Sunday 23rd October 2016

Payment Default: Gencos Mull Direct Sale to Heavy Consumers Chineme Okafor in Abuja Electricity generation companies (Gencos) in Nigeria are considering the option of selling some of their generated power directly to heavy consumers following the continued failure of distribution companies (Discos) to conve-

niently pay for capacities generated and sold to them, the Managing Director of Niger Delta Power Holding Company (NDPHC), Chiedu Ugbo, has disclosed.

Speaking to journalists on the side-lines of the October 2016 edition of Nextier Power Dialogue in Abuja where it was disclosed that the electric-

ity market’s revenue shortfall had risen to N809 billion and could get to N1 trillion by the end of 2016, Ugbo said the option of direct sale to heavy electricity users like steel plants was being mulled by the Gencos.

He said the option of direct contract was considered by the Gencos for the simple rea-

son that the Discos have often failed to adequately pay for whatever volume of power they get from them despite indications that they are paid by heavy power consumers.

Ugbo, however, said the proposal would need the approval and declaration of the Minister of Power, Works and Housing, Babatunde Fashola,

because Nigeria’s power policy would not permit operators to independently choose who to sell their services or products to.

His disclosure also followed complaints by the Discos that the N213 billion intervention fund initiated by the Central Bank of Nigeria (CBN) to cushion such market

pressures have not lived up to its expectations.

The Discos through their network – the Association of Nigerian Electricity Distributors (ANED) had faulted the CBN intervention fund on the basis that its demands and expectations were quite unreContinued on page 6

Era of Wasteful Spending Over, Buhari Tells Universities...Page 6

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Fresh Power Tussle Threatens PDP Reconciliation Onyebuchi Ezigbo in Abuja The peace move agreed by the two factions contending for power in the Peoples Democratic Party came under threat from fresh wran-

gling over the terms of the resolution last week. THISDAY learnt that there was disagreement between the chairman of the PDP national caretaker committee, Senator Ahmed Makarfi, and the ousted national

chairman, Senator Ali Modu Sheriff, over who should supervise the fresh national convention decided as part of the settlement process.

The main opposition party had become factionalised since after its contro-

versial national convention on May 21 in Port Harcourt.

Sheriff was removed as national chairman at the Port Harcourt convention and replaced with Makarfi, who was appointed to head a caretaker committee as-

sembled to run the affairs of the party. But Sheriff insisted he was PDP national chairman, citing foul play in the process of his removal.

Efforts by the PDP Board of Trustees to settle the warring factions and put the party

back on track had proved abortive. A second convention on August 17 in Port Harcourt, which was held to try to resolve the issues and elect substantive naContinued on page 6

CJN: ‘Sting Operation’ Assault on Independence of Judiciary

Says judiciary not on trial, issue between NJC and DSS Alleges secret police yet to communicate judicial council Backs Buhari’s anti-corruption drive, vows not to shield corrupt judges Tobi Soniyi in Abuja In his first official reaction to the raid carried out on residences of some judicial officers two weeks ago by operatives of the Department of State Services and arrest of four judges, the Chief Justice of Nigeria, Justice Mahmud Mohammed, has said the ‘sting operation’ was an assault on the independence of the judiciary.

Justice Mohammed also said that two weeks after the operation was carried out, the DSS had yet to forward any complaint or any official communication regarding the seven judicial officers to the NJC. In an unprecedented sting operation targeted at judicial officers accused of involvement in corrupt practices, the DDS had on October 8 and 9 raided the homes of judges in different states and Abuja leading to the arrest of some of them including two Supreme Court justices, Sylvester Ngwuta and Inyang Continued on page 6

A

WEEKLY PULL-OUT

23.10.2016

TUNDE ADEWALE (TEE A)

THE GENTLEMAN OF COMEDY

A WORTHY CAUSE

R-L: Former Secretary to the Government of the Federation, Amb. Babagana Kingibe; Chairman, Oladapo Olusegun Adebutu Foundation, Olusegun Adebutu; Ooni of Ife, Oba Adeyeye Ogunwusi, and Chief Kessington Adebutu, at the formal inauguration of Oladapo Olusegun Adebutu Foundation in Abeokuta ...yesterday Abiodun Ajala

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SUNDAY, OCTOBER 23, 2016 • T H I S D AY T H E S U N D AY N E W S PA P E R

PAGE SIX

Era of Wasteful Spending Over, Buhari Tells Universities Hammed Shittu with agency report President Muhammadu Buhairi on Saturday said that the era of wasteful spending is over in Nigeria and advised universities to plough available resources into teaching, research and productive activities.

The president, represented by Prof. Chiedu Mafiana, Executive Director at the National University Commission, spoke in Ilorin at the 32nd convocation of the University of Ilorin.

According to him, it is the expectation of government that in the near fu-

ture, universities should be self-reliant and provide substantial portion of their needed funds.

Buhari also said that government was deeply concerned about developments in the nation’s universities.

“Government is uncomfortable that our citadels of learning which should be training grounds for probity, social justice and decorum have become havens for gross indiscipline, cultism, sexual harassment, immorality, indecency, violence, unnecessary demonstrations and all forms of anti-social behaviours.”

The president stressed the need for a proper com-

munication channel between students and management to enable both parties interact, dialogue and consult freely.

“This will help to engender peace, tolerance, orderliness, self-discipline, sobriety and attitudinal change in our institutions of higher learning.’’

Buhari warned leaders of universities that they would be held responsible for every positive and negative actions in their respective institutions.

He told the graduates that the country does not have the means to provide jobs for all of them.

Buhari appealed to them

to strive to engage in one form of productive activity or the other, adding that the present economic recession is not peculiar to Nigeria.

He said the socio-economic situation had been brought about by our collective failure as a people, dependency on oil exports to the exclusion of other products.

The president explained that the administration was doing everything possible to restructure the economy and change our ways of doings things.

In his goodwill message, the Executive Secretary of the NUC, Professor Rasheed Abubakar, expressed

CJN: ‘STING OPERATION’ ASSAULT ON INDEPENDENCE OF JUDICIARY Okoro, and two judges of the Federal High Court, Ademola (Abuja Division) and Muazu Pindiga (Gombe Division). The secret police organ also claimed it recovered over N362 million during the operation.

The National Judicial Council, chaired by Mohammed, had earlier condemned the raids and arrests, and shunned calls from the Nigerian Bar Association (NBA) that the affected judges should step down until their innocence were fully established.

Two of the affected judges, Ademola and Ngwuta, have however protested their arrests in separate letters to the CJN, alleging victimization based on their refusal to be influenced in judicial matters by some members of the federal cabinet.

A statement issued yesterday by Senior Special Assistant to the CJN, Mr. H. S. Sa’eed, said: "The Hon. Chief Justice of Nigeria also wishes to state in clear terms that the ‘sting’ operations carried out by the DSS on 07 and 08 October 2016 was certainly an assault on the independence of the Nigerian Judiciary.”

He however added that, "Nonetheless, the Judiciary

fully supports the anti-corruption drive of the President of the Federal Republic of Nigeria, President Muhammdu Buhari, GCFR.” As the head of the third arm of government, the CJN also tried to clarify the lingering face off, insisting that the judiciary is not a party in the matter as it is only between the DSS and NJC. He therefore said the Nigerian Judiciary was not on trial and called on all Nigerians to continue to have faith and full confidence in the Judiciary.

The statement reads: "It must be reiterated that the current misunderstanding is only between the National Judicial Council (NJC), which was established by the Constitution and the Directorate of the State Security (DSS), in the Presidency.

"Hence, we must emphasise that the Judiciary continues to maintain cordial relations with the other arms of government, that is, the Executive and the National Assembly.

"The Hon. CJN reiterates that the Nigerian Judiciary, as an Arm of the Government of the Federal Republic of Nigeria, is not a party in this matter, nor is the

Nigerian Judiciary on trial."

Noting that he was deeply concerned by the rising antagonism over the arrest of judicial officers and other issues related to it, Justice Mohammed reacted to the call by President of the Nigerian Bar, Abubakr Mahmoud, SAN, to suspend judicial officers whose residences were invaded and who were subsequently arrested and detained by the DSS, maintaining the he, "believes that the call was unnecessary and hasty as the said judicial officers are still being investigated by the DSS." He recalled that some of the affected judicial officers had already been investigated by the NJC, which found some culpable and recommended their removal from office by dismissal or retirement to the president and respective governors in line with the constitution.

"While some are still being investigated by the NJC, in respect of others, no complaint against them has been received by the NJC whose powers to suspend must be exercised in accordance with the provisions of the Constitution establishing it,” he said.

The CJN further noted that NJC was investigating various complaints against a number of judicial officers and that as soon as such investigations were completed, appropriate recommendations would be made as the case may be, to the President or Governors, who would have the final say on the fate of the affected judicial officers.

He said any judicial officer found wanting could then be charged for the offences disclosed from the facts against them and be prosecuted if necessary.

Noting that the Nigerian Judiciary has never and will never shield any Judicial Officer who is found to be guilty of corruption, he however expressed his belief that due process and the rule of law must be followed.

The CJN said that as a testament to the bench's commitment to uphold the constitution, the Nigerian Judiciary would continue to function and the courts remain open to all who seek remedy.

"With the support and good will of all Nigerians, the Nigerian Judiciary will continue to serve with all its heart and might," he stated.

PAYMENT DEFAULT: GENCOS MULL DIRECT SALE TO HEAVY CONSUMERS alistic.

“Huge industrial transformers from the policy can take from the grid at 132kV level, like the steel companies and other huge industries.

Right now, the distribution companies collect from them as they sell power to them but part of the suggestions is that the generation companies should be allowed to contract directly with them,” Ugbo said.

Explaining the rationale for such plan, he stated: “That will help reduce the shortfalls because by the time you sell part of your products to somebody who can pay, you can sell the rest to others. Obviously, they won’t be able to take all the capacity you have but you can collect the one you sold to them and have money to meet your cost.”

He, however, noted: “Eligible customer declaration is a policy matter and not for us to decide who to sell. The Act says it must be declared by the minister and there are certain factors that will lead to the declaration and not just an

all-comer affair.”

“The generation companies are just suggesting that maybe it is time to start thinking along that direction because the middlemen – the Discos, who take our power, are not returning the whole money and then why can’t we sell directly especially when we don’t need the Discos’ network to sell to them. The only person we need to sell to them is the transmission network which is connected directly to our facilities and then theirs.

“We cannot sell to eligible customers until the minister declares and that is the law, we have to respect the law but it is being muted or suggested amongst the generation companies,” he added.

Ugbo said the danger in it however was that it would be wrong to take all the capacity to sell to people who can pay for it and leave out other classes of consumers.

“It does not work in electricity reforms because it is cherry-picking and you cannot cherry-pick customers because no responsible gov-

ernment will allow that. We are not really advocating that we should carry all the power to the big boys,” he explained.

He said the NDPHC alone was owed up to N105.235 billion by the market as unpaid cost of energy supplied, adding that the situation was applicable to all the Gencos in the market.

"The Market Operator settlement process shows we are owed N105.235 billion as at today. Just to take us back to history, in 2011, we invoiced N8.2 billion; in 2012, we invoiced N21.9 billion; 2013 N46.9 billion; 2014 - N51.3 billion; 2015 - N62.4 billion and 2016 - N44.6 billion, and that is the total of N235.4 billion.

"Of these invoices, in 2011, we got 39 per cent; 2012, we got 26 per cent; 2013, we got 62 per cent; 2014, we got 72 per cent of the invoice; 2015, we got 62 and 38 per cents in 2016. It keeps going down in 2016, and for the June invoice, we got about 18.5 per cent and 19 per cent in July."

"When you compare this to our operational expenses, you

will see that we are already in trouble. From the collections, our gas bill in January and February N3.8 billion, March was N3.4 billion. There is no month we have a gas bill less than N2.4 billion. The total we owe for gas now is about N42.207 billion," he added.

Meanwhile, Azu Obiaya, the Chief Executive Officer of ANED said the Discos now record an average monthly shortfall of N38 billion because of debt owed them by consumers including the government for energy supplied to its ministries and departments, as well as a tariff regime that is not cost reflective.

He also said the Discos now consider the CBN intervention fund as a curse because it has not done for them what they expected.

According to him, some big customer groups like the Manufacturers Association of Nigeria (MAN) do not pay bills based on the MYTO 2015 model. He said the Discos revenue shortfall could reach N309 billion by the end of 2016.

concerns over the face-off between unions and the managements of Universities which often result into industrial actions.

The NUC boss however noted that the growing tensions and animosities have made it very difficult for the commission to deliver in its mandates to the Universities across the nation urging them not to allow the education sector to be bastardized.

The Vice Chancellor, Prof Abdul Ganiyu Ambali, said that the university would inaugurate 20 projects, 12 of them executed with Internally Generated Revenue.

He appealed to the graduates to be hard working and be active in the university alumni activities.

About 8,038 former stu-

dents were conferred with degrees and diplomas.

It was however a sad moment for graduands and other well-wishers at the occasion as it was announced that a doctoral degree graduand of the institution, Dr. AbdulHafeez Adedimeji, died few hours to his graduation.

Adedimeji who bagged Ph.d degree in Arabic was among the 166 doctoral degree students the university graduated yesterday.

Until his death, Adedimeji was a lecturer at the Fountain University, Osogbo, Osun state.

The Dean, Faculty of Post Graduate Studies, Prof.

Badmas Olanrewaju, Yusuf broke the sad news at the university auditorium, venue of the 32nd convocation of the university.

FRESH POWER TUSSLE THREATENS PDP RECONCILIATION tional officers for the party, ended without election, just like the first one. However, recently, Makarfi and Sheriff held joint meetings and made public appearances that seemed to show that the party was nearly at the successful end of a difficult reconciliation process.

But the rivalry for supremacy between them resumed last week as the factions tried to decide on the terms of reference to be given to a proposed joint reconciliation committee. Makarfi and Sheriff disagreed on the composition of the committee, which would organise the next national convention.

Sheriff’s loyalists who confided in THISDAY at the weekend alleged that the Makarfi group was trying to use the committee to dictate what would happen at the national convention.

But the secretary of the PDP caretaker committee, Senator Ben Obi, yesterday denied knowledge of any deadlock in the peace process or clash of interest between the two main actors in the crisis. Obi said discussions were still on-going regarding the terms of reference to be given to the joint reconciliation committee.

However, sources from the Sheriff group, who preferred to remain anonymous due to the sensitive nature of the issues, said they were pushing for a revisit of the conduct of congresses in some states where there were alleged manipulations during the exercise.

One of the sources alleged, “The point of disagreement is that Makarfi wants to retain the chairmanship of the party in order to be in a position to determine who occupies key positions in the new convention committee.”

Members of the Sheriff group believe he should be the one to supervise the convention since the PDP constitution does not recognise the caretaker committee.

According to the source,

“What the Sheriff group is saying is that, yes, we want to organise a convention, but we want to go back to the state congresses and ward congresses. Let us meet everyone at the ward level to decide what they want and be able to elect their own delegates.

"Sheriff should supervise the convention. By law there is no caretaker committee in the PDP constitution.

We have suggested that the committee for the reconciliation should be co-chaired with one person from the Makarfi side and another from our side, who will then come up with an authentic timetable for congresses and a new national convention.

But before the next convention we should revisit the last congresses and let everyone play a role in the selection process.”

The source added, “Sheriff is not interested in the chairmanship of the PDP. What he is interested in is maintaining internal party democracy. Sheriff is not happy about how the governors dictate things in the party, how their impunity has wrecked the party. He wants a strong party so that Nigerians can decide in an election. He believes that party supremacy should hold supreme. But the PDP governors have destroyed the party and it is because of this that the party failed in the election.”

He alleged further, “Everybody from the North has a political ambition and they want to achieve that ambition through the PDP because all of them feel that APC will fail. So there is no need postponing the crisis.”

Recently, PDP had planned to inaugurate a reconciliation committee to help reunite the warring factions, but at the last minute, the inauguration was postponed. Observers attributed the postponement to diametrically opposed views held by the two key actors in the party’s crisis.

T H I S D AY SUNDAY OCTOBER 23, 2016

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OCTOBER 23, 2016 • T H I S D AY, T H E S U N D AY N E W S PA P E R

SUNDAY COMMENT

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

SHI’ITES: THE NEED TO BE CAUTIOUS Government should be careful in handling the Shi’ites’ issue so as not to create more problems

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s the battle against Boko Haram enters the critical stages, the federal government may need to study the nature and character of insurgent uprisings in order to restore lasting order in the northern half of the country.

These uprisings tend to have a way of metastasising into other formats, especially in situation where force rather than reason is used to diffuse tension. It is for that reason that the Nigerian authorities should heed the admonition of Islamic scholar and leader of Tijaniyya, Sheikh Dahiru Bauchi, on the need to avoid opening a more dangerous flank.

According to the Sheikh, there is currently an agenda We believe that the orchestrated not only against Shi’ites deserve the Shi’ites in the fairness and country but also justice, both of against several other Islamic sects. which have been While there may be denied them since no evidence to support the beginning of such a weighty allegathe crisis. And it tion, it would be foolish is always better to dismiss the Sheikh to deal with the who spoke against the ‘enemies’ you can background of the ban recently placed on the see and monitor Movement in than those forced Islamic Nigeria (IMN) by the underground as Kaduna State Governthe authorities ment. With the increasing are inadvertently violence in Kaduna which could easily spread doing with the to other states in the IMN north, it seems that a Shi’ites-Sunni confrontation may soon replace the brutal Boko Haram terrorist onslaught in the country. Should that happen, it promises to be nastier, more widespread and difficult to contain as Sheikh Bauchi has warned.

Anyone who has studied the root cause of interArab conflicts that have endured for decades in the Middle East is likely to locate them in the Shiite versus Sunni historic confrontation. That violence and death have become a daily staple in Iraq, Libya,

Letters to the Editor

F

ormer presidential aide and newspaper columnist, Reuben Abati has testified that evil spirits are rocking Aso Rock in thousand watts.

In his Friday, October 14, 2016, column titled, “The Spiritual Side of Aso Villa,” Abati argued there are spirits of error domiciled in Aso Rock and which are responsible for poor performance of successive governments.

Being a communications strategist, I am particularly interested in the part where he talked about government communications. Abati argued that the Villa spirits are so evil that they change the meaning of any pro-people, pro-poor government messaging. He said: “When you issue a well-crafted statement, the public accepts it wrongly. When the President makes a speech and he truly means well, the speech is interpreted wrongly

Syria, Yemen, Iran, a bit of Turkey, etc., are traceable to the mismanagement of these differences in beliefs. While we do not need such in Nigeria, especially at such a fragile period as this, incidentally that is the seed unwittingly being sown with the manner in which the IMN issue is being handled by the Kaduna State Government with tacit support from the presidency.

Shi’ites Kaduna State

S U N DAY N E W S PA P E R EDITOR TOKUNBO ADEDOJA DEPUTY EDITOR VINCENT OBIA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR KAYODE KOMOLAFE CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN

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

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t is instructive that the full report of the Judicial Commission of Inquiry set up by the Kaduna State Government to unravel the immediate and remote causes of the December 2015 violent clash between soldiers and members of the IMN in Zaria confirmed that, indeed, no fewer than 347 Shi’ites were killed and scores of others injured. Yet the federal government has not taken action, especially since the report blamed the army for using excessive force and for not complying with the rules of engagement during the clash. The interpretation of that ominous silence is that soldiers can take the law into their own hands by killing hundreds of innocent Nigerians without any consequences. On top of that, members of the group are now being banned from practising their faith.

Just recently, the counsels to the Islamic sect painted a pathetic picture of the IMN leader, Sheikh Ibraheem El-Zakzaky, who is being detained at Department of State Services (DSS) headquarters in Abuja. They said El-Zakzaky and his wife “are not in a good state of health.”

We believe that the Shi’ites deserve fairness and justice, both of which have been denied them since the beginning of the crisis. And it is always better to deal with the “enemies” you can see and monitor than those forced underground as the authorities are inadvertently doing with the IMN. It is even all the more unfortunate that their members and leaders are being denied all their rights under the law while hoodlums, taking advantage of the position of some powerful people in government, practically now target IMN members for vicious treatment.

This, we dare warn, is not in the interest our country and could engender severe consequences.

President Muhammadu Buhari should rise to the occasion and save the nation from what could be the beginning of another bloody crisis.

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 (950- 1000 words). They should be sent to opinion@thisdaylive.com along with the email address and phone numbers of the writer.

A ISHA BUHARI, ABATI AND DEMONS by the public.”

This will be one of the firsts if not the first time, a column in our national dailies generated so much buzz, not because the writer is the finest of all columnists but because of the sensitivity of the many issues raised.

Not too long, another Aso Rocker, Femi Fani-Kayode indicated with citations, he could give his right hand to prove that indeed evil spirits are resident in Aso Rock.

In what appears to be a final seal to the ‘Abati Factor,’ Nigerians, blew out of proportion, a ‘small’ interview the First Lady, Aisha Buhari granted to BBC Hausa Service. Supposedly trying to calm frayed nerves, President Buhari told the world his wife belongs to the kitchen and “the other room.”

Now Nigerians went haywire.

Feminists and faithful of gender equality demanded public apology from the president in a year African Union has declared women’s right.

Many hashtags were already coined before the cock could crow. A glaring one was a caricature of President Buhari inaugural speech: “I belong to every room. I belong to no room.”

To make it taper off, the presidential spokesman, Garba Shehu, offered a ‘rejoinder’ to say that Buhari was only joking, therefore should be excused.

Only when Nigerians were still trying to digest Mallam Shehu’s response, the Oga himself came affirming, he meant every word to the letter.

Indeed, too many cooks spoil the broth. Could it be the ‘Abati Factor’ is real? Could there really be evil spirits rocking the Aso rockers?

Oh well. While we await Abati’s recommended spiritual cleansing or total abandonment of the Aso Villa, I hereby submit that a fantasticallycoordinated communications team is actually the solution we seek. This is because the Buhari communications team, unrepentantly, sings discordant

tunes. Already, many examples are glaring. In this instance, the first lady cannot be saying one thing and the PR team is saying another and the president is on entirely different page.

Primarily, this submission makes sense because magic powers and fetishism which best described what Abati was talking about are yet to be ingrained into global governance lest leaders excuse their failings and carelessness on that ground. If there is a problem, how do you solve it? Bandy about tête-à-tête or seek solutions?

Leaders solve problems.

Let us even patronise Abati a bit.

Nigeria is very religious. The country is full of spiritual warriors of all kinds of faith – Christianity, Islam, traditional religion, among others. Abati did not tell us they sought solution from any.

Nations move forward when leaders take up challenges and not when they share stories of inability.

What clearly happened is that the

PR team planned and implemented the stunts without observing what we call communications plan, risks and mitigations. Commendably, the interview was a classical public relations set-up by the communications team.

Their overarching communications goal must have been to earn public sympathy and buy-in for Aisha who remains unpopular due to demands of her stringent culture which include “a woman is only to be seen not heard.”

Unfortunately the communication team failed to guide the president in managing the fallouts from his wife’s interview. Dear communications team, please go to work. Since he loves the media when he is outside Nigeria, he should be schooled in sticking to the message. He could have given a better soundbite.

Or was it all about the Abati Factor?

––Queen Eugene, Ikeja, Lagos

T H I S D AY SUNDAY OCTOBER 23, 2016

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SUNDAYNEWS

News Editor Abimbola Akosile E-mail: abimbola.akosile@thisdaylive.com, 08023117639 (sms only)

Ikpeazu: Lack of Unity, Bane of Nigeria’s Progress

GOOD TO SEE YOU L-R: Managing Director of Lagos State Signage & Advertisement Agency (LASAA), Mobolaji Sanusi, and General Editor/ columnist with The Nation Newspapers, Mr Kunle Ade-Adeleye, during the latter’s courtesy visit to LASAA head office yesterday

A’Ibom APC: Justice Okoro’s Letter to CJN Self-indicting Okon Bassey in Uyo

The All Progressive Congress (APC), Akwa Ibom State chapter has described the letter written by the embattled Justice of the Supreme Court, Justice John Inyang Okoro, over his travail with operatives of the Department of State Security Service (DSS) as self-indicting.

Okoro, an indigene of the state had in his letter to the Chairman of the National Judicial Council and the Chief Justice of Nigeria (CJN) alleged that former governor of Rivers State currently Minister of Transport, Rotimi Amaechi, approached him and solicited assistance for Akwa Ibom State APC governorship candidate, Mr Umana Okon Umana to win the election appeal in the Supreme Court.

Okoro. in his letter further made known that Mr. Umana Okon Umana, the APC governorship candidate in the April 11, 2015 governorship election also “visited him in his residence” in the company of Pastor (Dr) Ebebe Ukpong where he, Umana O Umana, “requested his assistance to win his Appeal at the Supreme Court.”

Justice Okoro had also claimed that in the presence and to the hearing of Dr. Ukpong, “Umana told him about ‘seeing’ the Justices who would hear the Appeal in the Supreme

Court.”

Reacting to the claim of Okoro, the Publicity Secretary of APC, Akwa Ibom State, Itak Awak said “there is no iota of truth whatsoever in all the above claims by Justice John Okoro.

“The APC in Akwa Ibom State firmly declares that at no time did our governorship candidate, his friends or any APC official visit or approach Justice J. I. Okoro, or any other judicial officer for that matter, soliciting for any assistance to pervert justice throughout the period the case was in court, from the Tribunal and way up to the Supreme Court.

He argued that Justice Okoro should have known the implication for Judicial Officers to have social interaction or opening his doors for persons known for having ongoing cases before his court.

“We cannot fathom what manner of thoughtlessness and recklessness are responsible for a Justice of the Supreme Court of Nigeria venturing such an absurd self-indictment.

“We think it is very unfortunate that Justice Okoro could plunge into concocting the wooly yarn about an imaginary visitation in which his assistance was sought so that APC may “win their Appeal in the Supreme Court”, he said Awak expressed doubt if

Justice Okoro is the true author of the letter bearing his name.

“We express this doubt because we expect that Justice Okoro ought to have known that Mr. Umana Umana and Akwa Ibom State APC did not file any ‘appeal’ at the Supreme Court”.

“For emphasis, we repeat that it was the PDP and its governorship candidate who filed “appeals” at the Supreme Court.

“If Justice Okoro is the true author of his letter, it is very possible that he is craftily mixing up issues by trying so inelegantly to cover up those who actually solicited for, promised paying him millions of Naira monthly if he cooperated and, indeed, got his concrete assistance in helping them “win their Appeal in the Supreme Court.

“As a Justice of the apex court in Nigeria, Justice John Okoro cannot claim ignorance of the Corrupt Practices and Other Related Offences Act, 2000.

“If there was any scintilla of truth in his claims that Mr. Rotimi Amaechi “told him that Mr. Umana Umana would be paying him millions of Naira monthly if he, Justice Okoro, cooperated,” one would have expected him to immediately report those trying to induce him to pervert justice to the appropriate authorities.

“That he woefully failed to report the purported crime simply means it is nothing but a

figment of his imagination.

The APC stressed that if Justice Okoro claimed in the letter that he had on 1st February, 2016, given the Chief Justice of Nigeria an “oral report” of Messrs. Amaechi’s and Umana’s attempts at gratifying him with filthy lucre, he should disclosed when or on which day, times and month.

“Knowing that this was in breach of the law, why did Justice Okoro prefer to give the CJN an “oral report” of this crime instead of lodging official and written complaints of the two incidents?

“If it is factual that Justice John Okoro orally reported to the Chief Justice of Nigeria on the 1st of February, 2016 that chieftains of a political party came to his house trying to bribe him to assist in perverting justice in a case pending in the Supreme Court, what official measures did the CJN take and where is the evidence that he informed the relevant authorities with a view of bringing the suspects to justice?

“Why is it that absolutely nothing was heard or recorded of these purported attempts to bribe one of the Justices of our Supreme Court on or before the 1st of February, 2016 until the honourable Justice was arrested and questioned over corrupt practices in early October 2016? “

Ufomba Wants APGA Warring Parties to Sheath their Swords Anayo Okolie The Abia State governorship candidate of the All Progressives Grand Alliance in in 2015 election, Ochiagha Reagan Ufomba, has called on all the warring factions in the party to sheathe their swords and give peace a chance for the party to grow.

Reacting to what he called the purported sack of APGA National Chairman, Chief Victor Ike Oye, Ochiagha Ufomba said in a statement that: “It is most sad-

dening and worrisome to some of us who have paid our political dues that APGA has remained in the news for all the wrong reasons, thereby deepening the perennial circuitous game of intra-party conflicts, incessant litigations, instability, and the penchant for sack and dump.”

He said as a critical stakeholder, a governorship candidate and a one-time National Reconciliation chairman of the party, who played a major role in resolving past conflicts within the party, “I would

seriously caution parties to the current imbroglio to sheathe their swords and give peace a chance and watch the party grow.”

Noting that though the current leadership may not have satisfied the wishes and aspirations of all members or the intendment of the party itself, he said the chairman being a cerebral, tested and trusted politician, chances are that he would steer the party out of the doldrums and deliver on set goals, and party, rather than individual objectives.

“Under the watch of the current leadership, and for the first time, the party has won elections in the Federal Capital Territory, Bayelsa, Abia and particiapated in all elections outside the Southeast. APGA under the current chairman is well positioned to genuinely reconcile all aggrieved members, provide the much needed political platform for Ndigbo and take politics in Nigeria to the next level. This should be the preoccupation of all party faithful.

The Governor of Abia State, Dr Okezie Ikpeazu, has identified lack of unity as the bane of Nigeria’s progress.

Ikpeazu, who disclosed this during a two-day meeting of the elders and management committee of the Southern Nigeria Peoples Assembly held in Umuahia, said: “Our greatest problem in the country today is lack of respect. I have read the history books, the goals and ideals of our founding fathers, Tafawa Balewa, Awolowo and Nnamdi Azikiwe. They were people who loved this country.

According to him, “You can take everything away from them but you cannot take away their commitment for a united Nigeria. They had mutual respect and regard for one another but can we answer in affirmative today that we can attract as much respect from our Northern part of Nigeria as our fore fathers enjoyed? It is because we don’t trust ourselves, it is because we don’t respect ourselves sufficiently that’s why we emphasize centripetal forces rather than centrifugal forces that should crystallise within

and drive this nation forward.

“History could at least teach every generation three things.

The first one is how not to do things. As far as I am concerned, the National war museum here in Umuahia should remind us how not to pursue our national interest. It should also teach us the way forward. What it means also is if there were things about us which we demonstrated during the period of our trials, they should be part of what we need to use as our weapon to drive our interest going forward. For me, politics should be an enabler to drive these agenda.”

Ikpeazu,w however, called on leaders of Southern Nigeria on the need to focus on agriculture, industry and trade and Commerce, as the way forward to a better economy.

“I think what we need to drive this country, if that be the case, we must focus on agriculture, we must focus on industry, we must focus on trade and Commerce. These are some of the things for which we are known in the southern part of this country.”

Recession May Not End without Farming, Says Ekiti Ex-Deputy Governor Olakiitan Victor in Ado Ekiti

As part of efforts to help the diversification process of the President Muhammadu Buhari government, former Deputy Governor of Ekiti State, Chief Paul Alabi, has called for proper investment in agriculture in all Nigerian universities.

He averred that the country would favourably attain the food security level if the federal government could replicate the farming investment of the Afe Babalola University, Ado Ekiti in at least two universities in each of the six geopolitical zones.

He said this in Ado Ekiti at the weekend during the 2016 Afe Babalola Food Security EXPO, where green leadership

award were conferred on some Nigerians for their contributions to the agriculture sector.

Also speaking, Alabi, who is a renowned farmer, said the current economic recession caused by tremendous reduction in the price of oil at the international market and the shortfall in the production of crude oil are suffice to teach Nigerians strong lessons that they should embrace farming.

“I want to sound a note of warning that the current recession may linger if people, particularly the government that has enough money fails to invest heavily in farming.

We must work on how to improve food production for us to get to self-sustaining level,” he said.

‘Don’t Reopen Trans-Forcados Line or Negotiate with Clark Group’ Omon-Julius Onabu in Asaba

New militant group, the Niger Delta Greenland Justice Mandate (NDGJM), has warned against reopening of the breached Trans-Forcados pipeline in Delta State.

The group also expressed opposition to wthe proposed negotiation meeting between the federal government and some stakeholders in the Niger Delta region allegedly led by erstwhile information minister, Chief Edwin K. Clark, towards the resolution of attack and destruction of oil and gas facilities in the area.

In a statement made available on Saturday, the spokesman of the NDGJM, “General” Aldo Agbalaja, the group said that the oil companies should not believe they were protected by heavy presence in the area that they could ignore the

warning.

The statement said, “We do not have much to say to the oil companies than to just dare you to reopen the TransForcados Pipeline (TFP). We are aware you are experts at testing wills, especially as you believe that you have a military shield. Please go ahead of restart the facility and see what will happen. Enough said.”

Moreover, the statement, titled “Do not put on the Trans-Forcados pipeline”, said it considered it inappropriate for the federal government to decide to deal with the people of the Niger Delta through certain individuals who have allegedly been hands-in-gloves with successive governments and oil companies that have for decades perpetrated economic and environment justice against the region.

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T H I S D AY SUNDAY OCTOBER 23, 2016

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T H I S D AY, T H E S U N D AY N E W S PA P E R • OCTOBER 23, 2016

SUNDAYNEWS

REWARD FOR EXCELLENCE L-R: Christian Association of Nigeria (CAN) Chairman in Obokun Local Government, Venerable Isa-

iah Olu Ariyo; Chairman, Osun House of Assembly Committee on Information; Hon Olatunbosun Oyintiloye; Olupasi of Ipasi, Oba Ezekiel Alaba Oludare and Very Reverend Isaac Olawumi Subuloye during the presentation of an award of Excellence to Hon Olatunbosun Oyintiloyean by CAN Obokun Chapter at St. Peter’s Anglican Church, Ibokun at the weekend

YOU ARE WELCOME The Australian High Commissioner to Nigeria (left), Mr. Paul Lehmann, receiving the Publisher of Abuja

Inquirer, Mr. Dan Akpovwa, at his official residence in Abuja...recently

FG Establishes Structure for Implementing Counterterrorism Strategy • No state can operates in isolation, says Ambode Gboyega Akinsanmi The fight against terrorism at the weekend recorded a major feat as the federal government formally established a multilayer communication structure in Lagos State for implementing National Counter-Terrorism Strategy.

With the formal structure established for implementing the counterterrorism strategy, the state governor, Mr. Akinwunmi Ambode, noted that no state of the federation could operate in isolation.

The structure, built upon a robust bottom-up multi-layer communication system, was unveiled at a two-day workshop held at the NECA House, Alausa.

The workshop brought together law enforcement officers from the Nigeria Police, Nigeria Armed Forces (NAF), Nigeria Security and Civil Defence Corps (NSCDC), Lagos State Neighbourhood Safety Corps (LASNSC) and Lagos State Emergency Management Agency (LASEMA) among others.

But the National Security Adviser, Major-General Babagana Monguno (rtd) explained the reason the workshop was held in Lagos, noting that it was designed to put in place formal structure for the implementation of National Counter-Terrorism Strategy (NACTEST).

Monguno, who was represented by the Head of CounterTerrorism Office, Mr. Steve Ag-

bana, explained that the structure was put in place to preventively and pre-emptively respond to the challenges of extremism, terrorism and organised violence in part of the federation He added that NACTEST “is a holistic document that spells out the roles of ministries, departments and agencies (MDAs), civil society organisations (CSOs) and Community-based organisations. There is no agency that can work alone to ensure security of life and property in the country.

“Why we have come to Lagos is to put the structure for implementation in place. That is the real reason we have come to Lagos to hold this national workshop.

Most times, local government chairmen do not know that they

are the Chief Security Officer for their local governments.”

He, therefore, described the initiative as the wake-up call, insisting that all stakeholders need “to work with the security agencies within their councils and in their state and federal. This would ensure that at all tiers of government; efforts are done to ensure security within the country.

“The structure for communication has already been established. There is a perfect communication line between the councils and the state government. It is multi-layer communication, that is, from bottom-up. Communities are critical to security of the country. We recognise the importance traditional rulers to improving security in the country.”

House C’tee Queries Non-Remittance of N38m IGR, Tax, by Kano Hospital Damilola Oyedele in Abuja The House of Representatives Public Accounts Committee (PAC) has queried the management of the National Orthopaedic Hospital, Dala, Kano State for non-remittance of N38.8 million Internally Generated Revenue (IGR) to the federation account, and the non-payment of tax amounting to N21 million.

The committee headed by Hon. Kingsley Chinda, said the

discoveries emanated from the report of the Auditor General of the Federation from 2011 to 2013, and berated the officials for not remitting tax to the Federal Inland Revenue Service (FIRS).

Chinda mandated the hospital management to provide the committee with details of all bank accounts it operates.

The Chief Medical Director of the hospital, Dr Salihu Muhammad however explained that the hospital was unable to get a Tax Identification Number

(TIN) from FIRS for the year 2012. The TIN was eventually procured, and payments made, he said.

He also explained that the N38.3 million was retained by the hospital to purchase drugs as the government does not provide funds for drugs procurement.

“Before TSA, we had four accounts: one dedicated to revolving funds for drugs, another for personnel, another for capital projects and the last one for our IGR,” Muhammad said.

Muhammad was directed to bring along all relevant documents and receipts of transactions at the next meeting day of October 25, 2016.

In a separate development, the House of Representatives Committee on Basic Education has accused the management of the Universal Basic Education Commission (UBEC), of prebudgetary spending before the passage of the 2016 Appropriation Act, which it noted violates the Fiscal Responsibility Act.

70 Ondo Graduate Farmers Get Mimiko’s N25m Loan Anayo Okolie

Ondo State Governor Olusegun Mimiko has disbursed N25 million to 70 young agro-farmers and agricultural entrepreneurs to enable them start their own agricultural ventures.

Mimiko noted that it was in line with his administration’s resolve to support micro and small businesses,

create wealth and increase food production in the state.

The loan is at a single interest rate of 2.5 per cent for a period of two years with a moratorium period of six months.

The governor, who was represented by his Chief of Staff, Dr Kola Ademujimi at the disbursement, said that the administration

through Ondo State Micro Credit Agency ( OSMA) has disbursed about N3 billion under different schemes, targeting market women, artisan groups and small businesses.

According to him, over N1.5 billion was disbursed directly by the state government and another N1.4 billion had been disbursed

under the ODSG/CBN MSME loan scheme.

The Cocoa Revolution Project of the State government, he said had improved the quality and quantity of cocoa production leading to the establishment of Sunshine Chocolate Factory which aimed at adding value to cocoa beans production in the State.

Buhari Meeting with Niger Delta Leaders May Likely Fail, Says NDA Okon BasseyinUyo The planned meeting between President Muhammadu Buhari and the Niger Delta Avengers may collapse, the group has revealed.

The group in a statement issued by the group and signed by Col. Rightman Hudson Opukurowari stressed that the planned meeting with some selected leaders of the Niger Delta with President Muhammadu Buhari may be a flop because of some of the elders drafted into it.

According to the statement, “We have discovered without any iota of doubt that so long as there are the likes of Hon. Chibuike Rotimi Amaechi-Min. for Transport, Brig. Paul Boro (RTD)- presidential Adviser, Sen. Ita Enang-SA to the President on NASS, Dr. Ibe Ikachukwu-Min. of state for Petroleum,Gen. Adams Oshiomhole of Edo State, Hon. Timipre Sylva – Fmr, Governor of Bayelsa State at the corridors of the presidency, there shall be no end to this dialogue saga.”

Okpukurowari in the statement, demanded to know those the so call leaders are going to represent in the meeting between the Federal Government and the so acclaimed Niger Delta leaders

coming up on October 29th, 2016, asking if it is “Self-aggrandizement? Federal government? Or who?”

“We expect the Federal Government with all her inexhaustible wisdom make these Niger Delta leaders lead them to these boys in the creeks they are representing.

“That should be the first prerequisite of their qualification to dialogue on behalf of the boys in the creeks. They don’t represent us. Secondly, they should give government a satisfactory road map for a genuine dialogue representing all oil producing communities in Nigeria that may yield a permanent solution to such repetition of restiveness in the region.

“We are concerned because these same persons invited have become Federal Government dialogue contractors in dialogue matters. Niger Delta militancy affairs since the 1990s to date and President Buhari and his APC led Government are telling the world they are not concerned with the recurring trend?

“We hope Federal Government knows where they are leading us to? President Muhammadu Buhari, shine your eyes o! o! oh!

Nigerians say former President Jonathan was not in control. “

In Brief NAFDAC to Build South East Zonal HQ in Imo

The National Agency for Foods, Drugs Administration and Control (NAFDAC) would in a matter of months begins the construction of her South East zonal headquarters in Owerri, capital of Imo state, in her effort to bring closer to the people quality and reliable healthcare delivery to the people. Disclosing this yesterday in Ehime Mbano Local Government Headquarters during the flag off of a two-month long free medical outreach organized by the member representing Okigwe South federal constituency, Hon. Chike Okafor, the Minister of Health, Prof. Isaac Adewole highlighted the effort of the present administration to promote good health as well as making it accessible to the public.

Undue Exploitation

A Peoples Democratic Party (PDP) chieftain, Dr Alex Obiogbolu, yesterday asked Anambra State Governor, Chief Willie Obiano, to protect traders and businesses in the state from undue exploitation by commercial banks. Obiogbolu, also leader of Oganiru Anambra Movement, urged Obiano to stop all oppressive government policies, which he said, had negative impact on lives and businesses of the Anambra indigenes. He said this in a statement issued after the Anambra Consensus Project recognised 57 traders from the state, noting that traders’ contribution to the economic growth of the state was being recognised at last.

