailing atmosphere of insecurity across the nation will start to readjust, write Shola Oyeyipo and Segun James

An AK47-wielding herdsman on duty. This is the new normal in cattle grazing

ith violent attacks by herdsmen spreading to other parts of Nigeria, many Nigerians have been concerned and have called on the President Muhammadu Buhari-led administration to urgently find a lasting solution to the situation before it gets out of proportion and escalates to something more terrible than Boko Haram because lives and property are being destroyed nearly on daily basis in Benue, Kogi, Enugu, Taraba, Oyo, Ondo, Nasarawa and other states. Though there were scanty reports about the scuffles between farmers and herdsmen in the time past, in recent times, the anxiety has been that the former nomadic cattle rearers, who go about with their sticks have metamorphosed into sophisticated weapon-wielding killers and for those who saw the danger ahead, they had already known that there was the need to put in place a legal framework to address the problem. Senator Zainab Kure, representing Niger Central in the Seventh Senate was perhaps one of the first lawmakers to see it coming. She presented a bill for enactment of an act to provide for the establishment of the national grazing reserve and a commission for the prevention and control of national grazing reserve and stock route for consideration by the Senate, but the bill was rejected. Also, sharing Kure’s view, a House of Representatives member, Hon. Sadiq

Given the spate of killing by persons suspected to be herdsmen, the Fayose initiative has become inevitable and should be replicated in other parts of the country, where the activities of these cattle rustlers had become somewhat unstoppable. And since the federal government has refused to live up to billings in its responsibility to protect lives and property, state governments must seize the initiative and for once, live their title as the chief security officers of their states

Ibrahim, sponsored another bill Titled: ‘National Grazing Reserve (Establishment) Bill 2016’. The bill sought to provide for the establishment of the National Grazing Reserve Commission to be empowered to establish at least one Cattle Reserve in each state of the federation, manage, control and maintain the cattle reserves, prescribe those to be licensed to use the grazing reserves and determine the type and number of stock permitted therein; determine how the reserves are to be used, fix charges for the grazing reserves, maintain and ensure the security of the reserves in collaboration with the Nigerian Police among other things. That also did not see the light of the day. Not any of the previous bills met with intense antagonism than the one proposed by Hon. Karimi Steve Sunday, of the Peoples Democratic Party (PDP), Yagba East/Yagba, Kogi State, apparently because his bill came at the time the activities of the herdsmen peaked and was beginning to assume an irritating dimension among Nigerians. Though the bill, tagged: ‘The National Grazing Routes and Reserve (Establishment) Bill’, passed the first reading, the opposition it faced, especially from the South, was staggering because it was considered proexpansionist move for the violent herdsmen, an action seen to also have political undertone. But explaining the content of the bill in relation to fear expressed by the anti-grazing bill advocates, Karimi, said the bill does not

prejudice the right of the state governments to establish and legislate on grazing reserves to be controlled by them or establish ranches and criminalise indiscriminate grazing. He said if his critics looked into the details of the bill and support it to scale through, it will solve the problem of cattle rustling and herdsmen violence. One particular area of concern among those against the proposal for the establishment of grazing reserve for herdsmen is that by doing so, the states would have been compelled to cede a portion of their land to them. It is actually the basis of introducing the expansionist theory to the whole issue. And some people feel it has political undertone as well. But the lawmaker explained that contrary to the widespread insinuation that the grazing reserve automatically becomes the property of the herdsmen, the lands to be allocated will be managed by a Grazing Reserves Commission to be established by the bill and that the commission is to have representatives in the 36 states of the federation and the FCT. “Contrary to the fears expressed in many quarters that communities would lose their lands and ownership of such lands transferred to the herdsmen, Karimi explained that “the Commission cannot compel anybody to give land; lands acquired will be compensated. Grazing Reserves are to crystallise into ranches,” he said, adding CONT’D ON NEXT PAGE

T H I S D AY • MONDAY, SEPTEMBER 5, 2016

POLITICS/ THE MONDAY DISCOURSE E K I T I G R A Z I N G L A W : T H E W AY T O G O

Fayose signing the bill into law last Monday

that “The membership is to be drawn from the Land Use Allocation Committee of each state and that of the Federal Capital Territory (FCT), Abuja. Another argument by those who are of the opinion is unnecessary is that cattle rearing or any form of animal husbandry and grazing is a private business and as such needs no government intervention or collection of land for the business. However, to Karimi “This is not so. Though cattle rearing is a private business, but the violence occasioned has become a threat to national security and thus must be legislated upon. The only way out is to stop indiscriminate grazing and encourage ranching. Before we can commence ranching, we need to earmark dedicated grazing areas in at least one geo-political zone of the country where animal-cattle will be grazed and avoid the conflicts occasioned as a result of indiscriminate grazing. “Every Nigerian of every tribe is allowed to graze in the established grazing reserves. Cattle rearing in the reserve are not just for Fulani herdsmen; the Nupes, the Ebira, Igbo, Yoruba are also allowed to graze therein if they want.” Going back the memory lane, he said: “You will recall in the 1960s, when the Grazing Reserves were established in the North, the Obudu Cattle Ranch was established so that nobody grazed in Eastern Nigeria, you only bring cattle to the South-south and South-east by road, offload and sell. The Obudu Cattle Ranch was for grazing or rearing cattle within the ranch, whilst other farming activities can be undertaken there.” He added that with his bill “Indiscriminate grazing is criminalised, a commission is established with representatives from all the states and that grazing reserves are to be established in states (at least one per geopolitical zone) with the co-operation or consent of the governor. The commission cannot compel anybody to give land, land acquired will be compensated. Grazing Reserves are to crystallise into ranches.” The Fear of Herdsmen… The consideration for grazing bill is to quell the incessant wrangling between farmers and herdsmen, leading to unnecessary waste of

precious lives. Though there is no reliable statistics to actually evaluate the havoc wreaked by the herdsmen, available records show that hundreds of Nigerians have been inhumanly killed across the country. On July 8, 2012, for instance, Senator Gyang Dantong and the Majority Leader of the Plateau State House of Assembly, Mr. Gyang Fulani died in the stampede that ensued during the mass burial of about 50 victims of attack by Fulani herdsmen at Maseh village in Riyom LGA. Also, on September 30, same year, a Fulani herdsman was accused of murdering the Director of Personal Management in Isoko North local government council, Delta State The following year, on April 23, 2013, 10 farmers were killed in an attack in Mbasenge community, Guma L.G.A, Benue State; on May 7, 2013, 47 mourners were gunned down in Agatu, Benue State while burying two policemen, on May 14, 2013, over 200 herdsmen surround Ekwo-Okpanchenyi, Agatu LGA killing 40 people. On July 5, 2013, 20 people were killed in a conflict between Tiv farmers and herdsmen at Nzorov, Guma LGA, Benue State and July 28, 2013, in retaliation of an alleged killing of 112 cows, herdsmen invade two villages in Agatu LGA killing eight villagers. On November 7, 2013, herdsmen struck at Ikpele and Okpopolo communities, killing seven and displacing an estimated 6000 inhabitants; on November 9, 2013, 36 people were killed and seven villages overrun during a fight between herdsmen and locals in Agatu L.G.A, while on April 5, 2014, assailants believed to be herdsmen opened fire on community leaders and residents that were meeting in Galadima village, Zamfara State. At least, 200 people were killed and scores wounded in the daring attack. Early June 2015, herdsmen attacked the sleepy Motokun village, Patigi local government area, Kwara State. Though the casualty figure was not ascertained, many lives were lost, others wounded and property destroyed. Oro-Ago community in Ifelodun local government area of the state was also attacked and likewise, the herdsmen visited Ninji and Ropp villages in Plateau State and killed 27 persons. The same group reportedly murdered about 70 others believed to be Christians.

Ugwuanyi...his state has witnessed the most horrible attacks by the herdsmen

An attack by some herdsmen on Onitsha Ukwuani in Ndokwa West local government area of Delta State in September 2015 left about three persons dead. There is also the story of a middle-aged woman, who was raped and later killed by three herdsmen in Edo State. And on October 2, 2015, herdsmen raped, killed Ogun residents and farmers. Generally, Ogun State has seen some attacks from the herdsmen lately. In November of 2015, herdsmen attacked Ulaja and Ojeh communities in Dekina local government area, Kogi State and killed about 22 men and women, while on December 1, 2015, herdsmen reportedly killed a man in Ofagbe community, Isoko North council area of Delta State. Despite the outcry across the country, the killing spree neither ceased nor subsided. On January 24, 2016, the Divisional Police Officer (DPO) in charge of Vunokilang Police Station in Girei local government area of Adamawa

State and 29 others were killed by suspected herdsmen. Note that Adamawa State has also witnessed several herdsmen attacks. In February, 2016, some herdsmen reportedly killed about 10 persons in TomAnyiin, Tom-Ataan, Mbaya and Tombu in the Buruku Local Government Area of Benue State; on February 8, 2016, 10 people were again killed in the same place while over 300 were displaced. Three days later, on February 11, 2016, the herdsmen attacked Abbi community in Uzo-Uwani LGA, Enugu, killing two siblings and burnt houses and motorcycles. On February 29, 2016, over 500 locals were killed and 7000 displaced in an attack in Agatu LGA by herdsmen, on March 9, 2016, eight residents were killed during herdsmen attacks in Ngorukgan, Tse Chia, Deghkia and Nhumbe, Logo LGA, Benue State. On April 5, 2016, APC youth leader, Mr. Aondohemba Kasa and three others were killed in fresh herdsmen, farmers’ clash in Benue. On April 8, 2016, herdsmen kidnapped and killed Falae’s security guard at his Ondo State farm and on April 9, 2016, a camp was razed following the killing of a 64-year old farmer identified as Alex in Edo State. Less than 10 days after the Falae abduction, gunmen numbering about five also abducted Oba Adebisi Obademi, the traditional ruler of Apaa-Bunu community in Kabba-Bunu local government area of Kogi State. The traditional ruler was picked up at about 7.30 a.m. on his way to Odo-Ape, a suburb community close to his domain and was whisked to an unknown destination on a motorcycle. Even before the issue started to assume a national threat, residents and travelers between Ondo and Kogi State who have had encounters with the hoodlums, who carry out random attacks and retire to the bushes, where they reside would have sour tales to tell. On April 12, 2016, there was an attack by the herdsmen on Dori and Mesuma villages in Taraba, killing at least 15; on April 19, 2016, a member of about 18 suspected herdsmen gang that invaded farms in Lagun village, Lagelu local council Oyo State shot Mr. Jimmy Aido dead. On April 25, 2016, 48 people were killed and 60 injured by herdsmen in Ukpabi Nimbo community, Enugu State. CONT’D ON NEXT PAGE

T H I S D AY • MONDAY, SEPTEMBER 5, 2016

POLITICS/ PERSPECTIVE

INEC, Enough of the Excuses on Rivers Re-run Further excuses would not be entertained from the Independent National Electoral Commission on the Rivers State rerun polls, writes Ifeanyi Omokwe

here is an evil under the sun against citizens in 21 state and 9 federal constituencies of Rivers State and Nigeria in general. For the past six months, the Independent National Electoral Commission (INEC) has engaged in a dangerous game of Russian roulette by denying the people of Rivers State their constitutional right to have representatives to advance their cause at both the state and federal legislatures. Over the course of the past six months, the INEC had hinged the excuse for its inability to conduct rerun election to fill the vacant legislative seats on insecurity in Rivers State. It would be recalled that since it held the first rerun on March 19, 2016, the commission has continued to dillydally and make up excuses, as ridiculous as they come, as to why holding elections in Rivers state is untenable for now. In one of its press releases, the electoral body explained that, “Some of the State/ Federal Constituencies and Senatorial seats are inconclusive as a result of reports of election cancellations and elections not conducted for reasons of serious violence in some units and registration areas.” One can vouchsafe that those that accuse the commission of pandering to certain interests in Abuja are not far from the truth. If it were not so, how can one reason that those behind violence in Rivers State, if any, are more powerful than federal might, that credible and fair elections cannot be guaranteed? The Rivers experience lends much credence to the fact that the INEC as presently constituted is an evil conclave that portends grave danger to democratic governance in the country. It is now a certainty that those, who fear losing out completely in the power matrix in Rivers State and have some measure of federal influence because they are part of the present regime are not bothered if millions of Rivers indigenes and Nigerians that live in the state, make their living and pay taxes both to the federal and state governments do not have representatives that can represent their aspirations and help in making good laws for growth and development of the state. Unfortunately so, INEC has allowed itself to become part of the unholy alliance against a constitutional requirement and globally acclaimed democratic norm: representative democracy.

Yakubu...time to address the Rivers challenge

It will not be farfetched to note that the posturing of the electoral commission on the imaginary insecurity in Rivers State could be one of the reasons that the United States recently listed some states in Nigeria as dangerous and should be stayed clear off by Americans except for very critical assignments. While the conclusion of the United States is not entirely true, especially as it pertains to Rivers State and most part of the country except for the insurgency ravaged North East, institutions of state like the INEC fuel such assumptions when they fail to carry out their constitutional functions. It is a good thing the federal government came out to contradict the Americans on that ground and this, one finds very interesting. If the federal government has given an assurance of safety in majority of the states, from where does the commission gets its report that holding election in Rivers is untenable because of insecurity? The irony of INEC’s claim is that the more it holds to this untenable argument, the more conferences of notable associations are held in the Garden City

One can vouchsafe that those that accuse the commission of pandering to certain interests in Abuja are not far from the truth. If it were not so, how can one reason that those behind violence in Rivers State, if any, are more powerful than federal might, that credible and fair elections cannot be guaranteed? The Rivers experience lends much credence to the fact that the INEC as presently constituted is an evil conclave that portends grave danger to democratic governance in the country without the imaginary security breach, which has become the singsong of the commission. Over the course of the past months, the Nigerian Guild of Editors, Nigerian Bar Association, judges and their likes have held their annual conferences in Port Harcourt without any major security breach. To continue to use the insecurity angle as the excuse for denying the people of Rivers of full complement of legislative representation is an affront on their citizenship rights to have representatives at the various assemblies. Besides that, this same INEC has held elections in Kogi State, which is known for some notorious crimes. If anything, Kogi has been constantly in the news for high profile banditry, kidnappings, robberies and terrorism-related issues, yet the INEC was able to conduct rerun elections.

Come September 10, this excuse-giving INEC would be holding elections in Edo State even when the newspapers have constantly reported deteriorating security situation in the state. Doctors, nurses and the general populace have had to protest the kidnapping of their members in Edo, yet this by no means would stand in the way of the commission to do what is right by the Edo people. All of these pale into insignificance when the Bayelsa poll is taken into cognizance. The evidence of how militarised the governorship rerun election was remains clear to all. The level of violence was not orchestrated by the people, rather the security forces working in consort with the INEC in a bid to truncate the collective will of Bayelsans. In a way, the electoral body has conspired to abort the will of the Rivers people by continually insisting on not holding an already overdue poll in the 21 state and nine federal constituencies. In case the INEC has forgotten, it should be reminded that Nigeria runs as a representative democracy and this demands of it to allow constituents to elect officials, who should decide on their behalf. But not doing so is to deny the people their legitimacy to hold the present government accountable and ensure that their rights and privileges as citizens of Nigeria are guaranteed. Further, the Rivers people have lost their “voice” to engage with other parts of Nigeria in reaching consensus on matters of federalism and moving the country forward simply because the INEC has proved incapable of staying impartial. The Mahmood Yakubu-led Independent National Electoral Commission, which has displayed a stark capacity for incompetence still has a golden opportunity to redeem its already soiled reputation by engaging robustly with security agencies and set a firm date for the completion of election in Rivers State so that the people can indeed have full representation and know they are part of a federal state. If elections could be conducted in insurgency ravaged North East in 2015, why can’t elections be held in state that has barely a fraction of the insecurity challenges in other parts of the country. • Omokwe wrote from The Gazetter Newspaper

E K I T I G R A Z I N G L A W : T H E W AY T O G O Forty people were also reported dead after an attack by suspected Fulani herdsmen in Uzo-Uwani Local Government Area of Enugu State on Monday, April 25, 2016 and as the killing continues herdsmen unleashed terror in Obiaruku community, Ukwani local government area, Delta State on Wednesday, April 27, 2016. The herdsmen reportedly harassed farmers and held eight of them hostage for several hours. Thus, between 2011 and 2014, suspected herdsmen attacked dozens of communities across Nigeria, with Benue being the worst hit. The hometown of the late Tor Tiv IV, Alfred Akawe Torkula, in Guma was razed, similarly, houses, food barns and farmlands were burnt and scores killed in communities like Tse-Aderogo, Tse-Akenyi, Umenger, Angyom, Aondona, Anyiase, Adaka, Gbajimba, Tyoughtee, Gbaange, Chembe, Abeda, Mbachoon, Tongov and Mbapuu. Deaths arising from attacks by herdsmen in Benue State alone are estimated at 1,269 persons and out of the 23 local government areas in the state, the rampaging herdsmen have invaded and occupied 14. Fayose’s Exemplary Initiative Governors are generally referred to as the Chief Security Officers of their states. But the title is merely ceremonial. The present structure of the system does not guarantee any exercise of such powers. Yet, the responsibility of protecting the people rests solely with them. This is why a majority of them have been unable to properly deal with some of the threats to the security of their states, including the rampaging herdsmen. But the controversial Ekiti State Governor,

Mr. Ayodele Fayose recently took an initiative that was generally acknowledged as timely and well thought out. Fayose, on Monday last week, signed into law, the “Anti Grazing Bill 2016” passed by the state House of Assembly. The bill was sponsored by the executive after the killing of two persons by suspected herdsmen in Oke Ako community in Ikole Local Government Area of the state. The new law criminalises grazing in some places and certain time limit in the state. Fayose, while signing the law, said the new law would check cases of incessant attacks or killings of local residents and destruction of farmlands by herdsmen and their cattle. He said the law would also strengthen security in various communities across the state, adding that anyone that fouled the law stood the risk of being treated as a terrorist. “With the signing into law of this bill today, anyone caught grazing with arms or any weapon in Ekiti would now be charged with terrorism and be made to face the law according to certain sections of it. The same goes for those who graze in prohibited areas or go against the time frame of 7 a.m. to 6 p.m. allowed for open grazing.” Speaker of the House of Assembly, Kolawole Oluwawole, while giving an overview of the bill, said the assembly gave it accelerated hearing as part of its collaborative efforts towards maintaining peace and order in the state. According to Oluwawole, the state government was already working with local government authorities to allocate portions of land for grazing in their areas. He explained that grazing must henceforth be from 7 a.m. to 6 p.m. on daily basis and that the government

would allot portions of land to each local government area in that regard. “Anyone caught grazing on portions of land or any farmland not allotted by government shall be apprehended and made to face the law. “Any herdsman caught with firearms and any weapons whatsoever during grazing shall be charged with terrorism. “Any cattle confiscated shall be taken to government cattle ranch at Erifun and Iworoko Ekiti community in the state. “Any farm crop destroyed by the activities of any apprehended herdsman shall be estimated by agricultural officers and the expenses of the estimate shall be borne by the culprit. “Any herdsman, who violates any of these rules shall be imprisoned for six months without option of fine,” the speaker hinted. It is no wonder that most Nigerians believe that for the first time, Fayose might have done something right and commended him for the action taken to rein in the Fulani herdsmen. Alhaji Kunle Akangbe thought the days when cattle were reared through the roads in city centres were over. He said while he believed that grazing estates should be built to stop these activities, states in the south must not be forced to provide such land as being propounded in certain quarters in the country as it will most certainly backfire. Alhaji KAbir Subair also supported the establishment of the estate, but lamented that the grazing rights bill of the Ekiti government would further divide the country along ethnic and political divide. But this position was dismissed by Mr. Gbenga Ahmed, a Warri-based journalist, who insisted that the bill was a reaction to

the activities of the herdsmen. He warned that most states in the middle belt where the native people are predominately farmers may be forced to enact the same law. According to him, this may ignite an ethnic war as they are next door neighbours to the Fulani, who are traditionally nomadic. Mr. Bodise Igoni too saw the action from an ethnic and tribal point of view. He contended that the Fulani herdsmen became daring after Buhari became the president and noted that the presidential body language was the one encouraging the herdsmen in their activities. He advised that except the president stopped promoting religious and ethnic sentiments, the nation might collapse on his head. Given the spate of killing by persons suspected to be herdsmen, the Fayose initiative has become inevitable and should be replicated in other parts of the country, where the activities of these cattle rustlers had become somewhat unstoppable. And since the federal government has refused to live up to billings in its responsibility to protect lives and property, state governments must seize the initiative and for once, live their title as the chief security officers of their states. One thing is certain though. There would be no magic in the taming of the excesses of the herdsmen. Whatever is bolstering their audacity, they seem to be sure it is an assurance that would not fail. And whether or not their rank had been infiltrated, the perpetrators of these heinous crimes are having a swell time at the collective expense of the people. This is why the path toed by Fayose is not only commendable, but must also be embraced by the others if they truly desire to protect their people.

