Monday 12th September 2016 by THISDAY Newspapers Ltd

Worsening Dollar Scarcity Threatens Overseas Education Obinna Chima As dollar scarcity worsens in the country, the inability of parents, whose children school abroad, to access foreign exchange (forex) is threatening the completion of their wards’ education. Although the Central Bank of Nigeria Governor, Mr.

Godwin Emefiele, recently revealed that the apex bank spent about $2 billion annually on foreign school fees remittances, the new forex regime appears incapable of meeting such a huge demand any more..

Average weekly dollar turnover on the interbank forex market (spot) has dropped to $600 million presently compared with the $2 billion available as at August last year. Findings by THISDAY

showed that with the resumption of a new academic session in most schools abroad, a lot of parents are finding it extremely difficult to purchase dollars from the interbank forex market, with most of them left with the option of

purchasing the greenback from the parallel market at N423 to the dollar as at Friday. The development was further validated by bank' returns on forex utilisation for the week ended September 2, 2016, that was published

Cabinet Shakeup Looms in Lagos State... Page 12

last week, which showed thin forex trading by the financial institutions. Only few of the banks even sold dollars to their customers for payment of school fees for their wards abroad. For instance, the returns of forex utilisation published by Diamond Bank Plc last week Continued on page 12

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Buhari: FG Working Round the Clock to Revive Economy Blames recession on global downturn, lack of savings Stop grumbling, get to work, PDP tells govt APC, Dogara call for prayers for recovery, peace Tobi Soniyi, Onyebuchi Ezigbo and Damilola Oyedele in Abuja President Muhammadu Buhari has said the federal government is working round the clock to revive the economy, explaining that the economic recession in the country is the result

of the cumulative effects of worldwide economic downturn and failure in the past to plan and save for difficult times. “I assure you that this administration is working round the clock to remove the hardships the country is going Continued on page 10

Falana Urges FG to Reject Swiss’ Conditions for Repatriating $321m Abacha Loot

Gboyega Akinsanmi

A human rights lawyer, Mr. Femi Falana, yesterday asked the federal government to reject the conditions the government of Switzerland attached to the repatriation of $321 million stolen by the late Head of State, Gen. Sani Abacha. Falana, a Senior Advocate

of Nigeria (SAN), described the proposed conditions by Switzerland as insulting, noting that the government of Switzerland did not have the right “to unilaterally impose conditions on Nigeria.” He rejected the conditions attached to the repatriation of the stolen $321 million in a

Continued on page 10

Saraki: The Truth will Always Prevail... Page 46

Clinton Faces Health Challenges...

US Democratic Party Presidential Nominee, Hillary Clinton, leaves the New York City memorial marking the 15th Anniversary of the September 11, 2001, terror attacks after becoming "overheated". She was diagnosed with pneumonia on Friday… and emerged later on Sunday at her daughter's home saying she was "feeling better"

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CBN Warns Banks over Non-reversal of Electronic Transactions Dispense Errors

Obinna Chima Inundated by complaints from bank customers over delays and most times non-reversal of dispense errors encountered during electronic transactions, the Central Bank of Nigeria (CBN) has said it will start monitoring banks to ensure that dispense errors are automatically reversed and the account of the customer credited. The CBN, which said banks that continue to err would be sanctioned, added that it plans to extend the Bank Verification Number (BVN) registration to customers of other financial institutions such as Microfinance Banks (MFBs) and Primary Mortgage Institutions (PMIs),

among others. The CBN Director, Banking and Payment Systems Department, ‘Dipo Fatokun, said this at the Finance Correspondents Association of Nigeria (FICAN) Bi-monthly forum hosted by the central bank in Lagos at the weekend. He spoke on the topic: “Recent Developments in the Electronic Payment System and Implication for Customers." Fatokun said the central bank had received complaints from customers against some banks which dispense errors are not reverted even after complaints had been lodged by the customers to their respective banks. The CBN had last year

directed that banks programme their systems such that partial or non-dispense error by automated teller machines are automatically rectified. However, not all banks have complied with this directive. But Fatokun explained: "We discovered that many of these dispense errors that were not returned to the customers were sitting as idle balances for the banks. So what we have done is that from last year, banks are supposed to electronically return the money for either a non-dispense error or partial dispense error. “We will soon start monitoring the banks because almost all the banks have given us statistics of what they

claim they have returned to their customers. The system should be automated such that whether a customer complains or not, when there is a partial dispense or non-dispense, such customer's account should be refunded and if it is not refunded, then they stand liable.” The central bank director also said banks that offer services through USSD on their mobile phones should ensure their customers are protected. Throwing more light on the proposed BVN enrollment for MFBs and other financial institutions, Fatokun said deposit money banks would serve as registration points but customers of the MFBs and

PMIs would have to verify their BVN at their respective financial institutions. He however did not specify if there would be a deadline such as the one given to customers of commercial banks. Fatokun argued that the BVN project had helped reduce the number of bank frauds in the industry. “I want to assure you that the BVN has assisted us a lot in the banking system. It has assisted us to check frauds, and we are working on a framework that will enable us not to blacklist customers, because of some legal implications, but at least to watch-list a customer that is identified to have been fraudulent, or have done what

he is not supposed to do across the banking sector,” he said. The CBN director said the number of BVN linked to customers’ accounts as at August 23, this year was 36.7 million, while the total number of individual customers in the banks was reported as 59.9 million as at the same date. “Any bank customer resident in Nigeria without a BVN would be deemed to have inadequate KYC while effort is on-going to ensure that customers of Other Financial Institutions (OFIs) such as Microfinance Banks (MFBs) and Primary Mortgage Institutions (PMIs) are brought into the system and begin to get their BVNs,” he said.

Nigerians of the House of Representatives’ determination to continue to work selflessly and tirelessly for the common good and the overall interest of the country through effective, efficient and robust law making, oversight and representation. Lasun appealed for perseverance among Nigerians especially due to the economic recession, urging Muslims to emulate the Prophet by extending good hands of fellowship to friends and neighbours. The ruling APC in its message pleaded with Muslims across the country to pray for peace and quick recovery of the economy. In a statement issued by the National Chairman, Chief John Odigie-Oyegun yesterday, the party urged Muslims and all Nigerians to use the occasion of Eid-el-Kabir to show love and promote harmonious and peaceful co-existence with one another irrespective of ethnic or religious affiliations. "Nigeria is today passing through challenging times in its socio-economic life, the party calls on Nigerians to pray and support the administration as it works assiduously to pull the country out of the present hardships and restore the country to the path of growth in all facets,” it said, adding: “Happily, the President Muhammadu Buhari-led APC

administration is already employing all legitimate and innovative means to restore the country’s battered economy back to good health in the quickest possible time.” The party urged Nigerians to support the recently launched National Re-orientation Campaign “Change Begins With Me’’. “In a bold move to repair our value system that has been badly eroded over the years, on September 8, 2016, President Muhammadu Buhari launched the laudable National Reorientation Campaign 'Change Begins With Me'. The party appeals to all Nigerians to be part of this campaign which will institutionalise the best practice and time-honoured values of honesty, hard work, patriotism, abhorrence of corruption, accountability and integrity in our everyday life,” it said.

occasion of Eid-El-Kabir, the 'Festival of Sacrifice'. The message signed by the party’s National Publicity Secretary, Prince Dayo Adeyeye, advised all Nigerians especially, the political and ruling class in the country to emulate Prophet Ibrahim for his willingness and total obedience to the will of God by agreeing to sacrifice his only son. It called for good governance and peaceful co-existence, urging Nigerians to sacrifice for the greater good of the country. The PDP said: "We want to use this opportunity once again to celebrate and felicitate with all our Muslim brothers and sisters in Nigeria and across the world on this occasion of Eid-El-Kabir as instituted by Allah through Prophet Ibrahim. We want to also urge Nigerians to use this period and pray for the recovery of our ailing economy, the unity and oneness of this country and continue making sacrifices for Nigeria to become great again.” "Mr. President in his Salah Message today, again blamed the present Acute Economic Recession on the past administration and global economic downturn. Let Mr. President and his Party, the APC, be reminded that it took a smart and experienced world-class Economic Team in the Year 2010 to lead Nigerians through a cushioned global financial meltdown and beyond. The “Change” is really with them (APC) and their barrage of falsehood.”

Buhari: FG Working Round the Clock to Revive Economy through,” he said in a short message to Muslim faithful celebrating the Eid-el-Kabir festival yesterday, pleading with Nigerians that the current economic hardships could not be properly understood without an appreciation of the mistakes. "The present recession is as a result of cumulative effects of worldwide economic downturn and failure in the past to plan and save for difficult times,” he explained. The president’s explanation was complemented by the Speaker of the House of Representatives, Hon Yakubu Dogara, and the ruling All Progressives Congress (APC) who called on Nigerians to take advantage of the festivities to pray for the quick recovery of the economy and peace in the country. But the opposition Peoples Democratic Party (PDP) in its message to the nation’s Muslims told the Buhari administration to stop looking for scapegoats for its inability to run the economy and get down to the task of retrieving the economy from the recess it had pushed it. “The president and his APC were elected to further better the lots of Nigerians, and not to dish out constant complaints on the situation which they mindlessly created not minding the attendant consequences of their actions

on our collective destinies,” the PDP said in a direct reference to the president’s message, adding: "It is, therefore, high time they stopped this unnecessary grumbling and concentrate on how to redeem our economy by providing good governance to the people." Saluting Nigerians for their steadfastness in the face of the prevailing harrowing times, the president said that his administration was working hard to shorten the period of the recession and restore prosperity quickly. Reeling out his plans, Buhari said: “Rail and road constructions, projects in the housing sector, support for farmers and for small and medium scale industries, youth and women's empowerment programmes, support for revival of industries are all designed to reinvigorate the economy and enhance living standards of ordinary people.” He said just as he was getting security right and fighting corruption with a reasonable measure of success, he would get the economy right. The president preached religious harmony, enjoining Muslims to live by the dictates of Islam, keep good relationships with their Christian brothers and sisters and as patriots to maintain the spirit of the Nigerian nation.

Dogara, APC Call for Prayers Speaker Dogara and his deputy, Yussuff Lasun, while felicitating with the Muslim faithful called for prayers in the face of the economic hardships that Nigerians were going through, telling them to ask Allah for peace and prosperity for Nigeria. Dogara, in his message, urged Muslims to imbibe the spirit of sacrifice, peace and unity. He also called for the peaceful co-existence among Nigerians, and prayers for the current economic and security challenges in the country, which he said were not insurmountable. “As we celebrate Eid-el-Kabir with our friends and families, we must never forget our country and its leadership in our prayers. Eid-el-Kabir celebration is a period of sacrifice and reflection. I urge us all to emulate the virtues of total obedience, sacrifice in faith and selfless service as demonstrated and exemplified by Prophet Ibrahim,” Dogara said. He expressed confidence that the current administration through its diversification drive would restore Nigeria to the path of development and prosperity. Dogara also assured

PDP Tells Government to Stop Grumbling However, the opposition PDP led by Senator Ahmed Mohammed Makarfi told the APC-led administration to focus on how to get the economy working rather than seeking for a scapegoat. The party, in a message, said it joined other well-meaning Nigerians to felicitate with Muslims worldwide on the

Falana Urges FG to Reject Swiss’ Conditions for Repatriating $321m Abacha Loot letter he addressed to President Muhammadu Buhari, referring to a statement credited to the Swiss Ambassador to Nigeria, Mr. Eric Mayoraz, that Switzerland “will soon return $321m of Abacha loot to Nigeria”. In his letter, Falana said the conditions imposed on Nigeria that allowed the World Bank “to supervise the spending of returned assets by the Nigerian government breaches international law principles and standards”. He cited Article 57 of the UN Convention against Corruption requiring state parties “to return assets on the basis of a final judgment in the requesting state party. But in circumstances where there is no final judgment, Article 57 allows for assets to be returned on the basis of agreements or mutually

acceptable arrangements, on a case-by-case basis, for the final disposal of confiscated property”. He said the government of Switzerland breached the clear provisions of Article 57. He added that the imposition of any conditions on the Nigerian government “is a flagrant violation of the principles of sovereignty and non-intervention founded in Article 2 of the United Nations Charter". “Imposing conditions on Nigeria regarding the spending of returned assets is disproportionate and amounts to an unlawful intervention because Switzerland has no legal or moral right to the assets. Indeed, Switzerland is completely complicit for the stashing and depositing of stolen assets from Nigeria in

its banks and other financial institutions,” he stated. Falana expressed concern that the World Bank itself had not demonstrated sufficient level of transparency and accountability in its supervision of spending of previously returned Abacha loot. He added that the World Bank had so far refused to satisfactorily disclose information on the spending of recovered Abacha loot requested by Nigerian anticorruption NGO Socio-Economic Rights and Accountability Project (SERAP). He explained that the World Bank “has been unable or unwilling to consistently apply its own Access to Information Policy to disclose key information to civil society groups and other stakeholders. In the SERAP case, the World

Bank failed and/or neglected to provide several portions of the information requested on the spending of recovered Abacha loot managed by the Bank. “Although the Bank’s Access to Information Policy recognises the right to an appeals process when a request for information in the World Bank's possession is improperly or unreasonably denied, the appeal lodged by SERAP has been unreasonably and unduly delayed”. He lamented the empty promises made so far by Switzerland and the United States “to return forfeited assets worth over $800 million. It is clear that the Western countries will continue to frustrate the repatriation of the looted wealth of the nation being warehoused by them, albeit illegally”. He, however, urged the Buhari administration to

consider legal option if the government of Switzerland refuses “to return the said sum of $321 million without any conditionality, the federal government should not hesitate to initiate legal proceedings for the recovery of the asset. “In the proposed suit, Nigeria should claim punitive and exemplary damages and interests from Switzerland for keeping the loot for over 20 years. Finally, the federal government is urged to collaborate with relevant civil society organisations to mount a campaign locally and internationally to ensure full compliance by Switzerland, the United States and other Western countries to international law principles of accountability, proportionality, sovereignty, equality, fairness and noninterference”.

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T H I S D AY MONDAY SEPTEMBER 12, 2016

T H I S D AY • MONDAY, SEPTEMBER 12, 2016

NEWS

Nigerian Students Sue Alabama University for Treating Them ‘Like Animals’ Joseph Ushigiale with agency report Nigerian students namely Thankgod Harold, Success Jumbo, Savior Samuel, Godsgift Moses, Promise Owei and 30 others on full scholarships from a Nigerian government fund for four years have sued Alabama State University (ASU) for discrimination and treating them like animals, an Alabama news outlet, Daily Beast, has reported. The students complained that after collecting millions of dollars from the home government, the university started to discriminate against them. In their lawsuit, they alleged that the university overcharged them for books

and meals, claiming that the school enrolled them in classes they never took simply because they were black foreigners. According to one of the students who goes by the name Jimmy Iwezu: “They called us cash cows,” adding: “I’m a black man and I’m proud to be black, but I felt discriminated against.” He said the university said it could do whatever it wished with the seven-figure sum Nigeria prepaid back in 2013 for some 41 students. According to the lawsuit, which was brought to the court by Attorney Julian McPhillips, the students alleged they were shorted their deserved monies by ASU. McPhillips contends ASU hammered the students with

exorbitant billing and they were not being treated like other students. The school allegedly inflated the costs of staples like books, room and board, and repurposed the funds to pay for the school’s bond issues. While most college students are permitted to bargain shop for textbooks wherever they wish or dine at different establishments beyond the school cafeterias, the Nigerian nationals at ASU, according to the federal complaint, were boxed in. According to McPhillips, “They were not allowed by ASU to spend this money, but instead the money was credited towards certain expenses the students incurred, or towards other expenses ASU incurred

that were unrelated to the students.” Iwezu, who is one of the students, told Daily Beast: “The school compelled us to buy books from the book store and eat only at the cafeteria,” adding: “I tried to make them understand, ‘Hey, we don’t want to live in the dorms anymore, and we don’t want to eat our entire meals at the dorms.” He said greaed trumped reason. “They want our money,” he said, adding that the surcharge to live on campus was raised specifically for him and his Nigerian counterparts. “They make us pay $3,000 (a semester) to live in the dorms, and that is more than a mortgage on homes in this area. “Enough is enough.”

Minister of Foreign Affairs, Geoffrey Onyeama

Cabinet Shakeup Looms in Lagos State Olawale Olaleye Barring any last minute changes, there is an imminent cabinet shakeup in the Lagos State cabinet as Governor Akinwunmi Ambode is said to be set to weed out persons, believed to have failed to align with his change agenda and attitude to work. THISDAY sources hinted yesterday that the governor, who had resolved not to entertain any form of indiscipline especially as it relates to delivering on electoral promises had begun to list names of persons who would be axed. Although the source failed to give an idea of when the

reshuffling might take place, he said there was no doubting the fact that the governor was unhappy with some of the commissioners, who had failed to live up to expectations and had decided to let them off as soon as possible. "There is imminent cabinet shakeup in Lagos and the governor is not joking about it. There is a lot of indiscipline amongst some cabinet members and the governor had tolerated even some of the insubordination to the extent many others were wondering what the problem was. "But enough of this madness, the governor has confided in some of his close allies. He has warned everyone to sit

and buckle up. He told them he would not take any more lethargy exhibited by anyone and for those who may think they are too big for their offices or are covered by some unrealistic political immunity, their days are numbered," the source said. Explaining the degree of insolence by some of the cabinet members, the source said some of the commissioners were fond of dropping names of some of the party leaders as if to intimidate the governor or make him look away from some of their excesses that were hurting the collective agenda of a progressing Lagos. "It is worrisome that some

will park their vehicles, where the governor gives a clear order that no one should park. Some have even said to the governor to his face that they were nominees of the party's national leader, Senator Bola Tinubu, and as such should be treated differently or respected because they are stakeholders in Tinubu’s dynasty. "In fact, the governor once told one of the very rude commissioners that if you were actually a favourite of the leader, how come you were not his choice for governor? And he told him off immediately. Disposition such as this naturally affects their attitude to work and by extension, their productive

output. The governor has resolved to put a stop to this as well as send very strong signal to others with the imminent cabinet reshuffle," he said. While throwing more light on how the governor has had to manage the various tendencies in the cabinet, the source noted that the governor has had to even subtly delegate some of the responsibilities of some ministries to commissioners from other ministries by way of sending subliminal messages to the entire cabinet members. "Unfortunately, some of these guys could not even read the handwriting. You should know that if your principal starts to give the

work of your ministry to a commissioner from another ministry, something is utterly wrong with your attitude to work, especially your capacity to deliver. "But that is what is happening today and the affected guys have not been able to discover that problem is lurking in the corner for them. For those who know the Lagos governor, he is not a joker. He means business at all times and does not tolerate insubordination or lack of diligence to work. He has promised to teach some hard lessons with the cabinet shakeup and that is happening soon," the source volunteered.

crash, currency depreciation, suicide rates, political and social unrest, widespread banking failure and real estate delinquency as some consequences of economic recession. The economist, who pointed out that the country is in a "mild" recession, stressed the need for government to target and stimulate aggregate consumption ($340 billion); consumer confidence (9.5%); gross fixed investment ($66 billion); and manufacturing index (53%). He noted that given the fall in oil revenue, increased deficit financing plan is crucial for recovery, just as he urged government to borrow between $4-$5 billion externally. In addition, he advised the government to sell some of its assets and also issue Eurobond to raise funds. Furthermore, Rewane called for minimum wage review as well as social safety net, reduction of interest rates, reduction as well as refund of banks' cash reserve requirement (CRR) with the CBN and to curb the perceived abuse and arbitrage of forex. "Investor enthusiasm is weak and recession must be combated with a powerful stimulus package. Doing

nothing will lead to atroplogy," he added. In a related development, analysts at Renaissance Capital (RenCap) have predicted that deposit growth in the banking system would be further hampered in the second half of the year as a result of the complete removal of Treasury Single Account (TSA). The CBN had banned nine banks from participating in the interbank forex market, due to possession of Nigeria Liquefied Natural Gas (NLNG) deposits which should have been remitted into the TSA. This number was estimated at $2.3 billion. UBA was readmitted into the FX market the next day and its management explained that there were some reconciliation issues. Subsequently, the ban on the other banks was lifted a week after because the banks submitted credible repayment plans to the CBN. According to the research and financial advisory firm, owing to the impact of the naira devaluation year-to-date loan growth in the first half of 2016 averaged 20 per cent for the banks, adding that when it adjusted for naira weakness, real loan growth averaged 2.8 per cent. But it pointed out that real

loan growth was highest at UBA, Fidelity Bank and Diamond Bank, saying they recorded real loan growth of nine per cent, 7.4% and 7.0% respectively as at the end of first half of 2016. "Real loan growth will likely remain subdued in this operating environment, and any loan growth that management teams are guiding for is based largely on the impact of the naira devaluation. Following inflation of the oil and gas book post devaluation, total oil and gas exposure increased to 29 per cent of the total loan book in first half of 2016 from 26 per cent in first quarter of 2016. Manufacturing and general commerce were the two other sectors with the highest exposure, representing 12 per cent and nine per cent of loan book respectively as at first half of 2016. "However, deposit growth was weak across the board, despite the impact of the naira devaluation. Only GTBank, Access and UBA managed to deliver strong nominal deposit growth, with year-to-date deposit growth coming in at 23 per cent, 17 per cent and 16 per cent respectively. Real deposit growth averaged three per cent across the sector," it added.

Worsening Dollar Scarcity Threatens Overseas Education showed that the bank which is one of the leading financial institutions in forex deals sold only $918,752 to 18 customers. Also, First City Monument Bank Limited's (FCMB) returns on forex utilisation showed that the bank sold only $452,918.26 to four of its customers. In the same vein, FirstBank Nigeria Limited, which sold dollars to a total of 434 customers in the week under review, did not record any sale to customers for the payment of school fees abroad. However, FirstBank sold dollars to customers for the importation of petroleum products, raw materials, Bureau De Change (BDC) operators, estacode, personal travel allowance and business travel allowance. But Zenith Bank Plc, whose returns of forex utilisation showed that the bank sold some amount of the greenback to a few of its customers for payment of tuition fees abroad, recorded reduced dollar sales in the week under review, which is a reflection of the scarcity of dollars in the system. Its returns showed that it sold $28,844,498.05 to customers, as against the about $50 million deals weekly which it used to report.

The Central Bank of Nigeria (CBN) is still the major supplier of forex in the market. Nigeria is officially in a recession as the economy contracted by 2.1 per cent year-on-year in the second quarter of 2015. The naira has depreciated by an additional 11 per cent on the interbank forex market since the end of June, with the black market currently trading at N423/$. Foreign Portfolio Investment (FPI) in the country remains weak in the absence of improved forex liquidity at the interbank market. Oil prices are down five per cent since the end of June as activities of militants in the Niger Delta continue to disrupt oil production with average daily production dropping to 1.51 million b/d in July, one of the lowest production levels for the country. This compares with the average daily production of 2.15million b/d in January 2016. "We are yet to see meaningful appreciation of the naira in the parallel market since the CBN lifted its ban on eight commercial banks from the interbank forex market last week. The announcement of the CBN’s ban on banks sent parallel market rates above N400/$ for the first time.

"Although there was a reported inflow of $270 million through Citibank for fixed income transactions last week, average weekly turnover of $600 million for forex spot transactions on the interbank market is still a far cry from that of last year August’s turnover of $2 billion," a report by CSL Stockbrokers stated. In its bid to attract foreign portfolio investments, the CBN recently announced that foreign currency imports in excess of $10,000 in cash deposited in domiciliary accounts would now be eligible for investment in the money market (prior to this, such funds were only eligible for withdrawals). Meanwhile, as policy makers in the country continue to search for ways to lift the nation out of its present state of economic recession, the Chief Executive Officer of the Financial Derivatives Company Limited (FDC), Mr. Bismarck Rewane, has highlighted ways the economy can state a recovery. Rewane, who stated this in his monthly economic news and views for September titled: "Understanding the 'R' Words," that was presented at Lagos Business School recently, listed stock market

T H I S D AY MONDAY SEPTEMBER 12, 2016

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COMMENT

Editor, Editorial Page Peter Ishaka Email peter.ishaka@thisdaylive.com

The Media And Extrajudicial Killings The press in Nigeria lacks the zeal to pursue issues to their logical conclusion, writes Emmanuel Ojeifo

“The arc of the moral universe is long, but it bends towards justice.” – Martin Luther King Jr.

ow do we get the mass media to pursue investigative journalism and to stay with a particular issue until justice is served? What incentives can we put in place to ensure that the media stands on the side of the oppressed, poor, vulnerable and defenceless Nigerians? How can we engender the values and ethos of ‘protest writing’ and ‘protest broadcast’ in media practice, in a way that imposes a moral obligation on media practitioners to take sides with the powerless against the depredations of power? I believe that these questions are at the heart of understanding the role of the mass media in a broken society. Professor Chinua Achebe has said that the role of the media in a society depends on the society’s state of health. If the society is ill, the media has a duty to point it out. If the society is healthier, the media’s job is different. In his brilliant essay, “How Mass Media Stimulate Political Transparency,” Jack M. Balkin, Knight Professor of Constitutional Law and the First Amendment at Yale Law School, argues that without mass media and without some form of mass media coverage, openness, accountability and transparency are impossible in contemporary democracies. For this to happen, the media today needs to cultivate the habit of persistence, with a combination of grit and professionalism. When the mass media focuses its searchlight on political leaders and on their actions, it deliberately keeps those leaders on their toes and ensures that they act in the light of public morality and public scrutiny. This habit of persistence is critical in societies bereft of political accountability. I say this to make the case that we need to develop a reflex for persistence in media practice. There are many cases of human rights abuses and political misbehaviours that enjoy unprecedented “immunity” on account of the fact that the media has failed to beam its searchlight long enough on those issues in order to compel the government to act justly and swiftly. For instance, on June 2, 2016, after the media published the news of the alleged beheading of an Igbo trader, Mrs Bridget Agbahime by irate Muslim youth at Kofar Wambai market in Yan Robbobi, Kano, on grounds of blasphemy against Prophet Mohammed, the police promised to bring the perpetrators to book. A week later, a 42-year-old female pastor of the Redeemed Christian Church of God (RCCG), Mrs Eunice Elisha, was stabbed to death by some suspected persons in Kubwa, Abuja, during the early hours of the morning when she went out to preach. Once again, the police leadership in its trademark style assured Nigerians of its determination to bring the perpetrators to book. On August 22, 2016, eight students of Abud Gusau Polytechnic in Talata Mafara were

Is the famous political Nigerian-speak, ‘We will ensure that the culprits are brought to book,’ simply euphemism for intrigues and cover-ups?

set ablaze at a residence by some fanatical Muslims students on allegations of blasphemy against Prophet Mohammed. That this could happen in a citadel of learning is shocking. Zamfara State Governor, Alhaji Abdulazeez Yari performed the rhetoric ritual: he assured Nigerians that the culprits would be brought to book. Mrs Eunice Elisha has since been buried, but she is yet to get justice. One month has passed since the gruesome murder of Mrs Agbahime, and we are yet to hear anything about the turn of investigation. We are watching how the Zamfara Eight will go. We can go back in time to dig up the innumerable cases of extrajudicial killings that are yet to be unravelled in this country, in spite of the high assurances of our political and security leaders that justice will be done in each of those cases. Is this the fate of Mrs Bridget Agbahime? Has the case of Mrs Eunice Elisha died a natural death? Will this be the fate of the Zamfara Eight? Is the famous political Nigerian-speak, “We will ensure that the culprits are brought to book,” simply euphemism for intrigues and cover-ups? Recall that on July 17, 2016, President Muhammadu Buhari directed the Inspector General of Police, Mr Ibrahim Idris to re-open investigation into the unresolved murder of Chief Bola Ige, a former Attorney General of the Federation and Minister of Justice. Unknown assailants murdered Chief Ige in his bedroom in his Bodija, Ibadan home, on December 23, 2001. That such a high profile political figure, a Minister of Justice, could be killed in such a shameful manner, and has not gotten justice after 15 years tells a lot about our country. We can count many other illustrious and unknown Nigerians who have suffered a similar fate. For many people, Nigeria is simply a jungle, a modern version of the Hobbesian state where human life is brutish, nasty, and short, but also valueless. If not, how could criminals get away with blood-stained-hands, in such a manner that makes laughable the acclaimed professionalism and investigative rigour of our security and intelligence agencies? I believe that one of the shortcomings of the media in Nigeria is the lack of preparedness to develop a reflex for persistence, the ability to patiently hold on to a particular issue, stay on it and pursue it to a logical conclusion. I understand that as a result of breaking news constantly competing for attention, today’s media is in a flux, speedily moving from one story to another and capturing new items of journalistic sensationalism. But this attitude does not help to get political leaders to be accountable to the people. We are not just suffering from a broken criminal justice system; we are also suffering from a broken system of political accountability. The media can help to bridge this gap in its reportorial mission by compelling both political leaders and the judiciary to pursue the cause of justice while serving the cause of the common good. Ojeifo is a Catholic priest of the Archdiocese of Abuja.

In Defence Of President Buhari

“

The president needs all the support to take the country to the Promised Land, writes Soyombo Opeyemi

I believe we also need prayers in this country. Why is it now that we have a President Muhammadu Buhari that is committed to good governance and accountability that we are confronted with paucity of cash? Why has the price of oil chosen this momentous time to plummet to this level? Even if the new government achieves complete diversification of the economy, will it fructify overnight, in one, two or three years? Why should it be at this time that we have a highly conscientious and honest central government that we should have this kind of financial situation as a country? So we need prayers in this country.” The above extract is from my piece, “LagosIbadan Expressway: The Amosun Intervention”, published in some national papers in November, 2015. In an earlier article titled, “Buhari and Federal roads”, published in July, 2015, I observed that “It would seem an understatement for President Muhammadu Buhari to speak of inheriting an empty treasury. I think we should thank God that the President even met a treasury at all. With the monetary bonanza, bazaar and lottery that characterised the electioneering of the ruling party in the last general elections, we should be grateful to the almighty that both the purse and its contents had not disappeared altogether.” As at the time of that publication in July, 2015, no one knew the previous government actually attained the unimaginable proportion of its officials sitting at a round table to share among themselves monies meant for all Nigerians. By then revelations about the arms scandal were yet to come to the fore. I used to observe during the locust years

that while the previous governments at least pretended to fight corruption, the Jonathan administration openly embraced it, in fact, with both hands! That damning assessment was based on what everyone could see at the time: the “killing” of corruption reports including fuel subsidy scam, official protection accorded the corrupt officials (sometimes against investigation), conversion of the country’s cash cow, the NNPC, to slush funds and the election bazaar mentioned above. Have all these facts receded from the memories of citizens so soon? The Nigerian economy has now become a football match in which every compatriot usually assumes the role of a coach. Suddenly, every Tom, Dick and Harry has become an economist, taking to the guillotine the Buhari administration. These trying times are actually the best period for political opportunists to engage in mobilisation of mass hysteria on poverty in the land, as if privation suddenly dropped from Mars or Jupiter to Nigeria. Was it President Buhari that forced oil prices to crash in the international market? Is it Buhari that is sponsoring the militants blowing up oil and gas pipelines such that production plunged from 2.2 million barrels per day to 1.6 million, worse at the time oil rose to some 50 dollars per barrel? Prices crashed yet you had little or nothing to sell and when prices began to rise, you still had little or nothing to sell. What magic will then bring money to your pocket? Another vacuous claim of political opportunists, some of them in the garb of economists, is that Buhari has no economic team and direction. What direction does a mono-economy need other than diversification? Do we need to import economic experts from Mars or Jupiter before we

know that the solution to the current economic difficulties is diversification, investment in the real sectors of the economy - agriculture, (agriculture, agriculture!) mining and manufacturing? There are no quick fixes. From time immemorial, economists have never agreed among themselves on economic choices. There are consequences for any economic decision you make, for instance, between regulation and liberalisation. But there is no disputation as regards the results of a production-based economy, which is what Nigeria needs now. We need to produce, produce and produce rather than the mindless importation we are accustomed to. This is what will engage the unemployed youths and raise the standard of living of the populace. And this has been the emphasis of the Buhari administration. We must all return to agriculture, mine the solid minerals in the bowels of our land and restore the manufacturing sector. Unfortunately, you cannot get results in all of these overnight. Every business has a period of gestation. If we failed as a nation to invest in all these when oil sold at over 130 dollars per barrel, how much investment are we capable of making now when oil is about 30 dollars per barrel? Of course, it is not as if the federal government is not doing anything to stimulate economic activities and reduce poverty. I can testify to the efforts being made by the governor of Ogun State, Senator Ibikunle Amosun, in ensuring that the School Feeding Programme of the Buhari administration kicks off this September when children resume school. Thousands of school vendors are being recruited and trained by the Ministry of Special Duties headed by Mr. Leke Adewolu. The vendors are equally undergoing medical tests to be sure our children get the very

‘best of service delivery’. I understand President Buhari has already set aside billions of naira for this scheme and other social schemes that are simultaneously being rolled out in all the states of the federation. These will boost economic activities at the local level and raise the standard of living of the masses. We must not allow political demagogues, economic revisionists and anti-democratic forces who are wolves in sheep’s clothing to change the narratives, as they have been doing in recent times in the media. We know all those that brought Nigeria to its knees economically. We should direct our anger to them while we encourage the new government of President Buhari to take us on the road to recovery. We should not expect magic but we can trust God for miracles. The previous governments sowed the wind and we all are now reaping the whirlwind. That path to recovery may not be an easy one but with Buhari’s single-minded commitment and passion for accountability, the road to economic recovery will be shorter than imagined. As he has been doing, President Buhari should continue to listen to Nigerians from all walks of life, who offer genuine pieces of advice, not those who wish to score an offside goal against the current administration and set the masses against the government. We should not allow those that brought us to this sorry pass to score cheap political points, subvert the system and undermine the current democratic dispensation. Vigilance is the price of liberty. We all should give our unalloyed support to the present government and play our part in order to restore the glory of Nigeria. Opeyemi is Special Assistant on Media to the Ogun State governor

T H I S D AY • MONDAY, SEPTEMBER 12, 2016

editorial Eid-El-Kabir In A Time Of Recession It is time to reach out to the less privileged in the society

he festival of Eid al-Adha, better known as Eid-el-Kabir, being celebrated today across the world originated from one of the famous stories that connect Islam and Christianity: the sacrifice of Ismail in the former and Isaac in the latter - both entirely on the same account. Yet, to the extent that it is about how Prophet Ibrahim (Abraham), in obedience to God was ready to offer his son in sacrifice before a ram was provided instead by divine providence, the true meaning and essence of this occasion are: total submission and love, virtues that are in short supply in our country today. In the accounts of both religions, the faith of Ibrahim was tested to the limit of endurance but he was not found wanting. In a difficult situation, the father submitted to God; the son, to his father in absolute trust that was ultimately rewarded. Eid-el-Kabir is therefore a season that calls for rededication not only to our Maker but also to the cause of mankind; to appreciate the gift of life and to imbibe the virtues of tolerance, underThe occasion standing and good should go beyond neighbourliness. the slaughtering More importantly, it of rams to sharing is a period that calls love and material for caring for the possessions not less privileged of our society. only with relatives Indeed, the timing or acquaintances, of the festival this but also with the year could not have displaced, and others been more auspiat the margin of the cious, given that the society economy is now in recession with all the attendant implications for millions of Nigerians. What that suggests is that the socio-economic condition of most Nigerians this year makes it compelling for adherents of Islam to look beyond themselves and their immediate environment, especially in this holy season.

