Monday 16th January 2017

Nigeria’s Forex Earnings Hit $24 Billion in Third Quarter 2016 Obinna Chima and Ugo Aliogo The federal government aggregate foreign exchange (forex) inflow as at the third quarter of 2016 moved up remarkably to $24 billion,

a member of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), Dr. Doyin Salami, has revealed.

This represents an increase by $8.67 billion when compared with the

aggregate forex inflow into the economy of $15.33 billion recorded by the country in the second quarter of 2016, as indicated in the CBN's economic report.

But Salami, who said this when he spoke on the

outlook of the Nigerian economy in 2017, at the Redeemed Christian Church of God, King’s Court Parish, Victoria Island, Lagos, at the weekend, pointed out that the aforementioned amount of forex inflow recorded in

the third quarter of last year was paltry, compared with an aggregate of $97 billion earned by the country in 2014.

"In 2014, Nigeria earned $97 billion from export revenue, $90 billion of that was oil.

As of third quarter 2016,

we were doing $24 billion.

Now, even if you pro-rate it and add another $8 billion for the full year, that is just $32 billion and about a third of where we were in 2014.

Continued on page 8

Kerry Lauds 14-year-old Nigerian, Zuriel Oduwole’s Global Advocacy for Girl Education… Page 10 Monday 16 January, 2017 Vol 21. No 7942. Price: N250

www.thisdaylive.com TR

UT H

& RE A S O

N

FG Rejects BBOG’s Conditions for Participating in North-east Tour Olawale Ajimotokan in Abuja The federal government has turned down the conditions tabled by the conveners of #BringBackOurGirls (BBOG) before the group will accept to be on the official delegation that will tour some of the troubled spots in the Northeast.

The Minister of Information and Culture, Alhaji Lai Mohammed, in a letter to the leader of the group, Mrs Oby Ezekwesili, said the tour billed for today would not Continued on page 8

REMEMBERING THE FALLEN HEROES…

President Muhammadu Buhari inspects the Guard of Honour during the Armed Forces Remembrance Day celebrations at the National Arcade, Eagles Square, Abuja… yesterday godwin omoigui

We’ve Restored Nigeria’s Sanity, Territorial Integrity, Says Buhari Commends the military for wresting terrorism CAN praises FG over fight against terror, corruption Onyebuchi Ezigbo, Senator Iroegbu and Paul Obi in Abuja President Muhammadu Buhari, yesterday said his administration has restored Nigeria's sanity and territorial integrity lost during the prolonged

battles with the terrorist group, Boko Haram.

For this, the president commended the Armed Forces, saying they made his dream and election

campaign promise of putting an end to terrorism, a reality.

He, however, tasked the nation's security agencies to remain steadfast, urging

them to “keep the pace of actions you undertook in seeing to the total defeat of insurgence in the country."

Buhari spoke in Abuja in a live video call to Nigerian

troops fighting insurgency in the North East and the international peace troops in Liberia, during the 2017 Armed Forces Remembrance Day celebrations.

The Gambia: Use of Force Imminent As ECOWAS Plans To Oust Jammeh… Page 8

The president said he was satisfied with the successes recorded so far by the troops not only in restoring peace in the country but also on the African continent.

Continued on page 10

2

MONDAY JANUARY 16, 2017 T H I S D AY

T H I S D AY MONDAY JANUARY 16, 2017

3

4

MONDAY JANUARY 16, 2017 T H I S D AY

T H I S D AY MONDAY JANUARY 16, 2017

5

6

MONDAY JANUARY 16, 2017 T H I S D AY

T H I S D AY MONDAY JANUARY 16, 2017

7

8

monDAY, january 16, 2017 • THISDAY

page eight

The Gambia: Use of Force Imminent As ECOWAS PlansTo Oust Jammeh Ejiofor Alike with agency reports The refusal of out going President Yaya Jammeh of The Gambia to agree to step down honourably on January 19, 2017 following his loss of the December 1, 2016 presidential election to the coalition of opposition parties’ candidate, Mr. Adam Barrow, has left the Economic Community of West African States (ECOWAS) leaders with no other option than to eject him from office by military force.

THISDAY sources said yesterday that after the last minute efforts by the ECOWAS delegation led

by President Muhammadu Buhari on Friday hit the rocks with Jammeh insisting he would not step down until May when the Supreme Court of The Gambia reviewed his petition, challenging the election, the ECOWAS leaders decided to activate the military option of forcing him out of office and installing Barrow.

Preparatory to the military action, ECOWAS service chiefs met last Saturday in Abuja with Nigeria’s Chief of Defence Staff, Gen. Abayomi Olonisakin, presiding.

Top on the agenda, THISDAY was told, was the inauguration of ECOWAS Military Intervention Group (ECOMIG), which would escort Barrow from Senegal to The Gambia for inauguration on Thursday.

ECOWAS leaders had quartered Barrow in Senegal for his safety, pending his inauguration as the president of The Gambia.

Jammeh had filed a motion with the country’s apex court to prevent Barrow from being sworn into office on Thursday.

But the court could not sit because it could not form a quorum.

Meanwhile the defeated president is insisting that he will not step down until the country’s Supreme Court delivers the final judgment on the dispute.

Thousands of Gambians are said to have fled their country over fears of possible military confrontation between forces loyal to Jammeh and the sub-regional military forces.

ECOWAS and the African Union (AU) have insisted that Jammeh, whose tenure ends on January 19, would cease to be the President of Gambia by January 20.

ECOWAS had also pledged to send troops to ensure a peaceful transition

Jammeh

of power if Jammeh, who had ruled for over 20 years, refused to cede power.

State-owned Senegalese news agency, APS reported yesterday that Senegal will host Barrow until his swearing-in ceremony due to take place on Thursday.

The agency said Senegalese President

Macky Sall accepted to host Barrow in line with the request of the ECOWAS at a Franco-African summit in the Malian capital Bamako on Saturday.

Radio France Internationale had earlier quoted Togolese President, Faure Gnassingbe as saying that ECOWAS had set

Thursday as a deadline to try to resolve the crisis.

In his welcome address to the sub-regional defence chiefs in Abuja, Olonisakin said the regional leaders and military commanders were ready to continue with the option of dialogue with the political leaders of The Gambia to ensure peaceful transition of power.

The meeting was also said to have resolved that each member country of ECOWAS should assembly troops that would be deployed in The Gambia and install the new president in accordance with the will of the people, which they expressed with their ballot on December 1, 2016 as well as The Gambia’s constitution.

Though no communique was issued at the end of the meeting, the Defence Headquarters, in a statement published on its website, listed military chiefs at the event to include: the chairperson of ECOWAS Chief of Defence Staffs, Brig. Gen. Daniel Ziankahn of Liberia; CH Gueye of Senegal; ECOWAS Commissioner for Political Affairs, Hajiya Salamatu; Vice President of the Commission; the Ghanian Chief of Defence Staff and principal staff officers from

Defence, Army, Navy, and Air Force Headquarters.

On Friday, Barrow attended the Franco-African summit, while Mr. Jammeh was absent.

A statement by Barrow’s office said Jammeh’s meeting with Buhari and other ECOWAS representatives was “unproductive.”

Buhari had led a three-nation delegation to Banjul, but Nigeria’s Foreign Minister, Mr. Geoffrey Onyeama, said the delegation could not persuade Jammeh to relinquish power.

Briefing the UN Security Council on the crisis, the Head of UN Office for West Africa and the Sahel (UNOWAS), Mr. Mohamed Chambas, had admitted that “some countries in the region had witnessed political uncertainty or significant security challenges.’’

“We were saddened by the quickly unfolding political crisis resulting from President Jammeh changing his mind and deciding to reject the results,’’ he said.

“UNOWAS is fully involved in supporting the ECOWAS-led mediation, which continues to explore all avenues towards a peaceful transfer of power,” he added.

made by Buratai and the request by BBOG for meeting with certain government officials were irrelevant to the invitation to the group to join the search mission, adding that the group was recognized for its commitment to the safe return of the Chibok schoolgirls from Boko Haram’s captivity.

The federal government had in a move to underline the military’s successes in the anti-terrorism war in the North-east, invited the convener of Bring Back Our Girls (BBOG), Ezekwesili, to

join it's delegation for an assessment tour of Sambisa Forest and other battle spots today.

But BBOG, in a reply to the invitation, listed conditions for its participation in the tour. The group requested a pre-tour meeting with the government and the military. It also demanded that Buratai should withdraw his endorsement of a group he received at the Army Headquarters, who had accused BBOG of engaging in “social advocacy terrorism,” and apologise to the BBOG.

other emerging economies increases. So, any which way you look at it is a bit of a problem. A stronger dollar is also not good for oil prices. That is because a stronger dollar makes it more expensive and demand to drop.

"As far as oil is concerned, we have seen a little rally recently and my expectation is that prices would move in a range between $45 and $60 per barrel. Honestly, $60 per barrel is rather on the high side. But three things are Nigeria's challenges as far as oil is concerned: If the Niger Delta is not calm, the likelihood that we would get two million barrels per day of oil is not bright.

"So, we need a calm Delta.

And my sense is that the government seems to be re-engaging. But there are two other challenges which are beyond our control. The

first is the glut in the crude oil market may strengthen and shale. But we cannot continue to depend on the external environment to support Nigeria."