T H I S D AY SUNDAY OCTOBER 23, 2016

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14

OCTOBER 23, 2016 • THISDAY, THE SUNDAY NEWSPAPER

OPINION

Before Another Boko Haram Cometh

T

The Shi’ites issue is dire. Time to handle it with care, writes David Dimas

he intensification of protest by members of the Islamic Movement in Nigeria (IMN) popularly known as “Shi’ites”, which the media has reportedly claimed 16 lives in Kaduna, Katsina, Sokoto and Kano States is disturbing. As the group continues this fight for the release of their leader Sheik Ibraheem El-Zakzaky, anyone with historical knowledge of the birth and rise of Boko Haram will agree with this writer that the existing situation signals danger.

As we all react in anger to these horrible attacks and boorish protests, we need to also reflect, candidly, on the causes of terrorism, and adopt the best solutions to restore peace to our agitated communities.

Analysts have argued that terrorism feeds on poverty and unemployment. I certainly do not buy into this highly publicised link between poverty or unemployment and extremism. By way of example, Haiti and Liberia are countries with 80% of their population living below poverty line, yet they have no noted cases of extremism or terrorism.

Let me also share a personal experience to back up my assertion.

Many years ago, as an undergraduate student in the University of Maiduguri, Borno State, I had walked past several open air propaganda gatherings where physical jihad ideology was encouraged and no attempt was made to discourage this questionable canon. Many, over time, embraced this ideology and began to bring into reality their long desired dream of fighting in what they see as “a war against the continuous oppression of their freedom and religion in Nigeria”. It also engendered in them the structure of a people who considered themselves as vanguard for the liberation of the oppressed in the society. They remained committed to this dogma even to death because someone drilled that notion into them. This happened dexterously because people who lack education and sense of direction are easy to manipulate.

This prodigal view, which has encouraged hatred and rancour in most part of the country, has since become a sort of non-material glue binding this nefarious group together, as they seek to achieve their putrid goals.

My main point, in view of the foregoing, is that the theory behind present-day terrorism was birthed from an ideology that justifies violence as an expressive, oppressive and suppressive tool.

There are many reasons behind the conception and spread of terrorism, most of which are specific to particular regions or communities, but overall, the reason I have stated above is the most common in Nigeria.

By far the most asked question, as it is in Nigeria today is: what can be done in response to the growing trend of the rise and rise

of a people seeking their own utopian world governed by their own utopian laws?

To answer the above, I like to start with the widely proffered solution of regulation of religious activities. In his piece titled “As Sheikh Dahiru Bauchi Waters the Seeds of Radical Islam”, Majeed Dahiru advocated that “To bring this situation under control, religious groups and practices must be regulated to ensure the continuous corporate existence of the Nigerian state”.

While this is an intelligent and great proposal, it might not settle well with our people because, historically, Nigerians have always seen religious regulation as religious oppression. Every by-law enacted to stop noise and environmental pollution or propagating violence has been met with stiff opposition from the two eminent religions in the country.

Another approach, currently being used in Nigeria is military operation. It is true that the government is obligated to fight for her citizens and defend our land from every attack. However, that might not be the only solution to ending terrorism. If military operation

Analysts have argued that terrorism feeds on poverty and unemployment. I certainly do not buy into this highly publicised link between poverty or unemployment and extremism. By way of example, Haiti and Liberia are countries with 80% of their population living below poverty line, yet they have no noted cases of extremism or terrorism

alone could stop terrorism, Somalia, Iraq, Pakistan and Afghanistan would have narrowed or ended the spread of extremist violence a long time ago.

The recent bomb attack in Maiduguri is a good example. For what that onslaught demonstrates is that however far-reaching, military measures taken to date, has not and may not quell terrorism in that locality. It also discredits government’s claim that “Boko Haram has been defeated”.

As authorities continue to bury their heads in the sand about this issue, the multifaceted campaign by Shi’ite group may, however, continue to grow in number and locations, and possibly lead to more loss of lives.

Giving that history is trying to repeat itself, there is urgent need to take drastic steps to end this palpable bedlam. But the question is how?

From so many inklings out there, I like to highlight four.

Firstly, the continuous incarceration of religious leaders such as El-Zakzaky, without charging them to court for offences they are accused of, is nothing but an invitation to anarchy. The established laws of the land regarding arrest and prosecution should be amply followed.

Secondly, an approach or strategy in relation to an awareness forum that will stop the movement of jihad ideology propaganda and also de-radicalise the youths that have been inspired ideologically has to be created by working with trusted religious and community leaders.

If established, the forum’s framework should address the various religious, social, economic, political and other factors that create platforms upon which violent and terrorist groups are able to recruit and win support. The programmes must further ensure that those, currently within terrorists’ areas of influence and those outside of it, that are yet to be inspired or radicalised by bigots are protected from extremist ideologies.

Thirdly, there has to be a complete devotion to the introduction of a religious curriculum that will attempt to illumine to our people on the difference between what really is a religious innovation developed in the last few centuries by a handful of overenthusiastic people and what is truly Islamic.

Lastly, we must learn from past failures, and going forward figure out which precedents can best inform future responses to proliferation of perverted religious ideologies.

These, in my assessment, are truly some of the most viable and best hopes of stopping the Shi’ites’ revolt, and achieving any form of victory against this monster called terrorism in Nigeria.

––Dimas, an inspirational speaker, blogger and IT Consultant, wrote from Laurel, Maryland, U.S.A

Cry, Our Beloved Country

F

Gbenga X-adebija argues for the need to get our priorities right

or a country which is in its 56th year since achieving independence and where there is chronic socio-economic under-development, it is extremely lamentable that what is dominating news cycles is a man’s view of where he believes is the rightful place of HIS wife in THEIR home. Not my wife or your wife or my home or your home, but His wife in Their home. Admittedly, he is the President but since when did he or anybody add the title of “Marriage counsellor” to his presidential job description?

Prior to this, Nigeria was agog with issues such as the constitutional rights of a citizen to name a dog, the perfectly legitimate right of a pastor to share his views regarding marriage with his flock, budget padding, the cost of the First Lady’s handbag and her dress code in the USA, Mark Zuckerberg’s visit being a part of an Islamisation agenda, who was to blame for the unfulfilled eclipse, etc. All of these are happening in a 56- year- old country while other serious countries are making medium to long terms plans to achieve global domination in every sphere of national endeavour.

As a nation, we always choose titillation over cultivation and exhibit an unhealthy fixation to issues which offer no significant contributions to national edification. The lamentable manifestations abound everywhere, beginning from corporate organisations which annually spend billions on sponsorships whose real value to society rarely transcends the superficial. That is why sponsorships and endorsements in abundance were offered to “Jumoke the breadseller” and not to the worthy examples of academic and civic excellence.

Blue chip companies enthusiastically embrace gloss and glitter and display a lukewarm attitude to substance and sustainable value.

In a country still grappling with the challenges of socioeconomic development, is it more important for us as a nation to invest in producing the next rapper/singer/model/celeb or rather focus on finding the next Bill Gates/Aliko Dangote/ Mark Zuckerberg/Steve Jobs?

Careers which do not offer opportunities to become “celebrities and “e-lebrities” are no longer attractive to our youth

because they have been disoriented to regrettably embrace vocations which offer mostly glitter even when viable opportunities are available in other areas. Why else would many of our youth make a career out of careening around various locations for years auditioning for a spot on reality shows? The youth exhibit more interest and concern about rap ““beefs” and have adopted as role models those whose lifestyles are based on an alternate universe.

A nation at our current level of socio-economic underdevelopment after 56 years which has a segment of the citizenry actively praying and hoping for the failure of its president and his administration simply to justify their electoral preferences is treading the path of ruin and perdition. (Full disclosure: I voted for PMB and remain a strong supporter but if GEJ had won the election, I would be rooting for him to succeed). Turning cartwheels and popping champagne over any real or perceived failures of the Buhari administration is nothing short of imbecilic.

How does it benefit anybody (Hailers or Wailers) that the exchange rates are prohibitive? Epileptic availability of electricity? High costs of goods and services? Missing Chibok girls? I have heard people who before the elections were vehemently spouting conspiracy theories about how the “kidnapping” of the Chibok Girls was an orchestrated plot fuelled by propaganda to wrest the Presidency from GEJ. Now they are at the frontline of hurling invectives at the president for not rescuing the same Chibok girls they claimed were never kidnapped? These people still cannot bring themselves to give credit for the recent release of some of the Chibok girls. Amazingly, there are still comments such as “stage-managed”, Only 21? Where are the rest? There are even comments about the methodology for securing the release of the girls as if that somehow invalidates the ultimate objective. So because PMB did not personally lead a military incursion into Sambisa forest wielding an Ak47 like Rambo, he has not earned any plaudits?

Now, as a father whose only daughter survived a kidnapping, this grieves my spirit to no end. What kind of irrational hatred for PMB warps your mind enough to

vicariously inflict pain and suffering on another? All those stoking hatred and divisiveness around the country with inflammatory rhetoric both real and fabricated, please be aware that you do not sit inside a plane praying and hoping for the plane to crash simply because your preferred pilot is not at the controls.` In a country struggling to fulfill its potential after 56 years and which may have possibly frittered away its golden opportunity to achieve greatness, why are all appointments viewed from the prism of ethnic and religious affiliations?

Should not our exclusive concern be the competence and capabilities of the prospective office-holder?

Any country which has religion as its largest industry is not serious about attaining true greatness. Why are religious pilgrimages funded and given preferential treatment while businesses are left to wallow in distress?

Alas, this insensate thinking has been enshrined in our Federal Character from time immemorial. When I worked for a multinational corporation several years ago, we developed and self-funded a pioneering initiative to boost the education sector in Nigeria. Part of my brief was to secure the attendance of the First Lady or at least the wife of the Vice-President as well as the Minister of Education.

Sadly, not even the efforts of my colleagues and I combined with the considerable clout of the CEO (arguably the most respected and most influential person in the Nigerian private sector at that time) could swing things in our favour.

The Education Minister was a no-show (he could not even be bothered to send a representative) while the first lady opted for the glitz and glamour of a fashion show which coincided with our event.

The philosophy in developed countries seems to be to do things right and to do the right things. However in Nigeria, even after 56 years of nationhood, we do the wrong things right and do the right things wrong. Therefore, instead of ordering our priorities we have instead prioritised disorder.

Cry, our beloved country.

––X-adebija is the President & CEO of Business In Nigeria.

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T H I S D AY, T H E S U N D AY N E W S PA P E R • OCTOBER 23, 2016

P

LETTERS

WHO WANTS TO ELECT JUDGES AND JUSTICES?

art of the result of the invasion of the homes of justices of the Supreme Court by the DSS is the question of the immunity of political office holders. After that invasion, we have been reminded as quickly as possible that judges and justices are ordinary mortals like the rest of us. My understanding of what makes judges and justices mortal is the argument that only the president and governors are presumed immortal and therefore immune from arrest or invasion whilst in office. At present we have a vice-president who is a SAN, and a mortal but who is immune from arrest, prosecution or invasion. Therefore, the case for a process or procedure which promotes judges from being mere mortals to the realm of immortality would be for judges and justices to pick up forms with INEC and contest their benches. After all, aren’t these learned people who make pronouncement that only God can reverse?

Aren’t people at the bar and bench just as or even more qualified to hold public office as some current political office holders? The people who have

Muhammed, CJN

immunity from prosecution, arrest and invasion are human beings as well like the rest of us, aren’t they?

Positions judges and justices occupy to make pronouncements expose them to great personal and physical risks. Some of the cases they adjudicate upon are some of the most sensitive and involve the greatest heists of public funds. The justices of the Supreme Court whose homes

were invaded form part of the super structure of the apparatus of governance. They interpret laws and arbitrate when there are disputes between the law-making bodies and the organ of government responsible for delivering the dividends of democracy to the people. The judiciary is that arm of government which may not be of the people or by the people but is seen to be for the people. If that is so and

if the members of parliament and the executive arms of government get elected to their positions why are we not electing judges and justices to the bench? Should the judiciary be the only arm of government whose practitioners ought to be above board and exhibit the highest levels of modesty in their personal and public demeanour?

Judges at all levels in the state of Texas are elected like politicians. The rational is that if Texans are all equal before the law and if a lawyer gets elected to serve as presidents, vice-president, governors and lawmakers, why must they be appointed by political office holders who sometimes expect the judge to be a mere appurtenance of government?

It is in that frame of mind that Texans elect their judges. To run for election in the state of Texas, a lawyer is supposed to have just about a million dollars.

But investigations revealed that from 1980 and 1986, third parties were making contributions to lawyers contesting political offices. Most of them as well, even had cases pending before the judges whose election they were contributing

MAKING SENSE OF BUHARI’S BODY LANGUAGE

A

rumour had it that Ambassador Joseph Patrick Kennedy, John Fitzgerald Kennedy’s father hurriedly sold his shares when he saw some stock in the possession of a shoeshine boy. In the 1920’s, the ownership of shares was an exclusive preserve of the wealthy and powerful in the United States so for it to have diffused to a commoner whose daily troubles was on how to bring home the bacon was a dangerous sign indeed.

The financier’s intuition was his messiah as America was plunged into a devastating financial crisis when the stock market crashed in 1929. It was so bad that former multimillionaires were literarily jumping to their deaths from roof tops. It was around this same period that Nnamdi Azikiwe, later known as the Great Zik of Africa, felt he couldn’t take the pain of destitution anymore and laid on his tracks for a train to run over him before he was mercifully saved by a Good Samaritan.

When President Franklin Delano Roosevelt took over in 1933, he wasted no time in rolling out effective measures to deal with the malaise. He called it the ‘New Deal’ and he regularly engaged his countrymen on radio in what was known as the fireside chats. He took the pains to explain every government policy and how it affected every American. The crowning of it all was the signing of the Social Security Act into law in 1935 barely two years into his Presidency. His reassuring words kept the hope alive and prepared them for world leadership following the outbreak of the Second World War. After months in denial, Finance Minister, Kemi Adeosun admitted that the country was

in a technical recession. Another synonym for a recession perhaps as a quick dictionary search didn’t reveal the meaning behind the new coinage. The International Monetary Fund also revealed a contraction in our economic growth by as much 1.8%. This disclosure meant little to the hoipolloi as their lives have never been better in the prerecession era. As far as they were concerned, this was just another swiftly invented nomenclature to keep them in anguish ad infinitum.

The steep fall in the price of crude oil in the international market and the non-diversification of the economy will mean that we will be in for a great deal of trouble.

The aloofness of Buhari is grave cause of concern as we are still in the dark as to how he intends to adequately respond to this new challenge. His speeches don’t show any clear cut direction on how he would steer the nation out of the brink. Over a year after being sworn in, we are still left guessing as to the thrust of his economic policies. The woes in the stock market has as its remote cause the unwillingness of Buhari to chart a sturdy way forward for the ailing economy and guesswork is now the order of the day.

The chickens have finally come home to roost and the curse of oil is now more real than ever as the price has been on a free for all fall over the last few months. Many states cannot meet their obligations and the bailouts by the federal government are unsustainable. The subtle debate as to whether to dispose of our national assets or not to shore up our revenue base with the conspicuous silence from Buhari is rather tragic.

As the world tilts towards a knowledge-driven economy

where creativity and innovation is king, there is no communication by Buhari as to how Nigeria intends to plug into the new reality. What is the agenda by the government to set the agenda for the country to create unprecedented wealth in this space to make up for the shortfall of oil which has exposed the vulnerability of our mono economy? Zuckerberg was no Simpleton for making CC Hub his first port of call as wealth is now shifting from natural to human resources. If not for the Aso Rock Villa Demo Day, the sixth world’s richest man may not have bothered to return to the country for a second visit.

Nigerians are still at a loss on how public policy would be shaped to enable us feel the positive effects of globalisation.

India is the world’s largest centre for the outsourcing of IT because of a visionary government policy in the 1980’s that positioned her as a most sought after destination for that purpose. Israel cashed in on the skyrocketing costs of healthcare in the United States to sell itself as a viable alternative.

Buhari planned to take a loan from the Bretton Woods institutions to meet the shortfall in this year’s budget and stabilise the economy. Was a loan the best economic directional move given the antecedents of the World Bank as being largely responsible for the economic woes of third world nations? The proposed loan borrowing wasn’t even subjected to any form of debate.

We were largely kept in the dark until the negotiations went awry.

Does Nigeria need another debt trap that could mortgage the future of generations yet unborn?

We haven’t still fully recovered from the effects of the loans that the IBB led government took in the 1980’s under the guise of the Structural Adjustment

Programme.

The country is also mired in a food crisis despite the abundance of agricultural potential. There is palpable silence on any well thought agricultural policy that can get the nation out of this embarrassment. For a President who has been in farming for decades, it is unacceptable that he cannot elucidate a pragmatic way forward in this much neglected sector. There is no plan to make agriculture attractive so that youths can save themselves the agony of unemployment and destitution by making a decent living there. An attraction that pulls migrants from developing to developed economies is the fact that food is cheap and in plentiful supply. There is a subsidy plan where the government purchases food items from the farms at rock bottom prices which insulates the farmers from the vagaries of the fluctuations of prices in the international market.

With the vast expanse of land lying fallow all over the country, no policy has been crafted to give agriculture a pride of place.

It is in a time of crisis that destiny throws up certain leaders.

One attribute is their ability to connect with the masses and fan the embers of hope for a greater tomorrow. In all spheres of life, communication is a key tool for effective leadership.

Being taciturn is no excuse for the large communication lacuna that we currently have.

As president, he is supposed to be something akin to being the father of the nation and as such should keep all Nigerians in the know as his agenda and plans. It is a well-known fact that powerful words act as a soothing balm especially in a heart wrenching time like this where people need to stay sane to survive the times.

––Tony Ademiluyi, Lagos.

to. That in itself raises issues and questions of the propriety of the impartiality of a judge funded by an interested party.

A judge who has been sponsored by a political party cannot be impartial if a case of fraud involving the party which sponsored him is brought before him. See the Nigerian case: in 2007 after some ex-governors and ex-ministers were arraigned by the EFCC for alleged offences ranging from moneylaundering, embezzlement of public funds and criminal misappropriation, the cases are still in court.

Some of the politicians crossed the carpet to the party in power then and crossed back when the pendulum swayed. Other lawyers are said to be unable to prosecute these former governors and ministers because they come from same ethnic and religious background.

So what the state of Texas has done is pass the Judicial Campaign Fairness Act (JCF) of 1995. The JCF limits individual contributions to $5,000 and $30,000 from law firms. And just after the invasion of the homes of

several judges by the DSS, some people are campaigning that we begin to elect our judges like Texas does.

But I have been told by a very senior member of the Nigerian Bar Association that Nigeria is not ripe enough to copy the state of Texas. I agree with him absolutely and I will tell you why. Sometimes ago, I witnessed first-hand the behind the scenes electoral processes of an NBA election.

Most of the lawyers exhibited the same ethnic, religious and parochial sentiments of politicians.

They sought godfathers within the political class and were funded by interested parties. But by far the reason I agree with this senior member of the bar, that Nigeria is not yet ready to elect judges to the bench is the fact that while speaking with some of these lawyers, the common motive for election to positions within the bar is for the enrichment of their pockets. Politics is said to be a second-rate form of human activity. Justices and judges, I believe should steer clear.

––Bob MajiriOghene Etemiku, Benin City.

DIGITAL MIGRATION: GOTV’S LEADERSHIP ROLE

G

Otv is by no means the first Digital Terrestrial Television (DTT) service provider in the country, but it was the first to announce a desire to assist in the country’s march towards digital migration. That intent was backed with action, which saw the DTT service provider launch the DVB-T2 decoders, the second-generation hardware approved by the International Telecommunications Union (ITU) as the standard for digital television broadcasting. The DVB-T2 technology delivers digital quality sound and a crystal clear picture, enhancing viewing. This was done as GOtv launched in October 2011.

What this means is that from inception, GOtv adopted the latest technology platform for broadcast.

This was followed by another pioneering move, which saw the provider becoming the first to carry audio channels with the launch of Wazobia FM and Naija FM. The commitment to provide Nigerians with digital terrestrial television (DTT) services was further exhibited with the launch, in 2014, of a campaign to widen access to digital broadcasting by making it affordable.

This manifested in a hefty decoder price slash.

In addition, GOtv became actively involved in raising awareness about the digital migration through its digital migration campaign, which had the slogan, Digilevelz

Don Land, No Carry Last.

The campaign was in support of the National Broadcasting Commission’s (NBC) digital migration flag-off in Jos and conceived to deliver the message of switch from analogue to digital platform to subscribers across the country.

The country’s march towards digital broadcasting, otherwise known as digital migration, began in June after it signed international and regional agreement with ITU to conclude digital migration by 17 June, 2012.

Towards this end, the Federal Government, in 2007, approved the process and in 2008, inaugurated a Presidential Advisory Committee (PAC) on transition from analogue to digital broadcasting.

The committee submitted its report with several recommendations, which the government did not make public, a situation that caused the country to miss out on the 17 June, 2012, initial date for migration.

This forced a shift to 17 June, 2015, the reason for which the government inaugurated a 14-man Digiteam Nigeria. However, the process was hobbled by a for lack of funding.

Nigeria is currently working to complete the migration process by 20 June, something for which GOtv deserves enormous praise for leading the march and keeping the campaign alive.

––Afolabi, a former broadcaster, writes from Jalingo

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THISDAY, THE SUNDAY NEWSPAPER • OCTOBER 23, 2016

INTERNATIONAL

The 8th BRICS Summit in India and Challenges of the Goa Declaration for Nigeria’s Foreign Policy

B

RICS is an acronym for the association of Brazil, Russia, India, China and South Africa. The BRICS held its 8th summit last week Saturday, 15th and Sunday, 16th October, 2016 in Goa, India. Interestingly too, the theme of the summit was also BRICS but not BRICS in terms of individual concerns of members of the association: ‘Building Responsive Inclusive and Collective Solutions.’

The BRICS is currently a loose association of four original members (Brazil, Russia, India, and China), which acquired cooperative consciousness following Jim O. Neill’s paper presentation entitled “Building Better Global Economic BRICs” in 2001 and South Africa, which acceded to it in 2010. O’Neill, then the Head of Asset Management at Goldman Sachs, gave the acronym within the context of emerging economies capable of surpassing the current big economic powers come 2050.

This served as a foundation for self-consciousness and establishment of the BRICS as from 2006 when BRIC Foreign Ministers held their first meeting on the margins of the 61st UNGA in New York. The first BRIC summit meeting was held on 16 June, 2009 in Yekaterinburg, Russia where initial efforts were made to formalise the association following the third meeting of Foreign Ministers which decided to boost cooperation among the original four members. South Africa found this quite interesting and therefore joined it.

The declared objective was ‘building a more democratic international system founded on the rule of law and multilateral diplomacy.” In the thinking of the original members, the current international system is not democratic and not operated on the basis of rule of law, and if it is, it is not good enough and therefore needs improvement. At the international monetary level, for instance, it is argued that the IMF model of growth (Washington Consensus) is a major source of the 2008 global financial crisis because of lack of financial surveillance.

Additionally, Joe Thomas Karackattu of the Institute for Defence Studies and Analyses, also argued that the dollar no longer seems to be sacrosanct and that change in valuation of the dollar necessarily ‘results in sharp spikes in energy and commodity bills for all.’ In fact, ‘with 40% of the world population and a creditable contribution to world economic output (25%) the BRICS grouping feels it is time to seek political access in global rule-setting processes.’ This requires reforming the existing quota and votes in the IMF’s Special Drawing Rights used to lend funds to countries. The BRICs wants a change in the composition of the SDRs basket of currencies: the Euro, Yen, Pound Sterling, and US dollar.

And true, BRICS population is about 3 billion people (43% of world population). Its GDP, put together, is $14.8 trillion. BRICS accounts for about 17% of world trade and has about $4 trillion in foreign reserves. With this impressive profile, it is expected that by 2018, overall economic output in the BRICS may overtake that of the US. By 2020, 33% of world GDP may be accounted for by the BRICS. By 2027, China’s GDP will equal the US, and by 2050, the BRICS economies may absorb 50% of global markets.’ This expectation by the Centre for the Study of Governance Innovation (CSGI, University of Pretoria) appears to be a major dynamic of BRICS’ self-estimation

VIE INTERNATIONALE with

Bola A. Akinterinwa Telephone : 0807-688-2846

e-mail: bolyttag@yahoo.com

and inducement into error of believing that it has to be .

This self-estimation particularly reminds one of Shakespearean Macbeth in which the valiant cousin of King Duncan, Macbeth, was told by three witches that he would be king and that he could not be killed unless by anyone not born by a woman. Macbeth considered that if he was to be king and King Duncan was still alive, it means he had to kill him. Macbeth believed in the prophecy that no one could kill him but ignored the reality of birth by Ceasarian Section and therefore concluded that he could only become king by killing King Duncan. In the same vein, BRICS similarly considers that, in order to build a more democratic international system, founded on the rule of law and multilateral diplomacy, the approach is to challenge by peaceful means the post-World War II Breton Woods institutional order. It is against this background that the various BRICS summits have been organised. We contend here, however, that

BRICS as Alternative Economic Driver

This is a macroeconomic approach that cannot enable the replacement of the Breton Woods system and therefore, an alternative future for various reasons.

First, the dividends of World War II, in terms of privileges and advantages are already part of national sovereignty of the beneficiaries and therefore cannot be easily wished away on the altar of negotiations, unless predicated by force majeure. For instance, why would the UK or the US accept the discontinuation of the use of their national currencies as instruments of international financial transactions? Which of the UNSC P-5 wants to do away with its privilege and right of veto power?

Secondly, the CSGI sees the BRICS as a GDP Club whose concept ‘has been founded on economic growth projections, with no reference to other parameters such as political/social development and inclusivity,’ but there is nothing to suggest that there will not be deceleration in the GDP growth predictions in the future, especially in light of the income inequality and growing public mistrust in the BRICS countries.

Thirdly, intra-BRICS strategic interests are deeply conflicting. The US does not want China to ever become the dominant stakeholder in the Asian region, and therefore favours Japan’s candidature for a permanent seat on the UNSC. China is not favourably disposed to the candidature of India, which, along with Brazil, want to join the UNSC. China and India have territorial disputes over Tibet, etc.

L-R: MichelTemer, Narendra Modi, Xi Jinping, Vladimir Putin and Jacob Zuma ahead of the 8th Brics Summit

Imagecourtesy:@BRICS2016/Twitter

Fourthly, the membership of BRICS countries in other competing organisations creates a conflict of interest. The six richest industrialised countries (France, West Germany, Italy, Japan, UK and US) constituted themselves into G-6 in 1975. Canada joined it in 1976 while Russia joined it in 1997 to become G-7 and G-8 respectively. The objective of BRICS necessarily opposes what the G-8 or the G-20 stands for. Which is Russia’s priority?

Fifthly, there is the non-controllability of the dollar trap syndrome according to which the weakening of the dollar cannot but strengthen the Yuan, and therefore making exports costlier. In this regard, are other BRICS countries prepared to accept the Chinese Yuan as their common currency?

Sixthly, BRICS, as a technique of enabling a change, is presented as a struggle of the non-developed, versus the developed, world but without securing the support of the truly non-developed countries. Alfred Sauvy, French demographer, coined Tiers Monde (Third World) from the First World of the capitalists and the Second World of the socialo-communists. By implication, China and Russia do not fall under a Third World. However, not only is China presenting itself as a developing state, the BRICS countries are all purporting to be defending the interests of the developing countries. This is quite arguable as Africa, which plays host to most of the least developed countries of the world, is not carried along.

BRICS is likely to become an instrument of a new Cold War as China is apparently set to replace the US as a successor leader of the world but the US wants to sustain its leadership until 2030, at least.

Consequently, it cannot be sufficient to capitalise on the macro-economic progress being made in the BRICS countries to expect that the existing centres of economic decision will no longer exist. The worst scenario is that new candidates can always be accommodated on the basis of force-majeure induced self-imposition.

Goa Declaration and Implications for Nigeria

The outcome of the 8th BRICS summit was summarised under the Goa Declaration of October 16, 2016.

It is not only a pointer to the challenges posed to the continued maintenance of the Breton Woods regulations as they are currently, it also raises many issues for Nigeria’s foreign policy.

The Goa Declaration, issued by the Ministry of External Affairs of India, is comprised of 109 paragraphs and dealt with the main issues with which the international community is currently challenged. Paragraphs 17-20 focused specifically on the African Union (AU) matters: Agenda 2063, conflict resolution, operationalisation of the Peace Fund, and war on terror. Regarding AU Agenda 2063, the BRICS reaffirmed its support for the aspirations, goals and priorities for Africa’s development. As the BRICS put it, ‘we will continue to engage in joint endeavours to advance Africa’s solidarity, unity and strength through support measures for regional integration and sustainable development.’

The BRICS also reaffirmed its commitment to conflict resolution in Africa through the AU’s Peace and Security Architecture and also supported ‘efforts aimed at full operationalisation of the African Standby Force (ASF), especially as it is being done at the level of the African Capacity for Immediate Responses to Crises (ACIRC).

As regards the situation in North Africa, BRICS supports ‘all efforts for finding ways to the settlement of the crises in accordance with international law in conformity with the principles of independence, territorial integrity and sovereignty of the region’ (paragraph 14). On terrorism, the BRICS simply called on the international community ‘to continue their support in addressing these challenges, including post-conflict reconstruction and development efforts.’

What is clear from the foregoing is simply an intended support which may or may not come. Consequently, there is no big deal yet with an intention to support.

Only the situational reality of the time can tell. In the same vein, while paragraph 6 underlines the importance of collective efforts in solving international problems and of peaceful settlement of disputes, the need for collective efforts was further emphasized in paragraph 7: ‘the establishment of sustainable peace, as well as the transition to a more just, equitable and democratic multi-polar international order requires a comprehensive, concerted and determined approach, based on spirit of solidarity, mutual trust, benefit, equity, and cooperation...’

The essence of paragraphs 6 and 7 is necessarily an indictment of the Washingtonian mania of monopolising the conduct and management of international monetary questions, hence BRICS’ call for joint efforts in dealing with the issues. The BRICS wants to be carried along in the management of global economic issues, especially in the determination of the rules in order to ensure fairness, equity and justice.

17

T H I S D AY, T H E S U N D AY N E W S PA P E R • OCTOBER 23, 2016

BUSINESS QUICK TAKES Foreign Airlines

International carriers that operate to different destinations in the country have called on the federal government to give them standard exchange rate for the repatriation of revenues earned from ticket sales or they would be forced to leave Nigeria.

TheSalesManagerofEmiratesAirlines, Eghe Ekhator, issued the threat, why explaining the reasons why the airline decided to stop operations to the Federal Capital Territory (FCT) from October22,2016duringtheon-going public hearing on how to revamp the aviation industry organised by the HouseCommitteeonAviation. Ekhator explained that due to the fluctuating valueofthenaira,whentheysellticket in the local currency, by the time they will exchange it to the dollar, it would lose its value. He said that the airlines have decided that the only way they could continue to operate in Nigeria would be for government to peg the naira for the airlines.

The House Committee Chairman on Aviation, Hon. Nkiruka Onyejeocha, said the House was worried about the suspension of flights to Nigeria by foreign airlines and the number of domesticcarriersthathadgoneunder, noting that there are indications that more might stop operation.

Poultry Production Lagos central business district

Analysts Express Mix Feelings about Nigeria’s Return as Africa’s Largest Economy Kunle Aderinokun Coming two months after Nigeria was displaced by South Africa as the largest economy in Africa, there is a reversal of fortune and Nigeria has regained its number one position. With her Gross Domestic Product (GDP) $415.08 billion, Nigeria has been placed ahead of South Africa, with a GDP of $280.36 billion, by the International Monetary Fund (IMF).

This is despite the economic recession plaguing the country.

The GDP is the total value of a country’s goods and services over a period of time.

According the IMF World Economic Outlook for October, Nigeria’s GDP currently stood at $415.08 billion, having dropped from $493.83 billion in 2015, with that of South Africa put at $280.36 billion, from $314.73 billion in 2015.

While the current value for Egypt’s was not available, its 2015 figures was $330.159 billion and that of Algeria, one of the largest economies on the continent, was put at $168.318 billion Only in August, South Africa reclaimed the topmost position it lost to Nigeria in 2014, when the later rebased its gross domestic product (GDP), to increase the size of its economy to $510 billion, using 2010 as the base year to replace 1990 previously used.

According to reports, the appreciation of South Africa’s rand, placed the country ahead of Nigeria, which had the naira, her national currency, devalued following the introduction of a flexible foreign exchange regime in June. Specifically, in the wake of the flexible foreign exchange

ECONOMY regime, the naira was devalued 30 per cent, wiping off about $150 billion of its GDP, which enabled South Africa to be in the second position, overtaking Egypt and moved closer to Nigeria. Even though the South African economy shrank as the rand weakened, Nigerian economy also witnessed serious challenges, which narrowed the gap between the two economies. But South African economy gained traction following the appreciation of rand, while the Nigerian economy continued to be depressed.

But by its estimation, IMF has, few days ago, placed the Nigerian economy ahead of that of South Africa, placing it on top of the ranking of the biggest economies in Africa.

The news has attracted the attention of economic watchers and analysts, who are mainly indifferent to the development and regarded it as nothing to be excited about when other indices of measurement are not looking up.

According to the Executive Director, Corporate Finance, BGL Capital Ltd, Femi Ademola, “I’m Just like it wasn’t a big deal when the country lost the position to South Africa few months ago, it is also not an important development that Nigeria is now back to becoming the biggest economy in Africa.”

While acknowledging that these classification may put the country on the global investment map as the demography and the size of the consumer market attract investors, Ademola contended

that, “the size of the economy doesn’t really matter as much as what it does to the citizens.”

Pointing out that, “the important indicators are the unemployment rate, GDP per capital, the level of inflation, the level of infrastructure development, domestic productivity and exchange rate stability,” he noted that, “Good human development indicators would also include the level of school enrolment, access to healthcare services and financing and also availability of basic necessities like housing.”

The important indicators are the unemployment rate, GDP per capital, the level of inflation, the level of infrastructure development, domestic productivity and exchange rate stability

“I don’t think Nigeria is the largest in Africa in these indicators; hence our focus should be on that one,” he stated.

Ademola urged the government and the relevant authorities to “turn this nomenclature into a positive one by starting to put the right policies in place to attract private investment both local and international to enhance domestic productivity and stimulate economic growth.”

For the Chief Executive Officer, Global Analytics Consulting, Tope Fasua, who found it difficult to believe the IMF, wondered “what metrics they are working with.”

“If the Naira has lost value against the Dollar in this type of magnitude, and GDP is measured in Dollar terms, I wonder what has happened lately to make our GDP leap ahead of that of South Africa,” he said.

Fasua, however, added that, “even if it is true, we should be careful of quickly latching on to any praise and running to town chest-beating as we’ve always done.” According to him, “GDP as a figure is actually meaningless for an economy like Nigeria. There are better indices that will tell us more about our economy. We have only refused to consider those indices despite consistent advice in that regard.”

But an economic analyst , Adetola Odukoya, who described the development as a positive one, asked if Nigeria was optimising her status as the biggest market in Africa, and also possessed the right policies to drive economic activities and engender growth. According to him, it’s not just enough to have the biggest economic size.

“It’s a positive development. Meanwhile, looking at the continent, Nigeria remains a key investment destination and market. However, beyond the size, the critical questions include: are we optimising the fact that we are the biggest market in Africa? Do we have policies that will drive economic activities to much higher levels? I believe if we can address the key issues that border on fiscal and monetary policies with a view to driving growth, the Nigerian economy can grow to multiples of what we have at present,” Odukoya stated.

The Chairman, Poultry Association of Nigeria, Kwara State chapter, Mr. OladapoRobinson,hassaidpoultryproductionwillstimulateeconomicgrowth andenhanceforeignexchangeearnings for the country. He also stressed that the venture would enhance national food security. The Chairman, Poultry Association of Nigeria, Kwara State chapter, Mr. Oladapo Robinson, has said poultry production will stimulate economicgrowthandenhanceforeign exchange earnings for the country. He also stressed that the venture would enhance national food security. He spokeduringtheKwaraPoultryexhibitioninIlorin,theKwaraStatecapital,on Wednesday. Robinson said the group hadorganisedagriculturequizforsecondaryschoolsinthestateandheldan egg rally where eggs were distributed tomembersofthepublic.Hedescribed eggs as the world’s wonder food. He called on the government to include PANintheschool’sfeedingprogramme toensureitssuccess. Accordingtohim, the state government is developing a data base in order to have a direct dealingwithgenuinefarmers.Robinson urged the people to regularly follow up on government programmes and initiatives that were relevant to them and those affecting their business.

MTN

RShares in MTN dropped as much as 3.2 per cent levels last seen in mid2010, before recouping some of the losses to trade 2.4 per cent lower at 107.38 rand.The report is coming on theheelsofdisclosurebythechairman ofNigeria’ssenateinvestigativepanel onallegedillegalrepatriationoffunds, Rafiu Ibrahim, that a team of international and local accountancy experts and lawyers had been assembled to look into the matter. “Investors are nervous with what’s happening with Nigeriapurelybecausethepasthistory hasshownusthattypicallythegovernment tends to move the goal posts,” Independent Securities trader Ryan Woodssaid.Theallegationisthelatest setbackfortheSouthAfricancompany in its most lucrative but increasingly most problematic market. MTN this year agreed to pay a greatly reduced fine of 330 billion naira ($1.08 billion) to end a long running dispute with the Nigeriangovernmentoverunregistered SIM cards.

18

T H I S D AY, T H E S U N D AY N E W S PA P E R • OCTOBER 23, 2016

BUSINESS/MONEY

Analysts Back CBN’s Move to Arrest Rising Banks’ NPLs

In this analysis, James Emejo and Olaseni Durojaiye x-ray the implications of the recent directive by the Central Bank of Nigeria (CBN) to commercial banks to forthwith, suspend the granting of dollar-denominated loan facilities to customers as it continues to seek measures to halt further depletion of the foreign reserves and rising NPLs

I

n yet another unprecedented and bold decision adopted to live up to its primary mandate of price stability, curb the increasing pressure on the local currency and save the depleting foreign reserves from further slump, the apex bank last week ordered that bank customers who do not earn foreign exchange should henceforth be denied access to dollar-denominated loan facilities.

CBN Director, Banking Supervision, Mrs. Tokunbo Martins, had explained that the decision was taken in view of the continuous depreciation of the naira and subsequent rise in banks’ foreign currency exposures in naira terms.

The situation is believed to have direct effect on the country’s foreign reserves largely because the value of every naira is backed up by the dollar-and the continued depletion of the reserves has far-reaching implications locally and internationally.

However, at a period when companies are shutting down as a result of scarce foreign exchange to import their raw materials for production, the stoppage of dollar loans to those who do not earn foreign exchange should ordinarily be a source of worry to industry observers and financial analysts.

Experts, who spoke with THISDAY on the development, unanimously expressed backing for the apex bank’s policy initiative.

President, Manufacturers Association of Nigeria (MAN), Dr. Frank Jacobs, said the directive might not necessarily affect its members as the CBN target appeared to be towards arresting the dwindling reserves.

According to him, “I think it is a good decision if you consider that the country’s foreign currency is fast depleting. The measure may be a way to further avoid exposing the country and its currency to pressure from the dollar especially if you consider that the state of the country’s foreign reserves. I have not spoken with the people at CBN, but it could also be another way to encourage people to look inward in line with the economic diversification policy of the government. We’re in a recession; people should learn to look inwards.”

On whether the policy would impact members of the real sector, Jacobs stated: “I don’t think so. The real sector is already mindful of the implication of borrowing in foreign currency; we know that it is better to borrow in Naira as against foreign currency when no one is certain about the exchange rate.”

In the same vein, at its recent Annual General Meeting (AGM) in Abuja, Chairman, PZ Cussons Nigeria Plc, Chief Kolawole Jamodu, had declined a recommendation by shareholders for the company to source forex alternatively from its foreign partners in order to import needed inputs for local production.

Jamodu had argued that such adventure was capable of “killing” a company, particularly if it does not earn forex.

Economist and ex-banker/Managing Director, Bristol Investment Limited, Dr. Chijioke Ekechukwu, posited it was even wrong for businesses to borrow in foreign currency at a period of rising inflation.

According to him,“During a period of Inflation and a decline in the value of a local Currency, say, Naira, it is a wrong time to borrow in a foreign currency-denominated loan facility. The major reason is that loan that is borrowed in a foreign currency even at inception of the facility is already borrowed at a loss.

“This so because many times these facilities are long-term loans which run for up to three to five years. At the period of repayment, the value of the local currency would have declined in value by over 300 per cent. Ab initio, the borrower

Customers transacting business inside a banking hall will be unable to repay and therefore default.

The second reason, which is not an economic reason is to say, if you must need a loan in foreign currency, you must be a contributor to the foreign reserve through your export proceeds.

I however do not think that it should be a blanket policy or sacrosanct.

“This is because not all foreign-denominated facilities are for production for export. Some are for infrastructure or for the acquisition of assets and have good sources for cheap funds. I do not think the CBN should continue to stifle the market with such policies. They should indeed liberalise it further by allowing the market to play out its capabilities and capacities.”

Economist and former acting Unity Bank Managing Director, Mr. Muhammed Rislanudenn, also praised the apex bank’s measures to arrest the worsening banks’ non-performing loan index.

According to him,“Many banks have granted their customers dollar denominated loans while their cash flow and repayment source is in naira. Major short-term advantage is improved dollar liquidity and single digit interest rate on dollar loans as against highly expensive, double-digit naira loans. However, due in large part to depreciation of naira exchange rate as well as persistent excess demand for dollars, loan repayment become difficult or near impossible. More so, loans granted in dollars were largely booked without hedging against exchange rate risk.”