Letters to the Editor

The lessons of Eid el Kabir are simple: by paying attention to the plight of the poor, we invariably place the welfare of our neighbours as important as ours; by allowing others to partake of our wealth or material possessions, we honour the One who made the provision in the first place. This happens to be at the heart of all religions, but a virtue that is particularly at the heart of this festival.

T H I S DAY

editor IJEOMA NWOGWUGWU Deputy Editors BolaJI ADEBIYI, joseph ushigiale Managing Director Eniola Bello Deputy Managing Director Kayode Komolafe CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN

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

Editor-in-Chief/Chairman Nduka Obaigbena Group Executive Directors Eniola Bello, Kayode Komolafe, Israel Iwegbu, Emmanuel Efeni, IJEOMA NWOGWUGWU Group FINANCE DIRECTOR oLUFEMI ABOROWA Divisional Directors PETER IWEGBU, FIDELIS ELEMA, MBAYILAN ANDOAKA, ANTHONY OGEDENGBE DEPUTY Divisional Director OJOGUN VICTOR DANBOYI SNR. Associate Director ERIC OJEH Associate Directors HENRY NWACHOKOR, SAHEED ADEYEMO cONTROLLERs ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI General Manager Patrick Eimiuhi Group Head Femi Tolufashe Art Director Ochi Ogbuaku II DIRECTOR, printing production CHUKS ONWUDINJO

hile today is usually a day of merriment, it is important not to lose sight of the true meaning of this special occasion and the spirit of sacrifice it represents. With millions of our compatriots now refugees in their own country, the significance of Eid al-Adha this year cannot be overemphasised. The occasion should therefore go beyond the slaughtering of rams to sharing love and material possessions not only with relatives or acquaintances, but also with the displaced, the elderly, the orphans and other people at the margin of the society, including those with special needs. It is also important that Nigerians begin to embrace and support charitable causes and there is no better occasion than today’s to make such resolve. What should never be forgotten on a day like this is that thousands of innocent women, children and men had in recent years been killed, maimed or displaced by a violent sect that professed to be acting in defence of Islam, yet propagating doctrines that are completely at variance with a religion synonymous with peace. Also, the future of many children who can no longer attend schools has been thrown into jeopardy while a huge percentage of the wealth of the nation is being diverted to fighting an internal and unnecessary war. Therefore, as we celebrate this special festival, we must reflect on and imbibe the essence of sacrifice and humility for the promotion of harmonious relationship in our country. We also need to take this opportunity to reach out to everyone in promoting love, peace and unity. We wish our Muslim readers Eid Mubarak.

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The Change Nigeria Needs

or Nigeria to move forward we need to change and move beyond a number of things, beginning with our unproductive mindsets and defeatist cultural dispositions. The criminal thinking of “the oil in the Niger-Delta belongs to Kano” or “let’s all share the money Lagos State makes from its wealth creation activities” or “the lush green farmlands of Plateau State belongs to Bayelsa state farmers”, is asinine, petty and unproductive and the truth is that they do not. This sort of thinking is the premium product of a lazy person or society. For our beloveth Nigeria to succeed and grow, it must amend the 1999 constitution to free up our potential, via the devolution of power to the states to enable them become effective contributors to the national commonwealth, through the exploitation and maximisation of their comparative advantages instead of having them remain perpetual parasites and impoverished dependents of a currently struggling taskmaster. The new political-economic system of Nigeria must ensure that states finance their recurrent expenditure from their internally generated revenue. This will ensure fiscal discipline on the part of our rock star governors. The situation where a former Governor of Bauchi State had 600 plus aides, whom he financed with his state’s share of the proceeds of oil revenue - located in the Niger Delta, must stop and only the adoption and practice of political and fiscal federalism will

ensure that. When the governor of a state has to think of ways to develop and grow his state’s economy and IGR, he will have little time for folly and frivolity. Lagos State has succeeded because it was forced to look inwards after its federal allocations were withheld by the Obasanjo government over disagreements between the duo, vis a vis the creation of new local governments by the Lagos State Government. Lagos began to broaden its tax base, became more fiscally disciplined, invested heavily in infrastructure and sundry capital projects and security, in order to attract and retain both local and foreign investments and today the internally generated revenue of Lagos is able to meet 70% of its needs, with federal allocation accounting for less than 30%. Furthermore, the legal and regulatory framework governing the oil and gas sector needs to be reviewed. In other words, the Petroleum Industry Bill which has lingered at the “patriotic National Assembly” for almost 10 years needs to be passed into law. A lot has been said about the revolutionary nature of this bill and it’s nationalistic intent, we must pass this bill into law in our own interests. The urgency of this action is more imperative at this time of dwindling economic fortunes. It is tragic to note that one of the reasons for the delay in the passage of this bill into law has been the “view” of certain senators from certain geo-political zones, who

have insisted that “Host Communities” must include not only oil-producing communities that suffer the brunt of oil exploration activities, but also every community that hosts a gas station. Yes, a gas station (petrol station, filling station). This is unfortunate. If Nigeria is to move forward then we must reconstruct our national political-economic architecture, and remove this system that subjugates economic development to sentiments and petty ethno-religious considerations, as the imbroglio surrounding the PIB has shown us. Nigeria currently practices a system that enables corruption and ensures bad governance and we need to change that. Nigeria cannot continue to trust and depend on the good intentions of the men and women we elect into political office. We must evolve and develop a system that incentivises hard work, merit, good governance and sanctions stupidity, prebendalism and nepotism, irrespective of the good intentions or lack thereof of the political operators we elect. The Bible says “that he that refuses to work, should not eat”. Nigeria runs a system that ensures that those who refuse to work, not only eat, but eat more than those that work, and this injustice has been our bane and the major, if not the sole reason we have been burdened with poor, nay despicable leadership across all tiers of government since the return of democracy. Ugochukwu Amasike, Lagos

MONDAY SEPTEMBER 12, 2016 T H I S D AY

T H I S D AY • MONDAY, september 12, 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

It’s a Déjà vu! Events leading to the postponed Edo State governorship election earlier slated for last weekend strikes closely familiar. Perhaps, the nation had been there before. Shola Oyeyipo and Segun James write

President Buhari raising the hand of the APC candidate during the party’s mother of all rallies recently

here is something quite uncanny about the postponement of the Edo State governorship election. It seems contrived, and much more disturbing, foretold. About a month ago, candidate of the Peoples Democratic Party (PDP), Mr. Osagie Ize-Iyamu told a gathering of journalists in Benin, the Edo State capital that the election might be postponed. He said an excuse would be built around the Sallah period to have it moved forward in favour of the ruling party, the All Progressives Congress (APC). He either didn’t quite have the details or rather, chose to be miserly with the information for security reasons. He didn’t allude to security concern as the reason for the likely postponement, but was certain a postponement was imminent. And the political slant? He reckoned the APC wanted him and his party to outspend themselves, before landing to their shock, the postponement, during which period they would not have sufficient money to further prosecute the campaign. Also, a notable online news platform, Sahara Reporter, recently claimed that there were reports showing that APC was likely to lose the Edo governorship election to the PDP, if the election was held last Saturday and this was attributed to the security report from the Directorate of State Security (DSS) and the Police, which was believed might have necessitated the postponement to September 28. The duo of Police Public Relations Officer, Mr. Don Awunah, and DSS publicist, Garba Abdullahi, in a jointly signed press statement had said “credible intelligence available to the agencies indicate plans by insurgents/extremist elements to attack vulnerable communities

and soft targets with high population during the forthcoming Sallah celebrations between September 12 and 13, 2016. “Edo State is amongst the states being earmarked for these planned attacks by the

This, therefore, explains why the Edo State governorship election is deemed very crucial to the two parties. The APC would need to win to remain in reckoning in national politics while for the PDP, its ability to reemerge as a strong force depends largely on its electoral successes ahead of the 2019 presidential election. And dangerously too, for the APC, PDP elements are in the ruling party and they could simply plough back to their old party and destroy the APC

extremist elements. The public will recall that similar threats were issued during the May Labour Day and Democracy Day celebrations as well as the Ed-el-Fitr holidays in July, 2016. However, the security agencies were able to decisively disrupt and thwart the insurgents’ plans. “In the same vein, while election is important, the security agencies cannot allow the peace of the country to be disrupted, and we will continue to remain vigilant and ensure the consolidation of the successes gained in the current counter-insurgency fight.” Hearing the news, the Independent National Electoral Commission (INEC) rejected the security advice and vowed to go on with the election as scheduled, irrespective of the fact that the SSS and the police clearly stated that they could not guarantee the security during the exercise. For INEC, mobilization had been done about 90 per cent and thus, to demobilize and remobilize would also constitute constitutional breach. It therefore maintained that having weighed its options, going ahead with the election was its best bet. It didn’t however stop there. the commission still met with his commissioners and after going back and forth on the matter, it eventually succumbed to the pressure from sagencies which had threatened it would not guarantee security and postponed the September 10 election by another two weeks. No doubt, the postponement was a costly decision for the Mahmood Yakubu-led INEC, which had attained about 97 per cent readiness level before it was pressured to change its decision. But a mix of the political colouration of the decision has further heightened fears about alleged clandestine moves to manipulate the

election. For instance, in his combative characteristic nature, Governor Adams Oshiohmole had pointedly accused the governor of neighbouring Delta State, Senator Ifeanyi Okowa, of masterminding the deployment of militants to disrupt the election, adding that Okowa and his Rivers State counterpart, Governor Nyesome Wike, were planning to use militants to subvert the will of the people had the election held as scheduled. Maintaining his argument that plans were in top gear to disrupt the election, Oshiohmole told the National President, Nigerian Union of Journalist (NUJ), Waheed Odusile, who visited him in Benin, the state capital, last Thursday that Wike and Okowa had mobilised militants to cause havoc during the postponed governorship election in the state. “As we speak, both governors have raised N2billion to give to Ize-Iyamu, when they could not pay salaries in their states. They mobilised militants to Edo to register, preparatory to use them for violence in this election. We have eliminated violence in our elections here but in my election in 2007, PDP members killed three people at Oba primary school and brutalised hundreds of others. But thereafter, we have ensured free and fair election in Edo State. “But we have asked our people to be on the watch out. During the continuous voters’ registration exercise, many of them came into town and to my shock, INEC registered many of them. But at least, we were able to apprehend 13 and we handed them over to the police. During the same period in Etsako Central, they carried data capturing machines and turned private residence to registration centers. We CONT’D ON NEXT PAGE

T H I S D AY • MONDAY, september 12, 2016

politics

the monday discourse It’s a Déjà vu!

Osagie and his running mate, John Yakubu at a campaign rally

did not take laws into our hand; we reported to the police. “The guy whose house was being used, we reported to the police. We insisted that the police should charge them to court and after they did that they were granted bail. And all these are PDP players. In the course of distributing the PVCs last week at Igueben, Some PDP thugs came to forcibly hijack PVCs from the officer that was distributing them at a school in Igueben and he ran into the residence of the PDP leader. Those PVC cards were recovered by the DSS. “As we speak, many militants have been imported into Edo State and the security agents are aware of this. For us, we are ready for the election but we know that PDP has perfected plans to unleash violence. If you watch their public pronouncements, Ize-Iyamu has talked about cancellation and inconclusive elections. As we speak, I do not know what has been done about the EO that made the data capturing machine available for illegal registration in private residence. We want a peaceful environment to be able to get our people out to vote.” But the PDP would not take that. In fact, the Senator Ahmed Mohammed Makarfi-led faction of the opposition rejected the postponement of the election. The party described INEC decision as “coup against the Edo people”, arguing that there was no tangible reason(s) evident to tamper with the election. The PDP National Publicity Secretary, Mr. Dayo Adeyeye stated that “The call for the postponement of the election by top hierarchy of the security agencies predicated on alleged security threat was a less than ingenious attempt to buy time for the APC, which is clearly heading for a major electoral catastrophe on Saturday. “It is shameful and indeed a major constitutional breach for the security agencies to act in concert with the APC to truncate an election that had been planned for months. Nigerians were not deceived by the obvious concoctions of the security agencies, whose performances during elections have been less than average since the advent of the Buhari administration. Indeed, they have become instruments in the hands of the Ruling Party to harass, intimidate and punish opponents. “The time may be ripe now for President Buhari and the National Assembly to conduct a non-partisan holistic review and investigation of the national security apparatus to save our fledgling democracy. “The postponement of the Election by INEC is illegal, unconstitutional and a breach of the peoples’ trust in the commission and the

security agencies. It is a coup against the people of Edo State in particular and Nigerians in general. Since APC assumed power, virtually all elections conducted by INEC have either been inconclusive or truncated. Saturday’s election in Edo State must be an exemption”. Aside the sustained protest by the Ekiti State Governor, Ayodele Fayose and many other PDP stakeholders, who have condemned the postponement, the PDP governorship candidate, Ize-Iyamu has been showing rare confidence that he would win the election. He had told his supporters that he would join them in singing victory songs on Sunday had the election not been rescheduled. For Ize-Iyamu, the postponement was simply an attempt by the ruling APC to buy time since it knew it was losing the election. “God had given victory to the PDP and it was time to work for the victory. We are on the threshold of history. They tried to postpone the election using flimsy excuses. The postponement was

Edo State is politically a South-south state, a group of states located in the Niger Delta region of the country, but geographically, the state is bordered by a northern state – Kogi. What is more, the state has never had security issues relating to militancy in the Niger Delta region… Besides, the state is land locked and every part of it is accessible. It has little oil near its capital, Benin City, and no militant activity has ever been recorded in its territory

arranged by the state government with some cabals to postpone the day of reckoning,” he said. Issues in Edo 2016 Election The stakes in the Edo State election is high and this is owes largely to many factors. First, the outgoing Governor Oshiohmole is believed to have changed the landscape through developments and would surely want someone to continue on his template as former Lagos State governor and a national leader of the APC, Senator Bola Tinubu did with former governor Babatunde Fashola. And despite the fact that the APC has governed the state for eight years, the PDP has continued to boast that they could defeat the APC. Unfortunately, the leadership of the APC has not been properly managing their 2015 electoral success that produced President Muhammadu Buhari. There are no clear indications that the presidency is in sync with the party, and as such, some PDP members are already working to make sure that its first president (Buhari) could actually be its last president before the party is eventually dismantled. This is how that is likely to happen. First, after losing Rivers State to the PDP, if the party, by any stroke of fate, loses the Edo State governorship election; then its might have been demystified. That would become a trend, emboldening the PDP further and reducing the APC chances of winning the Ondo election. This, therefore, explains why the Edo State governorship election is deemed very crucial to the two parties. The APC would need to win to remain in reckoning in national politics while for the PDP, its ability to reemerge as a strong force depends largely on its electoral successes ahead of the 2019 presidential election. And dangerously too, for the APC, PDP elements are in the ruling party and they could simply plough back to their old party and destroy the APC. Implications of the Postponement When the federal government in 2015 took the unprecedented decision to postpone the general election under the guise of security concern, not a few agreed that the action would be setting a precedent, but no one expected that the same flimsy security excuse used then would be used again, barely 18 months later in another election, this time, involving just one state. Security concerns? Edo State is politically

a South-south state, a group of states located in the Niger Delta region of the country, but geographically, the state is bordered by a northern state – Kogi. What is more, the state has never had security issues relating to militancy in the Niger Delta region. Besides, the state is land locked and every part of it is accessible. It has little oil near its capital, Benin City, and no militant activity has ever been recorded in its territory since militancy became a security issue in the country. So, where are the militants located and hiding in an urbanised state that security would be used to justify a postponement of the governorship election? What move has the men of the Department of State Security (DSS) and the Nigerian Police (NP) taken to prove their claim for justifying the postponement the election? Since the decision was taken, most Nigerians believe that it was political rather than security concern. Many also believe that the action was propelled by the fear of losing the election to the opposition PDP – which is now a viable alternative to the APC barely 18 months after dislodging the PDP from power. The political implication of a loss by the APC in the election would have been that it has lost the support and trust of Nigerians. It would also prove that the policies of the President Buhari government, especially the handling of the economy, security, ethnicity and religion, do not have the support of Nigerians. But what do Nigerians think? A cross-section of the people interviewed by THISDAY admitted that the decision was more political than the excuse given for it. A majority was disappointed with the decision was Mr. Morenikeji Saliu, a Lagos-based legal practitioner, who insisted that the decision to postpone the election was not only unjustifiable but very costly, both politically and economically. Saliu said the decision also makes a mess of the change mantra of the government because what the federal government should have done was to insist on the election taking place, and order more security operatives posted to the state if there was indeed any security concern. “This is an indication that the change mantra of the APC is fake and bogus. They are not prepared to do anything differently from the PDP, and they have not done anything differently and they are not likely to do anything differently. The government cannot convince anybody CONT’D ON NEXT PAGE

T H I S D AY • MONDAY, september 12, 2016

politics perspective

Niger Delta’s Brighter Chances with Ndoma-Egba The choice of a former Senate Leader, Victor Ndoma-Egba as chairman of the Niger Delta Development Commission (NDDC) by President Muhammadu Buhari is a good omen for the oil producing region, writes Jones Ekpa

xpectedly, the Senate of the federal republic of Nigeria would, upon returning from their annual recess this September, consider and confirm the appointment of Senator Victor Ndoma-Egba as Chairman of the Niger Delta Development Commission (NDDC) by President Muhammadu Buhari. As one of their own, members of the red chambers are expected to follow legislative oversight tradition and give a “bowand-go” privilege to the distinguished former senator cum legal luminary, who has exhibited exemplary qualities, when he represented the good people of Cross Rivers Central from 2003, culminating as Senate Leader between 2011 and 2015. When considered against the background of the strategic significance of the Niger Delta region to the Nigerian federation, Senator Ndoma-Egba’s appointment is a reflection of the commitment and sincerity of the Buhari administration to properly harness the potential of the mineral and human resources rich region and place it in the development trajectory of modern Nigeria. The region, for her endowment is the major economic backbone of the evolving Nigerian economy and such a strategic position as Chairman of NDDC remains a focal point in many respects. A journey into the immediate era rife with sleaze and malfeasance in managing the commission, which was purposed to be an interventionist organ of government in harnessing the development potential of the 9 states that make up the Niger Delta region indicates the need to ensure that only knowledgeable individuals take the beckoning responsibility of improving the lots of a people in dire need of genuine transformation. While past administrations, including the short stint of President Umaru Yar’Adua of blessed memory, which showed exemplary wherewithal in developing the region, have tried in the task of giving the people a better sense of belonging, a new era births with the incumbent administration’s innovations and sincerity. Since inception, President Buhari has revived the development structure of the region. The administration evolved a citizens’ approach to policy implementation – a break from the past approaches of elites’ engagement; rethinking of past policies to engender better proficiency and the appointments of persons with requisite wherewithal to implement the administration’s visions. While “disenfranchised” elite, who have hitherto exploited the yearnings of the

A broader perspective to brighter chances for the Niger Delta under Ndoma-egba as Chairman of NDDC is the prospects of financial probity and accountability which he would bring on board. Hitherto, the story of NDDC has been that of financial recklessness and impunity with little regards for sound auditing. Development projects purported to serve the needs of the collective were awarded to cronies of powersthat-be and subsequently abandoned with little or no fear of auditing

Ndoma-Egba...the choice that excites all

people for pecuniary benefits continue to show an unfortunate proclivity for pinkish tendencies, a majority of the people of the Niger Delta are tired of being shortchanged by their own and have embraced the noble intentions of the administration. In a recent engagement with the people of the region through a Town Hall meeting in Uyo, Akwa Ibom State, the Minister of Niger Delta Affairs, Usani Uguru aptly captured the Niger Delta situation, when he declared that government was more interested in “meeting the development needs of the majority” than oblige the excesses of some disgruntled ‘elite.’ This is the essence of the unfolding innovation in meeting the demands of development in the region: a paradigm shift from fulfilling the sense of entitlement of a few people to the utter relegation of the germane issues of development. This is one particular area the administration has got it right.

When the Senate eventually confirms the appointment of Senator Ndoma-Egba, it would be the administration’s way of further enhancing the prospects of the entire Niger Delta region. The erudite lawyer and distinguished lawmaker needs no introduction, having cut his teeth in public service from age 29, when he served in the old Cross River State as a high-ranking government official. His stellar career as erudite lawmaker and lawyer with the experience garnered over the years as champion of the course of the region are added advantages. A broader perspective to brighter chances for the Niger Delta under Ndoma-egba as Chairman of NDDC is the prospects of financial probity and accountability which he would bring on board. Hitherto, the story of NDDC has been that of financial recklessness and impunity with little regards for sound auditing. Development projects purported

to serve the needs of the collective were awarded to cronies of powers-that-be and subsequently abandoned with little or no fear of auditing. A situation where stupendous funds were voted for the commission with little to show for was the bane of development that negated the intent of the framers of NDDC. It’s heart-warming that the incoming chairman of NDDC will restore the confidence of the people of the Niger Delta through his penchant for accountability and sincerity. There can be no genuine development when those at the helms of affairs of development agencies like NDDC show half-hearted commitment to the job and this trend is expected to be reversed with the coming of Ndoma-Egba. Responsibility also beckons on the people of the region, including the elite, agitators and all Niger Deltans to create an atmosphere for implementing Ndoma-Egba’s magic wand of performance. The people must commit to peace so as to key into President Buhari’s blueprint for change and progress in the entire region. -Ekpa, an auditing professional wrote from Abuja

It’s a Déjà vu! that they are not the ones that tele-guided security agencies to order the postponement. “A golden opportunity has been lost that would have allowed the INEC to assert its independence despite the suspicions by Nigerians that this INEC is anything but independent. It is now a no-win situation for the government. If the PDP loses this election, they would claim, and rightly so, that the process has been rigged and manipulated to favour the APC. It would be a big dent on the credibility of the government.” For Dr. Solomon Edebiri, a governorship aspirant in the PDP governorship primaries in the state, the postponement was a bad omen for the nation’s polity. He opined that the INEC would have used the Edo State election to regain its credibility following the series of inconclusive governorship elections in Kogi

and Bayelsa States and its apparent failure to hold simple state assembly election in Rivers and other states. “INEC has lost a golden opportunity. For me, the postponement has become a political issue that is now recurring in Nigeria. The unfortunate thing about it is that the parties would be forced to spend more money. The implication of this on the purse of the parties and individuals involved is going to be devastating.” He said the postponement would give whoever loses in the election a justifiable reason to cry foul. “Besides, INEC has proven to the people who think it cannot organise a credible election, a reason to say ‘we said it.’ Also, the change that we preach has not had effect on the politicians. Even if the INEC organises a credible election today, the politicians will

ensure that they create a situation where such election will not be credible.” Mr. Kunle Bello Saburi was also scandalised by the decision to postpone the election, saying “What could be more scandalous? If INEC cannot conduct election in one state, what will happen in 2019, when a large and more elaborate election takes place? This is most disappointing. “This INEC has not been able to organise any successful election. All the elections it has organised have been inconclusive. They should stop insulting the sensibilities of Nigerians. The excuse given is not only flimsy, but childish. Security concern? That was the same excuse that was used to postpone last year election. They should have been more ingenious.” Saburi held the view that if security could be used to justify the postponement of the

election in Edo, then, “what will happen if it is Delta, Rivers or Bayelsa States?” For Mr. Tony Abolagba-Obazu, an Edo State indigene, who planned to go back home to his community in Owan East local government area of the state to vote from his Lagos base, INEC has spoilt and derailed the momentum leading to the election. He lamented that he would not be going for the rescheduled election since he has other plans for the period. Besides, Abolagba-Obazu claimed he may not be having the means as he has saved towards the election date. He was disappointed that INEC did not care about the cost implications on the voters, many of whom would have to go to their home communities to vote. He said a similar decision last year made a good number of voters to be disenfranchised.

monDAY, SEPTEMBER 12, 2016 • T H I S D AY

features Tackling the Menace of Child Trafficking in Ebonyi

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

Benjamin Nworie writes on the giant strides by the Ebonyi State Commissioner of Police, CP Peace Ibekwe Abdallah, in stemming the tide of child trafficking in the state

Rescued children with their families

or many years, Ebonyi State has been victim of child trafficking. The children are usually recruited for sexual exploitation. Some are for hard labour while many still think that some of the children are used for rituals, some few are for adoption, in cases of barrenness. The children are mainly within the ages of two and five. Some poor parents and guardians have equally remained willing tools in the hands of traffickers. The culprits come in the form of offering help to cushion the burden of poverty and for sponsoring the child. Illiteracy and poverty are critically factors that often push parents into such hasty negotiations. Parents are fond of giving their children’s hands in marriage, most times, to unknown suitors. Parents are not inquisitive to knowing the whereabouts of their children; to know the type of business these people are doing. Many parents rear children as many as possible with the idea that as soon as they grow up, they will go to the “city” and hustle for themselves. While some girls elope with any man who merely hisses at them, provided they can get help from them, at least to feed. These self inflicted pains of unwanted pregnancy have pushed many mothers to give out their children at their early ages to friends and relations, who may be agents or

syndicates of child traffickers. But because of the risk involved in men’s participation in the crime, the common practice is to recruit young girls with the mandate of child bearing

With the incessant rise in the cases of child trafficking in Ebonyi, the Commissioner of Police, CP Peace Ibekwe Abdallah has taken frontal lead in the fight against the menace. However, despite the outstanding breakthroughs, the command has made in stemming the wave of crime in the state, efforts are still in top gear to recover some of the stolen children

for the smooth running of the business. This practice has given rise to baby factories where traffickers easily come to buy children like other products in the market. Few cases of baby factories have been traced to states like Abia, Imo, Anambra and others. Ebonyi girls remain the employees. Because of the functional security network in Ebonyi State, it may be difficult for such factories to exist. In Anambra state, for instance, acclaimed registered orphanage homes are pseudo-baby factories, where people register children for the same purpose of trafficking. Barren couples have equally fallen prey to the agents and gangs of the operators of these orphanage homes. If not the recent case of child trafficking traced to one World Peace Orphanage Home in Anambra State, one could not have known that such places where vulnerable children and destitute are ready markets for child traffickers. Some handicapped traffickers steal children to meet up with his or her obligation. Reports from the Ministry of Women Affairs in the state have it that over 50 children were victims of the dastardly act since May 2015. This figure however, may have been underestimated in view of the fact that some cases in the hinterlands are not reported. With the incessant rise in the cases of child trafficking in Ebonyi, the Commissioner

of Police, CP Peace Ibekwe Abdallah has taken frontal lead in the fight against the menace. However, despite the outstanding breakthroughs, the command has made in stemming the wave of crime in the state, efforts are still in top gear to recover some of the stolen children. In the recent breakthrough and recovery, six children have been handed over to their families in Abakaliki. It was a day of reckoning for the victims’ families. At last, their children were lost but found. The beloved children have once again been reunited with their families. It was a joyous and miraculous return of a journey that may have terminated the lives of the innocent children. The children also understood what it meant to reunite with their families as they clung so strongly to their mothers, even making it difficult for the CP to perform her official function of handover. Staring strangely at the children were the suspects with their “criminal” faces so terrible to be glanced at twice. People are still startled on the intelligence fireworks that led to the recovery but CP Abdallah has stamped her feet so strongly to stem out crime no matter how it’s secretly committed. Although the CP is a no-nonsense personality who does her professional duties no matter

T H I S D AY • monDAY, SEPTEMBER 12, 2016

features

Child trafficking suspects arrested by the police in Ebonyi

I’m a petty businesswoman. I am have been married for 15 years now without a child. I wanted to adopt a child. I approached the Ministry of Women Affairs in Anambra State where I met the HOD in-charge of child adoption, one Okpalaugo Chinwendu… When I finished all the requirements, the same Chinwendu told me to pay N720, 000. All these payment were paid directly to Chinwendu and handed over Kingsley Nwafor to me. I did not know that he was a stolen child. She told me that there was no child now that I should wait. Later, she called me that one Chizoba Nicholas has brought a child whose ox is gored. Through the effort of her leadership, one Kingsley Nwafor, aged 3, who was stolen from the mother, Ndidiamaka Nwafor was recovered at Umuawulu Awka South, Anambra State where the child was sold by one Chizoba Nicholas ‘f’ and syndicate to one Okpalaugo Chinwendu acclaimed Head of Department in the Anambra State Ministry of Women of Affairs. The young Nwafor was stolen at Ezza Akpuoga in Enugu State. He was sold following a formal application to the Chinwendu’s led Women Ministry in Anambra for adoption of a child by Okpala Benedict. Benedict said she had been married for 15 years without a child and decided to apply to the ministry for proper adoption. It baffles onlookers why state government should register some of these orphanages where child trafficking is being promoted. Anyway, some people intuited that child trafficking is common among homes managed by

The ram market at Ijora Olopa Underbridge...buyers not patronising them

CP Abdallah handing over one of the recorvered children individuals, who may not have the interest, sympathy and welfare of the downtrodden at heart. “I’m a petty businesswoman. I am have been married for 15 years now without a child. I wanted to adopt a child. I approached the Ministry of Women Affairs in Anambra State where I met the HOD in-charge of childadoption, one Okpalaugo Chinwendu. She said I will buy form of N30,000. I went to my account and withdrew the amount and bought the form before I was told to bring other credentials which I did. “When I finished all the requirements, the same Chinwendu told me to pay N720, 000. All these payment were paid directly to Chinwendu and handed over Kingsley Nwafor to me. I did not know that he was a stolen child. She told me that there was no child now that I should wait. Later, she called me that one Chizoba Nicholas has brought a child,” Benedict narrated. Benedict explained that she fulfilled all the legal requirements and procedures by applying directly to the ministry but unknown

to her that the HOD was a syndicate for child traffickers. The HOD took the opportunity and received the sum of N750, 000 and handed over Kingsley Nwafor to her. Also, in Anambra State, Onwe Ifeoma was traced to World Peace Motherless home at Nkpor Uno. The victim and his sister, Blessing in the ages of four and eight respectively were stolen at Ezzamgbo in Ohaukwu Local Government Area of Ebonyi State on July 6, 2016. According to the police, the owner of the home is still at large while two of the workers: Ezinne Chinenye and Nwasuike Success were arrested. Another child was recovered at Power lines Aba, Abia State by the Ebonyi state Police Command. The command said one Chinonso Aja ‘f’ still at large conspired with another and stole the child of her junior sister, Chika Aja while she was asleep. The child, Chidalu Aja was less than one year. Another giant stride was the arrest of the serial child trafficker, Chizoba Nicholas. The CP explained that on June 6, 2016, one Raphael Kamwe, Uju Uzoma and Nicholas and others

conspired and deceived Esther Agbowo and her parents at Nkalagu Ishileu in Ebonyi State that Raphael want to marry her. They took her and her two children-Miracle Agbowo ‘f’ three years and Arinze Agbowo, who is less than two years, to Asaba Delta State where they took the children away from her and abandoned her. Esther Agbowo said she was taken to a hotel. After that her children were taken from her that they want to be enrolled in school. She kept on asking of her children but the husband assured that they are safe but she will not see them now. “When I was not comfortable I called my brother in Onitsha who reported the matter.” The syndicates later arrived Uburu in Ebonyi State for another arrangement of child trafficking and were arrested and brought to Police headquarters where the victim identified them. The two children were recovered. However, the CP continues to advice parent to avoid giving out under age children to unknown guardians as this constitutes the rise in child trafficking in society.