MONDAY, SEPTEMBER 5, 2016 • T H I S D AY

FEATURES

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

The Feast of Sacrifice Chiemelie Ezeobi writes that the forthcoming Eid el Kabir, which is the Muslim ‘Feast of Sacrifice’, will truly require sacrifice from the participants given the state of the economy, especially with the high cost of foodstuffs

Foodstuffs sellers at Ejigbo Market...waiting patiently for buyers

ome September 12, 2016, Muslim faithfuls in Nigeria will mark the Eid el Kabir, which is an Islamic festival to commemorate the willingness of Ibrahim (also known as Abraham) to follow Allah’s (God’s) command to sacrifice his son Ishmael. Muslims around the world also observe this event. While September 12 is the Eid el Kabir day, the holiday will however be marked on September 13, 2016 which is the Eid el Fitri holiday. Known as the Feast of Sacrifice, it’s often marked with sharing things between loved ones and giving to the less-privileged. Although this has been the norm for years, the term sacrifice will truly get another meaning given the dwindling economy of Nigeria. Now, for every largesse gifted out by willing Muslims, especially those in the middle and lower class of the society, it will truly be a sacrifice given that they are giving out from their scarce resources. Muslim Faithfuls and the Economy In the face of the global slump in the price of crude oil in the international market, many economies are battling depression, which in turn translates to limited access to funds but increase in the cost of living. Although some may argue that Nigeria is not depressed, but things are definitely not the same anymore given the high cost of living. In Lagos, preparations for the celebration are often characterised by shopping, shop-

ping and more shopping. Often on the list of to-buy-things are foodstuffs, clothing, Rams and drinks. But that was then. Although preparations are ongoing, but it’s on a low key for most Muslim faithfuls, unlike what was obtainable in the past. A bag of rice that usually sells for N8,000 has soared up to N18,000 and same goes for other staples and foodstuffs, thus forcing ordinary Nigerians to shun ostentatious lifestyle and live within their means. Sampling opinions of some Muslim faithfuls, THISDAY gathered that despite the biting economy, some of them plan to have fun, even if it’s in a small way. Mallam Mohammed Dasuki, of FESTAC Town said, “On my to-do list is to go to Lagos Island to watch the popular ram fight, after

What people do now is that they buy the rice in cups and not bags and it’s affecting us. In the past, weeks before Sallah we record an increase in sales but for this year, we are still waiting for them

which I and my wife will move to a Lebanese restaurant in Lekki that gives buffet for N8,000. Of course, we would have loved to celebrate it in a bigger way, but we have decided to cut our cloth according to our size.” While the Dasukis have opened for ram fighting before lunch for two, Mr. Femi Martin, has decided to toe the path of piety for that day. According to him, it should be a period of sober reflection and not winning and dinning. Others opted to go to a beach and generally have fun, since it doesn’t cost much. Others intend to visit Shoprite malls, go see a movie at film houses, or sit at home and enjoy in the company of friends and family. Traders Lament At the different markets visited on the Mainland, it was the same tale of woes. From Oja Market in Jakande Estate to the Isolo Market then the Anjorin Market to the Odo Market at Cele and Aswani Market, it was same tales of slow sales due to the high cost of foodstuffs. Popularly known as Mama Ejima, the trader who operates several stalls at the Oja market with her husband, said they were forced to relinquish one of the stalls when they couldn’t pay the rent for the year. According to her, “We were really counting on making sales this year during the festive periods but we have continually been disappointed. “Already, we had to let go of one of our shops because we couldn’t afford to keep paying rent without recouping it back through sales.

In my shop, where I sell mostly grains and grounded cassava (garri), I hardly sell up to 12 bags a week. It wasn’t like this before. But I understand why people no longer buy bags of rice. The least bag of rice in my shop goes for N15,000. “What people do now is that they buy the rice in cups and not bags and it’s affecting us. In the past, weeks before Sallah we record an increase in sales but for this year, we are still waiting for them.” Another trader at the Odo Market, known as Dee Biggy, also a foodstuff dealer, told THISDAY that the only solution to the high cost of foodstuff is for the government to encourage more Nigerians to dabble into agriculture. Alhaji Ibrahim Mohammed, a ram seller at the Oke-Afa bridge, also lamented low patronage. He said, “There are virtually no customers. In the past, some Muslim faithfuls would have come to pick the rams they want and pay. It’s now our job to groom them well within the remaining few weeks before the festival.” While traders who sell clothes were not really affected by the economy in terms of the forthcoming celebration, the local tailors are worse for it, as they lament that there is no influx of customers to sow clothes for. According to Bukola, a popular female tailor along Agric Bus stop, Ikorodu, most people prefer to buy readymade gowns to wear for the celebration since it’s considerably cheaper. She said, “Let’s look at it this way, if someone wants to sew cloth for the celebration, the

T H I S D AY • MONDAY, SEPTEMBER 5, 2016

FEATURES least material they can buy in the market is N1,500 and I will charge N2,000 or more to sew it. But with less than that amount, they can buy a readymade gown for N2,000.” About Eid el Kabir According to public holidays.ng, an online site, Eid el Kabir occurs on the 10th day of the Muslim lunar month of Dhul Hijja, and festivities often continue for four days. Another name for this festival is “Eid al Adha,” but either way, the general meaning is “Feast of the Sacrifice,” referring to the willingness of Ibrahim to sacrifice Ishmael on Mount Moriah, according to Islamic tradition. The website went on to state that, “Since about 40 per cent of Nigerians are Muslim, Id el Kabir is a public holiday in Nigeria. It is especially observed in the northern regions of the country where most Muslims live. While Muslims who can afford it will travel to Mecca in Saudi Arabia on pilgrimage. There, they can reenact the sacrifice of Ibrahim, accomplishing one of the Five Pillars of Islam. “Muslims gather on this day for prayers and sermons at local mosques and in outdoor areas. They dress up in new clothes or, at least, in the finest clothes they have before going to the services. There, they greet each other with the words “Eid Mubarrak!” (Blessed Eid!). “Families also gather together and partake of a festive meal. An animal of some kind will be sacrificed, if the family can afford to pay for it, and the meat partly eaten by guests and partly distributed to the poor. Muslims also frequently invite non-Muslims to attend Id el Kabir celebrations, hoping to introduce them to Islam and Islamic culture. Finally, gifts are given out to children during Eid, giving them a reason to enjoy the day besides the religious aspect.” Picnic Spots for Eid El Kabir For those with limited finances, there are so many fun picnic spots that dot the Lagos metropolis that people can actually step away from the stress of work and relax. In Lagos alone, the picnic spots which keep cropping in their hundreds, are a must-visit for the teeming fun lovers. We have the National Theatre and Museum, the Silverbird Galleria, Casa Illashe, Terra Kulture, Freedom Park, Kamp Ikare, Elegushi Beach, La Campagne Tropicana amongst several others, where fun seekers can go and enjoy themselves this Eid el Kabir period. Tucked at the Victoria Island area of Lagos, the privately owned Terra Kulture, boasts of a library and is fully equipped with Internet facilities with an art shop that displays traditional crafts including batik materials, pottery, tie and dye and mat weaving. This fun spot is tilted towards arts buff. It has over the years since inception filled a niche for art lovers who want to appreciate art particularly African art. At La Campagne Tropicana, is one of the attractive spots with white sands, long coconut trees and the pleasure of nature itself. Hidden in the belly of Ibeju-Lekki, the unique selling point of this centre is its traditional feel. With cabins made from bamboo to monkeys swinging from one tree to the other, the name Tropicana really best suits the recreational centre. The forest inhabits over 7000 monkeys, with a mangrove forest. The cabins each have a talking drum which serves as a doorbell and are all en-suite with a clear view of the ocean. But one of the most attractive spots is a mini restaurant serving locally made dishes such as yam fries and akara amongst others. Also is the ‘Bole Kaja’, a funky spot which promotes relaxed eating spot. Right in front is the Yoru’ Bar. In this a la carte meals are made to the delight of the visitors and freshly made palm wine is served as drinks. Also not to be knocked out is the Halemson Beach Resort, which offers an environment away from the bustle of Nigeria. Located 30 minutes away from Victoria Island, the beach overlooks the Atlantic Ocean and offers pure air for its teeming visitors. Another popular resort is the Whispering Palms occupying about eight acres of land located in Iworo, Badagry. Lying on the shoreline of the lagoons, the palms offer the beach experience with uninterrupted sounds of the breeze and the gentle waves on the beach. For the Hermitage Garden Resort, it’s gleaming beach front is one of the selling point. the Hermitage Garden Resort is a luxurious mini-villas which offers a beautiful view of the ocean. Located at Lekki/Ajah Penninsular area of Lagos, it has become a top site for

A meat seller at Ejigbo Market...complained about low patronage

The ram market at Ijora Olopa Underbridge...buyers not patronising them vacation. It also boasts of a nature trail for nature lovers who want to commune with nature. Another popular fun spot is the National Museum, which is touted as one of the oldest tourists centre in Nigeria and Lagos in particular. Located at Onikan, Lagos, which was established as far back as 1957, it’s one great fun spot that never ceases to appeal with its great collections in archaeology, ethnography and traditional art. The Eko Tourist Beach Resort is a privately-

There are virtually no customers. In the past, some Muslim faithfuls would have come to pick the rams they want and pay. It’s now our job to groom them well within the remaining few weeks before the festival

managed beach located along the Lagos-Epe Expressway. Otherwise called the Akodo Beach, the beach has chalets, amusement parks, swimming beach, as well as good furnished rooms and suites. Also, the Kamp Ikare is another awesome fun spot, which offers a home away from home services. Located at Ikare Village in Lagos, the attraction is the rustic environment and it’s only accessible by boat. Surrounded by miles and miles of sea, although the resort has a main communal beach house, it also has a six-duplex cabin for visitors and a fully stocked bar. More popular however is the Silverbird Galleria in Lagos, which even though it does not boast of an ancient pedigree like the National Museum and other older fun spots, the Silverbird Galleria, however is a must spot for fun lovers. Equipped with a modern cinema, shops, boutiques and recreational centres, the galleria, has all the packages of all round entertainment where you can see the latest movies, live concert and shows. Other places like the Casa Ilashe,12-bedroom private beach, located at Ilashe, a village along Badagry Creek, is one of the fun spots that visitors throng regularly, as well as La Manga Luxury Beach located at Ilashe, boasts of beach

villas designed with Spanish architectural in mind. Another historical fun spot is the National Arts Theatre, which was constructed in 1976 to host the popular Festival of Arts and Culture (FESTAC) in 1977. The multi-purpose national monument, which has continued to serve as a preservation and promotion of Nigerian arts and culture, is located in Iganmu and is the primary centre for the performing arts in Nigeria. For the deep thinkers and lovers of everything good music, poetry and Afropolitan art, the Freedom Park awaits you. Located on the site of the colonial prison where prominent Nigerians were jailed then during the colonial era, this site has now been turned to a public space where people throng to relax. Not to be shoved aside is Takwa Bay. Located at Atlas cove, the island lives up to the ideals of fun and pleasure with its white sands, whispering pines, and crystals clear water. This is just as the Jhalobia Recreation Park and Gardens located along the Murtala Mohammed International Airport Road, Lagos and is tucked between Hajj Camp and Ajao Estate, can be used as relaxation spots for Muslim faithfuls without breaking the bank.

IMAGES

T H I S D AY • MONDAY, septeMber 5, 2016

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

L-R: Facebook Founder, Mark Zuckerberg; Chief Executive Officer and Managing Director, Airtel Nigeria, Segun Ogunsanya; and Vice-President Yemi Osinbajo, arriving the venue of the presentation ceremony of the Aso Villa Demo Day, at the Aso Villa, Abuja...recently

L-R;: Minister of Information and Culture, Alhaji Lai Mohammed; Governor of Bauchi State, Alhaji Mohammed Abubakar and Permanent Secretary, Federal Ministry of Information and Culture, Mrs. Ayo Adesugba during the visit of the governor to the minister in Abuja...recently

L-R: Coordinator, Eko Onibaje New Yam and Beach Festival/Ezemmuo Afrika, Ozo Chinedu Idezuna; Director General, Centre for Black African Arts and Civilisation (CBAAC), Dr. Anikwe Frerdinand; Zonal Coordinator, South-west Zone, Nigerian Tourism Development Corporation (NTDC), Mrs. Annette Chioma-Ibe; and Founder and Convener, Taofic Humanitarian Assistant, Ibeju Lekki, Lagos, Chief Taofi Ahmed, during a stakeholders and media conference for the forthcoming 8th Eko Onibaje New Yam and Beach Festival 2016 in Lagos...recently KOLAWOLA ALLI

L-R: Vice-President, Governing Council/fellow, Chartered Institute of Personnel Management (CIPM) Nigeria; Mr. Udom Inoyo; National Treasurer, Mrs. Ifeoma Adeniyi; President and Chairman, Mr. Anthony Arabome; Chairman, MNUC Committee/fellow, CIPM, Dr. Musa Rabiu; and Registrar and CEO/fellow, CIPM Nigeria, Mr. Sunday Adeyemi, at the CIPM, media and stakeholders engagement on the Management of National Unemployment Challenge in Lagos...recently SUNDAY ADIGUN

L-R: Winner, Seaman’s Ayo Olopon competition, female category, Mrs. Bosede Arolasuyi; Prince Kayode Adewoyin; Ajaguna of Osogbo, Chief Gabriel Oparanti; Area Sales Manager, Grand Oak Limited, Mr. Dauda Abdulrasak; and Otun Ajaguna of Osogbo, Chief Bolarinwa Popola, during the presentation of gifts to the winner at the just concluded Osun Osogbo festival...recently

L-R: A former deputy speaker in the Third Republic, Lagos State House of Assembly, Prince Rasheed Fashina; Sole Administrator, Surulere Local Government, Hon. Sherriff Balogun; Majority Leader, House of Representatives, Hon. Femi Gbajabiamila; and Corporate Affairs Adviser, Nigerian Breweries Plc., Mr. Kufre Ekanem, at the commissioning of Akerele Primary Health Care Centre, Surulere, by Nigerian Breweries Plc in Lagos...recently SUNDAY ADIGUN

L-R: General Manager, Human Resources, Nigerite Ltd., Mr. Joshua Bamigboye; Chief Finance Officer, Mr. Gbolahan Tijani; Chief Operating Officer, Nigerite Ltd., Mr. Bart Verlinden; Quality Safety Health and Environment Manager, Nigerite Ltd., Mr. John Bamigboye; and Secretary, Institute of Safety Professionals of Nigeria, Lagos State, Mr. Harold Echendu, during the one year accident-free operation celebrations by the company in Lagos... recently

L-R: Managing Director, Connect Rail Services, Mr. Edeme Kelikume; Managing Director, Nigeria Incentive Based Risk Sharing System for Agricultural Lending (NIRSAL), Mr. Aliyu Abdulhameed; and Zamfara State Deputy Governor, Alhaji Ibrahim Mohammed, during the NIRSAL’s farm to market livestock rail scheme in Zamfara State... recently JULIUS ATOI

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Quick Takes SAHCOL Partners Air France/KLM

The Skyway Aviation Handling Company Limited (SAHCOL) is partnering Air France/KLM cargo arms of the foreign airlines to enhance the freight of locally made goods, especially tonnes of farm produce to Europe and America. Country Manager of Air France/ KLM cargo, Gabriel Lalande, said the partnership with SAHCOL was a huge boost for Nigeria’s drive for export, being part of the efforts to diversify the economy. Lalande said that Nigeria has for too long entertained wide gap between import and export, while the country was not lacking in exportable goods to equal tonnes of imported products. He noted that with the slum in value of the naira and technical recession, the country is beginning to maximize its export potentials with attendant opportunity for efficient cargo services. According to Lalande: “Nigeria has a lot of import and export capacities but currently freighting at low capacity. Most people do the import business but who wants to grow the export? “There are evidences that we all can grow export. Import in Nigeria for first half of 2016 is already minus 21 per cent because of high cost of foreign goods due to foreign exchange and less demands. It means we are losing money. “We need to make some money together. Exports during this period have grown by 35 per cent against last year. But we can do better if we can address other problems with export charges,” he said.

STRATEGISING ON THE ECONOMY

L-R: Deputy Governor of Niger State, Alhaji Ahmed Ketso; the Executive Director/CEO of Nigerian Export Promotion Council, Olusegun Awolowo; and Governor Abubakar Sani Bello of Niger State, during the advocacy visit to discuss the Zero Oil Plan initiative on diversifying the country’s economy…recently

NPA May Sanction Ports Terminal Operators over Alleged Violation of Concession Agreement Eromosele Abiodun There are indications that the Nigerian Port Authority (NPA) may impose sanctions against terminal operators at the nation’s ports for allegedly violating concession agreement as regards port development. THISDAY gathered that in fighting among the operators is hampering development of ports facilities and revenue generation for the federal government. Sources at the NPA also told THISDAY that the terminal operators are indebted to the Authority to the tune of several millions of dollars, adding the NPA will soon commence aggressive collection of the debt and may also insist the debt be paid in foreign currency.

MARITIME The terminal operators were also accused of converted loading bays and trailer garages that were concessioned out to other uses, leaving the trailer drivers with no other choice than to park on the road. Managing Director of the NPA, Hadiza Bala Usman confirmed this to THISDAY in an interview during her tour of Tincan Island Terminals last week. Specifically, she said: “We have had discussions with the terminal operators around critical areas such as port development that they have not complied to. I have raised that with them. I have also made them to understand that the outstanding fees that they are supposed

to pay should be paid because we are aggressively going to pursue all debtors. Indeed there are concerns that we have to discuss. We have also realised that there is a need to review the port concession agreements to address some of the issues.” While reinstating that the concession agreement would soon be reviewed, the NPA boss said the issue of holding bays that were concessioned might not be within the port complex, stressing that there is need for the holding bays to be outside the ports. That way, she said, the NPA can regulate the traffic going into the ports complex. “We will holistically review this and determine what it is that is applicable as it relates

to holding bays inside the port complex and also outside. Indeed the NPA has premises as we have sighted now, there are locations that are owned by the NPA that can be used to provide such services at commercial rate where users can pay a limited amount to keep their trucks pending when they are called upon to come and collect their cargo.” Recently, the Maritime Workers Union of Nigeria (MWUN), had accused the NPA, terminal operators and shipping companies of conniving to deny the federal government of the much needed revenue from the ports through under declaration of tonnages. Continued on page 24

NIMC Pledges Commitment to Single Database, Begins Data Harmonisation Emma Okonji Efforts by the federal government to create a single database for Nigeria have started yielding results, as the National Identity Management Commission (NIMC) said weekend that it has begun the process of harmonisation of existing data that were hitherto scattered around different government agencies. Prior to now, government agencies spend huge sums of money processing data of the same set of Nigerians, because it lacked the ability to harmonise the data into a single database, where Nigerians could source information from, as it is done

TELECOMS in other regions of the world. The NIMC said, the harmonisation process, when completed, would help Nigeria in creating a single database for the country, from where information about people, organisation and statistics could be sourced on request. The Director-General/Chief Executive of the Commission, Aliyu Aziz, who made the pledge in Abuja, weekend, said, already,the NIMC has commenced the harmonisation of data on Bank Verification Number (BVN) that was carried out by banks, and

thereafter, would begin the data harmonisation of SIM cards that was carried out by the Nigerian Communications Commission (NCC) and the telecoms companies. “We have commenced harmonisation with the Nigeria Inter-Bank Settlement System (NIBSS) on the Bank Verification Number (BVN) records, so any one that has registered for the BVN will get their National Identity Number (NIN). So far we have processed two million records from the BVN data collected,” Aziz said. He added: “The NCC has also agreed to release data from the ongoing Subscriber Identification Module (SIM) cards registration

exercise to the Commission, all these are in line with the federal government’s directive to sister agencies collecting biometrics to harmonise and integrate with the NIMC being the central repository of biometric data in Nigeria.” By 2019, it is projected that NIMC should have over a hundred million unique record at the central database. At that time, we would have commenced the enforcement of the mandatory use of the NIN for all services and transactions requiring the authentication and verification to confirm individual’s identity. At that time also, whoever did Continued on page 24

NAHCO Elected into Aviation Body

The nation’s foremost ground handler, the Nigerian Aviation Handling Company Plc has been elected into the Council of the Association of African Aviation Training Organisations (AATO). The membership is for a first term of three years. With the membership, NAHCO would, in conjunction with other council members, be in a position to make policies that would further the development of Aviation training and development in Africa. The 2nd General Assembly of the Association of African Aviation Training Organisations, which held from August 23 to 25, 2016, brought together experts from the leading African Aviation Training Organisations (ATOs) and Civil Aviation Authorities across the globe. NAHCO has and operates an IATA – certified state – of – the – art Learning and Development centre at the Murtala Mohammed International Airport, Lagos. In a keenly contested election at the 2nd General Assembly of the Association in Kampala, Uganda, nahco aviance, represented by Seyi Adewale, its Chief Commercial Officer was elected to represent the Nigerian State in the 13 – member Council. The Council has as President, Niger and Vice President, South Africa. NAHCO which was a panelist on Day 2 of the conference presented a paper on “Taking Aviation Training to the Next Level: Connecting the Dots. No ATO Left Behind.” The panel was required to discuss the concrete steps that ATOs and stakeholders need to take in order to ensure that aviation training and recent innovations are included in the development framework. Other panelists at the session included the European Aviation Training Association, United ATS, AFCAC (HRDF) and Soroti Flying School, Uganda.

Private Sector for Made-In-Nigeria Festival

Nigeria’s private sector is gearing up to showcase the latest and best it has to offer at the upcoming Made-In-Nigeria (MaIN) Festival – holding this month in Lagos. The festival will focus on different sectors of the economy, including: Manufacturing, Mining, Real Estate, Hospitality, among others. Participants are also expected to comprise stakeholders across small and medium enterprises, big businesses and non-commercial organisations. According to the organisers, MaIN Festival seeks to provide an enabling platform for networking and creation of new opportunities for goods and services Made-In-Nigeria. Its goal is also to enhance innovation and creativity, promote a buy-Nigeria culture, stimulate key growth sectors, create jobs as well as facilitate trade and investment across the five key sectors. MaIN Festival further seeks to renew the social contract between government and the private sector, and also drive the establishment of a new order.