He noted that, “With Nigerian economy in recession, even naira loan repayments are becoming difficult. This poses the risk of worsening non-performing loans, already at 11.7 per cent, above 5 per cent CBN maximum risk tolerance level per recent CBN June 2016 financial stability report. Over time, key CBN prudential ratios like capital adequacy and liquidity ratios may be difficult to be met by banks exposed to dollar loans without commensurate dollar cash

flow. Without dollar cash flow, banks should not grant dollar loans as repayment will be almost impossible at this time.

Also, Associate Professor of Finance and Head, Banking & Finance, Department, Nasarawa State University, Keffi, Dr. Uche Uwaleke, said for the

During a period of Inflation and a decline in the value of a local Currency, say, Naira, it is a wrong time to borrow in a foreign currency-denominated loan facility. The major reason is that loan that is borrowed in a foreign currency even at inception of the facility is already borrowed at a loss. This so because many times these facilities are long-term loans which run for up to three to five years

CBN to have done otherwise would amount to reinforcing a dangerous trend.

“One reason for taking dollar loans could be to mitigate currency risk exposure for transactions in foreign currency. Another motivation for those who seek dollar loans could be to have the relatively stable and strong greenback as a store of value given the volatility associated with the value of the domestic currency and the fact the naira keeps weakening by the day.

“However, the practice is not in the interest of Nigeria as it amounts to dollarisation of the economy. It is also important to recognise that the dollar is not a legal tender in Nigeria and therefore should not be encouraged as a medium of exchange within the shores of the country. So, I support the measure taken by the CBN. Doing otherwise would be reinforcing a dangerous trend among some organisations in Nigeria already known for conducting their transactions in foreign currency.”

Further reacting to the directive, an executive at the Lagos Chamber of Commerce and Industry (LCCI) who preferred anonymity explained that,“credits risk is too high for any foreign currency-denominated bank facility at the moment, except it is for export business.”

According to him: “Any good credit judgment will not support foreign currency-denominated loan, chances of default are high unless it is for export business and that’s talking from the standpoint of principles of borrowing.

“The CBN may have adopted the measure to ease pressure on the country’s foreign reserve.

The current economic situation requires drastic policy measures that are taken and you will recall that the CBN has been adopting some policy measures that are unconventional in recent times in order to reduce demand pressure for foreign exchange.You will recall that some banks have also stopped dollar spending on Naira debit cards.”

T H I S D AY SUNDAY OCTOBER 23, 2016

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T H I S D AY, T H E S U N D AY N E W S PA P E R • OCTOBER 23, 2016

BUSINESS/ECONOMY

Taming the Rising Consumer Price Index

As the factors that drive inflation prevail and the consumer price index continued to maintain its upward streak, Kunle Aderinokun looks at the policy measures of the monetary authority in managing the rising inflation

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he National Bureau of Statistics last weekend put the figures for the consumer price index, which measures inflation, in September at 17.9 per cent. The September inflation represented an increase by 0.24 per cent from 17.61 per cent of the previous month. In releasing the data, the NBS attributed the rise in inflation mainly to increases in the sub-food index as well as energy prices.

Inflation has continued to rise unabated for more than a year. Besides the perennial forex shortages that have contributed significantly to pushing up inflation, NBS pointed out that the increases in sub-food index and energy prices, were mainly responsible for the rise in inflation to the September level. The aggregate of these factors have put inflation in the upward trajectory.

In June, inflation rose by 0.9 per cent to 11-year high of 16.48 per cent compared to 15.58 per cent in May. This was after it jumped to a nearly six-year high of 13.72 per cent in April from 12.77 per cent in March. Adducing reasons for the galloping inflation, NBS had stated that energy prices, imported items and related products were persistent drivers of the core sub-index while the highest price increases were noticed in the electricity, liquid fuel (kerosene), furniture and furnishings, passenger transport by road and fuel and lubricants for personal transport equipment.

And in September, inflation increased to 17.9 per cent from 17.61 per cent in August and 17.13 per cent in July. Expatiating on the factors responsible for the September inflation, the statistical agency noted that the food sub index increased by 16.6 per cent (year-on-year), up by 0.19 percentage points from rate recorded in August (16.4 per cent). It added that, urban inflation rose by 19.5 per cent (year-on-year) in September from 19.3 per cent recorded in August while the rural index increased by 16.4 per cent in September from 16.1 per cent in August. On a month on month basis, both the urban and rural index eased, increasing by 0.8 per cent a piece.

Energy and energy related prices continued to be the largest increases reflected in the core sub-index. In September, the core sub-index increased by 17.7 per cent during the month, up by 0.5 per cent points from rates recorded in August (17.2 per cent).

Addressing the media shortly after the meeting of the Central Bank of Nigeria monetary policy committee in July, the CBN Governor, Godwin Emefiele, lamented that inflation had risen significantly, eroding real purchasing power of fixed income earners and dragging growth. In fact, the rising inflation left interest rates in the upper territory.

But rather than focus on growth, the CBN opted to target inflation, hence its decision to increase the monetary policy rate (MPR), the benchmark interest rate, to 14 per cent by 200 basis points from 12 per cent. And statistics have shown that there had been slowdown in the pace of inflation increase. For instance, in August, the inflation rose by 0.48 per cent to 17.61 per cent from 17.13 per cent

Traders at a local market waiting for customers

in July. Before this period, inflation had increased by 0.90 per cent to 16.48 per cent in June from 15.58 per cent in May. However, it is yet to be determined whether the decision taken by the CBN to target inflation was responsible for the slower pace of inflation increase or the slowdown was due to other reason(s).

Notwithstanding, economic analysts and market watchers have their opinion as to what has been at play with the inflation.

In her estimation, Managing Director and Chief Economist, Global Research, Africa, Standard Chartered Bank, Razia Khan, “the slowdown is largely seasonal.”

She, however, cautioned that “FX liquidity shortages persist”, putting further pressure on inflation Reasoning along the same line of thought, Executive Director, Corporate Finance, BGL Capital Ltd, Femi Ademola, argued that, “From the results of several research studies conducted, it has been established that Nigerian inflation is due to structural challenges and not liquidity-induced. The CBN, he added, has also “agreed to this fact by accepting that inflation in Nigeria is not a monetary phenomenon.”

“It thus follow that any monetary policy targeted at combating inflation is not likely to work except some concerted efforts are made to resolve the structural challenges. That is why most contributors to economic discussions advise the focus on infrastructure development and structural adjustments with implications for inflation.”

Ademola contended that “the decision of the MPC to increase interest rate is not directly targeted at inflation,” lamenting that “the decision has a negative impact

on growth”, he said “its main objective was to help with exchange rate stability by attracting foreign investments into the country.”

“The thinking of the committee was that with an increase in interest rate, yield on Nigeria’s securities would become higher than inflation; resulting in a positive real yield. The positive real yield was expected to attract foreign investors to purchase our securities thus improving the supply of foreign currency into the country. Although not substantially, the policy appears to have attracted some investments as expected by the CBN.” Ademola submitted that, “Since inflation in Nigeria is not a monetary phenomenon, I don’t think the CBN will be successful in taming inflation until all the structural issues are dealt with. In my opinion, the CBN should bring down interest rate with the aim of stimulating economic activities.

As advisers to the Federal Government, the CBN should also advise the government to borrow at the low rate only for investing purposes. That is for capital projects that are economic in nature. With this kind of handshake between the monetary and the fiscal authority, the country could be able to resolve the structural issues and then be able to use monetary policy tools to manage inflation going forward.”

To the Chief Executive Officer of Global Analytics Consulting Ltd, Tope Fasua, “the CBN would likely tell you that it has slowed down the rate of increase in inflation.”

The MPC, he recalled , had increased its benchmark rate a few months back, “to so much criticism across the country”, pointing out that,” their aim was to slow

down inflation.”

Fasua, however, argued that, the current inflation was not liquidity-induced but driven by pricing decisions made by producers and retailers with a view to accommodating their cover costs.

According to him, “Most Nigerians agree though, that the current inflation we face is not driven by too much spending, but rather the hard decisions that producers and retailers have to take - increasing prices to cover costs. Costs are also driven up by the devaluation of the Naira.”

“It could be argued though that if the MPC had followed the popular route of dropping interest rates, we could have seen a larger leap in inflation indices - for a rate drop will certainly help Naira devaluation in unleashing havoc on the economy. I believe that if better policies are effected around FX availability, we would see a reduction in inflation, even though prices will probably never return to what they used to be. Ultimately, the way forward is the reinvention, not even a diversification, of the economy,” he posited.

An analyst and investment manager, Adetola Odukoya, was of the opinion that, “the fundamental driver of the recent spurt in inflation is as a result of the weakening of the domestic currency versus other major currencies. “Therefore, given our import-dependent economy, this obviously led to higher prices within the economy.

Meanwhile, in my view, regardless of the deceleration of the pace of inflation, I would assess the cost of targeting inflation vis a vis engendering growth in an economy with a young population and need for growing industries, whether large, medium of small,” Odukoya concluded.

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T H I S D AY, T H E S U N D AY N E W S PA P E R • OCTOBER 23, 2016

BUSINESS/ECONOMY

Making the Budgetary Process More Purposeful and Rancour-free

For the greater part since the return of civil rule in 1999, annual budgeting has become synonymous with bickering between the executive and legislative arms of government.

Poor planning and execution have also turned out the bane of the nation’s budgeting experience. These pitfalls have strongly recommended a paradigm shift with stakeholders calling for reforms in the budgetary process, reports Ndubuisi Francis

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part from what has come to be the almost perennial friction between the executive and legislative arms of government over who has what right on the contents of the nation’s annual budgets, since the return of democratic rule in 1999, there has been increasing clamour for reforms in the budgetary process not only to eliminate those controversies but to ensure an effective budget delivery system.

Annual budgets are not only awash with bickering over figures, but mundane arguments over who is superior on issues of appropriation between the executive and legislature.

In the 2000 fiscal year, a former president, Chief Olusegun Obasanjo, withheld his assent to that year’s budget, arguing that the National Assembly had increased its own vote by about N2 billion.

It took weeks of altercations before the national caucus of the then ruling Peoples Democratic Party (PDP) could broker a truce for the then president to assent to the budget.

Obasanjo’s successor, the late President Umaru Musa Yar’Adua also disagreed with the National Assembly’s tinkering with the 2008 Budget and the huge addition the lawmakers introduced. The wheels of governance were almost grounded until April that year when Yar’Adua was persuaded to sign the Appropriation Bill into law.

Immediate-past President Goodluck Ebele Jonathan also had a taste of the executive-legislature feud in 2011 when the lawmakers increased their vote from N120 billion to N232.74 billion. After a series of peace moves, the parliament settled for N150 billion.

That seems to have become the benchmark for the lawmakers since then. The only exception was in the 2015 budget when the figure came down marginally to N115 billion following a significant drop in the price of oil in the global market.

Perhaps, the 2016 budget appeared the most controversial in recent history. President Muhammadu Buhari had to withhold his assent to the Appropriation Bill following discoveries that the budget had been heavily padded.The document was returned to the parliament for an amendment. This delayed presidential assent until May 6, 2016 with the attendant toll on the nation’s socio-economic landscape.

The N6.06 trillion budget also threw the House of Representatives into a major internal wrangling with some of its principal officers baying for blood from each other over what has been described as unprecedented in the history of ‘budget padding’, in the country.

Besides the yearly friction between the National Assembly and the executive over whether or not the former is imbued with the power to add or subtract from budget proposals submitted by the latter, many stakeholders had, over the years, called for reforms in the budgetary process, not only to eliminate the perennial face-off between the two arms of government, but to enthrone a budgetary process that extirpates those things which slow down budget performance with a view to making the fiscal document result-oriented.

It was in pursuance of that clamour to make the budgetary process seamless and development-oriented that critical stakeholders converged on Abuja recently.

Among them were the Speaker of the House of Representatives, Hon.Yakubu Dogara; his immediate predecessor and Sokoto State Governor, Hon. Aminu Waziri Tambuwal; Deputy Senate President, Senator Ike Ekweremadu. Acting Chairman of the Fiscal Responsibility Commission (FRC), Mr. Victor Murako; Minister of Budget and National Planning, Senator Udoma Udo Udoma, and the Lead Director, Centre for Social Justice (CSJ), Eze

Udoma Onyekpere, among others.

The event was a colloquium on ‘Reforming the Budgetary Process’,organised by OrderPaper.ng.

The forum was chaired by Tambuwal, who in his presentation, said it was clear that with the uncalled-for altercations over the years on annual budgets between both arms of government, there was the need“to reform the federal budgetary process to make it more lucid, inclusive and implementable.”| Tambuwal stated that“part of the reasons why we have had problems with the budget over the years is the paucity of knowledge about the whole budget process, stressing that “this type of conversation is therefore critical to the effort we must make to make the budgetary process accessible to all and encourage more participation in this crucial national issue.

“It is our firm belief that if more stakeholders, especially the major players in the process, can gain greater insight into the whole system of budgeting, and if the National Assembly, as an arm of government can attain the dexterity demanded to examine the budgetary estimates submitted annually by the president, there will be less attrition and mistrust between the two arms of government,” he said.

In a keynote address, captioned‘Budget as a Critical Tool for Effective Executive-Legislative Relations’, the Minister of Budget and National Planning, Senator Udoma Udo Udoma sought for a departure from the debate as to who has what power between both arms, but to develop a practice and convention that works for the country.

Udoma added that, what was, in his view, best for the nation was for all parties to work together in the national interest to ensure that Nigerians get the best possible budget.

Udoma, who was represented by the Director, Economic Growth,in his ministry, Kayode Obasa, said he served in the Senate for two terms, from 1999-2007 in various positions, including being chairman of the Senate’s Appropriations Committee at one time, and then chairman of the National Planning, Revenue Mobilisation and Poverty Alleviation Committee of the Senate at another time.

He argued that there were two main reasons why the budget process stands out in the executive-

legislative relationship, pointing out that it involved the use of public funds, which has far-reaching impact on the lives of citizens.

The second reason, he added, was because it is the most frequent exercise that brings the two arms of government to a decision table.

“It is therefore not surprising that right from the inception of this republic in 1999 the processes of producing the annual budgets have been extremely contentious.

“I am sure they were also contentious in our previous democratic experience but I will restrict myself, for the purpose of this conversation, to the period from 1999. Every year, since 1999, the budget process has witnessed tensions between the executive and the legislature, and even within the legislature itself, as recent experience has shown.

The main issue of contention, he said, had been the respective powers of the executive and the legislature in producing the budget. By virtue of Section 81 of the Constitution the President has the prerogative of formulating the budget and drafting the Appropriation Bill and presenting the estimates.

However, Udoma noted that there had been contentions as to how far the National Assembly can go in considering these estimates, adding that, “some learned writers and professors, such as Prof.

Ben Nwabueze, argue that the National Assembly, in reviewing the estimates presented by the executive can reduce, or indeed, completely remove heads of expenditure but that the National Assembly cannot increase or introduce completely new projects.”

“Some other commentators have rejected that view and have contended that, as is the practice in the United States of America, there are no limits whatsoever to what the National Assembly can do in processing the budget and that the National Assembly can increase, or reduce and can even introduce completely new projects not envisaged by the President,” Udoma stated.

According to him, success in producing a good 2017 Budget would require strong collaboration between the executive and the National Assembly, adding that in order to achieve this, there must be mutual understanding and ownership of national objectives and priorities.

“For instance, we should all agree that at this time of recession, we need to ensure prudent allocation of resources to key capital projects that will help to lift the economy out of recession and onto the path of sustainable growth.

“All the key stakeholders must understand and appreciate the overall budgetary constraints as well as implications of some fiscal trade-offs.

“The executive and the legislature have different roles in the budget production process but these roles must be seen as complementary. The National Assembly must not see itself as in competition with the executive,” he said.

In his submission, Ekweremadu, disagreed with the earlier position of the Senior Special Assistant to the President on National Assembly Matters, Senator Eta Enang, that the practice in the parliament had been to delegate powers to the Appropriation Committee to oversee the Appropriation Bills to the final stage.

While picking holes in Enang’s position, Ekweremadu noted that having spent 13 years in the National Assembly, such had never been the practice.

He argued that no responsible parliament would delegate such powers to a committee on an issue as critical as a national budget.

Speaker, the House of Representatives, Hon. Yakubu Dogara in his speech titled: ‘Legislative Perspectives on the Budget Process’, noted that issues concerning the budget and budget process in Nigeria had been in the front-burner of public discourse for some time now.

Controversy over Power of Appropriation Dogara did not allow the opportunity offered by the forum to comment on the famed padding controversy slip by, particularly the issue of whether or not the National Assembly should introduce anything to budget proposals submitted by the executive.

He said it was not the design of the Nigerian Constitution to give the lawmakers powers to only reduce without commensurate powers to increase.

He argued that those from the school of thought that the parliament should only cut what is submitted without adding were trying to copy the British parliamentary system, which Nigeria is not practising.

On the legal framework for budgeting, Dogara pointed out that as clearly evident, the legislature is unquestionably at the heart of the budget process, not only in Nigeria but in all countries practising presidential democracy.

“The legal framework for budgetary process in Nigeria would be found in the Constitution of the Federal Republic of Nigeria (CFRN) in Sections 4, 59, 80-82, and others. Some laws also have bearing on the matter, namely: Finance (Control and Management) Act, CAP F26, LFN 2004 and the Fiscal Responsibility Act, 2007.

“Administrative manuals and documents have also some bearing on budget matters. These include, the Annual Budget Call Circular and Federal Government Financial Regulations,” he said, adding that judicial pronouncements are also sources of budget information and authority.

Dogara emphasised the role of the budget in accelerated economic development, noting that the annual budget is thus, the vehicle provided by law for the acquisition, allocation and distribution of resources for socio-economic development of the nation. He, therefore, posited that a budget should reflect not just national priorities but also the priorities of the ruling party.

“As our democracy matures, elections would be based on contrasting visions of development which is submitted to the electorate to decide. Therefore, when a political party comes to power, it would be ready to govern from day one, based on the programmes and vision placed before the electorate.

“Of course, the new government must conduct a proper audit of the situation of things in various sectors to understand the system and recalibrate its policies, where necessary.

The budget is one of the major means of achieving these objectives.

On the role of the legislature in the budgeting process, the Speaker said recent events had brought to the fore the extent of the powers of the National Assembly with respect to the budgeting process.

“Indeed, many commentators, including lawyers, have contended that the power of the National Assembly (NASS) is restricted to examining the budget and making corrections where necessary.

Some contend that the Appropriation power enables the National Assembly to reduce but not to increase expenditure and that it lacks power to introduce new items into the budget.

“Those who contend that the National Assembly cannot increase the budget but can only reduce it are trying to import the British parliamentary law into a presidential system of government.

“In the British parliamentary system, the Crown has prerogative over money supply and the legislature is specifically prohibited from increasing the budget.

It should be noted that the critical difference is that Parliament under a parliamentary system includes all the ministers unlike the presidential system where the ministers are not part of the National Assembly. (see concluding part on www.thisdaylive.com)

T H I S D AY, T H E S U N D AY N E W S PA P E R • OCTOBER 23, 2016

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BUSINESS/ENERGY

Oil Price Forecasts Beset with Uncertainty

Within the week, the World Bank said oil prices for the year 2017 could get up to $55 per barrel on the back of planned production cut by member countries of OPEC. It, however, stated that this was with some level of uncertainty. Chineme Okafor reports

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n raising its 2017 forecast for crude oil prices to $55 per barrel from $53 per barrel, the World Bank said it was basing this on the back of plans by members of the Organisation of the Petroleum Exporting Countries (OPEC) to limit production after a long period of unrestrained output.

The bank said in the report containing the forecast, that energy prices, which include oil, natural gas and coal are projected to jump almost 25 per cent overall in 2017.

According to the revised forecast, which appeared in the World Bank’s latest Commodity Markets Outlook, oil prices are expected to average $43 per barrel in 2016, unchanged from the July report, but could jump to $55 per barrel in 2017 because the OPEC deal has the potential to impact the global oil market.

Its Senior Economist and lead author of the Commodity Markets Outlook, John Baffes, said, “We expect a solid rise in energy prices, led by oil, next year. However, there is considerable uncertainty around the outlook as we await the details and the implementation of the OPEC agreement, which, if carried through, will undoubtedly impact oil markets.”

The bank said a modest recovery was projected for most commodities in 2017 as demand strengthens and supplies tighten, adding that metals and minerals prices are expected to rise 4.1 per cent next year, a 0.5 percentage point upward revision due to increasing supply tightness.

It also explained that zinc prices were forecast to rise more than 20 per cent following the closure of some large zinc mines and production cuts in earlier years, while gold is projected to decline slightly next year to $1,219 per ounce as interest rates are likely to rise and safe haven buying ebbs.

Published quarterly, in January, April, July and October, the report provides detailed market analysis for major commodity groups, including energy, metals, agriculture, precious metals and fertilisers.

It said in its projection on agriculture, that prices are expected to increase 1.4 per cent in 2017, slightly less than expected in July, as food prices are projected to climb more gradually than anticipated (1.5 per cent) and beverage prices are seen dropping by a greater extent (0.6 per cent) on expectation of a large coffee output.

According to it, among food prices, grains prices are forecast to rise a steeper-thananticipated 2.9 per cent next year, while oils and meals prices are anticipated to rise a slower-than-expected 2 per cent.

It also quoted its Director of Development Prospects Group, Ayhan Kose, to have said in the report that, “Low commodity prices hit commodity-exporting emerging and developing economies hard but now appear to have bottomed out.

“Growth in this group of economies is expected to be near zero for the year. Where feasible, policymakers should pursue growthenhancing strategies, such as investments in infrastructure, health and education, in the context of a credible medium-term fiscal plan,” added Kose.

How the oil price forecast may affect Nigeria The bank said that this edition of the Commodity Markets Outlook contains a special analysis of OPEC’s recent announcement of plans to limit production.

It noted that historically, agreements aimed at influencing the prices of commodities such as tin and coffee, have succeeded in swaying markets for a time but eventually lost that

OPEC Headquaters

ability and collapsed.

According to it, OPEC’s ability to affect oil prices is likely to be tested by the expansion of oil supply from unconventional sources, including shale producers.

OPEC had recently agreed in Algiers, capital of Algeria, to effectively cut their oil production volumes to 32.5 million barrels per day (mbpd) from around 33.24mbpd, thus shaving off about 0.74mbpd.

The production cut news came to the oil industry as a landmark deal, one which will see output levels for each member country determined in November 2016, but will also exclude three of its members – Nigeria, Iran and Libya - from participating in the output cuts due to their peculiar production challenges.

The deal came through for the first time in about eight years, and was reportedly successful on the backs of Saudi Arabia softening its stance on its arch-rival Iran as well as on the mounting pressure from low oil prices.

While the group would reduce their output to 32.5mbpd, and determine how much each country will produce at the next formal meeting, it also extended an invitation to non-OPEC countries such as Russia, to join in the output cuts, at least to buoy its desire to see some improvements in prices.

Russia has however indicated its willingness to cooperate.

The bank’s report however posited that the prospects of OPEC stabilising prices with its production freeze strategy could be tested by the ability of Nigeria, Iran and Libya to increase their production volumes significantly as other members would have to drop more of their production volumes.

“Should the Islamic Republic of Iran, Libya, and Nigeria raise production significantly in the coming months, larger cuts would be warranted by other producers to meet their overall targets,” it stated.

On this, it said:“OPEC members must agree on a number of issues, including individual

member quotas, the base period for any cuts, the timing of implementation, and at what level excluded countries would cap production.

“A cut to 32.5mb/d would entail a 1.0mb/d reduction from current output, or 0.5mb/d if the ceiling were set at 33.0mb/d.”

On the brighter side, the report, however, said: “Should OPEC and other producers succeed in restraining production and lifting prices meaningfully, investment in oil production and non-OPEC supply would likely rise - especially in view of the flexible nature of shale oil production. This is likely to test OPEC’s ability to lift oil prices in the medium term.”

For Nigeria, the forecast and OPEC’s decision have come at a time she is faced with steady disruptions of oil production from her oil fields. While the OPEC deal provided her an uncommon opportunity, the price forecast sort of adds up as an inducement.

We expect a solid rise in energy prices, led by oil, next year. However, there is considerable uncertainty around the outlook as we await the details and the implementation of the OPEC agreement, which, if carried through, will undoubtedly impact oil markets

The OPEC decision will exempt Nigeria from participating in the output cuts, and allow her produce at levels previously allowed to her for the simple reasons that she has had significant production drop from February 2016 when militants in the Niger Delta started destroying oil facilities in the region.

From a 2016 budget production benchmark of 2.2mbpd, the country’s production slipped to about 1.6mbpd and then 1.75mbpd as recently disclosed by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu.

Kachikwu had said, so far, the ceasefire negotiated by the government with the Niger Delta militants had enabled production from oil fields in the region to come up to 1.75mbpd. He added that, this is however expected to rise to 1.8mbpd by October end and then 2mbpd by December 2016. Both developments - OPEC deal and World Bank price forecast will be significant in helping the country turn the corner in her economic recession.

When the OPEC deal was announced, the country’s ministry of petroleum resources stated that, it was delighted with it, and claimed it came through partly because of the looselytied role Nigeria and some others played in refocusing OPEC to work harmoniously to identify the needs and challenges that are peculiar to it and surmounting them.

It explained Kachikwu was vocal in calling for the exemption of Nigeria from the production cut, and that due to vandalism of oil and gas infrastructure, Nigeria had been unable to produce oil optimally in the recent past.

The ministry stated that a steady increase in oil prices which is one of the advantages that the deal will produce, and which the World Bank has predicted, would most likely contribute positively to the revival of Nigeria’s economy which is under serious challenge from low oil prices.

Also, in line with the bank’s forecast, a price increase could see Nigeria regaining some oil investments which are pending from the price drop.

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T H I S D AY, T H E S U N D AY N E W S PA P E R • OCTOBER 23, 2016

BUSINESS/AVIATION

Why Foreign Airlines are Leaving Nigeria

Low value of the local currency, unfavourable forex policy, aviation fuel scarcity and high cost of fuel, and poor infrastructure have kept international carriers under pressure and forcing them to leave the juicy Nigerian market, writes Chinedu Eze

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n a normal operational situation where there is no security threat, no diplomatic imbroglio and there is no war, foreign airlines cannot imagine leaving the Nigerian market, except under a peculiar but rare situation of low load factor; where an airline does not have passenger traffic.

Since February this year, four foreign carriers that have operated for several years in the country have left. Iberia, the Spanish national carrier was the first that left in February this year, followed

by United Airlines and then last week, Emirates and Kenya Airways announced they would stop their Abuja operations.

This has sent Nigerian travelers panicking because it indicates lack of confidence in the country’s economy, augury of the possible collapse of the economy but above all, it shrinks the air travel market. The departure of these major carriers has cut down capacity, leaving the market uncompetitive. The consequence of this is that airfares will skyrocket, travelers will have limited choices of airlines and they may not be able to travel to certain destinations because no airline, which is still operating in Nigeria, can go there, even with their code-share partners.

It has to be noted that Nigeria is a very lucrative market for international carriers. Most European carriers like British Airways, Lufthansa, Air France, KLM and others make the highest profit per flight from the Nigerian market. They charge relatively very high fares on the Nigerian routes and always record high load factors above 70 per cent at all seasons.

That was why the Sales Manager, West and East Africa of Delta Air Lines, Bobby Bryan, said at different fora that the US carrier was not willing to leave Nigeria; that Nigeria remains a lucrative market at all seasons and this is because Nigerians have passion for travelling.

For over 170 million people of passionate travelers, one must be concerned when international carriers that have operated many years in the country and are pampered by the Nigerian government that gives them multi-designations without stress have decided to leave this juicy market.

The major factor that is driving away these carriers is foreign exchange. As Nigeria faces economic downturn, the naira nosedives in value, which means Nigerian travelers must have to spend more naira to buy tickets which prices are designated in dollars. For example, a return ticket from Lagos to London could be sold for $1,000, so the passenger pays equivalent amount in naira for the ticket. But because he paid in naira the airline must have to exchange it to dollars before repatriating.

The Bilateral Air Service Agreement (BASA) and the attendant commercial agreement, which many foreign airlines’host countries signed with Nigeria, include the clause that these airlines must repatriate their revenues earned from ticket sales, so it is not a matter of choice for them to be allowed to do so.

But from late last year these airlines started finding it increasingly difficult to repatriate their earnings because it was difficult for them to exchange their billions of naira in the banks to dollars. By June this year the airlines were unable to repatriate their monies amounting to $500 million. It rose to over $700 million in September before the Central Bank of Nigeria (CBN) enabled them to exchange 50 per cent of these funds.

Because the naira, few months ago, was no more pegged and was allowed to float, the value continues to fluctuate, so if an airline sells

United Airlines

Iberia Airlines

a ticket for $1000 naira equivalent in naira, by the time he is able to exchange it to dollar, the value of naira has gone further down, so he cannot get the $1000 value; rather he may be getting about $600. So the airlines are losing huge revenues due to the country’s forex policy.

They also lost hugely when CBN allowed them to repatriate the 50 per cent of their revenues because they did so under lower value of the naira than when the tickets were sold.

Other issues that are giving the foreign airlines concern and also act as disincentive include the poor airport infrastructure. One of the reasons why Emirates decided to leave Abuja airport

was because of the poor runway, which is old, dilapidated and had expired over 10 years ago.

The runway constitutes a huge safety threat and has damaged many aircraft from the Saudi Arabia cargo carrier to the South Africa Airways aircraft, which forced passengers to stay in hotel for five days at the airline’s expense and to the recent damage of Emirates aircraft, which might be the last stroke that made the airline to take the decision to leave Abuja.

At the public hearing organised by the House Committee on Aviation on how to revamp the aviation industry last Wednesday, the Sales Manager of Emirates Airlines, Eghe Ekhator,

explained the reason why the airline decided to stop operations to the Federal Capital from October 22, 2016.

Ekhator said due to the fluctuating value of the naira, when they sell ticket in the local currency, by the time they exchanged it to the dollar it would lose its value, so the airlines have decided that the only way they could continue to operate in Nigeria would be for government to peg the dollar exchange rate for them.

The House Committee Chairman on Aviation, Hon. Nkiruka Onyejeocha, said the House was worried about the suspension of flights to Nigeria by foreign airlines and the number of domestic carriers that had gone under, as there were indications that more might stop operation.

Asked why Emirates decided to stop its operations to Abuja, Ekhator said:“The challenge we are facing is not unique to Emirates. The major point is forex. Another problem is the runway at the Abuja airport. The runway issues may be addressed but for now it is still a concern.

“Another problem is aviation fuel. There is no long- term assurance, which means that a flight can come and it won’t have fuel to depart.

Emirates is losing money running into millions of dollars. The delay before we exchanged the ticket sales reduces its value because the naira is not pegged. For example, if you sell ticket for $1,000 and collect its equivalence in naira by the time you exchange it you may have only $600 dollars because of the floating exchange rate. So the foreign airlines are losing millions of dollars this way. That is why some are considering pulling out their operations,” he said.

So the airlines are demanding a solution to the fluctuating naira, availability of aviation fuel and rehabilitation of airports infrastructure; otherwise, the departure of the aforementioned airlines may be a precursor to the exodus of international carriers from Nigeria.

24

T H I S D AY, T H E S U N D AY N E W S PA P E R • OCTOBER 23, 2016

NIGERIA’S TOP 50 STOCKS BASED ON MARKET FUNDAMENTALS

AIICO INSURANCE PLC: AIICO reports massive growth in top-line and bottom-line earnings

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stablished in 1963, AIICO Insurance Plc (AIICO) is one of largest composite insurance companies in Nigeria; offering both life insurance and general insurance businesses.

The company is publicly listed on the Nigeria Stock Exchange and currently has 33 business offices spread across Nigeria. In addition to being a foremost life insurer, AIICO is also a major underwriter for general insurance including business and special risks and provides both personal and business insurance products. The types of individual insurance products the company offers are annuities, term life insurance plans, education plans, funeral plans, home plans, legacy assurance plans, mortgage protection plans, motor insurance plans, personal accident plan and travel insurance.The company’s business insurance products include civil construction risk and industry specific products in agriculture, engineering, financial services, legal, logistics, hospitality and entertainment.

The Company’s results for the half year period ended, June 30th 2016, showed growth in key metrics as premium income rose notably along with underwriting profit.The insurance giant, AIICO Plc’s management paid a total dividend payment of N346.51 million (on the basis of N0.05 per share) for every 50 kobo share for the full year 2015.

Significant increase in net premium income backed by reduced reinsurance expenses For the Half year period ended June 30th 2016, AIICO Insurance Plc’s result showed a decrease of 3.96% in gross premium written to N15.59 billion from N16.23 billion in the corresponding period of 2015.This was followed by a substantial rise of 36.48% in gross premium income to N12.02 billion from N8.81 billion in the corresponding period of 2015. Another reason for the spike in gross premium income was due to a 51.98% decline in unearned premium. Unearned premiums are proportionate to the unexpired portion of the risk, for which coverage has been sought by the insured party.Thus, it is deemed to have not yet been earned by the insurer. It appears as a liability on the insurer’s balance sheet, as it would have to be paid back upon cancellation of the insurance policy. In addition, re-insurance expenses decline by 9.19% to N1.66 billion from N1.83 billion in June 2015.

Owing to the various aforementioned factors, net premium income for the year rose by a notable 48.42% to N10.37 billion in June 2016 from N6.98 billion in corresponding period of 2015.This translates to improved market share despite stiff competition in the insurance sector.

AS ONE OF THE LEADERS IN LIFE INSURANCE BUSINESS IN NIGERIA, AND A REPUTABLE PLAYER IN THE INDUSTRY, AIICO INSURANCE IS WELL POSITIONED TO TAKE ADVANTAGE OF THESE INITIATIVES

BY EXPANDING ITS CLIENTELE AND THUS INCREASING PREMIUMS

INCREASE IN UNDERWRITING PROFIT FURTHER IMPACTS PROFITABILITY For the half year period ended June 2016, gross claims expenses increased by 29.69% to N7.88 billion in from N6.08 billion recorded in the corresponding period of 2015. Claims expenses recovered from reinsurers on the other hand dipped by 20.44% N838m from N1.05 billion during the period under review. However, despite a negative recover of claimed expenses from reinsurers in June 2016, net claim expenses rose significantly by 40.21% to N7.04 billion in June 2016 from N5.02 billion in the corresponding period of 2015.

Moreover, total underwriting expenses increased by a notable 25.05% to N8.54 billion in June 2016 from N6.83 billion in the corresponding period of 2015.

Despite the rise in various expenses, AIICO Plc recorded an underwriting profit of N2.85 billion in June 2016 from N595m in the corresponding period of 2015; representing a change of 378.07%.

Investment income in the year under review, increased by a substantial 31.63% to N3.34 billion from N2.54 billion in the same period of June of 2015.

MASSIVE GROWTH RECORDED IN NET INCOME Owing primarily to the substantial increase in investment income and underwriting profit, pre-tax income rose

massively by 149.93% to N2.37 billion in June 2016 from N947m in June 2015.

Net income also followed suit with a 78.38% massive rise to N1.39 billion in June 2016 from N779m in the corresponding period of 2015.The increase was recorded despite an extraordinary rise in income tax expenses by 483.85% to N975m from N167m in June 2015.

IMPROVEMENT IN ASSET QUALITY AIICO’s total assets grew by 7.26% to N85.94 billion in June 2016 from N80.13 billion in December 2015.The key drivers of the company’s total assets were 19.37% increase in trade receivables to N353m from N297m, 45.10% improvement in other receivables and prepayment to N649m from N447m and a 42.66% rise in deferred acquisition cost to N377m from N265m in the half year of the 2016 compared to December 2015 figures.

On the other hand, the company’s total liabilities shows a growth of 8.17% to N76.16 billion in the period ended June 2016 from N70.41 billion reported in December 2015.The key drivers of the increase in liabilities were an increase of 5.59% in trade payables to N1.63 billion from N1.55 billion, and a 49.27% rise in CurrentTax Payable to N885m from N593m over the period. Due to a higher rise in total liabilities compared to total assets, the company’s net assets grew insignificantly by 0.77% to N9.44 billion in June 2016 from N9.37 billion in December 2015.

With respect to returns, the company’s return on assets (ROA) rose to 1.62% in June 2016 from 0.97% in December 2015 while return on equity (ROE) followed suit with a rise of 14.73% in June 2016 from 8.32% in December 2015.

BUY RECOMMENDATION MAINTAINED The National Insurance Commission (NAICOM) has embarked on a host of reforms to the Nigerian insurance industry including the introduction of risk-based supervision, the migration to the International Financial Reporting Standard from the Nigerian Generally Accepted Accounting Principles, market conduct reforms, and financial inclusion, with the aim of developing the industry and improving the general perception of insurance amongst the populace. We believe that these industry reforms will help in the development of the untapped Nigerian retail insurance market and in turn lead to greater insurance market penetration.

As one of the leaders in life insurance business in Nigeria, and a reputable player in the industry, AIICO insurance

Valuation Metrics 20-Oct-16 Recommendation

BUY

Target Price (N)

0.96

Current Price (N)

0.59

Outstanding Shares (m)

6,930

Market Cap (N'm)

4,088

Rolling EPS (N)

0.26

Rolling PE Ratio

2.26x

Forward EPS (N)

0.25

Forward PE Ratio

2.31x Source: NSE Data, BGL Research

Q2 June 2016 unaudited Results Gross Premium Income (N'm)

15,588

Profit Before Tax (N'm)

2,366

Profit After Tax (N'm)

1,391

Pre-tax Margin (%)

15.18

Source: Company Report 2016, BGL Research

Full Year 2015 Audited Results Gross Premium Income (N'm)

32,919

Profit Before Tax (N'm)

1,799

Profit After Tax (N'm)

1,195

Pre-tax Margin (%)

5.47

Source: Company Report 2015, BGL Research

Shareholding Information Shareholders

% Holding

DFB Holdings Limited AIICO Bahamas Limited Public float

15.40% 14.73% 69.87%

Outstanding Shares (m)

6,930

Source: Company Report 2015, BGL Research

is well positioned to take advantage of these initiatives by expanding its clientele and thus increasing premiums.

Furthermore, the improvements on the company’s policy offerings are intended to increase penetration in the Nigerian market, and in turn drive growth in gross premium income.

We have valued each unit of AIICO’s stock using the Net Assets Valuation (NAV).Therefore, using an industry average price to book value of 0.70, consisting of peer insurance companies (Continental Reinsurance, Custodian and allied insurance, Mansard Insurance and Wapic Insurance), we arrive at a 6-month target price of N0.96 for each unit of AIICO Plc stock, which represents a 8.57% upside potential and thus maintain a BUY position.

25

T H I S D AY, T H E S U N D AY N E W S PA P E R • OCTOBER 23, 2016

NIGERIA’S TOP 50 STOCKS BASED ON MARKET FUNDAMENTALS

FORTE OIL PLC: Increased operational efficiency prevents rise in profitability

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orte Oil Plc increased operational efficiency leads to remarkable rise in profitability despite notable decline in its top line earnings.The 2015 result is comforting and promising at a period when companies in the oil and gas industry across the globe are recording substantial decline in top-line and profitability due to crude oil trading at its lowest price in about 10 years.

Forte Oil has kept up with its regular dividend payment, and has recommended a total dividend payment of N4.493 billion (on the basis of N3.45 per share) for every 50 kobo share, which is higher than the N2.50 per share paid last year.

Forte Oil Plc (Forte Oil), a downstream oil marketing company has been in existence for over 50 decades during which it has undergone several restructuring arrangements. It started operations originally as British Petroleum (BP) before changing to African Petroleum (AP). In 2007, Zenon Petroleum acquired 28.7% stake in the company through shares divestments by the Nigerian National Petroleum Corporation (NNPC).This was followed by a restructuring exercise that led to the adoption of the brand name “Forte Oil Plc” in December 2010.

Forte Oil is a strong downstream petroleum company with about 500 retail outlets located across the thirty-six (36) states of the country.This has increasingly helped to enhance the company’s visibility and sales strength.

HOWEVER, WE ARE OF THE OPINION THAT FORTE OIL IS APPROPRIATELY POSITION TO BENEFIT FROM CURRENT REORGANISATION IN THE INDUSTRY, PLUS EFFECTIVENESS IN MANAGEMENT’S STRATEGIC PLAN TO CONTROL ITS GROWING COST OF OPERATION AND COST OF BORROWING TO ENSURE ITS ATTAINMENT OF ITS PROFITABILITY GOAL AT THE END OF THE YEAR

GROWTH IN REVENUE NOTWITHSTANDING MARKET INSTABILITY For the third quarter period ended September 2016, Forte Oil showed a significant rise of 32.16% in revenue to N121.08 billion from N91.62 billion recorded in the corresponding period of 2015 resulting from increased power generated by the company due to inconsistent supply of light by power generating company of the country. Despite the incessant scarcity in the supply of petroleum products Forte Oil was able to grow its revenue.

Cost of sales also followed suit with an increase of 34.27% to N105.59 billion in September 2016 from N78.64 billion in September 2015.The increase in cost of sales was as a result increased operational expenses in the power generation segment.

in the corresponding period of 2015.

The Company’s performance was not impressive as its other income declined by 13.89% to N2.29 billion in September 2016 from N2.66 billion in September 2015.

On the other hand, distribution expenses rose notably by 36.95% to N2.57 billion in September 2016 from N1.88 billion recorded in the corresponding period of 2015 while administrative expenses on the other hand declined by 10.19% to N7.35 billion from N8.19 billion over the same period.

Furthermore, Operating profit for the period ended, September 2016 grew by 40.97% to N7.87 billion from N5.58 billion in the corresponding period of 2015. Hence, operating profit margin rose slightly to 6.50% from 6.09% during the period under review.

