Wednesday 26th October 2016

China Fine-tunes Oil Deals with FG, Seeks Sovereign Guarantee on Investments FEC to consider proposal on payment of cash call arrears NNPC: No plan to increase petrol price Chineme Okafor in Abuja Nigeria and China yesterday began to put finishing touches to the multi-billion dollar oil deals both countries had initiated, and which will see Chinese firms invest heavily in Nigeria’s energy sector.

But while the terms in the business deals are being worked out, the firms have indicated that they would be requesting a sovereign guarantee from the Nigerian

government to back their planned investment on pipeline construction.

To this end, a delegation of Chinese companies had a meeting with officials of the

Nigerian government at the headquarters of the NNPC in Abuja.

The meeting, where the Memorandum of Understanding (MoU) for

the oil deals was fine-tuned, followed the inauguration of an inter-ministerial implementation committee on Monday by the government to meet with the investors.

Jonathan: Dasuki Did Not Steal $2.2bn... Page 8

Present at the meeting yesterday were members of the committee comprising representatives from NNPC, Ministry of Finance, the Debt Management Office (DMO), Budget Office of the Continued on page 6

Wednesday 26 October, 2016 Vol 21. No 7860. Price: N250

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Executive versus Judiciary: The Politics, the Dilemma

Bolaji Adebiyi in Abuja

The October 7 and 8, 2016 raids on the homes of some judges by operatives of the Department of State Services (DSS) have continued to generate intense controversy over the propriety of the action of Nigeria’s secret

N E W S A N A LY S I S Sylvester Ngwuta and Justice Inyang Okoro of the Supreme Court, as well as Justice Adeniyi Ademola and Justice Nnamdi Dimgba of the Federal High Court, Abuja Division, were arrested in Abuja. While

Justice Muazu Pindiga was nabbed in Gombe; the operation in Port Harcourt targeted at Justice Mohammed Liman of the Federal High Court, Port Harcourt Division, was unsuccessful as the DSS

mistakenly stormed his neighbour’s house instead of his own.

In all, seven judges, including Justice Kabir Auta of Kano High Court, Justice Mohammed Tsamiya of the Court of Appeal, Ilorin Division, and the Chief Judge of Enugu State, Justice Innocent

Umezulike, were taken into custody by the secret police for alleged bribery and corruption, but were admitted to bail on self-recognition, pending the conclusion of investigations into their alleged offences.

The National Judicial Council (NJC), the body established by the constitution

police, which said it moved against the judicial officers to obtain evidence of their alleged corrupt activities.

The DSS had in midnight raids across two states and Abuja stormed the residences of the judicial officers. Justice Continued on page 8

Buhari Seeks Approval for $30bn Foreign Borrowing, N180bn Budget Virement $10.7bn to go to infrastructure, $3.5bn for budget support, $11.3bn for other projects Damilola Oyedele in Abuja President Muhammadu Buhari has written to the National Assembly to seek approval to borrow $29.96 billion under the External Borrowing (Rolling) Plan to address the infrastructure deficit in the health, education, water resources and other sectors.

The president is also seeking the approval of the legislature to vire N180.8 billion from the

funds appropriated for special intervention (recurrent and capital) in the 2019 budget, to fund critical recurrent and capital items.

Buhari’s letter, which was read at plenary yesterday by the Speaker of the House of Representatives, Yakubu Dogara, indicated that the $29.96 billion is for proposed projects and programmes loan of $11.274 billion, $10.686 Continued on page 6

Another Nominee, NERC Chairman-designate, Rejects President's Appointment... Page 9

GLOBAL LAWMAKERS MEET…

Senate President Bukola Saraki (left), exchanging views with the Vice-Speaker of the German Bundestag, Claudia Roth, at a bilateral meeting on the sidelines of the 135th Inter-Parliamentary Union (IPU) Assembly in Geneva, Switzerland… yesterday

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WEDNESDAY OCTOBER 26, 2016 T H I S D AY

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PAGE SIX

Jonathan: Dasuki Did Not Steal $2.2bn Insists aircraft, warships, arms bought by his administration

Chiemelie Ezeobi Breaking his silence for the first time on the probe being undertaken by the present administration on the procurement of arms to fight Boko Haram by his government, former President Goodluck Jonathan has said that it was impossible for his former National Security Adviser (NSA), Col. Sambo Dasuki (rtd), to have stolen $2.2 billion as alleged by the Economic and Financial

Crimes Commission (EFCC).

Responding to questions after his lecture on Youth Entrepreneurship at the famous Oxford Union in the United Kingdom, Jonathan, said: “They said the national security adviser stole $2.2 billion.

I don’t believe somebody can just steal $2.2 billion.

“We bought warships, we bought aircraft, we bought lots of weapons for the army and so on and so forth, and you are still saying $2.2 billion (is missing),

so where did we get the money to buy all those things?”

The former president did however acknowledge that there was some degree of corruption but it had been over-blown.

“Yes, there were some issues.

Yes, there are still corruption issues but some of it was over-blown.

“I’d say exaggerated and they give a very bad impression about our nation. You cannot say the national security adviser stole $2.2 billion. It is not just

possible,” he said.

To avoid sounding confrontational, Jonathan explained that some of the corruption cases were still in court and would rather allow the legal processes to reveal the facts of the matter.

He said: “One thing about the issue of corruption is that these matters are in court, let’s allow some of these processes to end.

Lately, some judges’ (homes) were also invaded. There are so many things involved and we

have to follow up these matters to conclusion before we know the facts.

“I don’t want to be seen as a former president challenging what the sitting government is doing, so I have decided to keep quiet for the court to look into these issues.”

He said allegations of corruption were not unique to his administration or the country, adding: “You will see that it has become a major topic whenever there is a change of

government… I am not saying there is no corruption in Nigeria, there is corruption.

“If you look at corruption, there is almost no country that is free, but the degree varies, the perception varies.

“Transparency International talks about the way corruption is perceived in different economies, and why do we talk about the way corruption is being perceived, it’s because it depends on the issues raised in the media every day.”

- N14,667,230,014, and Ministry of Education: Augmentation of Meal Subsidy/Direct Teaching and Lab Cost - N900,000.

The letter indicated that N1.2 billion was proposed to fund the salary shortfall in the Public Complaints Commission, while N12,708,367,476 was proposed for the capital budget of the Nigerian Air Force, and N1.5 billion for capital supplementation: Presidential Initiative on North East (PINE).

“You may also wish to be informed that the Federal Ministry of Power, Works and Housing has also requested for virement of the sum of N300 million appropriated under the 2016 Appropriation of the Transmission Company of Nigeria for the construction of a 132 KVA substation at Gwaram, Jigawa State with Project code no. TCN 01B023829 to the construction of two 60MVA

132/33 in Gagarawa, Jigawa State.

“However it was observed that while the line to be vired from exists in the budget book published by the National Assembly, the lines to be vired to, do not exist. It is therefore recommended that the sum of N300 million meant for the construction of the 132 KVA substation at Gwaram, Jigawa State, be vired to budget line TCN 01B021775 for the reconstruction of fallen transmission towers replacement, replacement of glass insulators, etc, which has an appropriation of N4,880,000,000,” Buhari said in the letter.

Dogara, after reading out the letter, said that the requests of the president and the Medium Term Expenditure Framework (MTEF) would be discussed and debated by the House on Thursday.

stressing that the arrangement was adequate for them.

“The statement was made within the context of technical terms and not downstream operations. But the bottom line is that there is absolutely no plan by government to increase fuel price above the N145 per litre maximum level,” said Muhammad.

He further said: “If there is going to be anything like that, the agency responsible for fixing price – the PPPRA – will definitely communicate to Nigerians and give reasons why that will happen, but as at this moment, there is absolutely no plan to do that and no need to do that because we have more than enough supply.

“We also have long-term procurement contracts with our suppliers and the usual reasons that would necessitate any review of the price at the moment have been well taken care of. We have long-term contracts and enough stock.”

On the new FX arrangement for marketers, Muhammad said: “They have been complaining and their complaints have been addressed adequately to their satisfaction.

“A new window has been opened to make adequate FX available to them for importation and they are satisfied with it. In fact, we are waiting for them to now deliver because we have fulfilled our own part of the bargain.

“Besides, we have a glut in the market, people have imported and are waiting for off-takers to buy their products to sell and it is the case in every part of the country.

“Discussions were held, negotiations were made within the committee that is making FX available to marketers including the

CBN representatives and the marketers.

“The discussion started a few weeks ago and the window became effective two weeks ago.

When people make complaints, you have to investigate and find solutions to the complaints.”

When asked if there was a subsidy element on petrol, Muhammad said: “There is no subsidy in the market now.

What we were explaining is what the price modulation will do, we said it will make importation of petroleum products easier for everybody and the need to subsidise will not be there because prices will be determined by market forces.

“You buy and sell at prices that are acceptable to you. People sell at prices less than N145, and it is not magic but diligent pursuit of commonsense, and that is what has been responsible for the stability and we intend to maintain the momentum.

There has been no shift in policy since the new management of NNPC took over.”

BUHARI SEEKS APPROVAL FOR $30BN FOREIGN BORROWING, N180BN BUDGET VIREMENT billion for special national infrastructure projects, Eurobonds of $4.5 billion, and federal government budget support of $3.5 billion.

The president said the projects and programmes under the external borrowing plan were selected based on positive technical economic evaluations, as well as the contributions they would make to the socioeconomic development of the country, including employment generation, poverty reduction, and protection of the nation’s vulnerable population.

Some of the funds from the external borrowing plan would be deployed to emergency projects in the North-east, particularly following the recent outbreak of polio after the de-listing of Nigeria from polio endemic countries.

The World Bank has provided a loan of $125 million for the

federal government to procure vaccines and other ancillary facilities to stop the polio outbreak, and also provided $450 million to assist in the reconstruction and rehabilitation of the North-east, the president disclosed.

The entire projects for the North-east, according to the president’s letter, are: polio eradication support and routine immunisation ($125 million), community and social development projects ($75 million), Nigeria States and Health Programme Investment Project ($125 million), State Education Programme Investment Project ($100 million), Nigeria Youth Employment and Social Support Project ($100 million), and Fadama III Project ($50 million).

“Given the emergency nature of these facilities and the need to consolidate the peace and

return the region to normalcy, and considering the time it would take to get National Assembly’s approval, it has become inevitable to request for the National Assembly leadership’s approval, pending the consideration and approval of the 2016-2018 borrowing plan by the National Assembly to enable us disburse these funds immediately,” Buhari said in the letter.

Similarly, in the letter seeking virement of funds within the 2016 budget, the president provided a breakdown of items to which the N180.8 billion would be allocated.

He sought the virement of N166.6 billion (for recurrent expenditure) from the Special Intervention (recurrent) for which the sum of N300 billion was appropriated, which now has a balance of N275 billion, and N14.2 billion (for capital

expenditure) from capital in the federal government special intervention programme for which N200 billion was appropriated, which has a balance of N145 billion.

A breakdown of the proposed expenditure is: Public Service Wage Adjustment - N71,800,215,270, Service Wide Vote: Contingency N1,200,000,000, Service Wide Vote: Margin for Increase in Cost - N2,000,000,000, Ministry of Interior: Cadet Feeding Police Academy, Wudil, Kano - N932,400,000, and Amnesty Programme - N35,000,000,000.

Other items are internal operations of the Armed Forces - N5,205,930,270, Service Wide Vote: Operation Lafiya Dole - N13,933,093,000, Ministry of Youth and Sports Development: NYSC N19,792,018,400, Ministry of Foreign Affairs: Foreign Missions

CHINA FINE-TUNES OIL DEALS WITH FG, SEEKS SOVEREIGN GUARANTEE ON INVESTMENTS Federation, and Ministry of Power, Works and Housing, among others.

A representative of the Chinese delegation, Julie Zhu, in her presentation, highlighted some of the investments which the MoU will cover in 2017.

In the upstream sector, Zhu, confirming THISDAY’s exclusive report yesterday, said the China North Industries Corporation (NORINCO) would support Nigeria with an oil-backed loan of $5.5 billion to ramp up upstream oil production.

She said the CINDA consortium – made up of many leading Chinese state-owned companies – would invest in setting up one new gas central processing facility (CPF) at a cost that would be between $3 billion and $3.54 billion.

Zhu also stated that they plan to build a new petroleum pipeline that would run from Port Harcourt to Kano at the cost of between $4.3 billion and $5.4 billion.

The Chinese delegation however said funding for the pipeline would be covered by a sovereign guarantee, because of the risk of vandalism associated with Nigeria’s petroleum industry.

“In China, the media coverage of Nigeria is actually very negative. You have Boko Haram in the north and militancy in the south keeps coming up. Nobody is going to invest, lay a pipeline and the next day you bomb it, that is why Nigeria as a government will need to guarantee they can deal with those issues,” Zhu said.

She equally explained that the Chinese companies were proposing to invest in the construction of three power plants to be located in Abuja,

Kaduna and Kano at the cost of between $3.6 billion and $4.5 billion.

According to her, they will revamp the country’s four refineries with $0.9 billion and $1.1 billion to get them working so that they can refine more oil.

Zhu, however, said that after revamping the refineries, there were plans to add petrochemical units to increase the profitability of their operations.

All these, Zhu said, would be done at the same time. “It has to be (done at the same time) because the power plants cannot work if you don’t have the pipeline. The pipeline will not work if you can’t process the gas,” she said.

Cash Call Arrears But as the federal government seeks to woo Chinese investors to increase their stake in Nigeria’s oil and gas sector, it remained focused on ensuring that international oil companies (IOCs) were not left out, with President Muhammadu Buhari assuring them that the Federal Executive Council (FEC) will soon consider a proposal to settle the cash call arrears owed the government’s joint venture partners.

Over the years, the federal government has found it difficult to fund its share of cash call obligations for the joint venture oil assets, forcing the IOCs to fund the projects singlehandedly. The government’s cash call arrears are estimated at $7 billion.

A statement issued by the president’s media aide, Mr. Garba Shehu, said Buhari spoke at the State House, Abuja during a meeting with the Director, Global Upstream

of Shell, Mr. Andrew Brown who met with the president yesterday.

The president also said that the security of oil infrastructure would continue to be prioritised side-by-side the dialogue with the stakeholder-communities in the Niger Delta.

He, however, urged oil companies to take more responsibility in the protection of oil installations to complement the efforts of Nigerian Navy in the region.

The president also restated the determination of his administration to restore the country to the “good old days of accountability”.

Buhari said he would leave a legacy of improved infrastructure, particularly in the power sector, and also ensure better security in the Niger Delta region.

“It is only by doing this that investor morale and confidence will return, and the economy will be positioned on the path of growth,” the president said.

Buhari, who commended Shell for its faith in the economy and staying power, assured his guest on some issues of concern raised by Shell.

In his remarks, Mr. Brown, informed the president of the resumption of oil exportation from the Forcados terminal following its restoration.

He called for continued protection by the Nigerian Navy, in view of repeated threats of attack by militants.

Brown commended the anti-corruption posture of the Buhari administration, as well as the efforts to streamline and stabilise the economy for long-term projects, saying all the efforts will go a long way to reinforce Shell’s investment plans in Nigeria.

No Plan to Increase Fuel Price Meanwhile, NNPC has said there is no plan by the federal government to increase the price of petrol from its current N145 per litre.

NNPC was quick to make this clarification yesterday after its Group General Manager in charge of the Crude Oil Marketing Division, Mr. Mele Kyari, admitted on Monday that the current price was unsustainable due to the prevailing exchange rate.

He also said that under the current price regime, the subsidy element had crept back, but was categorical that the Buhari administration would not contemplate another hike in the price of the product.

Speaking on the issue yesterday, the Group General Manager, Public Affairs in NNPC, Mallam Garba Deen Muhammad, restated that there would be no need for the government to undertake an upward review of the price of petrol, because in its estimation, there was oversupply of the product in the country.

He also explained that in the wake of rising prices of crude oil in the international market, it had done long-term supply deals with suppliers to mitigate whatever price shock the development might bring on its downstream operations.

Muhammad also disclosed that a new regime that would allow petroleum marketers have more access to foreign exchange to aid fuel importation had been negotiated and taken off.

Although he refused to provide more clarity on the new FX arrangement, he said it was negotiated on the basis of complaints by the marketers,

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WEDNESDAY OCTOBER 26, 2016 T H I S D AY

28th October

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NEWS

N’Delta Avengers Resumes Hostilities, Bombs Chevron Export Pipeline Sylvester Idowu in Warri After about three months of quiet, the Niger Delta Avengers resumed destruction of oil and gas infrastructure yesterday, when it bombed a Chevronoperated export pipeline at Escravos in Warri South Local Government Area of Delta State.

The attack on the major pipeline came as a surprise to security forces in the oil-rich region, as they had lowered their guard in anticipation of a negotiated peace agreement between the militants and the federal government.

The militant group claimed its Strike Team 06 brought down the export pipeline at about 3:45 a.m. yesterday as warning to all international oil companies (IOCs) to heed to its warnings not to effect repairs to their bombed facilities pending the negotiations or dialogue with the people of the Niger Delta.

According to a statement by the group’s spokesperson, Mudoch Agbinibo, NDA said: “Today at about 3:45 a.m. our Strike Team 06 took down

Chevron Escravos export pipeline at Escravos offshore.

“This action is to further warn all IOCs that when we warn that there should be no repairs pending negotiations/ dialogue with the people of the Niger Delta, it means there should be no repairs.”

The militant group said it would not allow any attempt to use dialogue to distract it from the struggle, in order to allow the free flow of oil from the region.

“Any attempt to use dialogue to distract us so as to allow the free flow of our oil will halt the dialogue process,” it warned.

The General Manager, Government, Public and Policy of Chevron, Mr. Deji Haastrup refused to confirm or deny the attack when contacted

by THISDAY. He ssaid in a text message: “As a matter of longstanding policy we do not comment on the safety of our personnel or the security of our assets.”

Also, the acting spokesman of the Joint Task Force (JTF), Lieutenant Commander Thomas

Niger Delta militants Otuji could also not be reached for confirmation.

Fear of resumption of attacks on oil infrastructure in the region was rekindled

last Saturday when the Niger Delta Avengers broke its silence, warning that only genuine resolution of the crisis with the region controlling its

resources under true federalism will guarantee peace in the area.

It said that no amount of military action would stop it from halting the flow of the

oil from the region to sustain Nigeria.

“This is our land and we are the masters of its battlefields,” the militant group said.

that are pending with it. So why the raid?

Some of the suspect judges, and the NJC by its stance, seem to agree that the raid was a political act of intimidation.

Following the loss of the two critical and strategic South-south states of Akwa Ibom and Rivers by the ruling All Progressive Congress (APC) in the 2015 general election, the ruling party resorted to the election petition tribunals, seeking to overturn its electoral defeats.

As the tribunals were treating the petitions, complaints were rife about the intimidation of opposition parties’ witnesses, including Independent National Electoral Commission (INEC) officials, by the DSS. The situation was so bad that some of the witnesses shuttled between tribunal sittings and DSS detention facilities. Indeed some of them are still the subject of DSS investigation and prosecution for alleged corruption.

Although the APC won some of its cases at the lower courts, they were all overturned by the Supreme Court. Leading APC politicians complained loudly and insinuated that the Supreme Court’s decisions were not entirely based on law. Meanwhile, opposition politicians pointed to the relentless prosecution of witnesses for alleged corruption by the DSS and its sister agency, the EFCC, without much success at the courts.

On more than two occasions, once outside the country, the other during a media chat on national television network, President Muhammadu Buhari complained about his frustrations with the judiciary, accusing it of clogging the wheel of progress in the fight against corruption. The presidential utterances and the activities of its agencies lend credence to the unspoken belief of the NJC and its sympathisers that the recent ordeal of some

of its officers were beyond the fight against corruption. May be.

Shortly after Buhari’s outburst, the media became agog with the debate over the possibility of appointing a new Chief Justice of Nigeria (CJN) from outside the Supreme Court upon the retirement of Justice Mahmud Mohammed who is due to bow out on November 10. The idea perhaps is to bring someone from outside in the hope that the current justices would resign in anger, a situation that would give the president the opportunity to populate the court with his men. Although hostile public reactions to the possibility of disrupting the age-long conservative order of succession by seniority at the Supreme Court may have forced the presidency to beat a retreat, opposition politicians and some analysts think that it was the failure of this strategy that gave birth to the DSS raid on the home of the judges.

“The hope was that the two justices of the Supreme Court arrested would implicate their colleagues and pave the way for the mass retirement of the justices. That strategy too, has failed,” a Senior Advocate of Nigeria told THISDAY. But it is widely believed in judicial circles that the president still harbours a desire to extract a pound of flesh from the Supreme Court. Attention is called to his reluctance to forward the name of Justice Walter Onnoghen to the Senate for confirmation two weeks after the NJC transmitted its recommendation to the presidency. The delay is said to have been caused by the DSS’ frantic search for something to nail him so that the third in line of seniority at the Supreme Court, Justice Tanko Muhammad, could be nominated to replace him. So far, nothing has been found.

Yet shunting Onnoghen

for Muhammad is bound to worsen Buhari’s reputation for preference for appointing northerners to sensitive positions. Sidelining Onnoghen for whatever reason would torpedo the chance of the south to occupy the top judicial post again 29 years after Justice Ayo Irikefe retired from the post.

Not a few critics, however, believe that the travails of the judiciary is the NJC’s doing, having regard to its snail speed response to the handling of petitions on misconduct by judicial officers. By its own account, over 300 petitions are pending with it and it has neither given any indication on when it intends to treat them, nor has it proposed any reform to speed up its processes for dealing with complaints against its officials. Instead, by curbing the disclosure on petitions against judicial officers and barring the media from reporting them, its focus is on introducing opacity to its disciplinary action against sullied judges in the country.

Although the NJC pleads not to be stampeded to work outside its procedures, its slow pace of work and conservative processes that allows tainted judges to sit while they are being investigated leaves the council with a moral burden.

As the legal luminary, Chief Afe Babalola (SAN), pointed out in his intervention on the debate on the DSS raid, the absurdity of a serving Supreme Court justice standing in the dock before a judge of a High Court looms large over a judiciary whose image has taken so much bashing in recent times.

It is in order to prevent the occurrence of this absurdity that the NBA has now shifted its position and asked the NJC to suspend the suspect judges, pending the outcome of the investigation of their alleged crimes and possible prosecution.

Will the NJC buckle? Time will tell.

EXECUTIVE VERSUS JUDICIARY: THE POLITICS, THE DILEMMA to regulate the appointment, discipline and welfare of judicial officers, has since declared the action of the DSS illegal, unconstitutional and an assault on the independence of the judiciary. A position that was in tandem with the initial reaction of the Nigerian Bar Association (NBA), which declared a state of emergency in the judiciary, saying the raids on the homes of the judicial officers were unlawful.

But last weekend, it moderated its view, asking the suspected judges and justices to step down until they cleaned their soiled names. The NBA immediately got the support of the Body of Senior Advocates of Nigeria and a motley crowd of anti-corruption civil society organisations, who called for the suspension of the judges, arguing that it would be awkward to have serving judges stand criminal trial.

But the NJC has stoutly rebuffed the call for the suspension of the judges on the grounds that it would amount to presuming them guilty, even as investigations into their alleged crimes were yet to be concluded. In any case, argued the NJC, there were no petitions from the DSS against the judges before it to warrant the imposition of such a sanction.

In the meantime, the NJC is slated to meet with the NBA tomorrow to resolve the logjam, which threatens to snowball into an eyeball-to-eyeball duel between the executive and the judicial arms of government.

The DSS, an agency of the executive, claims that its action was to exorcise corrupt judicial officers that were tainting the revered image of the judiciary.

The NJC says while it does not condone corruption within its ranks, the DSS raid was an unwarranted assault on the principle of separation of powers enshrined in the 1999 Constitution, contending that

it violated its well-known rules of procedure for the dealing with misconduct by judicial officers.

Resolving the logjam promises to be testy particularly because of the claims of some of the judges that they have been targeted for political reasons. Two of the judges, Okoro and Ngwuta, have pointedly accused the Minister of Aviation, Mr. Rotimi Amaechi, of approaching them to influence the outcome of the Akwa Ibom and Rivers States’ governorship election petitions that were decided by the Supreme Court earlier this year in favour of the opposition Peoples Democratic Party (PDP), claiming that it was their refusal to oblige him that is at the root of their travails.

Two other judges, Ademola and Dimgba, also traced their predicaments to their rulings against the DSS in some cases they had decided.

Without a doubt, corruption is an epidemic that has permeated the fabric of the nation and many Nigerians are indeed disappointed that the cankerworm has eaten into the judiciary, whose officials are entrusted with the sacred duty of dispensing justice to all without fear or favour.

There have been reasonable grounds for suspecting that the judiciary has been corrupted.

The evidence is there in the several contradictory rulings and judgments that are given by courts of coordinate jurisdictions both at the High Courts and the Court of Appeal. The contradictions have been more pronounced in political cases.

With their enormous powers, which could be used to take away the liberty and even the life of other citizens, it is not too difficult to appreciate the excitement of many Nigerians at the news of the raid on the homes of the alleged corrupt judicial officers.

But the caution is that the

war against corruption has to be fought within the ambit of the law in order not to encourage executive lawlessness, which many social critics fear is what has occurred in the current face-off. If judges are suspected to have compromised their judicial positions, is there no laid down procedure to bring them to book? Is a middle of the night raid on their homes a necessary way to apprehend exhibits and arrest them? And is it a coincidence that it is mostly judges with a history of adversarial rulings against the agents of the executive that have been targeted?

All the statements made so far by the NJC show a conviction that the DSS raid on its officials was not only an unlawful act but also an exercise intended to intimidate the judiciary. It is perhaps true.

The body is created by S153 (1) (i) of the Constitution and S158 insulates it from interference of the executive arm of the government, pursuant to the principle of separation of powers enshrined in the constitution. Up till now, the NJC, although at a slow pace, had exercised its disciplinary powers over judicial officers, suspending some pending the conclusion of investigations and recommending others for compulsory retirement or dismissal to the president or state governors, as the case may be. Some of the cases it had handled in the past involved allegations of bribery and corruption.

Indeed, two of the judges in the instant DSS investigation had just been recommended for compulsory retirement.

Moreover, the DSS and other security agencies, including the Economic and Financial Crimes Commission (EFCC) had in the past reported cases of misconduct to the NJC for action. Some, according to the NJC, had been treated while others are part of the 308 cases

WEDNESDAY OCTOMBER 26, 2016 • T H I S D AY

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NEWS

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

IMF: Delayed Response by Nigeria Hinders Economic Recovery in Africa The International Monetary Fund (IMF) has expressed worry over what it described

as the slow policy response of Nigeria and other oil exporting countries in sub-Saharan Africa

N’Delta Governors, Others Demand Review of Amnesty Programme Damilola Oyedele in Abuja Delta State Governor, Mr. Ifeanyi Okowa and his Akwa Ibom counterpart, Governor Udom Emmanuel, have joined community leaders and other stakeholders in the Niger Delta region to demand a holistic review of the Presidential Amnesty Programme (PAP), which they noted, has failed to ensure the re-integration of ex-militants into the society.

The governors, speaking at a House of Representatives public hearing on “A Bill for an Act to Establish the Presidential Programme or Rehabilitation/ Re-integration for Implementation of Amnesty on Niger Delta,” said an urgent review of the programme would calm frayed nerves which have surfaced in renewed militancy.

The hearing was conducted by the Committee on Delta Affairs chaired by Hon. Essien Ayi (Cross River PDP) on Tuesday. The bill which prompted the hearing is sponsored by Hon. Oluwole Oke

(Osun PDP).

Okowa, represented by his Special Adviser on National Affairs, Mr. Paschal Adigwe, said while the disarmament and retraining of ex-militants was successful in some of the communities in the region, it failed in other communities.

He noted that following disarmament, some of the militants did not receive trainings to make them relevant in their chosen disciplines, rendering them jobless.

“Reintegration has failed. There are no jobs for the ex-militants as we now have an army of well-trained youths without jobs. You have many trained pilots, but where are the aircraft that they will fly?

This is leading to frustration and renewed agitation...Above all, the proposed Niger Delta infrastructure development plan has remained in the pipeline,” he said.

The governor also faulted that manner of funding of the programme, which he noted was

to the economic crisis assailing the African region.

The Fund stated this in its October 2016 Regional Economic Outlook for sub-Saharan Africa entitled, ‘Multispeed Growth’ billed to be officially released today.

The Fund said the economic growth in sub-Saharan Africa in 2016 would slow to its lowest level in more than 20 years, adding that average growth in the region is projected to be just 1.4 per cent – “well below population growth, and in sharp contrast to the high growth rates of recent years.”

Director, IMF African Department, Abebe Aemro Selassie, attributed the slowdown to the slump in commodity prices, tight financing conditions coupled with the fact that the policy response in many of the countries most affected by the

shocks, “has been delayed and inadequate, raising uncertainty, deterring private investment and stifling new sources of growth.”

The Fund stated: “Worryingly, in the face of strong financial and economic pressures, the policy response in many of the hardest hit countries has been slow and piecemeal, often accompanied by stopgap measures such as central bank financing and the accumulation of arrears, and leading to rapidly rising public debt.

“In oil-exporting countries with flexible regimes, exchange rates have been allowed to adjust only with reluctance, resulting in strong pressures on deposits and foreign exchange reserves.

“As a result, the delayed adjustment and ensuing policy uncertainty have been deterring investment and stifling new sources of growth – making a return to strong growth rates more difficult.”

Although the IMF said modest pick-up in economic activity in the region was likely, it said this would depend on strong policy action being taken to tackle the problems.

Calling for prompt policy action to secure a rebound in growth, the IMF said: “A sustained adjustment effort is needed, based on a comprehensive and internally consistent set of policies.

“This implies fully allowing the exchange rate to absorb external pressures for countries outside monetary unions, re-establishing macroeconomic stability – including by tightening monetary policy where needed to tackle sharp increases in inflation – and focusing as much as possible on growth-friendly elements of fiscal consolidation.

“With limited buffers, the scope to ease the adjustment path will depend critically on the availability of new financing,

ideally on concessional terms.”

However, Selassie pointed out that not all countries were performing poorly, listing non– resource-intensive countries such as Côte d’Ivoire, Ethiopia, Kenya and Senegal among those that continue to perform well.

According to him, these countries benefit from lower oil import prices, an improved business environment, and continuous strong infrastructure investment.

He predicted that growth would recover close to three per cent in 2017, stressing: “To make this happen, the hardest hit countries, especially oil exporters, need to act promptly.

“Further delays in addressing the elevated macroeconomic imbalances are certain to undermine growth prospects further and delay a robust and jobrich recovery.”

CONT’D ON PG 49

MTN Shrugs off Nigerian Woes, Shares Rise 5.34% Africa’s biggest mobile network, MTN Group, shrugged off its Nigeria’s woes yesterday and strengthened 5.34 per cent to close at R115.37 after the Central Bank of Nigeria (CBN) instructed the country’s banks to suspend any remittance of MTN dividends until further notice.

The Nigerian bourse stance comes as authorities accused the company of illegally repatriating $14 billion (R195 billion) from the country over 10 years.

MTN Nigeria said yesterday that it remained committed to the payment of the N330 billion (about R14 billion) fine related to the late disconnection of “improperly registered” SIM cards.

The company has not declared a dividend since April and MTN Nigeria has no intention to make any dividend payments over the next six months.

The Nigerian unit continued to refute the allegation that it had improperly repatriated funds from Nigeria, with MTN Nigeria Chief Executive, Ferdi Moolman, saying: “The allegations made against MTN Nigeria are completely unfounded and without any merit.”

But in its quarterly figures for September, the company beat market expectations after it reported stronger data revenue and improved subscriber numbers yesterday.

Analysts said the deepening woes in Nigeria had not harmed the company and its performance much.

The telecoms giant’s shares strengthened more than five percent to trade on the JSE yesterday as it also said it would fast-track the starting date of its new Chief Executive, Rob Schuter,

who was expected to join the company in March.

MTN’s Group Executive Chairman, Phuthuma Nhleko, said the September results were testimony that MTN’s transformation project, which initially focused on its key markets Nigeria and South Africa, with hard targets set for the next 12, 18 and 24 months, would pay off.

“Operations are expected to deliver the first results on clearly defined targets in the first half of 2017,” Nhleko said.

Nhleko, according to the South African-based Independent Newspaper, also said despite a difficult environment due to weaker macro-economic conditions, particularly in oildependent economies, and the regulatory challenges experienced, the group would benefit from the fundamental changes implemented.

Following the hefty Nigerian fine, the company appointed senior managers, including Felleng Sekha who joined the group as executive for regulatory affairs and public this month.

Jon Tullett, the Research Manager at International Data Corporation, said the September quarter results were much needed good news for the troubled operator on two levels.

“Firstly, MTN’s strong performance on network is good for transitioning from voice to data. Secondly, the acceleration of new chief executive is very important;they need strong established leadership to take them forward,” he said.

MTN was slapped with the record fine for unregistered SIM cards in Nigeria last year.

RENOWNED PHILANTHROPISTS

Founder, Bill & Melinda Gates Foundation, Mr. Bill Gates (left), and Founder, The Tony Elumelu Foundation, Tony Elumelu, as co-panelists at the Le Monde Philanthropy Forum held at the Le Monde Headquarters in Paris ....Monday

Another Nominee, NERC Chairman-designate, Rejects Buhari’s Appointment Senate committee suspends screening indefinitely Omololu Ogunmade in Abuja The Chairman-designate of the Nigeria Electricity Regulatory Commission (NERC), Professor Akintunde Akinwande, has rejected his appointment by President Muhammadu Buhari to head the agency.

The rejection marked the third time an appointee by Buhari would reject his or her nominations in recent days. Mrs. Pauline Tallen (Plateau) and Usman Bugaje (Katsina) recently rejected their ambassadorial appointments.

Indications that Akinwande had rejected his appointment arose when he shunned his invitation to appear before the Senate Committee on Power for screening yesterday and consequently stalling the screening of other nominees.

It was learnt that Akinwande

rejected the nomination because he was not consulted before the nomination was made. To underscore his lack of interest in the appointment, he had hitherto failed to appear before the Department of State Services (DSS) for security screening.

It was also learnt that among the nominees whose credentials were sent to the Senate Committee on Power, Steel Development and Metallurgy, Akinwande’s credentials was conspicuously missing.

It was further gathered that the professor was not resident in Nigeria but based in the United States where he’s pursuing a project at the Massachusetts Institute of Technology (MIT) in the US. “We also learnt that adequate consultation was not made before the man was nominated. We were therefore informed that

the nominee may have turned down his nomination,” a source added.

Explaining the rationale behind the committee’s suspension of further screening, the Chairman, Senator Enyinnaya Abaribe, said it was impossible to screen other nominees in the absence of the chairman-designate.

Abaribe also said the privatisation of electricity sector was meant to improve the power sector, adding that the inauguration of NERC board was key to solving the power sector problems.

“Regrettably, when members of the committee assembled to screen the nominees made by President Buhari, we were told that the chairman-designate was unavoidably absent. The presidential liaison who brought the nominees informed us that the chairman was unavoidably absent,” Abaribe

added.

Abaribe further observed that since Akinwande’s nomination had been made in the past three months, the Presidency should have confirmed the preparedness of the chairman-designate to appear for screening or otherwise. “The commission is vital and cannot function without a chairman,” Abaribe insisted.

Abaribe however, assured those concerned that the committee was ready to screen the nominees but insisted that “we cannot screen them until we have a formal communication from the presidency.”

Other nominees to the board are Sanusi Garuba (vice chairman), Nathan Shatti (commissioner), Dr. Moses Arigu (commissioner), Dafe Akpeneye (commissioner), Prof.

Frank Okafor (commissioner) and Musiliu Oseni (commissioner).

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NEWS

NEC Orders NAFDAC, SON, Others to Stop Importation of Poisonous Foods Tobi Soniyi in Abuja The National Economic Council (NEC) has warned the National Agency for Food and Drug Administration and Control (NAFDAC), the Standards Organisation of Nigeria (SON) and other agencies to make sure that poisonous food items are not imported into the country.

Briefing State House correspondents after the monthly NEC meeting in Abuja which the Vice President, Professor Yemi Osinbajo, presided over, the Governor of Imo State, Rochas Okorocha, said the council expressed concern on the fact that poisonous foods still found their way into the country.

He said NEC resolved to make sure that foods unfit for human consumption do not find their way into the country.

Okorocha was accompanied by the governors of Edo and Adamawa States, Adams Oshiomhole and Jubrila Bindow, respectively.

Constitutionally, the vice president is the chairman of the council which consists of all state governors, the Ministers of Finance, and Budget and National Planning, and the Central Bank of Nigeria (CBN) governor.

Okorocha said the council was briefed by the Minister of Agriculture and Rural Development, Chief Audu Ogbeh.

He said: “The minister shared with us his action plans and how to improve on food production in the country. One of our major challenges now is about agriculture, taking it as a pivot in which all the wheels of economic activities must rotate if we must go out of recession.

“We have agreed at NEC that

state governors should partner with the federal government in this regards to ensure productivity and high yields in the agriculture sector.

“We thank God that this year, because of good rains, we shall experience bumper harvest which will force the prices of food items to go down.

“We commended the anchor borrowers programme of the federal government through the CBN as a success story. Many states now have embarked on rice farming which guarantees us sufficiency in rice production in the next year. So, agriculture was very key in our resolve to come out of recession quickly.

“We were concerned about some of the imported goods, some of the items imports into this country in the name of food and we have cautioned seriously that SON, NAFDAC and other agencies that deal with quality of goods should do their best so that rubbish is not brought into this country in the name of food.

“We realised that some of the frozen chicken and fish imports into this country are being preserved with very dangerous chemicals.

So we are of the opinion that this area should be looked into.”

Okorocha said the council resolved that agriculture should continue to take the centre stage in the country to enable the country feed itself.

“If we are not able to do this, employment for our youth would be a mere dream,” he added.

He also acknowledged the challenge facing the power sector and called on operators to continue to improve on power generation and distribution.

When asked whether the council discussed a possibility of increase

Fani-Kayode Must Not Die in Detention, PDP Warns EFCC Onyebuchi Ezigbo inAbuja The Peoples Democratic Party (PDP) has charged the Economic and Financial Crimes Commission (EFCC) not to allow the former spokesperson for the party’s 2015 Presidential Campaign Organisation (PDPPCP), Chief Femi Fani-Kayode, to die in its detention.

The party said as at the time of writing this statement, officials of the EFCC have continued to deny Fani-Kayode access to his medication.

In a statement issued yesterday by the PDP spokesman, Prince Dayo Adeyeye, the party accused the EFCC of deliberately denying Fani- Kayode access to medication, adding that the frequent violation of people’s right by government should stop.

“It is common knowledge that in furtherance of its campaign of attrition against members of the PDP in the guise of an anticorruption war, Fani-Kayode, former spokesperson for PDPPCP was arrested at the premises of the Federal High Court, Lagos.

“His re-arrest is the latest in a series of plans designed to further harass and intimidate our members and supporters using the security and intelligence apparatus of the Nigerian state. A few days before his arrest, his wife, Precious

Chikwendu, and their eight-month -old son, Aragorn, were arrested and would have been detained but for the timely intervention of Governor Ayo Fayose of Ekiti State.

“What is not common knowledge is that at the time of his arrest, Fani-Kayode was ill and taking medication. Since his arrest, he has been denied access to his medication and medical doctors who are conversant with his medical history.

“As at the time of writing this statement, officials of the EFCC have continued to deny Fani-Kayode access to his medication.

“The only conclusion that can be reached is that the APC-led federal government and EFCC want FaniKayode to die in detention. In the light of the prevailing circumstances where EFCC are detaining an obviously weak and ill man, this is an inescapable conclusion.

“These continuous violations of the constitutional rights and freedoms of the Nigerian people by the Muhamadu Buhari administration must stop. The federal government cannot, and must not, be allowed to continually infringe on the rights of the very people it swore to uphold.

“We call on all well meaning Nigerians to urge the federal government to desist from its path of human rights abuses.”

in the electricity tariff, Okorocha said nothing as such was discussed.

Also speaking, Oshiomhole said the council resolved to create an enabling environment for Nigerians to own their houses.

According to him, government recognised the need to generate real jobs in the economy.

He said building and housing remained a key issue in the attempt to reflate the economy to create jobs and renew the prospect of economic growth.

The Edo state governor said: “So, if government says we are monetising and we are no longer going to give official quarters, government is not good in managing, that’s not the same

as saying that government would fold its arms and watch more and more Nigerians become homeless.

“We have to provide site and services so that for the people who have the means to apply for land to acquire it can build their own house to their own taste. But you have to agree that there are Nigerians who are not in position to buy house.”

Further details made available to State House Correspondents by the Senior Special Assistant to the Vice President on Media and Publicity, Mr Laolu Akande, on NEC meeting revealed that the balance of the Excess Crude Account (ECA) for the month of October 2016 stood at $2.4 billion.

He also stated that in support

of the administration’s effort to diversify and deepen the nation’s revenue profile, NEC endorsed the federal government’s plan to increase the contribution of the solid minerals sector to the nation’s treasury.

He said NEITI estimated total revenue from the mining sector at N31.449 billion and N50.2 billion in 2012 and 2013 respectively but only N1.9billion and N2.01 billion respectively were remitted as royalties to the the federal government He said there were no records of royalty payment for gold, precious stones, barites and other exported solid minerals.

Akande said that following

a presentation to the council by the Minister of Mines and Steel Development, Dr Kayode Fayemi, the council approved the appointment of professional revenue consultants to achieve this goal.

He also said NEC also supported a presentation from the Minister of Power, Works and Housing, Mr Babatunde Fashola on his ministry’s strategy to generate incremental power as a short term measure towards addressing current energy shortage in the country.

He said the Minister of Finance, Kemi Adeosun, reported to council that disbursement of the Budget Support facility was still ongoing to 35 states.