“In my 25 years as an aviator in Nigeria I have seen 27 Ministers of Aviation. It shows that there is no stability; it also shows that we don’t have a clear cut policy” Chairman of Airlines Operators of Nigeria (AON),

Capt Nogie Meggison

T H I S D AY • MONDAY, SEPTEMBER 5, 2016

BUSINESSWORLD NPA MAY SANCTION PORT TERMINAL OPERATORS OVER ALLEGED VIOLATION OF CONCESSION

President-General of the union, Tony Nted stated this in a chat with journalists, decrying the state of the industry in Lagos. To sustain the revenue leakage, he said the shipping companies and terminal operators have impressed it on NPA to ensure sacked dockworkers such as Tally Clerks and Onbaord Security Men are not recalled in spite of their importance and relevance in the port operation. He said the absence of Tally Clerks and Onboard Security men were responsible for the reoccurring scourge of tonnage under declaration and its negative impact on the nation’s economy. NIMC PLEDGES COMMITMENT TO SINGLE DATABASE, BEGINS DATA HARMINISATION

not enroll and the person is above 18 years of age, will be required to pay a token in order to get enrolled for the NIN, Aziz further said. Nigerians had insisted that developing a single database for Nigeria, where information about every Nigerian and organisation doing business in Nigeria, is captured and stored, would help reduce crime rates in the country, as criminals and serial law breakers could be identified, traced and tracked, using stored information from the database. Addressing the issues of national identity cards being handled by NIMC, Aziz said NIMC has enrolled over eleven million unique data into the National Identity Database (NIDB), and that the Commission has also printed about a million National e-ID Cards, and have issued over four hundred thousand of these Cards to their owners. The remaining unissued cards are still in the offices of NIMC in different states, Aziz added. He said “there are ongoing plans to outsource the personalising and printing of the National e-ID Card to private printing bureaus, so that we can clear the backlog of the unprinted cards and issue them to their owners before long.”

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 (Maritime) Ejiofor Alike (Energy) James Emejo (Nation’s Capital) Obinna Chima (Money Mkt) Reporters

Nume Ekeghe (Money Market) Nosa Alekhuogie (AgriBusiness)

NEWS

FMBN Records N424m Half-year Operating Surplus Dele Ogbodo in Abuja The acting Managing Director of Federal Mortgage Bank of Nigeria (FMBN), Mr. Richard Esin, has said the bank recorded N424 million as operating surplus in its half year business performance indicators. The bank in a statement made available to journalists at the weekend, in Abuja, said the profit was realised from its total income of N5.8billion. The bank’s half-year financial performance from the management account by the Group Head, Finance and Control Group, Mrs. Oby Nwokedi, indicated an operating surplus of N424 million from a total income of N5.8 billion. According to a statement by the bank, the half year business performance review, was aimed at taking stock of its performance during the half year January-June 2016, as well as to strategise on how to improve on its operations. Esin said the Business Performance Review (BPR), which was the first of its kind in the history of the bank, became imperative in order to successful chart a new course for the bank. He stressed that the bank must strive to focus on creating a performance driven culture at all levels of its operations which can be achieved through the bank’s four pillars of corporate governance com-

pliance, banks’ profitability operational effectiveness and debt recovery. On debt profile of the bank, Esin admitted that the bank is in process of compiling debtors list, adding that the Economic and Financial Crimes Commission (EFCC), has expressed willingness to assist the bank recover the debts. He said: “The bank is collaborating with other organizations with like minds to promote self re-invention

and stimulate competition for the overall growth of the housing sector.” At the end of the bank’s review of its performance, Esin, said the bank has begun a paradigm shift towards sustainable profitability and the ascendency towards delivery of quality services to the National Housing Fund (NHF) contributors and mortgagors. He added: “The need to identify critical factors affecting

The Nigerian Employers Consultative Association of Nigeria (NECA) has called on the federal government to put more efforts in finding a solution to current challenges being faced by companies operating in the country. Speaking at the annual general meeting (AGM) of association, the President of NECA, Mr. Larry Ettah said businesses are grappling with extremely traumatic times, therefore calling on the government to look beyond the seeming good performance of a handful “big” businesses in gauging the state of the economy. “In recent times at our AGMs, we have variously described our operating environment as challenging, unpredictable, unstable and energy sapping. These words are, of course, true and descriptive of what our members have experienced in keeping their businesses afloat. As I reflect on the events and situation of our economy in the past one year, I am truly short of appropriate words to capture the extremes of hardship and trauma businesses have had to contend with to remain standing. Suffice it to

The Deputy Director, Monitoring and Evaluation, Ministry of Power, Works and Housing, Mr. Emmanuel Otu, in a keynote address encouraged the bank to organise such sessions on regular basis so as to entrench the culture of accountability and profitability in the system. He also urged the bank to periodically review its portfolio, with a view to optimising its assets to drive mortgage lending and profitability.

TREE PLANTING

L – R: Zonal Director (NESREA) North East; Wuave Terwase Daniel; Hon Commissioner for Environment, Gombe State, Hajiya Sa’adatu Sa’ad Mustapha; Business Executive, North East, Sterling Bank Plc, Alhaji Abbas Yerima and the Permanent Secretary Ministry of Environment, Gombe State, Adamu J. Pukumah at the second phase of tree planting initiative of Sterling Bank Plc …recently

NECA Decries Challenging Environment, Calls on FG for Solution Goddy Egene

operational performance in the bank such as sound corporate governance principles in its continuous engagement with government and Stakeholders was identified as key. “The bank must also adequately strategised in all facets of its operations in order to redefine its role in the housing/mortgage finance market with a view to being operationally efficient and profitable like its international peer institutions.”

say congratulations to any enterprise whose head is still standing above the inclement weather of our operating environment,” he said. Ettah, who is also the Group Managing Director/ CEO of UAC of Nigeria Plc said the mortality rate of micro, small and medium scale businesses is alarming and, noting that if we are going to get a firm grip of the panacea to the high youth unemployment in Nigeria, then we must look at the imperatives for sustainable enterprise. Commenting on the economy in 2015 and the outlook for 2016, the NECA boss said: “With a growth rate of 2.79 percent in 2015, the year recorded a dramatic slowdown from the 5-6 per cent growth the Nigerian economy has become accustomed to recording. The triple jeopardy of a stand-still in government as a result of the 2015 election, a new government grappling to settle down and the drastic fall in government revenue as a result of fall in the crude oil prices dealt a massive blow to the economy.” According to him, 2016 has so far not been any better with multiple economic chal-

lenges including: depleted foreign reserves from $29.9 billion in November 2015 to $25.71billion as at August 19, 2016; Naira depreciation by 31.7 per cent from N197/US$ in March 2015 to N330/USD in August 2016; high capital outflow, particularly portfolio investment; upward trend of inflation from 8.5 per cent in March 2015 to 17.1 per cent in July 2016 and increased interest rates. Ettah said that the economic challenges had impacted on the real sector, resulting in the decline in capacity utilization, closure of businesses, redundancies and retrenchments, astronomical cost of forex plus smuggling, import restrictions, trade credit evaporation, shrinking supplier credit and bills for collection, and reluctance by export credit agencies to grant more credit. Ettah noted that “While there is no doubt that the past administration was profligate in its management of our commonwealth, it is quite evident that the lack of clarity about the economic agenda of the current government and some wrong policy choices have contributed to the current economic stagnation and recession.”

NAICOM Raises the Alarm over Recklessness of Top Insurance Chief Executives Ebere Nwoji Insurance industry regulatory authority, the National Insurance Commission (NAICOM), has raised the alarm over what it described as ‘executive recklessness and timidity’ in the insurance sector. The commissioner for Insurance, Alhaji Mohammed Kari, who made this observation at the 2016 Insurance Professionals’ Forum held in Abeokuta, Ogun State, said this calls for collaboration between his office and the educational arm of the industry, the Chartered Insurance Institute of Nigeria(CIIN) to rid the insurance profession of existing bad eggs. He said the problem is more complex when it comes from top officials in the insurance industry. “The case of the bad professional who is at the top is more complex. (OATT). We have found executive recklessness and/or timidity at the very top of the executive ladder in some companies. Executives that have feign ignorance when asked to give account of their companies’ misconducts. While some have blamed the chairman

or directors, some have simply claimed unawareness. Directors including executives seem oblivious of the fact that their actions can lead to criminal prosecution,” Kari observed. According to him, although there had been chairmen that were overbearing, any professional on the seat of a company’s executives, should know that expectations from him are onerous. He said the insurance professionals’ role in board oversight responsibilities is to bring in his professional competence and ethical orientation into play in board deliberations. “In this regard, he is expected to provide explanations and clarifications on issues when necessary in the course of the board’s work. This is more so on technical insurance issues. He is also expected to bring the professional orientation of integrity and objectivity in his contribution in board’s decision making. The insurance professional should use his membership of the board to raise the quality of discussion in board meetings and, over time, assist other directors in developing improved perspective on insurance and ethical issues”, he stated.

T H I S D AY • MONDAY, SEPTEMBER 5, 2016

BUSINESSWORLD

MARKET REPORT

Equities Market Defies Negative Economic Data to Close Firmer Goddy Egene and Nosa Alekhuogie

After three days of appreciation, the market fell on Friday as profit taking. Consequently, the ASI declined by 2.33 per cent to close at 27,756.67. The major drivers of the performance were Dangote Cement, Flour Mills of Nigeria Plc, Lafarge Africa Plc, Zenith Bank Plc and Oando Plc.

The Nigerian equities market closed firmer last week despite the disappointing second quarter (Q2) economic data released by the National Bureau of Statistics (NBS). The Q2 data showed negative gross domestic (GDP) growth, rising unemployment rate, higher inflation rate, and declining capital importation, indices that ought to dampened investors’ sentiments and depress stock market performance. However, investors took a longer term view beyond the negative economic data. Consequently, the market closed the week higher with the Nigerian Stock Exchange (NSE) All-Share Index , rising by 1.11 per cent to be at 27,756.67. Market capitalisation added N106.6 billion to be at N9.5 trillion. Similarly, all other Indices finished higher during the week, with the exception of the NSE Industrial Goods index that declined by 0.24 per cent while the NSE ASeM Index closed flat. But the positive performance was majorly driven by Dangote Cement Plc as investors reacted to management’s announcement of an upward adjustment in the ex-factory price of its 50kg cement, and an acceleration in the installation of coal mills and mining initiative. Daily Performance Summary Trading at the stock market resumed on a negative note last Monday as the NSE ASI depreciated by 0.30 per cent to close at 27,368.41 on the back of losses suffered by Nigerian Breweries, FBN Holdings, Guaranty Trust Bank Plc, NASCON Allied Industries Plc and Transcorp. The total value of stocks traded on the first day of the week was N711.12 million , down by 80.79 per cent from N3.70 billion recorded the previous trading day. The total volume of stocks traded was 83.83 million in 2,279 deals. The three most actively traded stocks were: FBN Holdings (11.65 million), FCMB Group (8.83 million) and Zenith Bank (7.83 million). The most actively traded sectors were: Financial Services (70.40 million shares), Conglomerates (6.45 million shares) and Consumer Goods (3.14 million shares). The market rebounded on Tuesday to shake off the bearish start on Monday as the benchmark index gained 0.46 per cent to close at 27,493.12 on bargain hunting and news that some foreign investments will enter the Nigerian financial market. Bargain hunting in Dangote Cement (+1.2 per cent), Nigerian Breweries Plc (+1.3 per cent), SevenUp (+9.4 per cent) and Guaranty Trust Bank (+0.6 per cent) largely buoyed the performance. Also, overall market performance and activity level improved significantly as volume and value traded jumped 174.5 per cent and 285.5 per cent to 230.1 million units and N2.7 billion respectively whilst total deals transacted increased to 3,536 from the previous day’s 2,279. Performance across sectors was mixed as the Consumer and Industrial Goods indices appreciated 0.7 per cent and 0.6 per cent respectively on the back of uptrend in Dangote Cement, Nigerian Breweries and Seven-Up just as t the Insurance index rose 0.1 per cent following gains in Custodian and Continental Reinsurance Plc. Conversely, the Banking index

Market turnover Meanwhile, the market recorded a turnover of 1.115 billion shares worth N13.817 billion in 16,083 deals in contrast to a total of 1.124 billion shares valued at N13.839 billion that exchanged hands the previous week in 15,625 deals. The Financial Services Industry led the activity chart with 993.823 million shares valued at N7.279 billion traded in 10,135 deals, thus contributing 89.11 per cent and 52.68 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 48.047 million shares worth N4.365 billion in 2,682 deals. The third place was occupied by the Conglomerates Industry with a turnover of 31.648 million shares worth N109.579 million in 487 deals. Trading in the top three equities namely – Guaranty Trust Bank Plc, United Bank for Africa Plc and Diamond Bank Plc, accounted for 394.511 million shares worth N4.397 billion in 3,142 deals, contributing 35.37 per cent and 31.82 per cent to the total equity turnover volume and value respectively. During the review week, a total of 29,242 units of Exchange Traded Products (ETPs) valued at N283,495.57 were also executed in 42 deals, compared with a total of 16,397 units valued at N1.961 million transacted the previous week. Similarly, a total of 4,470 units of Federal Government Bonds valued at N4.313 million were traded in eight deals compared to a total of 1,650 units of Federal Government Bonds valued at N1.690 million transacted a week ago in three deals. declined 0.5 per cent as Zenith Bank and United Bank for Africa trended southwards, while sell-offs in Oando Plc and Conoil Plc dragged down the Oil & Gas Index by 0.6 per cent. The market sustained is positive momentum on Wednesday despite the announcement of negative macroeconomic data. In line with expectation, economic output declined for the second consecutive quarter as GDP contracted further by 2.1 per cent in Q2:2016 from 0.4 per cent in Q1:2016, thus confirming the economy to be in a recession. The performance for the period was dragged by activities in both the oil and non-oil GDP which contracted 17.5 per cent and 0.4 per cent respectively. Inflation for the month of July hit 17.01 per cent, up from 16.48 per cent in June. Again, the market surged by 3.0 per cent to complete three consecutive days of gains The index closed at 28,419.92 while market capitalsiation garnered N281.9 billion to hit N9.8 trillion. However, the performance was influenced by Dangote Cement Plc after management guided to an increase in ex-factory price of cement in Nigeria (its largest market) as well as accelerated installation of coal mills to prune cost of production. Ex-Dangote Cement, the benchmark index would have appreciated 0.4 per cent. Although the index appreciated, broader market performance, activity

level however waned as volume and value traded fell 12.7 per cent and

TOP TEN BROKERS(BY VALUE)

56.6 per cent respectively to settle at 229.2 million units and N2.1 billion.

AS AT LAST FRIDAY

BROKER

VALUE

% VALUE

STANBIC IBTC STOCKBROKERS LIMITED

4,748,579,311.40

17.16

RENCAP SECURITIES (NIG) LIMITED

4,147,510,132.34

14.99

3,726,955,842.50 3,665,370,078.52

13.47 6.22

EFCP LIMITED CSL STOCKBROKERS LIMITED SECURITIES AFRICA FINANCIAL LIMITED -BRD

966,436,899.11

3.49

CORDROS CAPITAL LIMITED - BRD FBN SECURITIES LIMITED CASHCRAFT SECURITIES LIMITED - BRD

940,731,798.88 726,935,334.75 709,917,607.72

3.40 2.63 2.57

CHAPEL HILL DENHAM SECURITIES LTD - BRD

609,256,659.36

2.20

601,523,881.58 20,843,217,546.16

2.17 75.32

NIGERIAN INTERNATIONAL SECURITIES LTD

TOP TEN BROKERS

(BY VOLUME)

BROKER

AS LAST FRIDAY VOLUME %VOLUME

FBN SECURITIES LIMITED

236,611,240

RENCAP SECURITIES (NIG) LIMITED

220,758,389

9.90

CSL STOCKBROKERS LIMITED

166,864,098

7.48

STANBIC IBTC STOCKBROKERS LIMITED

134,486,127

6.03

EFCP LIMITED

96,919,424

4.35

CARDINALSTONE SECURITIES LIMITED

68,314,079

3.06

CHAPEL HILL DENHAM SECURITIES LTD - BRD

67,674,977

3.03

APT SECURITIES AND FUNDS - BRD

66,667,025

2.99

MORGAN CAPITAL SECURITIES LIMITED

66,229,007

2.97

CASHCRAFT SECURITIES LIMITED - BRD

10.61

63,978,318

2.87

1,188,502,684

53.28

Gainers and losers A total of 28 equities appreciated in price during the week, higher than 27 equities of the previous week. Thirty-one (31) equities depreciated in price, higher than 25 equities of the previous week, while 121 equities remained unchanged lower than the 128 equities recorded in the preceding week. Seven-Up Bottling Company Plc led the price gainers, rising by 28.2 per cent, trailed by Wema Bank Plc with 17.1 per cent, just as Seplat advanced by 15.8 per cent. Presco Plc and Skye Bank Plc appreciated by 11.8 per cent and 8.4 per cent respectively. Other top price gainers included: NPF MicrofinanceBank Plc (8.4 per cent); FCMB Group (6.4 per cent); AIICO Insurance Plc (6.4 per cent); Mobil Oil Plc (5.0 per cent) and FBN Holdings Plc (4.9 per cent). On the negative side, May & Baker Nigeria Plc led the price losers, shedding 19.8 per cent, trailed by Unity Bank Plc with 10.7 per cent. Julius Berger Nigeria Plc went down by 9.7 per cent, while Cutix Plc shed 9.0 per cent. Caverton declined by 8.9 per cent just as African Prudential Registrars Plc and N.E.M Insurance Plc lost 8.3 per cent and 7.7 per cent in that order. Other top price losers were: Fidelity Bank Plc (5.1 per cent); Conoil Plc (4.9 per cent) and Oando Plc (4.8 per cent).

T H I S D AY • MONDAY, SEPTEMBER 5, 2016

BUSINESSWORLD

INSIDE BROAD STREET

The Quest for Exchange Rate Stability Obinna Chima The situation in the foreign exchange market in the past few days, which saw the naira drop to a historic low of N425 to the dollar on the parallel market arm of the forex market, obviously got all concerned stakeholders alarmed. The situation, which was exacerbated by scarcity of the greenback following the suspension of eight banks over their failure to return a total of $1.8 billion Nigerian National Petroleum Corporation (NNPC)/Nigerian Liquefied Natural Gas (NLNG) Company dollar deposits to the Treasury Single Account (TSA) as directed by the federal government, has also raised concerns about the ability of banks to genuinely fund the Bureau De Change (BDC) sub-sector of the forex market. That is why experts have argued that there is need for the Central Bank of Nigeria (CBN) to outsource the dollar distribution role to an independent body that would make the funds readily accessible to the BDCs. This, they argued would strengthen the foreign exchange market. The BDC sub-sector remains a critical agent for Nigeria’s economic growth and stability of the foreign exchange market. Knowing fully well the role BDCs play in achieving exchange rate stability and making forex available to the retail end of the market, the central bank recently directed commercial banks to sell $50,000 Diaspora-related forex on weekly basis to nearly 3,000 BDC operators. However, recent happenings have questioned the need for banks to continue to disburse diaspora remittances estimated at $21 billion annually to BDCs as instructed by the central bank. This was accentuated by a recent disclosure by the CBN that the lenders are violating international money transfer rules, establishing private and company accounts to harvest dollar inflows from abroad without following the right Know Your Customer (KYC) requirements. The banks have also been accused of not adhering to the directive that they sell dollar inflows through remittances to BDCs. Enhancing Dollar Liquidity Speaking on these developments, President, Association of Bureau De Change Operators of Nigeria (ABCON) Alhaji Aminu Gwadabe said only 10 per cent of BDCs from the Lagos market have so far accessed dollar from banks since the CBN gave the directive nearly a month ago. “The proceeds of the international money transfer funds are not CBN money. It is not from the foreign reserves of the CBN. This is money that Nigerians in Diaspora, are sending

Authorised Dealers, also accused the banks of buying and selling forex without following stipulated guidelines. “The CBN has noticed that some Authorised Dealers have continued to buy and sell foreign exchange referred to as ‘free funds’ despite the provision of the circular of March 4, 2004 on the subject,” he had said. He reiterated that as provided in the laws and regulations governing dealings in forex, authorised dealers shall not sell forex without appropriate documentation and disclosure to the regulatory authorities irrespective of the source of the funds. “Accordingly, authorised dealers shall deal in eligible transactions only, and not to engage in any foreign exchange transactions on terms inconsistent with the extant laws and or regulations,” he said. The CBN recently accused commercial banks of operating accounts either as companies or companies masking themselves as individuals for the purpose of illegally receiving money transfer flows into those accounts for onward disbursements to recipients in Nigeria. To curb this illicit international fund transfer, the CBN in a circular titled: “Illegal International Money Remittances Through the Banking System,” by its Acting Director, Trade and Exchange Department, Mr. W.D. Gotring, directed banks to identify and freeze such accounts receiving illicit flows with immediate effects. The banks were also directed to submit the mandate and account details of these accounts held in naira or foreign currency to it for onward reporting to the security agencies. “The CBN therefore reiterates that deposit money banks have the absolute responsibility to conduct Know Your Customers’ Business (KYCB) checks on all their customers to ensure that they do not transact in illegal/ illicit flows,” it added. Licencing of New IMTOs To remove oligopoly in the money transfer business, CBN has equally licensed 11 new IMTOs to join Western Union, MoneyGram and Ria, which were previously cleared by the apex bank. Gwadabe praised the CBN’s decision, describing it as a right step in the right direction and in line with ABCON’s campaign that new operators be allowed into the market. The new entrants are Trans-Fast Remittance LLC; WorldRemit Limited, UAE Exchange Centre LLC; Wari Limited, Homesend S.C.R.L, Small World Financial Services Group Limited and Weblink International Limited. Others are Cash Pot Limited, DT&T Corporation Limited, Fiem Group LLC DBA Ping Express and CP Express Limited. CBN acting Director, Corporate Communications, Isaac Okorafor, said the new entrants was in line with the central bank’s efforts to liberalise the forex market, ensure liquidity and make forex more readily available to low end users.