INCREASED GROSS PROFIT DESPITE RISE IN COST OF SALES However, despite increase in cost of sales over the period, gross profit rose significantly by 19.38% to N12.36 billion in September 2016 from N8.33 billion in September 2015. Despite the increase in gross profit, gross profit margin decreased to 12.80% in September 2016 from 14.17%

DROP IN PROFITABILITY AFFECTED BY RISE IN TAXATION For the half year period ended September 2016, Forte Oil’s cost of finance increased massively to N2.23 billion from N292m over the period.Thus, profit before tax grew to N5.63 billion showing a moderate increase of 6.52% in September 2016 from N5.29 billion recorded in the year

2015. However, due to the massive rise of 182.65% in Income tax expense to N2.83 billion from N1.00 billion over the period, Forte Oil’s net income declined to N2.80 billion from N4.28 billion over the period of 2015, representing a change of 34.72%.

MODEST INCREASE IN ASSET QUALITY Total assets grew moderately by 10.77% to N134.87 billion in September 2016 from N121.76 billion in December 2015 as the Company received payments on outstanding subsidies of previous periods which reduced the company’s trade receivables.The rise is attributable to the following: significant rise in deferred tax assets by 58.67% to N208m in September 2016 from N131m billion in December 2015, other assets which increased by 52.37% to N593m in September 2016 from N389m in December 2015 and trade and other receivables which also increased by 20.39% to N42.01 billion from N34.89 billion during the period under review.

However, the Company’s total liabilities rose by 21.46% to N91.67 billion in September 2016 from N75.48 billion in December 2015.The rise in total liabilities can be attributed to 472.50% increase in deferred tax liabilities to N423m from N73m, 15.34% growth in trade and other payables, 29.08% rise long term borrowings and a massive 89.68% increase in short borrowings. Furthermore, net assets decreased by 6.66% to N43.20 billion from N46.28 billion over the period.

In addition, return on Asset (ROA) dropped slightly to 2.07% from 3.52%. Also, Return on Equity (ROE) also dropped to 6.47% from 9.26%.

BUY RECOMMENDATION MAINTAINED Myriad of developments that are expected to change the shape of this industry norms over the medium term have evolved as expected, nevertheless we look forward to total deregulation which will make prices of petroleum products to be determined by the total cost per unit till point of sale. Federal government must ensure that its price ceiling mechanism, especially in a period of continuous rise of foreign exchange rate do not upset with downstream petroleum companies’ policy to cover both landing cost and freight expenses towards ending any further disruption in the sale of the products. We do Forte Oil to maintain its power generation as the country’s power generating capacity appears bleak towards positive implications for the downstream oil and gas in the short-term.

However, we are of the opinion that Forte oil is appropriately position to benefit from current reorganisation in the industry, plus effectiveness in management’s strategic plan to control its growing cost of operation and cost of borrowing to ensure its attainment of its profitability goal at the end of the year.

Valuation Metrics 20-Oct-16 Recommendation

HOLD

Target Price (N)

134.42

Current Price (N)

127.30

Market Cap (N'm)

165,805

Outstanding Shares (m)

1,302

Rolling EPS (N)

3.31

Rolling PE Ratio

38.50

Forward EPS

4.75

Forward PE

26.80 Source: BGL Research

Q3 September 2016 unaudited Results Turnover (N'm)

121,083

Profit Before Tax (N'm)

5,633

Profit After Tax (N'm)

2,796

Pre-tax Margin (%)

4.65 Source: BGL Research

Audited 2015 Full Year Results Turnover (N'm)

124,617

Profit Before Tax (N'm) Profit After Tax (N'm) Pre-tax Margin (%)

7,012 5,794 5.63 Source: BGL Research

Shareholding Information Shareholders

% Holding

Zenon Petroleum

22.91%

Thames Inv. Incorporated

14.72%

ZSL Nominees

11.71%

ZSL A/C FOZ

11.34%

Femi Otedola

11.78%

Free Float

27.05%

Outstanding Shares (m)

1,302

Source: Company Data 2015 AC, BGL Research

To this end, we are cautious in valuing Forte Oil Plc’s shares, given that the key price multiples - price to earnings, price to book, and price to sales are significantly above those of its peers in the industry. Based on Company’s current performance, we revised our gross revenue projection to N138.16 billion and also revised our net income projection to N4.31 billion for full year December 2016; leading to a forward EPS of N3.31. Using multiples valuation method, we arrive at a target price N134.42 over the next 3 months. Since this represents an upside potential of 5.59% on the current price, we therefore recommend a BUY on the stock of Forte Oil Plc.

26

T H I S D AY, T H E S U N D AY N E W S PA P E R • OCTOBER 23, 2016

BUSINESS/INDUSTRY

Ugwu-Oju: Proper Recognition will Boost Entrepreneurship Olaseni Durojaiye

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n initiative that would further deepen entrepreneurial pursuit and entrepreneurship in the country while at the same time encouraging government at the state level to put in place infrastructures that will improve ease of doing business in the various states has been born with the introduction of Nigeria Entrepreneurship Summit and Honours (NESH).

NESH which is fashioned as a result oriented action based knowledge share and advocacy initiative will also monitor high impact projects initiated by entrepreneurs with a view to encourage timely completion and annually review government policies as they affect entrepreneurs and businesses operating in the country.

It is also conceived to offer a live hub and build an online platform through NESH TV. This will be dedicated to entrepreneurs by offering advice, business case studies, news and analysis.

Also, in recognition of the role of mentoring to the success of entrepreneurial endeavours, the initiators have also incorporated NESH NXT into the concept. NESH NXT which is targeted at young Nigerians between the ages of 18 and 35 will groom and encourage young Nigerians with entrepreneurial spirit. This, according to promoters of NESH, would afford the young entrepreneurs the opportunity of learning business skills from successful entrepreneurs via mentoring and reading about their success stories.

Speaking during a media interactive session to formally announce NESH, the initiator, Emeka Ugwu-Oju, stated that “NESH as currently planned will consist of a result and action based summit” adding that it would be rounded off with a gala night during which notable entrepreneurs would be honoured for their contributions to national development through their entrepreneurial works.

Highpoints of NESH, according to UgwuOju will include “A presentation in plenary on the state of the Nigerian economy from January 2016 to date. The presentation will be followed by a panel discussion comprising panelists made up of entrepreneurs and policy

Ugwu-Oju

makers. The objective is to ascertain policies that are working as planned and those that have failed and need to be discarded. Also there could be suggestions of workable policies by the entrepreneurs.

“There will also be roundtable discussion on some sectors of the economy by entrepreneurs and public sector managers. It is designed to help ascertain rules and regulations that need to be fine-tuned or discarded if found to be counterproductive. The discussion will also look at how to improve the enabling environment for Nigerian entrepreneurs in oil and gas, Agriculture, Transportation including air, rail, road and water; Industry-ICT-Power and Taxation.

“We shall also present the NESH Top Ten High Impact Projects (HIP) watch list. This will be 10 key projects initiated by Nigerian entrepreneurs and PPP arrangements that will

make major impacts on the economy. The objective of the watch list is to encourage timely completion of the projects.

The watch list will be released two weeks before the NESH. A key component of NESH is the honours and recognition which comprises; NESH Titans, NESH Entrepreneur of the year; NESH 100, NESH Award to state Governments.

Summit would hold annually and will provide an avenue for thought leadership and engagement, knowledge exchange, networking, benchmarking and appreciation of the contributions of entrepreneurs to national development.

Arguably, on the strength of its potential to contributing to national development, NESH already enjoys the buy-in of some leading Nigerian entrepreneurs and organizations.

Among them are His Excellency, Prof. Yemi

Osinbajo, SAN,Vice President of the Federal Republic of Nigeria and President, Africa Import and Export Bank, Dr. Benedict Oramah. While the vice president is the Grand Patron of NESH; Dr. Oramah will deliver the keynote speech at the event.

Among organisations partnering with NESH are the Center of Value in Leadership (CVL), founded by respected economist, Professor Pat Utomi, and Enterprise Development Center of the Pan African University among others.

Speaking further, Ugwu-Oju, explained that “NESH is also passionate about entrepreneurship and the provision of and nurture of good business environment to ease doing business in the country; that’s why there will be an award to be given out to one state each from the six geo-political zones in the country. The award will go out to the state that has put in place the most infrastructure that helps business to thrive with the least hindrance to doing business.” he explained.

Ugwu-Uju who is the President, South-East and South-South Professionals also stressed that NESH will promote made in Nigeria goods while also maintaining quality standard in order that Nigerian product could compete in the global market place and attract foreign exchange for the country.

Expartiating on NESH honour and recognitions, he explained that, “The NESH Entrepreneur of the year will be the most admired Entrepreneur by his contemporaries.

Only members of NESH 500 are eligible to vote for the Entrepreneur of the Year. NESH 100 for 2016 highlights the top 100 Nigerian entrepreneurs who have created significant impact and made a major difference in diverse sectors of the Nigerian economy such as Industry, Telecommunications, Agriculture, Information Technology, Oil & Gas, Entertainment etc. over the past 15 years. The NESH 100 has been put together after deep analysis and consultation between the NESH Team and key partners such as the Enterprise Development Centre (EDC) of Pan Atlantic University and the Centre for Values in Leadership (CVL). The NESH 500 comprises of NESH 100 AND 400 other Entrepreneurs, many of whom have been nominated by Partner Banks. The Award to State Governments is for one state in each Geo-Political zone that its policies are nurturing and creating enabling environment for Entrepreneurs,” he concluded.

Awonaike: Firms Can Weather Recession by Outsourcing Non-core Functions

Tunde Bodunrin

T

o mitigate the consequences of the recent downsizing and job loss in the country as a result of economic recession, government and corporate organizations need to consider outsourcing their non-core functions as well as cutting down cost by avoiding unnecessary frivolities and spending.

The Chief Operating Officer (COO) of Resource Intermediaries (Nig) Limited (RIL), Mr Ade Awonaike, who gave his thoughts recently in Lagos while suggesting ways out of the growing rate of job loss and unemployment in the country called on government to indicate better interest in outsourcing, because it’s also a revenue generating means for the government.

“Looking at it, most of the staff usually affected are low cadre staff which would not have happened if these categories were outsourced in the first place. They would have been staff of the outsourcing companies; with this, organizations would not have to deal with all the issues that come with retrenchment because the outsourcing companies will be the one to deal with issues arising from labour brokerage, compensation and benefits etc” Other suggestions made by Awonaike include the need for government to help

ailing sectors of the economy by offering bailouts to organizations that are willing to take up the bailout offer; ensuring adequate security in order to encourage foreign investors into the country which would enable more jobs creation for the citizens.

The RIL COO also suggested diversification of the economy for other areas of Internally Generated Revenue (IGR) to be looked into which will then reduce pressure on the current sectors currently thriving. While saying that government should encourage young people to become entrepreneurs and start their businesses by giving grants to promising and upcoming entrepreneurs, he advocated for the restructuring of the education system to integrate vocational training that would spur young people into creating jobs rather than seeking for jobs.

Explaining reasons for downsizing, Awonaike said downsizing has nothing to do with the employee’s personal performance. “Layoffs occur when a company undergoes restructuring or downsizing, or goes out of business. In some cases, downsizing may be temporary, and the employee is re- hired when the economy improves”.

“The economy in itself is not thriving meaning organizations have to downsize to stay afloat. With more people out of work, it can lead to increase of the inflation rate because there is less money in circulation. If

more people are out of work then there will be no purchasing power. For the economy, it simply means that business just manage to survive by cutting cost from wherever is possible meaning cash flow is kept in the coffers of the organization. With the cash not flowing, it affects the economic stimulation.

Most times the organization has no choice but to downsize to stay afloat”.

Awonaike disclosed that the situation is affecting outsourcing firms saying outsourcing firms like all businesses make projections and budget based on staff outsourced to them but the current economic situation has prevented outsourcing companies from meeting their annual targets and projection.

He said; “we now have more staff being returned to us and we are having the issue of seconding them to other clients so, we have our data base bursting with CVs and more people come to us daily for this. Also on the part of the welfare of staff which is paramount to us at Resource Intermediaries Limited, some clients actually want us to cut or reduce some staff benefits which can affect the morale of the staff while some clients cut the staff salaries too”.

Commenting on the consequences of this development on the already saturated labour market in the country, he said more people will be scrambling for the few jobs that are available in the system and this will create

fear and lack of confidence in the young people. And also, apart from encouraging crime amongst the youth, the situation is one of the causes of brain drain where young graduates always think of travelling abroad immediately after graduation so as not to get caught in the web of eventual downsizing, sacking or not even getting the job because the jobs are not there in the first place, he noted. He added that many of them not having the financial means and wherewithal resort to getting out of the country at all costs by travelling through dangerous routes just to get to the supposed “greener pastures” While reiterating that entrepreneurship is very helpful no matter how small the business seems, Awonaike advised youths and undergraduates to aspire to become employers of labour which can be achieved if they get vocational training alongside their academic pursuit noting that this will make them occupied and useful to them without waiting for the job that may never come.

He however believes the storm is over as the economy is gradually picking up and there are better and brighter days ahead even as he maintained that there are companies employing even in the face of this seemingly bad economy. He disclosed that investors both foreign and local were actually coming into the country and they definitely need man power to get their operations running.

T H I S D AY, T H E S U N D AY N E W S PA P E R • OCTOBER 23, 2016

27

BUSINESS/CONSUMER

Benin Monarch’s Coronation as Activation Platform for Goldberg

Raheem Akingbolu, who witnessed the build-up to the coronation of Prince Eheneden Erediauwa as Oba of Benin, writes on how top brands, especially Nigerian Breweries’ Goldberg, used the occasion to bond more with consumers

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s a unifying factor, culture has been used extensively by promoters of businesses and great brands to appeal to targeted consumers.

Aside from celebrating human values and heritage, sponsorship of cultural activities creates emotional connection between brands and the people.

For Goldberg, this week’s coronation of Oba of Benin, HRM Eheneden Erediauwa, has been keyed into, as an opportunity to celebrate and respect the culture of its target audience.

In the last few years, Goldberg has remained in the forefront of promoting African culture through the sponsorship of major traditional events. As at the last count, the brand has associated with not less than five of such events in Nigeria. However, its annual sponsorship of the popular Osun Osogbo and Ojude Oba festivals in Osogbo and Ijebu Ode respectively appears to be the most celebrated.

As people of the ancient city of Benin commenced coronation rites for the Crown Prince of the Benin Kingdom, Prince Eheneden Erediauwa, Goldberg Lager Beer, again identified with the people and added colour to the occasion. Aside congratulatory greetings on many platforms, Goldberg stands and pictures now adore many locations in the ancient city.

Meanwhile, a senior staff of Nigerian Breweries told THISDAY in Benin during the build up to the event that Goldberg will be available for consumers in many locations where activities were expected to take place.

Considering the place of culture in Benin and the importance of the coronation to the people, the on-going activation to promote Benin heritage will go a long way in repositioning Goldberg as a preferred beer brand among the consumers in the area.

The coronation of the king of Benin is an event that gives a wonderful purview into the rich culture and history of the Benin people. According to available record about Benin, the enthronement of the Edaiken as Oba of Benin and the royal funeral rites known as emwin n’ ekhua, meaning “the big things” is a watershed in Benin history.

As part of the traditional coronation rites, Prince Erediauwa performed a 10km trek from his palace in Uselu through Benin-Lagos Road, Lagos Street to Ekpo-Ohae at Urhokpota Hall. He also climbed a 500-year-old palm tree.

He later moved to the ‘Iyan-Akpan’, now known

Oba of Benin, HRM Eheneden Erediauwa, Ewuare II as the popular five-junction, where Chiefs from Uselu community handed him to Chiefs from Benin.

Corporate Affairs Adviser of Nigerian Breweries Plc, Mr. Kufre Ekanem, said Goldberg was happy to identify with the soon-to-be crowned monarch, noting that the Oba of Benin is one of Nigeria’s most revered monarchs and his coronation has to be befitting of such a high-standing ruler.

“As a brand that is rooted in the cultural ethos of

the people, Goldberg felicitates with the in-coming monarch and the entire people of Benin Kingdom for this historic occasion in the ancient city,” he said.

He also revealed that the Goldberg team would pay an official visit to the palace of the Oba to register their unflinching loyalty to the Kingdom.

Meanwhile, the heir apparent visited Use forest in Egor Local Government Area of Edo State, where he picked a name he would bear as the new Oba after interaction with his fore fathers. The name,

Ewuare II, was made public during the coronation ceremony on Thursday.

The coronation ceremony attracted the international community, ambassadors from the USA, ambassadors from the UK, neighbouring countries, paramount rulers, and of course, the crème de la crème of the society.

This would not be the first cultural activity Goldberg is supporting as the brand is famous for supporting cultural festivals such as Ojude Oba festival in Ogun State, Udiroko festival of Ekiti State as well as the Osun Osogbo festival in Osun State.

Governor Adams Oshiomhole of Edo State has described the coronation as historic being the first time an elected governor and an indigene of the State will perform the formality of presenting the staff of office to the revered traditional ruler. He explained that only military administrators and foreigners had done so in the past.

Speaking while receiving the British High Commissioner to Nigeria, Mr. Paul Arkwright, at the Government House, on Wednesday, Governor Oshiomhole said, “Before this Oba, the other Obas but one, I believe, Oba Akenzua, was the one who had to be presented the staff of office, according to him, by the Queen of England, a couple of years ago in 1933. ”Since then, I think the next Oba was crowned in 1979, and then Nigeria was already an independent country and the state was under military rule and the staff of office was presented by a military governor.

“I’m sure you probably already know that this is one of the very few states, particularly in the Southern part of Nigeria, where the issue of the paramount traditional ruler is not in dispute, where the chairman of the council of traditional rulers and chiefs is permanent and is the Oba of Benin. Whereas in some states, particularly in the West, they rotate, and there are issues as to who comes before the other.

Every Edo person, including those who may not be directly under the kingdom geographically, we all see the Oba as our paramount traditional ruler, which is why we have declared a public holiday for tomorrow (today), because every Edo person regardless of his location in the state has some strong positive sentiments about the coronation ceremony.

So, I want to thank you for taking time out, for traveling all the way to participate and to observe the coronation ceremony. We are very grateful,” the governor stated.

Jumia: Redefining Online Shopping Experience in Nigeria

I

n life, it is natural to avoid anything that comes with inconveniences. Thus, it is expected that in any environment, people should naturally embrace the ease and speed of online shopping.

But in an underdeveloped economy like Nigeria, building an e-commerce platform that can gain the desired traction in the marketplace can be quite challenging. Previous efforts at building a successful e-commerce platform in an economy with poor or limited infrastructure and no real history of structured and formal retail had yielded limited success. That was until Jumia became the game changer four years ago.

Chief Executive Officer of Jumia, Juliet Anammah, paints the picture of the initial challenges succinctly. In a recent interview with journalists, she stated that there were huge challenges at the beginning in the area of logistics- last mile logistics.

She said: “When you talk about last mile logistics, you can break it down to the processes involved in packaging an item like phone for delivery from the warehouse to a customer- not many logistics providers were doing that in the market. So we had to create a company called AIGX, now called Jumia Services basically to breach that gap.”

Obviously previous e-commerce players had

challenges earning the trust of potential customers.

The business models, operations and marketing solutions that worked in other climes could not function effectively in the Nigerian environment that was evolving very differently in terms of infrastructure and economic growth as there was no existing delivery infrastructure to support regular online shopping.

Jumia’s creative instinct in the last four years has effectively turned these challenges to stepping stones that have revolutionised Nigeria’s online shopping sector. Anammah explains further, “When we started there was limited trust in e-commerce but we were able to breach those gaps by offering payment solutions that influenced public perception in a very positive way. Now people know that if you order from Jumia it will surely come and the trust level in online shopping is much higher now than it was then. Talking about infrastructures, in most countries, the public national postal service like NIPOST serves as the biggest logistics partner in e-commerce because they are in every city. If NIPOST was working efficiently, which I believe government can do with some determination, we would not have been compelled by the situation we found ourselves to invest at all in logistics.

I would only get a warehouse, assemble my products and get them to the nearest NIPOST where consumers can pick their items. If all ports

were functional everyone will not be shipping through Lagos.”

Since Nigeria, like some other African countries, had less well-functioning postal system and effective logistic systems, Jumia had to create alternatives in addition to her e-commerce sites.

For instance, a global player like Amazon, by way of comparison, can rely on existing delivery systems like courier companies, and an innate trust in online shopping among consumers in the developed world to excel. This trust and infrastructure did not yet exist in Nigeria, for Jumia and other e-commerce players.

The company had to leapfrog the prevailing bricks and mortar system of poor transport infrastructure, and high levels of crime, a user base that is predominantly accessing sites via the mobile web, and a large technological development skills gap to redefine online shopping experiences in Nigeria.

During the media interview held after the facility tour anchored by the Head of Marketing, Simone Bartlett, various team leaders presented details of their teams’ activities and their plans to propel the organisation through the delivery of first class services to customers. The team also answered diverse questions from journalists during the meeting.

Giving a detailed narrative, the Head of Customers Operations, Chidinma Ifepe, presented

various innovative programmes and customer centred activities that have energized the brand to her present level. She explained how the team’s constant improvement in customer relations grew from a level where about 60 per cent of Jumia’s customers expressed full satisfaction to the current level of over 80 per cent.

Meanwhile, the Partner Relations Managers, Omolara Awoyemi, spoke on various outstanding payment options that have made Jumia the darling brand of online shoppers in Nigeria. She explained how innovative plans pioneered by the company like the cash-on –delivery payment plan and right to return any product within 7days changed the of face of online shopping in Nigeria.

Awoyemi stated that what drives her team and indeed the massive acceptance of the Jumia brand is the consistent pursuit of a Convenient and safe payment option through a secure server.

She revealed other new payment options like the Jumia pay- direct which is a payment plan on the website where authentication would be done once, afterwards revealing the account details subsequently becomes unnecessary. The ‘Book on hold’ plan is another option where orders can be made online while payment via ATM or any other payment platform preferred by the customer can be used later within an agreed space of time.

28

T H I S D AY, T H E S U N D AY N E W S PA P E R • october 23, 2016

MARKET NEWS

NSE Boss Restates Commitment to London Stock Exchange Collaboration Goddy Egene The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema on Friday restated the exchange’s commitment to its collaboration with the London Stock Exchange (LSE).

Onyema was quoted in a statement to have stated this at the third ‘London & Lagos Capital Markets in Partnership’ conference held at the LSE. “Our collaboration with LSE is deliberate and strategic. It is

geared at encouraging seamless cross-border access between our capital markets to ultimately drive deeper capital markets that enable capital formation for businesses and Governments; create larger liquidity pools and greater competitiveness for our investors; and enhance capacity and promote diversity of investment products to meet the needs of a wide range of investors and issuers,” he said.

According to Onyema, in November 2014, LSE Group and NSE signed a capital markets

A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager.

Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return.

An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

agreement aimed at supporting African companies seeking dual listings in London and Lagos.

“This made significantly more efficient the listing and trading of ordinary shares of Nigerian companies listed in London, as well as those of United Kingdom (UK) companies on the Nigerian market. Seplat, the oil and gas business, raised $500 million in an Initia public offering (IPO) via this new mechanism in 2014, and was the first company to simultaneously dual list shares in London and

floor of the Nigerian Stock Exchange.

A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg.

Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange.

GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 20-Oct-2016, unless otherwise stated.

Nigeria,” he said.

He noted that Nigeria and Africa as a whole represent one of LSEG’s most exciting areas of potential international growth, disclosing that more African companies( 112), are listed in London than any other international exchange.

In his speech, UK Minister of State for International Trade, Greg Hands said:”I know from my own time in Nigeria that the UK and Nigeria have long enjoyed a close and prosperous business relationship. The UK

is one of Nigeria’s largest investors and the Government is committed to boosting trade between our two countries. We are actively helping British companies export to Nigeria and Nigerian businesses to locate and expand in the UK. I welcome this initiative as a further step to deepen the commercial links between our nations.”

Also speaking, CEO, LSE Nikhil Rathi said the event was a reflection of the global investment community’s strong

desire to be a part of the Nigeria story.

“As the world’s most international exchange, we are ideally positioned to build on the success of existing dual listings in Nigeria and London, boosting global investor awareness of the country’s exciting growth trajectory.

Our strong partnership with the NSE allows us a unique opportunity to showcase the rapid developments in Nigerian capital markets and the Nigerian economy.”

Offer price: The price at which units of a trust or ETF are bought by investors.

Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return.

NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD Web: www.afrinvest.com; Tel: +234 1 270 1680 Fund Name Bid Price Afrinvest Equity Fund 124.82 Nigeria International Debt Fund 217.00 ALTERNATIVE CAPITAL PARTNERS LTD Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price ACAP Canary Growth Fund 0.68 AIICO CAPITAL LTD Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price AIICO Money Market Fund ARM INVESTMENT MANAGERS LTD Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name ARM Aggressive Growth Fund ARM Discovery Fund ARM Ethical Fund ARM Money Market Fund AXA MANSARD INVESTMENTS LIMITED Web: www.axamansard.com; Tel: +2341-4488482 Fund Name AXA Mansard Equity Income Fund AXA Mansard Money Market Fund CHAPELHILL DENHAM MANAGEMENT LTD Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Nigeria Global Investment Fund Paramount Equity Fund Women's Investment Fund FBN CAPITAL ASSET MANAGEMENT LTD Web: www.fbnquest.com; Tel: +234-81 0082 0082 Fund Name FBN Fixed Income Fund FBN Heritage Fund FBN Money Market Fund FBN Nigeria Eurobond (USD) Fund - Institutional FBN Nigeria Eurobond (USD) Fund - Retail FBN Nigeria Smart Beta Equity Fund FIRST CITY ASSET MANAGEMENT LTD Web: www.fcamltd.com; Tel: +234 1 462 2596 Fund Name Legacy Equity Fund Legacy Short Maturity (NGN) Fund FSDH ASSET MANAGEMENT LTD Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Coral Growth Fund

100.00

aaml@afrinvest.com Offer Price Yield / T-Rtn 125.48 11.73% 217.90 8.41% info@acapng.com Offer Price Yield / T-Rtn 0.69 10.56% ammf@aiicocapital.com Offer Price

Yield / T-Rtn

100.00

15.34%

enquiries@arminvestmentcenter.com Bid Price 12.53 289.77 22.48

Offer Price 12.90 298.51 23.15

Yield / T-Rtn 2.80% 3.68% 1.95%

1.00

1.00

12.55%

investmentcare@axamansard.com Bid Price 100.92

Offer Price 101.56

Yield / T-Rtn 1.24%

1.00 1.00 11.91% investmentmanagement@chapelhilldenham.com Bid Price 2.08 9.29

Offer Price 2.13 9.53

Yield / T-Rtn 2.18% -5.71%

82.72

84.84

1.98%

invest@fbnquest.com Bid Price 1,068.58 106.90 100.00 $101.68 $101.58 111.07

Offer Price 1,069.63 107.40 100.00 $102.44 $102.34

Yield / T-Rtn -1.25% -1.69% 12.54% 2.06% 1.96%

112.57

11.82%

fcamhelpdesk@fcmb.com Bid Price 0.93 2.51

Offer Price Yield / T-Rtn 0.95 3.30% 2.51 7.83% coralfunds@fsdhgroup.com

Bid Price 2,204.64

Offer Price 2,230.93

Coral Income Fund 2,045.01 INVESTMENT ONE FUNDS MANAGEMENT LTD Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price

Yield / T-Rtn 1.36%

2,045.01 8.11% enquiries@investment-one.com Offer Price

Yield / T-Rtn

Vantage Guaranteed Income Fund

1.00

1.00

11.06%

Vantage Balanced Fund

1.64

1.66

0.63%

LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 0.99 1.01 11.43% Lotus Halal Fixed Income Fund 988.75 988.75 -1.13% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 9.67 9.76 -1.12% Meristem Money Market Fund 10.00 10.00 14.16% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.03 1.04 4.45% PACAM Fixed Income Fund 10.26 10.29 2.76% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 106.46 107.20 4.50% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.22 1.22 8.09% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 1,803.99 1,814.54 7.43% Stanbic IBTC Bond Fund 154.03 154.03 4.73% Stanbic IBTC Ethical Fund 0.79 0.80 6.00% Stanbic IBTC Guaranteed Investment Fund 180.46 180.46 6.35% Stanbic IBTC Iman Fund 133.82 135.38 -1.15% Stanbic IBTC Money Market Fund 100.00 100.00 15.82% Stanbic IBTC Nigerian Equity Fund 7,658.82 7,760.98 6.56% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.15 1.16 8.50% United Capital Bond Fund 1.25 1.25 16.32% United Capital Equity Fund 0.74 0.75 5.17% United Capital Money Market Fund 1.00 1.00 13.00% ZENITH ASSETS MANAGEMENT LTD info@zenith-funds.com Web: www.zenith-funds.com; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 9.63 9.80 0.93% Zenith Ethical Fund 11.22 11.33 -2.05% Zenith Income Fund 16.59 16.59 3.43%

REITS

NAV Per Share

Yield / T-Rtn

11.43 122.32

2.69% 5.58%

Bid Price

Offer Price

Yield / T-Rtn

8.82 78.22

8.92 79.70

-7.89% -6.01%

Fund Name FSDH UPDC Real Estate Investment Fund SFS Skye Shelter Fund

EXCHANGE TRADED FUNDS

Fund Name Lotus Halal Equity Exchange Traded Fund Stanbic IBTC ETF 30 Fund

VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697

Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva Griffin 30 Exchange Traded Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

2.65 7.24 12.47 16.73 -

2.69 7.32 12.57 16.93 -

14.59% 13.22% -0.63% -12.84% -

The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.

A

WEEKLY PULL-OUT

23.10.2016

TUNDE ADEWALE (TEE A)

THE GENTLEMAN OF COMEDY

30

T H I S DAY, T H E S U N DAY N E W S PA P E R • OctOber 23, 2016

COVER

TUNDE ADEWALE (TEE A)

THE GENTLEMAN OF COMEDY If anyone had told him, he would come this far, he would have laughed in the person’s face. Not from doubt, but a genuine concern that it was too much to ask for. Yes, he wanted to be a comedian, but to think that it would open so many other doors of opportunity? He didn’t know that in the beginning. Twenty years on, Nseobong Okon-Ekong reports that popular comedian, Tunde Adewale, better known as, Tee A, has not only done well for himself, he has held the door open for others to walk in and climb the podium of fame and fortune

W

hen he arrived the Ikeja, Lagosbased hotel, I was already neck-deep in conversation with a former federal legislator. I stood to shake hands with him and introduced him to the man I was talking with - who recognised him immediately anyway. I excused myself to finish what we were saying and he quietly took a newspaper and got busy reading it. Knowing he had kept me waiting for a while and more out of his good natured self, he did not complain.

A few staff of the hotel and other guests who recognised him as well came over either to pose for photographs with him or exchange small banter. As I finished my conversation, he stood up as well and requested we have the interview in a more exclusive part of the hotel that would not be immediately accessible to all and sundry.

We were not very successful with keeping him away from acknowledging greetings.

This type of outward show of friendship, even to people you barely know (even if they have a face that is recognised in the public), may have contributed to the world famous happy mien attributed to the average Nigerian. Not a few were surprised a couple of years ago when it emerged that Nigerians were categorised as the happiest people on earth. Could this mean that famous comedian, Tunde Adewale, who is better known as Tee A and his colleagues who are in the business of making people laugh have an easy job? This assumption is not far from the truth. The average Nigerian always finds a reason to laugh and smile. No matter how serious or critical the situation may be, the Nigerian looks for the homorous window to let off steam. While it may not be a conscious attitude, it may be argued that the Nigerian society is a happy-go-lucky one, with many justifying their lighthearted disposition with the often touted lingo, ‘I no fit kill myself.’

Tee A summed it up thus; “nothing weighs down the Nigerian. He has a natural tendency to pick himself, dust himself and move on. I think that’s what really made them say that. The fact that you have a community of such people in the audience also helps. Of course, there are different

Adewale

types of audiences, but by and large, a receptive audience is what every artiste prays for. You have some audiences that are very stiff, those are the ones that are always within the four walls of an office, they don’t watch television, they are very shrewd accountants, oil and gas people their life is basically about reading. However, I think majority of Nigerians are happy-golucky people. That helps because when you are working, you are able to feed off the energy of the crowd.”

Like many entertainers, TeeA is not often as lucky as he wishes. Sometimes he is faced with an audience of the stiff and the unsmiling. At such times, he draws from his bank of creativity.

His experience and years of professionalism come to play. For a good number of years, he had adopted an unwritten rule of accepting corporate engagements, majorly. Working in that domain, he has since come to understand the concern of the human resources and/or public relations managers. Therefore, he takes it seriously when he gets a brief that describes the potential audience as ‘unfriendly’ and urges him to find ways to break them and carry them along without being offensive. For this type of audience, he finds himself using similar skills as an adept suitor, trying to win the heart of a beautiful damsel. He puts his best foot forward with light matters like paying compliment to an item of dressing they are wearing. He does not just throw jokes at them. He courts them. Like a skilled pugilist, he has to study and go around them in circles, looking for the opportunity to tap into their mood and psyche. The jokes, at such instances, must be spontaneous, drawn more from things and situations they can relate to in their immediate environment. It could be a table cloth that is not sitting well, the decor or what the next person is wearing. The connect is immediate. Once they are hooked with their attention and totally riveted to the performer, it is considered safe to go back to the prearranged material.

Perhaps, working among the calculated and the studious has brought out his many good sides. For instance, he has written a book, which in part speaks to tons of requests by persons who desire a career in comedy. Titled ‘Life of an MC’, TeeA discloses, without giving much

LIKE MANY ENTERTAINERS, TEEA IS NOT OFTEN AS LUCKY AS HE WISHES. SOMETIMES HE IS FACED WITH AN AUDIENCE OF THE STIFF AND THE UNSMILING. AT SUCH TIMES, HE DRAWS FROM HIS BANK OF CREATIVITY. HIS EXPERIENCE AND YEARS OF PROFESSIONALISM COME TO PLAY…. THEREFORE, HE TAKES IT SERIOUSLY WHEN HE GETS A BRIEF THAT DESCRIBES THE POTENTIAL AUDIENCE AS ‘UNFRIENDLY’ AND URGES HIM TO FIND WAYS TO BREAK THEM AND CARRY THEM ALONG WITHOUT BEING OFFENSIVE. FOR THIS TYPE OF AUDIENCE, HE FINDS HIMSELF USING SIMILAR SKILLS AS AN ADEPT SUITOR, TRYING TO WIN THE HEART OF A BEAUTIFUL DAMSEL

T H I S DAY, T H E S U N DAY N E W S PA P E R • OctOber 23, 2016

31

COVER away that the brief is the most important thing a performer must understand when signing up for a job. In TeeA’s estimation, the comedian must personalise the script by researching into the client’s background, whether it is a company or an individual. Automatically, this influences the kind of jokes. You don’t start talking about the bad economy if you are hired by a company that has just retrenched 300 workers or not made profit in three years. With that kind of background, the jokes should be spurn around the positive.

Tee A doesn’t think Nigerian comedians deserve a knock for repeating jokes. He said the phenomenon is global and not restricted to Nigeria. “If you can create jokes, they are yours forever. The fact that you used it last year doesn’t mean you can’t use it today. It happens globally.

However, why it often looks fresh before audiences is that they don’t deliver the same material in the same way. There’s always a fresh twist to it. So that’s what a couple of us have also learnt. You may have heard me say a joke, but it will be different from how I started it yesterday.”

The peculiarity of the Nigerian environment does not encourage the pursuit of intellectual property rights on jokes. The situation becomes more worrisome with the non-existence of a formal association of comedians. Nigerian comedians may be closely knit, but they lack the official capacity to institute certain guidelines and a platform to redress real or perceived wrongs. Disclosing what has become the norm among comedians, Tee A said, “I don’t have a problem with you using my material. There are jokes I created 10 or 15 years ago. There are jokes that Ali Baba did 20 years ago. I see younger comedians use it with reckless abandon without giving any credit. There’s a professional way of giving credit without it being obvious that it is somebody else’s material. It’s as simple as saying ‘like my good friend Ali Baba will say’.

You’ve stylishly acknowledged the person even without your audience knowing. You just don’t take ownership, that’s what most of us frown at. It’s even better for you to create your own material rather than feeding off someone else’s.

The truth is that you will never ever be able to deliver someone else’s material like the original creator.”

One of the contentious issues TeeA addressed in his new book is an attempt to distinguish between a comedian and an MC. Describing himself as one of the lucky few with

Adewale

I DON’T HAVE A PROBLEM WITH YOU USING MY MATERIAL. THERE ARE JOKES I CREATED 10 OR 15 YEARS AGO. THERE ARE JOKES THAT ALI BABA DID LAST 20 YEARS AGO AND HE BOUNCED OFF ME. I SEE YOUNGER COMEDIANS USE IT WITH RECKLESS ABANDON WITHOUT GIVING ANY CREDIT. THERE’S A PROFESSIONAL WAY OF GIVING CREDIT WITHOUT IT BEING OBVIOUS THAT IT IS

the distinction of straddling both vocations, he enthused. “I started as a stand-up comedian, and I realised that at a point in time they just call me to an event to do five or 10 minutes joke, and then the MC takes over. I enjoyed it initially but I thought this MC thing, I can do it as well.

The MC just throws jabs and jokes to lighten up an event not necessarily to perform stand-up.

I knew I could do the work of an MC. I could work on TV and radio; so why do I limit myself.

Even friends and families will just call me up for jokes at a wedding or end of the year party, but they reserve the role of MC to another person. I began to give serious thought to why I should go to an to perform jokes of between 10 or 15 minutes. I was convinced I could actually do both, I just had to charge a bit more. A couple of us have been able to marry the two successfully but some prefer stand-up and there is absolutely no problem with that. Others don’t even want to be seen as a comedian. They just want to be known as MCs. They will tell you if they do any joke it’s a bonus. There are different levels for everyone but I am comfortable being a comedian and an MC. The basic difference is that a comedian entertains at any given time in the course of an event, while an MC just controls the flow of an event. He is not obliged to entertain.”

TeeA thinks while an enterprising and creative MC may hold his own as a comedian, it may be a difficult challenge for some comedians to work as MC. “I devoted a chapter to this in my book. We have the classic emcees and the MC/comedian. The classic emcees ensure that the event runs as intended. If there is any lapse during the programme, the best that they will do is invite the band, to take care of that timing or rearrange the programme. But a comedian/MC knows that he can actually get away with five minutes of jokes. That’s what an MC/comedian does. If anything goes wrong at any point in time, he is there to save the day. There is never a dull moment with an MC/comedian.”

Making jokes about people with disability, women and institutions like the police have become a staple with comedians, TeeA’s position on this is on the side of his professional integrity.

He began his explanation with the meaning of comedy. “Comedy is a humorous reflection of events in a society. The police, men, women, religious bodies are all part of the society. You can’t take these things out. It’s like telling a filmmaker don’t put police in your film or a writer not to write about police even if they are at the checkpoints and their roles play a critical part of the novel. These things are an integral part of the society. If the comedian is going to mirror the society, he is definitely going to talk about them. Having said that, there are issues that are sensitive and it takes an experienced hand to know that some things are off-limits.

For instance, for a long time, they used to call me the gentleman of comedy because I don’t do vulgar jokes. I don’t do jokes about disability. It’s my nature. But the people that do dirty jokes, it doesn’t mean they are vulgar in nature but they are just bringing out a representation of the society that some of us are not comfortable to voice out. It’s not as if we are not even comfortable hearing it, we like it but because of society, we act like we don’t. We share it among ourselves on the phone. I do not touch some things that border on human nature. For instance, jokes on fat people, it’s off-limit for me because there is a thin line between being funny and being a nuisance. A good comedian must learn how not to cross that line because what is funny to one might rub off badly on other. Time and experience will teach you which materials to use. In the past, when a comedian says he saw two imbeciles fighting, people will laugh but today, you can’t get on stage and mention the word imbecile. You might have people who are termed special, you don’t call them imbecile.

Those are the kind of materials that are off-limit as much as it might be funny, it is a personal pain that some people might be going through.

I think we should all be sensitive; not only comedians, writers, actors, musicians. These type of portrayal doesn’t go down with some people who have these challenges. For institutions like police, if they are doing good, the materials will bear a positive slant. When it’s negative, they should also learn to take it.”

The comedy sector of the Nigerian entertainment industry has grown in leaps and bounds in the last few years. TeeA attributes it to two reasons. The first factor for this growth is the love and acceptance of the Nigerian audience.

The second thing is the labour of the pioneers.

“I did ‘Tee-A Live and Naked’ for eight straight years from 2000. I did it in Lagos, Abuja and London. If I didn’t do that for eight years, who knows, some other comedians may not have been inspired. Some of us have paid our dues in the industry. Ali Baba started like five or six years before me. People like Uncle Patrick Doyle blazed the trail with Friday Night Live. Then Uncle Soni Irabor, on the Sunday Show, there was a bit of humour in it. Then Ali Baba went on to do Tom, Dick and Ali on AIT. I mean these are the people who paved the way for people like me and also inspired others. The work that we did as pioneers and the acceptance that the society has given to us is responsible for the love and appreciation that comedians are

getting today. When I started, I only knew two comedians: the late Danjuma Mohammed and Ali Baba.”

Comedy has grown so big that it now appears to have overshadowed music. Times were when musicians headlined a show and sought the participation of comedians. The table has since turned. Now, comedians rule at shows, bringing musicians as an appendage on their shows. And it all began with TeeA. “When I set out to do ‘Tee-A Live and Naked’, it was basically, a one-man show. I invited the Plantashun Boiz to play, even they didn’t show up on that day. The thought was this: If you are doing a two-hour set, you need a break. So you fill that break with music. The performance was always divided into stand-up and drama. I’ll do the stand-up for one hour and then go and change, while the artist is performing. After his performance, we will come back and do the skitmyself, Princess and MC Abbey and that was the show. But later on, I found out that people desired more music, so I guess that’s what the other comedians also saw. It now became who is the music headliner on your show, rather than let’s go and watch comedy for the sake of comedy. I believe we shouldn’t lose our heads, because it has a positive and negative side. I think we are gradually cheating the audience from having the full dose of their money worth of our own creativity at our own shows. People should go home after a one-man show with different thoughts in their heads. But these days what we find is that people come to your show and they leave without even talking about you, they are discussing people who came to perform at your show. That is one thing that we urgently need to address. If we are going to do stand-up shows, we should do stand-up shows, and if we are doing variety shows, we should let people know.”