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T H I S D AY • MONDAY, september 12, 2016

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

Wife of Lagos State governor, Mrs. Bolanle Ambode, Hon. Lola Akande and members of Association of Medical Laboratory Scientists of Nigeria (AFMLS), during the maiden scientific conference of the association, Lagos Branch tagged: “Cancer in the Life of a Woman not a Death Sentence”, at Alausa, Ikeja...recently

L-R: Acting Director-General, National Information Technology Development Agency (NITDA), Dr. Vincent Olatunji; Managing Director, Coscharis Technologies, Mr. Sunday Emomine Mukoro; and Director, Standards and Regulations, NITDA, Mr. Lazarus Ikoti, at the official presentation of the provisional licence to Coscharis Technologies as the Original Equipment Manufacturer (OEM) of Cosmos Computers at the Coscharis Technologies head office in Lagos...recently

R-L: Ooni of lle-lfe, Oba Adeyeye Enitan Ogunwusi, Ojaja ll; Director-General, Office of Economic Development and Partnership, Governor’s Office, Osun State, Dr. Charles Akinola; and Jaran of lfe, Chief Adekola Adeyeye, during the unveiling of Olojo festival logo at the Ooni’s palace, lle-lfe...recently

L-R: Chairman, Organising Committee, Mr. Abioye Ayodele; General Secretary, Nigeria Society of Physiotherapy (NSP), Abuja Chapter, Mr. Emmanuel Aliyu; Lecturer, Bayero University, Kano (guest speaker), Dr. Rufai Ahmed; and Chairman, NSP, Abuja, during the celebration of 2016 World Physiotherapy Day in Abuja...recently ENOCK REUBEN

L-R: Project Director, Broadcasting Corporation of Oyo State (BCOS), Mr. Yanju Adegbite; Oyo State Commissioner for Information, Culture and Tourism, Mr. Toye Arulogun; and Permanent Secretary, Ministry of Information, Culture and Tourism, Dr. Bashir Olanrewaju, at a press conference on 2016 World Tourism Day in Ibadan...recently Felix Ademola

L-R: Vice-Chairman, United Apapa Youth Forum (UAYF), Mr. Ifejika Vitus; President, UAYF, Mr. Abdullahi Suleman; paramount ruler of Torukongo, Rivers State, HRH Victor K.I. Nangibo; Divisional Police Officer (DPO), Area B Police Command, Apapa, Mr. David Odutona; Chief PRO, Mr. Tunde Ariwayo; and P.A to the President, UAYF (back), during a familiarisation visit of UAYF to the DPO, Area B Command at Apapa...recently. KOLAWOLE ALLI

L-R: Deputy National Commander, WAI Brigade Nigeria, Alhaji Jimoh Yakubu; the Managing Director, Pharmatex Industries, Chief Christopher Nebe; WAI Brigade Lagos State Patron and the Executive Director, Pharmatex Industries, Chief Joseph Uzoma Ebowusim; and the WAI Brigade Lagos State Commander and South-West Zonal Commander, Mr. Gabriel Adeoye, at the official presentation of an operation vehicle donated by the Lagos State Patron to the WAI Brigade in Lagos...recently

L-R; Lagos Zonal Coordinator, National Lottery Commission, Fidelis Ajibogun; N10 million winner, Maryrose Okeke; Regional Chief Financial Officer, Michael Hadad; and Country Manager, Riaan Abdoll of Upstream Mobile Systems at the prize presentation of the Mega Hunt Promo in Lagos...recently

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BUSINESSWORLD NIBOR Overnight 1-month

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Quick Takes Peterside Tasks Media on Maritime Sector

The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside has said that maritime journalists are critical to the realisation of the agency’s agenda aimed at revamping the maritime sector. He stated this when members of the Association of Maritime Journalists of Nigeria (AMJON) paid him a courtesy visit in his office in Lagos recently. According to Peterside, his agenda for revamping the maritime sector would continue to advocate for unity among maritime journalists as he believes the industry will achieve more if the maritime media speaks with one voice. The President, AMJON, Mr. Ismail Aniemu told the NIMASA chief executive the association is a fallout of the directive of the transport minister that the many maritime journalists associations should fuse into one. He expressed optimism that this move would engender better working relationship between the media and the maritime industry. Aniemu made reference to other associations in the country, which are under one umbrella and wondered that it’s only in maritime sector that has diverse groups.

Consumers Hail Chivita

ACCOUNTING TO SHAREHOLDERS

L-R: Chairman, Flour Mills Nigeria plc, John Coumantaros: Company Secretary, Joseph Umolu: and Managing Director, Paul Gbededo, at the 56th annual general meeting of Flour Mills Nigeria Plc in Lagos...recently ETOP UKUTT

NNPC Abandons Atlas Cove Depot in Preference for Private Facilities Ejiofor Alike The Nigerian National Petroleum Corporation (NNPC) has virtually abandoned the Atlas Cove Depot in Lagos, which was designed to receive imported petroleum products, in preference for some private depots, thus incurring additional costs in manpower and through-put contracts, THISDAY investigations have revealed. THISDAY gathered that the corporation’s continued preference for private depots for storage of imported petrol, when some of its depots are in good conditions, has raised concern on the corporation’s claim of cutting costs. NNPC, it was also learnt, has

ENERGY in recent months, demonstrated increasing preference for the use of private depots, where it incurs daily expenditure of N1 per litre for the storage of petrol. According to investigations, apart from spending billions of Naira on the payment of owners of the private depots, the corporation also sends staff under its payroll to work at the private depots, when they are supposed to work at the Pipelines and Products Marketing Company (PPMC)’s depots, thereby incurring additional costs on manpower. An oil marketer, who spoke to THISDAY on condition of anonymity, said the devel-

opment had worsened the traffic situation in Lagos, as all tankers flood into the state to lift products from the private depots. “PPMC pretends that Atlas Cove is in bad condition but the reverse is the case. Some of the depots have been rehabilitated but they simply do not want to use their own depots because of the selfish benefits of few people at the detriment of the country. Their excuse is that the lines are constantly being vandalised and it is a common knowledge that they hired private companies to protect System 2B. If the pipelines are so bad that they can’t pump products from Atlas Cove up to Ilorin, why have they not disbanded the private security

firms? If you go to Atlas depot, many of the tanks are empty, yet NNPC is paying billions to private depot owners,” he explained. He insisted that the Atlas Cove, which belongs to the NNPC, is better equipped, in terms of capacity, to receive imported products from large vessels. “None of the private depots is better than Atlas Cove in terms of off-loading and storing products. After the collision of a vessel with the Atlas Cove Jetty in the late 1990’s, the then Willbros installed a single point mooring facility and a pipeline to the terminal. The pumping system can evacuate product Continued on page 24

Rewane: FG Must Borrow, Sell Assets to Rescue the Economy from Recession Goddy Egene An economist and Managing Director of Financial Derivatives Company Limited, Mr. Bismarck Rewane has declared that for the federal government to overcome the economic recession, it must borrow and sell assets to raise funds that would be injected into the economy. The Nigerian economy is in recession and the government is looking for solutions to rescue the economy out of the doldrums. Speaking on the current state of the nation’s economy on Channels Television in Lagos on Friday, Rewane said first and foremost, the govern-

ECONOMY ment must inject money into the system. According to him, since there is a fall in oil revenue, the government has to increase the deficit plan for 2016. “The government must inject funds into the system and the executive is fully engaged because they know they cannot hide, they have to deal with the problem. And given the fall in oil revenue, you have to increase the deficit plan for the recovery. You must borrow and President Muhammadu Buhari has said the country will borrow at least $5billion externally. We must

sell some assets because when you are in this kind of situation, you have to sell some assets,” Rewane said. The FDC boss added that the government should also look at the minimum wage of the citizenry and social intervention programme, saying that when there is recession it means the people’s earnings are falling. The advice of Rewane for more borrowing came at a time when the federal executive council (FEC)has approved a three-year rolling external borrowing plan. The Minister for Finance, Mrs. Kemi Adeosun said the approval would be transmitted to the National Assembly.

According to her, the loans would come from agencies such as the World Bank, African Development Bank, China Exim Bank, and other development agencies like the Japanese International Cooperation Agency (JICA)‎. She said the plan to borrow externally was in line with government’s strategy to focus on concessional debts, low cost loans particularly from multilateral agencies‎, noting that the loans would be applied to develop strategic sectors which government believed would ‎help revive the economy. She said the power sector Continued on page 24

As part efforts to reward customers for their loyalty, Chi Limited recently thrilled consumers of its Chivita 100% brand with exciting gifts from its just concluded ‘My 100% Achievement’ social media promo. The promo, which witnessed a high participation level, further consolidates the brand’s affinity with consumers across the digital space. A statement explained that the ‘My 100% Achievement’ promo seeks to highlight essential elements of success and leadership. It reiterates the brand understanding of the Nigerian consumer who wants to associate with the best there is. Intending participants were required to share moments of success in their lives they were proud of, be it graduation from school, writing a book, starting a business etc. At the Prize presentation ceremony held recently, several prizes including IPhones, IdeaPads and Packs of Chivita juice were handed over to winners of the social media contest promo. One of the lucky winners who won an IPhone, Esezebor Sylvester said: “The promo is unique because through our ‘100% Achievement’ stories, we are able to inspire each other to achieve the best there is at anytime.” Speaking on behalf of Chi Limited, the company’s Head of Marketing, Probal Bhattacharya commended the winners of the Promo for participating in the contest. He stated that “as we continue to develop creative ways of engaging consumers via our various social media platforms, it is our belief that they would continue to explore the amazing quality and benefits of Chivita 100%. As they strive to achieve success or reach memorable milestones in their lives, our consumers deserve the best in fruit juice and Chivita 100% gives the best at all times”

China’s August Crude Imports Surge

China’s crude imports in August surged to 32.85 million tonnes, the second-highest amount ever, as a drop in prices spurred buying, while fuel product exports retreated from a record high in July, customs data showed on Thursday. On a tonnes basis, the August imports were just under the record of 33.19 million tonnes recorded in December, the data showed. On a daily basis, the country took in 7.74 million barrels per day (bpd), the most since April, according to calculations by Reuters. Imports in August jumped 23.5 percent from a year ago, or the equivalent of almost 1.5 million bpd more. The jump was partly driven by independent refiners as they rushed to cash in on low oil prices before their import quotas expire in December. A total of 19 Chinese private refiners have received 2016 crude import quotas of 75 million tonnes, or 1.5 million barrels per day as of Aug. 18, a Chinese refinery executive said on Thursday. That volume contributed 20 percent of China’s incremental crude imports in the first eight months. China took in 250.45 million tonnes (7.49 million bpd) of crude in the January to August period, up 13.5 percent from the year ago period.

“As individuals, we need to look at the resources that are coming into our purses and we need to look at the needs that we have and do what we call structural adjustment” Managing Director/CEO, Wema Bank Plc,

Mr. Segun Oloketuyi

T H I S D AY • monDAY, SEPTEMBER 12, 2016

BUSINESSWORLD NNPC Abandons Atlas Cove Depot in Preference for Private Facilities

from large vessels. Most of the private depots don’t have such capacity,” he explained. According to him, some of the tanks at Atlas Cove, which have faults on their vavles, will require just less than N400,000 each to fix the valves but rather than fix the faults, PPMC prefers to spend millions of Naira to pay private marketers for the use of their depots. Both the Managing Director of the newly- created Nigerian Products Marketing Company (NPMC) Limited, which was carved out of the PPMC, Mr. Farouk Ahmed and the spokesman of the NNPC, Mr. Garuba Deen Muhammadu did not respond to calls and text messages on the matter. A source at the NNPC, however, told THISDAY that Atlas Cove was being under-utilised due to the vandalism of the pipelines under the System 2B network. Under NNPC’s System 2B Pipeline System, which is the most active system, accounting for 60 per cent of fuel supply in the country, the corporation’s Atlas Cove Depot is designed for the receipt of imported product. Rewane: FG Must Borrow, Sell Assets to Rescue the Economy from Recession

would receive a significant amount of the loan to take care of projects militating against efficient power generation. “The largest beneficiary of our borrowing is agriculture because it is equally strategic and we have programmes by the minister some of which he inherited and is going to restructure and reform and some are new to the ministry. ” Adeosun emphasised that the economy must be diversified, saying “there are too many of us to keep on relying on oil. We can all see what happened at the output data of the oil and gas sector. What’s happening in the Niger Delta has dragged down the GDP of the entire economy. We’re too dependent on oil. We have to invest in capital projects.”

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

Statisticians Stress Importance of Quality Data for Planning, Devt Goddy Egene The Nigerian Statistical Association (NSA) has stated that quality statistical data are very critical to current efforts aimed at achieving broadbased national development on a sustainable basis. The President of NSA, Dr. Mohammed Tumala, who said this at the opening ceremony of the association’s 40th annual conference in Abuja, noted that though funds for data production at federal and state levels had been improving in recent years, he said there was need for states to do more in areas of some data production that are not usually covered by national surveys. He pointed out that improved funding of data production activities at all government agencies in federal, state and local government levels would go a long way to address some challenges policy makers encounter when formulating policies. “Censuses, including human population, establishment, household and agriculture are essential but attract prohibitive costs. The 2017 traditional population census taking for instance is being planned for about N300 billion which is almost 10 per cent of nationally collected government revenue. This adds to the burden of funding statistics production in the country,” Tumala said. While noting that the establishment of the National Statistical System, NSS by Act

of parliament in 2007 helped addressed some of the challenges of data production, the NSA president, advised the government to empower Ministries, Departments and Agencies, MDAs, to produce data for their sectors. “MDAs have the responsibilities of data production in their jurisdictions. Funding official statistics production does not therefore stop at funding the NBS and state agencies, butproviding all MDAs with

funds to produce statistics in their sectors”, Tumala said. He insisted that the current economic crisis has made it imperative to “produce timely and comprehensive data on all aspects of the economy.” Tumala, however, assured stakeholders that NSA will continue to contribute to collaborate with the government to produce needed statistical data for national development. The NSA boss also appealed to President Muhammadu

The fastest way Nigeria could recover from economic recession is to ensure that upcoming and existing businesses fully maximise the power of technology solutions as part of economic diversification being championed by the federal government. The newly appointed Managing Director of Business Connexion Nigeria, Mr. Ayo Adegboye, who made the remark during his first media briefing on the activities of Business Connexion (BCX) in Nigeria at the weekend in Lagos, stressed the need for small and big enterprises in Nigeria to drive their businesses with technology solutions, if they must remain relevant in business during this period of economic recession. BCX is an Information Technology (IT) Systems Integrator Company, with operations in Europe, Middle East and Africa (EMEA), and Adegboye is the first Nigerian to assume the position of managing director of the Nigerian operations of the multinational company. Adegboye who is passionate about positioning the company as the foremost technology solution provider and business advisor, promised to boost

saying the ugly trend is undesirable for effective planning and implementation of programmes. Using various statistical illustrations to justify his views, Tule noted that there was need for governments in the country to promote quality statistical data in governance as a strategic option of applying them in the collective drive towards reducing the socio-economic challenges in the country.

CONGRATULATIONS

L – R: Business Executive, Abuja, Sterling Bank Plc, Mr. Ehianeta Ebhohimhen and United Nations Environment Programme (UNEP) Africa Regional Climate Change Programme Coordinator, Dr. Richard Munang, at the International Environmental Roundtable for Africa Award Night in Abuja…recently

BCX Highlights Importance of Tech Solution in Times of Recession Emma Okonji

Buhari to assent to the Bill to establish the Chartered Institute of Statisticians of Nigeria, CISON, in order to enhance the quality of personnel engaging in statistical data production at all levels of government nationwide. Also speaking at the conference, the Director, Monetary Policy of the Central Bank of Nigeria, CBN, Mr. Moses Tule, decried the lack of commitment to quality statistical data production in the country,

customer confidence and satisfaction, using Internet of Things (IoT) and the cloud technologies. Speaking about the economic recession the country is currently passing through; Adegboye said business owners need not panic, provided they allow technology solutions to drive their businesses, which he said are capable of reducing total cost of managing businesses and at the same time helping business owners enjoy economics of scale and business sustainability. Adegboye however called on government to channel its policies towards enhancing technology development in the country, as part of her economy diversify drive. “Government needs to come up with strong policies that will turn around the economy, and it must ensure diversification of the Nigerian economy from monolithic economy to diversified and knowledge-based economy. India for instance has been able to catchup with technology by developing software solutions that are used in other parts of the world, and this is a typical example of knowledge-based economy,” Adegboye said. He however said for government to achieve

knowledge-based economy, it needs to channel its policies to encourage IT development in the country, as well as local content development. He said government also needs to encourage public/ private partnership to drive economic growth in the country. Technocrats from the private sector should be engaged in policy formulation that will drive technology development in the country. BCX, he said has taken the initiative to support businesses in the country with technology solutions that will make businesses enjoy economics of scale and stay alive always. We have developed technology solutions that will help customer save on their capital expenditure (CAPEX), he said. “Today technology is evolving and BCX is at the forefront of business, making sure clients enjoy economics of scale in their business, and we are doing this by taking businesses to the cloud. We are making huge investment in the cloud, and what that translates into is that the SMEs and the big enterprise do not need to invest so much in infrastructure, because we built infrastructure in the cloud for them, and that is the direction of businesses globally,” Adegboye said.

Sterling Bank, Oyo Partner on Environmental Cleanliness The Governor of Oyo State, Senator Abiola Ajimobi has commended Sterling Bank Plc for partnering the state government to make the state one of the most environmental friendly states in the country. The governor made the commendation while receiving reflective coveralls donated by the bank for use by members of the Oyo State Waste Management Authority in Ibadan, at the weekend. He noted that the uniforms would protect the highway managers against occupational hazards which they face in the discharge of their responsibilities on a daily basis. With the donation of the uniforms, the governor who was represented by his Deputy, Chief Moses Alake Adeyemo, also noted that Sterling Bank had demonstrated its commitment to environmental sustainability. “These coveralls without any doubt will make the Highway Managers visible from afar and prevent the incidents of motorists running into them. It will provide safety against occupational hazards, give them a sense of dignity and elevate their status as they see themselves as very relevant to the society through the service they provide.” While reaffirming his administration’s commitment to

maintaining good environmental sanitation, the Governor stated that his administration would continue to take proactive steps towards waste management and sanitation in the state. The Managing Director, Sterling Bank Plc, Mr. Yemi Adeola, said the presentation of coveralls was in line with the bank’s strategic focus on the environment as one of its corporate’s social responsibility priorities. He added that the bank was already in partnership with other states to ensure environmental cleanliness nationwide. “At Sterling Bank, environmental cleanliness is one of the cardinal points of our Corporate Social Responsibility and that informs the Bank’s continued commitment of enormous resources towards ensuring that the environment where we live is habitable. “As the bank embarks on this mission, we consider it of utmost importance to protect those whose job it is to manage and clean the environment. That is why we came up with the idea of producing coveralls for highway managers to ensure their safety, make them more relevant in the society and dignify them while discharging their duties,” he reiterated.

T H I S D AY • monDAY, SEPTEMBER 12, 2016

BUSINESSWORLD

MARKET REPORT

Stock Market Reverses Gains to Close in Red Goddy Egene and Nosa Alekhuogie Profit taking and investment diversion to fixed income securities combined to reverse the gains recorded by the stock market the previous week to close lower last week. The market has appreciated by 1.11 per cent the previous week defying the disappointing second quarter (Q2) economic data released by the National Bureau of Statistics (NBS). However, the positive run could not be sustained last week as the market closed lower after shedding N61 billion in capitalisation. The Nigerian Stock Exchange (NSE) All-Share Index (ASI) declined by 0.65 per cent to close at 27,577.52, while market capitalisation settled at N9.5 trillion. Similarly, all other Indices finished lower during the week, with the exception of the NSE Main Board Index, NSE Insurance Index, NSE Consumer Goods Index and the NSE Pension Index that appreciated by 0.01 per cent, 0.12 per cent, 0.50 per cent and 0.26 per cent respectively while the NSE ASeM Index closed flat. Although market proceedings were positive for most of the week, huge losses recorded in earlier sessions on Monday and Tuesday, outweighed the marginal gains, hence the market closed the week in the red. Daily Performance Summary The market opened on Monday with a bearish session as the ASI depreciated by 0.18 per cent to close at 27,707.12. The decline resulted from depreciation in the share prices of PZ Cussons, Nigerian Breweries, GTBank, FBN Holdings and Dangote Cement Plc among others. The total value of stocks traded on the first day of the week stood at N1.57 billion, down by 53.36 per cent from N3.37bn recorded the previous last Friday. The total volume of stocks traded was 195.02 million in 3,221 deals. The market sustained the bearish momentum on Tuesday as weakened sentiment in Dangote Cement Plc, Zenith Bank Plc, FBN Holdings Plc pulled the ASI down by 0.73 per cent to close at 27,503.81, while market capitalisation shed N69.8 billion to close at N9.4 trillion. Activity level was mixed as volume traded declined 9.4 per cent while value traded rose 20.1 per cent to 176.8 million shares and N1.9 billion respectively. Stocks within the Insurance Index were the outliers in the broad selling pressure witnessed today as the index closed flat. The NSE Banking Index declined the most, down 1.3 per cent on losses in Zenith Bank (-2.3 per cent) and FBN Holdings (-2.9 per cent). The NSE Oil & Gas index (-1.0 per cent) followed closely due to sell-offs in Forte Oil Plc (-2.8 per cent). Similarly, the NSE Industrial and Consumer Goods indices were down 0.7 per cent and 0.04 per cent respectively. The market rebounded on Wednesday, though marginally by 0.07 per cent on Wednesday after two consecutive days of losses. The ASI closed at 27,522.62, The appreciation recorded in the share prices of Lafarge Africa, Unilever, Nigerian Breweries, FBN Holdings and Guinness were responsible for the day’s gain. Value of trading rose by 90.2 per cent to N3.59 billion, up from N1.89 billion, while volume traded was 295.70 million shares in 3,709 deals. Bargain hunting in fast moving consumer goods further drive the

million in 564 deals. The third place was occupied by the Services Industry with a turnover of 42.223 million shares worth N75.881 million in 202 deals. Trading in the top three equities – UBA Plc, GTBank and FBN Holdings Plc accounted for 444.004 million shares worth N4.958 billion in 4,153 deals, contributing 37.53 per cent and 48.13 per cent to the total equity turnover volume and value respectively. Also traded during the week were a total of 943 units of Exchange Traded Products (ETPs) valued at N1.357 million executed in 28 deals, compared with a total of 29,242 units valued at N283,495.57 transacted the preceding week in 42 deals. Similarly, a total of 9,140 units of Federal Government Bonds valued at N9.198 million were traded in six deals compared to a total of 4,470 units of Federal Government Bonds valued at N4.313 million transacted the previous week in eight deals.

market up on Thursday as the ASI rose by 0.2 per cent to close at 27,880.46, while market capitalisation added N17.6 billion to be at N9.5 trillion. Nestle Nigeria and Nigerian Breweries Plc where the major drivers of the appreciation recorded on Thursday. The equity market closed the last day of the week with a marginal appreciation of 0.01 per cent. The ASI closed at 27,577.52 following gains by United Bank for Africa Plc, Stanbic IBTC, Unilever, Access Bank and Guinness Nigeria Plc. The total value of stocks traded on Friday was N1.52 billion, down by 12.45 per cent from N1.74 billion the previous day. The total volume of stocks traded was 272.84 million in 2,843 deals. The three most actively traded stocks were: UBA (76.32 million), Ikeja Hotels Plc (37.29 million) and Diamond Bank (28.44 million).

per cent to the total equity turnover volume and value respectively. The

Market turnover In all, investors traded a total of 1.183 billion shares worth N10.300 billion in 16,522 deals for the week on the floor of the exchange in contrast to a total of 1.115 billion shares valued at N13.817 billion that exchanged hands the previous week in 16,083 deals. The Financial Services Industry remained the most active recording with 1.015 billion shares valued at N7.136 billion traded in 11,012 deals. The sector thus contributed 85.83 per cent and 69.28

REWARD INVESTMENT AND SERVICES LIMITED

183,634,674

7.76

FBN SECURITIES LIMITED

174,045,169

7.36

TOP TEN BROKERS(BY VALUE)

Conglomerates Industry followed with 69.777 million shares worth N473.308

AS AT LAST FRIDAY VALUE

% VALUE

RENCAP SECURITIES (NIG) LIMITED

BROKER

4,056,700,978.47

19.66

EFCP LIMITED

2,994,205,173.94

14.51

STANBIC IBTC STOCKBROKERS LIMITED SECURITIES AFRICA FINANCIAL LIMITED -BRD

2,517,801,172.88 806,561,428.45

12.20 3.91

CHAPEL HILL DENHAM SECURITIES LTD - BRD

725,027,333.93

3.51

FBN SECURITIES LIMITED A.R.M SECURITIES LIMITED - BRD AFRICAN ALLIANCE STOCKBROKERS LTD

697,464,243.15 655,658,192.56 537,344,793.92

3.38 3.18 2.60

CARDINALSTONE SECURITIES LIMITED

359,979,803.90

1.74

352,510,064.18 13,703,253,185.38

1.71 66.40

PARTNERSHIP SECURITIES LIMITED

TOP TEN BROKERS

(BY VOLUME)

BROKER RENCAP SECURITIES (NIG) LIMITED

AS LAST FRIDAY VOLUME %VOLUME 304,763,170

12.88

STANBIC IBTC STOCKBROKERS LIMITED

161,567,788

6.83

EFCP LIMITED

117,386,648

4.96

MORGAN CAPITAL SECURITIES LIMITED

77,980,307

3.30

UNION-CAPITAL MARKETS LIMITED

76,756,287

3.24

76,571,377

3.24

70,964,656

3.00

CARDINALSTONE SECURITIES LIMITED A.R.M SECURITIES LIMITED - BRD CHAPEL HILL DENHAM SECURITIES LTD - BRD

60,992,748

2.58

1,304,662,824

55.14

Gainers and losers The price movement chart showed that 24 equities appreciated last week lower than 28 equities of the previous week. Conversely, 38 equities depreciated in price, higher than the 31 equities of the previous week, while 118 equities remained unchanged lower than 121 equities recorded in the preceding week. May & Baker Nigeria Plc led the price gainers with 22.2 per cent. Conoil Plc followed with 15.6 per cent as investors reacted positively to the company’s more-than-expected 2015 results in which it recommended a dividend of 300 kobo per share. Cutix Plc appreciated by 7.3 per cent, while Diamond Bank Plc and Union Bank of Nigeria Plc rose by 5.9 per cent. Guinness Nigeria Plc and Oando Plc garnered 5.6 per cent and 5.0 per cent respectively. Other top price gainers included: Transnationwide Express Plc (4.9 per cent); Ikeja Hotel Plc (4.4 per cent) and UBA Plc (3.9 per cent). Conversely, Wema Bank Plc led the price losers’ chart with 12.0 per cent, trailed by Julius Berger Nigeria Plc with 9.7 per cent. Unity Bank Plc and Portland Paints and Products Nigeria Plc shed 9.1 per cent, while Caverton Offshore Support Group Plc went down by 9.0 per cent. Forte Oil Plc declined by 6.7 per cent, just as Nigerian Aviation Handling Company Plc, BOC Gases Plc and African Paints (Nigeria) Plc depreciated by 6.4 per cent, 4.8 per cent and 4.6 per cent.

T H I S D AY • monDAY, SEPTEMBER 12, 2016

BUSINESSWORLD

INSIDE BROAD STREET STATUS REPORT

IMF: Tariffs Do More Harm Than Good in Local Economies

A view of Lagos financial district

AKINWUNMI IBRAHIM

Investors Find Solace in Fixed Income Market Obinna Chima Activities in the money market this week would be partly shaped by maturing treasury bills worth N96.6 billion that is expected to hit the financial market this Wednesday. Trading activities in the treasury bills market opened last week on a bearish note given lower system liquidity. In fact, average treasury bills rates rose from 16.1 per cent on Monday to 16.3 per cent on last Tuesday and sustained uptrend during the week, settling at 17 per cent last Thursday as investors showed preference for OMO auction. In all, average rates declined 0.7 per cent week-on-week to settle at 16.7 per cent. However, analysts anticipate that money market rates would remain within the double digit levels barring any unexpected inflows from the system. The federal government has declared today and tomorrow as public holidays to mark the Eid-el-Kabir. Meanwhile, performance in the money market last week was fairly bullish. Rates in the money market remained in the double digit band and trended higher on all days of the week due to tighter system liquidity. Specifically, a report by Lagos-based Afrinvest West Africa Limited showed that last Monday, aggregate system liquidity opened at about N93 billion from N118.7 billion the preceding Friday. In line with recent trends, Central Bank of Nigeria (CBN) mopped up a total of N107 billion from the system through its open market operations (OMO) auction last Monday, thus open buy back (OBB) and overnight rates settled at 20.2 per cent and 22.4 per cent respectively. In the absence of a major inflow into the system, OBB and overnight rose to 27.3 per cent and 29.1 per cent last Tuesday, further surging 5.8 per cent and 6.4 per cent to 33.2 per cent and 35.5 per cent last Wednesday respectively. A net effect of N293 billion OMO maturity

MARKET INDICATOR and N139 billion worth of OMO mop up eased OBB and overnight to 17 per cent and 18.7 per cent respectively last Thursday. System liquidity further improved last Friday, due to previous day OMO maturity, thus OBB and overnight rates eased to 15.8 per cent and 16.4 per cent respectively. Consequently, OBB and overnight rates appreciated week-on-week, up 2.8 per cent and 1.1 per cent respectively. Forex Market The expected convergence of exchange rates at the interbank and parallel markets currently remained farfetched as the liquidity crisis in the currency market continued. Despite the re-admittance of the erstwhile suspended commercial banks into the interbank forex market, the naira/dollar exchange rate remained pressured during the week. At the parallel market, the naira traded between N423/$1 and N425/$1 from Monday to Thursday before eventually closing the week at N424/$1 on Friday. Activity level at the interbank market waned compared to the preceding week as the naira/dollar spot rate traded at a tight band of N314.20/$1 and N314.92/$1 between Monday and midweek, before appreciating to N308/$1 last Thursday. The naira closed the week at N310.64/$1 on the interbank forex market. The central bank intervened with dollar supply to the interbank market on most trading days of the week as autonomous suppliers remain scarce. In the futures market, despite the AUG 16 2017 Futures contract trading at N241.00/ US$1.00, the 1-Year forwards rate hovered between N352.00/US$1.00 and N354.70/US$1.00 during the week (save for Tuesday when it appreciated to N314.00/US$1.00), implying a

weaker expectation for future price of the naira. “In the week ahead, we expect activity level at the interbank to stay soft on the back of the general holidays declared by the federal government. We also opine that the apex bank may continue to intervene at the interbank in the interim in order to clear up rising forex demands,” Afrinvest stated. Bond Market Rising inflationary pressures and expectations continue to determine sovereign yields movement as rates remain attractive at an average of 16.2 per cent at the close of the week. Sentiments in the bonds market was broadly bearish last week as sell-offs were recorded across term structure. Average yields across sovereign benchmark instruments rose on all trading days of the week save for Monday when it declined 10 basis points to close at 14.9 per cent. Consequently, average benchmark yield rose four basis points week-on-week to 15 per cent. Investors continue to show preference for shorter term bond instruments on the back of attractive yields. The Debt Management Office (DMO) will this week be re-opening the JULY 2021, JAN 2026 and MAR 2036 bond instruments with offer amount ranging between N35 billion to N45 billion on each instrument. “As inflationary pressures mount, investors remain highly cautious with bond investing while taking positions in mostly liquid bonds with shorter term to maturity and lower modified duration. “Whilst our inflation outlook remains high with yield environment expected to stay elevated, we advise investors to position in sovereign bond instruments with lower modified duration given their tapered sensitivity to changes in yield environment. In the week ahead, we expect activities in the local bonds market to remain soft,” Afrinvest added.

Economic policies aimed at attaining an artificial export advantage through punitive tariffs hurt the countries that levy the penalties. And surprisingly, the self-inflicted harm can be substantial even when trade partners do not retaliate with tariffs of their own, the Chief Economist of the International Monetary Fund (IMF), Maurice Obstfeld has said. A longstanding challenge for the global economy is the possibility that some countries compete for export markets through artificially low prices, he said. “Political leaders and pundits sometimes propose import tariffs to offset the supposed price advantages and exert pressure for policy changes abroad. What proponents often fail to realize is that such tariff policies, while certainly hurting their targets, can also be very costly at home. And surprisingly, the self-inflicted harm can be substantial even when trade partners do not retaliate with tariffs of their own,” Obstfeld argued. The World Trade Organisation’s (WTO) Agreement on Subsidies and Countervailing Measures allows a country unilaterally to apply a countervailing duty on imports of a good whose production has been subsidised. Other policies that do not clearly fall under the strict WTO definition of a subsidy, including currency undervaluation and accompanying macroeconomic distortions, could also have a net effect of pushing export prices down, leading trade partners to cry foul. “Who gains from the tariff? Because the United States is a large country, the tariff, if it does not provoke retaliation, raises the prices of US exports relative to its imports, allowing higher real consumption. These consumer benefits, though, are spread widely and possibly thinly and must be weighed against job losses. “Producers for the domestic market who compete directly with emerging East Asia also are likely to gain, though all other import-competing industries and exporters lose. Matters are much worse in case of retaliation, because then, everyone loses. “Economic policies aimed at attaining an artificial export advantage are a legitimate topic for international consultation and peer pressure. In some cases, unilateral retaliation is sanctioned by WTO rules. “But those who promote “getting tough” with foreign trade partners through punitive tariffs should think carefully. It may be emotionally gratifying; it may boost specific industries; the threat may even frighten trade partners into changing their policies; but, ultimately, if carried out, such policies cause wider economic damage at home,” he added.

FCMB Diya Street, Gbagada, Lagos Nume Ekeghe This relatively new branch situated on the commercial road in Gbagada, stands out from other banks in this area. Also, this branch is different from the conventional FCMB branches. The architecture of this branch is unique. It was built to accommodate a lot of cars. Inside the banking hall on the day of this observation, on the ground floor were three customer service personnel and one section

INSIDE BANKING HALL for cornerstone insurance. The bank officials were very polite and professional whilst carrying out their duties. Then the actual banking hall is upstairs. Inside the hall was very quiet with two tellers attending to all banking transactions. The tellers were fast in attending to customers and there were no queues during this observation. Also

noticed was an office assistant that helped customers who were finding it difficult to fill the teller forms. In general, the services at this branch were very good, the environment was clean and the personnel were highly professional. However, only one out of the four ATMs was working as at the time this observation was carried out. The management should therefore endeavour to ensure that all the machines are functioning.

