Wednesday 21st September 2016

MPC Leaves Rate Unchanged, Reduction Will Worsen Inflation, Says Emefiele Mulls new measures on FX flow to BDCs James Emejo in Abuja and Obinna Chima in Lagos The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele yesterday

defended one of the bank’s core functions of ensuring price stability and counselled against calls to reduce the Monetary Policy Rate (MPR) in order to lower the cost of

Obama praises Buhari for Nigeria's adoption of flexible exchange rate

funds needed to stimulate economic growth and aid recovery from the current economic recession.

He argued that easing the MPR at this point would

only worsen inflationary conditions, which the central bank described as still benign in its outlook.

The Minister of Finance, Mrs. Kemi Adeosun on

Monday had called for a reduction in the CBN rate to aid growth and lower the cost of government borrowing from the financial sector.

However, at the end of

the meeting of the Monetary Policy Committee (MPC), the central bank resolved to retain the current monetary policy Continued on page 6

Peace in the Horizon for PDP as Makarfi, Sheriff Reconcile… Pa g e 8 Wednesday 21 September, 2016 Vol 21. No 7818. Price: N250

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Dangote Named Co-Chair of US-Africa Business Centre In a show of commitment on collaboration by the business communities in the United States and across Africa, the United States Chamber of Commerce has named Aliko Dangote, Africa’s most successful

T H I S D AY S P E C I A L R E L E A S E businessman, co-chair of its US-Africa Business Centre.

Dangote will serve alongside Jay Ireland, President/CEO of GE Africa, as a leader for the

US-Africa Business Center Board of Directors.

“We are honoured to have Aliko Dangote on board to help guide the business communities’

efforts in pursuit of a new era of unprecedented growth between the United States and Africa,” said Scott Eisner, President of the US-Africa Business Centre.

“The future of job

creation lies in the hearts and minds of business leaders and their enterprises across Africa.

We are fortunate to have an opportunity to tap into the expertise of Dangote on our board to ensure

that US companies have strong partners across Africa and can provide access to African companies interested in the US market.”

Continued on page 8

Recession: Senate Tables 14-Point Roadmap to Turn Around Economy Backs advisory on partial sale of oil assets, airport concessions Saraki: Time for blame game is over RMAFC disagrees with proposal on sale of NLNG shares Omololu Ogunmade in Abuja In a bid to find quick solutions to the economic recession in the country, the Senate yesterday commenced debate on the issue, with Senate President Bukola Saraki presenting a 14-point plan to the federal government on how to make the crisis the shortest ever in history.

The Senate’s roadmap out of the recession was

contained in Saraki's speech to welcome his colleagues back from their annual vacation.

Going by the importance attached to finding urgent solutions to the recession, the Senate plenary commenced at 10.10 a.m. after the presiding and principal officers of the Senate filed into the chamber.

Continued on page 6

MEETS OBAMA AT THE ANNUAL UN GATHERING Jubilation in Kogi as Supreme Court BUHARI President Muhammadu Buhari (left), being welcome by President Barack Obama of the United States of America during bilateral meeting between Nigeria and the U.S. on the sidelines of the 71st session of the United Nations General Affirms Bello’s Election… Page 10 the Assembly, in New York… yesterday godwin omoigui

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PAGE SIX MPC LEAVES RATE UNCHANGED, REDUCTION WILL WORSEN INFLATION, SAYS EMEFIELE stance, holding the MPR, otherwise known as interest rate at 14 percent, with an asymmetric window at +200 and -500 basis points.

The MPR is the rate at which the CBN lends to commercial banks and often determines the cost of funds in the economy.

The CBN further decided to maintain banks’ Cash Reserve Requirement (CRR) at 22.5 per cent and the Liquidity Ratio (LR) at 30 per cent.

Addressing journalists in Abuja at the end of the two-day meeting of the MPC, the CBN governor said all 10 members of the committee present voted to retain the current policy stance, having assessed the relevant risks, and concluded that the economy continues to face elevated risks on both price and output fronts.

However, he said given the central bank’s primary mandate and considering the limitations of its instruments

with respect to output, the committee resolved to retain the current stance, being conscious of the need to allow this and other measures like the foreign exchange market reforms to work through fully.

Emefiele said the committee acknowledged the weak macroeconomic environment and the challenges confronting the economy, but noted that the MPC had consistently called attention to the implications of the absence of a robust fiscal policy to complement monetary policies in the past.

He said the committee further assessed the impact of its decision to tighten monetary policy by raising the MPR in July 2016 to 14 per cent, noting that at the time the committee understood the complexity of the challenges facing the economy and the difficulty of arriving at an optimal policy mix to address rising inflation and economic

contraction simultaneously.

He said the committee also recognised that monetary policy had been substantially burdened since 2009 and had been stretched, restating that new capital flows of about $1 billion into the economy had come in since July, while month-on-month inflation had declined continuously since May 2016.

The governor said against this backdrop, members re-emphasised the need to prioritise the use of monetary policy instruments in dealing essentially with stability issues around key prices including consumer prices and the exchange rate as prerequisites for growth.

Also, reacting to complaints that bureau de change operators were still not accessing enough FX to meet demand largely as a result of non-compliance by the banks which were meant to supply them FX, the CBN

governor who expressed regret over the development, said the central bank would revisit the existing mechanism to ensure that dollars flow directly to BDCs. On calls to slash the interest rate at a time of recession to aid growth, Emefiele argued: “Both the monetary and fiscal authorities have the same objective to achieve growth, but the direction through which we want to achieve it may differ for as long as you still achieve the growth.

“The issue here is that when you reduce the interest rate, there are two reasons here: you want that to spur credit to the private sector at lower rates and two, is that the fiscal authorities need to be able to borrow at a lower rate to spend.

“Our own view at the MPC, because this was exhaustibly discussed, there was a time when the MPC took the decision not only to reduce the

policy rate and indeed reduced the cash reserve requirement.

These were intended to lower rates and encourage borrowing particularly to the private sector.

“After we did that, at the following meeting, since we did not see the impact of credit to the private sector, we further reduced the CRR from 30.5 per cent to 25 per cent and this provided about N1 trillion that was injected by the CBN into the economy or made available to the banks.

“But rather than loan these monies to consumers, agriculture and SMEs, we found that the credit went to traders who used the funds to demand for foreign exchange which ended up putting pressure on the FX market.

“So subsequently, we determined that if this money wasn’t deployed directly, we would reduce the CRR from 25 per cent to currently 22.5 per cent – that provided between

N350 billion and N500 billion to the banking system.

“But we said we were not going to allow the banks to have the cash until they sent proposals to the CBN for primary agriculture projects, new manufacturing projects, and other kinds of projects that would spur industrial capacity and manufacturing output.

“I must confess that the proposals we received were mainly for the purpose of refinancing the liquidity of the banks and we concluded that that was not what we wanted and that’s the reason we have been a little circumspect about releasing some of the liquidity.

“However, we are looking at the books. There are indeed few of them that have submitted proposals for agriculture and new manufacturing projects that we would be considering in due course.”

However, the Senate’s plan to dissolve into an executive session for a briefing by an expert on the true state of the recession was stalled by the need to observe the National Assembly's tradition to adjourn plenary in honour of a late colleague.

Hence, yesterday’s plenary was adjourned after Saraki’s speech in honour of a member of the House of Representatives who represented Ifako-Ijaye federal constituency in Lagos State, Hon. Adewale Oluwatayo.

Oluwatayo passed on in July while the National Assembly was on recess.

The executive session will now hold today.

Also speaking after yesterday's plenary, Senate Leader, Ali Ndume, said the current recession was not peculiar to only Nigeria but had also hit a number of other countries such as Venezuela whose mainstay is oil.

He described it as a blessing in disguise, saying it would provide the platform for the nation to explore other sources of revenue such as the solid minerals' sector.

which the corporation did not remit to the Federation Account.

The audit, according to the commission, also revealed that NLNG paid $1.289 billion as dividends in 2013.

“It is the considered view of the commission that Nigeria’s assets like NLNG and other strategic national resources should not be sold to meet short-term financial obligation,” it said.

RMAFC recalled that the CBN governor indicated that the sum of $10 billion could be realised from the sale of oil and gas sector assets held by the federal government.

It said: “The commission is of the strong opinion that the same amount could be borrowed from the IMF and the revenue from these assets could be used to amortise the loans over an agreed period.

"It should be noted that after the amortisation of the loans, those assets would still be owned by the federation in addition to their regular dividends and revenue.”

RMAFC said instead of selling off such vital assets, which generate funds for the federation, wealthy Nigerians should be encouraged to set up their own LNG projects, since Nigeria is ranked seventh in the world and first in Africa with natural gas reserves base totalling 188 trillion cubic feet (Tcf) as at May 1, 2015.

In addition, Nigeria’s natural gas is regarded as one of the best in the world as it has low hydrogen sulphide (H2S) or carbon dioxide (CO2) impurity levels, the commission added.

Continued on page 8

RECESSION: SENATE TABLES 14-POINT ROADMAP TO TURN AROUND ECONOMY The recommendations by Saraki, which will form the basis for an elaborate debate today by his colleagues include: • The executive must immediately put in place leadership-level engagement platform with the private sector.

• Government must raise capital from asset sales and other sources to shore up foreign reserves.

• Consider tweaking the pension funds policy within international best practice safeguards to accommodate investment in infrastructure and mortgages.

• The federal government and Central Bank of Nigeria (CBN) must agree on a policy of monetary easing to stimulate the economy and harmonise monetary and fiscal policies until economic recovery is attained.

• Re-tool its export promotion policy scheme with incentives such as the resumption of the Export Expansion Grant (EEG), and introduce export-financing initiatives.

• Engage in meaningful dialogue with those aggrieved in the Niger Delta and avoid an escalation of the conflict in the region.

• Consider the immediate release of funds to ensure the implementation of the budget for the near short term to inject money into the economy.

• Similarly, the agricultural sector and agro-allied businesses should be directly supported to boost value addition and jobs creation.

• While government works on the medium to long-term plans, immediate strategies must be devised that would ease the suffering of the ordinary people across the country.

• The legislature and executive must co-operate to ensure the passage of the Petroleum Industry Bill (PIB) into law as soon as possible to stimulate new investment and boost oil revenue.

Saraki added that while the executive is working on the recommendations enumerated above, the National Assembly should support it with the necessary legislations and oversight activities such as: • Accelerate bills aimed at reforming the mortgage subsector for growth and accessibility in a manner that deepens people’s access to housing, jobs and

economic activities.

• Work on the National Development Bank of Nigeria (Establishment) Bill 2015 which will provide long term cheaper source of funds to the private sector.

• Quickly commence work on the amendment of the Nigerian Ports and Harbours Authority Act (Amendment) Bill 2016; National Road Fund (Establishment, etc); National Transport Commission Act 2001; Warehouse Receipts Act Bill 2016; Review of the Companies and Allied Matters Act (CAMA), Investment and Securities Act (ISA) and Customs and Excise Management Act; Federal Competition Bill 2016; and the National Road Authority.

These bills and some of the other economic reform bills will be considered in the coming days.

• Explore the possibility of backing certain key government policies with legislations that have time limitations. This will help give confidence to investors to go into certain areas of the economy and invest without the fear that such policies will suffer reversals and loss of investment.

Elaborating on the proposals from the Senate, Saraki lamented the current economic recession, recalling the contraction of the gross domestic product (GDP) growth rate in the second quarter of 2016 to 2.06 per cent following a decline to -0.36 per cent in the first quarter.

He pointed out that with the current trend, “the Nigerian economy has had two consecutive quarters of economic contraction”.

Saraki advised the government of President Muhammadu Buhari to immediately put the machinery in place to raise capital from the sale of assets and other sources with a view to raising foreign reserves, encouraging investors and discouraging currency speculation.

He said the federal government, in its search for economic recovery, should sell some of its assets including its holdings in the Nigeria Liquefied and Natural Gas (NLNG) Company; reduce government shares in upstream joint venture operations; sell government stakes in financial institutions; and concession and privatise major airports and refineries.

Saraki also suggested the need to situate pension funds within the international best practices to boost infrastructure

investment, adding that both the federal government and the CBN must evolve uniform policies to stimulate the economy and ensure that local borrowing does not overshadow credit for the private sector.

“The executive must raise capital from asset sales and other sources to shore up foreign reserves. This will calm investors, discourage currency speculation and stabilise the economy. The measures should include part sale of NLNG holdings; reduction of government share in upstream oil joint venture operations; sale of government stake in financial institutions e.g. Africa Finance Corporation; and the privatisation and concession of major/regional refineries and airports.

However, Saraki talked tough, warning all who choose to introduce politics into the Senate’s roadmap to assist the government in salvaging the system by accusing it of disloyalty to steer clear, pointing out that the Senate would not be cowed by such insinuations to jettison its constitutional responsibilities.

He insisted that the Senate would take tough decisions capable of repositioning the economy irrespective of whose ox is gored.

He said: “Distinguished colleagues, let me also state clearly that we shall not hide under the cloak of partisan solidarity to abdicate our constitutional responsibility under the principles of checks and balances.

“We shall make critical interventions whenever they become necessary and undertake emergency actions whenever they are required, within the confines of the constitution.

“The task at hand requires us to take tough decisions and do all that is necessary to dig our economy out of this recession. This imperative must take precedence over partisan loyalty. This is what the people expect of us and it is the only way we can continue to justify our presence here.

“As I had mentioned earlier, on our part, we will do the following: Go immediately to debate the state of the economy and come up with economic measures that we will submit to the executive. This, we will do, along with passing the necessary legislation we have identified.”

He urged his colleagues to put

behind them ethnic, religious and political sentiments and confront the current challenges in the spirit of unity and oneness, pointing out that even though he is the most persecuted functionary by Buhari's government, he would yet not be swayed by that to be indifferent to the current economic crisis.

In this regard, he encouraged his colleagues to imbibe the same spirit in the handling of the situation.

“I do not think anybody in this chamber has gone through more political persecution than myself since the inception of this government, but I will be the last to fold my arms and say that the current economic problem is not my problem. No, it is,” he said.

While further tasking his colleagues to brace up for the current challenges, Saraki said this was not the time to engage in a blame game or political horse-trading but rather the time to be deeply committed to ending the economic crisis, bearing in mind that Nigerians are desperate for solutions and so “don’t care about our politics; they don’t care about our political affiliations; they don’t care if we are APC or PDP, north or south, Christians or Muslims”.

“What they want is for us to lead the way out of this crisis and deliver on the promises that we made to them,” he stressed.

He added: “We will work in concert, not at cross-purposes.

Our goal is clear; to work together with the executive to get our economy out of this recession.

“We will proffer our solutions on policy issues, and where necessary enact the necessary legislation to ensure that investors' confidence returns to the market.”

He also said the National Assembly would back the executive with the necessary laws to boost investor confidence and restated the commitment of the Senate to hasten the passage of the necessary bills such as the Petroleum Industry Bill (PIB), submitting that the passage of the PIB would stimulate fresh investments and boost oil revenue.

“The impasse of not passing the bill is doing great harm to the industry and the Nigerian economy as a whole,” he observed.

RMAFC Opposes Sale of NLNG Shares However, as the Senate joined the clamour for the federal government to divest of some of its interest in the NLNG in order to augment the revenue shortfall and boost foreign exchange reserves, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has kicked against the recommendation.

The CBN Governor, Godwin Emefiele, and Africa’s richest man, Aliko Dangote, had advised the government to consider the partial sale of its oil assets as the recession bites harder.

But in a statement signed by the RMAFC’s acting Chairman, Shettima Umar Abba Gana, the commission argued that it would be unwise for the federal government to dispose of its crown jewels that generate revenue and keep the Federation Account healthy over the long term.

Citing the NEITI 2013 audit and financial report of Nigeria’s oil and gas industry, RMAFC disclosed that the sum of $12.9 billion was received by the Nigerian National Petroleum Corporation (NNPC) from the NLNG over an eight-year period

TOP GAINERS NGN NGN CONOIL 3.59 38.69 OANDO 0.25 5.34 NEM 0.04 0.86 NAHCO 0.15 3.46 UNITYBANK 0.03 0.73 TOP LOSERS NGN NGN AIICO 0.03 0.59 UACN 0.78 21.00 WEMABANK 0.02 0.62 SKYEBANK 0.01 0.65 UNILEVER 0.51 46.01 HPE Nestle Nig Plc ₦825.00 Volume: 231.460 million shares Value: N2.488 billion Deals: 3,452 As at 20/09/16 See details on Page 42

% 10.2 4.9 4.8 4.5 4.1 % 4.8 3.5 3.1 1.5 1.1

T H I S D AY WEDNESDAY SEPTEMBER 21, 2016

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Peace in the Horizon for PDP as Makarfi, Sheriff Reconcile Onyebuchi Ezigbo in Abuja The opposition Peoples Democratic Party (PDP) may be on the verge of restoring peace to its fold after nearly five months of leadership conflict that almost threatened the existence of the party.

The two principal actors in the dispute — the Chairman of the National Caretaker Committee, Senator Ahmed Makarfi, and its former National Chairman, Senator Ali Modu Sheriff — yesterday came close to laying to rest their disagreement when they both issued a joint statement

in Abuja, saying that they had reached an agreement to set in motion a joint reconciliatory process.

Makarfi and Sheriff said they had agreed to sheathe their swords and were resolved to end the bickering over the leadership crisis that engulfed the party following the National Convention of the party in Port Harcourt early this year that resulted in the ouster of Sheriff as the party’s chairman.

The two leaders of the party met for several hours for the first time yesterday and resolved to pursue a united PDP.

The position of both factions was made known at a joint press conference held yesterday by the Secretary of the PDP National Caretaker Committee, Senator Ben Obi, and the acting Deputy National Chairman of the Sheriff-led faction of the party, Dr. Cairo Ojougboh.

Ojougboh, who read the resolutions reached at the meeting, said the two factional leaders met and took “a holistic review of the state of affairs” of the PDP. The statement, which was jointly signed by Makarfi and Sheriff, said: “It is time to heal the wounds, and bring

about a united, focused and constructive opposition party that can bring sanity to our democratic process, bring relief to the teeming supporters of our great party and to the benefit of our great country, Nigeria.”

The resolutions added that both parties agreed to “consult widely with all relevant organs of the party; set up a joint committee that will carry out a holistic reconciliation of all aggrieved segments of our party across the country and diaspora; and pursue the vision of the founding fathers of our great party, the PDP”.

They called on PDP members to remain calm and refrain from any actions and utterances that could further bring about divisions or disputes in the party.

The statement read: “In reviewing the crisis that has engulfed our party since the loss of the 2015 general election after 16 years of uninterrupted leadership at the centre, it became obvious to both of us as principal actors that it is time to heal the wounds.

“And bring about a united, focused and constructive opposition party that can bring sanity to our democratic

process, bring relief to the teeming supporters of our great party and to the benefit of our great country.

“Based on the above, we have both agreed to consult widely with all relevant organs of the party, set up a joint committee that will carry out a holistic reconciliation of all aggrieved segments of our party across the country and in Diaspora and to pursue the vision of the founding fathers of our great party.”

According to the statement, details of all the reconciliation committee and its mandate will be made public soon.

a business environment that is more attractive to international investors.

“I believe strongly in Africa’s potential and we are proud that the U.S.-Africa Business Center will serve as the apex organisation to promote trade and investment between the United States and

the vibrant economies across the continent,” added Dangote.

The US Chamber of Commerce is the world’s largest business federation representing the interests of more than three million businesses of all sizes, sectors and regions, as well as state and local chambers and

industry associations.

Its international affairs division includes more than 70 regional and policy experts and 25 country- and region-specific business councils and initiatives.

The US Chamber also works closely with 117 American Chambers of Commerce abroad.

Reducing the interest rate might lead to a spike in inflation and we are already battling spiralling inflation.

“I think they are adopting a wait and see attitude. This is a situation whereby doing nothing is even something. This means they have reached the limit of monetary policy tightening.”

The Managing Director of Cowry Asset Management Limited, Mr. Johnson Chukwu, however, argued that the MPC members ought to have adopted an accommodative monetary policy stance.

“For me, at this point in time, I think the emphasis should be how we should restore growth and ensure that credit gets back to the hands of those in the productive sector. There are a lot of small and medium sized businesses in the country today that cannot access credit and partly because of lack of foreign exchange liquidity.

“But at this point in time, maintaining a restrictive monetary policy will not necessarily lead to an improvement in FX supply.

So, I was thinking that the MPC would consider the overriding need to restore growth in the economy instead of targeting price stability,” Chukwu added.

Chukwu, however reiterated the need for the federal government to consider the sale and concession of some critical assets in the country so as to raise funds that can be channelled to productive sectors.

Time Economics Limited, in its assessment, aligned with the MPC, stating that given the reality of Nigeria’s situation, past efforts to cut rates in other to stimulate spending were misapplied by commercial banks who rather than lend to the real sector, diverted loans to traders, importers of manufactured goods, and government.

“Furthermore, cutting the MPR could do more to erode the credibility of the CBN with regards to the conduct of monetary policy. Such action, in our opinion, will help worsen the already growing negative real interest rate and could further discourage the return of foreign investors - something the CBN has worked so hard to avoid.

“Moreover, the pursuit of an expansionary monetary policy in order to support growth, in the face of rising inflation and currency depreciations could prove to be counter-productive, particularly in the absence of complementary fiscal policy reforms,” the economic research firm said.

DANGOTE NAMED CO-CHAIR OF US-AFRICA BUSINESS CENTRE One of Africa’s leading industrialists, Dangote is a member of several national and foreign organisations where he devotes his resources to contributing to the growth and development of the African continent.

In October 2013, he was

named by Forbes as the Most Powerful Man in Africa.

“Taking on this role with the US Chamber sends a clear message across Africa: American companies no longer see Africa as a stepping stone to global trade, but rather as the future of trade,” said Dangote.

“Africa has emerged as one of the most promising growth regions in the world thanks to its vast array of industries, natural resources, and services.

“Continued and sustainable growth lies in the ability to improve regional integration, which will in turn help to create

MPC LEAVES RATE UNCHANGED, REDUCTION WILL WORSEN INFLATION, SAYS EMEFIELE Emefiele further explained that if the policy rate is lowered, even though it would make it possible for the fiscal authorities to borrow at lower interest rates to stimulate spending and would in it turn stimulate demand for goods, without a corresponding increase in industrial output, this could lead to astronomical inflation.

“When you stimulate demand for goods by providing money without taking action to boost industrial capacity, what happens is that you will see a situation where you have too much money chasing too few goods which will also worsen the inflationary condition that we are in now.

“That is why we are saying that while the fiscal side is going ahead to spend, we (monetary side) have to retain the policy rate where it is so as to maintain price stability on the one hand, and as we said in the last meeting encourage the inflow of foreign capital through higher yields.

“I must say that truly I wasn’t very optimistic when we liberalised the FX market initially, but today I will say that between July and now, we’ve seen an inflow of FX of above $1 billion,” he said.

The governor said the $1 billion inflow was used to fund FX demand to procure raw materials by manufacturers, adding that with increased importation of raw materials, industries will be able to increase productivity and employ more people, which ultimately will moderate prices and spur economic growth.

Elaborating on the position of the MPC, Emefiele said: “The MPC noted that stagflation is indeed a very difficult economic condition with no quick fixes: having been imposed by supply shocks as well as fiscal and current account (twin) deficits.

“Consequently, the policy framework must be re-engineered urgently to provide a lever for reversing the negative growth trend. While the imperative for ensuring financial system stability remains, the MPC reiterated the fact that monetary policies alone cannot move the economy out of stagflation.

“The MPC considered the

numerous analyses and calls for rates reduction but came to the conclusion that the greatest challenge to the economy today remains incomplete fiscal reforms which raise costs, risks and uncertainty.

“The calls came mainly from the belief that reducing interest rates will spur credit growth, not only in the private sector but also by the public sector, which will help provide liquidity to stimulate consumption and investment spending.

“The committee was of the view that in the past, the MPC had cut rates to achieve the above objectives; but found that rather than deploy the available liquidity to provide credit to agriculture and manufacturing sectors, the rate cuts provided opportunities for lending to traders who deployed the same liquidity in putting pressure on the foreign exchange market which had limited supply, thus pushing up the exchange rate.

“With respect to providing opportunity to the public sector to borrow at lower rates to boost consumption and investment spending, the committee agreed that while it was expected to stimulate growth through aggressive spending, doing so without corresponding efforts to boost industrial output by taking actions to deepen foreign exchange supply for raw materials will not help reduce unemployment, nor would it boost industrial capacity.

“The committee was also of the view that consumer demand for goods which will be boosted through increased spending may indeed be chasing too few goods which may further exacerbate the already heightened inflationary conditions.

“The urgency of a monetaryfiscal policy retreat along with trade and budgetary policies, to design a comprehensive intervention mechanism is long overdue.

“The (Central) Bank has since 2009 expanded its balance sheet to bail out the financial system and support growth initiatives in the economy. While stimulating economic growth and creating a congenial investment

climate always is and remains essentially the realm of fiscal policy, monetary policy in all cases only comes in to support sound fiscal policy.

“Nevertheless, the (Central) Bank has and shall continue to deploy its development finance interventions to complement the overall effort of fiscal policies towards reinvigorating the economy.

“The interest rate decisions of the (Central) Bank are therefore anchored on sound judgment, fundamentals and compelling arguments for such policy interventions.

“The committee also feels that there was the need to continue to encourage the inflow of foreign capital into the economy by continuing to put in place incentives to gain the confidence of players in this segment of the foreign exchange market.

“Consequently, the committee considers that loosening monetary policy now is not advisable as real interest rates are negative, pressure exists on the foreign exchange market while inflation is trending upwards.”

He added that the committee noted “the positive response of the deposit money banks (DMBs) to the CBN’s call for increased credit to the private sector between July and August.

“As the growth in the monetary aggregates spiked above their provisional benchmarks, headline inflation continued its upward trajectory in August 2016, and is now close to twice the size of the upper limit of the policy reference band.

“Supply side factors including energy and utility prices, transportation and input costs, have continued to add to consumer price pressures.

“Members emphasised that improved fiscal activities, especially the active implementation of the 2016 Federal Budget, and payment of salaries by states and local governments, will go a long way in contributing to economic recovery.

“In the same direction, the committee urged the fiscal authorities to consider tax incentives as a stimulus on both

the supply and demand sides of economic activities,” Emefiele added.

On the sale of FX to BDCs by commercial banks, the governor said: “I must again say that it’s regrettable that what we did was to see how the dollars from international money transfer operators could flow to the BDCs and from them to people who want to buy foreign exchange through the BDCs at the limit of not more than $5,000.

“We have reviewed the report and the management of the CBN is looking at various options on how to ensure that these funds flow directly to the BDCs so that we can moderate the prices in that market.

“If need be, we would change the existing mechanism that would ensure that these dollars flow directly to the BDCs. However, I would like to appeal that whenever you see that some banks or bank officials are collecting brokerage fees in order to sell FX to the BDCs, I plead with you to provide us with credible information.

“We encourage whistle blowing, so be bold to bring it up or mention the name of any bank official or any bank that is involved in requesting for brokerage in order for them to sell FX to the BDCs. “The CBN is determined to achieve a particular rate at which these BDCs can sell and at which the banks can sell to the BDCs, but if you find a situation whereby some banks are trying to undermine the intentions of the CBN, please report them so we can deal with this as appropriate.”

Mixed Reactions Trail MPC Decision Reacting to the outcome of the MPC, a senior lecturer at the Department of Economics, Pan-Atlantic University (PAU), Dr. Bongo Adi, said the MPC members decided to leave interest unchanged because they were “caught in a dilemma”.

Speaking in a phone interview, Adi explained: “We are battling inflation and at the same time we are in an economic recession.

Buhari Gets Pat on the Back In a related development, President Barack Obama of the United States of America has commended President Muhammadu Buhari for Nigeria’s adoption of a flexible exchange rate regime after the country had pegged it currency for more than a year.

Obama, who spoke after a meeting with Buhari on the sidelines of the 71st session of the United Nations General Assembly in New York, said that he and Nigerian leader also discussed the fight against terrorism and ways of countering the Boko Haram militant group.

Also, at a bilateral meeting with President Jacob Zuma of South Africa, Buhari assured his African counterpart on the protection of lives and the investments of existing and potential investors in Nigeria.

Buhari said the security situation in Nigeria had become very much better and conducive.

He said: “The de-radicalisation process in the North-east is also going on, and we are achieving some measure of success. Even suicide bombing is becoming rare, as the local people are themselves rejecting indoctrination by the insurgents.”

Buhari said Nigeria was working hard to diversify the economy and expressed willingness to collaborate with South African businessmen especially in the areas of mining and agriculture for the mutual benefit of the two countries.

In his remarks, Zuma recalled his visit to Nigeria earlier this year, which he described as “very successful”.

He added that he was interested in the promotion of economic and trade partnerships between the two countries.

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WEDNESDAY, SEPTEMBER 21, 2016 • T H I S D AY

NEWS

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

Jubilation in Kogi as Supreme Court Affirms Bello’s Election

Faleke says no regrets challenging poll’s outcome PDP rejects verdict

Tobi Soniyi in Abuja and Yekini Jimoh in Lokoja It was jubilation galore across Kogi State yesterday following the victory of the state Governor, Alhaji Yahaya Bello of the All Progressives Congress (APC) at the Supreme Court.

Prior to the judgment, there was tension in the state over where the pendulum would swing, but immediately the news on the Supreme Court ruling upholding the election of the governor filtered into the state capital, Lokoja, from Abuja, people trooped out to the streets in excitement and started making calls congratulating one another.

Meanwhile, the victorious governor said yesterday that his victory at the Supreme Court showed that Nigeria has honoured democracy.

The governor who spoke through his Chief Press Secretary, Mr. Kingsley Fanwo, after the judgment, said his victory at the Supreme Court was a “big honour to democracy.”

“The landmark judgment of the Supreme Court today, which affirmed my election is a watershed in the annals of electoral jurisprudence and constitutional law in the country. It was a long walk to victory which will reshape the constitution of the nation.

“I remain humble and magnanimous in victory and I therefore called on those who contested with me to join me in building a greater Kogi State.

“The victory belongs to all Kogi people who believe in transforming the state from a potentially great state to a really great state.

“I am committed to serving the people and making the state

the centre of excellence and the development.

Faleke had contested the ticket not to have defended the because they believed in the cynosure of all eyes,” he said.

According to the APC chieftain election as running mate to the sanctity of their vote up to the kind of leadership we offered The governor warned in the state, the judgment had late Abubakar Audu who was Supreme Court level.” to provide for them during our supporters against “unbridled brought to rest the litigation over leading in the results announced “We have heard the judgment campaigns. celebration,” saying the moment the governorship poll, adding by the Independent National handed down by the Supreme “It would therefore have was a challenge to all residents that the governor will now be Election Commission (INEC) Court jurists upholding Bello amounted to a crass betrayal of the state to reflect on how focused to develop the state for but died before the election as governor. We shall wait for of the trust of the electorate not to make it great. the benefit of people. was concluded last year. the full text of the judgment to to have defended their votes till The governor said he would In his reaction, the former However, the APC elected to know why they came to that the end,” he said. continue to pursue his cardinal deputy governorship candidate field Bello in the inconclusive conclusion.

Faleke said as a lawmaker, goals of improving education, in the November 21, 2015, re-run poll, thus setting up the “But let it be stated here that he would be glad to read the reinventing healthcare, boosting governorship election in the election challenge by Falake and we have no regrets challenging details of the judgment so as infrastructure development, as state, Hon James Faleke, who former Governor, Wada, who the declaration of our election as to “know which areas of our well as raising the capacity of had challenged Bello’s election as came second in the poll. inconclusive by the Independent nation’s jurisprudence requires citizens to reinvigorate the governor said he had no regrets A statement issued by the National Electoral Commission urgent review”. economy. challenging the decision to spokesperson of the Audu/ (INEC).

He urged all his supporters He also thanked the judiciary declare the election inconclusive Faleke Group, Hon. Duro “What we did was to defend to remain calm, peaceful and for rising to the occasion by as the step was taken in good Meseko, quoted Faleke as saying the votes cast for the Audu/ law abiding, while thanking standing firm with what was faith to protect the interest of that it would have amounted to Faleke by the over 240,000 them for their support and “true and just”. the over 240,000 electorate voted a “betrayal of the sacred trust of electorate on November 21, perseverance all through the In his reaction, the immediate for the Audu/Faleke ticket in the people who reposed implicit 2015. The people voted for past governor of the state, that election. confidence in the Audu/Faleke us as candidates, not APC Cont’d on Pg 49 Captain Idris Wada, said he was yet to study the judgment.

The former governor who spoke through his Special Adviser on Media and Strategy, Mr. Jacob, said he cannot react now until he was availed a copy of the Supreme Court judgment.

Also, the Association of Local Governments of Nigeria, (ALGON), Kogi State chapter, commended the justices at the Supreme Court on their judgment re-affirming Bello’s election, describing it as confirmation of the previous judgment.

The state Chairman of ALGON, Alhaji Taufiq Isa, described the judgment as a welcome development and a victory for the rule of law.

Taufiq who congratulated the governor, added that the Supreme Court had put to rest those laying claims to the coveted seat of governor.

Also speaking, the former acting governor of the state, Chief Clarence Olafemi, described Kogi State Governor, Yahaya Bello (middle), and supporters acknowledging cheers from his supporters after the ruling of the Supreme ENOCK REUBEN the judgment as a welcome Court affirming his election in Abuja .....yesterday

TO GOD BE THE GLORY

Police Apologise to INEC, Nigerians over Shift in Edo Poll CSOs: Democracy under threat

Onyebuchi Ezigbo in Abuja The Assistant Inspector General of Police (AIG), (Federal Operations), Alkali Baba Usman, has apologised to Nigerians for the way and manner the security agencies prevailed on the Independent National Electoral Commission (INEC) to shift the governorship election in Edo State from September 10 to September 28.

The recompense by the police came on the heels of scathing criticisms made by from a coalition of Nigerian civil society organisations under the auspices of the ‘Situation Room’ chaired by Mr. Clement Nwankwo.

At a strategy meeting convened by the group in Abuja yesterday, many speakers lampooned the security agencies for playing on the intelligence of Nigerians through the unwarranted call for the postponement of the

September 10 governorship election in the state.

Nwankwo had said there was an urgent need to call the security agencies to order as their actions are becoming a big threat to the survival of democracy in the country.

However, Usman who stood in for the IG at the meeting, said the police believed that the approach adopted by the security agencies by publicly calling on INEC to shift the governorship poll was wrong, He however, absolved the security agencies of any outward motive, adding that the move to postpone the election was an honest and sincere one.

The AIG said the police believed that postponing the election was the best option under the circumstances, adding that there was no way it could have guaranteed proper policing of the election if INEC had gone ahead with it.

“Accepting the fact that the police was in the forefront in requesting the INEC to postpone the election, that would not have been the best way as has been observed.

Ours was an honest and sincere advice which we believe was the best thing to do at that time but the approach and the way that we came out to do it left much to be desired. We do apologise for that but the fact remains that as at that time, it was not feasible for us to police the election effectively,” he said.

Usman said the police expect to deploy all their personnel meant for the election before Tuesday next week.

While providing details of security deployment for the election now scheduled to hold onSeptember 28, the Commissioner of Police incharge of Federal Operations, Olayiwola Yusuf, said the police have perfected a strategy to make policing

of the election very effective.

He explained that part of the strategies is to have a very senior officer in-charge of supervising security operations at the senatorial district level.

According to Yusuf, the police have used the period of the postponement to further perfect it’s security plans, adding that the force has now acquired more gun boats to help it police the riverine areas of the state.

He also said the police would deploy three area surveillance aircraft to monitor activities from the air on the election day.

While speaking at the forum, Nwankwo said that from all indications the postponement was forced on INEC, adding that the commission appeared well-prepared and determined to conduct the governorship election as scheduled.

He said the CSOs were jolted by the sudden demand for a shift in the Edo election

even when all security analysis pointed to the fact that the state had little of no security threat.

In his presentation, a lawyer and a prominent member of the CSO, Election Monitoring Group, Mr. Festus Okoye, condemned the growing over-bearing influence of the security agencies in the conduct of election in the country.

With particular reference to what happened before the postponement of the governorship election in Edo State, Okoye said that the police and the DSS literally held INEC to ransom by refusing to guarantee security cover for the September 10 botched poll.

He described the excuse given by the security agencies as very bogus and untenable, warning that if the situation is not checked, the conduct of the general election in 2019 might be threatened leading

to an unprecedented national crisis.

“This is a major threat to the survival of democracy in the country. What happens if some one wakes up in 2019 and plays the security card because he is afraid of loosing the election, the country will be thrown into avoidable constitutional crisis, “ he said.

Okoye accused the ruling party, the All Progressives Congress (APC) committing the offense it blamed the Peoples Democractic Party (PDP) by trying to arm-twist INEC using the security agencies.

Another speaker, Prof.

Kunia, expressed fears that the authorities of the police may order a last minute redeployment of the Police Commissioner in Edo State and other top officers, an action that will further cause disruptions in the preparations already made

by INEC.

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WEDNESDAY, SEPTEMBER 21, 2016 • T H I S D AY

NEWS

Governors Confer with Osinbajo over N250bn Shortfall in States’ Allocations Tobi Soniyi in Abuja The Vice President, Professor Yemi Osinbajo, yesterday in Abuja held a meeting with a committee set up by the Nigeria Governors’ Forum (NGF) to explore options to help state governors to address the challenges posed by a shortfall of about N250 billion in their monthly allocations.

A source closed to the meeting told THISDAY that the states were finding it difficulties to meet up with their responsibilities to their people.

The source said governors were being accused of diverting funds meant for the development of their states but said the true position, ‘is that the governors are not getting the required allocations they needed to develop their states.

Following an extra ordinary meeting of the NGF last Friday, a committee was set up to meet with the presidency to find a lasting solution to

the problem of shortfalls in allocation.

The three-man committee comprises Governors of Akwa Ibom, Bauchi and Osun States, Udom Emmanuel, Muhammad Abubakar and Rauf Aregbesola, respectively.

Yesterday, only the Akwa Ibom and Bauchi State governors made it to the meeting while Osun State governor was said to be out of the country.

He was represented by the Chairman and Director General of the forum.

The federal government had deducted N32 billion from the allocations of states from the Federation Account in the month of April 2016 to offset the states’ indebtedness.

Osun State was said to be worst hit according to Economic Confidential, an economic intelligence magazine, with its allocation of N2.030 billion wiped off by the deduction of N2.391 billion, leaving a deficit of N361 million to be paid in subsequent

months by the state.

Bayelsa was next with N3.207 billion deducted from its N4.812 billion, Cross River State with a total deduction of N1.405 billion; Ogun State, N1.185 billion; Plateau State, N1.248 billion and Ekiti State with N1.067 billion.

The sum of about N3.078 billion of the total amount was deducted for bail-out funds granted the states by the federal government.

At least eight states had no deductions on bail-out funds for the month of April 2016.

The states are Akwa Ibom, Anambra, Jigawa, Kogi, Lagos, Rivers, Yobe and the Federal Capital Territory did not collect the bail-out funds from the federal government or appropriate time for the deduction has not fallen due and are yet to commence.

When State House correspondents corned the governors after the

meeting with the vice president, the governors refused to give details of the meeting.

When pressed further, Akwa Ibom State governor said: ”We were mandated by the governors forum to come and discuss some certain issues with the vice president and that’s why you saw two of us here, we were supposed to be three but the third governor could not make it. So that is why we came to discuss some issues with the vice president and it has been a very good meeting and we tackled some issues.

“Everything we do, I keep reassuring Nigerians, we want to be together in Nigeria, so whatever we discussed it is in the interest of our citizens and we make sure we put our heads together to solve our challenges as a developing nation.

“Let me assure Nigerians that there is no developing

country that doesn’t go through what we go through and how do we make effort to face the challenges, that’s why you see us putting heads together, trying to appraise and try to find a solution that will be enduring.”

He said his state would be 29 year old on Friday.

Emmanuel said though the country was in recession, the citizens must be given hope that government was on the right path to recovery.

“You must give hope to the citizens and I think we are on the right path and we are going somewhere and where we are going to will bring about Prosperity, job creation and at the end of the day, we just want to improve on living standard of every citizen.