When it comes to the question of whether he has mentored anyone, TeeA waxes philosophical, “The thing with me about mentorship is that I only bring few people close to me for training.

But a lot of people come to me and say I’m their mentor that they are inspired from just watching me on stage. They spoke about this on the day of the anniversary. A lot of people have come and gone. For instance, Princess and MC Abbey, they were on stage at my 20th anniversary and they talked about the first time I brought them to be part of ‘TymeOut with Tee-A’, the direction I gave to them, that they didn’t know they would be able to do it. But I saw something in them. I reasoned that if I work with them, the characters will actually be good materials to stand up on their own. For six or 10 years, they were doing the show and they built careers for themselves based on that ‘TymeOut with Tee-A’ character.

I’m not one to take creditsfor things like that. If they didn’t mention it, I won’t say so. In terms of mentorship, I will say once my work is able to inspire you, I’m okay with that.”

With his new book, TeeA now has the distinction of being the second comedian, after Julius Agwu, to write a book. While Agwu’s work may be considered a personal Odyssey, TeeA enters the realm of intellectual discourse; taking on themes and topics and dissecting them in a manner that can provoke further conversation. “I get an awful lot of requests for internship from young comedians. I tell them watch me and how I work. Some of them suggest they follow me around. You are not a ‘boy-boy’, you are your own man. You can do this. I try to explain to them, some think that they should get close to me. But how many of them can I possibly reach? What they need is not mentorship. It’s not that they don’t even have jokes, they do, they just believe they need to come under the wings of someone who will be able to show them how to deal with their audience and how to get their own share of the market. That’s why I said I can’t literally train everybody but if I put my thoughts together in a book, everybody can have it and know my own thoughts. I’m just using the book to start a conversation. Another comedian can pick up from where I stop.”

Unlike a couple of comedians who have jumped into movies, TeeA has only played cameos in one or two movies. As a strong believer in facing one’s area of competence and comfort, he prefers to progress sure-footedly.

For a long time, he did just stand-ups. Now he has added emceeing and television production.

“Movies have never been near my horizon. I don’t have the time to stay on a location for one or two weeks. I’m too busy for that. Right now my focus is to build my own personal television productions, apart from ‘TymeOut with Tee-A’, I want to have other shows on TV on the platform of my company, First Class Entertainment.”

For his industriousness, a few members of his family have nicknamed him, ‘Chukwudi’, an Igbo name that speaks to the intensity with which he pursues his goals. “ I love business, turning money around. I have also been able to do that, even with my business. All my production equipment, lights, cameras, I bought them with the money from comedy.

I’m intrigued by business. I still hope to start a completely new business soon, away from entertainment.”

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entertainment

with nseObOng OkOn-ekOng 08114495324, nseobong.okonekong@thisdaylive.com

AFRIFF Announces Robust Programme for Sixth Edition …Birth of a Nation, ’76 as opening and closing films

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round breaking Nigerian movie, ’76 which portrays the agonizing drama of wives of military personnel accused of treasonable felony inches its way into Nigeria after making a good showing at the Toronto International Film Festival in Canada and having the distinction of being the only Nigeria film at the London Film Festival. ’76 has been scheduled as the closing movie at the sixth edition of the annual Africa International Film Festival (AFRIFF).

It will be the movie’s official premiere in Nigeria before it goes on a national and continental screening at the cinemas from November 25. Film buffs in Nigeria whose appetite have been whetted with thrilling trailers and reviews from impressed reviewers have but a short time before the film is released for their pleasure.

Executive Producer of ‘76, Prince Tonye Princewill who responded from London where the film is being screened at the London International Film Festival said “the honour of our film being chosen to close the Africa International Film Festival cannot be described with words. The film has been honoured around the world, but recognition at home means everything to us. The field for Nigerian films is very strong this year, so it is especially rewarding for ‘76 to receive this nod. We are proud of the AFRIFF organizers and hope we can do them justice.”

AFRIFF Founder/Executive Director, Ms. Chioma Ude recently announced in Lagos the readiness of the organizers to host CELEBRITIES STORM ‘FAMOUS FOR A REASON’ LAUNCH With a theme like ‘Famous for a Reason’, the party did not disappoint with its strong appeal as the Famous Grouse Whisky launch pooled some of Nigeria’s finest.

The all white event which held at the Federal Palace Hotel Gardens, VI, Lagos was also to celebrate famous people from different works of life including music, media, movies, sports, fashion, technology, government as well as everyday heroes who make an impact in the society.

Notable faces at the event include General Manager, Brian Munro Limited, Abayomi Ajao, Olisa Adibua, Kemi Adetiba, Zainab Balogun, General Manager, Megaletrics, Deji Awokoya, CEO, Smooth Promotions, Ayo Animashaun, Ufuoma Ejenobo-McDermott, Denola Grey, Samantha Walsh, Yomi Casual, Alex Ekubo, IK Ogbonna, Bizzle Osikoya, Asa Asika, Sensei Uche, among many others.

The event which was hosted by OAP and Fashion entrepreneur, Gbemi Olateru-Olagbegi also featured exciting performances from award winning singer, Aramide, alternative artiste, Sir Dauda, popular saxophonist, Yomi Sax while superstar DJ Xclusive got guests grooving late into the night.

Produced in the 1800s by Mathew Gloag, the Famous Grouse has built on its roots and heritage, moving towards a more modern and premium expression. The brand, which is known as a whisky of the finest quality and incomparable smoothness now comes in an elongated capsule with a proud stylized icon crown and an elegant curved shoulder, inspired by the Grouse’ unique eyebrow.

Famous Grouse is presently distributed in over 100 countries and over 43 million bottles sold every year. The essence of the brands whisky which makes The Famous Grouse of purest quality is broken into four key fundamentals.

HOW STAR MUSIC TREK RECORDED STELLAR PERFORMANCES IN ABUJA Recently, it was the turn of Abuja to host

L-R: Mykel Parish, President African Film Consortium, Chioma Onyenwe, Programmes Coordinator, Chioma Ude, Founder/Executive Director of AFRIFF, Afie Braimoh, Operations Director and Julian Nwagboniwe, Technical Director at the unveiling of AFRIFF 2016 programmes at Intercontinental Hotel, Lagos

filmmakers and actors from around the world, with over 100 films showing at the newly opened FilmOne-IMAX and Genesis Duluxe Cinema, both in Lekki, Lagos.

The impressive line-up of movie premieres, film screenings, industry sessions, master classes and other festival programmes holds in Lagos between November 13 and 20.

Ude appeared to have struck the right cord when she announced Nate Parker’s Oscar hopeful, The ‘Birth of a Nation’ and Izu Ojukwu’s celebrated film on the Nigerian military coup, ’76 as the opening and closing films

respectively, a disclosure which was received with loud ovation.

The selection includes, 93 Days (Nigeria)

by Steve Gukas, The CEO (Nigeria) by Kunle Afolayan, Vaya (South Africa) by Akin Omotoso, The Cursed Ones (U.K) by Nana Obiri, The Wedding Ring ( Niger) by Rahmatou Keita, Kati Kati (Kenya) by Mbithi Masya, If Tomorrow Never Comes (Ghana) by Pascal Amanfo, Remember Me (Nigeria) by Izu Ojukwu, Breathe (South Africa) by Mark Dornford-May, The Missing God (Nigeria) by Ubaka Joseph, Unspoken (Nigeria) by Remi Vaughan-Richards, Green White Green (Nigeria) by Abba Makama,

The Unseen (Namibia) by Perivi Natjavivi, N.G.O (Uganda) by Arnold Aganze, Gidi Blues (Nigeria) by Femi Odugbemi, Daggers of Life (Ghana) by Paapa Otoo, Shadow of the Passion (Burkina Faso) by Ado Bambara, Ojukokoro (Nigeria) by Dare Olaitan, Bala Bala Sese (Uganda) by Lukyamuzi Bashir and The Arbitration (Nigeria) by Niyi Akinmolayan.

In addition to the wide range of films, the festival, according to Ude, will also offer industry platforms for skill acquisition, financing, pitching, symposia on alternative revenue streams and piracy.

the biggest music concert series in Nigeria, Star Music The Trek.

The Abuja edition of Star Music The Trek 2016, which took place at the Old Parade Ground, was a music feast complete with the biggest Nigerian artistes that performed to an energetic crowd. Though a heavy rain had descended, as the concert was about to get underway but the resilient revelers were out for a night of unstoppable fun.

Headline act Davido shared stage with MI, Ice Prince, Falz and Darey, who made his debut performance at Star Music The Trek concert. The night started out with top mixes from DJ Neptune and DJ Big N. Both disc jockeys held it down as they prepped the Abuja crowd for what was unanimously agreed to be a night to remember.

Host, Gbenga Adeyinka thrilled the concert audience ahead of the stunning performances by the artistes. Falz opened with his claim as originator of the famed ‘Falz faux accent’ that sent the crowd reeling with laughter.

M.I had one of the best sets of the night as he performed with a fan, Archie, who he spotted from the crowd. They performed a few throwback classic hits together.

Another lucky fan, Young Incredible, got on stage with M.I as he dazzled and won a year’s studio recording deal with Chocolate City proving M.I has good synergy with fans on stage. M.I also enthralled audience with his ‘Action Film’, ‘Anoti’ and ‘Bullion Van’ hits and ended his performance with ‘Number One’.

Ice Prince thrilled with songs such as ‘Molowo’ and ‘Oleku’ which took the fans to an excited height.

R&B crooner, Darey Art Alade also brought his magic touch of class to the concert. He closed his electrified performance with hit song, ‘Pray for me’. This sent the crowd into a frenzy of exciting prayers with comedian Gbenga leading on key prayer points. Once again, Darey proved that he is a top class Nigerian star of international quality.

Star Music The Trek Abuja was broadcast live on HIPTV, giving millions of Nigerians

an opportunity to experience the concert from the comfort of their homes but it’s never the same as being at the venue.

Cheering fans were also introduced to the 2016 Star Music The Trek theme song, ‘My City Rocks’, produced by Del B with hooks from various artistes that included 2Baba, Mr. Raw, DJ Big N, DJ Neptune and more.

In typical Davido style, the self-titled ‘Omo Baba Olowo’ (OBO) switched beats for the night. The Sony Music-signed-pop star stepped on stage with his hype man, Special Ed, and the teeming Abuja concert crowd couldn’t get enough from him.

prince Wale Ojo both in his dreams and in reality. However, the prince pre-arranged wife and princess played by Theresa Edem is ruthless in her ploy to keep the Prince’s love to herself. Majid, a prince and younger brother to Ojo finds himself caught in the intrigues of love, loyalty and family.

“It was an amazing experience for me. It was a wonderful script and I was so happy when I learnt that we were not shooting anywhere around but in Uyo, Akwa Ibom state. My co-stars were amazing and the people in the villages were very hospitable and helpful.”

Shot in Uyo in Akwa-Ibom, the musical production is a cultural renaissance of the rich African heritage mirrored in the rich culture of the Ibibio people. Its multi-layered themes of love, hatred, betrayal, loss, hope and victory is beautifully interspersed with music and dance.

Ime Bishop Umoh also played a fascinating role as a village drunk while Moses Armstrong is the messenger of the gods.

Chris Eneaji brings his directorial skills

ADESUA ETOMI, MAJID MICHEL STAR IN ANOTHER EMEM ISONG’S PRODUCTION After a stellar performance in the 2014 Emem Isong Misodi’s romantic musical film, ‘Knocking on Heaven’s Door’, Adesua Etomi and Majid Michel return to her latest production, Ayamma: Music in the Desert.

Ayamma is a compelling narrative plotted around Adesua, Wale Ojo, Majid and Theresa Edem. Adesua is an orphaned songstress and dancer whose voice and moves captivated the noble crowned

Producer, Ayamma the Music in the forest film, Mrs. Emem Isong-Misodi; Actress, Adesua Etomi and another Artist, Mr. Majid Michel, during a media briefing on the launch of the film, at Silver-bird Galleria, Lagos..

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ENTERTAINMENT in the epic movie written by Vivian Chiji with his captivating shots. Misodi at the press briefing reiterated the commitment of Royal Arts Academy to contribute to the growth of Nollywood.

“At Royal Arts Academy, we strive to keep contributing our own quota to growing Nollywood which is Nigeria’s second largest export and grosses about $250 million per annum. We strongly believe that with a movie like Ayamma, we would immensely impact on the industry, promote our culture while we entertain.”

Ayamma is a collaborative effort of Bank of Industry, Katunga Media, Silverbird Film Distribution, Pulse NG and the Royal Arts Academy.

A private screening will be held on December 11 while the cinema premiere takes place on December 23.

SONY MUSIC RELEASES SEUN KUTI’S STRUGGLE SOUNDS Ahead of the music tour that will see the Egypt 80 Band perform on different locations in the United States, Afrobeat musician Seun Anikulapo Kuti recently released his latest work, Struggle Sounds, on Sony Music Masterworks. Co-produced

by Robert Glasper, the album features the single ‘Gimme My Vote Back’ (G.M.V.B.), where C.P.C.D. stands for ‘Corporate Public Control Department.’

Seun recorded the EP with Egypt 80, his father’s original band, which he inherited after Fela. Written by Seun, the three-track album comes with Seun’s usual strong social and political messages, a theme that Seun weaves into all of this music.

“More than ever we are convinced of our mission and the purpose of our music,” says Seun. “The StruggleSounds EP is a true reflection of my social and political beliefs. I give honour to my parents and every revolutionary who made this possible even before I was born.”

Ever since he came to limelight, Seun has continued to be a strong voice against any form of oppression of the Nigerian people by the government. Even with his busy schedule that sees him play mostly abroad, he has remained consistent in his criticism of governments across the globe, using his music, social media handles, as well as concerts, to speak up against injustices on common man.

“I think it’s more of the same elitism in government that has continued; a weird and ugly mixture of oligarchy and plutocracy that can only take shape in this country. The way forward in Nigeria is to have a fearless government willing to take on the oppressors in our society and redistribute the wealth,” Seun said recently, while commenting on Buhari’s one year in office.

On the reason the album was released a day before Nigeria’s Independence Day celebration, Seun’s manager A. Oloye said, “the decision was entirely that of Sony Music; the album was released on their label. Though it’s a coincidence, don’t forget that Seun, as an artiste, has always been consistent in his criticisms of the government. If you look at all his previous albums, nothing has changed. So, to me, this is just Seun being himself,” he said.

Meanwhile, Seun and the Egypt 80 Band will soon be jetting out of the country for a music tour that will see the band play at different locations in the United States.

This November, Seun is billed to open on tour for Lauryn Hill, as well as headline his own tour.

MAXIMA PRODUCTIONS PREMIERES ‘THE CONDO’, UNVEILS DREAM ABODE After weeks on working on set, Maxima Integrated Media, the producer of ‘Allison’s Stand’, has finally premiered its latest situational comedy series, ‘The Condo’.

Held at the Wheatbaker Hotel, Ikoyi, Lagos, the premiere also witnessed the unveiling of Dream Abode, a TV show/a radio/online show that aims at changing the narrative & re-orientating the African youths on real estate & interior design related matters.

Anchored by comedian Ushbebe, the evening attracted guests from both the entertainment industry as well as top players in the real estate and interior decoration sector such as MD/CEO of Adam & Eve, Mrs Ogunlesi, who will be playing a major role in Dream Abode. Also present at the screening are some of the cast members of The Condo, including Frank Donga, Binta Ayo Mogaji, Chris Okagbue, Tope Tedela and Mumbi Maina.

Written by Funmi Morgan, directed

Falz

Re-elected PMAN president Pretty Okafor being declared winner of the election by PMAN secretary general Kenny Ama George as others look on

New PMAN Partners Culture Ministry The newly elected Pretty Okafor led Performing Musicians Employers Association (PMAN) has hit the ground running with its recent official partnership with the Federal Government through the Federal Ministry Of Information and Culture to fight and curb the menace of piracy through which multi billions of naira are lost annually as revenue and also to develop the entertainment and creative industries in Nigeria. This is coming at the heels of the recently successfully held national delegates conference and elections where Pretty Okafor emerged president unopposed to lead the union for the next 4 years and consolidate on the numerous groundbreaking initiatives his tenure as interim president witnessed.

by Yemi Morgan and produced by Femi Ogundoro, The Condo is a situational comedy with subtle elements of drama.

Each episode exudes realism laced with sophistication, sassiness and class. The delivery of cast is witty, fluid and convincingly captivating.

Speaking at the event, the MD of Maxima Integrated Media, Femi Ogundoro informed that Dream Abode is not just a TV show, a radio show or an online platform.

“It’s actually a campaign with the primary objective of changing the narrative & re-orientating the African youths on real estate & interior design related matters – starting with three countries: Nigeria, Ghana and Kenya, while The Condo is a situational comedy series, an interplay & balance of two different worlds of character/personalities.”

On why he came up with the idea of TV show and the choice of the three countries for a start, the producer of Allison’s Stand explained, “We discovered that in those countries, we practically live the same kind of lifestyle, except that Kenyans are more conservative; Ghanaians are also a bit conservative compared to Nigerians. But with all that affluence and opportunities at the disposal of Nigerians, we cannot boast of being ahead of those other countries, in terms of investment. A number of people that are open to it, they quickly do it. But those that are not doing it, it’s not like they are not aware, but it’s not part of their value system. They don’t see the need for it,” he said.

The focus of the campaign, according to Ogundoro, “is to re-orientate our people; let us open their minds to possibilities. If you check it, the wealthy have 24 hours and you have 24 hours. They have one head and you have one head; it’s for you to develop it. So, let’s disabuse our minds from that entitlement mentality and start investing the right way.”

To ensure the programme gets to target audience, especially in Nigeria, Dream Abode will be on TV stations, radio stations and online, where professionals and hosts will be sharing ideas with viewers.

“We are using AIT and we are almost finalising that of Channels and African Magic. For radio, it’s going to be running on Wazobia FM, with Lolo (Omotunde) as the host. We also have on Nigeria Info with Onimisi Adaba, who will be hosting the show weekly. The interesting thing about this is that they are stories. We are just saying, ‘those things you discuss in your

In a letter signed on behalf of the ministry of Information and culture Alhaji.

Lai Mohammed. The partnership between PMAN and the ministry is multifaceted to institutionalize and declare a national piracy day, demonstrate commitment and the political will to fight piracy, support the growth and development of the Nigeria Entertainment and creative industries, take immediate steps to minimize and curtail the piracy menace and to come up with stakeholder driven anti-piracy initiatives.

Pretty Okafor and his exco have swung into action immediately by reaching out to various establishments and individuals in both the corporate and public sectors to work together to achieve its set out goals in this regard. closet, bring them on the table and they will be trashed out.’ Online, it will be on www. dreamabode.tv. The idea is to ensure that we reach as much people as possible.”

Meanwhile, The Condo is expected to downplay the seriousness of the Dream Abode initiative by adding entertainment, while still driving the message.

“People like drama and The Condo is on the lighter note; it focuses more on the young people and how they live their lives.

You have the likes of Frank Donga, Chris Okagbue and Mumbi Maina from Kenya.

They will discuss a number of issues ranging from relationship to dependency etc. It’s just to entertain people, but in a very subtle way, educate them on the basis for having a place called theirs,” he said.

PATORANKING, FALZ, CYNTHIA MORGAN DEBUT IN COKE STUDIO AFRICA – Ikenna Bede Patoranking, Cynthia Morgan, Falz, Kiss Daniel and Simi join recurring acts like 2Baba, Flavour, Waje and Yemi Alade on the music show.

Following the success of its third season, Nigerian Bottling Company (NBC) is leaving no unturned stones in its the fourth season of Coke Studio Africa.

Themed ‘Discover,’ the music show will showcase its performing artistes’ efforts in experimenting on new music styles through fusing of genres to create unique African sounds. The show also avails to music fans, a unique platform to request for on the spot music performance from their favourite artistes.

Speaking on the Coke Studio Africa vision and focus, Marketing Director of Coca-Cola Nigeria, Patricia Jemibewon elaborated: “We are glad to be creating refreshingly new sounds in the music industry across Africa through Coke Studio Africa. Each new season continues to offer something revitalizing to the fans and we are promising that coke studio season 4 will be even more awesome.”

Music fans across Africa are set to be thrilled by electric performances from 45 different artistes, each paired act delivering a rendition of a mash up version of their original songs. Performing artistes were handpicked based on their musical influence and popularity amongst fans in their respective countries. Six countries have been added to the original country list – making a total of eleven countries. Newly added countries includes: Ghana, Cameroon, Ivory Coast, Democratic Republic of Congo and

Togo.

The power of collaboration is what Coke Music Studio offers on its platform, Marketing Manager of Coca-Cola Nigeria, Cletus Onyebuoha stated at the unveiling.

Tanzanian songstress, Vanessa Mdee was one of the Coke Studio Africa performing acts – alongside Simi – to attend the launch. Excited, she relayed her experience on the show and her collaboration with Nigeria’s Patoranking.

“I have been on the Coke Studio Africa for three seasons now. Every year, it has been a more exciting journey for me because Coke has enhanced; the production this year is bigger. It has been a great experience, Patoranking is a great artist and a friend of mine, it didn’t feel like anything was new, you can tell, the onscreen synergy was undeniable, we made some great music and hope you guys will love it” Other top African acts on the show includes Kenyan boy band Sauti Sol, Congolese singer-songwriter, Fally Ipupa, Bongos pop princess VeeMoney, Ivorian artiste, Serge Beynaud, Ugandan R&B singer Rema Namakula , Angolan Yuri da Cunha and Kenyan gospel singer Bahati.

KSA GOES TO TEMPLE ON SUNDAY The long birthday celebration of legendary musician King Sunny Ade is steadily coming to an end. The juju musician who clocked 70 on September 22, has been hosted by different people starting from the Redeemed Christian Church of God where he worships till now.

To wind up the celebration, Temple Management Company will be hosting the king in a grand concert ‘Sunny on Sunday’.

The initiative according to the CEO of the company Idris Olorunnimbe, is a national assignment that is long overdue.

“We are glad to shoulder this responsibility. We want to assure fans of King Sunny Ade of a truly world-class concert. We are working with partners in South Africa and other parts of the world to deliver a befitting celebration of a legend.”

His statement was corroborated by the company’s Head of Entertainment, Mark Redguard: “KSA has a robust reputation, he’s been a two-time Grammy nominee, featured in Hollywood movies and have great collaborations with international artistes. The focus of this celebration is to leave a legacy of the icon for the younger generation to fall back on.”

KSA in his homely state expressed gratitude to the company for their plans to host him. He was emotionally moved by the love and care showered upon him on this significant birthday. “Since September 22, my birthday, I haven’t stopped celebrating. There is always someone or persons hosting me. Sometimes, I’m not privileged to do what I know how to do best. Therefore, for this celebration, I will give my best performance. I will do what other papas of my age cannot do,” he said to loud cheers of ‘Greatest Papa Youth of our Time’.

He went on further to announce that he will be playing a symbolic guitar that will be auctioned at the concert.

Joining him on stage will be international artistes Youssou N’dour, Awilo Logomba, alongside Darey Art Alade, Tiwa Savage and other new generation musicians.

Scheduled to hold on December 11, 2016 at the Federal Palace Hotel, Victoria Island, Lagos, DStv will broadcast the concert live on its event channels.

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ENTERTAINMENT NEWS

India, Pakistan at War over Movie

Vanessa Obioha

‘Ae Dil Hai Mushkil’, the unreleased movie of Karan Johar is causing tension between the two countries. New York Times reported that the two countries have been at war since an India’s army base was attacked in September by suspected Pakistanis. The violent act had a ripple effect on the country to the extent that Bollywood decided not to feature Pakistans in their movies. Thus, movies with Pakistan actors have their release dates derailed Unfortunately, Johar, one of the industry successful directors new film featured a Pakistani actor, Fawad Khan.

Also, a far-right political party based in the state of Maharashtra has warned all Pakistani performers working in India to leave within 48 hours or risk being beaten up.

However, the Indian minister of home affairs, Rajnath Singh, met with a delegation led by the president of a major movie producers’ group recently and assured them that steps would be taken to ensure that Johar’s film would not be disrupted by violence.

Meanwhile, Johar took to social media to plead with the protesters. He promised never to feature a Pakistani actor in any of his future productions.

Karan Johar

‘ENEMY OF THE STATE’ TO BE ADAPTED TO SMALL SCREEN ABC network is partnering with with Jerry Bruckheimer Television to produce the series of the 1998 big screen thriller starring Will Smith. The original film revolves round the actor who played the role of a lawyer targeted by a corrupt politician and the NSA after accidentally receiving evidence exposing a politically motivated crime The small screen adaptation will be set 20 years later after the original film with a new narrative revolving round an idealistic female attorney who must partner with an FBI agent to stop a global conspiracy exposed by an NSA spy being charged with leaking classified information.

Smith is not attached to the TV project, but producer Jerry Bruckheimer is.

company into a pay television business.

Therefore, in the lawsuit, it accused Netflix and its Chief Content Officer Ted Sarandos of falsely representing its obligations to Relativity in the press, publicly criticising the studio’s business model and poisoning Relativity’s name to power brokers in an elaborate and aggressive smear campaign.

In defense, Netflix told The Wrap that the lawsuit is baseless and ironic. There were attempts by Netflix to renegotiate the fee rate to more favourable terms to the streaming service but the prosecutor declined. Though the suit does not spell out how it came up with its projection of $1.5 billion in losses, the papers note that Netflix paid between $100 million and $300 million per year to Relativity under the deal.

NETFLIX FACES LAWSUIT The online streaming service was recently slammed a lawsuit by Relativity Media. The latter accused Netflix for breach of contract and libel that resulted in damages worth of $1.5 billion. In 2010, the two companies forged an output deal where the Netflix was to pay Relativity Media fees based on the box office performance of any given film — with a guaranteed cash minimum of $3.7 million. However, Netflix has been slow in meeting up with its own side of the deal despite its booming business. At the time of the deal, the streaming giant was merely a fledgling DVD mail-order business. Relativity contends that by choosing Netflix as its pay television or SVOD partner, Relativity single-handedly converted Netflix from a DVD mail-order

EMINEM MOCKS DONALD TRUMP IN NEW MUSIC Known for his arsenal of invectives, the white rapper did not spare the Republican presidential candidate in his new single.

Aptly, titled ‘’Campaign Speech, the eight-minute track is just a teaser to his upcoming LP. He expressed ire towards Donald Trump whose reputation continually faces defamation in the wake of his outbursts and tactless approach towards the election. Eminem is yet to release date for his LP.

Eminem

Janet Jackson

FOX COUNT ITS LOSSES After investing heavily on Nate Parker’s Birth of a Nation, Fox Searchlight may not record any profit.

The film won the grand jury prize and audience award at Sundance film festival

in January, and was tipped to be an Oscar favourite. This led Fox to purchase the movie for a whopping sum of $17.5m.

The film’s success was however dimmed by Parker’s ugly past. Just weeks before it premiered at the Toronto International Film Festival, Parker’s rape case was dug out and the media had a field day unleashing every tiniest detail of that ordeal. Since then,the fate of the movie has been in shaky hands.

It became more evident as the film failed to attract audience in its first two weeks in US cinemas. Already plans to boycott the film had been ongoing.

The Hollywood Reporter reported that Fox had invested an estimated $18m on marketing, and expects to lose $5m to $10m.

SHANIA TWAIN HONOURED AT CMT AWARDS The country singer had the time of her life at the recently held CMT Awards.

Honoured with the the artist of the lifetime award, Shania Twain was serenaded with a medley of her songs by female artists across three genres. Pop singer Meghan Trainor and R&B singer Jill Scott joined Ballerini to sing Twain’s classic anthem to female strength, ‘Man, I Feel Like a Woman.’

Twain gained fame in the mid-’90s with her pop country songs and music videos that combined sex appeal, female empowerment and high fashion.

Other winners at the award include Carrie Underwood, Ballerini and Chris Stapleton.

JANET JACKSON GETS HER FIRST NOMINATION IN THE ROCK & ROLL HALL OF FAME The singer gets her first nomination nine years after she was declared eligible to be inducted in the prestigious Rock & Roll Hall of Fame.

The youngest of the Jackson’s family, Janet is a renowned pop star in the industry with a robust discography.

The 50 year-old mum to be will be contending with the likes of the late rapper, Tupac Shakur, Chaka Khan, Electric Light Orchestra and Joan Baez.

The inductees are voted by fans and by an international body consisting of 800 artists, historians and members of the music industry who are asked to consider musical influence, innovation, and length and depth of career.

Final results will be announced in December.

PETER DINKLAGE TO STAR IN POSTAPOCALYPTIC FILM One of Game of Thrones favourite character Peter Dinklage is set to star in a movie about life after apocalypse, ‘I Think We’re Alone.’

Playing the character Del---a man who finds his innermost fantasies of seclusion realized when the rest of humanity is wiped out in a mysterious incident---Dinklage will be joined by Elle Fanning. She is the second survivor of the apocalypse and threatens to disrupt Dinklage’s newfound sense of order.

Reed Morano will be directing the film written by Mike Makowsky while Dinklage will also share producer’s credits with David Ginsberg.

IM Global will however oversee the marketing of the movie.

Shania Twain

Peter Dinklage

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PERSONALITY

The Man Behind Slot

Early in life, Nnamdi Ezeigbo had a life-changing experience. That experience would later lead him to embrace higher personal values that have guided him to build an emerging proudly Nigerian brand, Slot. He spoke with Funke Olaode about the string of inexplicable changes that characterised his success

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is trade name, Slot, goes ahead of him. Arguably, every Nigerian knows that name. Alright, change that to ‘most’ Nigerians. If you still don’t get it, chances are that the mobile communication device in your hands, is not (for the sake of decency), not well prized. If it were, you would know Slot, a name that is fast becoming synonymous with trade in quality mobile phones; even if the name of its owner, Nnamdi Ezeigbo, means nothing to you.

Ezeigbo has rolled out the drums in celebration of attaining the age of 50. But he once tweaked his age to get a job. At the time, it seemed like the normal thing.

Fine-tuning one’s age is common place in Nigeria where many fill an ‘age declaration’ form before an officer in the Temple of Justice, who affirms an official seal to the lies.

So, it was no big deal when he presented such a document which was needed to collect Letter of Appointment into a well-paid job. But an eagle-eyed official became his spoilsport spotting the difference between the ‘declared age’ and what he submitted earlier during the process of securing the job. It was a bad day for Ezeigbo who cursed his luck for letting a game which was almost in his kitty slip through his fingers. “I was the only one dropped among 21 of us who were penciled for employment. Honestly, it was painful.”

Out of that bitter experience came a resolve to stick to transparency. Going forward, Ezeigbo positioned himself on the high pedestal of integrity. He took away a moral that has guided him since. “The lesson really is that it helped me that even though if many consider certain norm as right, you mustn’t accept it as normal. That scenario changed my perception about life, on how to do business and it made me a better person.”

After two years of searching for a job that proved elusive, he dabbled into the business of fixing computers with a friend.

However, his partner was not converted to doing right. He was running around trying to make money, cheating customers. But he couldn’t be persuaded to join the bandwagon. Of course, this mismatch in value created a rift between them. They went their separate ways and he had to squat in a small bookshop.

Within a short period, his integrity endeared him to many customers.

“It is very difficult sometimes to tell customers the truth. For

instance, if you want to fix either your computer or television set they would give you an estimated bill of N30, 000. But I would tell them straight that the component is N5, 000 and my fee is N2, 000. Because of my truthfulness, I wormed myself to many customers. My mind was renewed and it became abnormal to shortchange my customers. I am a different person. I find it difficult to tell a lie. I find it difficult to do something that is not ethical. This stance has deprived my company of so many contracts. We don’t care because we are doing the right thing which will pay off in the long run.”

He continued what has become known as the Slot story. “I had no father or an uncle to fall back on. What has always worked for me is that I am a very courageous person. There was nothing to fear. I was coming from a humble background. Somebody who is on the ground is not afraid of falling down. I was only passionate

ONE OF THE THINGS THAT WORKED FOR ME WAS THAT AFTER MY EXPERIENCE, I BECAME VERY RELIGIOUS. I BECAME VERY SOBER AND WANTED TO DO THINGS THE RIGHT WAY. I PRAYED FOR A WIFE...

I LIVED IN A SMALL APARTMENT IN THE OUTSKIRT OF LAGOS, MEIRAN TO BE PRECISE AFTER ABULE-EGBA. MOST OF MY FRIENDS LIVED IN IKEJA AND ON THE ISLAND, BUT I SAID I NEEDED TO GO SOMEWHERE MY MONEY COULD AFFORD AND AT THE SAME TIME MARRY A WOMAN THAT I COULD MANAGE. MY WIFE PLAYED AN IMPORTANT ROLE IN MY LIFE. SHE IS A VERY STRONG WOMAN, A VERY WONDERFUL PERSON

Nnamdi Ezeigbo

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PERSONALITY THE MAN BEHIND SLOT about pushing my business to an enviable position. It was a last resort for me. I was consciously doing it and people were trooping into my office as if I had something different to offer. The only thing that I had working for me was that I added value at a very affordable cost. I was enjoying word of mouth referrals. I was working on people’s computer and they were happy with my work. When the work load was too much, I had to employ my younger brother.

I have what can be described as relationship capital. I had referrals to companies and started making some money for myself and was able to put basic structure in place., I also leveraged on relationship to enjoy company’s credit policies.

And once they trust you they will be willing to do business with you.”

In 1998, ten years after he set foot in Lagos, he established Slot.

Ezeigbo was born on August 4, 1966 in Sapele, Delta State to Ibo parents from Umuahia in Abia State. His late father worked as a supervisor in PAMOL, a subsidiary of UNILEVER, while the mother was a petty trader.

Ezeigbo’s entrepreneurial spirit manifested early due to circumstance beyond his control.

His mother had nine children and the business icon is number one.

“I I used to hawk bread for my mother after school hours. I took interest in trade because every time I went out hawking bread I always wanted to sell everything. It wasn’t a privileged beginning but very humble one.”

After secondary school his father couldn’t afford to send me him to a university. However, one of his father’s friends encouraged him to work and save money.

Determined to succeed, he worked for four years to raise the money to go to school. This episode of his life instilled the passion for hard work in him. There were school fees to be paid and he had to assist his parents. The money he raised was able to take care of his school fees for one year until his parents were able to pick it up.

His parents had discouraged him from pursuing university education, preferring instead that he should go to a polytechnic where the fees were cheaper. “It was a terrible moment in my life. I always wanted to go to the university. I did everything possible on how I could force my parents but it didn’t work. I gained admission into the university including University of Ife a couple of times my parents would ask me to wait for the next year. I worked in Sapele to save money, while young boys like me were using their money to club, I bought books with my money. I made up my mind at that early stage to be different. I distinguished myself from the crowd. I knew the only thing that could put me be at par with these rich children was education.”

Things changed for good forever for Ezeigbo in 1988. It was the year he came to Lagos as a student of the Yaba College of Technology from where he bagged a Higher National Diploma in Electrical Electronics. Ezeigbo’s thirst for more knowledge, again, took him to Lagos State University

where he bagged a degree in Computer Engineering. In the course of running Slot, he has since moved on to acquire two Masters degree and has been able to study at Harvard.

The company which Ezeigbo started with just two support staff in 1998 has become a conglomerate with several outlets and 700 staff.

Slot has 60 outlets scattered all over Nigeria with the intention of conquering the African continent.

In all of this, Ezeigbo says jokingly that he owes his trade name to his numerous customers.

He explained how he came about the name. “In those days, there were lower models of computers with two kinds of processors which is the brain behind the computer.

There are two types of processor: the slot processor and the socket one. The slot processor that looks like card is more effective, robust and rugged. I always recommended it for customers.

That was basically how they started calling me Slot.”

The high point of his business, so far was the introduction of TECNO into the Nigerian markets in 2006.

Setting the record straight between him and his former partner, Nokia, he said the intention really was not to drive Nokia out of Nigeria but to make the market more competitive. He explained. “We didn’t get the kind of service we expected from Nokia.

We provided after sales services and if the product is beyond repair we would replace it. Of course, we were running the company at a loss and I said to myself it is high time we came up with something that would actually compete with Nokia. That was how we brought in the TECNO brand to bring reasonably priced phones to Nigerians.”

His marriage is as old as his business. He got married in December 1998 to his wife, Nkechi, a native of Asaba in Delta State.

The union coincided with the establishment of his business.

“One of the things that worked for me was that after my experience with the age falsification episode, I became very religious. I became very sober and wanted to do things the right way. I prayed for a wife and it took me six months to achieve that. I said now that I have

Ezeigbo....The company he started with just two support staff in 1998 has become a conglomerate with several outlets and 700 staff

not made money was the best time to look for the right woman. I lived in a small apartment in the outskirt of Lagos, Meiran to be precise after Abule-Egba. Most of my friends lived in Ikeja and on the Island, but I said I needed to go somewhere my money could afford and at the same time marry a woman that I could manage.

IT WAS A TERRIBLE MOMENT IN MY LIFE. I ALWAYS WANTED TO GO TO THE UNIVERSITY. I DID EVERYTHING POSSIBLE ON HOW I COULD FORCE MY PARENTS BUT IT DIDN’T WORK. I GAINED ADMISSION INTO THE UNIVERSITY INCLUDING UNIVERSITY OF IFE A COUPLE OF TIMES MY PARENTS WOULD ASK ME TO WAIT FOR THE NEXT YEAR. I WORKED IN SAPELE TO SAVE MONEY, WHILE YOUNG BOYS LIKE ME WERE USING THEIR MONEY TO CLUB, I BOUGHT BOOKS WITH MY MONEY. I MADE UP MY MIND AT THAT EARLY STAGE TO BE DIFFERENT. I DISTINGUISHED MYSELF FROM THE CROWD. I KNEW THE ONLY THING THAT COULD PUT ME BE AT PAR WITH THESE RICH CHILDREN WAS EDUCATION

“My wife played an important role in my life. She is a very strong woman, a very wonderful person. When we met we saw ourselves as people who were destined together. It was more of collaboration, partnership and she complements me. That has also helped us to have a wonderful relationship. The union is blessed with four wonderful children who are gradually carving a niche for themselves. My first son is studying medicine.”

Ezeigbo is an ardent lover and supporter of education. He is also a philanthropist who speaks at different fora on entrepreneurship, encouraging young people. He currently has two foundations: One in the memory of his late father, Anthony Chibike Ezeigbo. The other is the Slot Foundation, set up to help young people to become employable. What it has done is to set up an academy which would have cost N150,000 but at a subsidized rate of N50,000. His next move now is to continue to help young entrepreneurs grow, achieve success and expand to African countries. One of his immediate plans is to launch a book that teaches sustainability of business in Nigeria against all odds. It is titled ‘Entrepreneurship: The Slot Way.’

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Onoshe

airtimeplus98@gmail.com

Nwabuikwu AIRMAIL Horribly in Bad Taste: The AIRTEL TVC

A scene from a nollywood movie

Still on Old Nollywood Vs. New Nollywood

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ast week I wrote about the ‘battle’ between the old Nollywood and the new Nollywood. Most of my information was based on the reactions to what director/producer Charles Novia reportedly said. A few days later on Facebook, he invited me to read his side of the story. I have his permission to share some of what he wrote. It is a long but very illuminating read.

Please read and draw your own conclusions: “I was a guest analyst on Emmanuel Ugolee’s ‘The Gist’, broadcast on Hip TV, Saturday morning of 24th September, 2016. A couple of my colleagues in Nollywood were also guests: Uzodinmma Okpechi and Moses Inwang What was broadcast was the second part of an hour long conversation in the studio; the first part having been broadcast the week before and the topic was on developments in Nollywood and the way forward viz-a-viz the present state of the industry, positives and all.

It was an interesting topic and we all had a relaxed conversation about the trends in the industry, in line with the visual theme of the programme, which is supposed to be laid back but with incisive conversations.

In the course of the discussion, Emma asked us our opinions about the ‘New Nollywood’ phenomenon and as part of what the Producers of that programme put out online as a promo for viewership, an edited few seconds version of our opinions were sampled. It is that clip, more than the body of the programme itself, which has gained traction and perhaps has been misrepresented in its singleness as a wholly stigmatization of a certain slant of the industry.

Emma Ugolee after asking his question in the full body of the programme got answers based on the wealth of experience of the guests and their personal perceptions. My reply to the question on the box office appeal of the new stars was an academic opinion based on personal empirical study and what has been discussed many times by

many of my producer colleagues well grounded in marketing and distribution in both the cinema and DVD circuits.

Emma brought up the names of OC Ukeje and Blossom as examples and our dove tail on the question was that in the present scheme of things, the names he mentioned would probably not pull the numbers at the box office as much as an RMD or Ramsey Nouah would pull throngs.

Uzo proferred the same opinion upon which Emma asked ‘So, they (OC and Blossom) are instagram stars?’.

(And with that question, Emma Ugolee unwittingly has started a new catch phrase in the industry). Uzo replied that the new stars may not be recognised in Abeokuta by many people compared to the older faces whom the audience have been used to for years. And that’s what riled the bee-on-the-scrotum brigade on social media, which went on a frenzy which was most amusing because many of such reactions were from those who only saw the clip and went on a tirade because it’s ‘them versus us’.

Usually, I ignore in amusement such vitriol or instigated vituperations on my person over my opinions on social media, as I am more interested in the academic argument my opinions might have prodded but as the tweets went on a personal slant by some colleagues, I began to wonder if there was more to the furore than the fulcrum of the opinions one expressed.