FG Rejects BBOG’s Conditions for Participating in North-east Tour be shifted to take on board some of the activists’ core demands.

The group had requested for a pre-tour meeting with security chiefs before it could be part of the delegation.

The latest twist has now tested the likelihood that BBOG, which was offered four spots on the government team, would be part of the tour to Sambisa forest and other hot spots, where the military planned to hold day and night sorties by the Nigeria Air Force.

In the correspondence

made available on Sunday to THISDAY, Mohammed ruled out cancelling the tour because the scheduled trip was predicated on a narrow window to have a good weather on the departure day.

He also added that payment for the satellite streaming had already been made for that day and a shift in date would require another round of booking to secure such a slot.

At an emergency meeting held by BBOG last week, they had in addition to the request for a pre-tour meeting with government and the military

also asked the Chief of Army Staff, Lt Gen Yusuf Buratai, to retract some slanderous remarks he allegedly made when he received a proBuhari group at the Army Headquarters.

At the meeting where Buratai received the group, the BBOG movement claimed they were accused of engaging in “social advocacy terrorism”.

It said: “It is puzzling that the said visit happened less than 48 hours before our movement received your letter asking us to travel in the company of the same Chief of

Army Staff to Sambisa Forest.

“We demand, therefore, that ahead of the pre-tour meeting we have proposed herein, that the Chief of Army Staff retracts and apologises for endorsing such slanderous attacks against our movement, #BringBackOurGirls, and, specifically, at some of our leaders. Such a step would communicate that it is with goodwill that the federal government is asking us to entertain the visit proposed in your letter.”

But the minister insisted that the remarks purportedly

Nigeria's Forex Earnings Hit $24 Billion in Third Quarter 2016 "When you look at the numbers, foreign portfolio investment which was $16 billion in 2014, was down to less than $2 billion in 2016. So, the inflow of FX has reduced dramatically. On the supply side, inflows are down, but on the demand side, the pressure for forex is still high. That is one of the few challenges that this economy is facing," Salami, who is a lecturer at the Lagos Business School (LBS), Pan-Atlantic University, explained.

He urged the federal government to restore confidence in the economy.

Salami, who stressed that the comments were his personal views and not that of the MPC added: "Nigeria in my view unwisely allowed herself to be exited from the JP Morgan Index. It was very unwise! Given that I sat in some of the meetings and listened to some of the

comments, Nigeria really needs to understand that in the global market, it is whoever offers the best terms and best securities that gets it. My view is that currently, Nigeria's policy stance is not aligned to attract capital flows.

I don't want to be sentimental.

"In terms of capital flows, if we can encourage confidence in Nigeria, in the policy making of the Nigerian government, then we would be able to attract capital flows.

But if we cannot, we would continue this way. 2017 would be driven by the resource allocation mechanism to be adopted by the country.

Nigeria has one of the best FX policy that was introduced in June last year, it is just that we haven't implemented it yet.

"As a nation, how we come out of recession is as important as staying out of recession. If we come out of it in a manner that sends us

back to it two years down the line, because what we did to come out of it was unsustainable, that would be too bad. If we come out of it in the right way, it is going to be gradual. So, for me I see growth around one and two per cent for 2017. My expectation for inflation in 2017 is going to be around 13 per cent. My hope is that the central bank would be a bit more consistent because last year, those of us responsible for monetary policy managed to speak from both sides of our mouths."

Furthermore, he pointed out that because of the structure of the Nigerian economy, events in the global economy would always influence activities in the domestic market.

According to him, the international environment is no "longer set fair for Nigeria," saying that part of it was our fault and partly

because of the fact that things have changed.

"Donald Trump takes over as the U.S. President at the end of next week and in terms of his economics, it doesn't portend the best of time for Nigeria. And this is in three dimensions.

Firstly, taxes would reduce and US government spending is going to rise. How does that concern Nigeria? It does concern Nigeria because that means US deficit is likely to rise and US interest rates are likely to rise.

"So, on top of what we were expecting, we are also expecting further rise in US interest rates. If US interest rates rise and we are borrowing internationally, it would be costly. If US interest rates rises, the pressure of further foreign portfolio investments coming in here reduces, the pressure for outflows for Nigeria and

TOP GAINERS NGN NGN % DIAMOND 0.09 1.11 8.8 TOURIST 0.17 3.68 4.8 FIDSON 0.05 1.16 4.5 MAYBAKER 0.04 1.02 4.1 STANBIC 0.49 15.52 3.2 TOP LOSERS NGN NGN % MOBILOIL 13.15 249.86 5.0 JBERGER 1.83 36.66 4.9 CUTIX 0.08 1.55 4.9 UPDC 0.14 2.71 4.9 PRESCO 2.03 42.16 4.5 HPE Nestle Nig Plc ₦790.00 Volume: 148.569 million shares Value: N 3.758 billion Deals: 2,653 As at 13/1/16 See details on Page 35

T H I S D AY MONDAY JANUARY 16, 2017

9

10

monDAY, january 16, 2017 • T H I S D AY

page ten

Kerry Lauds 14-year-old Nigerian, Zuriel Oduwole’s Global Advocacy for Girl Education The United States out going Secretary of State, John Kerry recently met in Washington DC with Nigerian born 14year old Zuriel Oduwole and commended her global advocacy for girl education.

Zuriel has emerged as a major girl education advocate, who has spoken to more than 24,900 children across 11 countries about the importance of good education.

In the process, she has met one-on-one with 23 presidents and prime ministers, talking to them about creating policies to ensure all girls are educated.

During the meeting, Kerry commended her for what he called her 'clarity of purpose' at such a young age in recognizing a major global issue, and taking on the challenge with measurable success, across the globe.

Apparently overwhelmed by her tremendous success in garnering global attention to her cause, Kerry described her as a very powerful girl, who gets things done.

He mentioned other secondary initiatives such as her film making class for unemployed and under-

privileged youths across Africa.

Zuriel has now taught a basic film making class to more than 305 youths across four African countries, including Namibia, Kenya, Mauritius and Nigeria.

The secretary was very impressed that a student from her first film class workshop held in February 2016 - Namibian girl, Anna Kalola, produced her first documentary just 9 months later, in November 2016 in the capital Windhoek.

Zuriel who is Fluent in English and Mandarin, asked Secretary Kerry what his most difficult challenge was in the last four years as Secretary of State.

In one word, he replied 'Syria'. He explained that the difficulty was because of the various proxies and complexities of dealing with many factions with varying interests in the country.

She is the youngest person in history at age 14 to be formally scheduled to meet officially, with a sitting US Secretary of State.

In an interview with President Muhammadu

Buhari in Washington DC about a year ago, Zuriel asked the president what he was doing regarding education for girls in Nigeria.

Buhari replied: “We are working diligently to correct our mistakes as a nation. We will rehabilitate and expand national infrastructure and move forward as quickly as possible.”

Describing her mission and vision in life, Zuriel explained: “As a girl, I am concerned that not every girl has a right to get an education or a chance to accomplish her dreams like me. Not too cool.

“My vision is to see that this changes one day, and my mission is to use my ‘Dream Up, Speak Up, Stand Up’ program and other new ideas to inspire girls to accomplish this mission.

“Because the world is watching, I also like to use my visibility to show the positive things about Africa, using my documentaries to tell Africa's story. For this, I interview Africa's political and business leaders.”

Among her achievements are: Youngest person in the world to be featured in

John Kerry (right) with Oduwole Forbes Magazine at age 10 in 2013; Listed in New Africa Magazine as one of Africa's 100 Most Influential People of 2013, at age 11; New York Business Insider feature as the Most Powerful 11 Year Old in the world in April 2014.

She also appeared on BBC, CCTV in China, CNBC, TRT World and Bloomberg TV;

featured on CNN; met/ interviewed one-on-one 24 presidents and prime ministers to talk global issues; youngest in the world in 2014, at age 12, to show a self-produced movie in a commercial cinema.

Zuriel has been listed in ELLE Canada 2015 Annual, "33 Women Who Changed

The World" feature; spoken to 24,400 children in 11 countries on education and its empowerment; mentioned in Forbes Afrique, August 2016 - 100 Most Influential Women along with two female presidents; spoke at the UN on Climate Change and effects on Education in September 2016.

Father.”

He said 2016 was in deed a year of change for many Nigerians, adding that the change brought by the Buhari administration had two sides: positive and negative.

“The change really came in many ways with some positive while some were negative,” he said, listing the positive ones to include progressive/successful war against Boko Haram, recovery of some of the abducted Chibok girls, war against corruption, and rehabilitation of some roads.

Ayokunle continued: "Federal Government and our armed forces must be commended strongly for this and be encouraged to sustain the war against insurgency because in a country where there is no safety, there would be no development. Insurgents are enemies of the nation doing nobody any good except for their craziness. We would see their end in no distant time in the name of Jesus Christ.”

He commended the federal government for the war against terrorism and the recovery of some of the abducted Chibok girls, saying if the previous administration had been reasonable and apt the girls would have for long been recovered.

The CAN president said the Buhari administration’s war against corruption gladdened his heart and was a beacon of hope for the nation because corruption was a cancer that had the potential to destroy the nation and humanity unless something was deliberately done to stamp it out.

He, however, said care

should be taken that the fight against corruption was not used for witch-hunt of opposition politicians and critics but rather all embracing.