International Monetary Fund/CEO, Christine Lagarde

T H I S D AY • monDAY, SEPTEMBER 12, 2016

BUSINESSWORLD

appointment / awards

Wigwe, Ovia Others Bag Awards The Group Managing Director/Chief Executive Officer (CEO) of Access Bank Plc, Mr. Herbert Wigwe has been adjudged the ‘Bank CEO of the Year’ in the BusinessDay Banking Awards. At the award ceremony that took place in Lagos at the weekend, Access Bank also emerged as the ‘Bank of the Year.’ Also, the Chairman of Zenith Bank Plc, Mr. Jim Ovia also won the ‘Outstanding Achievement in Banking’ award. Speaking after the receiving the awards, Wigwe said he felt extremely privileged to be leading the financial institution. “I believe all what has been achieved can be attributed to all Access Bank

people. People who know our history would begin to appreciate how happy I am today. In 2002, nobody gave us a chance; we were a tiny bank. Today, we are easily one of the top three banks in this country. So, I would like to thank God first, all Access Bank customers and all staffs of the bank. “Again, I keep saying you can never do it alone. Anybody who thinks he is running a big institution that spans several countries and thinks he is the only one doing it must be joking,” he said. According to him, at a time when the industry is going through deep turbulence, institutions need all the skills posssible to manage

their resources, whether it is banking, manufacturing or whatever. “This award can only create greater impetus, not just for me but for the entire banking industry for all of us to come together and to continue to work as one to ensure that our great country is taken to a much greater height,” he added. Other banks that clinched various awards included the United Bank for Africa (UBA) Plc, which was honoured as the ‘Best Bank in Support of Agriculture,’ while the award of the ‘Best Bank in CSR’ was won by FirstBank Nigeria Limited. Similarly, while the award of ‘Best Bank in Support to the Manufacturing Sector’ went to Zenith Bank

Plc; the ‘Most Improved Bank in Retail Banking’ to Union Bank of Nigeria Plc; ‘Best Bank in Corporate Bank’ award went to Zenith Bank; and Guaranty Trust Bank Plc (GTBank) won the award of the ‘Best Bank in SME Banking.’ In the same vein, the ‘Most Customer Friendly Bank’ award was received by FirstBank, while the ‘Most Innovative Product of the Year’ award went to Diamond Bank. Rand Merchant Bank was honoured with the ‘Deal of the Year’ award while the Managing Director/Chief Executive Officer of the Nigeria Deposit Insurance Corporation, Umaru Ibrahim, was conferred with the ‘Leadership Award for Services to Depositors and the Banking Industry.’

NEW THINKING AT BCX

L-R: General Manager, Services, Business Connexion Nigeria (BCX), Emmanuel Akhidenor, Managing Director, Ayo Adegboye, and Managing Executive, Jakes Mogale, at a press conference to announce Adegboye as the new head of the multinational company in Lagos...recently

Weco Systems Attains NetApp Certification Status Weco Systems International Ltd, one of Nigeria’s foremost Systems Integration companies, renowned for delivery of innovative technology solutions, has achieved Platinum Certified status in the NetApp Partner Programme. NetApp is a world leader in unified storage and data management solutions for today’s data-intensive enterprise. As a NetApp Platinum Partner, Weco Systems has successfully gone through and completed rigorous training, testing and validations required for NetApp solution sales, pre-sales and deployment personnel. While presenting the letter on the status upgrade, the Regional Sales Manager, East

and West Africa, Netapp, Mr. Joel Ryser, said: “Weco Systems has been a trusted and committed NetApp partner for over five years. We are pleased to honour this commitment with a promotion to Platinum Partner status. Building on this momentum, we look forward to more successful joint business in the region.” In response to the outstanding status conferred on Weco Systems, its Executive Director, Technology and Operations, Mr. Nnamdi Onyebuchi, described the status as a further endorsement of Weco’s commitment to continuous investment in innovation and skills that will ensure acceleration of

favorable business outcomes to our esteemed customers through the optimisation of their IT infrastructure investments and delivery of new capabilities. We believe the experience and skills garnered in the process of achieving this status will position us to further deepen our data center and cloud solution and services practice in Nigeria and its environs. The Chief Executive Officer, Weco Systems, Mr. Obinna Ekwonwa, said: “The achievement of this unique milestone symbolises the deepening and taking to the next level the strategic partnership between Weco Systems and NetApp and this is quite an important

step for us.” He added, “This also goes on to further consolidate our capabilities and value proposition in the Enterprise Data Centre solutions market segment of our business as we are better positioned to support organisations and their businesses going forward.” We also believe that Platinum partnership with NetApp is a recognition and validation for our sustained drive in building this area of expertise and at the same time an encouragement to sustain our commitment towards our business philosophy, which is technology aligned with business outcomes, Ekwonwa added.

Tracology Links Success Story to Microsoft’s Mentorship, Funding Tracology, a patented process that deploys Barcodes/QRcodes to residences serviced by utility/ waste management companies registered within their database has been named one of the top three winners at the just concluded Aso Villa Demo Day 2016 (AVDD2016). They have showered encomiums on Microsoft Nigeria for playing a pivotal role during its gestation period. Microsoft isn’t new to working with start-ups, since 2008, more than 75,000 start-ups from over 100 countries have received access to tools and resources through the Microsoft BizSpark programme. The BizSpark programme gives start-ups 3 years of free software, services, tech support, and Azure cloud. According to the Philanthropies Lead at Microsoft Nigeria, Olusola Amusan, “Microsoft aims to enable entrepreneurs take their ideas to the market by providing the right tools and mentorship. In our journey to create a sustainable ecosystem for online Start-up’s, we are making a long-term commitment to seeing Start up’s using ICT technology to do business better, scale more quickly, create, and consume more IT services, and thus, improve trade and the economy of the Country.” During his AVDD2016 final pitch, Founder/CEO of Tracology, Emmanuel Okena, said the patented smart payment system will boost government and utility companies’ revenue generation drive while engendering customer service satisfaction. Okena, who addressed the audience including the Vice President of the Federal Republic of Nigeria, Professor Yemi Osibajo; acting Director- General of NITDA, Dr. Vincent Olatunji; among other top government stakeholders, said, “With Tracology we would help government and utility

companies whether it is waste, water or land use charge. These Barcodes/QRcodes are scanned on waste pickup day thereby verifying customers that have paid using electronic payment. This process can also be used for payment by citizens to government for other services.” He further mentioned that, “We have seen with our technology that it will enable us to have cleaner cities, increased revenue generation, which leads to more civil serviced activities like building of roads, income generation, and better return on investments for companies on our platform. It is a win-win situation for everybody that is involved.” Okena expressed his appreciation to Microsoft for giving the seed funding to position the company for early growth. Apart from the seed funding received last year through the passion to empire campaign, they benefitted from Microsoft Azure through the BizSpark program which their solution is built on and were also supported with mentorship. Okena further stated that, “It has been a wonderful experience with Microsoft and the next stage is for us to drive adoption across the country which will benefit all that will be part of it.” Apart from Tracology, Shuttlers NG, a mass transit application that enables professionals to access comfortable and efficient transportation to and from work using seat matching technology and RecyclePoints a waste recycling and social benefit venture that operates an incentive-based scheme, which collects recyclable materials from post consumers and in turn rewards them with ‘points’, emerged the top three winners at the recently concluded Aso Villa Demo Day 2016 and went home with three million naira each for their solutions.

eTranzact Honoured with ISO Certifications eTranzact has been honoured with the ISO 20000:2011 for Service Management System (SMS) and ISO 27001:2013 for Information Security Management System (ISMS), the World’s highest standards of information security and service delivery. The awards clearly demonstrate the electronic payment company’s commitment to maintaining a world class customer oriented service culture and environment. The certifications were presented at the company’s corporate headquarters in Lagos by the Deputy British High Commissioner to Nigeria, Mr. Ahmed Bashir, Bashir in his statement said: “eTranzact with the ISO 20000:2011 for Service Management System (SMS) and ISO 27001:2013 for Information Security Management System (ISMS) standards, has increased its comparative advantage in its industry as well as joined the

class of international organisations with these certifications.” To achieve certifications of these standards, a company must show a continuous structured commitment towards assessing security risks and managing sensitive information. eTranzact clearly demonstrates that they are operating at this level and meets the needs of their customers, Bashir said. Chief Executive Officer of e-Transact, Mr. Valentine Obi, said: “The ISO certifcations are a testament to eTranzact’s focus in adopting and implementing global and best practices to ensure effectiveness, efficiency, confidentiality and integrity in its day to day operations, and this marks the beginning of a new journey for the company.” “We sit at a very critical position between the consumers and our business partners, and ensuring world class security and service delivery are extremely important,” Obi added.

T H I S D AY • monDAY, SEPTEMBER 12, 2016

BUSINESSWORLD

INTERVIEW

Oloketuyi: Banks Must Create Niche Markets The Managing Director/Chief Executive Officer, Wema Bank Plc, Mr. Segun Oloketuyi spoke on the current situation in the banking sector, positing that banks can only overcome the current macroeconomic challenges by properly defining their target markets and developing niche markets. Obinna Chima presents the excerpts:

Oloketuyi To what extent has the withdrawal of public sector funds through the implementation of the Treasury Single Account (TSA) affected your operations? I think over N2 trillion left the banking system for the Central Bank of Nigeria (CBN) as a result of the TSA. So without doubt, the TSA has impacted the volume of deposit in the system. Deposit is our raw material. So, certainly, if the sector lost N2.1 or N2 trillion, it would impact, but, by how much? That can be measured on the impact of individual institution. It is going to impact us differently. Wema Bank lost almost N40billion to TSA. But some banks would lose a bit more. If you look at our 2015 annual report, we grew deposit in spite of the loss between 10 and 15 per cent, compared to 2014. TSA was implemented in September 2015, but we were still able to grow deposit. So, what that means is that we would have grown deposit higher than we did. Now, if I had that N40 billion or thereabout in the system, it would have helped my growth better than it was. But certainly, the impact was not such that we were not able to meet our debt obligation,

neither were we short on the liquidity ratio required for banks. Certainly, we lost some money to TSA that otherwise would have helped the performance of the bank better than we recorded the previous year. Did you bid for keystone bank as part of your growth strategy? Yes we had the plan. We were one of the set of people that wanted Keystone. But we re-appraised our strategy somewhere along the line. Growth comes in two major stages – organic and inorganic. Organic by what we are doing today at Wema Bank and inorganic through mergers and acquisition (M&A) opportunities. So, we looked at the M&A opportunity and essentially what we looked at was the fit of the target. First, you define your strategy and what you want to do as a bank, and then you go look at the other opportunity, to see if it has a fit in what you are doing. We went some distance in the process and we decided we should get out of it because there were a whole lot of overlap between what we are and what the target is. Essentially, what you are looking

at is the value addition. In M & A, if you add one plus one, in arithmetic, the answer is two, but in M& A, it is not. In M & A, if one plus one gives you two, it has added no value to you. In fact, if anything, you have taken on more trouble. So, if you take on a target, one plus one should give you multiples of two. It can be three or four. But if one plus one gives you just two in M& A, it is not value creating. Really what do you do in M&A? I have a platform and if I bring another institution on board, I can use a large part of my platform and scale down the other platform significantly to serve both of them. It is going to be one Managing Director and not two. But as the MD, they are not going to increase my salary because I am serving two institutions and my cost as against serving one institution is on serving two. But that does not mean the target is not good. But what i am saying is that it did not align with my growth aspiration. That was the consideration and at some point in time, we decided to opt out of the bid

and we learnt that another would also be unveiled before the end of this year. With all these emerging financial institutions, how prepared is Wema Bank to face the stiff competition in the increasingly tough business environment? Yes, some banks are joining. A bank was recently presented to the public and another one will be coming up soon. I strongly believe, like they always say, that the sky is big enough for all banks to fly without them bumping into each other. Taiwan has a population of about 23 million people, but the country has over 80 banks. Nigeria has a population estimated at 180 million. With the coming on board of a new bank recently, there are 22 deposit money banks. Are we under banked? Relative to the size of the economy, relative to the potential that we have, honestly this economy can do with more banks. Now, is it in the number of licences that we have or in the number of branches of banks? It is both. There are some places where we don’t have any trace of a financial

A new regional bank was unveiled recently

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T H I S D AY • monDAY, SEPTEMBER 12, 2016

BUSINESSWORLD

INTERVIEW

Oloketuyi: Banks Must Create Niche Markets traveling for meetings to the head office. We have meetings that involve branches and we set up a conference facility that is as good as the individuals coming for the meetings. They join the conference meetings and its quality is not in any way reduced. So, rather than somebody jumping into the plane for a two hour meeting and then go back to stay in the hotel, we use technology to drive the system. My bank had what we call a quarterly performance review where we ask all senior people everywhere in the country to assemble at a point and then we do a two-day quarterly performance review, with a lot of expenses in transportation and hotel. But today, we do conference call; just the same way we do investors’ conference call quarterly. This was an initiative we started in 2015. So, it calls for creativity in times of economic recession and we are doing that so that we can maintain our growth strategy even in the face of recession. In recession some people will die, but we have chosen to stay alive. But you know what, when we say there is recession, it also opens up opportunities. Now, if you focus extremely on the problems, then you may not see the opportunities. As much as we are managing our cost, we are also looking at the opportunities. Today, we have launched *945# as a product. First, it would respond to some challenges. I need to acquire more customers and the cost of customer acquisition, if you manage it well, it could be substantial. Since we launched *945#, the number of new accounts that we have acquired, apart from the traditional way of getting accounts, are growing in leaps and bounds every day. So, more importantly, we also need to look at the opportunities we can see.

institution, especially in the rural setting. So, I think the economy can accommodate more banks. What it does is that you also don’t want to create a monopoly. We have seen what happens to public institutions where there is monopoly. Now, you may not create a monopoly, but you create an oligopolistic economic environment. It is almost similar to monopoly because they can come together and fix prices and a whole lot of things if they are just a few of them participating in the industry. So, this industry can live with a dose of more competition. So, you need to define your own target market. If all of us are playing in the same area, then we bump into each other. There are some areas that are not well developed enough, so banks need to create their own niche market. If you define your own niche, you will play and play quite well and be successful. Some banks come in the future and say they want to focus only on agriculture, another could come to say they are only for solid minerals, some could say they are purely a digital bank without office(s). It is happening today. In some parts of the world, banks do not have branches and that is a niche. So, there are still several things that we need to do. Infrastructure is in short supply in this country. Who is going to fix them? They are not foreigners; they are Nigerians who would use the financial system to fix them. So, it is a competitive environment and I am sure the new banks are aware. For those of us they are joining, we are also bracing up for the competition. So, I think we can do with more banks and like I said we welcome them all. What has been the experience for Wema Bank being a foreign exchange primary dealer (FXPD) of the CBN? As an FXDP, we are a dealer to others who are not. We have the direct interface with the central bank. The CBN is still the major supplier of foreign exchange into the system. It is just like clearing. There are only four banks doing clearing system in this country today, but a lot of customers don’t know. When you go to your bank and drop your cheque, that bank is not the one going to the clearing house to go clear the instrument. So, we have four banks representing the rest of us who go to the clearing house to clear. So, what we are saying is that we don’t need as many as 22 banks all coming together to the clearing house to do clearing. So if you look at it, it is an average of five banks per clearing house. By limiting the number, it brings a whole lot of efficiency into the system. I think what the FXPD has done is to say rather than having everybody doing it, let’s have some primary dealers who would take the funds from the central bank, which is the biggest supplier of foreign exchange to the market today and other people can go to those banks. It is an open platform and we all bid on the FMDQ platform. So, whether you are a primary dealer or you are a secondary dealer, honestly I really don’t mean anything, as long as everybody has access to foreign exchange. So, it has been a pleasant experience and we are happy that we are able to be a primary dealer and also selling to others who are not. What does it do? It puts lots more responsibility on you and it is also a training ground for our dealers. We have one of the best dealing rooms in this country in terms of equipment, lay out, and our dealers are well equipped to do the business. So, we are up to the task and I think we have delivered to the best of our ability to the industry as a primary dealer. We know you are optimist about the economy, but how is your bank coping with the challenges posed by the economic recession and what are the risk management process being put in place to mitigate likely shocks that might emerge in your institution? Everyone is in this recession. Even as individuals, we need to look at the resources that are coming into our purses and we need to look at the needs that we have and do what we call structural adjustment. A lot of adjustments are being done at individual levels. I am doing it in my own family and I am sure everyone is doing it on their respective families. What are the things that are

Oloketuyi critical? You need to put food on the table, if you don’t own a house of your own, make sure you pay your rent so that the landlord doesn’t push you out, pay school fees of your children and cloth yourself. Then, for the other things, you start to see which one is priority. And I think that is the adjustment that a whole lot of us are doing. In a situation like this, you need to watch some things, especially your cost. Watch your cost like a hawk. What we are doing is to cut our cost. The initiatives that we are doing in the digital space are to ensure that the cost to serve comes down. In a situation whereby the margins are thinning, the levels of revenue accruing to you are coming down; you need to find a way to put a lid on your cost. Our half year results showed that cost grew by 2.9 per cent in the regime where average inflation rate today cannot be less than 12 per cent. So, I had to manage my cost do that in the first half of the year. We challenge ourselves to do more with less. We didn’t retrench staffs, but we are happy to use our staffs to take up more responsibilities. In the last 14 months we have opened about eight branches, but our head count has not increased. So, we are asking our people to do a lot more than they have been doing, but we are not a task master. However, we are using technology to drive what we have been doing. So, with technology, physical involvements are getting reduced such that you can process a lot more than you used to process. For instance, the industry took a decision to automate clearing system. We have less than 20 per cent of those that used to be in clearing in that department today. So, the hands that we saved, what did we do with them? We didn’t ask them to go home, but we used them in some other areas. So, recession is here, but the strategy for us is to

stay alive and stay afloat. And how do you do that? We ensure that our cost does not overrun our revenue to the extent that we are using capital to run the bank. We want to use operational profit to run the bank. For our loan exposure, in a period of recession, our loan portfolio gets a bit challenged. As businesses are challenged, loan obligations are not always met on time. So, first is to understand your customers and you know the customers’ businesses. A time like this is not when you run away, this is when you stay close to your customers and you work things out together. There are situations where we you need to extend more and there are situations where you need to accommodate restructuring and there are situations where you need to give your professional advice so that the customer doesn’t run into trouble. I remember we were having a meeting with a group of people and we told them that at a situation like this you watch your cost. And when we talk about cost, people just think you are talking about head count. It is not just about head count! For instance, we did a count to find out how many customers come to us in some jurisdictions after 4pm. Sometimes, you find two or three customers coming in after 4pm and you look at that number to know what they always come to do at that time. If it is cash business, they can do it on the ATM and if it is to deposit cash, you can find some other ways to service those customers. And we took a decision. We categorised our branches into three: category three which where volume is huge, they close at 6pm, by 6pm everybody is gone. So you won’t be burning diesels and running your generators for nothing. Category two closes at 4.30pm or thereabout and the first category are those in some semi-rural areas and they close around 3pm. Today, people have stopped

Can you shed more light on your planned capital raising? We are raising a tier-2 capital. It is a bond. It is a N50 billion bond issuance programme, but we are doing it in two tranches. The first tranche is N20 billion and the second tranche is N30 billion. So, we are taking N20 billion on board first and in the near future, as need arises, we take on the balance of N30 billion. We are good on tier-1.So, what we are doing is to bring in another form of capital, but this time a debt capital. In recapitalising an institution, what you need to watch out is your optimum capital. Sometimes, if you make it all tier-1, it may not just be the optimal that you need. So, sometimes you also need to have some dose of tier-2. So, what we are doing today is tier-2. If you look at the environment, the capital market is not as exciting as it used to be. Perhaps you may want to wait. Otherwise, if you decide to raise tier-1 capital, you might be throwing away value because all stocks are under-priced. The price-to-book value for most stocks is really down. So, it might not be a good time to issue tier-1. But we are encouraged by the response of would be investors. You must have read some of the things we have been doing in the bank. In 2009 when we took over, we had a distressed institution and all indices pointed to that direction. As at December 2009, the audited financial statement showed a negative capital of N45 million and the bank was totally on its knees. The share of market we had then was less 0.6 per cent. Equipment and processes and the platforms we were running were obsolete and the core banking application we had which is the platform we use to serve our customers, was old to the level that it couldn’t be supported by those who supported them. The non-performing loan ratio was 89 per cent and the performance of the bank was poor. So, we came in and said we need to have a containment strategy to stop the bleeding and stabilise the bank. So, between 2010 and 2014 was largely to give life back to the bank. A distressed bank needs to be turned around to a performing bank. Of course, you need capital for any business, more so for banking which is a regulated business. So, the first major assignment we did was to recapitalise the bank. Today we have been able to make our proposes better and have completely turned around the bank. We invested in a new core banking application and at the time we implemented Finacle 10.2 version, we were the first.

T H I S D AY • monDAY, SEPTEMBER 12, 2016

BUSINESSWORLD

NEWS

Coscharis Tech Gets NITDA Approval for Production of Cosmos Computers Chika Amanze-Nwachuku In line with government’s drive to diversify the economy through indigenous production, Coscharis Technologies, a Nigerian information and technology solutions company, has been licensed as an original equipment manufacturer (OEM) of the Cosmos Computer brand in Nigeria. The high speed, compact computers, will cut across the low-end, middle class and high-end space. It was specially designed as a rugged device that can work anywhere in the world and was also supported by world class after-sales support from Coscharis Technologies offices nationwide. Speaking during the presentation of a provisional licence to the tech company, the acting Director-General, National Information Technology Development Agency (NITDA), Dr. Vincent Olatunji noted that the certifica-

tion was an epoch-making event as Coscharis Technologies was the first Nigerian company to be issued an OEM licence since his assumption of office. According to the NITDA boss, “The certification of Coscharis Technologies for the production of the Cosmos Computer brand is in line with government’s efforts at promoting human capital development in the country particularly within the ICT space. The local computer hardware production in 2015 was seven per cent and we realise that if there is no direct policy initiative to support local production, we will continue to play at a low level.” He said: “When we were approached by Coscharis Technologies for certification for the manufacture of Cosmos Computers, we thought it necessary to support the laudable ambition in order to bring more players into the field as well as encourage competition in the

market. Following the successful inspection of the company’s factory, we are satisfied that the brand is positioned to meet the demand for high quality computer products and will add value to the Nigerian market.” In his response, the Managing Director, Coscharis Technologies, Mr. Sunday Emomine Mukoro, stated that the journey to Cosmos Computers began about fifteen years ago and is based on the vision of the company’s founders to be in the mainstream of technology drive in Nigeria. He said: “Cosmos Computers is designed to fill the gap for a high quality, proudly Nigerian computer brand that can compete globally. The computers are high speed, compact models enhanced with 21st century methodology to give them an edge in the market. In addition, our after sales support is second to none as we have offices in almost every part of the country for easy accessibility

to our customers.” Mukoro, who recently bagged the Titans of Tech Award for his outstanding commitment to the development of the Nigerian ICT industry at the just concluded 2016 Titans of Tech Awards, the biggest technology conference and networking event in West Africa, continued: “Asides deepening government’s efforts at encouraging the development of the Nigerian ICT environment, we are happy to announce that the manufacture of Cosmos Computers will open up employment opportunities for our teeming youths in the face of the current challenges confronting the economy.” Incorporated in 1993, Coscharis Technologies is at the forefront of innovative pursuits that will change the landscape for the deployment of ICT technologies in Nigeria. It is a member of the Coscharis Group, one of the most diversified conglomerates in Nigeria.

CAPACITY BUILDING

L-R: General Managing, Heritage Bank, South Bank, Davidson Regha; Deputy Governor of Rivers State, Dr Ipalibo Banigo and Rivers State Governor’s wife, Justice Suzzette Nyesom Wike, at a one-day Leadership, Entrepreneurship and Development (LEAD) Summit, hosted by the Rivers State Sustainable Development Agency (RSSDA) in partnership with the Second Opportunity Africa Foundation

ZTE New Smart Phones Enter Nigerian Mobile Market Chinazor Megbolu and Rebecca Ejifoma A leading mobile device provider, ZTE, has launched its brand new six smart phones, which will hit the Nigerian market this month in over 400 reputable shops across the country. The Nigerian-based Chinese company disclosed this recently at a media parley in Lagos to kick off ZTE’s open market operations in Nigeria. The Managing Director, ZTE, Mr. Xiang Pingnian, assured Nigerians that their priority is to provide the best quality and good services they are known for worldwide. “The premium products: Blade v7lite, BladeA910, Axon 7mini, Blade v7 max, BladeA452

and Axon7. These feature phones are affordable because we understand the present economy of the country today, “he said. Xiang explained that ZTE would never compromise its standard, quality and services. According to him, “we are a leading brand in Africa, United States (US) and other European countries. Our products meet Nigerian Standard and Nigeria is a country to do mobile business.” While describing their drive for the best as the beauty of technology, he noted that every year, new technology meets forward thinking. “We have seen many tech devices that keep pushing the boundaries of our imagination. It is the beauty of technology that allows us to go beyond and

innovate, infinitely extending one’s imagination. Imagination inspires technology, and technology turns imagination into reality,” he said. Xiang pointed out that since ‘Innovation and beyond’ is the ZTE’s global strategy for 2016, affirmed the powerful combination of technology and imagination will unlock endless potential. “We aim to create technical breakthroughs with the powerful merging of technology and imagination to contribute to the development of human society, “ Xiang said. Meanwhile, the Vice President, ZTE Corporation, Mr. Hui Shen, said the company is working with global industry chain partners, listening to their consumers, creating innovative

products for everyone, and letting them enjoy the smart life. He, however, stressed that having been in the handset industry for 18 years, posited that Nigeria has always been the leading and information window for the West Africa and believe Nigeria is a great choice for ZTE’s brand exposure. On its corporate social responsibility, Shen hinted that considering customers preference in each country, they would consider sports sponsorship or entertainment sponsorship in Japan, Australia, South East Asia and South Africa as part of ZTE’s continuous branding effort. “For sure, one day we will have our sponsored sports team in Nigeria, and the day is not far from now, “ he said.

Dell, EMC Merge to Create Largest Privately-controlled Tech Company Emma Okonji Dell Technologies has announced completion of the acquisition of EMC Corporation, creating a unique family of businesses that provides the essential infrastructure for organisations to build their digital future, transform Information Technology (IT) and protect their most important asset, information. This combination creates a $74 billion market leader with an expansive technology portfolio that solves complex problems for customers in the industry’s fast-growing areas of hybrid cloud, software-defined data center, converged infrastructure, platform-as-a-service, data analytics, mobility and cybersecurity. Dell Technologies serves 98 per cent of the Fortune 500 and comprises several market leading businesses. The two largest, and most well-known, are the Dell client solutions business and the Dell EMC infrastructure solutions business – both of which are supported by Dell EMC Services. The unique structure combines the focus and innovation of a startup with the global scale and service of a large enterprise. Dell Technologies’ scale will enable it to deliver more innovation and investment in research and development (R&D), sales and marketing, services and support and deliver more efficient and cost-effective solutions for customers. Furthermore, while the company will publically report its financial results, it is privately controlled, enabling it to better focus investments on its customer

and partner ecosystem over the long term. According to the Chairman and CEO of Dell Technologies, Michael Dell, “We are at the dawn of the next industrial revolution. Our world is becoming more intelligent and more connected by the minute, and ultimately will become intertwined with a vast Internet of Things, paving the way for our customers to do incredible things. This is why we created Dell Technologies. We have the products, services, talent and global scale to be a catalyst for change and guide customers, large and small, on their digital journey.” Also commenting on the historic merger, Chairman and CEO, JPMorgan Chase, Jamie Dimon noted that financial services is one of the first-movers in embracing technology to better serve their customers. “As one of the world’s biggest users of Dell and EMC, we spend approximately $9 billion a year on technology, infrastructure, cloud computing, big data analytics and cybersecurity. I’m thrilled for Michael and the new company, and we are eager to see everything.” When the transaction closed on September 7, 2016, EMC shareholders received $24.05 per share in cash in addition to tracking stock linked to a portion of EMC’s economic interest in the VMware business. Based on the estimated number of EMC shares outstanding at close, EMC shareholders received 0.11146 shares of new tracking stock for each EMC share. The value of the tracking stock may vary from the market price of VMware given the different characteristics and rights of the two stocks.

Fashola, Others to Speak at Real Estate Unite Summit The real property market in Nigeria is set to receive a further boost with the hosting of the annual real estate unite summit. The global businesses and industry stakeholders Annual Real Estate Unite Summit, which will take place at Eko Convention Center Lagos, will be hosted by 3Invest Limited next month. The real sector is currently experiencing a significant rise to become one of the country’s most lucrative sectors, contributing up to 9% of Nigeria’s GDP in the third quarter of 2016. According to a statement, while the central focus of the event is that of the African market and how it can harness opportunities from the investment world, Real Estate Unite is set to bridge the opportunity ‘G.A.P.S’ between different

sectors of the economy such as Asset management, Hospitality Groups, Tax and Accounting, Financial Institutions and the African Property market. ‘‘The Real estate market in Africa is yet to be explored to its fullest potential. We seek to widen the arena for other viable players to be part of this global progression. This is one of our primary goals this year’’ said Ruth Obih Spokesperson, Real Estate Unite. Other speakers include Anne Rinu – Head of Property for Standard Chartered (Nigeria & West Africa), Paul Onwuanibe – African business magnate and Chief Executive Officer for Landmark Group; an African real estate company with over 500 clients and offices in five continents and Dr. Chii Akporji – Executive Director, Corporate Strategy & Planning, Nigeria Mortgage Refinance Company.

T H I S D AY • monDAY, SEPTEMBER 12, 2016

BUSINESSWORLD

perspective

Buhari’s Emergency Powers Bill: We’ve Been Here Before Bolaji Akinola It emerged recently that President Muhammadu Buhari will be presenting an emergency economic stabilisation bill to the national assembly when it resumes on September 13. The bill has been greeted with apprehension; with many fearing abuse of power by a President that has exhibited little tolerance for opposing views. While Aso Rock megaphones have tried in vain to absolve the president of seeking emergency powers, the policy draft sneaked into the public square says otherwise. No doubt, Nigeria is at an economic crossroads with some bit of extraordinary measures needed to get the nation back on track. But we must learn from history. Many Nigerians who were matured enough three decades ago will remember that in 1982, after an oil boom, which lasted through the 1970s, the country came face to face with the type of situation we have at hand today. The country’s revenue plummeted as crude oil prices headed southwards. The regime of General Yakubu Gowon, which was abruptly terminated in 1975 could be likened to Goodluck Jonathan’s in some ways. Oil prices were high and the government was wasteful. Indeed Gowon, so

Buhari power-drunk and bereft of progressive ideals was quoted as saying that “Nigeria’s problem was not money, but how to spend it”. By the time the civilian regime of Alhaji Shehu Shagari took over in 1979, the economy was heading for crisis. The nation’s foreign reserves had significantly dipped, the naira was fast depreciating while the appetite for foreign goods assumed an alarming dimension. Shagari told a bewildered nation he needed emergency powers to stabilise the economy. The “Economic Stabilisation (Temporary Provisional) Act 1982” was born. The law intro-

duced foreign exchange control, which reduced Basic Travel Allowance (BTA) from N800 to N500 per person per annum, with no allowance for children under the age of 16. The government also pegged the number of pilgrims permitted to perform the hajj in 1982 to a maximum of 50,000, with a BTA of N800 per person, against N500 for other citizens. Other measures in the law included reduction of business travel allowance from N3,000 to N2,500 per annum for companies registered in Nigeria; reduction of Form ‘M’ lifespan to six months, as against one year previously, with all FORM ‘M’ registrations

confined to the Central Bank of Nigeria headquarters; reintroduction of pre-shipment inspection of imports and the upward revision of all interest rates from the existing level by two percent. Shagari’s law also banned the importation of frozen chicken and gaming machines, while 29 other commodities were removed from open general licence and placed under specific import licence requirement. The other emergency economic measures as stipulated in the law include: - Hike in the Customs duties of 49 imported items - Increase in the rates of excise duties to as much as 45 percent on a number of commodities including cigarettes, towels, fabrics, cosmetics, perfumes, paper napkins, electric fans, locks, bicycles and motor cycles. - More powers and training for Customs officers and - Immigration reforms. But when Buhari overthrew Shagari on December 31, 1983, he threw the law overboard. He said the stabilisation act had failed, with inflation rising above 30 percent and foreign reserves falling as low as $2.85 billion, which could only bear Nigeria’s import bill for a single month. The military junta was faced with enormous economic challenges with little or no resources to

combat it. Buhari rebuffed the International Monetary Fund, which offered a helping hand. IMF’s proposal is very much similar to the pills it recently prescribed for the economic crisis. They include reduction of capital expenditure; removal of subsidies on petroleum products and fertilizer; devaluation of the naira by over 60 percent; improvement in tax collections; promotion of non-oil exports and liberalisation of foreign exchange and import controls. For its nineteen-and-a-half months lifespan, the Buhari government’s high-handed approach worsened the state of the economy. After he was ousted by his Army Chief on August 27 1985, the new government established its own emergency economic plan, declaring an economic emergency for 15 months in October 1985, which led to the Structural Adjustment Plan (SAP), highly regarded, till date, as a disaster. With the benefit of hindsight, this emergency plan also failed, with the economy contracting by 8.8 percent in 1986. Clearly, emergency economic powers will not solve the problem. It failed with Shagari, it failed with General Buhari; it failed with Babangida. What will make it work now?