CBN Governor, Godwin Emefiele into the economy. Before, this money came through unofficial means, some sending through hands, and at the end of the day, the beneficiary will not even get the money. And in other countries, the Diaspora funds are strictly for BDCs,” Gwadabe explained. The ABCON boss is urging the CBN to outsource the dollar distribution role to independent distributor since the banks have failed in their assigned role. According to him, the banks that are so far involved in the dollar sales to BDCs include FirstBank, Ecobank Nigeria, Fidelity Bank, United Bank for Africa and Unity Bank. Others are Diamond Bank, Zenith Bank and Stanbic IBTC Bank. Gwadabe disclosed that BDCs in Port Harcourt, Kano, Abuja, Onitsha, Maiduguri, Benin and Enugu are yet to get a single dollar from these banks. The ABCON chief said that the banks are also selling dollar far above the interbank rate. The banks, he added, are supposed to sell to the BDCs on the same day within the week, but have failed to do so. “Instead of staggering the payment, the banks should sell

to the BDCs on the same week day, so that the impact will be felt in the market,” he said. “Our members across the country have funded their accounts but the banks are not selling to them. The BDCs that met the CBN’s policy guidelines on the disbursement and cleared by the banks have still not received a dime from the banks,” he added. “I think the banks are compromising the policy and CBN’s directive on the matter. And like I said earlier, since the banks are not co-operating, I expect the CBN to take that role from them and assign it to a reputable independent distributor,” he advised. The CBN acting Director, Trade & Exchange, W.D. Gotring recently directed through a circular to authorised dealers that all agents to approved IMTOs sell $50,000 weekly foreign currency accruing from inward money remittances to licenced BDCs. The directive was meant to ensure stability of the exchange rate and encourage participation of critical stakeholders in the foreign exchange market. Gotring, in a circular to authorised dealers titled: Re: Transactions in ‘Free Funds’ by

BDCs and Rate Stability For Gwadabe, operators in the BDC subsector, if given the desired support, would help bridge the gap between the parallel and interbank forex rates. He also said BDC can also help meet the forex demand at the retail end of the market so that they can continue to enhance employment generation in the country. The ABCON boss believes that despite the challenges facing the economy, the CBN and BDCs can work together and find sustainable solutions that can help the country wriggle out of the ongoing forex crisis and achieve full economic recovery. Besides, ABCON has reached the final stage of automation of BDCs’ operations in Nigeria, and is seeking for CBN’s certificate of no-objection on the project. Gwadabe said the automation plan has been received by the CBN adding that a comprehensive reforms of the BDCs has already been unveiled earlier in the year. ABCON under Gwadabe has also pledged to ensure that purchased funds would be disbursed to end users and for eligible transactions only and shall render weekly returns on purchases from the banks to Trade and Exchange Department of the CBN. He further promised to ensure strict compliance to the provisions of the anti-money laundering laws observance of appropriate KYC principles in the handling of forex transactions.

T H I S D AY • MONDAY, SEPTEMBER 5, 2016

BUSINESSWORLD

APPOINTMENT / AWARDS

NIMASA’s Executive Directors Assume Duty MTN Announces Following the appointment of a Governing Board for the Nigerian Maritime Administration and Safety Agency (NIMASA) by President Muhammadu Buhari, the Executive Directors have assumed their respective offices. In their letters of appointment signed by the Secretary to the Government of the Federation, Mr. Bashir Yusuf Jamoh is the Executive Director Finance and Administration, Mr. Joseph Oluwarotimi Fashakin is the Executive Director Maritime Safety and Shipping Development while Mr. Gambo Ahmed is the Executive Director Maritime Labour and Cabotage Services. Jamoh was until this appointment the Assistant Director in NIMASA in charge of Training and Development and has over 25 years of public service experience. He had served in the Kaduna State Government before transferring his services to the then National Maritime Authority (NMA) in 1994. In a statement, NIMASA said Jamoh has had the privileged experience of serving

in the operations and administrative departments of the agency at management level and brings this knowledge to bear on his new assignment. “Currently a Ph.D student of the University of Port Harcourt specialising in Logistics and Transport Management, Mr. Jamoh also holds a Masters degree in Management from the Korea Maritime and Ocean University in South Korea with a Diploma in Accounting from the Ahmadu Bello University Zaria. “He has attended management courses at the Said Business School, Oxford University, UK as well as the Institute of Public Partnerships in Washington DC, USA. Jamoh also holds membership of several professional Associations including the Chartered Institute of Transport and Logistics, Chartered Institute of Administration of Nigeria and Institute of Maritime Economists (Canada).” The agency described the Executive Director in charge of Maritime Safety and Shipping Development, Mr. Joseph Oluwarotimi Fashakin, as a

consummate Engineering and Project Management Professional having graduated from the University of Ife with a Bachelor’s Degree in Electrical and Electronics Engineering and the Project Management Institute, USA. Fashakin’s working experience, it added, spans nearly three decades mostly in the private sector. He was at various times Project Manager, MTN Nigeria, Chief Operating Officer - Hybrid Systems Engineering Limited, Technical Manager – Mobile Telecommunication Services amongst other engagements. “He is a Member of the Nigeria Society of Engineers and Project Management Institute of the United States of America. “ The Executive Director of Maritime Labour and Cabotage Services, Mr. Gambo Ahmed, it added, holds a Bachelor’s degree in (Business Administration) Actuarial Science from the Ahmadu Bello University Zaria and a Masters in Banking & Finance from the Bayero University Kano. It added: “Ahmed who

has had a successful career in the private and public service started out as an Investment Banker with NAL Merchant Bank Limited before proceeding to become first, the Principal Secretary to the Kaduna State Deputy Governor, and later the Principal Private Secretary to the Kaduna State Governor from 1980. “He was to later return to his passion of banking in NAL Bank PLC where he served and rose to the enviable position of Executive Director retiring in 2006 following the Banking Consolidation which saw the merger of NAL with four other banks to form Sterling Bank Plc. “He was also a Director and later Chairman, Board of Directors of Mainstreet Bank Limited from August 2012 to December, 2014 following his nomination by the Asset Management Corporation of Nigeria (AMCON) and subsequent approval by the CBN. Ahmed, a Fellow of the Chartered Institute of Stockbrokers has also attended several management training both locally and international.”

SEALED AND SIGNED

L-R: Government and Industry Relations, Ericsson sub-Saharan Africa, Shiletsi Makofhane; Managing Director and Head of Ericsson Nigeria, Johan Jemdahl; Company Secretary/General Counsel Galaxy Backbone Limited, David Lanre-Leke and Managing Director/CEO, Galaxy Backbone Limited, Yusuf Kazaure, at the signing of an MoU between Ericsson and Galaxy Backbone in Abuja...recently

Airtel Rewards Partners with 2017 Model Cars, Cash Prizes Airtel Nigeria, at the weekend in Lagos, gave out two brand new 2017 model of Ford Explorer cars, valued from $43,000 to $53,000 (N17.2 million to N21.2 million) each, to its smart partners for turning out the highest volume of sales of Airtel recharge cards and devices/accessories in 2016. The grand awards from among the awards categories, were tagged: ‘CEO Recognition Award’ and the car keys were presented to the winners by Airtel CEO, Mr. Segun Ogunsanya, who was supported by board members and some high dignitaries present at the award night at Oriental Hotel, Lekki, Lagos. The winners of the grand awards were Idems Ultimate

and AG Cellular Nigeria Limited. Aside the CEO Recognition Award, winners also emerged in other categories of awards, from Lagos region, Northern region, Southern region and Western region. The first category of winners were given credit voucher worth N5 million each, while winners in the second category were given credit voucher worth N2.5 million each. Thanking its smart partners for their loyalty to the Airtel brand and for their commitment in turning out huge sums of money for Airtel through sales of Airtel products, Ogunsanya encouraged the winners to continue in their revenue generation drive for the brand. He equally

encouraged other loyal smart partners to step up their games in their trade and win prizes in subsequent awards. According to Ogunsanya, “Every region had winners and our vision is to become the best internet company in Nigeria, offering voice and data services to our esteemed customers on our 3.75G network.” Ogunsanya gave a narrative how Airtel had in the past, took partners in an all paid trip to Dubai, as a way of celebrating its partners whom, he said had remained loyal to the brand even during its tough moments. One of the special guests at the award night, President, Lagos Chamber of Commerce and Industry (LCCI), Mrs. Nike Akande, commended Airtel for

its magnanimity to reward loyal partners at a time when Nigeria is passing through economic recession that is grounding most businesses in the country. She said the ability of Airtel to reward its partners, was a show of good leadership on the part of the management staff Airtel Nigeria, in managing the telecoms company in a most prudent way. “Guests at the award night were treated big and were well entertained and I can attest to that, while still thanking Airtel Nigeria for giving us a very relaxed night,” Akande said. Guests and partners alike were entertained by first-class comedians, Kofi and Akpororo, including king of African music, 2Face Idibia.

Brand Ambassadors for 2016-2017 In line with its commitment to supporting Nigerian musicians by providing alternative platforms through which they can receive lucrative value for their intellectual property, MTN has announced brand ambassadors for 2016-2017. According to MTN’s General Manager Consumer Marketing, Richard Iweanoge, this was designed to enable the company continue to support the development of the entertainment industry by financially empowering Nigerian artistes and musicians through the promotion and monetisation of content on its various digital platforms – MTN Music+, Caller Ring Back Tunes (CRBT) and Value Added Services (VAS). Music ambassadors for 2016-2017 are: Praiz (Praise Adejo); Iyanya (Iyanya Mbuk); Chidinma (Chidinma Ekile); Falz(Folarin Falana); Tekno Miles(Augustine Kelechi) and Skales(Raoul Njeng-Njeng) Four other ambassadors are - Saka, (Hafiz Oyetoro); Nedu (Steve Onu); Osuofia (Nkem Owoh) and Adamu Zango. Speaking on the development, MTN Executive, Amina Oyagbola said, “MTN remains proud to be associated with the growth and development of the careers of all our ambassadors, past and present. We specially thank all our former ambassadors for their immense contributions to building our brand and making us the network of choice in Nigeria. We will definitely continue to maintain the strong and mutually beneficial relationship with them through the monetisation of their content on all our digital platforms - MTN Music+, CRBT and VAS.” According to Iweanoge, “With the significant investment made so far in Nigeria’s music industry, MTN remains and will continue to be one of the biggest supporters of the music industry. We have

a track record of consistently providing the stage for some of Nigeria’s biggest artistes to shine and express themselves.” He stated that through its Caller Ring Back Tunes (CRBT), MTN is the largest music distributor in Africa. “Through the platform, we ensured that Nigerian musicians would no longer suffer the scourge of piracy. They are able to make good money as a result of their hard work. Also, as Nigeria’s most innovative telecoms company, we have been able to deploy music as a platform to give other value added services to our teeming subscribers, which have also proved to be a significant source of revenue for the artistes such as the MTN Music+ app and a host of other platforms.” For MTN, we see the growth of the music industry as a continuum and not a destination. That is why we will continue to engage and support our local artistes so that they can find full expression for their talent. We will also continue to explore other areas of collaboration with ALL artistes through these platforms and many more, as we work to fulfil our vision to lead the delivery of a bold new digital world” Iweanoge, however, posited that for the purpose of keeping alive the original concept of music brand ambassadorship, MTN decided to retain the services of past winners and participants of its Project Fame music reality TV show, which include Inyanya, Chidinma and Praiz. “MTN is particularly proud of these musicians because we not only gave them the platform to express their talent through Project FAME, we have consistently supported them over the years by making them our ambassadors. We are proud to have been able to contribute to some of Nigeria’s biggest music acts.”

Weco Systems Wins Cisco Award Weco Systems again puts Nigeria on the world stage being the recipient of Cisco’s Architectural Excellence award in Enterprise Networks for Africa at the 2016 Partner Summit Conference in San Diego, California. The Cisco Partner Summit awards are designed to recognize the top-performing channel partners who demonstrate bestin-class business practices and serve as a model to the industry. Areas of consideration include innovative practices, application successes, unique programs, problem solving and sales approaches. Award recipients are selected by a group of Cisco Worldwide Partner Organization and regional executives. Chief Operating Officer, Weco Systems, Nnamdi Onyebuchi, said: “We feel highly honored

to be selected as the recipient of the Architectural Excellence award for Enterprise Networks from Cisco.” “This recognition validates the success of Weco’s comprehensive services methodology that ensures acceleration of favorable business outcomes to our esteemed customers leveraging Cisco’s innovative technologies,” Onyebuchi added. Weco Systems International Limited is a foremost systems integration company with over 24 years of experience in delighting customers by solving their business challenges through seamless and timely delivery of innovative technology solutions that not only transform their operations in ways that boost their business performance but also increase their business agility and competitiveness.

T H I S D AY • MONDAY, SEPTEMBER 5, 2016

BUSINESSWORLD

INTERVIEW

Onyema: Operational Challenges May Force Airlines to Close Shop Chairman of Air Peace, Allen Onyema said the current economic recession is hurting air transport business in Nigeria, positing that unless government comes to the aid of domestic carriers, some of them would go out of business. He spoke to Chinedu Eze. Excerpts: Talking about challenges of operating in Nigeria, particularly, the fuel issues, oil marketers are saying that the local carriers are reluctant to pay for fuel they buy, so they prefer selling to foreign airlines that pay promptly. Is that true? I said in one forum that if foreign airlines are faced with the challenges, we as local operators in Nigeria are facing, those foreign airlines would not last 72 hours. So we have to actually give it to owners of these airlines. It takes a lot for somebody to invest in this sector; it is a critical sector of the economy and we deserve our dues. We deserve assistance, we deserve understanding and I am happy government is beginning to appreciate what we are doing. The major challenges the foreign airlines have faced and are all scampering out of the country. These problems are the fuel issue and forex. And the fuel and forex are maybe just 40 or 50 percent of what we go through, yet they couldn’t stand it. These foreign airlines are fair weather friends. If we are going through recession or going through any problem here, they should understand because these foreign airlines have really ripped this country to stupor. The kind of fares foreign airlines charge in this country are outrageous and they have been charging these fares over the years. The fares Nigerians were paying foreign airlines before now were so obscene. So they have gotten their fair share, now it is the time to help the country and they are running out of the country because they couldn’t stand it. Nigeria has been their best route ever, so these foreign airlines are fair whether friends. They should remember that this situation is like force majeure, they should remember that Nigeria didn’t deliberately refuse to give them the dollar equivalent of their money, they should be patient with the country and not the other way round. They should be patient with the country and understand with the country that we are undergoing changes. If not so I call all of them fair weather friends. So because of forex and aviation fuel issue they are all running out of the country. I am not saying that that is right; we are also facing the same problem. But don’t forget that when you to travel to London from Nigeria, somebody from South Africa that will do about eight or nine hours to London pays less and this have been happening. They will give you all manner of reasons that Nigeria is unsafe that they need to pay more allowances to their staff, but it is all a ruse. So the challenges we face as airlines in the country are enormous. One, nobody talks about insurance. They use peanut to insure aircraft abroad, in Nigeria I have to cough out over a million dollars to insure my aircraft for one year. For goodness sake how do I get this money back? And you are supposed to insure it at the London market. They will tell you that the Nigerian operational environment is unsafe; this is what they continuously use to demean this country. There is no country without its own problems. So why are they always running to Nigeria if Nigeria is so unsafe? So they use insurance to rip us off that is one. Two, you have the fuel issue. The aviation fuel price all over the world has tumbled downwards, in Nigeria the cost has spiraled upwards; it has quadrupled. Instead of going down, it is like four times over, so it is cheaper to even buy the aviation fuel in the United States than in Nigeria. So we are facing all these. When we were buying fuel at N97 to N110

Onyema to a litre we were complaining that it was too much but now it is up to N250, N240, N230; how do you want to make ends meet? The fourth one is that the aviation fuel itself is even scarce, making you to cancel some of your flights and continuously dwindling your revenue, making you always not to be able to keep on to your on-time departures. Making pilots run out of duty time so easily without flying. Because they will be there

Another challenge is the high cost of aircraft maintenance. We don’t have any maintenance facility in Nigeria. It then means that you must take your aircraft out of the country at any given time

waiting for fuel before you know their duty time is gone. Now you have to employ more pilots in order to get over this kind of issue. For example I am going to Owerri, the marketer in Owerri does not have fuel, the only three places you have fuel now is maybe Port Harcourt, Abuja and Lagos. At times they are scarce or they don’t come when you want them. So going to Owerri or Enugu, you have to tanker fuel from here, you have to carry more than you need from here because you won’t get any fuel there. And when you do this you have to look at the weight of the aircraft, you start dropping bags of passengers and this has caused us a lot of name-calling. Because when the passengers land and they don’t see their bags they get angry and they may not understand. Some of my staff has gone home with broken heads but it is not their fault. And this is associated with issues of fuel scarcity. Now we have talked about the cost of procuring the fuel and the scarcity of the product, those two are challenges too.

government on these challenges? Recently the Minster of State for Aviation held a meeting with us and he has been proactive. That is why when you don’t know people you criticise them. Some of our colleagues who are saying the Minister did this or he didn’t do this, how many of them have bordered to go to him and say this is what we are facing. Instead what we do is bad mouthing each other. I am a witness to what he could do. When we needed to get international designation, the Minister acted immediately. He saw reasons that Nigerian airlines should be empowered to have international access and benefit from the Bilateral Air Service agreement (BASA). This is one thing he has done which was not there before and instead we are giving the foreign airlines destinations. But he did it, he gave Air Peace, Azman and I am sure he gave Dana and others routes. So he wants these airlines to do well.

Have you been talking with the federal

CONTINUED ON PAGE 29

How are you dealing with aircraft maintenance? Another challenge is the high cost of aircraft

T H I S D AY • MONDAY, SEPTEMBER 5, 2016

BUSINESSWORLD

INTERVIEW

ONYEMA: OPERATIONAL CHALLENGES MAY FORCE AIRLINES TO CLOSE SHOP (SOP). And I have to give it to our head of training and Chief Pilot, Captain Egonu; the man knows what it takes to produce a pilot. Talking about training and acquisition of your new aircraft, I know a lot must have gone into to it in terms of finance, I will like you to shed more light on how much you have sunk into this and who are your credit partners in the aircraft acquisition? Of course, the airline business is very capital intensive, no doubt about that; no airline can do without borrowing at one time or the other, it is highly capital intensive. It is unlike when I started, when I went for seven aircraft and almost fully financed everything myself. Now I have to rely on my integrity to do the job for me. So what is happening in Air Peace is just the power of God Almighty showing us a lot of favour. Having said that, another thing is the power of integrity, a lot of people are scared of lending money to the aviation industry, a lot of banks especially in Nigeria do not want to deal with airlines in Nigeria. The question is why? Our forerunners will have themselves to blame for not leaving up to expectations and making people scared in investing in aviation. A situation where you take billions and you don’t want to pay back and you are siphoning money out of the country giving the industry a bad name. It is very annoying that I cannot go out of this country to get financing. They will refer you to airline X, Y, Z in Nigeria, airline A, B, Z from Nigeria and airline Q, B, Z from Nigeria that got their reneged on their acquisition agreements. So nobody wants to give a Nigerian airline any help towards funding; meanwhile, all over the world airlines are supported by the financial institutions, which are ready to invest, using their equipment as collateral but here in Nigeria the banks are not ready to deal with you. The banks outside our shores are not ready to deal with you because of the negative pedigree of our predecessors. So we have been battling this and it has not been easy because of the records these airlines have set in the past. You take money from a financial institution and you are not ready to pay. Now Air Peace has come to change all that. The very first time when I was buying my seven planes the money I took from Zenith Bank I paid it back. The ones I took from Fidelity Bank I paid them back. Fidelity is here supporting us all the time. When I came into aviation in 2014 October 24t, I told the world that aviation will never be the same and you are witnesses to that; that Air Peace has changed the status quo in aviation. We have made everybody to sit up; everybody is struggling to do on-time departure now, thanks to Air Peace, because that was what Air Peace brought in. and when we started it was difficult for Nigerians to adjust to our time. For example, in a 1:00 O’clock flight, you see somebody coming to the airport at 1:30pm. And they will come there and be making noise. “I am only 30 minutes late and you people have taken off”. And they will ask him, what did you say? 30 minutes late and he will respond by saying, yes. But you don’t blame him; that was their experience before Air Peace started. Flights were usually delayed. Before now when you get to the airport you can wait for another maybe three hours and nobody tells you sorry. They could waste you time for maybe five hours, and passengers were treated with so much levity. For you to get ticket to even fly you have to know somebody at the airport to help you. It was coming to that. Touts had a field day because of the porous system. So things were being made deliberately difficult and airlines didn’t care. But I promised the world that I was going to change all that and we started doing our online, on-time departure and a lot of people didn’t like it at first but now they are all enjoying it. And others now started playing the catch up. So what I will ask other people in the industry to do is first of all to show integrity so that if anybody wants to come into this business the person can come relying on the resources of the banks to operate, because you cannot really do this business alone without some level of financing from outside. It is done like that all over the world.