“I believe in what we normally say that once the passion is right nothing is impossible. We are not limited to what we see all over the world, we are not

limited by the recession and based on what people see, we go beyond that. Go beyond biases, ethnicity, religion even in gender just rise to togetherness.

That’s the message.

“Once government is ongoing, there is always a project, we don’t celebrate projects, either you inaugurate or build a new one but I am one governor that doesn’t make so much noise, we still have a long way to go. You can also say you have achieved when you stamped out hunger and unemployment. You cannot be happy when you see a young man that finished school and has not been employed, so we cannot roll out drums to celebrate but only to Thank God and we are going to the promised land and we will be there. But mind you, the way to the promised land, you have to pass through the wilderness,” he said.

Obiano Suspends Taxes for Low Income Earners to Cushion Effect of Recession David-Chyddy Eleke and Charles Onyekanmuo in Awka Anambra State Governor, Chief Willie Obiano, yesterday announced the suspension of certain category of levies for low income earners in the state.

Consequently, the governor and his administration, after reviewing the hardship being suffered by people of the state as a result of the nationwide recession said his tax relief intervention is for wheelbarrow pushers, hawkers permit and consolidated emblems on commuter busses.

In a special broadcast by the governor to the people of the state yesterday, tagged: ‘Economic Stimulus Package,’ he said the suspension of the taxes for this social category was to help them cushion the effects of the recession.

“Following the formal announcement by the federal government that the nation’s economy has gone into recession, I consider it my duty as your governor to distil the message of the economic situation of the country down to the grassroots.

“I am happy to announce to you that I have come up with a stimulus package that

will ease the pain of the recession and help our dear state bounce back to prosperity.

“Consequently, our intervention comes in four key areas - tax relief programme, special intervention programmes for Small and Medium Enterprises (SMEs) and large enterprises and social intervention programme for low income households and finally, intervention in infrastructure-for-jobs,” the governor said.

The governor said the objective of the tax relief programme is to evaluate existing taxes, levies and fees in the state and introduce some waivers and in some cases, scrap the collection of some illegal levies imposed on the people.

The state Commissioner for Information and Communication Strategy, Ogbuefi Tony Nnacheta, who briefed journalists after the governor’s state wide broadcast said the state would be losing a total of N200 million annually by suspending these taxes, but felt that the wellbeing of the people of the state is more important than making money.

Nnacheta said the state government came up with this as a way of trying to be a solution to the problem of the country instead of letting its citizens be victims.

GREATEST AKOKITES

President, UNILAG Alumni Association, Dr. Sonny F. Kuku (left), presenting a gift to Vice President Prof. Yemi Osinbajo, during a courtesy visit by the executives of UNILAG Alumni Association to the vice-president at the Presidential Villa in Abuja...yesterday. With them is the Deputy Chief of Staff to the Vice-President, Mr. Ade Ipaiye.

FG, States, LGs Share N510bn for August Ndubuisi Francis in Abuja The three tiers of government shared a total of N510.270 billion for the month of August at the monthly allocation from the Federation Account, an increase of N16.442 billion over the N493.828 billion shared by the federal, states and local governments in July.

Briefing journalists at the end of the Federation Account Allocation Committee (FAAC) meeting, the Minister of Finance, Mrs. Kemi Adeosun, said the gross statutory revenue of N315.045 billion received for August was higher than N287.819 billion received in the previous month

by N27.226 billion, adding that crude oil export increased by 2.2 million barrels in May

2016 despite the brief Force Majeure declared at Qua Iboe and Bonny Terminals and a subsisting Force Majeure at Forcados Terminal.

“Other terminals experienced the perennial problem of shut-in and shut-down of pipelines for repairs and maintenance.

There was $109.40 million revenue increase in Federation Export Sales as a result of the increase in average price of crude oil from $42.21 in April to $46.06 per barrel in May 2016.

“A rise in the volume of dutiable imports contributed significantly to the increases recorded by Import Duty and VAT (Value Added Tax).

Increase in PPT (Petroleum Profit Tax) collections was

attributed to receipts from NPDC and Joint venture Operators. The flexible exchange rate regime helped to boost revenue for the current revenue including oil and gas royalty,” Adeosun said.

For the month of August, the minister stated that the gross revenue available from VAT was N75.962 billion as against N66.987 billion distributed in the preceding month (July), resulting in an increase of N8.975 billion..

She said the sum of N6.330 billion was refunded by the Nigerian National Petroleum Corporation (NNPC) to the federal government, adding that N35 billion PPT was proposed for distribution

for August (including VAT), bringing the total to N510.270 billion.

Giving a the breakdown on how the N719.270 billion was shared, the minister said the federal, states and local governments got N149.310 billion, N75.732 billion, and N58.386 billion respectively, while N20.293 billion went to the oil producing states under the Derivation Principle.

Adeosun also disclosed that the Excess Crude Account (ECA) currently stands at N2.92 billion.

Among the issues discussed and adopted at the FAAC meeting were reports of revenue collection agencies and military pensions.

T H I S D AY WEDNESDAY SEPTEMBER 21, 2016

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WEDNESDAY, SEPTEMBER 21, 2016 • T H I S D AY

NEWS

Recession: NLC Takes on Buhari over Buck Passing Calls for thorough investigation of Patience Jonathan, states, LGAs

Paul Obi in Abuja As economic hardship takes a heavy toll on Nigerians, the Nigeria Labour Congress (NLC) yesterday confronted President Muhammadu Buhari over the perennial buck passing and blaming of the former President Goodluck Jonathan’s

administration for the country’s current woes.

NLC President, Ayuba Wabba, also spoke on the sidelines of ‘NLC National Youth Conference’ in Abuja, called on Buhari’s government, to stop buck passing and rather put in place workable policies that would halt the dwindling

Finally, APC Senators Unite, Hold First Full Caucus Meeting Omololu Ogunmade in Abuja For the first time since Senate’s inauguration on June 9, 2015, the All Progressives Congress (APC) senators last Monday held a full caucus meeting comprising members of both the Senate Unity Forum and Senators of Like Mind.

At the meeting, the senators opted to put their differences behind them and unite over issues affecting the nation, the federal legislature and the fortune of their party.

The two-hour meeting held in the private residence of the Senate President, Dr. Bukola Saraki on Monday night, was said to have been attended by 50 senators from both factions of the caucus - Unity Forum and Senators of Like Mind.

The meeting was held same time the Peoples Democratic Party (PDP) senators were also holding their own caucus meeting at another venue.

The PDP meeting was presided over by the Deputy Senate President, Ike Ekweremadu.

For the first time, APC senators were said to have freely discussed issues and thereafter exchanged jokes and back-slapping.

During the meeting, the

senators were said to have discussed the proposed debate on the economic recession earlier intended to be led

by Saraki during yesterday’s plenary and agreed that members should be patriotic in the effort to find a lasting solution to the economic crisis.

A source said: “The senators praised the efforts of the Senate president in promoting unity among members and his decision to facilitate debates towards finding tangible solutions to the economic recession in the country.

The senators also noted that by the end of next year, election issues will be very dominant in the polity and there was the need for the Senate to fast-track debates and passage of key bills before the time when partisan engagements will divert the attention of senators.

“They agreed that they should persuade their colleagues to always endeavour to be prompt at plenary so that sitting would always commence early and that the Senate should engage with the executive on the implementation of constituency projects as a way of spreading federal presence to the nooks and crannies of the country.

Amaechi: FG Committed to Reviving Rail Sector Dele Ogbodo in Abuja The Minister of Transportation, Mr. Rotimi Amaechi, yesterday said government was committed to reviving the country’s rail sector so as to remove the overbearing pressure on roads and also aim at making transportation easy and convenient for every Nigerian.

The minister made the disclosure when the members of the Transport Growth Initiative (TGI), led by the former minister of Aviation, Chief Osita Chidoka, visited his office in Abuja.

Amaechi, while commending Chidoka for the timely visit revealed that there was comprehensive rail master plan aimed at reviving the sector, adding that the project is due to commence in December.

When completed, the movement of cargo and farm products from North

to West and South will be easy and will thereby reduce the pressure on the roads, the minister averred.

Amaechi further expressed the desire to attend the transport summit being convened by the former minister, adding that it will be gratifying attending the conference since the administration of the President Muhammadu Buhari is opened to ideas that would enhance and improve development in Nigeria.

In a remark, Chidoka, had stated that he visited the minister to seek collaboration and support for the up coming conference as the ministry of transport is key to the success of the objectives of TGI. He said transportation was central to the development of any country, hence the need for proper collaboration between the federal government and all other relevant stakeholders in the country and beyond.

economic fortunes of the country.

Wabba argued that it was a complete disservice for the Buhari’s administration to jettisoned finding practical solutions to the economic crisis, and instead focuse more on blaming previous governments.

Wabba further noted that some of the people in the present regime were part of the previous administrations which were being held responsible for the present economic recession.

He said: “In trying to look at the economic challenges currently bedeviling the nation, some of the commentators, including the governors who were part of the previous administrations, are not ready to take responsibility.

“They take delights in shifting blames. What we are saying is that the issue must be situated within the context of those that are in power.

“It should not be an issue of shifting the goal post when the game is almost over. The issue is about taking responsibility and looking at how best to address the challenges,” Wabba stated.

Meanwhile, the NLC also called for thorough investigation

of the $31million allegedly owned by the former First Lady, Mrs. Patience Jonathan, whose case is under investigation by the Economic and Financial Crimes Commission(EFCC).

Wabba observed that the blind looting of the nation’s common wealth by the political class across party divides was partly responsible for the economic downturn and the inability of state governments to pay workers’ salaries.

He said: “We have said it over and over again, that NLC is the first organisation that actually supported openly the anti-graft war. We said recover, investigate and prosecute so that it can serve as a deterrent. Our position has been undoubting on the issue of the frozen $31million.

“In this respect, the onus of profe is on the ex-first lady. First, she must inform all of us the sources of the money. She must explain what business she has done to accumulate such wealth .In other climes, people would have forfeited such funds. This is our position and we have always been consistent about it.”

Wabba stressed that the inability of some state governors

to meet their financial obligations to workers can be attributed to endemic corruption rather than non-availability of resources.

Wabba urged the anti-graft body to extend the fight against official graft to the states and local governments levels.

“If you look at it critically, that is why we are where we are today. Salaries are not paid in many states not because the resources are not there, but because of the inherent corruption in the system.

“Corruption fight should also be extended to states and local governments. Wherever there is element of corruption, whoever is involved, the law must take it course.

“There should be investigation.

There should be fair trial within the confine of the law and whoever is found wanting, those funds should be recovered and prosecution should follow to serve as a deterrent,” he insisted He called on the youth to begin to take active interest in governance, the NLC boss reminded that they were the worse hit by the current economic downturn.

Wabba referred to International

Labour Organisation (ILO) recent statistics, where over 70 per cent Nigerian youths are said to be unemployed.

While providing an insight on the idea behind the establishment of NLC youth structure, Wabba explained that the platform would help to galvanize youths to take interest in issues that affect them politically and economically.

ILO Country Director for Nigeria and ECOWAS, Dennis Zulu, harped on the need for youths to continue to show interest in labour matters, stating that youth participation was critical in industrial harmony.

Zulu argued that “Many youths are working in conditions that do not encourage participation, awareness and interest in union activities.

“In addition, there is a certain mistrust from young people about unions as being organised around the classical proletariat. As such, efforts must be put into working with young people on raising their awareness about union values to increase their support for union movement,” Zulu stated.

FINANCIAL POLICY MEETING

L-R:Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emiefele; Deputy Governor, Economic Policy, Mrs. Sarah Alade; Deputy Governor, Operations, Mr. Sulaiman Barau; and Prof. Doyin Salami, during the Monetary Policy Committee (MPC), meeting in Abuja.... yesterday ENOCK REUBEN

Buhari Says His Economic Policies will Discourage Human Trafficking Tobi Soniyi in Abuja President Muhammadu Buhari has said his administration’s anti-corruption campaign and the economic programme of diversification will significantly address the lack of job opportunities and deprivation that make Nigerian youths vulnerable to recruitment by human traffickers.

The Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, in a statement said Buhari spoke in New York at a meeting on Modern Slavery hosted by the Prime Minister of United Kingdom, Theresa May, on the margins of the 71st Session of the United Nations General Assembly (UNGA71), at the residence of the United Kingdom Permanent Representative to

the UN. The president said: “We are also investing more on infrastructure development, education and health for our people. When the results of our efforts become manifest the attraction of seeking greener pastures abroad will lessen.”

Buhari commended the British Prime Minister for drawing the attention of the international community to such a serious matter to coincide with a time that the global focus was on migration and refugee crisis.

He therefore called for practical and innovative measures “to address all the modern day human tragedies.”

According to him, more worrisome is the fact that human trafficking and modern day slavery have created a dangerous political economy

of their own.

“In consequence, this international criminality is defined by the activities of human traffickers that lure unsuspecting victims into forced labour, inhuman treatment, money laundering and prostitution,” he added.

He said Nigeria was ready and willing to partner other countries and international organisations to confront human trafficking.

He said: “We have a strong commitment to combating the menace of modern slavery, and will redouble our efforts to prohibit human trafficking, while providing succour to its hapless victims.”

Buhari assured his audience “to count on the support of Nigeria in dealing with this evil, which constitutes an

unacceptable stain on human dignity and conscience in the 21st century.”

On measures taken by the country against the evil practice, he said the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) and the Nigeria Immigration Service have taken steps to establish a joint operational working group to combat human trafficking and smuggling of migrants from the country.

“We are aware of the challenge for Nigeria, but our resolve to combat it is strong and unshakable,” the president declared.

Buhari was accompanied to the high-level meeting by Geoffrey Onyeama and Lt-Gen. Abdulrahman Danbazzau (rtd), the Ministers of Foreign Affairs and Interior respectively.

T H I S D AY WEDNESDAY SEPTEMBER 21, 2016

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T H I S D AY • WEDNES DAY, S EPTEMBER 21, 2016

COMMENT

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

SOLIDARITY TO COMBAT THE RECESSION

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Government should adopt measures to ameliorate the living condition of the people, writes Sonnie Ekwowusi

ever in recent times has the common interest to salvage the country from economic recession united so many Nigerians across the different political divides and social milieu than last week. In the pulpits, newsrooms, market places, banks, stadia, drinking joints; on phonein- radio programmes, Face-book, WhatsApp, twitter and so on, the economic recession was the subject matter of popular discourse. Nigerians from all walks of life were unanimously asking the same nagging questions: what is happening to our country? Where do we go from here? Where is our hope?

Where is life? Where is the future of our children? Obviously the people are disappointed that the All Progressives Congress change mantra has become a big lie. They are unhappy that after promising to positively transform the lives of the people during the last electioneering campaigns, President Muhammadu Buhari and the ruling party are now dramatically reneging from that promise and telling the people that they are responsible for bringing the change that will positively transform their lives. Anyway, now that the Presidency has officially admitted that the new change mantra of President Buhari is a plagiarised President Obama’s speech, will the new change mantra be withdrawn? And if it is not withdrawn, what new meaning shall we read into it now?

We have to remember where the rain started beating the ruling party. The APC took over power from the Peoples Democratic Party on a debilitating foundation. The party was only interested in snatching power from the PDP. It gave little or no thought to shouldering the responsibility of governance.

After wresting power from the PDP, the APC did not know what to do with the power: it took President Buhari about six months to appoint his ministers. Even with the ministers in place there was still confusion. The ministers were not talking or were not allowed to talk. Thank God, Finance Minister Kemi Adeosun is now talking. On his part, President Buhari has been exerting his energies fighting corruption, forgetting that fighting corruption is only a means not an end in itself.

Fighting corruption and good governance are not mutually exclusive. But the two have become exclusive in the Buhari government. And that is the death-knell of Buhari democracy.

If the Buhari government was not founded on debilitating foundation it probably would have been weathering the collapse of its economy at the moment. One may accuse the Jonathan government of everything but one will not accuse it of not having an economic team that tried to keep the economy afloat.

Now that the Buhari government has released the sum of N700 billion for capital projects to boost economy, we are waiting to see how that will positively impact on the worsening living condition in Nigeria. During the anti-recession retreat for ministers, heads of agencies and other stakeholders held at the Banquet Hall of the State House, Abuja on September 15, President Buhari delivered an inspiring speech encapsulated in seven quotes on how his government plans to utilise the N700

THE BUHARI GOVERNMENT SHOULD FOCUS MORE ON REVIVING THE ENERGY SECTOR. IT IS THE ENGINE THAT DRIVES THE ENTIRE ECONOMY. IT IS THE FULCRUM AROUND WHICH THE OTHER SECTORS REVOLVE. A STEADY POWER SUPPLY BOOSTS SELF-EMPLOYMENT AND SELF-ACTUALISATION

billion to rid Nigeria of recession. He promised that vital sectors of the economy will be adequately taken care of and that the recession will be short lived. I thought the Buhari government should have been focused more on reviving the energy sector. It is the engine that drives the entire economy. It is the fulcrum around which the other sectors revolve. A steady power supply boosts self-employment and self-actualisation. Salvaging the energy sector is tantamount to injecting new blood into the bloodstream of the society. If a country like Ivory Coast just after a war and civil hostilities can boast of a steady power supply, why not Nigeria?

Anyway, as I said earlier, we are waiting to see the magic that will be performed with the N700 billion. Economic recession is not new. Most world economies have the potency of sliding into recession or depression. The American economy since independence has been one whole story of battling with economic recessions especially from 1921 to 1932. Previous Nigerian governments had had to grapple with economic recessions and even depressions. I have just finished re-reading J. O Ojiako’s book with the title, “Family Management in Nigeria’s Depressed Economy,” he analysed the different recessions and depressions that had occurred in successive governments in Nigeria. In fact the difference between a buoyant economy and an economic in recession or depression is that the former is prudently managed to avoid economic chaos while the latter is not.

Therefore instead of sitting down and heaping blames on previous government or taking solace in buck-passing, the Catholic Bishops and others are urging Buhari government to get up and do something to cushion the effects of the hardships and woes on the people. “If the previous government did badly that is why we voted a new government. We didn’t vote a government to complain about Wednesday. If we wanted Wednesday, the new government would not be there”, said the Catholic Bishops.

Happily, President Buhari has taken some measures to rid Nigeria of recession. Let’s see how the release of the N700 billion will act as the magic wand that will put Nigeria once more on the path of economy prosperity. The Senate resumed yesterday from vacation. President Buhari seeks emergency powers from the National Assembly to combat the recession. Prior to the vacation, many senators were unwilling to accede to the request for fear that it will turn President Buhari into a tyrant. But now that the antirecession retreat has been organised and the sum of N700 billion released, one wonders if President Buhari will still be demanding for the economic powers.

Whether President Buhari secures the emergency powers or not he should adopt other measures to ameliorate the worsening living condition in Nigeria. You cannot strangulate a people to death simply because you are looking for a convenient way to solve their economic problems. Let not the recession kill us. We want life. We want to live. After all, government is for the living not for the dead.

DOES CHANGE HAVE TO BEGIN WITH ME? Simbo Olorunfemi argues ‘change’ simply means doing what is right

Change will not come if we wait for some other person or some other time. We are the ones we’ve been waiting for. We are the change that we seek – President Barack Obama

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see we are on to a new debate, as that seems to be our favourite pastime, these days. The true change will be when we can rise up above frivolities, focus on the big picture and quit whining over the minor at the expense of the major. As we have become accustomed to, once we sink our teeth into any of these things, there is no letting go for us, until the next one comes to fly us on the wings of fantasy into the realm of conjectures and innuendoes, far away from reality and what should be of more interest to us.

Initially, I took this ‘Change does not or should not begin with me’ charge as some light-hearted, cynical wave-away in response to the trust deficit that the government faces and the cynicism that has almost become a way of life for us. Had thought we, or some of us, at least, were agreed on the collapse of our value system and the urgency of re-orientation. Guess one might have been wrong on this.

For as long as I can remember, my friend, Oladele Ogunlana, has been running a campaign to remind us that “WE are the ones we have been waiting for”. Akin Fadeyi also has, of late, been challenging us with the brilliant ‘Not in my Country’ series. Not to forget Nancy Illoh of AIT that had daily reminded us, for years

now, to be the change we want to see. Thought the message from them is simply one asking us to look more in the mirror, if the change we desire is to come. But the more attention I paid, the more I saw that quite a few of our well-informed friends are, in fact, aboard this train, many furiously pounding at keyboards to reject the mantra, insisting that the change ought to begin somewhere else and not with them.

As a matter of fact, it was the gusto behind the repudiation that finally convinced me to write, putting words forcefully in my mouth that we do, in fact, urgently need a value re-orientation.

Unfortunately, the initiative by this government has come many months late. If this move could not make its way into the inauguration speech of the president, it could have come with the Independence address of October 1, 2015.

But that does not, by any means, take away from its necessity and urgency. You might detest the government and cannot stand anything from it. You might argue against the appropriateness of it from a strategic communications angle, but when you argue against the philosophy behind it, you lose me.

I struggle to understand what anyone can have against the philosophical template upon which this initiative rests. Or could it be, like I have previously argued that the challenge is really one of comprehension? As I see it, ‘Change begins with me’ is not a top-down directive or instruction. It is not conditional. It is not telling me to go first before you or the government takes its own step. It simply means, to me, that

everyone should stand up to do what is right, wherever, however. So, what can be wrong with that? What then is basis for this impression or confusion that government is asking the citizenry to embrace change before it does?

What can be wrong with being told to pay greater attention to doing the right things in our conduct with others and public space?

What can be wrong with us being reminded to stand up for what is right? Change begins with me means, to me, standing up for justice, equity, fairness, peace, good neighbourliness and patriotism. What can be wrong with that? What has government got to do with that? It can even mean standing up to government, demanding for accountability and good service delivery. It can even mean working to bring about a change of government, if that is so desired. Or is that not what ‘Change begins with me’ is all about?

I would think one does not need to be in government or even be an adult to make a change in your immediate environment or the country. You do not need to be in government to promote orderliness and proper conduct in your own space and stand up for it in the public place. I would have thought that this is what this initiative is about and not about government shoving instructions on how to live down the throats of citizens, as it is being made out.

Citizens brought about a change of government in 2015. Is that not a case of people taking initiative to effect change?

Change, I will say, is an aggregation of little steps, tiny deeds here and there, aimed at

bringing about a desired change in orientation or circumstance one does not like. What then can be wrong with everyone, putting in their own bit, wherever, however, government and the governed? Or is it a case of another message lost to some ears on account of the source? Or is it that the wave of cynicism has taken over that the power of comprehension is now so diminished? Whatever the case, I do not think we need anyone to ring the bell before one realises that change does, in fact, begin with the man in the mirror. It cannot be that difficult to understand. It could be that I am wrong. But I would have thought that ‘Change Begins with me’ simply means that true change can only come if each one of us plays his or her own part, or does it mean something else? Some insist on making this about who does what first, but I don’t see that as the case. It is not about anyone asking you to change before he does.

There are different dimensions to the change.

You do your bit, I do mine. That is how we can bring true change about. It is not about looking over the shoulder to see if the other person is on board before doing one’s own bit. I have, in fact, found out that, in many instances, it actually takes less energy, especially mental exertion, to do something to change a situation than that spent complaining about it. That, for me, is what this is all about. Why can’t change begin with me?

Olorunfemi works for Hoofbeatdotcom, a Nigerian Communications Consultancy, publisher of Africa Enterprise

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T H I S D AY • WEDNES DAY, S EPTEMBER 21, 2016

EDITORIAL THE PLIGHT OF PENSIONERS

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The federal and state governments should keep faith with their obligations to pensioners

ne major attraction in public service, despite its poor remuneration package, is the benefit of receiving pension after retirement. But over the years, such prospect has become problematic and uncertain in Nigeria. And this has worsened the woes of retired civil servants. The failure of government to meet the pension expectation of retirees ends up shattering the plans of many as well as inducing economic trauma, which in some cases have led to fatalities. Indeed, many senior citizens who had no other source of earning a living after service had collapsed and died while on queues waiting for their pensions.

It was in a bid to move beyond this tragic situation that the Pension Reforms Act of 2004 was enacted.

It was, as the name suggests, designed to address the failures of the old scheme—the Defined Benefit Scheme (DBS). In its place, the Contributory Pension Scheme (CPS) was introduced wherein both the government and the IT IS ONLY FAIR AND workers themselves JUST TO ALLOW PENSION are to save up a given TO SOOTH THE NERVES amount of their earnOF RETIRED PERSONS, ings towards building ESPECIALLY AFTER up an accumulated THE WORKERS HAVE funds reserve which the worker can fall BEEN FAITHFUL IN back on after retireMAKING APPROPRIATE ment.

CONTRIBUTIONS TO THE It is noteworthy SCHEME WHILE IN ACTIVE that the National SERVICE Pension Commission (PenCom) has not only helped to grow the funds but has been very prudent in its management. However, there are still issues that are yet to be resolved by the government regarding many retired civil servants.

Recently, two out of hundreds of pensioners in Benue State slumped while on a peaceful demonstration to the Government House, Makurdi to press their

Letters to the Editor

demand for the payment of 10 months pension arrears owed them. They were lucky to have been revived by their colleagues as many others have died in similar circumstances. From the Federal Inland Revenue Service to security and Customs personnel, Staff of Nigeria Prisons Service, Nigerian Immigration Service to those of local government, the authorities offer little or no comfort. It is even more painful that the monthly stipend doled out to many of the aged and frail looking men and women is about N2000 each, an amount that could hardly transport them back to their homes.

C T H I S DAY

EDITOR IJEOMA NWOGWUGWU DEPUTY EDITORS BOlAJI ADEBIYI, JOS EPh US hIGIAlE MANAGING DIRECTOR ENIOlA BEllO DEPUTY MANAGING DIRECTOR KAYODE KOMOlAfE CHAIRMAN EDITORIAL BOARD OlUS EGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOS A 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, IS RAEl 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, S AhEED ADEYEMO CONTROLLERS ABIMBOlA TAIWO, UChENNA DIBIAGWU, NDUKA MOS ERI GENERAL MANAGER PATRICK EIMIUhI GROUP HEAD fEMI TOlUfAS hE ART DIRECTOR OChI OGBUAKU II DIRECTOR, PRINTING PRODUCTION ChUKS ONWUDINJO TO SEND EMAIL: first name.surname@thisdaylive.com

omplications in meeting up with the pension obligations had arisen fundamentally by the failure to link those in the old scheme (DBS) with those in the new scheme (CPS). But even after it seems to have been done, the federal and many state governments had failed severally in remitting deducted sums from workers’ salaries to the PFAs. The result is that neither government contribution nor workers’ deducted sums are credited to the accounts of the workers with the PFAs. This malaise is even more prevalent in the private sector where many companies do not remit their counterpart deductions to the PFAs as required by the Pension Act. The provisions of the act had demanded that the government issues bonds in favour of retired workers, which will be redeemed to the PFAs who will credit same to the accounts of the individual staff. Therefore, the non-remittance of the deductions of staff is a clear breach of the provisions of the Pension Reforms Act and that perhaps explains why pension liabilities in the country today run into hundreds of billions of naira.

While we urge the federal and state governments to keep faith with their obligations to pensioners, we also call on the pension sector regulator, PenCom, to apply stricter measures in enforcing compliance with the provisions of the Pension Reforms Act by the PFAs. It is only fair and just to allow pension to sooth the nerves of retired persons, especially after the workers have been faithful in making appropriate contributions to the scheme while in active service.

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

BUHARI AND SAUDI ARABIA EVERY DISAPPOINTMENT IS NOT A BLESSING

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nadvertently or so, President Muhammadu Buhari has crashed the robust economy he inherited from President Goodluck Jonathan. In the inner recess of Mr. Buhari’s mind, President Jonathan economy was too private-sector driven and thus given to empowering the “Biafrans” and the “Niger Deltans”.

Mr. Buhari favours a command-and-control economy modelled after his idol country, Saudi Arabia.

Saudi Arabia? Really, Saudi Arabia’s tight grip on countries with significant Muslim population is shocking and Nigeria is not exempt. Mr. Buhari appears to show disdain for free-market entrepreneurial endeavours. But, is there anything like a Saudi Arabia

economic model? Hasn’t Saudi Arabia invested something like ¾ trillion dollars in the US bond market, a free-market and private sector economy?

Does Saudi Arabia con gullible and adoring Muslim countries and Muslim presidents into believing there is an “Islamic Utopian Economic Model” whilst this country surreptitiously pours its capital holdings into Western and “decadent” economies?

Mr. Buhari cannot revamp Nigeria’s economy if he is too fixated on and goes dewy-eye for Saudi Arabia every little chance he gets.

Come on, Mr. President, Saudi Arabia is one hellhole of a place to inspire anyone!

Sunday Adole Jonah, Abuja

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ue to some events that have occurred and the results they have produced, I decided to take my time and examine them after which I told my friends that the adage of “any disappointment is a blessing” should be amended. It is no longer holding water in this our ever changing society. I suggested that it should be “some disappointments are blessings” because it is not every disappointment that produces blessing.

Someone graduated from University of Jos, Plateau State. He read Public Administration. For good five years after graduation there was no job, but he never got tired of applying. In the sixth year, he went for a job interview and was recognised as the best candidate. His performance even attracted and moved the panel of interviewers. They were interested in knowing more about him aside what was meant for them to know concerning the job interview.

However, he told them how he graduated with 4.45 GP from the university and how the university returned or employed two of his course mates that graduated with 4.22 GP, but refused to do same to him, simply because he was not having somebody that can stand and fight for him. He told them a lot that I cannot be able to state all here. To cut the long story short, they were touched by his story and

gave him N150, 000 to support him, pending when he would start the work. They had assured him of getting the job no matter what may happen. He strongly believed them with the way they treated him, and his performance that rated him the best among thousands of applicants.

The names of successful candidates were to be published in The Guardian and Nation Newspapers after two weeks of the interview. When the names were finally published in the national dailies, his name was not there. He took the courage and went to the place to find out if the exclusion of his name was a mistake. Reaching there, he went straight to one of the interviewers that seemed to be happier with him at the job interview and even handed over N150, 000 to him, contributed by his colleagues to support him because of his excellent performance and his touching story. The man he met was one of the powerful directors in the company. He explained and complained to him. But the man simply told him that he was sorry and wished he could do something but it was too late. The director wanted to give him an additional N50, 000. But it was at that point that the young man collapsed and died. That was a big disappointment. Can one look at this disappointment as a blessing?

Awunah Pius Terwase, Ungwan Romi, Kaduna.

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WEDNESDAY SEPTEMBER 21, 2016 T H I S D AY

T H I S D AY WEDNESDAY SEPTEMBER 21, 2016

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T H I S D AY • WEDNESDAY, SEPTEMBER 21, 2016

MIDWEEKPOLITICS

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

THE NEWSMAKER

Quintessentially Clueless!

It’s a no-brainer – this government of Muhammadu Buhari is evidently inane and without focus.

Davidson Iriekpen writes

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ith the benefit of hindsight, it could actually amount to flawed argument that the seemingly overwhelming problems of the Muhammadu Buhari government are ensconced or derived from her ‘excessive promises’ during the 2015 electioneering as some are beginning to propound in subtle defence of the government.

But in actual fact, despite the conscious attempt to change the slant of the narrative, the problems are today beyond the ability of the government because the promises, in spite of their number and weight, were rooted in falsehood and sheer propaganda. They might have been ideal; they were however far from the reality.

Although, for the record, Buhari was said to have sued for caution at some points during the campaigns, perhaps, realising his limitations too, which unfortunately, he would never own up to, however in truth, the All Progressives Congress (APC) bit more than it could chew in relation to capacity and it is fast burning out its goodwill.

Stories about how Buhari had kept an Igbo driver and cook for many years; how his ‘unknown’ first daughter was married to an Igbo man; how he became a ‘democratic born again’ by merely cladding him in different attires to create an impression that he identified with Nigeria’s diversity in culture and religion were all façade – conceived to sway Nigerians and they got away with it. But like a house built on a sandy ground, it is beginning to collapse and lo, helplessly too.

Pause for a moment and ponder this: can anyone say in truth and honestly too, that the Buhari they have seen preside over the country in the last over a year can give his daughter out in marriage to an Igbo man – of all tribes?

Except such a daughter is a deviant and one he would have long disowned, there is no way

The Buhari brand is certainly a defective one.

The president has been least honest and sincere about so many things to be seen in a different light. It is unfortunate his party got away with the lies and cosmeticized image of their candidate during the campaigns. His leadership style has been everything but impressive.

He is second time a huge letdown. His failure as a military leader may be condonable, certainly not his deliberate failings as an elected president. He remains the same and always will – unrepentantly sectional and pretentiously fanatical

Buhari...what can possibly be on this mind?

that would happen in his life time.

Taking it further, driver and cook are two of the most important domestic staff in the life of anyone. Again, does Buhari look like one who would concede his kitchen and wheels to a Yoruba man let alone someone of the Igbo extraction? The lies were too good to be true and yet, Nigerians were not critical enough to discern just because they wanted Jonathan to go.

They were too steeped in the hate politics that dotted the era in question and the propaganda thrived, monumentally.

The very first outing that gave Buhari away as one likely to fail at a time Nigeria was desperately in need of a patriotic leader was in the United States, during an interaction with foreign journalists in the course of which he propounded the 95 and the 5 per cent development theories. The president had been asked how he would address the Niger Delta agitation in collective interest.

But in answering, he dismissed it, saying their demands would be addressed commensurate to their contribution to his victory.

It was the manifestation of a spirit against healthy competition. Not everyone would toe his path, expectedly. The essence of a competition is to provide options and choices. Those who went with Jonathan did and rightly so as they preferred, while those who opted for the now failing change also did as their rights to do so and granted by the constitution. Unfortunately, the president took offence in their rights to choice.

Thus, because some people did not vote for him, the supposed leader of a country with complex ethnic tendencies said whatever would accrue to them in terms of delivery of promises would be measured in accordance to the number of votes they churned out.

What a primitive and crass thinking! No such a

mindset would yield forth good products because the thinking itself is defective ab initio. Even in America, immediately after the elections, they cease to be red and blue states as may have been defined in the electioneering period and the president immediately rallies everyone for the task ahead. That is the beauty of the American democracy. But here, Buhari differed and was thought to have got away with it. It does not seem so anymore.

Otherwise, how do you define a Nigerian president, whose immediate staff and security attaché are either members of his family or people from the part of the country that he also comes from? A president whose beliefs in the federal character is almost nil; a man who would rather the whole of Nigeria is populated by his own kith and kin. In truth, what sort of progress or development can such a disposition give rise to?

Away from that, in what name would anyone call the nearly six precious months wasted in the name of shopping for an ideal team, only to end up with the faces that had been with him all along. How does he justify the time wasted without anything to show for it? Could he not have hit the ground running by picking these same guys immediately he assumed office?

Instead, he relished in some sycophantic body language that soon vanished with his now fading mystique. As everyone can see, he is struggling to catch up with the time that was needlessly wasted and entire country is suffering for his indiscretion.

As if that wasn’t enough, he has since picked needless and avoidable fight with the legislature as if he could run the government successfully without them. He neither listens to them nor confers with them as expected in matters of collective interest. He discountenances party

politics and has killed, with his actions, the idea of caucuses through which party politics thrives.

His ‘Know It All’ demeanor has remained same and the change his party professed might have been a fraud after all.

Wait a minute, who prides in his first budget ever that was enmeshed in needless fiasco?

But that was one of the faltering starts of this government. First, the budget was reportedly missing and next, a duplicate popped up in circulation from nowhere and then, the padding tales followed, first from the executive before the legislature too caught the bug. That was no less a function of poor leadership as offered

by Buhari. He would not even credit his own ministers but conceded too much to the civil servants as the actualisers of good governance.

It is important, at this juncture, for Nigerians to know that whatever becomes of this government – good or bad – cannot be calibrated under collective responsibility because Buhari clearly runs a one-man-show. His brothers in the legislature or those in the judiciary cannot not be made to share in his failure, and if he waltzes through to success, let him alone share the glory, after all, that is what he has always wanted even though capacity is not anywhere located in his credentials.

Today, those who knew his limitations but had drafted him into the race because of his ability to win the election on account of the then prevailing calculus, thinking they would be in a position to advise as well as help drive the ship of state, have been either pushed back or relegated to the side as mere spectators because of his style, which does not encourage brain storming or thorough consultation. He is soon going to be a victim of power in cabaltocracy.

The path is being prepared already – government within government.

Even more pathetic is the fear that he would tag them corrupt or misread their intention as a ploy to steal, thus completely stifling everyone from helping out and today, the entire country is in trouble following this ‘black market mandate’ that was sold on the strength of unrealistic change from an otherwise disoriented old order.

Last weekend, the president sort of demonstrated that he indeed had no clue on the economic challenges facing the country, when he charged his cabinet ministers to think out of the box on how to pull the economy out of recession. His intention was less than genuine.

At a retreat with the ministers at the presidential villa, Abuja, the president appealed to team to design how best to implement his administration’s plans to rid the country of its dependence on oil, diversify the economy and bring the country out of recession.

Buhari told the minister to explore more coordinated approach to the formulation and implementation of the policies of government.

He told them that there had been a mismatch between government’s planned targets and the budgetary outcomes at the national and sectoral levels in the past years, suggesting that this might have occurred because the ministries, departments and agencies (MDAs) had not been working together and building consensus around common national objectives.

“Indeed, the challenges we face in the current recession require ‘out-of-the-box’ thinking to deploy strategies that involve engaging meaningfully with the private sector, to raise the level of private sector investment in the economy as a whole,” the president said on Thursday at the opening of a ministerial retreat tagged: “Building Inter-ministerial Synergy for Effective Planning and Budgeting in Nigeria.”

With the increasing economic hardship and poverty, insecurity and incessant attacks by Fulani herdsmen in the country, the Buhari Continued on next page

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T H I S D AY • WEDNESDAY, SEPTEMBER 21, 2016

MIDWEEKPOLITICS Q U I N T E S S E N T I A L LY C L U E L E S S ! administration in the last one year has come under severe attacks from Nigerians. The attacks became worse when notable public figures joined the fray, asking him to buckle up and deliver on the change he promised the electorate during his electioneering last year.

Initially, Nigerians gave him a period of grace for him to settle down in office. But with the hardship biting harder, after six months, they exhausted their patience with attacks coming from every angle possible.

In the forefront of criticism are the some opposition governors, clerics, including Archbishop emeritus of the Lagos Catholic Dioceses, Cardinal Anthony Olubunmi Okojie,; Emir of Kano, Alhaji Muhammedu Sanusi II; former governor of the Central Bank of Nigeria, Prof. Charles Soludo; President of the Senate, Dr. Bukola Saraki and the Archbishop of Sokoto Dioceses, Hassan Kukah.

They all called for more rigorous thinking on the economic policies and asked him to seek help from experts and private sector players to show him the way out of the woods. Others not left out of the attacks on the president and his All Progressives Congress (APC), are experts in various fields and the opposition Peoples Democratic Party (PDP) which at every opportunity would ask the president to resign.

They claim that under the PDP government, things were not as bad as they are now.

This is why, for many observers, while the decision by the president to hold the retreat was commendable and showed that he was sensitive to the criticism daily hurled at him; it also showed that he’s been clueless on how to solve the problems. It equally showed that all along, the president did not have a clear agenda for the country other than the ambition to acquire power.

After many years out of power and with his lamentations during the electioneering, many had thought that Buhari would transform the country overnight. Beyond corruption, they wonder the things he noticed were not right with the country that needed to be fixed all through the three occasions he had attempted the presidency before getting it the fourth time.

On the day of his inauguration on May 29, 1999, then President Olusegun Obasanjo had lamented how he bequeathed a large fleet of aircraft and ships for the Nigeria Airways and Nigerian National Shipping Line respectively as military Head of State in 1979 and met nothing when he came back as civilian president in 1999.

He expressed the same disappointment on the deplorable state of roads and other infrastructure.

With the lamentations, many Nigerians had thought Obasanjo would correct all the wrongs and perhaps make the country gain all that it lost in the 20 years. They were however shocked when after eight years in power, he left the country worse than he met it.

With the present state of things, a cross-section of Nigerians feels the same way towards Buhari.

They wonder why he is unable to fix the country after observing the ills it was going through on the sideline for 30 years. They also wonder what his motivation was for seeking power if not to correct the ills and put the country back on the path of growth.

Perhaps, the only effort the president has made is to seek emergency powers which the National Assembly has turned down for fear of misusing it.