NIMN Takes AGM to Ibadan as Body Prepares for Fresh Election

Tincan Island Controller Raises the Bar on Trade Facilitation

Raheem Akingbolu

Eromosele Abiodun

All is now set for the conduct of another round of election as the National Institute of Marketing of Nigeria, NIMN goes to the poll to choose a new set of leaders that will steer the ship of the professional body. The election is billed to hold in Ibadan, Oyo state in November. Speaking at a press briefing to announce members of the electoral committee, the President of the association, Mr. Ganiyu Koledoye said he is delighted that the association had been able to overcome its challenges which are now being manifested in its readiness to transmit powers from one administration to the other. Koledoye noted that he is happy that he will be leaving the association better than he met it stressing that there is now relative peace and stability with the institute. He said: “I am glad that since I took over the reins of power, the institute has witnessed remarkable progress. One of the successes recorded by this administration is that the institute had overcome the challenges relating to its financial indebtedness. Before now, the institute had a tradition of incurring excessive losses. But since we assume office till date, we have been able to offset those losses. Of course, it is likely that we may not have profit but I am certain that we

have been able to break even,” He also stated that his team has been able to make the institute a truly national body, adding that it does not start and end in Lagos. “We now have a spread. As we speak, virtually all parts of the country are involved in the activities of the institute. We now have offices in Enugu, Kano, and Sokoto among others. Beyond that, the administration has succeeded in bringing the academia on board as we now have them in strategic roles in the institute. However, if there is any I would call our greatest achievement, it is the fact that the administration had been able to put in place processes that will see to the smooth transition of power from one administration to another. We are happy that we now have an electoral process, which has been provided by the electoral committee, that has a responsibility to guarantee a smooth process devoid of the hooliganism and tantrum that characterized what obtained in the past” Asked to comment on the challenges bedeviling the institute, Koledoye pointed that at the moment, the institute was faced with the task of increasing the number of enrolment as participations in examination seemed to have dropped. According to him, the reduction in students’ participation for this year’s examination is a clear indication that the

downturn in the economy has had huge effect. The president however maintained that the institute is working hard to encourage students to enroll for examination. Speaking on the place of marketing in destination branding and policy implementation, he said it was unfortunate that both present and successive governments in the country had failed to appreciate the role of the profession stressing that none of them had considered marketing as an approach to be adopted in combating the myriads of its economic and social problems. Meanwhile, the chairman of the electoral committee, Mr. AdeolaOladele, said the institute is adequately prepared to organise a peaceful poll urging interested member to indicate interest for the available positions. Oladele explained that going by the guidelines for the election; interested aspirants were expected to submit themselves to members of the committee for scrutiny as there are series of activities to be carried out. According to him, apart from the office of the president, four council members will also be elected. He disclosed that nomination had opened few days ago and is billed to close 21st September. He also added that the screening of the nominees comes up on 10th October while appeal and complaints will be entertained between 10 and 14 October.

The Customs Area Controller, Tincan Island Port, Comptroller Yusuf Bashar, said that he has put ideas in place to fast-track the concerted effort of the Nigeria Customs to ensure practical trade facilitation. He stated this at a stakeholders’ meeting comprising executives of Freight Forwarders, Tincan Island Chapter, held at the command. According to him, the meeting was aimed at identifying grey areas that could hinder the concept of trade facilitation and promotion of international trade, with a view to proffering solutions. He said trade facilitation can be achieved in an atmosphere of honest declaration, which will ultimately allow for a seamless flow of documentation in the system. The Controller posited that all effort would be made to create on enabling environment for honest declarants to thrive in their business in the spirit and letter of trade facilitation. He noted that the Service has what it takes in terms of advanced technology to monitor transactions and ensuring Revenue Leakages are blocked. Bashar drew the attention of participants on the need to take advantage of the full automation of Customs processes and procedures

for the advancement of their transactions. Generally speaking, he charged them to be compliant in all ramifications to avoid any impediment that could be counterproductive. The forum provided an ample opportunity for the controller to educate participants on the export potentials abounding in the country which he stated have not been fully explored. He advised the excos to create the awareness on their respective associations so that emphasis will also be on ways of utilising the export potential of the Country in order to become major players in the economic sector as well as wealth creators, thereby surviving the presents Global economic uncertainties. Speaking further, the controller promised to implement conduct of examinations in the terminals in two phases as a major strategy towards facilitating legitimate trade. To this effect, the controller directed that the pilot scheme for the proposal will commence with Ports and Cargo Terminal as from September 5, 2016. The controller had recently handed over a 40ft container of suspected expired medical devices to the NAFDAC for necessary action. Speaking at the handover ceremony, he stated that inter-agency collaboration and synergy is a key element

of the Controller General of Customs’s change mantra and promised to promote it in his command. In the same vein, the controller also handed over two suspects to Standards Organization of Nigeria (SON) for falsification of documents relating to SON. In another development, the controller hosted members of the Interstate Committee on ‘Transit Goods.’ The Committee, which comprised officials from the Federal Ministry of Transport, Nigerian Shippers Council (NSC), Customs, Nexim Bank etc, were at the command to brief the Controller on their statutory responsibility, which includes but not limited to articulating policies that would promote regional Transit trade. The head of delegation highlighted some of the challenges currently bedeviling transit trade in the region. He stated that the committee was mandated to take a critical look at the entire issues affecting transit trade in central and West Africa with a view to ensuring that Nigeria benefits economically from it and also put measures in place to guard against diversion of transit cargo. In his address of welcome, the Controller thanked the members for their resilience and commitment despite some seeming challenges.

MONDAY SEPTEMBER 12, 2016 T H I S D AY

T H I S D AY MONDAY SEPTEMBER 12, 2016

MONDAY, september 12, 2016 • T H I S D AY

business/MOnEYGUIDE

August Inflation Predicted to Edge Higher Obinna Chima The consumer price index (CPI), which is used to gauge inflation in the country may increase further year-on-year to 17.71 per cent in August 2016, from the 17.13 per cent recorded in July 2016. Analysts at FSDH Merchant Bank stated this in their latest inflation forecast, noting that they expect the increase to come from the increase in the prices of food items and other non-food items as a result of the continued pressure on the value of the naira. The National Bureau of Statistics (NBS) is expected to release the inflation rate for the month of August 2016 this week based on the data calendar on its website. According to the report, the prices of food items that FSDH Research monitored in August

2016 moved in varied directions. For instance, it showed that prices of onions, palm oil, fish, rice and vegetable oil were up by 86.11 per cent, 16.2 per cent, 13.06 per cent, 10.74 per cent and 4.35 per cent while the price of tomatoes, yam, sweet potatoes, Irish potatoes and garri fell by 57.11 per cent, 13.33 per cent, 8.33 per cent, 5.56 per cent and 2.38 per cent. “Meanwhile, the price of beans and meat remained unchanged. The movement in the prices of food items during the month resulted in a 1.10 per cent increase in our Food and Non-Alcoholic Index to 209.33 points. We also noticed increases in Clothing and Footwear; Housing, Water, Electricity, Gas and other fuels divisions between July and August 2016. “Our model indicates that

the price movements in the consumer goods and services in August 2016 would increase the CCPI to 206.46 points, representing a month-on-month increase of 1.09 per cent. We estimate that the increase in the CCPI in August will produce an inflation rate of 17.71 per cent,” it added. The Food Price Index (FPI) that the Food and Agriculture Organisation (FAO) released recently showed that the FPI increased in August to a 15-month high. The Index was up by 1.95 per cent compared with July, as most commodity prices rose in August led by dairy, oils and sugar. The value of the Index in August was the highest since May 2015. The FAO Dairy Index appreciated by 8.63% from July as prices of cheese, whole milk powder and butter were on the increase.

Dollar Scarcity: Flour Mills Resorts to Local Raw Materials Flour Mills of Nigeria Plc said it has increased its reliance on local raw materials as part of efforts to overcome the challenges posed by the shortage of dollar supply in the country. The country’s biggest miller by market value also said manufacturers in the country are finding profits under pressure as a result of macroeconomic headwinds. The Chairman of Flour Mills, Mr. John Coumantaros said this in his statement at the company’s 2016 annual general meeting (AGM) held in Lagos recently. Generally, he said the year had seen a confluence of adverse conditions, including dwindling

oil prices, capital flights, forex scarcity, higher interest rates, power failures, congestion issues, gas and fuel shortages, security threats, among others. “Taken together, these factors have contributed to a perfect storm that blindsided many other Nigerian businesses, especially those who had not taken the necessary precaution. Whereas much of the sector was brought to its knees this past year, Flour Mills Nigeria has been able to navigate through these troubled times increasing market share and streamlining its cost structure,” he added. Coumantaros said the manufacturing industry was grappling

with monumental challenges including a deteriorating road network, inadequate power supply, worsening security concerns and unrest in the North-eastern part of the country. “The challenge ahead will be to continue mitigating the effects of our operations of external factors beyond our control and to take matters into our own hands as much as possible. We have just started reaping the benefits of our agro-allied strategy which has afforded us a degree of freedom not available to our competition, who do not have the benefits of a local engine of growth,” he said.

Ecobank Nigeria Launches Digital Banking Platform Ecobank Nigeria has launched ‘Ecobank MasterPass QR’, a Mastercard global digital system that allows people to pay for services using mobile phones. The bank explained that the new platform will also enable micro, small and medium enterprises (MSMEs) in Nigeria to receive digital payments from millions of customers. According to a statement, the platform makes electronic payments safe, simple and smart. The bank also said it improves customer experience

with a clean front-end design and a built-in sophisticated and secure supporting technology. Payments are made by customers scanning a Quick Response code displayed at checkouts on their smartphones, or by entering a merchant identifier into their feature phones, it explained. Ecobank Nigeria’s Managing Director, Charles Kie said: “The Ecobank Masterpass QR solution leverages smart technology that transforms mobile phones into safe and simple payment tools, and delivers services that will

benefit all stakeholders in the payments ecosystem. This new digital platform supports the Central Bank of Nigeria’s Cashless Nigeria and financial inclusion goals. Ecobank Masterpass QR will help our vital MSME sector connect more efficiently to the national and global economy.” About 96 per cent of Nigerian businesses are MSMEs. Despite the major part they play in the nation’s economy, about 98 per cent of MSMEs still do their transactions using cash.

Heritage Bank Takes Youth Empowerment Initiative to Rivers The Rivers state government has commended Heritage Bank for its role in enhancing youth entrepreneurship development and engendering self-employment through its various initiatives and products. The government lauded the bank’s effort to support the recovery of the Nigerian economy via schemes such as the administering and management of the Central Bank of Nigeria’s N3billion Youth Innovative Entrepreneurship Development Programme (YIEDP) and its partnership with the Centre for Values in Leadership (CVL), which

recently graduated 100 young entrepreneurs in the CVL Young Entrepreneurship Training Programme (YETP). The Deputy Governor of Rivers State, Dr. Ipalibo Banigo stated this at the one-day Leadership, Entrepreneurship and Development (LEAD) Summit, hosted by the Rivers State Sustainable Development Agency (RSSDA) in partnership with the Second Opportunity Africa Foundation and Heritage Bank. Speaking on the summit, titled, “Youths Leading Entrepreneurs in Non-Oil Economy,” Banigo said Heritage Bank has shown good faith to the youths

which goes on to portray the welcoming nature of the Rivers man personified in the person of their son, ‘’Ifie Sekibo.’’ Meanwhile, the wife of the Governor, Justice Suzzette Nyesom-Wike affirmed that the LEAD Summit was the first of its kind in the state, while commending the bank for its supports to Nigerian youths. The MD/CEO of Heritage Bank, Ifie Sekibo, who was represented by the General Manager, South Bank, Davidson Regha said that the drive to continue in the support of youths was to create, preserve and transfer wealth across generations.

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 8 September 2016 The price of OPEC basket of fourteen crudes stood at $44.61 a barrel on Thursday, compared with $43.18 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 12, 2016 • T H I S D AY

mARKET NEWS

GTBank Promises to Maintain Robust Dividend Policy Goddy Egene and Nosa Alekhuogie The Managing Director/Chief Executive Officer of Guaranty Trust Bank (GTBank) Plc, Mr. Segun Agbaje has assured shareholders of the bank of a continuous robust dividend policy going forward. GTBank, which is one of the banks that pay dividend

twice every year, pays about 50 per cent of its profit to shareholders as dividend. It has already recommended an interim of 25 kobo for the half year (H1) ended June 30, 2016. Speaking on the bank’s H1 results June 30, 2016 during a conference call last week, Agbaje said the financial institution will not change its payout ratio. “I don’t see any reason in

T H E

changing what our dividend payout ratio for as long as you have enough capital and (our) capital adequacy today is over 18 per cent. So for as long as capital adequacy remains that high we are going to keep at that dividend payout ratio,” he said. Agbaje said the N125 billion profit before target for the year is still on course despite the chal-

N I G E R I A N

lenging operating environment. “In terms of PBT guidance we are staying at N125billion, and for us whatever we have made we are not really separating it strategically from our revaluation gains, because at the time we were making revaluation losses, nobody also asked us why this was happening. So these are strategic decisions we have need to make.

STO C K

But for any of the revaluation gains to go away completely we will have to go to Naira appreciating to 200 to 1 which we think the possibility is very low. So what I will like to say is I believe we can make do with N125billion but I would not want to change the PBT guidelines halfway through the year,” he said. GTBank has already recorded

E XC H A N G E

a PBT of N91.38 billion for the H1 2016.According to Agbaje, the bank had prepared very well for the year having known that it would be a very challenging one. “Going into the year, we knew it would be a challenging year and we prepared for it by focusing on effective management of the balance sheet and adapting our business model to changing market variables.”

T H I S D AY • MONDAY, SEPTEMBER 12, 2016

CITYSTRINGS

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

The community multi-purpose hall built by Idimu DPO,SP Adebayo

In Idimu, DPO Turns New Leaf

The Divisional Police Officer, Idimu, SP Solomon Fayomi Adebayo has been in the news in recent times, for standing out as an officer that has come to make worthwhile impacts in his present domain. In just few months, he has changed the face of Idimu Police Division through his infrastructural projects and reorientation of officers under him, writes Peter Uzoho

ince coming on board as the 40th Divisional Police Officer (DPO), in Idimu, he has turned things around as evidenced by the eloquenttestimonies accompanying his performance so far. Before his arrival, police officers in the division were known fordifferent kinds of evils and anti-human practices , ranging from extortion of money, unlawful arrests, confiscation of people’s vehicles with no clear reason, aiding and abetting robbery, to flagrant abuse of the rights of the people of Idimu communty. Also before Adebayo came on board, there was high rate of infrastructural decay within the division occasioned by neglect and lack of initiative from successive regimes in Idimu Police Division, who they said only came to serve their pockets instead of the Force and the public. However, steering the ship at Idimu since his assumption in office on December 7, 2015, he has achieved a lot within a short time. His performance so far has shown that his appointment as the DPO of Idimu is a true reflection of putting a round peg in a round hole. He knows the actual needs of his domain and has continued to come up with ideas and actions tailored towards tackling them one after the other. On Tuesday, August, 16 2016, the Commissioner of Police, Lagos State Command, Mr. Fatai Owoseni, inaugurated some capital projects successfully completed by Adebayo within few months of his service in Idimu, among which are a multi-million naira community multi-purpose hall, new office blocks, renovated police station and fence, and the police quarter guard. Speaking at the inauguration ceremony while being modest of his achievements, he remains

appreciative of the members of Idimu community whom he said made his achievements possible through their financial, moral and spiritual support as well as their understanding and cooperation. He did not fail to recognise and thank the Commissioner of Police for giving him the opportunity to serve in that capacity and for his financial support.

This multi-million naira building was given birth to by the donation from a church. A church came down here and asked what they could do for us and they gave us N200, 000. With that N200, 000, we called on bricklayers, block moulders, and by the grace of God, within 28 days, the hall became this. Also, a lawyer here donated the air conditioners in this hall. He did that to appreciate us for responding promptly to his distress call some time ago when armed robbers came to his house

“I want to use this opportunity to thank my CP for giving me the opportunity to serve as the 40th DPO in Idimu. Idimu used to be a household name in Lagos and Nigeria, and, as at today, it has given birth to 11 other police stations, a station that was started on the 17th of May, 1984. 40 DPOs have at one time or the other served their father’s land here. In terms of crime, Idimu is structured in a special way. We have about 11 estates and each of these estates has a formidable Community Development Area (CDA) and each time there is distress they usually make calls to the police station. “We have about 11 cars and 48 machines and all these are very useful to the police because it is the gateway to other notable cities in Lagos. And since we started work here on 7th December, 2015, the day I was posted here by my Commissioner of Police, we’ve been able to do our bit; not because we have any power but, because policing is everybody’s job. I want to appreciate the people of Idimu who have helped us, and all the things we have done so far is because of these people you are seeing here. This building was started on the 8th of April, 2016, and as at 6th of May, 2016, the building has been completed. Individuals and groups donated; we have people here who would only come here and begin to pray. “This multi-million naira building was given birth to by the donation from a church. A church came down here and asked what they could do for us and they gave us N200, 000. With that N200, 000, we called on bricklayers, block moulders, and by the grace of God, within 28 days, the hall became this. Also, a lawyer here donated the air conditioners in this hall. He did that to appreciate us for responding promptly to his distress call some time ago when armed

robbers came to his house,” Adebayo noted. Commending the pragmatic DPO and the supportive community members, Area M Commander, Idimu, ACP Felix Okediji, said people never believed that any good thing could come out of “our Nazareth as the Nigerian Police. It’s you who are our stakeholders, who have supported us to be able to put up this structure within a couple of days, to say whether of a truth the police is turning a new leaf or not. “I want to thank God for the initiative of the Divisional Police Officer, Idimu, SP Solomon Adebayo. He is an officer of emulation. We had the privilege of working together in Ogun State when we were fellow DPOs and right from that time; I knew that he is an officer that has a lot of things to offer. The white man would talk about corporate social responsibility; giving back to society part of what the society has done for you. When you see somebody that is great, that has made it, he will want to give back to the society. He has told you a story of how a man of God through their prayers, gave them a donation of N200, 000, which led to the foundation and completion of this edifice. Some other people would have eaten the money up and said after all I am the DPO. But the man did not do that,” Okediji noted. “I also I thank God for this legacy which my Commissioner of Police has come here to inaugurate,” he added. The Police Community Relation Committee (PCRC), Lagos State, represented by Dr. Francis Oladun, said “He laid the foundation of this building about five months ago and today, it’s inaugurated. I want to make a special remark about DPO. He is a very young man with a bold intelligence. The man is not a proud person. He is a man who you can rely on; a

T H I S D AY • MONDAY, SEPTEMBER 12, 2016

CITYSTRINGS

Idimu DPO, SP Solomon Adebayo after receiving award from God’s Mercy Revival Ministries,for honesty and fairness in service

I want to thank God for the initiative of the Divisional Police Officer, Idimu, SP Solomon Adebayo. He is an officer of emulation… When you see somebody that is great, that has made it, he will want to give back to the society. He has told you a story of how a man of God through their prayers, gave them a donation of N200, 000, which led to the foundation and completion of this edifice. Some other people would have eaten the money up and said after all I am the DPO. But the man did not do that

man who doesn’t take money from anybody. He is a serious person. He is a man who would take his own money and give it to some people around. If we can have somebody like this in the Nigerian Police, I believe no one would have anything to complain again.” On his part, Mr. Shoyombo Monsuru representing Youth Movement of Nigeria, Alimosho branch, said “Sincerely, our analysis of the Nigerian Police has been distorted because the present works by the DPO, the Area Commander and the Commissioner, has really changed the analysis of the youth concerning the Nigerian Police. Before now, we said that this country would not move forward because of the performance and the gesticulation of the Nigerian Police. But now, what we’re seeing is so different. “We’re seeing Nigerian Police that has been reformed. We’re seeing Nigerian Police that has been changed and we’re seeing Nigerian Police that has future. And at the moment, we can say that the entire Nigeria is having a great future with this type of Nigerian Police. “Honestly, I’ve been in this community for several years and I’ve met different DPOs in this Police Station, but SP Fayomi is a different Police man. Anytime you call him he will answer you and when he answers you, he would never answer with a tone of distress or show of less concern. The Area Commander came and met with us the other time and made several promises which we thought were all empty promises, but honestly, all the promises he made, he is fulfilling them. Because of that, we need to support this present Nigerian Police so that Lagos and Nigeria will be safe, he said. The Special Adviser to the Lagos State Governor on Civil Engagement, Hon. Kehinde Joseph representing the State Government, said

The Idimu Police fence renovated by SP Adebayo

Idimu DPO,SP Adebayo (1st right), Lagos Police Commissioner, Fatai Owoseni (5th left) and others, during the inauguration of projects in Idimu

The renovated security post

“Whenever you call him (Adebayo) as everybody rightly said, the man will pick your call. You can see that within this our community we have relative peace.” Rewarding Adebayo for his display of exemplary attribute of honesty and fairness in the execution of his duties as the DPO of Idimu, a church known as God’s Mercy Revival Ministries, presented an award to him on 14th August, 2016, which further corroborated the testimonies on his good works at the Division. Delivering his speech, the Commissioner of Police, Lagos State Command, Awoseni while commending the DPO, said “there areofficers and there are officers. You know that some people will have the privilege of having financial assistance and what they will do with it is to start buying lands for themselves. “I want to but thank the present government

led by President Muhammadu Buhari, who somehow, is emphasising change in the way we do things, and by extension, to the Inspector General of Police, Mr. Ibrahim Idris, who, upon assumption of office, has challenged us, and has charged us that, we must engage in the best manner with the members of the public. We’re not the police, you the people are the police. If the police perform well, it is the members of the public; if we fail, whether you like it or not, you have failed,” Owoseni noted. He further said, “If they collect bribe on the road, they are your boys and your children because those are the people you gave us to wear uniform as police officers. So whatever they do, it’s a reflection of you members of the community, because they didn’t drop any of us from heaven to come and wear uniform. You nurtured some of us and of course, if we fail;

if we’re bribe-takers; if we’re using the gun to kill people that means you have not nurtured us well. So in every society, the police is a reflection of that society. So, I want to plead with you to continue to show us understanding. Our failures, take it as your mistakes for not nurturing us well. Then, you now come up with solutions. All of us must have to put hands together to ensure that our environment is safe and secured. “For the building, it is to serve the community. If you probably want to have interaction with the police here, you have a place to stay and do your interaction without the fear of being beaten by the rain or the sun. Some of our police men that are transferred sometimes, that could not easily get house, may be, before they go to the far place where they are living, may probably come and sit down here to rest before they go home.” The Commissioner thanked the DPO and all the partners for making the project a reality. “Taking it from the initiative of the DPO who deemed it necessary to have this building, and to all our partners, members of the community, who have, in one way or the other, supported this initiative, on behalf of the Inspector General of Police, Isincerely thank you.” Also at the occasion, the Police Commissioner constituted the Eminent Persons Forum (EPF), Idimu Chapter, which he said, was in compliance with the directive of the Inspector General of Police, who mandated all Police Commands to constitute such body in every division of the Nigerian Police. He said the Eminent Persons Forum is a way of furthering partnership between the police and the members of the community, and would be saddled with the responsibility of coming up with suggestions on how to do effective policing. The Eminent Persons Forum comprises retired military officers, retired police officers and security agents, representatives of various segments of the community as well as members of the press in the community.

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MONDAY SEPTEMBER 12, 2016 • T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

US Pays Tribute to 9/11Victims 15Years after Attacks Americans commemorated the 15th anniversary of the September 11, 2001 attacks yesterday with the recital of the names of the dead, tolling church bells and a tribute in lights at the site where New York City’s massive twin towers collapsed. As classical music drifted across the 9/11 Memorial plaza in lower Manhattan, family members and first responders slowly read the names and delivered personal memories of the almost 3,000 victims killed in the worst attack on U.S. soil since the 1941 bombing of Pearl Harbor. Tom Acquarviva lost his 29-year-old son Paul, who worked at financial services firm Canter Fitzgerald on the 101st to 105th floors of the North Tower, just above where the first plane struck. Acquarviva was one of 658 Cantor Fitzgerald

employees killed in the attack. “We miss him terribly. Terribly, terribly, terribly. Not a day goes by that we don’t remember him,” Acquarviva told Reuters. But he said he felt a sense of hope: “There are more people here today than there ever have been.” The ceremony paused for six moments of silence: four to mark the exact times four hijacked planes were crashed into the World Trade Center, the Pentagon near Washington D.C., and a Pennsylvania field. The last two record when the North and South towers of the Trade Center crumpled. It was held by two reflecting pools with waterfalls that now stand in the towers’ former footprints, and watched over by an honor guard of police and firefighters. More than

340 firefighters and 60 police were killed on the that sunny Tuesday morning in 2001. Many of the first responders died while running up stairs in the hope of reaching victims trapped on the towers’ higher floors. At the Pentagon, a trumpet played as U.S. President Barack Obama took part in a wreath-laying ceremony. “Fifteen years may seem like a long time. But for the families who lost a piece of their heart that day, I imagine it can seem like just yesterday,” Obama said. No public officials spoke at the New York ceremony, in keeping with a tradition that began in 2012. But many dignitaries attended, including Republican presidential hopeful Donald Trump and his Democratic rival Hillary Clinton. “We’ll never forget the horror of Sept. 11, 2001,” Clinton said in a

brief statement. “Let’s honor the lives and tremendous spirit of the victims and responders.” Trump said in a statement that it was a day of sadness and remembrance, but also of resolve. “Our solemn duty on behalf of all those who perished ... is to work together as one nation to keep all of our people safe from an enemy that seeks nothing less than to destroy our way of life,” Trump said. Houses of worship throughout the city tolled their bells at 8:46 a.m. EDT (1246 GMT), the time American Airlines Flight 11 slammed into the North Tower. A second pause came at 9:03 a.m. (1303 GMT), when United Airlines Flight 175 struck the South Tower. American Airlines Flight 77 hit the Pentagon at 9:37 a.m. (1337 GMT), then the South Tower collapsed at 9:59 a.m.

(1359 GMT). At 10:03 a.m. (1403 GMT) United Flight 93 crashed near Shanksville, Pennsylvania, and the final moment of silence was observed at 10:28 a.m. (1428 GMT) when the North Tower fell. As evening falls across New York City on Sunday, spotlights will project two giant beams of light into the night sky to represent the fallen twin towers, fading away at dawn. In the twin towers’ place now rises the 104-story 1 World Trade Center. Also known as the Freedom Tower, it is the tallest skyscraper in the Western Hemisphere, at 1,776 feet (541 meters). Fifteen years after the attack, the U.S. government marked its return to the site on Friday, moving its New York City offices there. Nineteen hijackers died in the

attack, later claimed by Osama bin Laden and al Qaeda, which led directly to the U.S. war in Afghanistan and indirectly to the invasion of Iraq. In Kabul, the top American commander in Afghanistan, General John Nicholson, paid tribute to members of the NATO-led coalition and Afghan security forces who had been killed since the Taliban regime fell. But in an address which touched on his own experience as an officer in Afghanistan, stretching back a decade, he also underlined how far from peace the country remains. “As we know, sadly, the number of terrorist groups has only grown since 9/11,” he said. “Of the 98 groups now designated globally, 20 are in this region, the Afpak region.”

Kenya: Three Women Shot Dead in Mombasa Three robed women tricked their way into a Mombasa police station where they stabbed one officer and set fire to the building with a petrol bomb before being shot dead, an officer and a witness said yesterday. The city of Mombasa, with a large Muslim population on the coast of Kenya, has been targeted by Islamist militants in recent years although the frequency of attacks has subsided. Under the pretext of reporting a stolen phone, the women walked into the police station on Saturday morning, a knife and petrol bomb concealed in their traditional Buibui robes. “While being questioned by officers, one drew a knife and the other threw a petrol bomb at the police officers,” Patterson Maelo, Mombasa County Police Commander, told reporters at the scene. “The station caught fire. Police shot the three and killed them. Two officers are in hospital with wounds. Presumably it is a terror attack.” Two bullet-proof jackets and an unused petrol bomb were recovered from the dead suspects, Coast regional commander Nelson Marwa told reporters. “We already have crucial leads that will help in investigation,” he said. Two separate

police sources who asked not to be named said a woman who had housed the suspects the night before the attack had been arrested. Salma Mohamed, a witness who was at the station to see a relative in custody, said one attacker had jumped onto a counter and stabbed an officer in the thigh before being shot. Police did not say which group the suspects were linked to but Mohamed said the women pledged allegiance to al Shabaab. “They shouted saying they were al Shabaab and recited the Arabic slogan ‘Allahu Akbar’ even as police fired bullets at them. They did not run. They shouted until bullets fell them down,” she told reporters. Somalia’s al Qaeda-linked al Shabaab has taken responsibility for attacks in Mombasa and other parts of Kenya, saying it was in retaliation for the East African country sending its troops to Somalia. Al Shabaab was behind an attack on Nairobi’s Westgate shopping mall that killed 67 people and a raid on Garissa university in the northeast that killed 148. The militants also launched several attacks in 2014 that left more than 100 dead in Lamu County region.

Several Killed in Tanzanian Earthquake Several people were killed after an earthquake measuring 5.7 hit northwest Tanzania on Saturday, the president’s office said, with a local newspaper putting the death toll at 10. The quake struck at

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1227 GMT, 43 km (27 miles) from Bukoba, a city on the western shore of Lake Victoria, at a depth of 10 km, the U.S. Geological Survey said. President John Magufuli’s office said in a statement several people had died, but gave no toll. “The president is shocked at the reports of the incident that has resulted in the loss of several people, and many others injured and property destroyed,” the statement said. The privately owned Mwananchi newspaper tweeted that the quake had killed at least 10 people and injured at least 100 in Bukoba, quoting a local police commander. Pictures posted on Twitter showed buildings with collapsed walls and large cracks

THE MOURNING AFTER

Peopletakingpartinaceremonymarkingthe15thanniversaryofthe9/11attacksatthePentagoninWashingtonDC…yesterday

North Korea Says Sanctions Push after Nuclear Test ‘Laughable’ North Korea said yesterday that a push for further sanctions following its fifth and biggest nuclear test was “laughable”, and vowed to continue to strengthen its nuclear power. The isolated state on Friday set off its most powerful nuclear explosion to date, saying it had mastered the ability to mount a warhead on a ballistic missile, ratcheting up a threat that its rivals and the United Nations have been powerless to contain. A U.S. special envoy met with Japanese officials on Sunday and said later the United States may launch unilateral sanctions against North Korea, echoing comments by U.S. President Barack Obama on Friday in the wake of the test. “The group of Obama’s running around and talking about meaningless sanctions until today is highly laughable, when their ‘strategic patience’ policy is completely worn out and they are close to packing up to move out,” state-run KCNA news agency cited a North Korean foreign ministry spokesman as saying in a statement

later on Sunday. “As we’ve made clear, measures to strengthen the national nuclear power in quality and quantity will continue to protect our dignity and right to live from augmented threats of nuclear war from the United States,” KCNA added. Earlier, the South’s Yonhap news agency reported South Korea’s military had a plan to use its missiles to “decimate” areas of Pyongyang if there were signs the North was about to launch a nuclear attack, quoting a source in the military. The South’s Defence Ministry could not immediately confirm the report, but the military has vowed to take strong actions to retaliate in the event of an attack by the North. The North has yet to demonstrate that it had deployed nuclear-capable missiles, despite claims to have mastered the technology to miniaturise a nuclear warhead to mount it on ballistic missiles. The U.N. Security Council

denounced North Korea’s decision to carry out the test and said it would begin work immediately on a resolution. The United States, Britain and France pushed for the 15-member body to impose new sanctions. Obama said after speaking by telephone with South Korean President Park Geun-hye and with Japanese Prime Minister Shinzo Abe on Friday that they had agreed to work with the Security Council and other powers to vigorously enforce existing measures and to take “additional significant steps, including new sanctions”. “We will be working very closely in the Security Council and beyond to come up with the strongest possible measure against North Korea’s latest actions,” said U.S. envoy Sung Kim on Sunday. “In addition to action in the Security Council, both the U.S. and Japan, together with the Republic of Korea, will be looking at unilateral measures, as

well as bilateral measures, as well as possible trilateral cooperation,” he said, referring to South Korea by its official name. South Korea’s top nuclear envoy also spoke to his Chinese counterpart late on Saturday by telephone and emphasized the need for fresh countermeasures including a new U.N. security council resolution during their call, the South Korean foreign ministry said in a statement. South Korea said on Saturday that the latest test showed North Korea’s nuclear capability was expanding fast and that North Korean leader Kim Jong Un was unwilling to alter course. Another KCNA report on Sunday said North Koreans were “delighted” by the nuclear test. “The enemies can no longer deny the strategic position of our country as a nuclear weapons state,” Jong Won Sop, a teacher at the University of National Economy, was quoted as saying.