Onyema How about aircraft leasing; are finding any challenge there? If you go to America you will see Delta Air Lines leasing about 200 aircraft. All over the world even Ghana here they could easily lease planes from outside. For a Nigerian company to lease an aircraft, just one single aircraft you might wait some eight to nine months. They will go back and forth with you because they don’t trust you, because they had experiences. In the past when Nigerian airline leased planes from them, to pay the monthly rent is a problem. They would earn revenues but they would not want to pay remittances, the next thing the lessors will be struggling to come and take their planes out of the country. One particular airline in the country, the lessors came and took about two aircraft from them recently. These things should not happen, they are creating image problem for this country. So it is not just criticising the government all the time, the airlines themselves are creating image problems for Nigeria and that should stop. They should leave up to their billings and do things that will continue polishing

The aviation fuel price all over the world has tumbled downwards, in Nigeria the cost has spiraled upwards; it has quadrupled. Instead of going down, it is like four times over

the image of this country and not the other way round. So leasing is a big problem, and you need to lease to operate long haul flights. I know that the recession has depleted passenger traffic, although many travellers now prefer Air Peace, so how is the recession affecting your load factor? The purchasing power of the people is very low, everybody is affected now, the recession is all over the place not only in Nigeria, it is affecting even traffic. Even some of the foreign airlines also are not having it easy even though they will not tell you, the Nigerian travelling public is no more there for them. It is the same thing in the local scene; it is affecting everyone. Everything about commercial flight operation is in dollars. We buy this dollar at N400 to a dollar, you do your maintenance abroad, you pay for engineering. For example Air Peace, you know we outsourced our maintenance to a British company, VCT Aviation Maintenance Company of Britain. They are here 24 hours maintaining our fleet daily; it costs us a lot of money to do that. So when you put all these together, coupled with the cost of fuel, cost of procuring it and cost of forex, the least ticket fare in this country should be about N40, 000 for economy ticket. I wonder when some people say they have been to America. It is very easy for Nigerian to quote America, Britain; sincerely I don’t know where they are quoting. Atlanta to Miami is one hour, 10 minutes; go there to buy a ticket the same day it will cost about $400. Go to Delta to buy their ticket, if you buy a week plus you will get about $150 or thereabout, if you buy two three weeks ahead. $150 how much is that in Nigeria? That is almost N70, 000 for a ticket. Here we are still having N12, 000 ticket. How much is that in dollars? Nowhere

in the world do you use $10 or $20 to fly in an aircraft even if it is 10 minutes journey, but it is happening here. Because the purchasing power of the people is very low, you can’t force it on them. If you want to increase the fare now a lot of people won’t fly. So what we are doing now is to continue keeping our customers and gradually introduce little, little changes upward because you need to maintain these planes. Again, the issue of competition is not helpful. It is not that Nigerian passengers will not be able to pay something a little bit to the amount that may give you breakeven point but rivalry, I have some airlines because they want to take Owerri they were fighting Air Peace on the Owerri-Enugu axis. They reduced their fares to N12, 000 and N11, 000. It is even unsafe for them to do that because there is no way you won’t cut corners at that fare. So when you do things like this because you want to get passengers, you are dealing with yourself. Or you tell yourself you will make up from other places. Other places, are you the only one going to those other places? You still have Air Peace and other people to contend with there. So the earlier the airlines come together to chart a course together the better for them. What you have in the system is devilish rivalry instead of healthy rivalry. And because we have not been able to come together to articulate our position to government, everybody has been trampling on us and it is not helpful. The airlines should be blamed for what is happening in the aviation industry, the airlines should be blamed for it. The owners of these airlines should be blamed because they have failed to come together to articulate a position that would be helpful to the flying public, the government and themselves. Instead they allow unhealthy rivalry to becloud their senses of judgment that is what is happening. If only they can come together and articulate their points and meet the government in good faith and say this is where we are, this is what will help the industry, help the nation, help the government to generate revenue, help the flying public to have seamless traveling experiences, it will become a win, win situation. It is my prayer to have younger people to come into this aviation business, those who could meet together and have a drink and not wallow in the old ways of doing things, trying to be diabolical or looking for ways to demean each other. You know the younger generations are open and that is what I miss about the owner of Discovery Airline, Mr. Babalola. I pray that he should have a rethink and come back some day. This is because we were talking a lot about code-share and other ways of cooperation. Another person is Azman President, he has no problem, he is not fighting anybody, these are the kind of people you need in this industry. Captain Edward Boyo, owner of Overland Airways has nothing against anybody, the younger ones have nothing against anybody. So they should look at themselves and tell themselves the truth about what they have been doing. The older people in this industry should carry us along so that we can help the country and not the other way round. The sky is so big for everybody to operate. Not having maintenance facility in Nigeria is a major challenge we have, would you be willing to partner with some of the domestic carriers to build one? Of course, yes. Not even partner with them, I am ready to go it all alone. I asked for land for me to build a maintenance hangar and I was asked to pay over N650 million to the Federal airports Authority of Nigeria (FAAN) for a hangar space, for an airline, which wants to do the right thing. Now, all of us are maintaining our planes on the apron; that is untidy. It doesn’t give confidence to the flying public. I don’t need to pay a dime to anybody for a land space. They were not going to give the land forever; it is for rent for 15 years for N650 million? So what they were telling me was that we don’t want you to build any hangar. If they give me a good land space today I will start the project, I have the integrity both within Nigeria and outside this country to attract people who will come and finance it.

T H I S D AY • MONDAY, SEPTEMBER 5, 2016

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NEWS

NANTA Declares State of Emergency in Aviation Sector Chinedu Eze In order to save the air transport sector, which is described as a catalyst to economic development of any nation, the President of the National Association of Nigerian Travel Agencies (NANTA), Mr. Bankole Bernard has urged authorities to declare a state of emergency in the aviation industry. Bernard pointed out the poor airport infrastructure, high cost and scarcity of aviation fuel and lack of major maintenance facility as some of the factors that have dogged the progress of the industry. He said declaring a state of emergency in the sector would attract the attention of government to rescue the sector, noting that its collapse would certainly erode the nation’s economy and exacerbate the current recession the country is facing.

Speaking during a breakfast meeting in Lagos at the weekend, Bernard said instead of growing, the sector has been regressing and all the successes achieved in the past are being lost. NANTA boss observed that the economic downturn and lack of incentive policies prompted foreign airlines to leave the country, starting with Iberia and United Airlines and forced Emirates and British Airways to reduce their frequency and capacity respectively, but in reaction to this development, people said it did not matter, adding that the situation has now degenerated to the extent that some domestic airlines are forced to suspend scheduled services. Bernard said it has become imperative for NANTA to speak on the state of the industry because the body is at liberty to speak without fear or favour.

He said during the time when most of the foreign airlines funds were trapped in Nigeria, NANTA cried out that if some of these airlines leave, the country may be at risk of losing 300, 000 jobs that even when the money was finalised released, the airlines have lost about 40 -50 of the value of their tickets. He lamented that government policy in the industry is not favorable both to the domestic airline operators and foreign airlines. “Nigerian airports are obsolete and have nothing to write home about, instead of genuine development; rather kiosks are springing up here and there at our airports where shopping malls are springing up in other serious airports. Ghana has seen our inadequacies and has reduced their aviation fuel by 25 percent in a bid to reposition Accra as a hub and

are working to establish their national carrier, by so doing, it will be coming to Nigeria to take our passengers and take off from Accra. Even some of the airlines now quarter their crew in Ghana. This will take money away from Nigeria’s economy to Ghana and this will force the travel agencies to start relocating to Ghana. This is the reason why a state or emergency should be declared in the aviation industry or the industry will disappear completely” Bernard said. He said that government needs to come to the aid of the aviation industry to save it from total collapse as the Nigerian travelling public is suffering. Furthermore, Bernard noted that the body has held meetings with the Nigerian Civil Aviation Authority (NCAA) and other relevant agencies with a view of salvaging the

situation, adding that though the government is still looking at generating revenues from tourism but that the country is still struggling to get one percent of its Gross Domestic Product (GDP) from tourism. According to him, “Tourism industry cannot grow without a perfect aviation industry.” NANTA boss also expressed concern about the state of the Abuja runway, which he said is a major source of concern to the airlines as South Africa Airways flight was recently damaged by bad state of runway which left the aircraft grounded for days and the passengers were lodged at Sheraton Abuja at the high cost of money to the airline and inconvenience of the passengers. Bernard remarked that now that the country does not have a national carrier it could designate present domestic carriers to play such roles

pending when government would be able to establish a national airline. He said up till, now the Maintenance Repair and Overhaul (MRO) facilities are still lacking in the country, adding that other nations depend on aviation to grow their economy while Nigeria is struggling to generate revenue in the industry. Bernard noted that if Ghana succeeds in their plans of making Accra a hub in West Africa, airlines would be coming from Ghana to pick passengers from Nigeria and travel agents would start relocating to Ghana, stressing that this would create wealth for Ghana and money that supposed to be spent in Nigeria would now be spent in Ghana. NANATA president said that this is already happening as some airlines are keeping their crew members in Accra.

Ericsson, Galaxy Backbone Set to Transform Public Services Emma Okonji

MEDIA PARLEY

L-R: Chief Executive Officer, Topaz Sports, Mr. Odogu Edwin; Executive Director, Heritage Bank, Mr. Niyi Adeosun and Managing Director, Lexicon Communications/Project Consultant, Skoolymics, Mr. Moses Nwanze, during a press conference on Heritage Bank’s forum/ presentation of Skoolymics in Lagos…recently

CWG Counts Benefits of Listing on NSE Goddy Egene Pan-Africa information and communication technology (ICT) company, Computer Warehouse Group (CWG) Plc has said transiting from a private to a public company two years ago, has helped the brand to get global recognition and increased confidence of global partners. Chief Operating Officer of CWG Plc, Mr. Kunle Ayodeji, stated this while delivering a paper titled: ‘Transiting from Private to Public Enterprise: Opportunities in the Capital Market’, in Port-Harcourt during the Lagos Business School, Zonal Alumni Session.

He said a public enterprise requires strong governance structures, which is strictly monitored by regulatory reporting, thereby making many things like change of key management and access to funds work in its favour. Ayodeji said: “Though, going public has its own challenges like loss of control, increased periodic reporting, cost of regulatory requirements and ease of acquisition, it is safe to say many things would ordinarily go in the favour of a public company, because both your partners and clients have more trust for the brand than when it was private. At CWG Plc, I can boldly

say we are stronger as a business.” He revealed that the acceptability of the company’s new products has improved since becoming a public company, adding that it will continue to pursue its mission of deploying solutions that enable growth, especially for the Small and Medium Enterprises, which is put at 34 million by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). “CWG believes that being a public company today will also help it towards its journey to become the No 1, information technology (IT) platform in Africa in the next

four years. Riding on our core values of innovation, professionalism, candor & openness, excellence, respect for commitment and team spirit, we are vigorously aiming at our vision to be Africa’s No. 1 IT platform service provider by 2020,” he said. He added that today, the IT company, which started off as a Dell reseller over two decades ago, offers services like IT infrastructure hardware, software services, cloud service tagged CWG 2.0, communications and managed services to a broad range of clients that cut across banking, telecom, insurance, oil & gas and government.

Ericsson and Galaxy Backbone, the Government ICT shared services provider in Nigeria, has announced a partnership to design and deploy Information and Communications Technology (ICT) based solutions and services supporting the delivery of efficient public services in the country. The partnership is in keeping with the Nigerian Government’s commitment to leverage ICT for job creation, improved security, economic diversification and social inclusion. It also supports the Minister of Communication’s vision to deploy e-Government as a tool to improve governance and efficiency in the delivery of quality public services. Nigeria, no doubt, is making definite strides towards deploying e-Government solutions to enhance public sector delivery, through the partnership, where Ericsson is expected to work closely with Galaxy Backbone, the government and private agencies to drive the roadmap and implement solutions for industry transformation. The Chief Executive Officer, Galaxy Backbone, Yusuf Kazaure, said: “The transformative role of ICT for improved delivery of public services has become quite significant and in Nigeria Galaxy is at the forefront in terms of the provision of the infrastructure and services that empower MDAs to achieve their mandates through better service delivery to the citizens they serve.”

Under the terms of the partnership, spanning three years, Ericsson will serve as advisor, systems integrator and implementation partner for ICT based solutions and services covering the transport, utility and safety and security sectors. Ericsson will also manage all deployed solutions and services while building capacity within Galaxy Backbone and partner public parastatals ensuring that all deployments are eventually handed over to the government along with selected private sector players. Head of Ericsson Nigeria, Johan Jemdahl, said: “A recent report by Ericsson and the Earth Institute at Columbia University on the impact of ICT on sustainable development, calls on governments to harness technology, investment and new types of partnerships to meet the UN Sustainable Development Goals. This partnership with Galaxy Backbone touches upon all of these criteria and places Nigeria on a clear path towards meeting the needs of a growing economy using ICT.” He added that the partnership would also support Ericsson’s vision of building a networked society in Nigeria and that the company is excited to be partnering Galaxy Backbone on the project. Upon the completion of scoping the required solutions, all involved parties will jointly agree on the investment business models that best suit what is required to most efficiently roll out this new vision.

T H I S D AY • MONDAY, SEPTEMBER 5, 2016

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CPC Investigates Firm, Alleges Diversion of Consumers’ Deposits Raheem Akingbolu The Consumer Protection Council (CPC) has beamed its searchlight on the activities of Resort Savings and Loans Limited (RSL), as a resort of consumer complaints bordering on alleged diversion of mortgage loans and consumers’ deposits. RSL is a primary mortgage institution licensed by the Central Bank of Nigeria (CBN) to undertake mortgage business in Nigeria and it is also registered with the Federal Mortgage Bank of Nigeria (FMBN). CPC disclosed that it had already communicated the details of the complaints from the aggrieved depositors and mortgage contributors to the company for full response and that failure of the company to respond appropriately has placed the option of the prosecution of the firm’s principal officers before it. The consumer protection agency also disclosed that it had apprised the sector regulator, CBN and FMBN of the allegations against the company. According to the Council, some of the allegations of the consumers against the

company included its failure to pay back deposits made by consumers, even after the agreed tenor was over and repeated demands made by them, as well as its alleged diversion of loans disbursed to mortgage beneficiaries by FMBN. The agency also disclosed that consumers accused RSL of providing them with incorrect information about their applications for National Housing Fund loans, such as giving non-existent batch numbers, with a view to deceiving them into believing that their applications were under consideration. It stated that one of the complaints against the mortgage company was on behalf of a group of nine beneficiaries of FMBN Batch 54 loans, which alleged that RSL in 2014 received N149.3 million on behalf of 14 beneficiaries, including the nine and that the company failed to disburse the loans to the developers of the said beneficiaries. CPC said the nine complainants further alleged that five of the 14 in the said batch 54, who are staff of Independent Corrupt Practices Commission (ICPC) brought in the Commission to intervene on their behalf on

the issue and thereby forced the mortgage company to disburse N47.25 million due to the five, leaving N102.1million undisbursed to the developers of the remaining nine. The consumer protection agency stated that the group of nine complainants alleged that the action of the primary mortgage company not to disburse their loans led to the revocation of their letters of allocation by their developers. The Council also disclosed that other complaints border on default in paying back deposits to depositors and failure to refund equity contributions of disappointed mortgage applicants, making the total worth of the claims against the company on the alleged diversion mortgagors’ funds and default in refund of consumers’ deposits to amount to N128,323,603.64. Commenting on the development, CPC’s Director General, Mrs. Dupe Atoki, said the Council is determined to investigate the operations of the company as well as engage in other legal steps in line with its enabling law with a view to protecting the consumers of the services of the primary mortgage company.

T H I S D AY • MONDAY, SEPTEMBER 5, 2016

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Firm Launches e-Commerce Platform Peter Uzoho As part of efforts to address what it described as a confined demand for online purchasing in Africa, a Lagos- based ecommerce company, Aniwura. com, at the weekend launched a portal where business organisations and government entities can transact businesses for products and services. It is also expected to facilitate e-procurement for government and corporate enterprises. The company said the platform aside providing eprocurement solutions, also provides services to various sectors, ranging from fashion, agriculture, manufacturing and industrial equipment, IT, and services. The promoters

of the e-Commerce platform noted that it currently has 54 categories and would start developing its sub-categories as it is still in its pre-launch phase. Speaking at the pre-launch of the platform in Lagos, the Founder and Chief Executive Officer, Aniwura.com, Mrs Iwayemi Omolara Ogomudia, said she decided to launch the market place after spending several years as an entrepreneur and researcher in Nigeria, learning about the difficulty in sourcing products in this part of the world. “I was constantly frustrated with ordering supplies and services unlike when I go to China. In particular, I felt the entire process of sourcing,

approval and shipping could be easily improved upon,” Ogomudia said. “I also realised that it is becoming obvious that many of the buyers at companies had become accustomed to purchasing things online for their personal use, and also, want to purchase online for their businesses. millennials are now the key decision-makers for company sourcing. This change of guard means that they expect the same convenient access to shopping for personal purchases, to be available when they search for business solutions”, Ogomudia added. She said further that Aniwura.com would offer products and services at wholesale

prices from merchants, to a broad base of buyers from companies across various industries, such as health care, electrical systems and components, manufacturing companies, travel, food and entertainment, government, security and safety, and across all other industries. According to her, businesses were expected to start the process of subscribing on the platform from 2nd of September, 2016. Aniwura.com, is a marketing platform for both local and global businesses which offers Business-to –Business (B2B), online –to-offline (020) as well as Business-to-Government (B2G) services on a single platform to its community.

SENDFORTH PARTY

L-R: Managing Director, Rack Centre, Mr. Tunde Coker; outgoing Managing Director, Business Connexion, Mr. John Sviridv; and the incoming Managing Director, Mr. Ayo Adegboye, during the sendforth party in honour of Sviridv, organised by Business Connexion in Lagos...recently` PHOTO: ETOP UKUTT

PMGMAN Lauds FG’s Intervention on Forex Sales Chief Executives of top Pharmaceutical Manufacturing Companies under the auspices of PMG-MAN recently met to review the new directive of the CBN on FX sales to end users. The apex bank’s decision to ensure that at least 60% of FX sales are made to local manufacturers was acclaimed as a timely intervention to boost local manufacturing. Since local pharmaceutical manufacturing is directly linked to national healthcare, a strong argument was also presented for the immediate prioritisation of the Pharma sector, in order to maintain National health and ensure the sanctity of human lives. Other key policies that needed pressing reforms in order to rescue the local Pharma industry and in turn safeguard National healthcare include the ECOWAS CET policy. PMG-MAN Chairman, Mr. OkeyAkpa, called on the Government to urgently address the anomaly created by CET, whereby imported medicines attract zero duty while raw and packaging materials for local manufacturing attract up to 20% duty. This, he argued was

inimical to National interest. He appreciated efforts made so far in addressing the CET imbalance, but warned that the high attrition rate in the sector, and the disastrous consequences of further delays, indicated the need for Government’s imminent intervention. He added that access to Funding at single digit interest rate was another urgent intervention needed to reverse the catastrophic decline in the sector. The Pharmaceutical Manufacturing sector usually considered the lifeline of the National Healthcare system has been wracked with the desperate challenges as operations in most factories have almost ground to a halt. Research over the last 18 months indicate that capacity utilisation among Pharma manufacturers is at an all-time low of 20% and over a third of PMG-MAN members have shut down production in due to lack of access to FOREX for critical raw material, mainly active pharmaceutical ingredients (APIs) and machinery inputs. Akpa revealed that consequences of these challenges include the current increase in cost of healthcare treatment as

well as the shortage of medicines being experienced across the country. If unchecked, he predicted an unprecedented level of medicines’ scarcity, exorbitant prices and a reprehensible overdependence on drug importation, which may expose the Nation again to the menace of faking and counterfeiting. He further argued that with the highest proportion of publicly listed healthcare companies, PMG-MAN is easily the highest employer of labour in the sector. Further closure of PMG-MAN members’ factories will throw close to one million Nigerians out of their jobs and into penury. This has started as many PMG-MAN members have drastically reduced their workforce in response to reduced production capacity necessitated by inadequate access to FX. The successful implementation of the CBN directive to Banks to prioritise manufacturers in FX sales will boost local manufacturing, as well as improve access to medicines for Nigerians, argued Akpa. He stated that “We view this policy positively as it has the potential

not only to increase Nigerians’ access to medicines, but also support massive employment in the sector, improve the economy and facilitate export of Nigerian medicines to neighbouring countries. These are cardinal objectives of the present Government.” He further added that “PMGMAN is therefore eager to partner with Government to ensure its successful implementation, particularly in the areas of research, policy monitoring, evaluation, and modification.” The PMG-MAN Chairman immediately directed the Secretariat to develop a robust and comprehensive feedback and review mechanism. The data generated is expected to feed into the CBN’s monitoring and evaluation framework and contribute to the successful implementation of the new policy. He congratulated the Executive and the Legislature for ground-breaking policies to support patronage of locally produced medicines. He expressed hope that these policies will be faithfully implemented and pledged PMG-MAN’s support to the Government with research and intelligence to ensure that the relevant policies succeed.

DMO Commends Access Bank on Primary Dealer Role The Debt Management Office (DMO) has commended Access Bank Plc for emerging as the most outstanding Primary Dealer Market Makers (PDMM) during the first half of 2016. In a statement released by the DMO office recently, the bank emerged most outstanding PPDM in the first half of 2016 in terms of fulfilment of the performance assessment criteria for primary and secondary markets stipulated in the General Rules and Regulations Governing the PDMM system in Federal Government of Nigeria Securities. The commendation was giving to the bank for its outstanding contribution to the continued growth and development of the FGN Bond Market especially even under a difficult operating economic environment. Commenting on the feat, Access Bank Group Treasurer, Mr. Oladapo Olagunju stated “Our bond dealers are widely respected by participants in the market and this recognition by DMO is a confirmation of the leadership position that the Bank commands in the financial markets. This is the first time that DMO will be publicly commending a bank and we feel highly honoured to be the first

recipient of this accolade. We believe this is a testament to the bank’s continued push towards becoming the world’s most respected African bank.” Access Bank is a full service commercial bank operating through a network of 353 branches and service outlets located in major centres across Nigeria, Sub Saharan Africa, and the United Kingdom with representative offices in China and the UAE. Listed on the Nigerian Stock Exchange in 1998, the bank serves its various markets through four business segments: personal, business, commercial and corporate and investment banking. The bank has over 830,000 shareholders including several Nigerian and International Institutional Investors and has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last twelve years ranking amongst Africa’s top 20 banks by total assets and capital in 2015. As part of its continued growth strategy, Access bank is focused on mainstreaming sustainable business practices into its operations. The bank strives to deliver sustainable economic growth that is profitable, environmentally responsible and socially relevant.

3,000 Delegates, Economic Drivers for TICAD Summit in Nairobi Raheem Akingbolu As African leaders and players in the private sector set for the Tokyo International Conference on African Development (TICAD), the Trade Commissioner and Managing Director of Japan External Trade Organisation (JETRO, Lagos), Taku Miyazaki, has stated that the conference would review the feedbacks from the previous edition and address critical areas in the continent’s economic development. About 3,000 delegates including African heads of government, leaders in private sector and Japanese investment community are expected to attend the event. The Trade Commissioner pointed out that it is not by accident that the first one that will take place on African soil is coming at a time the continent is identified as the biggest frontier of the 21st century with highest economic growth rate among other regions of the world. He however added that the continent needs the vitality of private sector and good government policies to push up the growth level. Miyazaki said despite the fact that Japan, with Foreign Direct Investment (FDI) in excess of $10.3 billion in Africa last year alone, is passionately seeking further diversification

of the continent’s economy and promoting development. He pointed out that topics that are lined up for discussion at the conference would touch majorly on positive developments as they affect various African countries. The conference, which is being organised by Tokyo International Conference on African Development (TICAD), is designed to promote structural economic transformation through economic diversification and industrialisation. It is also designed to promote resilient health systems for quality of life and promoting social stability for shared prosperity. Miyazaki said the topic on economic diversification would respond to the slow-down of the African economy due to the decline in global natural resource prices. He said: “Participants from all African nations and international organisations would discuss how to promote economic transformation to reduce their dependency on primary products. In particular, they will elaborate on how to advance economic diversification and industrialisation including through quality infrastructure investment such as roads and port constructure and renewable energy and development of food value chains”, he said.