Ayokunle cautioned: “Corruption and corrupt people are not limited to any political party but all. They must be fished out and be properly prosecuted according to the law of the land. The excesses or over-zealousness of the law enforcement agents leading to forceful breaking into the houses of suspects must be discontinued. We are in a democracy where due process must be followed, we are not in a military government or dictatorship.”

The cleric listed the task of the federal government must accomplish this year as ending the killings of Nigerians by Fulani herdsmen, rising wave of kidnappings, increasing youth unemployment, unpaid salaries and wages, inflation and currency devaluation.

The CAN President remarked: "The biting killings and destruction of farms by the Fulani herdsmen without much being done by the government to prosecute the perpetrators of such acts. The most recent of them was the Southern Kaduna massacre of which the majority of the dead were Christians.

The response from the law enforcement agents was so lethargic that the Christian Association of Nigeria had to call for national day of mourning and prayer to seek God’s face so that the destruction might stop and to protest and let the government know that they had failed to protect their citizens.

We’ve Restored Nigeria's Sanity, Territorial Integrity, Says Buhari "With your performances, we have been able to restore the sanity and territorial integrity of Nigeria. I congratulate you, "he said.

Buhari added that his administration was impressed with the performance of the military.

The president informed the troops that government was with them in what they were doing, and that the administration would always respond to their operational needs to achieve their set goals.

Buha­ ri had earlier led senior government officials to lay wreaths at the National Military Cenotaph in Abuja in honour of Nigerian military per­sonnel who died in active ser­vice defending the nation.

After reviewing the guard of honour mounted by the Nige­rian Army, Navy, Airforce and the Nigerian Legion, the president proceeded to lay a wreath at the foot of the tomb of the ‘Unknown Sol­dier’ at the Military Cenotaph, oppo­site the Eagles Square, after Chris­ tian and Muslim prayers.

Vice-President Yemi Osinba­ jo followed suit to lay the wreath at the Ceno­ taph, followed by the Senate President, Dr. Bukola Saraki; House of Rep­ resentatives Speaker, Mr. Yakubu Dogara; and the Acting Chief Justice of Nigeria, Justice Walter Onnoghen.

Others at the event include Minister of Defence, Brig-Gen. Man­ sur Dan-Ali (Rtd.); Minister of Federal Capital Territory, Alhaji Mo­hammed Bello; Chief of De­fence Staff, Gen. Gabriel Ol­ onishakin; the Chief of Army Staff, Lt. Gen. Tukur Buratai; Chief of

Naval Staff, Vice-Admiral Ibok Eket-Ibas; and Chief of Air Staff, Air Vice Marshal Sadiq Abubakar, also laid their wreaths.

The Inspector-General of Police, Mr. Ibrahim Idris; the Doyen of the Diplo­matic Corps and Cameroo­ nian Ambassador to Nigeria, Mr. Salahudeen; represent­ative of widows of deceased soldiers, Mrs. Veronica Aluko; and the Chairman of the Ni­gerian Legion, Colonel Micah Gaya (Rtd.) also laid wreaths.

After the wreath-laying ceremo­ny, a thunder­ous 21-gun salute to the fall­en heroes was carried out.

The Commander of the Brigade of Guards, Brig. Gen Sani, guided the President to sign the Armed Forces Re­ membrance Day Register and the release of white pigeons to signify peace.

The president also got a first-hand expe­ rience in a theatre command control vehicle from where he spoke to the General Officer Commanding, GOC, 7 Division of the Nigerian Army, its officers and men as well as the troops fighting insurgency in Maiduguri, Borno State.

He said to them: "Good morning officers and men of the 7 Division of the Nigerian Army, you have done Nigeria proud. I congratulate you and I thank you very much for the honour you have done to the country and to us.

I wish you more success.

Please, maintain the standard of efficiency. Thank you very much indeed."

The troops on ground in Maiduguri ap­preciated the president with three hearty cheers, as their commander

pledged to "dis­charge their duties to the na­tion faithfully."

Buhari further spoke with the Nigerian Peace Mission troops in Liberia, and also viewed satellite images of the Nigerian Air Force surveillance over Maidu­guri and neighbouring communities.

Atiku Hails Nigerian Military Praises also came the way of the military yesterday from the former Vice President and chieftain of All Progressives Congress, Alhaji Atiku Abubakar, who commended its remarkable and patriotic sacrifices in the line of duty and defence of the country.

The former Vice President in a statement by his media office to mark this year's Armed Forces Remembrance Day, observed that since the end of the civil war in 1970, members of the Armed Forces have not faced greater challenges than today in the face of counter-terrorism war against the Boko Haram insurgents.

Atiku said apart from sapping energy and resources, counterterrorism was one of the most stressful security duties, adding that the performance of the military was admirable and praiseworthy.

According to him, laying down one's life for the sake of others is the highest form of sacrifices, explaining that the officers and men are driven by sheer patriotism and love of fellow citizens.

He noted that any group of people who could overcome fear for the call of duty and

love of one's country deserved the greatest honour, respect and rewards from their societies.

CAN praises FG on fight against terror, corruption The President of Christian Association of Nigeria (CAN), Rev. Samson Ayokunle, has said the emergence of President Muhammadu Buhari-led All Progressives Congress (APC) administration brought both positive and negative changes in the country.

Ayokunle stated this at the weekend in Abuja while preaching at the ongoing International General Workers Conference and Ordination Interview of the Nigerian Baptist Convention.

Speaking on the topic: "It is not Beyond His Control," the Clergy assured Nigerians that the untold hardship they were going through as a result of the economic recession in the country would soon be over as God would intervene in the unpleasant situation Nigerians have found themselves.

According to him: “The past year 2016 was exceptionally tough for many people and organizations because of the recession in our country, nonetheless, we are aware that Jesus is in the boat with us because God’s children are in this nation, by His grace, the storm of hardship would soon be over in this nation and we would experience great peace and abundance in this new year in the name of Jesus Christ our Lord. Our situation is not beyond the control of our Heavenly

11

MONDAY, JANUARY 16, 2017• T H I S D AY

NEWS

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

Kidnappers Demand N1.2bn to Release Abducted NTIC Students, Staff Sun DMD: I don’t know where I will get N100m

Sheriff Balogun in Abeokuta and Chiemelie Ezeobi Two days after some gunmen stormed the Nigerian Tulip International Colleges (NTIC) in Ogun State and abducted eight persons, the gang was yesterday said to have made a

ransom demand of N1.2billion for their release.

The kidnappers were said to have placed a N300million ransom on each of the two Turkish nationals and then N100million each on the six other abductees.

According to family sources,

Peterside: Nigeria Needs New National Fleet

Says cabotage fund hits N30.7bn

The Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dakuku Peterside, has said a national carrier is being developed with a view to boosting freight haulage and creating job opportunities.

Peterside disclosed this at a News Agency of Nigeria (NAN) forum in Abuja.

It would be recalled that a Committee for the Actualisation of the National Carrier was set up by the Ministry of Transportation.

Pacific International Lines (PIL), a Singaporean company, is expected to own 40 per cent of the stake, private Nigerian ship operators are expected to own the other 60 per cent.

“National Carrier is indeed a status conferred on a shipping line by a country. In our case, the law says on the recommendation of NIMASA to the Minister of Transport, you can be designated a National Carrier and what distinguishes a National Carrier from others is the set of incentives you enjoy when get designated a national carrier.

“So, what actually we are developing is a Nigeria Flag National Fleet and in this particular instance, the model that we are working on is for private investors to bring their funds and the Federal Ministry of Transportation is a facilitator of the Nigerian fleet or the Nigerian owned National fleet or indigenous fleet.

“In our case, we have identified a core investor, Pacific International Line as core investor of the proposed National Fleet.

“Why are we in the business of National Fleet? Because it comes with a lot of advantages that nobody can ignore. The first and most important one is that it provides opportunity for people who are skilled to be employed.

“It provides opportunity for our people to receive requisite training. It also enhances revenue that we earn through the maritime sector.

“So those are some of the advantages aside from National pride that we convey most of our cargo, is also an

advantage.’’

Peterside said the agency was also working on a set of incentives that would make it attractive for people to invest in the indigenous shipping line.

Before now, there was the Nigerian National Shipping Line (NNSL).

NNSL was liquidated in September, 1995 and its assets were assumed by the newly formed National Unity Line (NUL).

The NUL, fully owned by the Nigeria Maritime Authority (NMA), began commercial operations in July, 1996 as Nigeria’s national flag carrier. with just one ship, MV Abuja.

In August 2005, the government put the NUL up for sale.

The high cost of maintaining the vessels as well and poor management were reasons for the collapse of the NNSL and NUL. Peterside said that the agency had learnt from past mistakes, thus the collobaration with a foreign private shipping company for efficient supervision of the line.

He also disclosed that NIMASA had concluded necessary documentation needed for the disbursement of the Cabotage Vessel Financing Fund (CVFF), currently estimated at more than $100 million (N30.7billionn).

Peterside said the fund came into being with the promulgation of the Coastal and Inland Shipping (Cabotage) Act 2003.

The fund, derived from two per cent deductions from every contract awarded, was meant to help grow the capacity of indigenous ship owners’ intention and also provide the needed capital for them to acquire vessels.

“Now the minister has made regulations but with benefit of hindsight, we are looking at the regulations again. You will recall that there was a ship acquisition and ship building fund which is a precursory to the Cabotage fund.