HONOURING THE COMRADE GOVERNOR

L-R: Imo State Governor, Rochas Okorocha; Vice President Yemi Osinbajo; Out-going Governor of Edo State, Adams Oshiomhole; Sokoto State Governor, Aminu Tambuwal; and others after the special valedictory session in honour Oshiomhole during the National Economic Council (NEC) meeting at the Presidential Villa in Abuja...yesterday Godwin Omoigui

PDP Crisis: Sherif’s Faction Threatens Fresh Suit against Makarfi Group We have been vindicated on Nigeria’s economic woes, says party Onyebuchi Ezigbo in Abuja with agency report The Senator Ali Sheriff-led faction of the Peoples Democratic Party (PDP) has threatened to take disciplinary legal action against the Ahmed Makarfi-led National Caretaker Committee if it continues to speak for the party.

A statement issued by Bernard Mikko, acting National Publicity Secretary of Sheriff-led faction, warned that a court order had declared the committee illegal.

He recalled that a Federal High Court presided over by Justice Okon Abang in Abuja had declared the Makarfi caretaker `contraption’ as illegal.

“It will therefore be contemptuous of the court order for Prince Dayo Adeyeye or any member of the illegal Makarfi caretaker contraption to speak for the PDP when a valid court order to the contrary is still subsisting,” Mikko said.

Mikko, according to the News Agency of Nigeria (NAN), said the attention of the faction’s National Working Committee (NWC) had been drawn to various comments on the state of affairs in the PDP.

He said that various comments were credited to “one Prince Dayo Adeyeye’’ who claimed to be speaking as the National Publicity Secretary (National Caretaker Committee), particularly as the reconciliation process appears to have relapsed.

He explained that the reconciliation relapsed due to Makarfi’s insistence not to disband his caretaker committee when Sheriff is inclined to step down at the next unity convention of the party The convention is expected to usher in new executive members of the party.

Mikko said: “Adeyeye is hereby reminded that the terms of the MoU for reconciliation did not vitiate subsisting court orders without prejudice to pending legal matters.

“While we will respect the terms of the MoU in the reconciliation process, we will not fail to activate the legal processes and hold them in contempt for any breach of the law.

“If they continue the impunity and act in disobedience of the law, disciplinary legal procedures, particularly forms 48 and 49 will be processed against them.’’

Mikko however assured PDP

members and stakeholders of Sheriff’s commitment to resolve the leadership imbroglio in accordance with the law.

Meanwhile, the party has said it has been vindicate by the All Progressives Congress’s (APC) open acceptance of responsibility regarding the economic misfortune caused by the federal government it controls.

In a statement issued yesterday by the spokesman of the PDP, Prince Dayo Adeyeye, the party said the APC’s action had vindicated the opposition party’s earlier position that the Muhammadu Buhari administration was clueless and lacks focus in providing governance to Nigerians.

A chieftain of the APC and Governor of Imo State, Rochas Okorocha had last week said that the ruling party is not only accepting responsibility for the hardship facing Nigerians but is prepared to address it.

In the statement the PDP said that such a “declaration coming after several months of bulk-passing and shifting responsibilities to previous PDP administration has shown that the APC government has no solution to all the myriad

of problems they created since assuming office in May 2015” “The APC should also accept responsibility for deceiving Nigerians and the world at large that previous PDP administration achieved nothing in the economy, infrastructure and policies in 16 years.

“We hope that the recent acceptance by the party for the economic downturn in the country was not as a result of the International Monetary Fund (IMF) affirmation that Nigeria’s economy is the largest in Africa based on previous achievements of the past PDP-led administration. For the umpteenth time, let us re-iterate that the PDP’s achievements cannot be wished away.

“We therefore appreciate the APC’s acceptance and we urge them to accept all other responsibilities for all the wrongs they have plunged the country into and equally apologize for their serial lies.

“Finally, we want to once again urge this government to declare emergency on the economy and invite competent hands to manage and revive the ailing and comatose economy.

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NEWSEXTRA

APC May Implode Before 2019, Warns Deputy Spokesman Says new coalition party imminent NEC members give Oyegun ultimatum Party may appoint ex-minister, Abdullahi, spokesman Onyebuchi Ezigbo in Abuja The Deputy National Publicity Secretary of the All Progressives Congress (APC), Timi Frank, has cautioned that unless the party does something urgently to resolve its internal crisis, it risks loosing members to an emerging new coalition party in the coming months.

Frank who claimed to be speaking the minds of many key members of the party concerning the anomalies in the party, also said he would be writing President

Muhammadu Buhari and other key leaders of the party to seek audience with them in order to help save the situation.

Among those Frank said he would visit to seek their intervention are the Senate President, Bukola Saraki, Speaker of the House of Representatives, Yakubu Dogara, former Vice President, Atiku Abubarkar, Bola Ahmed Tinubu and all the past National Chairmen of the parties that merged to form the APC as well as the then National Chairman of the PDP faction, Baraje.

Frank said the only way to rescue the party would be for the president to intervene and support the calls for the resignation of its National Chairman, Chief John Odigie-Oyegun.

“I have to continue to speak out on the shortcomings in the leadership of our party. If we do not make this reform now, I bet you by the time we want to do it in 2019, it will be too late. You are aware that there are so many political realignments going on in this country as at today.

“APC has within now and

January 2017 to get things right, failure to do so before that time might be too late because most of us by then will be seeking alternatives to pursue our political agendas. If we are not careful, there might not be APC in 2019,” he said.

The Deputy National Publicity Secretary, said he and other like minds would commence series of rescue measures that would culminate in the convening of an emergency NEC meeting to address crisis in the party.

Apart from reaching out to President Buhari, the estranged

deputy spokesman said he would be consulting with the governors of the party to make them understand the danger inherent in their silence in the face of the wave of crisis that has enveloped the party.

“I must remind the president on why he must act fast to see reason why Oyegun has to go is that the same reason why he was driven out of the ANPP, that he cannot stand Oyegun that same thing is about to drive most of our party members out of the party if Oyegun is not being removed Frank also insisted that he

remained the acting spokesman of the party, adding that any attempt to name a new spokesperson outside due process will lead a legal action against the party.

He said reason the chairman did not want him to take up the position of spokesman is merely political because Oyegun knows that he cannot do his bidding.

“I am still in charge as the acting Publicity Secretary of the party. Oyegun cannot hand-pick anyone. It is very clear that there

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T H I S D AY • WEDNESDAY, OCTOBER 26, 2016

COMMENT

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

CORRUPT JUDGES, BUHARI AND JUNGLE JUSTICE (2) Sonnie Ekwowusi argues the need for due process in cleansing the judiciary

I

t is improper to conclude that a suspect has committed “atrocities” when the suspect has not been charged to court let alone tried and found guilty by the court of law. The rules of natural justice which dates back to antiquity dictate that you cannot condemn any suspect, whether the suspect is a justice of the Supreme Court or a small boy who has pilfered a loaf of bread without first bringing a charge against the suspect or giving him an opportunity to defend himself. Even when somebody is caught red-handed committing a crime, you cannot still call the person a thief until a court of law had found him guilty. For example, as at the time of writing, the federal government was still toying with the idea of drafting criminal charges and bringing the embattled Supreme Court Justices John Inyang Okoro and Sylvester Ngwuta and Justice Adeniyi Ademola of the Abuja Federal High Court and others to court for trial. But unfortunately the aforesaid judges had already been condemned as corrupt judges and thieves even before their trial. The DSS had raided their respective houses and told the Buhari government and the public that they saw evidence that the judges are rogues and criminals. Believing the DSS, some members of the Buhari government and the public are already calling the judges thieves.

Having been condemned without hearing contrary to the rules of natural justice, the judges had no option but to defend themselves through their respective letters to the Chief Justice of Nigeria (CJN).

Strangely enough, the Body of Senior Advocates has reportedly thrown its weight behind the Nigerian Bar Association (NBA) that the affected judges should step aside until the determination of their trial. Meanwhile, in his letter to the CJN, Justice Ademola is seriously alleging that the DSS, which is actually an arm as well as an appendage of the Presidency, is witch-hunting him for granting former National Security Adviser, Sambo Dasuki, and the coordinator of the Indigenous Peoples of Biafra, Nnamdi Kanu bail.

In their similar defences through their respective letters to the CJN, Supreme Court Justices John Inyang Okoro and Sylvester Ngwuta made weighty allegations that Minister of Transport, Chibuike Rotimi Amaechi, had ingeniously tried to bribe them to ensure that court judgments in the Rivers, Akwa Ibom, Abia and Ekiti States governorship election appeals should be in favour of the ruling party, the All Progressives Congress (APC). Justice Ngwuta’s letter to the CJN is quite lengthy and revealing. Justice Sylvester Ngwuta alleges how shortly after the Rivers State Governorship election was determined by the Court of Appeal, a DSS man told him on phone; “Oga is not happy”. When he (Sylvester Ngwuta) inquired from the DSS man who was the “unhappy Oga”, the DSS man unequivocally replied that the “Oga” was President Buhari.

Justice Ngwuta, on the other hand, alleges that former Governor of Abia State Ogbonnaya Onu came to him and pleaded with him to speak to the President of the Court of Appeal in order to influence the decision of the Court of Appeal in favour of the APC. As I said earlier these are weighty allegations. Therefore they call for serious investigations because they evince executive interference in the independence of the judiciary and corruption of the judiciary by the executive. The question one will ask in light of the above startling allegations of Supreme Court Justices John Inyang Okoro, Sylvester Ngwuta

EVEN WHEN SOMEBODY IS CAUGHT REDHANDED COMMITTING A CRIME, YOU CANNOT STILL CALL THE PERSON A THIEF UNTIL A COURT OF LAW HAD FOUND HIM GUILTY

and Justice Ademola is: why hasn’t’ the DSS raided the houses of Amaechi and Onu to at least uncover the money (evidence) which the duo were allegedly going to be used to bribe Supreme Court Justices?

After all, in official bribery matters, both the giver and taker of bribery are liable to prosecution. In fact, the giver of bribery is more liable to be prosecuted for swaying the mind of the taker with money to subvert justice. Of course, the DSS will not dare carry out such a raid. Do unto others as you would like others to do unto you, is one of the golden rules. If the DSS will not dare raid the houses of Amaechi and Onu for allegedly trying to bribe Supreme Court justices, why should they raid the houses of the judges and others?

Therefore those still labouring to rationalise the DSS lawlessness, in my humble view, ought to re-think. We cannot decide to throw away the baby with the water due to our partisan political leanings or under the pent-up anger and emotional outburst that the Nigerian judiciary stinks. Those who have thrown away the baby with the water are still weeping and regretting today that they have destroyed the most precious jewel in their lives. When they came for the others I rejoiced because it was the others without knowing that they will sooner or later come for me. Therefore no matter the ugly situation, jungle justice or a descent into the abyss can never be rationalised by any rational society. Why? Because many innocent people will suffer. Even amid widespread corruption in the Nigerian judiciary, there are many honest and incorruptible judges. So, why make a blanket statement in condemnation of Nigerian judges without first giving them an opportunity to defend themselves? As I said at the beginning, under the rules of natural justice the state cannot condemn a suspect without first given him an opportunity to defend himself. To hold otherwise is to subscribe to the law of the jungle. This comes from the sad experiences under the Roman law and the English Common Law imported into Nigeria. In those early times in Rome and England jungle justice reigned. Many innocent persons were falsely accused under trumpedup charges and were wrongly condemned to death. In order to avoid this tragedy, some legal jurists conceived and developed the idea of protecting the innocent even if it means letting the guilty escape justice.

The English jurist William Blackstone graphically expressed this in his seminal work, “Commentaries on Laws of England” (published in the 1760s) when he said that it is better for 10 guilty persons to go scot free than for an innocent man to suffer. Expounding this while defending the British soldiers charged with murder for their role in the Boston Massacre, former President John Adams said: “It is important that innocence should be protected, than it is that guilt be punished; for guilt and crimes are so frequent in this world, that all of them cannot be punished…when innocence itself, is brought to the bar and condemned, especially to die….”

Therefore no matter the high level of moral degeneracy in the Nigerian judiciary we must have recourse to due process in cleansing the judiciary. Those applauding lawlessness and jungle justice forget that they can be visited by lawlessness and jungle justice tomorrow.

The 1999 Constitution, which is the supreme law in Nigeria, has made ample provisions for the discipline of corrupt judges.

THE MOST VALUABLE PLAYER

More than anything else, Buhari’s integrity is pivotal to country’s recovery from the economic recession, argues Bashir Ibrahim Hassan

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telltale sign of a man in anguish was all over the face of our President, when he appeared in a televised broadcast celebrating Nigeria’s 56th Independence Day last October. The speech he gave was melancholic. It was full of confession, empathy and appeals on the one hand; and yet reassuring on the other. It should be so. Mr. President is irked by the sudden collapse of the economy from years of decay and lack of diversification. He is at the same time determined, more than ever, to get the economy back on track.

And there is now a visible light at the end of the tunnel.

He admitted in his opening speech: “I know that uppermost in your minds today is the economic crisis.” He sympathised with Nigerians when he said: “The recession for many individuals and families is real…for some, it means not being able to pay school fees, for others it’s not being able to afford the high cost of food (rice and millet)….”

Then came the appeal to Nigerians: “Temporary problems should not blind or divert us from the corrective course this government has charted for our nation.” And the assurances followed: “I ran for office because I know that good government is the only way to ensure prosperity and abundance for all. I remain resolutely committed to this objective.”

Weighty words of assurance, indeed.

Since Finance Minister Kemi Adeosun announced officially that Nigeria is in recession last August, I have picked interest in the unsolicited, but welcome, search for solutions to Nigeria’s problems. From different walks of life, solutions are being proffered on the way out of the recession. Bankers, lawyers and the fourth estate of the realm have all offered what they believed is the way out. I x-rayed the offerings against the background of what the federal

government is doing or trying to do. And my study is showing me that the government under Buhari is increasingly taking on board the solutions that these good Nigerians are offering. I am not oblivious of the increasing bashing of yet some disgruntled elements amongst us who are hell bent on showing Nigerians that Mr. President has derailed. Of course, the international community is fully aware and appreciative of what the current leadership is doing to get us out of the economic wilderness.

Let’s get a working definition of recession before we go forward. An economic recession is typically defined as a decline in gross domestic product (GDP) for two or more consecutive quarters. GDP is the market value of all goods and services produced within a country in a given period of time. I must sound a caveat here. For all its uses, GDP is an imperfect measure. The data needed to calculate the GDP are gathered from small surveys. And in Nigeria, we all know how poor we are with keeping any useful data. Beyond Nigeria the truth is GDP is an impossibly complex thing to accurately measure.

But for lack of better tools, all countries use it to forecast their economy’s viability.

Some experts believe we are not sincere when we say we are in recession for the simple and revealing fact that oil, which is our sole source of foreign exchange, has declined. After all, it contributes only 15% of our GDP. The major contributors to our GDP are agriculture, services and trade. But this is a topic for another day.

One of the earliest Nigerians to proffer solution out of our recession is a former President of the Nigerian Bar Association (NBA), Mr. Olisa Agbakoba (SAN).

He summarised the economic maladies responsible for the economic crises as “inflation, high interest rates, unemployment, weak infrastructure, oil price shock and no growth economy”. He called for the

adoption of the Keynesian economic model of massive government spending on public works, reducing raging inflation at 17 per cent in medium term. He thinks the government should also reduce MPR to a single digit -- five per cent. He says that government should reflate the economy in order to “spend our way out of recession,” among other measures.

Former Governor of the Central Bank of Nigeria, now Emir of Kano, Muhammad Sunusi II, was full of praise for some of the policies of the federal government in areas such as fuel subsidy removal, devaluation of the naira and not surprisingly, critical of others such the exchange rate policy. The Emir blamed the current economic situation on the previous regimes’ penchant for borrowing, mainly to finance consumption. He is against borrowing to finance public sector wage bill instead of borrowing to finance production.

The borrowing spree came after the foreign debt relief of the period from 2002-2008. The debt forgiveness freed up government balance sheets and government returned to borrowing. In his words, “Nigeria kept borrowing, not externally, but internally. I think our external debt was just about $8 billion on the balance sheet. But, the naira indebtedness of the Nigerian government, we were spending over 30 per cent (maybe 40 per cent now) of every naira earned just servicing debts. That’s what you have. Nobody was noticing it. We have written off the debts, and then we kept building it up bit by bit. And when you look at where that debt was going into, you will see why, or part of the answer to the problem we are having.”

The Vanguard Newspapers in an editorial last August blamed “Nigeria’s near-total dependency on imported manufactured goods, for making our economy more vulnerable to both internal and external shocks.” The newspaper argued that successive regimes have paid lip service to the need to diversify the economy and provide credible alternatives to oil

as our foreign exchange earner.

The common solutions running across the recommendations of these voices are: massive spending on infrastructure to kick-start the economy, a flexible exchange rate policy; a devalued naira; ability to attract foreign investors; development bank to rejuvenate lending, especially to SMEs, the sector capable of effectively mopping of excessive labour and a re-orientation of Nigerians’ attitude.

The Buhari regime is variously implementing these solutions already through various policies and programmes. The recent announcement to invest N600 billion on infrastructure is a case in point. A flexible exchange rate is finally in place after some foot-dragging. Closely related to this is that interest rate, which the CBN has raised, although this has come under attacked by some stakeholders. But there is no doubt that the only way we are going to reverse this recession is to increase liquidity in the foreign exchange markets and reduce the gap between the official rate and the parallel market rate. Bringing in the dollars that we need to finance imports will enable import of raw materials, which are the things that will increase production. As for reorientation of Nigerians, which Vanguard calls for, the answer is the Change Begin With Me campaign.

Only recently the Minister of Finance announced the imminent take-off of a new bank which goes with the name Development Bank of Nigeria (DBN), which will lend funds to SMEs. The seed capital of N410 billion has been acquired from World Bank, African Development Bank and European Investment Bank.

However, my take on all this is that the need for a leader with integrity holds the key to our national economic rebirth. Whatever policies the government puts in place, the world will remain sceptical if there is no integrity.

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T H I S D AY • WEDNESDAY, OCTOBER 26, 2016

EDITORIAL THE CARNAGE IN SOUTHERN KADUNA

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Government needs to do more to contain the widespread violence

n the latest of the internecine violence that now defines this season in our country, about 40 people were recently killed in Godogodo, Jema’a Local Government Area of Kaduna State. The aggressors were believed to be herdsmen. As it has been the case since 2011, the reprisal attack that followed left about 14 people dead. Earlier in August, suspected herdsmen were also on the prowl in Kobin village, Sanga Local Government, mowing down about 20 people.

Unfortunately, the violence, which has the imprimatur of savagery, shows no promise of abating as the combatants, the herdsmen and the indigenous people of Southern Kaduna, find no common ground for peace. Many tribunals of enquiries and peace committees instituted to trace the causes of the several crises and propose sustainable solutions have been unsuccessful in that task largely because government, past and present, lacked the political will to implement their recommendations.

More sadly, we are about to witness the usual circus. The recent attacks and counter-attacks have been variously IT IS SCANDALOUS THAT condemned by all SINCE THE ESCALATION OF stakeholders, includTHE CRISES IN 2011, AND ing the Kaduna IN SPITE OF THE RISING State Government BODY COUNT, NOT A and the Jema’a SINGLE PERSON HAS BEEN Local Government ARRESTED, PROSECUTED that was forced to impose a dusk to AND CONVICTED FOR THE SEVERAL MURDERS dawn curfew on THAT HAVE TRACES OF A the area. Governor Nasir el-Rufai has POGROM also indicated that he would institute an enquiry into the bloody violence.

Given the human and material costs of these crises, we think the federal and state governments that have primary and secondary responsibilities, respectively, for the security of lives and property of the people, need to be more decisive in the handling of this phenomenon, which has become a criminal enterprise. It is scandalous that since the escalation of the crises in 2011, and in spite of the rising

Letters to the Editor

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body count, not a single person has been arrested, prosecuted and convicted for the several murders that have traces of a pogrom.

It is curious that Governor el-Rufai is proposing another enquiry into the violent clashes in Southern Kaduna when the reports and recommendations of the previous ones, including the 2014 General Martins Agwai-led enquiry and the one he instituted on the outbreak of the violence on the eve of his inauguration on May 29, 2015, have not been attended to by the government.

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T H I S DAY

EDITOR IJEOMA NWOGWUGWU DEPUTY EDITORS BOlAJI ADEBIYI, JOSEph UShIGIAlE MANAGING DIRECTOR ENIOlA BEllO DEPUTY MANAGING DIRECTOR KAYODE KOMOlAfE CHAIRMAN EDITORIAL BOARD OlUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN

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

EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOlA BEllO, KAYODE KOMOlAfE, ISRAEl IWEGBU, EMMANUEl EfENI, IJEOMA NWOGWUGWU GROUP FINANCE DIRECTOR OlUfEMI ABOROWA DIVISIONAL DIRECTORS pETER IWEGBU, fIDElIS ElEMA, MBAYIlAN ANDOAKA, ANThONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEh ASSOCIATE DIRECTORS hENRY NWAChOKOR, SAhEED ADEYEMO CONTROLLERS ABIMBOlA TAIWO, UChENNA DIBIAGWU, NDUKA MOSERI GENERAL MANAGER pATRICK EIMIUhI GROUP HEAD fEMI TOlUfAShE ART DIRECTOR OChI OGBUAKU II DIRECTOR, PRINTING PRODUCTION ChUKS ONWUDINJO TO SEND EMAIL: first name.surname@thisdaylive.com

e think the failure of government to apprehend and prosecute the perpetrators of the heinous crimes in Southern Kaduna and elsewhere seem to encourage the propensity for violence as means of redressing perceived grievances. It is therefore our recommendation that government must demonstrate and bring to justice all those who use unlawful means to settle scores even as it strives to remove the fundamental basis of the strife that plagues the area.

Instructively, one of the major challenges facing Nigerian security agencies is the lack of public trust.

This has led to a situation in which Nigerians who live in the affected communities refuse to volunteer information to the authorities, thereby denying them vital intelligence needed to effectively carry out their mandate of ridding the area of violent criminals. But the security agencies also need to up their ante by improving on their intelligence gathering capabilities to detect and nip in the bud the potential for disputes that escalate into the mayhem that have been the lot of the people of Southern Kaduna in recent years.

For the umpteenth time, we reiterate that security agencies need to step up their acts and strengthen inter-agency coordination to checkmate the current descent into anarchy in several theatres across Nigeria. But in the instant case of Southern Kaduna, it is important that the entrepreneurs of violence in the area be fished out and made to face the wrath of the law. Until that is done, the body count will keep mounting to our collective shame as a nation.

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

THE KINGMAKERS AND A NEW TOR TIV

hen the late Tor Tiv IV, His Royal Majesty, Dr. Alfred Akawe Torkula died, a vacuum was created.

Although the agitation to replace the Tor Tiv, the supreme traditional ruler of the Tivs began after his death, a replacement is yet to be made. The throne of Tor Tiv is in the traditional headquarters of Tiv land - Gboko in Benue State. Benue State has the highest indigenous Tiv population. Other states with indigenous Tiv presence are Taraba and Nasarawa, while some are natives of the Republic of Cameroon.

However, the Tor Tiv is the supreme traditional ruler of every Tiv person irrespective of where they are in any part of the world.

Tiv people are one of the best tribes of Israel that migrated into the African continent. From the Bantu origin in Zulu land, South Africa, they migrated to the Democratic Republic of Congo in Central Africa and into Nigeria in West Africa. Tiv whose father was Takuruku Nyam-Azenga, had a wife called Aliwe and two sons, namely, Ichongo and Ipusu.

Ichongo’s descendants are Ugondo, Nongov, Ikyurav, Turan, Masev and Iharev while those of Ipusu are Shitile, Kparev, Ukum and Tongov.

Ichongo and Ipusu are mixed up and spread across Tiv land.

The Tiv nation was without a traditional ruler until 1946 when some of their sons came back home after a successful battle for the British side during the Second World War which ended in 1945. They coined a name, “Tor Tiv” for their traditional ruler. The first, second, third and fourth Tor Tivs were their Royal Highnesses Orchivirigh Makir Zakpe, Tor Tiv I (1946 - 1956); Orchivirigh Gondo Aluor, Tor Tiv II (1956 - 1978);

Orchivirigh Akperan Orshi, Tor Tiv III (1979 - 1990) and His Royal Majesty, Orchivirigh Dr. Alfred Akawe Torkula, Tor Tiv IV (1990 - 2016) respectively. The occupation of Tor Tiv stool since its creation does shift between Ichongo and Ipusu among Tiv blocks.

In Benue State, Tiv has five blocks and they include Sankera (Katsina Ala, Ukum, Logo), Kwande (Kwande, Ushongo), Jechira (Vandeikya, Konshisha), Jemgbagh (Gboko, Buruku, Tarka) and MINDA (Makurdi, Guma, Gwer East, Gwer West). There is a mixture of Ichongo and Ipusu in Sankera. For example, Ikyurav (Katsina Ala) and Ugondo, Turan (Logo) are Ichongo while Shitile, Tongov, (Katsina Ala), Ukum (Ukum) and Shitile (Logo) are Ipusu. Kwande also has a mixture of both Ichongo and Ipusu which include Ikyurav, Turan (Kwande) while Kparev (Kwande) and Kparev (Ushongo) are Ipusu. Only Ipusu are found in Jechira, that is Kparev (Vandeikya) and Kparev (Konshisha). Jemgbagh comprises of only Ipusu as well and they are kparev (Gboko), kparev (Buruku) and Kparev (Tarka) while MINDA has only Ichongo consisting of Ugondo Masev, Iharev (Makurdi), Nongov Iharev (Guma), Masev (Gwer East) and Iharev (Gwer West).

For Taraba State, there is a mixture of Ichongo and Ipusu descendants in two blocks classified as Central (Bali, Gassol, Gashaka) and Southern (Wukari, Takum, Donga, Ibi). The central has Nongov, Iharev, Shitile, Kparev (Bali) Nongov, Shitile, Kparev, Ukum (Gassol) and Turan, Shitile Kparev (Gashaka) while Southern has Shitile, Ukum, (Wukari), Shitile (Takum), Ugondo, Shitile, Ukum (Donga) and Ugondo, Nongov, Turan, Shitile (Ibi).

Nasarawa State has one block for the Tiv people and it is called Ichongo (Lafia, Awe, Doma, Obi, Keana). This block has, like its name, only Ichongo descendants and they are Iharev (Lafia), Nongov, Iharev (Awe), Iharev (Doma), Iharev (Obi) and Iharev (Keana).

The first Tor Tiv was Ipusu-Kparev (Jechira), second from IchongoUgondo (Sankera), third was Ipusu-Kparev (Jemgbagh) and fourth from Ichongo-Iharev (MINDA). All are from four out of five Benue blocks.

The blocks yet to produce a Tor Tiv are Kwande in Benue, Central and Southern in Taraba and Ichongo in Nasarawa.

In uniting for a purposeful achievement, it will be ideal if the Mzough U Tiv (MUT) with its national headquarters in Gboko, remain the single umbrella body for Tiv social cultural associations with chapters in all states of Nigeria and other countries instead of having different names in three Tiv indigenous states such as Mzough U Tiv (MUT) in Benue, Tiv Cultural and Social Association (TICSA) in Taraba and Tiv Development Association (TIDA) in Nasarawa. This will enable easy decision making on issues affecting Tiv people including that of replacing a Tor Tiv. I would like to conclude that in other not to contravene the Tiv leadership principle of “Ya na angbian”, only the blocks yet to produce a Tor Tiv be considered in the selection of a new Tor Tiv by the kingmakers that make up the selection committee of the Tiv Traditional Council Supreme Assembly, “Ijir Tamen”, which should embrace members from Benue, Taraba and Nasarawa States who must have sound knowledge of the history of Tor Tiv kingship.

Donald Terfa Gaadi, Abuja

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WEDNESDAY OCTOBER 26, 2016 T H I S D AY

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T H I S D AY • WEDNESDAY, OCTOBER 26, 2016

MIDWEEKPOLITICS

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

THE NEWSMAKER

Obi’s Ideology and the Debate After On the 56th Independence anniversary celebration of the country, former Anambra State governor, Mr. Peter Obi appeared on The Platform, a forum initiated by Pastor Poju Oyemade of the Covenant Christian Centre and spoke on the culture of waste in government, using his 8-year stewardship in Anambra as the anchor point. Unfortunately, the development has since generated mixed reactions even from close quarters, some of whom dismissed his story of personal example as untrue, reports David-Chyddy Eleke

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hrough the eight years that Mr. Peter Obi was Governor of Anambra State, Chief Ben Obi, also from Agulu in Anaocha Local Government Area and the former governor were close allies. Even though Ben Obi was Special Assistant to the governor on Inter party matters, a position assumed not to be so highly placed within the cabinet set up, he wielded powers and was considered one of the closest aides to the former governor. It was even common knowledge that both men knew themselves more than a majority of the other aides in the cabinet.

Since after Obi appeared on The Platform on Independence day, where he delivered what was considered a populist speech on how governments and its operators can cut cost and check excesses, many people especially among the Anambra folks, who know the politicking that has been going on between the former governor and his successor, Chief Willie Obiano believe that Obi was not on the platform to teach, but saw it as an opportunity to get at Obiano.

The belief was that most of the insinuations on The Platform were geared towards spiting Obiano, with whom he has a frosty relationship with since he came on board as governor.

During his appearance at The Platform, Obi exonerated himself from some of the waste indulged in by most governors in their states, saying throughout his tenure as governor, he never used outriders, bulletproof SUVs, and ensured that he never had more than five cars in his convoy at every given point in time.

He added that the Government House is not a place, where people come to make merry and party all night, but a place reserved for the governor to work and tend the state from.

He condemned the intake of expensive alcoholic beverages like champagne in most Government Houses, and the use of private jets by governors – all at the expense of the state. He said he flew the economy class while he was governor, to save Anambra money but regretted that governors embarked on wasteful and expensive trips, which have no bearing with the development of the state.

Obi received huge applause for his performance at The Platform. But no sooner had he delivered his speech than those who worked closely with him during his stewardship in Anambra began to accuse him of hypocrisy.

Ben Obi, who was Peter Obi’s Special Assistant and kinsman, decried the level of hypocrisy embarked upon by his former boss.

In a recent interview granted journalists, Ben revealed some of the ways his former boss and brother ruled Anambra that was very different from what he told his audience at The Platform.

“Obi always used private jets to travel as often as any other state governors in Nigeria.

The records are there and can be made public.

Peter Obi used helicopters to travel often while he was the governor – and he usually traveled alone or with one trusted aide. It was not a secret within the administrative circles in Awka.

When he went to the burial of his wife’s sister, he flew in a helicopter. He took off from the

Anyone who watched Obi’s presentation at the platform will not be in doubt over who he was referring to. It was clear that Obiano was his target, and I think that was bad…

No one is saying he should not go anywhere to present papers, but let him do his job without looking for a way to denigrate Anambra governor. He has served us to the best of his ability, and must let Obiano do so too. Except he fears that Obiano may surpass his achievement and become the next superstar in the state

Obiano with Obi...time to stop the petty politics

Government House. He attended Olumba Olumba Obu with the helicopter, always accompanied

by Valentine Obieyem.”

On Peter Obi’s argument that he did not serve the buffet style of meals, Ben said, “Peter Obi increased the money for his private kitchen at the government to N2million monthly and increased the feeding for the Police Officers attached to him to N7million monthly, which he always pocketed.

“What he did was to sack all the previous cooks and butlers and employed over 30 cooks/ butlers/Steward from Akwa Ibom and expanded the kitchen budget. The bills are still there. It is verifiable. The Akwa Ibom cooks and stewards were over 20. So, who were they cooking for?

Buffet is always there, butlers and others. Prof Emenike Obi – Principal Secretary withdraws the money every month and pays him, and it is verifiable,” he countered.

Peter Obi’s reference to his banning alcoholic beverages such as Champagne at the government house, Ben claimed was laughable. He pointed to the Squash Court located inside the Government House renovated by the Peter Obi administration and said it was utilised by Peter Obi as a makeshift warehouse for alcoholic beverages such as the drinks his company distributes in Nigeria. He explained that Peter Obi was storing expensive alcoholic beverages purchased with state resources.

During festive periods, he said, Peter Obi used the beverages as gifts to select personalities across the state. The gifts would be received as coming from the state government. He added that many of the contract awarded by Peter Obi’s government were not done prudently as claimed.

“All contractors must have accounts with

Fidelity Bank and all checks are collected at his house. Peter Obi claimed his administration did not owe any contractor but that is a lie because contractors were owed, and Obiano is silently paying for works done during Peter Obi’s administration.”

Ben Obi expressed worry that Peter Obi utilises every opportunity to castigate his successor, Obiano, whom he said has even humbled himself and begged Obi for forgiveness for any offence known and unknown.

“Still Peter Obi goes around talking about the Anambra governor with disdain. Dr. Chris Ngige did not vilify him the way he is trying to do to Obiano. It is not fair. Peter Obi should be careful the way he opens his mouth because we can expose him to the public, enough to put him behind bars. Obiano does not want to probe him, so he should shut up,” he submitted.

Sadly, the subject has become a controversial one in and around Anambra, and is discussed freely among citizens in beer parlours, market places, offices as well as the Government House.

While most people affirmed to the former governor being a humble person, others believe that having had the chance to govern the state for eight years, he should move on and let his successor do his best for the state rather than attack him.

Although a recent opinion poll showed that Obi still has a huge influence on the people of the state, Obiano is equally very much liked by the people because of his performance at a very short period.

Mr Lawrence Nwangwuta, a commercial motorcyclist who though hails from Ebonyi State said, “I have been in Anambra for ten years now, and I can tell you that Peter Obi did well in Anambra and Obiano is also following

his footsteps.”

Asked what he thought of the feud between both men, he said, “Obi has done his work in Anambra, he should let Obiano also do his own. Obiano has even begged him to forgive him, so I think it will be bad for him not to forgive him, especially as people know him as a Christian here.”

Another respondent, Mr. Barthlomew Ejike, a lecturer at a private university in Anambra said, “People just want to remain the only superstar in their locality, and I think that is why Obi is distracting Obiano. Anyone who watched Obi’s presentation at the platform will not be in doubt over who he was referring to. It was clear that Obiano was his target, and I think that was bad.

“No one is saying he should not go anywhere to present papers, but let him do his job without looking for a way to denigrate Anambra governor. He has served us to the best of his ability, and must let Obiano do so too. Except he fears that Obiano may surpass his achievement and become the next superstar in the state.”

However, following the failed reconciliation earlier brokered in Onitsha months ago, during the burial of the late Rev Fr Nicholas Tagbo, where Obiano had publicly begged Obi for forgiveness of whatever his sins may be, Catholic Bishops are making fresh efforts to reconcile Obi and Obiano once and for all.

A source said the Bishops have been speaking with both Obi and Obiano separately, and are seriously working towards bringing both men into a room to lay bare their grouse. Until that is done, the gladiators and their aides will continue to throw darts at themselves at the expense of the state.

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T H I S D AY • WEDNESDAY, OCTOBER 26, 2016

PERSPECTIVE

MIDWEEKPOLITICS

I Disagree There’s Demonism in Aso Rock Having served at the highest level of authority, Florence Ita-Giwa thinks it is both wrong and misplaced to argue that demons reside in the nation’s seat of power

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feel that it is totally out of order in the wake of our civilisation to speak or associate our revered seat of power with demonism and diabolism as being peddled about now. Having spent six years working as Presidential Adviser to two former great presidents, Chief Olusegun Obasanjo and the late President Musa Umar Yar’adua, I feel I should use this medium to fault this erroneous impression being created even though, my opinion here is a product of personal experience.

It is very unfortunate that the seat of power of the most populous African nation like the Aso Villa would be so denigrated, thereby elevating non-existing spiritual forces as responsible for selective and few cases of illnesses and deaths that is not in any way related to witchcrafts or demons.

As far as I am concerned, the supernatural exists in people’s minds depending on their strength and state of mind, it is so easy to think that their presence is evidentiary but in reality, it is a matter of perspective or someone’s spiritual leaning.

Most supernatural events as far as I am concerned can be dismissed as hoaxes, fabrications or mysterious events or even malaria induced hallucination. Otherwise how will anybody at that level link a common fire outbreak in a flat, which at worse may have been as a result of an electrical fault or negligence to the manipulation of spiritual forces?

Due to the nature of my functions as a Presidential Adviser on National Assembly matters, which was most demanding and challenging because at that time, there was strict adherence to the doctrine of the separation of powers so there was need for very long meetings to convince legislative leaders at the embryonic stage of any policy.

As a result, there were many instances when I would have to leave the villa sometimes at 2am and even 3am, and I never experienced any confrontation or feelings of ghosts or negative forces as I walked through the quiet corridors of the villa to the car park during those hours.

Also, despite being hypertensive, there was never a single day within those six years that my blood pressure became unmanageable or put me in bed. On the contrary, I had a feeling of wellbeing which could be attributed to the fact that I loved my job and appreciated the opportunity to contribute my quota to the development of democracy and the nation.

This was also a period of time when everybody worked 24/7 round the clock as exemplified by former President Obasanjo, who enjoyed good health and over the period of that four years, there was never a day that I heard him complain of being unwell neither did I hear that any of the men that worked 24/7 lost any organ of their body.

I also did not hear that people like Ngozi Okonjo-Iweala, Oby Ezekwesili, Andy Uba, El Rufai, Professor Chukwuma Soludo, Hajiya Mariam Ibrahim and others experienced any strange encounter or illness either personal or within their families because these are people that worked round the clock with the president.

The few deaths recorded in Aso Villa were medically traceable and not as a result of some mystical powers. Cancers and other life threatening ailments are more often than not genetic.

With due respect, I am however in shock that the writer whom I have tremendous respect for as a frontline Journalist with sound mind can find a space in his mind for such thoughts in today’s contemporary world, where every human being is convinced that the only supernatural power in heaven and on earth is God and that presence of God that we all worship – both Christians and Muslims – had always prevailed in that villa.

That is not to say that people cannot

When Buhari and Jonathan signed the peace pact

momentarily feel unwell with the common stress induced symptoms and we all know that extreme stress and pressure can cause momentary loss of libido. So, would that mean that such person had been struck by juju? However, I find it entertaining that despite losing the whole essence of a man’s being those men did not resign and run out of Aso villa.

To be candid, I am very shocked that this matter is even being mentioned. But for the umpteenth time, I think that these claims are figments of the writer’s imagination.

Aso Rock does not need any redemption and such should not be said of a sacred place that hosts world leaders. Nigerians have gone past such superstitions. We have passed that stage. It doesn’t portray us positively as a nation that is interested in making obvious advancements either in technology or any other strata of national growth.

Most supernatural events as far as I am concerned can be dismissed as hoaxes, fabrications or mysterious events or even malaria induced hallucination. Otherwise how will anybody at that level link a common fire outbreak in a flat, which at worse may have been as a result of an electrical fault or negligence to the manipulation of spiritual forces?

In fact, there is remarkable religious tolerance in Aso Rock. The Muslims have their mosque where they pray and Christians have their chapel. Former President Obasanjo introduced early morning devotions before the start of each day perhaps as a way of showing gratitude to God and seeking God’s guidance in the enormous task at the time considering the fact that he miraculously came back to power after a long period of incarceration, although some individuals attended the prayer sessions so as to have some access to the president.

If there are witchcrafts or demons in Aso Rock, are we now attributing same to affecting Mrs. Buhari? I don’t think so.

This brings me to the issue of the first lady, Mrs. Aisha Buhari. I do admire her from a distance. Her love and concern for her husband probably pushed her to grant that interview. But our dear first lady, in my opinion, once your husband has emerged as a presidential candidate of a serious political party that is likely to win election, you have lost him to that political party.

The moment your husband is announced winner of that election and now becomes president of the nation, you have lost him to the nation that he is now obliged to serve. At this point, despite all your contributions through campaigns, prayers and goodwill, etc, to that victory, your husband has been hijacked. The gladiators will now spring into action. In short, you don’t want to know what first ladies go through. Typical examples include loneliness and frustration due to non-inclusion in political issues and decision making.

Generally, first ladies are accepted as politicians during elections to campaign, which of course, she is obliged to, but after the elections, she is no longer seen as a politician and it might even be difficult to make inputs in political issues and as a woman. I feel her pains as this can be very frustrating. But first ladies do manage to bear these pains and sacrifices involved and ensure that the public is not aware. The

public only see the glamour of being a first lady.

Also, on the issue of cabal, it is important in my opinion for us to note that presidents, through interactions and maybe long term relationships, identify those he can trust, those that share his visions and those he feels are totally committed to his success and these are the people we call ‘cabal’.

There is no ‘cabal’. Every president comes with his ‘personal persons’ that represent his comfort zone.

In politics, there can be characters within the system that deliberately carry out actions that are counterproductive to the president’s success, which may be of concern to the first lady. Even within political parties, there are individuals who work very hard to ensure that their party does not win elections. There is no first lady that has not gone through what Mrs. Buhari is complaining about.

My advice is that first ladies should identify laudable charity projects that can impact on peoples’ lives or can reduce mortality rates, reduce sufferings and hunger. So she should please concentrate and take her charity project to the highest global level as she is doing now as this will leave an indelible mark and she will forever be loved and respected. She should not allow her family to be used for entertainment.

Finally, First Ladies should concentrate on their charity works, play that needed supportive roles to their husbands. We women should pray to God to give us the strength and courage of Hillary Clinton, who is bold enough to come out and aspire to be what her husband was (President of America).

Probably, she quietly understudied him.

May God bless Nigeria and give us the strength and courage to survive these difficult times for it will all pass.

- Ita-Giwa is a former Presidential Adviser on National Assembly Matters and political leader of the Bakassi people of Cross River State

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WEDNESDAY, OCTOBER 26, 2016, • T H I S D AY

FEATURES

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

Facelift for Education in Bayelsa

As part of measures to avoid being classified as educationally backward, the Bayelsa State Government has taken bold steps to the reform the state’s dwindling education sector, writes Emmanuel Addeh

Dickson presenting free school items to pupils and students from Bayelsa

U

p until now, Bayelsa State is still regarded as one of the Educationally Less Developed States (ELDS) by Nigeria's education authorities and agencies like the Joint Admissions and Matriculation Board (JAMB).

Though this comes with its own little advantages, including having a few concessions in terms of admission to tertiary institutions and other federally run public schools, it also comes with some form of stigma.

Ordinarily, no state would revel in being branded as educationally backward, which probably accounts for the reforms that are currently going on in Bayelsa State's education sector.