T H I S D AY Ëž ÍŻÍ°Ë&#x153; Í°ÍŽÍŻÍ´

Nigeriaâ&#x20AC;&#x2122;s top 50 stocks based on market fundamentals

9-Sept-16

8-Sept-16

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

01 Dangote Cement Plc

173.00

0.00%

2,948,007,781,065.00

9.56

18.09

5.44

4.62%

4.33

02 Nigerian Breweries Plc

141.75

142.50

-0.53%

1,123,950,050,874.00

4.50

31.53

3.75

2.54%

6.90

03 Guaranty Trust Bank Plc

27.00

0.00%

794,641,839,048.00

4.20

6.43

2.22

6.56%

1.75

825.00

830.00

-0.60%

653,941,407,900.00

19.41

42.50

3.94

3.52%

18.59

05 Zenith Bank Plc

14.60

14.68

-0.54%

458,388,809,275.60

3.10

4.71

1.10

12.33%

0.74

06 Lafarge Africa Plc

56.00

58.00

-3.45%

255,074,501,360.00

-6.71

-8.35

1.15

5.36%

1.82

165.06

0.00%

214,987,530,861.18

4.22

39.11

1.45

2.09%

5.01

11.50

0.00%

211,019,838,972.50

0.23

50.05

0.39

5.39%

0.35

325.00

0.00%

179,825,851,725.00 -14.43

-22.52

1.92

4.90%

0.48

45.00

0.00%

178,671,467,025.00

0.54

83.90

2.57

2.89%

4.37

11 United Bank for Africa Plc

4.51

4.40

2.50%

163,620,663,712.22

1.66

2.71

0.52

13.30%

0.40

12 Access Bank Plc

5.53

5.47

1.10%

159,971,683,119.43

2.56

2.16

0.47

9.95%

0.37

04 Nestle Nigeria Plc

07 Forte Oil Plc. 08 Ecobank Transnational Incorporated 09 Seplat Petroleum Dev. Co. Ltd 10 Presco Plc

13 Unilever Nigeria Plc

40.27

40.04

0.57%

152,353,339,987.50

0.46

87.09

2.50

0.12%

17.10

100.00

97.85

2.20%

150,588,818,800.00

3.70

27.04

1.33

0.00%

3.39

15.00

14.51

3.38%

150,000,000,000.00

2.04

7.37

1.27

0.67%

1.34

3.05

3.06

-0.33%

109,480,643,015.60

0.30

10.01

0.22

4.92%

0.18

17 7-Up Bottling Comp. Plc

146.45

140.00

4.61%

93,815,355,487.86

3.75

39.07

1.05

1.50%

3.64

18 Total Nigeria Plc

241.08

240.00

0.45%

81,851,924,463.96

31.13

7.74

0.34

5.81%

3.88

19 Dangote Sugar Refinery Plc

6.40

6.51

-1.69%

76,800,000,000.00

1.05

6.09

0.64

7.81%

1.29

20 International Breweries Plc

19.00

0.00%

62,590,736,320.00

0.17

108.92

2.51

1.32%

5.07

170.06

0.00%

61,322,830,255.72

17.69

9.61

0.74

4.23%

3.57

5.00

4.93

1.42%

60,173,094,470.00

-3.46

-1.44

0.32

15.00%

0.44

23 Julius Berger Nig. Plc

39.44

0.00%

52,060,800,000.00

0.24

162.91

0.50

3.80%

2.32

24 Flour Mills Nig. Plc

19.00

19.04

-0.21%

49,860,506,553.00

6.81

2.79

0.13

10.53%

0.50

1.12

0.00%

43,367,517,116.00

-0.37

-3.00

0.96

0.00%

0.57

26 U A C NÂ Plc

20.80

0.00%

39,953,979,249.60

2.44

8.53

0.55

4.81%

0.54

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

1.00

1.00%

29,078,322,307.26

0.31

3.27

0.28

8.91%

0.35

29 Diamond Bank Plc

1.20

0.00%

27,792,466,761.60

0.11

10.88

0.13

0.00%

0.12

30 Fidelity Bank Plc

0.91

0.90

1.11%

26,355,952,979.72

0.39

2.34

0.18

17.58%

0.14

14.00

0.00%

26,294,828,560.00

0.83

16.95

0.95

9.29%

2.12

0.66

0.69

-4.35%

25,459,147,613.46

0.06

10.46

0.52

0.00%

0.54

33 Glaxo Smithkline Consumer Nig. Plc

19.11

19.00

0.58%

22,853,199,685.68

-2.54

-7.52

0.78

1.57%

2.50

34 Custodian And Allied Insurance Plc

3.85

4.00

-3.75%

22,645,177,150.75

0.76

5.07

0.68

3.64%

0.81

32.00

0.00%

22,400,000,000.00

2.36

13.57

3.22

3.59%

15.34

36 Mansard Insurance Plc

2.08

0.00%

21,840,000,000.00

0.27

7.66

1.14

2.40%

1.03

37 National Salt Co. Nig. Plc

8.00

8.10

-1.23%

21,195,507,024.00

0.89

9.03

1.17

6.88%

3.07

38 FCMB Group Plc

1.07

1.08

-0.93%

21,188,900,535.67

0.61

1.75

0.13

9.35%

0.12

39 PZ Cussons Nigeria Plc

18.65

17.92

4.07%

18,650,000,000.00

4.14

4.50

1.40

0.54%

0.56

40 Honeywell Flour Mill Plc

1.36

0.00%

10,785,068,814.88

-0.40

-3.36

0.22

11.76%

0.66

41 Continental Reinsurance Plc

1.00

0.00%

10,372,744,312.00

0.33

3.04

0.50

12.00%

0.54

42 Skye Bank Plc

0.65

0.66

-1.52%

9,022,195,916.50

-2.93

-0.22

0.06

46.15%

0.09

43 Unity Bank Plc

0.68

0.71

-4.23%

7,948,749,800.56

0.54

1.25

0.12

0.00%

0.09

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

-67.13

1.79

20.00%

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

3.18

3.33

-4.50%

5,165,015,625.00

0.15

20.62

0.64

6.29%

0.83

49 AIICO Insurance Plc

0.67

0.65

3.08%

4,643,237,001.60

0.26

2.57

0.14

7.46%

0.49

50 Fidson Healthcare Plc

1.69

0.00%

2,535,000,000.00

0.31

5.51

0.37

2.96%

0.40

14 Guinness Nig Plc 15 Stanbic IBTCÂ Holdings Plc 16 FBN Holdings Plc

21 Mobil Oil Nig Plc 22 Oando Plc

25 Transnational Corporation Of Nigeria Plc

31 Cadbury Nigeria Plc 32 Wema Bank Plc

35 Cap Plc

TOTAL

8,922,799,171,652.35

TOTAL MARKET CAP

9,473,035,112,281.45

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

94.19%

Table 1 Market Statistics Mkt Indicators

Open 8-Sept-16

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

27,574.09 9.47

27,577.52 9.47

0.01 0.01

114.66 8.93

114.60 8.92

-0.05 -0.05

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

Close 9-Sept-16

Change %

Table 3 Top 5 Gainers Stock

Open Close Change 8-Sept-16 9-Sept-16 %

7-Up Bottling Comp. Plc PZ Cussons Nigeria Plc Stanbic IBTCÂ Holdings Plc AIICO Insurance Plc United Bank for Africa Plc

140.00 17.92 14.51 0.65 4.40

146.45 18.65 15.00 0.67 4.51

4.61 4.07 3.38 3.08 2.50

Table 4 Top 5 Losers Stock

Open Close Change 8-Sept-16 9-Sept-16 %

Nigerian Aviation Handling Company Plc Wema Bank Plc Unity Bank Plc Custodian And Allied Insurance Plc Lafarge Africa Plc

3.33

3.18

-4.50

0.69 0.71 4.00 58.00

0.66 0.68 3.85 56.00

-4.35 -4.23 -3.75 -3.45

Market edged northward with a diffident 0.01% Market pulse on the Nigerian Stock Exchange (NSE) today â&#x20AC;&#x201C; Friday, September 9th, 2016 was bullish as the market slightly ended in the green zone. This was further highlighted by positive performances from the NSE Sub sectors: Insurance, Consumer Goods and Oil & Gas (Save Banking). Trading activities decreased despite a higher volume of 272.85 million shares worth N1.52 billion in 2,843 deals exchanged hands today. This is an increase from the 242.74 million shares worth N1.74 billion in 3,067 deals which exchanged on Thursday. Topping in volume terms was United Bank for Africa Plc, Ikeja Hotel Plc and Diamond Bank Plc while United Bank for Africa Plc and Zenith Bank Plc ended trading as the most active stocks in value terms. The All Share Index (NSEASI) closed positive with a 0.01% (+3.43) increase to close at 27,577.52 from 27,574.09 the previous trading day. Market Capitalization appreciated in tandem to N9.47 trillion from N9.47 trillion of prior trading day. However, the Thisday BGL 50 Index ended with a slight decrease of 0.05% to close at 114.60 from 114.66 recorded at the end of the previous trading day, while its market capitalization stood at N8.92 trillion from N8.93 trillion of the previous trading day. A total number of 22 stocks gained on the bourse today while 17 stocks declined, 60 leaving stocks unchanged. 7-Up Bottling Comp. Plc emerged the dayâ&#x20AC;&#x2122;s toast of investors as it topped the Thisday BGL 50 Index gainersâ&#x20AC;&#x2122; list with a gain of 4.61% to close at N146.45 per share. It was followed by PZ Cussons Nigeria Plc with a gain of 4.07% to close at N18.65 per share. Others on the gainers list include: Stanbic IBTC Holdings Plc, AIICO Insurance Plc and United Bank for Africa Plc, while on the declinersâ&#x20AC;&#x2122; list; Nigerian Aviation Handling Company Plc led with a loss of 4.50% to close at N3.18 per share. It was followed by Wema Bank Plc with a loss of 4.35% to close at N0.66 per share. Others on the decliners list include: Unity Bank Plc, Custodian And Allied Insurance Plc and Lafarge Africa Plc. REQUIRED DISCLOSURE This report has been prepared by BGL Plc. BGL Plc does and seeks to do business with companies covered in its research reports. As a result, the firm may have a conflict of interest that could affect the objectivity of this report. Investors should use this report as one of many other factors in making their investment decisions.

For more details go to www.thisdaylive.com

Monday September 12, 2016 • T H I S D AY

NEWS Saraki: The Truth will Always Prevail

News Editor Davidson Iriekpen

Email davidson.iriekpen@thisdaylive.com, 08111813081

Hammed Shittu in Ilorin

The Senate President, Dr Bukola Saraki, yesterday said his current political travails are mere distractions that would soon fizzle out, and the truth will always prevail. Speaking during a town hall meeting with the people of the state in Ilorin, the Kwara State capital, Saraki said: “Those distractions have started giving way.” According to him, “All the travails one is going through, for those people who believe in God, know that all these are politics. “All those distractions do not allow us to focus on issues. They always say that the truth will always prevail. We are beginning to see that truth is already prevailing. The distractions are finding their ways. “I want to assure you that since my eight years as governor of the state, the legacy that we left is there for people to see. There is nobody after I have left office that can say either there is any uncompleted project in the state or any contractor anywhere in Kwara State that can stand up and say I demanded for any gratification from him.

“I want to say that my business in government is to improve the lives of the people. If it is for myself and family, I don’t have to be in government.” Saraki who thanked Kwarans for their solidarity with him, assured Nigerians that government at the centre was working hard to revamp the nation’s ailing economy. He said the All Progressives Congress (APC)- led government has no excuse not to fix the ailing economy. The senate president explained that no responsible leader would abandon his followers in time of distress to wallow as being experienced with the current economic recession in the country. He warned that members of the national economic team must buckle up and be ready to proffer solutions to the economic challenges facing the nation. The former governor said: “Any of them not willing to offer personal sacrifice would have scores to settle with the Senate.” Admonishing Nigerians to exercise patience, Saraki assured them that the Senate under his leadership would not rest until a solution is found, declaring that “It is a challenge to fix

the problems and improve the nation’s economy.” He said: “We have no excuse not to fix Nigeria economy but we need to be more patient in our agitation. It is important and of necessity to bring about solution. There is no responsible leader that will allow his people to suffer just because the economy is not doing well. “Until we find solution to Nigeria’s problems, we will not rest. It is a challenge to improve the nation’s economy, and that is the primary reason people voted us into power. We can no longer engage in blame game, we are here to fix the problems. By the special grace of Almighty, we shall succeed.

“As things stand, I understand your concerns and feel your pains about the economy,” he said, “I assure you that we will work together to bring about legislative and policy solutions to address the lingering economic.” He expressed concern that Nigerians were in the habit of aiding the economy of other nations with unbridled patronage for foreign goods at the expense of the locally made products. The Senate president said the National Assembly had provided requisite legal frameworks to strengthen the campaign for the patronage of made-in-Nigerian goods. On the renewed hostility in the Niger Delta, Saraki stated

that only dialogue would solve the crisis. He explained that the ruins in the region had grounded crude oil production from 2.2million barrels daily to 900,000 barrels. Saraki maintained that engaging the concerned people in the area in talks would arrest the situation, adding that “the same method was used during the time of the late President Umaru Musa Yar’Adua and it worked.” He also advocated that teacher’s salaries should become an item in the capital expenditure in the budget of federal and state governments in order to ensure its prompt

payment to beneficiaries. Saraki noted: “I have always said that teacher’s salaries are one of the priorities that we must not neglect. This is why we should consider transitioning all such line items in the national and state budgets into capital expenditures. This will ensure that education is always a matter of greatest importance and teacher’s salaries are always promptly paid.” He therefore said it was useless to put building of classrooms and provision of laboratory equipment in capital expenditure when the teachers who teach the students are not paid and therefore not happy.

NCC Issues Final Warning to Telecoms Operators over Unsolicited SMS The Nigerian Communications Commission (NCC) has issued a final warning to telecommunication operators who still send unsolicited text messages (SMS) to its customers. In a statement by its Director of Public Affairs, Tony Ojobo, the commission reiterated its readiness to protect subscribers from the nuisance and irritations of unsolicited text messages and calls from mobile network operators. Ojobo, according to an online news portal, TheCable, noted that in spite of earlier warnings to telecommunication service providers to activate their Do-Not-Disturb facility, which gives subscribers the freedom to choose the messages they receive, the commission is still inundated with complaints by subscribers of continuing text harassment by operators. The direction issued to industry operators to activate the 2442 Do-Not-Disturb short code took effect from July 1, 2016, but has largely ignored. Ojobo explained that the direction mandates the operators to take immediate action, which will allow the subscribers to take informed but independent decisions on what messages to receive from the networks. “Industry compliance doesn’t seem to have matched the seriousness of the direction thus, compelling the commission to issue a final warning to the operators,” he said. “The direction takes into cognisance the broad range of services, which include:

banking/insurance/financial products, real estate, education, health, consumer goods and automobiles, communication/ broadcasting/entertainment/ it, tourism and /leisure, sports, religion (Christianity, Islam, others), and directed the operators to give the necessary instructions and clarifications that will enable subscribers subscribe to a particular service/ services/none at all. “In fact, a Full DND which is SMS “STOP” to 2442 does not allow the subscriber to receive any unsolicited message from the operators at all.” Below are the various options: “SMS 1” for receiving SMS relating to banking? insurance/ financial products to 2442; “SMS 2” for receiving SMS relating to real Estate to 2442 “SMS 3” for receiving SMS relating to Education to 2442; “SMS 4” for receiving SMS relating to Health to 2442; “SMS 5” for receiving SMS relating to Consumer goods and Automobiles to 2442”; “SMS 6” for receiving SMS relating to communication/ broadcasting entertainment/IT to 2442; “SMS 7” for receiving SMS relating to Tourism and leisure to 2442; “SMS 8” for receiving SMS relating to Sports to 2442; “SMS 9” for receiving SMS relating to Religion to 2442. Ojobo called on the service providers to immediately comply with the Direction as further complaints from the subscribers would be taken as serious infractions to a major regulatory intervention by the commission.

The joy of parenthood

L-R: Director, First City Monument Bank (FCMB) Group Plc, Professor Toyin Ashiru; his wife, Adenike; Founder of FCMB Group, Otunba Olasubomi Balogun; and his wife, Abimbola, during the wedding ceremony of Ashiru’s daughter in Lagos...recently

HURIWA Urges Presidency to Clear the Air on Alleged Release of Kabiru Sokoto Senator Iroegbu in Abuja The Human Rights Writers Association of Nigeria (HURIWA ) has asked President Muhammadu Buhari to tell Nigerians if he has freed Kabiru Sokoto, who is the only Boko Haram terrorist convicted for the killing of over 50 worshippers at the Mandalla Catholic Church near Abuja. HURIWA recalled that only few months back, Justice Ademola Adeniyi of the Federal High Court in Abuja had sentenced to life imprisonment Mallam Kabiru Abu baker Dikko (aka Kabiru Sokoto) and as at 2015, he was being held in Kuje prison following his conviction over his role in connection with the 2011 Christmas Day bombing of St. Theresa Catholic Church, Mandalla, Niger State. The blast in respect of which he was given life conviction, claimed about 44 lives and wounded 75 others. The National Coordinator of

HURIWA, Comrade Emmanuel Onwubiko, and the National Media Affairs Director, Miss Zainab Yusuf, in a statement yesterday, recalled specifically that prior to his sentencing, the terror mastermind, Sokoto, was accused of withholding information on the plan to bomb St. Theresa Church. The non-governmental organisations (NGO) remindied that Sokoto was also charged with failure to disclose the plan to law-enforcement officer as soon as practicable, an offence contrary to Section 7(1) and punishable under Section 33(1) of Terrorism and Prevention Act 2011. Part of the statement read: “Sokoto was further accused of supporting act of terrorism by training 500 men and inciting them to commit terrorist act, contrary to Section 4(1)(a) and punishable under Section 33(1) (b) of Terrorism and Prevention Act 2011. “The accused allegedly

facilitated the commission of terrorist act to wit by planting and encouraging some boys (now at large) at Mabira, Sokoto in Sokoto State with the intention to bomb the police headquarters and some other government agencies in the state. “The alleged offence is contrary to Section 15(2) of the Economic and Financial Crimes Commission (Establishment) Act 2004 and punishable under the same Act.” However, HURIWA has affirmed that since the current President Buhari administration accepted to free some Boko Haram terrorists being detained in exchange for the elusive Chibok school girls allegedly kidnapped over two years ago, the social media platforms are replete with reports of the release of this notorious terror mastermind who is one of the very few already convicted. The rights group said it would amount to dancing on the graves of the innocent souls

slaughtered by these terrorists for the current government to enter into this sort of satanic arrangements to set free a man who plotted the bombing of a Catholic Church fIlley up with worshippers thereby resulting in the slaughter of scores of Nigerians including babies and the elderly. HURIWA also lambasted the current federal government for failing to aggressively prosecute the terror suspects in detention but has decided to engage in subterranean deals with dreaded armed terrorists for whatever considerations which are however unconstitutional, illegal and undemocratic. The rights group also asked the president to address Nigerians and clear the impression that his government has decidedly released a hardened terrorist convicted for his crimes against humanity even when political prisoners like Mr. Nnamdi Kanu is languishing in prison.

Monday September 12, 2016 • T H I S D AY

Eid-el-Kabir Messages

Leaders Call for Prayers to End Nigeria’s Woes As Muslims celebrate the Eid-el-Kabir, Bayelsa State Governor, Hon. Seriake Dickson, has enjoined faithful to use the period of Eid-el-Kabir to pray for the unity, peace and prosperity of the of the country. He has also urged them to propagate the message of love, which remains the cornerstone and overriding principle for the adherents of every religion, including Islam. In his message to Muslims in the country on the occasion of this year’s Eid-el-Kabir, Dickson called on them to pray to Almighty Allah to always direct the leadership of the country aright all times, especially in this period of economic hardship. According to him, the nation needs the collective prayers and unity of purpose to not only over come its present problems, but continue to occupy the enviable position of the giant of Africa. He noted that this is the time every Nigerian devoid of religious, ethnic and political inclinations should come together and confront the myriad of problems facing the country, stressing that, with genuine love and unity of purpose, Nigeria can always come out better from its current socio-economic woes. Describing Islam as a religion of peace, he enjoined the practitioners to follow the teachings of Prophet Mohammed, (SAW) that centres on tolerance, peace and brotherliness. “Irrespective of our religions and tribes, what should be uppermost in our minds is the unity of Nigeria, since we don’t have any other country to call our own. The governor however, expressed to gratitude to Muslims in the state for their ever supportive and peaceful disposition, calling on them to maintain the existing relationship between the Muslims and practitioners of other religion.

Ugwuanyi Calls for Prayers, Peaceful Coexistence

Governor Ifeanyi Ugwuanyi of Enugu State has called upon Nigerians, especially Muslims, to take advantage of the period of Eid-el Kabir to offer special prayers for the peace and unity of the country. Ugwuanyi, in a message to the Muslim faithful, noted that it is only through prayers and absolute faith in God that Nigeria can overcome her current socio-cultural and economic challenges. The governor harped on the need for peaceful co-existence among Nigerians irrespective of their religious and ethnic differences, adding that “the God who brought us together as one entity will certainly take the nation to the dreams of our founding fathers.” While felicitating with Muslims, Ugwuanyi also offered prayers for President Muhammadu Buhari and other leaders for God’s guidance and wisdom to enable them take decisions that will lead country to the progress and enhance its peaceful co-existence.

Obiano Felicitates with Muslims

The Governor of Anambra State, Chief Willie Obiano, has called on Muslim faithful and all Nigerians to imbibe the virtues of love, tolerance and harmony as advocated by the teachings of Prophet Mohammed to survive the challenges created by the recession in the nation’s economy. In a special message issued in Awka, the state capital, at the weekend, Obiano observed that the celebration of this year’s Eid offers Nigerians a chance to express love to one another and strengthen the bonds of nationhood. The statement signed by Senior Special Assistant to the governor on Media, James Eze, further pointed out that Nigeria has always bounced back from difficult situation in the past and that the teachings of the Holy prophet should serve as a guide to her steady steps out of the current recession. According to him, “Nigerians should love one another, be more tolerance for one another and work closely to pull the country out of the throes of depression.”

Ajimobi Calls for Prayers for Pilgrims’ Safe Return, Love Governor of Oyo State, Senator Abiola Ajimobi, has urged the Muslim community to imbibe the spirit of togetherness, peaceful co-existence and love towards one another as exemplified by Holy Prophet Muhammed. He also called or fervent prayers for pilgrims in Mecca as they proceeded to Mount Arafat for prayers yesterday to have a hitch-free session and return to their respective countries in good health. In his congratulatory message to the Islamic adherents on the occasion of this

Wife of the Oyo State Governor, Mrs. Florence Ajimobi (second left), with the wife of Caretaker Chairman, Lagelu Local Government Area, Mrs. Florence Adedeji (left), handing over food items to the beneficiaries of the Quarterly Ajumose Food Bank Initiative, in Ibadan...weekend Oyo state govt. year’s Eid-el-Kabir festival, the governor said only in an atmosphere of peace and love could the people thrive and attain their potential. A statement by the governor’s Special Adviser on Communication and Strategy, Mr. Yomi Layinka, added that the country needs these attributes to achieve the desired greatness, as he commended the people of the state for their understanding and continued support for his administration.

Imbibe Values of Sacrifice, Endurance, Ambode Urges Muslims Lagos State Governor, Mr.AkinwunmiAmbode, yesterday charged all Muslims in Nigeria to imbibe the values of sacrifice and endurance as they join their counterparts worldwide to celebrate this year’s Eid-el-Kabir. In his Salah message signed by his Chief Press Secretary, Mr. Habib Aruna, the governor said the period of the celebration is one that calls for every Muslim and other Nigerians to embrace the tenets of sacrifice, patience, humility and brotherly love. He explained that the significance of the season should go beyond the festivities, adding that Salah should be a moment to reflect on why God has united everyone with a common humanity of blood, food and water as these should constitute what binds the people. Ambode therefore called on Nigerians to rededicate themselves to a greater acceptance and internalisation of the lessons of piety, faithfulness, dedication, fortitude, obedience, sacrifice and selfless service which are for the benefit of mankind. “As we celebrate this auspicious occasion; let us renew our faith in our nation and implore the Almighty God to restore to us those values that place high premium on human life, love of neighbours and sharing even as we ventilate our faith in the unity of our dear country and the possibility of her taking her place in the comity of nations,” the governor said.

Ayade Canvasses Attitudinal Change

Cross River State Governor, Professor Ben Ayade, has called for an attitudinal change from all Nigerians in order to pull the country out of the current economic recession. In his Eid-el-Kabir message which was signed by his Senior Special Assistant on Media and Chief Press Secretary, Mr. Christian Ita, Ayade said: “While I congratulate all my Muslim brothers and sisters across the country on this year’s Eid-El-Kabir, I want to particularly ask us for attitudinal change and use the moment to engage in sober reflection on the state of affairs in our country.”According to the governor, “Today we findourselvesinarecessionoccasionedbyeconomicdownturn, but it is a time that we must task our intellect, creativity and inventiveness to navigate our way out of the woods.” He appealed for the collective support of Nigerians to join handswiththegovernmentsothatthecountrycanpullthrough its current challenges. While rallying support for President Muhammadu Buhari, the governor noted that: “As devout faithful,

let us harness our creative energies, our love for one another towards the development of the country by aligning with our President, to help realise the dream of our founding fathers for a better Nigeria for all.”

Okowa Salutes Muslims

Delta State Governor, Senator Ifeanyi Okowa, has charged Muslims in Nigeria to reflect on the various challenges facing the country with a view to collaborating with the government to surmount the problems. Besides, he said the challenges require the cooperation of all to achieve meaningful progress and development in the country. The governor who stated this in a goodwill message issued in Asaba by his Chief Press Secretary, Charles Aniagwu, to mark this year’s Eid-El-Kabir, stressed the need for Nigerians to be their brothers’ keepers. “I therefore call on all Muslims to use the period to reflect on the various challenges facing Nigeria. It takes the concerted efforts of all to achieve meaningful development in any nation especially in a period of economic recession,” he stated. Furthermore, he said: “The faithful should use the opportunity of this Eid-el-Kabir to deepen their faith in God and renew the spirit of obeisance to the will of Almighty God in accordance with the faith of Prophet Mohammed.”

Mimiko Canvasses Teamwork to End Nation’s Woes

Ondo State Governor, Dr. Olusegun Mimiko, has called for the cooperation of all Nigerians in a bid to rescue the country from its myriad of challenges. He called for prayers to re-position the country economically to enable joy return quickly to the many Nigerians bearing the brunt of economic recession. In his Eid-el-Kabir message issued by the state Commissioner for Information,Mr.Kayode Akinmade, inAkure yesterday, Mimiko called on Muslims in the country to sustain their consistent prayer because, according to him, the country is in dare need of prayers more than ever before to surmount her challenges. He said the time calls for the total cooperation of all Nigerians irrespective of ethnic and religious divide to put all hands on deck, pray and find solutions to the challenges facing the country. Insisting that nothing is beyond God’s control, Mimiko said Nigeria is a great country and her potential must be maximally tapped for her greatness to manifest, and this, he said, could only be done through the cooperation of all Nigerians. He said love, tolerance and peace are Islamic virtues that true Muslims and Nigerians in general should not compromise, positing that making these virtues permanent habits will go a long way in making the country a better one for all to cohabit.

Gaidam: Lessons of Sallah Should Permeate Our Lives

Governor Ibrahim Gaidam of Yobe State has urged the people of the state to imbibe the lessons of Eid el-Kabir and make those lessons reflect in their lives. According to the governor who spoke yesterday to the people of the state as they mark Salah, “The act of sacrifice symbolises our willingness to give up things that are of benefit to us for the sake of others. This also indicates our willingness to share what we have with others… While continuing to imbibe the spirit of sacrifice, we should also continue to inculcate the spirit of love, honesty, discipline and above all, fear of Allah in all our actions, be good to our neighbours and above, make the poor and the needy among us have a meaningful livelihood. “We should always be good and compassionate to followers of other religions, demonstrate respect, kindness, love, generosity to them and above all, show faithfulness to all fellow human beings. This will surely strengthen our collective endeavour to attain and sustain a harmonious, peaceful and cohesive society.”

Glo Celebrate with Nigerian Muslims

As Nigerian Muslim faithful join their counterparts all over the world to celebrate this year’s Eid-el-Kabir, telecoms giant, Globacom, has urged them to continuously follow the shining examples of love, dedication and sacrifice which Prophet Ibraheem exemplified. In a goodwill message released yesterday, Globacom appealed to the Muslim Ummah to use the celebration to pray for the prosperity of the Nigerian economy, promote peace, unity and development of the nation in accordance with the injunctions of Prophet Mohammed (SAW), to his followers. “Globacom felicitates with the Muslim Ummah in Nigeria on the occasion of the Eid-el-Kabir celebration. We urge you all to use this season of charity, peace-making and forgiveness to remember to fend for the poor and the needy in line with Allah’s injunction to be our brother’s keepers,” Globacom said. The company also rejoiced with all Nigerian Muslims who successfully performed the Hajj this year in fulfillment of a key injunction of Islamic faith. Globacom urged them to remain steadfast and be guided by lessons of commitment,dedicationandobediencetohigher authority as epitomized by the willingness of Prophet Ibraheem to sacrifice his son in deference to the will ofAllah, a supreme act of faith which Eid-el-Kabir glorifies. “We call on Muslims to use the occasion to continue to live up to the tenets of their faith through acts of charity, peaceful co-existence with their neighbours and obedience to the injunctions of the Holy Quoran. The joy of Eid is in giving.” Globacom said. It promised to continue to provide high quality service throughout the Sallah period and beyond, assuring Muslim brothers and sisters on its network of a hitch-free communications experience. Eid-el-Kabir, also known as Feast of the Sacrifice, is an important religious holiday celebrated by Muslims worldwide. The annual Eid-elKabir celebrations start after the Hajj, when the pilgrims to Mecca in Saudi Arabia descend from Mount Arafat and this comes up on the 10th, 11th and 12th day of the twelfth and the last Islamic month of Dhu al-Hijjah of the lunar Islamic calendar.

Monday September 12, 2016 • T H I S D AY

Eid-el-Kabir Messages

We Have a Common Destiny, Mark, Wike, Others Tell Nigerians

The immediate past Senate President, David Mark and Rivers State Governor, Nyesom Wike, have urged Nigerians to renew their indomitable spirit and rise up to the current socio-political challenges and economic recession. Mark, in a good will message to Nigerians marking this year’s Eid-el-Kabir, said: “We cannot afford to give in to failure on an account of economic recession. The only option we have is to evolve strategies to overcome the odds.” Bad as the situation is, the former Senate president reasoned that the difficulties in Nigeria have its positive sides “as it demands our creativity to think outside the box for survival. Mark however tasked the government to lead the way by creating an enabling environment for citizens to pursue and realise their ambitions unhindered. “No one can pretend or shy away from the realties on ground that our country is facing hard times. What is required now is to confront the challenges honestly and genuinely,” he added. On his part, Wike felicitated with Muslims on the occasion of the Eid-el-Kabir celebration, urging them to emulate the Holy Prophet Mohammed by imbibing his ideals of sacrifice. In his Sallah message issued by his Special Assistant on Electronic Media, Simeon Nwakaudu, Wike said Eid-el-Kabir is a season of love, peace, togetherness and sacrifice. He urged all Nigerians to embrace religious tolerance which he said would promote peace across the country and enhance national development. The governor prayed to God to use the Salah period to impact positively on the lives of Nigerians. He congratulated the Muslim community in the state on the Salah celebration, assuring them that his administration will continue to partner them to move the state forward.

Okorocha Urges Muslims to Pray for Nigeria’s Greatness

Imo State Governor, Chief Rochas Okorocha has urged Muslims in the country to use the period to pray more than they had never done in the past for the nation and her leaders so that the nation’s greatness would emerge from her current challenges. Okorocha said nations all over the world that achieved greatness had passed through the crucibles to achieve the feat and that Nigerians should see the challenges facing the nation at the moment as the nation’s march to greatness. The governor explained that no nation, be it Britain, America, China, France, Germany and so on, achieved greatness or nationhood on a platter of gold without making sacrifices and dealing with some challenges. He then advised Nigerians to begin to see light at the end of the nation’s tunnel both economically and politically, stating that instead of complaining, Nigerians should declare development, growth and prosperity for the nation and her people. According to the governor, this is not the right time to begin to apportion blame for any reason, even when one could be forced to contend that those who had held sway before now refused or failed to work or save for the rainy day. He said with the emphasis now on agriculture at every nook and cranny of the nation at the moment, who knows whether the time for the nation to go back to agriculture and play down on oil has come. The governor wishes President Muhammadu Buhari and all the Muslims in the country especially those in Imo State a hitch free Eid-el-Kabir. He assured the Muslims in the state that Imo people would continue to live in peace with them as it has been the case in the past.

Daniel Calls for True Federalism, Greets Muslims

Former Governor of Ogun State, Gbenga Daniel, has stated that Nigeria will experience rapid transformation when true federalism is allowed to thrive and the federal government does not casually and unilaterally foist unfounded mandates on the states. This was contained in his message to Nigerians on the occasion of the Eid-el-Kabir festival. According to him, the only way for Nigeria’s survival as a nation is for all political leaders in the country, irrespective of their political, ethnic or religious

Members of Islamic Movement in Nigeria known as Shiite, during a 24 hours occupy Kaduna protest for the release of their leader, Sheikh Ibrahim Zakyzaky in Kaduna... yesterday IdrisEgaji affiliations, to initiate programmes that would contribute to the uplift of the lives of the citizenry While felicitating with Muslims on the occasion of Eid-el-Kabir, urged them to pray for the nation against religious intolerance and other acts that threaten its unity, progress and peace. He also called on Muslim faithful to imbibe the spirit of sacrifice as demonstrated by the prophet in his willingness to sacrifice his son in line with divine injunction, adding that such should be replicated by not only the Muslims but all Nigerians.

Pray for Nigeria, Bello Charges Nigerians

The Kogi State Governor, Alhaji Yahaya Bello, on his part, called on Nigerians to pray for the country and be prepared to sacrifice for her greatness. The governor who gave the charge in his Eid-elKabir message issued by his Chief Press Secretary, Kingsley Fanwo, yesterday said Nigeria was going through an invaluable opportunity to think out of the box in order to rebound to greatness. According to the governor, no nation can grow without selfless sacrifices from her citizens, saying the season is an example of extraordinary affinity to Allah for breakthrough and progress. “We have not been disadvantaged by what we are passing through. The states only need to key into the efforts by the federal government at diversifying our economy and grow it around agriculture, tourism and other non-oil based resources. “The President Muhammadu Buhari-led administration has the requisite integrity, discipline and human resource to drive the new vista of development around agriculture, tourism and other mineral resources,” he stated.

implemented to mitigate the effect of the economic downturn, with majority of the people of the state answering government’s call to return to farm.