Peterside also urged law enforcement agencies to live up to their responsibilities to reduce the rate of crime in the country.

the kidnappers have been using one of the victims’ phone number to call the respective families.

It was said that each time the families tried to renegotiate the huge sum, the kidnappers would pick offence and end the call.

Already, the CCTV footages obtained by the school showed the kidnappers wearing masks to cover their faces, thus making it difficult to identify them.

Among the kidnaped students were two Junior Secondary School (JSS) students, one Senior Secondary School (SSS) student, three Nigerian workers and two Turkish staff.

They were abducted at about 9:30p.m. on Friday, when the kidnappers dug through the fence and entered through a back door.

In a statement signed but the spokesperson of the school, one Cemal Yigit, the school said, “At about 9.30pm, a group of people armed with dangerous weapons gained entrance to the girls section through different means and held three female supervisors, a female cook, a female teacher (Turkish) and three students.

“The school security noticed some movement on the CCTV camera at the girls section and promptly deployed security

personnel and alerted the relevant security agencies in the area as is customary.

“Upon hearing the security alarm activated and sighting our security personnel, the armed invaders opened fire on the security staff and managed to escape through a very dangerous route with the hostages.

“The security agencies are currently on their trail as the whole area has been cordoned off. We wish to assure parents and guardians that the students and teacher will return to safety as soon as possible.

“Everything possible has

been deployed to ensure that our teachers and students return unhurt by God’s grace.”

It was revealed yesterday night that the second daughter of the Deputy Managing Director of The Sun Newspapers, Mr Steve Nwosu, is among the students kidnapped at the school.

Nwosu, whose wife – Oluwatoyin was abducted by gunmen in their Isolo home in 2015, disclosed to journalists that his second daughter was among the kidnapped students.

According to him, “I don’t know where I will get a N100million ransom.”

PIGEONS OF PEACE

Lagos State Governor, Mr. Akinwunmi Ambode, performing the release of pigeons, during the laying of wreath to mark the 2017 Armed Forces Remembrance Day at the Remembrance Arcade, Tafawa Balewa Square, Lagos...yesterday. With him is the Commander, 9 Brigade, Brig. Gen. Sanni Mohammed

Presidency Threatens to Prosecute Anyone Selling SIP Forms Tobi Soniyi in Abuja The presidency has declared that no scheme under the federal government’s Social Investment Programmes (SIP) attracts an application fee.

In a statement by the Senior Special Assistant to the Vice President on Media and Publicity, Mr. Laolu Akande, the presidency threatened to prosecute anyone found to be selling the forms under the SIP. Aknde consequently urged Nigerians to refuse paying anyone money for SIP. Akande said: “We have been receiving reports about instances where Nigerians are being asked to pay application fees for SIP forms. We want to make it clear that such action is illegal and could warrant criminal prosecution.

“Let us make this very clear: in order to benefit from N-Power, you don’t have to pay

any application fees at all. The way to apply is to go online to the N-Power portal. But it is not open right now as we are still working on the 200,000 unemployed graduates already engaged.”

Regarding the Conditional Cash Transfer (CCT), he also explained that there were no application forms or fees to be paid either.

He said: “We are using a Community-Based Targeting template of the World Bank and as we have explained, this is the mode of identifying the poorest of the poor and the most vulnerable.”

He observed that there were instances during the N-Power online application process when some leaders uploaded information of their people onto the N-Power Internet portal to meet the online application requirement.

“We don’t frown at such an

effort as long as the information of the N-Power applicants is properly inputted online. But we frown at anyone selling forms to Nigerians for this programmes,” he said.

On claims that some party agents were involved in such illegal form sale, Akande said “the rule affects everyone.

No one should sell forms for N-Power or any of the President’s Social Investment Programmes. That is exploitation and it is fraudulent.”

Akande said while the CCT payments had started in the pilot states, not everyone in those states had been paid due to logistics and banking challenges.

He disclosed that three banks Stanbic, Access and Guaranty Trust Bank had been very helpful in the process, including supporting the implementation of aspects of the CCT pro bono.

Akande also announced

that the Homegrown School Feeding Programme would also proceed this week with the addition of five states.

He said the states would receive federal government funding to ensure that primary school pupils in those states start enjoying one meal a day.

Those states are Ogun, Oyo, Ebonyi, Enugu, and Osun.

When added to Anambra where the school feeding programme kicked off last year, there would now be isx states implementing the scheme.

According to him, at least 5.5 million Nigerian primary school pupils would be fed for 200 school days under the free Homegrown School Feeding Programme, according to the 2016 Budget, which has an allocation of N93.1billion appropriated for the feeding scheme.

MONDAY, JANUARY 16, 2017• T H I S D AY

12

NEWS

As Osinbajo Visits Niger Delta Today, Group Wants More Oil Blocks for Indigenes FG should fast-track peace process, says Dickson

Iyobosa Uwugiaren and Ogheneuvede Ohwovoriole in Abuja As Vice-President Yemi Osinbajo begins an official visit to the Niger Delta

region today with Delta State as his first port of call, a Niger Delta group, IzonIbe Oil and Gas producing Communities Association (IOGPCA) has asked President Muhammadu Buhari to grant more licences to Ijaw

Gunmen Kill 10 Members of Civilian Joint Task Force George Okoh in Makurdi Unknown armed men yesterday at Abaji in Katsina/Ala Local Government Area of Benue State gunned down ten members of the Civilian Joint Task Force (CJTF) setup by the Benue State Government to tackle criminal activities in the state.

Confirming the attack in a telephone interview, the State Chairman of the CJTF, Alhaji Aliu Teshaku, stated that the victims were holding their routine weekly meeting when they were attacked.

Tseshaku said: “The information I received was that our members were in a meeting today (Sunday) when they saw three armed men on motorbike dressed in riot police uniform suddenly stormed the meeting venue.

“Before they realised what was happening, the gang opened fire on the unarmed CJTF members killing 10 of them on the spot while two others were left with serious bullet wounds.”

Lamenting the killings, Teshaku said the CJTF had over a period of time been in a running battle with a traditional ruler in the area, name withheld, whom he said had been threatening members of the task force to leave the area.

“Few days ago, I reported the matter to the Special Adviser to the governor on Security and just today this has happened.”

When contacted, the state Command Public Relations Officer, PPRO, Assistant Superintendent, Moses Yamu, corroborated the account of the CJTF chairman.

Yamu however said nine members of the task force were killed on the spot while others sustained injuries, adding that the remains of the killed had been deposited at the General hospital Katsina/ Ala mortuary.

He said the Commissioner of Police Mr. Bashir Makama, had drafted more police personnel to the area to forestall further attack while investigations into the matter had commenced.

people and other indigenes in the region in fulfilment and implementation of the Nigeria Content Development Monitoring Board Act. The group also wants the federal government to correct what it described as ‘’the poor implementation’’ of the Local Content Act and the activities of the Nigeria Content Development Monitoring Board (NCDMB) on the area of oil shipment in the maritime industry.

The senior special assistant to the vice president on media and publicity, Mr. Laolu Akande, said at the weekend that the vice-president would also visit Bayelsa and Rivers States at a date to be announced. Akande said the visit was a further demonstration of President Muhammadu Buhari’s determination to peacefully and comprehensively address the Niger Delta situation.

Speaking with THISDAY yesterday, the association’s spokesman, Richard Koremene, said that the recent statement credited to the Executive Secretary of the board, Mr. Simbi Wobote, saying that of the 2,254 registered ships lifting crude oil, only 848, representing 37.5 per cent, were Nigerian-owned was not in the interest of the oil producing region.

According to him: ‘’Our concern and the question we want to ask is “of the 848 Nigerian-owned registered vessels, how many are Ijaw or Niger Delta-owned in the industry? “Is it that Ijaw people or Niger Delta people are not qualified? We are sure the answer to these questions is no. The Ijaws who produce more the Nigeria’s oil for our collective survival cannot

New Political Group, AFA Emerges ahead of 2019 Onyebuchi Ezigbo in Abuja

out to prominent Nigerians like former first lady, Patience As politicians strategise Jonathan, former Minister for the 2019 general election, of Finance, Okonjo Iweala, a new political party known former Minister of Petroleum as Alliance for Feminine Allison Madueke, and many Agenda (AFA) has sprung other women to join the up with former first ladies feminine party. and ex-governors queuing The new political behind it. association said it would Some of the politicians approach the Independent who were at the inaugural National Electoral meeting held in Abuja at Commission (INEC) in the weekend were former the next seven days for spokesman to President registration.

Muhammadu Buhari in Speaking on the ideology the defunct Congress for of the yet-to-be registered Progressive Change (CPC), political party, Aghauya, who Chief Denis Aghauya, a presided over the meeting, chieftain of the ruling All said the focus would be to Progressives Congress (APC) mobilise energies in women Abdullahi Jabi, Hajia Halima and youths in the country.

Turaki, Florence Wogu, Gladys “It is an ideology driven Abubakar, Hajia Binta Umar, by women in alliance with Hajia Gambo Abubakar, Hajia the men and youths to Jumai Lawal Yusuf, Princes ensure justice, equity and Thomas. unity for the purpose of The promoters of the new achieving a new dawn in party said they have reached the polity, so that we can

achieve an ideal society different from what we have witnessed since the independence of Nigeria.”