T H I S D AY MONDAY SEPTEMBER 5, 2016

MONDAY, SEPTEMBER 5, 2016 • T H I S D AY

BUSINESS/MONEYGUIDE

Institute Pledges Support for FG to Tackle Unemployment Ugo Aliogo and Chidinma Okonkwo The Chartered Institute of Personnel Management (CIPM) has expressed its desire to assist the federal government in tackling the unemployment crisis facing the nation. The institute stressed that the recent unemployment data from the National Bureau of Statistics (NBS) should be a source of concern to all stakeholders in the country. Speaking at the CIPM media and stakeholders engagement at the CIPM head office in Lagos, the President of the Governing Council, Mr. Anthony Arabome, stated that the indicators have shown that the country is growing at an increasing rate, with serious attendant consequences for the nation. He said a report had shown that 20 foreign shipping companies operating in Nigeria have

discontinued operations, thereby leaving over 3,000 able bodied individuals’ unemployed, “in addition to the rising trend of unemployment recently observed in the financial, oil and gas sector sectors of the country.” The institute as part of its efforts to support federal government in the fight against unemployment recently conducted a research study entitled: “the management of national unemployment challenge (MNUC),” as a response to some perceived social, economic and political challenges of unemployment in Nigeria. Arabome explained that the MNUC study was initiated to collaborate with the federal government in providing sustainable solutions to the unemployment challenge in the country, adding that it is part of the institute’s contribution to national transformation.

He added: “The immediate and remote causes of unemployment include policy inconsistency, poor political governance and setting of policy direction which in turn elicits a harsh business environment, lack of stakeholders, ownership of national employment policy, misalignment of the educational system output and the skill-sets required by current employers of labour and others. “CIPM is willing and ready to collaborate with relevant stakeholders to review/ design those curricula of our institutions of higher learning to reflect current skills demand reality. CIPM is also available to train the trainers in those institutions of higher learning to ensure that industry realities are embedded in their learning delivery processes. Resolving unemployment requires collaboration of different stakeholders in the nation.”

FCMB Expands Operations, Opens New Branch First City Monument Bank (FCMB) Limited will today (Monday) officially open a new branch in the Asokoro area of Abuja. The development, according to the bank, is in line with its strategic expansion approach, which aims to extend the bank’s reach and make its operations accessible to more customers across Nigeria. In a statement, the Vice President, Branch Management and Trade Services at FCMB, Mr. Oluwakayode Adigun, reiterated the bank’s commitment to strategically grow its network to deliver exceptional banking services to more Nigerians. According to him, “the new

Asokoro branch is a strategic addition to our branch network. Though most of our customers prefer to carry out transactions from wherever they are, using our alternate channels such as FCMBMobile, FCMBOnline, USSD Quick Recharge and ATMs spread widely across Nigeria, some customers still prefer human interaction when banking. Thus, for such customers within and around Asokoro, they now have the opportunity to enjoy FCMB’s wide range of financial products and services.” He further affirmed that, similar to what obtains at all FCMB branches across Nigeria, customers visiting the Asokoro branch can expect excellent customer

experience from the bank’s team of service professionals, who are on ground to provide not just the usual traditional banking support, but also assist customers with mobile and internet banking registration. The branch is also expected to offer numerous self-service options such as cash depositing and withdrawal ATMs, as well as self-service terminals for routine requests and transfers. On his part, the Divisional Head, Retail Banking at FCMB, Mr. Olu Akanmu, emphasised the bank’s approach of deploying smart branching and technology in order to attain its retail banking growth and profitability goals.

Lagos Partners Sterling Bank, Others on Skill Acquisition In line with its strategic focus on youth empowerment and skill acquisition, the Lagos State Ministry of Employment and Wealth Creation has announced its partnership with Sterling Bank, Audax Solutions Limited, Microsoft, Etisalat and Andela for the 2016 Lagos Study Program. The 11-week programme, which is billed to train a total of 500 young participants in software development will hold in Lagos and commences today. The ministry in a statement explained that 100 participants out of the proposed 500 would

be trained over the 11 week period in the initial phase while the other 400 would be trained subsequently. Also, participants would be introduced to the practical concepts of software development with a view to helping them develop careers in the ICT space. They will also be taught the basics of coding which will increase their probability of having a successful career in information technology, the ministry added. It added: “We are of the opinion that the initiative would make positive impact in the life of the unemployed

youths with the inclusion of Software Development in the training programme. It will also provide employment opportunities for unemployed youths in the ICT space, create a partnership model for employability training and skills development while empowering young talents by providing the technical skills to perform excellently in the Technology ecosystem.” On its part, Sterling Bank assured of its continued support to projects that would advance the development of human capital especially among the youth in the country.

Skye Bank Pledges Improved e-Banking Services to Customers Skye Bank’s Executive Director, Technology and Services, Mr. Innocent Ike, has said the bank’s electronic channels and e-banking services delivers exciting and hassle-free banking experience for its customers and subscribers. Speaking recently on the features of the bank’s e-channels and internet banking platforms, Ike explained that technological innovation has simplified hitherto complex and laborious banking services. According to him, “Today, most Nigerians sit in the comfort

of their living rooms to carry out transactions at the click of a button,” adding that “Internet users are now smarter and ready to embrace seamless services offered by Skye Bank.” Citing the case of Skye Bank, he noted that; “with our solutions, customers carry out bank transfers in split seconds without the rigors of the cumbersome and often tiring internet banking token system.” Skye Bank, he said, has also made bill payment on internet banking hassle-free, as customers

can conveniently use the platform to pay utility bills. Customers can also check their account balance and details of previous transactions via the Skye Mobile app and the Skye USSD code, *833#. He also used the opportunity to explain the bank’s recent increase in customers’ daily and monthly international spend to a higher limit on both MasterCard debit cards and Platinum Master Card debit card users. This, he noted, was in line with the Bank’s customer-centric posture as a leading retail bank.

Broad street

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JUNE 2016 Broad Money (M2)

21,684,965.22

-- Narrow Money (M1)

9,125,933.16

---- Currency Outside Banks

1,379,187.93

---- Demand Deposits

7,746,745.22

-- Quasi Money

12,559,032.07

Net Foreign Assets (NFA)

7,105,663.47

Net Domestic Assets(NDA)

14,579,301.76

-- Net Domestic Credit (NDC)

24,318,143.03

---- Credit to Government (Net)

2,893,190.01

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

5,004,677.26

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

-2,111,487.25

---- Credit to Private Sector (CPS)

21,424,953.01

--Other Assets Net

-9,738,841.27

Reserve Money (Base Money)

5,370,199.87

--Currency in Circulation

1,684,725.89

--Banks Reserves

3,685,473.98 • Source - CBN

MANAGED FUNDS Initial Price (N) Stanbic Balanced Fund

Buying Price(N)

Selling Price

1,660.29

1,685.29

Stanbic IBTC NEF

1,000.00

11,002.32

11,326.67.11

Stanbic SIBond

120.47

Stanbic IBTC Ethical

1.10

1.13

Stanbic IBTC GIF

142.90

143.38

UBA Balanced Fund

1.2563

1.2493

UBA Bond Fund

1.3443

UBA Equity Fund

0.8205

0.8074

UBA Money Market Fund

1.1510

ARM Aggressive Growth Fund

N13.0544

N13.4480

ARM Discovery Fund

N288.2515

N296.9425

ARM Ethical Fund

N22.5268

N23.2060

ARM Money Market Fund

13.1030 (Yield % ) • Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE AS AT 1 SEPTEMBER 2016 The price of OPEC basket of fourteen crudes stood at $42.04 a barrel on Thursday, compared with $43.91 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna

MONDAY, SEPTEMBER 5, 2016 • T H I S D AY

MARKET NEWS

NASD OTC Bullish on Funding for Aviation Operators Goddy Egene and Nosa Alekhuogie NASD OTC Securities Exchange Plc has said the nation’s capital market would soon see innovative structured bonds that would cater for the financial needs of the aviation industry. The exchange for listing of unquoted securities also said they expect a growth in nation

leasing and insurance businesses that will also come from the aviation sector. According to the NASD OTC, local air travel passengers received the surprise news of the exit of Aero Contractors and First Nation Airline from the market, saying the recession is the obvious suspect – more cash constrained passengers, a shortage of foreign exchange and

T H E

a difficulty in securing a core input (aviation fuel) will test the resilience of most enterprise. NASD OTC explained that in one of the most capital intensive industries in Nigeria, the challenge of covering fixed asset maintenance and asset replacement is an even more pronounced factor affecting the long term sustainability of each company.

N I G E R I A N

NASD OTC quoted the Nigerian Civil Aviation Authority (NCAA) to have capped the average life of an aircraft at 22 years, after which the aircraft will need to be scrapped. “As at 2016, the average life of aircraft in Nigeria is between 18-20 years. As early as in two years’ time, players in the Nigerian airline industry will need to start replacing their fleet.

STO C K

Ball park figure for a decent set of wings is about $67.5 million. So, over the next four years, the airline industry will need to invest approximately $2.1 billion in new aircraft. At NASD we suspect not many of these companies have the reserves in cash to meet this investment need. They will therefore need to raise new capital – after mitigating investor

E XC H A N G E

risk perception,” they said. According to NASD OTC, the capital market will start to see very innovative structured bond certificates where the mobile new underlying aircraft acts as collateral to protect against default. “We expect a growth in the nation’s leasing and insurance businesses as these aircrafts leased to interested airlines,” NASD OTC said.

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T H I S D AY MONDAY SEPTEMBER 5, 2016

MONDAY SEPTEMBER 5, 2016 T H I S D AY

T H I S D AY MONDAY SEPTEMBER 5, 2016

T H I S D AY • MONDAY, SEPTEMBER 5, 2016

CITYSTRINGS

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

Houses at Orange Valley Estate

Amosun Tackles Infrastructure Decay in Ogun James Sowole who attended the first media summit organised by the Nigeria Union of Journalists in Ogun State, reports that delegates who toured some projects started by Governor Ibikunle Amosun, were impressed at the level of development in the state

onsidering tremendous infrastructural development and the modern look of many towns in Ogun State, it would not be an overstatement for a person, who knew what the state looked like about seven years ago and what it is now to conclude that things are changing positively and rapidly in the state otherwise called Gateway State. Revelations from a day tour by journalists who were delegates to the just concluded Media Conference/Summit held in Abeokuta, the state capital and sponsored by the Ogun State Government, showed that the state is undergoing rapid rebuilding process. For four days, the state government hosted more than 400 delegates from the 36 states of the federation and the Federal Capital Territory (FCT) and national officers for four days under a conducive environment. The tremendous transformation that had taken place in various sectors in the state were appreciated better by those who had at one time or the other lived in the state and had left for one reason or the other but now have the opportunity of visiting after some years. During the tour, which took delegates from various councils of the Nigeria Union of Journalists (NUJ) and national officers to the three senatorial districts of the state, delegates were amazed seeing considerable improvement in infrastructure as new road

networks, housing estates of different categories, health facilities, education infrastructure and construction of bridges and flyovers at strategic places. The story of delegates that went on tour

Mr. Adewale Adewunmi, who had experienced traffic gridlock at the popular Mortuary Junction during peak hours while going to Federal Secretariat, OkeMosan from his Asero Estate residence before he was transferred to Ondo State, was marveled seeing the flyover that connected the dualised Abiola Way with the road that goes to Leme and the Nigerian National Petroleum Corporation (NNPC) Mega Station

of Ogun West, Ogun East and Ogun Central pointed to the same direction that the present administration was seriously pursuing the rebuilding mission with vigour. Delegates that toured Ogun Central were taken to some of the government projects by the Commissioner for Works and Infrastructure, Lekan Adegbite who is an architect by profession and some governor’s media aide including Mr. Jide Fadairo. For the housing projects, the commissioner said three categories were embarked upon. The three categories are the one built directly by the government as welfare package for workers, the one built by the State Housing Corporation for interested members of the public and third one was the one built by the Ogun State Investment and Property Corporation (OPIC). At the Workers’ Estate Laderin the State Government Secretariat, Oke-Mosan Abeokuta, delegates were conducted round the estate built directly by the government as welfare package for public servants, which comprises the workers in the core civil service and others in corporation and agencies. The commissioner said though, the target of the government is to build 1,000 units of the houses, 160 units had been completed and ready for allocation adding that each unit costs N2.5 million. Adegbite said an allotee only need to pay 10 per cent of the cost of the building while the rest would be paid by whoever gets by

installment through mortgage arrangement. The commissioner said the government embarked on the housing project because what the current administration inherited as workers’ estate were grossly inadequate considering the number of workers in the employment of the state government. When asked that buildings in the estate that had been inaugurated were yet to be occupied, the commissioner told visitors that the delay was due to the pressure from workers as requests were far more than what was on ground. Adegbite said to ensure that the houses get to the targeted beneficiaries; Adegbite said the process of allocation would be handled by the office of the Head of Service. The second housing estate toured by NUJ conference delegates was the one named after the Late Mrs. Hannah Idowu Dideolu Awolowo, popularly called HID Estate. In this estate that has modern housing infrastructure like tarred road, water supply, electricity and in a secured environment, there are three and two bedroom flats detached and semi-detached buildings. The commissioner disclosed that a three bedroom flat costs N4.5 million while the two bedroom flat cost N4 million to whoever can pay for any of the houses. The third category of estate, which the commissioner took delegates round was the high-brow Orange Estate. The houses in this estate are duplexes with one bedroom boy’s

T H I S D AY • MONDAY, SEPTEMBER 5, 2016

CITYSTRINGS

Amosun...revamping infrastructure in Ogun

The flyover bridge connecting Mortuary Junction to NNPC Mega Station Road

Adegbite explaining some points to journalists on government projects

With these new road networks and link flyover bridges, modern shopping complexes and school buildings that I have seen today, I am now convinced that Amosun is working to change Abeokuta the state capital status from the ancient look to a modern city. Things have really changed for better

quarters. That the estate is a high brow was not an understatement because apart from the cosy ambience, the estate has a central power generating supply apart from electricity from the public power supply, the estate has a club with swimming pool and other indoor game facilities. Other projects inspected by delegates are road projects and three flyovers constructed at strategic locations in Abeokuta, the state capital. Mr. Adewale Adewunmi, who had experienced traffic gridlock at the popular Mortuary Junction during peak hours while going to Federal Secretariat, Oke-Mosan from his Asero Estate residence before he was transferred to Ondo State, was marveled seeing the flyover that connected the dualised Abiola Way with the road that goes to Leme and the Nigerian National Petroleum Corporation (NNPC) Mega Station. “I must confess, this project is unique and appropriate, people had suffered a lot at this junction when going to work in the morning and while coming in the afternoon because this is a crossroad. Sometimes I used to pity traffic policemen that are posted to take control at this junction. With the construction of this bridge, relief has definitely come to the people that ply this road,” Adewunmi stated. Adewunmi who said he had been reading of the rebuilding mission of the current administration in newspapers and watching same on television, was more convinced that the Amosun administration was actualising

The flyover bridge connecting Mortuary Junction to NNPC Mega Station Road

Delegates inspecting houses at HID Estate

the rebuilding mission when delegates’ train arrived at the starting point of Oke-IjehunSapon-Kenta Oloko-Itoku-Odo-Oyo dualised and flyover bridge. “With these new road networks and link flyover bridges, modern shopping complexes and school buildings that I have seen today, I am now convinced that Amosun is working to change Abeokuta the state capital status from the ancient look to a modern city. Things have really changed for better”, he said. As expected, projects like these were not without costs, particularly on those whose properties were demolished for road dualisation and building of modern shopping complexes. The Works and Infrastructure Commissioner said several issues were raised on payment of compensation to families of the affected properties, but many had been resolved while some were still pending due to internal crisis among owners. He said since most of the affected properties were ancient buildings inherited by offspring of the original owners, issues of whose names

should be written on cheques delayed payment of compensation to many families adding that those who agreed on what to do had been compensated. Also fringe comments were heard from some residents, who though commended the government for various modern projects, but appealed to Governor Ibikunle Amosun to help repair many access roads in the metropolis. A resident, Mr. Rasheed Sonoiki appealed to the Ogun State Government to help motorists and residents of Obantoko, Camp area, who spend hours in traffic whenever they are coming to the main town either to work or to their business places and when going back to work. Sonoiki said though the road is a federal government road, but the state should intervene in view of the large population of residents in the area and the presence of two federal high institutions, the Federal University of Agriculture, Abeokuta (FUNAB) and the Federal College of Education (FCE) Osiele

on Abeokuta-Ibadan Road. Responding on the request by the people, Adegbite stated that the current administration is humane and had plans for feeder roads and other infrastructure but was constrained by dwindling revenue. The commissioner specifically stated that the current administration has the plan to intervene on the Adatan-Asero-Obantoko – Camp-Osiele Road but was hampered by inadequate finances, saying that the government would move in as soon as finances of the state improves. The arrival of the delegates at the Itoku Market popularly known for the local fabric “Adire” tie and die was greeted by market women, who trooped out with their fabrics in order to take the advantage of the visit to sell some of their stocks. The traders were never disappointed as delegates trooped out not only to have a look and buy the fabric, but to interact with the women who explained to the visitors some points about adire. And the Itoku that they had been hearing off as synonymous with adire. From the tie and die market, the visitors were moved to the historical Olumo Rock Tourists site. It was a fun time as delegates alighted from buses and climbed the ancient rock taking snaps of photographs particularly with their hand held phones and other gadgets. Narrating his experience, Eze Nwachukwu from Anambra State, described the tour as a worthwhile experience going by what he saw during a physical inspection of some of the projects of the Senator Amosun administration. “Truly, the rebuilding mission is on. I am more convinced now that work is actually on. I had watched a lot about Amosun’s administration but as the popular saying of ‘seeing is believing’, I believe in what I had seen on television about this current administration,” he said.

MONDAY SEPTEMBER 5, 2016 T H I S D AY

T H I S D AY MONDAY SEPTEMBER 5, 2016

MONDAY SEPTEMBER 5, 2016 T H I S D AY

T H I S D AY MONDAY SEPTEMBER 5, 2016

MONDAY SEPTEMBER 5, 2016 T H I S D AY

RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 02-SEP-2016

S/N

CUSTOMER

ITEM OF IMPORT

DATE OF FUND PURCHASE

EXCHANGE RATE

AMOUNT

S/N

CUSTOMER

DATE OF FUND PURCHASE

ITEM OF IMPORT

EXCHANGE RATE

AMOUNT

RETURNS ON SOURCES OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 02-SEP-2016 ĒÈ

SOURCE

DATE OF FUND PURCHASE

EXCHANGE RATE

AMOUNT

T H I S D AY â&#x20AC;¢ MONDAY, SEPTEMBER 5, 2016

MONDAY SEPTEMBER 5, 2016 T H I S D AY

T H I S D AY • MONDAY, SEPTEMBER 5, 2016

Nigeria’s top 50 stocks based on market fundamentals

2-Sep-16

1-Sep-16

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

Table 1 Market Statistics Mkt Indicators

Open 1-Sep-16

NSE All Share Index NSE Market Cap (N'Trillion)