Aside its current challenge leading to defaults in payment of teachers' salaries, the incumbent administration in the state seems to be looking beyond the problems by bestowing a legacy of turning Bayelsa to one of the most educationally advanced before the expiration of its tenure.

And what better place to start building than the foundation, namely primary and secondary schools, which appear to have been badly hit over the years by sheer negligence.

To this end, the government says it believes that part of the problem has always been that the inspectorate arm of the Education Ministry may have been weakened over time, giving rise to policies that are poorly implemented.

Strengthening the monitoring of primary

and secondary schools, it says would solve many of the problems, aside huge investment in infrastructure.

That is perhaps why the government notes that its newly built 11 model schools would

To encourage children in the state to go to school, school uniforms were distributed to pupils and students in all public primary and secondary schools in Bayelsa. But what is different about the free, universal and compulsory education policy in Bayelsa is that it compels all parents to ensure that their children or wards attend and complete their primary education and junior secondary school and this is backed by law

not be left solely to school heads to administer.

Indeed, the Governor Seriake Dickson-led government has already commenced the reintroduction of boarding schools in its public school system to enhance the quality of education in the state.

In furtherance of this, the government announced that as from the end of this month, the 11 new model boarding schools would be opened in all the eight local government areas in the state, with highly populated councils getting more than one each.

With the new arrangement, Dickson, who was represented in one of the unveiling occasions by his Deputy, Rear Admiral Gboribiogha John-Jonah, said that the quality of education in the state would improve noticeably and eventually lead to the advancement of basic education in the state.

The governor insisted that the principals of the model schools would be assisted by governing committees to ensure that the schools are effectively run.

In readiness for the take-off, he said the state government has already awarded contracts to Nigerian Engineering Works (NEW), for the construction of beds and desks for the students.

“The state government has got very grand plans of revitalising the school system and the plan is to make sure that by the end of September or sometime in October, boarding schools are reintroduced.

“Borrowing was made from banks to meet the construction and furnishing of the model

secondary schools and government intends to commence these schools by the end of September or October to improve the standard of education in the state.

“Every local government would have one and we also have a sports institute ready in Southern Ijaw Local Government Area, we are establishing more because of the population and vast nature of the local council,” he said.

He explained that work on all the sites would not stop even after schools have resumed, noting that it would be impossible to complete all the projects at once.

Also, the governor added that the reintroduction of boarding schools in the state is intended to engender unity and healthy competition among students.

With the take-off of the Teachers’ Training Institute at Bulou Orua, which is geared to produce qualified and competent teachers to man the schools in the state, things can only get better, he boasted.

The reforms did not just start. The governor had earlier declared a state of emergency in the education sector.

In fact a task force, which investigated the condition of educational infrastructure in the state reported that Bayelsa State needed 237 primary schools and require the building of additional 316 new ones, going forward.

The taskforce also reported recommended that government needed to construct a total number of 515 residential quarters for headmasters, but with a continuously expanding population, the government would definitely

21

WEDNESDAY, OCTOBER 26, 2016, • T H I S D AY

FEATURES

One of the state-of-the-art lecture halls built by Governor Dickson.

A cross section of primary and secondary school children during presentation of free school uniforms,text books and others in Yenegoa

A model boarding school built by the Bayelsa State government at Nembe

be needing more soon.

To encourage children in the state to go to school, school uniforms were distributed to pupils and students in all public primary and secondary schools in Bayelsa.

But what is different about the free, universal and compulsory education policy in Bayelsa is that it compels all parents to ensure that their children or wards attend and complete their primary education and junior secondary school and this is backed by law.

At a time, a contract worth about N600 million was awarded for the supply of books as well as provision of free sandals for students.

Contracts were also awarded for the construction of classroom blocks equipped with ICT libraries for primary schools as well as provision of accommodation for youth corps members who would be deployed to the schools.

Armed with a knowledge of the education needs of the state, the government commenced the building of 25 Mega Schools in Agudama-Epie; Otuoke; Odi; Amassoma; Toru-Ndoro; Toru-Orua; Alibris; Ekeremor; Nembe/Basambiri; Nembe/Ogbolomabiri; Oporoma ; Ogbia-Town; Opolo; Swali and

Okpoama.

Other areas where other mega schools were erected were Zarama; Kaiama; Azikoro;

The comprehensive free education policy which is a major plank of the government’s declaration of state of emergency in the sector on assumption of duty in 2012, has since delivered bountifully in the provision of remarkable infrastructure

Bolou-Orua; Elebele; Agoubiri; Igbeta-Iwoama; Gbarain-Ekpetiama; Amassoma; Sagbama and Ebedebiri.

They probably got the appellation ‘mega’ from the advanced infrastructure provided for them by the current administration.

For example, every mega school has 12 classrooms; 75 KVA Generator; a water scheme; computers, theatres and laboratories.

Other facilities include special rooms for Introductory Technology, a library; 23 toilets, a standard store, a large multipurpose hall that can sit 2000 persons; an open play ground, sports facilities and headmasters/ headmistress’ quarters.

Little wonder then, that in the last West Africa Examinations Council (WAEC), Bayelsa appeared in the ‘A' class among the first seven states out of the 36 states and the Federal Capital Territory, FCT, taking a position just behind Lagos State.

No doubt these strides come at a cost, especially the financial burden that the free education policy places on government in the face of dwindling resources.

To this, the Chief Press Secretary to the governor, Mr. Daniel Iworiso-Markson responds

that no cost is too much to pay for the future generations of Bayelsans.

“The comprehensive free education policy which is a major plank of the government’s declaration of state of emergency in the sector on assumption of duty in 2012, has since delivered bountifully in the provision of remarkable infrastructure.

“And this is quality education that is truly free, upgrading and bringing back the culture of boarding schools to all the senatorial districts in the state. It has cost a fortune, but the government feels fulfilled because the future is being assured,” he said.

Matter of fact, the Dickson’s administration has not and cannot claim to have surmounted all the problems in education in the state; the governor will be the first to admit that, but the important thing is that a lot is being done in the sector.

But despite the challenges , especially the slow-down in the tempo of activities due to falling federal allocation to the state, many believe that the government cannot bear to buckle under the current weight, given that it has set its hands on the plough and cannot afford the luxury of looking back.

22

IMAGES

THISDAY • WEDNESDAY, OCTOBER 26, 2016

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

L-R: General Manager, Gas, Shell Nigeria, Phillip Mshelbila; CEO, Seplat Petroleum Development Company Plc, Austin Avuru; Senior Technical Assistant on Gas to the Minister of State for Petroleum, Gbite Adeniji; CEO, GasInvest Ltd, David Ige; Partner, Advocaat Law Practice, Ola Alokolaro; and Dapo Otunla, Group General Counsel, Notore Chemical Industries Plc, Dapo Otunla, at the Adocaat inaugural conference on gas in Lagos...recently

L-R: Chairman/Chief Executive Officer, Boff & Company Insurance Brokers Limited, Mr. Babajide OlatundeAgbeja; special guest, Mr. Oba Otudeko; and the Deputy Commissioner (Finance & Administration), National Insurance Commission (NAICOM), Mr. George Onekhena, during the 25th anniversary and unveiling of the new company identity in Lagos...recently sunday adigun

L-R: Brand Protection Manager, Guinness Nigeria, Mr Emmanuel Umaru; Head of Regulatory Affairs, British American Tobacco Nigeria (BATN), Mr Sola Dosunmu; Partner/Head, Brand Protection Technology Media and Entertainment, Jackson, Etti and Edu, Mr Obafemi Agaba; and Head of Enforcement, NAFDAC, Mr Kingsley Ejiofor, at the International Trademark Association (INTA)/Anti-Counterfeiting Collaboration (ACC) Nigeria Policy Roundtable in Lagos...recently

R-l: The Special Assistant on Media & Publicity to the Kaduna State Governor, Mr Samuel Aruwan; his technical assistants, media & communication, Mr Peter Ibrahim and Nabilah Hassan, during a press briefing on the state government’s ban on the Islamic movement in Nigeria (IMN) in Kaduna...Recently idris egaji

L-R: Corporate Affairs & Media Relations Officer, First City Monument Bank (FCMB) Limited, Mr. Rafiu Mohammed; Chief Executive Officer, Corporate Shepherds Limited and guest speaker, Mr. Idorenyen Enang; Group Head, Corporate Affairs, FCMB, Mr. Diran Olojo; and Head, Corporate Affairs & Media Management, Mr. Louis Ibe, during a media parley organised by FCMB for financial journalists in Lagos...recently

L-R: Director, Compliance, Standards Organisation of Nigeria (SON), Mr. Bede Obayi; Director, Corporate Affairs & SON Consult (representing DG, SON), Dr. Paul Angya; Head, Brand Protection for Africa, Unilever, Desmond Adeola; and Chairman, Anti Counterfeiting Collaboration (ACC) and Uche Nwokocha, Secretary, Anti Counterfeiting Collaboration (ACC), Uche Nwokocha, at the policy roundtable of the association...recently.

L-R: Members, Rotary Club of Ogudu GRA, Jide Akeredolu; Tolu Onalaja; District Governor, Rotary District 9110, Patrict Ikheloa; and President, Rotary Club of Ogudu GRA, Alhaji Aliyu Umaru, at the commissioning of a four-way test bill board/the district governor’s visit to Rotary Club of Ogudu GRA in Lagos...recently etop ukutt

L - R; Joe Mbulu, Transformation Director; Carlos Wanderley, Head, Retail Banking; Dayo Odulate, Head, Elite & Royalty Banking; Paul Aseme, Head, Segment, Retail Banking, all of Union Bank at the bank’s official launch of the Elite Banking Segment in Lagos...recently.

23

T H I S D AY • WEDNESDAY, OCTOBER 26, 2016

BUSINESSWORLD R A T E S NIBOR OVERNIGHT 1-MONTH

A S

NIBOR

16.625% 19.8021%

A T

3-MONTH 6-MONTH

O C T O B E R

20.2709% 23.0356%

NITTY 1-MONTH 2-MONTH

Group Business Editor Chika Amanze-Nwachuku

Email chika.amanzenwachukwu@thisdaylive.com 08033294157

2 0 ,

16.9846% 17.1103%

3-MONTH 6-MONTH

2 0 1 6 17.3967% 17.805%

EXCHANGE RATE N304.75//1US DOLLAR* *AS AT LAST FRIDAY

Quick Takes GTBank Promotes Fashion

WORTHY OF RECOGNITION

L-R: Group Managing Director, FBN Holdings Plc, Mr. Urum Kalu Eke; recipient of CIBN’s Honorary Fellowship award and Chairman, FBN Merchant Bank Ltd, Mallam Bello Maccido; MD/CEO, FBN Merchant Bank, Mr. Kayode Akinkugbe; and Company Secretary, FBN Holdings Plc, Mr. Tijjani Borodo, during the 2016 CIBN Investiture in Lagos ...recently Yomi Akinyele

Currency-in-circulation Rises to N1.794 Trillion Obinna Chima The value of currency-incirculation increased year-onyear to N1.794 trillion at the end of September 2016, compared with the N1.679 trillion it was at the end of August 2016.

This was compiled from latest money and credit statistics posted on the Central Bank of Nigeria’s (CBN) website.

The data however showed that banking sector credit to the private sector decreased slightly year-on-year to N22.593 trillion at the end of September, compared with the N22.664 trillion it stood the previous month.

ECONOMY The central bank data also revealed that broad money (M2), which generally is made up of demand deposits at commercial banks and monies held in easily accessible accounts increased marginally year-on-year from N21.647 trillion as at August 2016, to N22.133 trillion at the end of September.

But narrow money (M1), which includes all physical monies such as coins and currency along with demand deposits and other assets held by the central bank climbed year-on-year to N9.949 trillion in the review

month, as against the N9.125 trillion recorded the previous month.

Also, currency outside banks increased to N1.477 trillion in September, from N1.369 trillion as at the end of August.

Demand deposits, which are funds held in an account from which deposited funds can be withdrawn at any time without any advance notice to the depository institution increased from N7.756 trillion in August, to N8.472 trillion in the month under review.

The latest central bank’s money and credit statistics also revealed that quasi money, which is made up of highly

liquid assets that can easily be reserves as reduced to N12.184 trillion as at September, compared with the N12.521 trillion the previous month.

Meanwhile, Nigeria’s external reserves reduced to $23.907 billion as at October 21, compared with the $24.420 billion it was as at October 4.

The CBN had disclosed in its second quarter 2016 economic report that at N21.425trillion, banking system’s credit to the private sector grew by 13.5 per cent in the second quarter of 2016, compared the previous quarter.

Continued on page24

Investors Stake N82.4tr on Currencies, Fixed Income Securities in 9 Months Goddy Egene Investors have found the fixed income and currency market attractive and have invested a total of N82.35 trillion in the market in the past nine months.

According to trading data made available to THISDAY on Monday, N10.85 trillion was invested in the month of September alone, showing a growth of 11.3 per cent above the N9.75 trillion staked on securities in August.

A breakdown of the performance for the nine months showed that investors staked N71. 5 trillion between January and August while N10.85 trillion

CAPITAL MARKET was invested in September.

The performance indicated that in the month of September, activities in the foreign exchange (FX) accounted for 25.74 per cent, while FGN bonds and Unsecured Placements/Takings accounted for 7.16 per cent. Treasury bills (T.bills) transactions accounted for 36.85 per cent while Secured Money Market [Repurchase Agreements (Repos)/Buy-Backs] accounted for 28.24 per cent.

Transactions in the FX market settled at $7.19 billion in September, an increase of 33.10 per

cent compared with the value recorded in August. The third Naira-settled OTC FX Futures contract, NGUS September 28 2016, with a total outstanding amount of $179.93 million priced at $/N296, matured and was settled within the month.

The Central Bank of Nigeria (CBN) revised the rates on all outstanding OTC FX Futures contracts, whilst a new 12-month contract - NGUS SEP 20 2017 was introduced at$1/2N243.50 Member-member trades stood at $1.05 billion in the month of September, an increase of 97.15 per cent compared with trades recorded in August and 41.53 per cent, while member-client

trades also increased by 26.08 per cent ($1.27 billion) from the previous month and 17.91 per cent ($1.34 billion).

In the month under review, the Naira appreciated by 1.46 per cent to close at $/N311.62 in the inter-bank market, whilst it depreciated by 13.10 per cent to close at $/N475.00 in the parallel market. Turnover in the fixed income market in September settled at N4.78 trillion, 6.42 per cent below the previous month’s value, with transactions in the T.bills market accounting for 83.74 per cent of the fixed Income market turnover.

Continued on page 24

Guaranty Trust Bank Plc (GTBank) has described its GTBank Fashion Weekend as a consumer focused fashion exhibition and capacity building event that aims to promote enterprise within the fast growing Nigerian Fashion Industry.

The bank explained that the Fashion Weekend would bring together the most promising, talented and recognised fashion designers, brands and retail enterprises from across Nigeria and abroad to showcase the latest trends and products to a large and diverse audience of consumers, press and industry enthusiasts.

The event, which is scheduled to hold on the 12th and 13th of November 2016, seeks to not only create visibility and trade opportunities for indigenous businesses, but also facilitate learning workshops and encourage e-commerce as a sustainable avenue for driving growth.

“Positioned as a consumer focused event, The GTBank Fashion Weekend will be a meeting place for all stakeholders within the fashion community and will present retail exhibitions, master classes and run way shows,” a note from the bank explained.

“GTBank has received numerous accolades and commendations for exceptional service delivery, innovation, corporate governance, corporate social responsibility and management quality.

“Some of the accolades received by the bank include Best Bank in Nigeria by Euromoney; African Bank of the Year by African Banker Award; Best Bank in Nigeria by World Finance UK, Most innovative Bank by EMEA Finance; Best Banking Group by World Business Leader Magazine and Best Bank in Nigeria award by the Banker Awards.”

Lagos to Host World Quality Day Award

The African Quality Institute in conjunction with World Alliance for Quality have concluded plan to organise a conference, exhibition as well as an award ceremony to mark the world Quality day.

The event is expected to hold in Lagos on November 10, 2016, with the theme: “Making Operational Governance Count.”

According to a statement, the move was is in line with the resolution of the United Nations’ believe that quality is an important tool for national growth and prosperity, hence they introduced World Quality Day in 1990 as a means of enlightenment.

According to the convener Desmond Esorougwe, if society wishes to be assured that the stated organisation values and policies are enacted within organisation, corporate governance alone will not be a solution, therefore quality professionals need to provide the required assurance and insight into the extent to which values and policies are lived within an organisation.

The conference is to sensitise all the stakeholders to embrace best practices in quality management, while the exhibition section will provide an opportunity for organisation to showcase their products and services to an international audience and also celebrate excellence. The award night which is tagged “Global Quality Excellence Awards 2016,” is to reward excellence in quality conformity. The world Quality day is also expected to attract international brands across Nigeria Africa and beyond.

ICD to Launch Fund for SMEs

The Islamic Corporation for the Development of the Private Sector (ICD) and the Deposit and Consignments Fund (DCF) of Gabon have signed a Memorandum of Understanding (MoU) to launch a private equity fund for SMEs in Gabon and Central Africa The ICD will support the DCF to launch an investment fund that will have a positive impact in Gabon and Central Africa The CEO of the ICD, a member of Islamic Development Bank Group, Mr. Khaled Al-Aboodi and CEO of DCF, Mr. Alain Ditona Moussavou signed the MoU to launch the fund.

The two institutions said they are determined to bring solution to the problem of capital financing for growing businesses, the missing link in the development of a dynamic economic fabric with performing SMEs.

“Every stakeholder in the Nigeria’s project must be concerned about the rising cases of delinquent loans in the banking industry, ditto financial crimes and must join hands together to fight the rampaging monsters” President, Chartered Institute of Bankers of Nigeria

Prof. ‘Segun Ajibola

24

T H I S D AY • WEDNESDAY, OCTOBER 26, 2016

BUSINESSWORLD CURRENCY-INCIRCULATION RISES TO N1.794 TRILLION The development then was due to the growth in claims on the core private sector. Over the level at end December 2015, banking system’s credit to the private sector grew by 14.5 per cent, compared with the growth of 0.9 per cent and 4.3 per cent recorded at the end of the preceding quarter and the corresponding period of 2015, respectively Also, at N24.318 trillion, aggregate domestic credit (net) to the economy, on quarteron-quarter basis, grew by 7.3 per cent, compared with the growth of 4.9 per cent and 3.8 per cent at the end of the preceding quarter and the corresponding quarter of 2015, respectively.

The development, relative to the preceding quarter was attributed to the 13.5 per cent growth in claims on the private sector. Over the level at end of December 2015, net domestic credit rose by 12.5 per cent, compared with the growth of 4.9 per cent at the end of the preceding quarter.

INVESTORS STAKE N82.4TR ON CURRENCIES, FIXED INCOME SECURITIES IN 9 MONTHS Outstanding T.bills at the end of the month amounted to N7.01 trillion (August – N6.62 trillion) whilst FGN bonds outstanding volume increased by 1.91 per cent to close at N6.45trn in the period under review Trading intensity in the fixed income market settled at 0.60 and 0.12 for T.bills and FGN bonds respectively, with maturities between six months – one year being the most actively traded (N1.82 trillion. The short end yields of the FGN bond yield curve gained an average of 2.38 per cent, whilst yields across the medium and long ends declined by an average of 0.12 per cent and 0.09 per cent respectively.

Activities in the secured money market (repos/buybacks) settled at N3.07trn, 14.21 per cent below the value recorded in August. Unsecured Placements/Takings declined by 46.14 per cent to close the month at a turnover of N0.21 trillion.

Group Business Editor

NEWS

Senate: Discos Must Comply With Laws on Meter Testing Chineme Okafor in Abuja

The Senate has said the 11 electricity distribution companies (Discos) in Nigeria’s electricity supply market must comply with existing laws that makes it compulsory for meters brought into the country to be tested before they are deployed to consumers.

The Senate also said transformers and all electricity equipment to be used by the Discos must undergo compulsory certification tests to ensure compliance with standards approved by the Nigerian Electricity Management Services Agency (NEMSA) and Standards Organisation of Nigeria (SON).

Speaking during an oversight visit to NEMSA, the Chairman of Senate Committee on Power, Steel Development and Metallurgy, Senator Enyinnaya Abaribe said the committee had observed that many Discos do not subject their meters to obligatory certification by NEMSA. He said NEMSA must henceforth ensure that full compliance with the laws in this regard is observed by the Discos.

Abaribe said there were records that showed that electrical cables, meters, transformers and other equipment in the electricity sector do not conform to standards, and pledged the support of the legislature to ensure that NEMSA undertakes its responsibilities in this regard with an upgrade of its test

stations.

“What we are saying today is that there are gaps between what NEMSA is supposed to be doing and what the Discos are actually doing. From what we can see it is actually because they are not seeing NEMSA as an enforcement agency that it actually is. The task that we are giving to NEMSA today is that they should use their law the way that it has been ratified and signed by the President of Nigeria so that they would actually hold the Discos accountable for their deeds in the power sector,”

said Abaribe.

He pointed out that the law makes it compulsory that that all electrical equipment to be used in the power sector must ensure certification from NEMSA before they are put to use.

He said: “That is a very big task which we want NEMSA to enforce strictly.”

The Managing Director of NEMSA, Peter Ewesor, in his remarks said that the agency was upgrading its meter test stations to ensure that all meters to be used in Nigeria are subjected to integrity test and

certified safe and of quality.

He also stated that NEMSA was in partnership with SON to ensure technical enforcement in the sector.

“NEMSA is the technical partner with SON for standards in the power sector.

NEMSA has the duty of technical inspection, testing and certification of all categories of electrical installations, electricity meters and instruments and other materials to ensure the efficient production and delivery of safe, reliable and sustainable electricity power supply and guarantee safety

of lives and property in the Nigerian electricity supply industry and for other related matters,” Ewesor said.

He further stated: “We want to ensure that only certified electrical installations practitioners are operating in the electrical contracting window. We have successfully re-modeled and upgraded the National Meter Test Station, Oshodi to bring it back to international standard.”

According to him, out of the 3551 meters NEMSA tested in 2015, 3,517 passed its integrity test while 34 failed.

SUPPORTING POVERTY ALLEVIATION

L-R: The Commissioner for Poverty Alleviation, Borno State, Hajia Inna Galadima; Manager, Maiduguri Branch, First City Monument Bank (FCMB), Hajia Fatima Zaifada; Corporate Affairs & Media Relations Officer, FCMB, Mr. Rafiu Mohammed and a beneficiary of the bank’s economic empowerment scheme for women in partnership with Sesor Empowerment Foundation, Hajia Fanna Mustapha,

1,000 Companies in Breach of Local Content Law in A’Ibom Okon Bassey in Uyo Akwa Ibom State Government has expressed concern that some companies doing business in the state do not comply with relevant laws governing business operation in the state.

In fact, the State Content Compliance Monitoring Committee (LCCMC), chairman, Mr. Samuel Afobi alleged that more than 1000 companies operating in the state had not complied with the Local Content Act 2010.

“The state government has frowned at the lukewarm

attitude of these operators, who are hiding and operating under a disguise and failed to comply with the content Act 2010.

“The Akwa Ibom State Local Content Compliance Monitoring Committee is poised to ensure that international oil companies, Nigerian companies and their contractors fully comply with the law,” Afobi posited.

He expressed worry that many companies operating in the state do not employ the indigenes and also do not engage local contractors.

“These companies do not

carry out community development and have not shown evidence of corporate social responsibility (CSR),” Afobi alleged.

According to him, the state LCCMC had written to the companies mostly those operating in Eket-Ibeno industrial area since July this year on local content compliance; threatening that the committee would commence enforcement of the local content law before the end of this October.

“It is unacceptable that the companies have failed to comply

with sections 25, 26, 27 and 28 (1,2) of the Nigerian Oil and Gas Industry Content Development Act 2010.

“Some of these companies have also violated the Oil Companies and Vessels Regulation of Business, Registration and Plying Levy law 2006 of Akwa Ibom State,” Afobi said.

He explained that sections 25, 26 and 27 of Nigerian Local Content Act 2010 had provisions for location of office and engagement of personnel from the project area.

Afobi said that section 28

(1,2) of the law provided for engagement of reasonable number of personnel from areas of significant operations.

He said that the state Law on Oil Companies and Vessels Regulation of Business, Registration and Plying Levy 2006 also required establishment of functional office within 30 days of operations.

The chairman appealed to all companies operating in the state especially in the oil and gas sector to cooperate with the local content committee in enforcing the law of the land.

Chika Amanze-Nwachuku AgriBusiness/Industry Editor

Crusoe Osagie

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

Chinedu Eze (Aviation) Linda Eroke (Labour) Eromosele Abiodun (Maritime) Ejiofor Alike (Energy) James Emejo (Nation’s Capital) Obinna Chima (Money Mkt) Reporters

Nume Ekeghe (Money Market) Nosa Alekhuogie (Capital Market)

NOA, PTAD to Verify North East Pensioners Jessica Odemwingie in Abuja In line with government’s efforts in rebuilding the confidence of Nigerians in the North East, the National Orientation Agency (NOA) and the Pension Transitional Arrangement Directorate (PTAD) are partnering to verify pensioners in the zone towards prompt and accurate pensions payments.

This was the outcome of the deliberations during a meeting between the NOA Director General, Garba Abari and the

PTAD Executive Secretary, Barr.

Sharon Ikeazor in his office.

A press release signed by the Deputy Director of Press, NOA, Fidel Agu, Abari noted that citizens in the North East have for long felt alienated from the country owing to the security challenges in that zone, hence the verification of pensioners in the zone would help restore their sense of belonging. He stressed that senior citizens who have served the nation ought to retire in peace through prompt and constant payment of pension claims, describing

non-payment of pensions as a systemic problem which PTAD must address.

The NOA boss pledged the agency’s cooperation in sensitisation, mobilisation and advocacy not only for an effective pensioners’ verification in the North East but also for greater public confidence in PTAD and the pension system. He said it would also stem the tide of pensioners falling into the hands of fraudsters and expressed confidence in the capacity of the new

PTAD Executive Secretary to deliver in that regard.

Ikeazor said the visit was to solicit collaboration with NOA toward “sanitising the pensions payroll and creating an accurate and credible database of pensioners under the Defined Benefits Scheme (DBS) for efficient pension management”. She said PTAD, this year, commenced nationwide verification of pensioners and was counting on NOA’s formations in the North East for the success of the next phase, having

completed the verification of the South West and South East zones. She further explained that the verification will continue until all pensioners and Next-of-Kins of deceased pensioners under the DBS are verified.

The PTAD boss said the Directorate has in 2016 succeeded in regularising monthly pension, paid 33 percent of pension arrears including pension benefits to Next-of-Kins verified by PenCom, among others, adding that the verification of North East pensioners

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NEWS

SEC Technical Committee Takes Financial Literacy to Schools Goddy Egene The Technical Committee on the Financial Literacy Week (TCFLW) of the Securities and Exchange Commission (SEC) will from next week carry its financial literacy campaign across the country including schools.This is in line with the determination of SEC to close the financial literacy gap in the nation whilst deepening the level of awareness about the Nigerian capital market. It is also in alignment with the forthcoming World Savings Day celebration by the Central Bank of Nigeria and the entire financial sector.

The Chairperson of the TCFLW, Mrs. Oluwatoyin Sanni said in a statement at the weekend that plans are being concluded to hold special programmes across the geo-political zones of the country, to coincide the world savings day.

She said to begin with, multiple fora would be held in Kano (Kano State) to represent the Northern zone, Port Harcourt (Rivers State) to represent the Southern zone and Abeokuta (Ogun State) for Western Nigeria.

“The literacy drive and aware-

ness campaign will be extended to other locations as we move on. However, we are beginning with these three locations and this would commence from the 31st October to the 4th of November,” she said.

Specifically, the event will hold in Kano on October 31, Port Harcourt on November 2, and Abeokuta on November 4.

Sanni, who said the literacy drive and awareness campaign is in line with the Capital Market 10-Year Master- Plan of the Commission, noted that it is very necessary, considering the generally low level of financial literacy and capital market awareness across the country.

According to her, in Nigeria, financial illiteracy, amongst other factors, could be said to have contributed to the crash of the Capital Market in 2008/2009.

“The public is largely unfamiliar with the workings and benefits of the capital market.

The loss of investor confidence in the market due to crisis that hit the banking industry and capital market some years back, partly resulted from lack of

financial knowledge. This is why the Master Plan mapped strategies to raise literacy level and awareness about the market.

What the Committee is doing is to begin to implement some of those strategies,” Sanni said.

The chairperson disclosed that apart from presentations to be made by market operators and other stakeholders at the various events, quiz competitions, and debates would be organised for secondary schools and universities at the chosen venues.

“We have invited students from secondary schools and universities to be part of the programme because we believe in catching them young and once they become more aware about the workings of the market, they can, in turn spread the message and educate others as well,” she said.

She added that our host governors and other top government functionaries from the selected host states, traditional rulers and eminent persons, regulators and market operators are expected to be in attendance at the different locations.

ELEVATING TO THE NEXT LEVEL Marie Phido

The Sea of Sameness

BUA Group to Promote Export, Employment as Chairman Wins Award Goddy Egene The Executive Chairman of BUA Group, Abdulsamad Rabiu, has said the group will continue to diversify into business areas with greater potential for export where most of the materials needed for production can be sourced locally, creating jobs, and cutting costs.

This strategy, he said, would ensure that “our people and continent remain the chief beneficiaries in our business, whether they are our workers or consumers.”

Rabiu stated while receiving the the 2016 West African Industrialist of the Year at the prestigious All Africa Business Leaders Award (AABLA) organised by CNBC Africa in Lagos recently.

According to him, the BUA Group has over the past few years embarked on a series of strategic acquisitions, which has seen its business portfolio expand to include the Cement Company

of Northern Nigeria (CCNN), Edo/OBU Cement, BUA Sugar Refinery, BUA Ports and Terminals, and BUA Estates, amongst other agribusiness holdings.

Under Rabiu’s leadership, BUA Group - which he founded 28 years ago, has grown to be ranked among Africa’s largest food and infrastructure conglomerates, remaining a pivotal player in the sugar refining, cement production, real estate, steel, logistics and port operations sectors of the continent.

Industry watchers said Rabiu’s win at the keenly contested AALBA awards are an indicator to his business acumen and knack for juxtaposing tactical expansion with a strong sense of dogged determination, foresight and a dedication to innovation.

CNBC Africa has pioneered AABLA since 2011 to salute and recognise bold leaders and change-makers of business in East, West and Southern Africa, who

through strength, innovation and foresight induce positive changes in an evolving corporate Africa.

On accepting the award, Rabiu expressed his appreciation to the organisers for the award. He went further to thank his wife for her support and tolerance despite the demanding nature of running a large business. He also thanked the staff of BUA Group for their passion, dedication, commitment, hard work and the confidence reposed in him which had made the recognition possible.

The CNBC All Africa Business Leaders Award is fast becoming Africa’s most prestigious business awards. Winners of the AABLA exemplify the best in African leadership. They epitomize the core values of a successful leader, strength, innovation, ingenuity, knowledge and foresight – values that are imperative to carving out powerful business in a Pan-African and global economy.

FCMB Restates Commitment to Deepen Capacity The Chief Executive of Corporate Shepherds Limited, Mr. Idorenyen Enang, has urged journalists in Nigeria to adopt creative thinking and innovative skills in order to meet the demands of today’s fastpace age to effectively discharge their responsibilities.

He also advised them to always ensure due diligence and uphold the ethics of the media profession in line with global best practices.

These, he said are on account of the importance and influence of the media on the society.

Enang, made the call at a media parley organised by First City Monument Bank (FCMB) Limited for financial journalists in Lagos recently. The interactive forum was part of the bank’s initiatives to further promote excellence, build capacity of media practitioners, spur ideas, deepen relationships and appreciate their role in the

dissemination of quality and balanced communication within the country and beyond.

Speaking on the topic: ‘’Raising the Bar’’, Enang, who was the guest speaker, stated that considering the ongoing challenges and reforms in the country, a lot was expected from the media, especially financial journalists, in terms of creative thinking, analysing facts and bringing innovation to bear. According to him, “It is imperative for media practitioners to re-create a mental shift and a transformational mindset that will boost their growth from being ‘just correspondents’ to agenda setters and solution providers.”

Enang, a former Managing Director of Samsung Nigeria and Marketing Director of Cadbury Nigeria Plc, added: “It is important to emphasise that boosting creative and innovative abilities takes at-

tentive practice. Creativity is the development of ideas; innovation is the execution of those ideas. So, we cannot be innovative without first learning how to think creatively.

Recognising and honing one’s creative potential is a process.”

He therefore urged media practitioners to expand the frontiers of their knowledge base by adopting practices that would enable them reinvent themselves and the entire media industry in order to contribute significantly to national development.

The guest speaker described financial journalism as a critical segment that required in-depth knowledge and understanding of the dynamics of socio-economic issues and the environment; hence journalists in this area need to think outside the square by being more creative in their thinking, innovative.

Phido

I have had the privilege of working in some of the best professional services organisations in the world. Helping these organisations achieve growth, market share and share of mind. In the course of talking to buyers of these services, what you hear in gauging their understanding of these organisations are, “your solutions are the same, your services are based on similar methodology and approach”. In view of the depth of my involvement with the buying and selling cycles of these organisations, there may be some veracity and merit in these comments.

There can be a high level of similarity.

However, the similarity ends when these buyers are prodded to explain the value they get from the services, it becomes “the quality of the people, the knowledge of the organisation, how well they know my organisation and deep understanding of my industry and regulatory environment, depth of our relationship, sounding board on knotty issues, similarity and alignment with our values, customer service of the people, quality and succinctness of the Reports, my trusted advisor,

It is essential that organisations drive differentiation to showcase their value proposition to avoid commoditisation.

Youngme Moon said “differentiation is generally considered a firm’s primary defense against commoditisation

amongst additional attributes”.

This is where Differentiation kicks in. By the time they list out these differences and how they perceive the services, they are then able to really determine the ranking of the organisations from 1-10 with 1 being at the top of its game within the pack. It finally dawns on them that they are all really not the same.

It is essential that organisations drive differentiation to showcase their value proposition to avoid commoditisation.

Youngme Moon said “differentiation is generally considered a firm’s primary defense against commoditisation. The fiercer the competition, the stronger the firm’s commitment to differentiation should be … the more diligently firm’s compete with each other the less differentiated they can become in the eyes of the customer.”

This is also evident in Nigeria’s banking industry, where banks are fiercely competing, same in telecoms. Customers find it very easy to switch from one bank or operator to the other because none has really shown a remarkable difference in service and solutions. There appears to be an inclination to move in the same direction to the point of automaticity. For you to stand out, consider the following: •Customers want to see a difference in what you offer, how you innovate, price, advertise and your brand message. Why you?

•You need to play to your strengths and find your sparkle. GTBank did this at inception by becoming synonymous with customer service in the banking sector.

•Resist the predisposition to be reactive by following suit and conforming to what competition is doing.

•Embrace innovation because “customers are inconsistent in their attitude toward products, ambivalent in their regard for change and fickle in their posture toward product innovation”.

To ensure continued growth and relevance, organizations must embrace differentiation to succeed in a world where “conformity reigns, but exceptions rule.”

Telephone number: 08034021058 Email: marie.phido@yahoo.com

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EQUITIES WATCH

GTBank Gets FX Revaluation Boost Amidst the macroeconomic headwinds, Guaranty Trust Bank rode on the back of foreign exchange revaluation and electronic business earnings to grow its profit by 59 per cent for the nine months ended September 30, 2016, writes Goddy Egene The Managing Director of Guaranty Trust Bank (GTBank) Plc, Mr. Segun Agbaje had last September assured stakeholders that the bank would maintain its robust dividend policy going forward.

The bank is among those that pay dividend twice every year. GTBank pays about 50 per cent of its profit to shareholders as dividend and it has already recommended an interim of 25 kobo for the half year (H1) ended June 30, 2016.

However, the macroeconomic headwinds have raised apprehensions among stakeholders that some financial institutions may review their dividend pay-outs.

But Agbaje, who spoke during a conference call to review the performance of the bank for the half year ended 30, 2016 and project into the future, assured that GTBank would not change its dividend payout ratio. In fact he restated the bank’s profit before tax (PBT) target for the full year was on course.

He said: “I don’t see any reason in changing what our dividend payout ratio for as long as you have enough capital and (our) capital adequacy today is over 18 per cent. So for as long as capital adequacy remains that high we are going to keep at that dividend payout ratio. In terms of PBT guidance we are staying at N125 billion, and for us whatever we have made we are not really separating it strategically from our revaluation gains, because at the time we were making revaluation losses, nobody also asked us why this was happening. So these are strategic decisions we have need to make. But for any of the revaluation gains to go away completely we will have to go to Naira appreciating to 200 to 1 which we think the possibility is very low. So what I will like to say is I believe we can make do with N125billion but I would not want to change the PBT guidelines halfway through the year.”

Nine months results

And when the bank released its nine months results ended September 31, 2016, it was obvious that the N125 billion would be met and shareholders would enjoy another bountiful harvest.

The results showed a jump of 59 per cent in profit after tax to N119.9 billion following a boost from foreign exchange (FX) revaluation gains.

Gross earnings stood at N329.284 billion, showing a growth of 43.5 per cent compared with N229.4 billion in the corresponding period of 2015. Net interest income rose by 10.5 per cent from N120.13 billion to N132.7 billion, while net fees and commission income grew by 28.2 billion to N37.5 billion, up from N48.13 billion.

However, net impairment loss on financial assets soared by 570 per cent to N57 billion, from N8.5 billion in 2015. Other income, from FX revaluation gains, jumped up from N6.957 billion to N93.95 billion.

PBT improved to N141 billion, up from N92.1 billion, while PAT rose by 59.6 per cent to N119.92 billion, compared from N75.2 billion in 2015.

Analysts’ Assessment

In their assessment of the results, analysts at Afrinvest Research said the performance was broadly impressive considering the domestic macroeconomic headwinds that have pressured economic activities during the period.

According to them, GTBank successfully navigated the country’s macroeconomic headwinds to post an impressive performance with gross earnings expanding from N229.4 billion in 2015 to N329.3 billion in 2016 majorly driven by 5.2 per cent growth in interest income and massive 161.2 per cent expansion in non-interest income.

The growth in interest income, they explained that it was achieved on the back of 15.2 per cent rise in interest from loans and advances

Agbaje

(up from N122.0 billion in 2015 to N140.6 billion in 2016), which accounted for 77.3 per cent of total interest income.

“Notwithstanding 28.7 per cent increase in

total deposits from N1.6 trillion in 2015 to N2.1 trillion in 2016, interest expense declined by 7.0 per cent thus moderating annualised Cost of Fund (CoF) to 3.0 per cent from 3.1 per

Loans/advances, deposits grow

GTBANK NINE MONTHS FINANCIAL SUMMARY 200 150

SEPT. 2016 N140.8bn

SEPT. 2016 SEPT. 2015 N132.7bn N120.1bn

100

SEPT. 2016 N93.9bn

95

SEPT. 2016 N119.9bn SEPT. 2015 N92.1bn

90 85

SEPT. 2015 N75.2bn

80 75 70 65

SEPT. 2016 N57.1bn

60 55 50 45 40 35 30 25 20 15

SEPT. 2015 N6.9bn

10

SEPT. 2015 N8.5bn

05 0

NET INTEREST INCOME

OTHER INCOME

IMPAIRMENT CHARGES

cent in first half (H1) of 2016. The decline in interest expense was broadly due to the lower debt servicing cost of the bank; interest expense on debt securities fell 5.8 per cent as total borrowings declined 0.5 per cent in the period,” they said.

Accordingly, GTBank’s net interest income rose 10.5 per cent while net interest margin (NIM) improved within the period, rising 0.4 per cent to settle at 7.4 per cent in 2016.

“The spike recorded in non-interest income, which rose from N6.8 billion in 2015 to N93.6 billion in 2016, was majorly driven by the 1281.3 per cent surge in foreign exchange gains tied broadly to the flexible foreign exchange framework which was unveiled by the CBN in June 2016,” Afrinvest said.

The analysts disclosed that apart from the FX revaluation boost, GTBank sustained its position as one of the leading banks making significant earnings from electronic business(ebusiness).

“GTBank sustained its position as one of the leading banks in integration of technologically advanced processes into core banking operations as e-business income jumped 75.1 per cent to N23.2 billion from N13.2 billion in prior period, accounting for the major component of fee & commission income which increased 27.1 per cent from N39.7 billion to N50.4 billion in 2016,” they said.

A further analysis of the bank’s performance indicated that it recorded an uptick in operation expenses (opex), which increased 8.2 per cent 2016. However, considering the fact that inflation in that period hit a record high, GTBank’s opex was still moderate.

Accordingly, Cost to Income Ratio (CIR) improved to 28.5 per cent in 2016 from 41.8 per cent in 2015. GTBank also recorded an impressive double-digit growth in PAT which rose 59.6 in 2016 to N119.9 billion from N75.2 billion in prior period. Consequently, the bank’s annualised return on average equity (RoAE) and return on average asset (RoAA) improved to 31.8 per cent and 5.1 per cent from 28.5 per cent and 4.5 per cent respectively in preceding period.

PROFIT BEFORE TAX

PROFIT AFTER TAX

Despite the challenges in the economy that have heightened credit risk in the system, GTBank recorded a double digit expansion in total loans & advances, up 19.5 per cent from N1.3 trillion to N1.6 trillion in the period under review.

“The growth in loans may be tied to the bank’s exposure to loans denominated in foreign currency. As a result of the jump in total loans & advances, credit impairment charge also surged 570.3 per cent to N57.1 billion from N8.5 billion in prior period. Consequently, Cost of Risk (CoR) settled at 3.8 per cent in 2016 which is 1.2 per cent higher than the previous quarter. The bank continued to leverage on its strong retail deposit base as total deposits also expanded within the period, rising 28.7 per cent to N2.1 trillion from N1.6 trillion in 2015 as the bank rallied cheaper deposits,” Afrinvest said.

Looking ahead, the analysts said they remained positive on the performance for the full year ending December 31, 2016.