Also speaking, another prominent member, Wogu, revealed that when the party comes on board, it would pursue the idea of part-time legislature, adding that “It is part of our plans to have all the lawmakers having offices at their various constituencies and only have to come to Abuja whenever the need arises for meetings.

“Women should not be relegated to the background.

We don’t believe in affirmative action. Both men and women should be equal,” she said.

They have, however, set-up four sub-committees which include: manifestos committee, contact and Mobilisation, finance and constitution committee to make it activities go smoothly.

continue to be marginalised in the oil business. ‘’This is where we join force with the Chief E. K Clark-led Pan Niger Delta dialogue team with the federal government and these were among others things presented to President Muhammadu Buhari to grant Niger Deltans more oil blocs.”

Meanwhil, Bayelsa State Governor, Henry Seriake Dickson, has called on the federal government to fast-track the ongoing peace process in the Niger Delta, with a view to building consensus on the economic, political and security issues to achieve lasting peace in the region.

Dickson, who made the call at the wreath-laying ceremony of the 2017 Armed Forces Remembrance Day celebrations in Yenagoa on yesterday, expressed his administration’s commitment towards partnering with all stakeholders to maintain law and order in the state.

According to the Governor, Bayelsa has no room for any form of criminality, including kidnapping, pipeline vandalism and sea piracy, and therefore, urged all aggrieved parties to adopt dialogue in resolving the issues.

He also called on the

leadership of the various security agencies in the country to handle the deployment of their officers and men in a manner that would promote the overall national interest, rather than achieve partisan objectives.

“We condemn the reckless deployment of security person for parochial reasons.

This state at an appropriate time will resist it. But Bayelsa is ready to work with every security official deployed to the state to create a stable and enabling environment to protect lives and our strategic national assets.”

Dickson, who maintained that Bayelsa and the entire Niger Delta Region cannot make any meaningful progress in terms of investments and job creation, stressed the need for all to work together to achieve enduring peace and development.

While appreciating the sacrifices and contributions of the Nigerian Armed Forces, the governor particularly lauded President Muhammadu Buhari and the various service chiefs for the recent successes recorded in the fight against insurgency in the North-east.

He emphasised the need for all levels of government and other stakeholders to

continually support the nation’s fallen and surviving heroes to enhance their welfare as well as promote the training of the armed forces as they perform the critical role of protecting the democratic tenets and territorial integrity of the country.

Dickson, who commended President Buhari for directing his deputy Professor Yemi Osinbajo to visit states of the Niger Delta, announced the state government’s readiness to receive and engage the federal government team in a productive dialogue.

The governor was joined in the laying of wreaths by his deputy, Rear Admiral Gboribiogha John Jonah (rtd), Speaker of the state House of Assembly, Hon. Konbowei Benson, state Chief Judge, Justice Kate Abiri, represented by the President of the Customary Court of Appeal, Justice Daniel Ayah.

Others include the Chairman of Bayelsa State Council of Traditional Rulers, King Alfred DieteSpiff, service commanders in the state, the Assistant Commandant General and Chairman of the Nigerian Legion, Mr. Effiom Igirigi and a representative of widows of the fallen heroes.

14

T H I S D AY • MONDAY, JANUARY 16, 2017

COMMENT

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

The African Union Commission Presidency

A

Amina Mohamed, Kenya’s Foreign Affairs Minister, stands a better chance of guiding the continent, contends Adama Gaye

nyone who doubted Africa’s growing importance in world affairs should look at how the debate surrounding the election of a new Chairperson to head the African Union Commission (AUC) has generated interest across the globe.

Five candidates are running in this closely watched race already generating what seems to be an African grand strategy of diplomacy involving stakeholders of all walks of life. The candidates are: Botswana’s Foreign Affairs Minister, Pelonomi Venson-Moitoi; Equatorial Guinea’s Foreign Affairs Minister, Agapito Mba Mokouy; Chad’s Foreign Affairs Minister, Moussa Faki Mahamat; Senegalese’s scholar, Abdoulaye Bathily, and Kenya’s Foreign Affairs Minister, Dr. Amina Mohamed.

The race which will be decided at the end of January 2017 in Addis Ababa at the African Union Summit of Heads of State and Government comes at a time when Africa is seen by many as poised to becoming a major player in international affairs. All the key positions to run the AUC will then be up for grabs. In this light, the mere fact that there is such intense competition and attention around them confirms that at last, Africa is now serious about having its main channel of political and economic cooperation – the African Union – lead the way for a continent now seen by even the most cynical pundit as one on the rise. Even though the talk of a rising Africa has somewhat receded following the dramatic drop in the prices of raw materials that sustain many of its resource-rich nations, this is indeed a continent with a new narrative.

Africa’s narrative is noticeably in contrast to what is going on in many regions of the world undergoing difficult transitions. America is facing a period of protectionist policies under the leadership of newly-elected President, Donald Trump; a European continent is grappling with a weakened economy especially in light of Brexit’s (probable) break up, if not redefinition; and even Asia is confronted with the challenges of prospective internal conflicts between its main nations. The Middle East remains conflicted, whilst Latin America, the other ‘emerging market’ of the world, has yet to overcome its long economic decline since it was outpaced after the first industrial revolution.

For Africa, it is a completely different story. We have abundance of natural resources spanning minerals to hydrocarbons; an excellent demographic dividend and economic progress even in countries without natural resources. We also have a clearer understanding of what Africa needs to do to claim the 21st century.

The big picture at hand should force all commentators and actors involved in this hugely important election process to choose the person

As Africa finds itself at a decisive crossroads, and there seems to be a consensus as never before around the AUC in and out of the continent, the time has come to allow a mature discussion to be engaged on the biggest challenges still facing us Africans

who will spearhead the AUC during the continent’s golden opportunity.

Africa is in business and this was carefully highlighted during the candidates’ debate in December in Addis Ababa. From solving the remaining conflicts in the continent to providing home-grown financing mechanisms and resources, to sustaining the long-term success of the continent, all the candidates discussed in-depth both with candour and diplomacy how best to make the AUC the tool for Africa’s peace, progress and prosperity.

Post the debate, it was clear that the Kenyan candidate, Dr. Amina Mohamed, stood out for the clarity of her stance and she has been a consistent frontrunner. It therefore surprises me to read articles, such as a recent post in Morocco, with farfetched statements such as how she doesn’t care about the plight of African migrants in Algeria when she visited the country. The truth is her position is more balanced than this piece and Dr. Amina made her views clear when she recently met with parliamentarians from the EU and ACP in Nairobi. She told them that only a holistic approach involving everybody would settle this global, migratory, challenge.

As someone who has defended Morocco on other issues but who acknowledges the importance of Algeria in African affairs, I have no doubt that a quiet approach is the right one to adopt in order to bring the two brotherly nations to sit around and sort out their legitimate dissensions - and forge a way forward. It makes sense in this regard that Alpha Conde, President of Guinea and a candidate for the rotating chairmanship of the AU, has decided to visit Algeria to combat criticisms that he might be too close to Morocco. Talking to both countries becomes compulsory for whoever is serious about helping them sort out their differences that otherwise may hamper the collective march to African unity.

Let’s face it: no one is better positioned to help out than Amina. In the same way she addresses terrorism, her stance on migration has been loud and clear: these are issues worthy to be addressed soberly, collectively and at an African and international level.

As Africa finds itself at a decisive crossroads, and there seems to be a consensus as never before around the AUC in and out of the continent, the time has come to allow a mature discussion to be engaged on the biggest challenges still facing us Africans.

From here, we can focus on the bigger picture: how to make Africa great again, to make it what is should be: the continent where hope is on the rise in this ever changing world.

Gaye, a Senegalese writer, is author of a newly released book: Tomorrow, The New Africa!

Budget 2017 As The Master Key

T

Boniface Chizea argues the possibility of the country getting out of recession if the budget is well implemented

here is palpable concern in the land regarding the devastating, far reaching consequence of recession which berthed the shores of this country from the first quarter of 2016 when the National Bureau of Statistics reported a negative growth in Gross Domestic Product (GDP). It remains a fact that the recession did not creep on us as a country like a thief in the night. The signs were all there for all to see, commencing from the middle of 2014 when oil market price plunged to about 60 dollars a barrel. And with the game changer developments regarding shale oil production in America which meant that for the first time in a long while America was positioned to be self-sufficient in oil even if the catch was that the means of extraction - fracking which would require that the price of oil would not fall below certain threshold for the rigs to be kept churning otherwise it becomes uneconomic to produce. And this threshold price of oil has been variously calculated as around 60 dollars per barrel which would seem to confirm that the days of oil price above 100 dollars would seem to be in the past.

For informed commentators and I guess for almost all citizens of this country the plunge in oil price without a near term possibility for a rebound was a red flag before a bull in a China shop confirming that there is danger in the land. And therefore those of us who are privileged to share platforms whereby we could ventilate our views seized the opportunity to warn all concerned that there was the need to commence a deliberate reflation of the national economy. We often cited the American experience under President Barack Obama to justify this observation as it would be recalled that when President Obama became to power in 2008 the American economy confronted more dire conditions than that which the Nigerian economy now faced. Obama deliberately refused to allow company closures except where it was inevitable, salvaged many mortgage firms which

were the worst hit by the recession as a result of subprime lending during the boom times and proceeded even to cut taxes to put more money in the hands of Americans and in the process the deficit ballooned reaching unprecedented levels. Obama triumphed, got the economy out of recession, saved many jobs and commenced recording unprecedented levels of growth in job opportunities resulting to vote winning drop in unemployment figures which meant that his re-election became a mere formality.