“They don’t have any idea. What Buhari has done with the retreat has clearly shown that he is clueless on how to fix the economy. He was just looking for power to pay some people back. Nothing more! He was not thinking of how to fix the country. I can tell you that he was looking for an opportunity to deal with those who overthrew his government and kept him in house arrest 30 years ago. The only scapegoat now is the former National Security Adviser, Sambo Dasuki he met in government, and he is really dealing with him now.

“If the likes of Col. Abubakar Umar (rtd), Col. Abdulmuminu Aminu (rtd), former Senate President, David Mark – all referred to ‘Babangida’s boys’ who allegedly aided former military president, Ibrahim Babangida in the coup that led to the overthrow of his government in 1985 were still in government when he came back, he would have given them the same treatment as Dasuki.

“The man just wanted power to deal with people – nothing more. Even from his appointments, you can tell that he was not seeking power to better Nigeria. Otherwise, tell me what Dasuki did that others didn’t do? Were monies

Buhari in a handshake with the National Chairman of his party, Chief John Odigie-Oyegun, upon return from a trip. He has through his irritant politics decimated resounding party politics. The chairman is merely floating

not given to him to run his campaigns? Are the people in jail or detention? Has he even allowed their probe? I’m taking about people who shut down their states and gave him money to fund his campaigns, asked public affairs analyst, Peter Onaja.

While the attacks on Buhari is understandable as the leader on whose table the buck stops, many observers believe that his ministers have also not shown that they have anything to offer other than showing off. For people who had at one point or the other held positions such as governors, ministers, lawmakers, among others, they had thought that they would make a difference.

“In the states where some of the ministers were governor, what legacy did they leave?

Nothing! A lot of them left huge debt, unpaid salaries, deplorable infrastructure and massive looting. Tell me, which governor left behind any sustainable thing that can make his state prosperous? You think people who for eight years got free money from Abuja and did not invest it for the future of the state will turn around the country? It is a lie,” Onaja said.

It is against the backdrop that many people

Taken together, the president’s clueless demeanor is irremediably legendary – the quintessential Buhari.

He arrogates too much to himself when in actual facts, he is some distance away from the intellectual requite for the job he has sought to have for many years. All he wanted was just power and not that he had the ideas on how to turn the tide around. For 12 years that he had chased this dream of his, not a document that highlights his plans and how to go about them

are asking the president to re-jig his cabinet and bring in experts, who can help him revive the economy.

For instance, penultimate week, the leadership of the Nigeria Labour Congress (NLC) in Ekiti State advised the president to take critical actions that would make his change agenda have positive impacts on the lives of Nigerians. One of such steps, it said, is to make meaningful changes to his economic team, so that his much touted change mantra won’t end like a mere slogan without productive effects on the lives of the citizenry.

Chairman of the congress, Ade Adesanmi, said what Buhari promised Nigerians before the March 28, 2015 presidential poll was life full of abundance and not the hardship presently being witnessed by the populace.

“President Buhari campaigned in all the 36 states of the federation and what he promised us was life full of peace and abundance. However, the president has been able to give us peace by way of tackling Boko Haram insurgents while he has also taken decisive actions against militancy in the Niger Delta, but the issue of the receding economy as shown in the skyrocketing prices of goods and services and callous losses of jobs

by Nigerians are worrisome.

“President Buhari did not promise that a bag of rice, which was sold for N9,000 will be sold for N40,000; he didn’t promise that a bag of cement which was sold for N1,500 will be sold for N2,500 within one year that he assumed office; he didn’t promise that a litre of petrol which cost N87 will be jacked up to N145, among other food items whose prices have jumped up in four folds. The APC-led federal government must look beyond its party to solving our economic problems. We suggest that President Buhari must re-jig his economic team. He must make changes before things get out of hands.”

On its part, the opposition PDP has urged Buhari to quit office as a solution because nobody can give what he/she does not have. It called on the president to return the country to how he met it in 2015 in order to allow a more experienced team to take over governance. It particularly described the statement by the Minister of Finance, Kemi Adeosun that, “recession is a word” as smacking of ignorance, lack of patriotism.

It further said such pronouncement by Adeosun is in-line with President Buhari’s comment that his ministers are noise makers. The party, through its National Publicity Secretary, Dayo Adeyeye, said the crass ineptitude and lukewarm-attitude of the APC-led government is no longer tolerable.

“The crass ineptitude and lukewarm-attitude of this APC government is no longer tolerable, and therefore, we are calling on President Buhari and his team to return Nigeria to its state of booming economy before they assumed office in May, 2015, and then quit immediately to

allow other capable leaders recover our ailing economy.

“For instance, recall that about three airlines, local and international like some banks, have suspended operations and sent their staff on indefinite leave due to poor state of the economy.

Nigerians are aware that the PDP government invested heavily in most of our airports in the country that resulted in obvious ‘facelift’ and improved operations through remodelling, construction of new airports, refurbishing and equipping of the local and international airports to meet best practices in the aviation industry.

“But the APC administration has frittered away all the good policies and programmes, which the PDP put in place, thereby crumbling the aviation sector of the country among other catastrophes it has caused. What Nigerians want from this administration are results. Simple!

And not resorting to throwing tantrums on the PDP at every given opportunity.

“Our call for the President to return the country to how he met it in 2015 is justified on the following grounds: a bag of rice was N7,000 and now is above N20,000; a mudu of beans was N150 and now is N500; $1 was trading for N197 but now over N400; a liter of fuel was N87 but now N145; cost of transportation and other services have skyrocketed. Given our observation since the inception of this government, they have nothing to offer and as such, quitting will be a solution because nobody can give what he/ she does not have. APC has failed.”

The PDP therefore called on Nigerians to recall President Buhari’s purported ‘body language’ at the beginning of his administration and reiterated that governance is a serious business and not about someone’s body language’ and de-marketing strategies of the president while ‘globetrotting’.

“When this government came to power in May 2015, riding on the achievements of previous PDP administration, President Buhari’s handlers and his party, the APC claimed it was his ‘body language’ that brought some positive changes the country was witnessing at that time. So, we want to know: what are the results of the so-called ‘body language’?” Adeyeye queried.

Not surprisingly, everything about the ‘Buhari brand’ is wrong and suspect because it is largely shrouded in secrecy and some sort of official conspiracy. He barely could raise N21million naira for his presidential nomination form, yet declared N30 million as his account balance.

How he was able to pay back (if he did) the N21 million he later claimed to have raised through a benevolent banker friend has been kept under wrap.

NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

20

WEDNESDAY, SEPTEMBER 21, 2016, • T H I S D AY

FEATURES

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

Rebuilding Insurgency Ravaged Communities in Borno Borno is the worst hit state by the Boko Haram insurgency, and many would have thought that the herculean task of its reconstruction would take ages. Michael Olugbode who visited some of the affected communities, reports that much has been achieved within little time

T

he Post Insurgency Recovery and Peace Building Assessment Report on Borno showed that destructions worth six billion dollars have been inflicted by insurgents in the state. 20,000 persons were killed, two million displaced, about one million houses, 665 m unicipal buildings and 201 healthcare centres were destroyed. A total of 5,335 classrooms and other school buildings were destroyed across 512 primary schools, 38 secondary schools and two tertiary institutions.

The infrastructure took ages to build and those were the efforts of numerous administrations but the destruction which is obviously massive would equally take ages to rebuild; but it is often said that where there is a will there is a way; and that it takes a step to start the journey of miles; it is equally true that the ocean is a body of drops of water.

In keeping with these sayings, it is right to say the journey to rebuilding Borno from the rubble of Boko Haram destruction has started gradually as the governor of the state, Alhaji Kashim Shettima and his people have picked up themselves from the ground where the insurgents have reduced them to, dusted themselves up and are starting their lives over again.

Where few months ago laid the rubble of Boko Haram destructions, buildings have started springing up and people have started leaving from camps where they were consigned to in the last few years back home to their homelands; though heads bowed but with the resolve to pick up the pieces of their lives and begin all over again.

Aware of the task ahead, the governor immediately he was reelected last year and inaugurated a newly created ministry that is new to the lexicon of Nigerian administration, the Ministry for Reconstruction, Rehabilitation and Resettlement with a mandate of rebuilding all communities, private homes, public structures as well as rehabilitation of victims.

Shettima who was equally aware of the daunting task before him and the new ministry, shunned sentiments and the need to placate politicians and appointed an academic and renowned engineer, Dr. Babagana Umara Zulum to oversee the new ministry. Zulum before his appointment had distinguished himself as the rector of the state owned polytechnic, Ramat Polytechnic where his performance was stellar.

The train of reconstruction of destroyed infrastructure has moved to local government areas such as Kaga, Mafa, Dikwa, Konduga, Gwoza, Damboa and parts of Bama. The communities in the local government areas are wearing new looks and the faces of destruction have been consigned to history

Renovated hospital in Dikwa

Rebuilt houses along Maiduguri-Damaturu Road

Renovated shopping complex in Konduga

The team was apt, a governor who wanted new homes and lives for his people and matched with a consummate and proven

achiever commissioner who is not prepared to grease a political machinery but rather interested in making a mark and a place

in the history of his state as an achiever extraordinaire.

With the needed framework well developed,

21

WEDNESDAY, SEPTEMBER 21, 2016, • T H I S D AY

FEATURES

Renovated Konduga local government secretariat

Newly built mosque at Maitakururi in Kaga Local Government Area

Rebuilt Federal Road Safety Corps office at Jakana.

the task of getting the Internally Displaced Persons (IDPs) a place they can call home instead of living a life of refugees in camps; reconstruction works were started with communities in Kaga, Maiduguri, Jere, Konduga and Bama Local Government Areas having the first shot in the phase one. The government as a matter of priority had picked communities based on immediate access to avoid interrupting the military operations which were ongoing. So much was achieved in a short space of time with the Borno State Government working in over 20 different sites.

In the reconstruction work, affected communities were remodeled to meet certain standards, schools, district head palaces, central mosques, primary healthcare centres, and water supply boreholes destroyed by the insurgents have been re-built. Equally rebuilt were the Nigerian Police Quarters, General Hospitals and dispensaries, local government secretariat; Police station and barracks, Magistrate Courts and the complex of the Federal Road Safety Commission with emergency clinic, office and staff quarters, among others. The Government also rebuilt and remodeled destroyed schools, healthcare centres and other affected areas.

Apart from the rebuilding of destroyed communities, the state government built and inaugurated a resettlement estate named Yerwa Peace Estate, comprising 500 units of two-bedroom flats which is now being permanently occupied by insurgency victims of Umarari, Gwaidamgari and Jajeri com-

Newly built Tsangaya School in Dikwa

munities which were completely razed down during the military offensive that led to the final exodus of Boko Haram from Maiduguri.

The Boko Haram had earlier controlled the

We gave Borno building materials worth N200 million and cash of N50 million for payment of labourers and other coordinating items to reconstruct 24 public buildings we identified in Dikwa but to our pleasant surprise, the Borno State Government used the same materials and money to reconstruct not only the 24 public buildings to standard but added 16 others.

This is remarkable

three communities for two years, after chasing away residents who lived there for decades.

The train of reconstruction of destroyed infrastructure has moved to local government areas such as Kaga, Mafa, Dikwa, Konduga, Gwoza, Damboa and parts of Bama. The communities in the local government areas are wearing new looks and the faces of destruction have been consigned to history.

One important thing in the management of the reconstruction work in Borno is financial management and transparency shown. This was recently captured at the inauguration of some projects financed by the Victims Support Fund, the Executive Director of the Fund, Professor Sunday Ochoche could not but state that: "We gave Borno building materials worth N200 million and cash of N50 million for payment of labourers and other coordinating items to reconstruct 24 public buildings we identified in Dikwa but to our pleasant surprise, the Borno State Government used the same materials and money to reconstruct not only the 24 public buildings to standard but added 16 others. This is remarkable."

The Chairman of the Fund, the venerated Gen. Theophilus Danjuma (rtd) was so impressed with the work done after a tour round the rehabilitated sites, that he immediately agreed to the commencement of work under the same sponsorship in Bama. He said the "judicious use of resources by Governor Kashim Shettima" was impressive as there is no more money to be thrown around. He said the Fund had little to play around with and needed to

be judicious in its spendings, lamenting that of the over N50 billion pledged by corporate organisations, individuals and government institutions during the fund raising, about half the amount has been redeemed so far.

Danjuma said: "Let me say here that there is no dignity for someone living in IDPs' camp, we are witnessing the inauguration of public building in Dikwa township. The total money spent in reconstruction was 250 million naira.

"We were able to construct 39 projects including General Hospital, local government, police barracks and 35 building which IDPs will move in from camp to the township.

"We are going to start reconstruction of Bama township as soon as possible so that people will relocate to their homes. The funds are limited and that is why we have to work together, we will provide money to everyone and building materials will be given to build their homes under supervision," he said.

With effective fund management the reconstruction, rehabilitation and resettlement of Borno is on track and attracting organisations from all over the world, the Borno State governor who was well aware that this could take years and may not end until after he exited office, has the will to travel quite a mile and take the train to every nooks and crannies which was not only touched but torched by the satanic Boko Haram. Though the burden may be heavier than the state, but the process has already started and the rest of the world has jumped on the train.

22

IMAGES

WEDNESDAY, SEPTEMBER 21, 2016, • T H I S D AY

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

Children of late Oba Lateef Abayomi Dauda, Onitire of Itire- Abiodun Shoetan, Taibat Ojora, Ademola Dauda, Omowale Dauda, Fatimah Dauda, Abosede Shogbesan, Adeola Dauda and Latifat Dauda during the burial prayer at the palace in ltire...recently

L - R, Speaker, House of Representatives, . Hon. Yakubu Dogara; Oba of Lagos, Rilwan Akiolu; Oluwo of Iwo Land, Abdulrasheed Adewale and a former Speaker, House of Representatives, Dimeji Bankole during the 75th Birthday celebration of former speaker’s father, Chief Alani Bankole in Abeokuta, Ogun State...recently

L - R: CEO CWG Plc, Mr. James Agada; DG NOTAP, Dr. DanAzumi Mohammed Ibrahim and COO, CWG Plc., Mr. Kunle Ayodeji during a courtesy visit to CWG HQ, in Lagos...recently

L-R; Chief of Staff to the Ondo State Governor, Dr Kola Ademujimi; Ondo State Governor, Dr Olusegun Mimiko and the Peoples Democratic Party governorship candidate in the state, Eyitayo Jegede (SAN),, during the 91st edition of the monthly divine agenda praise night in Akure...recently

L-R: Director General, Centre For Democratic Governance In Africa (CDGA), Dr. Dafe Akpocha; Ghana High Commissioner to Nigeria, William Azumah Awinador - Kanyirige; and Executive Director, CDGA, Dr. Idosen Dukeson, during a courtesy visit to the Ghana High Commission by CDGA in Abuja...recently

L-R: Air force Commander, 273 Wing, Nigerian Air Force, Ilorin, Group Captain Tajudeen Yusuf, Kwara State Governor, Dr. Abdulfatah Ahmed and Navy Commodore Adebayo Taiwo(rtd), during Yusuf’s courtesy visit to the governor at the Government House, Ilorin...recently

R-L; FCT Minister, Malam Muhammad Musa Bello; the FCT Commissioner of Police, Mohammed Mustapha and Brigadier General IM Obot from Army Headquarters, during an emergency security meeting at Life Camp, Abuja...recently

L-R; Acting. Managing Director, Bank of Industry (BOI), Mr. Waheed Olagunju ; Managing Director, Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Mallam Aliyu Abdulhammed and Head of Legal, (NIRSAL), Oluseyi Ajinusi at the signing of an MOU between Bol and NIRSAL in Lagos... recently sunday adigun

23

WEDNESDAY, SEPTEMBER 21, 2016, • T H I S D AY

Group Business Editor Chika Amanze-Nwachuku Email chika.amanzenwachukwu@thisdaylive.com 08057161321, 08033294157

BUSINESSWORLD R A T E S

NIBOR OVERNIGHT 1-MONTH

29.4167% 20.7904%

A S

NIBOR

3-MONTH 6-MONTH

A T

21.4458% 24.7096%

S E P T E M B E R ,

NITTY 1-MONTH 2-MONTH 3-MONTH

15.8218% 15.8678% 16.2693%

6-MONTH 9-MONTH 12-MONTH

1 5 ,

19.3764% 20.5132% 22.4006%

2 0 1 6

EXCHANGE RATE N308.69//1US DOLLAR* *AS AT LAST FRIDAY

Quick Takes FITC Moves to Establish Campus

A BOOST TO OIL AND GAS SECTOR

L-R: Chairman of Kaztec Engineering Limited, Sir Emeka Offor, Acting Executive Secretary, the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Patrick Obah and Commercial Director, Kaztec, Mr. Marc Robillard, during a facility visit by the NCMDB to Kaztec fabrication yard at Snake Island, Apapa, Lagos …recently

FMDQ OTC Facilitates N71.5trn Fixed Income Securities Investment in 8 Months Goddy Egene The FMDQ OTC Securities Exchange has facilitated investments of N71.49 trillion in fixed income securities and currencies in the last eight months, statistics obtained by THISDAY have shown.

An analysis of the data revealed that investors traded N61.74trillion between January and July, while N9.75trillion was invested in August.

A further analysis of the August’s performance showed that activities in the foreign exchange (FX) market accounted for 23.29 per cent, down by 27.56per

ECONOMY cent recorded in July, while FGN2 bonds and Unsecured Placements/Takings accounted for 2.92 per cent (July – 3.79 per cent), and 4.06 per cent (July – 3.99 per cent) of the total turnover respectively.

Treasury bills (T.bills) transactions accounted for 33.02 per cent (July – 33.60 per cent) of total turnover while Secured Money Market [Repurchase Agreements (Repos)/Buy-Backs] accounted for 36.65 per cent (July – 31.00 per cent).

Transactions in the FX market settled at $3.16 billion

in August, a drop of 66.53 per cent ($6.28bn) compared with the value recorded in July. The second Naira-settled OTC FX Futures contract, NGUS AUG 24 2016, with a total outstanding amount of $152.48 million, priced at $/N310, matured and was settled within the month.

The CBN revised the rates on all outstanding OTC FX Futures contracts, whilst a new 12-month contract - NGUS AUG 16 2017 was introduced at $1/ N241.00. Member-member trades stood at $0.26 billion in August, member-client trades stood at $4.78 billion.

The Naira appreciated by 1.56

per cent to close at $/N316.24 for the month whilst the parallel market depreciated by 9.93 per cent to close at $/N413.00.

Turnover in the fixed income market settled at N3.5trillion, 26.43 per cent below the previous month’s value, with transactions in the T.bills market accounting for 91.70 per cent of fixed income market turnover.

Outstanding T.bills at the end of the month amounted to N6.62 trillion whilst outstanding FGN bonds closed at N6.33trillion as a result of an August bond maturity.

Continued on page 24

FG Urged to Concession Major Highways, Railroads Obinna Chima As part of efforts to boost revenue, the federal government has been advised to concession major highways and railway lines in the country to both local and foreign private sector investors.

Analysts at FSDH Merchant Bank Limited gave the advice in their latest monthly economic report.

They also stressed the need for the federal government to involve the private sector to develop the transport network, saying that such partnership would help create jobs and also attract foreign capital into the sector and other related manufacturing sectors of the economy.

ECONOMY “We believe the above measures with the revolution going on in the agro-allied processing activities, and with partnering with the private sector to improve infrastructure, Nigeria will be out of the recession faster than expected,” the report added.

The Nigerian economy is in recession. The National Bureau of Statistics (NBS) recently revealed that the country’s gross domestic product (GDP) contracted by 2.06 per cent in the second quarter of 2016, compared to the negative growth of 0.36 per cent recorded in the first quarter of 2016.

A sectoral analysis of the real GDP showed that the mining

and quarrying sector recorded the highest contraction in Q2 2016.

This was on account of the drop in oil prices and the militancy activities in the oil producing region, which disrupted oil production. This was followed by the finance and electricity sectors. The weighted sectoral growth analysis, which relate the sector growth to the sector size shows that mining and quarrying contributed the highest to the contraction in Q2 2016. This was followed by real estate, finance, manufacturing and construction sectors. It is interesting to note that these non-oil sectors are related.

Nonetheless, the report urged government at all levels to pay

the salaries of their workers, recommending that government should borrow to achieve this.

“This will also help increase the public debt in the short-term but it will also help to increase spending power, and lower firms’ inventories of finished goods. Consequently, the firms would employ more factors of production and pump money into the economy.

“In addition, there would be an increase in profits of firms, from which government can realise higher revenue in the form of taxes in the medium-to-long term; increase civil servants access to loans. The current purchasing Continued on page 24

The FITC said it marked another strategic milestone recently when the Project Manager and Contractor for its campus land clearing and perimeter fencing, handed over the completed fencing and cleared land to its management, with board oversight by Chairman, FITC Board Sub-committee on New Site Development and an Executive Director of Wema Bank, Mr. Ademola Adebise, and its Managing Director, Dr. Lucy Newman. A statement described the FITC Lekki campus as a major strategic direction for the institute’s emergence as a sub-regional learning and practice imparting hub for the financial services sector, to support the sector’s regulators, operators and stakeholders.

It explained that the FITC has “with this first phase of the project, demonstrated continuity of deliberate strategic plans by various FITC boards and management teams, through the years, thus FITC’s trajectory and increasing relevance within the sub-region.”

“It has been a long journey, because in FITC’s aspiration to meet its stakeholdersgrowingneedsthroughenhancementofitsfacility,FITC acquired a 6.48 hectares of land at Sango-tedo, Lekki, Lagos in April 2002. “This was after several failed attempts at land acquisitions for development in 1990 and 1993. In 2011, FITC obtained the layout approval and thereafter fencing approval in 2013, both from the Lagos State Government. “The ‘FITC Lekki Campus’ as now called, is aimed at providing a world-class corporate environment with state-of-art facilities, ranging from office buildings; seminar halls; syndicate rooms; accommodation facilities for 150 people, staff quarters; recreational facilities; maintenance and service yard, when fully completed.” It may be recalled that FITC was established in 1981, in response to the recommendations of the Pius Okigbo Committee that was set-up by the Federal Government of Nigeria in 1978, to review the Nigerian Financial System.

Sanusi, Others for Report Launch

The Emir of Kano, Muhammad Sanusi II, the chairman of First Bank of Nigeria, Ibukun Awosika, and renowned Professor of Political Economy, Pat Utomi, will lead other prominent bankers, economists and management experts from within and outside the country to attend the launch of the 2016 Nigerian Banking Sector Report in Lagos today. Published by Afrinvest (West Africa) Limited the annual Nigerian Banking Sector Report has come to be recognised as the leading and most incisive report on the banking industry, and a valuable reference for local and international investors in the Nigerian economy. This year’s report is titled: ‘Searching for Investor Confidence,’ chronicles developments within the global and domestic economy in relation to monetary and fiscal policy responses to shocks while also contextualising the impact of policy decisions on domestic macroeconomic variables.

According to the Managing Director of Afrinvest, Ike Chioke, who confirmed the participation of eminent personalities and key stakeholders from the financial services industry: “We are privileged to have quite a large number of dignitaries and notable financial experts from both the public and private sector attend the launch of this year’s Banking Sector Report, which is the 11th since the inception of the report. His Highness Muhammad Sanusi II (Sarkin Kano), former Governor of the Central Bank of Nigeria (CBN), has graciously accepted to be our Special Guest of Honour.”

First Bank of Nigeria Limited has emerged the ‘Most Customer Friendly’bankattheBusinessDayannualbankingawardsheldrecently.

The bank was also named the “Best Bank in Corporate Social Responsibility in Nigeria for the year 2016.” “Having consistently created value for its customers and shareholders for over 122 years, FirstBank has remained at the vanguard of banking innovation, modernisation and business advancement while delivering secure, convenient,innovativebankingproductsandservicestoover10million customers through its extensive branch network and diversified alternative channels. “Through the years, the bank has consistently grown through ground breaking and historical events, maintaining its commitment to the growth and economic development of the Nigerian people and the nation at large,” a statement from the bank added.

“The Nigerian economy is on the path of recovery and growth. So please if you are a bystander or sideliner you are losing”

CBN Governor Godwin Emefiele

24

WEDNESDAY, SEPTEMBER 21, 2016, • T H I S D AY

BUSINESSWORLD FMDQ OTC FACILITATES N71.5TRN FIXED INCOME SECURITIES INVESTMENT IN 8 MONTHS Trading intensity in the fixed income market settled at 0.54 and 0.04 for T.bills and FGN bonds respectively, with maturities between 6 months – one year being the most actively traded (N1.28 trillion) in the period under review.

Activities in the Secured Money Market (Repos/BuyBacks) settled at N3.57 trillion just as Unsecured Placements/ Takings declined stood at N0.40 trillion.

Liquidity was generally low in the banking system evidenced by spikes in the open buy back and overnight rates which closed the month at 16.00 per cent and 17.67 per cent respectively, compared to 3.75 per cent and 4.25 per cent recorded in July.

FG URGED TO CONCESSION MAJOR HIGHWAYS, RAILROADS

NEWS

Concerns Grow over Non Release of PTAD Probe Report Adedayo Akinwale in Abuja The Nigerian Transitional Pension Forum (PTAD) has expressed dismay over what it termed ‘prolong and deliberate delay’ in the release of the investigative panel set up to probe the alleged mismanagement of funds by its suspended Director General, Nellie Mayshack.

It said that Nigerians deserve the right to know the outcome of the probe, which was commenced in February on the directive of the Minister of Finance, Mrs. Kemi Adeosun.

In a communique signed by the President of the forum, Dr. Abdulraman Abubakar and the Secretary General, Obinna Odimegwa, issued at the end of its meeting on Monday, in Abuja, the body noted that if government was honest about its drive for change in Nigeria, then issues of national importance must be treated with justice, transparency and accountability to give everyone a fair hearing.

The forum observed that the government should not shy away from making the findings of the panel public adding; “If the panel vindicates Neillie Mayshack from any

wrong doing, then the public should know in order for her to return to her position to continue with the good work she started in the Directorate”, the release noted.

It called on the federal

government, especially the Minister of Finance to without further delay, publish the report of the investigative panel so that people could know the true position about the issue.

It also urged President

Muhammadu Buhari - led government to remove all the bottlenecks associated with delay in payment of pensions and to ensure that only honest and qualified persons are manned to manage the pension

schemes.

The pensioners however passed a vote of confidence on the suspended DG, describing her as one of the key agents of change due to the reform programmes she introduced in the pensions system.

power of civil servants has been depressed with the current rising inflation rate.

“Government can partner some Nigerian banks or CBN to extend loans to civil servants to boost consumption. Government will guarantee the loans and deduct monthly repayment at source,” the report added.

It also advised government to encourage investments in real estate by local and foreign firms.

According to the report, government should also provide lands while it provides funds through the development partners.

The strategy will generate activities in the real estate, manufacturing, construction and finance sectors of the Nigerian economy. These sectors are also labour intensive and generate employment opportunities, with the capacity to increase the revenues of both the federal and state governments, it added.

But FSDH highlighted the causes of the economic contraction to include weak and declining consumers’ purchasing power on account of delayed payment of salaries; rising unemployment rate due to build-up of inventories and receivables; weak investment expenditure from firms and government; and vague economic policy direction.

Nume Ekeghe

Group Business Editor

Former BGL Employee Challenges Suspension from Capital Market

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 (Capital Market)

CONGRATULATIONS

R-L: Haus Strom’s Sales Manager, Sandeep Saini; Head of Marketing SPAR Nigeria, John Goldsmith and Emmanuel Patrick, during the presentation of awards to SPAR …recently

Fidelity Bank CEO Explains Limited Access to Long-term Loans The Managing Director/CEO, Fidelity Bank Plc, Nnamdi Okonkwo has said the short term nature of banks deposits is one of the major reasons borrowers cannot access long-term loans in Nigeria.

Speaking at the 2016 annual conference of the Finance Correspondents Association of Nigeria (FICAN) in Lagos recently, Okonkwo said although banks would want the economy to grow by lending to farmers and other productive sectors of the economy, they are constrained by the nature of their deposits.

According to him, banks deposits are mainly shortterm in nature and lending such funds to customers for long-term can lead to asset

Goddy Egene A capital market operator and former employee of BGL Asset Management Limited (BAML), Mr. Victor Inyang, is set to appeal his suspension from the capital market activities for two years by the Securities and Exchange Commission (SEC).

The suspension came via the decision of Administrative Proceedings Committee (APC) of the SEC delivered in APC/1/2016: Afolabi Gabriel Oluwaseyi and 9 others versus BGL Securities Ltd and 22 others last May. Inyang, who was sued as the 15th Respondent in the above-mentioned case

mismatch. He disclosed that many banks collapsed in the past because of assets mismatch.

“When there is a run in the system, the owners of the short term funds will come for their money and you have to pay them. And if you pay them, the people you gave long-term loans cannot pay up. Then you begin to have distress in the system,” Okonkwo stated.

Speaking on the theme: ‘Nigeria Beyond Oil: Financing Options for Non-Oil Exports’, he said: “A whole lot of people do not realize that banks’ business is to buy and sell money. So, I come to the market to purchase my raw material, which is cash and my finished goods are also cash. Every other thing banks do are added services. Banks

and banned for a period of two years from engaging in capital market activities and ordered to pay a penalty of N100,000 for a breach of Rule 1(iii) of the Code of Conduct for Capital Market Operators and Their Employees as contained in the SEC Rules and Regulations made pursuant to the Investment and Securities Act 2007, with regards the operating and marketing of BGL Plc’s Guaranteed Premium Notes (GPN) and Guaranteed Consolidated Notes (GCN).

However, the law office of Abimbola Akeredolu , solicitors to Inyang, has filed a notice of intention to appeal against the

get a lot of bashing for not lending long-term. Then I ask you, if as a banker, I know that secret place, where I can find long-term funds, we will be the number one bank in Nigeria today, because I can lend long-term.”

Okonkwo noted that most depositors who have huge amounts to save, invest in short term basis and collect huge interest on such deposits.

“I want borrow N100 million, then bring me one depositor who will place N100 million with me at 10 per cent and I will lend at 15 per cent. Remember that in calculating those 10 per cent of N100 million, what you have actually given me is N75 million because N25 million will be placed with the CBN as Cash Reserve Ratio

decision of the APC and SEC. Documentx made available to THISDAY showed that Inyang’s appeal is based upon a number of grounds.

According to the solicitors, Inyang was in the employ of BGL Plc from March 2, 2014 to March 27, 2015, a period of just over one year in the capacity of MD of BAML. “Of the 10 complainants in the case, the complaints of six were directed at BAML. The investments of five of these six complainants took place in 2012 (5th complainant), 2010 (6thcomplainant), 2012 (7th complainant), 2010 (8th complainant) and 2013 (10th

(CRR). And for me to access N5 million out of the N25 million CRR cash, I have to lend the money for use in industrial production. Then what are your risk assessment criteria if the industrial sector you want to lend to is fighting for breath, “ he asked.

Okonkwo added apart from the CRR, the bank has to also pay five per cent of the N100 million initial deposit to Nigeria Deposit Insurance Corporation (NDIC) premium.

The Fidelity Bank boss also listed lack of right framework as discouraging local banks from lending long term to Small and Medium Scale Enterprises(SMEs). Okonkwo equally decried the problem of lack of infrastructure, such as lack of power, adding that his bank with about 248 branches

Complainant), which clearly predate Inyang’s employment with BAML. The investment of the 9th complainant took place in March 2015 through a staff of another subsidiary of BGL Plc not under the supervision of Inyang. The SEC’s own target inspection reports state that the GCN and GPN products were not managed by BAML but rather by the Treasury Department of BGL Plc. For products that had apparently been in operation

by BGL Plc from as far back as 2008, Inyang clearly did not have or make any input into the design, institution, approval-seeking process or

generate private electricity to power its operations, the level of power that can serve many cities. He said the Nigerian Export Import Bank (NEXIM Bank) and his bank are taking measures to enhance non-oil export and create wealth for Nigerians. Both lenders, he said, want exporters to explore opportunities presented by the N500 billion non-oil Export Stimulation Facility as well as the expansion of the export credit Re-discounting and Refinancing Facilities (RRF) to develop the economy, stimulate their operations, and create jobs for the people.

According to him, Fidelity Bank is always at the forefront of financial services solutions and lending, stressing that supporting SMEs goes beyond funding.

implementation of the GCN and GPN products. Inyang did not market the GPN and/ or GCN schemes. All charges of the mishandling of client complaints highlighted by the SEC took place after Inyang had left the employment of BAML,” the documents noted.

According to the lawyers, Inyang has chosen to file an appeal against the decision of the APC of SEC because he unequivocally believes that he has suffered a miscarriage of justice, having submitted himself to the APC with evidence of non-involvement in the facts of the said matter and complicity therein.

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BUSINESSWORLD

EQUITIES WATCH

Tough Times for Mutual Benefits Assurance High operating costs and other headwinds have depressed the profits of Mutual Benefits Assurances for half year ended June 30, 2016, writes Goddy Egene Times are hard right now due to the challenging economic situation. Cost of living is getting higher as inflation continues to rise and has crossed 17 per cent. Corporate bodies and individuals are all feeling the pains. The impact of the economic headwinds manifested in the performances of many companies in the financial results for the half year (H1) ended June 30, 2016. While some of the companies posted positive H1 results, some ended the period with decline in bottom-lines. The worse hit posted losses.

Mutual Benefits Assurance Plc, which is one of the major insurance firms listed on the Nigerian Stock Exchange (NSE) fell into the category of companies that ended H1 2016 with a fall in profit.

The company had recorded a decline of over 70 per cent in profit for the 2015 full year and hoped that there may be an improvement in H1 of 2016, the company’s bottom-line dipped further. The company ended H1 with a fall of 85per cent profit after tax (PAT).

Corporate background Mutual Benefits Assurance Plc was incorporated on the 18th day of April 1995 under the name Mutual Benefits Assurance Company Limited.

The company was converted and re-registered as a public limited liability company in 2001 and got listed on the NSE on 28 May 2002.

Mutual Benefits Assurance is mainly involved in general and life insurance underwriting (under separate licences held by the company and its subsidiary respectively), risk management and provision of financial services. The company grown to become group with six constituent companies that include: Mutual Benefits Life Assurance Limited; Mutual Benefits Assurance Company, Liberia; Mutual Benefits Assurance Niger SA; Mutual Benefits Homes and Properties Limited and Mutual Benefits Microfinance Bank Limited. The Chairman of group is Akin Opeodu while Akin Ogunbiyi is group managing director.

Olusegun Omosehin managing director. Other directors are: Gbenga Ogunko (executive); Femi Asenuga(executive) Soye Olatunji (non-executive); Festus Porbeni (non-executive); Michael Govan (non-executive); Eze Ebube(non-executive); Pat Utomi (non-executive-independent); Babatunde Dabiri (non-executive director-independent); Lamis Dikko(non-executive director) and Akinboye Oyewumi (non-executive).

The company’s vision is to be “a leading world class company offering superior financial services to the delight of all stakeholders,” while its mission is “transcending the expectations of our customers for the satisfaction of their wealth protection needs through the provision of qualitative insurance and risk management services thereby creating values for all stakeholders.”

Half year financial results The company’s gross premium written for H1 of 2016 stood at N6.374billion, down from N10.87 billion, while gross premium income fell from N8.44billion in 2015 to N5.564billion. Fees and commission income was N78 million, down from N84.4 million in 2015. Net underwritten income fell marginally fromN5.962 billion to N5.642 billion. The company ended the period with net benefits and claims of N1.455 billion, from N1.613 billion. Underwritten expenses rose by 30 per cent to N1.234 billion, from N949 million in 2015.

Also, employee cost and other management expenses jumped significantly. For instance, employee expenses rose by 61 per cent from N485 million to N783 million, while other management expenses soared by 78 per cent from N1.343 billion to N2.386 billion.

A further analysis of the results showed that while expenses were rising, investment income fell by 82 per cent to N199 million from N1.122 billion.

A dip in investment income resulted from a loss income on loans and advances. Specifically, the company recorded a loss of N821 million on loans to staff. On the positive side, it realised N117 million interest income from treasury bills, up from N26.594 million and income of N341 million income from fixed term deposit, up from N238 million in 2015. Hence, profit before tax fell by 82 per cent to N493 million,

Mutual Building

Benefits provide valuable administrative services in business such as risk management and claims payment,” he said.

He added that insurance plays a positive and very significant role in employment generation, saying the machinery of insurance through its value-adding activities generates a sustained increase in decent employment and income.

The Mutual Benefits Assurance boss, however, expressed the regret that Africa’s share in the global insurance market is paltry 1.5 per cent with South Africa contributing nearly 74 per cent to this figure. “Insurance contributes close to 15 percent to South Africa’s Gross Domestic Product (GDP) while in Nigeria, we are still doing less than one per cent.”

He therefore, challenged stakeholders that in our determination as a country to grow the economy, we must do something that utilizes our strengths and delivers benefits to our teeming population.

“Let us cultivate the seeds of insurance, water them, feed them and they will blossom into wonderful achievements. If insurance penetration is the ratio between insurance premiums written and gross domestic product, then let us collaborate to grow these penetration ratios in order to bring them very close to expected values. In the on-going efforts to grow our economy and deliver democracy dividends to our teeming population, the insurance industry should be supported for it to fully achieve its growth enhancing potential. We should all join hands, government at all levels and the private sector should support the industry to play its highly indispensable role in galvanising the economy,” he said.

Yemi Ogunbiyi.

from N2.747 billion, while PAT fell by 85 per cent to N387 million, from N2.662billion.

Need for insurance penetration Generally, many insurance companies perform poorly due to the low patronage. This probably informed the call by the GMD of Mutual Benefits Assurance, Ogunbiyi for collaboration in the insurance industry to deepen penetration. Ogunbiyi, who made the call at a forum in Lagos, said it has become very important when you consider that there is a significant relationship between insurance development and economic growth.

“Insurance provides vital support for emerging economies and helps in an indispensable manner to achieve growth targets, as a strong and competitive insurance industry not only enhances growth, it substantially mitigates critical challenges on the path of sustainable economic development,” he said.

He explained that through its risk transfer and indemnification services as well as the essentially value-adding financial intermediary services, insurance guarantees productivity improvement, production efficiency enhancement and increase investment opportunities.

“Also, Insurance Institutional Monitoring

Mutual Benefits Assurance’s Contribution Speaking on the contribution of the company to deepening insurance penetration, Ogunbiyi said Mutual Benefits Assurance Plc has introduced a pioneering entrepreneurial value-adding initiative.

“With little premium we are taking insurance to all the local government areas of Nigeria.

We are guaranteeing personal well-being and comfort as well as investments that deliver and engender sustainable growth. In addition, through our marketing and development initiatives we have given employment to over 5,000 Nigerian youths and about 500 others in Liberia and Niger Republic where we also have full-fledged operations. Our strategy is to give a fillip to corporate and individual efforts and make entrepreneurs as well as businessmen/women more productive and effective. We enhance and boost the wealth of the rich and at the same time help the hardworking poor to completely cast-off the chains of poverty and climb the progress ladder,” he said.

WEDNESDAY, SEPTEMBER 21, 2016, • T H I S D AY

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BUSINESSWORLD

INTERVIEW

Emefiele:WeareFindingaBalanceBetweenSpending Our Way out of Recession and Curbing Inflation Other than his pronouncements at the end of Monetary Policy Committee meetings, the Central Bank of Nigeria Governor, Mr. Godwin Emefiele, is not a man of too many words and is admittedly reticent about joining issues with economic policy wonks.

But with Nigerians reeling in the throes of the worst economic recession to befall the country in decades, he met with journalists at the weekend in Lagos to speak on the Nigerian economy and the efforts being made by the monetary and fiscal authorities to turn the economy around. Chika Amanze-Nwachuku provides the excerpts:

Between 2005 when central bank of Nigeria started selling dollar cash and 2016 January when we stopped it, the CBN had sold dollar cash of up to $66billion to BDCs. In 11 years, CBN allocated $66bn averaging $6 billion per year. If this didn’t happen, we would comfortably be having well over $90billion in our reserve account today and we will not be struggling to pay our bills today... If we had thought of other ways to utilise our reserves in 2008 when it was as high as $62bn, perhaps certainly we would not be where we are

Emefiele

Nigeria is in recession, the first in decades or few decades, one or two decades. Things are bad, people are suffering, Mr. Governor, how did we get there?