They said: “We remain positive on the performance of GTBank for FY 2016 on account of the massive gains recorded from FX revaluation as well as the continued focus on driving E-business income northwards through technological innovation.”

Based on the foregoing, the analysts said they have revised their projections upwards.

According to their projections, topline to grow 21.6 per cent to N367.1 billion in FY: 2016 while PAT is forecast to expand 35.8 per cent to N135 billion. Loan book is also expected to rise 20 per cent to N1.7 trillion in 2016 given the exposure of the bank to foreign currency loans.

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ANALYSIS

Ekpo: Nigeria Requires Urgent Structural Reforms The Director General of the West African Institute for Financial and Economic Management, Prof. Akpan Ekpo, who is also a former board member of the Central Bank of Nigeria, spoke with Obinna Chima on issues pertaining to the Nigerian economy. Excerpts: Recently, the debate on whether to sell or not to sell some national assets was a major issue. What was your position on that?

Well, my take is that it doesn’t make sense to sell national assets because we are in an economic recession. It is a panic measure. It is what I call a fire-brigade approach in the sense that we have not been told that we have exhausted all the financing options. And then, recessions come and go. It is part of being a market economy. So, if you sell assets now, when it comes again, what are you going to sell? So, it is not the way out. Secondly, we have to do some analysis. What are the assets?

Which assets are we going to sell? We need to know. Who are those going to buy the assets?

Take for example NLNG, government has 49 per cent stake in and it has been doing well.

It has been giving government a lot of money.

So, why suggest that it should be sold? So, it is not a good idea at all. Even if you have to do, it has to be done such that Nigerians that own those assets buy the shares and you have to limit what anybody can buy so that the few elites don’t buy up public assets. So, my view is that we have not gotten to the point to sell our national assets. Even if we reach it, I would never suggest selling of assets. The other way round is that when you say you want to sell national assets, it’s like you want to privatise.

We have gone through that before. There are so many privatised government businesses littered all over the country, not making any return.

So, we should jettison that idea. I can tell you that I was a member of the ad hoc expert team that the Vice President invited. This idea was muted at that meeting, but we never thought they would push it further. And as you are aware, government came out to deny it. But I can tell you that it was on the agenda. I won’t mention names, but one or two of the experts at the meeting proposed this idea and a few of us opposed at that meeting. I even warned that labour would fight it for ideological reasons.

So, for me it is not a good idea.

Some have said the sale of these assets might bring about efficiency and some even cited the transformation in the telecommunications company as a result of the sale of NITEL? As I said, we have gone through this before.

I always prefer that we commercialise government enterprises than to privatise them. When you commercialise, it means that the management may be outsourced to private hands, but government still retains some ownership. And when you sell the shares, Nigerians would be asked to buy it. Then you limit the amount individuals can buy so that you don’t put it in the hands of few elites

Ekpo

The process has never been transparent. Not just NITEL, even look at NEPA and Power Holding Company of Nigeria (PHCN). They went through bidding processes, we unbundled the PHCN, what has been the impact? Power supply today is worse than what it used to be.

For a long time, we talked about selling NITEL until recently. So, the problem of NITEL is a little bit different in the sense that we watched over the years, the inefficiency of NITEL. For PHCN, when you sell your assets, both sides would do due diligence and you sell both assets and liabilities. But in the case of PHCN, we said we have sold, later those who bought came back and said they didn’t consider other factors, such as the price of gas. And government gave them money through the Central Bank of Nigeria (CBN), which is wrong. Something like power,

which is very critical to Nigeria’s development, we know those that can give it to us. It is not a rocket science. You invite the companies that have the expertise, the money, you invite them and you discuss with them how to go about it. And you set timeline. But what we did, to a large extent, with the sale of PHCN was that some Nigerian elites had fronts who bought those assets on their behalf. That is why we are where we are today. So, I always prefer that we commercialise government enterprises than to privatise them. When you commercialise, it means that the management may be outsourced to private hands, but government still retains some ownership. And when you sell the shares, Nigerians would be asked to buy it. Then you limit the amount individuals can buy so that you don’t put it in the hands of few elites.

What about the talk of giving the president emergency powers in taking certain decision, as a means to get the country out of recession. Do you support that?

You see, that is another panic measure. For me, you don’t need emergency powers to get the economy out of recession. There are already existing instruments that government can use to do it. Secondly, if truly members of the House of Assembly represent Nigerians, they will not be dilly-dallying. Why was there a delay in passing the budget? Around March this year, i warned that the economy was close to recession, at a lecture I delivered in Lagos.

At that time, they were still dilly-dallying on Continued on page 31

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PERSPECTIVE

As Baru Leads Renewed Oil Search in Inland Basins Aliyu Abubakar writes that with the intensified search for oil in the Chad Basin and Benue Trough, it is potentially safe to say that Nigeria is on the verge of achieving her decade-long desire to grow her crude oil reserves Speaking to members of the Nigerian Association of Petroleum Explorationists (NAPE) during a dinner organized in his honour recently, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Kacalla Baru, emphasized the need to increase the nation’s oil and gas reserves. In particular, he said Nigeria’s 2016 national average daily oil production of about 1.9Million barrels (low partly due to oil infrastructure vandalism) when compared to its current oil reserves of about 35Billion barrels can only last for about 40 years, assuming no reserves are added.

Similarly, the GMD noted, with current gas reserves of 187Tcf and at the current level of production of 8Bscfd, Nigeria’s gas reserves will last for about 65 years also assuming no added reserves. In another revelation, Dr. Baru explained that by 2020, Nigeria’s gas demand forecast for both domestic and export would experience a rapid growth to 15bscfd. This therefore means that current reserves level can only sustain such a quantum of demand for 35 years.

It is in the wake of this reality that President Muhammadu Buhari directed the Corporation to resume oil exploration activities in some of the nation’s inland basins which include the Chad Basin and the Benue Trough. To take the lead role in this new venture was the GMD NNPC. For someone whose career spanned several years in the Exploration & Production sector of the industry, there was no better person to achieve this Presidential mandate. If anything, one of Dr. Baru’s cardinal 12 Business Focus Areas –aimed at placing NNPC on the path of growth and profitability- is increasing production and growing reserves.

This Presidential directive is wellinformed. As a former oil Minister and the current senior petroleum Minister, President Muhammadu Buhari knows pretty well the importance of increasing hydrocarbon reserves. Therefore, when he gave that mandate to the GMD, the President knew exactly what he wanted. The President was convinced by professional counsel given that Nigeria’s neighbours - Niger, Chad and Central African Republic –all had successful commercial discoveries of oil and gas within their portions of the Chad Basin. It is this geological similitude backed by a strong political will, more advanced technology (3D Seismic) driven by experienced personnel that gave Nigeria the hope that the right time to search for oil on its own end of the Chad Basin is now.

As a thoroughbred upstream professional, Dr. Baru knows pretty well that growing reserves cannot be done in front of computers. As he has reiterated at many fora, reserves can only be grown by taking on the challenge of venturing into fresh oil and gas frontiers across the country headlong. The Chad Basin and Benue Trough are believed to have substantial deposits of oil and gas hydrocarbons. Thus, his recent official visit to Bauchi and Gombe States was not only a statement of intent; it was a big, bold step at executing the Presidential mandate.

To properly drive this message home, the GMD met the Governors of Bauchi and Gombe States, Barr. Muhammed Abdullahi Abubakar and Dr. Ibrahim Hassan Dakwambo respectively. During the visit, he officially announced to the two Governors the commencement of resumption of oil and gas exploration in the Gongola Basin segment of the Benue Trough which includes areas within the two States. These areas include Alkaleri, Darazo, Misau and Ganjuwa (in Bauchi State) and Akko, Dukku,

Baru

Billiri, Balanga, Funakaye and Nafada (in Gombe State).

In their responses, the two governors pledged their support to NNPC. While Governor Abubakar promised to provide offices and accommodation for all NNPC

It is in the wake of this reality that President Muhammadu Buhari directed the Corporation to resume oil exploration activities in some of the nation’s inland basins which include the Chad Basin and the Benue Trough. To take the lead role in this new venture was the GMD NNPC. For someone whose career spanned several years in the Exploration & Production sector of the industry, there was no better person to achieve this Presidential mandate

staff involved in the project, Governor Dankwambo went a notch higher, nominating two Commissioners to support NNPC with logistics towards the project’s success.

In order to galvanize host community support towards the entire exploration activity, the GMD was also at the Palaces of Emir of Bauchi, Alh (Dr.) Rilwanu Suleiman Adamu, CFR; Emir of Gombe, Alh. Abubakar Shehu Abubakar III and Emir of Misau, Alh. Ahmed Sueiman, mni.

For the three Emirs, the message was the same: they all promised to sensitize and educate their subjects on the resumed NNPC operations and the need to cooperate with NNPC personnel and safeguard the Corporation’s heavy equipment which will soon be deployed within their domains.

While pleading with the monarchs to educate their subjects on the project, the GMD also urged the teeming youths of the various areas to utilize the employment opportunities that will be provided by the exercise.

Happily though, this is a familiar terrain for the NNPC. Like the GMD rightly mentioned, this is not the first time the Corporation is exploring for oil in the Gongola Basin. It is worthy to recall that the then Exploration and Exploitation (E & E) Division of NNPC commenced exploration activities in the Chad Basin in 1977 and continued till 1996. During these periods, Twenty Three (23) wells were drilled out of which two (2) recorded non-commercial gas discoveries (Wadi-1 & Kinasar-1). Exploration was then suspended in the Chad Basin in the year 2000 for lack of commercial

finds.

Meanwhile, between 1993 and 2000, the Federal Government awarded blocks in the Gongola Basin to three (3) International Oil Companies (IOCs), namely Chevron, TOTAL and Shell Nigeria Exploration and Production Company (SNEPCo). These companies acquired 3,153km of 2D seismic data, and drilled one well each. One of the wells drilled, Kolmani River-1 made noncommercial gas discovery (33Bscf). By the provision of the contract agreement between the Federal Government and the IOCs, the minimum work commitment was fulfilled.

Hence the IOCs suspended operations and relinquished the blocks.

In 2002, the Federal Government directed further evaluation and consolidation of the data generated in the Chad basin to further ascertain the prospectivity of the Basin. The study formed the basis for the exploration re-entry in 2009 with the acquisition of over 1,900 Sq.km 3D seismic data before the suspension of activities in November, 2014 due to security challenges occasioned by the insurgency in the North East.

Already, the NNPC has awarded the contract for seismic data acquisition of over 500Sq.km 3D seismic data in the first instance to the Integrated Data Service Limited (IDSL) a subsidiary of NNPC and Bureau for Geophysical Prospecting, a subsidiary of China National Petroleum Corporation (BGP/CNPC). Both companies are mobilizing to commence work in the affected areas. “We are confident that these efforts will lead to clearer definition of the prospectivity of the basin,” the GMD assured the two Governors.

One key success factor towards this operation is Corporate Social Responsibility (CSR). The NNPC is not shying away from that. As a responsible corporate citizen, the Corporation is in the process of awarding the Environmental Baseline Studies (EBS) and Environmental Impact Assessment (EIA) of the Upper Benue Trough to Abubakar Tafawa Balewa University, Bauchi and Modibbo Adama University of Technology, Yola respectively. Still, as part of the CSR efforts towards this project, a number of sustainable community development projects are being considered for the benefit of the various communities within the exploration area.

It is instructive to note that as far as this latest exploration is concerned, NNPC’s commitment remains unshaken. The Corporation under Dr. Baru is refining its strategy to ensure that it utilizes all geological approaches that have enabled Chad and other neighbouring countries to be producers. If anything, success within the Chad and Gongola Basins could spur further exploration efforts in other inland basins such as Anambra, Bida, Yola and Sokoto to mention but a few.

Nigeria cannot afford not to take advantage of increasing its oil and gas reserves especially in this era of low oil prices which makes inland exploration cost bearable.

Already, it is on record that successful exploration efforts have been pioneered in the Dahomey Basin following the coming on-stream of the Aje field by Yinka Folawiyo Petroleum in Lagos. With Dr. Baru now vigorously leading a renewed exploration quest into the Chad Basin & Benue Trough, it is potentially safe to say that as far as reserves growth is concerned, Nigerians will soon have every reason to be excited.

•Abubakar is the Technical Assistant on Communications to the GMD NNPC. He contributed this piece from Abuja

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BUSINESSWORLD

INTERVIEW

EKPO: NIGERIA REQUIRES URGENT STRUCTURAL REFORMS the budget. If they had passed the budget on time, the fiscal side could have spent and that would have enhanced the economy. That budget contained stimulus that would have helped the economy. Even when they passed the budget, it took several months for them to implement the budget. So, the president doesn’t need emergency powers. So, that was why I said it is a panic measure. We told government that it has to spend out of recession by borrowing externally and domestically to finance capital projects. Again, our recession is a special type because it affects also the supply side. It is not just a demand issue. The demand issues are not even the federal government issues, it is more of the states. About 26 states owed salaries for almost eight months, meaning that people didn’t have money to buy goods and services.

So, it is a special recession because it affects the supply and demand sides. So, the delay in forming the cabinet, the delay in passing the budget and implementation have been part of the crisis. At that time, only the central bank was talking, only monetary policy was trying to do something. So for me, recessions are recurrent in the market system. It comes and goes, but it gives you an opportunity to make sure that you manage the economy properly. No two recessions are alike. Also, they need experts to help them manage the economy. It is not a tea party. They need technocrats to advise them. And in our system, no government has a long-run luxury. Every government has four years, so they have to move fast. My worry for Nigeria is more than the economic recession. Let me ask you as question. If for example, the third quarter Gross Domestic Product (GDP) growth becomes positive marginally, that means the economy would be out of recession. But has the problem of unemployment been solved? Has that solved the problem of inflation? Has that solved the poverty problem? It has not! So, we need to carry out long-term structural reforms and be serious about what we are doing.

You just said there is need for the federal government to assemble technocrats and have an economic management team. Are you saying the ministers and other cabinet members are not doing the right things or do you think they don’t have the capacity to lift the economy out of its present situation?

If you look at Nigeria’s economic history in the last 56 years, there are some episodes where you could say they appointed technocrats to manage the economy. But since 1999, there have been problem because politics dominated the economy before then, the military system. But the military, for some reasons were able to recruit some technocrats. I can tell you that everything about the Nigerian economy has been researched, documented and written about, before 1999. They are on shelves. But when 1999 came, in fairness to former president Olusegun Obasanjo, he tried in putting together experts to macro-manage the economy. He brought people who were good. Then, he had an economic team that constituted mainly of experts. Those experts co-opted other experts to look at the economy.

I think continued up to the time late president Yar’Adua. In Yar’Adua’s tenure, I was a member of the team. After Yar’Adua it continued, but with an error. I even told Ngozi Okonjo-Iweala that it was a mistake to have an economic management team that included private sector players and government players same time. You don’t do that. You have a different forum where you meet businessmen and a different forum where the economic management team meet. This is because when you are practicing capitalism, the government tries to surprise the private sector, while the private sector tries to predict the government. If you put all of them in one room and government brings out a policy, they are rational to exploit it. For example, if there is a policy on cement, a private sector person in the economic management team would exploit it easily. So, you make life very easy for them to make money. Their role is to predict government, but you (government) try and surprise them.

That didn’t happen. This government is even not the same. What they have now is a ministerial team. But they invite experts on ad hoc basis. I have attended two of such meetings. But what they need is a strong economic management team. Nigeria has a lot of experts. But let me explained that the Nigeria Economic Summit Group, as far as I am concerned is not the team

Ekpo

of experts I am talking about. Every country needs intellectuals to assist. So, we need a strong economic management team to assist government.

More so, when some people running the key ministries are not in the profession that you need to look at the economy. They are either core politicians who have not been involved in running an economy for a long time. I will give you an example. During the tenure of late General Sanni Abacha, he appointed Chief Anthony Ani as minister of finance. But Anthony said he is an accountant and that he does not think he has what it took to run the economy alone. So, Abacha approved for him a ministerial advisory committee. He brought in only economics and a lawyer to drive the process during that process. Go and look at the macro-fundamentals at that period. And there was a link between the ministerial advisory committee and the national economic team headed by Prof. Sam Aluko. So, even Abacha who was a dictator left the economy to be ran by experts and the economy did well then. I was involved. In fact, I was the chairman of that ministerial committee in the ministry of

finance for four years. We ran the economy.

Another problem we are having in Nigeria is the issue of exchange rate. As an economy like Nigeria, you do a managed float, you don’t float your currency freely because ab initio, your own currency, the naira, is not convertible.

The foreign currency is not your money, so you have to always put up the attitude that it is always scarce. Economics is usually about scarcity. When a commodity is scarce, you don’t use demand and supply to find the value. You allocate efficiently, but you don’t ration. You can see that the misalignment between the interbank and parallel market rates is too much. When I last check, government was still the greatest supplier of foreign exchange, and they give it to the banks to sell. Any bank official would be rational and want to round trip. So, the gap is just too much. And that is going to affect foreign direct investments. What you will have is hot money. So, when there is a recession, you adopt what is called economic nationalism. So, let’s pray that the economic recession does not continue for a long time, because if that happens and we enter into a depression, we may just be like Zimbabwe or Venezuela.

This government should be careful of political issues. When life becomes so hard for people, they have may vote them out at the next election. So, we need a balancing. I rather borrow externally because it gives me long-term to repay, than depend on sterilising the dollar. Nigerians are expectant because for over 26 years now, they have lost confidence in government

So, what can government do to attract foreign currency to the economy because this appears to be outside the control of the central bank?

I pity the central bank. They have been doing their best. It is a supply problem. They don’t have the currency and then we need to change the structure of our economy. Our economy only consumes, we don’t produce anything that brings foreign exchange. So, what you do is that you direct policies that would encourage people to encourage and manufacture, no matter how little, something that would add value, before you export. What we need now are structural policies. What we have seen is that the central bank has been doing a lot of what it ought not to be doing. The central bank is pushing out a lot of intervention funds. A lot of times, their intervention funds have fiscal coloration.

And that is not supposed to be their business.

But they are forced to do that because of their development functions. I say this as someone who was on the CBN board and monetary policy committee for over five during the tenure of Prof. Chukwuma Soludo and briefly under

Sanusi Lamido. So, I know the problem. Under their development functions, the central bank does a lot of things because the fiscal side is weak. So, if the recession prolongs, monetary policy may be ineffective, because what we are facing is a fiscal and structural problem. My quarrel with the central bank is that certain aspect of the new flexible regime framework is not tailored for our economy. For example, they brought in futures market into the forex market. That is not for an economy like ours and that is because the commodity you are dealing with is a scarce commodity. This is a system that works where the people don’t even bother about the foreign exchange market and they have several ways of earning other foreign currency, their economies are industrialised and they manufacture. What they are trying to do, we all studied in the post graduate school. You want to align the prices and so you keep moving until you find equilibrium. But you can never find equilibrium in exchange rate, it doesn’t exist in practice. We teach students that as a benchmark for comparing other model. The market gives you a sign or a guide, then, you move the band. You can find it mathematically, you can find it by drawing the curves, but in practice, it doesn’t exist. It is a day-to-day issue. In practice, you manage it that is why it is called managed-float. This government should be careful of political issues. When life becomes so hard for people, they have may vote them out at the next election. So, we need a balancing. I rather borrow externally because it gives me long-term to repay, than depend on sterilising the dollar. Nigerians are expectant because for over 26 years now, they have lost confidence in government. Most people don’t trust government any more. In recent times, economists have come to realise that if you ignore political economy issues, you do so at your own expense. So, it is left for government to think its way through, get people who are knowledgeable to think outside the box. This is because if they are able to implement one or two things right, then, they are sure of staying longer in government, otherwise we would just be changing government every four years. The people are not happy. There is even a disconnect between Nigeria’s ruling class and its people. If we don’t take, they may be forced to implement the Structural Adjustment Programmes (SAP) again, by going to the International Monetary Fund for short term facilities and they give you conditions. Don’t forget that the rich are still consuming imported goods. And if you don’t have money to pay for those imported goods, it affects your balance of payment.

You have stressed the need for technocrats, with emphasis that they should be economists. I read an article recently by a former deputy governor of the CBN, Prof.

Kingsley Moghalu, where he looked at the history of economic thought and concluded that most economic thinkers and those that laid the foundation of economics, such as Adam Smith and Keynes, did not study economics. Did you agree with him?

He is not right. In economic history, the early economists were called moral philosophers and in philosophy, they deal with a lot of social issues. What we even call economics presently used to be known as political economy. But as we moved on with time, it became narrower.

To say that Keynes was not an economists is not right. If you read all the works of Keynes, it would show you that in modern terms, he was an economist. You see, the problem with Nigeria is that people claim to be everything.

Then why do we have economics Programmes in universities? Even in Nigeria, most people who call themselves economists are not economists.

By definition in most schools, even if you don’t have a degree in economics, your transcript should show that you have taken some courses in economics to understand what is happening. If someone tells you that he has made a forecast that by next year, the GDP would grow, it should be based on a model. If you didn’t study economics, how will you understand the model? That is why in most countries, even if you have someone who is widely read to head a ministry, for example, the ministry of finance, you would have technocrats who understand the issues around that person. In my view, you must study something to a certain level. So, it is good for us to put round pegs in round holes, especially when you are a developing economy.

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EDUCATION ‘Adequate Funding of Medical Schools Will Curb Brain Drain’ In this interview with Funmi Ogundare, the Provost, Lagos State University College of Medicine, who is a Professor of Orthopedic and Trauma Surgery, Babatunde Solagberu, explains the importance of expanding opportunities for medical training and the need to massively fund it to ensure that people who go abroad can return and contribute their quota towards developing the nation, among other issues The issue of brain drain and medical capital flight has assumed an alarming proportion as highly trained university graduates are compelled to ‘flee’ the country to seek greener pastures abroad.

The same can be said of medical capital flight which occurs when assets or money rapidly flow out of the country as a result of the harsh economic climate.

The Provost of the Lagos State University College of Medicine (LASUCOM), Ikeja, Prof.

Babatunde Solagberu believes that the situation will become temporary, just as he stressed the need to develop real values in the country.

“If you look at government’s figures, the amount of money that comes back home from people that have gone overseas is a high contribution. In this day and age, when you spend so much in training someone abroad and he feels that after graduation he does not owe the system anything and he just disappears and he is being taken up by Canada, US, UK, or Australia, it is sad, but there is value in their going. Some of them come back and add value to the system and when they are there, they will send money home to their parents.”

He said there is need to expand centres where medical students are trained in the country, adding, “a lot of people want to come here but there is no space for them. That means their trip abroad was not totally useless because they have been retrained; the kind of training they may not have had at home here. You must expand opportunities for the medical training that we are talking about; we only take about 100 in a year. The people that want to come to LASUCOM are in their thousands. Massive funding will also help because it will expand opportunities.”

He expressed hope that once electricity, security, purchasing power of those who work in the health field improve, people who travel abroad will have no reason for not coming back, adding that when the system is adequately funded and there is continuous research, it will have a positive impact on the society.

“We can have a Faculty of Pharmacy and Allied Sciences and when we have all these, there will be more people that will be employed in that direction and more people will run postgraduate programmes to the benefit of the society. The brain drain thing in the short run can be negative, and in the long run, it can be positive.”

On the contributions of the college to research, training and teaching, the provost said, “these are our triple mandate as a college. To teach and train is one, we are supposed to conduct research and render patient care community service. Some of them you cannot measure in terms of numbers, but the rest can be measured in terms of impact and can be felt. For instance, the college of medicine brought about the existence of Lagos State University Teaching Hospital (LASUTH).

“The college is like a research laboratory for the hospital, so our medical students will need a university teaching hospital where the lecturers will be able to show them the practicals.

Our research is also manifest in the quality of professors we produce and the impact on the society. In the area of training, we started with the MBBS programme and so far, we have produced 10 sets now. The 11th set, about 72 of them have just finished writing their examinations. “Our first set of graduates passed out in March 2006. We have produced 544 graduate doctors and with the 11th set, by the end of this month, we would have produced over 600 doctors. Beyond MBBS, our final year dentistry students will graduate either in December or January. We are waiting for final accreditation

Solagberu

from the Medical and Dental Council of Nigeria (MDCN). We are also the consultant at the level of teaching hospital, we train resident doctors at two levels- undergraduate and graduates- and our products are doing fantastically well.”

Solagberu said the quality of research going on at LASUCOM is improving; adding that it must be done to suit the country’s level of development and relevant to the environment.

“If you compere our research to UK or US, you are not being fair on us. The truth is that you have to do a research that is relevant to the environment. If what you need to do is clinical research, so be it. For instance, in the mornings when you come around, you see a lot of patients waiting to see the doctor. We are trying to minimise the length of stay in the hospital, either to come to the clinic or be admitted so those are the things that are improved in practice, and how we can make healthcare cheaper; those are the areas of research.”

On the college’s distinguishing feature, the provost said, “we have our cutting edge in trauma research because we have the data, we also have our core competence, which is kidney transplant and ophthalmology. Our colleagues are also doing a lot in that.

There are nine dental schools in Nigeria, LASUCOM is just one of them that is state-owned, the rest are federal owned. It is not all medical schools that can run dentistry programme, out of the 33 medical schools in Nigeria. For instance, University of Ilorin, University of Lagos and University of Ibadan teaching hospitals do not have dentistry programme.”

He added: “Our laboratory too is second to none. A number of patients have come here so we have the facilities and number of patients to be able to float the kind of things we are doing. Our challenge is that we have a vision to be the leading college of medicine in Africa, we have graduates of different medical schools and we have brought out the best in Ikeja so that they will all the better than any medical school they came from. I graduated from University of Ibadan and my ambition is to make the college better than UCH. We want to create the Ikeja structure, since there are two institutions in Lagos (LUTH and LASUCOM), there is a healthy competition. We are trying to give the college a run for its money.”

On the challenges confronting the Department of Dental and Medical Surgery considering the recent protest by its final year students, he said the college’s license with the MDCN has been partial, adding that it needs to buy some equipment and expand facilities.

“The Medical and Dental Council is a regulatory agency that maintains standard, it is the one that will look at your personnel and issue license. Government has given us money for it. The protest was because students at times could be impatient, all the processes of doing everything have been on for government to release fund. These are issues that take months.

The students didn’t need to protest to get the money out.” The provost said their graduation was delayed as a result of this, adding that the government is committed to ensuring that the project is successfully carried out. “Though they had stayed longer than they should in the college, they are not supposed to overstay by one day.

Government has given us the mandate to do everything we can to ensure that they don’t stay longer than they should. We regret their over stay; we are interested in their graduation on time.”

Solagberu, who also explained how the college has been getting its subventions, said for now a larger percentage of the money is provided by the government, adding that it is currently working hard to launch an endowment where people of goodwill can immortalise their names.

“In this college for instance, we don’t have any property named after anybody and there is no public private participation yet, so we are launching an endowment towards February 2017. Right now we have started making appeals to individuals, we are looking for people of goodwill and those who are not even known could be known through this.

“We need hostels, lecture rooms and research institutes, we need them to immortalise their loved ones and we need those things based on their contributions. We are almost concluding the endowment brochure. That is another major area where we can add to government subventions to be able to make us do more things.

“We have a single honors course that we are looking at: Physiology, it is like clapping with one hand, but we still have other areas of medicine like Pharmacy and Physiotherapy,

there are other courses relevant to healthcare delivery. We have dreamed tall that we want to be the leading college of medicine in Africa.”

Asked if the college has any partnership with foreign universities for exchange programmes, the provost said, “what we have is not happening as an exchange programme. What we have is a collaboration where our people will go overseas for two, six months or a year and acquire more experience and obtain more fellowships because we will be the beneficiaries when they come back. The processes of funding for travelling have reduced tremendously. We have some international partners that came in July, we hosted some people from the University of Heidelberg, Germany, we have quite a few areas that we are collaborating with other people.”

The Professor of Orthopedic and Trauma Surgery, who emphasised how lucrative his field is in the country, said “orthopedic is an aspect of surgery that deals with organs of the body when they are injured or if there is any deformity. The most common are fractures which have got to do with broken bones. There is an aspect of surgery that such can be corrected.

The field is very lucrative, we are always on the move especially the young bread winners between the ages of 20 and 40, who are also going for one professional exam or another, or even going to work. We also deal with children with congenital abnormality, such as those born with ‘K or bow legs’.

On his projections for LASUCOM in the next five years, Solagberu expressed hope about the success of the endowment, saying that when experts from Havard, United Arab Emirates, Oxford, among others, come in within a year, they will be exposed to the system of the college.

“My dream is to see an institution where we would have succeeded with our endowment, where in a year we can have one expert come in every week in a year from Harvard, UAE, Wisconsin, Oxford, among others.

In a year we could get that and we have some of our numerous hotels around Ikeja giving us as part of the endowment. It does not necessarily mean they will give us money. If we have some reserved suites for the experts, as their own contribution to our own use, when they come, they will come into the hotel every week for holidays, and they too will popularise the hotel, it is a spin off. When that happens, they spend time in our wards/theater rooms and so many other others. Our students, undergraduates and postgraduates are already linked with the rest of the world, they don’t have to be in those universities.

“That is one of the advantages of the endowment. By the time all these experts come in, for instance, on a weekly basis, our students and lecturers will link up with them, so that becomes a network then we would start vetting around the rest of the world. Our graduates will become a global perspective and become more useful locally.

“That is my vision for the college, and we will be able to get there when we set to be the leading college of medicine in Africa. There are fantastic universities in Africa; South Africa, Kenya, and Egypt, we are also exposing our system to them. It is then that the exchange programmes can be useful and funding will be allocated for such thing. “We will endow professorial chairs and we will be able to have travel grants, many of them don’t need money, they just need the souvenirs that we will give them and the fact that they have been here we will be able to pay for their flights, accommodate and give them honorarium. Every graduate that we churn into the society would have become renowned experts.”

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EDUCATION

FG Urges Education Researchers to Tackle Recession

Amby Uneze in Owerri

The federal government in its effort to tackle the current recession in the country has urged policy researchers to devise ways that can help overcome the challenge.

The Minister of State for Education, Prof. Anthony Anwukah in a keynote address at the 2016 annual conference of the Association of Nigerian Women Academic Doctors (ANWAD) in Owerri, said policy researchers need to advise government on the best way out of the current recession. He said the conference should serve as an avenue to achieve that.

The minister described the theme of the conference ‘A Roadmap for Tomorrow: The Youth Perspective’ as apt, stating that the significance of the youths in national development cannot be overemphasised considering the sustainability of the socio-economic and political situation of the country.

He pointed out that youth

vitality remains an important natural virtue worth sustaining in the right direction for nation building, quoting the 2015 Nigeria Bureau of Statistics youth data, which shows that about 30 per cent of Nigeria population are youths (15-35) years.

According to him, the volatility and risk-taking tendencies of this large important group of citizens if not managed properly and timely could lead to huge consequences including social ills, worth bringing a country to a near halt. Thus he said engaging young people gainfully at this time is vital to every facet of the economy.

From the education context, the minister said the present administration, through the Federal Ministry of Education, lays emphasis on Technical, Vocational Education and Training (TVET), as this has been incorporated as one of the 10 pillars of the ‘Education for Change- A Ministerial Strategic Plan

Govt’s Takeover of Schools Ruined Education in Nigeria, Says Bishop Olakiitan Victor in Ado Ekiti The Bishop of Anglican Diocese of Ekiti, Most Rev. Christopher Omotunde, has called on the state government to as a matter of urgency, return schools established by the church to it for effective management and to improve the standard of education in the state.

Describing the takeover of the schools by government as “a robbery action”, the bishop pointed out that the decadence and declining standard of education in the country could have been averted if the schools were still under the management of the churches.

He decried how the facilities at the Ile Abiye Hospital established by the church in Ado Ekiti to enhance quality healthcare delivery at affordable rate were allegedly looted and taken to Ekiti State Specialists Hospital (now Ekiti State University Teaching Hospital), saying that this further confirmed how destructive the government could be.

The bishop also warned the Christians Association of Nigeria (CAN) against unnecessary conviviality with politicians, saying that the association is an organisation set up to propagate the ideals of unity and spiritual growth of Christians and it should not deviate from the vision.

Omotunde, who made this known while briefing journalists in Ado Ekiti to herald the week-long activities marking the 50th anniversary of the diocese, said the church will use the anniversary to immortalise the late Primate of the Anglican Communion and indigene of

Odo Owa, Ekiti, Most Rev. Abiodun Adetiloye and other bishops that had headed the diocese, for their contributions and sacrifices.

“Government acted like armed robbers by taking over schools they didn’t know the vision behind their establishment.

Governments are bad managers and you can see the damage they have done to schools established by missionaries across Nigeria.

“Former Governor Kayode Fayemi wrote to us on the need to take over some schools and we replied and indicated our intention to take over some schools, but the process never reached the advanced stage till the expiration of his tenure.

We have taken another bold step and we believe it will yield result under the present government.”

Highlighting the achievements of the church, the cleric said the diocese has made a huge impact in the spiritual lives of Ekiti people since its creation in 1966 by establishing many churches and school of science and technology, as well as youth skills development centre to build human capacity.

He said the church is currently venturing into estate development as part of efforts to boost the economy of the state and make the church self-sustaining. “We have been performing our social responsibility very well. We are not only teaching our members, but we enhance their capacities in skills acquisition.

“We recently build a church in the prison yard in Ado Ekiti and today, the spiritual lives of many of the inmates have improved for better. This is part of our welfare and social responsibility to the people and we won’t deviate from it.”

(2015/19)’.

In her remarks, the National President of ANWAD, Dr. Henrietta Okoro, said the mission focuses on promoting quality education and policy research in Nigeria, with emphasis on women, youth, and the under-privileged.

Okoro, who doubles as the Adjunct Professor of Management and Commissioner in the Maryland Governor’s Commission on

African Affairs, USA, said to attain their goal, members pool their intellectual resources together through conferences and journal publications to proffer solution to the country’s socio-economic problems for a better tomorrow.

She added that the decision to focus on youths and women was to buttress the fact that young people are not only the drivers of economic growth but hold the future of the country

particularly in a distress period.

She frowned on the situation where in the 2014-2016 data, Nigeria occupies the 15th position among countries with the highest youth unemployment rate in the world with South Africa being the highest with 53 per cent and Thailand the lowest with 2.50 per cent, adding that the implication remained that able bodied and active young Nigerians

are under-utilized resulting to increased poverty, school dropouts, poor education and social ills. The wife of the state Governor, Mrs. Nkechi Rochas Okorocha, said Nigeria should fashion out a roadmap to follow in order to move the nation forward, adding that for the country to regain its position as a great nation, “we must take research very seriously and build on the youths.”

INVESTING IN EDUCATION

L-R:The Director, Legal, Public Affairs and Communication, Nigerian Bottling Company (NBC) Limited, Mrs. Folasade Morgan; Baale of Agidingbi, Chief Ganiyu Ayinde Haruna; Permanent Board Member, Lagos State Universal Basic Education Board (SUBEB), Mrs. Olabimpe Carrena; the Regional Public Affairs Manager (Lagos and West), NBC, Ifeoma Okoye, with pupils of Agidingbi Primary School, Master Ayomide Akinsanmi and Miss Victoria Sunday during the presentation of school kits to the pupils…recently sunday adigun

JABU VC: Nigeria is Far from Education for Sustainable Devt The Vice-Chancellor, Joseph Ayo Babalola University (JABU), Osun State, Prof. Sola Fajana, has stated that Nigeria is far from achieving education for all as one of the sustainable development goals to be attained come 2030.

Speaking on the topic ‘Education as a Tool in Creating Political Stability and Sustainable Development in

Africa’ at a programme held at the institution recently, he said the literacy rate in Nigeria today is just about 36 per cent compared to some other African countries, or like United Arab Emirate that has 93 per cent literacy rate. The administrator and human resource expert stated that the education sector in Nigeria should organise a summit where the roles and

responsibilities of stakeholders, regulatory bodies, professional bodies, as well as the employers would be spelt out for optimum achievable success.

On the use of ICT for educational purposes in Africa, Fajana urged the government to invest more in ICT, saying that it is not an option but the only choice the nation has to catch up with the rest of the

world.

“We don’t have a choice we just have to invest in ICT, it expensive but we just have to do it, otherwise we will not be able to catch up with the rest of the world.”

Using the university as a case study, the vice-chancellor stated that the institution is trying to create a platform to drive education using technology.

‘Open up Education Sector for Foreign, Domestic Investors’ Paul Obi and Peter Omale in Abuja As public funds shrink following the current recession in the country, the federal government has been urged to adopt innovative approach in financing the education sector.

The convener of the Education Sector Investment Promotion, Arete Amana, and the Nigerian Investment Promotion Commission made the call in Abuja at a workshop on the need to broaden the source of financing the Nigeria education sector.

Amana, who stated that government needs to realise the contents of ministerial strategic plan, said the cost of implementing the plan must be considered.

She said the government ought to embrace “innovation in financing the sector, adding that government alone cannot

finance the country’s education sector following UNESCO’s prescription of 26 per cent of the national budget for funding the sector.

“It is time for the Nigerian education sector to be opened up for foreign and domestic investment most importantly the government can only adopt innovative approach to financing the sector as we know that UNESCO’s prescription for funding the sector is 26 per cent of our nation’s budget.”

She said no country offers quality education for free, adding that this informed the call on the Nigerian government to encourage the private sector to re-invest in the sector.

On innovative ways of financing the sector, she identified corporate tax rebates, education vouchers, ethical funds for education, enrolment fund for education funded by the

Sovereign Wealth Fund, education venture and innovation fund, among others.

“On the collaboration between the Education Sector Investment Promotion Initiatives and the Nigerian Investment Promotion Commission, a new framework that will enable strategic partnerships and investments in Nigeria education sector will be created.”

Amana emphasised that education evolves from the activities of the public sector and cannot therefore be managed by the government without partnering the private sector.

“The collaboration will also forge inter-governmental sectoral linkages for the development of the Nigerian education sector. Through the Education Investment Initiative, Nigeria can have a reversal of education fair overseas by Nigerians.

“The initiative is designed to

respond to the evident perennial issues of access, availability and affordability, quality assurance and overall institutional capacity plaguing the Nigerian education system at all levels.”

She further hinted that the initiative on education investment promotion will soon hold a forum later 2016 to promote Nigeria as an emergence regional hub for education.

“The initiative will soon hold a forum in November this year where we intend to bring stakeholders from within and abroad to partner the Nigerian government concerning the education sector and where there will be creation of policy environment for investors.

“The forum is a platform for multi-stakeholder engagement which will lead to the emergence of a new framework for investments and financing of education in Nigeria.”

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T H I S D AY • WEDNESDAY, OCTOBER 26, 2016

EDUCATION

NB Rewards Nigeria’s Exceptional Teachers amidst Pomp Uchechukwu Nnaike The Nigerian Breweries, through the Felix Ohiwerei Education Trust Fund has again celebrated and rewarded exceptional teachers across the country who through their duties have made positive impact in the lives of the youths.

The initiative- Maltina Teacher of the Year Award, now in its second year, is aimed at restoring the pride and dignity of the teaching profession and recognising the role of teachers in nation building.

This year, a Computer, Basic Sciences and Physical Education teacher at the Special Education Centre for Exceptional Children, Uyo, Akwa Ibom State, Mr. Imoh Essien, was adjudged the overall winner by a panel of judges, headed by the Chief Executive Officer, Centre for Values in Leadership, Prof, Pat Utomi. He was rewarded with N1 million cash prize in addition to the N500,000 presented to him as the state champion. He is also entitled to N1 million annually for five years, a training programme abroad, which a block of six classrooms will be built at his school.

An English Language teacher from Borno State, Mohammed Binta Lawal, who was the first runner-up last year,

repeated the feat this year, while Ogwu Patrick from Government Day Secondary School, Adankolo, Lokoja, Kogi State emerged the second runner-up. Each received N500,000 as state champions and an additional N1 million and N750,000 respectively.

Also, cash awards of N500,000 were presented to each teacher from more than 20 states, who satisfied the jury’s criteria to emerge state champions.

Essien, who could not suppress his emotion, said he got the inspiration to teach from his fun-loving personality through which he is able to help children with special needs. He said a strong emotional and mental stability is necessary to make a positive impact on children with special needs, a job he has been doing for 12 years.

In his remarks, the Managing Director, Nigerian Breweries Plc, Mr. Nicolaas Vervelde, explained that the company operates with a philosophy of “Winning with Nigeria” and has championed causes that add value to the society since its inception in 1946.

“In 1994, we raised the profile of our support of the education sector when we established the Nigerian Breweries-Felix Ohiwerei Education Trust Fund to enable

us contribute to the development of the sector. Everywhere in the world, teachers play a vital role in sustainable national development by training, coaching and modeling which is critical to determining the quality of education.”

He added that the company recently handed over a twin three-bedroom staff residence to the Federal Government Girls College, Onitsha in honour of last year’s winner, Mrs. Roseline Obi. The Deputy Governor of Lagos State, Dr. Oluranti Adebule, who was represented by the Director of Private and Special Education, Lagos State Ministry of Education, Mrs. Ajoke Gbeleyi, described teachers as the most critical asset of the nation and thanked the company for the initiative, which she described as a big boost to teachers and the profession.

She reiterated the state government’s commitment to promoting quality education delivery in the state, saying, “our policy direction is focused on ensuring an all-round and holistic education that will enable our children perform better at local, national and international level.”

She urged the awarded to remain dedicated and committed in their quest to offer the best in developing future leaders of the country.

OLD GIRLS’ AFFAIR

L-R: The Secretary, Methodist Girls High School Old Girls Association (1983 set), Mrs. Toyin Idowu; Principal of the school, Mrs. Yemisi Idowu; Rev. Yeside Idowu, (1987 set); a representative of the Methodist Church, Mrs. Bimpe Olufemi, (1983 set); Mrs. Yosola Ogundairo (1983 set); and the President, 1983 set, Mrs. Oyinkansola Badejo-Okusanya, during the unveiling of the school’s exterior signage donated by the 1983 set in Lagos… recently

Hush! It’s not always Breast Cancer As soon as puberty gains grounds in young ladies, breast lumps surfaces in women’s breasts. Virtually every woman has felt a lump- painful or painless- in her breast at some time in their life.