Therefore following this line of reasoning when expansionary Budget 2016 was presented there was palpable relief amongst all concerned that we were on the right trajectory if we achieved commensurate level of implementation. Budget 2016 if it was implemented was adequate to stem the tide of recession. But what did we get as result? All manner of controversies assailed this budget. At some point in time it was reported that the budget was missing and that there were various versions of it at the National Assembly and even a new lexicon was added to our budget vocabulary: padding.

The downside of this development is that the recession deepened and so no one in this country was spared its ravaging consequences.

The country recorded the worst contraction it has witnessed in the past 25 years with an alarming, worrisome unemployment data. In fact job losses in the year 2016 was estimated at 1.7 million by the National Bureau of Statistics as opposed to the promise made during the campaign that three million jobs would be added every year. What was a major cause for concern was that the unemployment rate amongst the youth - ages 15 to 24 was almost 25 per cent, an untoward implication for social cohesion of the country.

We have commenced the year 2017 on a rather optimistic note with all concerned projecting that the country would record positive growth during the year which, for shouting out loud, means that the country stands a good chance of exiting recession this year if we do the

right things. But what is the prognosis so far?

If we must be honest with ourselves, not very good. For starters we did not have the Medium Term Expenditure Frame Work, 2017 – 2019, a three-year rolling plan that put into focus the social, political and economic objectives and priorities of the country approved before the submission of the details of Budget 2017 which is like putting the cart before the horse. It is therefore safe to conclude that we do not seem to enjoy requisite clarity regarding the modalities for the preparation of the budget and its implications for the country’s determination to terminate and exit the recession. The budget itself was prepared and submitted late; mid-December, 2016 as against the recommendation of the Fiscal Responsibility Act which recommends that the budget should be prepared and laid before the National Assembly before the end of August of the preceding year. And instead of buckling up to do the right thing we continue with the talk of the oddity of extending the implementation of capital component of Budget 2016 to the end of May this year.

But Budget 2016/17 even if it is correct to note that we have so far made an uncertain start, if implemented, would get the country out of recession this year. We commend the attempt to commence the implementation of the social intervention programmes which were contained in Budget 2016, the N-Power employment programme under which employment has now been offered to the first batch of 200,000 graduates who have commenced receiving their stipend of N30,000 per month and also the conditional cash transfer of N5,000 to the poorest of us which we are informed has commenced with three pilot states using social registers for the purpose which had been compiled for the beneficiary states with the assistance of the World Bank. There is also talk of the commencement of home grown meal a day at school at some selected schools. In the budget there is an undertaken to commence the payment of debts owed to domestic contractors estimated at over

N2 trillion and to settle outstanding on power consumption charges. These measures have the potential of bringing back much needed activities to the economy if implemented diligently.

Other aspects of the budget which would certainly help in this regard is the deliberate focus on agriculture which is the mainstay of this economy from the perspectives of its above 20% contribution to GDP and substantial employment generation potential. An appreciable allocation of the sum of N92 billion has been made to agriculture in the budget and when we factor in developments with the Anchor Borrowers’ programme which was initiated by the Central Bank at farmer friendly single digit 9 per cent interest rate to facilitate self-sufficiency in agriculture along with the other targeted schemes; Commercial Agricultural Credit Scheme and the Nigeria incentive- based Risk Sharing Agriculture credit scheme, it will be safe to assume that we are poised to unleash the potential of agriculture to unlock growth in the economy.

The nation should do well to capitalise on the potential of Micro, Small, Medium scale enterprises to foster rapid growth in employment through by providing an enabling environment through the provision of essential infrastructure particularly regular power supply.

The promise to recapitalise the Bank of Industry with the sum of N15 billion should be pursued vigorously. We should also make haste to ensure that good progress is made during the year on the proposed Development Bank for which funding of $1.3 billion had been secured mostly from external sources.

The memorandum of understanding recently entered into with the Moroccan government to revitalise the fertiliser plants in the country should be pursued vigorously to tap on its job creation potential and earn the savings on foreign exchange which importation will cost while avoiding the leakage associated with subsidy payments.

Dr. Chizea is a management consultant

15

T H I S D AY • MONDAY, JANUARY 16, 2017

editorial A Divided Labour House The Nigeria Labour Congress should put its house in order

A

t a most difficult period when the Nigeria Labour Congress (NLC) ought to be constantly striving to secure better working conditions for its members, it is deeply enmeshed in a leadership crisis. Torn apart by some serious internal contradictions which have put into question the ability of the NLC to manage its own affairs, organised labour is increasingly becoming irrelevant in the country.

The trouble started late last year, when the patched house of labour broke into two as the Joe Ajaero and Igwe Achese faction floated a parallel movement ironically named United Labour Congress. In the accusations and counter-accusations that followed, Ayuba Wabba, who was elected president at the Congress still pledged to “do everything within our power to preserve the unity and coherence of the labour movement which was handed down to us by our forebears.” Not many people still take him serious despite the fact that members of the opposing camp have behaved The NLC leadership like bad losers. crisis has turned The seed of the congress to a division within the bystander in the ranks of labour was affairs of its men sown during the 2015 and women, putting delegate conference little or no efforts to to choose its leaders.

The exercise clearly protect their rights underlined the challenge of conducting credible elections in our country. It was a disgraceful parody of how those who seek to “serve” the public behave, with representatives of Nigerian workers acting like overgrown kids – smashing ballot boxes and throwing out ballot papers and openly campaigning along ethnic and religious lines.

Wabba, then Chairman of the Medical and Health Workers Union of Nigeria (MHWUN) was pitted against Ajaero, General Secretary of the National

Letters to the Editor

L

Union of Electricity Employees (NUEE). Wabba was generally accepted as the winner of the controversial contest and the keys of Labour House were handed over to him. But Ajaero alongside Achese, President of the National Union of Petroleum and Natural Gas Workers, disputed the outcome of the election and have been operating a faction of the congress from Lagos since then. Efforts by many labour leaders and other stakeholders to bring both factions together have proved futile.

I 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

n such a divided state, the government of the day moved in to exploit the congress, particularly when government increased the cost of pump price of petrol mid last year. While we support fuel subsidy removal as a policy, the cynical manner in which the Muhammadu Buhari government acted on the issue, almost as if it was doing the people a favour, ought to have been challenged by a focused and organised labour. But the feeble protests organised by the Wabba faction of the NLC came down in a whimper.

It is therefore instructive that the NLC is becoming increasingly muted in affairs of its members, the main reason for its existence. The workers it ought to protect now bear the brunt of the economic mismanagement in the country as many of them are thrown out of jobs at will while those who manage to retain theirs go home with dwindling wages amid rising costs of living. Indeed, the NLC leadership crisis has turned the congress to a bystander in the affairs of its men and women, putting little or no efforts to protect their rights. It is even more worrying that the formation of another labour centre may plunge a bad situation into an outright catastrophe.

That is why we implore the leadership of the congress to return to the table and resolve their differences in the interest of workers. As Issa Aremu, former Deputy President of the NLC rightly said, “it is never too late to return to one labour movement.

Let us bring our grievances to the table and resolve our differences.” That is the sensible thing to do.

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.

Economic Autonomy And Lessons From Lagos

ee Kuan Yew, the architect of the modern Singapore, visited Nigeria a few days before the military struck on January 15, 1966. His visit was in connection with the Commonwealth Conference held in Lagos on Rhodesia, now Zimbabwe. His conclusion about Nigeria in 1966 is contained in a book he wrote in 2000 titled, ‘From Third World to First’.

In the book, he concluded: “I think their tribal loyalties were stronger than their sense of common nationhood”.

The tragic preference for tribal loyalties at the expense of good governance has made Nigeria arguably the worst run of the world’s seven most populated countries. For too long, our country is used as a symbol for anything that is wrong in terms of countries that are endowed with resources. In spite of hundreds of billions of dollars that we have made from oil, Nigeria still has the second-most destitute people in the world, after India.

Unarguably, the country has structural problems. But any talk about restructuring without good governance from the constituent states amounts to beating about the bush. Today, state and local governments give the impression that their entire operations depend on the statutory federal allocation. Apart from the Federation Account, each tier of government is required by the constitution to raise its own local revenues upon which they should run the services allocated to them under the constitution. It was evident before oil became an important source of income that this country possessed abundant natural resources and a vigorous and dynamic human resource to develop into a prosperous and progressive nation. One still believes

that it is still so if we turn our attention away from oil as our main source of wealth.

With an exploding population of an ethnically and religiously diverse people, estimated at 20 million, Lagos stands out as a model of how good governance can enhance peaceful co-existence and spur growth and development. The state has seen steady improvement in its governance since 1999, when Nigeria returned to democracy. In similarity to how cities such as Chennai and Hyderabad in India and Medellin in Columbia had in the past outperformed and outshone their national government in promoting growth, child education and crime and poverty reduction, Lagos has become a laboratory which the federal government and other states of the federation can emulate for practical lesson.

A unique combination of visionary leaders, vibrant and proactive public service, an active and engaged civil society and progressive development plan have worked together to lead what was once the poster child for a slum-ridden and largely impoverished lawless metropolis, into a new modern era.