I am inclined to believe ( from what I know) that some persons are holding brief for this New Nollywood and Old Nollywood in such a manner that whenever anything is said about the new school which seems like some sand will be poured in their garri, they are up in arms.

Going back to the conversation, let me make it clear once again that for the records, I do not hold anyone in less esteem in Nollywood than the other person because despite the seemingly giant strides we might have made over the years, there is still a long way to go.

But we cannot achieve our goals if we do not have continual conversations about

our artistry, our business, our disruptive distribution challenges and what we hope to build in the next decade for the next generation. I proffer opinions on the industry based on personal experiences and part of an intellectual process to get us all to be introspective.

The conversation on that programme was indirectly on the commercial juxtaposition of the past and the present in Nollywood and again, it was done in the strictest of professional opinions. .

Why is it that the most popular stars from Nollywood in Africa and in the Diaspora today are those who are from the Idumota/Asaba/Alaba distribution system? These are the same people who some members of a new generation would never believe command such influence and presence but the facts stare at us all in the face. How come a Ramsey Noah or Genevieve or Rita Dominic are more likely to cause heavy traffic in major cities in Africa just by walking down the streets and none of the new cinema school are yet to elicit that kind of reaction ? For a Producer making a business decision these days it’s inevitable that to smile to the banks at the box office, the integration of the cast from the recent past and the present is necessary.

And here is another thing: in Nollywood today you should not be regarded as a tested Producer if you don’t put your money where your mouth is. You cannot produce a low-budget fare and push to the cinema and make a lot of noise on social media about it, when the numbers at the Box Office are telling you that your movie is a new slant of failure!

If your movie fails to make a profit, be brave to come out and tell the world, instead of passing off as a new strain of cool. I have produced a few movies wherein I lost money but I learnt from the mistakes and listened to corrections.

As a Producer, you should be commercial minded or ruthless in taking business decisions.

If you shoot a movie with N10 million naira and that movie makes N5 million naira at the Box Office, in present day dynamics of distribution, you are not a

Have you seen the new Airtel advert on television?

The one with a madam, a steward and the master, portraying a domestic setting where the steward burnt the food because he had too much credit and was talking endlessly on the phone? I find the advert offensive and in very bad taste, but wonder why there has been no uproar about the advert. The sort of noise that greeted and hounded off the air waves the “Mama Na Boy” advert? In fact, the telecommunication company actually apologised for the advert.

I digress. It is rather quite surprising that the said advert continues to air and I wonder how it passed whatever standard of certification for playing adverts on air.

Some of the grounds on which the said advert is objectionable are as follows: Firstly, the advert advances stereotypes; the steward is from a particular section of the country where the occupation of its people is domestic service, further, it suggests that domestic service is servitude. How can the ‘madam’ pull a grown man by his ears with a horsewhip in hand and make him kneel down before her!

The advert also projects domestic violence. Haba!

Horsewhip wielding madam? It really does not matter that the horsewhip was never exactly administered.

However, I ask where are the gender advocates?

Certainly the point of the advert could have been more tastefully made thereby saving us the indignity of watching the degradation of a grown man.

Where is consumer protection and all the gamut of agencies, NGOs that are meant to spot these things in an advert? Or am I just being oversensitive?

F. K. Dawodu, A_plusteam@yahoo.com.

Producer but a Traducer of the business.

You are a Traducer because those Asaba and Alaba Producers would use that same N5 million, shoot a movie with the known mega stars their audience want and sell ten million copies of that movie on DVD in the same period that the Cinema Producer uses in going all over social media to market a new ‘cinema’ movie! And the question some of us ask, for research and empirical purposes, is to find out how those guys are doing it right and smiling to the bank, despite massive piracy and some others are centred in Lagos speaking grammar and strutting red carpets for recognition! These are the conversations we are having and part of the realisation is that the new African cinema still needs the old stars and the new ones. The new ones cannot stand alone and give you the Box Office numbers. Simple!

When you come out to say it like it is, some people hold grudges. Who your Grudge epp? It is apt to say here that perhaps, ‘To Grudge Be The Glory’.

assistant editor nseobong okon-ekong senior correspondent funke olaode correspondent vanessa obioha designer ibirogba ibidapo CONTRIBUTORS onoshe nwabuikwu, temilolu okeowo, kelechi nduka THISDAY ON SUNDAY editor adetokunbo adedoja deputy editor vincent obia STUDIO art director ochi ogbuaku jnr THISDAY NEWSPAPERS editor-in-chief & chairman nduka obaigbena managing director eniola bello deputy managing director kayode komolafe

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EVENT

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enowned photographer and journalist, Mr. Percy Sunmisola Smart-Cole, clocked 75 on September 25, 2016. To celebrate this milestone, a thanksgiving service was held at All Saints Anglican Church, Yaba. And thereafter, a photo exhibition of his works was commissioned by the Minister of lnformation and Culture, Alhaji Lai Mohammed. Here are some of the personalities that graced the occasion.

Photos: Abiodun Ajala L-R:Celebrant,PercySunmisolaSmart-Cole,andMinisteroflnformation,Culture&Tourism,AlhajiLaiMohammed

L-R: Celebrant’s son, Tobi Smart-Cole, Oloye Violet lyabode Ladipo, and his wife, Madam Sobra

L-R: Mr. Femi Majekodunmi and Mr. Lanre Ogunlesi

Mr. and Mrs. Odein Ajumogobia

Senator and Mrs. lke Nwachukwu

L-R: Chief Agnes Ojehomon, Taba Allwell Brown and Siene Allwell Brown

L-R: Bishop Modupe Amu, Archbisop George Amu, and Mrs Oluwatoyin Isemede

L-R: Mr. Peter Fisher and Mr. Yinka Akinkugbe

L-R: Mrs. Rosemary Fowler and her husband, Babatunde

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THISDAY, THE SATURDAY NEWSPAPER • OCTOBER 23, 2016

EVENT

Chief and Mrs. Temple Benson

L-R: Barrister and Mrs. Tunde Adeyemi

L-R: Mr. Kayode Komolafe and Mr. Femi Adefope

Mr. Sam Amuka Pemu

L-R: Olori Ladun Sijuade and Lady Maiden lbru

L-R: Mr. Jide Adeniyi-Jones and Mr. Don Berber

L-R: Celebrant, Mr. Sunmisola Smart-Cole, and Abiodun Ajala

R-L: Mr. and Mrs. Dare Babarinsa

R-L: Retired Musician, Segun Bucknor, and his wife, Shola

L-R: Mrs. Yewande Amusan and her husband, Dapo

L-R: Chief Ajibowu Owoade and his wife, Sheyi

ARTS & REVIEW A

SAVING LIVES THROUGH ART AUCTION… PAGE 68

PUBLICATION

23.10.2016

LIMCAF’S WISEMEN SET FOR JUDGEMENT Placenta - Ngozi Omeje winner 2014

EDITOR OKECHUKWU UWAEZUOKE/ okechukwu.uwaezuoke@thisdaylive.com

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ARTS & REVIEW\\FESTIVAL

LIMCAF’S WISEMEN S FOR JUDGEMENT Set for its 10th anniversary gala and awards night this Saturday, the Life in My City Art Festival has assembled yet another team of high-profile jurors. Okechukwu Uwaezuoke reports

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Bleeding Rose 1 - Ezennia Onyinyechi

et another LIMCAF’s annual Gala and Award Night lurks around the corner.

Indeed, this event holds in less than a week – on Saturday, to be precise. And there are strong indications that it would be holding for the first time ever at the Institute of Management and Technology’s new amphitheatre.

Thus, LIMCAF – acronym for the Life in My City Art Festival – stomps into its much-awaited 10th anniversary celebrations on a hopeful note.

No less significant is the announcement of its Grand Finale Jury for this special edition by the Board of Trustees.

The composition of the jury, headed by the University of Lagosbased associate professor of art history Dr Peju Layiwola, is consistent with the festival’s long-standing tradition of selecting high-profile art personalities.

To be sure, all of LIMCAF’s previous editions have flaunted eminent art personalities as jurors. Thus, the selection of the winning works of what has arguably become Nigeria’s biggest art fiesta has always enjoyed the minimum level of credibility.

Nothing less, in any case, would have been expected from this one-ofa-kind event that creates incentives and opportunities for young people across the country.

This would not be Dr Layiwola’s first time at this annual competition cum festival. Her previous LIMCAF experience as well as her lustrous credentials as an artist and art historian stands her in good stead for the position of jury head.

The distinguished female academic, who has published widely on the visual culture of Nigeria and Africa, is also actively involved in studio practice. Her writings, not surprisingly, have found their way into such notable publications as the Open Arts Journal of the Open University, UK, N. Paradoxa (an international feminist art journal), UK and several publications of the Museum of Ethnology, Vienna (Austria). Her dual Yoruba and Edo ancestry has positioned her at the creative confluence of both cultures.

Also, the fact that she is a scion of the first female bronze-caster in Nigeria – Princess Elizabeth Olowu, daughter of Oba Akenzua II, the late King of Benin – explains so much.

But Dr Layiwola not only works in metal (both in its cold and liquid form) but also in a miscellany of media. This was evident in her most documented solo exhibition in 2010, titled Benin1897.com: Art and the Restitution Question. That exhibition was based on the contested patrimony of Benin Empire.

Well-known in both the local and international exhibition circuit, her most recent show was titled Boundary Objects/Objectas Fontera and

travelled from Dresden in Germany to the Spanish capital Madrid between 2015 and 2016.

The 1988 University of Benin BA degree holder in metal casting and design also holds a Masters in 1991 and doctoral degree (visual arts) from the University of Ibadan in 2004.

At every stage of her career, she has received several awards. She was, for instance, the Best graduating Student University of Benin in 1988 and the 1989 National Youth Service Merit Award in Lagos State. She also won three Paul Getty Travel grants to New York, Los Angeles and South Africa and was later a US Department of State Nominee for the International Visitors Leadership Programme on cultural preservation.

This was in addition to being a nominated partner for the US State Department SmARTpower project, an initiative of Hilary Clinton as Secretary of State in (2012).

The one-time assistant lecturer at the University of Benin would later become the first female Head, Department of Creative Arts of the University of Lagos from 2012 to 2014. In an obvious deference to her accomplishments, she had been invited to anchor several workshops for the Bruce Onobrakpeya Foundation and the Omooba Yemisi Shyllon/UNILAG Art workshops series.

But her activities extend beyond the academic environment. She is, for instance, involved in community work under the auspices of an NGO, Women and Youth Art Foundation which she founded in 2004. Her educational VCDs, which teach various arts and crafts, remain her most tangible contribution to art education.

Under her and her husband Professor Dele Layiwola of the University of Ibadan, a lot of acolytes (both biological and academic) have enjoyed some form of mentorship.

Also in the 10th Anniversary Grand Finale Jury are the Ahmadu Bello University’s Professor Mu’azu Mohammed Sani, the University of Port Harcourt’s Ikechukwu Francis Okoronkwo (a.k.a.

Ike Francis) and Ladoke Akintola University of Technology, Ogbomoso-based Dr Kenny Badaru.

The Katsina-born Professor Mu’azu holds a 1983 first-class honours BA degree and a 1986 MFA degree as well as a PhD (in 2014) in painting from the Ahmadu Bello University in Zaria.

Besides holding several exhibitions, he has also participated in 23 art workshops. A member the Nogh-Nogh Art Movement, among many organisations, he currently lectures in the ABU’s art department, where he also served as the Head of Painting Section for 10 years and was promoted to the rank of Professor in 2012.

Ike Francis, born in Lagos mainland, is a 1995 University of Port Harcourt graduate of sculptor who also holds an MFA in painting in 2001 from the University of Nigeria in Nsukka. He had, while at the university, studied under the tutelage of Professor Chike Aniakor, delving into a deeper inclination towards conceptual and poetic depic-

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Dr Layiwola, LIMCAF’s head of the judging panel tion of topical issues. The veteran of many local and international artists’ workshops and residencies expresses himself also in poetry. His recent poetry collection, Petals and Thorns had just been published in Bloomington (US). He currently teaches mixedmedia, painting and drawing in the University of Port Harcourt.

As for the Abeokuta-born Dr Badaru, he is a multimedia experimental artist who holds BA and MFA degrees in sculpture from the ABU in Zaria.

He is currently a doctoral research scholar at Ladoke Akintola University of Technology in Ogbomoso. The self-effacing but highly-principled and creatively-restless artist once served as a national officer of the Society of Nigerian Artists (SNA) and lectures at Federal College of Education, Abeokuta.

According to LIMCAF’s art director, Ayo Adewunmi, who heads the Enugu-based Institute of Management and Technology’s Department of Graphic Arts, Photography and Design, this is “in keeping with LIMCAF’s tradition” of adding an international flavour to the panel. This, he adds, “will be provided by Aurelien Sennacherib the Cultural Attaché at the French Embassy, Lagos Liaison Office. The French Embassy in Nigeria as well as the Alliance Française network throughout Nigeria have been a major and consistent source of support for LIMCAF since its inception.

“This year as a new and additional form of this support, the French Embassy has announced a new category of award of their own for LIMCAF’s teaming contestant by which Mr Sennacherib will select an outstanding work of his choice on behalf of his embassy. The owner of the selected work will be sponsored by the embassy to participate in solo or group exhibitions chosen by the embassy.”

Also worthy of mention is Professor El Anatsui’s donation of prize money for all the LIMCAF Category Prizes feature of this 10th anniversary edition. Adewunmi described the gesture as an endorsement by renowned sculptor as “very special encouragement to the organisers of the Festival.”

ARTS & REVIEW\\FESTIVAL The Inverted Pyramid; Adapted from a novel by Emeka Dike

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OCTOBER 23, 2016 • THISDAY, THE SUNDAY NEWSPAPER

ARTS & REVIEW\\AUCTION

SAVING LIVES T THROUGH ART AUCTION

DISCOVERINGTREASURES

Yinka Olatunbosun hirteen leading Nigerian artists are set to unearth their “inner treasures” in a week exhibition which opened on October 22 at Terra Kulture, Victoria Island, Lagos.

Inside Universal Studio, National Theatre, Iganmu, a handful of journalists were informed of this sequel exhibition with the theme, “Infinite Treasures II’’.

This first of its kind took place three years ago, delivering high-quality artistry. With this follow-up group show, Infinite Treasures has become a strong creative platform for projecting a wide range of art works. The participating artists have increased from seven to thirteen and they include Reuben Ugbine, Bunmi Babatunde,Abiodun Olaku, Edosa Ogiugo, DukeAsidere,Alex Nwokolo, Fidelis Eze Odogwu, OlusegunAdejumo, Sam Ovraiti, Diseye Tantua, Mufu Onifade and SegunAiyesan.

Abiodun Olaku, the convener of this massive show, expressed his satisfaction on bringing the legendary artist, Kolade Oshinowo, to the platform which accentuates the pedigree of the collective.

Formed on the basis of professionalism, the show aligns with the renewed interest in the creative economy as a major revenue earner for Nigeria.

Matching the genius of artistry across generations, Olaku highlighted a key factor in selecting the artists.

“Noteworthy is the fact that the selection of artists and the criteria transcends generational, philosophical, stylistic or gender considerations, thereby causing the inclusion of younger artists,’’ he said. It would be recalled that this annual group exhibition was meant to be a solo show by Olaku in 2013. He decidedly made it a show for respected artists when he couldn’t beat the deadline set by the gallery. It has snowballed into a major project which enjoys support of individuals and organisations such as Trojan Estates Limited and Frot Foundation.

“This show, like the past two editions, is quality driven. When you look at the composition of the participants, the strength comes from the range of diversity in style and expression. In terms of experience, the artists will not disappoint the public,’’ promised Olaku.

Every artist will present five works at the exhibition which ends on October 29.

Yinka Olatunbosun

E

kene Ngige, the artist and creative director, X-Animators, walked in on two reporters waiting for him at the Mydrim Gallery.

Loaded with ideas, Ngige’s recent press preview of the series of work holds a promise for Nigerian women living with breast cancer. Titled, “It’s All About Eve’’, the show is of two-fold, that is, an exhibition and an auction of just one piece of painting named, “Breastfeeding”.

It’s what Ngige has been known for; charitable shows are his regular and he anticipated a good turn-out of art collectors at the gallery. While reflecting on what provoked these women-inspired pieces, Ngige recounted a personal story.

“My dad passed last year and my mother went through a lot for the burial ceremony.

I had wanted to do something around women theme and encourage them. I have always done my art for charitable activities.

That was how I got in touch with the cancer foundation and we agreed to an art auction,’’ he explained. His last solo show was held at the MMA2 with the theme, “Coffee Meets Art’’.

October is celebrated globally as the breast cancer awareness month. To lend his support to this noble cause, Ngige is giving out all the proceeds of the art auction to cancer patients through a partnering foundation, Cancer Aware Nigeria.

On the technique used in engaging the audience in healthy conversation about the state of human mind, Ngige informed this reporter that it is markedly different from the realism perspective he once explored.

“I was once a realistic painter but I later found it boring because people didn’t see much difference between realism and the real picture. I had to try something different; and I tried expressionism and all that. I adapted the style from an Italian artist, and it is called drift painting. The colours create the illusion of movement. In this technique, you let the colour flow by itself. The sketch of the image is there to guide you,’’ he revealed.

He also gave an insight into the subjects of his paintings and how they relate to the overall theme for the show.

“This one is ‘Emotional toll’. It tells about being consumed with a lot of pain and not willing to share it. There are so many women on the street that have this trait. The next one is “The mother of the motherless’’.

It shows Mama Ekundayo. The woman was not wealthy but she struggled to raise motherless children and some of them grew up and became successful. She lived in Ibadan,’’ he said.

Other works at the show include “Abuse”, “Hopeful’’, “Still Hopeful’’ and “Pride of a father’’ which the artist described as the best gift a woman can give a man- a child. Of course, that sparked some creative arguments about what should really constitute the best gift from a woman to a man. After making a case for love, care and devotion, it was agreed that a child really is god’s gift.

The Director, Cancer Aware Nigeria, Tolulope Falowo underscored the importance of the art auction considering the staggering statistics on casualties in Nigeria.

“Globally cancer is on the increase however in developed countries, deaths are decreasing. This is because they have improved on prevention through early detection and better treatment but that is not the case in this part of the world. Most of our cancer cases are presented late at the hospitals. It is a non- profit organisation and we focus on detection and prevention.

Lagos Photo Lights Up the City

Breastfeeding

L

Mother of the motherless “Our focus is on breast cancer and cervical cancer. We support indigent people who have cancer. October is the global breast cancer awareness month and we partnered with Ekene Ngige this year. We usually organise free screenings. The proceeds from the auction will go into the treatment of indigent

cancer patients. We presently have a pool of women under our care either undergoing chemotherapy of radiotherapy,’’ she said, The life-saving auction takes place on Friday, October 28 at Mydrim Gallery, Ikoyi which, incidentally, is the opening of the show that runs till November 12.

agosPhoto, Nigeria’s first international photography festival is on-going.This high-profile event,which holds annually in Lagos,is in its seventh year and the content follows the usual template namely, exploration of historical and contemporary issues, promotion of social programmes and reclaiming of public spaces.

The festival features 30 photographers drawn from 17 countries whose works give varying perspectives on the central theme,“Rituals and Performance”.At a recent press briefing in Lagos to announce this show,the Creative Director, African Artists’Foundation,MsWunika Mukan, described the event as a cultural staple and declared that it would run till November 22.

The Curator,Maria Pia Bernardoni,in her remarks,broadened the understanding of the theme which influenced the selection of works at the show.“The theme explores the role of acts of repetition that shape gender,image,identity,social agency,power and social constructs in contemporary society,”she explained.

The escalator entrance at Eko Hotel and Suites had served as the main venue for the show while satellite venues for the exhibits include Omenka Gallery,Centre for Contemporary Art,Red Door Gallery,Goethe-Institut,AWhite Space and African Artists’Foundation.Outdoor exhibition spots in Lagos include Muri Okunola Park, Victoria Island; Falomo Roundabout,Ikoyi; Beko Ransome Kuti Park,AnthonyVillage; Awojobi Park,Onike; MKO Abiola Park,Ojota; Freedom Park,Lagos Island and Dolphin Park,Ikoyi.

Speaking on the just-concluded Etisalat Photo Competition,the Head,HighValue Events and Sponsorship,Etisalat Nigeria,ModupeThani revealed other special projects in the cultural calendar.One of them is the LagosPhoto Summer School for emerging photographers which runs parallel with the month-long exhibition as well as the Canon StorytellingWorkshop.Participants at the workshop will learn various visual story telling techniques.

The festival is sponsored by Eko Hotel and Suites with support from Canon,LASPARK,Lagos State Ministry ofTourism and Culture,KLM/ Air France,Romarong,Pixers,Pernod Ricard Nigeria,Goethe-Institut and Ford Foundation.

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T H I S D AY, T H E S U N D AY N E W S PA P E R • OCTOBER 23, 2016

CICERO

Editor Vincent Obia Email vincent.obia@thisdaylive.com, SMS: 08054681757

IN THE ARENA

The Bloody Attack on Southern Kaduna The federal and Kaduna State governments must stop the incessant attacks on Southern Kaduna and bring those behind the murderous assaults to justice, writes Vincent Obia

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ast week, the dark, gloomy climate of attacks by killer herdsmen, which has unleashed a torrent of anguish on many communities across the country, came down heavily on Southern Kaduna. About 40 people were killed in Godogodo town, in Jema’ah Local Government Area, and its environs in Southern Kaduna following days of attacks by suspected Fulani herdsmen. The deadly violence has been with the people of Southern Kaduna for a long time. It seemed to recede after the ascension of Mallam Nasir el-Rufai to the governorship seat in May last year. But the violence returned last week and got even nastier.

It was awful for the people as they watched helplessly the federal and state governments’ lack of ability to stop the killings, which were said to have started penultimate Saturday and continued for about four days. In the heat of the attack by the herdsmen, an angry mob, reportedly, attacked some herders in the area on Monday, killing 14 people in the process.

The miserable climate of attacks and killings by herdsmen has refused to change, despite assurances by the authorities. Since 2010, suspected Fulani herdsmen are alleged to have burnt down over 500 houses and killed more than 4,000 people in Southern Kaduna.

Things seemed to go quiet in the period following the inauguration of el-Rufai as governor, but it was just the lull before the storm. The flash of optimism disappeared in April after el-Rufai announced a controversial plan to establish grazing reserves across the state. The grazing reserves plan was particularly contentious in Southern Kaduna, as it meant dooming the natives, who are mainly farmers, and the pastoral Fulani herdsmen to a difficult cohabitation. Many in Southern Kaduna saw it as a plot to dispossess them of their land and give it to a people who had for long enacted a regime of murder and destruction against the natives. Emotions ran high, though the Kaduna State government tended later to relax the grazing reserves scheme for Southern Kaduna.

Last week’s crisis in Southern Kaduna was a largely unsurprising culmination of a season of anger and anxiety.

The federal and Kaduna State governments must rise to the occasion in Southern Kaduna. They have a fundamental duty to protect the people against the incessant attacks by herdsmen. The Nigeria Police, which is the chief internal security organ in the country, as well as the other security agencies must rise above all political, ethnic, and religious encumbrances to secure the lives and property of the people of Southern Kaduna.

As a temporary measure, and to demonstrate to the world that the lives of people in the farming communities of Southern Kaduna also matter, the federal government should set up a military taskforce to combat the so-called killer herdsmen who have terrorised the area for a long time. A similar taskforce against cattle rustlers in some parts of northern Nigeria has helped to curtail the incidence of cattle theft in the region, according to the confessions of the government and the security agencies.

In the long run, however, the Nigeria Police should

be adequately equipped and devolved to perform its traditional role of maintaining internal security.

State governments should be empowered to set up their own police organisations with appropriate role designations to take on the function of local policing.

If the authorities had put adequate security and intelligence measures in place at the local level in Southern Kaduna, they would, certainly, have been able to deal with the crisis more effectively and even nipped the carnage in the bud.

As has been reiterated severally, the establishment of ranches by those plying the private business of cattle rearing remains the most feasible solution to the bloody clashes between crop and animal farmers in the country. Keeping the animals in ranches, where they are fed with hay and other modern feeds would not only increase their yield but also eliminate the incursions into farmlands that frequently cause the clashes with crop farmers.

The anachronistic system of herding cattle from one place to the other has caused too much bloodshed in the country to be allowed to continue. It is in urgent need of change.

The killings in Southern Kaduna, like similar

carnages orchestrated by herdsmen in many other parts of the country, require urgent attention from both the federal and Kaduna State governments.

The authorities must bear in mind that their inability to resolve the fratricidal conflicts, which have flared up in many parts of the country in recent times, has hugely adverse implications for the economy and the people.

A recent study by MercyCorps, a leading international organisation based in Portland, Oregon, United States of America, said violent conflicts between farmers and herdsmen in the Middle Belt region alone cost Nigeria an estimated $13.7 billion annually. This is due to destructions of crop and animal products, as well as unpaid taxes. There is also the danger of these economic conflicts transmuting into political and religious crises if allowed to fester. The country cannot afford this, particularly, at a time when the federal and state governments are trying to boost productivity by both citizens and foreigners and steer Nigeria away from the current debilitating economic monoculture anchored on crude oil.

The climate of killings and violence is not the kind of weather in which productive investment can prosper.

P O L I T I CA L N OT E S

Women Affairs Minister’s Ominous Silence on Katsina Marriage Saga

T

Alhassan

he marriage saga in Katsina State involving a minor, Habiba Isiyaku, a 14-year-old girl who was allegedly abducted, converted to Islam and forced into marriage by her abductor, Jamilu Lawal, has raged for nearly two months. But the Minister of Women Affairs, Senator Aisha Alhassan, who should be at the forefront of the efforts to defend the rights and dignity of such innocent minors, has maintained a disturbing silence.

Though, Habiba has denied being abducted or forced into the marriage, at

14, and under the country’s laws, it is clear that she is acting in all innocence.

Besides, her father, Isyaku Tanko, has opposed the marriage and demanded the return of his daughter, albeit, unsuccessfully. The Nigeria Police, too, has seemed helpless. The police was only able to summon the courage to “advise the girl to go back to her parents” just last Monday, despite learning about the matter since September. Yet Alhassan, under whose ministry the responsibility of protecting vulnerable persons like Habiba falls, has remained silent. This ominous silence – Vincent Obia must be broken.

T H I S D AY, T H E S U N D AY N E W S PA P E R • OCTOBER 23, 2016

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CICERO/INSIGHT

AkwaIbom:AsGovernorEmmanuelSignals End of Honeymoon with Godfather Okon Bassey, in Uyo, writes that the recent dissolution of the Akwa Ibom State executive council, which had been constituted with the enormous influence of the immediate past governor hints that the honeymoon period for the incumbent and his predecessor and godfather is now over

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enultimate Saturday’s dissolution of the Akwa Ibom State executive council by Governor Udom Emmanuel was not expected because of the characters behind its composition. The ousted top appointees of the state government had no premonition of the governor’s intention to dismiss them from office. The announcement of their removal released in the evening of October 15 was like a bolt from the blue. Only few people learnt about the sack until the next day, which it became the topic of discussion in virtually every nook and cranny of the state.

Composition

The dissolved state executive council, which was inaugurated on July 6, 2015, had 20 commissioners and two special advisers. Twelve of the commissioners were inherited from the immediate past administration of former Governor Godswill Akpabio, who is now a senator.

No reason was given for the decision of the governor to relieve the executive members of their appointments in the statement announcing the action, which was signed by the Secretary to the State Government, Etekamba Umoren. Umoren, in the statement, said the governor directed permanent secretaries to assume immediate responsively in their respective ministries pending the reconstitution of a new executive.

Separation

The governor was said to have travelled out of the state immediately he directed the sack of the commissioners.

The question people are now asking is whether Emmanuel and Akpabio have stepped on each other’s toes and the dissolution of the state executive council is just a subtle way of weeding out Akpabio’s loyalists.

Political analysts are of the view that the dissolution of the state executive council was long due considering the increasingly frosty linking relationship between Emmanuel and Akpabio. Akpabio played a crucial role in the election of Emmanuel, with some even saying the former governor almost singlehandedly enthroned his successor.

Stranglehold

Expectedly, Akpabio imposed his influence on the now dissolved executive council. Many in the state were worried that the new governor hardly took major decisions in the governance of the state without reasonable inputs from his godfather, Akpabio, or members of the Akpabio family. This overbearing influence was manifest in the constitution of the state executive council, with Emmanuel inheriting 12 members from Akpabio’s cabinet.

Akpabio’s influence was also visible in the composition of the state executive committee of the ruling Peoples Democratic Party in the state. The former governor had the upper hand in the election or selection processes of the members.

While some state governors have been able to detach themselves from the strangulating influence of political godfathers, Emmanuel found it extremely difficult to break Akpabio’s stranglehold on the incumbent administration.

At the composition of the state executive council about 15 months ago, Emmanuel ignored public outcry against the reappointment of some of the former commissioners in the immediate past administration. He insisted that their reappointment was to ensure the completion of the projects that many of them had supervised.

“If you see people complaining why you should be appointed again as members of the state executive council, tell them that we are coming back to complete projects we started,” the governor told the reappointed commissioners.

Vicissitude

Until recently, Emmanuel was too keen to cling to his predecessor’s apron strings. He was so submissive and loyal to Akpabio that even the handover note and debt profile inherited from the latter’s administration, which in many states are in the public domain, could not be made public. It was alleged that Emmanuel had vowed not to betray his master in the governance of the state

Emmanuel

Akpabio

by succumbing to pressure to probe alleged unpublished agreement between both parties. But that bond was said to have started to weaken as the state’s allocations from the Federation Account fell due to fall in the oil revenue.

There was rumour of imminent cabinet reshuffle after the May 29 Democracy Day celebrations. But Akpabio was said to have persuaded Emmanuel to allow his people some more time. The governor’s loyalists frowned on this demand.

But even before the cabinet reshuffle, Emmanuel was said to have operated a divided executive council, as some commissioners were loyal to him while others, especially those inherited from his predecessor, were loyal to Akpabio. The “Akpabio boys”, as they are called, were said to be the “satellite” in the Emmanuel administration that report or leak events, movements or transactions to their master.

Many among Emmanuel’s close associates found the influence of Akpabio in the administration unacceptable.

The close relationship between the duo began to weaken as the domineering influence of the former governor grew and became increasingly embarrassing to his predecessor. A pointer to the developing row was seen when Emmanuel, allegedly, stopped a strong loyalist of Akpabio, who was the Commissioner for Investment, Commerce and Industry, Emmanuel Enoidem, from returning to the office. Enoidem had resigned to contest the post of national legal adviser of the PDP during the aborted national convention of the party.

Besides, at last month’s anniversary of the creation of the state, the factional national chairman of the PDP, Ali Modu Sheriff, who is widely seen as political enemy of Akpabio, dined and wined with Emmanuel during the celebrations in the state. The implication, apparently, is that while Akpabio is in support of the Ahmed Makarfiled PDP, Emmanuel is aligned to Sheriff.

to support him, he must be seen to be independent of Akpabio in the governance of the state.

An aide in the dissolved executive council was accused of leaking damaging information about Akpabio to the Economic and Financial Crime Commission with the alleged knowledge of Emmanuel, but the report was promptly refuted. The aide was quoted as saying, “Since I became commissioner I have never been invited to the EFCC, so at what forum would I have given information on Akpabio to the EFCC? Or does EFCC now take information by phone? You know that in life, there are some people because of low self-esteem, they cannot function or achieve anything directly where things are working properly. So they will always want to create confusion and knock heads together with a view to benefiting from it. There have been instances that people have shown disloyalty to their benefactors, they are not committed to what they are doing, and at the end of the day because of this act of disloyalty and blackmail, they have found themselves in positions even at the state and at the federal government. And they believe that what they used to do in the past, they can continue today.”

Geopolitics

There is also a geopolitical angle to the governor’s decision to get rid of his predecessor’s influence. It is a known fact that for the second term project of Emmanuel to sail through, the Ibibio, being the largest ethnic group in the state, would need to support it. The Ibibio were said to have told the governor that for them

Hushed Rift

Before the apparently sour relationship between the two leaders of the state came to the open, Emmanuel and Akpabio had been denying any crack in their relationship.

One of the former aides had while reacting to said rift said, “I’ll like to say that contrary to all the false news making the rounds, there is no feud between Chief Godswill Akpabio, the immediate past governor of Akwa-Ibom State, and his successor, Governor Udom Emmanuel. There is no feud whatsoever. These are two brothers and two stakeholders who are working together for the interest of the state, to ensure the continued development of the state.

“Recall Governor Udom Emmanuel had made it clear that when he comes on board, he would drive the sustainability programmes of the administration to ensure that the legacies of Governor Akpabio’s administration are sustained and taken to the next level and,

Continued on Pg. 75

THISDAY, THE SUNDAY NEWSPAPER • OCTOBER 23, 2016

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CICERO/ISSUE

Amosun

Adekunbi

With 25 Years Jail, It’s End of the Road for Land Grabbers in Ogun It is no longer business as usual for land grabbers, known as Omo oniles, in Ogun State whose activities have caused many deaths and breakdown of law and order, with the proposed 25 years jail term for anyone found guilty of involvement in the act. Sheriff Balogun writes

F

ollowing the illegal and reckless activities of land grabbers,, also known as Omo oni’le, who had been violently dispossessing people of their landed property in Ogun State, a bill was passed by the Ogun State House Assembly on Tuesday to curb the illegal act. The activities of the land grabbers are a well-known issue to land owners preparing to put up structures on their landed property in Ogun State.

Extortion

The land grabbers constitute a serious menace to communities across the state, as they always emerge to fiercely extort money whenever a structure is about to be constructed by property owners.

After all payment that include foundation laying, fencing and roofing of buildings, is made, the Omo oni’le comes up with an illegal demand starting from digging of boreholes, soak away pit, lintel and other menial construction works.

Efforts to comply with the illegal extortion leads to exchange of words and at times physical combat, resulting in the stoppage of work on the property until the demands are met.

Relief

But respite came for land owners with the bill proposing 25 years imprisonment or death sentence if life is involved, for anyone found guilty of placing on any land or landed property any agent for the purpose of forceful takeover. The bill, H.B. No. 03/2016, entitled, “A bill for a law to Prohibit Forcible Entry and Occupation of Landed Properties, Violent and Fraudulent Conducts in Relation To Landed Properties, Armed Robbery, Kidnapping, Cultism and Allied matters and For other Matters Incidental thereto or Connected Therewith,” was passed at the plenary presided over by Speaker, Suraju Ishola Adekunbi.

The bill equally spells out a N5 million fine or 10 years imprisonment or both

for anyone found guilty of placing on any land or landed property any agent for the purpose of forceful takeover of the said land. It also provides that in case of kidnapping, abduction, violent rituals resulting in death or grievous bodily harm, forcible detention and related offence, “where the person kidnapped, restrained detained, kept, abducted or seized dies in the course, the offender shall be liable on conviction to such punishment as provided for the offence of murder under Section 319 (1) Criminal Code Law of Ogun State, 2006 or such other law for the time being in force.”

It adds that where “the person does not die in the course, the offender shall be liable on conviction to punishment for life with hard labour and without an option of fine.”

The bill says, “Any person who commits the offence of robbery shall upon trial and conviction under the law be liable to a sentence of imprisonment of a term not less than 21 years,” while that of conviction for armed robbery attracts death sentence.

Adekunbi said the bill was meant to protect the life and property of the citizens of the state. He clarified that as representatives of the people, it was imperative for the Assembly to promptly protect the sanity of human life from criminals parading themselves as land grabbers or kidnappers through relevant legislations.

According to him, a situation where hoodlums would mobilise themselves to unleash terror on communities under the guise of enforcing court judgement and forcefully take over landed property from rightful owners, engage in kidnapping or robbery could not be tolerated by the Senator Ibikunle Amosun-led government in the state.

On this note, the speaker enjoined people of the state to always exercise caution and follow due process when engaging in any transaction, including the purchase of landed property, so as to avoid being swindled by criminals.

Reaction

In line with the proposed bill, the state police authorities have reiterated their commitment to move against the practice by the omo onile. The command warned that anybody caught would be made to face the full wrath of the law. It called on the police to beam the searchlight on men and officers aiding and abetting the practice.

The Nigeria Institute of Surveyors, Ogun State chapter, has also thrown its weight behind the bill, which is awaiting assent by the governor. Chairman of the chapter, Babatunde Ashaye, described the illegal activities of the land speculators as a serious menace in the state over the years, saying the bill is a welcome development which must be embraced by all responsible citizens and residents of the state.

While urging Amosun not to waste time in signing the bill into law, Ashaye said everyone wanted the law to take immediate effect by putting an end to the illegality of the criminals.

The Committee for the Defence of Human Rights, Ogun State branch, applauded the state House of Assembly for passing the bill to deal decisively with the longstanding affront on human rights in the state as regards the rights to ownership of landed properties and peaceful coexistence.

CDHR chairman, Com. Folarin Olayinka, recalled that the CDHR in Ogun State was invited to the public hearing on the passed bill in August and several contributions were made as input to the bill, which includes: That the Chieftaincy Certificate of any King or Baale be seized by the state government if found guilty of orchestrating forceful takeover of landed property or conniving to deprive people of their landed property or influence breach of public peace, such traditional ruler be suspended for a period not less than 10 years and at the same time be subjected to due trial at a court of competent jurisdiction; That any serving or retired civil servant from any of the ministries who has connived to unlawfully sell or allocate

government lands be recalled back to pay a fine of N10 million and serve five years imprisonment and above.

Olayinka said, “The bill which is long awaited and described as the human bill by the CDHR Ogun will protect the human rights of the people, bring an end to the unimaginable communal disputes and fraudulent activities of some traditional rulers, Ajagungbales, security operatives among others in the business of defrauding people of their hard earned money under the guise of selling landed properties and unlawful arrests.

“Every stakeholder should understand well that the wrath of the law reserved for the violators shall be given maximum support by the human rights community.”

While commending the Ogun State House of Assembly for the giant stride over the bill, Olayinka said, “We are equally tempted to request an accelerated assent of the Executive Governor of Ogun State to enable it become enforceable. We must know that our human rights are protected under the law and our rights are our freedoms always.”

The passage of the bill followed the presentation of the report of the special/ joint Committees on lands and housing as well as justice, ethics and public petitions led by the deputy speaker and sponsor of the bill, Hon. Olakunle Taiwo.

Thereafter, he moved a motion for its adoption, seconded by Hon. Adebiyi Adeleye, and supported by the whole house. The members later did clause –toclause reading and adoption of the bill in the Committee of the Whole after which the Majority Leader, Hon. Adeyinka Mafe, moved the motion for the third reading, seconded by Hon Adebowale Ojuri, and supported by the whole house through a voice vote. Thereafter, the Assembly’s Acting Clerk, Mr. ‘Deji Adeyemo, did the third reading.

With the passage of the anti-land grabbing bill, all eyes are on the governor to see how expeditiously he would sign it and effectively enforce the expected law.

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T H I S D AY, T H E S U N D AY N E W S PA P E R • OCTOBER 23, 2016

CICERO/ONDO GOVERNORSHIP

Ondo Poll: Brickbats As Abuja Court’s Judgement Hits PDP The Peoples Democratic Party in Ondo State has become a major subject of discussion ahead of the governorship election in the state following a Federal High Court order on the party’s candidate. James Sowole reports

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ntil Friday, October 14, what Mr Eyitayo Jedege needed to prove that he was the authentic candidate of the Peoples Democratic Party for the November 26 governorship election in Ondo State was the pronouncement of the Independent National Electoral Commission that it will only recognise the person that emerged from the primary election that the commission monitored. Living up to its pronouncement, when INEC released the names of candidates of political parties that would be contesting the election at its headquarters in Akure, the state capital, Jegede’s name was listed as the PDP candidate.

Confidence

To many people, what INEC did was right because the commission was present at the PDP governorship primary held on August 22 at the Ondo State International Event Centre, The Dome, which produced Jegede, a Senior Advocate of Nigeria. The primary was supervised by a team set up by the national headquarters of the PDP led by the Bayelsa State Governor, Seriake Dickson.

With the pronouncement of INEC in Ondo State that it was not directed by its national headquarters to monitor any other primary apart from the one held in Akure, it was hoped that the outcome of the exercise conducted at Premier Hotel, Ibadan, on August 29, and where the business mogul, Mr Jimoh Ibrahim, emerged would be of no effect. The hope of the PDP members, who held this belief, was also boosted by the decision of INEC to recognise the result of the primary election it monitored, as it did in the case of Edo State, where Osagie Ize-Iyamu of the Ahmed Makarfi-led PDP, despite a parallel primary held on June 29, which produced Matthew Iduoriyekemwen from the Ali Modu Sheriff faction.

Besides, the non-visibility of Ibrahim in Ondo State, apart from the opening of a campaign office on the popular Oyemekun-Adesida Road, was one of the reasons why many people believed he was not a serious contestant, that he was only making noise to distract the PDP, Jegede, and his supporters.

Jegede

Confusion

The first issue that created some confusion emerged during the process of the resolution of the PDP crisis at the national level between the Sheriff and Makarfi factions. That was when it was rumoured that as one of the agreements reached, the Sheriff faction had conceded the Edo State ticket of the party to the Makarfi faction in return for the governorship ticket in the case of Ondo State. This rumour, which was widely celebrated and circulated among Ibrahim’s supporters on the social media, was vehemently rebuffed by the Jegede camp.

The bubble, however, burst and state of confusion heightened throughout Akure metropolis and the camp of Jegede, when the order by Justice Okon Abang of the Federal High Court, Abuja, came on October 14. The judge directed that INEC should recognise Ibrahim as the candidate of PDP in the forthcoming governorship election in

The first issue that created some confusion emerged during the process of the resolution of the PDP crisis at the national level. It was rumoured that as one of the agreements reached, the Sheriff faction had conceded the Edo State ticket of the party to the Makarfi faction in return for the governorship ticket in the case of Ondo State

Ibrahim the state.