Breast lumps are common among women (and can occur in men) and are of several types. For instance, a breast cyst is a firm fluid-filled lump in the breast. It is usually a benign (non-cancerous) lump that is harmless. Breast cysts are thought to be caused by hormonal changes occurring at the different stages of a woman’s life. Women undergo these “hormonal revolutions” during their menstrual cycles, pre-menopausal period and post meno-pausally.

In younger women, a common type of breast lump known as Fibro adenoma is termed “breast mice”. Breast mice are smooth and firm, and move around easily in the breast. They come just before or during a period and disappear after a period. They may feel painful.

Quite often, women experience breast abscess. Breast abscess is a painful collection of pus that forms under the skin of the breast. It is usually as a result of a bacterial infection. Breast abscess is also thought to be caused by changes in hormones and are commonly experienced by pre-menopausal women having hormone replacement therapy.

A type of breast lump that is very common in breast feeding women is mastitis. In mastitis, the breast tissue becomes inflamed and painful. Mastitis is caused by an engorgement of milk within the breast or damage to the nipple, milk duct or glands in the breast.

When breast milk is not being sufficiently removed by the suckling baby, there is a build-up of breast milk (milk-statis) within the breast. Bacteria begin to breed and grow in this enabling environment of stagnant breast milk.

Quickly breast tissues break down, the area becomes red, swollen, painful and uncomfortable. The breast feeding mother experiences enduring and searing pain in her breast whilst breast feeding.

In addition to this, she experiences fever, chills, aches and pains, tiredness and fatigue. She may become impatient with the baby, irritable, weepy, and unsociable due to the pain she is undergoing.

A woman suffering with mastitis should keep on feeding her baby from the affected breast. Although it is painful and miserable for her, milk from the infected breast will not harm the baby.

Plenty of rest, lots of fluid-intake, paracetamol or ibuprofen may help. Warm compress, warm baths, warm showers and stroking the breast from the lump area towards the nipple give relief. Consult your doctor on any breast lump you feel.

Omoru writes from the UK

Govt Urged to Support Special Needs Children as ECS Hands over Reconstructed Classrooms M.D School Clocks 30 Funmi Ogundare The Proprietress of M.D School, Lagos, Mrs. Omolara Adedugbe, has appealed to the government to support schools of special needs children, as it will help to cushion the cost of taking care of them.

Adedugbe, who made this known recently while briefing journalists on activities to commemorate the 30th anniversary of the school, said education of special needs children, especially those with speech and hearing difficulties is capital intensive.

“There is a special subvention at the federal level for such children, but we have never gotten any. We have also written a letter to the ministry of education, but all to no avail.

It costs a lot to train them, you have to get a special teacher to teach them and for effectiveness, you can’t have more than 12 children in a classroom. A lot of them need speech therapy and physiotherapy, and it costs a lot to put these together. We are looking at how we can partner

the government to subsidise the fee to take care of the children.”

She also stressed the need to overhaul the curriculum for teacher training noting that most of them are not employable except they are trained and retrained to meet up with current needs and expectations.

The proprietress recalled how the school started 30 years ago with mainstreaming regular children and those with special needs, adding that since then, it has graduated people who are doing well in their fields of endeavor.

“It was the first private school approved by the Lagos State government and today, we have children who have gone through that system and doing very well.”

On the challenges the school faced in the course of admitting special needs children, Adedugbe said, “we had the problem of stigmatisation against children with special needs. People could not see the need why regular children will be in the same class with

special needs children because they saw them as handicapped.

“There are many parents who have special needs children at home and were not ready to bring them out. It was a herculean task convincing parents to accept having the regular and the special needs children together, and even after enrolling their children, they will still come and withdraw them. Sometimes we were asked embarrassing questions.

“We also had the problem of transporting the children because some came from outside Lagos and in some cases, we had to be taking the children for physiotherapy at the hospital. In others cases, we had issues where the children were almost abandoned by their parents.”

She added that when the school had the opportunity to expand, it had to move the children to Omole, Ikeja in 1989; it was able to cross the hurdle of acceptance in the society.

“In the area of sports, the

special needs children are the ones winning laurels because they have the special ability. We were able to break the barrier of stimatisation, which is a big achievement for us, now the regular children play with them and there is the acceptance level.

It is work in progress.”

On activities to mark the anniversary, which kicked off with a thanksgiving, a member of the school’s governing council, Mr. Femi Oso, said so far there has been a CSR environmental cleanup at Oko Oba market, medical screening for the community where it witnessed a huge turnout, as well as an inter-school arts/ music competition.

Other programmes include a symposium on hosting of special needs children in collaboration with Inner Wheel Club of Gbagada, District 911 Nigeria, which will hold on October 26, as well as thanksgiving and award ceremony on October 27. The climax of the programme is a PTA gala nite on October 29.

to Rural School Peter Uzoho A non-governmental organisation, the Education Co-operation Society (ECS) has handed over a block of four classrooms with water distiller to St Aloysius Catholic Primary School Iloti/ Itamapako, Ijebu-Ode Local Government Area of Ogun State.

The project was initiated by the women of the community who took active part in its execution, in collaboration with the men to give their children a conducive learning environment.

Speaking at the event, the Chairman of the NGO, Mr. Charles Osezua, said the project was aimed at strengthening civil society in rural areas of the country by promoting rural processes that foster gender equality in communities.

He said gender equality is considered a viable strategy for social development and poverty reduction.Osuzua, who was represented by Mr. Soboma Ajumogobia, explained

that when men and women are involved in the development of the community, all hands are on deck for a common purpose.

He added that to acknowledge equality of persons is to observe the rule of civility and to set a good foundation for equitable development.

“The project had been geared to help rural communities identify with this philosophy of equality of gender through practical approaches and the result is what is being witnessed here today.

“Women planned for their community and made a fiveyear development plan which they brought to the attention of their community leaders for adoption and execution.

Organised community women and men worked jointly to come up with social initiatives such as the Community Development Forum (CDF) and agreed to supervise the reconstruction of this new block of classrooms for their children.

T H I S D AY • WEDNESDAY, OCTOBER 26, 2016

35

EDUCATION

10 Females Bag NLNG’s Overseas Postgraduate Scholarship Ernest Chinwo in Port Harcourt The Nigeria Liquefied Natural Gas Limited (NLNG) has announced the recipients of its fourth overseas postgraduate scholarship and all 10 awardees turned out to be females.

The company said at the presentation ceremony in Port Harcourt recently that the 10 awardees emerged from 2,050 candidates (male and female) who were later scaled down to 45 from which the recipients emerged the best.

The General Manager, External Relations, NLNG, Dr. Kudo Eresia-Eke, said the company’s scholarship programmes was not limited

to its host and pipeline communities in Rivers State, but cut across the six geopolitical zones of the country.

He said since 1999, a total of 2,762 students have benefitted from its postgraduate and undergraduate scholarships, while a total of 163 students are currently enjoying postprimary scholarship. He also said so far, a total of 48 scholars have benefited from the postgraduate scholarship programme.

“Today’s award brings the number of beneficiaries of our postgraduate scholarship to 48. For this year, the company will be spending about N204 million on the scheme to cater for tuition, accommodation,

living expenses and return tickets to UK of the scholars.

“For us, the joy is seeing these our youths fulfil their dreams of passing out with a master’s degree from some of the most reputable universities in UK and coming back to make their contributions to building a better Nigeria.”

Eresia-Eke also disclosed that the NLNG had invested over $12 million in the provision of world-class laboratories and other facilities in select Nigerian universities.

“Our premium in education and youth development also

manifests in our University Support Programme (USP), where over $12 million was invested for the provision of world-class laboratories and facilities for study of science and technology.

“Six Nigerian universities, one in each geo-political zone benefited from this scheme.

They are University of Port Harcourt; University of Nigeria, Nsukka; University of Ibadan; Ahmadu Bello University, Zaria; University of Ilorin; and University of Maiduguri.”

He said four of the laboratories have already been

completed, while two are at the completion stage.

Advising the awardees, Eresia-Eke emphasised that “the goal of the scholarship scheme is to provide support for the development of competent professionals to bridge the specialists’ manpower gap in the country, especially in high profile fields.”

In his remarks, the Rivers State Commissioner for Education, Professor Keniye Ebeku, said the state government is grateful to NLNG for its contributions to the development of education in the state.

Ebeku, who was represented by the Permanent Secretary, Ministry of Education, Dr. Patricia Ogbonna, encouraged the company to continue the good works in the sector, while advising the recipients to make the best of the opportunity.

Responding, one of the beneficiaries, Miss Zainab Titus, from Bornu State, who said NLNG has given them the opportunity to smile, promised that they would multiply the input the company made in them upon their return to Nigeria after the completion of their studies.

YABATECH Rector Solicits Support for College’s Devt Esther Akintade The Rector, Yaba College of Technology (YABATECH), Dr. Margaret Ladipo, has appealed to corporate bodies and industries to contribute to the development of the institution through the expansion of hostel facilities, classrooms, studio and laboratory equipment so as to make a positive impact on the students.

Ladipo made this known recently while briefing journalists on activities marking the 30th convocation ceremony of the college, where a total of 7,102 students of the 2014/2015 academic session will be issued their certificates.

According to her, “YABATECH is a great brand and the cradle of higher education in Nigeria, at 69, we have paid our dues and things can only be better if the private sector supports us.

She lauded the support of the National Board for Technical

Education (NBTE) on the college, saying that it has expanded its carrying capacity by about 20 per cent in the past three years, adding that it is fast adopting flexible and blended skills development with the goal of capturing a large chunk of Lagos populace through formal and non-formal education designed in line with the dreams to make its impact felt technologically in the country.

“The Epe campus is gradually being transformed and we are hopeful that by the time it is fully developed, it will depopulate the streets and open the floodgate for the expansion of existing programmes on the main campus at Yaba.”

The rector expressed hope of working closely with members of the alumni association who dot the industrial, technological and business landscapes towards building the college collectively.

Foundations Partner to Empower Girls with IT Skills Peace Obi A global children’s charity, Theirworld, and Oando Foundation, have partnered to empower vulnerable Nigerian girls and young women by giving them a unique opportunity to learn important technology skills in a safe environment through an innovative pilot project tagged Code Clubs.

In a statement, Oando Foundation said over 600 girls between the age of six and 25 selected from Nigeria, Kenya, Uganda and Tanzania will join the Code Clubs in its pilot phase with the aim of reaching thousands more with its self-sustaining model.

It said in its self-sustaining model, girls who have completed the course will

return to mentor the next set with community support to augment the scalability of the project.

The statement said the Code Clubs Nigeria, which are being launched ahead of Africa Code Week, are lowcost, sustainable and scaleable safe spaces where girls can be empowered by learning to code, foster creative thinking and increase knowledge and skills set for the future. sThe stated that it is exploring the partnership to enhance its commitment to ICT education particularly for the girl-child, adding that as part of its effort to ensure a wide reach and impact, it plans to have Code Clubs in all its adopted schools across Nigeria where it will affect the lives of over 60,000 girls.

CONGRATULATIONS

The Principal, Queen’s College, Yaba, Lagos, Mrs. Lami Amodu (third left) with some of the students during the 89th founder’s day of the school in Lagos… recently

Offa Poly Graduates 26,955 after Nine Years Hammed Shittu in Ilorin The Federal Polytechnic, Offa, Kwara State recently graduated a total of 26,955 students in a combined convocation ceremony that cut across nine academic sessions.

A breakdown of the graduating sets indicated that there were 3,840 Ordinary National Diploma (OND) and Higher National Diploma (HND) graduands for the 2009/2010 set; 2,883 (2010/2011); 4,229 (2011/2012); 6,032 (2012/2013); 5,259 (2013/2014); and 4,712 for the 2015/2016 academic session.

THISDAY checks revealed that the development was as a result of the various intractable crises that hindered the academic excellence of the institution.

Among such crisis it was learnt included the rectorship succession bid, cultists rampages and students unionism for over nine years. The developments according to sources close to the institution prevented the management from holding any convocation ceremony for the past nine years due to incessant

closure of the polytechnic.

Speaking at the combined convocation ceremony held at the permanent campus in Offa, the acting Rector, Dr. Ayodele Olaosebikan, expressed satisfaction that “workers at the institution have now put behind the acrimony of the past that had hindered the progress of the school in view of the today’s holding of the convocation for the students.”

Olaosebikan, who became the acting rector in February, said the institution has now strengthened its processes, instilled discipline and enthroned accountability in virtually all its activities and has now joined the league of a few higher institutions that have fully embraced ICT to run most of their processes.

She also expressed satisfaction that all programmes in the polytechnic have been fully accredited and announced plans to introduce new courses such as Agricultural Engineering, Material Science Technology, Mining, Operation Research, Animal Production Technology.

Sokoto, Nigerian Army Partner to Establish New Schools Mohammed Aminu in Sokoto The Sokoto State Government and the Nigerian Army have partnered to establish two new schools in Sokoto town and Shagari Local Government Area of the state.

According to a statement signed by the Commissioner for Basic and Secondary Education, Dr. Jabbi Kilgori, one of the schools, a primary, will have boarding facilities that will cater for children aged between five to 12 years, while the other, a secondary school, will be for day students and will be sited at the Giginya Barracks, Sokoto.

It said the partnership with the military will expand access to education for military personnel and their families, while at the same time give opportunity for citizens in local communities to tap from the military’s expertise in school management.

The statement stated that the partnership entails that the state

government would provide land and the requisite infrastructure, while the Nigerian Army will provide personnel and teaching facilities.

“This is a beginning of a relationship which we hope to expand in the future. Both sides are happy with preparations for the take-off of the schools.

We are confident it will benefit our citizens going forward.”

Meanwhile, Governor Aminu Tambuwal has approved the upward review of feeding allowance for boarding school students in the state.

“Due to the current inflation in prices of food stuff in the market, Governor Tambuwal has approved increase in feeding allowance of boarding students in public schools from N70 to N140 per student per day,” Kilgore said in another statement.

The commissioner urged contractors handling supplies to schools to ensure prompt delivery in accordance with stipulated guidelines.

36

WEDNESDAY, OCTOBER 26, 2016, • T H I S D AY

CITYSTRINGS

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

From Bindow with Love Daji Sani writes that Governor Mohammadu Jibrilla Bindow ofAdamawa State moved his entire cabinet and friends to the Malkohi IDP camp to celebrate this year’s Eid-El-Kabir with the IDPs

Bindow (2nd right) eating together with the IDPs at Malkohi camp

Bindow distributing gifts to IDPs

T

o put laughter on the faces of the Internally Displaced Persons (IDPs) who had been traumatised following their experiences in the hands of the Boko Haram insurgents, Governor Mohammadu Jibrilla Bindow of Adamawa State moved his entire cabinet and friends to the Malkohi IDP camp to celebrate this year’s Eid-El-Kabir with the IDPs. The Malkohi camp became a destination for such a visit given the bomb explosion that rocked the camp last year which left six IDPs dead and several others injured including four staff of the National Emergency Management Agency (NEMA) who were on duty on that fateful day.

As a result of this development, the Malkohi IDP camp has attracted sympathy from people within and outside the state who troop to the camp with donations and gifts to empathise and sympathise with the IDPs and NEMA over the deadly bomb explosions.

While addressing his cabinet, IDPs and host of friends to his administration at the Malkohi camp on the Sallah day, Bindow said he was moved by the great danger posed

by the insurgency in the North-east, where the IDPs had to go through some difficult experiences beyond human comprehension before they were brought to the camp.

He lamented that many IDPs lost their love ones and properties to attacks from Boko Haram insurgents which he said left them in hopeless situation. According to him, the IDPs for a very long time have not experienced a situation of merriment and laughter due to their predicaments and ordeals in the hands of the insurgents.

Bindow who was visibly concerned about

We are in this together, you are not alone, we feel your pains much more as you do and you are not outcasts but you are just in a temporary situation, very soon you will go back home to live a normal life

the plight of the IDPs, said their coming to the IDP camp was also to celebrate victory with the IDPs over the end of insurgency and the return of normalcy and to thank God for His mercies over the region. He further explained that nobody believed that the insurgency will overwhelm the region going by the level of damage and the strong network of the insurgents in the areas.

“We have to thank God for using President Muhammadu Buhari to bring normalcy in the North-east. If you know what happened about five years ago till last year, then you need to thank God. We also need to thank the military for a job well done,” he said.

The goverrnor said very soon the IDPs will return home to start their normal lives as the military has liberated almost all affected areas but he was quick to add that the military is on top of the security situation in the region.

Bindow at the IDP camp also promised that his government will continue to support the IDPs and also collaborate with other humanitarian organisations to improve their living conditions.

He explained that the society has an obligation to wipe out their traumatic memories of

cruelty and wickedness inputted in their minds by insurgency, through the expression love, kindness and making merriments around them to make them forget about their traumatic past.

He added that if the society continues to express love and concern over the plight of the IDPs, it will help them recuperate from their unholy and inhuman experiences in the hands of the Boko Haram insurgents.

“This act would disabuse a thought in their minds that nobody cares that was why they were left in the hands of Boko Haram insurgents to destroy their valuables and kill their love ones mercilessly.

“We must give these IDPs a sense of belonging and treat them as our brothers and sisters to remove stereotypes and any form of discrimination, but if we allow them to join the society with these level of hatred in their minds there may be a similar problem that may resurface in the nearest future again.

“Therefore, let us express true love to dislodge and overwhelm the animosity inputted in them by the Boko Haram insurgents’ incessant onslaught on them,” he said.

Food, drinks, gifts and various kinds of music and dance steps were at the Malkohi

37

WEDNESDAY, OCTOBER 26, 2016, • T H I S D AY

FEATURES

camp with the aim of expressing amusements and a sense of togetherness with the IDPs. The governor also ate from the same dish with the IDPs and danced with them. He told them that “we are in this together, you are not alone, we feel your pains much more as you do and you are not outcasts but you are just in a temporary situation, very soon you will go back home to live a normal life.”

Bindow observed that without the effort of President Buhari’s administration nobody in the region would have celebrated this year’s Sallah with his or her eyes closed for fear of attacks by the insurgents.

Also speaking at the IDPs camp, Comrade Ahmed Sajoh, the state Commissioner for Information, said the current administration is the government of the masses following its developmental activities.

He said the reason the governor walks freely among the downtrodden without any form of molestation and harassment from them was because all his projects are masses-driven adding that at an early morning walk with the governor to mark Adamawa at 25, the governor ordered the evacuation of some refuse dumps across the state that have been there for many years.

“You can see how people are rejoicing because most of these dumps have been there for many years and have been a menace to residents close to it and the evacuation has given them relief,” he said.

Sajoh called on the IDPs to cooperate with government and other humanitarian organisations that are in the camps to provide the basic necessities of life to them due to their situation.

Responding on behalf of the IDPs, Mr. Dominic Samuel lauded the gesture of the governor adding that it was the first time a governor was coming to celebrate Sallah in their camp.

“This is the first time a governor and his entire cabinet are coming to identify with us during a celebration like this one. We thank Governor Bindow for his humanitarian heart and the love for IDPs and the common man in the state.

“Every day we hear about your developmental activities in the state through our radio, we believe that God who brought you this time was because he has heard the cry of Adamawa people who have been neglected by the previous administrations that governed the state.

“We want to also use this opportunity to thank the state coordinator of the National Emergency Management Agency, Alhaji Sa’ad Bello, for his tireless efforts to see that we are well feed and taken care of,” Sammuel said.

He said that NEMA has done very well in managing the camp and also appreciated the efforts of the security personnel and other donor NGOs and humanitarians organisations like UNICEF, who he said have been supporting children’s educations in the camp.

Sammuel said the UNICEF has always been at the forefront at supporting children and women especially vulnerable and orphans at risk.

Another IDP who identified herself as Hajiya Mero told THISDAY at the camp that the generosity shown them by the government and NEMA was something to reckon with and thanked God for liberating their communities noting that they are only waiting for clearance to return to their native homes.

Mero who said she hails from Gwoza town in Bornu State, expressed willingness to return to her native town to start her normal life. She explained that though she lost her husband to

We are in this together, you are not alone, we feel your pains much more as you do and you are not outcasts but you are just in a temporary situation, very soon you will go back home to live a normal life

Bindow dishing out food to IDPs

Bindow dancing with the IDPs

The IDPs at Malkohi camp

L-R: Speaker, Adamawa State House of Assembly, Hon. Kabiru Mijinyawa, Governor Bindow and his deputy, Mr. Martins Bbale, at Malkohi IDP camp

the insurgency but life must continue because there is nothing she could do.

“The day they killed my husband, I watched them killing my husband even when I pleaded on his behalf, they refused but threatened to

kill me, if I continue to disturb them with my plea. So my husband asked me to stop and immediately they slaughtered my husband in my presence like a goat,” she said She said the only obligation left for her now

is to train her children left for her by her late husband adding that she gives God all the praise and glory. She said at the peak of the crisis they never knew that they would be alive to celebrate Sallah with Bindow.

38

WEDNESDAY OCTOBER 26, 2016 T H I S D AY

UTILIZATION OF FOREIGN EXCHANGE AS AT 21ST OCTOBER, 2016

SOURCES OF FOREIGN EXCHANGE AS AT 21ST OCTOBER, 2016 1

AUTONOMOUS

AMOUNT (US$)

RATE DATE

1

IMALA FREEDOM NZE

5,934.00 SCHOOL FEES IFO CHIDINMA IMALA

375.00 17-Oct

2

MRS. FOLUKE K. ABDULRAZAQ

4,000.00 PTA

375.00 17-Oct

AUTONOMOUS

250.00

3

MRS. TOBUN IYABO

4,000.00 PTA

375.00 17-Oct

3

AUTONOMOUS

229.65

310.00 17-Oct-16

4

MRS. TOBORE OKOKPUJIE

2,000.00 PTA

375.00 17-Oct

5

PROF. BABATUNJI A OMOTARA

8,557.27 TUITION FEE PAYMENT

375.00 17-Oct

4

AUTONOMOUS

30.00

310.00 17-Oct-16

6

MR. KEN ORJI

4,000.00 PTA

375.00 17-Oct

7

MRS ONYINYE AJOKU

2,000.00 PTA

375.00 17-Oct

8

PAUL ARINZE

9,458.50 SCHOOL FEES IFO ARINZE OLIVE ARUNNE

375.00 17-Oct

9

OKOH HUDSON

5,725.00 SCHOOL FEES IFO ENEH STEPHANIE OKOH

375.00 17-Oct

10

SUNDAY FASUBAA

9,000.00 SCHOOL FEES IFO FASUBAA O. OLUWASEGUN

375.00 17-Oct

11

AFOLAKE TAIWO

3,500.00 SCHOOL FEES IFO TAIWO A. ADEMIPO

375.00 17-Oct

12

NWOGBO NONYEREM CHARITY

7,975.00 SCHOOL FEES IFO NWOGBO CHUKWUEMEKA

375.00 17-Oct

13

OSITUYO BAMIDELE

4,126.27 SCHOOL FEES IFO OSITUYO OLUWOLE ADENIYI

375.00 17-Oct

7,143.45 SCHOOL FEES IFO EDEM PEACE EMEM

375.00 17-Oct

14

EDEM JOSEPH CBN

16 17 18 19

SALAKO OLUYEMISI

20

BARRISTER ADEOYE O. ADELEYE

21

RASHEEDAT YUSUFU

22

DERIN ERIOLA NIGERIA LTD

23

RASHIDA SANI USMAN

24

OMEBIJE DENNIS OJONE

RATE DATE

SOURCE

CUSTOMERS

15

AMOUNT (US$) PURPOSE

S/N

S/N

5

310.00 17-Oct-16

14.58

310.00 17-Oct-16

6

AUTONOMOUS

260.00

310.00 17-Oct-16

7

AUTONOMOUS

126.62

310.00 17-Oct-16

AUTONOMOUS

6,176.52

8

AUTONOMOUS

310.00 17-Oct-16

310.00 17-Oct-16

9

AUTONOMOUS

119.54

310.00 17-Oct-16

10

AUTONOMOUS

347.69

310.00 17-Oct-16

11

AUTONOMOUS

12

AUTONOMOUS

200.00

310.00 17-Oct-16

13

AUTONOMOUS

2,200.00

80.00

310.00 17-Oct-16

310.00 17-Oct-16

14

AUTONOMOUS

2,000.00

310.00 17-Oct-16

91,229.27 IMTO TRANSFER TO CBN

380.00 17-Oct

CBN

1,115.66 IMTO TRANSFER TO CBN

380.00 17-Oct

15

AUTONOMOUS

100.00

310.00 17-Oct-16

CBN

138,405.83 IMTO TRANSFER TO CBN

380.00 17-Oct

16

AUTONOMOUS

57,000.00

310.00 17-Oct-16

CBN

1,507.74 IMTO TRANSFER TO CBN

380.00 17-Oct

17

AUTONOMOUS

1,000,000.00

8,784.80 SCHOOL FEES IFO SALAKO TEMILOLUWA

375.00 18-Oct

18

AUTONOMOUS

295,099.26

315.00 17-Oct-16

375.00 18-Oct

19

AUTONOMOUS

374.62

310.00 18-Oct-16

2,000.00 PTA

375.00 18-Oct

20

AUTONOMOUS

175.00

310.00 18-Oct-16

8,658.63 SCHOOL FEES

375.00 18-Oct

6,500.00 SCHOOL FEES

375.00 18-Oct

22

AUTONOMOUS

23.00

310.00 18-Oct-16

10,000.00 SCHOOL FEES

375.00 18-Oct

23

AUTONOMOUS

500.00

310.00 18-Oct-16

18,530.24 SCHOOL FEES IFO ADEMIDE A. ADEOYE

25

NKECHI ARIZOR

7,608.96 SCHOOL FEES IFO CHUKWUEMEKA ARIZOR

375.00 18-Oct

26

NKECHI ARIZOR

4,768.34 UPKEEP IFO CHUKWUEMEKA ARIZOR

375.00 18-Oct

27

NKECHI ARIZOR

3,973.62 UPKEEP IFO IHEANYICHUKWU ARIZOR

375.00 18-Oct

28

MEDAIYESE OMOWUMI

2,000.00 PTA

375.00 18-Oct

29

OMISORE OLADIPO

30

AFOLAKE TAIWO

31

PAUL ARINZE

32

OKOISAMA CHRISTOPHER ENWENIWE

33

CBN

34

2

74.00

685.00 CISA EXAM REG FEE, DEC 2016

375.00 18-Oct

1,830.86 SCHOOL FEES IFO ANJOLAOLUWA TAIWO

375.00 18-Oct

11,314.04 SCHOOL FEES IFO ARINZE OLIVE ARUNNE

375.00 18-Oct

1,706.40 SCHOOL FEES IFO OKOISAMA C. IFECHUKWUDE 101,488.65 IMTO TRANSFER TO CBN

375.00 18-Oct 380.00 18-Oct

24

AUTONOMOUS

AUTONOMOUS

60.00

82.24

310.00 18-Oct-16

310.00 18-Oct-16

25

AUTONOMOUS

94.86

310.00 18-Oct-16

26

AUTONOMOUS

40.50

310.00 18-Oct-16

AUTONOMOUS

125.00

28

AUTONOMOUS

542.22

310.00 18-Oct-16

29

27

AUTONOMOUS

36.80

310.00 18-Oct-16

30

AUTONOMOUS

310.00 18-Oct-16

2,350.00

310.00 18-Oct-16

31

AUTONOMOUS

650.00

310.00 18-Oct-16

32

AUTONOMOUS

6,152.39

310.00 18-Oct-16

CBN

1,203.39 IMTO TRANSFER TO CBN

35

CBN

160,708.62 IMTO TRANSFER TO CBN

380.00 18-Oct

36

CBN

1,681.97 IMTO TRANSFER TO CBN

380.00 18-Oct

37

AGARY PHARMACEUTICAL LIMITED

75.00 CHARGES

331.00 17-Oct

38

HPZ LIMITED

447.76 CHARGES

331.00 17-Oct

AUTONOMOUS

32,862.60

39

UNILEVER NIG PLC

840.13 CHARGES

331.00 17-Oct

37

AUTONOMOUS

1,000,000.00

305.50 18-Oct-16

40

MERCURY MILLS LTD.

310.50 17-Oct

38

AUTONOMOUS

93.51

310.00 17-Oct-16

41

KAM INDUSTRIES

100,000.00 INDUSTRIAL RAW MATERIALS FOR STEEL INDUSTRY

305.75 17-Oct

AUTONOMOUS

3,726.44

42

ABASS UNIVERSAL EXIM LTD

295,099.26 PLAIN PAPER

43

TOTAL NIG PLC

44 45 46 47 48 49

CROWNSTAR COMM. INVEST. NIG. LTD

100,000.00 PLAIN PAPER IN SHEETS

306.00 18-Oct

50

RAYBROS ENT NIG LTD

100,000.00 GASOLINE GENERATOR

306.00 18-Oct

51

MATRIX ENERGY LIMITED

52

JUST FOOD LIMITED

53

UNILEVER NIG PLC

54

AFRICAN STEEL MILLS NIG LTD

55

CROWN FLOUR MILLS LIMITED

463,634.72 WHEAT GLUTEN

315.50 19-Oct

56

KAM INDUSTRIES

200,000.00 INDUSTRIAL RAW MATERIALS FOR STEEL INDUSTRY

306.00 19-Oct

57

CROWN FLOUR MILLS LIMITED

153,221.88 WHEAT GLUTEN

331.00 19-Oct

58

ABBEY MORTGAGE BANK PLC

17,711.48 REPAYMENT OF PRINCIPAL- USD 5M FACILITY

331.00 20-Oct

8,313.09 REPAYMENT OF PRINCIPAL- USD 5M FACILITY

331.00 20-Oct

57,000.00 ARTIFICIAL RESINS

380.00 18-Oct

21

327.00 17-Oct-16

33

AUTONOMOUS

49.00

310.00 18-Oct-16

34

AUTONOMOUS

2,161.29

310.00 18-Oct-16

35

AUTONOMOUS

64,516.13

310.00 18-Oct-16

36

39

310.00 18-Oct-16

310.00 18-Oct-16

315.50 17-Oct

40

AUTONOMOUS

94.23

310.00 18-Oct-16

15,258.70 CHARGES

331.00 17-Oct

41

AUTONOMOUS

219.87

310.00 18-Oct-16

CROWN FLOUR MILLS LIMITED

1,457.36 CHARGES

331.00 18-Oct

AUTONOMOUS

628.19

310.00 18-Oct-16

CROWN FLOUR MILLS LIMITED

1,457.36 CHARGES

331.00 18-Oct

43

AUTONOMOUS

97.58

310.00 17-Oct-16

CROWN FLOUR MILLS LIMITED

2,603.98 CHARGES

331.00 18-Oct

44

AUTONOMOUS

216.84

310.00 17-Oct-16

HAFFAR INDUSTRIAL COMPANY LTD.

325.00 CHARGES

331.00 18-Oct

DE UNITED FOODS INDUSTRIES LIMITED

570.83 CHARGES

331.00 18-Oct

45

AUTONOMOUS

129.02

310.00 17-Oct-16

59

ABBEY MORTGAGE BANK PLC

60

GLAXOSMITHKLINE CONSUMER PLC

61

UNIQUE PHARMACEUTICALS LIMITED

62

AFRICAN FOUNDRIES LIMITED

63

TOTAL NIG PLC

64

KAM INDUSTRIES

65

BHOJRAJ INDUSTRIE PLC

66

BHOJRAJ INDUSTRIE PLC

67

1,000,000.00 PMS 22,996.71 COMELLE-CM ICE CREAM POWDER

306.00 18-Oct 331.00 18-Oct

231.01 CHARGES

331.00 18-Oct

1,574.00 CHARGES

331.00 19-Oct

42

46

AUTONOMOUS

65.05

310.00 17-Oct-16

47

AUTONOMOUS

92.64

310.00 17-Oct-16

48

AUTONOMOUS

179.88

310.00 17-Oct-16

49

AUTONOMOUS

50

INTERBANK

100,000.00

305.50 17-Oct-16

51

INTERBANK

200,000.00

305.50 18-Oct-16

52

WU SETTLEMENT

121,639.03

368.69 17-Oct-16

53

130.10

310.00 18-Oct-16

WU COMMISSION

1,487.54

54

MG SETTLEMENT

184,541.10

370.00 17-Oct-16

55

MG COMMISSION

2,010.32

369.95 17-Oct-16

56

135,318.20

369.36 18-Oct-16

77.65 CHARGES

331.00 20-Oct

57

WU COMMISSION

1,604.52

369.33 18-Oct-16

626.75 CHARGES

331.00 20-Oct

58

MG SETTLEMENT

214,278.16

370.00 18-Oct-16

14.50 CHARGES

331.00 20-Oct

MG COMMISSION

2,242.63

59

WU SETTLEMENT

368.82 17-Oct-16

369.90 18-Oct-16

305.75 20-Oct

60

AUTONOMOUS

135.50

310.00 19-Oct-16

IND. RAW MAT. FOR COLD ROLLING STEEL IND.

305.75 20-Oct

61

AUTONOMOUS

3.56

310.00 19-Oct-16

25,943.00

PVC FILM

310.50 20-Oct

AUTONOMOUS

155.07

25,625.00

PVC FILM

310.50 20-Oct

63

AUTONOMOUS

1,524.08

310.00 19-Oct-16

BHOJRAJ INDUSTRIE PLC

25,625.00

PVC FILM

310.50 20-Oct

64

AUTONOMOUS

300.00

310.00 19-Oct-16

68

BHOJRAJ INDUSTRIE PLC

50,000.00

PVC FILM

310.50 20-Oct

69

BHOJRAJ INDUSTRIE PLC

72,807.00

PVC FILM

310.50 20-Oct

70

JULIUS BERGER NIGERIA PLC

953.81 CHARGES

331.00 20-Oct

71

CHI FARMS LIMITED

90,000.00 PMS 200,000.00

555.52 CHARGES

331.00 20-Oct

72

MRS. AYODEJI T. SANYA

4,000.00 PTA

375.00 19-Oct

73

ADETOMILOWO E. SANYA

4,000.00 PTA

375.00 19-Oct

74

ABIODUN RASHIDAT OLEGHE

10,709.53 SCHOOL FEES IFO PHEBE O. OLEGHE

375.00 19-Oct

75

AYOMANOR BENEDICT ORHOLOR

10,019.57 SCHOOL FEES IFO AYOMANOR BENEDICT

375.00 19-Oct

76

ADENIRAN M. TITILAYO

77

OLADAPO A. LAWUYI

4,000.00 PTA

375.00 19-Oct

62

65

310.00 19-Oct-16

AUTONOMOUS

1,834.29

66

AUTONOMOUS

1,045.00

310.00 19-Oct-16

67

AUTONOMOUS

275.00

310.00 19-Oct-16

68

310.00 19-Oct-16

AUTONOMOUS

1,013.63

69

AUTONOMOUS

890.66

310.00 19-Oct-16

70

AUTONOMOUS

91.64

310.00 19-Oct-16

AUTONOMOUS

1,706.93

71

310.00 19-Oct-16

310.00 19-Oct-16

72

AUTONOMOUS

115.00

310.00 19-Oct-16

73

AUTONOMOUS

135.15

310.00 19-Oct-16

4,000.00 PTA

375.00 19-Oct

78

ABIRE ANDREW OGAGA

1,307.12 SCHOOL FEES IFO ABIRE A. OGAGA

375.00 19-Oct

AUTONOMOUS

1,935.48

79

EZEPUE STEPHEN

3,000.00 SCHOOL FEES IFO EZEPUE C. CHIZOBA

375.00 19-Oct

75

AUTONOMOUS

793.79

310.00 19-Oct-16

80

RICHARD-OBIRE EMILY UCHENNA

3,819.40 SCHOOL FEES IFO CAMILLA EJIRO RICHARD-OBIRE

375.00 19-Oct

76

AUTONOMOUS

27.56

310.00 19-Oct-16

81

OPARA OKECHUKWU VITALIS

9,504.95 SCHOOL FEES IFO CHISOMAGA RICHARD OPARA

375.00 19-Oct

77

AUTONOMOUS

630,000.00

315.00 19-Oct-16

82

CHUKWUJINDU IFEOMA M

5,707.35 SCHOOL FEES IFO OMANWA DORIN CHUKWUJINDU

375.00 19-Oct

78

AUTONOMOUS

24,860.00

83

FELTUM AND SONS

1,119.70 SCHOOL FEES IFO BIABARILEE ROMEO TUMBEE

375.00 19-Oct

79

AUTONOMOUS

100.00

310.00 19-Oct-16

84

PAUL ARINZE

9,900.99 SCHOOL FEES IFO ARINZE OLIVE ARUNNE

375.00 19-Oct

80

AUTONOMOUS

48.74

310.00 19-Oct-16

85

NWOGBO NONYEREM CHARITY

3,033.00 SCHOOL FEES IFO NWOGBO CHUKWUEMEKA

375.00 19-Oct

2,845.47

310.00 19-Oct-16

86

IBEKWE AKANINYENE SUNDAY

1,300.00 SCHOOL FEES IFO PRECIOUS AKAN IBEKWE

375.00 19-Oct

82

AUTONOMOUS

99.86

310.00 19-Oct-16

87

OWODIONG-IDEMEKO MAGDALENE

5,584.95 SCHOOL FEES IFO QUEEN A. OWODIONG-IDEMEKO

375.00 19-Oct

83

AUTONOMOUS

200,000.00

310.00 19-Oct-16

88

SALAKO ADEGBOLA OLADAYO

9,950.00 SCHOOL FEES IFO DAYO-SALAKO T. IBUKUNOLUWA

375.00 19-Oct

89

EKONG PAULINE EMEM

90

OPARA OKECHUKWU VITALIS

3,763.97 SCHOOL FEES IFO NINIKACHI OPARA

375.00 19-Oct

91

JEGEDE OLUGBENGA ADEKUNLE

1,607.50 SCHOOL FEES IFO OLUWATOSIN JEGEDE

375.00 19-Oct

92

NJOKU CHIMA GODWIN

15,900.10 SCHOOL FEES IFO NJOKU, NNAZIMUZOR

375.00 19-Oct

93

CBN

94 95 96

10,000.00 SCHOOL FEES IFO EKONG EMERALD EMEM

375.00 19-Oct

74

81

AUTONOMOUS

310.00 19-Oct-16

310.00 19-Oct-16

84

INTERBANK

200,000.00

85

WU SETTLEMENT

171,889.05

370.97 19-Oct-16

86

WU COMMISSION

2,112.30

371.09 19-Oct-16

87

MG SETTLEMENT

305.25 19-Oct-16

311,474.12

371.04 19-Oct-16

88

MG COMMISSION

3,437.02

370.89 19-Oct-16

89

WU SETTLEMENT

142,592.36

374.75 20-Oct-16

90

WU COMMISSION

1,785.62

91

MG SETTLEMENT

219,604.77

375.00 20-Oct-16

92

MG COMMISSION

2,313.15

374.68 20-Oct-16

93

AUTONOMOUS

199.70

310.00 20-Oct-16

128,916.79 IMTO TRANSFER TO CBN

380.00 19-Oct

CBN

1,584.23 IMTO TRANSFER TO CBN

380.00 19-Oct

CBN

233,605.59 IMTO TRANSFER TO CBN

380.00 19-Oct

CBN

2,577.77 IMTO TRANSFER TO CBN

380.00 19-Oct

97

IKECHUKWU OMERUAH

1,100.00 PTA

380.00 20-Oct

98

AKINSO AYODEJI

4,988.05 SCHOOL FEES IFO AKINSO AYODEJI

380.00 20-Oct

99

ANENE JOHNSON IZUCHUKWU

3,675.00 SCHOOL FEES IFO ANENE ADAEZE VICTORIA

380.00 20-Oct

AUTONOMOUS

100.19

100

DR SANI ALIYU

7,338.00 SCHOOL FEES IFO HAUWA SANI ALIYU

380.00 20-Oct

95

AUTONOMOUS

9,287.50

310.00 20-Oct-16

101

OBED INAIN NEWMAN

8,956.80 SCHOOL FEES IFO AYEBAEKIPREYE OBED

380.00 20-Oct

96

AUTONOMOUS

283.87

310.00 20-Oct-16

102

MADUAGWU CONRAD

5,744.26 SCHOOL FEES IFO CHUDI MADUAGWU

380.00 20-Oct

AUTONOMOUS

200,000.00

103

IHEDURU REGIS

1,836.88 SCHOOL FEES IFO S. REGIS IHEDURU

380.00 20-Oct

98

AUTONOMOUS

90,000.00

305.25 20-Oct-16

104

ESAN OLUFEMI

7,476.00 SCHOOL FEES

380.00 20-Oct

99

AUTONOMOUS

30.30

310.00 20-Oct-16

105

ESAN OLUFEMI

94

97

374.44 20-Oct-16

310.00 20-Oct-16

310.00 20-Oct-16

3,768.63 SCHOOL FEES

380.00 20-Oct

106

BEN-ABALI AUGUSTINE

7,577.01 SCHOOL FEES IFO AYIBATONBARA BEN-ABALI

380.00 20-Oct

101

AUTONOMOUS

313.32

310.00 20-Oct-16

107

OPARA OKECHUKWU VITALIS

5,236.03 SCHOOL FEES IFO NINIKACHI OPARA

380.00 20-Oct

102

AUTONOMOUS

402.99

310.00 20-Oct-16

108

EKONG PAULINE EMEM

10,000.00 SCHOOL FEES IFO EKONG EMERALD EMEM

380.00 20-Oct

103

AUTONOMOUS

109

PAUL ARINZE

4,104.71 SCHOOL FEES IFO ARINZE OLIVE ARUNNE

380.00 20-Oct

110

AFOLAKE TAIWO

9,000.00 SCHOOL FEES IFO ANJOLAOLUWA TAIWO

380.00 20-Oct

104

AUTONOMOUS

111

OKOH HUDSON

1,772.61 SCHOOL FEES IFO ENE STEPHANIE OKOH

380.00 20-Oct

105

INTERBANK

112

MR. LAJA SORUNKE

3,000.00 LIVING EXPENSE IFO AYOMIDE FLORENCE SORUNKE

380.00 20-Oct

113

IMANUELLA SHODIPO

4,000.00 PTA

380.00 20-Oct

114

OMOWA EDEBHOR

2,000.00 PTA

380.00 20-Oct

115

CBN

106,944.27 IMTO TRANSFER TO CBN

380.00 20-Oct

116

CBN

1,339.22 IMTO TRANSFER TO CBN

380.00 20-Oct

117

CBN

164,703.58 IMTO TRANSFER TO CBN

380.00 20-Oct

118

CBN

1,734.86 IMTO TRANSFER TO CBN

380.00 20-Oct

119

UNILEVER NIG PLC

250.00 OFFSHORE CHARGES

331.00 21-Oct

120

UNILEVER NIG PLC

769.64 OFFSHORE CHARGES

331.00 21-Oct

121

WEST AFRICAN SEASONING COMPANY

346.72 OFFSHORE CHARGES

331.00 21-Oct

AUTONOMOUS

195.80

122

CHRIS EJIK PHARM & DRUGS CO. LTD

50.00 OFFSHORE CHARGES

331.00 21-Oct

116

AUTONOMOUS

3,500.00

310.0000 21-Oct-16

123

TOTAL NIG PLC

305.75 21-Oct

117

AUTONOMOUS

180.00

310.0000 21-Oct-16

124

MANUCHAR TRADING HOUSE INT'L LIMITED

125

UNILEVER NIG PLC

1,171.16 OFFSHORE CHARGES

380.00 21-Oct

119

AUTONOMOUS

1,500.00

310.00 21-Oct-16

126

HAJIA LEMU SALIHU

4,771.80 SCHOOL FEES IFO ABDULRAZAQ SALIHU

380.00 21-Oct

120

AUTONOMOUS

13,549,250.00

310.00 21-Oct-16

13,549,250.00 PMS 100,000.00 INDUSTRIAL RAW MATERIALS

16,241.22 SCHOOL FEES PAYMENT IFO ENYINGWA JOSEPH CHUKWUEDOZIEM

310.50 21-Oct

380.00 21-Oct

100

106

AUTONOMOUS

1,080.40

310.00 20-Oct-16

310.00 20-Oct-16

1,237.13

310.00 20-Oct-16

200,000.00

305.25 20-Oct-16

143,367.55

373.88 21-Oct-16

107

WU COMMISSION

1,646.09

373.94 21-Oct-16

108

MG SETTLEMENT

223,218.67

375.00 21-Oct-16

109

WU SETTLEMENT

745.48

MG COMMISSION

2,250.49

374.64 21-Oct-16

110

AUTONOMOUS

100,000.00

310.00 21-Oct-16

111

AUTONOMOUS

20,000.00

310.00 21-Oct-16

112

AUTONOMOUS

34.00

310.00 21-Oct-16

113

AUTONOMOUS

270.00

310.00 21-Oct-16

114

AUTONOMOUS

572.00

310.00 21-Oct-16

115

118

AUTONOMOUS

8,755.00

310.0000 21-Oct-16

310.00 21-Oct-16

127

ENYINGWA KINGSON UBOCHI

128

MR. LAJA SORUNKE

1,569.37 LIVING EXPENSE IFO OLADAPO MICHAEL SORUNKE

380.00 21-Oct

122

AUTONOMOUS

363.09

310.00 21-Oct-16

129

MR. DANIEL EGBE

3,402.84 SCHOOL FEES IFO EGBE TAMARAUDOUBRA TOM

380.00 21-Oct

123

AUTONOMOUS

121.03

310.00 21-Oct-16

130

ABDULLAHI HARUNA

2,600.00 SCHOOL FEES IFO ABDULHAMID SANI

380.00 21-Oct

131

IGONIKON WHYTE

3,038.25 PTA

380.00 21-Oct

132

MR. EDIMA BEN EKPO

1,100.00 LIVING EXPENSE IFO SIFON-ENO EPKO

380.00 21-Oct

15,754.00 SCHOOL FEES IFO NJOKU, UDOCHUKWU

380.00 21-Oct

133

NJOKU CHIMA GODWIN

134

FAKOREDE ADERINTO JOE

3,990.82 SCHOOL FEES IFO FAKOREDE ADEKOLA OLUWASEYI

380.00 21-Oct

135

EMMANUEL EGBULEFU

9,416.20 SCHOOL FEES IFO EGBULEFU CHUKWUDI

380.00 21-Oct

136

NJOKU CHIMA GODWIN

4,239.71 SCHOOL FEES IFO NJOKU, NNAZIMUZOR

380.00 21-Oct

137

APEV MARY HEMBAFAN

138

LODONI COMPANY NIGERIA LIMITED

800.00 SCHOOL FEES IFO VERONICA MSUUR APEV 7,370.00 SCHOOL FEES IFO ATUNDE OLUWASEUN KABIRAT 11,326.50 SCHOOL FEES IFO NJOKU, NNAZIMUZOR