I think I must apologise when you say that people are suffering. I must apologise that this is happening to our people, but I must confess that what is happening today is as a result of a world global crisis. Global crisis in the sense that we have seen commodity prices dropping, we’ve seen geo-political tension, all around the world. Here you are talking about political tension between Russia, and Ukraine while indeed the US and EU are on one side watching. Political tension between Iran and Saudi Arabia trying to play their game as usual and of course the US Fed’s actions since 2009. Following the mortgage crisis of 2009, which started in the USA, there has been a couple of actions, which , given the size of US economy in the world, has had certain impact, both positive and negative on emerging markets and frontier markets, where Nigeria unfortunately stands today.

But I think when you want to address the issue of

how we got here, it is important for us to go back into history, go back into history to begin to tell ourselves that, or remind ourselves that there was a time in this country when this country survived only on revenues from agricultural produce; there was a time in this country when we survived from revenue from groundnut pyramid in the northern part of Nigeria; there was a time when this country survived from the revenues from the western part of the country, and I am talking about from cocoa, to the extent that the tallest building at that time, the Cocoa House, was built from the revenue of the export of cocoa, there was a time when this country survived with revenue the country generated from the production and export of palm oil and palm oil products in Nigeria from Mid-western and the south –eastern part of the country.

At that time, I’m talking about the fifties and the sixties and indeed up to early nineties, Nigeria was the largest producer and exporter of palm produce in the world. Unfortunately, we abandoned these sectors because we found oil. I wish what we did at that time was to ensure that we held strong to our

potential in the agricultural sector, if we had held strong to our potential in the agricultural sector, in the same vein held strong to the potential that we found because we found oil in Nigeria, our story would have been different today.

Unfortunately what happened was that, because we found oil, we let our guards down in the agricultural sector, and I’ll give you an example, this for me is a case of a country that unfortunately didn’t plan properly. Example is a country like Norway…

Norway is a country with a population of less than five million people, Norway produces agricultural produce particularly fish. It produces and exports fish today, Norway produces also crude oil, to the extent that today Norway is a country that has one of the highest investments in the sovereign wealth funds. Norway indeed has $873bn in its sovereign wealth funds. Notwithstanding having $873bn in its sovereign wealth funds, Norway also takes very seriously the output from fish production, to the extent that the country survives on what I call, on its annual basis from revenue that it generates from the export of fish.

What does the country do with revenue from crude? It invests it, and at every point the country is about to use the funds from crude oil, it only uses it for infrastructure purposes, that is a country that has planned for its people. Soon after we introduced the Forex restriction on the importation of Fish, the country’s farmers started complaining to the extent that the parliament in Norway has met twice to see to how to ameliorate the adverse impacts of not being able to export fish to Nigeria on its farmers. Indeed the country has sent several trade delegations to Nigeria to encourage us to lift the restriction so that they can export fish to Nigeria and we in turn pay them our hard earned dollars, which we do not have at this time. What we should all realise is that by allowing the import of goods that can be produced in Nigeria, we export wealth and jobs to those countries and import poverty to our country.

But, unfortunately, we didn’t plan this way for our people and that’s why we are where we are Continued on page 27

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WEDNESDAY, SEPTEMBER 21, 2016, • T H I S D AY

BUSINESSWORLD

INTERVIEW

EMEFIELE: WE ARE FINDING A BALANCE BETWEEN SPENDING OUR WAY OUT OF RECESSION AND CURBING INFLATION

There was a time in this country when this country survived only on revenues from agricultural produce; there was a time in this country when we survived from revenue from groundnut pyramid in the northern part of Nigeria; there was a time when this country survived from the revenues from the western part of the country, and I am talking about from cocoa, to the extent that the tallest building at that time, the Cocoa House, was built from the revenue of the export of cocoa” today, and I’ll give you a few examples again. In September 2008, Nigeria’s FX reserve stood at $62bn, what did we do with $62bn? At a time when crude oil price was in excess of $120 per barrel, what did the country do? What we could have done is save the money, if we couldn’t save the money, Invest it in infrastructure, invest in industry, invest them in infrastructure and industry that would grow productivity and the wealth of our people.

But what did we do? I’ll give you an example, the Central Bank of Nigeria of that time went about licensing class ‘A’, class ‘B’, class ‘C’ bureau-de-change.

For class ‘A’ bureau-de-change, Central Bank was allocating $1m per week, for class ‘B’ bureau-dechange, Central Bank was allocating $750,000 per week, and for class ‘C’ bureau-de-change, Central Bank was allocating $500,000 per week to each bureau-de-change to the extent that between 2005 when central bank of Nigeria started selling dollar cash and 2016 January when we stopped it, the CBN had sold dollar cash of up to $66billion to BDCs. In 11 years, CBN allocated $66bn averaging $6 billion per year. If this didn’t happen, we would comfortably be having well over $90billion in our reserve account today and we will not be struggling to pay our bills today... If we had thought of other ways to utilise our reserves in 2008 when it was as high as $62bn, perhaps certainly we would not be where we are. Indeed, at that time I was MD of Zenith, MD of the bank, a deputy governor of the central bank would call to quarrel with me to say why was I not coming to central bank to collect dollar cash to sell to bureau-de-change. I was called to be queried that some people in Kano, some people in Port-Harcourt and in Lagos were calling to say Zenith Bank was not selling dollar cash to bureau-de-change but of course the bank didn’t see any serious need to disburse dollar cash to bureau-de-change at that time. That was what we did with part of our $62bn.

I go further, between 2009 or 2010 and 2014, of course you remember 2009 was when we had the crisis, when it started with Lehman Brothers collapse, America pumped a lot of money to stimulate the economy, and as a result of pumping that money, some of those funds flowed into emerging markets including Nigeria. At that time again Nigeria removed all forms of capital control to encourage the flow of capital into Nigeria. So what happened during that time, in five straight years, we saw crude price at above $105 per barrel. That period we also saw unhindered flow of capital into emerging market into Nigeria; to the extent that by 2013, we had $23bn in capital flows into Nigeria. What did we also do? The CBN started encouraging Nigerians to buy shares/securities abroad. Although the dividends and proceeds of sale of the shares were to be repatriated through the CBN, we do not have any records to show that the dividends and proceeds of share sale were repatriated. People just had all the discretion to transfer funds as wished, just because we thought we had a lot and didn’t think about a

Emefiele

day like today when crude prices will be so low.

We should have at that time built our reserves.

What did we do with our reserves at that time? I repeat those were some of the actions we took as central Bank that resulted in the situation that we are today. Now I want to take us back a little. In January 2014, the country had forex reserves, which stood at $40.6bn at that time when crude price was about $110 per barrel… Sometime around September 2013, the country was generating from crude oil exports on a monthly basis average of about $3.2bn. By June 2014 when I took over as the Governor of Central Bank of Nigeria, reserve had dropped to $37bn and crude price was about $108 per barrel. At that time, receipts from FX crude sale had dropped to just about $1.7bn monthly.

Soon after that we saw the crisis all over again and between that August and September 2014, up to this time, which is about two years, we have seen consistent drop in the prices of crude to the extent that by March 2015 precisely, our reserves had dropped to $31bn. At that time, crude price had dropped to about $48 per barrel and at that time the country’s receipt from exports of crude had dropped to about $1.3bn at the same time, the demand for foreign exchange, the demand for import had remained high.

You liken it to a situation where you have a man who has three children, and on a monthly basis, he use to earn N10,000 when things were good. And how did he distribute the N10,000, he gave each of the children, N2,500 for their upkeep and of course he had N2,500 for himself.

Unfortunately, when things became bad like we are now, his salary had dropped from N10,000 to N2,500. Unfortunately, the three children still wanted to continue to collect N2,500 stipend. So how would daddy survive, how would daddy fend for the family?. All he needs to do is to think about a couple of options. Either to work harder to earn more money, which is to increase supply or to work harder and begin to ask the children really what were you doing with N2,500 monthly allowance when things were good because things are no longer as good as they were before. So we begin to look at what were you spending really on, were you using it to buy milk instead of using it to buy egg or using it to buy some frivolities, the dad will begin to ask how did you spend the money. That is the situation we find ourselves today.

So when this happened, we started by saying fine, there was a need for an adjustment in the currency. We adjusted the currency from N155 to N168 sometime around November 2014. As if that was not enough our friends kept saying that our currency was over-valued and we asked a few of our friends if you think the currency was over-valued what do you think it should be at, some said well N180 will be fine, some said N190 will be fine and by March just to satisfy them, so that the FX

supply can come, we adjusted to N197. We went back and said look we have N197… Is there a way you can come back again and lets begin to see business as usual, they said well sorry we are not convinced, the fundamentals don’t look right. For that reason we are not coming unless you continue to adjust and we said we could not continue to do an indeterminate adjustment to the currency.

Of course they were not happy with us and we held faith to the fact that we felt N197 to a dollar was adequate and appropriate at that time. Of course we held faith and after that, we began to say what were the items we were importing? We went into a demand management mode and we said for now let’s leave it the way it is, let’s look at what are the items that we were consuming.

To give you some perspective, in 2005, Nigeria import bill was only about N70bn. By 2015, Nigeria’s import bill had risen to about N790bn.

What were we consuming? We needed to be sure that what we were consuming at the time when we didn’t have foreign currency. We began to ask ourselves are these things, which can be produced in Nigeria today. And in the midst of it, we found that importation of petroleum product was taking about 30% of our import. Importation of items like rice, like fish, like sugar, like tomato, like what people call tooth picks and the rest of them were consuming about 10 – 15%. We felt that if there was an opportunity for us to curb the

By 2017/2018, we will be self-sufficient in local production of petroleum products, polypropylene and fertilizer. These are the positive effects of our demand management strategy.

So it has worked.

In a time of recession, you need to spend to achieve growth.

However, on the other hand, you have to be very careful so that excessive spending does not result in skyrocketing inflation”

demand for these items, then we should be able to see demand at a level where it could be close to supply for us to have an appropriate price for the currency. And that was how we went into let us diversify the economy. Let us grow our rice in Nigeria. And again I will give you an example. I was on my way abroad on an official trip, I met a gentleman whose company produces aluminum can and he said the governor, at this time when there is no foreign exchange, we need to look at aluminum cans. He said there are some of our companies who import aluminum cans for beer and soft drinks. We can produce it. Today, because we included aluminum cans in the list of 41 items their sales have gone up tenfold. We also have a company that produces starch and glucose from cassava. They went to some of their customers that were importing these items and said, look we can produce glucose and starch for you. The importer told them that ‘we would come to see you when our stocks go low’. Their stocks never went low and they never did because they were still importing. After the FX restriction, the importer’s stock truly went low and they had no choice but to patronise the locally made glucose. Today the turnover of the company producing starch /glucose has gone up astronomically and they have created more jobs for Nigerians. Gentlemen, by the FX restriction on the importation of toothpick, we now have toothpicks being produced at Sango Otta, in Ogun State from bamboo. That company has created jobs for Nigerians. That in my view is the positive impact of our demand management strategy.

Today we have a company that has embarked on the establishment of factories to produce 650,000 barrel per day of refined petroleum products, the same company will be producing polyethylene and polypropylene granules and fertilizer. This company plans to invest up to $11billion in these projects.

Gentlemen, by 2017/2018, we will be self-sufficient in local production of petroleum products, polypropylene and fertilizer. These are the positive effects of our demand management strategy. So it has worked.

In a time of recession, you need to spend to achieve growth. However, on the other hand, you have to be very careful so that excessive spending does not result in skyrocketing inflation. You can imagine that as at December 2015, the rate of inflation was just about 9% but below 10% in January and now, in fact as at March 2016 and now it has moved from 10% to 17.6%, and that is the reason the CBN considered its mandate of price stability as core. That is why at the last MPC meeting, members tried to weigh the balance between growth and inflation and noted that if we allow inflation to grow at the rate that is so astronomical and uncontrollable, that could be a problem. And that is why we decided at that me that lets alter the rate. But the primary motive why we altered that rate in an upward direction to attract foreign direct investment inflow. We did that to achieve the higher yield.

How do you expect the recession to be over with prices going up and manufacturers lacking raw materials?

Let me say this, I must confess that I wasn’t optimistic that the FDI will come initially but with what we have seen in three months, almost $1bn. I feel confident and very confident that there will be more inflow into the system and more and more people will have foreign exchange available for them to do their business. That will improve the industrial capacity. The rate may be high now, but there’s high possibility that with more availability of foreign exchange, the rate will come down. I am very optimistic that a lot of positive things will happen.

Now in terms of short run, I have talked about encouraging inflows to come in. I have talked about how the fiscal authority is trying to push in liquidity to stimulate consumption, demand consumption expenditure and of course, when consumer consumption is stimulated, demand for goods will go up and if the demand goes up, the industrial capacity, then you will see the activities.

If we maintain a steady course in the way we are going, and if all those who have foreign exchange repatriate them, more and more people will have foreign exchange to do their business, that will improve industrial capacity. The rates may be high now but now there is the possibility that as we receive more and more foreign exchange, the rate will come down. I am really optimistic that this will happen.

Also in the short run, we can sell assets. You will recall that as at April 2015, it will be recalled that I Continued on page 28

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BUSINESSWORLD

INTERVIEW

EMEFIELE: WE ARE FINDING A BALANCE BETWEEN SPENDING OUR WAY OUT OF RECESSION AND CURBING INFLATION had an interview with Financial Times of London during which even before the government came on board, I had opined that there was need for the government to scale down or sell off some of its investments in oil and gas, particularly in the NNPC and NLNG as at that time when the price of oil was above $50-$55 per barrel. We actually commissioned some consultants that conducted the study and at the end of that study we were told if we sell 10% to 15% of our holding in the oil and gas sector that we could realise up to $40bn.

Unfortunately, the markets have become soft. Now if we chose to do that now, we could still get $10-$15bn or maybe $20bn. If we have that kind of liquidity, it will be easy for us to really stimulate the spending and also to turn the economy around.

That proposal is still on the table because I have also heard that some of our colleagues in the FEC have talked about it and a lot of people too. If we take that option, I am optimistic we will be able to stimulate the economy and earn foreign currency that we can really use to kick-start, stimulate the economy.

Don’t forget, even in the US, when the economic crisis started, the US government stimulated the economy with about $900bn and what was injected into the economy and subsequently injected $85bn monthly for an extended period of time... In Japan and Europe with low rate of inflation, in fact they have negative interest rate. Anytime they want to stimulate the economy by liquidity, if you push the inflation it will not affect prices. We are trying to fight inflation to remain at a point where it will not be too high and become injurious to our people.

Despite the measures to get out of the recession and government’s intention to come up with a bill to shorten the procurement process, there is the absence of chief executives in most of the government agencies where the spending actually takes place.

Unfortunately, I don’t agree with you because we have cabinet members and most of these agencies are headed by ministers and we have people who are working in acting capacity. There are other people who are there as executive directors, and I do know that once we are able to shorten the procurement process, the absence of chief executives will not hamper spending.

You are talking about more spending and the fiscal side driving at more revenue through taxation. How do you align the monetary policies with fiscal so that you can drive a common purpose?

Let me thank you but also assure you that both the monetary and fiscal are working together and that is why you could see a situation where today even where we have revenue shortage or deficit, the monetary authority is trying to bridge the gap. We said that we can give you a bridge to go ahead and

I must confess that I wasn’t optimistic that the FDI will come initially but with what we have seen in three months, almost $1bn. I feel confident and very confident that there will be more inflow into the system and more and more people will have foreign exchange available for them to do their business. That will improve the industrial capacity. The rate may be high now, but there’s high possibility that with more availability of foreign exchange, the rate will come down. I am very optimistic that a lot of positive things will happen”

Government is working to stimulate the economy by spending.

That’s why as you heard the minister of finance talking about, the fact that N420bn and another N370bn to N400bn is being made available this week, is certainly an attempt to stimulate the economy through spending.

The most important thing now is that we need to stimulate the economy and the fiscal authority is alive to its responsibilities in achieving this objective”

Emefiele

spend when you obtain the foreign loan or when your revenue improve you can repay the bridge that we have created for you in order to stimulate spending. That is a practical case of collaboration between the monetary and fiscal authorities.

Now, when you talk about increases in taxes, there have been a lot of proposals presented to the federal government that for instance VAT should go up. And I must confess that taxes in Nigeria, particularly the VAT is among the lowest in the world. In spite of that the government has been very reluctant to increase the VAT rate because it really understands the suffering and the yearning of the Nigerian people. But what the government admitted of which you and I also know is that there are so many people side tracking and avoiding payment of VAT thereby hampering the implementation of the VAT regime. However the government is working to widen the scope horizontally so as to capture more people to pay their taxes. That is what I’m aware the government is doing, and not at this time for the government to be pushing for increment in taxes.

You have explained how exogenous shocks contributed to the recession in Nigeria but you have not address the issue of internal problems arising from the delay in putting in place the necessary structural adjustments, which may have warded off this recession.

For instance, marketers right now are talking about stopping the importation of fuel, because of the Impact of the fall in the value of the naira. And if this is not addressed, petrol queues are bound to resurface and push up prices and further impoverish the masses.

Also there’s need for a rethink about the TSA that’s currently being sterilised in the CBN, of which some of the money could be used to spend our way out of recession.

I will take the issue of the TSA first. As far as I’m concerned, the TSA is a programme that several governments in the past have tried to implement but unfortunately they did not have the will to do so. And I will give you an example: is it fair that the government allows ministries and agencies to release its money to the banks and those banks don’t pay any interest to the government. At best they pay 1 or 2 per cent but at the same time when government wants to borrow by selling treasury bills, government goes back to these banks and these banks use the liquidity that the government gave through ministries and pass back to the federal government at 12, 13 or 14 per cent. This is colossal waste of resources on the part of government.

So, people believe that because TSA is sitting in the central bank is part of what is causing the crunch, it is not true, because when government was going to withdraw the TSA, the monetary policy committee also looked at its own ways of

releasing some funds into the system through the CRR that was held so that the money cycles back into the CBN so that the government gets its money back. So, I do not agree that the TSA is a major issue here.

Secondly, on the necessary structural adjustments, again, it is unfair to blame this government for not taking decisions on structural adjustments and I will tell you this, normally when you have an adjustment in currency worldwide, those adjustments must be followed with structural reforms. Just as the president talked about, in 1984 currency was about to one naira to $3. After that we went into SAP. SAP was meant to build structural adjustments or structural reforms but when the crude price started to improve, everybody abandoned the structural reforms and that was why we could not see to effectively diversify the economy.

There was a government that came at that time and said let’s pursue the Green Revolution, and another government said everybody should go to the farm. But immediately crude prices started going up, everybody abandoned the Green Revolution; everybody abandoned the go -back to the farm initiative. And that’s why we are saying now that yes, an adjustment is going on; the adjustment in the currency has happened and there is a need for to follow through with some structural reforms that would lead to diversifying the economy. For instance, that we are lucky that we have somebody who has decided to invest in a refinery with the capacity for 650,000 barrels per day. We are lucky the same person has decided to invest in petrochemical, and fertilizer. These three projects alone are costing nothing less than $11billion. And these three products- petroleum, petrochemical and fertilizer take nothing less than 35 per cent of our import bill.

What happens by the end of 2017 to 2018 when we stop the importation of these products? You will see that we are able to conserve our reserves because the demand for foreign exchange for these items will reduce. What does it take to produce these items? To produce fertilizer you need gas, to produce petrochemical products like polyethylene you need gas also, and to produce petroleum products all you need is crude oil. So, all you need to do is to import the plants and machines. So, I’m saying that the structural adjustment will work. After that government is pushing that we must diversify the economy. And these items that we are importing and which can be produce in Nigeria, we must see to it that they are produced here. That is why government has continued to support the restriction on foreign exchange for these items like rice, fish and tomatoes.

I have told you the successes we have attained. I can say that for the first time I’m seeing a toothpick that is produced in Nigeria. The VP gave me a sample of that toothpick on Wednesday. And what does it take to produce toothpick, bamboo and the machine you need to produce toothpick is less

than $50,000 to buy the machine. The machine can be installed in a room that is half the size of this place we are right now. We must embrace structural reforms to the extent that you must tell yourself that learn lesson. There was a recession and a global economic crisis where your revenue dropped. You went with that drop in revenue into the valley. When there is structural adjustment programme and fortunately your revenue also grows, you adopt structural reform strategy so that where there’s another round of recession, you will be able to withstand it. Because economic crises come in season; they come and they go. When next an economic crisis comes in, it’s either that you are at par with it or even stand taller and enjoy growth rather than going into the valley. Those are the kind of things we are talking.

You also talked about petroleum products pricing.

Petroleum pricing is something that citizens have taken passionately. I think Nigerians love and trust Mr. President that is why despite the increase in the prices, Nigerians accepted it. Why, because they found out that because of shortage of foreign exchange, marketers stopped importing the product.

NNPC was saddled entirely with the responsibility of importing petroleum products. Of course, it became so bad that it became embarrassing to the citizen to the point that elsewhere people were buying fuel at N86 while others were buying as high as N150 a liter and at N200 in different parts of the country. People began to agitate that if we could buy at N200 or N150 well, just make it available.

That now informed the decision to increase the pump price from N86 to N145 per liter so that people can move around to conduct their business.

Hence, at that rate, it will be possible for them to source their foreign exchange at a price not less than N280 to the dollar.

It is unfortunate this has attracted high rate of inflation.

Unfortunately, we invited into our economy astronomical level of inflation. Let me give you an example; the rise in petrol price from N86 to N145 a litre is up to 80 percent increase in price of petrol, if not more. Imagine a wholesaler, somebody who is importing tomato from Jigawa or from Zanfara and puts it in a truck. By the increase in petroleum price, that person will have no choice than to increase the price of transportation by 80percent.

That tomato gets transported from Jigawa or Zamfara to Lagos to Ketu Mile 12 market, as it lands there, the retailer of tomotoes gets to Ketu market to buy, the wholesaler sells it to her plus 80 per cent, that is second leg of 80percent in price, then the woman carries her basket of tomatoes to Ketu busstop and and takes taxi, it takes another 80 percent increase in transportation from Ketu to Obalende, that is three. The tomatoes get to Obalende, the woman, begins to retail it. When you and I or if you own a restaurant for instance, you get to Obalende to buy your tomatoes, when you buy, the woman selling increases the price by 80 percent, that is four. He goes to use it to cook food for the restaurant, certainly, the plate Continued on page 29

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INTERVIEW

EMEFIELE: WE ARE FINDING A BALANCE BETWEEN SPENDING OUR WAY OUT OF RECESSION AND CURBING INFLATION of rice laced with tomatoes, meat and onion that you are going to buy also goes up by 80percent.

So what does that mean, there a transmission mechanism of almost five times the increase in the petrol price as a result of that adjustment of the price from N86 to N145.

That is why the adverse impact on prices has been so colossal on our people and government will continue to do its best to moderate and we the monetary authorities will look for our own way to inject liquidity so that what has gone up through the exchange rate the manufacturers can get it through a moderated interest rate and improved industrial capacity. It will help to moderate prices so that the impact of the exchange rate is not so adverse on prices. It is a delicate balance and we must give credit to the fiscal and monetary authorities for what they are doing to ensure that the impact is reduced and that we turn round the corner as soon as possible.

The TSA issue appears to be a case in which you have got everybody in through one door and none is coming out. How will the government avert this looming petrol crisis?

I am telling you that with the arrangement put in place and I mean the agreement between CBN and NNPC to ensure that dollar is available to the importers of petroleum products, all the IOCs selling dollars have been directed based on the agreement between the CBN and the NNPC that oil companies and oil service companies that are selling their foreign currencies cannot go directly into market to begin to auction their moneys, they should channel their dollars through a mechanism created by based on the agreement between the CBN and the NNPC. At the time this programme started, the marketers were told that you can procure forex at not more than N280 to the dollar and your price should not be more than N145 per litre. In working out the effective price of N145 per litre, the template provided for nothing less than N30 per litre margin for the marketers and you can quote me that template is available. By making N30 the margin available, even if that marketer does not find that product at N280 and finds it at a price, close to N300 or N305 or N310, that marketer will still make profit even though it will be reduced margin. That is the template that is currently in place and I’m optimistic it will work.

The arrangement that is being managed between the CBN and the NNPC, we will see to it that even the IOC are not compelled to sell at a fixed rate.

That IOCs will sell at an average of the interbank rate of the previous day, which means that even today where the marginal rate is N305, some are selling at N310, some are selling at N315, the average cannot be more than between N305 and N310.

And I’m saying if a marketer procures forex at an average price of between N305 or N310, he will still make profit and sells that petrol at N145 per litre.

I want to know what you are looking at in the short term and on the bridge funding arrangement to stimulate the economy?

Again you once talked about the need to sell some assets in the oil industry and just yesterday, Alhaji Aliko Dangote also spoke on CNBC and talked about selling some of the assets the government is holding onto in order to raise money. But the impression one is getting is that government is not considering that advice.

What I am saying is this: government can stimulate demand by spending to fund its budget and we as the monetary authority have told the fiscal side that if the need arises to the point where they need a bridge fund, we will provide that. We are not there yet and I would imagine that that should not bother you at this time. Government is working to stimulate the economy by spending. That’s why as you heard the minister of finance talking about, the fact that N420bn and another N370bn to N400bn is being made available this week, is certainly an attempt to stimulate the economy through spending.

The most important thing now is that we need to stimulate the economy and the fiscal authority is alive to its responsibilities in achieving this objective.

On the sale of assets in oil industry, you will recall that April 2015, I granted an interview to Financial Times of London where I suggested that in order to raise money to fund its capital expenditure, government needed to sell between 10% to 15% of its oil and Gas assets. At that time, oil price was above N50/N55 per barrel, and our consultants did the numbers and told us that we could raise between $25 to $35 billion. I would imagine that that option is still on the table because more people even in the cabinet have made the

Let me repeat myself, we are already in the valley, the only direction is to go up the hill and the government is doing everything possible to ensure that we move up the hill. I am optimistic that based on the actions being taken by government, based on the pronouncements of President Buhari that we must think out of the box, the monetary and fiscal authorities are working together and I’m optimistic that the fourth quarter results will show evidence that we have started to move in the direction of the hill, and out of the recession

Emefiele

same suggestion and if it happens, that will be fine, including the option to buy back the assets at some premium if contemplate buying back when the crude prices move up and the assets value also move up. You know that in government there are those against and those in favour. The argument in favour of selling the assets has gained a lot of credence recently.

I notice the inconsistency of CBN in the resumption of sale of forex to BDCs after you stopped that in January this year. Secondly, the $1bn you said has started flowing in, don’t you think this is hot money which may be dangerous for the economy?

CBN is not inconsistent. And I will tell you how.

As at January 2016, CBN was the only central bank in the world that was selling forex cash to BDCs and we felt that because of the haemorrhage on our reserves we needed to stop. At the time we said that we were stopping, go and read the speech, we said that, the CBN would seek to open other windows where the BDCs could continue to do their business. By this current arrangement, we are saying that the diaspora funds coming in

I am aware that President Buhari has been meeting with private sector leaders to encourage them to work with government to get us out of this situation and that is being done.

Only last week the economic management team met leaders of the private sector to talk about what role the private sector would play. On Monday, the day after tomorrow, the economic management team is going to meet with the private sector in Abuja. That is not a government that does not want to fraternise with the private sector”

through money transfer operators should form a substantial part of what should go to fund the BDC market. This is not a reversal. It is certainly not a reversal. It only took us about six months to eventually say let’s look at this window as a way to channel the funds coming. In any case we are being told that over $20bn comes in annually in diaspora money. If some portion of this diaspora money comes in, we might as well channel a little of it towards meeting the needs of citizens who need retail cash who want $5,000 and below. It is by no means a reversal but in consonant with what had been said at the time we contemplated that the CBN was no longer going to put cash into the market.

Now the question of whether the inflow of about $1bn is not hot money, you see, the template that we designed for the new flexible forex market regime is the template where we said that that we will introduce not just spot but also futures.

What futures is that it encourages more and more importers to push their FX demand into the futures with varying maturity profiles. What I mean is that we are in the valley now and we have put in place a document that provides for a single exchange rate determination mechanism, we put in place a system that reduces the level of volatility where it pushes demand that would have been stuck in the spot market into the future. Because that system is seen to be a credible system, they are coming at a time when you are in the valley. I don’t think it can be worse than where it is right now. So what am I saying? You will find a situation where naturally, there would be maturity of these investments. As many are coming in, others are going out, and if the net effect is negative we dip into our reserves to plug in. If the net effect is positive it goes to boost the reserves. That’s the way it is supposed to work. If while we are in the valley they are encouraged by the system we have put in place to come in then all we can expect is that as more and more foreign portfolio investors (FPIs) come in, we will naturally move northwards and up the hill.

to encourage them to work with government to get us out of this situation and that is being done.

Only last week the economic management team met leaders of the private sector to talk about what role the private sector would play. On Monday, the day after tomorrow, the economic management team is going to meet with the private sector in Abuja. That is not a government that does not want to fraternise with the private sector.

Secondly, the flexible forex system is supposed to close the gap. But don’t forget that we are coming from a very wide gap situation. I am aware that there are two rates in the market. The CBN rate and the interbank rate. I am also aware that some people are operating in the parallel/free funds market, which by Nigeria’s foreign exchange laws is an illegal market. That market is very shallow and we often stress that the rate in that market should not be used as a barometer for determining the value of our currency. Now, talking about the interbank rate, which today varies between 305 and the other rate at about 320, I am optimistic about it and I am saying this for the record that as more flows come in, the market rate will close.

Again, on the parallel market, it is unfair to use the shallow market as a basis for determining the value of our currency. No one uses the Travelex rate at Heathrow to determine the exchange rate for the pound in the United Kingdom. So it is unfair to use that to determine the value of our currency. Those who are dealing in the market are doing so illegally. We should not be encouraging the tendencies of those people who are involved in capital flight, or those who want to conduct foreign exchange business without providing the necessary documentation.

What we know about getting countries out of recession is that governments fraternise with the private sector. During the president’s visit to the US, we were told that he was not favourably disposed that they were on the trip. Secondly, when you introduced the flexible exchange rate, it was supposed to close the gap between the official and black market rates, but that is not happening yet.

That report was untrue. It is false that the president was unhappy with the private sector people who attended that event, albeit, as you used the word ‘uninvited’. It is untrue and I want to use this opportunity to correct the impression and to put it bluntly that Mr. President was cracking a joke and if you watch that video after he cracked that joke everybody laughed. Again I am aware that President Buhari has been meeting with private sector leaders

You said with respect to the recession that we have bottomed out. Now when do you think this recession will be over?

Let me repeat myself, we are already in the valley, the only direction is to go up the hill and the government is doing everything possible to ensure that we move up the hill. I am optimistic that based on the actions being taken by government, based on the pronouncements of President Buhari that we must think out of the box, the monetary and fiscal authorities are working together and I’m optimistic that the fourth quarter results will show evidence that we have started to move in the direction of the hill, and out of the recession. And I repeat the worst is over. The Nigerian economy is on the path of recovery and growth. So please, if you are a bystander or sideliner you are losing.

Join the train now before it leaves the station.

But Mr. Governor that illegal market is the one that controls the prices that you at CBN are trying to moderate.

And I repeat to you sir, the monetary policy committee that has responsibility for looking at the exchange rate management will not look at this as the basis for determining the value of the naira.

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BUSINESSWORLD

ANALYSIS

Housing as Economic Stimulus Exploring the economic benefits of affordable housing development can help the nation come out of its present economic challenges, writes Obinna Chima Food, clothing and shelter are traditionally referred to as the basic needs of mankind. So the housing sector satisfies an essential need.

Housing is also of course an important component of investment and in many countries, housing makes up the largest component of wealth. For instance, a Deputy Managing Director at the International Monetary Fund (IMF), Min Zhu, in a 2014 report titled “Housing Markets, Financial Stability and the Economy,” had pointed out that in the United States, real estate accounts for roughly a third of the total assets held by the nonfinancial private sector. The majority of households tend to hold wealth in the form of their homes rather than in financial assets: in France, for example, less than a quarter of households own stocks but nearly 60 per cent are homeowners.

Indeed, housing also plays other key roles in developed economies. For instance, mortgage markets are important in the transmission of monetary policy. Adequate housing can also facilitate labour mobility within an economy and help economies adjust to adverse shocks.

In short, a well-functioning housing sector is critical to the overall health of the economy.

And as economies develop, a corresponding deepening and growth of housing markets are expected.

That is why as policy makers in the country continue to search for ways to lift the nation out of its present state of economic recession, experts have advised the federal government to invest in housing schemes.

The Nigerian economy is in recession. The National Bureau of Statistics (NBS) recently revealed that the country’s gross domestic product (GDP) contracted by 2.06 per cent in the second quarter of 2016, compared to the negative growth of 0.36 per cent recorded in the first quarter of 2016.

The housing deficit in Nigeria is estimated at between 17 and 18 million units. Today, millions of families are living under sub-optimal living conditions and in order to cover this deficit the government needs to create a housing scheme that facilitates housing credits for households that otherwise would not be able to have access to regular credit institutions.

Housing deficit is the lack of government’s ability to house its citizenry in properly fitted houses with the necessary modern infrastructure for basic needs like running water, electricity and sanitary needs. The need to address this shortfall is a good means of stimulating a country’s economy.

Exploring Opportunities in Housing The Head of Research at SCM Capital Limited, Mr. Sewa Wusu advised the federal government to focus on the development of housing projects as one of the ways to stimulate Nigeria’s ailing economy.

Wusu noted that the housing sector is very important, saying that it has significant multiplier effect on the economy in terms of employment, in terms of raw materials utilisation and other materials that are very important in building project.

“It is one area that has the potential to ensure that funds circulate particularly among the low and middle income earners. The housing deficit in this country is so huge and so investing in housing is one of the positive ways to stimulate the economy.

“This is because by the time you invest in housing in strategic areas across the geopolitical zones of this country, you will discover that more people would be employed, more unskilled labourers, semi-skilled labourers and even professionals would be employed. That by itself would help boost purchasing power of workers across that value chain,” he added.

Such housing scheme can create over one million new jobs in the construction sector and states and local government authorities can even participate through financial resources, land donations, infrastructure, tax reduction and registration of demand.

Continuing, Wusu said: “If government can latch on the situation to make sure that they

A Housing project

ministries’ Ministers of Labour, and productivity, Finance, internal affairs should join hands in creating the right atmosphere that will enhance nation building,” he said further.

President Buhari

spend more on housing development, it would significant help to boost purchasing power. Not only that, it would also boost activities of cement manufacturing companies.

“That again can also help rejig the economy.

Although it would take some time, but I think it is one of the sectors that have the potential to create activities, help open up the economy for employment as well as to stimulate growth.

“That is why I keep saying economic recession is not a bad thing, but an opportunity for government to explore other areas in the economy and then recalibrate the structure of the economy.”

According to another financial market analyst who pleaded to remain anonymous, investing in housing can stimulate an economy by pushing a lot of money into circulation.

“Every recessive economy needs a stimulus as we can see from around the world; an injection of cash into the economy in the hands of spenders.

This acts as a stimulus. Money being spent at

all levels at the same time does this and will move the economics of buying and spending to revive the economy.

“This ability to spend creates the necessary needed monetary activity in the country.

Construction of houses will initiate growth which will assist in creating jobs. The economy is stimulated which will translate invariably to GDP growth.

“It creates jobs. Creation of jobs in any country is a very vital function of government. The issue of job creation is a tool used to evaluate the health of a country. The employment rate is key to national growth and efforts must be constantly made to keep the work force constantly employed for nation building,” he added.

In addition, he pointed out that construction of houses is the most effective way of stimulating an economy as it has massive employment abilities, adding that housing development enhances nation-building initiatives.

“Housing is not just a tool for the housing

As Tool to Mitigate Economic Challenges Also, the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele recently advocated for sustainable investment in housing development to mitigate the economic challenges the economy is presently facing. Emefiele suggested sustainable investment in housing to grow it from its dismal 1 per cent contribution to the Gross Domestic Product (GDP).

According to him, if the housing sector can contribute over 80 per cent to GDP in the United States of America (USA), it can also be used to improve the economy significantly.

He said: “If you look at the housing market in Nigeria and in Africa, compared to the more developed economies, you will find that the housing markets in Africa are indeed largely underdeveloped.

“The contribution of the housing market to the GDP in Nigeria is less than one per cent, compared to that of the U.S, which accounts for over 80 per cent.”

According to him, the housing sector in the US represents the highest financial assets class in the world as it is the highest contributor to its capital market combined, adding that it represents a higher subsection of that country’s economy.

He advised African governments to use the housing sector as stimulant to grow the economy thereby increasing its contribution to GDP. “If you look at Nigeria’s one per cent contribution of housing to GDP, imagine what the economy will look like when it is grown to 80 per cent.” the CBN governor said.

Indeed, the provision of affordable homes for millions of families and improvement of the standard of living of the general populace makes the housing initiative a win-win project for both the government and the populace.

Housing is a basic need of life and therefore increases demand for services and infrastructure accompanied by the steadily growing urban population. Also, to provide housing and improve quality of life for low-income families across the country, a housing initiative can start partly as response to the rapid urbanisation seen over the last few decades. Depending on the location and context, these houses can come fitted with sustainable features that benefit residents, creating the much needed jobs and therefore stimulating a nation grappling with budget deficit and recession.

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ANALYSIS

Attaining Global Best Practices Status via RBS Model Insurance industry regulator, the National Insurance Commission, said it will from the second quarter of this year set out roadmap for implementation of the newly adopted Risk Base Supervision (RBS). Ebere Nwoji takes a look at the steps taken so far by the commission in this regard Irked by the poor performance of the insurance sector over the years, which has climaxed in negative attitude of Nigerians towards patronage of the sector and its minimal contribution to the gross domestic product of the economy, the National Insurance Commission( NAICOM), two years ago, decided to adopt a world class supervisory initiative tagged: Risk Base Supervision( RBS).

The insurance industry regulator had said it would from July, 2016, commence the experiment the model in Nigerian insurance industry. This had put insurers on their toes as underwriters are now more careful in the way they run their individual firms.

RBS, an European Insurance market supervisory initiative, according to the World Bank, is a supervisory approach that considers each of the risks that companies face and through a structured process, identifies the risks that are most critical to the financial viability of the institution.

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

NAICOM, said in introducing the model, which is expected to place Nigerian insurance industry on global best practices pedestal, it will ride on the van of Solvency 2 supervisory principle in regulating the activities of Nigerian insurance industry operators.

The Commission, at a media retreat held at Abeokuta, Ogun State, earlier in the year, said it will release the modalities for the new supervisory regime from the second quarter of 2016.

What this means is that, the model, when fully operational, will see the insurance sector in Nigeria completely transiting from compliance based supervision which it was operating before to the risk-based supervision era, just as the commission has successfully transited the industry from Nigerian account reporting standard system of finance reporting to International Finance Reporting Standard ( IFRS).

When the commission fully institutes the model, it will automatically revise capitalisation model in the insurance industry from compliance based to risk-based solvency supervision model, which means that an insurance company intending to insure business in the peak risk portfolio such as oil, aviation and marine underwriting, must have sufficient financial resources to meet its obligations with respect to the insured.

NAICOM, however, explained that this has not changed the minimum capital base in the industry adding that it remains unchanged in the order of N2billion for insurance companies underwriting life business, N3billion for non-life operators, N5billion for composite insurance companies, while N10 billion is for re-insurance companies.

According to the commission, the objective of the regulation is to achieve solvency in the industry and to ensure that insurers have sufficient financial resources to meet their obligations with respect to the insured. To strengthen the risk management systems of insurers; to carry out preventive control; to have a more flexible regulation emphasising on principles; to have a supervision system in financial sector assessment programme and to evaluate the strength of the financial systems in the country.

From all indications, the idea of Risk base supervision model came into the mind of various sector regulators after the 2008 meltdown on global financial system. One of the lessons from the global financial crisis was that regulators realised that it is always vital to have sufficient knowledge about significant financial services firms because they have a greater capacity to affect the economy adversely. Risk based supervision starts with the premise that not all firms are equally important and that a regulator can deliver most value through focusing its energies on the ones which are most significant and on the risks that pose the greatest threat to financial stability and consumers.

According to finance experts, a risk based

Kari

methodology provides a systematic and structured means of assessing different types of risk, ensuring that idiosyncratic approaches to firm supervision are avoided and that potential risks are analysed for the higher impact firms using a common framework.