28,419.92 9.76

27,756.67 9.53

-2.33% -2.32%

118.48 9.22

115.45 8.99

-2.55% -2.55%

01 Dangote Cement Plc

176.01

191.00

-7.85%

2,999,299,708,354.05

9.56

18.35

5.52

4.56%

4.40

02 Nigerian Breweries Plc

141.00

0.00%

1,118,003,225,208.00

4.50

31.14

3.71

2.57%

6.82

03 Guaranty Trust Bank Plc

27.04

26.75

1.08%

795,819,086,216.96

4.20

6.22

2.14

6.78%

1.70

825.00

0.00%

653,941,407,900.00

19.41

42.50

3.94

3.52%

18.59

05 Zenith Bank Plc

14.80

14.90

-0.67%

464,668,108,032.80

3.10

4.82

1.12

12.04%

0.76

06 Lafarge Africa Plc

Table 3 Top 5 Gainers

56.40

58.00

-2.76%

256,896,462,084.00

-6.71

-8.64

1.19

5.17%

1.89

Stock

177.00

0.00%

230,539,155,231.00

4.22

41.47

1.54

1.97%

5.32

08 Ecobank Transnational Incorporated

11.70

11.67

0.26%

214,689,749,215.50

0.23

50.05

0.39

5.39%

0.35

09 Presco Plc

45.30

0.00%

179,862,610,138.50

0.54

77.37

2.37

3.13%

4.03

318.33

303.18

5.00%

176,135,271,937.29 -14.43

-19.06

1.63

5.79%

0.40

11 Access Bank Plc

5.61

5.60

0.18%

162,285,920,849.91

2.56

2.18

0.47

9.86%

0.38

12 United Bank for Africa Plc

4.31

0.00%

156,364,758,447.82

1.66

2.61

0.50

13.82%

0.39

13 Unilever Nigeria Plc

39.03

39.00

0.08%

147,662,052,637.50

0.46

84.34

2.42

0.13%

16.56

14 Stanbic IBTC Holdings Plc

14.50

0.00%

145,000,000,000.00

2.04

7.12

1.23

0.69%

1.29

15 Guinness Nig Plc

94.65

0.00%

142,532,316,994.20

3.70

25.29

1.25

0.00%

3.17

16 FBN Holdings Plc

3.18

3.10

2.58%

114,147,031,078.56

0.30

9.84

0.21

5.00%

0.18

17 7-Up Bottling Comp. Plc

144.90

140.00

3.50%

92,821,543,598.70

3.75

34.14

0.92

1.72%

3.18

18 Total Nigeria Plc

241.90

240.00

0.79%

82,130,332,370.30

31.13

7.77

0.34

5.79%

3.89

19 Dangote Sugar Refinery Plc

6.50

6.45

0.78%

78,000,000,000.00

1.05

6.19

0.65

7.69%

1.31

20 International Breweries Plc

19.76

0.00%

65,094,365,772.80

0.17

113.27

2.61

1.27%

5.28

170.78

0.00%

61,582,458,844.36

17.69

9.65

0.75

4.22%

3.58

43.69

0.00%

57,670,800,000.00

0.24

199.88

0.62

3.10%

2.85

4.76

4.97

-4.23%

57,284,785,935.44

-3.46

-1.41

0.31

15.34%

0.43

19.75

20.00

-1.25%

51,828,684,443.25

6.81

2.94

0.14

10.00%

0.52

1.12

1.10

1.82%

43,367,517,116.00

-0.37

-2.98

0.95

0.00%

0.57

26 U A C N Plc

20.50

0.00%

39,377,719,933.50

2.44

8.40

0.55

4.88%

0.53

27 Okomu Oil Palm Plc

36.00

0.00%

34,340,760,000.00

4.60

7.83

2.79

0.28%

2.21

28 Sterling Bank Plc

1.01

0.97

4.12%

29,078,322,307.26

0.31

3.11

0.26

9.38%

0.33

29 Wema Bank Plc

0.75

0.69

8.70%

28,930,849,560.75

0.06

10.94

0.54

0.00%

0.56

14.60

14.00

4.29%

27,421,749,784.00

0.83

16.95

0.95

9.29%

2.12

31 Fidelity Bank Plc

0.92

0.00%

26,645,578,836.64

0.39

2.39

0.19

17.20%

0.15

32 Diamond Bank Plc

1.12

1.08

3.70%

25,939,635,644.16

0.11

9.52

0.12

0.00%

0.11

33 Custodian And Allied Insurance Plc

4.00

3.85

3.90%

23,527,456,780.00

0.76

5.20

0.70

3.54%

0.83

34 FCMB Group Plc

1.15

1.07

7.48%

22,773,117,398.15

0.61

1.70

0.13

9.62%

0.12

35 Glaxo Smithkline Consumer Nig. Plc

19.01

0.00%

22,733,612,036.88

-2.54

-7.29

0.76

1.62%

2.42

36 Cap Plc

31.57

0.00%

22,099,000,000.00

2.36

12.76

3.03

3.82%

14.43

37 Mansard Insurance Plc

2.08

0.00%

21,840,000,000.00

0.27

7.36

1.09

2.50%

0.99

38 National Salt Co. Nig. Plc

8.01

0.00%

21,222,001,407.78

0.89

9.03

1.17

6.88%

3.07

39 PZ Cussons Nigeria Plc

18.70

0.00%

18,700,000,000.00

4.14

4.39

1.37

0.55%

0.54

40 Honeywell Flour Mill Plc

1.31

0.00%

10,388,558,931.98

-0.40

-3.46

0.23

11.43%

0.67

41 Continental Reinsurance Plc

0.99

0.00%

10,269,016,868.88

0.33

2.92

0.48

12.50%

0.51

42 Skye Bank Plc

0.64

0.65

-1.54%

8,883,392,902.40

-2.93

-0.21

0.05

47.62%

0.08

43 Unity Bank Plc

0.75

0.78

-3.85%

8,767,003,456.50

0.54

1.44

0.14

0.00%

0.11

44 Cement Co. Of North.Nig. Plc

6.00

0.00%

7,540,066,596.00

0.44

13.54

0.68

1.67%

0.70

45 Wapic Insurance Plc

0.50

0.00%

6,691,369,126.00

0.11

4.62

0.88

6.00%

0.43

46 UACN Property Development Co. Limited

3.50

0.00%

6,015,624,982.50

-0.05

-67.70

1.80

19.83%

0.17

47 Resort Savings & Loans Plc

0.50

0.00%

5,664,866,202.00

4.68

0.11

0.02

0.00%

1.89

48 Nigerian Aviation Handling Company Plc

3.40

0.00%

5,522,343,750.00

0.15

22.69

0.71

5.71%

0.92

49 AIICO Insurance Plc

0.66

0.00%

4,573,934,956.80

0.26

2.45

0.14

7.81%

0.47

50 Fidson Healthcare Plc

1.77

0.00%

2,655,000,000.00

0.31

5.55

0.38

2.94%

0.40

04 Nestle Nigeria Plc

07 Forte Oil Plc.

10 Seplat Petroleum Dev. Co. Ltd

21 Mobil Oil Nig Plc 22 Julius Berger Nig. Plc 23 Oando Plc 24 Flour Mills Nig. Plc 25 Transnational Corporation Of Nigeria Plc

30 Cadbury Nigeria Plc

TOTAL

8,989,228,333,869.12

TOTAL MARKET CAP

9,534,572,288,154.79

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

94.28%

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

Open 1-Sep-16

Wema Bank Plc FCMB Group Plc Seplat Petroleum Dev. Co. Ltd Cadbury Nigeria Plc Sterling Bank Plc

0.69 1.07 303.18 14.00 0.97

Close 2-Sep-16

Change %

Close Change % 2-Sep-16 0.75 1.15 318.33 14.60 1.01

8.70% 7.48% 5.00% 4.29% 4.12%

Table 4 Top 5 Losers Stock

Open 1-Sep-16

Dangote Cement Plc Oando Plc Unity Bank Plc Lafarge Africa Plc Skye Bank Plc

191.00 4.97 0.78 58.00 0.65

Close Change % 2-Sep-16 176.01 4.76 0.75 56.40 0.64

-7.85% -4.23% -3.85% -2.76% -1.54%

Market halts 3-day upward trend as Index sheds 2.33% Market pulse on the Nigerian Stock Exchange (NSE) today – Friday, September 2nd, 2016 was bearish as the market closed red today. Despite the bearish activities in the market, there were positive performances from all the NSE Sub sectors: Banking, Insurance, Consumer Goods and Oil & Gas. Trading activities increased in volume as 309.45 million shares worth N3.37 billion in 3,723 deals exchanged hands today. This is an increase from the 229.23 million shares worth N2.12 billion in 3,243 deals exchanged on Thursday. Topping in volume terms was GTB Plc, UBA Plc and Fidelity bank Plc while UBA Plc and GTB Plc ended trading as the most active stocks in value terms. The All Share Index (NSEASI) closed negative with a 2.33% (-663.25) decrease to close at 27,756.67 from 28,419.92 the previous trading day. Market Capitalization depreciated in tandem to N9.53 trillion from N9.76 trillion of prior trading day. Similarly, the Thisday BGL 50 Index also followed suit with a decrease of 2.55% to close at 115.45 from 118.48 recorded at the end of the previous trading day, while its market capitalization stood at N8.99 trillion from N9.22 trillion of the previous trading day. A total number of 21 stocks gained on the bourse today while 12 stocks declined, 64 leaving stocks unchanged. Wema Bank Plc emerged the toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 8.70% to close at N0.75 per share. It was followed by FCMB Group Plc with a gain of 7.48% to close at N1.15 per share. Others on the gainers list include: Seplat Petroleum Dev. Co. Ltd, Cadbury Nigeria Plc and Sterling Bank Plc while on the decliners’ list; Dangote Cement Plc led with a loss of 7.85% to close at N176.01 per share. It was followed by Oando Plc with a loss of 4.23% to close at N4.76 per share. Others on the losers list include: Unity Bank Plc, Lafarge Africa Plc and Skye Bank Plc.

REQUIRED DISCLOSURE This report has been prepared by BGL Plc. BGL Plc does and seeks to do business with companies covered in its research reports. As a result, the firm may have a conflict of interest that could affect the objectivity of this report. Investors should use this report as one of many other factors in making their investment decisions.

For more details go to www.thisdaylive.com

MONDAY SEPTEMBER 5, 2016 • T H I S D AY

INTERNATIONAL

Pope Proclaims Mother Teresa a Saint Mother Teresa of Calcutta, known as the “saint of the gutters” during her life, was declared a saint of the Roman Catholic Church by Pope Francis yesterday, fast-tracked to canonization just 19 years after her death. Tens of thousands of pilgrims packed St. Peter’s Square at the Vatican for a service to honor the tiny nun, who worked among the world’s neediest in the slums of the Indian city now called Kolkata and become one of the most recognizable faces of the 20th century. A Nobel peace laureate, her legacy complements Pope Francis’s vision of a humble church that strives to serve the poor, and the festivities in her honor are a highlight of his Holy Year of Mercy, which runs until Nov. 8. Standing under a canvas hung from St. Peter’s Basilica showing the late nun in her blue-hemmed white robes, Francis said she was a“dispenser of divine mercy”and held world powers to account “for the crimes of poverty they created”.

“For Mother Teresa, mercy was the salt which gave flavour to her work, it was the light which shone in the darkness of the many who no longer had tears to shed for their poverty and suffering.” Around 120,000 people attended the ceremony, according to Vatican estimates, celebrating the life of a woman who Francis said it might be difficult to call “Saint” as people felt so close to her they spontaneously used “Mother”. “Everything she did gave an example to the entire world,”said 17-year-old student Massimiliano D’Aniello, from Grosseto, Italy, adding he had made a musical about her with his friends. “She showed we can’t all do everything, but little gestures made with so much love are what’s important.” Critics say she did little to alleviate the pain of the terminally ill and nothing to tackle the root causes of poverty. Atheist writer Christopher Hitchens made a documentary about her called “Hell’s Angel”.

She was also accused of trying to convert the destitute in predominantly-Hindu India to Christianity, a charge her mission repeatedly denied. But Pope John Paul II, who met her often, had no doubt about her eligibility for sainthood, and put her on the route to canonization two years after her death instead of the usual five. As pilgrims from across the world gathered at the Vatican along with delegations from more than a dozen governments, the canonization was also celebrated in Skopje, the capital of modern Macedonia where Mother Teresa was born of Albanian parents in 1910 and became a nun aged 16. No major ceremony was scheduled in Kolkata, where the first MoC mission was set up in 1952, but prayers, talks and cultural events were planned, in an atmosphere of quiet pride. “We are blessed with this canonization because we know mother is in heaven and she will pray for us and she will bless us,” said Sister Laisa, assistant superior general of the MoC.

Trump Catches up to Clinton in Reuters/Ipsos Poll Republican presidential candidate, Donald Trump, has pulled into an effective tie with Democratic rival, Hillary Clinton, erasing a substantial deficit as he consolidated support among his party’s likely voters in recent weeks, according to the latest Reuters/Ipsos national tracking poll released Friday. The poll showed 40 percent of likely voters supporting Trump and 39 percent backing Clinton for the week of August 26 to September 1. Clinton’s support has dropped steadily in the weekly tracking poll since August 25, eliminating what had been a eight-point lead for her. Trump’s gains came as Republican support for their party’s candidate jumped by six percentage points over the past two weeks, to about 78 percent. That is still below the 85 percent support Republican nominee Mitt Romney enjoyed in the summer of 2012, but the improvement helps explain Trump’s rise in the poll. The Reuters/Ipsos poll is conducted online in English in all 50 states. The latest poll surveyed 1,804 likely voters over the course of the week; it had a credibility interval, a measure of accuracy, of three percent. Different polls have produced widely different results over the course of the campaign. In part that’s because some, like Reuters/ Ipsos, have attempted to measure the preferences of who’s likely to vote, while others have surveyed the larger pool of all registered

voters. And even those that survey likely voters have different ways of estimating who is likely to cast a ballot. Polling aggregators, which calculate averages of major polls, have shown that Clinton’s lead has been shrinking for the past few weeks. Those averages put her advantage over Trump at between three and six percentage points. Some of the more recent individual polls, however, have the race even tighter. Voters don’t elect the American president directly, of course, but through the Electoral College, an assembly representing each of the 50 states and the District of Columbia based on the number of legislators they have in Congress. As of last Friday, the separate Reuters/Ipsos States of the Nation polling project estimated Clinton was on track to win the Electoral College, by about 332 votes to 206. Those numbers were scheduled to be updated later Friday. In recent weeks, Clinton has come under renewed criticism over her handling of classified information while serving as U.S. secretary of state, and her family’s charitable foundation has come under fresh scrutiny for the donations it accepted while Clinton served in the Obama administration. Meanwhile, Clinton hasn’t been campaigning as actively as Trump. Trump, meanwhile, has reshuffled his campaign leadership and sought to broaden his appeal to

moderate Republicans and minorities. He recently suggested that he would be a better president than Clinton for African Americans, and has taken steps, including a meeting this week with Mexican President Enrique Pena Nieto, to reach out to immigrants. It remains to be seen whether those efforts will click. Clinton has led Trump through most of the campaign for the November election, though neither candidate appears to have inspired America. In the latest Reuters/Ipsos poll, more than 20 percent of likely voters opted for a choice other than the two major nominees, whether an alternative candidate, “would not vote” or “unsure.” That figure is significantly higher than the 10 percent to 14 percent of respondents who answered similarly at this point in the 2012 campaign. Both President Barack Obama and Republican rival Mitt Romney enjoyed substantially stronger support at this point in the summer of 2012 than either Trump or Clinton does now. And while Trump has consolidated his support among Republicans, likely voters are expressing an increasingly sour view of Clinton: The share of likely voters with an unfavorable view of the former secretary of state has grown to 57 percent, compared with Trump’s 54 percent, her worst showing on that metric in a month.

MONDAY SEPTEMBER 5, 2016 • T H I S D AY

NEWSXTRA

SERAP Asks Buhari to End Economic Recession

A civil society organisation, Socio-Economic Rights and Accountability Project, (SERAP) has wriiten President Muhammadu Buhari urging him to take concrete measures to address and mitigate the negative effects of the economic recession and crisis on the poorest and most marginalised across the country. The letter dated September 2, 2016 and signed by its senior staff counsel, Timothy Adewale, expressed concern that the economic crisis is having disproportionate impacts on the rights of the poorest and most marginalised, who are the most vulnerable because they already suffer from years of corruption, underdevelopment and abuse of power. The organisation asked President Buhari to “Urgently provide the socially and economically vulnerable with social protection programs and

safety-nets to protect them from severe poverty and deprivation”, and “immediately drop the proposed 10 per cent tax on phone calls, text messages, data and more, as this would disproportionately affect the socially and economically vulnerable and push them deeper into poverty and deprivation.” The organisation also asked the President to “Urgently propose legislation and constitutional amendment that would end the practice of budgeting billions of naira as ‘security votes’ for the federal government and the 36 state governments, as the diversion of the funds has continued to undermine the ability of the government to provide essential goods and services across the country.” The letter read in part: “Increased poverty and the hunger that it brings will threaten the right to life and health of many socially and economically

Obasanjo Denies Ex-CPS’ Comments against Buhari’s Re-election Bid

vulnerable, including women and children. These groups of people are bearing the brunt and feeling the impacts of the economic crisis on their standards of living, their jobs and their homes. “Your government has a binding obligation to ensure that all its policies to address the economic crisis are consistent with standards of human rights law. At the same time, the role of your government is to act as the guarantor of human rights of millions of impoverished Nigerians, including economic and social rights. Economic recession cannot be used as excuse for failing to fulfil these rightsz “We urge President Buhari to immediately provide economic stimulus packages that are focused on limiting the worst human consequences of the crisis, and give priority attention to the most vulnerable and marginalised in the distribution of resources. “Buhari should put pressure on the National Assembly to cut its budget and spending, which in 2016 alone is N115 billion. The sum of N150 billion each was allocated to the National Assembly

in 2011, 2012, 2013 and 2014 while N115 billion was allocated in 2015. These huge budget allocations cannot be justified and must stop.” “Buhari should immediately cut the sum of N103.47million budgeted for foodstuff and catering materials in the Presidential Villa, and put pressure on the 36 state governments (including the Ondo State government which budgeted N103.2million for feeding and entertainment of the state governor in 2016 and the Cross River State government which budgeted the sum of N1.4billion for entertainment and hospitality for the governor), to cut these outrageous budget allocations and use the funds for social services and to pay workers’ salaries. “The economic recession is devastating lives and livelihoods across the country, and quickly translating into rising unemployment among Nigerian youths, hunger and powerlessness. Exacerbated by the failure of many state governments to pay workers’ salaries timely, this situation has pushed millions of Nigerians

deeper into poverty. Yet, there are no social protection and human rights-based responses to the economic crisis. “SERAP is also concerned that the economic recession threatens the full range of human rights, particularly economic and social rights such as the right to an adequate standard of living and the rights to health, housing, food and education. “SERAP believes that the economic crisis is a human rights concern not only because of the serious consequences on human rights, but also because of the underlying structural causes of the crisis which relate directly to unfettered pursuit of selfinterest and failures of successive governments to respect, protect and fulfill economic and social rights. “Under international human rights law, your government is responsible for creating the conditions in which Nigerians and other people living in the country can effectively exercise the full range of their human rights, including economic and social rights. These rights

set out the basic minimum standards against which the actions (and failures to act) of your government can be judged. “SERAP believes that the economic crisis in the country is a threat to human rights, but also an opportunity to prioritise compliance with human rights obligations, particularly those related to economic and social rights, as well as to fast-track prosecution of corruption cases and recovery of stolen assets. “Despite the human rights dimensions of the crisis, the language of human rights is still largely absent from the diagnoses or prescriptions proposed by your government. There has been little analysis of either the causes or the consequences of the economic crisis in human rights terms. The duty to respect is essentially a duty to “do no harm.” Thus, your government must work diligently to avoid and mitigate any negative impacts of the crisis on the poorest and most marginalised groups, whose rights are being violated.”

Says I cannot even stop my children from contesting Sheriff Balogun in Abeokuta Former president, Chief Olusegun Obasanjo, has described a report credited to him through his former Chief Press Secretary (CPS), Alex Nwokedi, in an online report claiming that he (Obasanjo) had warned President Muhammadu Buhari not to seek re-election in 2019, as completely false and destructive by those behind it. In a statement by his media aide, Mr. Kehinde Akinyemi, Obasanjo said there has not been any communication between him and Nwokedi in the last three years, wondering why any news would be attributed to him, as published by the online publication. According to the former president, “My belief is that democracy allows for anybody including President Buhari for that matter, to contest any election and it is

the prerogative rights of Nigerians to vote or not to vote for them. “I have not communicated with Alex in the last three years, so how a story could be credited to me, when I did not authorised such or communicated with him in the last three years?” he queried. Akinyemi however, stated in the statement, that nobody has the right not even me (Obasanjo), to advise my children not to seek for elective post. It is part of freedom of democracy. “I condemn in the most highest manner the story and those behind it. And for those behind it, they are simply enemies of democracy and freedom of expression.” Obasanjo said he was still committed to the peace and progress of the country’s democratic development, which he assured would bring relief in no distance future with patience and understanding of the country’s masses.

Skye Bank Catches Fire at MMIA Chinedu Eze A spark that erupted from the Skye Bank branch located at the international wing of the Murtala Muhammed Airport (MMIA), Lagos last night, set fire at the facility. Though the fire was hurriedly put out, but the smoke emanating from the bank engulfed the area for some time but did not disrupt any activities as passengers boarded their flights without any disturbance. An official of one of the passenger-handling

companies at the airport, Pathfinder, said they perceived the smell of a burning cable but did not see the fire itself. A source from the Federal Airports Authority of Nigeria (FAAN) said the fire was not noticed by many users of the airport because when it started, it was quickly put out. “I was at the terminal but I didn’t hear of it until your enquiry. Many people are going about their activities without being aware of the fire because it did not disrupt anything,” the official said.

OKE AT 60

L R: Rev. Victoria Oke; General Overseer, Redeemed Christian Church of God (RCCG), Pastor, Enoch Adeboye; Presiding Bishop, Sword of the Spirit Ministries, Bishop. Francis Wale Oke; Vice President, Prof. Yemi Osinbajo; and Oyo State Deputy Governor. Chief. Moses Adeyemo, at the closing ceremony of the 34th Holy Ghost Convention and 60th birthday of Bishop Oke, at the Garden of Victory, Ibadan...yesterday FELIX ADEMOLA

NPA, LASG on Collision Course over Wharf Landing Fees Eromosele Abiodun The Lagos State Government (LASG) and the Nigerian Ports of Authority (NPA) may be on a collision course following moves by the Managing Director of NPA, Ms. Hadiza Bala Usman, to stop the collection of Wharf Landing fee currently being collected by the state government on every container of cargoes that comes in to the country through the ports in Lagos. Wharf land fee is the payment made on cargoes that passes through the Lagos ports. While N500 is paid on a 20 foot container, N1,000 is paid on a forty foot and N300 on every vehicle imported through the ports. Bala Usman recently questioned the legality behind the wharf landing collection in Lagos as there was no provision in the NPA Act of 1958 or as

amended or is there a National Assembly legislation backing the wharf landing fees. Also, the wharf landing fees has been utterly criticised by the Manufacturers Association of Nigeria (MAN) as they argue that the fee has led to rising cost of doing business in Nigeria, and also directly works against the much desired foreign investment inflow into the country. Recently, a former Senior Special Adviser to former President Goodluck Jonathan, Mr. Leke Oyewole, told journalists that the collection is illegal in the first place. Oyewole the Jonathan had administration expressed its opposition against the collection. He said he wrote to former Governor Babatunde Fashola stating that the maritime businesses and activities were the exclusive right of the federal government, as states were not

allowed to participate. “What happens if other states decide to start collecting Wharf Landing fees, one illegality begets another illegality, and illegality should not be allowed to trive. Fashola made some categorical statements that were illegal,” he said On the introduction of the wharf landing fees on March 16, 2009 with the successful passage of the bill into law now called, Wharf Landing Fees Law 2009, the state government had emphasised that the fee was necessary to shore up the revenue profile of the host local governments to the ports. The LASG further argued that the revenue is needed to ameliorate the harmful consequences of trucking activities in the port areas. The Chairman of the Lagos State Government Wharf Landing Fees Collecting

Authority, Mr. Joe Igbokwe, said the Managing Director of NPA is ignorant of the law. Igbokwe added that if any body feels aggrieved by the collection of the fee, such person can go to court to seek redress. He said the NPA was saddled with too many challenges for it to start looking at the legality of Wharf Landing fee collection. He explained that all land belongs to the state and all Lagos State Government is charging is the landing fee. Igbokwe further explained that the collection of Wharf Landing fee is a worldwide practice adding that landing fees are collected in cities where ports are located. In his reaction, NPA’s spokesman, Captain Ihenacho Ebubeogu said he could not comment until he gets inputs from the legal department of the NPA.