380.00 21-Oct 380.00 21-Oct

139

NJOKU CHIMA GODWIN

140

BEN-ABALI AUGUSTINE

2,017.70 SCHOOL FEES IFO AYIBATONBARA BEN-ABALI

141

OKOH HUDSON

1,527.39 SCHOOL FEES IFO ENE STEPHANIE OKOH

380.00 21-Oct 380.00 21-Oct

142

MR. OBIORA JUDE IFEDIBA

2,000.00 PTA

380.00 21-Oct

143

AUSTIN OSAGIE

1,454.91 LIVING EXPENSE IFO RITA OSAGIE

380.00 21-Oct

144

CBN

107,525.66 IMTO TRANSFER TO CBN

380.00 21-Oct

145

CBN

1,234.57 IMTO TRANSFER TO CBN

380.00 21-Oct

146

CBN

167,414.00 IMTO TRANSFER TO CBN

380.00 21-Oct

147

CBN

1,687.87 IMTO TRANSFER TO CBN

380.00 21-Oct

380.00 21-Oct

121

124

AUTONOMOUS

AUTONOMOUS

181.55

205.26

310.00 21-Oct-16

310.00 21-Oct-16

125

AUTONOMOUS

108.03

310.00 21-Oct-16

126

AUTONOMOUS

4,528.76

310.00 21-Oct-16

127

AUTONOMOUS

189.05

310.00 21-Oct-16

128

AUTONOMOUS

32.41

310.00 21-Oct-16

129

AUTONOMOUS

216.06

310.00 21-Oct-16

130

AUTONOMOUS

412.13

310.00 21-Oct-16

WEDNESDAY OCTOBER 26, 2016 T H I S D AY

39

40

WEDNESDAY OCTOBER 26, 2016 T H I S D AY

WEDNESDAY OCTOBER 26, 2016 T H I S D AY

41

42

WEDNESDAY OCTOBER 26, 2016 T H I S D AY

RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 21ST OCTOBER 2016 S/N

UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016 The Directors of Presco Plc wish to announce the unaudited statement of profit or loss and other comprehensive income of the company for the nine months ended September 30, 2016 with comparative figures for the previous period as follows:

30/09/2016 30/09/2015 11,937,513

8,044,387

(2,945,991) (2,848,158) 8,991,522

5,196,229

75.3%

64.6%

Gross profit %

(2,240,620) (1,657,945)

Operating profit before change in fair value of biological assets

KIA BRAND VEHICLES IN SEMI KNOCKED DOWN - 1

17-Oct-16

305.50

49,838.20

CORONATION MERCHANT BANK

SUBCRIPTION FEES

17-Oct-16

305.50

30,510.53

3

CORONATION MERCHANT BANK

SUBCRIPTION FEES

17-Oct-16

305.50

2,905.83

4

CORONATION MERCHANT BANK

SUBCRIPTION FEES

17-Oct-16

305.50

553.49

5

FIDSON HEALTHCARE

GENTAMYCIN SULPHATE

17-Oct-16

305.00

47,081.90

6

FIDSON HEALTHCARE

ZOCINE INJECTION(PENTAZOCINE LACATE)

17-Oct-16

305.00

23,750.00

7

BUSOLA BEJIDE

PTA

17-Oct-16

305.00

4,000.00

8

TOBERENA ENAOHWA

PTA

17-Oct-16

305.00

4,000.00

9

OMOZUSI IREDIA

PTA

18-Oct-16

305.00

4,000.00

10 TYREPLUS

SPARES PARTS FOR AUTOMOTIVE VEHICLES

18-Oct-16

305.00

1.64

11 CROWN FLOUR MILLS LIMITED

RUSSIAN MILLING WHEAT

19-Oct-16

306.00

110,000.00

12 CROWN FLOUR MILLS LIMITED

RUSSIAN MILLING WHEAT -

19-Oct-16

315.50

438,500.00

13 CROWN FLOUR MILLS LIMITED

RUSSIAN MILLING WHEAT

19-Oct-16

315.50

879,525.00

14 CROWN FLOUR MILLS LIMITED

RUSSIAN MILLING WHEAT

19-Oct-16

315.50

878,500.00

15 CROWN FLOUR MILLS LIMITED

RUSSIAN MILLING WHEAT

19-Oct-16

306.00

74,535.50

16 ROYAL POWER ENERGY LIMITED

CONSOLE WITHOUT EQUIPPED WITH APPARATUS

19-Oct-16

305.00

15,464.50

17 VENRO ENERGY IFO OGUN BABATUNDE

BTA

20-Oct-16

306.00

3,298.04

18 VENRO ENERGY IFO OGUN BABATUNDE

BTA

20-Oct-16

305.00

1,701.96

19 INFINITY TYRES LTD

LC CHARGES

21-Oct-16

314.48

348.04

20 CROWN FLOUR MILLS LIMITED

LC CHARGES

21-Oct-16

314.48

1,440.06

21 CROWN FLOUR MILLS LIMITED

LC CHARGES

21-Oct-16

314.48

244.16

22 CROWN FLOUR MILLS LIMITED

LC CHARGES

21-Oct-16

314.48

244.16

23 OLAM NIGERIA LIMITED

LC CHARGES

21-Oct-16

314.48

271.16

24 CROWN FLOUR MILLS LIMITED

LC CHARGES

21-Oct-16

314.48

1,704.55

25 VIK INDUSTRIES LIMITED

LC CHARGES

21-Oct-16

314.48

642.21

26 BRIGHT PRODUCTS LIMITED

LC CHARGES

21-Oct-16

314.48

274.41

27 CBN

UNUTILISED LC

21-Oct-16

304.00

51.90

28 CBN

UNUTILISED LC

21-Oct-16

304.00

11,942.97

78,404

123,777

1

OTHER SOURCES 1

17-Oct-16

305.50

100,000.00

2

OTHER SOURCES 2

17-Oct-16

305.00

49,838.20

3

OTHER SOURCES 3

17-Oct-16

305.50

100,000.00

4

OTHER SOURCES 4

19-Oct-16

315.00

2,196,525.00

5

OTHER SOURCES 5

21-Oct-16

304.00

51.90

6

OTHER SOURCES 6

21-Oct-16

304.00

11,942.97

7

OTHER SOURCES 7

21-Oct-16

305.25

50,000.00

4,408,517

2,231,177

Operating profit includng gain from biological assets

11,071,110 (422,767)

5,804,079 (581,531)

(933,673)

(487,219)

9,714,670

4,735,329

Income tax expense (-)

DANA MOTORS

SN

3,572,902

(2,914,401) (1,300,794) 6,800,269 3,434,535

-

(71,766)

6,800,269

3,434,535

6.8

3.4

-

By Order of the Board

Patrick Uwadia, Esq. Company Secretary FRC/2013/ICSAN/00000001864 Dated this day of October 21, 2016 Obaretin, Ikpoba/Okha LGA, Edo State, Nigeria

Head Office: Obaretin Estate, Km 22, Benin/Sapele Road, Ikpoba-Okha, LGA, Benin City Tel: +32(0)2379 9231 Website: www.presco-plc.com

DATE OF EXCHANGE USD FUND AMOUNT RATE PURCHASE

2

(89,159)

6,662,593

MERCHANT BANK

1

(166,713)

Gain/(Loss) from changes in fair value of biological assets

Finance expenses Exchange gain/(losses) Profit before tax

ITEM OF IMPORT

CUSTOMER

CORONATION

SOURCES

DATE OF FUND PURCHASE

EXCHANGE RATE

TOTAL AMOUNT

2,508,358.07

AVERAGE AMOUNT

358,336.87

AMOUNT

WEDNESDAY OCTOMBER 26, 2016 • T H I S D AY

43

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Clinton Slams Trump over Comments on offensive against IS United States Democratic presidential candidate, Hillary Clinton, has slammed his rival, Donald Trump, for saying that the week-old effort to retake the Iraqi city of Mosul from the control of Islamic State was going badly.

“He’s basically declaring defeat before the battle has even started,” Clinton said at a campaign event in New Hampshire. “He’s proving to the world what it means to have an unqualified commander in chief.”

In a tweet on Sunday, Trump, the Republican nominee for the Nov. 8 election, said the “attack on Mosul is turning out to be a total disaster. We gave them months of notice. U.S. is looking so dumb.”

Iraqi and Kurdish forces, backed by the United States, have mounted a huge assault on the area surrounding the city, the last stronghold of Islamic State forces in Iraq. They have retaken about 80 Islamic State-held villages and towns since the offensive was launched on Oct. 16, but have yet to move on the city itself.

Trump reiterated his position

during a rally on Monday in St. Augustine, Florida, where he also urged supporters to vote early and declared his campaign was winning the election.

“So now we’re bogged down in Mosul. The enemy is much tougher than they thought. They’ve had a lot of time to get ready,” Trump said. “It’s a horrible, horrible situation that’s going on. Why did we have to tell them we’re going in?”

The operation could last weeks, or even months. Islamic State mounted counterattacks on Monday across the country against the Iraqi army and Kurdish forces, trying to deflect attention away from the Mosul campaign.

Trump suggested last week during the final 2016 presidential debate that the U.S.-backed attack on Mosul was orchestrated to help Clinton in her White House bid.

With just over two weeks to go until the election, Clinton, President Barack Obama’s firstterm secretary of state, leads the New York businessman in national opinion polls. Both candidates have

been focusing on a small set of political swing states that could decide the contest.

Seeking to cement a wide advantage she holds with women voters, Clinton enlisted the help of firebrand U.S. Senator Elizabeth Warren of Massachusetts, who blasted Trump over allegations he tried to grope or kiss several women without their consent over a 20-year span.

“He thinks that because he has a mouthful of Tic Tacs that he can force himself on any woman within groping distance,” Warren told a raucous crowd of 4,000 at St. Anselm College in Manchester.

“Well, I’ve got news for you, Donald Trump. Women have had it with guys like you.” At least 10 women have said Trump made unwanted sexual advances, including groping or kissing, in incidents from the early 1980s to 2007, according to reports in various news outlets. Trump has denied the women’s allegations, calling them “totally and absolutely false” and promising on Saturday he would sue his accusers.

44

T H I S D AY • WEDNESDAY, OCTOBER 26, 2016

BUSINESS/MONEYGUIDE

Nigeria Maintains 169th Position in W’Bank ‘Ease of Doing Business’ Obinna Chima Nigeria maintained its 169th position in the latest World Bank’s ‘Ease of Doing Business’ ranking released yesterday.

Out of the 190 countries surveyed, the report titled: “Doing Business 2017: Equal Opportunity for All,” the World Bank Group’s annual report on the ease of doing business, showed that Nigeria only performed better countries such as Chad, Haiti, Angola, Libya, Eritrea, Somalia, Congo Democratic Republic, Yemen, Syrian Arab Republic, Myanmar, Djibouti, Guinnea-Bissau, Bangladesh and Congo Republic.

A breakdown of the report showed that in terms of ‘Starting a Business,’ Nigeria was ranked 138. Also in ‘Dealing With Construction Permit,’ the country was ranked 174; and in ‘Getting Electricity’ - 180.

Others included Registering Property - 182; Getting Credit -44; Protecting Minority Investors - 32; Paying Taxes - 182; Trading Across Borders- 181; Enforcing Contracts - 139 and Resolving Insolvency- 140.

According to the report, a record 137 economies around the world have adopted key reforms that make it easier to start and operate small and medium-sized businesses.

The new report also found

out that developing countries carried out more than 75 per cent of the 283 reforms in the past year, with Nigeria and other economies in Sub-Saharan Africa accounting for over one-quarter of all reforms.

In its global country rankings of business efficiency, Doing Business 2017 awarded its coveted top spot to New Zealand, Singapore ranks second, followed by Denmark; Hong Kong SAR, China; Republic of Korea; Norway; United Kingdom; United States; Sweden; and Former Yugoslav Republic of Macedonia.

The world’s top 10 improvers, based on reforms undertaken were Brunei Darussalam; Kazakhstan; Kenya; Belarus; Indonesia; Serbia; Georgia; Pakistan; United Arab Emirates (UAE); and Bahrain.

Sub-Saharan Africa economies stepped up the pace of reform activity, with 37 economies undertaking a total of 80 business reforms in the past year, an increase of 14 percent from the previous year. For the second consecutive year, Kenya was among the world’s top 10 improvers, while seven economies implemented four or more reforms each in the past year. However, 13 economies in the region stipulate additional hurdles for women entrepreneurs. The report cited

research that demonstrated that better performance in ‘Doing Business’ was, on average, associated with lower levels of income inequality, thereby reducing poverty and boosting shared prosperity.

“Simple rules that are easy to follow are a sign that a government treats its citizens with respect. They yield direct economic benefits – more entrepreneurship; more market opportunities for women; more adherence to the rule of law,” World Bank Chief Economist and Senior Vice President, Paul Romer said.

“But we should also remember that being treated with respect is something that people value for its own sake and that a government that fails to treat its citizens this way will lose its ability to lead.”

“Doing Business data points to continued successes in the ease of doing business worldwide, as governments increasingly take up key business reforms.

Starting a new business now takes an average of 21 days worldwide, compared with 46 days 10 years ago. Paying taxes in the Philippines involved 48 payments 10 years ago, compared to 28 now and in Rwanda, the time to register a property transfer has dropped from 370 days a decade ago to 12 days now.”

IMF Urges Nigeria, Others to Cut Deficits as Growth Grinds Lower Nume Ekeghe with agency report African exporters of oil and commodities should remove subsidies and boost taxes to weather their slowest growth in more than two decades, the International Monetary Fund (IMF) said on Tuesday.

The Washington-based fund cut its 2016 growth forecast for sub-Saharan Africa to 1.4 per cent, from three per cent in May, as economies from Nigeria to Zambia reel from the drop in commodity prices.

The Director of IMF’s African Department, Abebe Selassie said growth could start to recover next year to three per cent, but only if the battered economies

carry out fiscal reforms.

Selassie said Nigeria’s low debt was a source of strength, adding officials needed to offer more certainty through a “coherent and consistent policy package”.

“Should they fail to do that, vulnerabilities will heighten and the crisis of the weak economic performance we have seen so far will get even more difficult,” he told Reuters. African economic growth was more than 5 percent in the decade leading up to the commodity price drop, but it is now being dragged lower by 23 resource-dependent nations like Nigeria, South Africa and Angola. While average growth was three per cent last year, countries that are more diversified like Rwanda and Senegal

will continue to grow at more than five per cent.

Nigeria, which is in its first recession for more than 20 years, has been seeking to widen its tax base, to offset lower revenues caused by the slump in oil prices.

Zambia, which has been hit by lower prices of copper, could save some money by eliminating fuel subsidies, he said. “Fuel subsidies take out huge amounts of government resources and generally also they tend to be very regressive.” Kenya, a broad-based economy that is still growing at a robust six per cent, was justified in expanding its fiscal deficit to invest in roads, power plants and other infrastructure.

KPMG Survey Shows 42% of Customers Use Online Banking Platforms Obinna Chima and Ugo Aliogo As part of efforts to improve the growth of banking in Nigeria and other countries in Africa, KPMG Nigeria has developed a retail customer satisfaction survey.

The report also showed that 42 per cent of bank customers in Nigeria use online banking platforms to carry out transactions. The firm explained that the report was part of its drive to chart a solid road map for the sector and stakeholders.

Speaking at the presentation of the report in Lagos yesterday, the Head of Financial Services Africa, Adebisi Lamikanra, said much has changed across Africa’s banking industry in the past three years, adding that

from their report they found out that retail customers were most concerned about the financial stability of their banks.

She also noted that customers were still concerned about financial stability; while seeking for enhanced high-quality service, more innovation and greater convenience, “regulators across the continent have been highly focused on building up the stability of their banks with higher capital ratio requirements, and tighter lending requirements and more stringent regulatory requirements.”

Lamikanra explained that other regulatory and policy reforms focused on improving financial inclusion as a way to drive economic growth and development, had driven

higher levels of competition across many markets.

She added that regional players have continued to expand their footprints across Africa, emboldened by more liberalised market regulation and the growing maturity of regional trade and economic blocs.

The report noted: “Nigerian banking customers are more than twice as likely to use an ATM as they are a branch, with almost half of Nigerian respondents (47 percent) saying their ATM preference is related to the proximity and closeness of the machines. Interestingly, while 86 percent say they prefer ATMs for cash withdrawal, 66 percent say they prefer the machines for balance enquiry.”

Buhari

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

MARCH 2016 Broad Money (M2)

21,684,965.22

-- Narrow Money (M1)

9,125,933.16

---- Currency Outside Banks

1,379,187.93

---- Demand Deposits

7,746,745.22

-- Quasi Money

12,559,032.07

Net Foreign Assets (NFA)

7,105,663.47

Net Domestic Assets(NDA)

14,579,301.76

-- Net Domestic Credit (NDC)

24,318,143.03

---- Credit to Government (Net)

2,893,190.01

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

5,004,677.26

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

-2,111,487.25

---- Credit to Private Sector (CPS)

21,424,953.01

--Other Assets Net

-9,738,841.27

Reserve Money (Base Money)

5,370,199.87

--Currency in Circulation

1,684,725.89

--Banks Reserves

3,685,473.98 • Source - CBN

MANAGED FUNDS Initial Price (N) Stanbic Balanced Fund

Buying Price(N)

Selling Price

1,660.29

1,685.29

Stanbic IBTC NEF

1,000.00

11,002.32

11,326.67.11

Stanbic SIBond

20

120.47

120.47

Stanbic IBTC Ethical

1

1.10

1.13

Stanbic IBTC GIF

142.90

143.38

UBA Balanced Fund

1.2563

1.2493

UBA Bond Fund

1.3443

1.3443

UBA Equity Fund

0.8205

0.8074

UBA Money Market Fund

1.1510

1.1510

ARM Aggressive Growth Fund

N13.0544

N13.4480

ARM Discovery Fund

N288.2515

N296.9425

ARM Ethical Fund

N22.5268

N23.2060

ARM Money Market Fund

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

OPEC DAILY BASKET PRICE AS AT, MONDAY, 24 OCT 2016 The price of OPEC basket of fourteen crudes stood at $48.15 a barrel on Monday, compared with $48.08 the previous Friday, according to OPEC Secretariat calculations.

The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

SOURCE: OPEC headquarters, Vienna

45

T H I S D AY • WEDNESDAY OCTOBER 26, 2016

Nigeria’s top 50 stocks based on market fundamentals

25-Oct-16

24-Oct-16

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

01 Dangote Cement Plc

174.17

183.00

-4.83%

2,967,945,174,728.85

9.56

18.22

5.48

4.59%

4.36

02 Nigerian Breweries Plc

145.50

145.50

0.00%

1,153,684,179,204.00

4.50

32.37

3.85

2.47%

7.09

03 Guaranty Trust Bank Plc

24.15

24.25

-0.41%

710,762,978,259.60

4.90

4.93

1.77

7.33%

1.44

800.00

800.00

0.00%

634,125,001,600.00

19.41

41.22

3.82

3.63%

18.02

14.90

15.00

-0.67%

467,807,757,411.40

3.91

3.81

0.98

12.08%

0.67

390.00

386.40

0.93%

215,791,022,070.00 -14.43

-27.03

2.31

4.08%

0.57

44.51

43.50

2.32%

202,738,679,563.10

-6.71

-6.63

0.91

6.74%

1.45

9.70

9.96

-2.61%

177,990,646,785.50

0.23

42.22

0.33

6.39%

0.30

09 Unilever Nigeria Plc

45.90

45.90

0.00%

173,653,297,875.00

0.46

99.26

2.85

0.11%

19.49

10 Stanbic IBTC Holdings Plc

17.00

17.00

0.00%

170,000,000,000.00

2.04

8.35

1.44

0.59%

1.51

11 Presco Plc

42.30

40.25

5.09%

167,951,179,003.50

0.03 1,446.66

2.35

3.07%

4.02

127.30

127.30

0.00%

165,805,844,411.90

3.31

38.50

1.08

2.71%

3.84

13 Access Bank Plc

5.65

5.68

-0.53%

163,443,039,715.15

2.56

2.21

0.48

9.73%

0.38

14 United Bank for Africa Plc

4.19

4.20

-0.24%

152,011,215,289.18

1.75

2.40

0.45

14.32%

0.35

15 Guinness Nig Plc

80.00

80.50

-0.62%

120,471,055,040.00

-1.34

-59.76

1.18

4.00%

2.89

16 FBN Holdings Plc

3.00

2.99

0.33%

107,685,878,376.00

0.30

9.84

0.21

5.00%

0.18

17 7-Up Bottling Comp. Plc

159.90

159.90

0.00%

102,430,399,043.70

3.75

42.66

1.15

1.38%

3.97

18 Total Nigeria Plc

290.00

290.00

0.00%

98,461,332,730.00

31.13

9.31

0.41

4.83%

4.67

6.22

6.22

0.00%

74,640,000,000.00

1.05

5.92

0.62

8.04%

1.25

190.00

185.54

2.40%

68,513,099,780.00

17.69

10.74

0.83

3.79%

3.99

19.40

19.95

-2.76%

63,908,436,032.00

0.17

111.21

2.56

1.29%

5.18

5.00

5.03

-0.60%

60,173,094,470.00

-3.46

-1.44

0.32

15.00%

0.44

23 Julius Berger Nig. Plc

40.00

40.00

0.00%

52,800,000,000.00

0.24

165.22

0.51

3.75%

2.35

24 Flour Mills Nig. Plc

19.35

20.00

-3.28%

50,765,868,382.52

6.81

2.84

0.13

10.34%

0.51

1.00

0.98

2.04%

38,720,997,425.00

-0.37

-2.68

0.86

0.00%

0.51

26 Okomu Oil Palm Plc

40.00

40.00

0.00%

38,156,400,000.00

4.60

8.70

3.10

0.25%

2.45

27 U A C N Plc

19.40

19.40

0.00%

37,264,769,107.80

2.44

7.95

0.52

5.15%

0.50

28 Sterling Bank Plc

0.95

0.95

0.00%

27,350,897,219.70

0.31

3.08

0.26

9.47%

0.33

29 Diamond Bank Plc

1.15

1.15

0.00%

26,634,447,313.20

0.11

10.42

0.13

0.00%

0.12

30 Wema Bank Plc

0.64

0.61

4.92%

24,687,658,291.84

0.06

10.74

0.48

0.00%

0.52

31 Fidelity Bank Plc

0.82

0.86

-4.65%

23,749,320,267.44

0.39

2.11

0.16

19.51%

0.13

32 Cap Plc

33.75

33.75

0.00%

23,625,000,000.00

2.28

14.77

3.54

3.41%

13.80

33 Cadbury Nigeria Plc

11.88

11.88

0.00%

22,313,040,235.20

0.50

23.79

0.79

10.94%

2.18

34 Custodian And Allied Insurance Plc

3.71

3.71

0.00%

21,821,716,163.45

0.76

4.88

0.65

3.77%

0.78

35 FCMB Group Plc

1.09

1.13

-3.54%

21,584,954,751.29

0.61

1.78

0.13

9.17%

0.12

36 National Salt Co. Nig. Plc

8.00

8.00

0.00%

21,195,507,024.00

0.85

9.42

1.13

6.88%

2.87

37 Mansard Insurance Plc

1.93

1.93

0.00%

20,265,000,000.00

0.27

7.11

1.05

2.59%

0.96

38 Glaxo Smithkline Consumer Nig. Plc

15.03

15.78

-4.75%

17,974,023,614.64

-2.54

-5.92

0.62

2.00%

1.97

39 PZ Cussons Nigeria Plc

16.65

16.65

0.00%

16,650,000,000.00

5.69

2.93

1.16

0.60%

0.45

40 Continental Reinsurance Plc

1.00

1.00

0.00%

10,372,744,312.00

0.33

3.04

0.50

12.00%

0.54

41 Honeywell Flour Mill Plc

1.30

1.30

0.00%

10,309,256,955.40

-0.40

-3.22

0.21

12.31%

0.63

42 Skye Bank Plc

0.63

0.61

3.28%

8,744,589,888.30

-2.93

-0.21

0.05

47.62%

0.08

43 Unity Bank Plc

0.65

0.62

4.84%

7,598,069,662.30

-0.10

-6.34

0.12

0.00%

0.09

44 Wapic Insurance Plc

0.50

0.51

-1.96%

6,691,369,126.00

0.11

4.62

0.88

6.00%

0.43

45 Cement Co. Of North.Nig. Plc

5.23

5.50

-4.91%

6,572,424,716.18

0.44

11.81

0.59

1.91%

0.61

46 UACN Property Development Co. Limited

3.41

3.41

0.00%

5,860,937,482.95

-0.05

-65.40

1.74

20.53%

0.16

47 Resort Savings & Loans Plc

0.50

0.50

0.00%

5,664,866,202.00

4.68

0.11

0.02

0.00%

1.89

48 Nigerian Aviation Handling Company Plc

2.81

2.95

-4.75%

4,564,054,687.50

0.15

18.22

0.57

7.12%

0.74

49 AIICO Insurance Plc

0.59

0.58

1.72%

4,088,820,643.20

0.26

2.26

0.13

8.47%

0.43

50 Fidson Healthcare Plc

1.38

1.45

-4.83%

2,070,000,000.00

0.31

4.50

0.30

3.62%

0.32

04 Nestle Nigeria Plc 05 Zenith Bank Plc 06 Seplat Petroleum Dev. Co. Ltd 07 Lafarge Africa Plc 08 Ecobank Transnational Incorporated

12 Forte Oil Plc.

19 Dangote Sugar Refinery Plc 20 Mobil Oil Nig Plc 21 International Breweries Plc 22 Oando Plc

25 Transnational Corporation Of Nigeria Plc

TOTAL

8,778,090,044,860.79

TOTAL MARKET CAP

9,307,809,427,243.90

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

94.31%

Table 1 Market Statistics Mkt Indicators

Open 24-Oct-16

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

27,574.95 9.47

27,098.52 9.31

-1.73 -1.73

114.68 8.93

112.74 8.78

-1.70 -1.70

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

Close 25-Oct-16

Change %

Table 3 Top 5 Gainers Stock

Open Close Change 24-Oct-16 25-Oct-16 %

Presco Plc Wema Bank Plc Unity Bank Plc Skye Bank Plc Mobil Oil Nig Plc

40.25 0.61 0.62 0.61 185.54

42.30 0.64 0.65 0.63 190.00

5.09 4.92 4.84 3.28 2.40

Table 4 Top 5 Losers Stock

Open Close Change 24-Oct-16 25-Oct-16 %

Cement Co. Of North.Nig. Plc Fidson Healthcare Plc Dangote Cement Plc Glaxo Smithkline Consumer Nig. Plc Nigerian Aviation Handling Company Plc

5.50 1.45 183.00 15.78

5.23 1.38 174.17 15.03

-4.91 -4.83 -4.83 -4.75

2.95

2.81

-4.75

Market continues downward trend as Index loss 1.73% Market pulse on the Nigerian Stock Exchange (NSE) today – Tuesday, October 25th, 2016 ended again on a bearish note as the stock market closed red today due to waning investors’ risk appetite. This was further highlighted by negative performances from the NSE Sub sectors: Banking, Insurance, and Consumer Goods (Save Oil & Gas). Trading activities increased in volume as 113.50 million shares worth of N1.23 billion in 2,435 deals exchanged hands today. This is an increase from the 101.18 million shares worth of N1.06 billion in 2,256 deals which exchanged on Monday. Topping in volume terms were Zenith Bank Plc, Access Bank Plc and FCMB Group Plc while Zenith Bank Plc and Guaranty Trust Bank Plc ended trading as the most active stocks in value terms.

The All Share Index (NSEASI) closed negative with 1.73% (-476.43) decrease to close at 27,098.52 from 27,574.95 the previous trading day. Market Capitalization depreciated in tandem to N9.31 trillion from N9.47 trillion of prior trading day. Similarly, the Thisday BGL 50 Index followed suit with a decrease of 1.70% to close at 112.74 from 114.68 recorded at the end of the previous trading day, while its market capitalization stood at 8.78 trillion from 8.93 trillion of the previous trading day.

A total number of 11 stocks gained on the bourse today while 23 stocks declined, 65 leaving stocks unchanged. Presco Plc emerged as the day’s toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 5.09% to close at N42.30 per share. It was followed by Wema Bank Plc with a gain of 4.92% to close at N0.64 per share. Others on the gainers list include: Unity Bank Plc, Skye Bank Plc and Mobil Oil Nig. Plc; while on the decliners’ list, CCNN Plc with a loss of 4.91% to close at N5.23 per share.

It was followed by Fidson Healthcare Plc with a loss of 4.83% to close at N1.38 per share. Others on the decliners list include: Dangote Cement Plc, GlaxoSmithKline Consumer Nig. Plc and Nigerian Aviation Handling Company Plc. REQUIRED DISCLOSURE This report has been prepared by BGL Plc. BGL Plc does and seeks to do business with companies covered in its research reports. As a result, the firm may have a conflict of interest that could affect the objectivity of this report. Investors should use this report as one of many other factors in making their investment decisions.

For more details go to www.thisdaylive.com

46

T H I S D AY • WEDNESDAY, OCTOBER 26, 2016

MARKET NEWS

Nigerian Stock Exchange Lists Shares of The Initiates Plc

Goddy Egene and Nosa Alekhuogie

The Nigerian Stock Exchange (NSE) yesterday listed The Initiates Plc., a waste management company serving various sectors of the Nigerian economy with significant strides in the Nigerian hazardous waste sub sector.

A total of 889, 981, 552 ordinary shares of 50 kobo each of the company were listed at

N0.85 per share by introduction on the Alternative Securities Exchange Market (ASEM) of the NSE. Capital Limited, acted as the Lead Financial adviser and the Designated Adviser while Partnership Securities Limited, acted as joint adviser on the transaction.

According to the Managing Director/Chief Executive Officer of The Initiates Plc, Mr. Reuben Ossai, the listing

T H E MAIN BOARD

DEALS

MARKET PRICE

is part of the management’s strategic plan to promote inclusive growth, transparency and price discovery.

He noted that 21st Century Nigeria is expected to witness technological growth, increased urbanisation, private sector controlled economy and environmental awareness.

“These changes will be accompanied with increased waste yield and complexity, more public demand for envi-

N I G E R I A N QUANTITY TRADED

STO C K

VALUE TRADED ( N )

Daily Summary as of 22/02/2016 Printed 22/02/2016 14:36:10.010

Daily Summary (Bonds) No Debt Trading Activity Daily Summary (Equities) Activity Summary on Board EQTY AGRICULTURE Crop Production OKOMU OIL PALM PLC. PRESCO PLC Crop Production Totals Livestock/Animal Specialties LIVESTOCK FEEDS PLC. Livestock/Animal Specialties Totals AGRICULTURE Totals CONGLOMERATES Diversified Industries A.G. LEVENTIS NIGERIA PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. Diversified Industries Totals CONGLOMERATES Totals CONSTRUCTION/REAL ESTATE Infrastructure/Heavy Construction JULIUS BERGER NIG. PLC. Infrastructure/Heavy Construction Totals Real Estate Development UACN PROPERTY DEVELOPMENT CO. LIMITED Real Estate Development Totals CONSTRUCTION/REAL ESTATE Totals CONSUMER GOODS Beverages--Brewers/Distillers CHAMPION BREW. PLC. GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. NIGERIAN BREW. PLC. Beverages--Brewers/Distillers Totals Beverages--Non-Alcoholic 7-UP BOTTLING COMP. PLC. Beverages--Non-Alcoholic Totals Food Products DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC NASCON ALLIED INDUSTRIES PLC N NIG. FLOUR MILLS PLC. TIGER BRANDED CONSUMER GOODS PLC Food Products Totals Food Products--Diversified CADBURY NIGERIA PLC. NESTLE NIGERIA PLC. Food Products--Diversified Totals Household Durables VITAFOAM NIG PLC. Household Durables Totals Personal/Household Products P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC. Personal/Household Products Totals CONSUMER GOODS Totals FINANCIAL SERVICES Banking ACCESS BANK PLC. DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED FIDELITY BANK PLC GUARANTY TRUST BANK PLC. SKYE BANK PLC STERLING BANK PLC. UNITED BANK FOR AFRICA PLC UNION BANK NIG.PLC. UNITY BANK PLC WEMA BANK PLC. Banking Totals Insurance Carriers, Brokers and Services AIICO INSURANCE PLC. CONTINENTAL REINSURANCE PLC CONSOLIDATED HALLMARK INSURANCE PLC LASACO ASSURANCE PLC. AXAMANSARD INSURANCE PLC N.E.M INSURANCE CO (NIG) PLC. UNITY KAPITAL ASSURANCE PLC WAPIC INSURANCE PLC Insurance Carriers, Brokers and Services Totals Micro-Finance Banks NPF MICROFINANCE BANK PLC Micro-Finance Banks Totals Other Financial Institutions AFRICA PRUDENTIAL REGISTRARS PLC CUSTODIAN AND ALLIED PLC FCMB GROUP PLC. STANBIC IBTC HOLDINGS PLC UNITED CAPITAL PLC Other Financial Institutions Totals FINANCIAL SERVICES Totals HEALTHCARE Pharmaceuticals FIDSON HEALTHCARE PLC

ronmental protection and waste management services. These changes stress the need for the revision and implementation of environmental laws and policies that will improve the commercial value of waste management services.

Hence, companies involved in the waste management industry shall have a huge market to serve, making it a very profitable venture over the long term. The Initiates Plc

6 6 12

30.00 34.00

12,629 11,640 24,269

374,530.15 421,345.20 795,875.35

19 19 31

1.25

1,078,511 1,078,511 1,102,780

1,358,964.30 1,358,964.30 2,154,839.65

5 68 13 86 86

0.77 1.13 20.47

33,500 6,740,423 65,995 6,839,918 6,839,918

25,070.00 7,635,453.96 1,344,425.15 9,004,949.11 9,004,949.11

13 13

41.50

31,970 31,970

1,409,214.78 1,409,214.78

5 5 18

5.20

28,901 28,901 60,871

154,716.48 154,716.48 1,563,931.26

6 24 7 98 135

2.85 118.85 20.00 99.00

190,900 53,000 15,200 429,541 688,641

528,079.00 6,201,924.95 293,757.00 42,728,789.84 49,752,550.79

9 9

168.50

166,476 166,476

28,285,937.95 28,285,937.95

54 38 6 12 1 29 140

5.61 19.00 1.37 6.86 6.65 1.27

2,120,306 314,421 40,000 119,863 433 3,285,739,119 3,288,334,142

11,610,520.13 5,953,792.96 55,716.00 842,442.48 2,736.56 4,074,348,894.07 4,092,814,102.20

11 54 65

17.86 700.00

18,825 98,360 117,185

329,518.50 68,567,962.00 68,897,480.50

11 11

4.46

99,050 99,050

420,455.00 420,455.00

13 21 34 394

21.90 28.00

36,887 133,117 170,004 3,289,575,498

820,034.75 3,737,067.92 4,557,102.67 4,244,727,629.11

82 51 21 25 200 41 16 147 11 15 67 676

4.10 1.49 15.60 1.21 16.70 1.07 1.76 2.95 5.30 0.63 0.98

3,962,506 2,163,396 278,470 790,900 4,847,312 1,969,858 1,204,932 8,586,418 39,752 501,617 5,920,564 30,265,725

16,210,255.82 3,314,106.88 4,136,459.40 958,864.34 80,963,793.44 2,115,552.11 2,087,767.85 25,302,954.71 205,645.40 316,018.71 5,813,502.17 141,424,920.83

14 8 2 3 7 10 1 1 46

0.80 0.90 0.50 0.50 2.06 0.76 0.50 0.50

200,107 276,500 5,004,000 1,000,000 351,540 327,285 37,708,135 10 44,867,577

160,838.67 251,350.00 2,502,000.00 500,000.00 720,728.80 245,325.31 18,854,067.50 5.00 23,234,315.28

1 1

1.08

4,760 4,760

4,950.40 4,950.40

31 7 105 7 20 170 893

2.46 4.00 0.85 14.15 1.31

1,149,464 27,041 31,257,120 38,035 708,255 33,179,915 108,317,977

2,830,722.84 104,002.06 26,613,309.20 537,985.34 931,556.31 31,017,575.75 195,681,762.26

27

2.69

614,065

1,572,223.05

seeks to develop these processes and remain a key player in the waste management industry,” he said.

Ossai disclosed the company after inaugurating a Thermal Desorption Plant, thereby transitioning from consultancy services into waste management facility operation, it added operational lines (Cleaning/ decontamination unit and E-Waste Processing Plant).

“The new lines were built and

fabricated wholly with materials and technical knowhow sourced locally in a bid to promote local production/fabrication and reduce reliance on foreign exchange,” he said.

In his comments, the CEO of the NSE, Mr. Oscar Onyema, said: “The company has successfully passed our stringent listing requirements and I commend their efforts to submit themselves to international best practices in governance.”