The RBS, accepts the premise that resources are finite, that there is no unlimited pool of public or industry funding on which to draw and that every regulator has to make choices about what it will do and what it will not do. It makes no prior judgement on what the right level of resources should be but seeks to deploy the available resources in the most efficient fashion.

The commission’s resolve to adopt the model was borne by the fact that abysmal performance of the industry over the years was mainly blamed on poor management and supervisory problem.

Operators employ all manner of unprofessional practices that presents the industry in bad lite before the public it serves. They jostle for government businesses they have little or no capacity to underwrite and in a bid to win such businesses by all means charge ridiculous premium rates they know will not enablement them pay claims when it occurs.

They buy such government businesses at very high cost from government’s insurance agents, while neglecting retail insurance segment which will not only deepen insurance penetration in the country also grow their premium .

Also operators cue in for other high tech businesses they know they lacked financial and technical capacities to underwrite .This, over the years, deprived the industry the opportunity of participating in the underwriting of oil sector insurance, as multinational oil firms in the country insisted that despite the local content law, indigenous firms lacked financial muscle to underwrite their businesses.

The commission, having beefed up the financial base of the industry in a bid to overcome the low financial muscle problem, now wishes to employ the RBS model of supervision to classify the industry into levels that will make each firm settle on only the businesses it has the financial strength to carry and be in position to conveniently pay claims on such businesses when it arises.

By the RBS guidelines rolled out by the Commission, the model will require the classification of assets of insurance companies to ascertain their capabilities to underwrite various risk portfolios in the industry. The Commissioner for Insurance, Mohammed Kari, while speaking at the recent industry committee meeting, said “from now on, our programme would be on risk-based supervision, consolidation exercise has become necessary.” He said the commission has launched

the sensitisation exercise to educate operators on the need for a switch from rule-based regime to risk-based supervision for insurance to play effective role in the economy. According to him, consolidation does not mean just an additional capital, it may be redefined as the type of insurance business the companies want to operate.

“Today, we have capital as the only basis for operation and if you meet the minimum capital, you can operate. For instance, underwriters take any cover without consideration to the obligation to stakeholders and that is why we have infractions in the industry, the explains why we have many players in the industry that do not add value to the services they provide, both in the intermediary and insurance sectors.”

He stressed that for companies to underwrite risk, they must have enough assets to cover the risks being underwritten. “So, risk-based is being able to identify what is your financial capability. If your financial capability does not guarantee you to insure oil because of the huge capital layout involved in terms of obligations, you will not be allowed to insure the risks.” He added that Insurance companies are to become specialised underwriting firms to add value to the services operators provide for their customers, especially in meeting obligations to stakeholders in the industry.

The Director-General of the Nigerian Insurers Association (NIA), Sunday Thomas, in his remark, n the model said that an industry committee in conjunction with the commission has been working, as the commission is just commencing the implementation of the framework. “It has started the sensitisation of the operators on the risk-based supervision. This is quite necessary to educate and inform the market on what is coming. It means by the time the commission starts at different levels, companies will know the levels they are. It means that if you want to underwrite the jumbo level, you have to meet the requirements of being there. If you want to operate at the small level, you choose the level you want to belong, that is the essence of the whole exercise.”

Also, an industry operator, who lauded the new supervisory model, said that from the audited financial reports of a number of insurance companies, solvency gaps are recurring features of the activities for as much as three years.

“The near total absence of risk management practice and appropriate product pricing are among other issues plaguing the industry. The consequence is massive loss of premium and wealth to stakeholders. No doubt therefore, the price of listed insurance companies rarely record market gain, while shareholders have not received dividends in the past five years from 80

per cent of insurance companies in the system, “ he lamented.

Kari, while announcing the introduction of the RBS in Nigeria to operators said the model, will ride on the Solvency 2 supervisory principle in regulating the industry operators’ activities.

The commission also said it will expose the operators to a blue print of the model from July, 2016.

Kari, however, alerted the insurers that they may witness a more strict regime from the regulator.

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

Against this warning, and in realisation of what lies ahead under its regime, management of insurance firms in Nigeria, said they want to pay more attention to building stronger reserve than payment of dividend to shareholders.

Some insurance firm managements have already informed their shareholders.

A close observation of dividend paid by insurance firms for 2015 business year, showed that many firms paid very low dividend while others did not pay at all.

Solvency 2 initiated by the EU insurance industry, is not only on the radar of insurance companies in the EU, but also on those across the globe.

Insurance and investment experts said Solvency II is very much a living process and continues to evolve through valuable consultation, feedback, and cooperation between the insurance industry and regulatory bodies.

“As the process unfolds, unforeseen challenges and opportunities encourage progress and enable adjustments toward achieving the regulator’ goals for the insurance industry.

According to the experts, the solvency 2 framework will follow the Basel Accord approach, with a three-pillar structure, which will bring insurance and reinsurance regulation more in line with regulation applied to the banking community. Therefore, it is not surprising that the insurance industry is diligently preparing for Solvency II and learning along the way by following a more comprehensive, communicative, and structured path towards implementation”, the experts said. According to the insurers, when fully in operation, its advantages is that the RBS will provide alignment of economic and regulatory capital including giving appropriate recognition to diversification benefits within companies and between subsidiaries.

It will provide freedom for companies to choose their own risk profile and match it with an appropriate level of capital. It will give an early warning system for deterioration in solvency by active capital management.

Through better alignment of risk and capital management, and will encourage an improvement in the identification of risks and their mitigation.

It will also streamline the way that insurance groups are supervised and recognises the economic reality of how groups operate.

Kari during a courtesy visit to THISDAY Newspapers in Lagos, had said the introduction of the RBS model will serve as a way of sanitising and repositioning the insurance industry for optimum performance.

He said even micro insurance operators would be classified into four levels of local, state, regional and national classes adding that each will have its own minimum capital to be determined by the commission depending on the level of business it handles.

Also, the Deputy Commissioner for Insurance Finance and Admin George Onekhena speaking on the implementation of the Risk Based Supervision said already, some of the work on it have actually been done.

While the entire industry is currently waiting for the full implementation of the regime, insurance underwriters and Reinsurers who are the prime target are jittery about what the full implementation will bring to bear on the way they conduct their business.

T H I S D AY • WEDNESDAY, SEPTEMBER 21, 2016

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EDUCATION ‘Running a Private Varsity in Nigeria is a Social Service’ In this interview with Funmi Ogundare, the Vice-Chancellor of Adeleke University, Ede, Osun State, Prof. Dayo Alao advises private universities in the country that are still trying to find their feet to see their activities as a social service rather than a money-making venture, among other issues. Excerpt: The world is going digital, how have you been using ICT to drive your programmes?

E-Learning is a relatively new learning platform in Nigeria. Not many universities public and private have the capacity to deploy it in line with the NUC stipulations. But at Adeleke University, we are building our capacity such that when we finally deploy it, it will be one of the best. E-Learning is the future of tertiary education in the 21st century and we are mindful of that. It might interest you to know that Adeleke University is one of the universities in Nigeria where internet access is very easy. Our students can access the internet anywhere once they are within the university environment. Secondly, our library is fully connected such that you can access a wide range of e-library collections. We are still expanding our capacity to accommodate more library collections. By the time we are through, most of our students will be having their lectures online.

What efforts did your institution make to resolve the challenges of admission considering the controversy associated with the post-UTME? Adeleke University as a faith-based institution of higher learning is law abiding. It will never at any time contravene regulations from any regulatory body. Having said that, let me state that the issue that ensued over admission procedure this year was an in-house thing.

First it was the announcement that post-UTME has been scraped by the minister of education. His reason was mainly on the financial implications on the part of applicants and their parents. Be that as it were, post-UTME came up as a result of decay within the education sub-sector which has given rise to doubt on the quality of the results being given by JAMB every year. Several studies conducted across universities proved that most of the results that candidates present for admission do not correlate positively with the later performance after gaining admission. For instance, in a certain university, it was discovered that those who either are involved in examination misconduct or asked to drop due to low performance are candidates with high scores in the JAMB. So, to solve this problem, there was need for a second predictive examination to revalidate the previous results obtained from JAMB. So, when the new directive came that institutions are not allowed to conduct further examinations on the candidates sent to them from JAMB, this raised the question of quality of the candidates. As a university, we engaged our stakeholders, deployed ICT and ensure that our target was very realistic.

As you know, Adeleke University is one of the cheapest private universities in Nigeria today with flexible payment options. This coupled with serene learning environment has made the university a most sought after amongst its peers. Therefore, the challenges of admission this year was not felt by the university, we are sure that we will meet and surpass our admission target for the 2016/2017 academic session.

What efforts have you made to ensure that the university stands out among others in its category locally and internationally in terms of bench-marking?

The issue of benchmarking is relative. For us in Adeleke University, it is a process. At the moment, we are the fastest growing private university in Nigeria in terms of infrastructural development. Work started in the permanent site in February 2014, by February 2016, exactly two years, we moved in. The structure we have here today which is by the way the first phase of the development plans of the university is unprecedented. This is strategic in the sense that, once our infrastructures are comparable to what is obtainable in the advanced world; we can attract scholars even from the best universities across the globe.

The other benchmark which the university is vigorously pursuing is the welfare of staff and students. Because we know that it is not only attracting the best scholars, they must be retained and this is only possible if their welfare is adequately taken care of. Then for our students, we are seriously reviewing our instructional procedures to ensure that our lecturers do not just teach, but they must mentor their students. We want a situation whereby a graduate of Adeleke University can stand shoulder-to-shoulder with other graduates in that discipline from Europe and America. Once you visit our permanent site, the first building you will see is our senate

Alao

building. We went for that design to make a statement which is that, ‘Adeleke University is a Nigerian university with international outlook’ and we are committed to accomplish that task.

recession. So what we as an administration is doing is to deepen the entrepreneurship potentials of the institution by investing more in the Adeleke university ventures which will assist the university in several ways.

How challenging is the job of a vicechancellor running a new institution in the country?

Adeleke University is not really that new, it was established in 2011 so it has been in existence now for the past five years. There are challenges that accompany every establishment or development thus ours is not an exemption. Since it is a faith-based institution that operates with the educational philosophy of the Seventh Day Adventist Church (the owners of Babcock University), it has a rich heritage and that makes the work of the vicechancellor more challenging. But one thing that is going for us is that the Pro-Chancellor, Dr. Adedeji Adeleke is not relenting in his commitment to ensuring that the university will emerge as one of the top 10 universities in Nigeria within the next five years. So, as the president/vice-chancellor, there is the challenge of attracting and retaining quality staff and faculty, the challenge of meeting our admission target in the face of economic

What are you doing to ensure that your graduates get employment after graduation?

The new world economic order seems to be driving towards self- reliance; therefore as a university, Adeleke is inculcating entrepreneurship development in all its programmes to ensure that our graduates can be employers of labour rather than joining the ever increasing number of job seekers in Nigeria. There is also the students’ work study programmme. This though designed to assist indigent students to raise their school fees; it has the potential of exposing them to different skills while working in different units of the university.

In order to further enhance their competitive advantage, we are entering into agreement with several professional bodies within and outside Nigeria. What this means is that, our graduates before graduation would have become professionally qualified as professionals members of these professional bodies and this will make them fire brands anywhere they find themselves.

What is your view about private universities that are still trying to find their feet?

What brought about the issue of private university in Nigeria were the inadequacies of the public universities. With the success story of the very first three private universities (Igbinediom, Babcock and Madonna) which were established in 1999, others saw the establishment of private university as a money-making venture. Unfortunately, there is nowhere in the world where universities are regarded as money spinning ventures. The reason is that research and staff development which are the hallmarks of university sustainability are ongoing. But most people having seen the success recorded by few private universities went into it with the aim of making profit and now, they have seen that education generally is a social service which if properly construed cannot be regarded as a profit making venture.

If you observe carefully, you will discover that the few private universities that are doing very well are institutionally owned, this means that there may be some levels of support from the proprietors in terms of students’ admission drive and staff loyalty. Another advantage which the institutionally owned universities are enjoying is public confidence. Parents believe that institutional-owned universities are more secured than those owned by individuals.

These are the issues that are determining the movement of issues within the private universities in Nigeria.

Against this backdrop, most private universities will be facing challenges of attracting quality students. We have started seeing it; today there are private universities that cannot boast of 200 students from 100 to 400 levels in all their programmes. How would a university like that survive in the face of the current economic recession?

My prediction is that with time most of these universities will merge with other private universities and serve as affiliate campuses of these big ones.

The truth is that universities are not supposed to depend on tuition fees only. But here in Nigeria, there are no endowments, no grants and the government is not supporting in any way. These universities pay salaries running into hundreds of millions every month; they power their campuses with generators, some have to construct access roads to their campuses and so on. Private university in Nigeria is capital intensive. Let me reiterate that there is no place in the world where private university is regarded as a money-making venture; it is purely a social service.

T H I S D AY • WEDNESDAY, SEPTEMBER 21, 2016

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EDUCATION

Parents Decry High Cost of Books as Schools Resume David-Chyddy Eleke in Awka Primary and secondary schools in Anambra State and other states in the country on Monday commence a new academic session after a twomonth summer holiday with parents expressing worry over the high cost of books.

The beginning of a new school year is usually a tough one for parents as they have to replace school uniforms, books and also pay school fees.

A visit by THISDAY to schools in Anambra State to monitor their level of compliance showed a high turnout of students,

however, some of the parents interviewed decried the high cost of books. Many of them said the rise in cost of books may not be unconnected with the general rise in cost of goods in the country as a result of the harsh economic situation.

Mrs. Felicia Ugwu, who said she has four children in Kingdom Heritage Model School said, “they have given us the cost of the books to be used by the children and do you know that for little kids like this you have to buy text books worth N10,000. We don’t even know the books, you just pay in the bank, bring the teller and

you get it. That is excluding exercise books which we still have to buy.”

Another parent, Mrs. Nwakaego Obasi whose children attend Nnamdi Azikiwe University Primary School said, “we are expected to bring in most cases over 15 pieces of 80 leaves exercise books and about 25 pieces of 60 leaves.

These books that used to be as cheap as N40 are now N140 and N200 depending on the size. I don’t know how we will

survive in this country.”

Some of the students who also spoke to THISDAY appealed to the state government to provide them with improved academic facilities that would enable them compete favourabley with their peers in other states.

The students who were mostly from public schools lamented the level of infrastructural decay in some of their schools and called for a speedy intervention by the government to provide up-to-date scientific

facilities and other educational equipment that would enhance their studies.

Parents and teachers also stressed the need for the students to devote most of their time to their studies, complemented with adequate programme of the government on retraining teachers and care givers to acquaint them with modern teaching techniques.

On her part, the state Commissioner for Education, Professor Kate Omenugha

expressed the government’s readiness to deliver the muchdesired academic programme that would mould the future leaders in the right direction.

She highlighted some of the programmes instituted by the government to improve students’ performance, saying that the state would stop at nothing to ensure it provides the students with the best educational curriculum that is obtainable in advanced countries.

‘Investment in Teachers will Ensure Sustainable Future’ Funmi Ogundare Stakeholders in the education sector have called on wellmeaning Nigerians to invest in teachers through the expansion of educational opportunities that would enable them to make a positive impact on students for a sustainable future.

They made this known in Lagos, at the presentation of ‘Teach for Nigeria’, a two-year teacher-leader fellowship, designed to tackle poor educational outcomes among Nigerian students by enlisting the country’s best graduates of all academic disciplines to teach now for immediate impact, and lead later for sustainable impact in education and other sectors.

In his remarks, the Chairman, Teach for Nigeria’, Mr. Gbenga Oyebode, stressed the need to “respect the teachers who brought us to where we are today”, while expressing concern about inadequate training and motivation for them.

“It is important that we think about the challenges that we have, for instance, income inequality is a worse challenge, there is also education inequity which drives crime, injustice, conflict in the society, as well as cements poverty, but in spite of all these, the private sector is making efforts to impact on the education system.”

He said it is imperative to focus on solutions and also ensure a visionary leadership.

“Leadership itself is the only way we have to get ourselves out of poverty, it is about making sure that it works and even ensuring that we reflect it in our schools curriculum today.”

Oyebode said the kind of fellows it would be bringing on board must be able to deal with some of the ills of the society and also teach in the schools, adding that the methodology will allow teachers who are leaders to remain in the community for a life time.

“They are the people who will remain committed, there is a system that will be put in place to remain with the schools, it is a leadership

skill that will endear them to employers.”

The chairman also appealed to the state government to see ‘Teach for Nigeria’ as a partner, saying, “Teach for Nigeria is something I am passionate about, the more we teach our leaders, the better the future will be for all of us.”

The Chief Executive Officer, Teach for Nigeria, Folawe Omikunle, said the programme was inspired by ‘Teach for All’, an association of social enterprises using a tried and tested model to combat education inequity in 33 countries worldwide including India, China, Pakistan, Mexico and South Africa.

She described the initiative as that which needs a systemic solution saying, “how can we bring about a long-term change? We need leaders who are going to move and drive education equity in Nigeria.”

She said it plans to recruit 60 fellows who are bright minds in Lagos and Ogun States that will teach for two years in educationally disadvantaged schools, adding that they would go through training and mentorship programme.

The Chairperson, Association of Private Educators of Nigeria (APEN), Dr. Femi Ogunsanya, who expressed her passion for the initiative, appealed to all to work together to get a lasting solution to the problems confronting the education sector.

She recalled her days when there was free and quality education, saying, “we had knowledgeable and well informed teachers, what were imparted in us were the value system and etiquette. Education! Education! Education is the answer to the malaise that we have now, we are capable of delivering education if we are able to adopt the programme in Nigeria.”

The Senior Regional Director, Teach For All, Samantha Williams stressed the need to tackle the problem headlong by ensuring that teachers are informed and committed enough to the programme.

“Aside just putting the children in classrooms, we need teachers that will get to know their challenges.”

REWARDING AN ACHIEVER

L-R:The Product Manager, Fidson Healthcare Plc, Mr. Femi Ajala; the best graduating fellow, Faculty of Family Medicine, Dr.Tsuung Ason Benjamin; the Corporate Services Manager, Fidson Healthcare, Mr. Oladimeji Oduyebo; and former Chairman, Faculty of Family Medicine, National Postgraduate Medical College of Nigeria, Dr. Stephen Yohanna, during the presentation of Fidson Prize to Benjamin at the convocation ceremony of the college in Lagos… recently

Nigerian Student Shines at Cisco Pledges to Transform Robert Gordon University Education with ICT A Nigerian masters student, Ignatius Akpabio, who graduated with distinction from Robert Gordon University (RGU) in Aberdeen, Scotland is also celebrating picking up an industry prize for his academic performance.

The 23-year-old from Akwa Ibom State graduated with an MSc in IT for the Oil and Gas Industry in July, and was awarded the BP Prize for the best project on the course at the School of Computing Science and Digital Media’s annual awards ceremony.

According to Akpabio, “I feel very excited to have won this prize as I didn’t expect it and I am very grateful to the best project supervisor anyone can have, Dr. Iain Pirie, for being very supportive of me during the implementation of my MSc project.”

He said he decided to embark on the course due to its unique nature in the higher education sector, as well as the growing importance of the oil and gas industry in his home country.

“Oil and gas being the major source of GDP in Nigeria means that the future of the country might well depend on the sector. I am a strong proponent of the ‘Nigeria of Tomorrow’ and therefore in every possible way I want to contribute my own quota to the development of my country. Coming from an IT background, I would like to

use IT to develop and improve the oil and gas sector.”

According to the Communications Officer, Faculty of Design and Technology, Jenny Rush, Akpabio developed an inventory management system for an oil and gas servicing company as part of his MSc project, which was able to monitor and ensure effective management of goods to and from the warehouses and also record sales and purchases of goods while automatically updating stock levels with each transaction.

Commenting on the project, Akpabio said, “implementing the system was very challenging as it consists of a lot of functionalities. It was developed as a web application to aid authorised access from anywhere around the world as long as there is connection to the internet.

“The MSc course content itself is a very rich one which encompasses modules from core oil and gas engineering, petroleum geoscience and information technology.

“I have found my time at RGU very rewarding and the school, alongside dedication on my part, has helped me improve on my software development skills. Thanks to lecturers like Dr. David Lonie and Dr. Angela Siegel, I found software development very interesting and this enabled me to excel exceedingly well in both modules.”

Peace Obi The Project Director, UNITes Cisco Networking Academy, Mr. Moses Imayi, has expressed the commitment of the IT organisation through its academy centres located in public and private educational institutions across the country to change the face of education in the country using ICT. Speaking during its Outstanding Performance Awards in Lagos recently, Imaya hinted that the Cisco networking programmes are designed to provide students with the opportunity to be globally competitive in terms of enhancing their skills; enhancing their capacity and providing the needed capacity for Nigerian educational institutions to be globally competitive.

While stressing the need for governments and educational institutions to see ICT as the way forward, he said there is need to mobilise government, teachers and students to see technology as an enabling tool that can make processes better.

According to him, with the adoption of ICT, many things can happen. “The difference between developed and underdeveloped countries is processes. With the Aadoption of technology, life will become a fun filled exercise. Teaching and learning will become a collaborative effort between teachers and students and not a hassle.”

Also speaking, the Academy Support Centre Contact for UNITes Cisco Academy, Mr. Tony Olatayo, said the academy has the mandate to spread the benefit of Cisco Networking Academy in West Africa, adding that the programmes enable students to develop technical skills in networking, create career path and serve as a platform for career development.

He said the academy which is open to private institutions, community organisations and NGOs has Cisco certified instructors manning each.

“This is to ensure that students get the benefit of the programmes while they are in school so that when they leave school they don’t just graduate with school certificate, but also with a globally competitive certification that can make them get job anywhere in the world.

“One of the goals of Cisco worldwide and for us here in Nigeria in the academy support centre is to provide opportunity for females in other to achieve their potential. We also discover that we have fewer women in technology and one of the programmes we are organising is to encourage women to come up with innovative opportunities, things that can create interest in young girls to go for technology.”

In the three categories of awards for schools, the Federal Science and Technical College (FSTC), Yaba emerged the academy.

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T H I S D AY • WEDNESDAY, SEPTEMBER 21, 2016

EDUCATION

Edo Names School after Ogbemudia to Immortalise Him Adibe Emenyonu in Benin City

Governor Adams Oshiomhole of Edo State has again immortalised the two-time Governor of the defunct Mid-west State and Bendel States, Samuel Ogbemudia by naming the rebuilt and remodeled New Era College in Benin after him.

This is the second time the Oshiomholeled administration will be immortalising Ogbemudia as the government had in 2014, built a statue in his honour at the state-owned Samuel Ogbemudia Stadium, Benin City.

Speaking at a birthday party organised by the state government to celebrate Ogbemudia’s 84th birthday recently, Oshiomhole said, “you came, you saw and you conquered and Edo people are proud. Therefore, with your permission and in exercise of my privileges as the governor of the state and on behalf of the government and people of Edo State, this college, New Era College that you built, that they destroyed after you left, that I came to rebuild will hereafter be named Dr. Samuel Ogbemudia College.

“It is my hope that this will inspire other people to give their best to our state, to our country so that role models shall be formed within us. God bless you. God bless your family, and if you

ask me may God give you another 84 years.”

He added: “I just want to say, we are very proud of you and we thank God for your life. We are celebrating an example of how just one man can lay such a solid foundation for generations upon generations to build on. So, our leader Ogbemudia, I am proud of you.

Edo people are proud of you. Nigerians who know you are proud of you, and even children yet unborn will be proud of you when they read the history of your contributions to the development of the Mid-west Region, Bendel State, and Edo State.”

Responding, the celebrant who was elated by the honour said, “my mission here today is not to come and praise you, but to catalogue your achievements so that the verdict of history will be in your favour. You have done wonderfully well.

Nowhere in this state, nowhere in this region, in all the six political regions can you find a building like this (new Era College Hall) meant for a college. It is said that it is better to make history than to write it. You have made history today and you will always be remembered and your memory will never fail.”

The All Progressives Congress governorship candidate, Mr. Godwin Obaseki,

while eulogising Ogbemudia said “we are so happy to still have you around with us. I am aspiring to fill your shoes.

You have been twice governor in the state and I am aspiring to be governor for the first time. And my inspiration is largely you. My assurance comes from the fact that you are one leader who I met after I decided to run for governor. I have met you about three times and each of those times, you have meticulously guided me and told me about what to do and what to emphasise as governor of Edo State.

“I want to assure you sir that I owe it to you and our governor not to fail Edo people. The fact that we are here today this school was your idea. We want to thank our governor for taking that idea forward and by the grace of God, I will take it even further.

“So the assurance is that you laid a foundation for us as a people and as a state. The last development plan for Mid-west and Edo was under your term.

The last master plan was designed by you. My responsibility is to continue from where Oshiomhole has stopped to create that new design and place our people where they should be in the next century.”

Cold Water Cold water immersion or shower is assaulting and brutal to a feverish body. It does not target the raised core body temperature to help in dropping it. When the cold water hits a hot naked body, the blood vessels constrict and blood rushes to the skin. This action spikes surface body temperature rather than lower it.

Sponging the body with cold water or ice cubes is also not recommended as it has the same aggravating effect.

A bath, a shower or sponging is not necessary to lower a high body temperature.

What to do:

•Take the child’s temperature with a thermometer. If it is above 37.5 degree C, then it’s a fever. Temperatures above 38 degrees C, in children under one-year-old require urgent medical attention.

•Keep the child well hydrated by giving him frequent sips of cool water to drink. Encourage a hot baby to take plenty of breast milk or formula at this time too, so as to keep up body fluids. In a fever, the body loses its fluids rapidly and abnormally. Water depletes rapidly in the body cells in addition to water that is lost through profuse sweating or vomiting and diarrhoea. Water is cleansing as it flushes out the germs in the body as well.

•Ensure that the child is lightly dressed in airy clothes so that heat can escape from his/her body. Remove excess clothes, blankets, duvet and bedding, but ensure that the child is covered with a light sheet.

•Ensure that the child is in a cool room. A room temperature of about 18 degrees C would be ideal in this situation.

•Give the child a children’s antipyretic medication like paracetamol as a first aid measure.

•Quickly establish the cause of your child’s fever and seek medical treatment if necessary.

Although most fevers are symptoms of underlying infections or illnesses, a fever is a good way in which the body eliminates bacteria and viruses. The internal core heat makes it difficult for these germs to survive.

Omoru writes from the UK

IAYPN HonoursYoung Nigerians Ugo Aliogo and Eberechi Imo

WE ARE READY

The Managing Director, Brooke House School, Lekki, Mrs. IfuekoThomas (third left) leading parents on a tour of the school during its open day in preparation for its take off… recently

Firm Hosts Webinar on African Education to Mark Literacy Day As part of activities marking the International Literacy Day, a pan-African communications consultancy, Djembe Communications has concluded plans to host a webinar titled ‘Education Made in Africa’ on September 26 at 16:30 GMT. The live webcast will address challenges and inequalities in current educational systems, as well as put forward African-specific solutions to improve literacy rates across the continent.

The webinar will feature innovators and influencers in the African education sphere including: Naomi Lucas, the founder of GraduatePRO, author of Africa’s Biggest Book Project; Anne Eboso Okongo, Reading Revolutionary and Mandela Washington Fellow; Eugenia Tachie-Menson, founder of the

Young Educators Foundation; Obinwanne Okeke, founder of Literacy Africa International; and Elodie de Warlincourt, Director of the African Innovation Foundation.

According to the Regional Director, Djembe Communications, Nicole Anwer: “With a rising middle class segment, many African nations are seeing an increasing demand for higher quality education. There is also a growing movement of education innovators and influencers who are calling for more inclusive education models to facilitate social impact development and accelerate economic diversification and job creation. Our webinar aims to bring these collective voices together to put forward African-specific solutions that address the current gaps.”

A 2015 study conducted by the organisation in association with Forbes Insights found that many Africans aged 16 and 40 look to education as the key to fueling entrepreneurship-led job creation. Nearly 27 per cent of 4,000 respondents from Angola, Ghana, Mozambique and Nigeria cited inadequate education systems and lack of access to skills as top barriers to fostering entrepreneurship in the sub-Saharan region.

In a diverse continent like Africa where education models differ from one nation to the next, panelists will discuss the role of the private sector in narrowing literacy gaps, as well as challenge the relevance of the western education model currently adopted in most systems. The webinar will also highlight the role of technology

in advancing literacy rates and mechanisms to strengthen the quality of education offered in government schools.

The webinar is being held in partnership with the African Innovation Foundation, which is focused on unlocking African potential through enabling needs-based innovation; Real Livin Films, a company known for producing universal films from an African perspective; Maasai Girls Education Fund, which is focused on the education of Maasai girls in Kenya; and Kakenya Centre of Excellence in Kenya To join the free webinar click on http://djembeinsights. com/webinar/ at 16:30 GMT; Angola-17:30; Ghana-16:30; Morocco-16:30; Mozambique-18:30; and Nigeria-17:30.

The Duke of Edinburgh International Award (DEIA), which is operated in Nigeria as International Award for Young People Nigeria (IAYPN) recently presented awards to a group of young Nigerians from public and private schools in Lagos State.

The award provides the necessary framework that enables young people to learn life and social skills, while developing existing ones. It also challenges them to give back to the society and experience the world around them, while giving them an international recognition for their achievements.

Speaking during the event, the Secretary General of DEIA, John May, stated that the award is available to young people around the world, adding that it is concerned with recognising the achievements of young people throughout the country.

“It is relatively new in Nigeria, over the past few years, we have seen participation rise from a very small number to 8,000 young people.

“The expectation is that over the next few years the number could increase to 100,000. This is a great ambition and it is really an important ambition for young people. We believe that young people deserve to have great education.”

May stressed that education is not only about what hap-

pens in the classroom, but that young people need to learn how to provide service for the community such as developing healthy bodies and learning skills outside the classroom which will equip them for life. “They need to learn about leadership through adventure.”

He explained that the award provides the opportunity for them to learn skills and develop behaviours, adding that it takes six months of commitment for a 14-year-old teenager to work for bronze award.

“If you are working for gold, the teenager is looking at 18 months of commitment.

The exciting thing about this programme is that young people creates their own skills and targets. The skills could be anything such as playing musical instruments, to skills that they could use to earn money for themselves when they leave school. The programme is about reaching your own potential. We have more than a million, one thousand people young people taking part in this award.

“What is important for me is that I recognise the difference that exists in the 144 countries, where we have the award running; but also the similarities that exist between young people. Young people today are better connected than they have ever been, Facebook and other social media platforms have brought young people together.

T H I S D AY • WEDNESDAY, SEPTEMBER 21, 2016

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EDUCATION

LASCOHET Students Win N6m for Biogas Project Funmi Ogundare With its Biogas production project, a team comprising Mr. Oluwafemi Sarumi and Samuel Dada of the Department of Environmental Health Technology, Lagos State College of Health Technology (LASCOHET) has emerged winner of the pitch category of the Ready Set Work (RSW) programme of the state government.

The team received a cheque of N1 million as seed fund and another N600,000 that will be given in trenches for the next six months as working capital to enable its business idea to grow. The students received an additional N5 million from Governor Akinwunmi Ambode.

The second position went to Onebox Team, which got a seed fund of N500,000 with an additional N100,000 as working capital, while the Artisans on Campus Team came third to get a seed fund of N250,000 and N100,000 as working capital.

95 slots were also awarded to the students for internships while 80 were placed on apprenticeship.

The maiden edition of the programme, conceived as a capacity building initiative, is targeted at final year students in Lagos State tertiary institutions with a vision to ensure that graduates emerge as ready products for the increasingly competitive labour market and more importantly as job creators.

Speaking at the graduation ceremony recently, the Special Adviser to the Governor on Education, Mr. Obafela BankOlemoh, said the initiative was in response to the need

to churn out graduates who will be equipped with the needed skills to contribute meaningfully to nation building, adding that about 3,000 final year students of the state-owned institutions applied, but only 500 were selected.

He said to graduate from the programme, punctuality for the 13-week training is important and they must attend at least 21 classes out of 24, as well as complete all the courses.

“We partnered the private sector and they did a 13-week intensive training for the students and today only 422 are graduating. We are happy about the products we are turning out today.”

In his remarks, Ambode described the programme as a journey requiring passion, diligence, discipline and perseverance, while congratulating those who made it to the last stage.

“I must emphasise that this is only the beginning.

In the face of the ongoing economic challenges, this is a time to push ahead with the same strength and focus that brought you to this point and to pursue with vigour the knowledge, skills, and ideas formed in you over the last three months. The private sector would benefit from your passion and professionalism, while the entrepreneurial world awaits your vision driven ideas.”

He advised them to be disciplined as they progress in their journey. “As pilots and ambassadors of Ready Set Work, you must uphold the positive values of decorum, respect, and self-management.

Stand out and stand apart from the crowd in the outside world.

At your places of work, give not only your best, but what is required. Always be ready to go the extra mile and create value.”

The governor thanked the organisations that provided funding and technical support for the state, while acknowledging the volunteer facilitators who invested their time and talent in the programme. He also appealed to the public and private sectors, NGOs, international agencies to support the state in raising students and youths who will transform the country and the world.

While expressing hope that the programme will

be expanded to cover 1,000 students, he pledged the state’s readiness to open access to recruit some of the students that have passed through the programme.

One of the supporters of the initiative, the Managing Director of SystemSpecs, John Obaro, said he attended one of the sessions, adding that an executive director of the company, Deremi Atanda also took one of the sessions. “So we took two of the 13 sessions and we supported the programme financially. We are also taking in at least six of the graduates for internship programme.”

He expressed confidence in the potential of Nigerian youths, saying “I have always believed

that if we can just take care of our own little spheres, we will make a huge impact in the long run. Many Nigerian youths are just looking for opportunities.

They are full of energy; they are smart and good at everything in the creative space, the only snag is that in Nigeria there is some kind of negative spirit of despondency.

“We don’t believe in ourselves. But this same set of young people, we begin to celebrate them when they go out of the country. So I think it is our own orientation that we need to change. We need to learn to believe in ourselves.

Our youths are full of energy and ideas; they just need to be encouraged.”

A representative of the business idea winning team, Sarumi who expressed delight about the team’s success, said the business plan involves the production of biogas from the treatment of animal waste, adding that it would provide the necessary energy value that can be used for cooking by Nigerians.

He claimed that it is the first of its kind in the country, saying, “we use animal waste to produce gas and as a result, waste is turned to wealth and it is targeted at providing a potential substitute for the ever costly liquefied petroleum gas.

We have been creating awareness in our school and its uses which can be shown to other students.”

L-R:The Managing Director, SystemSpecs, Mr. John Obaro; Lagos State Deputy Governor, Dr. Idiat Adebule; Governor Akinwunmi Ambode; and the Vice-President, Strategy and Human Resources, First City Monument Bank, Felicia Obozuwa, during the graduation ceremony of the first batch of participants in the Ready Set Work initiative of the state government in partnership with SystemSpecs... recently etop ukutt

FEF to Hold Conference Premiere Academy Student CIAPS Introduces on Unemployment, Annual Wins NITDA Coding Programme for Operation Lecture, Awards Contest Managers Peace Obi Determined to provide plausible, pragmatic and policy impacting solution to the problem of unemployment in the country, the Fafunwa Educational Foundation (FEF) has expressed its readiness to host the maiden national conference on unemployment alongside its annual lecture series and awards for 2016.

The conference with the theme, ‘Tackling the Problem of Unemployment in Nigeria’, which will run through September 20 to 23, at the University of Lagos, will hold every three years on relevant issues to accelerate the socioeconomic and educational development of the country.

Briefing journalists in Lagos recently, FEF Award Chairman and Member, Board of Trustees (BoT), Prof. Peter Okebukola, said the addition into the FEF’s programmes for its annual event of lecture, awards and roundtable discussion is based on the foundation’s conviction to come up with result-oriented solution in tackling the problem of unemployment through collaboration with other stakeholders.

He said the conference, which would attract experts

from across disciplines to share interdisciplinary knowledge and experiences, will kick off on September 21 at 10am with an opening ceremony where Emeritus Professor Pai Obanya will deliver the keynote address. He said the occasion, which will be chaired by a former Vice-Chancellor, UNILAG, Prof. Oye IbidapoObe will have the Registrar of the Joint Universities Preliminary Examination Board, Prof. Duro Ajeyalemi present the lead paper, among other intellectuals and entrepreneurs who will grace the occasion.

Okebukola added that September 23 which will be the awards and roundtable discussion day, will have the Deputy Chairman, Human Rights and Leader of Nigeria-UK ParliamentFriendship Group, House of Representatives, Prof. Mojeed Alabi as the chairman.

Speaking on the categories of the awards, he said while the Post-doctoral Award rewards excellence in the field of education from 10 universities in Nigeria, the Best Practice in Education Award is meant to reward, honour and appreciate states with best policies and excellent performances towards the educational advancement

Paul Obi in Abuja A student of Premiere Academy, Lugbe, Abuja, Timothy Andeyantso has been declared winner of the National Coding Training and Talent Search Competition, organised by the National Information Technology Development Agency (NITDA) for Nigerian schools.

With the victory, he is expected to represent Nigeria at the Microsoft Imagine Cup in United States of America (USA).

Andeyantso was also presented with the award in Abuja by the Minister of Communication, Adebayo Shittu alongside travelling documents for an all-expense paid trip to attend the competition in Seattle, USA. The awardee, who thanked God for the achievement, said his interest in ICT will continue to drive his zeal for greatness and better prospects in the field.

He said he was able to record the feat by studying and playing so many games, adding that he is grateful to his parents for the push.

The Principal of the school, Mr. Rowland Eno, explained that the impact of the award will not only place the school on the map in terms of technological development, but

also Nigeria.

“I believe there is a place in the future at a very cutting edge of development for Nigeria in terms of technology so there is no reason our students and those that come after them should not be able to achieve and to excel in the field like any students elsewhere in the world.”

According to him, “ICT is critical in everything as this is the age of technology, these are the initial stages and it can be built on and with the way the world is developing, without ICT we cannot keep pace with the rest of the world.”

The school’s Head of Learning and Studies, Mr. John Ogungbenro, said for its student to come first nationwide is a great feat that will reposition the school for the better.

“Most of the things we use today, computers and mobile phones are done through coding so for a child of premiere to come first in such activities, it is very important to us as a school and a nation.”

He stated that the school is “loaded with ICT and enough computers to go round; they are guided about application development and other programmes. So with this, we are happy that we are taking

The Lagos-based Centre for International Advanced and Professional Studies (CIAPS) has launched a new programme aimed at training production and operation managers for new and existing projects.

The programme, titled ‘Professional Certificate in Production and Operation Management’ was presented to the Manufacturers Association of Nigeria (MAN) by CIAPS Centre Director, Prof. Anthony Kila.

According to Kila, the centre chose to speak to MAN to seek its input in the programme, adding, “rather than people getting qualifications and then trying to fit into organisations, CIAPS aims to get organisations to be more proactive in the training of managers and influencing the curriculum of learners.”

He advised MAN members to work with CIAPS on job placement and employment opportunity for graduates of the centre.

The director pointed out that Nigeria has no choice but to produce well, stressing the need for well-trained professionals that can save cost, reduce waste, increase

productivity and achieve high standards in order to achieve the objective.

The Chairman, Bolous Group, Mr. Francis Ugbaja, expressed delight about the programme and encouraged CIAPS to continue to work in job placements, apprenticeship, and vocational training.

He commended the centre for the vision and advised it to go beyond graduates to find ways to encourage young people in learning production skills.

The Executive Director of JMG Generators, Chief Francis Meshioye, also commended CIAPS for the initiative, saying that a project of such nature is long overdue as many manufacturers are in dire need of qualified managers.

“Businesses in various industries have asked government to develop such progarmmes and partnership but with no luck.”

The Chief Executive Officer of FAE Limited, Mrs. Funmilayo Okewo, noted that businesses will be pleased to work with CIAPS to create new qualified operation managers, as there are not enough courses or institutions training people for production and operation management.

36

WEDNESDAY, SEPTEMBER 21, 2016, • T H I S D AY

CITYSTRINGS

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

Ikeja Senior High School Gets New Library The importance of a well-equipped school library to quality education was recently underscored when a Lagos-based organisation donated new library to Ikeja Senior High School, Ikeja. Olaseni Durojaiye writes

L-R: Steve Babaeko, Mrs. Ibidun Olawuyi and Aljaha Amidat Anifowoshe, inspect books on the shelf of the new library...recently

T

he school library is not integral to learning; it is the heart of the school as it aides both teaching and learning which explains why it is pivotal to developing the 21st Century learners as it provides a model for inquiry learning and building knowledge and confidence in seeking and processing information. Interestingly, there is a growing body of proofs showing the impact of the school library on students’ academic development and achievement.