The economy of Lagos State is fast outpacing economic growth in other parts of the country and, indeed, in the sub-region as the state’s non-oil revenues now sustain increase investment in infrastructure and other social amenities. While other states have been left almost bankrupt, following the drying up courtesy current economic recession, Lagos raked in N287 billion in internally generated revenue (IGR) in 2016, well above the total budget size of more than 20 states.

With about N600 million in 1999, when Asiwaju Bola Tinubu took over, the IGR rose to between N10 billion and N11 billion by 2007

when Tinubu left office. With continuing reforms in the internal revenue system, aggressive tax drive, capacity building and professionalism of the Lagos Internal Revenue Service (LIRS), the IGR of the state had by 2015 when Mr. Babatunde Fashola (SAN), left office, risen to about N23 billion monthly.

A key secret of Lagos’ economic growth is infrastructure development which has been the hallmark of succeeding administrations since 1999. This is premised on the principle that the better the infrastructure the more the likelihood of tax compliance. This is in sharp contrast with what obtains at the federal level where a large proportion of revenue projection has little to do with government’s performance, since about 75 percent of the national budget is projected in anticipation of oil receipt.

Aside its creative revenue base, Lagos flexibility in sourcing competent and resourceful personnel, irrespective of typical Nigerian considerations, partly accounts for its socio-economic stability. In Lagos appointment or recruitment into public office is mainly anchored on competence. Lagos is the only and truly melting point in Nigeria; a land of opportunities for all. Lagos has continued to show the way forward in its commitment to an indivisible Nigeria where no one is denied of opportunities for self actualisation on mundane considerations. The state’s primary, secondary and tertiary health facilities and, indeed, other such infrastructure remain accessible to all Nigerians without any discrimination. The State Security Trust and Employment Trust Funds are available for the good of Lagos residents.

Rasak Musbau, Ministry of Information and Strategy, Alausa, Lagos

16

MONDAY JANUARY 16, 2017 T H I S D AY

17

T H I S D AY • MONDAY, JANUARY 16, 2017

politics

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

M o n d ay D i s c o u r s e

A Dicey Boko Haram Defeat Though the Nigerian Army has significantly decimated Boko Haram, yet judging from the pocket of attacks still being reported, it seems the federal government’s victory song is a little too early, Shola Oyeyipo and Segun James write

Buhari... hitching to end insurgency

E

xcept probably those behind the heinous crimes being perpetrated by the Boko Haram sect, every Nigerian and even the international community want a quick end to the murderous activities of the group because not only have they killed over 10, 000 innocent people in the last eight years, peoples’ ways of life have been disrupted and the cost of fixing their destructions is better imagined.

So, naturally it was a good news for Nigerians when about three weeks ago the Boko Haram flag was presented to President Muhammadu Buhari in what was a display of the victory by the Nigerian Army who have frontally engaged the dreaded sect in all their known operational hideouts.

During the electioneering campaign period till when he was eventually inaugurated and afterwards, President Buhari had promised Nigerians that the deadly group would be defeated. So, when last December, the President who had shown more than a passing concern in getting rid of the extremely violent sect, declared that the Boko Haram has finally been crushed, it was obvious that it was his desire but whether or not the desire has been achieved is now the issue.

Earlier in November, the Chief of Army Staff, Lieutenant General Tukur Buratai‎ also

boasted to Nigerians that Boko Haram has been defeated.

According to him, “It is very clear that the terrorists have been defeated. There are no doubts about it. What we are doing now is a mop up operation aimed at ensuring that we clear the rest of them.

The concern of some others is that since terrorism is not a conventional war, it can hardly be declared won.

It is an ongoing thing.

Their tactics change and as such, security agents must continue to move steps ahead of them to prevent attacks on innocent citizens

“It is one thing to defeat, and it is another issue for the terrorists to surrender. We are working on their final surrender in the remaining enclaves where they are now”.

Towards the end of last year, the men of the Nigerian Armed Forces had taken the battle to the stronghold of the terrorist group.

Camp Zero, the operating headquarters of the group which is located deep within the heart of Sambisa forest and the area is liberated with the fighters driven from all their strongholds.

Some of them were in fact nabbed in states outside their operational zones.

Added to that, while the military continue to attack the terror group, the ‘Operation Safe Corridor’, designed to give room for repentant members of the outlawed group to surrender is also recording success as some of them are already being de-radicalised and rehabilitated while some of them are providing useful information to security agents.

But good as the news may be, some skeptical Nigerians are asking some salient questions.

Many would just want to be sure that the terrorists would never regroup again and still perpetrate attacks on soft targets. Where this happens, the war is not over then. This is more so because Nigerians have not been told that their financiers and backers have equally been decimated.

These, coupled with the fact that most of the identified leaders of the group are still at large, make some fear that more still needs to be done before any boast of conquering them.

The concern of some others is that since terrorism is not a conventional war, it can hardly be declared won. It is an ongoing thing.

Their tactics change and as such, security agents must continue to move steps ahead of them to prevent attacks on innocent citizens.

Justifying the Concern Though unable to pull the kind of daring attacks that made them popular before, experts are of the view that Boko Haram could still be deadly. Then the absence of reliable information on the sect leader, Abubakar Shekau and his cohorts is also considered as a setback to the purported victory.

Another important factor is the issue of the abducted Chibok secondary school girls. With efforts already made to reunite some of them with their families, as President Buhari himself reckoned, if the rest of the girls are not back, Boko Haram is yet to be defeated.

Worst still, rather than reply in words, each time Nigeria celebrates their defeat; the insurgents have made a habit of launching CONT’D ON NEXT PAGE

18

T H I S D AY • MONDAY, JANUARY 16, 2017

politics

Monday Discourse A D i c e y B o ko H a r a m D e f e at

series of surprise attacks. While this could be considered as the last kicks of a dying horse, there are also signs that the last may not likely have been heard of Boko Haram.

Shekau recently denied that his group has been defeated when he appeared in a 25-minute video claiming that “We are safe.

We have not been flushed out of anywhere.

And tactics and strategies cannot reveal our location except if Allah wills by his decree”.

He was referring to President Buhari’s statement on Christmas eve that the extremist group has been defeated. He said to the president: ”You should not be telling lies to the people.

“If you indeed crushed us, how can you see me like this? How many times have you killed us in your bogus death?” he asked.

The Nigerian Army, in a statement, called the video mere propaganda, insisting that the video is part of the tactics adopted by the group to keep the people in a perpetual state of fear.

Some Recent Attacks On December 26, 2016, two suicide bombers attempted to strike in Maiduguri but only one of them died. The other was captured before she could strike. That was barely 48 hours after the presidential victory declaration.

Though no group has claimed responsibility for the attack yet, one person was seriously injured when about 10 year old female suicide bomber detonated a bomb on New Year’s eve in Maiduguri. But being familiar with Boko Haram activities, it was easy for the people to conclude that they masterminded the attack.

On the New Year day, the terrorists killed eight persons in Kalleri, Maiduguri, Borno State. A resident, Alhaji Mala was quoted to have said: “We lost three people in Kalleri last night to the bombers; they knocked on the doors, when we opened, they quickly grabbed people and detonated IEDs.” Eight people were confirmed dead in several explosions in Maiduguri late last Sunday. There were also reports that a Boko Haram suicide bomber attacked a Civilian Joint Task Force (CJTF) check point around Muna garage that same day.

Last week Tuesday, January 10, 2017, two soldiers of the Nigerian Army were killed in Mate area, Borno State; though the soldiers reportedly killed many of the insurgents before they were eventually killed.

Aside the attacks listed above, last Thursday, THISDAY reported that while we sing victory song, the Boko Haram terror group fought back upper Sunday, invading Cinki Gundu, an outskirt of Maiduguri where an officer and six soldiers were killed while eight others were injured.

But reacting to the report, the Theatre Commander of Operation Lafiya Dole, the military taskforce clearing the North-east of the insurgents, Major General Lucky Irabor, said it was “Outright falsehood”.

However, Irabor had earlier in Maiduguri told journalists that the mop-up operations of the military were still on where there are pockets of resistance by the insurgents. He also admitted that an operation at Bulakesa village claimed the lives of an officer and four soldiers, while three other soldiers were wounded.

According to him, 50 insurgents were killed in action while three AK47 rifles and several weapons and grenades were recovered from them. He also hinted that nine terrorists and 18 minors were arrested during the operation.

Worthy of note is that THISDAY sources were emphatic that Cinki Gundu was under the control of Boko Haram, naming one Ba Umar, a second lieutenant, as the officer killed during the attack. A source added that one of the slain soldiers, a majority of whom were said to have newly joined the army about five months ago in 2016, was identified as Corporal Idowu Shoneyin of the 153 Task Force Battalion.

According to the sources, the Nigerian troops went on a fighting patrol at Cinki Gundu when they came in confrontation with the Boko Haram fighters who immediately opened fire on them, killing five on the spot in the first attack.

As at the time of compiling this report, news broke that many people got killed last Friday morning in Madagali town, Adamawa State (about 300km away from Yola, the state capital), when three suicide bombers attacked at a crowded motor park on the outskirts of the town in the North-east state.

Men of the Nigerian Army... savouring the Sambisa victory

Who is deceiving us?

Is it the government or the military? If they have defeated Boko Haram; they have taken over Sambisa forest, where are the Boko Haram leaders?