The information sent jitters down the spines of all members of PDP that wanted Jegede to be their next governor, and it became a subject of discussion in the state, particularly, in Akure, where Jeegede hails from.

The Jegede camp, which includes the entire state government political machinery, became worried not because of the belief that the judgement would stand, but because of the effect that the order of the court could have on the supporters of Jegede even if he wins at the Court of Appeal. It was the belief of many people that the worst might come should the appellate court uphold the order of the Federal High Court even after the November election, which Jedege was working hard to win.

Media Campaign

In order to prevent an ugly situation that may make supporters of Jegede to run to another political party, the PDP and the candidate embarked on a media campaign to try to calm their supporter.

They assured supporters that the decision had nothing to do with Jegede and that he would win the election.

At a news conference addressed by the chairman of the party in the state, Clement Faboyede, PDP assured that Jegede remained the party’s candidate because he was not a party to the suit on which the Federal High Court, Abuja, gave judgement. Faboyede stated that the order could not stand because the originating suit upon which the order was based did not have anything to do with the November 2016 election in Ondo State but was on the state executives of the party in the Southwest states.

According to Faboyede, the originating suit sought to determine the tenure and membership of the state executive

committee of PDP in the South-west zone and in addition sought directions in respect of party primaries for 2019 general elections. He said the claimants essentially sought inter-alia a declaration that they were the people entitled to deal with nomination of candidates for 2019 general elections.

“It should be noted that the Ondo State governorship election scheduled for 26th November 2016 was not part of the plaintiffs claim and no reference was made to it in the claim,” he said.

Faboyede said the most surprising and shocking aspect of the suit was that the same counsel, Olagoke Fakunle (SAN), who took out the summon for the plaintiffs, also appeared for the defendants.

The PDP chairman stated, “In other words, he took out the summons for the plaintiffs on one hand and appeared as counsel for one of the defendants on the other. At the time of trial, most shockingly, the defendant’s counsel, O.O. Fakunle (SAN), who interestingly took out the writ against the defendants appeared in court and by his submission supported the position of the plaintiffs.

In any case, this is not surprising, given the fact that he took out the summons.

“The case was concluded on 29th of June 2016 and the reliefs that had to do with election referred to were tied to 2019 general election. There is no nexus between the suit and 2016 Ondo State governorship election.”

He said the practice was shocking to the nation’s judicial system.

On the second suit, which led to the judgement in question, Faboyede said the anomaly in the first suit repeated itself, as the counsel from the same firm represented both the plaintiffs and a defendant.

The process, according to Faboyede, was dated September 29, 2016 by Clarisa

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T H I S D AY, T H E S U N D AY N E W S PA P E R • OCTOBER 23, 2016

CICERO/ONDO GOVERNORSHIP • OndO POll: BrickBats as aBuja cOurt’s judgement Hits PdP • Continued from Page 74 Adaogbo Ebuseme of TRLPLaw. “It is interesting also to note that the same style and modus operandi that was adopted in the first set of process was replayed here. Counsel to the second defendant also conceded to a claim filed by a counsel in his law firm, when he appeared for the second defendant.”

The PDP chairman said the judgement from the suit contradicted numerous decisions of the Supreme Court, which said, “It is the national executive of a political party that has the responsibility to submit names of candidates to INEC.” He added, “It should be noted that it is a contempt proceedings against Independent National Electoral Commission, but wherein the presiding judge directed INEC to receive the nomination papers of Jimoh Ibrahim from the applicants as state executive of the PDP against the backdrop of numerous decisions of the Supreme Court that it is the national executive of a political party that has the responsibility to submit names of candidates to INEC. “His Lordship’s order made no pronouncement in respect of the status of Eyitayo Jegede (SAN) as the candidate of PDP, neither did he make reference to the list of candidates published by INEC on the 29th day of September, 2016 subject of the governorship election.

“Mr. Eyitayo Jegede (SAN), the PDP governorship candidate in Ondo State was not a party to any of the processes filed, no order was also made against him. Jimoh Ibrahim referred to in the latest decision was also not a party to the two cases. How then did Mr. Jimoh Ibrahim now become a beneficiary of the decision of His Lordship?

“Other than the ‘Cooperation’ that pervades the entire processes and proceedings in the case, Eyitayo Jegede (SAN) remains the lawful and only candidate of PDP to the office of the governor of Ondo State in the November 2016 election.”

However, he added, “Despite the inherent weakness and obvious ineffectiveness of this judgement against the candidature of Jegede, legal steps have been taken to affirm the validity of his candidature and expose the flaws in the decisions of the court that are targeted at subverting the will of the PDP and the generality of the people of Ondo State.

“The attempt to re-write the judgement by changing the date of 2019 general elections as contained in the earlier judgement of 29th June, 2016 and linking it with the governorship election of 2016, which was never the subject of the earlier suit, would certainly be a

also advertised in a national newspaper.

Reaction

Akeredolu....waiting to take advantage of the crisis subject of investigation by the appropriate statutory authorities.”

He described the development as “a mere distraction,” saying, “The good news is that there is no judgement against Jegede, who remains the governorship candidate of our party in Ondo State.”

Delight

But the camp of Ibrahim became elated again on account of Abang’s ruling and various statements were issued and disseminated on the social media hailing the decision of the court.

In one of the statements, the director of publicity and communication to Jimoh Ibrahim Campaign Organisation, Mr Sola Akinuli, said the judgement had come not only as a validation but also a consolidation of an earlier rule by the same court recognising the Poroyeled executive in the state.

Akinuli stated, “Today’s verdict is not only an elegant testimony to the beauty of the rule of law, but an eloquent evidence to the uprightness of our judicial officers. The judgement has put a seal on all controversies on ‘who is what’ in the political architecture of the

PDP in Ondo State which expectedly will usher in its attendant peace and tranquillity to the beleaguered party.

“We salute the courage of Justice Okon Abang who stood on the side of the rule of law despite the present ‘cloud’ over the integrity of our judges.

We praise him for his Davidic courage which has informed this Solomonic judgement.

“This epochal verdict, we hope, will act as speed breaker to the gale of impunity that has pervaded the party-a malignant cancer the Sheriff executive has come to heal. We also want to put on record our salutation to our candidate, Dr Jimoh Ibrahim, for his doggedness and absolute confidence in the nation’s judicial system.”

The hope of Ibrahim’s camp was enlivened when INEC said it would abide by the decision of the court when the commission is served. The commission also said that it was only the order of a superior court that could make it to change its decision once it was taken sequel to a court order.

In line with the INEC statement, Ibrahim on Tuesday served the judgement on the commission and it was

Expectedly, the judgement has elicited different reactions from various stakeholders.

The Coalition for Stable Democracy, an alliance of pro-democracy groups, has urged the National Judicial Council to take urgent steps to ensure that justice was served in the matter regarding the PDP candidacy in the forthcoming governorship election in Ondo State.

CSD warned that the judiciary should not allow itself to be used to subvert people’s will.

In a statement, the group also warned about dire consequences should NJC allow the decision of the Abuja court to go without scrutiny.

The statement jointly signed by the coalition’s national coordinator and secretary, Victor Aderibigbe and Abdullahi Sanni, respectively, said the judiciary should not allowed itself to be used to truncate people’s will.

The group alleged that the Abuja court ruling was part of an unfolding plot to deprive Jegede of his candidacy in order to brighten the chances of the All Progressives Congress in the forthcoming governorship election.

It stated, “Let it be made clear that Ondo State is a peaceful state, but we are hasty to warn that the people there should not be taken for granted. With the experience of the political crisis that engulfed the state during the Ajasin/ Omoboriowo saga, Ondo election should be treated with utmost caution.

“We are, therefore, calling on the National Judicial Council to pay serious attention to allegations contained in the statement of Faboyede concerning the court order.”

The coalition said it was on record that Ibrahim had publicly renounced his membership of the PDP and was now a member of Accord Party, alleging that his ward chairman has also said he is yet to return to PDP. Uncertainty Though, the judgement of the Federal High Court, Abuja, has been appealed and assurances have been given to Jegede and his supporters, many believe the case has put PDP in a state of uncertainty with regard to the Ondo State governorship election. There are calculations that the Alliance for Democracy, which has one of the aggrieved APC aspirants that left the party, Chief Olusola Oke, as its candidate, and the APC, which has a former president of the Nigerian Bar Association, Mr Rotimi Akeredolu, as candidate, may be the greatest beneficiaries of the uncertainty in PDP.

• AKWA IBOM: AS GOVERNOR EMMANUEL SIGNALS END OF HONEYMOON WITH GODFATHER• Continued from Pg. 72 of course, he has started very well, he is consulting very well, he is constituting the requisite framework for the take-off of his administration. People and politicians are throwing spanners from different corners. There is no feud between these two gentlemen. All I know is that the two gentlemen are working seriously to ensure that Akwa-Ibom continues to grow.

“I will also like to disabuse the minds of the people on the issue of the nomination of commissioners. Clearly, it is the governor’s prerequisite and right to decide who to nominate to go for clearance for appointment into his cabinet and I think he has started well because, looking at antecedents, if you take a look at Lagos State from 1999, there are people who started with Tinubu who are till today in the Lagos State cabinet.

You don’t sacrifice experience; you don’t also sacrifice competence on the altar of politics. So, for some of these things, you do some strategic balancing for your administration to take-off well. So, there are certain things you don’t just sacrifice

at the beginning and I think His Excellency, Governor Udom Emmanuel, has started well and has done well so far and he will succeed because Senator Akpabio will be at the other end to give him the requisite support and advice that will help him to succeed because this is one candidate that he believes in and he did not mince words to Akwa Ibom people that this is one man that would be a good governor. He used to describe him as a worthy successor and a worthy brother.

So, I know that to that extent, things are working well and will work better and better.”

The Senate Minority Leader, Akpabio, has at some of his public outings and interviews also maintained that he has no quarrel with his successor, stressing that the perceived rift remains in the imagination of political jobbers who want to fan the embers of disunity in the state. He told those he called agents of disharmony to desist from their disruptive tendencies, saying Akwa Ibom State is moving forward to greater heights under the leadership of Emmanuel.

According to Akpabio, he has no time to meddle in the affairs of the state, not because he does not care, but because he has his hands full with matters in the hallowed chambers as the Senate Minority Leader. He also says he does not interfere because Emmanuel, whom the entire state voted into office, is more than capable to pilot the affairs of the state to greater heights.

Akpabio always insisted that his relationship with his successor was very cordial and warned “detractors” to desist from sponsoring false rumours, but join hands with the government to facilitate the industrialisation plan of the administration.

Initially, Emmanuel had while reacting to some of the issues during interviews maintained that sometimes some of the pressure was from the media, alleging that in Nigeria, people don’t believe two people can work in harmony. “If you work in harmony, they start looking for a name for you, because they expect you to quarrel with your predecessor,” Emmanuel said during an interview. “That

is what people expect and if they don’t see that happening, they say no, he is subservient to this one. You know it does not work that way. We must learn to work with one another for this country to move forward because it is going to be a major distraction for you to leave what you are doing to be doing what does not benefit a common man.”

Despite those views, Emmanuel, obviously, believes it is time to start offloading the burden and influence of his predecessor and his administration. People believe that until Emmanuel starts taking a radical approach to the governance of the state, his administrative style will continue to be seen as an appendage of the Akpabio administration. Emmanuel remains grateful to Akpabio for making him the governor against all odds. He is trying to fulfil his part of the bargain to Akpabio while also trying to exert authority so that he can achieve his full potential as the governor of the state. Perhaps, the composition of the next cabinet will be the beginning of the attempt by Emmanuel to take charge and take responsibility.

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T H I S D AY, T H E S U N D AY N E W S PA P E R • OCTOBER 23, 2016

CICERO/TRIBUTE

Remembering Dennis Odife, Capital Market Reformer, One Year After Nwachukwu

M

onday 3rd October, 2016, marked one year of the departure to the great beyond of Chief Dennis Onyemaechi Odife, MON, KSJ, former Chairman/ Managing Director of Centrepoint Bank Plc, a foremost finance and capital market operator. He died in Abuja same date last year at the unripe age of 68 . I first met Odife in 1990 as a young journalist working for TSM magazine. At that time, his Centrepoint Investments Limited was having running battle with power brokers in the nation’s capital market and he needed a channel to tell the world the truth since other media houses in Lagos appeared to have teamed up with his adversaries to bring his financial institution down. I offered him that platform and two days after the publication of his side of the case, CPI license was restored. From then on, we became like Siamese twins; inseparable compatriots. I make bold to say that in all his battles in the last 25 years, I was solidly with him, not for monetary gains, but based on my firm believe in his philosophy and vision for Nigeria. During these trying periods, I also paid my price including being barred from covering the Nigerian Stock Exchange by those who labeled me ‘ODIFE BOY’. To them however, they did not know that I was more than a boy to him. I was his son, his brother, his disciple, his adviser and his image manager. I was also one of his ‘constructive critics’ and book reviewers.

One of the things I learnt from Odife was the spirit of resilience- the spirit of never say No. Chief Odife believes there is always an answer to every difficult situation. He is also a perfectionist with excellent command of English Language even when he read Economics. As a prolific writer, no day passed without him writing or scribbling down something for the records. He was a journalist’s delight. It is unfortunate that his autobiography which has reached advanced stage was not published before his demise.

I must equally add that I was encouraged to go for an MBA (Master in Business Administration degree) by what he said about MBA graduates, himself being one.

Today, I am an author, speech writer and lecturer based on his influence. Before I joined Centrepoint Bank in 1999, I worked closely with him (behind the scene) in various spheres and capacities, with the wife and Secretary, Mrs. Margaret Alabi being the intermediaries. Most time people read articles in the media with my byline, or a pseudo name, but the truth is that the real author of those fine materials was my mentor, the apostle of capital market reform and free trade.

One incident I vividly remember was the one that took place shortly after I joined Centrepoint bank in September 1999. An organization invited Ogbuefi to deliver paper on a capital market issue. He minuted the letter to me as Head of Corporate Affairs and Special Assistant with a note to remind him. Rather than do that, I went to him requesting to do a draft of the speech for his approval. He looked at me and said “Obinna do you want to write speech for me?” I answered in the affirmative. He told me pointedly, “Nobody has ever written speech for me”. I challenged him to give me a chance, he did, though reluctantly.

Later, when I brought the draft of the speech to him, I was amazed that he did little correction on it. And that was how I became his official speech writer. That relationship will last forever and extend to our grandchildren.

Suffice it to say that, our relationship flourished throughout his lifetime and extended to his wife, children and entire Odife family.

Odife

Based on his contributions to this country, I must say that Chief Odife needs little or no introduction. He was one of the most prominent figures in the Nigerian economy especially the money and capital markets which like a colossus he bestrode for over 30 years, helping various governments across the country formulate policies on monetary activities. He was also immediate Chairman of CentrePoint Bank Plc (merged with Unity Bank) and former Senatorial Candidate for Anambra North in the 2011 General Election.

He had the unique campaign slogan of “ Anyi Nwelu Mmadu” (Anambra has people). Indeed, the state has people who have made their marks in various aspects of life in Nigeria and elsewhere, himself being one of them.

Odife was a firm believer in human capital development, industrialization, free market principles and liberal economy. The desire to achieve these ideas led to the establishment in 1979 of the now famous Centrepoint Investments limited and its sister organizations including Muar Industrial park , Ezenwegbu Foundation, Samsen Trust Plc and ICESPAR ( International Centre for Economic, Social & Political Analysis and Research.)

Armed with the simple idea of self-reliance and hard work, he and his wife Stella, a worthy companion of over 45 years, established Centrepoint from meagre resources, furnished it with an unusual array of talented men and women and set to do business with honesty and sincerity of purpose as their watch word.

The institutions he established and those he co-founded employed people from every ethnic group, race, religion and social status, including foreign nationals. The simple aim was to raise the Total Man/Woman. Before long, Centrpoint was transformed into the biggest private financial institution, whose renowned alumni and alumnae stud the finest places of human accomplishments both at home and abroad, including the immediate past DG of Securities and Exchange Commission, SEC, Ms Arunma Oteh. By this

gesture, Odife spoke the common human language of philanthropy and exemplified the global spirit of openness of which our grossly polarized world is in dire need.

As a stockbroker and Issuing House, CPI did a lot of capital issues and so was more of an investment bank than a mere stock-broking firm. As an investment banker it conducted mergers and acquisitions jointly with some of the leading merchant banks in Nigeria at the time, and in each case, played the lead role. Perhaps a less understood role was the role as adviser to governments on capital market activities which was influenced substantially through papers and advisory reports even when not solicited. Yet another role was international advisory work under which Odife visited the home offices of several multinationals to brief them on the

At any point in time his esteemed presence graced the public arena, Chief Odife did not hesitate to disseminate, with unusual candour and simplicity, his invaluable tutorials for money and capital market development, Market reform and exemplary leadership.

One of his popular sayings was “Let market forces work

state of affairs in the Nigerian economy and the capital market, especially from the points of view of investors in the UK, in France, in Asia, In Germany, in Belgium and in the United States. He also interacted with some multilateral agencies to the mutual benefit of both parties. Nigerian state governments were not left out. As a result, during the decade from 1980 to 1989, Centre Point Investments Limited was a market leader in all aspects of the Nigerian capital market, invoking considerable antagonism from the competition, some of which only manifested in the subsequent decade.

During that decade, Odife decided that the capital market needed to be restructured and he subsequently engaged the Centre Point Group in that exercise in his writings, in the Economic Summits of the period and in the Vision 2010 Summit. Eventually, when Government decided to take a closer look at the state of the capital market and what needed to be done, the task of carrying out the requisite study fell on a small team under his leadership. The team was aptly titled “Panel on the Review of the Nigerian Capital Market”. The Panel submitted its report in 1996 and Government deliberated on it for two years before accepting it. The Panel also prepared and submitted a draft of the law to implement its report; the decree to implement the work of the Panel was signed into law by former Head of State, late General Abdulsalam Abubakar in 1999 as perhaps his last act in office.

Unfortunately, Odife’s regret before death was that some government officials with mischief in their hearts amended parts of the Investment and Securities Act to achieve purposes not originally intended by those who commissioned the work.

As a banker, considering that the whole world and not just the country was his market, Odife did a lot of work. As an investment banker, he did not discriminate as he handled projects all over the country.

These projects contributed to the improvement in the lives of the people in the specific areas and the country as a whole.

At any point in time his esteemed presence graced the public arena, Chief Odife did not hesitate to disseminate, with unusual candour and simplicity, his invaluable tutorials for money and capital market development, Market reform and exemplary leadership.

One of his popular sayings was “Let market forces work.”

As a panacea for positive transformation of self and society, he insisted on the need for well-rounded development that comprises the following: total education, the maximal use of one’s intellectual capabilities and physical endowment, rule of the market, volunteerism, self employment, as well as the cultivation of a personal resolve to solve problems.

He was a realist with prodigious energy even at old age. Until a few years ago when he retired and handed over the running of both the investment company and the bank to others, Odife was the principal administrator of the Centrepoint group. And he carried out these duties with the same commitment and dedication that he managed his role as a husband, father, grand- father, guardian and mentor.

As this native Nkwelle-Ezunaka son takes a sad but glorious exit from material existence, the legacy he so faithfully espoused and lived by ought to be a lesson for many Nigerians of means. Odife’s lesson is this: in the face of corruption and underdevelopment, genuine leadership emerges when one steps out of the anonymity and apathy of one’s closet to advance the cause of his immediate environment through uncommon sacrifice. A sacrifice he will forever be remembered. Adieu my mentor, father, brother, boss.

– Nwachukwu is the Special Adviser, Media & Publicity to Odife Family

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OCTOBER 23, 2016 • THISDAY, THE SUNDAY NEWSPAPER

PERSPECTIVE

Party Autonomy and Enforcement of Forum Clauses Under UK and Nigerian Law Buetna’an .M. Bassi and Mardhiyyah Ja’afar

U

nder the common law and the Brussels 1 Regulation, the principles of party autonomy are encouraged. The importance of parties having the ability to substantiate their interests by jurisdiction agreements is principally for the protection of the parties, and to ensure party autonomy. The Courts in Nigeria will also seek to give effect to the intention of parties in their agreements where applicable.

Commercial Significance of Party Autonomy

The benefits of jurisdiction agreements are evident as they ensure the growth of cross border business transactions and increase the attractiveness of the European Union (EU) market. This is also in consonance with the principles of the EU to ensure certainty and predictability in commercial transactions, uniformity in the courts judgments and member states’ application of the relevant rules.

Where parties are certain that their jurisdiction agreements will be protected and enforced, this also leads to a reduction of costs and expenses in pursuing parallel proceedings or determination of the proper jurisdiction.

Uniformity in the application of rules will ensure easy circulation of judicial decisions. All the above will translate to greater commercial activities as parties agree on the legal forum to govern any disputes that may arise in their transactions to the exclusion of all other jurisdictions, thereby ensuring certainty and creating a more favorable condition for commercial transactions to thrive under. Parties take many factors into consideration when choosing a jurisdiction and some considerations include language of the court, sophistication and capability of the courts to deal with the disputes. Courts that clearly demonstrate these capabilities are chosen and ensuring certainty in all member states will see the uniform application of such rules and ensure that the decisions in all member states are uniform.

Unification of the rules of jurisdiction will avoid multiple basis of jurisdiction.

The parties also consider enforcement of a courts judgment in choosing the relevant jurisdiction.

Malami, AGF

it forms part of.

The English courts have held that there are serious considerations that reinforce the strength of the exclusive jurisdiction clause between parties and the fact that parties choose a forum to which none of them have any obvious connection such as England and Wales is a strong factor. It must be assumed therefore that the parties have deliberately chosen a neutral forum for the determination of their disputes.

The courts have held that the standard considerations given to arguments about forum non conveniens should be given little weight otherwise the exclusive jurisdiction clause would be deprived of its intended effect.

The procedure under the common law has always been to either stay its proceedings where there is an exclusive jurisdiction clause in favour of another jurisdiction, or to issue an anti suit injunction against the other part where the exclusive jurisdiction clause is in favour of the English courts. This can be viewed as the English courts holding one of their parties to the promise they made not to sue elsewhere. The common law approach is however discretionary but the courts have always adopted a robust defence of English jurisdiction Position Under the Common Law clauses unless there are strong reasons not to.

Under the common law, jurisdiction In OT Africa line Ltd v Magic agreements have been upheld to give sportswear Corp, Otal was an English effect to the agreement of parties on the forum to institute proceedings. The company with offices in Toronto, they carried goods on their vessel to common law regime will apply to DeMonrovia and issued a bill of lading fendants not domiciled in the EU. The where the freight was payable. The bill courts will apply general contractual rules to ascertain the true meaning and of lading named magic sportswear Corp effect of such clauses; this can ascertain (a Delaware Company) as the shipper and blue banana - a Liberian Company the scope of the jurisdiction clause as the intended Receiver. Allegations also. If contracting parties agree to a particular court’s exclusive jurisdiction, arose that the goods were short delivered. Magic and banana commenced and a claim is taken to another forum, proceedings in Toronto. The bill of the court will ordinarily exercise its lading contained an English law and discretion to secure compliance with the contractual bargain unless there are English jurisdiction clause. They sought to invoke the Canadian courts jurisdicstrong reasons for suing in that forum. tion on the basis of the Canadian Marine In the Donohue v Armco Inc [2001] UKHL 64, [2002] 1 ALL ER 749. case, the Liability Act. The court of appeal held that the conflict between the provisions court was wary of dividing the litigation between different courts and stated of the Canadian legislation and the jurisdiction of the English courts was to that it would be better for all the issues be resolved by the rules of the English to be determined in a single composite Court. Anti suit injunctions were issued trial. The validity of a jurisdiction to restrain the defendants from pursuclause is a matter to be determined by the governing law of the contract which ing the Canadian proceedings.

Elizabeth Truss, UK Justice Secretary

Position Under Brussels Regulation

Parties are allowed to choose the jurisdictions that will govern their contractual relationship under Article 23 of Brussels 1 Regulation, provided that at least one of the parties is domiciled in the EU. Important to note here that the Recast Article 25 removes the condition that one of the parties must be domiciled in the EU and further widens the scope of jurisdiction agreements.

The provisions of Article 23 have been seen to conflict Article 27, which seeks to preclude member states from giving inconsistent judgments arising out of parallel proceedings. Its provisions are to the effect that if the same cause of action with the same parties is brought before two contracting states, the court second seised must stay proceedings until the first court determines its jurisdiction. The decision of the court in cases such as Erich Gasser and Turner v Grovit are instructive in this regard. In the case of Erich Gasser, the court held that though proceedings were instituted in a court other that the agreed court, it was better to ensure legal certainty and allow the court first seised to determine and pronounce upon its jurisdiction.

This had the effect of severely weakening the effect of jurisdiction agreements.

The Recast seeks to cure such lapses and give fuller effect to jurisdiction agreements by providing under Article 31(2) that where a Court has been conferred with exclusive jurisdiction under Article 25, any other court must stay its proceedings until such a court makes a declaration as to its jurisdiction. It also provides in Recital 22 that the parties designated court is granted priority to make this determination as to jurisdiction irrespective of whether it is first or second seised.

The conditions for jurisdiction agreements are comprehensive but the courts should be allowed to determine some questions that may arise which were not foreseen by the interpretation of the provisions of Article 23.

Position Under the Nigerian Law

would respect party autonomy and only give effect to overriding mandatory rules and considerations of public policy in exceptional circumstances. A forum selection clause may be a jurisdictional clause or an arbitration clause. Whatever the form, the core purpose is to reduce forum-shopping, disputes on jurisdiction and to ensure predictability to a large extent.

Enforceability of an exclusive jurisdiction agreement has its origin under the common law, while enforceability of an arbitration clause is derived from statute.

This is akin to the situation under the United Kingdom (UK) legal system, where the common law and Brussels Regulation both apply.

The guiding principles in Nigeria as adopted under the Brandon test formulated in The Eleftheria (1969) 1 Lloyds L.R 237 and followed in Sonner (Nig) Ltd V Nordrund (1987) 4 NWLR Pt.66, 520 recognize that; 1. Nigerian courts are not bound to grant a stay in jurisdictional agreements but have the discretion in this regard.

2. Discretion should usually be exercised to grant a stay unless strong cause is shown for not doing so.

3. The burden of proving “strong case” for not granting a stay lies on the Plaintiff.

4. The court ought to take into account all the circumstances of the case such as: a. In what Country the evidence on issues of fact is situated or more readily available b. Relative convenience and expense of trial between Nigeria and the foreign court. c. Where the law of Nigeria and the foreign court differ in material aspects d. Whether there is a genuine desire for a trial in the foreign country or the party only seeks to gain procedural advantage.

It has been argued however that neutrality and advantages of a chosen court are valid reasons for an exclusive jurisdiction agreement. Speedy dispensation of the trial ought to be considered in such cases as well as other factors such as expertise in the subject matter and facilities available in the chosen court.

Conclusion

The position of party autonomy and enforcement of forum clauses at common law includes the application of discretion by the courts after consideration of all the relevant issues. Under the Brussels Regulation and Recast however, there is a stricter interpretation of the rules and the courts must stay proceedings in favour of an exclusive jurisdiction agreement.

The Recast ensures that efficacy is given to exclusive jurisdiction agreements entered into within the legal framework of the EU. The objectives of the EU on unification of the rules on jurisdiction can be achieved to a large extent with the conditions for jurisdiction agreements and the proper application of the rules.

Enforcement of forum jurisdiction clauses in Nigeria may be done by stay of further proceedings, which is a defensive option granted under the inherent powers of the court, or by an anti-suit injunction which is a remedy that can be obtained from the agreed foreign forum restraining the party that filed the proceedings in the Nigerian court, in violation of the forum agreement clause.

This will serve to further enhance the effectiveness of jurisdiction agreements and increase the willingness of businesses and other parties to engage in commercial transactions.

Under the law in Nigeria, forum selection clauses are seen as contractual -Buetna’an .M. Bassi and Mardsafeguards to reduce international litigation risks. Parties to a contract require a hiyyah Ja’afar are Research Fellows, National Judicial Institute, Abuja. stable governing law and forum, which

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T H I S D AY, T H E S U N D AY N E W S PA P E R • OCTOBER 23, 2016

PERSPECTIVE

Why China Remains Nigeria’s Friend

I

Zhou Pingjian nvestors from all over the world are falling over themselves to come and do business in Nigeria”, said President Muhammadu Buhari in his recent National Day address to Nigerians. I know this to be true.

Since my arrival in Abuja last month as China’s new Ambassador to Nigeria, I have been flooded with Chinese investors from Beijing and beyond, both active and prospective. The president of China-Africa Development Fund, the Chairman of the Overseas Investment Union of the Investment Association of China, the Chairman of CCECC, the CEO of CGCOC Group, the president of Star Times, the CEO of TIDFORE Group, to name just a few. Also impressive is the enthusiasm and optimism the local Chinese business community shown when I Pingjian meet and greet them.

Their core message to me is loud and clear: of the world’s population with only around 9 the potential of mutually beneficial cooperapercent of the world’s arable land. As a major tion between China and Nigeria is enormous agriculture producer, China leads the world in and they want to invest more in Nigeria, be it the output of grain, cotton, fruit, vegetable, tea, in agriculture, manufacturing, infrastructural meat, poultry, egg, and aquatic products. China development or other fields. The “Made in stands ready to share its advanced and appliNigeria” project will go a long way for Nigeria cable technologies and management expertise and will go strong, while an initiative of “Made with Nigeria without any reservation so as to in Nigeria--with China” might help, as they help the largest country in Africa achieve food say. self-sufficiency by re-invigorating agriculture.

Take agriculture. Food is vital for human A CGCOC-invested agriculture and agribusisurvival. China’s top priority in running the ness park, with a Chinese Government-granted country has always been to produce enough agriculture science and technology demonstrafood for the over 1.3 billion people. China tion center will soon be built inside, is almost has succeeded in feeding about 20 percent ready to play its due part. We are willing

to work with Nigeria side to provide more effective platform to mobilize more Chinese investment in Nigeria’s Green Alternative.

Then take manufacturing. As the world’s largest manufacturing country, China ranks the first in the world in the output of over 200 industrial products. Nigeria needs manufacturing and industrial development, whereas China has fairly strong capabilities in financing and spare production capacity in these fields.

Each has so much to offer to the other side. Cooperation based on such complementary and mutual benefit will give an even stronger boost to China and Nigeria’s respective development.

China supports the relocation of labor-intensive industries to Nigeria on a priority basis and the localization of Chinese companies to create more non-agricultural jobs, especially those suited to the young people. As a matter of fact, during President Buhari’s successful state visit to China this April, the two sides signed a MOU on industry, production capacity and investment cooperation and a forum for this purpose was also held in Beijing. Next month, the China-Nigeria Production Capacity and Investment Cooperation Forum is going to be held in Lekki Free Zone Lagos and the Forum hopefully will be an annual event there around November 20th African Industrialization Day. As the saying goes, good company on the road is the shortest cut. China and Nigeria, both large developing countries, regard each other as important strategic cooperation partners.

Since the establishment of diplomatic ties 45 years ago, particularly in the past 11 years of our strategic partnership, the all-dimensional, wide-ranging and high-quality cooperation

between China and Nigeria has been a pacesetter in China-Africa cooperation.

The volume of China’s concessional financial support to Nigeria’s development is close to US$4 billion. China has become a major source for foreign direct investment in Nigeria. The friendship and cooperation between China and Nigeria have delivered tangible benefits to our two peoples.

China highly values its relations with Nigeria and is working closely with Nigeria in following through on the outcomes of President Buhari’s state visit to China and those of the Johannesburg summit of the Forum on China-Africa Cooperation (FOCAC) and take China-Nigeria strategic partnership to a new height. As a strategic, dependable development partner of Nigeria, China will always stand shoulder to shoulder with Nigeria in its quest to fulfill the aspirations of its good people.

As President Xi Jinping said in his address at the Opening Ceremony of the FOCAC Summit last November, “China-Africa relations have today reached a stage of growth unmatched in history. We should scale the heights, look afar and take bold steps. Let us join hands, pool the vision and strengthen the 2.4 billion Chinese and Africans and open a new era of China-Africa win-win cooperation and common development.”

Standing at a crucial new start point, the relationship between China and Nigeria is blessed with important development opportunity. Let us take it.

––Pingjian is the new Ambassador of China to Nigeria

The DMO and Buhari’s Job Plan

A

Wale Suleiman

sk the person next to you who is the Director General of the Debt Management Office, DMO, or what the agency does, and you’re sure to get a blank stare as answer. But ask who is the head of the Nigerian Customs Service or the Federal Inland Revenue Services, and the answer pops up before you blink an eye.

Yet the DMO, just like these other agencies, is also under the supervision of the Ministry of Finance. But while the Customs and the FIRS are revenue generating agencies, raking in billions of naira annually for government, the DMO is saddled with the task of managing the country’s debts and ensuring a debt servicing regime that is healthy for the Nigerian economy.

Due to its highly technical functions, and because it doesn’t bring in physical cash, the DMO is understandably under the radar and not many are aware of what it does. Yet, it is also a revenue earner for the country in a peculiar and unique way.

Our country faces a different threatan economy in recession and increasing loss of jobs. The country is faced with a shrinking business environment where even industry giants are thinking of relocating their businesses. In the past one year, the construction industry has thrown more than 5000 workers into the job market. The manufacturing sector had long lost steam while the service sector is daily laying off staff.

This is the background from which I see recent strategic intervention of the DMO by way of tinkering with the country’s borrowing template to reflect the urgency required to halt economic recession, halt further loss of jobs and create more jobs. And the strategy is to mobilise external funds into the country to help the private sector grow the economy.

Dr. Abraham Nwankwo, DG of

Nwankwo the DMO, said recently that his office expects to raise $1 billion from the Eurobond market by middle of December this year. It is part of the country’s plan to borrow a total of N1.8 trillion from abroad and at home to fund an expected budget deficit of N2.2 trillion this year.

Last week, Reuters reported that the DMO launched a one-week roadshow to Britain and the United States to promote $1 billion Eurobond issue to investors in those countries. The finance minister, Kemi Adeosun, appeared at the roadshow.

The debt office said it would auction between 90-120-billion-naira worth of bonds maturing in 2021, 70-100 billion naira in the debt maturing in 2026 and 90-120-billion-naira worth in the paper maturing in 2036.

The DMO is also seeking the services of international and Nigerian law firms as joint legal advisers for the federal government Medium Term Note Programme (2016-2018). The legal advisers

will be appointed separately by the Federal government.

This was contained in a notice of request for proposal on the website of the DMO, which said the purpose of the FGMTN programme was “to enable the federal government have the flexibility of quickly taking advantage of favourable market conditions in the International Capital Market (ICM) to raise funds, if and only when the need arises”.

The DMO’s decision to focus more on foreign debt is no doubt a strategic initiative to give the Nigerian economy a quick leap from its current recession.

It also represents a new thinking that external borrowing will provide needed funds for the private sector to sustain local industries, thereby creating more employment and halting further domestic job loss.

The DMO under Nwnakwo, pursuing a remarkably sound economic logic, adjusted the borrowing template of the past to reflect current dynamics. The previous formula of 84 percent domestic borrowing to 16 percent external borrowing as now been slightly adjusted to a new ratio of 60:40 to reflect current realities.

Dr Nwankwo revealed during one of his rare Press Conferences, in June, that domestic borrowing has been found to be more expensive while foreign funds come cheaper. He said this was the logic that informed the new borrowing template. Now, aside the gain in external borrowing, the plan would also encourage private sector investments in the economy. If you borrow from domestic investors, you are taking away money from the private sector, a sector that is expected to spearhead the job creation plans of the President Muhammadu Buhari administration.

This is why I think the DMO deserves commendation for thinking out of the box and refusing to be stock in old unproductive ways. This is exactly why many public commentators have asked Buhari to bring more economic experts on board, people who have the skills to think the country out of recession.

The President last week sent a 3-year Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP, to the National Assembly, ahead of the 2017 budget.

The letter pointed out that the documents were designed against the backdrop of an adverse global economic environment, and would provide the framework for the development of 2017 budget, and of course, budgets for the next three years.

Speaking earlier on the plan, which surely depends on a borrowing plan that favours external debt, Dr. Nwankwo said that over the next four years, the country would pursue a debt management strategy that takes into account the fact that Nigeria’s public debt portfolio is dominated by domestic debt.

Although it was a deliberate action to grow the local bond market after the country exited the Paris and London Club between 2004 and 2006, Dr. Nwankwo noted that the country was facing new realities. Moreover, the previous borrowing plan has successfully developed the domestic bond market, and now it was time to look for cheaper funds. Proceeds of the external borrowings, according to Nwankwo, would be devoted to capital expenditure.

Thus if the Buhari administration is to fulfil its plan for economic diversification and creation of jobs, the current synergy on policy and purpose that is noticeable among economic agencies of government must continue with increased momentum.

The seamless way the DMO has keyed into the economic diversification policy of the government is highly commendable. And nothing indicates this more than the new borrowing template, which experts agree, is already yielding positive results.

There is little wonder why other African countries are eager to learn from Nigeria’s Debt Management Office.

––Suleiman wrote in from Ilorin

T H I S D AY SUNDAY OCTOBER 23, 2016

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GAVEL TO GAVEL

MTN flouted Nigeria’s financial regulatory laws by failing to obtain Certificates of Capital Importation within 24 hours before moving money out of the country, as authorised by the Central Bank of Nigeria financial and miscellaneous provisions Act, between 2006 and 2016 – Senator Dino Melaye

There was no intention to flout the rule and regulation. The 24-hour rule is not in all cases practicable and it is almost impossible to comply with. – Chief Executive Officer, MTN, Ferdi Moolman

Diamond Bank had been involved in repatriation of funds by MTN, but such repatriations were carried out with appropriate documentation.

None was repatriated without genuine CCIs. – Managing Director of Diamond Bank, Uzoma Dozie

Stanbic IBTC Bank has represented MTN in various capacities since the company opened an account with it. The allegations about fraudulent transfers are subjudice. – Chief Executive Office of Stanbic IBTC, Olayinka Sani

Edited by Vincent Obia Email vincent.obia@thisdaylive.com

MTN has never broken any law in Nigeria. The N1.04 trillion fine imposed on MTN by Nigeria Communications Commission was not caused by a breach of any law. MTN has not broken any law in relation to the matter under investigation. – Chairman of MTN, Pascal Dozie

Citibank has never been involved in any illegal repatriation of funds. The bank has issued 46 CCIs on behalf of MTN so far – Managing Director of Citibank, Akin Daodu

At no time was I in a position to transfer funds out of Nigeria on behalf of MTN Nigeria, and at no time did I transfer any funds out of Nigeria on behalf of MTN Nigeria.

– Minister of Trade and Industry, Okechukwu Enelamah

In most cases when Standard Chartered Bank was contacted for issuance of CCIs by MTN, prevalent circumstances made such issuance impossible within the stipulated time frame. Until we get approval from CBN, we don’t issue CCI – Executive Director, Finance, Standard Chartered Bank, Mrs. Yemi Owolabi

Senate: Probing into MTN’s Fund Repatriation Controversy

Thecontroversysurroundinganallegedillegalfundrepatriationbytelecommunications giant, MTN, has raged for some time, and now the Senate has launched a probe into the matter. Omololu Ogunmade looks at the investigative process

T

he last is yet to be heard on the battle of wits between MTN, Minister of Trade and Industry, Dr. Okechukwu Enelamah, and four commercial banks, on the one hand, and the Senate, on the other, over alleged illegal repatriation of N13.9 billion

by MTN between 2006 and 2016 with the suspected connivance of Enelamah and the banks.

The allegation is being investigated by the Senate Committee on Banking, Insurance and Other Financial Institutions. At the commencement of investigative hearing on the matter in the National Assembly on Thursday, shock and disbelief enveloped the atmosphere. Indications that the event

might be full of mysteries began when from the outset, a scene was created at the venue of the hearing between the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Rafiu Ibrahim and the minister, Enelamah.

Such scene is usually uncommon in the meeting rooms of the apex legislative institution.

Drama started when the minister who had arrived at National Assembly at the nick of time suddenly sought the permission of the committee chairman to take his exit from the hearing room to enable him attend to other state functions. But the chairman declined the request, insisting that the minister should wait to make his presentation to the committee.

The chairman’s instruction did not go

down well with Enelamah as he opted to defy the instruction and left irrespective of the feelings of the chairman and his committee members. However, the chairman and the committee were hurt by his exit as they saw it as nothing but insolence and disrespect to constituted authority.

To underscore the depth of the committee’s grievances over Enelamah’s action, Ibrahim urged the Chairman of MTN, Mr. Pascal Dozie, to educate Enelamah on how to behave as he warned the minister against getting on Senate’s nerves. According to Ibrahim, if the minister had thought that he could dare the Senate, the parliament would be left with no option than to invoke its constitutional power to compel the minister to behave appropriately.

“We want you to advise him. For him to tell us that he couldn’t wait, I think he was being audacious against the Senate. We as senators expect him to engage the Senate in a more civilised way or else, we’ll be forced to invoke our powers,” Ibrahim threatened.

Expectedly, Enelamah’s action has generated reactions in the public as some individuals said Enelamah should have priced his image which was at stake as a result of allegation of fraud against him in connivance with MTN above other state engagements. This comment was made against the background of beliefs that the allegation had created a measure of credibility crisis for him and hence, he should have embraced the opportunity of the hearing to clear his name by stating his own side

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GAVEL TO GAVEL/ BILLS, MOTIONS, ET AL. Senate: Probing into MTN’s Fund Repatriation Controversy of the story as against opting for another engagement.

There were some other perceptions that it was not good for the image of the minister to be threatened by the committee, noting that as a minister, he’s a statesman in his own right and should have seen shelving other important engagements as some of the sacrifices of leadership.