Besides benefits to students, a well-equipped library is a fundamental resource centre that also provides support for the teaching staff.

Scholars hold the view that a school library reflects and encourages collaborative learning and sharing of ideas just as research shows that the reading scores for students in schools that focus on improving their library programmes are, on average of eight to 21 per cent, higher than similar schools with no such programmes.

As important as school libraries are to learning and teaching, the state of libraries in public school leaves much to be desired.

While some schools lack well-equipped libraries, others simply do not have. Many schools boast of reading room in the name of library as many of the libraries are too small and often congested making them not conducive for learning.

This was the case with the school library at Ikeja Senior High School, Ikeja, Lagos before the intervention by X3M Ideas, a Lagos-based advertising agency which decided to donate a well-equipped library to the school as part of its yearly corporate social responsibility (CSR) programme.

THISDAY gathered that, before the new library was renovated, equipped and handed over to the school management for the use of the school community, the school shared a single room library with Ikeja Junior High School. It was further gathered that the former library was too small to adequately serve the two schools and lacked enough text book resources to cater for the study needs of

The new library comes with comfortable, four student apiece workstation-like study desks. Each unit has spacious leg room and wide enough table-top that affords convenient reading. Besides, the demarcation at the top of the table forecloses distraction, interferences from other users on the unit and, affords personal space and some measure of privacy

the students from the two schools that it was meant for.

That has however become history with the donation of the new library by X3M Ideas.

The new library comes with comfortable, four student apiece workstation-like study desks. Each unit has spacious leg room and wide enough table-top that affords convenient reading. Besides, the demarcation at the top of the table forecloses distraction, interferences from other users on the unit and, affords personal space and some measure of privacy.

A tour of the library revealed well stocked book shelves and well arranged seating arrangement. The books and text books on display cut across different subjects from arts, commercial and science subjects. The books bore subjects like agriculture, biology, chemistry, additional mathematics, commercial studies, home economics, integrated science, literature and physics among others.

The Librarian’s table is strategically positioned directly opposite the entrance to the library. A desktop computer monitor and keyboards seat on the table while the Central Processing Unit sits below the table top. From the vantage position, the librarian is able to monitor goings on inside the hall.

A staff of the Ad agency who craved anonymity told THISDAY that “We always put our CSR project in the budget every year, and then we begin to save towards it from the beginning of the year. It’s a tough choice especially at this moment of technical recession and when other agencies are cutting cost and downsizing; but our CEO believes that it’s a choice that must be made.

Whenever he talks about the projects he’ll ask us which is the better choice; should

people consider how hard it is to spend the money on such laudable project or how harder the future of those children will be without quality education.”

While performing the official tape cutting to declare the library open for use, Tutor-General and Permanent Secretary, District Six, Lagos State Ministry of Education, Mrs. Amidat Anifowoshe, commended the donor company and praised its courage to commit to the project at a time the nation’s economy was experiencing a downturn and businesses are cutting costs as against incurring more cost.

But it was the narratives of the school’s Principal, Mrs. Ibidun Olawuyi that best captured the mood of the school community.

Her narration recalled how the library came to be: “Since I was posted to this school as the Principal, having a befitting library has been a burden in my heart. The school shares the existing so called library with junior school and this had made it difficult for an effective use of the library by both the students and staff of the school. Today, I thank God; that burden has been lifted and we now have a well furnished library for the school, all courtesy of X3M Ideas Company,” she stated.

Continuing, Mrs. Olawuyi recalled how the project came about thus: “It all started in June upon my resumption from a casual leave when the Vice Principal Academics came to brief me that a young man named Nnamdi Okeke came to the school and asked what the school lacked with a view to assisting. According to her, she told him of the needs for computers and a school library. I immediately took the offer of a school library.

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WEDNESDAY, SEPTEMBER 21, 2016, • T H I S D AY

CITYSTRINGS

“Nnamdi came back as promised and we got talking. Like a dream come true here we are today, inaugurating the library. I want to express my heartfelt gratitude to God Almighty, who sees and grants hearts desires as He has by this granted one of my desires for the school. I also want to express my profound appreciation to the management and owners of X3M Ideas for promising and fulfilling the promises so promptly that it seem like a dream. The whole project took about two months to complete and I am aware it costs millions of naira,” the Principal recounted.

Speaking with THISDAY shortly after a tour of the newly inaugurated library, Chief Executive Officer of X3M Ideas, Steve Baba-Eko, explained that the project was borne out of the conviction that providing the students with quality education is the best way of guiding them to become good citizens and leaders in future.

“We are doing this because providing quality education for the children is the best way to groom quality future leaders. Education saved people like me. Why I am able to be where I am today or do what we’re doing today is because I am educated.

“Today, anybody can get educated.

However; it’s not just about education but the quality of the education. That was why we decided that in our own little way we will meet the government of Lagos State or any other state halfway in the provision of quality education for our youth, especially those in secondary schools because if we fail to do so the quality of leaders that we will have in future may not be what we will be proud of,” he explained.

Speaking further, he stressed “Last year we went to the boys’ reformatory home, we looked at their sanitary system, you cannot reform anybody in those conditions, so we provided them with a brand new toilets system, new bathrooms complete with lighting systems. We are not just talking to children from well off home or school, we are also talking to children from indigent homes and who are in conflict with the society. So we shall continue to find new ways of engaging with them from different backgrounds,“ he concluded.

Some of the students who braved the ongoing end of session holiday to grace the inauguration could not hide their elation.

The joy they exuded can be likened to that of a traveler in the desert - travel weary, tired and thirsty - then came upon an oasis.

One of the students, Elizabeth Ayodele, captured the mood of her colleagues in her vote of thanks. “On behalf of the students of Ikeja Senior High School, I say a big thank you our donor, X3M Ideas for the new school library. The well-equipped library will be of immense benefits to the student population.

It will enhance our reading culture and have great impact on the academic performance

Since I was posted to this school as the Principal, having a befitting library has been a burden in my heart. The school shares the existing so called library with junior school and this had made it difficult for an effective use of the library by both the students and staff of the school. Today, I thank God; that burden has been lifted and we now have a well furnished library for the school, all courtesy of X3M Ideas Company

A cross section of students inside the new school library

Tutor-General, Mrs. Amidat Anifowo cuts the tape to declare open the library. While others watch

of the students. I promise that we are going to make effective use of the library. Once again, thank you X3M Ideas, and may God Almighty in His infinite mercies continue to bless the company,” she said.

The teachers were not left out in the gale of excitement in the schools. One of them told THISDAY that “Students and their teachers need library resources and the expertise of

a librarian to succeed. School libraries help teachers teach the children better because we are able to go in there to research; sometimes too we ask the students to go in there and read up some topic then return to the class room to engage in interactive session.

A school library functions like a resource centre that supports school programmes as well as the teaching and learning process.

School libraries serve students by providing materials to meet their various needs and encouraging independent reading and the use of libraries,” she stressed, adding that “That’s why we are so delighted. We’re indeed grateful to XTM Ideas for this donation; it will certainly impact our work and the performances of the students going forward,” she stated.

38

WEDNESDAY SEPTEMBER 21, 2016 T H I S D AY

T H I S D AY WEDNESDAY SEPTEMBER 21, 2016

39

40

T H I S D AY • WEDNESDAY, SEPTEMBER 21, 2016

BUSINESS/MONEYGUIDE

Dozie: Banks Have Critical Role to Play in Shaping Future of Businesses in Nigeria Obinna Chima Given the importance of a seamless payment system to businesses, Nigerian banks have been urged to provide payment solutions that will not only facilitate efficient payment processes but equally shape the future of businesses in the country.

The Chief Executive Officer, Diamond Bank Plc, Uzoma Dozie, said this in a recently published article on his LinkedIn page, Titled “Five Key Learnings from Tech Turks”. The article dwelt on key trends in his interviews with various digital entrepreneurs on Tech Turks – an online video series on Diamond TV. According to the banker and a technology enthusiast, common trends in the series include,

market readiness, the importance of having a vision, prioritising consumer awareness, leveraging technology and finding solutions to challenges with payments.

Commenting on finding solutions to the common challenge of payments, Uzoma said: “This was the one section that piqued my interest the most for three reasons: How effectively were payments being carried out?; what are the challenges faced in terms of payments?; and is it possible for us at Diamond Bank to help?

“In a country where 80 per cent of all payments are made in cash, it is a major challenge for any technology inclined business to drive and induce people to make online payments.”

Diamond Bank is one of Nigeria’s fastest growing retail bank, leveraging innovation

and technology to enhance customer experiences and drive financial inclusion in what it terms beyond banking. Since incorporation in December 1990, Diamond Bank has challenged the market environment by introducing new products, innovative technology and setting new benchmarks through international standards.

“It is therefore my understanding that banks have a critical role to play in shaping the future of several businesses in Nigeria and Africa. Payment – or rather monetary success – is critical to all businesses and that’s the one area where most are struggling with. As CEO of Diamond Bank, this provides an opportunity for us to grasp and grow with.

And I am certain we will do something out of it soon,” he said further.

Heritage Bank Highlights Potential in Non-oil Exports Nume Ekeghe Heritage Bank Limited has identified major commodities that can boost Nigeria’s foreign exchange earnings in the non-oil sector for the country.

Some of the export potential products as listed by the bank in the agriculture sector are: cocoa, cashew, groundnut, fish, horns, sesame seed, ginger, cassava and snails. Others include tobacco, coffee, cotton lint, rubber, among others. Under Vegetables and spices, the lender identified Bitter leaf, plantain flour, Ground melon, Ground Crayfish, Ground Maize among possible foreign exchange earners. Managing Director/ Chief Executive Officer, Heritage Bank Limited, Mr. Ifie Sekibo said farmers and exporters of agricultural produce should seek more knowledge in order to increase the quality and quantity of their products because export business involves dealings with other world players.

The bank chief who spoke at the 2016 Annual Conference organised by Finance Correspondents Association

of Nigeria (FICAN) in Lagos recently said the 10-year tenor export stimulation facility provided by the Central Bank of Nigeria (CBN) at nine per cent interest rate is a laudable incentive for exporters.

According to him, although the lenders would want the economy to grow by lending to farmers and other productive sectors of the economy, farmers/ borrowers/exporters on their part should know that banks want their monies back and that “there is need for competence, commitment and confidence in the process.”

Speaking on the topic: “Providing Finance for Exports: Expectation & Experience,” Sekibo said Nigeria can also export such manufactured Goods as: Cocoa cakes, butter, powder & liquor, detergents, Malt drinks Palm kernel cakes & oil, baby clothes, confectioneries, leather.

In the category of handicraft, Sekibo noted that Nigeria can export Talking drums, Calabash, Wood carvings, Raffia products among others, not forgetting the ever flourishing Nollywood which is even being watched

by Militants (like Gendam) in

neighbouring countries.

Represented by the Group Head, Agriculture Finance, Project & Development Finance Department of Heritage Bank, Mr. Olugbenga Awe, Sekibo regretted that exporters from Nigeria are not competitive enough, such that some Nigerian exporters go to Cameroun to bring in products, blend them to Nigerian products so that they can export. For instance, Yams that are consumed in London are from Ghana, not Nigeria. As a country, Nigeria cannot afford to continue going backward in terms of non-oil export he reiterated.

The banker therefore advised exporters to master the steps to getting funding for export. He said, the first step is to know the difference between funds required for financing the business between the commencement of the manufacturing or procuring process and the dispatch of the goods, known as pre-shipment finance; and that of post-shipment finance, which are funds required for financing the exporter between the dispatch of goods and the receipt of payment.

Dozie

MARKET INDICATORS MONEY AND CREDIT STATISTICS 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

Standard Chartered Bank has opened the first of 10 new branches it plans to establish in Lagos state.

The first of the proposed branches was opened at the Lagos’ Circle Mall, along Lekki/ Epe Expressway.

A statement explained that the branch compliments the bank’s ongoing investment into digital infrastructure, while aligning with its focus on rapidly expanding cities across its global footprint in Africa, Asia and the Middle East.

Through its recently launched ‘Here for Africa’ campaign, Standard Chartered recently reiterated its commitment to the continent and will continue to invest in its regional strategy, with Nigeria as a key focus for expansion.

One of the eight fastestgrowing cities in Africa, Lagos generates 25 per cent of

Nigeria’s total gross domestic product The CEO of Retail Banking, Karen Fawcett, opened the new branch with Regional CEO for Nigeria, Cameroon and Cote d’Ivoire, Mrs. Bola Adesola and the bank’s Head of Retail Banking for Nigeria, Ebehijie Momoh.

Commenting on the new branch, Adesola said: “Our Retail Banking business in Nigeria has been growing from strength to strength, with income increasing 12 per cent year-on-year in 2015. Thanks to the support from government and the Nigerian people, we will continue to invest in our capabilities to deliver increasingly efficient, cost effective and accessible banking for all our clients. With 10 more branches, we aim to extend the reach and accessibility of banking, while freeing up our clients’

time to focus on their personal priorities.”

The World Economic Forum cites Lagos as the fastest-growing city in the world, expanding at a rate of 85 people per hour.

By 2050, Lagos’ population is expected to double, which will make it the third largest city in the world.

On his part, Fawcett said: “We’re very excited about the opportunities in Nigeria and the Africa region. So we’re investing here to bring the best in banking through digital channels, as well as giving clients the choice of coming to a branch when they want advice and a more personal touch.”

Standard Chartered has recently launched new mobile and online banking platforms in eight markets across Africa, including Nigeria, bringing cutting-edge digital channels to one million clients in the region.

• Source - CBN

MANAGED FUNDS Initial Price (N) Stanbic Balanced Fund

Standard Chartered Bank to Open 10 New Branches in Lagos

(MILLION NAIRA)

MARCH 2016

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

20

120.47

120.47

Stanbic IBTC Ethical

1

1.10

1.13

Stanbic IBTC GIF

142.90

143.38

UBA Balanced Fund

1.2563

1.2493

UBA Bond Fund

1.3443

1.3443

UBA Equity Fund

0.8205

0.8074

UBA Money Market Fund

1.1510

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 MONDAY 19, SEPT 2016 The price of OPEC basket of fourteen crudes stood at $42.09 a barrel on Monday, compared with $41.74 the previous Friday, 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

41

T H I S D AY • WEDNESDAY, SEPTEMBER 21, 2016

Nigeria’s top 50 stocks based on market fundamentals

20-Sep-16

19-Sep-16

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

01 Dangote Cement Plc

183.00

176.21

3.85%

3,118,412,855,115.00

9.56

18.41

5.54

4.54%

4.41

02 Nigerian Breweries Plc

143.35

143.36

-0.01%

1,136,636,612,294.80

4.50

32.25

3.84

2.48%

7.06

03 Guaranty Trust Bank Plc

27.00

27.10

-0.37%

794,641,839,048.00

4.20

6.44

2.22

6.54%

1.76

825.00

825.00

0.00%

653,941,407,900.00

19.41

42.56

3.95

3.51%

18.61

05 Zenith Bank Plc

14.60

14.53

0.48%

458,388,809,275.60

3.10

4.68

1.09

12.41%

0.73

06 Lafarge Africa Plc

56.15

56.26

-0.20%

255,757,736,631.50

-6.71

-8.35

1.15

5.36%

1.82

07 Ecobank Transnational Incorporated

11.50

11.50

0.00%

211,019,838,972.50

0.23

50.05

0.39

5.39%

0.35

08 Forte Oil Plc.

155.35

155.35

0.00%

202,340,439,351.05

4.22

38.15

1.42

2.14%

4.89

09 Seplat Petroleum Dev. Co. Ltd

326.00

326.00

0.00%

180,379,162,038.00 -14.43

-22.59

1.93

4.88%

0.48

10 Presco Plc

45.00

45.00

0.00%

178,671,467,025.00

0.54

83.90

2.57

2.89%

4.37

11 Unilever Nigeria Plc

45.50

46.01

-1.11%

172,139,979,375.00

0.46

99.48

2.86

0.11%

19.54

5.58

5.56

0.36%

161,418,081,700.98

2.56

2.17

0.47

9.89%

0.38

13 Stanbic IBTC Holdings Plc

16.05

15.50

3.55%

160,500,000,000.00

2.04

7.61

1.31

0.65%

1.38

14 United Bank for Africa Plc

4.30

4.21

2.14%

156,001,963,184.60

1.66

2.53

0.48

14.29%

0.37

15 Guinness Nig Plc

100.00

100.00

0.00%

150,588,818,800.00

3.70

27.05

1.33

0.00%

3.39

16 FBN Holdings Plc

3.05

3.08

-0.97%

109,480,643,015.60

0.30

9.68

0.21

5.08%

0.17

17 Total Nigeria Plc

269.00

262.50

2.48%

91,331,374,153.00

31.13

8.03

0.35

5.60%

4.02

18 7-Up Bottling Comp. Plc

139.15

139.15

0.00%

89,138,149,011.45

3.75

39.07

1.05

1.50%

3.64

19 Dangote Sugar Refinery Plc

6.58

6.58

0.00%

78,960,000,000.00

1.05

6.26

0.66

7.60%

1.33

20 International Breweries Plc

19.85

19.85

0.00%

65,390,848,208.00

0.17

114.65

2.64

1.25%

5.34

5.34

5.09

4.91%

64,264,864,893.96

-3.46

-1.47

0.33

14.71%

0.44

171.00

171.00

0.00%

61,661,789,802.00

17.69

9.61

0.74

4.24%

3.57

23 Julius Berger Nig. Plc

39.44

39.44

0.00%

52,060,800,000.00

0.24

162.91

0.50

3.80%

2.32

24 Flour Mills Nig. Plc

19.09

19.09

0.00%

50,096,687,899.83

6.81

2.80

0.13

10.48%

0.50

1.08

1.09

-0.92%

41,818,677,219.00

-0.37

-2.79

0.89

0.00%

0.53

26 U A C N Plc

21.00

21.78

-3.58%

40,338,152,127.00

2.44

8.61

0.56

4.76%

0.55

27 Okomu Oil Palm Plc

36.00

36.00

0.00%

34,340,760,000.00

4.60

7.83

2.79

0.28%

2.21

1.02

1.02

0.00%

29,366,226,488.52

0.31

3.27

0.28

8.91%

0.35

29 Cadbury Nigeria Plc

14.20

14.20

0.00%

26,670,468,968.00

0.83

16.71

0.94

9.42%

2.08

30 Diamond Bank Plc

1.12

1.13

-0.88%

25,939,635,644.16

0.11

10.42

0.13

0.00%

0.12

31 Fidelity Bank Plc

0.89

0.90

-1.11%

25,776,701,265.88

0.39

2.28

0.18

17.98%

0.14

32 Wema Bank Plc

0.62

0.64

-3.13%

23,916,168,970.22

0.06

9.99

0.49

0.00%

0.52

33 Glaxo Smithkline Consumer Nig. Plc

19.60

19.60

0.00%

23,439,179,164.80

-2.54

-7.72

0.80

1.53%

2.57

34 Custodian And Allied Insurance Plc

3.95

3.95

0.00%

23,233,363,570.25

0.76

5.19

0.69

3.55%

0.83

33.00

33.00

0.00%

23,100,000,000.00

2.36

13.99

3.33

3.48%

15.82

36 Mansard Insurance Plc

2.04

2.04

0.00%

21,420,000,000.00

0.27

7.55

1.12

2.44%

1.02

37 National Salt Co. Nig. Plc

8.00

8.00

0.00%

21,195,507,024.00

0.89

9.26

1.20

6.71%

3.15

38 FCMB Group Plc

1.00

1.00

0.00%

19,802,710,781.00

0.61

1.63

0.12

10.00%

0.11

39 PZ Cussons Nigeria Plc

18.07

18.07

0.00%

18,070,000,000.00

4.14

4.71

1.47

0.51%

0.58

40 Honeywell Flour Mill Plc

1.41

1.41

0.00%

11,181,578,697.78

-0.40

-3.49

0.23

11.35%

0.68

41 Continental Reinsurance Plc

0.99

0.99

0.00%

10,269,016,868.88

0.33

2.95

0.49

12.37%

0.52

42 Skye Bank Plc

0.65

0.66

-1.52%

9,022,195,916.50

-2.93

-0.21

0.05

47.62%

0.08

43 Unity Bank Plc

0.76

0.73

4.11%

8,883,896,835.92

0.54

1.29

0.13

0.00%

0.10

44 Cement Co. Of North.Nig. Plc

6.00

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

0.50

0.00%

6,691,369,126.00

0.11

4.62

0.88

6.00%

0.43

46 UACN Property Development Co. Limited

3.40

3.40

0.00%

5,843,749,983.00

-0.05

-65.21

1.73

20.59%

0.16

47 Resort Savings & Loans Plc

0.50

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

3.48

3.33

4.50%

5,652,281,250.00

0.15

20.62

0.64

6.29%

0.83

49 AIICO Insurance Plc

0.59

0.62

-4.84%

4,088,820,643.20

0.26

2.38

0.13

8.06%

0.45

50 Fidson Healthcare Plc

1.52

1.53

-0.65%

2,280,000,000.00

0.31

5.25

0.36

3.11%

0.38

04 Nestle Nigeria Plc

12 Access Bank Plc

21 Oando Plc 22 Mobil Oil Nig Plc

25 Transnational Corporation Of Nigeria Plc

28 Sterling Bank Plc

35 Cap Plc

TOTAL

9,128,769,561,037.98

TOTAL MARKET CAP

9,690,271,956,656.54

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

94.21%

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

Open 19-Sep-16

Close 20-Sep-16

Change %

27,839.93 9.56

28,209.93 9.69

1.33% 1.33%

115.66 9.01

117.24 9.13

1.37% 1.37%

Table 3 Top 5 Gainers Stock

Open Close Change 19-Sep-16 20-Sep-16 %

Oando Plc Nigerian Aviation Handling Company Plc Unity Bank Plc Dangote Cement Plc Stanbic IBTC Holdings Plc

5.09 3.33

5.34 3.48

4.91% 4.50%

0.73 176.21 15.50

0.76 183.00 16.05

4.11% 3.85% 3.55%

Table 4 Top 5 Losers Stock

Open Close Change 19-Sep-16 20-Sep-16 %

AIICO Insurance Plc U A C N Plc Wema Bank Plc Skye Bank Plc Fidelity Bank Plc

0.62 21.78 0.64 0.66 0.90

0.59 21.00 0.62 0.65 0.89

-4.84% -3.58% -3.13% -1.52% -1.11%

Market rebounds with 1.33% gain based renewed optimism Market pulse on the Nigerian Stock Exchange (NSE) today – Tuesday, September 20th, 2016 ended on a bullish note as the stock market closed green today. This was further highlighted by positive performances from the NSE Sub sectors: Banking, Insurance and Oil & Gas (Save Consumer Goods).

Trading activities decreased in volume as 231.46 million shares worth N2.48 billion in 3,452 deals exchanged hands today. This is a decrease from the 328.20 million shares worth N2.89 billion in 3,215 deals which exchanged on Monday. Topping in volume terms was FBN Holdings Plc, Access Bank Plc and United Bank for Africa Plc while Guaranty Trust Bank Plc and Access Bank Plc ended trading as the most active stocks in value terms.

The All Share Index (NSEASI) closed positive with a 1.33% (+370.00) increase to close at 28,209.93 from 27,839.93 the previous trading day. Market Capitalization appreciated in tandem to N9.69 trillion from N9.56 trillion of prior trading day. Similarly, the Thisday BGL 50 Index followed suit with an increase of 1.37% to close at 117.24 from 115.66 recorded at the end of the previous trading day, while its market capitalization stood at N9.13 trillion from N9.01 trillion of the previous trading day.

A total number of 15 stocks gained on the bourse today while 14 stocks declined, 75 leaving stocks unchanged. Oando Plc emerged as the day’s toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 4.91% to close at N5.34 per share. It was followed by Nigerian Aviation Handling Company Plc with a gain of 4.50% to close at N3.48 per share. Others on the gainers list include: Unity Bank Plc, Dangote Cement Plc and Stanbic IBTC Holdings Plc, while on the decliners’ list; AIICO Insurance Plc led with a loss of 4.84% to close at N0.59 per share. It was followed by U A C N Plc with a loss of 3.58% to close at N21.00 per share. Others on the decliners list include: Wema Bank Plc, Skye Bank Plc and Fidelity Bank Plc.

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

For more details go to www.thisdaylive.com

42

T H I S D AY • WEDNESDAY, SEPTEMBER 21, 2016

MARKET NEWS

Guinness Nigeria Records N2 Billion Loss, First in 30 years Goddy Egene and Nosa Alekhuogie For the first time in 30 years, Guinness Nigeria Plc yesterday reported a loss for the year ended June 30, 2016. Details of the audited results filed with the Nigerian Stock Exchange (NSE) showed that turnover fell by 14 per cent from N118.49 billion in 2015 to N101.973 billion in 2016. Operating profit

fell by 72 per cent to N4.415 billion from, N15.667 billion.

However, Guinness ended the year with a loss before tax of N2.347 billion and loss after tax of N2.0 billion, compared with profit before tax of N10.795 billion and profit after tax of N7.79 billion in respectively in 2015.

Speaking on the results, Managing Director/Chief Executive Officer, Guinness Nigeria Plc, Mr. Peter Ndegwa, said that

T H E MAIN BOARD

DEALS

MARKET PRICE

the combination of a tough economic environment and challenges with naira devaluation had a significant impact on Guinness Nigeria’s overall performance. “Our performance this year was impacted by two major factors, one being the very tough economic challenges around consumer spending, driving consumer preferences towards value brands across the sector, the other, and more significant factor being the

N I G E R I A N QUANTITY TRADED

STO C K

VALUE TRADED ( N )

Daily Summary as of 22/02/2016 Printed 22/02/2016 14:36:10.010

Daily Summary (Bonds) No Debt Trading Activity Daily Summary (Equities) Activity Summary on Board EQTY AGRICULTURE Crop Production OKOMU OIL PALM PLC. PRESCO PLC Crop Production Totals Livestock/Animal Specialties LIVESTOCK FEEDS PLC. Livestock/Animal Specialties Totals AGRICULTURE Totals CONGLOMERATES Diversified Industries A.G. LEVENTIS NIGERIA PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. Diversified Industries Totals CONGLOMERATES Totals CONSTRUCTION/REAL ESTATE Infrastructure/Heavy Construction JULIUS BERGER NIG. PLC. Infrastructure/Heavy Construction Totals Real Estate Development UACN PROPERTY DEVELOPMENT CO. LIMITED Real Estate Development Totals CONSTRUCTION/REAL ESTATE Totals CONSUMER GOODS Beverages--Brewers/Distillers CHAMPION BREW. PLC. GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. NIGERIAN BREW. PLC. Beverages--Brewers/Distillers Totals Beverages--Non-Alcoholic 7-UP BOTTLING COMP. PLC. Beverages--Non-Alcoholic Totals Food Products DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC NASCON ALLIED INDUSTRIES PLC N NIG. FLOUR MILLS PLC. TIGER BRANDED CONSUMER GOODS PLC Food Products Totals Food Products--Diversified CADBURY NIGERIA PLC. NESTLE NIGERIA PLC. Food Products--Diversified Totals Household Durables VITAFOAM NIG PLC. Household Durables Totals Personal/Household Products P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC. Personal/Household Products Totals CONSUMER GOODS Totals FINANCIAL SERVICES Banking ACCESS BANK PLC. DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED FIDELITY BANK PLC GUARANTY TRUST BANK PLC. SKYE BANK PLC STERLING BANK PLC. UNITED BANK FOR AFRICA PLC UNION BANK NIG.PLC. UNITY BANK PLC WEMA BANK PLC. Banking Totals Insurance Carriers, Brokers and Services AIICO INSURANCE PLC. CONTINENTAL REINSURANCE PLC CONSOLIDATED HALLMARK INSURANCE PLC LASACO ASSURANCE PLC. AXAMANSARD INSURANCE PLC N.E.M INSURANCE CO (NIG) PLC. UNITY KAPITAL ASSURANCE PLC WAPIC INSURANCE PLC Insurance Carriers, Brokers and Services Totals Micro-Finance Banks NPF MICROFINANCE BANK PLC Micro-Finance Banks Totals Other Financial Institutions AFRICA PRUDENTIAL REGISTRARS PLC CUSTODIAN AND ALLIED PLC FCMB GROUP PLC. STANBIC IBTC HOLDINGS PLC UNITED CAPITAL PLC Other Financial Institutions Totals FINANCIAL SERVICES Totals HEALTHCARE Pharmaceuticals FIDSON HEALTHCARE PLC

effect of foreign exchange policy and the devaluation of the Naira. When you take out the impact of the latter, our underlying performance for the year was broadly in line with the prior year in spite of the pressure on the top line.”

Speaking in the same vein, Chairman, Guinness Nigeria Plc, Mr Babatunde Savage, said: “Despite the continuing deterioration in the operating environment, the

6 6 12

30.00 34.00

12,629 11,640 24,269

374,530.15 421,345.20 795,875.35

19 19 31

1.25

1,078,511 1,078,511 1,102,780

1,358,964.30 1,358,964.30 2,154,839.65

5 68 13 86 86

0.77 1.13 20.47

33,500 6,740,423 65,995 6,839,918 6,839,918

25,070.00 7,635,453.96 1,344,425.15 9,004,949.11 9,004,949.11

13 13

41.50

31,970 31,970

1,409,214.78 1,409,214.78

5 5 18

5.20

28,901 28,901 60,871

154,716.48 154,716.48 1,563,931.26

6 24 7 98 135

2.85 118.85 20.00 99.00

190,900 53,000 15,200 429,541 688,641

528,079.00 6,201,924.95 293,757.00 42,728,789.84 49,752,550.79

9 9

168.50

166,476 166,476

28,285,937.95 28,285,937.95

54 38 6 12 1 29 140

5.61 19.00 1.37 6.86 6.65 1.27

2,120,306 314,421 40,000 119,863 433 3,285,739,119 3,288,334,142

11,610,520.13 5,953,792.96 55,716.00 842,442.48 2,736.56 4,074,348,894.07 4,092,814,102.20

11 54 65

17.86 700.00

18,825 98,360 117,185

329,518.50 68,567,962.00 68,897,480.50

11 11

4.46

99,050 99,050

420,455.00 420,455.00

13 21 34 394

21.90 28.00

36,887 133,117 170,004 3,289,575,498

820,034.75 3,737,067.92 4,557,102.67 4,244,727,629.11

82 51 21 25 200 41 16 147 11 15 67 676

4.10 1.49 15.60 1.21 16.70 1.07 1.76 2.95 5.30 0.63 0.98

3,962,506 2,163,396 278,470 790,900 4,847,312 1,969,858 1,204,932 8,586,418 39,752 501,617 5,920,564 30,265,725

16,210,255.82 3,314,106.88 4,136,459.40 958,864.34 80,963,793.44 2,115,552.11 2,087,767.85 25,302,954.71 205,645.40 316,018.71 5,813,502.17 141,424,920.83

14 8 2 3 7 10 1 1 46

0.80 0.90 0.50 0.50 2.06 0.76 0.50 0.50

200,107 276,500 5,004,000 1,000,000 351,540 327,285 37,708,135 10 44,867,577

160,838.67 251,350.00 2,502,000.00 500,000.00 720,728.80 245,325.31 18,854,067.50 5.00 23,234,315.28

1 1

1.08

4,760 4,760

4,950.40 4,950.40

31 7 105 7 20 170 893

2.46 4.00 0.85 14.15 1.31

1,149,464 27,041 31,257,120 38,035 708,255 33,179,915 108,317,977

2,830,722.84 104,002.06 26,613,309.20 537,985.34 931,556.31 31,017,575.75 195,681,762.26

27

2.69

614,065

1,572,223.05

Board is pleased to note that our core brands of Guinness FES and Malta Guinness are in growth and we now have a strong participation in the growing value segment of the market through Satzenbrau and Dubic. We have also started to see early signs that our decisions to acquire the distribution rights in Nigeria to the International Premium Spirits brands of Diageo and to invest in local capacity for

spirits manufacturing are the right ones for the business.”

In January 2016, Guinness Nigeria acquired the distribution rights for Diageo, its parent company’s International Premium Spirits (IPS) like Johnnie Walker, Ciroc and Baileys in Nigeria. Also in the course of the financial year, the company acquired the rights to distribute brands from India’s United Spirits Ltd (USL) for brands like McDowell’s whisky.

E XC H A N G E

MAIN BOARD GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC Pharmaceuticals Totals HEALTHCARE Totals ICT IT Services TRIPPLE GEE AND COMPANY PLC. IT Services Totals ICT Totals INDUSTRIAL GOODS Building Materials ASHAKA CEM PLC BERGER PAINTS PLC CAP PLC CEMENT CO. OF NORTH.NIG. PLC PORTLAND PAINTS & PRODUCTS NIGERIA PLC LAFARGE AFRICA PLC. Building Materials Totals Electronic and Electrical Products CUTIX PLC. Electronic and Electrical Products Totals Packaging/Containers BETA GLASS CO PLC. Packaging/Containers Totals INDUSTRIAL GOODS Totals OIL AND GAS Energy Equipment and Services JAPAUL OIL & MARITIME SERVICES PLC Energy Equipment and Services Totals Integrated Oil and Gas Services OANDO PLC Integrated Oil and Gas Services Totals Petroleum and Petroleum Products Distributors CONOIL PLC ETERNA PLC. FORTE OIL PLC. MOBIL OIL NIG PLC. TOTAL NIGERIA PLC. Petroleum and Petroleum Products Distributors Totals Exploration and Production SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD Exploration and Production Totals OIL AND GAS Totals SERVICES Automobile/Auto Part Retailers R T BRISCOE PLC. Automobile/Auto Part Retailers Totals Courier/Freight/Delivery RED STAR EXPRESS PLC Courier/Freight/Delivery Totals Printing/Publishing LEARN AFRICA PLC Printing/Publishing Totals Transport-Related Services AIRLINE SERVICES AND LOGISTICS PLC NIGERIAN AVIATION HANDLING COMPANY PLC Transport-Related Services Totals Support and Logistics CAVERTON OFFSHORE SUPPORT GRP PLC Support and Logistics Totals SERVICES Totals EQTY Board Totals Daily Summary (Equities) Activity Summary on Board ASeM CONSUMER GOODS Food Products MCNICHOLS PLC Food Products Totals CONSUMER GOODS Totals ASeM Board Totals Daily Summary (Equities) Activity Summary on Board PREMIUM FINANCIAL SERVICES Banking ZENITH INTERNATIONAL BANK PLC Banking Totals Other Financial Institutions FBN HOLDINGS PLC Other Financial Institutions Totals FINANCIAL SERVICES Totals INDUSTRIAL GOODS Building Materials DANGOTE CEMENT PLC Building Materials Totals INDUSTRIAL GOODS Totals PREMIUM Board Totals Equity Activity Totals

DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

32 4 6 69 69

25.33 0.94 0.69

551,998 16,020 597,000 1,779,083 1,779,083

13,903,164.18 15,299.40 412,110.00 15,902,796.63 15,902,796.63

1 1 1

1.69

500 500 500

805.00 805.00 805.00

16 9 4 6 10 31 76

24.00 9.30 35.78 8.62 3.36 80.50

110,727 40,229 26,700 142,300 299,900 14,373,223 14,993,079

2,707,053.97 362,501.29 992,680.00 1,227,076.00 966,480.00 1,157,057,077.16 1,163,312,868.42

6 6

1.51

134,500 134,500

204,240.00 204,240.00

5 5 87

50.00

24,529 24,529 15,152,108

1,165,135.50 1,165,135.50 1,164,682,243.92

2 2

0.50

24,262 24,262

12,131.00 12,131.00

90 90

3.47

3,827,573 3,827,573

13,288,632.05 13,288,632.05

21 7 8 21 7 64

18.34 1.84 342.00 150.00 145.00

81,125 100,300 20,300 16,295 13,699 231,719

1,505,034.50 182,832.00 6,595,470.00 2,396,080.60 1,959,692.96 12,639,110.06

33 33 189

318.00

389,934 389,934 4,473,488

124,037,602.56 124,037,602.56 149,977,475.67

1 1

0.50

941 941

470.50 470.50

5 5

3.80

32,870 32,870

127,756.40 127,756.40

13 13

0.89

624,500 624,500

538,430.00 538,430.00

1 22 23

2.29 4.00

4,588 251,094 255,682

10,001.84 1,001,583.80 1,011,585.64

1 1 43 1,811

1.68

10,000 10,000 923,993 3,428,226,216

16,000.00 16,000.00 1,694,242.54 5,785,390,675.15

2 2 2 2

1.21

270,464 270,464 270,464 270,464

327,261.44 327,261.44 327,261.44 327,261.44

306 306

11.45

13,929,679 13,929,679

159,605,439.23 159,605,439.23

278 278 584

3.74

10,438,552 10,438,552 24,368,231

39,515,087.18 39,515,087.18 199,120,526.41

35 35 35 619 2,432

139.83

38,770 38,770 38,770 24,407,001 3,452,903,681

5,304,666.00 5,304,666.00 5,304,666.00 204,425,192.41 5,990,143,129.00

2 2 2 2 2 10 10 10

2,330.00 2.33 6.02 11.09 18.07

3,000 20 20 20 15 3,075 3,075 3,075

6,986,000.00 46.70 120.20 221.80 270.65 6,986,659.35 6,986,659.35 6,986,659.35

Daily Summary (ETP) Exchange Traded Fund Name NEWGOLD EXCHANGE TRADED FUND (ETF) VETIVA BANKING ETF VETIVA CONSUMER GOODS ETF VETIVA GRIFFIN 30 ETF VETIVA INDUSTRIAL ETF Exchange Traded Fund Totals ETF Board Totals ETP Activity Totals

T H I S D AY WEDNESDAY SEPTEMBER 21, 2016

43

44

WEDNESDAY SEPTEMBER 21, 2016 • T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Syria: UN Suspends Aid Delivery after Convoy, Warehouse Attack The United Nations is suspending its aid operations in Syria after a deadly attack on a convoy and warehouse carrying life-saving supplies in rural Aleppo on Monday night, a UN spokesperson said, leaving tens of thousands of people without desperately needed food and medicine.

“At the moment [the] aid operation remains suspended while we assess and reevaluate the situation on the ground,” the spokesperson said, adding aid convoys planned had come to a halt.

The convoy of 31 trucks was carrying life-saving aid to around 78,000 people when it was attacked near the embattled city of Aleppo, the United Nations and aid organizations said. Officials from the UN and US said they were “disgusted” and “outraged” by the incident, which according to the UN saw 18 of the trucks in the convoy hit.

Twelve people involved in the aid delivery were killed, according to the Syrian Observatory for Human Rights, a UK-based organization that monitors the conflict in Syria. No one has claimed responsibility for the attacks and it is unclear whether the convoy was hit by an airstrike or shelled.

The Syrian Civil Defense, a volunteer emergency medical service, posted video of the aftermath of the attack on social media showing a warehouse ablaze and claiming that helicopters had dropped four barrel bombs on the site of a Syrian Arab Red Crescent (SARC) aid warehouse, blaming the Syrian regime for the attacks.

CNN cannot confirm the authenticity of the video nor who was responsible for the attack. The UN and International Committee of the Red Cross (ICRC), however, confirmed that the SARC warehouse had

US Investigators Seek Motive behind Weekend Attacks The United States investigators have been searching for clues to the motive behind the bombings and attempted bombings in New York and New Jersey over the weekend and to determine whether the Afghanistan-born suspect had accomplices or was radicalized overseas.

Ahmad Khan Rahami, 28, was arrested on Monday in Linden, New Jersey following a dramatic gun battle with police after they were summoned by a neighborhood bar owner who thought the bearded man sleeping against his closed tavern’s front door in the pouring rain resembled the bombing suspect.

Rahami and two police officers were wounded in the exchange of gunfire. Authorities did not offer any immediate information on the possible motives of Rahami, who was charged by Union County prosecutors with five counts of attempted murder in the first degree and two second-degree weapons charges.

More charges were expected to be brought against Rahami in federal court. New York’s mayor called the bombing that injured 29 people in the bustling Chelsea district “an act of terror.”