Make Sacrifices for Nation Amosun Urges Nigerians Building, Fayose, Bamidele to Work and Pray Ogun State Governor, Senator Ibikunle Amosun, Charge Muslims has urged the Muslim Ummah and all Nigerians Governor of Ekiti State, Dr. Ayodele Fayose, has congratulated Muslims in the state, Nigeria and the world at large and indeed all Nigerians of different faiths on the celebration of Eid-el-Kabir. He urged all to adhere to the tenets preached by the Islamic faith, which are that of perseverance, tolerance, peace and love for one another. Fayose said the word Islam meaning ‘peace’ in Arabic is a religion revealed to mankind with the intention of presenting a peaceful life where the infinite compassion and mercy of God manifest on earth. The governor, in a statement by his Chief Press Secretary (CPS), Mr. Idowu Adelusi, made available to journalists in Ado-Ekiti yesterday, also urged all Muslims in Ekiti to ensure that they adhere to these tenets of the peaceful religion of Islam and live in peace with one another. Meanwhile, a member of the seventh House of Representatives, Hon Opeyemi Bamidele, has appealed to Muslims to pray for President Muhammadu Buhari in order to overcome the economic and security crises confronting the nation. Bamidele, who felicitates with the Muslims for witnessing another Salah, in spite of the challenges militating against Nigeria, said every patriotic Nigerian must view the present economic situation as requiring collective efforts to wriggle out and emerge stronger out of the seemingly forlorn and hopeless condition.

Economic Challenges: There’s Hope in the Horizon, Says Ahmed, Emir of Ilorin Preach Peace Tambuwal Despite the current economic challenge confronting the country, there’s hope that measures put in place by the government will yield positive result and return Nigeria to the path of growth and financial stability, the Sokoto State Governor, Aminu Tambuwal, has said. In a message to commemorate this year’s Eid-el-Kabir celebration issued in Sokoto by his spokesman, Malam Imam Imam, Tambuwal said reforms instituted by the All Progressive Congress (APC)-led federal government were necessary to halt the drift and kick-start the journey to development and self-reliance. “We may be facing tough challenges now, but I believe they are just for the short term. Measures put in place by the government will have positive impact in the medium and long term. This administration has shown strong will to diversify the economy and reduce reliance on oil. That measure has started yielding result,” he said. The governor said various initiatives have been

to pray fervently for quick economic recovery and harmonious working relationship among Nigerian citizens.

Kwara State Governor, Alhaji Abdulfatah Ahmed has urged Muslims to sustain the enduring lessons of love, compassion, sacrifice and faith in Allah that Eid -el Kabir represents by making such characteristics enduring virtues in their lives. Ahmed said this in his Eid-el-Kabir message to Muslim faithful issued by his Chief Press Secretary, Abdulwahab Oba, in commemoration of this year’s Eid festival. The governor also charged all Nigerians, irrespective of their religious beliefs or ethnic differences, to transform such diversities into platform for national cohesion, understanding and development. Also, in his message, the Emir of Ilorin, Alhaji Ibrahim Sulu-Gambari, has urged Muslims to reflect on the reasons for which Eid-Adha came into existence by imbibing the culture of patience, tolerance and perseverance in order to be fully rewarded by Almighty Allah. Alhaji Sulu-Gambari stated this in a statement issued in Ilorin yesterday urging Nigerian pilgrims

to work in unity and pray for the progress and prosperity of Nigeria. The governor, who stated this as part of his goodwill message for the Eid-el-Kabir festival, also called on all Nigerians, irrespective of their religious, ethnic or political leaning, to join hands in support of the efforts of the federal government towards revitalising the Nigerian economy. “If we all come together irrespective of our religious, ethnic and political differences to contribute our own quota to the development of this country, I have no doubt in my mind that Nigeria will speedily overcome its current economic challenges,” Amosun said. The governor further explained that at the very core of the Eid-El-Kabir celebration is a lesson in total obedience and selfless service as exemplified by the decision of Prophet Mohammed to sacrifice his son in obedience to Allah. Drawing from that example, Amosu said: “If Nigerians would all imbibe values such as respect for the rule of law, selfless service and eschew all forms of corruption, then the country can quickly overcome its current challenges and come out stronger and better.”

Conoil Urges Safe Driving

Nigeria’s major oil marketer, Conoil Plc has enjoined Nigerians in celebrating Eid-el-Kabir to drive safe and pray for genuine peace, unity and progress of the country as it battles to overcome a very trying period. In a goodwill message to felicitate with Muslims, Conoil advised citizens to imbibe and exhibit the spirit of sacrifice, good neighbourliness and selfless service, the key ingredients needed to lift the country out of the present economic downturn. “This year’s feast of sacrifice has come at most trying period for the country. Muslims, and indeed all Nigerians must go the extra mile to work for the good of the country above personal or sectional interest,” the company said in a statement. The company added that the core values of Eid-el-Kabir, which are total submission to the will of God, goodness to one another and service to humanity, must be practiced by citizens, even as it enjoined Nigerians to continue to pray for genuine peace, unity and progress of the country and its leadership. The frontline fuel marketer further urged Nigerians to strive for moderation in their consumption during the festival, adding that as they journey across the country to felicitate with friends and relations, they should ensure that their vehicles are in good shape, avoid reckless driving on the roads and adhere to all safety rules.

Monday September 12, 2016 • T H I S D AY

NEWSextra

SERAP Asks UN to Compel FG to End Harassment of BBOG Members Davidson Iriekpen A civil society organisation, SocioEconomic Rights and Accountability Project (SERAP) has sent an urgent appeal to the United Nations Special Rapporteur on the rights to freedom of peaceful assembly and of association, Mr. Maina Kiai, to draw his attention to incessant harassment and intimidation of the #BringBackOurGirls (BBOG) group by the Nigerian authorities, and the impermissible restrictions on the rights of members to freedom of expression and peaceful assembly. The BBOG group has been at the forefront of the campaign against the government’s inability to rescue the over 200 Chibok schoolgirls abducted since 2014 by the extremist group, Boko Haram.

SERAP in the appeal dated September 9, 2016, and signed by the organisation’s senior staff counsel, Timothy Adewale, said no Nigerian law makes it a crime to demonstrate in any part of the country. He argued that harassing the BBOG group and stopping its members from proceeding peacefully to the Presidential Villa is overkill. The urgent appeal read in part: “It’s the primary duty of the President Muhammadu Buhari government to protect all demonstrators, including the BBOG group and enable lawful demonstrations to proceed peacefully. Carrying out this obligation is about deeds, not words. “SERAP considers restrictions

placed on the right of the BBOG group to peaceful assembly by law enforcement agencies as unnecessary, disproportionate, unjustified in law, and in bad faith. “SERAP is seriously concerned about the continuing indiscriminate and disproportionate restriction on the right of members of the BBOG group to protest. All Nigerians, including members of the BBOG group, have the rights to freedom of expression and to protest. There is absolutely no reason to view these members as anything other than committed peaceful demonstrators. “The ability of the BBOG group to organise, mobilise and speak out

on matters of the missing Chibok girls cannot be prohibited under any grounds whatsoever. SERAP considers the freedom of assembly and to take part in the conduct of public affairs as a means for public expression and the cornerstone of democracy and the rule of law. Every Nigerian has the right, without prior permission, to assemble peacefully and protest, even if the authorities disagree with the views of the protesters. “There is in fact a positive obligation on the Nigerian government to take reasonable steps to protect members of the BBOG group from disruption by

others. SERAP believes that peaceful protest is also a means to gather support from civil society on issues that affect those demonstrating, and is part of the exercise of an active and participatory democracy. “The right to freedom of peaceful assembly protects Nigerians’ ability to come together for the common good, and serves as the vehicle for the exercise of many other human rights. When the right to peaceful assembly is suppressed, there is a higher risk for demonstrations to escalate and turn violent.” SERAP therefore requested Kiai to put pressure on the Nigerian

government to end the continous harassment and restrictions on the right of members of the BBOG group to protest and take measures to encourage, promote and facilitate the enjoyment of the right to peaceful assembly by this group and other group of Nigerians in any part of the country. The organisation also wants the UN body to remind the government that the task of the police is to protect rights and facilitate, rather than frustrate demonstrations, as well as to promote criminal and disciplinary sanctions against those who interfere with public assemblies

Troops Destroy 52 Illegal Refineries, Clear Kidnappers Den in Rivers Senator Iroegbu in Abuja The Nigerian military has destroyed over 52 illegal refineries and cleared kidnappers camps in some parts of Rivers State. The Director of Army Public Relations (DAPR), Col. Sani Usman, in a statement yesterday said the operations were part of the ongoing exercise Crocodile Smile to flush out militants and other forms of criminalities in the Niger Delta. Usman said troops of 2 Brigade Nigerian Army in an anti-cultism operation last Saturday cleared a notorious kidnappers camp at Obiozumini near Obite in Ogbema/Ndoni/Egbema Local Government Area of Rivers State. He said the troops who were earlier ambushed engaged and subdued the kidnappers. “One kidnap victim was rescued from the camp. The ongoing operation would be

sustained until criminality is subdued,” he stated. Similarly, he said the troops, during raids, cordon and search operations as part of the training exercise, “have also discovered and destroyed 52 illegal refineries and refinery cooking pots in Krakrama, Bille and Better land community general area.” Usman disclosed that the troops discovered six refining cooking pots at Better land community which unfortunately could not be destroyed instantly because of itsproximity to the community. He said the troops also recovered two high powered engine boats, 10 empty drums and a pumping machine. The DAPR also promised that plans for destroying the illegal refinery with Swamp Buggy is in progress.

IPOB Raises the Alarm over Nnamdi Kanu’s Health in Prison

Decries arrest of his visitors David-Chyddy Eleke in Awka The Indigenous People of Biafra (IPOB) has alleged that its intelligence unit has discovered that its leader, Nnamdi Kanu, is presently ill in Kuje Prisons, Abuja. In a statement to THISDAY which was signed by its spokespersons of the group; Emma Nmezu and Clifford Iroanya, the group alleged that Kanu is currently ill in prison. It added that what is most shocking is that any member of his family who dares to visit him in prison would be arrested and detained. Part of the statement sent to THISDAY read: “We condemn the incessant harassment and security threats towards our leader who has been in detention since October 14, 2015, in Kuje prison, Abuja, and the harassment of IPOB members, friends and the relatives who went to visit him in Kuje prison.

“They have devised another way of arresting anybody who goes to visit him in Kuje prison, and this is bad.” They also accused prison authorities and the warders in Kuje prison of shooting poisonous gas into Kanu’s cell to suffocate him. The statement added that the canisters of poisonous gas with bullet shell fired into Kanu’s cell had been sent to the British Government who recently went to visit their leader. They added: “We have in our possession incontrovertible evidence which has now been sent to the United State for exhaustive analysis of the toxic chemical content.” The group further added; “The All Progressives Congress APC-led government cannot tell the world where Kanu and his members committed crime but they are still holding him and some other members in the prison and security cells through out the country.

Meeting my people

L-R: Former National Chairman, Peoples Democratic Party (PDP), Alhaji Kawu Baraje; Senate President, Dr. Abubakar Bukola Saraki; and Chairman, Kwara StatechapteroftheAllProgressivesCongress(APC),Hon.BalogunFulani,duringSaraki’stownhallmeeting,in Ilorin....weekend

FG: Rice Could Sell for N40,000 by December Unless Production Expands Emmanuel Addeh in Yenagoa The federal government at the weekend warned that unless Nigerians ramp up the production of rice, a major staple in the country, and take advantage of current agricultural policies, the product could sell for as much as N40,000 a bag by December. The government noted that with over 3.5 million tonnes deficit in the national supply of rice, there was the dire need to put emergency measures in place to curb the rising price of the commodity, disclosing that President Muhammadu Buhari already ordered an unfettered access to his office to discuss the way forward as part of measures to reverse the trend. The Minister of State for Agriculture and Rural Development, Senator Heineken Lokpobiri, who spoke during a town hall meeting with farmers and other stakeholders in Bayelsa State, maintained that the $22billion spent annually on the importation of food was adversely affecting the economy, given that the dollars to import the product was no longer available. The minister, who also visited some privately-owned farms in the state, with a view to partnering them in agricultural production, noted that the situation was even scarier with the recent projection that by 2050, Nigeria’s population would have increased to 450

million. “We were told that our population will be 450 million by the year 2050, that is 34 year from now, that is, our population will be three times this number and if we cannot feed ourselves now, how do we feed ourselves in the next 34 years. “We have to start today, not just in production but on the entirely value food chain. Those growing the crops will only get 20 per cent of the entire food value, but those in other value chains like processing, marketing get the huge part of the value than those who are actually planting the crops. “For your information, we spend $22 billion a year importing food into Nigeria. We don’t have any more dollars to import. That is why you see the price of rice going higher. A bag of riwas 12,000 some months ago, but now it’s 26,000 and if we don’t start producing, by December it could be N40,000,” the minister warned. Lokpobiri disclosed that since rice matures in three months, it was not too late for farmers to take advantage of the scarcity as there still remains a huge market for the product in the Nigerian market. “The government has four farms in the state in our records. The average land you see in Bayelsa can grow rice, so the colonial masters were not wrong in their assessment when they said Niger Delta could feed not only the Nigerian but also

the entire West Africa sub-region. “Unfortunately, agriculture till today, is not a priority of the Niger Delta as far as the state governments are concerned because of oil,” he lamented. He said the states in the Niger Delta had yet to give priority to agriculture the way the North-west states such as Kebbi, Jigawa, Kano as well as other states like Lagos, Ebonyi, Anambra, prioritised it, stressing that Anambra State was not owing salaries even without oil. The minister was at the one-day interactive session with many agric supporting agencies, including the West Africa Agricultural Productivity Programme, WAAPP, which he said brought along about 3,000 disease-resistant stems of cassava and 8,500 improved yam seedling for Bayelsa State farmers. He decried the destruction of the region’s resources by militants, noting that agriculture was one sure way of discouraging militancy. “The only way we can take our people out of militancy is actually through agriculture and this is also an opportunity to tell our people that the most important resources to any man is land and water resources. “By the time you are blowing up pipelines, you are actually damaging the water resources. Today, people say it will take 20 years to clean up Ogoni and we are blowing up our pipelines. “We are the people suffering

from our own decision, from our own wrong action. So, the time has come for change from blowing up pipelines as a way of drawing attention to constructive engagement. “There is no point for anybody to blow up pipelines, after all, you are killing the fishes in the river, you are doing more damage to our ecosystem. I want to use the opportunity to appeal to our youths to desist from destroying their own resources. “The water resources around the environment are not even enough, so if you destroy them, you are destroying your own resources,” he said. In his comments during the session, the President, Ijaw Youth Council Worldwide (IYC), Mr. Udengs Eradiri, said agriculture remained the sure way of taking Nigeria out of the security and economic challenges confronting her. He said for the government to be able to woo people into agriculture, the farmers should be given adequate incentives, insisting the real farmers, not portfolio farmers, should be empowered with processing and storage facilities to give value to their produces. “Give the fishermen, for instance, the right incentive. We have a big problem in the Niger Delta. Agriculture is the sure way to solve the Niger Delta crisis. It is multidimensional. If the Ministry

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Okowa Woos Investors, Says Delta Has High Return on Investment Davidson Iriekpen Delta State Governor, Dr. Ifeanyi Okowa, has assured local and international investors of high return on investment when they tap into the rich business opportunities that abound in the state. The governor gave this assurance at the weekend in Lagos when he delivered a lecture titled: ‘Public Policy and Governance In Delta State: Opportunities and Challenges,’ at the ‘Dialogue with Public Policy Makers’ programme organised by the Lagos Business

School and Nigerian Economic Summit Group (NESG). Okowa, accompanied by top government officials, said: “With what we are doing in partnership with the federal government and community leaders, peace is gradually returning to the troubled Niger Delta region and I can assure our prospective investors that we are going to have a lasting and sustainable peace in the region and that a conducive atmosphere awaits prospective investors. There are a lot of business opportunities for investors.”

Envoy Outlines Conditions for Nigeria to Become Superpower Dele Ogbodo in Abuja The Ambassador of the Republic Ireland to Nigeria, Mr. Sean Hoy, at the weekend, said Nigeria can only become a superpower in the world only when it can feed itself. Fielding questions from reporters during a courtesy call to the Minister of Science and Technology, Mr. Ogbonnaya Onu, in Abuja, he advised that Nigeria should make optimal use of its huge human and natural resources through diversifying its economy. He said: “I believe that the most important thing to realise is that the population of Nigeria is very big and this is the biggest economy in Africa and at the moment it is our largest partner. “We also want to get our companies to invest in Nigeria to help you with your development especially in agriculture because we have a lot of produce from agriculture. He said his country has a population of 5 million, but produce enough food for 10 times its population. “Our dream is to collaborate with Nigeria so that it can feed itself with some external assistance from Ireland and you can decide what you want to import. If Nigeria cannot feed itself when it is one of the biggest countries in the world, it can never be the superpower that it wants to be.” In a remark, Onu said Nigeria will strengthen existing cordial

relationship with the Republic of of Ireland, especially at this time when efforts are being intensified to diversify the economy, utilising science and technology. According to him, the collaboration would help to build indigenous capacities through cooperation and mutual assistance, as a key component of the change agenda of the federal government. Onu, affirmed that part of the ministry’s mandate is to ensure that Nigeria becomes a leading economy through value addition to the education of Nigerian youths especially in the area of Science and technology. The said is in line with the present administration’s strategic plan, which is to add value on human resources through training, thereby gaining knowledge and be on the frontline of leading economies of the world. He reiterated government’s efforts in redirecting the economy, from resource based to knowledge based, getting Nigerians to become more productive on issues that will add value to the exploitation of the nation’s natural resources. He said: “This is an area where the Ministry of Science and Technology is re-directing its focus.” The minister said Nigeria has a big advantage as she is endowed with intelligent and hard working people who are willing to embrace knowledge through proper training and education.

HoodlumsVandalise Jimoh Ibrahim’s Campaign Office in Ondo James Sowole in Akure The newly opened campaign office of the factional governorship candidate of the Peoples Democratic Party (PDP) in Ondo State, Dr. Jimoh Ibrahim, was the late Saturday attacked by political thugs. The office, which was opened last week, is located along Oyemekun Road, Akure, the state capital. When THISDAY visited the office, all the PDP flags representing the 18 local government areas of the state and the country were pulled down. Also, a big banner bearing the picture of the fictional PDP candidate was pulled off the wall of the one-storey office.

The Director of Publicity of Jimoh Ibrahim Campaign, Sola Akinuli, condemned the attack, describing it as unfortunate. He said: “It was much unexpected from any quarter that such a barbaric act should rear its head in 2016 when we thought all acts of hooliganism have been thrown into dustbin. “We are, therefore, calling on security agencies to take over the matter in order to forestall future occurrences. On peace we stand and that we plead from all quarters.” Some people who saw the vandalism of the office also condemned the act expressing worries that the act may signal the commencement of thuggery in the state as political parties start campaign for the election.

He noted that the private sector has a lot to offer and is pivotal to the state’s investment drive which seeks to significantly develop the non-oil sectors of the economy such that they will overtake oil and gas as growth drivers. The governor disclosed that his administration’s vision is to make Delta State the pacesetter in the country by building an enduring legacy of wealth and prosperity for all through public policy imperatives geared at maximising comparative advantages of the state, developing the non-oil sector of the economy, creating jobs, and accelerating infrastructural development. “Delta State has an economy size of $24.6billion based on Gross Demestic Product (GDP) rebase of 2013, making us the fourth largest economy in the country with multiple urban centres, numbering as many as twelve,” he said, adding, “Average poverty rate based on head count is 56 per cent, lower than the national average of 62 per cent; the per capita income is calculated at about N302

or less than USD2.00 per day while unemployment/underemployment rate stood at 27.2 per cent in 2014 according to the National Bureau of Statistics (NBS),” Okowa said. “In a bid to address the challenges posed by the drop in statutory allocation, the state government developed the Delta State Medium Term Development Plan (DSMTDP) (2016-2019), a policy document that provides the road map to: Drive rapid infrastructural development; ensure and sustain inclusive economic growth and sustainable development; reduce the worrisome high level of youth unemployment, pervasive poverty; and woo the private sector to explore and exploit the economic and business opportunities in Delta State, he said, adding with glee that the state’s PPP Model is already yielding results with agreements already signed for the Delta Commercial City Project, Umunede Rest Park, Asaba Integrated Power Project, Warri-Effurun Water Scheme, Agro-Industrial Parks

and housing projects in the state. Earlier in a welcome remarks, Dr. Chris Ogbechie, who represented the Dean, Lagos Business School, said the school in partnership with the NESG has a proven track record of engagement with Public Sector Policy Makers in proffering solutions to developmental challenges in a growing economy like Nigeria. In a related development, Governor Okowa attended a business dinner in Lagos at the weekend hosted by renowned economist and eminent Deltan, Prof Pat Utomi, where he said his administration would support investments in the agricultural and solid minerals sectors in the state. The governor said as the state moves to reduce its dependence on crude oil, his administration would strengthen the enabling environment for investments to thrive in the agriculture and other sectors. While commending the international community for their

support in attracting investments to the state, he assured that the Asaba Airport upgrade would be ready in December to accommodate bigger aircrafts and also attract more airlines into the state. In his remarks, Prof Pat Utomi said there were lots of untapped potentials in Delta State describing the state as the next business destination and urged the international community to consider the numerous business opportunities in the State. The business dinner was attended by German Consul General, Mr. Ingo Herbert, British Deputy High Commissioner, Ahmed Bashir, South African Consul-General in Lagos, Darkey Ephraim Africa, United States Consular for Commercial Services, UBA Plc Chairman, Mr. Tony Elumelu, Managing Director of UBA Plc, Mr. Kennedy Uzoka, Managing Director of RainOil, Mr Gabriel Ogbechie, Mr. Henry Okolo and some members of the Delta State Executive Council.

Prayers for peace in Nigeria

L-R: Ogun State Governor, Senator Ibikunle Amosun; Vice President, Prof. Yemi Osinbajo; and Pastor Adeniyi Daniel of the Alleluia Christian Chapel, Abeokuta,duringaprayersessionwhenthe vicepresidentandthepastorvisitedthegovernorattheGovernmentHousein Abeokuta...yesterday

Ekiti PDP Wants N’ Assembly to Reject Buhari’s Emergency Powers Bill Olakiitan Victor in Ado Ekiti The Ekiti State chapter of the Peoples Democratic Party (PDP) has described the plan by President Muhammadu Buhari to seek emergency powers from the National Assembly to handle the nation’s economy as an alleged authoritarian demand that would further breed dictatorship in the country. It noted that such a demand is an indication that the ruling All Progressives Congress (APC) is incapable of delivering on its promises, and seeking excuses for its poor performance and ways to hold the people of the country by their throats using state powers. The PDP in a statement by its state Publicity Secretary, Mr. Jackson Adebayo, in Ado-Ekiti yesterday, said Buhari was also seeking means of putting on a dictatorial garment in a democratic setting. “Is it not dastardly for the

president to say he is seeking emergency powers for his administration to handle the nation’s economy? Then, what are the duties of those in the Finance Ministry and other sectors involved in the day-to-day running and management of the economy? If they are unproductive, why not send them away. “The National Assembly few months ago urged the president to look beyond the APC in getting those to handle the economy, but he did not listen. With the emergency powers he is seeking, will he now begin to dip into people’s accounts and assets to get money to finance government’s projects?” the PDP asked. The party maintained that it was a strange development that a president would want to go outside the Constitution of the Federal Republic of Nigeria to address any issue, confronting the country instead of looking

inward and bringing in experts who would tackle the problem within the precinct of the rule of law as provided for by the constitution. According to the party, the present situation was witnessed in the Second Republic when most of the states then used to receive zero allocation from the federal government, yet the president then didn’t throw away the constitution to solve the problem, but rather constituted proactive economic team that brought the situation under control before the then General Muhammadu Buhari overthrew the government and dismantled the process to usher in more hardship on Nigerians. The PDP noted that the fake preparation for governance by the APC and the inability of the president in handling national economic matters were responsible for this anti-democratic proposal. “We are drawing the attention of Nigerians to this dangerous

proposal, which is a long term agenda of the APC. Their inability to handle economic matters started manifesting from the beginning of their administration when they started with impracticable, retrogressive policies in virtually all sectors like banning importation of food items which the country has not been able to produce abundantly, issuing 31 forex policies within two months, moping government account into a single treasury account without minding its consequences on financial institutions and labour market. “Shoddy budget preparation and unnecessary declaration of ‘war’ on oil zone where the bulk of government finances comes from caused the recession. It is a pity that the federal government has continued to be its own enemy with attendant hardship on Nigerians, with its inordinate policies and engagements for the past two years,” the party noted.

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Finally, FG Retires Ex- Immigration Boss, Parrandang Senator Iroegbu in Abuja Strong indications have emerged that the federal government has finally retired the 13th Comptroller General of the Nigerian Immigration

Service (NIS), David Parradang, thereby putting to an end the more than one year of confusion over his fate. The information reaching THISDAY from credible sources

Oshiomhole, APC Plan to Replace NYSC Members with APC Loyalists, Says PDP Iyobosa Uwugiaren in Abuja The Edo State chapter of the Peoples Democratic Party (PDP) has again alerted the international community, accredited election monitors and the public about a secret plot by Governor Adams Oshiomhole and his party, the All Progressives Congress (APC) to substitute members of the National Youths Services Corps (NYSC) trained for the governorship election with their party members. In a statement signed by the state Publicity Secretary of the party, Chris Nehikare, PDP said the postponement of the state governorship election earlier scheduled for September 10, was in line with the governor and APC’s devious plan and had nothing to do with insecurity in the state. According to the PDP: “The postponement was well planned to undermine the will of Edo people, we are now convinced that the phantom security advice by the Nigeria Police Force and the Department of State Services (DSS) was orchestrated by Oshiomhole and some cabal within the APC in the face of imminent defeat in the election. ‘’For instance, we all know that many members of the NYSC were trained by the Independent National Electoral Commission (INEC) as adhoc staff for the election. And going by NYSC Action Plan September, 2016, the trained NYSC members are to finish their clearance, as part of their final disengagement process that will end on September 30. ‘’And we have just been told by insiders within the APC that Oshiomhole and his party had compiled list of their party’s members that they will secretly use to replace the out-going trained

NYSC members.’’ The party added that one of the reasons APC also asked INEC to fix the rescheduled election for Wednesday, September 28 --- an official working day, is to deny many electorate outside the state, who planned to come to Edo State for the election, from doing so. It said hundreds of the electorate outside the state had arrived Edo State before the election was postponed-with many of them feeling disappointed about the action of the APC-in connivance with INEC/security agencies. The PDP added, ‘’We want to once again put the international community, accredited election monitors and the public on notice over the devious plan by APC. It will surely undermine our democracy and instigate crisis that might be very difficult to manage if Oshiomhole and his gang are allowed to have their way. ‘’It is now certain that the Edo State governorship election earlier scheduled for September 10 was put off by Oshiomhole and a group of cabal within the APC to enable them have more time to manipulate the election. ‘’And as part of their strategy, we also expect them to unleash all kinds of propaganda against our candidate in the next two weeks in order to complement their devious plans to manipulate the election.’’ PDP therefore called on President Muhammadu Buhari who had benefited from the process of a free and fair election, to caution the governor and other federal institutions involved in the election not to plunge Edo State into avoidable security crisis just to satisfy the bragging ambitions of the APC, and its candidate, Godwin Obaseki.

Ogun Backs Chinese Firm on Free Trade Zone Devt The Ogun State Government and the New South Group management of the Ogun Guangdong Free Trade Zone, Ibesa have reaffirmed their commitment to provide adequate security and develop needed infrastructure in the zone. This was disclosed at the weekend by the new managers and operator of the zone, Guangdong New South Group, following a meeting with officials of the state government led by the Secretary to the State Government (SSG), Taiwo Adeoluwa. A statement by the zone’s management said: “The New South Group is appreciative of the support from the Ogun State Government and federal government agencies to ensure a systematic and sustained growth and development of business in the zone. This support has in no small way contributed to the smooth operation of business enterprises in the zone”

The firm, which owns the controlling shares in the zone said with the encouragement from government, “we are already making efforts to attract more foreign investments to the zone, with two of them now in the process of registration, while about 10 new investors from China have begun moves to visit the zone.” While expressing commitment to the infrastructural development of the zone, the Chairman of New South Group, Mr. Chen Yuejin, said: “We have designed our short term planning for the provision of infrastructure neglected by former managers, Zhongful for four years, by building a new main gate, new office building for our staff and resident government agencies, comfortable residence for our staff and resident government agencies, well equipped medical centre, leisure and entertainment centre, sports centre and others.

at that weekend was that the suspension had been lifted and his retirement formalised by the federal government. According to the source, Parradang’s retirement was formalised last month but was kept from the public due to its sensitivity. The source said: “The thing came out about a month ago and because of the mood of the country, it was kept out of the public. “The circumstances that led to his suspension, reason given and the manner with which they went about it was wrong but that’s not the issue now. The letter had claimed he carried out

illegal recruitment and this has been discovered to be false and that his hands are clean. “As you can see, the recruitment was done at the presidential level and he has been vindicated as those recruited in the last exercise are being recalled.” Parradang was placed on suspension since last year over allegations bordering on the last recruitment exercise into the immigration service, which was sanction by former President Goodluck Jonathan as one of the measures taken to correct the ill-fated 2014 aptitude test when some lives were lost. Following his suspension,

President Muhammadu Buhari appointed Martin Abeshi and later Muhammad Babandede, meaning that Nigeria had two substantive CGI within six months THISDAY findings as at the time Abeshi and Babandede appointments were approved by the presidency revealed that the NIS was constitutionally having two substantive CGIs and three at some point (when Abeshi and Babandede contested the throne) since Parradang, who was suspended around June last year was formally retired. According to the NIS insiders, legally Parradang was until his retirement, still the CGI since “he

was not formally retired, neither has his suspension been lifted.” “So you can see the whole cacophony of absurdity and leadership tussle in the NIS, which started with the injustice done against Rose Uzomah because of similar overbearing of the then Minister of Interior. Today we have a world record of longest suspension of a CGI in the person of Parradang,” a source had lamented at the heat of the succession battle between Abeshi and his replacement Babandede. Meanwhile, Parradang who was appointed as the 13th CGI June 10, 2013 recorded some landmark achievements while in office.

seeking foreign investors

Minister of Mines and Steel Development, Dr. Kayode Fayemi, flanked by Executive Director, Kogi Iron Limited, Mr. Kevin Joseph (left); and the NonExecutive Chairman and Director, Dr. Ian Burston, during the Mining in Nigeria Investment Seminar at the Africa Down Under (ADU) conference in Perth, Australia....recently

Bandits from Neighbouring Countries Responsible for Attacks in North-west, Says CEDDERT Premised on the need to better understand the remote and immediate causes of the continued conflict between herdsmen and farmers in North-west Nigeria, the Centre for Democratic, Development and Training (CEDDERT) with support from ENABLE2, a DFID-funded project has revealed that bandits from border countries are responsible for the farmers-pastoralists conflicts and attacks in North-west geopolitical zone of the country. The Director of CEDDERT, Dr Abubakar Sadiq Mohammed, said this during the maiden edition of CEDDERT Seminar Series themed: ‘Pastoralists and farmers’ Conflict in Nigeria.’ According to him, the findings of CEDDERT were contained in its research in Dansadau, Sabuwa and Birnin Gwari in Zamfara, Katsina and Kaduna States. In his presentation, Mohammed noted that the essence of the series is to present fact-based and credible information regarding authentic causes and nature of conflict to the general public, stakeholders and especially to policy makers. “Three conflict areas where herders-farmers conflicts thrives namely Dansadau in Maru Local Government Area of Zamfara State, Sabuwa Local Government Area of Katsina State and Birnin Gwari

communities in Kaduna State were investigated using various qualitative research methods such as focus group discussions and in-depth interviews. “The conflict has five varying dimensions and levels of causes ranging from the phenomenon of cattle rustling by armed bandits who are usually non-residents; to incursions between farmers and herders into each others’ territories and resources. “Emerging ethnicisation of the conflict exacerbated by the activities of the vigilante groups by regarding all Fulani as bandits and treating them as such combined with the deliberate strategy pursued by the bandits to make their action appear as if it is the defense of Fulani interest. “Again, the nationalisation of the conflict in which Fulani’s fleeing from cattle rustlers in the North in turn becomes victims of same Fulani bandits and the host communities in the South who cannot distinguish between the bandit and the victimised. “There is also an international dimensions of the conflict whereby through the bilateral and ECOWAS pastoral legislations, pastoralists from other countries easily access the country in order to cause mayhem. “Also central to the conflict

has been the decisions by State Governments to convert parts or whole forest reserves into private farms or settlements” he said. While assessing the state of the conflict, the Team Leader of ENABLE2, a DFID-funded project, Kelvin Conroy noted that the conflicts between farmerspastoralists in North-west zone have affected agricultural productivity in Nigeria as many farmers and pastoralists have fled the region because of the activities of bandits. “ENABLE2 is concerned about the activities of bandits in Northwest Nigeria and its implication on agricultural production, food market and business. We supported this research in order to put the conflicts between herders and farmers in perspective with a view to providing quality factsheet to policymakers in Zamfara, Katsina and Kaduna states. “Hundreds have been displaced their homes and villages and force to seek refuge elsewhere. Business and farming activities have been destroyed. Markets have been abandoned and investors driven out of these communities. Peasant farmers have lost between 50-75 per cent of their annual productive capacity. “Prior to the conflict, over 500 cattle was being brought to the market on market days; since the conflict, none are brought to

the market and where they are managed to be brought they hardly exceed 10,” he said. Speaking on the seminar series, the representative of Kaduna State Governor and Permanent Secretary of Kaduna State Ministry of Agriculture, Dr Abdulkadir Kasim, said the government of Mallam Nasir e-Rufai was doing everything within its resources to put a stop to farmers-herdsmen conflict in the state saying, “Kaduna State is working hard on improving grazing reserves in the state. We have identified four new grazing reserves for herdsmen and we are intensifying efforts to improving them. El-Rufai is committed to put a stop on herders-farmers conflict in the state. Hence, the Kaduna State Government is anticipating the outcomes or recommendations from this dialogue meeting as we look forward to implementing them,” he said. While stressing the need for an urgent action to curb the escalation of herders-farmers conflicts, CEDDERT and ENABLE2 recommended that the National Security Adviser (NSA) in conjunction with the Ministries of Internal Affairs, Foreign Affairs, Defence and affected state governments should set up a standing committee to regularly brief the NSA on reconciliation in all conflict areas.