MONDAY SEPTEMBER 5 , 2016 • T H I S D AY

NEWSXTRA

SON Seeks Enhanced Quality Infrastructure to Drive Economic Diversification Plans agreement with China to stem influx of substandard products

Crusoe Osagie The Standards Organisation of Nigeria (SON) has emphasised the urgent need for an effective and well-implemented national quality infrastructure policy to help the country achieve its goal of a diversified economy. The agency stated that most developed economies of the world placed priority on a clear-cut quality infrastructure model to get to where they are, noting that Nigeria must follow this path to diversify its economy away from hydrocarbon resources. The Director General, SON, Dr. Paul Angya, explained that the major reason Nigerian products face rejection at the international market is due to issues of quality, pointing out that the country still lacked a defined, acceptable and implementable quality policy to be competitive at the global market. Angya during a capacity building programme organised for media executives in Lagos said: “We have for long had issues of quality even in our local production where

products have not been able to compete internationally and this is why sometimes we have substandard products overshadowing our locally produced goods. We have had all these issues because Nigeria has not had a defined, acceptable, implementable quality policy.” However, the SON boss announced plans to sign a Memorandum of Understanding (MoU) with the Republic of China to stem the flow of substandard goods from China to Nigeria, saying that efforts to put pen to paper to curb this nefarious activity had proved abortive over the years. “We have been calling for a MoU with the Chinese government to compel them to say that the same applicable standards obtainable in Europe also applies to Nigeria, but as we speak, they have refused to sign that MoU. We are hoping that with the new government, some pressure can be brought to bear on the Chinese authorities to sign that MoU and do their part in stemming the flow of these substandard products to Nigeria. We are hoping in the next one week to engage

the Chinese authority on this issue,” he said. According to him, the national quality policy defines the national quality infrastructure, stressing that apart from laying down rules and regulations, the policy makes a survey of the

global market situation and defines the modalities to trade at the international market. He added: “The previous administration could not approve the national quality policy because it required approval from the Federal

Executive Council (FEC) and since 2015, we have been on the job to get the government to adopt the national quality policy and the concomitant national quality infrastructure. This model has worked elsewhere

and it is believed that if it truly comes on stream and we have institutions that evaluates laboratories and also give accreditation to test our products for the export market, only then we will be ready for diversification.

APC Recruiting Thugs in Kogi, Other Neighbouring States to Rig Edo Election, Says PDP The Edo State chapter of the Peoples Democratic Party (PDP) has said its teeming members are ready to resist any attempt by the All Progressives Congress (APC) to rig the governorship election slated for Saturday, assuring its supporters that its candidate, Pastor Osagie Ize-Iyamu, would emerge victorious. The PDP stated this yesterday in a statement signed by the state publicity secretary, Mr. Chris Nehihkaire, while reacting to the intelligence report submitted to it that some leaders of the APC were recruiting thugs from Kogi State and other neighbouring states to rig the election. According to the PDP, “We

need to put the Independent National Electoral Commission (INEC), international community, election monitors and other security agencies on the alert --- that the APC have recruited thugs from Kogi State, especially Okenne, and other neighbouring states for the Saturday election in Edo State. “’Their aim is to unleash violence in many polling units and disrupt the election, having realised that the electorate have massively rejected their candidate. But they will fail woefully because our members will resist any move to rig and disrupt the election. “We have stated repeatedly that this election cannot be

rigged. We will defend our votes and mandate with the last drop of our blood. APC will fall flat in its calculation to rig this election.’’ The PDP fingered a chief security officer in Edo State Government House, who is from Kogi State, and other senior aides of Governor Adams Oshiomhole, for recruiting young non indigenes --- outside Edo State, to be used to rig the forthcoming governorship election. The PDP said Oshiomhole, his puppet candidate, Godwin Obaseki and some of his aides had resorted to this measure because they lack grassroots support back home, hence the

mass recruitment that is going on now in Okenne, Kogi State and other neighbouring states. The PDP therefore called on the leadership of the INEC and security agencies to be disconnected from the APC’s plans to rig the Saturday election. “We call on INEC and security agencies to be mindful of the antics of desperate politicians within the APC and their planned attempt to rig the September 10 governorship election, just as we had made the clarion call for relevant authorities to note the plan by some evil people to cause violence at the election for negative objectives.”

T H I S D AY MONDAY SEPTEMBER 5, 2016

FEDERAL MINISTRY OF TRANSPORTATION

Launches the

STANDARD OPERATING PROCEDURE (SOP) & PORT SERVICE SUPPORT PORTAL (PSSP) Of all Government Agencies, Terminal Operators and Stakeholders at the Nigerian Ports.

CHIEF HOST Rt. HON. CHIBUIKE ROTIMI AMAECHI Honourable Minister of Transportation

VENUE: LAGOS PORT COMPLEX DATE: TUEDAY 6th SEPTEMBER 2016.

TIME. 10am

TINCAN ISLAND PORT DATE: WEDNESDAY 7th SEPTEMBER, 2016.

TIME 10am

DELTA PORTS, WARRI DATE: FRIDAY 9th SEPTEMBER, 2016

TIME 10am

Announcer Project Steering Committee on Corruption Risk Assessment in Nigerian Ports.

For further enquiries pls contact: Victoria: 08033159814, Moses: 08037127653, Mitchel: 0807627721.

MONDAY, september 5, 2016 • T H I S D AY

MONDAYSPORTS

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

Rohr, Mikel Upbeat Nigeria Will Qualify for 2018 World Cup Okon Bassey in Uyo Super Eagles’ 1-0 victory over Tanzania in a 2017 Africa Cup of Nations clash has reinforce Gernot Rohr’s confidence of Nigeria qualifying for the next FIFA World Cup scheduled to hold in Russia. The late lone strike by Manchester City star, Kelechi Iheanacho, earned the FrancoGerman coach his first victory in-charge of the Super Eagles in Uyo last weekend. Now, he is full of confidence that the three-time African champions can beat Algeria, Cameroun and Zambia to the lone group ticket to Russia 2018 Mundial. Though a dead-rubber game as both Nigeria and Tanzania had earlier lost out in the qualifier for the AFCON 2017, Rohr used it to prepare his team for an October 3 World Cup qualifier in Zambia before Eagles welcome Algeria the following month. “I’m happy I won my first match,” began Rohr. “We have a good chance of qualifying for the World Cup. “A team that failed to qualify for the AFCON need confidence and the confidence is coming back gradually. “We played well and any team who created 12, 14 chances in a match, that tells you it’s a good team. “We were wasteful but we will work on our finishing.”

He further said he looks forward to having Alex Iwobi and Oghenekaro Etebo, who both missed Saturday’s match on account of injury. “We need to look at the player in Arsenal (Iwobi) and the player who scored four goals in match at the Olympics (Etebo),” he said. The experienced coach also praised the heroic Tanzania goalkeeper Aishi Manula, who made several big saves to keep his team in the game till Iheanacho’s 78th minute blaster. Eagles Captain, John Mikel Obi also shared in Rohr’s sentiment about Nigeria qualifying for Russia 2018. “I always strive to be exemplary and to live as a model for others,” Obi told noted. “I know how important the (qualifiers) are in our bid to qualify for the 2018 FIFA World Cup in Russia. That was the reason why I came for the Tanzania encounter which is a good preparation for the clash against Zambia. “We all must do our part. We should not continue to dwell on the past to move forward. We must put our house in order if we are to play in Russia,” observed the Chelsea FC star in apparent reference to the AFCON 2017 in Gabon that Nigeria failed to make the cut despite winning the last group game.

WADA Gives Okpekpe Road Race Clean Bill of Health The International Association of Athletics Federations (IAAF) and the World Anti-Doping Agency (WADA) have given the fourth IAAF bronze label Okpekpe International 10km Road Race held last May in Okpekpe near Auchi in Edo State a clean bill of health following the negative dope tests recorded at the one-day meeting. Disclosing this in Lagos at the weekend, Dare Esan, spokesman for the only IAAF recognised international road race in Nigeria and one of only two labelled road races in Africa this year alongside the Sanlam Cape Town Marathon which holds later this month in Cape Town, South Africa revealed that the result of the doping control carried out on May 7 when the fourth edition of the Okpekpe race was held have returned an all negative result. “This is not only a good development for the sport, it is equally a big plus for the organisers of the race,” said Esan, an IAAF recognised journalist who has covered eight editions of the IAAF flagship event, the World Championships in athletics. “In an era where doping is damaging the sports generally, a high profile race like the Okpekpe International 10km Road Race has restored some confidence in the sport of track and field,” Esan

further said and admitted organisers of the race had no control over the athletes who competed at the race. “But we have control over how we organise the race, especially the doping control which the IAAF ranks as one of the most important aspects of an international road race like the Okpekpe race. The chairman of Pamodzi Sports Marketing, originator and organisers of the race, Mr Mike Itemuagbor was clear about the doping issue from the start and spared no expense in getting not only the most qualified Nigerian but also a very honest man in person of Dr Akin Amao to head the unit. He also ensured everything was done in accordance with IAAF regulations not only on doping but all aspects of the race including timing. “So athletes coming for the race were aware there could be no short cut to success. And the result is that for the fourth consecutive editions the Okpekpe International 10km Road Race have been dope free. This is the message we are sending across to athletes intending to participate in the fifth edition next year,” he said. Esan also revealed that organisers of the race have submitted the race report to the IAAF including the request for an upgrade into a silver label.

Enugu Rangers celebrating ascending the top spot of the NPFL with the 4-0 victory over Rivers Utd

NPFL: Rangers Hammer Rivers Utd to Go Top Enugu Rangers’ dream of ending their 32-year trophy drought got boosted yesterday following the Flying Antelopes’ 4-0 drubbing of Rivers United to go top of the Nigeria Professional Football League (NPFL) standings. With the victory, Rangers are now top of the NPFL log with 54 points from 32 matches, one point more than the Rivers State owned team, who drop to second having played the same number of matches as the Enugu team. Tope Olusesi shot Rangers into the lead in the 40th minute following an exhilarating move that carved the United backline open, leaving the hapless Abiodun Akande badly exposed in goal. Godwin Aguda doubled Rangers’ lead almost straight from the restart before Christian Madu and Obinna Nwobodo rounded off the scoring for the Flying Antelopes with late goals to condemn Rivers United to the worst defeat in their history at a frenzied Nnamdi Azikiwe Stadium, Enugu. The big news from the Rivers

RESULTS

Heartland FC 0-1 Ikorodu Utd Elkanemi 2-0 Tornadoes W’Wolves 1-0 Nasarawa Akwa Utd 3-1 MFM FC Plateau Utd 1-0 3SC Lobi 1-0 Enyimba Rangers 4-0 Rivers Utd K’Pillars 2-0 Sunshine United camp before kick-off was that Obomate Frederick had failed to recover from an injury he sustained in the club’s last NPFL game against Plateau United and as such would miss the big game at the ‘Cathedral’. Akande was also preferred in goal by the Technical Manager of United, Stanley Eguma ahead of veteran, Sunday Rotimi. The visitors also lost captain, Festus Austin to a thigh injury shortly before the break and in the absence of these three trusted stalwarts, United looked a pale shadow of their usual self as a rampant Rangers side inspired by Nwobodo and Olusesi ran riot. Osas Okoro’s extraordinary

through ball in the 40th minute Amapakabo, also spoke after released Olusesi on the right whose the emphatic win which saw first touch exemplified class, leaving his side return to the summit of a United defender for dead, before the standings. “I understand Rivers United he rifled low and hard to beat very well and I am quite happy Akande at his near post. It was a psychological blow with the win. “I told my players (before kickwhich they never recovered from as Rangers, smelling blood honed off) this was going to be one of in for the kill and quickly doubled the easiest games we will play their lead, less than two minutes this season. “To be honest, I did not know after the restart via an electrifying counter attack that produced an we would win by this margin but we will gladly accept it end product for the ages. A shell-shocked Eguma praised as it was deserved,” he told Rangers for their win but promised SuperSport.com. that his charges would pick themselves up from STANDINGS the set-back and soldier TOP 4 on. Team P W D L Pts “We have never lost Rangers 32 15 9 8 54 like (in our history) but Rivers Utd 32 17 2 13 53 then, this is football where Wikki 31 14 9 8 51 anything can happen. Lobi Stars 33 14 7 12 49 “We will take the BOTTOM 4 defeat in good faith and Team P W D L Pts go back to work harder to Heartland 32 9 10 13 37 come back stronger,” he Abia Warriors 31 9 10 12 37 told Rivers United Media. Ikorodu Utd 31 5 11 15 26 The Rangers Giwa FC 0 0 0 0 0 Head Coach, Imama

Heritage Bank Unveils Yearly Sporting Event for Secondary Schools Heritage Bank Plc, one of Nigeria’s most innovative banking service provider, has unveiled plans to organise an annual sporting event for secondary schools in Nigeria with the aim of discovering and rewarding talents. The project known as Skoolympics, is aimed at building a heritage of champions using Lagos State for the pilot scheme. The Managing Director and Chief Executive of the bank, Mr. Ifie Sekibo, officially flagged off the project in Lagos, at a crowded corporate forum/ presentation. Addressing representatives of prospective brand partners at

the first official press briefing, the Heritage Bank’s boss who was represented by Executive Director, Service Bank, Mr. Niyi Adeseun , said Skoolympics is the lender’s signature sporting event designed to provide a platform for schools and youths to develop talents in sporting activities at an early stage. Sekibo said that the idea behind Skoolympics was the holistic development of young people, fostering their physical, social and emotional health. “The benefits of Skoolympics reach beyond the impact on physical well-being and the value of the educational benefits of Skoolympics should not be

underestimated,” he said. In his contribution, a consultant to the project, Mr. Moses Nwanze, managing director of Lexicon Communications, said the maiden edition in Lagos would be held in the six educational districts of Agege, Ikeja, Badagry, Epe and Ikorodu among others. He added that in order to give vent to the project, former African Queen of the tracks and two-time Olympic medalist, Mary Onyali-Omagbemi, has been chosen as the brand ambassador of the Skoolympics project because of her contribution to the development of sport in the country. Also speaking on the technical details of the project, Chief Executive

of Topaz Sports Limited, Mr. Edwin Udogu, said there would be post-event management of the winning athletes through mentoring process that could lead to award of scholarship by either international or local organisations in order for them to fulfill their career in sports. The major objectives of the project are to increase participation in sports in order to discover talents and future Olympians, to groom young athletes yearly from the grassroots who will be developed, trained and nurture them to compete and achieve their dreams as well as to create a platform through sports where youths will become great in the various communities.

T H I S D AY MONDAY SEPTEMBER 5, 2016

Monday September 5, 2016

UT H

& RE A S O

Price: N250

MISSILE PDP to APC

“For the umpteenth time, the PDP lacks the moral basis and credibility to comment or condemn the government on the economy after the mess it left behind. Instead, the PDP must apologise to Nigerians. The warning signs were glaring to the immediate-past administration but it chooses the path of economic sabotage by looking the other way and squandering the country’s commonwealth – a reckless decision that has brought the country to its knees.” – The All Progressives Congress (APC) berating the Peoples Democratic Party (PDP) that the country’s economy under President Muhammadu Buhari cannot be equated to the reckless fiscal policies that were the vogue when the PDP was in office.

ISSAAREMU GUEST COLUMNIST

Fidel Castro: Genuine Latin-African Friend @ 90 “The Cuban people hold a special place in the hearts of the people of Africa. The Cuban internationalists have made a contribution to African independence, freedom, and justice unparalleled for its principled and selfless character.” – Nelson Mandela

he world recently observed the 90th birthday of the ever activist albeit retired Cuban revolutionary leader, Fidel, on August 13, 2016. Born on the 13th of August 1926 near Birán, Cuba Fidel Castro Ruz eventually emerged as the revolutionary leader of Cuba, following the historic Cuban revolution he led in 1959. In July 2006, President Fidel Castro had gastric surgery and temporarily handed over control of the government to the former Defence Minister, Raul Catsro. He stepped down from power in 2008, 50 years after together with his compatriots in the Cuban Communist party had transformed his country into the first socialist independent/welfare state in the western hemisphere. The received image of Fidel’s Cuba in Africa (no thanks to the western media), is that of a defiant anti-American “strongman” who miraculously survived countless assasination attempts by the world-knows-who. A great communicator and polemicist, Fidel in an extensive interview once observed that: “In the West, where you suppose that there are cultured societies and that people think, there’s such a strong tendency to associate historical events with individuals and to magnify the role of individuals. I can see it myself: Castro’s Cuba, Castro did this, Castro undid that. Almost everything in this country is attributed to Castro, Castro’s doing, Castro’s perversities. That type of mentality abounds in the West, unfortunately, it’s quite widespread. It seems to me to be erroneous approach to historical and political events.” Celebrating Fidel’s birthday in an ideologically unipolar world, is a celeberation of alternative development ideas no less a celeberation of a genuine consistent friend of Africa and Africans. Africans are legitimately romantic about the historic emergence of Barack Obama as the 44th president of United States of America, which probably explains why African leaders uncritically assembled like pupil-statemen at the first US-Africa Leaders’ Summit hosted by Obama in 2014 in Washington (not Addis Ababa, headquarters of Africa Union, AU), the summit that by design coincided with Obama’s 50th birthday. But if African leaders were discernable enough, beyound blood affinity, the real and original first “African-American President” was Castro, not President Obama. Castro once said of Cubans: “We are a Latin-African nation...African blood flows through our veins”- No quotable quote of profound unconditional love for Africa from Obama. Obama actually

Fidel

promised and lived “tough love” (not unconditional love!) for his ancestral continent. Che Guevara, Fidel’s was in the Congo fighting with Patrice Lumumba for the liberation of Congo in 1961. In the same year, Cubans sent troops to back Algerian freedom fighters against French colonialism led by Ahmed Ben Bella. Cuba sent as many as 30,000 Cuban volunteer troops to repel racist South African soldiers who were bent on undermining Angolan independence in 1976. In January 1975, the dying Portuguese colonial power was compelled to sign an agreement granting independence in November of that year following the struggle of People’s Movement for the Liberation of Angola (MPLA). Desperate to stem the tide of change, given that Mozambique under Frelimo also got independence same year, the racist South Africa invaded Angola from Namibia. No independent African state was in the position to come to the rescue of Angola. Fidel’s Cuba rose to the challenge and South African troops were beaten to a retreat. That singular historic Cuban resistance against South African aggression paved the way for Angolan independence in 1976. Cuba was the only frontline non-African country in the league of Tanzania, Zambia and Nigeria that felt the heat and sacrifices of liberation struggle. Cuba was among the first countries (after Nigeria led by dynamic late General Murtala Muhammed) to recognise MPLA-led government and was the country that pushed for its UN membership which was ironically vetoed by United States of Africa. Africans would also recall the historic battle of Ciuto Cuanavale in South eastern Angola in 1987 with Cuban involvement. That historic battle against racist troops led to series of events which eventually led to Namibian independence. The valuechain of Cuban solidarity goes beyond the military. During a visit to Angola in 1977, the then Cuban defence minister, Raul Castro now Cuban president, invited Angola to send 2,000 children to attend schools and universities in Cuba. Cuban doctors and nurses have served and are

serving in virtually all African countries as part of comprehensive development cooperation. In his historic speech on Cuba Policy Changes in December 2014, President Obama singled out Cuba as a country that has “...sent hundreds of health care workers to Africa to fight Ebola” with expressed optimism that... American and Cuban health care workers should work side by side to stop the spread of the deadly disease”. Here in Nigeria, former President Shehu Shagari administration proudly in 1982 hailed the Cuban doctors for their courage and sacrifices to serve in rural Nigeria scorned by Nigeria’s doctors. In 2000, as many as 10,000 Cuban doctors, one third of its total doctors were serving in Africa. The same solidarity applied to education. When late Julius Nyerere of Tanzania visited the famous Isle of Youth in Cuba, an internationalist school where African youths were undergoing schooling free of charge, he reportedly said: “There is no more beautiful place under the sun”. A conference sponsored by the UN Special Committee against Apartheid held in Havana in May 1976, a Cuban leader Armando Hart called racism the “ideology of the exploiters”. That was at a time both Britain and America were bursting sanctions against the outlaw racist regime and were even in bed with the hated apartheid regime through the notorious “constructive engagement”.

In recent times, both the debtor-and creditors-nations, mostly in Africa found attractive the options of partial and total debt-cancellation and even debt relief. And that was precisely what Castro had long promoted in his decade-long battle of developmental ideas. He had compared the debt burden “to that torment in Greek mythology in which a man is doomed to push a large stone uphill for all eternity, a stone that always rolls down again before reaching the top.” Fidel had argued that most debts were “unpayable and uncollectible”. We must credit the series of debt cancellation in Africa to the audacious alternative views of Fidel Castro, not necessarily the astuteness of “negotiators” or so called altruism of creditors. Interestingly the world has wisely shifted to Cuban development paradigm after the scandalous market collapse of 2007 of course without acknowledging Fidel and Cubans who promoted the role the sate and governance in development. Cuba has the lowest HIV prevalent rate, thanks to education and non-commercialisation of the battle against the scourge. Fidel’s Cuba ranks high on UN development index, much to its nurtured human capital through quality literacy and good health. Long Live Fidel Castro! • Aremu is NEC member, Nigeria Labour Congress

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