E XC H A N G E

MAIN BOARD GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC Pharmaceuticals Totals HEALTHCARE Totals ICT IT Services TRIPPLE GEE AND COMPANY PLC. IT Services Totals ICT Totals INDUSTRIAL GOODS Building Materials ASHAKA CEM PLC BERGER PAINTS PLC CAP PLC CEMENT CO. OF NORTH.NIG. PLC PORTLAND PAINTS & PRODUCTS NIGERIA PLC LAFARGE AFRICA PLC. Building Materials Totals Electronic and Electrical Products CUTIX PLC. Electronic and Electrical Products Totals Packaging/Containers BETA GLASS CO PLC. Packaging/Containers Totals INDUSTRIAL GOODS Totals OIL AND GAS Energy Equipment and Services JAPAUL OIL & MARITIME SERVICES PLC Energy Equipment and Services Totals Integrated Oil and Gas Services OANDO PLC Integrated Oil and Gas Services Totals Petroleum and Petroleum Products Distributors CONOIL PLC ETERNA PLC. FORTE OIL PLC. MOBIL OIL NIG PLC. TOTAL NIGERIA PLC. Petroleum and Petroleum Products Distributors Totals Exploration and Production SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD Exploration and Production Totals OIL AND GAS Totals SERVICES Automobile/Auto Part Retailers R T BRISCOE PLC. Automobile/Auto Part Retailers Totals Courier/Freight/Delivery RED STAR EXPRESS PLC Courier/Freight/Delivery Totals Printing/Publishing LEARN AFRICA PLC Printing/Publishing Totals Transport-Related Services AIRLINE SERVICES AND LOGISTICS PLC NIGERIAN AVIATION HANDLING COMPANY PLC Transport-Related Services Totals Support and Logistics CAVERTON OFFSHORE SUPPORT GRP PLC Support and Logistics Totals SERVICES Totals EQTY Board Totals Daily Summary (Equities) Activity Summary on Board ASeM CONSUMER GOODS Food Products MCNICHOLS PLC Food Products Totals CONSUMER GOODS Totals ASeM Board Totals Daily Summary (Equities) Activity Summary on Board PREMIUM FINANCIAL SERVICES Banking ZENITH INTERNATIONAL BANK PLC Banking Totals Other Financial Institutions FBN HOLDINGS PLC Other Financial Institutions Totals FINANCIAL SERVICES Totals INDUSTRIAL GOODS Building Materials DANGOTE CEMENT PLC Building Materials Totals INDUSTRIAL GOODS Totals PREMIUM Board Totals Equity Activity Totals

DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

32 4 6 69 69

25.33 0.94 0.69

551,998 16,020 597,000 1,779,083 1,779,083

13,903,164.18 15,299.40 412,110.00 15,902,796.63 15,902,796.63

1 1 1

1.69

500 500 500

805.00 805.00 805.00

16 9 4 6 10 31 76

24.00 9.30 35.78 8.62 3.36 80.50

110,727 40,229 26,700 142,300 299,900 14,373,223 14,993,079

2,707,053.97 362,501.29 992,680.00 1,227,076.00 966,480.00 1,157,057,077.16 1,163,312,868.42

6 6

1.51

134,500 134,500

204,240.00 204,240.00

5 5 87

50.00

24,529 24,529 15,152,108

1,165,135.50 1,165,135.50 1,164,682,243.92

2 2

0.50

24,262 24,262

12,131.00 12,131.00

90 90

3.47

3,827,573 3,827,573

13,288,632.05 13,288,632.05

21 7 8 21 7 64

18.34 1.84 342.00 150.00 145.00

81,125 100,300 20,300 16,295 13,699 231,719

1,505,034.50 182,832.00 6,595,470.00 2,396,080.60 1,959,692.96 12,639,110.06

33 33 189

318.00

389,934 389,934 4,473,488

124,037,602.56 124,037,602.56 149,977,475.67

1 1

0.50

941 941

470.50 470.50

5 5

3.80

32,870 32,870

127,756.40 127,756.40

13 13

0.89

624,500 624,500

538,430.00 538,430.00

1 22 23

2.29 4.00

4,588 251,094 255,682

10,001.84 1,001,583.80 1,011,585.64

1 1 43 1,811

1.68

10,000 10,000 923,993 3,428,226,216

16,000.00 16,000.00 1,694,242.54 5,785,390,675.15

2 2 2 2

1.21

270,464 270,464 270,464 270,464

327,261.44 327,261.44 327,261.44 327,261.44

306 306

11.45

13,929,679 13,929,679

159,605,439.23 159,605,439.23

278 278 584

3.74

10,438,552 10,438,552 24,368,231

39,515,087.18 39,515,087.18 199,120,526.41

35 35 35 619 2,432

139.83

38,770 38,770 38,770 24,407,001 3,452,903,681

5,304,666.00 5,304,666.00 5,304,666.00 204,425,192.41 5,990,143,129.00

2 2 2 2 2 10 10 10

2,330.00 2.33 6.02 11.09 18.07

3,000 20 20 20 15 3,075 3,075 3,075

6,986,000.00 46.70 120.20 221.80 270.65 6,986,659.35 6,986,659.35 6,986,659.35

Daily Summary (ETP) Exchange Traded Fund Name NEWGOLD EXCHANGE TRADED FUND (ETF) VETIVA BANKING ETF VETIVA CONSUMER GOODS ETF VETIVA GRIFFIN 30 ETF VETIVA INDUSTRIAL ETF Exchange Traded Fund Totals ETF Board Totals ETP Activity Totals

47

WEDNEsDAY, octobEr 26, 2016 • T H I S D AY

MARKET NEWS

Unity Bank Records Profit Before Tax of N3.8bn in Nine Months Goddy Egene Unity Bank Plc has reported a profit before tax (PBT) of N3.806 billion for the nine months ended September 30, 2016, showing a decline from N10.34 billion in the corresponding period of 2015 However, total assets rose by 7.4 per cent from N443.3 billion to f N476.15 billion.

According to the company’s filing with the Nigerian Stock Exchange (NSE), the bank grew customer’s deposit to

N263.91 billion at the end of the quarter ended September, 2016, indicating an increase of N32.5 billion or 14 per cent from N231.4 billion as at 31 December 2015.

Unity Bank Plc recorded gross earnings of N35.2 billion, compared with N49.2 billion in 2015. Net Interest income fell from N20.8 billion to N9.6 billion. But the various cost optimisation strategies and other operational overhauls which were embarked upon by the management of the

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.

bank saw operating expense decline by 14 per cent to N19.6 billion, from N22.8 billion the corresponding period of 2015.

In all, the bank ended the reviewing period with a PBT of N3.806 billion despite the challenging operating environment and economic headwinds, while profit after tax (PAT) fell from N9.313 billion to N3.425 billion.

Commenting on the results, the Managing Director/Chief Executive Officer, Mrs. Tomi Somefun said: “Economic

Investors can buy these ‘shares’ on the 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

headwinds stifled business growth during the period accompanied by increased inflation and foreign exchange illiquidity. Nevertheless, the bank remains firmly committed to delivering value to our stakeholders as the bank made profit on the back of an efficient balance sheet and cost containment initiatives.”

According to her, the bank has continued to maintain and sharpen its focus on executing strategic choices aimed at creating a large diversified

bank with a strong retail/SME base, development of array of products and consolidating market confidence to boost its growth trajectory.

Some analysts have said with the its repositioning efforts and consistent focus to tap into the emerging opportunities in the enlarged financial services space within Nigeria, Unity Bank is poised to deliver quality banking services to emerging sectors in retail/small and medium enterprises, commercial and the agricultural value chain.

Unity Bank currently has over 240 branches spread across all the six geo-political zones of the country and leveraging on its e-banking platforms and other delivery channels to meet customers’ expectations.

Besides, the bank is said to be building strong infrastructure for retail banking and the ongoing transformation initiatives will surely consolidate Unity Bank as a retail bank of choice, culminating in superior financial performance and value to all stakeholders.

Naira as at 24-Oct-2016, unless otherwise stated 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 124.70 Nigeria International Debt Fund 217.08 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 125.37 11.63% 217.98 8.45% info@acapng.com Offer Price Yield / T-Rtn 0.69 10.63% ammf@aiicocapital.com Offer Price

Yield / T-Rtn

100.00

15.34%

enquiries@arminvestmentcenter.com Bid Price 12.59 290.80 22.47

Offer Price 12.97 299.57 23.14

Yield / T-Rtn 3.29% 4.04% 1.90%

1.00

1.00

12.56%

investmentcare@axamansard.com Bid Price -

Offer Price -

Yield / T-Rtn -

1.00 1.00 13.30% investmentmanagement@chapelhilldenham.com Bid Price 2.08 9.29

Offer Price 2.13 9.53

Yield / T-Rtn 2.18% -5.71%

82.75

84.87

2.02%

invest@fbnquest.com Bid Price 1,068.96 110.52 100.00 $101.76 $101.66 111.41

Offer Price 1,070.01 111.02 100.00 $102.38 $102.28

Yield / T-Rtn -1.22% 1.63% 12.57% 2.07% 1.97%

112.92

12.17%

fcamhelpdesk@fcmb.com Bid Price 0.92 2.51

Offer Price Yield / T-Rtn 0.94 2.20% 2.51 7.86% coralfunds@fsdhgroup.com

Bid Price 2,209.19

Offer Price 2,235.62

Coral Income Fund 2,045.74 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 1.57%

2,045.74 8.15% enquiries@investment-one.com Offer Price

Yield / T-Rtn

Vantage Guaranteed Income Fund

1.00

1.00

11.16%

Vantage Balanced Fund

1.64

1.66

0.71%

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 11.40% Lotus Halal Fixed Income Fund 988.83 988.83 -1.12% 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 9.65 9.73 -1.36% 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 10.27 10.31 2.89% 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 106.12 106.86 4.17% 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 1,805.42 1,815.98 7.51% Stanbic IBTC Bond Fund 154.07 154.07 4.75% Stanbic IBTC Ethical Fund 0.79 0.80 6.00% Stanbic IBTC Guaranteed Investment Fund 180.51 180.51 6.38% Stanbic IBTC Iman Fund 133.97 135.54 -1.03% Stanbic IBTC Money Market Fund 100.00 100.00 15.83% Stanbic IBTC Nigerian Equity Fund 7,666.03 7,768.70 6.67% 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 1.14 1.15 7.78% United Capital Bond Fund 1.26 1.26 16.14% United Capital Equity Fund 0.68 0.69 -8.03% 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 9.69 9.86 1.54% Zenith Ethical Fund 11.22 11.33 -2.03% Zenith Income Fund 16.60 16.60 3.48%

REITS

NAV Per Share

Yield / T-Rtn

11.43 122.32

2.69% 5.58%

Bid Price

Offer Price

Yield / T-Rtn

8.81 78.22

8.91 79.70

-8.00% -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

2.70 7.24 12.50 16.73 -

2.74 7.32 12.60 16.93 -

16.74% 13.22% -0.40% -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.

48

WEDNESDAY OCTOBER 26, 2016 T H I S D AY

WEDNESDAY OCTOMBER 26, 2016 • T H I S D AY

49

NEWSEXTRA

NDPHC Resumes Stalled Privatisation Exercise with Three Power Plants Calabar, Geregu, Omotosho to be handled in first phase Chineme Okafor in Abuja The stalled privatisation of 10 gas power generating plants built by the Niger Delta Power Holding Company (NDPHC) under the National Integrated Power Projects (NIPP) will be restarted, but under a new arrangement, the Managing Director of NDPHC, Mr. Chiedu Ugbo, has disclosed.

Speaking yesterday at a power sector meeting in Abuja, Ugbo said approval for the agency to resume the privatisation process has been

obtained and will now go on in three of the plants – 634 megawatts (MW) Calabar, 506mw Geregu and 513mw Omotosho power plants.

He stated that the process would now be concluded in phases, starting with these three.

“The privatisation of our power plants are still on course with three power station taken together in the first round, specifically, this process will continue with the conclusion of on-going privatisation of Calabar, Geregu and Omotosho power stations while the Vice President

IEA: OPEC’s Output Cut May Quicken Re-balance of Oil Market Iraq seeks same exemption as Nigeria, Iran, Libya Ejiofor Alike with agency reports The International Energy Agency (IEA) has predicted that the crude oil market, which is currently oversupplied, will re-balance earlier than expected if the Organisation of Petroleum Exporting Countries (OPEC) implement the decision to cap production when they meet next month.

This is coming as Iraqi, OPEC’s second largest producer has demanded that the war-torn nations should get the same exemptions as Iran, Nigeria and Libya - which have had their crude output hit by unrest and sanctions, stressing that Baghdad should also not participate in the output cut because it is waging a war against Islamic State militants.

Speaking to reporters yesterday on the sidelines of an energy conference in Singapore, the Head of IEA, Fatih Birol however stated that under the current conditions, the Paris-based energy advisor to the industrialised nations expects global output to exceed demand until the second half of 2017.

“But we know that the producers are thinking of intervening in the markets. The OPEC and non-OPEC producers, if they intervene in the markets, this re-balance can be earlier than the second half of 2017,” Birol added.

Last month’s decision by OPEC members to trim oil production has since sent prices surging.

According to agency reports, the OPEC’s deal, which aims to stabilise prices is the first to limit production since 2008 but details will only be determined during the group’s meeting on November 30 in Vienna.

Iran, Saudi Arabia’s bitter geopolitical rival, was exempted from the cuts as it is still ramping up production depleted by years of crippling Western economic sanctions lifted only in January.

Crude oil production has outpaced demand over the past two years.

The resulting supply glut has hammered prices from high of more than $100 a barrel in June 2014 to near 13-year low of $27 in February this year.

Prices are currently hovering above $50 a barrel ahead of next month’s OPEC meeting.

Iraq’s oil minister Jabbar Al-Luaibi has demanded that Baghdad should not participate in the output cut because it is waging a war against Islamic State militants.

Reuters also reported that Iraq told a top OPEC official yesterday that it was ready to cooperate in reaching a deal on supply cuts to support oil prices as long as it kept its output at near current levels.

“We are prepared to cooperate on the correct basis,” Prime Minister Haider al-Abadi said, commenting on the visit by OPEC Secretary General Mohammed Barkindo to Baghdad.

Senate Calls for Re-introduction of Toll Gates Omololu Ogunmade inAbuja The Senate yesterday asked its Committee on Works along with relevant stakeholders to study the policy setting up toll gates in Nigeria and come up with effective ways of generating funds for road construction and maintenance.

The resolution on tollgates was the aftermath of a motion by Senator Suleiman Nazif (Bauchi North) seeking the re-introduction of toll gates on the nation’s highways.

According to him, the whole essence of creating toll gates is to generate revenue for effective road maintenance as he lamented the deplorable state of roads in Nigeria

which he described as national shame and unnecessary embarrassment.

“The re-establishment of tollgates is a solution to saving the nation’s generally dilapidated road network.

Besides revenue generation, the presence of toll gates which are normally managed by armed security agents, provides a level of safety for road users,” Nazif said.

Nazif who said government alone could not fund road construction, said the poor state of roads in Nigeria had for many years constituted risks for travellers and transporters adding that cases of road accidents everyday on the roads paint “terrible and pathetic pictures of this ugly incident.”

and Chairman of the Board directed that Egbema power station be sold ‘As-Is’,” said Ugbo.

The NIPP privatisation which was kicked off on November 11, 2013, was stopped midway on the basis of mixed transaction flaws that included non-availability or completion of some of the plants, as well as uncertainty of gas supply arrangements to the plants, amongst others.

Ugbo however indicated that once the three are successfully privatised, the agency will move on to the others, but added that a decision on 150mw Omoku will

be taken after an ongoing project audit on the plant is concluded.

“Decision on Omoku power station will be taken after the conclusion of on-going project audit of the plant. All these strategies are designed to enable the management complete all the projects under phase one and deliver power to Nigerians.

“In a similar vein, management plan completion of Gbarian power station by firing the second unit to bring available capacity to 225mw as well as completion of Alaoji Combined Cycle Phase, this will bring additional capacity of

270mw with one block steam cycle,” Ugbo added.

He also said the permanent gas supply line to Calabar plant would be completed soon by Seven Energy and Accugas Group, who are reportedly laying a 24”x32”km Oron to Calabar line.

Ugbo noted that the NDPHC would be playing in the renewable energy space through the presidential initiative on rural solar home lighting.

According to him: “In July this year NDPHC signed a partnership contract with Azuri Technologies Group/Azuri Solar Power Nigeria

Limited for this presidential initiative designed to achieve in 12 months’ deployment of all SHS units to the identified communities/ beneficiaries. A new department is now in place to drive this initiatives.”

He alleged that the 11 electricity distribution companies (Discos) in the power sector have refused to activate and use Completely Self Protected (CSP) transformers that the DNPHC had deployed to their various networks as part of its intervention the sector. This, he added impedes the level of their service to consumers.

SHELL TEAM IN ASO ROCK

L-R: Government Relations Manager, Shell Nigeria, Mr. Abubakar Ahmed; Managing Director, Mr. Osagie Okunbo; Director, Shell Global Upstream, Mr. Andrew Brown; President Muhammadu Buhari; Minister of State for Petroleum, Ibe Kachikwu; and Vice President, Shell Nigeria and Gabon, Mr. Peter Costello, during a courtesy visit by Shell management to the president at the Presidential Villa in Abuja ...yesterday Godwin Omoigui

House Kicks against Privatisation of Railway Lines, without Due Process Damilola Oyedele in Abuja The House of Representatives has frowned at what it described as an attempt by the Federal Executive Council (FEC) to concession the Western (Lagos-Kano) and Eastern (Port Harcourt - Maiduguri) rail lines, to General Electric (GE), without recourse to the Bureau of Public Enterprises (BPE), and privatisation regulations.

The lawmakers at the plenary yesterday lamented that the action of the FEC is a part of attempts to pander to certain interests who want to see the nation’s core assets sold off. Accusing the FEC of usurping the powers of the BPE, in the absence of the National Council on Privatisation, the House recalled that the Act

which established the Nigeria Railways Corporation (NRC), did not envisage that rail lines may be concessioned.

The House therefore mandated its Committee on Privatisation to investigate the engagement of GE of the United States of America in violation of the Public Enterprises (Privatisation and Commercialisation) Act, 1999.

Hon. Yerima Ahmed (Bauchi APC) who is the Chairman of the Committee on Privatisation said the federal government, in the last couple of months, has been violating several privatisation regulations.

“Section 11 (j) outlines the procedures for privatisation, there are four sections to be followed by the BPE and the agency is not being carried along. The NCP has

not been inaugurated, and in its absence, the BPE is the secretariat for any privatisation,” he said.

Yerima warned that to allow the concession of the rail lines to GE, without due process would encourage flouting laws.

His sentiment was echoed by Hon. Sani Zorro (Jigawa APC) who expressed fears on what he said is an onslaught on public enterprises by parasites and agents, for selfish interests.

“They have illegally launched an attempt to take over our refineries, that was resisted, they are now making attempts to take over our remaining public assets. We call them parasites because they have the option of starting same businesses from the scratch,” Zorro said.

The Majority Leader, Hon. Femi Gbajabiamila, however disagreed with his colleagues, saying while he supported the idea to investigate issues with the nation’s privatisation processes, he had reservations with the specification to the rail lines and GE. He disagreed that the FEC usurped the BPE on grounds that the NCP is comprised of appointees of the executive and therefore a part of the federal government.

But Hon. Nnenna Elendu Ukeje in maintaining the position of Yerima, Zorro and others, said such concession could only be legal, if the National Economic Stimulus bill has been passed.

The motion which queried the concession was sponsored by Hon. Chukwuemeka Ujam (Enugu PDP).

N’DELTA GOVERNORS, OTHERS DEMAND REVIEW OF AMNESTY PROGRAMME executed fully from Abuja without inputs from states in the region.

A review of the programme, Okowa said, should include the states of the Niger Delta, oil multinationals, the military and former militants. “”Dialogue, not confrontation is the way forward. A hardline posture on the part of any group in the face of what the country is currently passing through will only

compound an already bad situation.

The Niger Delta Region is in dire need of modern infrastructure. The Federal Government should declare an emergency in this area and demonstrate commitment to urgently reversing the situation on the ground,” the Governor said.

“Local communities hosting the oil and gas industries should be guaranteed a certain percentage of workers/contracts in these

companies. That gives them a stake in these companies and delivers protection and safety for the companies and their workers,” On his part, Emmanuel who was also represented by his Special Adviser, Mr. Samuel Ekah, lamented that the state was largely excluded from the Amnesty programme, even though it is a major producer of oil.

“There should be a total review of the programme to carry all sections of the region along. Akwa Ibom State has been short-changed as we have been largely excluded from the PAP “, he said.

Representative of the traditional rulers at the hearing, Prof. Jasper Jumbo, said monies used to militarise the region, should instead be deployed to train and re-integrate the former militants.

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Abia Executive, Judiciary on Collision Path as CJ Warns Governor Emmanuel Ugwu in Umuahia

The executive arm of government in Abia State and its judiciary counterpart may be heading for a war path as the Chief Judge (CJ) of the state, Justice Theresa Uzoamaka Uzokwe, yesterday warned the state Governor, Okezie Ikpeazu, against behaving in a certain way not acceptable to the judiciary.

The CJ gave the warning in her address at the opening ceremony of the 2016/2017 legal year. She did not disclose what the governor had done to warrant the public warning but added that if he continued in that manner as was the case the other day, he would continue to be publicly rebuked.

“Before I continue, let me use this opportunity to warn the governor of the state not to do what he did

yesterday again and if he does it again, I will publicly warn him,” the CJ said.

The learned men of the bench and the bar as well as members of the public who were at the event were taken aback by the statement from the CJ but just as they primed their ears to hear the details of the apparent wrong doing by the state chief executive, the CJ stopped short of giving out anything.

Justice Uzokwe also complained that she was yet to get an official residence along with other senior colleagues as the residence meant for the CJ is presently in dilapidated condition hence she has been operating from Aba. She further complained that the state judiciary lacked enough court halls with the magistrate courts in the state being the worse for

it, thereby forcing the magistrates to share courts or rotate sittings.

According to the CJ, “There are seven court halls in the state judiciary headquarters, in Umuahia and we have 14 magistrates of different cadres sitting regularly at the state headquarters” hence the situation was becoming unbearable as congestion of cases has become a norm.

The Justice also expressed concern that the state judiciary was still operating in analogue in this era of information communication technology (ICT) and called for the computerisation of the entire operations of the state judiciary as applicable I modern societies.

Uzokwe regretted that though “typewriters are not very much in vogue in this modern time’, in

Abia judiciary, they have become outmoded and unserviceable hence the need to change to embrace ICT.” However, the state Deputy Governor, Ude Oko Chukwu, who represented his boss, said the government was aware of the problems facing the judiciary and called for concerted efforts to salvage the situation.

He specifically stated that the judiciary was presently engulfed in image problem as its integrity and reputation was being eroded by the day with the public confidence waning.

He announced that the state government had already approved N45,000 minimum wage for the judiciary workers with effect from May 2015.

EFCC Gives Reason for Abati’s Arrest Iyobosa Uwugairen inAbuja The Economic and Financial Crimes Commission (EFCC) said yesterday the former presidential spokesman, Dr. Reuben Abati, was arrested for alleged mismanagement of funds entrusted under his care.

Dr. Abati was arrested on Monday after honouring the antigraft agency’s invitation and he is currently being interrogated at the agency’s headquarters in Abuja.

“Former Special Adviser to ex-President Goodluck Jonathan on Media, Dr. Reuben Abati, on Monday, October 24, 2016 honoured an invitation by the EFCC at the agency’s headquarters in Abuja,” the EFCC stated in its facebook page.

“He is presently telling operatives of the commission his role in the alleged mismanagement of the nation’s resources through his office. We shall keep you posted.”

Amosun Seeks Special Status for Ogun Sheriff Balogun in Abeokuta The Ogun State Governor, Senator Ibikunle Amosun, yesterday called on the federal government to accord a special status to his state, explaining that about 423 companies with a minimum of over N2 billion investment capital are caurrently operating from the state.

Out of these companies, according to the governor, over 100 have opened shops since the beginning of his administration adding that 14 new ones are in the process of inauguration.

Amosun disclosed during the opening of eighth National Council on Industry, Trade and Investment going on in Abeokuta, the Ogun State capital.

The governor said Ogun State was next to Lagos State in terms of non-oil revenue to the federal government, adding that more companies have their operational base in the state.

The success, according to Amosun, was not unconnected with the realisation of partnering the organised private sectors at boosting the potential of the state.

He said: “To this end, our administration has continued to maintain and expand on existing infrastructures while new ones are being constructed. The results of these infrastructural developments are seen in the increase in investment inflow into Ogun State.

“We have continued to reap the benefits of our prudent financial management and re-engineered our internally generated revenue (IGR) drive. We have increased our IGR from the modest sum

of N700 million monthly which we inherited at the beginning of our administration in 2011, to over N6billion per month in 2014, though, currently reduced to an average of N4.8 billion monthly due to the current economic recession in the country.

“As of now, our state is second only to Lagos State in the ratio of the monthly IGR to the monthly FAAC allocation.

This has allowed us to sustain payment of workers’ salaries, while also continuing with other development projects in all other sectors of our economy.

“According to the 2014 Ease of Doing Business Subnational rankings, our state recorded the most improvement of all the 36 states in Nigeria. This was compared to the states, very poor ranking of 34th at the inception of our administration in 2011.

“We also introduced the concept of a “One Stop Shop” to assist investors in their interactions with government particularly during their early stage. I am happy to report that about 423 major companies/industries are presently operating in the state, while over 100 new significant companies have opened shop since the advent of our administration.

“Even in our current harsh economic climate, another 14 are currently in the process of commissioning their industries/ factories. Indeed, we hope that President Muhammadu Buhari will help to inaugurate some of these industries before the end of the year. Ogun State is now officially the industrial hub of the nation.”

LEADERSHIP RESOURCE PERSONS

L-R:Chairman,PunchNewspapers,Mr.WaleAboderin;formerGovernorofAnambraState,Mr.PeterObi;and PublisherofLeadershipNewspapers, Sam Nda-Isaiah, atthe2016EmergingLeadersConferenceinLagos...yesterday

Fayose: FG Tacitly Supporting Herdsmen to Repeat Agatu Massacre in Ekiti Says cattle arrested in safe custody Olakiitan Victor in Ado Ekiti Ekiti State Governor, Mr. Ayodele Fayose, has accused the federal government of giving tacit support to the members of the Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN) to invade the state and kill innocent citizens.

Fayose said the statement issued last Saturday by the group, the umbrella body of herdsmen in Nigeria openly threatening to wage war against the government and people of the state under the pretext that four cattle belonging to its member were killed by the newly inaugurated Ekiti Grazing Enforcement Marshal (EGEM), confirmed its readiness to carry out the sinister action.

Corroborating his accusation that the federal government was giving the group a covert support, Fayose expressed resentment at the federal government’s failure to caution the group four days after this threat was issued against the government and people of Ekiti State by Miyetti Allah.

At a press conference in Ado Ekiti yesterday, Fayose said the silence of the federal government has no doubt further confirmed the insinuation that there was an alleged plot by herdsmen to invade some border towns and villages in Ekiti and cause chaos, so as to justify the evil agenda of declaration of a state of emergency

on the state.

“Nigerians should be reminded that in May, this year, Myetti Allah Cattle Breeders Association of Nigeria said openly that the reason for the killing of over 1,000 people in Benue State was the killing of over 800 cattle by Tiv youths. In other words, Miyetti Allah boldly told Nigerians that its members (herdsmen) killed over 1,000 Agatu people of Benue State because their cows were killed!

“Up till now , no one has been arrested for the massacre in Agatu in Benue State and now, Ekiti State and its people are being threatened by this same Myetti Allah Cattle Breeders Association of Nigeria, and the federal government has pretended as if nothing is wrong.

“Therefore, in view of the above, we wish to tell Nigerians and the entire world that in the event of any invasion of Ekiti State by killer herdsmen, the federal government should be held responsible.

“The herdsmen and those urging them on should also be informed that any attack on one Ekiti person is an attack on all Ekitis and we shall not sit back and allow our people be killed under the guise of cattle rearing,” the governor said.

Fayose added that in the event of security agencies’ refusal to secure the lives and property of Ekiti people, that the people will

have no option than to resort to self help.

“Our forefathers did same in the famous Kiriji War and we won’t mind doing the same now!

I therefore use this opportunity to put Ekiti people, especially residents of border towns in the state on red alert. Ekiti people must be prepared to defend their land against these Philistines whose attributes and characters are extremism, violence, bloodshed and destruction.

“For the avoidance of doubt, the Prohibition of Cattle and other Ruminants Grazing in Ekiti State Bill, 2016 that was signed into law on August 29, 2016 remains in force.

Nigeria is a federation and each state is empowered by law to make laws to protects its people.

“Therefore, the Miyetti Allah Cattle Breeders Association of Nigeria should rather tell its members to comply with this law by seeking from the government designated land for grazing ranch, which the government is always willing to give.

“Five cattle that were arrested last week are being kept in the government ranch and their owners can take them back as soon as the necessary fines are paid.

“It is strange that the Miyetti Allah Cattle Breeders Association of Nigeria kept silent when its members killed two people and injured several others in Oke Ako in Ekiti State. It is strange that the

same Miyetti Allah that defended the murder of over 1,000 Agatu people of Benue State and kept silent when herdsmen killed over 100 people killed in Enugu State and a traditional ruler was killed in Delta State, suddenly found its voice when Ekiti State government decided to curb the murderous activities of its men.

“Why didn’t Miyetti Allah that is now calling on President Muhammadu Buhari to warn me, the custodian of the mandate of Ekiti people warn its members when they were killing Nigerians and destroying farmlands?

Are their cows more important than human lives?

“To us in Ekiti, lives of 5,000 cows cannot be equated with those of human beings that are being killed daily by herdsmen across the country.

“Miyetti Allah Cattle Breeders Association of Nigeria must know that if they want to rear cows in Ekiti, they should do so in accordance with the laws of the state. After all, law prohibiting sale and consumption of alcohol was made in Kano State and the law is being enforced while Sharia Law made in some States in the north is also being enforced.

“We therefore want to appeal to all security agencies to be alive to their responsibility of protecting the lives of Nigerians and their property,” Fayose said.

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Oil Theft: Court Refuses to Bar Journalists from Covering FG’s Suit against Total Davidson Iriekpen A Federal High Court in Lagos yesterday dismissed an application

to bar journalists from covering the case of alleged illegal oil export filed by the federal government against Total E&P Nigeria Plc.

Senate Rejects Motion to Include Pan-Africanism in Secondary School Curriculum Calls for restoration of history, civics to syllabus Omololu Ogunmade in Abuja The Senate yesterday rejected a motion seeking to make PanAfricanism a subject in Nigeria’s secondary school and instead, resolved that History and Civic should be re-introduced into secondary school curriculum.

The motion, moved by Senator Shehu Sani (Kaduna Central), had harped on the need to inspire Nigerian children with the knowledge of Africanism, which he described as the dream of African founding fathers about Africa’s unity.

According to Sani, including Pan-Africanism in Nigeria’s secondary school curriculum has become vital as he recalled that Nigeria as the giant of Africa, helped many other African countries to achieve independence.

Therefore, he said it was important for Nigeria to inculcate the spirit of pan-Africanism in its children with a view to nurturing them and consequently promoting the dream of the founding fathers.

Sani had recalled how in 1958, former Ghanaian President, Kwame Nkrumah, called a meeting of the leaders of African countries which had obtained independence including Sudan, Egypt, Tunisia, Ethiopia, Liberia and Morocco, to support the agitation for the independence of other African countries.

He said the meeting resulted in the independence of 31 other

African countries in 1963 and thus culminated in the formation of Organisation of African Unity (OAU).

He therefore said teaching Pan-Africanism in secondary schools would keep both the memory of pan-Africanists and Pan-Africanism alive in the minds of Nigerian children.

But the motion was rejected as senators contended that instead of introducing Pan-Africanism in the secondary school, the Senate should advocate the restoration of History and Civic into Nigerian school curriculum.

The Senate also rejected a prayer urging the federal government to erect a mausoleum in the Federal Capital Territory (FCT) in honour and memory of Pan-Africanists and all who were involved in the struggle for African unity and liberation.

Also yesterday, the Senate advised the Joint Admissions and Matriculation Board (JAMB) to develop a strategy to ensure efficiency in the conduct of Unified Tertiary and Matriculation Examination (UTME).

The resolution followed a motion

by Senator Umaru Kurfi (Katsina Central), calling for scrapping of post-UTME. But his prayer that the Senate should direct the National Universities Commission (NUC) to scrap post-UTME was thrown out because it was stale as the Senate said post-UTME had already been stopped.

Burutai to Be Honoured as Army Chief of the Decade The Coalition of Civil Societies and Media Executives for Good Governance in Nigeria (COCMEGG) will tomorrow host the Chief of Army Staff (COAS), Lt. Gen. Tukur Buratai, at a Grand Red Carpet reception where he will be conferred with the award as ‘Most Distinguished Chief of Army Staff of the Decade,’ at Egus Hall, Nugget Hotel, Utako, Abuja by 12 noon. The Chairman of the occasion is former Inspector General of Police (IG), Sir Mike Okiro.

The group, which is an umbrella body of civil society groups, activists and media executives, has over the years, advocated transparency, accountability and good governance in Nigeria.

According to the President of the coalition, Kenneth Aigbegbele, in a statement made available to THISDAY yesterday, after a critical and painstaking research Buratai will be honoured with the prestigious award for “having redefined and repositioned the office of the COAS in its history;

his avowed commitment and determination that led to the defeat of Boko Haram insurgents and the high morale and spirit-de-corps within the rank and file of the army due to the enormous support of President Muhammadu Buhari.”

He said it was under his watch that the army witnessed a tremendous increase and improvement in the purchase of armaments and accoutrements for soldiers including the rebranding of the Nigeria army to meet with global best standards and citizens’ satisfaction based to his leadership style and direction of the army.

In view of that, the president of the group enjoined friends, associates, the diplomatic community, traditional rulers and well-meaning Nigerians to grace the auspicious occasion to celebrate the army and COAS. He emphasised that this is just the beginning of a greater effort to give a pat on the back of those who on a daily basis, put their life at risk for the greater good of the country, saying: “They deserve our commendation and support.”

The federal government sued Total E&P Nigeria Plc, alleging that the oil company under-declared the volume of crude oil it shipped out of the country between January 2011 and December 2014.

The federal government accused the oil company of short-changing it to the tune of $245 million, by allegedly shipping several barrels of crude oil out of Nigeria without making due remittances to it.

Total, through its lawyer, Mr. Babatunde Fagbohunlu (SAN), yesterday, brought an application,

urging the court to bar journalists from covering and reporting the proceedings.

He had argued that the media reports made it appear as if his client had already been found guilty of the allegations levelled by the federal government.

Fagbohunlu said the media reports were pre-judging the case.

But Justice Mojisola Olatoregun dismissed the application, stating that she could not bar journalists from performing their duties in court.

She reminded the counsel that the court was a public place, which was also open to journalists.

She, however, warned journalists to always report accurately.

Similarly, Justice Olatoregun also granted an application by the federal government to amend its pleadings in the case.

She held: “The prayer of the plaintiff was to amend pleadings and same was disclosed as being urgent. The defendants failed to disclose any injury they will suffer

if this application is granted.

“I find merit in granting this application to amend the process and the list of witnesses.

“This must be filed within 14 days from today. The defendants are at liberty to file consequential amendment if they choose to do so.” Justice Olatoregun adjourned further proceedings in the case till January 16, 2017.

The federal government, through its lawyer, Prof. Fabian Ajogwu (SAN), had said it filed the suit following a forensic analysis.

HONOUR FOR ENTERPRISE

Vice President, Prof. Yemi Osinbajo (left), congratulating the Chairman of Coscharis Group, Dr. Cosmas Maduka, as the recipient of the honorary award of Doctor of Business Administration, Honoris Causa at the fourth convocation ceremony of the Afe Babalola University in Ado Ekiti...recently. With them is the Governor of Ekiti State, Mr. Ayodele Fayose while the Governor of Ekiti State, Ayo Fayose watches on at the 4th Convocation ceremonies of Afe Babalola University in Ado Ekiti... recently.

LASG to Constitute Economic Management Team Gboyega Akinsanmi The Lagos State Government yesterday disclosed that it would constitute an Economic Management Team (EMT) very soon help globalise the economy of the state.

The state government also identified private sector as the key agent of transformation in every economy, saying the drive “to take Nigeria out of recession resides in the private sector.”

The state governor, Mr. Akinwunmi Ambode, disclosed this at a meeting with a delegation from the Nigerian-British Chamber of Commerce (NBCC) at Lagos House, Ikeja.

The delegation comprised patron of the council, Chief Michael Olawale-Cole, President of the chamber, Prince Dapo Adelegan, immediate past president, Prince Yemi Adefulu, council members; Mr. Kamarudeen Danjuma, Mrs. Margaret Adeleke and Asiwaju Fola Osibo.

At the meeting, the governor said the economy of Lagos “is in the hands of private sector. It is instructive in the sense that we are the fifth largest economy in Africa. The drive to take Nigeria out of recession resides in the private sector. This is the kind of willingness we need on the part of the government to drive Nigeria out of recession.

“Receiving this delegation is instructive to send a message that this recession is going to be collaboration between the private

and public sector. Because our economy is in the hand of private sector, we are willing to allow them drive it.

“That was why we have decided that we need to take out own policies and decision that will create an enabling environment for the private sector to thrive in Lagos. That was why we have been running this administration on a tripod,” the governor explained.

He, therefore, disclosed the plan of his administration to constitute an economic team, which he said, would catapult Lagos into that global city that the past leaders indeed envisioned.

He said: “We believe that very soon, we will be inaugurating an economic management team to drive Lagos State. We need to start to think and envision our self. It will involve nominee from the private sector.

“This will afford us the opportunity to collaborate with the private sector to think together. Majorly, the economy of Lagos is driven by the private sector and the only responsibility of the government is to ensure that there was an enabling environment for businesses to thrive.

“I believe the synergy will catapult Lagos into that global city that we envisioned. I see Lagos globally. That is why we have set up office of overseas affairs. This will afford us the opportunity to think globally. And that is the only way to move forward,” Ambode explained.

Alamieyeseigha’s Widow Speaks on How PDP Conspired, Killed Her Husband Emmanuel Addeh in Yenagoa Margaret, the widow of exGovernor of Bayelsa State, Chief Diepreye Alamieyeseigha, has alleged that contrary to the perception that her husband died as a result of intimidation by the current government, the Peoples Democratic Party (PDP) which the politician belonged to actually planned his untimely death.

Alamieyeseigha, who died in October last year, his widow alleged, was hounded by the PDP, which his husband struggled with a handful of other politicians to build.

While exonerating the leadership of the All Progressives Congress (APC) from the events which led to the 2015 death of her husband, the former First Lady of Bayelsa State traced the Ijaw leader’s demise to traitors among his people who worked with the PDP to truncate the politician’s life. She added that it was neither the APC that arrested nor humiliated her late husband by seizing all that belonged to him, noting that all the activities that led to the man’s death were carefully planned by the party at the centre at that time.

According to Mrs. Alamieyeseigha, though the events leading to the death of her husband sparked controversy between the PDP and APC ahead of the governorship election, the killing of the late ex-governor started with his removal from office.

She maintained that the

conspiracy was later followed by the arrest, trial and seizure of properties owned by her husband under the leadership of the PDP. Speaking with journalists during an event to round off the first year anniversary of Alamieyeseigha’s death, the woman said the controversy surrounding the death of her husband was not necessary.

“The PDP frustrated and sent my husband to his early grave and not the APC as widely speculated.”

“I can categorically say today that it was the PDP that arrested my husband, seized all his properties and humiliated him to the point of his death. It is PDP that killed my husband and not the APC. “It was PDP that arrested my husband, it was PDP that humiliated my husband and killed him. At the end, they seized everything that belonged to him,” she said.

She continued: “It was the PDP that tormented my husband and he died as a result of the humiliation he suffered in the hands of the PDP. As far as I am concerned, they humiliated him and took everything away from us.”

Mrs. Alamieyeseigha described her husband as a man who wholeheartedly fought for the emancipation of the Ijaw people, stressing that it was sad that the same people he fought for betrayed and eventually killed him.

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NEWSEXTRA

Kaduna Killings: Community Leaders Sign Peace Pact Seriki Adinoyi in Jos Following recent communal clashes in southern Kaduna, Kaduna State, which claimed several lives in the area, 29 communities spread across five local government areas of the state have signed an agreement to remain in peace and not allow a repeat of such incident.

Leaders from the five council areas, made up of Kachia, Kaura, Jema’a, Sanga and Zangon Kataf, signed the pact after a parley brokered by Swiss government sponsored Nairobi-based intergovernmental organisation, Centre for Humanitarian Dialogue (CHD).

CHD has been involved in peace and conflict mediation process in Plateau and Kaduna States.

More than 20 people were allegedly killed recently when clashes erupted among communities in Jema’a Local Government Area in the southern part of the state.

The areas affected were Godogodo, Ninte, Gada Biyu, Gidan Waya,

Antang and Dogon Fili as well as Kagoro in Kaura local council area.

In a communiqué issued at the end of the meeting, the communities said they were committed to peaceful resolution of the conflict that led to the clashes, and also assured their people and leaders and the wider community of their continued commitment to uphold the peace in Southern Kaduna.

While acknowledging that inter-communal dialogue process which focused on, among other issues, the prevalent farmer/grazer conflicts and the return/settlement of internally displaced persons (IDPs) is a continuous process, the leaders said they were committed to sustaining the peace through ensuring the implementation of the dialogue recommendations.

The communiqué said: “The inter-communal dialogue among the 29 ethnic groups has succeeded in helping us

to begin to jointly find solutions to our issues and concerns. The community-driven approach has given us more direct involvement in finding these solutions. The dialogue cut across all levels of civil society and has sought the buy-in and support of key stakeholders (federal, state and local governments, the business community, traditional rulers, community and religious

leaders, women and young people).

“The bottom-upward approach provided a different model for addressing the issues and was received positively by our communities. We cultivated a new culture among ourselves of embracing dialogue as the mechanism for dealing with our disputes, hoping to ultimately lead to peaceful co-existence among us.”

The peace pact, entitled ‘Kafanchan Peace Declaration’, also assured the people that every attempt must be made to end the attacks and ensure that there were no reprisals, stressing: “We are conscious that the failure to implement an agreement is worse than not reaching an agreement at all. Thus the communiqué outlines one key issue that has affected the

implementation and explains how to shore up factors that can positively affect its implementation and eliminate, contain or manage those which may undermine it.”

As part of fence mending, the leaders agreed on joint condolence visit to affected families, resettlement of displaced Fulani and natives and also hold perpetrators accountable in order to end impunity.