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Bakers Beg Dangote to Crash Prices of Sugar, Salt Flour hits all-time high

Ademola Babalola in Ibadan About one million master bakers in the country may soon close shops over the hike in the prices

of bread baking products like flour, sugar, salt, margarine and yeast, the National President of Association of Master Bakers and Caterers of Nigeria (AMBCN), Chief Bayo

Women Group Asks Shiite Sect to Withdraw Hashtag that Resembles BBOG’s Tobi Soniyi In Abuja The Coalition for Women Advancement in Africa (COWAA) has described the #BringBackOurZariaGirls hashtag created by the Islamic Movement of Nigeria (IMN) as the height of irresponsibility, saying it is an insult to the memories of the Chibok girls who were kidnapped from their schools by Boko Haram two years ago. The women group which condemned the hashtag, accused the Shiite movement of trying to hijack the #BringBackOurGirls movement and concept. Addressing journalists in Auja, the Executive Director of COWAA, Mrs. Jummai Samuel, charged the Shi’ite sect to immediately discontinue the #BringBackOurZariaGirls campaign and tender unreserved apologies to the families of the Chibok girls for “this insensitive act of exploiting the genuine anguish of troubled families for propaganda.” She said while members of the sect have a right to their aspirations, what COWAA found reprehensible was their decision to hijack the #BringBackOurGirls’ movement and concept.

She said: “#BringBackOurGirls sitouts are heart wrenching reminders of the agony that the parents of abducted Chibok school girls go through daily while awaiting the release of their daughters from the captivity of Boko Haram terrorists. It is a movement that has by its doggedness compelled the Nigerian government and the international community to pay attention and explore ways of freeing the girls. It must be noted that these girls committed no crime, they were dutifully studying in their schools when they were abducted. “On the contrary, IMN sect is accusing the military of abducting more than 50 of its girls during an operation to quell a brewing insurgency. We are not holding briefs for anyone but as parents, we found it incredulous that almost nine months have passed before the sect realised its girls are missing. “Given these inconsistencies, we see the launch of the hashtag and protests as something thought up for its propaganda value. It is apparently an attempt to cause outrage directed at the government and its institutions after several other attempts had failed.”

The governorship candidate of the All Progressives Congress (APC) in Edo state, Mr. Godwin Obaseki, has said he would not govern on the blood of his people. Speaking to a cross section of journalists in Lagos yesterday, the APC governorship hopeful reiterated that he would rather not contest for governorship than to have many people killed in Edo State because of the election. Against the backdrop of the Edo State governorship election which was postponed from September 10 to 28, by the Independent National Election Commission (INEC), Obaseki said: “We were ready for the elections, but when the police belatedly raised the issue of security, there is nothing we could do. I will rather not be a governor than to have the blood of many people shed by miscreants that were imported into Edo State to cause havoc,” he said. Citing the violence in Rivers State, Obaseki queried: “How many people have been tried or charged to court for the wanton killings and violence in Rivers State, let alone being convicted? How many people have been arrested for the blatant murder

of the Port Harcourt lawyer?” “These imported hoodlums have nothing to lose, they are not from Edo and would not think twice before killing our people the way they killed people in Rivers State,” he added. Obaseki maintained that though it was disappointing for the election to have been postponed as the APC was coasting home to victory, however, the APC will win the election convincingly any day or time. The postponement was just a mere shift of the doomsday for the Peoples Democratic Party and others. “The people of Edo State have made up their mind never to go back to the dark era. They know me, they know the lineage of my family, they can trace me from four five generations back, they know I don’t have a violent past, I have never been charged or tried for violent behavior. Let me assure you that we will win the election and win hands-down,” he said. Meanwhile, the Obaseki Campaign outfit has appealed to all APC members and supporters alike to remain steadfast and keep the peace, while also urging them to be vigilant and to await further directives.

Folarin, said weekend in Ibadan, Oyo State capital. Folarin, flanked by the zonal chairman of the body in the South West, Alhaji Habibulahi Aboluwole and other state officials from Oyo, Lagos, Ogun and Osun states like Mr. Kolawole Fifo, Alhaji Lateef Ilesanmi, Evang. Oluyinka Adejare and a host of others, said bread, a staple food for every family, may soon go off the streets except the federal government brings down high levies and duty being paid by the importers of the products. As a form of palliative to cushion the effect, the members who spoke one after the other appealed to the owner of Dangote Group, Aliko Dangote, to come

to their aid as prices of materials used in making bread is daily on the increase. Folarin told reporters during a press briefing that it was important for the business mogul, whose companies supply most of the materials used in the production of bread, to personally intervene by bringing down the prices because according to him, it was becoming difficult for them to remain in business. He warned that if Dangote and the Federal Government refused to help bakers, bread could go off the street soon in Nigeria. “For instance, as at December 2015, a bag of flour was N6,500 today it goes N10, 500. Also, a

bag of sugar, which was sold for N10,500 in January is now N15,000 in the South-West, while it is being sold for N17,000 in the South-East and in the North. The same applies to a carton of yeast, which formerly sold for N11,000, it now goes for N16,000. How do we cope with all these high prices? It is difficult for us to remain in business and in fact, some of our members have gone out of business. He said, “We are appealing to the Federal Government to intervene in the poor fortunes of our naira against the dollars so that the exchange rate will be favourable to bakers in Nigeria. The price of raw materials, which include wheat flour, sugar, salt, margarine,

edible oil and yeast are soaring at an astronomical rate. “We therefore appeal to Dangote to allow bakers to have access to direct buying of salt and sugar by crashing their prices. He has done it before and he can do it again for the sake of suffering masses and interest of the baking business.” Folarin also warned that his members could halt production in the light of the present economic hardship, adding that with the way things were going in the country, bread could vanish from food chain. “We don’t want to embark on strike because we are employers, we could withdraw our services if things don’t change for the better,” he said.

A New product in the market Edo Governorship Polls: I Won’t L-R: Channel Director, Consumer Business, Huawei Nigeria, Jason Zhou; Managing Director, Consumer Marketing, Leo Jiang; Marketing Consumer Business, Kyle Pan; and the Chairman, Technology Distribution Limited, Leo Stan Ekeh, during the launch of Huawei’s Govern on the Blood of My People, Director, GR5 MINI smartphone by Huawei group in Lagos....weekend Kola Olasupo Says Obaseki

ECOWAS, Other RECs Urged to Review Peacekeeping Approach

Chineme Okafor in Abuja Member countries of the Economic Community of West African Countries (ECOWAS) and other African Regional Economic Communities (REC) have been urged to review the approaches they adopt in keeping their communities free from war and conflicts. ECOWAS, according to the Nordic Africa Institute (NAI), would need to device sustainable means of stimulating the economic growth achieved by its members through proactive peacekeeping approaches, one which ensures that all members of the society are included in peace building processes. The Director of NAI, Iina Soiri, stated this at a recent two-day policy dialogue on REC in Africa it convened in partnership with Nigeria’s Institute for Peace and Conflict Resolution (IPCR) in Abuja. Soiri said researches conducted by the institute and its partners have shown that RECs in Africa

are increasingly becoming centres for peacekeeping. She noted such development puts pressure on the economic development of African countries. She explained the development suggests that African REC would have to now review their security architecture and concentrate more on peacebuilding. According to her, the current peacekeeping approaches of African countries contribute to the poor economic showings of their economies. “Our main task is to conduct research on Africa’s economic, social and political development and also ensure partnership between academics in Africa and the Nordic countries. “We are here today trying to discuss the roles of regional economic communities in peace keeping and peace operations. We have done a lot of research on Africa’s security architecture and how the African Union should develop its own peace operations. “We have discussed why

economic communities have now suddenly become communities for peace and what pressure that poses today in terms of institutional, finance and governance issues,” Soiri said. She stated in response to a question on the findings of NIA researches on ECOWAS peacekeeping approach: “There was an interesting discussion about what is war and conflict and I think that it reflects the many situations in many West African countries after their very strong economic growth, and there was some conversations that economic communities have to be able to create wealth in other to solve the conflicts because poverty is actually a big factor in many conflicts. “The framework of our discussion is exactly that, societies suffering from hunger and poverty are never at peace.” Similarly, at a dinner in honour of participants at the dialogue, the Ambassador of Finland to Nigeria, Pirjo Suomela-Chowdhury stated that the five Nordic countries

– Sweden, Norway, Denmark, Iceland and Finland, that fund the institute, have for decades cooperated with Africa on key development issues. According to her: “The Nordic Africa Institute not only brings together researchers and produces top-quality research. It puts a lot of emphasis on giving a platform for policy makers and the academia to come together, and to have a dialogue – like in this event in Abuja.” “Peace and security, peace building and peace mediation are important priorities for Finland. We believe that the issue of women, peace and security, and the role of women in conflicts must be at the heart of all this. We support African efforts in these areas. “The topic of the meeting at hand must be commended, considering the important role of Regional Economic Communities, like ECOWAS here in West Africa,” SuomelaChowdhury added.

T H I S D AY MONDAY SEPTEMBER 12, 2016

T H I S D AY •MONDAY SEPTEMBER 12, 2016

MONDAYSPORTS

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

Guardiola: Why I Started Iheanacho against Man Utd

Manchester City Manager, Pep Guardiola, has revealed why he started Super Eagles forward, Kelechi Iheanacho in the derby with Manchester United which the Etihad team won 2-1 on Saturday. Guardiola was bold enough to play Iheanacho as replacement for the suspended Sergio Aguero and the 19-year-old responded with his ninth goal from just 13 shots on target in the Premier League. The Catalan coach told Manchester Evening News yesterday that he could have picked someone else to lead the attack, but Iheanacho’s presence sent a message to the rest of his team. “He was the only striker we had in that moment,” he noted. “I thought about many other options – but I thought in the beginning to show to my players that I came to win the game.” Guardiola was satisfied with his side’s display against Jose Mourinho’s United. “I’ve conceded many goals against Mourinho’s teams on the counter-attack because his teams are really good in that part of the game,” he said. “But in the first half we controlled it, we conceded maybe one or two counterattacks, no more.” And his introduction of Fernando for the youngster after 53 minutes demonstrated a pragmatism that is often overlooked amid Guardiola’s purist instincts. He was prepared to use a shield when required to defend his lead and it paid off handsomely. Even Iheanacho spoke about scoring the winner and creating the assist for City’s opener as United lost at Old Trafford. The 2013 Under-17 World Cup

Kelechi Iheanacho (left) takes on Manchester United’s Marcus Rashford during the weekend Premiership game winner said it was a dream come true” while voicing his happiness at a performance for the ages. “It means the world to me because it was a dream come true for me to play in the Manchester derby. “It was also important to score the winning goal in the game so I am very happy

for my team and everyone because we really worked very hard to get the victory. “For the goal, it was being at the right place at the right time. “I didn’t anticipate the shot actually but I am happy it came off me and I scored. “I am very happy to get the goal and the assist,” he said.

Saturday’s goal was Iheanacho’s first for City in all competitions this season. It was a win achieved without the banned Aguero and without influential captain Vincent Kompany who is nearing a return, as is summer signing Ilkay Gundogan, who was also absent.

Leroy Sane, the £37m summer signing from Schalke, made a lively appearance as a substitute here and will be a formidable force when fully fit. John Stones was outstanding when United’s second-half siege came, demonstrating why Guardiola was satisfied to spend £47.5m

on the young England defender to bring him from Everton. Kevin de Bruyne was also a key figure, scoring one goal and being involved in the other. He has been directly involved in 32 goals in 46 appearances for Manchester City, scoring 17 and assisting in 15.

Ambode to Give Ajegunle’s Rohr to Name Squad against Zambia it Two Weeks Maracana Stadium Status Keno Edhowo The popular Maracana football ground in Ajegunle where hundreds of top Nigerian footballers began their careers is about to get a facelift. The likes of Odion Ighalo, Samson Siasia, Obafemi Martins, Taribo West and several others played at the famous football ground in Ajegunle part of Lagos. Lagos State Governor, Akinwunmi Ambode has promised that early next year, Maracana and three others at at Igbogbo, Epe and Badagry have been listed to be upgraded as part of his drive to make sporting infrastructures available for citizens in the state to freely give their careers wings. Newly appointed Director General of the Lagos State Sports Commission, Mr. Gbolahan Adewunmi Ogunsanya, gave this hint when the executive

committee of the Lagos State Sports Writers Sssociation (SWAN) paid a courtesy call on him at the weekend. He said that the plan is a product of a detailed study of the state sports environment. “As part of the plan, the government would, by next year construct standard stadiums in five districts of the state including the Maracana Stadium in Ajegunle and others at Igbogbo, Epe and Badagry. While calling for the support of the citizenry and partnership of the organised private sector towards achieving a more robust sport environment in Lagos, Mr. Ogunsanya expressed optimism that, in pursuit of the agenda, the massive performance being recorded by the state in various other sectors like roads, lighting, transportation, tourism and business infrastructure will also be brought to bear in sports.

Nigeria coach Gernot Rohr will pick his squad for next month’s 2018 World Cup qualifier in Zambia in two weeks, officials have disclosed. The World Cup qualifier in Ndola will be played on October 9. “The Eagles squad list for the match in Zambia will be announced by the third week

of this month,” an official informed. Rohr has already hinted that the call-ups for this game will mainly be those who were involved in the recent AFCON 2017 qualifier against Tanzania in Uyo, which was used as a warm-up for the Zambia match. The Franco-German coach

has also said Arsenal forward Alex Iwobi and Portugalbased Oghenekaro Etebo will be invited after they have recovered from injuries. Rohr has said he will meet up with Lille goalkeeper Vincent Enyeama to rescind his decision to quit international football. However, Chidozie Awaziem

and Imoh Ezekiel, who did not make the match-day squad for the Tanzania game are not likely to be invited. Awaziem, a midfielder who has been converted to central defence, has been demoted to the FC Porto second team this season after the Portuguese club did not register him for the UEFA Champions League.

Quadri Leads Team Nigeria to Top Egypt, Great Britain, Others Nigeria’s Barakat Quadri, yesterday, recorded one of the most fairy-tale successes in ITF junior tennis by winning the girl’s singles title at the 2016 ITF West/Central Africa 18 & Under Tennis Circuit in Cotonou, Benin Republic. Quadri defeated Carmine Becoude, the third seed from Benin 6-0, 6-2 to emerge the new queen of junior tennis in the region as Nigeria, with two gold medals, emerged overall

winners of the tournament which had players from seven African countries as well as India, Great Britain, Poland, Portugal and Malaysia. Qiadri,14, was making her debut at the under 18 level and as such was not seeded as she had no ranking points. However, the year-long training she had at the ITF Development Center in Morocco, duly reflected in her performance at the six-day tournament, as she

brushed aside all her opponents which also includes a 6-2, 6-1 triumph over number one seed, Marie Ange Adomon of Cote d’Ivoire in the semifinal. Prior to her win over Adomon, she was ruthless in her 6-0, 6-0 quarterfinal crushing of fellow Nigerian, Angel Mcleod, the fourth seed, to send shivers down the spines of her rivals. Moments after her triumph over McLeod, whom she

also defeated in their last competitive meeting at the 2015 MP Tiger Tennis Tournament in Lagos, she paired Toyin Asogba to win the doubles by beating the combination of Becoude and India’s Trisha Vinod 6-4, 7-6. A delirious Quadri dedicated the title to her parents, Amine Ben Makhlouf, who is the Director of the ITF Centre in Morocco and the Nigeria Tennis Federation.

T H I S D AY •MONDAY SEPTEMBER 12, 2016

MONDAYSPORTS N P F L … N P F L … N P F L …

Eguma Salutes Character of Rivers United after Upstaging Rangers Coach Stanley Eguma has saluted the character of new Nigeria Professional Football League (NPFL) leaders Rivers United after they fought back from a goal down to beat Warri Wolves 3-1 at the weekend. The home win catapulted the Port Harcourt club to the top of the table at the expense of Rangers, who pounded them 4-0 the previous weekend. Rivers United now have 56 points from 33 matches while Enugu Rangers slipped to second place on 54 points after they lost 2-1 at Shooting Stars. IfeanyiUbah defeated Akwa United 2-0 to move to third spot on the table with 53 points. They leap frog Wikki, who slip to fourth. “It was not easy but I thank the players for their character. It was impressive coming from behind to win in such a resounding manner,” Eguma said. “However, it is not over yet because the other clubs around us are very close.” Goals from Godwin Obinze, Bernard Ovoke and Guy Kuemian were all Rivers United needed in a come-from-behind win over Warri Wolves. United were without captain Festus Austin, who failed a late fitness test following the injury he picked up a week ago.

In his absence, United struggled initially to assert themselves at the rear and conceded in the 28thminute, when the impressive Kelvin Itoya struck unerringly to hand the visitors a shock lead. United however reacted gamely and struck back with two goals before the half was up. Obinze surprised everyone in the stadium with an absolute belter from range for his first goal of the season to level matters in the 34th minute. Six minutes later, United edged ahead through pin-up boy Ovoke, who fired home from close range to send the visitors reeling. Kuemian headed home a late third for the hosts following an intelligent delivery by left back Ofem Inah. There were also away losses for front runners Wikki Tourists and champions Enyimba. Wikki lost 2-1 at Nasarawa United after a stoppage time winner by Aminu Kadir, while Enyimba fell 1-0 at Niger Tornadoes courtesy of a penalty goal by Solomon Owello. The Tornadoes vs Enyimba game was full of drama Enyimba midfielder Dare Ojo was sent off and an Enyimba official dashed into the pitch

Rivers Utd climbed to the summit of the NPFL with the 3-1 defeat of Warri Wolves at the weekend to punch the referee. In Ibadan, goals by Ajani Ibrahim and Ifegwu Ojukwu gave hosts Shooting Stars a 2-0 lead, before Chisom Egbuchulam pulled a goal back for Rangers in the 81st

minute. Both teams finished this game with 10 men after Rangers defender Chibuzor Madu was sent off for a professional foul and later Moses James of 3SC also

saw red. Sunshine Stars turned back Plateau United 3-1, while bottom team Ikorodu United upstaged Kano Pillars 4-1. The match between MFM and Lobi Stars in Lagos

played yesterday morning after it rained off on Saturday gave the host a breathing space as the Olukoya Boys won the game 3-1. It was their first victory in eight games.

Ogunbote: Our Game Plan MFM FC Eases Drop Worries with Victory over Lobi against Rangers Paid off Sikiru Olatunbosun’s cool his effort went inches wide. only chance of the first half brace when he latched on to Fred Edoreh Handler of Shooting Stars, Gbenga Ogunbote, is a happy man at the moment. He is happy because his game plan to attack NPFL leader, Enugu Rangers paid off last Saturday to pick all the three points at stake in the Match-day 35 clash at the Lekan Salami Stadium in Ibadan. He insisted shortly after the 2-1 win that the high tempo of the game was expected given that the Flying Antelopes came to Ibadan in search of an away win or draw to shore up their hope for the crown while Shooting was also in desperate need for a win to steer away from relegation. “The tempo of the game was expected. These are two traditional teams with huge pride to stake and the confrontation became keener as Rangers want to consolidate while Shooting is fighting to avoid the drop. “We planned to attack and it could be seen that they also planned to attack. We were lucky to have converted our chances when they came and you could see that they fought harder towards the end of the game.” Two quick goals in the second half of the game rebuffed Rangers charge to snatch a possible away point to consolidate on their lead.

It was a high stake, arguably, ill-tempered match which produced a red card for each side and four yellow cards, Shooting did all the probing but Rangers stood sturdy in defence with Okey Odita making important clearances for the visitors to keep scores even in the first half. The Ibadan boys promptly unlocked Rangers defence early at the resumption of play with Ajani Ibrahim jabbing in from a goal mouth situation resulting from a corner kick in 47th minute. They kept on the pedal and pressured the Rangers to concede a penalty four minutes later and Ifegwu Ojukwu shot it in to keep the hosts two goals up while the offender and captain of Rangers, Chibuzor Madu was sent off. Even with one man down, Rangers charged back at the hosts forcing them into frantic defence and a blunder which earned Moses James a red card to leave both sides with ten men apiece. Rangers doggedness paid off in the 81st minute as Chisom Egbuchulam pulled one back with a low stretcher that left Emma Fabiyi in goal for Shooting no chance for any heroics. But it came too late to earn the Enugu team any chance to salvage a point from the road trip to the Oyo State capital.

finish and a brace from Newman Musa gave Mountain of Fire and Miracles Ministries Football Club of Lagos their first win in eight matches as they outclassed Lobi Stars Football Club of Makurdi with a 3-1 victory at the Agege Township Stadium yesterday morning. The win has taken MFM FC to the 15th position on the NPFL table with 41 points from 33 league matches. The first 45 minutes of the encounter saw the Lagos-based team showing its superiority with magnificent passing skills and good movement on and off the ball as they created three chances under 15 minutes of play. Olatunbosun had a chance to put the hosts in front in the 7th minute of the game when he raced on to a lovely pass from Chukwuka Onuwa but

MFM FC had another chance to register the opener three minutes after Olatunbosun’s attempt went off target through defender Stanley Okorom who failed to make his shot count for the homers. The duo of Joseph Nathaniel and Anthony Agbaji of Lobi Stars FC were booked for a bad challenge on Onuwa and Olatunbosun respectively in the 16th and 19th minute of the match. The opening goal came when Onuwa initiated a superb move from the middle of the park in the 21st minute of the game when he picked out striker, Stephen Odey with a fine pass. The teenager dribbled past his maker and put the ball into Olatunbosun’s feet who fired home from inside the visitors box. The Makurdi-based team

came five minutes after the opener when Kingsley Eduwo played himself into a good scoring position but he opted for a pass instead of testing MFM FC’s goalkeeper, Folarin Abayomi. The first half ended with the home side claiming a 1-goal lead. A Man-of-the-match performance from Newman in the second half was more than enough for the Olukoya Boys to put the Benue Army to the sword. Newman doubled the hosts lead after six minutes of play in the second half when he capitalised on a defensive mix up by Lobi Stars defenders and finished the ball calmly. Fidelis Ilechukwu’s men continued with their brilliant display and mounted more pressure on the visitors and dominated the game for seven minutes. Musa completed his

an intelligent delivery from Okorom. The visitors pulled a goal back in the 63rd through Barnabas Imenger’s well-struck effort. The goal brought some spark into the match but MFM FC resisted Godwin Uwa’s men’s effort from causing any damage by cooling off the pressure to secure the needed three points.

RESULTS Rivers Utd 3-1 W’Wolves Shooting 2-1 Rangers Ifeanyi Ubah 2-0 Akwa Utd Tornadoes 1-0 Enyimba Nasarawa 2-1 Wikki Sunshine 3-1 Plateau Ikorodu 4-1 Pillars MFM FC 3-1 Lobi

EPL: Terry Leaves Swansea on Crutches after 2-2 Scoreline Chelsea FC captain, John Terry is a serious doubt for the game with Liverpool on Friday after he suffered an injury late into his side’s 2-2 draw with Swansea City yesterday. The 35-year-old will have scans today to assess the damage after he fell to the ground in agony on the final whistle.

His injury came as Chelsea were held to a draw at the Liberty Stadium, despite two goals from Diego Costa, and Antonio Conte addressed his defensive situation after the game. “I don’t know the extent of Terry’s injury,” he said at the post-match news conference. “Tomorrow we will see the situation with his ankle. He

is a warrior! And I’m not worried.” Conte left £32m defender David Luiz on the bench, but he is expected to start against Liverpool while Chelsea’s other new signing Marcos Alonso was also an unused substitute. Chelsea took the lead through Diego Costa but went behind after conceding

two goals in the space of two minutes after Thibaut Courtois conceded a penalty, converted by Gylfi Sigurdsson, before Leroy Fer controversially put Swansea ahead. Fer appeared to foul Cahill in the build-up to his goal and Conte admitted he felt the game should have been stopped for a free-kick to Chelsea.

Monday September 12, 2016

UT H

& RE A S O

Price: N250

MISSILE BBOG to FG

“When the ‘proof of life’ video showing Dorcas Yakubu was released by the Boko Haram sect which has been holding them captive for 876 days, the BBOG decided to give the federal government one week within which to show evidence of decisive action to rescue our Chibok girls” –The Bring Back Our Girls (BBOG) group registering its demand for more concrete efforts by the federal government to rescue the secondary school girls who were abducted by the terrorist group, Boko Haram, from Government Secondary School, Chibok, Borno State on April 14, 2014.

AlexOtti

OUTSIDE THE BOX alex.otti@thisdaylive.com

Diversification of The Economy? Yes, But

“P

lanning is an unnatural process. It is much more fun to do something else. The nicest thing about not planning is that failure comes as a complete surprise, rather than being preceded by a period of worry and depression. Failing to plan is planning to fail.” Sir John Harvey Jones (1924-2008). It is no longer news that our economy has made it into the recession territory. What is news is that we seem to have been caught unawares as articulated by the erstwhile University Chancellor, Sir John Harvey Jones. I say unawares, not because some people did not foresee it, but because, we don’t seem to have been prepared for it. Let me start by saying what this article is not about. We are not here to apportion blames. Neither are we here to look for what they call “who donnit”? The reason is that going in that direction may lead us to loose the essence of the discussion. We intend to refocus the argument and possibly change the narrative about diversification of the structure of the Nigerian economy by establishing the central place of planning and deliberate actions for pre-determined results. There seems to be a consensus that our problem is what analysts call concentration risk. This means that because we relied on a single product for virtually all our foreign exchange earnings, the drop in the international price of that product led to a massive reduction in the quantum of foreign exchange available to us. Besides, we are forced to shut down some of our oil production as a result of the activities of militants in the Niger Delta. This is worsened by the fact that what we spent the hitherto available foreign exchange to buy from other countries have not reduced. Given this scenario, we are forced to either ration the scarce foreign exchange by allocation to only a few areas or sell to only those who can afford it, leading to a more expensive foreign exchange regime. To tame the slide, at least in the short run, a few actions have been taken. Solving the problem more permanently has led to the issue of diversification of the economy to enable us produce other things and reduce dependence on oil. Unfortunately, the discussion of diversification seems to have been narrowed down to agriculture and solid minerals. In this two-part intervention, I will like us to exhaustively look at diversification and determine if the way we are pushing it will solve our problems on a long term basis so that we don’t come back to the same issues in a few years when we are faced with another round of drop in prices. There is no argument that prices of primary products and natural resources are not within the control of producers. They are in the main determined externally by buyers. Unlike oil that has a cartel called OPEC, whose figures we are going to rely heavily on in the course of this discussion, agricultural products (and that is if we are going to produce them in a competitive manner to enable exports) and solid minerals do not have a cartel to protect exporters. It therefore follows that sellers are at the

Minister of Finance, Kemi Adeosun mercy of market forces and powerful buyers. We must look at diversification beyond replacing one natural resource with another or increasing the number of resources in the basket, for a more enduring solution to our economic problems. Before now, we used to pride ourselves as an oil economy. We were celebrated as the 6th largest producer of oil. Maybe that was factually correct but it was also relatively and analytically misleading, and I will explain why shortly. We went on a spending spree, competing with the real oil economies of Saudi Arabia, Kuwait and Qatar. We flooded our country with all manner of imports from private jets to toothpicks. When you look at the OPEC’s Annual Statistical Bulletin 2016, a few shivering details will come to the fore and probably help us to learn a little humility. There are 13-member countries of OPEC accounting for over 80% of world oil supply. Comparing 2015 average figures for some African OPEC countries with Nigeria, Algeria produced 1,157,000 barrels of crude oil per day (bc/d) while Angola produced 1,767,000 bc/d. Going to the Arab World, Kuwait produced 2,859,000 bc/d, while Qatar produced 656,000 bc/d. Nigeria on the other hand produced 1,748,000 bc/d. Now, compare the daily production quotas with their population to understand, for purposes of this discussion, how many barrels of oil each person in each country would be entitled to. Algeria has a population of about 40 million people while there are just about 25 million people in Angola. Kuwait boasts a meagre four million people while Qatar has less than 2.5 million people. Compare these figures to Nigeria that has over 180 million people to share the crude oil amongst. Simplifying the math, it means that while 35 people shared one barrel of crude per day or the dollar equivalent in Algeria, 14 people shared a barrel in Angola, two people shared same in Kuwait and three people in Qatar. Three people also shared a barrel in Saudi Arabia and United Arab Emirates (UAE) respectively. Meanwhile, a whopping 370 of us in Nigeria shared one barrel of crude oil per day. What this means is that even if oil prices were to climb to $150 per barrel, each Nigerian would have been entitled to

only 40 cents daily as our share. Again, another sad commentary is in the area of how we have harnessed crude oil to add value to citizens by refining products locally and exporting less of crude, while creating jobs by ensuring that we don’t only maintain huge refining capacity but that it works. Algeria’s refining capacity is 650,000 b/d but it refines 628,000 b/d and consumes 418,000 b/d, exporting 210,000 b/d as refined products. Kuwait’s installed capacity is 936,000 b/d. It refines 1,013,000 b/d, while its domestic demand is 345,000 b/d leaving it with about 668,000 b/d of refined products for export. Qatar’s installed capacity is 283,000 b/d, but it refines 611,000 b/d. Its local demand is 206,000 b/d while it exports 405,000 b/d of refined products. It must be noted that both Qatar and Kuwait who refine more than their installed capacity have condensates and Gas to Liquids (GTL) computed as part of their final products. Nigeria is the only one here with a very dysfunctional story. We have installed refining capacity of 455,000 b/d, and refine a dismal 24,000 b/d locally leaving a wide gap of 384,000 b/d for importation given that our domestic consumption is in the region of 408,000 b/d. It is in this area that we, as a country stood logic on its head and inflicted serious injury on our economy by exporting jobs, exporting our foreign reserves and importing poverty. All these have been made possible because we did not plan on how to benefit from the resources that we were blessed with. Had we planned better, we would have ensured that we improved not only our refining capacity, but also our output of refined petroleum products. If we did that, we would have been shipping final refined products rather than crude oil. It may seem late, but I don’t believe that we cannot do anything about it, even at this moment. Given the picture painted above, everyone seems to agree that the solution to our problem is diversification. States have led the way by encouraging citizens to go back to the farm. One of the states in the Southeast has declared a three-day work week to enable civil servants spend the remaining two days in the farm. The call to go back to the farm is a welcome development, if for nothing to ensure we have food on our table and positively engage a lot of the unemployed members of our society. However, the assumption that agriculture will boost our foreign exchange earnings and solve our problems is misplaced. Before you can earn foreign currency, you must have exported something. Granted that we have some crops like cocoa, cashew nuts, and palm fruits that are exportable, many of our crops cannot be exported. Even when they are required by foreigners, the strict conditions attached make it unattractive. We are also not in a position to add a lot of value to our crops. Herein lies the danger pointed out earlier with respect to who determines prices of agricultural products. Buyers determine the quantity, quality and price of the crop. Yours truly suffered this fate some 20 years ago when I made a foray into exporting cocoa. A friend approached me to invest in his cocoa exporting business

about a year before and the returns I was getting were quite healthy. By June 1996, I took a break from banking to go and set up a full-fledged commodity trading company with staff in Ikom in Cross River State and Idanre in Ondo State. Business looked good until a few months later when the major international buyers decided to crash prices by reducing demand. In one week, cocoa shelved over $400 per tonne in export prices, sending most of us reeling in loses and subsequently out of the market. The rest, like they say, is history. The other focus of our diversification is solid minerals. It has been reported that we are blessed with 44 solid minerals found in commercial quantities across the length and breadth of the country. Out of this number, seven have been prioritised by the federal government for investment by the public and private sector with generous incentives to “exploiters” and investors. The seven preferred minerals are gold which we have large alluvial and primary deposits in commercial quantities spread in the North-west and South-west. Iron ore is readily available in the country, in fact we have the 12th largest reserve in the world with over 3 billion tonnes found. We also have about 42 billion tonnes of bitumen in reserves. This is twice our crude oil reserves. We have over 10 million tonnes of lead/zinc deposits and 3 billion tonnes of low sulfur and low ash coal in the country and it is estimated that this can power about 30% of our energy demand in years to come. We are also extremely rich in limestone deposits as 2.3 trillion tonnes deposits exist across different states of the country. We also have deposits of Baryte and Bentonite to the tune of close to 10 million tonnes and 700 million tonnes in reserves respectively. Statistics has it that solid minerals contributed about 1% to the GDP in 2014 and all things being equal, it is expected to increase to 5% in 2017 and 10% by 2020. It is also expected to create about 3 million jobs by next year. While all these will be of immense help to the economy, my worry is that just like oil, we cannot ensure against massive fall in prices after we would have made heavy investments. My contention is that quite unlike oil where major producers have organised themselves into a cartel, it is much more difficult to benefit from such an arrangement in the solid minerals space. In planning our economy, we must pay attention to sustainability. It is time we looked at enduring activities that would guarantee economic development in an intelligently planned fashion over the long run as distinct from knee-jerk reaction to economic cycles which are bound to happen from time to time. We need to do things that would encourage talent, creativity, research and development and knowledge. I dare say that the ruling economies of the world today are knowledge economies and not resource-rich economies. If you are still in doubt, I will leave you with this Chinese proverb “If you plan for one year, plant rice, if you plan for 10 years, plant trees, if you plan for 100 years, educate minds” Finally, may I use this opportunity to wish my Muslim brothers and sisters a happy Eid.

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