However, the minister has risen in defence of his action, explaining that he never had any intention to demonstrate any measure of disrespect to the senators but for circumstances beyond his control.

A statement by Director of Press at the Ministry of Trade and Investment, Greene Anosike, gave reasons for his action. He said: “hearing did not start on time. Minister Okechukwu Enelamah offered to give his statement first, it was declined. He had to leave because of urgent matters of national importance.”

Another aide to the minister who did not want to be named said the minister’s engagement on Thursday and the depth of their importance left him without option than to leave. According to her, the hearing was scheduled to start at 12 noon and the minister had thought that the initial schedule was okay but because it did not start on time, other engagements were being affected. She however, said the minister was a gentleman and it was not in his character to be rude as his exit was being portrayed adding that the minister was open to another schedule.

According to Anosike’s statement, the minister was not involved in any wrong doing on the allegation of repatriation of funds by MTN. “Dr. Enelamah served as CEO of Capital Alliance Nigeria Ltd. (CANL) between 1998 and 2015. CANL is a wholly owned subsidiary of African Capital Alliance (ACA), an Africa focused private equity firm with investments in carefully selected companies within and outside Nigeria, including MTN Nigeria “A fund managed by ACA, alongside other minority shareholders, invested in MTN Nigeria through Celtelecom. Dr. Enelamah was never the “owner” of Celtelecom, neither was he ever a Celtelecom shareholder.

Instead, he was a director of the company representing the ACA Managed fund.

“Investors do not have responsibility for remittance of proceeds from the company they invested in. Therefore, at no time was Dr. Enelamah in a position to transfer funds out of Nigeria on behalf of MTN Nigeria, and at no time did Dr. Enelamah transfer any funds out of Nigeria on behalf of MTN Nigeria.

As it relates to Celtelecom’s investment in MTN Nigeria, it is important to note that the entire process for applying for and using Certificate of Capital Importation (CCIs) was done by MTN Nigeria,” the statement added.

However, as beautiful as the defence might be, the committee believed that Enelamah should himself tell the committee all he knew about the transaction instead of defending himself from a distance.

Submissions However, at the commencement of investigative hearing into the alleged illegal repatriation of $13.9 billion out of the country by MTN, the company told the Senate Committee on Banks, Insurance and Other Financial Institutions, that circumstances compelled it to move funds without observing the law.

The Senate had on September 27, 2016 alleged that MTN in connivance with Enelamah, and four commercial banks exploited the porous Nigerian financial system to move the money out of the country without the required authorisation.

The parliament, according to a motion moved by Senator Dino Melaye (Kogi West) on September 27, alleged that MTN smartly beat Nigeria’s financial regulatory laws by failing to obtain certificates of capital importation (CCI) as authorised by CBN Financial and Miscellaneous Act within 24 hours between 2006 and 2016 before moving the money out of the country.

It further alleged that the repatriation was done through four banks, viz: Standard Chartered Bank, Stanbic IBTC, Diamond Bank and Citi Bank.

MTN’s Position However, the Chief Executive Officer (CEO) of MTN, Ferdi Moolman, admitted

Cont’d from Pg.80 whereas CBN approved only 13 CCIs, Stanbic IBTC only had issued over 300 CCIs without containing the necessary information it ought to contain.

Senate President Bukola Saraki

that the company moved funds without complying with the 24-hour order for the issuance of CCI, saying it was practically impossible to do so.

Nevertheless, he stated that the action was taken without any deliberate intention to flout Nigerian laws but was rather compelled to do so because of circumstances which he said made it impossible for it to observe the 24-hour provision in the Act for issuance of CCI. He said: “There was no intention to flout the rule and regulation. The 24-hour rule is not in all cases practicable and it is almost impossible to comply with,” Moolman said.

The CEO further told the committee that MTN faced acute challenges when it got to Nigeria in 2000 as it found that necessary facilities for business transactions were not available, a situation he said compelled it to import equipment to Nigeria.

He, however, attempted to justify his claim that MTN meant well for Nigeria through his submissions that MTN solely contributed 3.4 per cent of Nigeria’s gross domestic product (GDP) in the first quarter of 2006 and had since its advent in Nigeria employed 500,000 Nigerians directly and indirectly.

He also claimed that besides generating 80 per cent of the electricity it uses, MTN had committed N16 billion to various projects in Nigeria through its MTN Foundation and paid N1.6 trillion tax in 14 years. He further claimed that funds moved out of Nigeria were MTN’s dividends done in line with due process.

Discordant Tunes within MTN But the submission of Moolman was at variance with that of MTN Chairman, Dozie, as the turn of events seemed to portray Moolman to be more honest than Dozie in what was viewed as a paradox. This is more so that Dozie, being a Nigerian was expected to be more factual than Moolman who is a foreigner as Dozie outrightly denied the allegation of illegal repatriation of any fund

by MTN, arguing that MTN had invested $16 billion in Nigeria within 16 years.

He also shocked the committee when he claimed that MTN had never broken any law in Nigeria, a submission which compelled the chairman to interrupt him as he reminded Dozie of the recent fine of N1.04 trillion imposed on MTN by Nigeria Communications Commission (NCC) following breaches

of telecoms regulations. But Dozie quickly claimed that the fine was not caused by a breach of any law. This made the chairman to further express shock over the comment that the fine was not caused by a breach of a law, prompting Dozie to further claim that he meant MTN had not broken any law in relation to the matter under investigation.

The committee also frowned at a comment

by Dozie that MTN did Nigeria a favour by investing in Nigeria as it expressed disappointment over such a comment, insinuating that MTN did Nigeria no favour by coming to Nigeria. Dozie swiftly denied making such comment until the committee insisted that the entire session was being recorded and they would not mind rewinding it and playing it into his hearing. Then, Dozie retorted: “I’m surprised l said that.”

Dozie had in his presentation, said the money imported to Nigeria was done in three tranches as he insisted that the allegation by the Senate “was completely false.”

According to him, when MTN came to Nigeria, it offered 40 per cent shares to Nigerians while it took the other 60 per cent only to find that it was difficult to get Nigerians to invest 12 per cent of the 40 per cent offer. He added that MTN had to bring other investors before it could secure 25 per cent of the offer.

Dozie further said it was these Nigerians who constituted Celtelecom adding that a conversion of Celtelecom investment was done in 2007 through its bankers with CBN approval as he exonerated Enelamah, saying he was not a shareholder in MTN but only a director of Celtelecom and CEO of Capital Alliance which he said midwived the Celtelecom.

But Melaye countered him as he displayed a form signed by Enelamah on February 7, 2008 for repatriation of fund with a CCI form attached the same day investment was said to have been made in Nigeria as he queried: “Is it possible to invest in Nigeria same day and repatriate funds same day?”

Melaye also confronted Dozie and MTN CEO with evidences that whereas CCI was supposed to have been issued within 24 hours before repatriation, such CCIs were not issued until five years later as he dismissed Dozie’s claim that Nigerian laws were not flouted in the process. “The law says CCI should be issued in 24 hours but CCIs were issued five years after. Is that not a contravention?” he queried.

Melaye also said he had information that

CBN, Banks But CBN in its submission said it only approved CCIs beyond the 24-hour stipulation when it was obvious that banks could not issue the document within the stipulated time.

In his submission, Managing Director of Diamond Bank and son of Dozie, Uzoma, said the bank had issued some CCIs to MTN as he admitted that the bank had been involved in repatriation of funds by MTN but added that such repatriations were “carried out with appropriate documentation,” adding: “None was repatriated without genuine CCIs.” Also speaking, the CEO of Stanbic IBTC, Olayinka Sani, who evaded questions directly put to him, said his bank was ready to cooperate with the committee in its investigation adding that it had represented MTN in various capacities since the company opened an account with the bank. But Melaye took on Sani, recalling how the bank was recently fined N1 billion for misconduct. He also alleged that Stanbic IBTC fraudulently got an approval to transfer N$40 million which it declared as mutilated lower dollar notes to the United States recently with the supposed intention to exchange the notes for new ones.

According to him, it was later found that the notes were not mutilated as claimed by the bank neither were the notes lower dollar denominations as claimed by the bank but rather $100 notes. While asked to confirm the altruism of the allegation, Sani said the matter was already subjudice and so he would not like to comment on it.

Also, the Managing Director of Citibank, Akin Daodu, said the bank had never been involved in any illegal repatriation of funds as he disclosed that Citibank had issued 46 CCIs on behalf of MTN so far.

But in view of Daodu’s claim, Melaye drew his attention to the document his bank had earlier submitted to the committee where it had stated that “MTN didn’t request for CCI’s to be issued until more than the 24 hours,” required to issue the CCIs. Against this background, he could no longer defend the claim he earlier made moreso that Melaye reminded him that he was making his submissions under oath.

In her own submission, Executive Director, Finance, Standard Chartered Bank, Mrs. Yemi Owolabi, admitted that in most cases when they were contacted for issuance of CCIs by MTN, prevalent circumstances made such issuance impossible within the stipulated time frame.

According to her, such circumstances had always compelled the bank to contact the CBN to explain the difficult circumstances in which it found itself, pointing out that they only issued the documents after securing the go-ahead from the apex bank. “Until we get approval from CBN, we don’t issue CCI,” she added.

Towards the end of the meeting, Moolman reiterated that MTN had not claimed that it had complied with the 24-hour regulation for the issuance of CCI 100 per cent but explained that such developments were dictated by circumstances beyond its control.

In its submission, FRCN blamed CBN’s failure to play its regulatory role dutifully as the reason for continuous depletion of Nigeria’s foreign reserves. He said the kind of regulatory roles being played by CBN are weak, poor and devoid of accountability as he added that the CBN needed to be watched closely if cases of financial misconduct must be checked.

Forensic Experts Nevertheless, to enable it get to the root of the matter, the Senate has engaged the services of both foreign and local forensic experts to help it in unravelling the truth behind the allegation.

According to the committee chairman, Ibrahim, the Senate had engaged forensic experts to assist it unravelling the mystery behind the mystique because the allegation against MTN, Enelamah and others is weighty and hence, will require the services of experts to help the committee get to the root of the matter. Hence, Nigerians wait for the output of the probe as the investigation continues.

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IMAGES

O

n Saturday, October 15, 2016, ChukwuemekaUgochukwu and Fatima Ali, daughter of formerPDPChairman,Senator AhmaduAli,werejoinedinHolyMatrimonyatTheNationalEcumenicalCentre Abuja.Herearesomeofthepersonalities Photos : Julius Atoi at the occasion.

L-R: Chief Onyema Ugochukwu; Mrs Mariam Ali; the newly-wed, Chukwuemeka and Fatima Ugochukwu; Chief Ahmadu Ali and Mrs. Joyce Ugochukwu

L-R: Chukwuemeka Ugochukwu and wife Fatima cutting their wedding Cake

L-R: Mrs. Farida Waziri and Ambassador Matilda Kwashi

L-R: Wife of former Senate President, Mrs. Helen Mark; Mrs. Amaka Ndoma-Egba; Mrs. Tuminu Akogun and Senator Joy Emodi

L-R: Hon Tonye Longjohn and Senator Osita Izunaso

L-R: Former Deputy Speaker, Emeka Ihedioha, and his wife, Ebere

L-R: Justice Obisike Oji, Chief Nwabueze Oji and Lady Beatrice Oji

Col. Austin Akobundu and his wife, Adeola

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THISDAY, THE SATURDAY NEWSPAPER • OCTOBER 23, 2016

IMAGES

Deputy Governor Abia State, Ude Okochukwu (right), and Chief Chuku Wachuku

L-R: Prof. A B C Nwosu and wife, Ngozika

Chief Gilbert Grant and his wife, Kathleen

L-R: Hon. Kalu Uduma; Ndidi Okereke and Senator Mao Ohuabuwa

Senator Hope Uzodinma and his wife, Mrs. Uzodinma

L-R: Former Governor Abia State, Senator Theodore Orji, and his wife, Mercy

L-R: Former Head of State, Gen Yakubu Gowon, and former Senate President, Adolphus Wagbara

L-R: Chairman, NDDC, Senator Victor Ndoma-Egba and his wife, Amaka

Attah Igala, HRM Michael Ameh Oboni

L-R: Chief Ahmadu Ali and his wife, Mariam; Chief Onyema Ugochukwu and his wife, Joyce

S A to the President on Media, Femi Adesina

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SUNDAYSPORTS

Edited by Demola Ojo Email demola.ojo@thisdaylive.com

Mourinho Returns to Stamford Bridge as Chelsea Host United

J

ose Mourinho will make his first return to Stamford Bridge since being sacked by his former employers in December as the Manchester United lock horns with Chelsea at Stamford Bridge today.

The Portuguese manager had two successful spells as Blues boss, but was dismissed by the club ten months ago before moving to Old Trafford in the summer.

United will play their third game in less than a week, with a goalless draw with Liverpool on Monday before registering a 4-1 victory over Fernabache in the Europa League on Thursday.

Chelsea have won their last two Premier League games while keeping clean sheets, including a 3-0 victory over current champions Leicester last Saturday.

The Blues also have a good recent record against their opponents having not lost any of their last seven league games against United (W3 D4).

Chris Smalling will be assessed ahead of today’s game after coming off at half-time on Thursday due to what United have described as a minor muscular injury.

Mourinho also said on Thursday that playmaker Henrikh Mkhitaryan, who was absent from the matchday squad for an eighth straight game, will be “ready very soon to play” having recovered from a thigh injury.

Chelsea will make a late decision over whether to field Willian following the death of his mother while Oscar has also been away following a family bereavement, but John Terry is avaliable after another full week of training following an ankle injury. However Cesc Fabregas (thigh) and defender Bran-

islav Ivanovic, who has a minor injury to an undisclosed muscle, are out. Elsewhere, Kurt Zouma is set to return to first-team training next week following his long-term knee injury.

Manchester United have lost more Premier League fixtures against Chelsea than any other side (16). Of those 16 Chelsea wins against Manchester United, five were recorded by Jose Mourinho, more than any other boss for the Blues.

Jose Mourinho lost just one league game at Stamford Bridge between 2004/05 and 2014/15 (W76 D21). He then lost four of his final eight games there in 2015/16 (W3 D1).

The only time in his career Mourinho has managed an opposition side at Stamford Bridge was with Inter Milan in March 2010, knocking out Chelsea in the Champions League.

David Luiz has twice scored against Manchester United in the Premier League but his only own goal is against the Red Devils.

Wayne Rooney has gone six Premier League games without scoring against Chelsea, this after converting two penalties against them in February 2012. Manchester United have won just one of their last eight Premier League trips to London (W1 D3 L4).

Zlatan Ibrahimovic scored against Chelsea in both of his appearances against them last season in the Champions League.

After scoring with four of his first 15 shots in the Premier League, Ibrahimovic has failed to find the net with any of his last 26 in the competition.

Diego Costa has scored seven times in his opening eight league games this season. Only

Mourinho (left) and Costa will face off on opposing sides today

two Chelsea players have scored more goals in their first eight matches of a campaign Jimmy Floyd Hasselbaink in 2001/02 (8) and Diego Costa himself in 2014/15 (9).

This season, Jose Mourinho has registered his lowest points total (14) after his first eight

Messi Penalty Seals Barca Win

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Musa celebrating his goal yesterday

Musa Scores First Goal in England

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Super Eagles attacker Ahmed Musa scored his first goal in the Premier League as champions Leicester City beat Crystal Palace 3-1 yesterday. Musa struck on 42 minutes as the Foxes took the lead in a tight first half at the King Power Stadium.

The Nigeria forward struck from outside the area following good work by Algerian striker Islam Slimani, who displayed impressive upper-body strength before teeing him up with a delightful ball. Slimani’s assist to the Nigeria forward is notable as a crucial World Cup qualifier involving both countries draws closer.

Musa had the option of passing to another Algerian, Riyah Mahrez, on his right but showed the belief and composure of a veteran to fire past Palace goalkeeper Steve Mandanda from 20 yards out.

ionel Messi squeezed home a stoppage-time penalty to grab a 3-2 win for champions Barcelona at Valencia in a thrilling and controversial La Liga match yesterday. Barca talisman Messi scored against Valencia for the 10th season in a row to put Barca ahead in the 22nd minute, although Luis Suarez was in an offside position and obstructing the view of goalkeeper Diego Alves.

Barca captain Andres Iniesta had earlier been carried off on a stretcher with a knee injury and Sergio Busquets was fortunate not to earn a second yellow card before the break.

Valencia turned the game round in four second-half minutes, Munir equalising against his parent club and Rodrigo Moreno putting the hosts ahead in the 56th.

Suarez lashed home in the 64th to pull Barca level and after Nani had missed a gilt-edged chance to win it for Valencia, the Uruguayan won a penalty in the dying seconds which Messi sneaked just under the grasp of Alves to snatch all three points.

Barcelona provisionally go top of the standings on 19 points. Atletico Madrid and Real Madrid, both on 18, play today. Atletico visit Sevilla and Real host Athletic Bilbao.

PREMIER LEAGUE RESULTS & FIXTURES Bournemouth Arsenal Burnley Hull City Leicester City Swansea City West Ham Liverpool Man City Chelsea

0–0 0–0 2–1 0–2 3–1 0–0 1–0 2–1 v v

Tottenham Middlesbrough Everton Stoke City Crystal Palace Watford Sunderland West Brom Southampton 1:30pm Man United 4pm

league games with a new club since his stint with Uniao de Leiria (10 points).

Since his debut in August 2012, Eden Hazard has scored more Premier League goals than any other midfielder in the competition (44).

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T H I S D AY, T H E S U N D AY N E W S PA P E R • OCTOBER 23, 2016

High Life

85 wiTh LANRE ALFRED 08076885752

...Amazing lifestyles of Nigeria’s rich and famous

Second Time’s A Treat? Pastor Chris Oyakhilome’s Ex Wife, Anita, Remarries?

• She now goes by the name, Anita Ebhodaghe-Schafer

M

iracles were unable to save her marriage from the ravages of betrayal and an unfair world. Like a seaworn vessel crashing against the trunk of an iceberg, Pastor Anita’s marriage to Christ Embassy Founding Pastor, Chris Oyakhilome, steadily disintegrated to her dismay and consternation of church members. But through her sadness, Anita has seen a rare opportunity, a second chance to make her personal and romantic life more worthwhile.

She understands that second chances are rarely given thus her eagerness to take it before time runs out. As you read, Pastor Anita has quietly remarried. Her new name on her website is Anita Ebhodaghe-Schafer thus exciting speculations that she probably got married to a German. You couldn’t have forgotten

so soon how her marriage to Pastor Chris crashed and was well celebrated in the media. Few months ago, in 2014 to be precise, the traditional and new media portals ran amok with news of the celebrity couple and pastors marital crisis.

Anita filed for divorce at Central Family Court, High Holborn, London, UK, citing her husband’s “unreasonable behaviour” and inappropriate relationships with members of staff, an intonation of “adultery.”

Anita has finally moved on after their messy divorce reverting to her maiden name: again, Pastor or Ms. Anita Ebhodaghe. But since her divorce from Chris, she had never been short of male attention. Her recent name change however, suggests that she has been able to distinguish between noble suitors and typical horn-dogs.

Ahmed Uwhubetine

BACK FROM THE BRINK...AHMED UWHUBETINE OPENS BIGGEST NIGHT CLUB IN ATLANTA •DEFUNCT 11.45 BOSS REDiSCOvERS hiS gROOvE BaCk

Like the proverbial panther with myriad lives, Ahmed Uwhubetine has bounced back on his feet from the dust and intrigues of his fall.

There is no gainsaying the former boss of now defunct 11.45 nightclub, located on Awolowo Road, Ikoyi, Lagos, waded into troubled waters.

Things got extremely rough for him a few years ago and

the fun loving dude decided to relocate to Atlanta, USA. There he picked the broken pieces of his life back together.

But while many of his friends and associates wrote him off thinking he would never bounce back from his misfortune, a select few believed in him. And the latter stood by him through thick and thin. Today, Ahmed has bounced back in America. He now owns the biggest night club in Atlanta frequented by A-listers.

Ahmed is very popular in Atlanta and he effortlessly draws the finest species of womenfolk ranging from blacks, blondes, brunettes, to Asians. Back when he was the toast of the Lagos party crowd, Uwhubetine rocked Lagos from the eaves to the foundation. No sooner than he established his 11.45 nightclub on Awolowo Road, his place was assured in the pantheons and circuits of Lagos high Society. The entrance of the Delta state indigene into the Lagos party scene earned him unparalleled rave reviews and in a short while, his nightclub became the favourite hangout for many a celebrity and the Lagos party crowd.

Then suddenly he lost his magic touch and his business suffered rapid deterioration and eventual collapse.

Anita Ebhodaghe-Schafer

FINALLY, TAIWO AFOLABI COMMENCES WORK ON MARRIOTT HOTEL FRANCHISE

•SiFaX BOSS TO EXECUTE LUXURY hOTEL FRaNChiSE aFTER TWO YEaRS hiaTUS

It takes time to cook a tasty broth and even greater passion, skill and time to erect an architectural masterpiece.

This perhaps explains SIFAX boss, Taiwo Afolabi’s long delay in executing his hospitality franchise, the Marriott Hotel, in Ikeja, Lagos. Two years after the Marriot Hotel worldwide gave a franchise to the SIFAX boss to venture into the hospitality sector, Taiwo Afolabi has finally commenced work on the Marriot 5 star hotel which will be located in Ikeja GRA, Lagos. Few people will not forget the unusual buzz news of the hotel’s emergence in the highbrow hospitality sector generated few years ago.

When news filtered out back then that the massive structure on the ever busy Oba Akinjobi street, GRA Ikeja, Lagos would house the prestigious Marriott Hotel with over 150 rooms, an Olympic-sized swimming pool and a parking lot that can comfortably accommodate over 200 cars at once, not a few people looked forward to it.

While signing the multibillion naira deal, Taiwo

had disclosed that the Lagos Marriott Hotel would be ready in 2016 and would boast all the facilities and luxury associated with an international market leader like Marriott. He bragged and bayed about it. It is said to be a ‘turnkey project’ and a high rise of about 15 floors.

As we speak, contractors have moved to the site and work on the project has commenced.

However, his recent venture into the hospitality business won’t be his first as he owns

Taiwo Afolabi

T H I S D AY, T H E S U N D AY N E w S pA p E R • OCTOBER 23, 2016

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HIGHLIFE

Class Act...Ooni of Ife Celebrates 42nd Birthday with Modesty and Élan •Friends and associates jet in to pay homage to the paramount ruler

O

oni of Ife, Oba Enitan Adeyeye Ogunwusi, is a joyous man. His joy is thickset like an almond tree, whose boughs are bent and twisted with luscious fruit. Ooni Ogunwusi is indeed full of bliss and gratitude as he clocks 42. The tall and handsome monarch having reduced his travels up and down, celebrated his birthday in a lowkey fashion at home in his kingdom. The humble, peace-loving and forward thinking king celebrated with his subjects as well-wishers from home and abroad trooped in to pay respect to him.

Though there wasn’t much publicity of the event, it was gathered that the Ife monarch hosted a little reception for guests in the palace the previous

day. He further displayed rare humility as he chose to trek from his palace to his father’s house. Ooni Ogunwusi who is barely 11 months on the throne has transformed and done a lot in Ife, from promoting the tourism potential of IleIfe to the employment of youth and the construction of roads that have been abandoned. There is also the rejuvenation of the several neglected cultural festivals and super renovations of the shrines like Okemogun/Olojo, Edi/ Moremi, Olokun, Osara, Aje, Oketase/Orunmila temple, Oranmiyan groove, Oduduwa’s house/shrine etc. This is to showcase the town’s tourism potentials to the world as an alternative means of generating revenue as the Oil market is fast dwindling.

a big hotel and restaurant in London, where he spends more time. The SIFAX boss’ Marriot Hotel will be competing with Jim Ovia’s Marriot Hotel on the Island which will be completed by next year, hopefully.

THE MOTHER OF ALL WEDDINGS...LAGOS AGOG AS FOLORUNSHO ALAKIJA’S SON GETS SET TO MARRY IRANIAN FIANCÉE •AFRICA’S RICHEST WOMAN PLANS GRAND CEREMONY AS SON TAKES ASIAN BRIDE

Lagos will throb and the city’s coastlines would heave with rumblings of an unprecedented epic celebration on the day Africa’s richest woman, Folorunso Alakija, and her darling husband, Modupe, marry

off their son, Folarin, to his Iranian fiancée. To make his day a memorable one, the happy parents plan big for their son and his Iranian girlfriend. The event is set to take place on November 19 at the Grand Ball room, Oriental Hotel, the same venue that Mrs. Alakija celebrated her 65th birthday in grand style.

Africa’s richest woman is certainly leaving no stone unturned to host a super wedding ceremony for her son. Alakija who is known for her unabashed classiness and penchant to play the great hostess anytime the occasion calls for it, has decided to treat the couple with an unforgettable wedding ceremony. Thus as you read, there is excitement in the house of the Alakijas and palpable exhilaration amongst the high-society.

WHO IS AFRAID OF DAFE SEJEBOR?

•NAPIMS BOSS IN THE CROSSHAIRS OF VIRULENT RUMOUR

Folorunsho Alakija

Greatness scares the commonplace. It haunts their dreams and rips their sanity to shreds at every encounter with the one whose manhood is unusual or extraordinary to be precise. Little wonder fiends and arch rivals can’t stand the sight and name of Dafe Sejebor. The Group General Manager, National Petroleum Investment Management Services (NAPIMS) is always in the news for the wrong reasons, in the estimation of his diehard traducers. The latter simply can’t stand him. But secretly, they lust to be the man he is. Everyone wants

Ooni of Ife, Oba Enitan Ade yeye Ogunwusi

Dafe Sejebor

to be in his position. In the last few months, there have been attacks from different sources against Dafe Sejebor.

Dafe is a professional to the core. That’s why some people don’t like him. You couldn’t have forgotten so soon when a report came out that he was forcing it on Addax petroleum to buy a property allegedly owned by Bashorun Jide Omokore. Fresh facts later emerged showing that there is no iota of truth in the report.

out of her and causing her to turncoat and be disloyal. But only Olisa Metuh possesses deep understanding of this fact. The embattled People’s Democratic Party (PDP) spokesman is currently grappling with his desertion by his surety as you read.

Having been through a lot in the last few months, Metuh woke up to a rude shock as his surety, Olugbumi Usim-Wilson, has filed an application to withdraw as one of the two sureties to the former PDP spokesman standing trial for alleged money laundering. UsimWilson made this known on Monday at the resumed trial at the Federal High Court, Abuja. In the application, filed before Justice Okon Abang and dated October 4, she prayed the court to remove

OLISA METUH IS IN A BIND •SURETY DESERTS EMBATTLED PDP SPOKESMAN IN THE MIDDLE OF TRIAL

•METUH MOVES TO REPLACE HER WITH DEPUTY SENATE PRESIDENT, IKE EKWEREMADU

When your bondswoman changes horses midstream, there is always a whale of undercurrents scaring the wits

Olisa Metuh

T H I S D AY, T H e S u n D AY n e w S pA p e r • OCTOBER 23, 2016

87

HIGHLIFE

T

Cletus Ibeto Finds Love in Ifeyinwa Opara

he great leveler nowadays is divorce; almost everybody thinks about it, whether because we expect to be happy all the time, daily, weekly or because we want the smell of brimstone in lives made too affluent and easy. Hence, Chief Cletus Ibeto’s second marriage to Ifeyinwa Okpara shouldn’t cause anyone to furrow their brow in deep worry.

The Chairman of Ibeto Group has found love.

Perhaps hearkening to the voice of wisdom that he who finds a good wife finds a good thing, Ibeto remarried not too long ago, having learnt the basic tenets of sustaining a marriage. He is at present living his dream and having the time of his

life with his new wife, Ifeanyi.

Having outgrown his fear of remarriage, he decided to pitch his tent with his lover of many years after his first wife dumped him like a bad habit.

The story had been told sometimes ago that Ibeto’s first marriage was passing through some trials that would have led a moneybag into domestic violence.

Close friends to the family alleged that the unfortunate incidents that plagued the union could only be resolved by separation, as both husband and wife had grown intolerant of each other despite interventions by friends and family members to save their marriage.

Today, Ibeto has found true love or so it seems.

her name from Metuh’s list of sureties. Metuh reacted by filing an application, dated October 14, praying the court to allow him replace Usim-Wilson with Ike Ekweremadu, deputy senate president. However, Onyechi Ikpeazu (SAN), counsel to Metuh, observed that if the application for withdrawal was taken before that of replacement, his client might risk returning to prison.

The Economic and Financial Crimes Commission (EFCC) had filed a seven-count charge of criminal breach of trust, corruption and money laundering against Metuh. It accused him of receiving N400 million from the former Sambo Dasuki, a retired colonel and former national security adviser, part of a $2.1 billion meant for arms procurement allegedly diverted by Dasuki.

bliss and comedy. Ask the Ibru family. That the scion of the Ibru dynasty, Oloorogun Ibru died recently is no longer news. That his first son, Oscar Ibru too is not feeling too well is a story for another day.

Some days ago, the Economic and Financial Crimes Commission (EFCC) declared Goodie Ibru wanted over capital fraud. But contrary to widespread rumour, Ibru wasn’t on the run.

Unfortunately, he has been sick for over three months now and currently undergoing surgery in the United Kingdom (UK). According to a statement, “The truth of the matter is that the EFCC, as at July 19, 2016, invited Ibru for an interview. On July 25, Ibru replied through the law firm of Babalakin & Co that he would not be able to honour the invitation until his planned return in the first week of November 2016 as he was in the United Kingdom undergoing medical treatment.”

TRAGEDY OF THE RICH...IBRU DYNASTY BUCKLES TO TRIPLE CALAMITY

•DEATH, SICKNESS AND THE EFCC RAVAGE THE HOUSEHOLD OF NIGERIA’S FILTHY RICH

Three tragedies in quick succession are too close to call for a family attuned to

Goodie Ibru

FOR BOSE ADEDIBU, NEW LEASE OF LIFE While her husband was alive, she had the sweetest

Bose Adedibu

Cletus Ibeto and Ifeyinwa

experience of the world; she knew what it is to be the heartthrob of the political godfather. She understood what it is to be courted by the lowly-placed, the high and mighty seeking innumerable favours from her husband. But no sooner her husband died than Alhaja Bose Adedibu, widow of strongman of Ibadan politics, Alaafin Molete, Alhaji Lamidi Adedibu, tasted the bitter pill of betrayal. In friendship, she found coldness and in trust, she found treason. It appears her whole world has come crashing down like a giant iceberg. And the reasons are not far-fetched: no sooner the remains of her powerful husband were lowered into the grave than his friends and political associates began to desert his political empire and family. One after the other, they deserted the Adedibu family and would not want to have anything to do with the people he left behind. The situation also forced Bose to shun her late husband’s political associates particularly those he assisted when he was alive who later turned their backs on the family. But such dismal happenstance is now a thing of the past. Today, Bose enjoys a fresh lease of life.

No longer is she the morose and disillusioned widow of a former garrison commander and politician. She has picked up the pieces of her life and moved on. How? Wait for details on this page.

JUST LIKE YESTERDAY! FUNSO WILLIAMS…TEN YEARS GONE BY “Fallen from his high estate, and weltering in his blood: deserted at his utmost need, by those his former bounty fed; on the bare earth exposed he lies, with not a friend to close his eyes,” wrote John Dryden, the late English poet, playwright, and literary critic in his literary masterpiece, “Alexander ’s Feast.” Were they of the same epoch, we could say Dryden had the

late Funso Williams in mind.

That is because his words, grim as they are, vividly capture the situation of things with respect to the Lagos politician, particularly his desertion after his demise by friends and associates.

They could not even bring themselves to remember him, prompting insinuations that most of our politicians have short memories indeed. Or could it be that they think less of the dead and their accomplishments. Recently, it was exactly the tenth anniversary of the untimely death of Williams, former Commissioner for Works in Lagos State and leading governorship aspirant at the time, and only a few politicians remembered him talk less acknowledged his political achievements. The gruesome and shocking murder of Williams was one pill too bitter to swallow for most of the people who knew him. Many of his friends and associates were inconsolable following his murder. It is therefore a surprise that ten years after, many have forgotten all about him. Funny how time obscures our world’s best heroes you might say.

Funsho Williams

Sunday October 23, 2016

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Price: N400

MISSILE

Ezekwesili to Buhari’s Daughter

‘We, @BBOG_Nigeria don’t raise funds. If your organisation is raising funds, don’t call it “BBOG Stakeholders”. Ethics matter, not so?’

– Former Education Minister and leader of the Bring Back Our Girls (BBOG) group, Oby Ezekwesili, responding to a group led by President Muhammadu Buhari’s daughter, Hadiza Buhari-Bello, advising it against using of the BBOG name for fund raising.

SIMONKOLAWOLE SIMONKOLAWOLELIVE!

simon.kolawole@thisdaylive.com, sms: 0805 500 1961

Four Is ‘Project Buhari’ Falling off? And Other Things...

T

here is a confession I’ve been longing to make: I never expected Candidate Muhammadu Buhari to win the 2015 presidential election. Although I have never hidden my soft spot for him for decades, I somehow expected President Goodluck Jonathan to be returned by any means. I had my reason: I thought no sitting president could be defeated in Nigeria.

He has CBN, NNPC, INEC, police, military and even FRSC at his beck and call. How would he lose? We all saw the ridiculous results that returned President Olusegun Obasanjo to office in 2003. That made me conclude that it was impossible to defeat an incumbent president.

I was sensationally wrong.

I underestimated (or, as George W Bush would say, I mis-underestimated) the depth of public anger against Jonathan. Things had piled up — Boko Haram, Chibok girls, Madam Patience, allegations of missing $20 billion and strange theories on “stealing is not corruption”. And with the awesome media machinery of the APC, Jonathan had become irreparably damaged. He and the PDP had come to represent everything wrong with Nigeria. Most Nigerians wanted change by all means. It was a mass movement that grew by the day. Buhari finally walked into the room at the right time and became the symbol of hope — and change. There and then, something new started.

During electioneering, so many things were being written and said about Buhari by overzealous marketers, especially on Twitter and Facebook.

These guys, some of them overpaid, knew nothing about Buhari. Because of the over-marketing, unrealistic expectations were being sold to Nigerians. I feared, and I wrote (on January 25, 2015 — to be specific), that Buhari was being set up for failure. I had only one expectation: that Buhari would put an end to the mindless impunity in the conduct of government business in Nigeria. That was more realistic. I sympathised with Jonathan because of his soft nature, but he was clearly no longer in charge of his own government.

Stripped of the extreme exaggerations and Utopian expectations, Project Buhari was a bold statement by Nigerians that they could resolve to vote out a sitting government — contrary to my initial doubts. Embedded in “change”, implicitly, were expectations that Buhari would be markedly different from Jonathan — if not, why vote him out in the first place? There were legitimate expectations that Buhari would function better, put people of quality and integrity in his government, and address the basic needs of the people. However, there were also unrealistic expectations, particularly on social media, that he would turn stone to bread.

Is Project Buhari failing? His inexplicable delay in appointing a cabinet, his statement on 97% vs 5%, his handling of the Shi’ite sect and Biafra agitators, the activities of the herdsmen and kidnappers, allegations of rising dictatorship, and, above all, the nose-diving economy have seriously undermined his government.

Everywhere you turn to these days, you hear people say “this is not the change we voted for”. The ousted PDP is saying it is time “to change the changer”. The person on the street is disillusioned as economic hardship bites harder.

Buhari Many who campaigned and voted for Buhari are queuing up to “apologise” for their role.

To worsen matters, his wife, Aisha, took the unprecedented step of openly criticising her husband on BBC Hausa service. It appeared she deliberately picked the medium — reputed as the most listened to in West Africa; picked the language — so you can’t say something was lost in translation; and picked her words — my husband has been distributing appointments to those I don’t know despite my being married to him for 27 years, APC members are angry that they’ve not been rewarded for their sweat, this government has been hijacked. When your spouse criticises you so brutally and globally, you are in trouble. You don’t need another opposition party.

But is Project Buhari really failing? I think our perceptions of, and expectations from, the project are different — and so will be our assessments.

The March 28, 2015 election, I think, was not a vote for a Joshua to take us to the Promised Land. Rather, it was a vote for a Moses to lead us out of Egypt, to take us across the Red Sea with his rod of integrity, to defeat an incumbent, to change government. The mistake many made was to see Buhari as both Joshua and Moses.

Immediately he won the election, they went to sleep. Even things he knew nothing about, like immediate improvement in power supply, were attributed to his legendary “body language”.

The initial Buhari euphoria was like the children of Israel crossing the Red Sea and then settling down on the banks for a picnic: eating, drinking, blasting music and “rising up to play”. Unfortunately, the Promised Land is still years away — all we did was leave Egypt in the first phase of deliverance. Even after the Israelites left Egypt, the Bible says they spent three days in the Wilderness of Shur looking for water to drink. When they eventually found water at Marah, it was bitter. They couldn’t drink it. They soon turned on Moses and asked to return to Egypt, saying life in slavery was “better”. Does that sound familiar today as some people sing “Bring Back Our Corruption”?

To me, the significance of Project Buhari was

that: one, Nigerians can get angry with the ruling government; two, the anger can lead to a mass movement; three, this anger can be politically mobilised; and four, the anger can translate to votes that will count. Logically, therefore, Nigerians can get angry again; the anger can lead to another mass movement; the anger can be mobilised again; the anger can translate to votes that will count again. In fewer words, the same action can be repeated in 2019 if Buhari does not deliver the goods. The Buhari Project is therefore not about Buhari — just as French kiss is not about France and bear hugs are not usually with bears.

The biggest mistake the Buhari camp made after his victory was to think that the March 28 election was all about him. I have this feeling some people told him he won the election on his own strength, on his own popularity, on his own invincibility. Buhari’s critics allege that he sees his victory as an opportunity to exact revenge on his enemies, both real and imagined.

These were the same fears that made power brokers reject him thrice — and a lot of people are now in the mode of “didn’t we warn you” as the script plays out. It is not as if I expected Buhari to be a completely new person at 73, but some things have continued to surprise me about him in his second coming.

For instance, he has never been an economic genius, so I am not surprised by many of his damaging public pronouncements on the economy. That is Buhari unfiltered. However, I am surprised by his failure to put together a crack team at a time the economy needed the best hands to get out of the woods. Nigeria has grown beyond the capacity of some of the people he put in charge of economic matters. It’s like running a Rolls Royce with the engine of a Beatle. Or expecting Whatsapp and Instagram to run on Nokia 3310. I am still surprised that it took him six months to make appointments that eventually offered Nigerians virtually nothing spectacular.

All said and done, nobody should be apologetic for supporting Buhari. To the extent that Project Buhari was primarily about the power of Nigerians to decide the country’s future, the project has not failed. In phase one, Nigerians used their thumbs to push out a ruling party. On that note, it was mission accomplished. In phase two, if Buhari disappoints (and I do think Nigerians have given up too easily), I expect voters to go a step further by properly interrogating the candidates that parties put forward in 2019.

The 2015 election was to vote Jonathan out; the next must have higher and tougher standards.

It must be more than defeating an incumbent.

I hope the political parties know that Nigerians are now highly mobilisable. The parties should prepare to field candidates who are ready to engage with Nigerians on the basis of ideas and track record. The dynamics that shaped 2015 will most likely be different from what will shape 2019. I am expecting an evolution in our practice of democracy. This, I believe, was kick-started with Project Buhari 2015. It took me by surprise that it worked. It means, I suppose, that Nigerians have finally earned the power to decide who rules them. In that case, Project Buhari is going very well. Change began with us — and must continue with us.

WELCOME HOME Did you see the Chibok mother who tied her teenage daughter to her back like a toddler?

It drew a tear from my eyes. You wouldn’t understand what it means to a mother that after over two years of mental torture, of uncertainties, of raised and dashed hopes, she was seeing her “baby” again. And to think many of the abducted girls’ parents have died after falling sick over the misfortune.

I thought Mrs Aisha Buhari, as a mother of four girls, would be there to celebrate this moment — but she seems more interested in APC internal politics. Hopefully, we will secure the release of the others sooner than later. And, O God, may we never experience this tragedy again. Amen!

THE UPPER ROOM A lot has been written and said about the living room, the cooking room and “the other room” in the light of the public spat between President Muhammadu Buhari and his wife, Aisha. I would, nevertheless, implore spouses to spend more time in the “upper room” (prayer room) to uphold their husbands and wives, especially those in public office. If my wife were president, I promise I would never go on BBC to give her a public dressing down under the pretext of speaking the minds of some disgruntled party members. God forbid. Buhari’s chauvinistic response was worse than the original sin, I must add. Couples must always support and respect each other. Harmony.

ASO DEMONS There is one thing I always avoid: arguing with people over their personal spiritual experiences. If you tell me you encountered spirits, I have no way of knowing if it is true or not. It would be unfair of me to dismiss your claim. Former presidential adviser, Dr. Reuben Abati, has been heavily lampooned for saying he experienced demons in Aso Rock. Actually, my perception of Aso Rock is that most of the people who go there easily get carried away by power, money and influence — such that they become demons and start tormenting Nigerians. If demons are tormenting Aso Rockers in return, then it is a case of in-fighting. Family.

SAFE TRIP, KENULE I got to meet Ken Saro-Wiwa Jnr a few years ago through a mutual friend, Oronto Douglas. The way we started chatting and joking and laughing, you would think we grew up together. He was so simple. A gifted writer and journalist, Ken and his siblings lived through the trauma of the execution of their playwright father after a very controversial trial presided over by Ibrahim Auta, now the chief judge of FCT. Ken carved a niche for himself in his chosen field. It is very painful that he exited the world at just 47. Coming while we are yet to recover from Oronto’s death, this is a shattering blow. But that is the end of all mortals. Ken only went ahead of the rest of us. Adieu.

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