New Group Emerges for Promotion ofYoruba Interests Holds inaugural meeting in Ibadan Thursday The inaugural conference of The Yoruba Initiative (TYI), a nascent pan- Yoruba pressure group will hold in Ibadan on Thursday, October 27, 2016 from 11a.m.

After weeks of brainstorming at repositioning the Yoruba race, the conference, made up of pioneering members, will come up at the Syndicate Room of Premier Hotel, Ibadan, Oyo State.

It will attract Yoruba descent from Nigeria and those in diaspora.

The non-partisan, non-religious group, is to lend a hand in

preserving the Yoruba heritage, promote Yoruba civilisation worldwide, encourage unity of purpose among other Yoruba groups on issues that can bring empowerment and social security and ensure good governance in states of interest.

The group noted that the Yorubas are socially advanced, unified and recognised in their contributions to world civilisation, and hence would strive from time to time, to sustain the good legacies of the people in economy and social

Wrothams Windsor Launches Housing Projects in Nigeria A UK-based estate firm, Wrothams Windsor, one of the country’s leading investment and advisory firm, is set to unveil its first Parc du Cap housing project, a prestigious project on the French Riviera by the Caudwell Collection to potential investors in Lagos on October 26, 2016 at The Wheatbaker Hotel from 10a.m. to 4p.m.

The housing development, which comprises 88 apartments ranging from one-bedroom apartments to four bedroom penthouses, is located in a residential area, 200m from the ‘Pinède’ in Juan Les Pins.

Describing the project, the Director of Wrothams Windsor on International Residential Development, Adam Jones, said the housing project (Parc du Cap) is a unique offering, which will stand the test of time in Nigeria.

He said, “Parc du Cap really is a unique offering and is exceptional because it ticks all the boxes. Sea views, a contemporary design, luxury interiors, generous landscaped grounds, pool, spa, tennis and more in a completely secure site, elegantly set in a sought-after, prestigious location, a short walk from sandy beaches, a prime concert venue, restaurants and bars, and close to a major international airport.

“We are seeing strong interest from buyers from all over the world with some clients looking to take multiple units for family use and from investors looking to diversify their property portfolio.”

The development, which is ready for occupation later this year, is ideally situated within easy walking distance of the popular beaches and restaurants of Cap d’Antibes and Juan-les-Pins.

Glamorous Cannes is just five miles away and offers major events throughout the year with unrivalled shopping and world-renowned restaurants whilst Nice and its international airport are just 16 miles away.

Each of the elegant apartments have private terraces, some of which have sea views, whilst the penthouses have a private swimming pool on the roof top with panoramic views of the Cote d’Azur.

The spa area includes outdoor and indoor swimming pools, Jacuzzi, steam room, ice-room and gym. There are also private massage and treatment rooms for residents wishing to book a spa treatment. There is also a tennis court. A 24-hour concierge service is available.

ONLINE CONSULTANCY

L-R: Mr. Ade Banjoko; Managing Director/CEO, Hord Limited, Mr. Felix Rwang-Dung; Managing Director/CEO, Connect Marketing, Mr. Tunji Adeyinka; Chairman, Professional Practice Group (PPG) of the Lagos Camber of Commerce, Mr. David Bawa; Membership Officer, PPG, Mrs. Prisca Kanebi; Mr. Kazeem Abibola of Connect Marketing; and Head, Editorial Team of PPG, Mr. Obiora Osokolo, during the launch of an online business consultancy called Ask an Expert in Lagos...recently

Ikanya Denies Being Awarded Tompolo’s Surveillance Contract Eromosele Abiodun The Chairman of the All Progressives Congress (APC) in Rivers State, Dr. Davies Ikanya, has denied that he was awarded any surveillance contract by the Nigerian Maritime Administration and Safety Agency (NIMASA).

In a letter through his solicitors, Chris Osuagwu and Co, Ikanya said he was neither a subscriber nor a director of Snecou Nigeria Limited, the company to which NIMASA awarded debt recovery contract.

He also denied receiving any vehicle from NIMASA, adding that he does not resume office or close with NIMASA Director

General, Dr Dakuku Peterside.

According to Chris Osuagwu and Co, “Our client took several years to build/earn his reputation and this contributed to his election as the chairman of APC, Rivers State. Therefore, he would not watch by idly for such hard earned public reputation to be destroyed by anybody group or organisation.

THISDAY had recently reported that the debt recovery and surveillance contract awarded to the Global West Vessel Specialists Nigeria Limited (GWVSNL) owned by former Niger Delta militant, Government Ekpomupolo, popularly known as Tompolo, by NIMASA during

the President Goodluck Jonathan administration and cancelled by President Muhammadu Buhari has been awarded to a Snecou Nigeria Limited, a company allegedly owned by Ikanya.

This, Ikanya said, was incorrect, distancing himself from Snecou Financial Services Company Limited.

Recently, NIMASA announced that it had appointed Snecou Financial Services Company Limited to assist in revenue generation.

The agency, in a statement, said the move was in a bid to shore up its revenue amid the nation’s dwindling economy.

It said the contract which also

has the company serving as a recovery agent for debts owed the agency is for a period of two years in the first instance with an option for renewal.

NIMASA added that the approval for this contract was recently granted by the Tenders Board (PTB) of the agency at its 55th session which was held in the agency’s head office in Lagos.

“Given the urgent need to recover the agency’s debts which is in billions of naira, the agency sought and obtained approval for a ‘Certificate of No Objection’ from the Bureau of Public Procurement (BPP) in line with the Public Procurement Act (PPA),”it stated.

APC MAY IMPLODE BEFORE 2019, WARNS DEPUTY SPOKESMAN is a constitutional procedure and if they do not follow due process, I am going to take the party to court to determine whether Oyegun has any such powers to carry out such appointment,” he said.

Meanwhile, the Forum of Non-NWC National Executive Committee (NEC) members of the APC has given a-14-day ultimatum to Oyegun to as a matter of urgency convene NEC meeting.

The position of the aggrieved leaders came just as the party is said to be considering the appointment of the former Minister of Sports, Bolaji Abdullahi, as its acting National

Publicity Secretary.

However, THISDAY gathered that the meeting of the National Working Committee (NWC) summoned to ratify the appointment of the new spokesman failed to materialised as Oyegun was said to come under stiff opposition from other members who saw it as illegal.

In a meeting of the body consisting of some national officers of NEC who are not members of the NWC, the group alleged that the present leadership of the party has grossly erred to uphold the following APC constitution.

In a communique signed by the group’s Coordinator and National Ex-Officio, (South-west), Hon.

Omolaoye O. Akintola, it said that the party’s leadership has failed to convene NEC meetings and national convention as stipulated in the constitution.

“Article 25(Ai) which provides that “The national convention off the party (APC) shall be held once in two years at a date, time and venue to be recommended by the NWC and approved by the NEC The communique read: “That APC constitutional provisions should be legitimately followed henceforth and necessary redress be made.

‘That the forum is hereby demanding for a prompt

inauguration of our party Board of Trustees (BoT) as provided in the party’s constitution.

“That the present incumbent leadership of the party is hereby called upon to give appropriate responses and actions to the two letters previously written to the national chairman of the party which were properly acknowledged.

“That mandated quarterly NEC meeting as provided by our party constitution should be religiously followed henceforth to ensure that an open administration and participatory system of party running is embraced by the national party leadership which would be replicated to the party unit level.

WEDNESDAY OCTOMBER 26, 2016 • T H I S D AY

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CRIME&PUNISHMENT

Teacher Arrested for Forcing Teenager to Engage in Oral Sex Chiemelie Ezeobi The Lagos State Police Command, yesterday arrested one Enilolobo Olamilekan, a teacher with one of the private schools in Ikotun, for allegedly forcing a female student to engage in oral sex.

The 20-year-old, who resides at No. 17 Ayodele Shitta Street, Ikotun, Lagos, was said to have lured the 12-year-old female student (name withheld) to his house and taken advantage of her.

The teacher was said to have been contracted to conduct private lessons for the girl and several

others in the premises of a private school located in Ikotun.

The suspect who was paraded, told journalists that he had tasked the victim on an assignment but she failed to deliver.

He said: “Upon resumption of the lesson day, I told her to come with one notebook and one writing book for her lessons, but on the said day, she came with only one book.

“I gave her assignment to write in the book she didn’t come with and I instructed her to tell her mum to buy the book for the assignment.

“The next day, she came to school and still didn’t buy the book and

I told her to go and wait for me in another class.

“After the class, I took her to a nearby shop and bought the notebook and a pack of biscuit as she said she was hungry.

“I then took her to my house and I asked her to sit down and I pulled down my trouser and I then inserted my manhood into her mouth.

“While I was in the act, I sighted my younger brother who was on his way back from school, I quickly stopped and pulled up my trouser.

“The girl went home and reported me to her parents. The

next day, the parents came to the school to report and they accused me of molesting her.

“Although I denied raping her, they still took her and ran tests on her and discovered that I didn’t penetrate.”

Confirming the incident, the Police Public Relations Officer, Dolapo Badmos, a Superintendent of Police, said the suspect would be charged for indecent assault.

Badmos urged parents, especially those with female kids, not to be careless in leaving their children without exercising due diligence in protecting them.

CAUGHT AND PARADED

A cross-section suspected ladies arrested in an abandoned building on Club Road, Ikoyi and paraded by Lagos State Special Committee on Clean-up of Lekki, Victoria Island and Ikoyi in Lagos...yesterday Kola Olasupo

Lagos Taskforce Raids Azazi’s House, Arrests Eight Alleged Prostitutes Gboyega Akinsanmi The Lagos State Task Force on Clean-up of Ikoyi, Victoria Island and Lekki yesterday raided the house of the former National Security Adviser (NSA), Gen. Andrew Owoye Azazi (rtd), arresting eight prostitutes.

Apart from eight prostitutes that were arrested during the raid, the taskforce equally apprehended three other persons in Azazi’s building located on 5 Club Road in Ikoyi, Lagos.

The taskforce carried out the operation as part of the state government’s exercise to clean up illegal structures, restore abandoned buildings and enforce original master plan of Ikoyi, Victoria Island and Lekki.

Most young women arrested during the raid confessed that they were from Benue State and will be charged to court by the Lagos State Taskforce on Environmental and Special Offences (Enforcement) Unit.

After the raid, the chairman of taskforce, Mr. Yinka Egbeyemi, said it was carried out following series of complaints the state government had received from the residents of Club Road about the activities taking place in the building especially at dusk.

Egbeyemi said when questioned, all the suspects could not offer explanations on

their means of livelihood, adding that all the suspects would be charged to court soon based on circumstantial evidence.

He, therefore, warned that the committee “is resolute about its determination to rid Ikoyi and VI of abandoned buildings and miscreants. The clean-up committee will focus on Lekki where infraction has been identified and will be cleared to restore the original masterplan of the areas.”

Egbeyemi said before this latest operation, the taskforce had earlier gone to the same abandoned building which has become a convergence point for all sorts of characters including uniformed men who allegedly purchased alcohol and drugs while at night it served as a joint and brothel for women of easy virtues.

He said after the first visit, a surveillance was placed on the building which is close to the Ikoyi Police Station and indicated that different questionable characters were still patronising the place and terrorising the residents, a development which spurred the Clean-up team to act.

The paraded suspects include Ajoke Precious 22 from Kogi, Akaana Agateh 26 from Benue, Agbo Elizabeth 18, Benue State, Augustin Mary, Benue, Ajanjo Blessing 24, Mary Douglas from Bayelsa 22 and Mati Dodi, 28.

Another one, Mary Douglas,

22 from Bayelsa said she arrived in Lagos in January to stay with

her uncle who has since relocated out of Lagos.

Police Nab Five Suspects for N8.5m Fraud Chiemelie Ezeobi Operatives of the Special Fraud Unit (SFU), Milverton, Ikoyi, have nabbed five former students and undergraduates of the Nnamdi Azikiwe University, Awka, Anambra State, for their involvement in N8.5million hacking and banking fraud.

Although the suspects were not the ones that hacked the account, their account numbers were however used to transfer the illegally gotten funds.

The suspects, who claimed not to have known that their accounts were going to be used for fraudulent activities, alleged that they met the fraudsters at different occasions in Anambra State.

The suspects identified as Nwokora Somadina, Ekwueme Somtomchukwu, Chris Kizito, Udeh Cyprian and Ebuka Emmanuel, were said to have been paid N2million, N950,000, N500, 000, N900, 000 and N640,000, respectively in their accounts by the hackers.

While Emmanuel alleged that

he met one of the conmen, simply identified as Blade, through a cousin of his in the village, Nwokora said he met another member of the gang, simply identified as Nath, through a fellow student.

Emmanuel said, “I met Blade through one of my cousins in the village. We exchanged telephone numbers. A week after we met, Blade called asking if I have a Zenith bank account and I said yes.

Confirming the arrest, SFU Police Public Relations Officer, Lawal Audu, an Assistant Superintendent of Police, said the unit received a petition from the management of Golden Chance Loto, about a fraudulent withdrawal of the said sum from the company’s account.

He said based on the strength of the petition the Commissioner of Police in charge of SFU detailed some detectives to go after the perpetrators of the crime.

He said, “During the cause of investigation it was discovered that the amount which was fraudulently withdrawn from the company’s was paid into the suspects account.

In Brief Troops Arrest Another Nine Suspected Boko Haram Collaborators

TheActingDirectorArmyPublicRelations,ColonelSaniKukashekaUsman,said yesterdaythatNigeriantroopshavearrestedanotherninesuspectssaidtobe supporting the terrorist group, Boko Haram, in the North-east Zone, bringing the number of those caught in the last two days to 30. In press a statement issuedyesterdaybythearmyspokesman,thesuspectsincludedtwoofficers, two soldiers, two policemen and 26 civilians were said to have been arrested.

Usman said investigation conducted on the 21 suspected collaborators and saboteurs earlier arrested led to the arrest of the nine. “Many more suspects wouldbearrestedandprosecutedbasedonevidencesagainstthemandlevelof culpability,’ hesaid.Thearmyspokesmandescribedthesuspectsasunpatriotic elementswhosecriminalactswerelikelytojeopardisethecollectiveeffortsof clearing the remnants of Boko Haram terrorists. He advised members of the public to report any known or suspected illegality with regards to Operation Lafiya Dole to security agencies.

FCT Police Quiz Suspected Wonder Bank Operator

The Federal CapitalTerritory (FCT) Police Command yesterday arrested one Elvis Michael on suspicion of fraudulently duping 600 Abuja residents of N6, 498,00.00, using his company, Best Plan Cooperative Credit andThrift, later found to be a ‘wonder bank’ without legal operating license. In a statement signedbytheCommand’sPPRO,AnjuguriManzah,onbehalfoftheFCTPolice Commissioner, Mustafa Muhammed, said the suspect has used the ‘wonder bank’todefraudpettytradersoftheirhardearnedmoneythroughapurported loan scheme. According to the statement, over 600 traders have deposited Six Million Four Hundred and Ninety-Eight Thousand Three Hundred Naira (N6,498,000) with Best Plan Cooperative Credit andThrift without securing theloanpromisedthembytheoperator. Thestatementread:“Thesuspectwho wasarrestedatJikwoyiinpossessionofthecashsumofN828,000.00,proceed of the day’s collection, has confessed to the crime and has been cooperating with the Police in its investigation.” On his modus operandi, Police said, the suspect uses its agents at market places and other strategic spots to scout for potential customers who are encouraged to take up the juicy loan offer of the cooperative. The statement said: “The customers are then cajoled to register with the Cooperative with the sum ofTwoThousand Naira (N2,000).

Sequel to which the customer will be requested to deposit cash summing up to 20 percent of the total loan with the cooperative before the loan will be approvedtothecustomer. “Overeightyvictimshavecomeouttovolunteertheir statementtothePoliceonthenefariousactivitiesofthesocalledcooperative and how they were lured into parting with their hard earned savings. “The FCT Commissioner of Police, CP Muhammad Mustafa has assured members of the Public that the Command will carry-out a discreet investigation that will see to the proper prosecution of those involved in this fraudulent act.” The Police boss enjoined FCTresidents to always verify and carry-out thorough background check on Cooperatives or organisations approaching them with loanofferstoforestallbeingdefrauded. Hecautionedjobseekersshouldseek proper clarification from relevant authorities before accepting job offers to forestalltheriskofbeingusedforfraudulentactivitywithouttheirknowledge.

Ondo: Couple, Two Others Arrested for Alleged Child Trafficking

The police from Funbi-Fagun Division in Ondo City have arrested a couple, AyobamiandMujoidatWahabandtwootherwomenforallegedchildtrafficking.

The Divisional Police Officer (DPO) in charge of the station, Mr. Olu-Ojo Ogunmoyole, who disclosed the arrest of the four persons, said the suspects who specialised in street begging business, were indigenes of Ibadan in Oyo State.

Accordingtohim,thesuspects werearrestedwithfivepupilswhowerebetween the ages of eight and 10 years. He said the suspects were arrested at various locations in the community following complaints by the residents of the area.

The DPO explained that the suspects always pretend that they were blind and move about with each pupil to beg for arms at different locations in the city on daily basis. In a confessional statement made at the station, one of the suspects who gave her name as Folasade Iyiola, said she relocated from Ibadan to Ondo City recently to continue with her street begging business.

Thesuspect,whodescribedherselfasavictimofcircumstances,explained that she made away with two of the pupils in two different locations in Ibadan without the knowledge of their patents. The woman explained that she had been in the business for over three years because she was arrested by the police. “I was introduced into the begging business by Mujidat who is one of the suspects when we met at the Central Mosque in Ibadan and told me if she could get under-aged pupils that would be used for the business, after which I helped her to get two pupils before I later joined her in Ondo for the business,” she stated. One of the pupils who gave his name as Ibrahim, said he was a primary six pupil of a popular primary school in Ibadan. He said he was in the midst of his colleagues in Ibadan during the celebration of the last Ileya festival when he was captured by one Mrs Mujidat and brought to Ondo.

“I was at Idi-ape in Ibadan on the day of Ileya festival when the woman held me inmyhands,aftersomeminutesIcouldn’tgetmyselfagain,beforeIcouldopen my eyes, I met myself in Ondo City. I slept for about two days before I could get myself back. “Few days later, we started the street begging business, it was on Saturday the first town we visited was Akure and we made a lot of money, they gave us cooked rice at one of the ceremonies where we visited.

“When we got back home they gave me food and told me that my money is N500 on each outing,” he said in Yoruba language. When he was asked how he got to the police station, the boy said he always see his mother in a dream crying whenever he sleeps begging him to return. Ibrahim said when he could not sleep again, he told another child named Fatai, who was also being used for begging and told him that we should run away to Ibadan. “When we were on the trip nd became hungry we begged for gari from one woman. It was the woman that called the police that later came and picked us in their car. It was the police that later traced those that brought us from Ibadan,” Ibrahim said.

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T H I S D AY •WEDNESDAY OCTOBER 26, 2016

WEDNESDAYSPORTS Wilmots Rejects Algeria Job, Frenchman Courbis Now Favourite

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

Ex-Belgium coach, Marc Wilmots, has rejected a chance to lead Algeria after contract talks collapsed over cash with Frenchman Rolland Courbis now likely to take over the Fennecs post ahead of the November 12 clash with Nigeria.

According to the Algeria News Agency, negotiations between Wilmots and FAF President Mohamed Raouraoua in Brussels broke down over finances with speculations being that the Belgian coach’s asking price was beyond the budget of Algeria.

As a result of this, Frenchman Rolland Courbis has now emerged as the favourite to replace the Serb Milovan Rajevac, who quit his post earlier this month after Cameroun forced Algeria to a 1-1 draw in Blida in a 2018 World Cup qualifier.

However, Wilmots has insisted money was not the reason he turned down Algeria.

A Belgian journalist, Thierry Luthers, said he spoke with Wilmots, who denied money was the stumbling block.

The journalist further said the coach told him he could return to national team management “in two, three years” possibly

because of how his career as Belgium coach ended in a huge disappointment.

Belgium under Wilmots was one of the leading favourites to win the 2016 Euros in France only for them to fail so miserably.

Wilmots will rather consider returning to club football soon.

Meanwhile, Super Eagles will get total support to beat Algeria in Uyo, according to the chairman of the Nigerian Football Supporters Club.

“Nigeria must qualify for the World Cup and for that, the 12th man must be united. Peace has returned to the supporters club and we are happy for that,” declared supporters’ club boss Vincent Okumagba, who has personally sponsored the country’s fans’ club.

“We did not go to Zambia because of the wranglings in the supporters club so as not to distract the team.

“Nigeria will be at Russia 2018 and so they will get total support from us to achieve that. We plan that at least 500 registered supporters will be in Uyo to cheer the Eagles to victory against Algeria.

“We will energise the players for them to go and do Nigeria proud.”

L-R: Manager, Sponsorship, Etisalat Nigeria, Orah Egwu; Permanent Secretary, Ministry of Education, Enugu State, Mr. Augustine Ude and Head, Regional Sales, South East, Etisalat Nigeria, Okechukwu Nwaeze with the Champions Trophy during a courtesy visit to the ministry by Etisalat Nigeria as part of activities to mark the kick-off of the Etisalat School Cup Season 3 Regional Play-offs in Enugu State …yesterday Elections of new leaders of the supporters club has been fixed for December

10 and Okumagba said he is confident of victory.

“I hope to return as

national chairman with a landslide victory when we do the elections because

I have something to offer after 20 years in the club,” he said.

Heritage Bank Targets New Oshewa Dominates NNPC/Chevron Tennis Masters Stars with Skoolimpics The Managing Director/ Chief Executive Officer of Heritage Bank, Ifie Sekibo, said yesterday that the outfit was committed to discover, nurture and reward young talents from secondary schools.

He said the need to catch them young and develop them to become future Olympics stars necessitated the introduction of Skoolimpics.

Speaking during the press conference heralding the threeday games, Sekibo, who was represented by the Executive Director, Lagos and South-West Corporate Banking of Heritage Bank, Mary Akpobome, said there was need to tackle the dearth of insufficient sports talents and the best way to do that was by catching them young.

“Skoolimpics is the holistic development of young people in order to foster their physical, social and emotional wellbeing,” Sekibo said.

“The benefits of the games are immense because sports is an essential part of education, as such Skoolimpics put in another way is where education meets sports.

“Before now, Nigeria was a force to reckon with on the continent and world in general, but the country’s recent lacklustre outing at the Rio Olympic Games in Brazil sums up the deterioration

in our institutional sporting framework.”

Speaking further, the MD said gone were the days when there were several competitions to detect athletes in various sports, mentioning organised games like the national Sports Festival, Army and Police Games, Customs, Immigrations and Prisons Games to mention but few.

In her own word, the Divisional Head, Retail/SME of the bank, Ori Ogba, who was the brain behind the games said in less than three years of existence of the organization, they saw the need to invest more in the school children.

She said: “Other institutions have been around and see no reason why they have to invest in the school children, but we decided to come up with Skoolimpics.

“This is Heritage Bank’s brain child, nobody approached us. We came up with the idea and decided to invite others because we cannot do it alone.”

Over 200 public and private secondary schools with about 6,000 students are expected to be part of the first edition of Skoolimpics with the games scheduled to start from November 2 to 4 at two different centres; Teslim Balogun Stadium, Suru-lere and Rowe Park, Yaba.

After failed attempts, last weekend was a moment of reckoning for young Michael Oshewa as he finally broke the jinx of being the only top three junior player in the country that has never won the annual NNPC/Chevron Junior Masters.

The young star was the hero of the day as he dominated his opponent, Stephen Augustine to win the 17th edition of the tournament.

Oshewa, still basking in the euphoria of Team Nigeria successful display at the last International Tennis Federation (ITF) West

and Central Africa Junior Championship in Cotonou and Lome, reenacted the feat as he showed class, determination and grit before over whelming his opponent to submission in two straight sets of 6-4, 7-6.

The largely school children that turned out at the game erupted in jubilation moments after Osewa picked the decisive second set on the Lord Rumens Centre Court of Lagos Lawn Tennis Club, Onikan Lagos as the young lad inked his name as the 17th winner of the longest-running junior tennis championship in the country. Both players

excited the crowd with several rallies that often go the way of the winner.

Augustine, who had lost in the last seven meetings against Oshewa, was unable to shake off the fear of facing his nemesis. He started playing catch-up from the fifth game when Oshewa broke with a right hand winner down the line,.

That was the break the latter was waiting for, putting his nose in front and never looking back as he closed out the first set 6-4 in a little 37 minutes.

If the first set was easy, the next was the reverse, as

Augustine dug deep, in his attempt to take the match to a decider, rattling Oshewa as early as the third game, only to be paid back in his own coin but managed to push his foe to tie-break, which he inadvertently lost in rather dramatic fashion.

After pushing Oshewa to the brink of defeat in the second set, Augustine somehow and rather clumsily allowed the initiative to slip him, serving wide twice, before making two unforced errors to gift the set and match to Oshewa, who pumped his fist in the air to celebrate his victory.

Brazil Legend Carlos Alberto Dies at 72 Brazil’s 1970 World Cupwinning captain Carlos Alberto has died of a heart attack at the age of 72, former club Santos has announced.

Widely regarded as one of the finest defenders of all time, Carlos Alberto is most fondly remembered for scoring the stunning fourth goal in Brazil’s 4-1 final win over Italy at Mexico 1970.

A sublime team move, that concluded with a thunderous finish after Pele rolled a pass nonchalantly into the rightback’s path, sealed a third world title for Brazil, allowing them to keep the Jules Rimet Trophy that Carlos Alberto

hoisted at Estadio Azteca.

After beginning his playing career with Fluminense, Carlos Alberto moved to Santos, where he played alongside Pele in a celebrated line-up, making 445 appearances and scoring 40 goals.

Capped 53 times by his country from 1964 to 1977, Carlos Alberto went on to become one of the star names to take part in the North American Soccer League, representing New York Cosmos in two spells between 1977 and 1982, when he hung up his boots.

He then embarked on a varied coaching career,

taking charge of Fluminense, alongside spells at Flamengo, Corinthians, Atletico Mineiro and Botafogo in his homeland.

Mexican clubs Monterrey and Tijuana are among those in his CV during the 1990s and he also led Oman and Azerbaijan at international level – the latter, his final post, coming in 2005.

A statement released by Santos read: “Santos FC regrets the death of the idol Carlos Alberto Torres, who was 72 years old.

“He played 445 matches and scored 40 goals in the period 1965 to 1975 and is considered the best right-

back in the history of Praiano Alvinegro. The club has decreed three official days of mourning.

Alberto

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T H I S D AY •WEDNESDAY OCTOBER 26, 2016

WEDNESDAYSPORTS

Fernando Alonso: Still Formula 1’s Gold Standard

Fernando Alonso won the second of his two world titles 10 long years ago last weekend. In the decade that has passed since then, the man many in Formula 1 still regard as the best driver on the grid has come agonisingly close another three times. And his quest for that elusive third crown has led to the two most trying seasons of his career with his current team McLaren-Honda, who he joined in 2015 after losing faith that Ferrari would ever get him there. In an exclusive and wide-ranging interview at the US Grand Prix, he tells BBC SPORT that a third title would mean “probably less than people think”.

“I

t would be nice obviously to win three, to have the same as Ayrton (Senna),” Alonso says. “To win five would be even better, to win seven…

It is always a non-stop wish.

“But it will mean a lot more than the number three. It would mean winning for McLarenHonda - how the project grew up in such a short time. That would be the biggest thing for me now.”

Alonso admits that the past two years, fighting to even make it into the top 10 on the grid, have been: “Tough definitely - [I’m] missing the podiums a lot, missing the victories.

“But we work hard, we took that challenge and when we see progress like this year everyone is even more motivated.

“The day that arrives the first victory or the first win for McLaren-Honda will be a massive achievement for all of us. That chase is probably the motivation we are finding now because as you said missing the victories is very frustrating.”

Although driving a car unbefitting of his talent, Alonso remains a gold standard, a man admired throughout his sport for the unrelenting excellence of his performances.

It is there almost every weekend - in the incredible first laps, often making up huge numbers of places; in sometimes freakish performances where he can seem to transcend the performance of his car.

One of those came in Austin last year. In a car usually 2.5 seconds off the pace, in the first 20 laps of a wet race he was faster on nine of them than leader Lewis Hamilton’s Mercedes.

How does he do it?

“Last year here we had definitely a very difficult weekend - a difficult season - and here [Austin] we had some penalties and some things that didn’t work and then in the first corner we had an incident and we were last.

“So when you are last, you are frustrated and then you risk a little bit more.

“The explanation of the fastest laps in the beginning of the race in a wet circuit is probably more about doing something out of the limits because you don’t care any more.

“You are not fighting for the championship, you are not fighting for the race even because you are last and so you attack a little bit more.

For Hamilton, you don’t need to do these kind of things when you are leading the race.

“And then for the recovering places at the beginning of the races, when you start at the back it is easier.

“I would like not to recover any places, start first and be first, but it is a way of probably experience, intuition. I know the circuits quite well after 16 years in F1 and I know where sometimes the incidents happen or what lines to take in which corners, so probably I have a little advantage on those.”

Some argue that McLaren have wasted Alonso’s $40m (£32m) annual salary while they have an uncompetitive car. But racing director Eric Boullier, who was instrumental in attracting him to the team from Ferrari, says he would do it all over again.

“This guy, first of all, I never saw him being in the wrong place in any session in the last two years - he is always on top,” Boullier says. “He is a marker for the car. He is never off his game. He is always there.

“You trust him when he’s on the track. And off it, he doesn’t waste time with details because he can adapt. He trusts us and he knows we will correct them. He just focuses on what stops him going faster. That’s priceless.”

This consistency - the ability to drive any car, no matter how it is behaving, to its limit - is something very few drivers can match.

And Alonso is well aware of it.

Ask him what is his biggest strength, and he says: “Probably in the car to be fast in most of the conditions, let’s say, or with any of the cars. I adapt my driving style more or less to anything, from go-kart to motorbike to

Alonso showed why is he still one of the most talented drivers on the grid during the 2015 United States Grand Prix

Alonso wet, more downforce, less downforce, Pirelli, Bridgestone, Michelin, V8, V6, whatever.

“It seems I adapt a little bit quicker than some of my team-mates, at least, who are my only comparison because the other cars it’s difficult. Some weak points I won’t say obviously because then everyone will know.

“Out of the car, probably I remain more or less focused on the important things, try to always be motivated all the time, training all the time, don’t get any distractions. I don’t have an exuberant lifestyle or anything like that. I try to concentrate on my job and after I finish F1 one day I will live life differently but now it is time to work.”

The roots of his skills, he says, lie in his very early days in motor racing.

“The start of your career has some implications for the rest of your life,” he explained. “I did my first go-kart race in Spain at three years old and at 17 I switched to single-seaters.

“I was racing in go-karts in many different conditions, in many different categories. I was always like four or five years younger than any of my competitors.

“So you have to find your way or adapt your way - you can’t reach the pedals, you can’t reach the steering wheel, you don’t have strength to turn the steering wheel, things like that probably put you in a way that defines your future career.

“My mother worked in a shopping mall, my father in an explosive company, and we didn’t have money to pay for wet tyres for go-karts. So every time it was raining, I raced with the dry tyres while all the others were racing with the wet tyres.

“Obviously, I was lapped like eight times.

It’s not like I was winning with the dry tyres - I am not superman; I was losing by a long way.

But I had to drive with those tyres because we didn’t have any other tyres. So even if you are last, they switch on the engine and you race. So it has been probably a continuous evolution of my style, adapting.”

Alonso’s career has spanned many eras of F1 - V10 engines, V8s, hybrid V6s, a tyre war, control tyres from Bridgestone and now Pirelli.

And he has raced against three generations of drivers.

He was the man who ended Michael Schumacher’s reign, and he still regards the great German as the best driver he has raced against. He has battled with the likes of Lewis Hamilton, Sebastian Vettel and Kimi Raikkonen for the past 10 years; now he faces a new generation.

His best year, he says, was 2012, when he came oh-so-close to winning the championship in what was probably the third or fourth best car on the grid, in a season’s performance that ranks with any achieved by any driver in history.

His best race? He chooses two from his Ferrari era. “I would say Valencia 2012 - very emotional win starting 11th.

“But in terms of pure driving probably Malaysia 2010 was more difficult. I had no clutch and I had to drive touching the throttle in every downshift. We were fighting other cars. I didn’t have sixth so from fifth I was changing to seventh all the time. All these things were very demanding, so that was the most difficult race I did.”

Ask him who he thinks is currently the best driver, himself excluded, and he says it’s a “very difficult question” before picking Red Bull’s Daniel Ricciardo.

“In the way he approaches racing, he is always very committed to everything he does.

On the track, you cannot see any mistakes

when you are together with him,” Alsono said.

“In the overtaking manoeuvres probably he is the best out there. When he commits to one movement, 99% of the time he will achieve the result he wanted.

“Obviously 2014 together (as team-mate) with Vettel it was an amazing performance he showed. He was way ahead of Vettel in every single point in the driving, in the approach, in the starts, in the pit stops, in the overtaking, he was beating Vettel so easily. So I have to say he will be right now my choice.”

Alonso has kept his patience well over these past two years, but the determination to add to his 32 victories - sixth in the all-time list remains as intense as ever.

Ask him what winning means to him, and he says: “It is everything. Everything we do in life is a competition, or it is for me. F1 is no different.

“When you win, everything you work on, everything you did for the last ‘X’ days, everything you dream, everything you eat that morning, you do in your life was a preparation for that moment. So winning is everything.

But if you are at school, winning means doing the exam better than anyone else. Everything in life you need these little victories here and there.”

He has a contract with McLaren until the end of next season - when he “has to be confident” of returning to winning ways.

He has said many times this year that he will not decide his future until he has tried next year’s new cars - and particularly the redesigned tyres from Pirelli, which has been asked to enable the drivers to push flat-out throughout a race again. This, Alonso says, will be crucial to whether he extends his career.

“How the cars will behave is completely unknown. We know they will be four of five seconds quicker. But if it is four or five seconds quicker on the first lap and then two seconds quicker the second lap, it is not any more fun.

“So we need something that is consistent and it gives you adrenaline to drive, and you attack and you drive in an attacking mode.

Now we are driving in a safe mode - we save fuel, we save tyres, we save everything. So that is not any more fun to drive.

“In 2017, if the cars are really fun to drive and we are enjoying it, I could stay in F1 for a couple more years. I am 34, er, 35 right now.”

He laughs at the fact he has forgotten his own age: “And I will be 35 also next year and the following years and the following year…

“It is not that I am older than Kimi, who is 37 right now, I read. So it is not a problem of age; it is a problem of enjoyment.

“I will not know exactly until mid-next year how much I will enjoy it, and if I keep enjoying, I love motor racing so I will stay for a couple more years. If it’s still a ‘safe’ formula, let’s say, I will think of some other alternatives.”

Wednesday October 26, 2016

TR

UT H

& RE A S O

Price: N250

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MISSILE

Falana to NJC

”The NJC has allowed the allegation of judicial corruption to continue to hang menacingly on the heads of the judges like the sword of Damocles. If the NJC had treated this national crisis with the urgency required, it should have investigated the matter based on the avalanche of materials placed before it” – Lagos lawyer and rights activist, Mr. Femi Falana (SAN), accusing the National Judicial Council (NJC) of delaying investigation on the petitions on corruption against some judicial officers before it.

KAYODEKOMOLAFE THE HORIZON

kayode.komolafe@thisdaylive.com

0805 500 1974

Time for Harvest of Ideas

T

he Buhari administration came into being riding on the crest of a wave of public confidence that it would tackle corruption, make the nation secure and run the economy better. There were immense expectations of positive changes embodied in this platform on which the election campaign of President Muhammadu Buhari was based.

Today the most severe judgment on the 17-month old government is on its economic management. Again, the primacy of the economic factor has hugely come into play.

And if you permit the invocation of Karl Marx once more, the most revolutionary political economist of all times said a man must eat and be clothed and sheltered before he could think of politics, morality, nationalism, religion, arts or ideology etc.

By the way, Marx’s formal training was in law. All told, economy is the issue. That is the truth Nigeria faces at the moment.

However, the discussion of the economic problems (with the hope of finding solutions) is less than rigorous in the public sphere.

To start with, the political parties are bereft of grand ideas about the economy. The All Progressives Congress (APC) in power is not defending any policy option much less a grand strategy of development. In any case, that would be a tall order for an inchoate and inorganic political party such as the APC. The disparate forces that hastily put together APC on the eve of the 2015 election could not forge any programmatic unity.

It remains a party without ideology. The opposition Peoples Democratic Party (PDP) has equally demonstrated an abysmal lack of capacity to articulate any alternative path to development. It is even yet to summon the needed sobriety to draw pertinent lessons from its disastrous running (or ruining) of the economy for 16 years. Each of the smaller parties is a mere franchise to purchase by those seeking electoral platforms. They are hardly passionate about any idea for economic development. That is not the way things are done elsewhere; parties win elections on the basis of the ideas they popularise in the polity.

This is partly the point Professor Kingsley Moghalu made in his erudite piece on this page on September 20, 2016 entitled “Do Economists Matter?” Subsequently, Dr. Alex Otti counselled in his column in the October 18 edition of this newspaper “Mr. President, You Do Need an Economic Team.” In the Nigeria of 1970s and even the mid-1980s, such provocative interventions would engender liberal debates enriched by multiplicity of perspectives. Not any more! The shouting matches and primitive hate speeches in the cyber space have replaced the robust debates for which the Nigerian public sphere was once reputed.

Nigeria is in the midst of a grave economic crisis, but there is no bounteous harvest of ideas. Not even from the academia! For instance, it is not enough to respond to Otti’s well-argued essay by pointing to the National Economic Council chaired by Vice President Yemi Osinbajo. Abuja talks of some economic team, but there is no well-articulated strategy of development

Osinbajo on the national horizon. The plethora of ministerial road maps is no equivalent of a strategy of economic development. The team that Otti is proposing could help in developing such a strategy. The proposition of Moghalu can hardly be ignored. For instance, this reporter fundamentally disagrees with his ideological standpoint, but there is a lot to admire in his deep recognition of the centrality of ideas to development.

For Moghalu, at a time like this the nation is in dire need of the professional services of economists. But more important, he calls on “economic thinkers (who) have philosophical foundations” to come forward with their perspectives on the problem. As he amply demonstrated the point, these economic thinkers comprise professional economists and non-economists alike. To be sure, the business of economic management is too important to be left for technical economists alone. Moghalu is absolutely right to stress the importance of “philosophical foundation” of economic strategies and policies. After all, a lot defenders of free market often quote Adam Smith’s pivotal work, Wealth of Nations, while ignoring the earlier philosophical publication, The Theory of Moral Sentiments, which substantially shaped the thoughts of Smith in later works.

So, a major malaise afflicting policymaking in Abuja is the insufficiency of attention paid to harvest of ideas. Instead of constituting an independent advisory board of economic thinkers (a judicious mix of economists and non-economists), the government is content with occasional invitations to experts making presentations to ministers and governors. Yet, it is undeniable that historically a period of crisis should be fecund of breakthrough ideas.

The symptoms of the policymaking malaise are evident in the manner in which the economy is run or not run. This is reminiscent of the unconventional remarks of Cambridge political economist Ha-Joon Chang; in his famous 23 Things They Don’t Tell You About Capitalism, that good economic policies do not necessarily require good economists.

If some of the commentators realise the historical validity of this point the critique of the Buhari economic management would be

better nuanced. Instead of the emphasis on technical economics, the primary question to ask should be this: what is the underlying philosophy of the economic strategy adopted and the policies issuing from it? After the senate screening, the interest should shift from the curriculum vitae (CVs) of ministers to their policy world outlook. After all, even when a non-professional economist is at the helm, the ministry or department is peopled by technocrats including economists with diverse specialist skills. So the question should be this: are the ministers disposed to pro-people programmes or are they merely revelling in elitist fanfare in the name of project execution? Come to think of it, even in the current campaigns of the presidential candidates in the United States of America, the argument is still whether policies such as the one on taxation would benefit only a few at the top or the majority of the citizens in the lower rung of the ladder. The class bias in policymaking is real.

Unfortunately, the current mood in Abuja is too technocratic to entertain grand ideas.

Economic management is being presented as bookkeeping. Yes, all the holes should be plugged, the books must be balanced and savings should be made. However, the philosophic basis of policy choices made

is not yet clear.

Perhaps, the most glaring symptom of the dearth of big ideas in policy making is the utter pretence by policymakers that they operate in historical vacuum.

In the last 30 years especially there has not been sufficient evidence of a sense of historical purpose in economic management.

Sometimes those who claim to be oracles of the Nigerian economy pontificate as if they are oblivious of even recent economic history.

In terms of philosophical underpinning, nothing fundamentally has changed since the military regime of President Ibrahim Babangida began to recast the Nigerian political economy in 1986. The recent dispute on the sale of national assets brought this point into focus poignantly. How can any one be celebrating the virtues of sale of assets without interrogating what has happened to the policy instruments of privatisation, liberalisation, and deregulation, commercialisation etc. since 1985? When will there be a proper audit of earlier sales of national assets so as to determine the economic wisdom in that policy direction?

If the bad news is that there are daunting economic problems, the good news could be that the time could be ripe for harvest of useful ideas for socio-economic development.

TTHE MORE THE MERRIER

THE POLICE SERVICE COMMISSION IS MAKING PROGRESS IN THE RECRUITMENT EXERCISE THAT WILL SWELL THE RANKS BY 10,000 MEN!

YES….I HEAR THEY‘VE SCREENED OVER 300,000 APPLICANTS!

YES, SIR… AND TO GET THE BEST, THEY’RE GOING TO DO GENERAL BACKGROUND CHECKS, BIOMETRICS, MEDICAL, PHYSICAL EXAMINATION; ORAL, APTITUDE AND PSYCHOLOGICAL TESTS!

BUT MOST IMPORTANTLY, THEY’RE GOING TO MAKE CANDIDATES TAKE A POLYGRAPH (LIE DETECTOR) TEST!

YES….!

GOOD! SO WE’LL END UP WITH SQUEAKY-CLEAN, FIRST RATE RECRUITS! NOW, MY CONCERN IS – DO WE HAVE ENOUGH CHECKPOINT DUTIES TO ASSIGN TO THESE BRIGHT RECRUITS!

26-10-16

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