Rahami, who lived with his family above the First American Fried Chicken restaurant in Elizabeth, New Jersey, is also suspected of planting a bomb that exploded on the New Jersey shore on Saturday, a device found near the New York blast, and up to six more devices found near the Elizabeth train station on Sunday night.

The bombings and subsequent manhunt prompted even greater security in America’s biggest city, already on high alert for a

gathering of world leaders at the United Nations in New York for the annual General Assembly this week. An additional 1,000 officers were deployed.

While officials did not give much information about Rahami, CNN, citing unnamed law enforcement sources, reported that Rahami traveled multiple times to Afghanistan and Pakistan in recent years, including a year-long stay in Pakistan until March 2014. Police were looking into whether he was radicalized overseas, CNN said.

The New York Times reported that no evidence had yet been found that Rahami had received military training overseas but said FBI agents were trying to determine if his actions had been guided by Islamic State militants or any other terrorist organization. U.S. security sources have confirmed that the suspect underwent secondary screening after returning from foreign travel in recent years and passed on every occasion.

Sources, however, could not immediately confirm that Rahami traveled to Pakistan and Afghanistan, as other media have reported. Travelers coming from places such as those two countries are routinely required to undergo secondary screening.

The blasts, the manhunt and an apparently unrelated stabbing attack in Minnesota over the weekend created tensions similar to those that followed other recent attacks, such as the mass shootings in Orlando and San Bernardino, California. The Minnesota attacker was described a “soldier of the Islamic State,” the militant group’s news agency said.

been struck. The convoy and the warehouse were both in the area of Urum al-Kubra, a reportedly rebel-held town west of Aleppo city.

Getting aid to areas cut off by fighting has been a grow-

ing concern for humanitarian agencies -- with trucks destined for eastern Aleppo, where an estimated 250,000 civilians have been short of food, medicine and water, prevented from getting through.

“Our outrage at this attack is enormous,” said Staffan de Mistura, the UN’s special representative for Syria.“The convoy was the outcome of long process of permission and preparations to assist isolated civilians.”

Stephen O’Brien, the head of the UN’s relief organization, said he was“disgusted”by the reports and said if it’s discovered that aid workers were deliberately targeted, that the strike would amount to a war crime

AUGUST VISITOR

Myanmar’s State Counsellor, Aung San Suu Kyi, walks with a security detail as she arrives for a lunch meeting with U.S. Secretary of State, John Kerry, at the Blair House, a guest residence on the White House campus in Washington…yesterday

Red Cross Postpones Aid Convoys after Aleppo Attack Aid convoys for four Syrian towns will be postponed as staff re-assess security after a deadly attack on relief trucks and intensified violence, a senior official from the International Committee of the Red Cross (ICRC) said yesterday.

Syrian or Russian aircraft struck an aid convoy near Aleppo, killing 12 people on Monday, a war monitor reported, as the Syrian military declared a one-week truce over.

“This is very worrying. We see a resumption of violence, an intensification of fighting

in many locations,” Robert Mardini, ICRC director for the Middle East and North Africa, told Reuters in Geneva.

“We had something planned in the four towns, but for now it is put on hold to reassess the security conditions,” he said, referring to rebel-besieged Foua and Kefraya in Idlib and government-blockaded Madaya and Zabadani near the Lebanese border.

At least 18 of 31 trucks in a U.N. and Syrian Arab Red Crescent (SARC) convoy were hit on Monday along with

an SARC warehouse, U.N. spokesman Stephane Dujarric said in New York. The convoy was delivering aid for 78,000 people in the hard-to-reach town of Urm al-Kubra in Aleppo Governorate, he said.

SARC’s director in Urem al-Kubra, Omar Barakat, was among the dead, Mardini said. “The team is in shock.”

“Omar was badly injured and rescue team could not reach him for two hours. When he was evacuated he could not survive his wounds,” he said. A separate SARC/ICRC

convoy to Talbiseh in Homs province made its first delivery since July on Monday, carrying supplies for more than 80,000 people. The team stayed there overnight due to intensified fighting, Mardini said.“Inshallah, they will be on their way back to Homs this morning,”he added.“It is difficult to read the environment in coming hours because you have a mixture of intensification of fighting and politicization of humanitarian aid ... It is high time to de-link humanitarian work from politics,” Mardini said.

US, China to Step up Cooperation on North Korea US President Barack Obama and Chinese Premier Li Keqiang agreed on Monday to step up cooperation in the United Nations Security Council and in law-enforcement channels after North Korea’s fifth nuclear test, the White House said.

China and the United States are also targeting the finances of Liaoning Hongxiang Industrial, a Chinese conglomerate headed by a Communist Party cadre, that the Obama administration thinks has a role in assisting North Korea’s nuclear program, the Wall Street Journal reported on Monday.

U.N. diplomats say the two countries have started discussions on a possible U.N. sanctions resolution in response to the nuclear test earlier this month, but Beijing has not said directly whether it will support tougher steps against North Korea Obama met Li on the sidelines of the annual United Nations General Assembly session

in New York.

“Both leaders condemned North Korea’s September 9 nuclear test and resolved to strengthen coordination in achieving the denuclearization of the Korean Peninsula, including by invigorating cooperation in the United Nations Security Council and in law enforcement channels on North Korea,”a White House statement said. China is isolated North Korea’s most important diplomatic backer and its biggest trading partner.

It has been angered by Pyongyang’s repeated nuclear and missile tests and signed on to increasingly tough U.N. sanctions, but it has said it believes such steps are not the ultimate answer and called for a return to talks with North Korea.

Chinese Foreign Minister Wang Yi told his Japanese counterpart last week China opposes “unhelpful” unilateral sanctions on North Korea but will work within the United

Nations to formulate a response.

Washington has pressed Beijing to do more to rein in North Korea.The United States has said it is willing to negotiate with the North if the country commits to get rid of its nuclear weapons, which Pyongyang has refused to do.

The U.S. Department of Justice (DoJ) is preparing as early as this week to announce legal action against Chinese firms suspected of providing financial assistance to Pyongyang, the Journal reported, citing officials familiar with the matter.

It said DoJ prosecutors visited Beijing twice last month to make their Chinese counterparts aware of alleged criminal activities being committed by Liaoning Hongxiang Industrial.

A social media post last week from the police in Liaoning,the northeastern border province of China, said they were investigating the firm’s alleged long-term involvement in“serious economic crimes”and that relevant

suspects were cooperating.

A report by Asan Institute for Policy Studies in Seoul and C4ADS in Washington says it identified more than $500 million in trade from January 2011 to September 2015 between the North and the Liaoning Hongxiang Group, which states on its website that it trades heavily with the North. The figure includes more than $360 million in imports from North Korea by one group company, Dandong Hongxiang Industrial Development Co., an industrial machinery and equipment wholesaler.

“While no judgment is being made on the final use of these funds, trade at this volume is of particular note. By one estimate, this amount would have been almost enough to both fund North Korea’s uranium enrichment facilities, and to design, make and test its nuclear weapons,” the report said.

T H I S D AY WEDNESDAY SEPTEMBER 21, 2016

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WEDNESDAY, SEPTEMBER 21, 2016 • T H I S D AY

NEWSXTRA

Be Apolitical, Shun Corruption, CJN Tells Judges

Alex Enumah in Abuja

The Chief Justice of Nigeria (CJN), Justice Mahmud Mohammed, yesterday told judges of the Federal High Court to try as much as possible to be apolitical, neutral and independentminded in their dispensation of justice, in order to remain unquestionable and retain the trust and confidence of the Nigerian people.

Justice Mohammed was of the opinion that judges at all times must be seen to be people of high integrity that are not only capable of delivering justice in matters brought before them but actually hold the balance between order and chaos, harmony and violence, prosperity and poverty.

The CJN, who gave the charge while declaring open the 2016/2017 Annual Judges Conference of the court held in Abuja, said while the judges decide on which side the scale will tilt, they should however endeavour to uphold the law and interpret it just as it is and not as they imagine or wish it to be.

“My Lords, distinguished ladies and gentlemen, permit me to reiterate that the Federal High Court, perhaps more than any other court, has the power to make orders and judgments, which impact our government and our nation.

It has historically been at the centre of momentous change and is consequently more visible than other courts.

As such your lordships must protect its reputation and

integrity, at all cost”, he said.

Adding that, “We must strive to be apolitical, neutral and most importantly independent in matters that pertain to the business of the court. We must shun the lure of corruption and the temptation to adjudicate on narrow perceived grounds, which may offend even our own rules of court.”

He stated that it is no longer news to hear legal commentators and other observers flay the judiciary for creating greater instability in the land and expressing doubt over its competence and desire to meet the ends of justice.

While berating judges who are currently enmeshed in one controversy or the other, the CJN stated that, “It is most ridiculous when judges of the same court seemingly sit on appeal over the judgments of their brother judges to the extent of mounting personal attacks on their own colleagues”, adding that the situation which recently played out at the Federal High Court is already before the National Judicial Council (NJC).

He therefore charged judges to put their differences aside and work towards the efficient delivery of justice in the land.

“The time has come for us to pull ourselves together and face the fact that our jobs do not permit infantile personality clashes while we are the arbiters of other people’s dispute; we must remain as the symbol of justice, blind to status,

NCAA Cautions Passengers Against Use of Samsung Galaxy Note 7 Phones Chinedu Eze The Nigeria Civil Aviation Authority (NCAA) has warned Nigerians against the use of the new Samsung Galaxy Note 7 phone, saying that its battery could explode when being charged and directed air travellers neither to turn on nor charge the phone while onboard an aircraft.

In a statement signed by its spokesman, Sam Adurogboye, NCAA said: “Consequent upon recent incidents and concerns raised

by Samsung about its Galaxy Note 7 device, the Nigerian Civil Aviation Authority has directed passengers neither to turn on nor charge these devices on board an aircraft.”

The agency also notified passengers that these phones must not be stowed away in any checked-in baggage.

“NCAA is appealing to the passengers’ responsibilities in relation to ensuring safety and security of air transportation. Importantly, all airlines are hereby advised to emphasise the prohibition of this devices on board during passenger

briefings by the cabin crew,” NCAA said.

NCAA also directed all those responsible for searching or screening checked-in baggage to intensify procedures to identify possible checked in Samsung Galaxy Note 7 devices.

Samsung has recalled over 2.5 million Galaxy Note 7 devices since the discovery of defective batteries in the phones. The company said this became necessary due to several reported cases of overheating and outright explosions.

However, investigations have traced the problem to charging of the phone and the company is limiting battery charging on Galaxy Note 7 devices to prevent fire outbreaks.

NCAA called on all passengers and airline operators to ensure total adherence to this directive, adding that safety and security of air transportation is paramount.

NCAA said it had issued a directive to all the airlines and other stakeholders to ensure strict compliance.

personality and origin.”

Earlier, Chief Judge of the court, Justice Ibrahim Auta, stated that the conference would afford them the opportunity to identify

current problem facing the court and proffer solutions as well as apportion blames to their erring brothers.

He said: “This year’s conference could not have

come at a better time in view of the recent developments in our court and the need to address the issues raised by either misrepresentation or misinterpretation or both.

The object of this conference therefore, is to critically discuss these and other issues so that we can go ahead with our primary responsibilities untainted.

A VISIT TO THE SENATE

L-R: Chairman, Senate Committee on Communications, Senator Gilbert Nnaji; Chief Executive Officer of MTN Nigeria, Ferdinard Moolman; Senate President, Dr. Abubakar Bukola Saraki; Vice Chairman; MTN Nigeria, Col. Sani Bello (rtd); and the Senate Leader, Senator Ali Ndume, when the company visited the Senate President in Abuja....yesterday.

CSOs, Others Lament Abuses in IDP Camps, Want Buhari to Pay Unscheduled Visit to N’East Say sex-for-food, dearth of food, diversion of relief materials, other vices rampant in camps Ndubuisi FrancisinAbuja Civil society organisations (CSOs) with links to the Internally Displaced Persons (IDPs) camps in the North-east have lamented sharp practices, corrupt tendencies and sundry abuses in the camps, which have continued to consign the displaced persons to squalor, deprivation, diseases and death.

They therefore, called on President Muhammadu Buhari to pay an unscheduled visit to the North-east and avail himself of first-hand information on the state of the IDPs, rather than rely on rehearsed reports from state and federal actors which detract from the reality in the camps.

The CSOs bared their minds in Abuja yesterday when NOIPolls unveiled its survey report on the ‘Situational Assessment of Internally Displaced Persons in the North-east (IDPs) Nigeria.’

Among the CSOs were the Chairman, CSOs Network in Borno State, Ahmed Shehu; Executive Director, Women in New Nigeria, Lucy Yunana; the Executive Director, Forefront Media, Mohammed Alfa, and the National Coordinator, Social Welfare Network Initiative, Emmanuel Osemeka, among others.

Part of their recommendations was that due to the level of official corruption, sharp practices and abuses, the anti-graft agencies such as the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC)

should relocate to the North-east to unravel what they described as mind-boggling cases of corruption and abuses.

They also asked President Muhammed Buhari to pay an unannounced and unscheduled visit to the region to see things for himself rather than rely on doctored reports officially given to him.

Presenting the survey report, the Chief Executive Officer of NOIPolls, Dr. Bell Ihua, said, overall, findings clearly revealed serious inadequacy of food and dietary needs for IDPs across the three states of Adamawa, Borno and Yobe.

The report showed that 85 per cent of IDPs do not have access to adequate food ,leaving only about 15 per cent who claimed they have access to food.

“On access to clean portable water, 78 per cent of IDPs described access to water as either ‘poor’ (63 per cent) or ‘very poor’ (15 per cent). Only 10 per cent of IDPS rated access to clean water as ‘average’, while 12% considered access to water as ‘good’ (seven per cent) or ‘very good (five per cent’’ according to the report The report also painted a rather uncomplimentary and gloomy picture in the areas of access to education, healthcare and sanitary condition; special care for women, children, elderly and vulnerable.

It highlighted sad tales of rising mortality across the IDPs camps, with 88 per cent of respondents indicating that there had been incidents of deaths in their camps

over the last three months.

“Another critical issue that was highlighted from our survey was the issue of sexual abuse, exploitation and rape taking place in both official and unofficial camps.

The abuse is mainly perpetrated by unscrupulous camp officials and members of host communities (for unofficial camps), to even older IDPs taking advantage of the younger vulnerable IDPs. “Only seven per cent of IDPs indicated that they know someone who had been sexually abused on camp. Regardless of this meagre proportion, we reckon that evidence of sexual abuse shouldn’t be handled lightly, especially as IDPs confirmed that the abuse was perpetrated by camp officials (66 per cent), members of host communities (28 per cent), and elders (six per cent).

“There are also evidences of debased practices in camps such as the practice of ‘sex-forfood’ and ‘sex-for-freedom-of movement’ in and out of the camps. Although in some cases, female IDPs voluntarily offer themselves to men in exchange for food or money to purchase food and basic female sanitary requirements,” the NOIPOlls report said.

The report also indicated that evidences abound of discrimination across all the camps, adding that IDPS in Adamawa (85 per cent) and Yobe (84 per cent) seemed to have experienced more discrimination than those in Borno (76 per cent).

It was discovered that part of

the discrimination is fueled by the ethnic divide between the northern and southern Borno as well as gender, religion, ethnicity or association.

NOIPolls recommended strongly that investigation into allegations of corruption and diversion of relief materials should be carried out.

It also called for counseling and psycho-social support for IDPs, proper constitution of state emergency management boards as well as better synergy between the National Emergency Management Agency and State Emergency Management Agencies (SEMAs).

In his presentation, the Executive Director of Forefront Media, Alfa Mohammed, regretted that a lot of lies and contradictions had been churned out from the Northeast, accusing the Borno State government of culpability in such contradictions.

Mohammed, who claims to be a journalist of 35 years standing said he had been threatened by state officials due to his principled stance not to compromise the truth, adding that the IDPs were been debased, deprived and shortchanged.

He alleged that the state government had been actively involved in diverting relief materials meant for the IDPs, citing a recent case where the deputy governor of the state was caught reportedly directing that ten trucks of rice for the camps should be diverted.

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NEWSXTRA

Zonal Intervention Fund: House Considers Re-Visiting Sharing Formula

Namdas: Dogara has minimum of 85% support House adjourns sitting over death of colleague

Damilola Oyedele in Abuja Indications emerged yesterday that the House of Representatives might revisit the sharing formula of the Zonal Intervention Funds (also called constituency project funds) in a manner that would ensure more equitable distribution among all members.

The current distribution allocates a chunk of the funds, which are included in annual national budgets to principal officers of the House, a tradition which has helped to fuel the ongoing budget padding crises.

The former Chairman of the House Committee on Appropriation, Hon. Jibrin Abdulmumin, had accused the Speaker, Hon. Yakubu Dogara, Deputy Speaker, Hon. Yussuff Sulaimon Lasun, Chief Whip, Hon. Alhassan Ado Doguwa, and Minority Leader, Hon. Leo Ogor, of allocating to themselves N40 billion out of the N100 billion allocated to the National Assembly.

Abdulmumin also accused the Speaker, the three principal officers and chairmen of nine standing committees of making fraudulent and senseless insertions into the 2016 budget.

As part of efforts to manage the fallout of the scandal, THISDAY gathered that a proposal is being made to set up a committee to revisit the sharing formula, away from tradition of previous assemblies.

There are however different accounts as to this development.

Abdulmumin, briefing journalists yesterday after a brief plenary session, said Dogara made the proposal after “begging members to forgive him and the other principal officers mentioned for whatever offences they might have committed.”

The Speaker at the meeting of the North-west caucus on Monday, explained the N40 billion distribution, saying he only followed tradition, Abdulmumin said.

“Hon Aliyu Madaki interjected immediately and asked if it’s right for him to have done that without consulting the members...Hon. Soba asked if he (Speaker) would return the money,” Abdulmumin said, adding that instead, the Speaker offered to set up the committee to reconsider the sharing formula.

The committee would be made up of members from each of the geo-political zones, Abdulmumin added.

All the geo political caucuses met on Monday, and the body of principal officers made appearances at all the meetings.

Speaking further on what transpired at the North-west caucus meeting, Abdulmumin claimed that the members decided by a loose consensus, that they no longer had

confidence in Doguwa as Chief Whip.

“We were waiting for him as the leader of the caucus, to tell him we no longer wanted him...and if he doubts it, I challenge him to convene a meeting of the caucus in 24 hours, or even one week,” he said.

Abdulmumin also announced that he has formally joined the Transparency group, proponents of the notion that Dogara must step aside to allow for an independent investigation into the allegations levelled against him.

“Let’s have a Speaker pro tempore...It is not that he is gone as Speaker, but he cannot preside over his own investigation,” he said and added that a precedent had been set, in reference to the Hon. Patricia Etteh era in the sixth assembly.

Abdulmumin said the House is divided between proponents of whether the matter should be handled internally, or the Speaker should step aside. He however noted that even if members vote for the matter to be amicably resolved, he would continue to pursue it, in alliance with civil society organisations, and ensure it is not swept under the carpet.

He alleged that Dogara ‘bribed’ the members of the caucus by notifying them that their official cars and office equipment had been sorted out and would be made available soon.

The embattled lawmaker lamented that he was not allowed to speak at the meeting despite indicating that he wanted to.

Another member of the North-west caucus, Hon. Sumaila Suleiman (Kaduna APC) however gave a different account of what transpired at the meeting.

Suleiman confirmed to THISDAY in an interview that Dogara ‘suggested’ that a committee made up of some principal officers and members from each geo-political zone be set up. “...To look at how best to handle the issue of zonal Intervention funds for members and put the matter to a final rest,” he said.

Sumaila however, refuted Abdulmumin’s claims that there was a resolution to pass a vote of no confidence on Doguwa as the leader of the caucus, adding that such discussion never even came up.

He also described as untrue the claim that Dogara ‘begged’ the members.

“He urged us to play politics according to its rules particularly as it concerns the chamber. He also appealed for calm and addressing issues without resorting to rancour and chaos,” Sulaiman said.

“He did not beg at all, but

said in a situation that there are words or actions that do not go down well with anyone at resumption of plenary, we should remain calm,” the lawmaker told THISDAY.

By Suleiman’s account, Soba had asked if the ‘new sharing formula’ would take effect with the 2016 budget.

A member from the Northcentral caucus, who asked not to be named confirmed to THISDAY that a new sharing formula would be considered.

“It would be tabled before members at an executive session, but there are inherent dangers in revisiting the formula. Dogara would not be Speaker forever, tomorrow anyone of us could become Speaker, and so would you ask that it be revisited again?

But if the committee makes the recommendation, and it’s carried, why not,” the lawmaker said.

The spokesperson of the House, Hon. Namdas Abdulrazak, also described as lies the claims that there was a plan to pass a vote-of-no confidence on Doguwa, or that the Speaker “begged” the members and pleaded for their forgiveness.

“All that Abdulmumin said is false,” he said adding that Doguwa convened the meeting and presided over the meeting.

Flanked by 10 members of the North-west caucus and three members from other caucuses, Namdas said the Speaker and the body of principal officers have at least 85 percent support in the lower chamber.

“This is not the first time Abdulmumin has been talking about bribes without proof. The matter of the purchase of cars or office equipment pre-date this crises...He has petitioned all the agencies, he should allow them do their work,” Namdas said.

He added that the parliamentary procedure would be followed to handle the matter.

Parliamentary procedure in this instance would indicate that the Committee on Ethics would look into the allegations and make recommendations to the House.

Hon. Munir Baba Dan-Agundi, from Kano where Abdulmumin hails from, said Dogara has the support of 21 out of the 24 members from the state, and they all signed a register passing a vote-of-confidence on the House leadership.

Earlier, the House, had adjourned plenary, to today, in honour of Hon. Adewale Oluwatayo who died on July 21, 2016 of cardiac pulmonary arrest.

The brief sitting had gone on without any incident as members exchanged banter before the opening prayer by the Speaker. Abdulmumin had attended the brief sitting and was also observed exchanging pleasantries with several of his colleagues.

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NEWSEXTRA

Rivers Rerun: PDP Kicks as INEC Accepts Tai Results

Accuses commission of succumbing to APC pressure, creating chaos

Ernest Chinwo in Port Harcourt

The insistence by the Independent National Electoral Commission (INEC) that it will accept the results from Tai local Government Area in the March 19 rerun election even after it had announced the cancellation of elections in that area has sparked angry reactions from the Peoples Democratic Party (PDP).

The Rivers State Resident Electoral Commissioner (REC) of INEC, Aniedi Ikoiwak, yesterday in a radio programme monitored in Port Harcourt, said the commission would accept results of the last rerun elections in Tai Local Government Area.

Tai was one of the eight local government areas where Aniedi had on March 19 said elections had been suspended due to violence and electoral malpractices.

The other areas where the commission announced the suspension of elections were Khana, Bonny, Gokana, Andoni, Eleme, Etche and Asaritoru.

In the radio programme yesterday, Ikoiwak said the commission had to accept the result of Tai Local Government Area because the law did not allow it to cancel any election that had been done at the polling unit.

“We said it clearly that the law does not allow for the commission to cancel any election that has been done at the polling unit, and we’re respecting that law, because it is backed up by the electoral

act and the constitution. So as an individual or commission, you cannot go back on the law of the land,” he said.

When reminded that the commission had earlier announced the suspension of election in the area, Ikoiwak said, “Like I said before, the issue of suspension, like it affected other areas, was done in the course of elections, and it was the duty of the EOs at their own level to communicate that to those who were already in the field.

“So for that of Tai that the EO did not get the information, and did not communicate it to those who were in the field, how do you think that the people on the field will know? Are they angels? They may not be angels to know what was the position of the commission at the time.

“All our actions have shown that we are not biased. So we think that not only INEC, but all other institutions, that Nigerians should begin to have confidence in their own institutions, unless they are trying to tell us to begin to go to the moon to bring people to come and do this. If we are working with Nigerians, and there had been attempt to be honest and straight, then we should begin to have confidence in that institution.”

Reacting to the new INEC position, the state Chairman of the PDP, Felix Obuah, accused the commission of bowing to pressure from the All progressives Congress (APC) and also violating a subsisting court order on the release of

Adefarasin, Damina for Spirit Life Conference The Senior Pastor of all House on the Rock Churche, Paul Adefarasin, alongside Abel Damina of Power City Chapel in Uyo, Akwa Ibom State will minister at the 2016 Spirit Life Conference.

Hosted by the Rock Cathedral, the annual event is in line with the church’s mission to impact, empower and spiritually refresh thousands of souls through anointed men of God and music ministers across the world.

Other ministers lined up for the event include Jamal Bryant, Tudor Bismark and Jasmin Sculark.

Themed: ‘Glory to Glory’, the event will be adorned with soulful ministrations from gospel artistes like Micah Stampley, Sammie Okposo, Eno Michael, Nathanel Bassey and many more.

Spirit Life Conference will kick off today and will end on Sunday, September 25, with a powerful celebration service at the Rock Cathedral, Lekki, Lagos.

Okun Nation Holds Burial Thanksgiving Service for Olobayo The Okun-Yoruba people of Kogi State has scheduled September 24 for the final burial thanksgiving ceremony of the late Obaro of Kabba, Oba Michael Folorunsho Segun Olobayo, Obaro-Ero II, the Obaro of Kabba and Chairman, Okun Traditional Council.

In a statement signed by Mr. Ben Owoleke, on behalf of the Media Committee on Burial of Obaro Olobayo, there will be an interdenominational Christian

service at St. Augustine’s College Field, Kabba, Kogi State, by 5p.m. tomorrow.

On Friday, September 23, there will be a wake-keep and service of songs at St Augustine’s College Field, Kabba, Kogi State, by 5p.m.

Thanksgiving mass will hold at the Sacred Heart Catholic Church, Kabba, by 10a.m. and reception follows immediately at Kabba Township Stadium Complex.

results of the areas where INEC had suspended elections.

In a statement issued on his behalf by his media aide, Jerry Needam, Obuah said he received the renewed statement by the INEC, through Ikoiwak, “reiterating the commission’s position to declare results of the cancelled March 19, 2016 legislative elections in Tai LGA, in disobedience of a subsisting court order, with grave disappointment and suspicion of grand conspiracy between it and the APC.” He said the action “has further exposed the commission’s compromised stance and confirmed an undisputable pact between some of its officials in the state and in Abuja, and candidates of the APC, who are afraid of contesting a free, fair and peaceful election in the state.”

He said: “It is suspicious hearing that the same INEC that cancelled elections in eight local government areas, including Tai LGA, and which Ikiowak today, Monday, September 20, admitted that “the issue of suspension, like it affected other areas, was done in the course of elections,” and as earlier explained, on grounds of electoral fraud and violence, has now, after six months, made a U-turn, and apparently, succumbing to APC’s pressure and influence to declare results of elections that never took place.”

He urged INEC to stop blowing hot and cold, adding that “rather than taking actions to redeem its already battered image as result of series of inconclusive or postponed elections under the current administration, the commission,

through the like of Zakari Mohammed and Aniedi Ikoiwak, is still conducting itself in the most undignified manner to prove it remains unrepentant and have its hands soiled by the desperation of the APC and its candidates, Mr. Magnus Abe and Barry Mpigi.”

He added: “It is important we remind Ikiowak, who said the decision of the commission to cancel the said elections did not get to the EOs, and so they could not communicate same to those who were in the field, that the EOs he is referring to, after receiving the suspension order, announced the decision to stakeholders and potential voters at their various duty posts, and it was pursuant to this order that the electoral process in the LGA was discontinued.

“Again, how can Ikiowak solicit confidence of the people

in an institution that has derailed and planning to rob the people of their mandates?

It is only an institution that is upright and strongly upholds the tenets of democracy, including the conduct of a participatory election and declaration of results that truly represent the popular view of the masses that can enjoy such confidence as demanded by the Rivers REC, Ikiowak.

“One thing that is clear to us is the fact that Ikiowak and his INEC are only testing the waters, but should be aware of the implications of declaring fake results and conniving with desperate politicians to destroy the nation’s democracy and cause anarchy in the land.”

While calling on INEC to retrace its steps, Obuah stated: “We will not allow this rape of democracy and abuse of people’s right to succeed.”

ACHIEVERS

Chairman, Heirs Holdings and recipient of the ‘Person of the Year’ Award, Mr. Tony Elumelu (third left),flanked by other award recipients; CEO Safaricom, Mr. Bob Collymore (left); CIO, New York State Common Retirement Fund (second left), Ms. Vicki Fuller; and CEO, Public Investment Corporation of South Africa, Dr. Daniel Matjila, at the AI Investment Summit in New York....Monday

Edo APGA Disowns Governorship Candidate Adibe Emenyonu in Benin City The Edo State chapter of the All Progressives Grand Alliance (APGA) has said it has passed a vote-of-no confidence on it governorship candidate, Earl Osaro Onaiwu, in the September 28 election, adding that it has withdrawn its support for him.

In a statement signed by the state APGA Chairman, Godfrey Ehizokhale Ehimhen and state Secretary, Aifuobhokhan Emmanuel, respectively, the party said it had been watching all the actions, inactions, commissions and omissions of the candidate, which amounted to anti-party activities.

The statement further stated that since Onaiwu resigned as the Director-General, PDP Governors’ Forum less than

three months ago and embraced APGA, the members cannot confidently say that they are impressed.

“We the stakeholders of APGA in Edo State after a brainstorming session, assessment and re-assessment of your activities in a meeting held at the instance of the state chairman and executive, have unanimously resolved to withdraw our support for your aspiration and channel our energy and time towards other political ventures.”

According to the statement, the decision by the party to withdraw it support is principally predicted on five reasons.

These according to them are: “Slapping of the state Chairman of the party in the presence of the local government Chairmen and Edo South Vice Chairman.

“Embarrassing the Uhunmwode APGA chairman by forcing him out of your house, stating that you do not recognise him in that position. Others are that you have been administering the APGA gubernatorial campaign in your house as a personal, family business instead of party business.

“On the basis of these indisputable facts, we have concluded and resolved to withdraw our support and loyalty for you as a person, and secure our loyalty to our party APGA”.

The statement however, warned all members of the party ahead of the forthcoming Edo governorship election to play by the rules to avoid sanctions.

Reacting, Onaiwu described the statement as laughable and show of ignorance.

Onaiwu, who wondered on which authority they are basing their expression of vote-of-no confidence, added that those involved have been expelled from the party by the national body of APGA. The national chairman of the party, Victor Oye, had at the weekend issued a statement where he announced the setting up of a 20-man ad hoc committee to oversee the affairs of the party in Edo State until after the September 28, 2016 rescheduled election; a development he stated, was sequel to anti-party activities by members of the executive.

With this, the APGA governorship candidate, therefore urged all supporters of APGA to stay resolute and not be distracted by baseless rumours and gimmicks by some greedy people.

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WEDNESDAY, SEPTEMBER 21, 2016 • T H I S D AY

NEWSEXTRA

Crude Oil Prices Rebound from Six-week Lows on OPEC Speculation Ejiofor Alike with agency reports Crude oil prices recovered yesterday from six-week lows, following comments by the Secretary General of the Organisation of Petroleum Countries (OPEC), Mr. Mohammed Barkindo, that a planned agreement on possible cut in production could last up to one year.

As the oil market weighed up Barkindo’s comments, the US West Texas Intermediate crude futures rose one per cent, to $43.75 per barrel, after touching $42.55, the lowest in nearly six

weeks.

The global benchmark, Brent also rose from $45.09 per barrel, its lowest since August 11, to close at $45.85 per barrel.

Oil prices initially fell yesterday on pessimism that OPCE and other major crude producers will reach an output freeze deal at September 26-28 informal talks in Algeria.

Saudi Arabia, Iran, Iraq, Nigeria and Libya, five of OPEC’s largest oil exporters, have all raised or been trying to hike output in recent months even while talking of a production cut.

But Reuters reported that as

noon approached, fresh buying emerged from those fearing of a rally should OPEC announce a deal in Algeria.

Barkindo‘s comments that he expected a potential freeze deal between OPEC and other producers to freeze output to last one year, longer than previously thought, helped in the slight recovery.

The prices had appreciated on Monday after Venezuela hinted that OPEC and other major oil producers could agree to output cuts.

Venezuelan President Nicolas Maduro had said last Sunday that OPEC and other major oil producers were close to reaching a deal on price stability that could be announced later this

month.

OPEC and non-OPEC members are to meet on the sidelines of an industry conference in Algeria next week for talks on the potentially freezing oil production.

OPEC members may call an extraordinary meeting to discuss oil prices if they reach consensus, OPEC Secretary-

General Mohammed Barkindo said on Sunday.

OPEC’s all-important policy meeting is due in November.

There are concerns that OPEC members such as Saudi Arabia, Iran, Nigeria and Libya would agree to production curbs as they ramped up output to protect market share.

JUBILATION IN KOGI AS SUPREME COURT AFFIRMS BELLO’S ELECTION court proceedings.

Earlier yesterday, the Supreme Court had affirmed the election of Bello as the elected governor of Kogi State.

In a unanimous judgment on the four separate appeals, the court held that Bello was properly substituted to replace the late Audu as the candidate of the APC during the 2015 governorship election in the state.

In the first appeal filed by Faleke, the court held that his appeal was un-meritorious and it was subsequently dismissed on these grounds.

In the judgment delivered by Justice Kudirat Kekere-Ekun, the Supreme Court rejected the arguments of the counsel to Faleke, Chief Wole Olanipekun (SAN).

The second appeal filed by the immediate-past governor of the state was also dismissed.

Justice Nwali Sylvester Ngwuta who delivered the judgment of the court in that appeal held that the appeal lacked merit.

The court refused to order a fresh governorship election in the state as prayed by the appellant.

The Supreme Court said that Section 141 of the Electoral Act 2010 relied upon by the former governor to pray for the fresh conduct of the election was no longer a law in Nigeria, having been set aside in 2011 by a Federal High Court in a matter between the Labour Party, the Attorney General of the Federation and INEC. In two other appeals filed by African Democratic Congress (ADC) and the Labour Party (LP), the court in a similar way dismissed them for lacking in merit.

Justice John Iyang Okoro who gave judgment in the appeal

by ADC held that the appeal was devoid of merit.

In the matter of the Labour Party, Justice Musa Dattijo Mohammed upheld the preliminary objection of Governor Bello against the appeal and struck out the appeal for being incompetent.

The Supreme Court upheld the concurrent findings of the Court of Appeal delivered on August 4, 2016 and that of the state governorship election tribunal delivered on June 6, 2016.

The Supreme Court, however, did not give a detailed explanations for its rulings on the four appeals, but fixed Friday, September 30, 2016 to give reasons for its decisions.

Earlier, Olanipekun who stood for Faleke had urged the court to invoke Section 187 of the Constitution to declare his client winner of the election on the combined effect of his joint ticket with the late Audu and that the election had technically been concluded at the time Audu died.

Wada, in his submission by Chris Uche (SAN), had urged the court to invoke Section 141 of the Electoral Act against Governor Bello on the grounds that he (Bello) did not participate in the stages of the election.

However, the PDP has rejected the judgement of the apex court, saying it will nonetheless abide by it.

The PDP statement issued by its spokesman, Dayo Adeyeye, read: “The Supreme Court has today upheld the decision of the Court of Appeal and the Kogi State Election Petition Tribunal validating the election of Bello as Governor of Kogi State.

“Although we disagree with the judgment of the Supreme Court, we have no choice but to accept and respect it.

“The Supreme Court is the final arbiter on legal issues in Nigeria and as such we are obligated to accept and abide by this decision.

Like the late revered Justice of the Supreme Court - Justice Chukwudifu Akunne Oputa once said: ‘the Supreme Court is not final because it is infallible.

It is infallible because it is final.’

As such we are bound to respect this decision.

“We call on our teeming members and supporters in Kogi State to accept this judgment with equanimity. We urge them to be law abiding in all their activities.

“We will soon begin planning programmes and creating an awareness campaign to ensure that the administration of Alhaji Yahaya Bello, which is known for frittering away the scarce resources of the Kogi people, will not stay a day longer than the period stipulated for its tenure by the constitution.”

COURTESY VISIT

L-R: Executive Director, Corporate Services, THISDAY, Mr. Emmanuel Efeni; Lagos State Commandant of the Nigeria Security and Civil Defence Corps (NSCDC), Mr. Tajudeen Balogun; and Assistant Commandant, Mrs. Faleye Ibilola, during a courtesy visit of the team to THISDAY Head Office in Apapa, Lagos ...yesterday…

MUBO PETERS.

APC, PDP Supporters Be Patient with Buhari, Kuku Begs Nigerians Clash in Edo Adibe Emenyonu in Benin City There was alleged pandemonium yesterday in Jattu, Etsako West Local Government Area as thugs loyal to the gubernatorial running mate of the All Progressives Congress (APC), Philip Shuaibu and Peoples Democratic Party (PDP) candidate, Pastor IzeIyamu reportedly clashed at Jattu market, Etsako West Local Government Area of Edo State.

The clash was contained in a statement issued by Chris Nehikhare, the Publicity Secretary of the PDP saying the clash occurred when the convoy of the Mrs. Idia Ize-Iyamu, wife of the PDP gubernatorial candidate, Pastor Osagie Ize-Iyamu, was in the area on a campaign.

According to the report, it was the deputy governorship candidate that masterminded the clash.

But in a swift reaction, the APC deputy governorship candidate, Philip Shaibu said he is not known to have history of violence rather, it is the PDP factional governorship candidate, Ize Iyamu, that possessed such history.

The incident, according to the report reaching THISDAY, was said to have occurred at Jattu market while PDP women were campaigning from shop to shop educating the people

on the contents of the PDP manifesto, tagged: ‘SIMPLE AGENDA’ and educating the people on how to vote right during the election.

The market women were heard chanting “PDP!” and “Change the Change!” which infuriated the thugs allegedly led by Shuaibu who became angry and destroyed several cars in Mrs Ize-Iyamu’s convoy.

This, as gathered led to violence erupting in the market with market women burning any broom in sight.

“One wonders however what men were doing at the market knowing that APC does not have the practice of projecting their women.

“Philip Shuaibu has a history of violence and you would recall how same Philip Shuaibu allegedly led thugs into the premises of the House of Assembly to beat up opposition members,” Nehikhare said.

On his part, Shaibu alleged that Ize-Iyamu in 1984 was expelled for bathing a fellow student at the University of Benin with acid, adding that as SSG under Lucky Igbinedion administration, political assassination was at its peak in Edo State and in 2015, same Ize-Iyamu led thugs to unleashed mayhem on the Edo state house of Assembly.

Tobi Soniyi inAbuja The National President of the University of Lagos Alumni Association, Dr. Sonny Kuku, has appealed to Nigerians to be patient with the administration of President Muhammadu Buhari.

Speaking with journalists after he led a delegation of the association to the Vice President, Professor Yemi Osinbajo (SAN), himself an alumnus of UNILAG, Kuku said that the rot inherited by the present administration had to be cleared.

Answering questions on the state of the nation’s economy, Kuku said: “There is no excuse for Nigeria not being like India and South Africa because we were above them some years ago. The difference is that our leaders in the past had been looking after themselves and not after the nation.

“What we need now is what is happening now where at the very top leaders are not interested in building houses for themselves or taking money for themselves but are preoccupied with how to develop the country. We have the resources, the most important resource is human resources, we are more than 170 million people.

Nigerians are the most educated black people in the world. We are the most educated people in the third world. Anywhere you go, you will find Nigerians doing well in their respective profession. We have the resources, it is just for us to harness the resources. People should stop thinking of what they can do for

thier own pocket which is what has been fueling the problem in Nigeria, when people are taking more money than they can take to heaven, which is zero. We have the resources, we have money coming from the ground free of charge which God has given to us.

We have minerals every where, so many good things God has done for us, we don’t have catastrophe, we don’t have hurricanes. All we needtodoisusetheresourcestobuild our country. “ Asked why they were in visiting the vice president, he said: “We come here to pay a courtesy visit to the vice president who is one of us and to discuss various issues, one is the state of the nation, state of the universities and our own university, UNILAG. “We have been able to talk to him very freely and we have put across to him the problems of the nation, especially the problems in universities and the problems in UNILAG. He has responded very frankly.

“What he said was very interesting because it is what we know. But the man on the streets, even those who are not on the strees beleive that the government is doing nothing.

“We are sure that no government worth its salt will fold its hands and be doing nothing in the circumstances we have found ourselves. So he articulated to us all they have been doing regarding the fight against corruption, which is the biggest problem that has destroyed the economy.

WEDNESDAY, SEPTEMBER 21, 2016 • T H I S D AY

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CRIME&PUNISHMENT Police Arrest 12 IPOB Members in Enugu

Christopher Isiguzo in Enugu No fewer than 12 persons suspected to be members of the Indigenous People of Biafra (IPOB), a pro-Biafra group, have been arrested by the Enugu State police command for allegedly mobilising the people for Friday’s sit-at-home order in protest against the continued incarceration of their leader, Nnamdi Kanu.

The group had ordered residents of the entire Southeast states as well as Rivers, Delta, Cross-River States and Ndigbo all over the country to stay at home on September 23 in solidarity with their protest to facilitate the possible release of Kanu and other members of the group presently remanded

in prison custody for an alleged offence bordering on treason.

In a statement made available to jounalists by the state Public Relations Officer, Ebere Amaraizu, the police command said the persons were arrested on Monday and vowed to arraign them in court.

Giving more details of how they were arrested, the police said its operatives acted on intelligence information and swooped on the pro-Biafra activists while they were allegedly mobilising innocent people.

“Suspects were nabbed inside the popular Ogbete market of Enugu State as they allegedly went into the market with public address system to threaten and inflict fears on the

members of the public precisely the marketers not to come to market from yesterday and that if anyone is seen that the person will be dealt with by the group.

“Recovered from suspects were 21 handsets of different types, various leaflets in which some of them read: ‘IPOB for the betterment of your children and that of yourself, please sit at home,’ ‘there will be no work, no school, no business, no market, free Nnamdi Kanu, free Biafra.’

“Also recovered flags suspected to be that of the group with their insignia, public address systems, one wireless microphone. Suspects are helping the operatives in their investigations and will soon be charged to court,” he said.

The command further noted

that security has been beefed up by the command around markets and every corner of the state and that people were free to go about their normal legitimate activities without fear.

“In the light of the above, the Enugu State Command of the Nigeria Police Force working in partnership with relevant security agencies and relevant stakeholders in the state, has advised their members of the public, particularly law abiding people of the state not to allow themselves, children and wards be used by any person under any guise in the state to cause mischief as anyone caught will be made to face the full wrath of the law.

In Brief

12-year-old Boy Allegedly Commits Suicide in Delta A bizarre incident occurred last weekend at Ugbuwangue area in Warri, Delta State, when a 12-year-old Junior Secondary School student purportedly committed suicide. The boy, simply identified as Godwin, was said to be living with his paternal uncle prior to the incident last weekend. The victim was allegedly found dead by the housemaid inside his room with the rope he probably used to hang himself by a window protector. An eyewitness said the family housemaid only discovered the unfortunate incident when one of their neighbours told her on return from an errand that Godwin unusually refused to answer his calls to help him wash his car. “It was an attempt to look for Godwin, with the intent of conveying the neighbour’s message that the domestic aide saw his lifeless body with his tongue out and his legs swinging,” the source disclosed. THISDAY gathered that the maid allegedly screamed in shock and their neighbours who came around, called Godwin’s Uncle, Mr. Okotie-Eboh, and his wife. Okotie-Eboh, it was learnt, apparently in shock and confusion on whether to report the incident to the police, immediately called his wife younger sister’s husband to come and drive him to the Police Station, but sympathisers had to reach elders of Ugbuwangue community, considering the taboo done as far as the Itsekiri tradition was concerned. Sources said the community elders reportedly brought masquerades to cut off the rope around the boy’s neck. While they were making arrangements to bury him in accordance with Itsekiri custom, the Police came to the scene and ordered that the corpse be taken to the mortuary. Effort to get the state Police Public Relations Officer (PPRO), Celestina Kalu, a Superintendent of Police (SP), proved abortive as her phone was switched off at the time of filing this report.

NSCDC: We’re Gathering Information on Kidnapped Landlords

GOVERNMENT ATTENTION URGENTLY NEEDED

Heavy downpour cutting off the residents of Abule Ekun between Giwa-Oke Aro and Lambe in Lagos and Ogun States KOLA OLASUPO

Victim of Severe Domestic Violence Cries for Justice Two years after her husband, a banker, kicked her from her house and later turned up to allegedly maim and batter her, Ivie Edobor, a mother of three, has cried for justice after he was left out on bail without further recourse to her condition. Taking to her Facebook wall, she accused her estranged husband, one John Edobor, of attacking her and battering her legs, while she was in the process of seeking for divorce. Tagging the Project Alert Facebook wall for help, the mother of three wrote, “Dear friend, to shed more light on my ordeal, this is my story. “Two years ago, my husband kicked me out of his house along with my three daughters aged nine, seven and four.

“I was forced to move back to my father’s house and struggled to provide for my three children as he completely neglected them and even took them off his medical insurance provided by his office Zenith Bank Plc. “After much struggle, I finally got back on my feet. Got a great job, enrolled my kids in a new school and rented an apartment for my three kids and I. “About Easter time this year

he decided he was to be part of my children’s lives again.

I allowed him access to the children as I felt we could be civil to each other for the sake of our children. At this time I had started putting my documentation together for the divorce process.

“Early hours of June 19th on my way back from a function, a friend had parked right in front of the gate of my apartment to press the bell for the gateman to open the gate and let me into the compound when suddenly he was rushed at and attacked by a man waving an object.

“The first impression was that it was an armed robber trying to rob us. My friend(a man) pushed him away but he came charging back; at this point I looked out the opened door and realized it was John Edobor, my estranged husband.

“Before we could react, a group of area boys showed up but rather than saving us from the assailant, they joined him.

“They proceeded to beat my friend on the floor giving John the opportunity to focus his attack on me. He used a metal bar (wheel spanner/ metal rod) to try hitting me on the head through the opened drivers

door but I shielded it.

“Not satisfied with that, he turned to the passenger’s door and dragged me out to the floor. I landed on the floor with my legs extended where he proceeded to hit me on the leg continuously with the metal.

“When he was satisfied he was about going back to join the area boys, who had gathered around my friend when my neighbour who had heard my screams for help and saw from his window a man striking someone on the floor.

“Thinking it was an armed robber, he jumped down from his balcony with a machete to save whoever was being attacked.

“On getting down he was faced with my estranged husband whom he had prevented from entering my compound without my permission on two occasions, so he recognised him.

“It was at that point he overpowered John. The area boys recognised him (my neighbour) as a member of the security team for the street and backed off my friend.

“By that time I couldn’t stand up and my leg was bleeding profusely. I was rushed to the

hospital where my jeans was torn off my leg to see the nature of my injury. The injury was so severe that my broken bone torn through my skin puncturing an artery in the process.

“Almost three months and two surgeries later, I have titanium plates and screws to keep my leg in place and I am unable to use my right leg.

“I still have my three children to care for and my life is at a stand still. The perpetuator was charged to court and released on bail three days later. Now he moves around freely carrying on with his life. Now is it wrong for me to cry for Justice?”

Edobor

Four days after the abduction four landlords, who were seized by dislodged militia at the Lagos and Ogun creeks, the Nigerian Security and Civil Defence Corps (NSCDC), yesterday said they were gathering useful intelligence that will help secure their release.

The NSCDC Lagos State Commandant, Mr. Tajudeen Balogun, made this disclosure during a courtesy to THISDAY Newspapers corporate head office in Apapa, Lagos. While describing himself as an ardent THISDAY reader back to his days in the Katsina Command of the corps, Balogun alongside his entourage, was received by the Director of Corporate Services, Mr. Emmanuel Efeni and the News Editor, Mr. Davidson Iriekpen.

Reassuring Nigerians that the agency was capable of protecting lives and property, he said already, the agency was working on improving its intelligence gathering technique to enable them serve the nation effectively whenever the occasion arises.

On the Isheri abduction, although he declined to reveal their operational strategies as regarding attempts to rescue the hostages, he however expressed optimism that the security operatives will rise to the task. Gunmen suspected to be armed militia had last week Saturday morning stormed Isheri community in military uniforms and kidnapped four landlords who were doing their routine exercise and took them through the bush path to unknown destinations He said: “All security agencies are working together to ensure they are all rescued and this is in conjunction with the local community. All hands must be on deck.” Refuting claims that the kidnapping occurred because the Operation Awatse Taskforce, a joint taskforce comprising the Armed Forces, the police, DSS and NSCDC, had relapsed on security, he said the reverse was the case. He said although the major work had been done by the air power of the Air Force, while the ground forces carried out mopping, they had not abandoned the operation. Balogun said what was obtainable at the area was that the security operatives were more of working as undercover in plain clothes, as against wearing their military uniforms. He also called on Nigerians to always report suspicious ovements by passing such information to the security operatives, so as to save the situation. On the corps he said, “We are associated with efficiency and effectiveness.

Our mission is efficiency, humility and integrity in service delivery. Those three words are germane to us.

Earlier, the Director of Corporate Services, Mr. Emmanuel Efeni, commended the agency for always conducting itself in a civil manner while relating with civilians.

T H I S D AY WEDNESDAY SEPTEMBER 21, 2016

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WEDNESDAY, september 21, 2016 • T H I S D AY

WEDNESDAYSPORTS

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

After a Decade at Stamford Bridge, Mikel Weighs Options Super Eagles Captain, John Mikel Obi, has admitted that he is ready to talk to clubs in January if Chelsea fails to offer him a new deal.

The Nigeria international has entered the final year of his contract and can begin negotiations over a Bosman move at the beginning of 2017.

He has so far struggled to get into Antonio Conte’s side after playing in the latter stages of the Olympics football tournament in Rio, Brazil where he helped Nigeria win bronze.

He accepts that his time at Chelsea could be coming to an end.

“I have one year left (on my contract),” Mikel stressed. “When you have a year left as a football player, you have to start planning and start thinking about what’s going to happen at the end of the season. Yes, there are going to be rumours, yes, there are going to be conversations between clubs.

“When you have a year left, in January, you are allowed to talk to other clubs and sign a pre-contract or have

an agreement so, yes, I will talk to other clubs because you never know what is going to happen.

“I’ve been here for a long, long time. I’ve spent 11 years of my life in this football club, it is my home.

“This season is the last at the club if my contract ends. I am quite relaxed about it, the future looks good.”

Mikel is Chelsea’s second longest serving player after John Terry and has won three Premier League titles, two FA Cups, the Europa League and the Champions League in his 11-year career at Stamford Bridge.

Although he is open to new offers come January, he is still hopeful he can compete with new signing N’Golo Kante for a starting spot and have his Blues contract renewed.

“I am always open to a new conversation, a negotiation (with Chelsea),” he added.

“But if there’s none, the future still looks bright. One day you have to move on. I think my memories here,

my achievements here, are something that no one will ever take away from me.

“I have won everything there is to win with this football club. We were the first London club to win the Champions League, and forever I will be one of the first players to win the Champions League for Chelsea. Those memories will never go away.”

The 29-year-old gave his verdict on a potential move to the Chinese Super League, where ex-Chelsea players such as Demba Ba and Ramires are currently playing.

“I will decide where is best for me and my family,” he continued. “You don’t just wake up as a single man and sign wherever, it has to be good for you, the family, the kids, so it is about the package. The best decision has to be made.

“If it is going to be the Premier League there will be options. If it is China or some other places, we will see. One thing is for sure, I will make the best decision,” Mikel told told Goal.com.

Golf Caddies Association Formed in Nigeria Olawale Ajimotokan in Abuja A new page in the management of golf caddies in the country has been turned following the formation of the National Association of Caddies in Nigeria.

The association, with a new committee, was inspired on Monday night in Abuja by the Chairman of Golf Garden Waterfront, Otunba Olusegun Runsewe, at the prize giving ceremony of Staff and Caddies Tournament held at IBB International Golf and Country Club.

The Chairman of IBB Club Board of Trustees, Gen. Ibrahim Haruna (Rtd), the club’s pioneer Lady Captain, Mrs Agatha Nnaji, former Vice President Nigeria Golf Federation (NGF), Chief Samuel Anyamele, and current Lady Captain, Mrs Lamin Ahmed, rallied in support of the caddies’ cause.

Runsewe, who supported the new caddy committee with N100,000 advised other clubs nationwide to take a cue from Abuja by supporting caddy associations.

He lamented the poor treatment of caddies in Nigeria and many parts of Africa, adding that Steve Williams, who once caddied for world’s greatest golfer, Tiger Woods, was the richest sportsman in New Zealand.

Runsewe promised to import one of the world’s biggest caddies in the world towards the training of Nigerian caddies.

Gen. Haruna said the formation of the caddies

association is a journey that will go a long way and called on the bag carriers to be a part of the process of the entrenchment of civilisation.

Anyamele, who described caddies as golf administrators, donated N2m towards the 2017 IBB Club Caddies Tournament, while Mrs Nnaji donated an unspecified amount on behalf of her family. The Vice Captain, S.I. Ameh (SAN) also gave financial reward to go with prizes to the winners of the tournament.

Gabriel Adejumo overcame insomnia to churn out a personal best round of 77 on IBB course, beating the field led by Sunday Dere and Sunny Abba by six strokes.

Though his putter let him down, Adejumo, who majors in Urban and Regional Planning at Kogi State Polytechnic, Lokoja, Mikel birdied hole 4 and hit 14 out of 18 greens in regulation.

2018 WORLD CUP QUALIFIER He lamented the lack of sponsorship for his inability to emerge from the last PGA Qualifying School in Kaduna in 2014, saying that he is capable of turning the tide if sponsored to the next Q-school that holds next year.

Zambia has named a strong call-ups of Collins Mbesuma About 70 golfers, who 33-man provisional squad for (Highlands Park/South Africa), advanced from the qualifiers next month’s 2018 World Cup Chisamba Lungu (Ural/ held two weeks ago, competed qualifier against Nigeria Russia), Lewis Macha (Kaizer on the rain softened course for with overseas stars Rainford Chiefs/South Africa), as well some of the attractive prizes Kalaba, Kennedy Mweene and as Nathan Sinkala, Kabaso on offer by the planning Stoppila Sunzu all included. Chongo (TP Mazembe/DRC) committee.

The other foreign-based and Kalengo Winstone (AC

Zambia Lists Formidable Team against Eagles

L-R: Former Captain IBB Club Hamid Abbo; Pioneer Lady Captain, Mrs Agatha Nnaji; An unidentified caddy; The Winner Gabriel Adejumo; Otunba Olusegun Runsewe and current Lady Captain, Mrs Lamin Ahmed, at the prize giving event of Staff and Caddies Tournament in Abuja… recently

Leopards/DRC), The bulk of the squad is drawn from the domestic league with seven players from CAF Champions League semi-finalists Zesco United.

The squad was picked by assistant coach Wedson Nyirenda.

Meanwhile, a member of the NFF Technical Committee, Isaac Danladi, has disclosed that the committee would be meeting soon, to finalise preparations for the game against Zambia.

Danladi revealed that he believes that the Technical Adviser, Gernot Rohr will stick with the same corps of players that executed the final AFCON qualifier game against Tanzania with a few additions to be added to strengthen the team A notable returnee to the squad would be Arsenal FC forward Alex Iwobi who missed the game against Tanzania through injury.

Owing to his new found form he is expected to make the final cut for the game against Zambia, Danladi hinted.

Zambia welcomes Nigeria to Ndola on October 9.

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T H I S D AY • WEDNESDAY, SEPTEMBER 21, 2016

WEDNESDAYSPORTS

Wikki Coach Won’t Give up on NPFL Title Dream Eguma: Rivers Utd focus on next two games, Not Rangers Head Coach of Wikki Tourists, Abdul Maikaba, has declared he will not throw in the towel in the title race of the Nigeria Professional Football League (NPFL) this season.

The Bauchi Tourists hurled themselves into the title race on Sunday following a 1-0 victory over Rivers United at the Abubakar Tafawa Balewa Stadium, Bauchi.

Maikaba believes the win over the Port Harcourt club on Sunday is the catalyst that will propel his side to unlikely success in the NPFL. “We had planned to score (early) but also knew we could score at any time (during the game).

“My boys were patient and continued putting pressure on the opponents.

“Wikki still has the chance to win the league because mathematically, with two matches to go, we still have a chance as we are just three points behind the leaders, Enugu Rangers.

“We have a better goals difference compared to Rangers so if they lose an away game, we will be tied with them on points but we need to win our last two matches,” he reasoned yesterday.

Wikki Tourists will face Shooting Stars Sports Club (3SC) in Ibadan in their penultimate league game of the season on September 25 before rounding off their campaign with a fixture against Sunshine Stars in Bauchi on October 2.

Wikki is currently in third place on the NPFL standings with 54 points from 34 matches.

However, Rivers United’s Technical Manager, Stanley Eguma, has warned his players

to concentrate on themselves in their final two league games of the season.

United will fall short in their aspirations of winning the NPFL title at the first time of asking even if they win their next two matches of the season, as long as Enugu Rangers win theirs but Eguma insisted that his charges must hold up their own end of the deal first by beating Abia Warriors and Akwa United in their final games of the season.

“At this stage of last season, Dolphins, my former club was last on the table and almost everybody, including most of our fans felt we would be relegated.

“We all saw how it ended (Dolphins escaped the drop on the final day of the season following a 2-2 draw with Shooting Stars) and it was made possible because I am a positive person that never loses hope in any venture I go into.

“I agree that we no longer have our destiny in our own hands but it will not be wise to concentrate on what (the current NPFL leaders, Enugu Rangers) do in their next two league games.

“This is football where it is never over until it is over.

“The most important thing now is to try to win our next two games against Abia Warriors and Akwa United.

“These games will be very difficult as Abia Warriors are currently fighting against relegation while Akwa United is a very good side and we will playing that game away from home,” he warned.

Rivers United is currently in second place on the NPFL table with 56 points from 34 matches.

ITF JUNIOR CIRCUIT

Quadri, McLeod, Four Others Qualify for Next Stage Team Nigeria, yesterday had one of her most memorable days at the ongoing 2016 ITF West/Central Africa 18 and Under Circuit in Lome, Togo as six of her players progressed to the next stage of the tournament.

Barakat Quadri, who is aiming to be the first player to win three-straight singles title in the world ranking event, continued to dish out tennis lessons to her opponents as she whipped Chakira Dermane of Togo 6-0, 6-0.

The 14 year-old Quadri, who is about to end her year-long ITF scholarship in Morocco will meet the winner of the tie between Bissola Lassissi of Benin and Trisha Vinod of India.

She is now just three victories away from winning a third successive title which before now has not been achieved by any player in the West and Central Africa

ITF Junior Circuit.

Nigeria’s dominance over the hosts continue as Angel Mcleod also defeated homegirl Serena Geli 6-0, 6-1 to hit the last-eight where she will confront second seed, Marine Job of France who defeated Team Nigeria’s Venus Ubiebi.

Toyin Asogba was another Nigerian that tasted defeat; the Lagos-based player succumbing to Maxine Ng of Malaysia, the number two seed.

In the boy’s singles, Nigerian players proved that they are not in the same class with their Ghanaian counterparts as Michael Osewa scale the hurdles of Michael Nartey 6-2, 6-3 while Christopher Bulus and Christopher Itodo also emerged victors in their second round clashes with Ronald Totimeh 6-1, 6-0 and Richard Addo 6-0, 6-2 respectively.

Wikki Tourists versus Rivers United match kick off formalities last Sunday in Bauchi. Wikki still chasing the NPFL title

Guardiola Demands Yaya Toure Apology, Agent Refuses Yaya Toure will not play again for Manchester City until the player’s camp apologises for comments made by his agent, manager Pep Guardiola vowed yesterday.

Dimitri Seluk accused the City manager of “humiliating” Toure, 33, by leaving him out of the club’s Champions League squad at the start of this month.

The Ivorian midfielder, who announced his retirement from international duty yesterday, has not figured in a single City match-day squad since then.

“The day after that, his agent spoke and in that moment, Yaya is out,” Guardiola told a press conference.

“Unless Mr Dimitri Seluk comes back to the press or to his friends in the media –- because he hasn’t the courage to call me, he goes to the media –- and apologises to Manchester City first of all, then his teammates and afterwards the trainer.

“When that happens, Yaya will be part of the group and he will have the chance to play.”

Toure has recovered from a migraine that made him unavailable for Saturday’s 4-0 Premier League win over Bournemouth, but he will not be considered for today’s League Cup tie at Swansea City.

Seluk had said: “If he (Guardiola) wins the Champions League for City this season, then I will travel to England and I will say on television that Pep Guardiola is the best manager in the world.

“But if City don’t win the Champions League, then I hope that Pep has got the balls to say that he was wrong to humiliate a great player like Yaya.”

In response to Guardiola’s remarks, Seluk said he would only apologise if the City manager said sorry to both his predecessor Manuel Pellegrini and outcast goalkeeper Joe Hart.

“I will apologise to Guardiola if he will apologise to Pellegrini for what he did to him,” Seluk told Sky Sports News.

“If you are a gentleman, this just does not happen. He signed

a new contract last year then he gets pushed out for Guardiola to come in. Pellegrini was a gentleman.

“Guardiola also needs to apologise to Joe Hart. It’s not right to come to England and then get rid of a few English players.

“Guardiola wants a new future for Yaya, for Hart, and they won’t be the last.”

Toure, who is in the final year of his contract at the Etihad Stadium, has featured just once for City since Guardiola’s arrival.

He played the full 90 minutes of their Champions League play-off second-leg victory over Steaua Bucharest in August.

Guardiola added: “I cannot accept as a coach that every agent, when his player doesn’t play, goes to the media and speaks.

“I know how much Dimitri Seluk loves Yaya Toure. If he loves him, show me by apologising to Manchester City for what he said in the papers.”

Guardiola said that, as a

player at Barcelona in the early 1990s, he would never have dared to allow his agent to speak out against Dutch legend Johan Cruyff, then the club’s manager.

“I cannot imagine in my day when a player’s agent would go to the media and speak against Johan Cruyff,” he said.

“Maybe it’s the new era, but I’m from the old generation, and an old-generation agent has to make his players his job and the coach his job.

“Today agents believe they are more than they are. If you have a problem, we can talk.

Until he speaks, Yaya isn’t going to play.”

Toure has been at City since 2010 and has won two Premier League titles, two League Cups and one FA Cup during that time.

While Toure will play no part at Swansea, captain Vincent Kompany could return, having not played since April after undergoing groin and thigh surgery.

Navy Tests Physical Fitness, Holds Quarterly Route March Chiemelie Ezeobi About 1,000 personnel of the Naval Training Command (NAVTRAC), recently held their quarterly 10kilometre route march in Lagos, which saw them walk from their base at Apapa to Costain Roundabout and back to the base.

The 10km march, which was targeted at keeping personnel fit for military duties, was a prelude to show the level of preparedness of the navy and was also targeted at fostering espirit de corps and providing

an avenue to deter criminalities in the command’s area of responsibility.

The personnel had first assembled as early as 6 am at the Nigerian Navy Ship (NNS) Quorra parade ground before they walked as far as Costain and back to base.

On hand to build morale was the navy band, whose rhythm buoyed the personnel to chant morale-inducing songs whilst the walk lasted.

After the troops rendezvoused back at the parade ground, an officer still took them through

various exercises before they dispersed.

After the exercise routines, the FOC NAVTRAC, Rear Admiral Ifeola Mohammed, mounted the podium to address the troops.

He said, “This is the third Quarter Route March and it’s a show of selfless service willingness to desire continuation offer credible service to the Federal Republic of Nigeria.

“I congratulate you for turning out cheerfully to to us proud.

Route marches are organized in Nigeria as a show of our

commitment to continuously defend the territorial integrity of Nigeria as a a means of reassuring the general public that we are willing and ready to defend them at any point in times of either peace, insurgency and situations of war.

“Throughout the route march, everyone conducted themselves well. There was no molestation of civilians. I saw women with children who tried to cut through the ranks but the internal security and personnel merely told them to leave.”

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WEDNESDAY, september 21, 2016 • T H I S D AY

WEDNESDAYSPORTS

NIAA Convention in USA to Focus on State of Athletics in Nigeria Nigerian International Athletes Association (NIAA) 2016 Convention slated for October in California, USA is to focus on the state of athletics in Nigeria.

NIAA is a union of former Nigerian star athletes based in the United States of America.

According to the President of NIAA, Grace Apiafi, the NIAA is worried that Nigeria today still struggles with the development of talented young athletes.

Apiafi was a shot put and discus thrower who represented Nigeria at the 1988 Seoul Olympics. she is currently a professor in the Health Science Department of Pasadena City College, California.

“The last Olympic was an eye-opener for us all. This is a time for action and NIAA is ready to lead the charge and we need the support of all stakeholders in athletics. There are a number of ways to make an impact on improving the standard of education, sports and health care in Nigeria,’’ stressed the NIAA president.

Apiafi revealed that the 2016 NIAA Banquet and Gala will bring together some of the most influential minds in the area of medicine, coaching, and athletics.

She also disclosed that the event will be used to raise fund and accept donation in kind to support kids from disadvantage homes with their education and help talented young athletes to combine sports and education, “This convention is a significant fundraiser for NIAA to be effective in making the necessary changes needed to improve sports and education in Nigeria and around Africa.

Beyond making the impact on the future of the youth, the gala is a fun-packed event with great entertainment, live band and dancing,” she hinted.

Apiafi said this is an opportunity to enjoy the company of friends and to meet new people who are united in the mission of making necessary changes to the lives of talented but socioeconomically disadvantage youths in Nigeria and other parts of Africa.

She also revealed that NIAA will honour four physicians and a former college coach. “Our goal is to recognise their accomplishments and honour them for the exemplary services that have positively influenced the lives of several individuals here and abroad.”

Black Stallions to Play Kenya, Senegal in Africa Cup 7s Nigeria will play hosts Kenya and Senegal in Pool A of the 2016 Africa Sevens Tournament to be held at the Kasarani Stadium, Nairobi this weekend.

Last year’s runners up, Zimbabwe, will play Uganda and Mauritius in Pool B. Morocco is in Pool C with Zambia and Madagascar as Tunisia lead Pool D where they will play Namibia and Botswana.

For a place in the 2015 final, Kenya had beaten Tunisia 4212 in the semis as Zimbabwe defeated an improved Morocco 26-0 in the other semi.

Away from the top four positions, Namibia needed a

late try to beat Madagascar 24-17 to claim the Plate as Uganda knocked out the Black Stallions of Nigeria 27-7 for the Bowl.

The Black Stallions will be looking to maintain a top 8 finish or go a step further to top 5 at the tournament.

The Black Stallions will travel today via Kenya Airways to play in the two-day tournament on Friday and Saturday in Nairobi.

Africa Cup 2016 Pools Pool A: Kenya, Nigeria, Senegal Pool B: Zimbabwe, Uganda, Mauritius Pool C: Morocco, Zambia, Madagascar Pool D: Tunisia, Namibia, Botswana

Schumacher Cannot Walk, German Court Told A lawyer for Michael Schumacher has told a court in Germany that the former Formula 1 world champion “cannot walk” following his skiing injury.

Felix Damm was detailing the extent of Schumacher’s injuries in a lawsuit against German magazine, Bunte.

The magazine had reported last Christmas that the seventime world champion could walk again.

But Mr Damm said that Schumacher, 47, “cannot walk” more than two and a half years after the accident.

Bunte had quoted a source at the end of last year as saying that Schumacher could manage some steps with the help of therapists and could raise an arm.

At the time, Schumacher’s agent, Sabine Kehm, released a statement denying the story, saying:

“Unfortunately we are forced by a recent press report to clarify that the assertion that Michael could move again is not true.

“Such speculation is irresponsible, because given the seriousness of his injuries, his privacy is very important.

Unfortunately they also give false hopes to many involved people.”

Schumacher suffered a head injury in a skiing accident in France in 2013.

He was placed in a medically induced coma for six months before being transferred to his home in Switzerland to continue his treatment.

Very little is known of the sports icon’s recovery as his family has strongly protected his privacy.

In February, his former boss at Ferrari, Luca di Montezemolo, said: “I have news and unfortunately it is not good.”

Divine Oduduru (centre) ran a personal best of 20.34 in the 200m event of the 2016 Olympic Games in Rio, Brazil behind Olympic and World Record holder, Jamaican Usain Bolt. The best the reigning Nigeria 200m champion could reach was a semi final finish at the Games

Mourinho under Pressure to Drop Rooney Manchester United manager Jose Mourinho is under pressure to drop Wayne Rooney, with the captain’s clanking performances emblematic of the team’s struggles.

Mourinho’s side visits third-tier Northampton Town today in the League Cup, where defeat would rank alongside their humiliating 4-0 loss to Milton Keynes Dons in this competition under Louis van Gaal in 2014.

United has lost its last three matches and there is clamour among supporters and journalists for Rooney to be removed from the starting XI. In an online poll by the United fanzine Red Issue, over 99 percent of respondents called for him to be axed.

“Where do you want Wayne Rooney to play? Or should he be playing at all?” former England captain Alan Shearer wrote inThe Sun after United’s 3-1 defeat at Watford on Sunday.

“Not on yesterday’s performance, it is fair to say.”

Despite United winning its first three league games, Rooney’s lacklustre displays meant his place was already under scrutiny.

With United having since lost to Manchester City, Feyenoord, in the Europa League, and Watford, the calls for him to be dropped are getting louder.

Rooney, 30, was rested for last Thursday’s trip to Feyenoord, but he has started all of United’s other games under Mourinho.

It was a similar story during Louis van Gaal’s two-year tenure as manager. The Dutchman sidelined Rooney only once, for a 2-0 defeat at Stoke City on Boxing Day last year.

David Moyes, van Gaal’s predecessor, was similarly faithful to the United number 10, whose career he launched at Everton.

But Alex Ferguson lost patience with the England captain towards the end of his storied tenure.

Ferguson claimed Rooney had asked to leave the club for a second time in 2013 and he disappeared from view in the dying days of the Scot’s 26-year reign.

Mourinho, whose side host Leicester City on Saturday, has said he would have no qualms about dropping Rooney.

“I can take him out. No problem for me to take him out,” Mourinho said following United’s last-gasp 1-0 win at Hull City last month.

As has been the case for much of his career, debate continues to rage about Rooney’s best position.

Never quite a true No 9, but not a classic number 10 either, Rooney was deployed in central

midfield by Roy Hodgson during England’s calamitous Euro 2016 campaign.

Rooney has said he is open to the idea of moving into midfield as his career progresses.

Mourinho appeared to nix that ambition, in the short term at least, prior to the season.

“For me, Wayne will be a No 9 or a number 10 or a No 9-anda-half,” Mourinho said. “But with me he will never be a No 6, not even a No 8.”

Yet in the loss at Watford, Rooney started the game in a midfield three alongside Marouane Fellaini and record signing Paul Pogba.

Once again he looked off the pace, even after moving into a number 10 role behind Zlatan Ibrahimovic in the second half.

A “highlights” video flagging up his sloppy touches and wayward passing circulated widely on social media.

“I think playing him as a number 10 is holding back United,” former Arsenal defender Martin Keown said in the Daily Mail.

A knock-on effect of Mourinho’s deployment of Rooney as a number 10 is that several of his teammates have been prevented from playing in their preferred positions.

Teenage striker Marcus Rashford, last season’s breakthrough star, started on the left wing against Watford.

Juan Mata and close-season signing Henrikh Mkhitaryan, both more conventional number 10s, have had to content themselves with wide roles or places on the bench.

Perhaps most worryingly, in using a 4-2-3-1 system to accommodate Rooney at number 10, Mourinho has been fielding Pogba as a holding midfielder, denying him the freedom to attack that he thrived upon at Juventus.

LEAGUE CUP

RESULTS Bournemouth 2-3 Preston Brighton 1-2 Reading Derby 0-3 Liverpool Everton 0-2 Norwich Leeds 1-0 Blackburn Leicester 2-4 Chelsea Newcastle 2-0 Wolve Not’ Forest 0-4 Arsenal TODAY Fulham v Bristol City North’Town v Man Utd QPR v Sunderland S’tampton v Cry’Palace Stoke v Hull City Swansea v Man City Tottenham v Gillingham West Ham v Accrington

Lions Club Pledges More Support for Physically Challenged Athletes Olakiitan Victor in Ado Ekiti As Nigeria’s special athletes did Nigeria proud at the just ended Paralympic Games in Rio, Brazil, the Lions Club International, has urged government and well-meaning Nigerians to contribute to the development of untapped talents at the grassroots.

The club said the scintillating performances of these physically challenged athletes further affirmed the fact there is need to increase support for sports talents from humble

backgrounds in the country, stressing that youths from humble homes are potential nation’s pride if given the opportunities to excel.

Lions Club District 404B 2 gave the advice during the Region 10 (Ekiti Axis) quarterly sports activities, organised to encourage members to engage in sporting games that would elongate their lifespan .

The immediate past President of Ado-Ekiti Central Lions’ Club, Taiwo Odebunmi , who coordinated the committee for the sports

programme held at the Oluyemi Kayode Stadium in Ado-Ekiti at the weekend said: “We discover that many Lions Club members are hard working, some are civil servants, some are private businessmen who spend a lot of time in office, sitting down , doing a lot of businesses and do not have time to loosen up.

“We discover that many of the causes of deaths is hypertension and we don’t want any of our members to suffer such because we need them. The longer they live, the

better for our club, the better for the less privileged.

“This is why our district Governor, Lion Adewunmi, has decided that during this year, we will engage our people in sporting activities so that they can improve their health.

So, we chose to organise the sporting activities on quarterly.

“We have organised sports contests among youths in schools across Ekiti, but what we are doing today is the maiden edition of the sports involving lions in the state.

T H I S D AY WEDNESDAY SEPTEMBER 21, 2016

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Wednesday September 21, 2016

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Price: N250

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MISSILE

CJN to Lawyers “Sadly, certain members of the Bar are conspicuous in utilising unethical, frivolous applications and appeals, multiplicity of actions in courts of co-ordinate jurisdiction and other act of calumny to frustrate the speedy dispensation of justice. The Supreme Court takes a dim view of such delays and we will constantly introduce measures to reduce delay in the administration of justice as the past year’s statistics will doubtless testify.”

The Chief Justice of Nigeria (CJN), Justice Mahmud Mohammed, heaping blame on lawyers who exploit loopholes in the law to pervert the cause of justice.

KAYODEKOMOLAFE THE HORIZON

kayode.komolafe@thisdaylive.com

0805 500 1974

Who is Afraid of BBOG? T he organisers of the recent counter-march to that of the Bring Back Our Girls (BBOG) campaign in Abuja should be regarded as the real enemies of the Buhari administration. Bearing outrageous placards, the “protesters” made a spectacle of themselves. Well, it must be clearly conceded that they have the right to protest even it means absurdity on display. It is indeed astonishing that some persons could openly pick quarrel with those keeping the condition of the Chibok girls alive in the public realm.

The “protesters” had the temerity to ask the BBOG campaigners to “leave Buhari alone.” Some of them even attempted to personalise the matter by raining insults on a leader of the campaign and former education minister, Oby Ezekwesili.

In their bid to defend Muhammadu Buhari, they caused the President immense erosion of goodwill. The Boko Haram terrorists have killed thousands of persons, abducted hundreds, caused displacement of millions and destroyed properties worth billions. But none of the atrocities of the terrorists has been publicised as much the abduction of the Chibok girls. In fact, the Chibok girls have more or less become the symbol of the Boko Haram crimes against humanity. The BBOG campaigners have contributed in no little way in bringing the plight of the girls and the agony of their parents into focus nationally and internationally. You can then imagine the public relations havoc the counter-protest has done to Nigeria and its government.

Here is an unsolicited admonition: whoever conceived of the idea of a shouting march against mothers whose daughters are missing must be a fifth columnist. The administration had better beware of such a fellow. However, the anti-BBOG crowd is not the issue here. The point at issue is rather the worrisome response of the Nigerian state to this humanitarian campaign.

Today is sadly the 891st day that over 200 girls were abducted by the Boko Haram terrorists from their school in Chibok, Borno State. A few of them have escaped, but several others are still held hostage by the terrorists. It is worthwhile to isolate the issues thrown up by the step taken by the Nigerian state to stop the BBOG, which has spearheaded the campaign for the rescue of the poor girls in the last two years. For it is inexplicable how the protests of BBOG hurt the state and its agents. Therefore, the following question had become apposite: who actually is afraid of the campaign for the rescue of the girls?

First, the move by the police to stop the BBOG is an assault on freedom. The police have no powers to ban any citizen or group of citizens from protesting on any issue. Instead, it is the duty of the

Abducted Chibok Girls

police to ensure that the protesters are protected as they conduct themselves peacefully. The right to protest is not a favour from any government. It is not a privilege awarded to the citizens by the Nigerian state. From the colonial days and through the military years, the Nigerian people have fought for that right and it is unthinkable that the police could now abridge it in 2016. When our rulers reel out their achievements they often refer to roads and bridges as “dividends of democracy.” Now that is a gross misnomer. The real dividend of democracy is freedom, which includes the right of the aggrieved to protest and express their views freely. After all, the military rulers built some spectacular roads and bridges, but no one called the items of infrastructure “dividends of democracy.” What was abysmally lacking in the days of the military was

The Buhari administration may have tactical reasons for the delay in the freedom of the Chibok girls; but the state and its agents should never be permitted to violate the people’s right to protest

freedom. The right to protest should be defended by the Nigerian people against assault by the apparatus of the state under any administration.

Secondly, the Buhari admiration has a moral burden in the way it responds to the lingering issue of the Chibok girls and the legitimate agitation for their rescue.

Buhari promised to end the Boko Haram war; the rescue of the Chibok girls was part of that promise made on the hustings last year. In fact, the Peoples Democratic Party (PDP), which was in power, then, accused Buhari’s All Progressives Congress (APC) of sponsoring BBOG to put former President Goodluck Jonathan in bad light. Indeed, some APC activists were part of the BBOG campaign. It is a huge irony that APC is now claiming to have a “different approach” to the campaign as the BBOG members are being harassed on the street. It is simply immoral to play some funny politics with this issue. The administration should not be permitted to renege on a highly sensitive campaign promise. Even if there are tactical issues that the administration would not like to discuss publicly in the efforts to free the girls, there should be a more decent and mature way of engaging those carrying the banner of humanity on behalf of all of us in Nigeria.

Thirdly, the story of the chilling story of the Chibok girls is a story of the failure of the Nigerian state to meet its constitutional obligation to the girls. According to the constitution, the security and welfare of the people should be the primary purpose of governance.

The other day, even former President Olusegun Obasanjo attested to the fact

that it took the Jonathan administration about a month to even acknowledge that the girls were missing. Like some other operations against Boko Haram, the rescue of the girls could not be accomplished by the Jonathan government. Buhari is now 16 months in the saddle and the girls remain in captivity. And some persons could muster the inhumanity in them to say that the agonising parents of the girls “ should leave Buhari alone”.

During the campaigns for last year’s presidential election, not a few voters must have rated Buhari as a more competent Commander-in-Chief than Jonathan. It is, therefore, a gross disservice to the stature of Buhari as Commander-in-Chief for any one to say that protesting parents of the missing girls should not put pressure on the President. Who else should bear the pressure if not the Commander-in-Chief?

After all, he asked for the job and he was resoundingly given.

Beyond the Nigerian state, the attitude of some persons in the public raises disturbing questions about the humaness of the Nigerian society. Some inhuman public responses to the fate of the girls constitute an index of selfishness in this land. The elementary question is this: if one of the girls happens to be your daughter, would you react the same as you do to their plight? How could any one ever be irritated by the protest of a mother whose daughter has been missing for 891 days? It is inhuman to do so. It should be stressed that the official and public attitude would be different if the Chibok girls were to be daughters of members of the ruling class and their rich allies. Besides, the girls belong to a generation. And other members of their generation in ever part of Nigeria are watching as the Nigerian state and people resolve this debacle. The approach of the government and the public to the fate of the girls would be a measure of the premium put on human lives. Those who are sermonising to the upcoming generation to be patriotic should be wary of this grotesque development. The Chibok girls have to be alive and secure so that they could become responsible citizens that could do something for their country in future.

The foregoing and other reasons provide a justifiable basis for defending the BBOG campaign. The campaigners should be saluted for asserting our collective humanity and performing a humane task on behalf of this increasingly selfish society. The Buhari administration may have operational and tactical reasons for the delay in the freedom of the Chibok girls; but the state and its agents should never be permitted to violate the people’s right to protest. After all, what is democracy without freedom?

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