It means they are still living with us. We cannot say the Boko Haram insurgent has been conquered because they are still living with us Buratai... leading the battle against terror

Shekau...dead or alive?

Reactions A Lagos-based retired Navy officer, Mr. Fadile Olomi said more still needs to be done to actually claim to have defeated the sect. To him, this is because the war is still on.

“Who is deceiving us? Is it the government or the military? If they have defeated Boko Haram; they have taken over Sambisa forest, where are the Boko Haram leaders? It means they are still living with us.

“We cannot say the Boko Haram insurgent has been conquered because they are still living with us. To truly fish out the leaders, the Directorate of State Security (DSS) must

embark on thorough house-to-house search in the North-east. Even during former president Goodluck Jonathan’s tenure, he said he had Boko Haram around him.

“So the people in the area should take over the war because it is still on. They must be very security conscious. Nobody must relax.

They should make a habit of reporting any strange thing, person, movement or whatever to security agents promptly. They should have the phone contacts of all the security outfits, most especially the DSS”, he said.

A financial market expert and public opinion analyst, Mr. Adeyinka Adeniji also contended that terrorism is hardly won as in conventional warfare. ”Terrorism is a spirit because over the years everywhere terrorism raised its ugly head‎ and has been tackled, even with more sophisticated security settings, you still see them coming back with attacks in trickles.

Then that goes to tell you that it is the spirit that lives on.

“For instance, during the June 12 annulmentMKO saga; the movement became a spirit that becomes stronger each time government of the day tries to clamp down on them.

“To tame them, government should use the power of justice. They must seek for their leaders and financiers and go after them with the power of justice. If we know the strength of our opponent, common sense demands that we should go and tackle their strength.

“My advice to the people in the affected areas is simple that they should be more vigilant. Everybody should suspect everybody because it is guerilla war they are fighting.

You would not even know who the bomber is”, he noted.

Reacting also, Mr. Morenikeji Saliu, a Lagos based legal practitioner debunked the fact that Boko Haram has been crushed by the military.

He said that after the military claimed that Sambisa forest has been liberated by them, there have been reported cases of isolated bombings.

“As at today, Madagali has been reported to be under Boko Haram attack leaving several civilian casualties, so who is fooling who?”

He queried.

Saliu lamented that “I’m afraid the Nigerian government is counting its chicks and chicken too early. Worse still, they seem not to be communicating to Nigerians.

“There is no doubt that the government has whittled down the potency of the insurgent, but the proper thing to do is to constantly assure Nigerians that the government is doing its best to annihilate the group so that when isolated cases of bombings is reported, Nigerians will see it as an act of desperation by a failing organisation to remain relevant.

Until this is done, Boko Haram will continue to win the psychological war.

“Come to think of it, barely a week after government made a big issue of the killing of the sect’s leader, statements from the military hierarchy seems to suggest that the sect leader is still Nigeria’s most wanted man.

“Even the United States of America never claimed that the killing of Osama Bin Laden has completely annihilated Al-Quida. This is a food for thought for the government.”

For Mr. Kunle Bello, the question of the federal government and the armed forces wiping out the Boko Haram sect is double edged. “Yes, the sect has been dislodged from the Sambisa forest because the war planes were able to land there successfully, and as a result, it is very evident that the sect has been largely defeated. But no because the Chibok girls have not all been found and they are largely seen as the symbol of the war.”

19

T H I S D AY • MONDAY, JANUARY 16, 2017

politics

PERSPECTIVE

Kalu’s Exit Plan

Following his recent decision to defect to the ruling All Progressives Congress, former Abia State governor, Chief Orji Uzor Kalu, has kicked off the process that will ultimately lead to his exit in politics, writes Mike Nwachukwu

I

n the count down to the last re-run election for the Abia North senatorial seat, many observers expressed the fear that one of the most likely consequences of the re-run will be the final retirement of Chief Orji Uzor Kalu, one of the major contenders for the seat, from active politics.

That prognosis may have begun to gradually unfold given the trend of events around the former governor of Abia State. To buttress this line of reasoning, analysts point at the recent defection of Chief Kalu to the ruling All Progressives Congress (APC) and the opinion of many, Kalu’s move to APC is the beginning of his ultimate routing from politics.

But the question has been is his current misadventure as result of the devastating defeat he suffered in the hands of Senator Mao Ohuabunwa in the last re-run?

Indeed, many observers even wonder if Kalu was so dazed by the defeat handed to him by Ohuabunwa that he has lost all sense of judgment.

Even when room is given to the belief that his defection is an attempt to cling to a life line in a desperate battle for political survival, many still believe that he should have been more circumspect.

Already, so much has been said and written by commentators who see the move as no more than an attempt to get the protection of the federal government in his on-going trial for corrupt practices while he was governor of Abia State between 1999 and 2007.

Even so, not a few believe that he had no option, politically speaking, given that he has completely alienated himself from the Abia political establishment through the way and manner he went about his senatorial bid.

Kalu has been so berated in both the conventional and social media that his handlers have been spending much of their time and energy trying to respond to the barrage of criticisms and shore up his image. Even Kalu himself has been laboring to personally give reasons why he defected. But his narrative has, rather than help his case, further complicated it, indeed even alienating him further from the people of the South-east who see his recent moves as another ploy to deceive them.

For example, Chief Kalu’s claim that he joined the APC because President Muhammadu Buhari has begun to fulfill the promises he personally made to him, Kalu, that he, Buhari, will improve infrastructural facilities in the zone if elected, has been highly criticised and faulted by the generality of the people of the zone.

The question that is being posed to Kalu is, where are the infrastructural facilities you are talking about? This question arises mainly because, the infrastructural facilities, especially roads, in the South-east have remained the way Buhari met them more than eighteen months ago, with no sign that the situation will improve soon.

While being formally received by the leadership of the APC following his defection, Kalu had told the gathering that with him now in the APC, the entire South-east, plus indeed the South-south, will vote overwhelmingly for the party in 2019.

But that statement fetched him so much scorn. His Kinsmen not only see that statement as a sellout, they also berate Kalu for making a promise he knows he is incapable of fulfilling. Here is a fellow, they say, who was unable to win a senatorial seat, after several attempts

Kalu…what lies ahead?

and in spite of the fact that he once governed an entire state, promising to capture an entire zone for a party from which the people have remained alienated despite the attraction to the so called federal might. The view, generally, is that Chief Kalu should speak for himself and pursue his self-serving motives for going to the APC. But to play the devil’s advocate, it is also the view of many analysts that Kalu showed crass lack of strategy and tact by making his recent move shortly after losing a senatorial election he boasted so much about and following a court ruling that threw away his petition challenging the election of Senator Mao Ohuabunwa.

The thinking in several quarters is that he should have allowed the pangs of defeat and the loss of face associated with it to die down before making such a move.

That prognosis may have begun to gradually unfold given the trend of events around the former governor of Abia State.

To buttress this line of reasoning, analysts point at the recent defection of Chief Kalu to the ruling All Progressives Congress (APC) and the opinion of many, Kalu’s move to APC is the beginning of his ultimate routing from politics

Given the profile of the two candidates (Ohuabunwa and Kalu) involved, coupled with the circumstances that surrounded it, the Abia North senatorial re-run election became a national issue.

With a noisy posturing made easier by his involvement in newspaper publishing, Kalu raised the ante beyond the ordinary tenets of political campaigns. What caught the attention of most Nigerians was the fact that, apart from that Senator Ohuabunwa trounced him at each of the elections; Kalu shunned all entreaties by his Abia North kinsmen to save Mao, as the senator is more fondly referred to, from distractions that arose from the protracted litigations. Interestingly, another top contender for the seat, Chief Bourdex Onuoha, heeded the call by his people by refusing to challenge the result of the re-run election.

The overall implication of Kalu’s recalcitrance is that aside loss of electoral value, Kalu has lost tremendous goodwill from his people who ordinarily respected him because of the position he held before.

In the view of many, the fact that Kalu pledged to deliver the same people to his new political allies without first seeking for ways of warming himself back to their heart means that he takes them for granted, something that is seen as quite reprehensible and dangerous for his political survival. It is even said in some quarters that contrary to the claim he made on the pages of newspapers, Kalu never congratulated Senator Ohuabunwa.

And talking about survival, it is the position of several observers, that His Excellency, Dr. Orji Uzor Kalu, has fired his last shot in his battle for political survival. They point out that the Igbere Chief has arrived at his last “political bus stop”. They further insist that apart from not being a team player, Kalu lacks the discipline and orientation to submit himself to the leadership of others. It is the thinking of many that it will not be long before he falls out with the leadership of the APC, which will, in any case,

soon discover that he lacks the capacity to deliver the South-east to the party as he boasted.

The reason many argue along this line is because it is believed that Chief Kalu has squandered his good will by the type of politics he plays. Here, particularly worrisome to many is his penchant to see himself as the only cock that crows.

This is coupled with his tendency to be unrestrained in his utterance. Generally, the attitude of key politicians in both Abia and South-east as a whole is that of caution.

In the course of seeking the senatorial mandate, Kalu made utterances that completely discomfited not just his people in Abia North but the entire Abia State. For example, in a television interview shortly after the re-run, he had said that the reason he cannot quit politics is because if he leaves, “fools” will emerge to rule him.

That statement drew to him a lot of flaks as Abians, generally, took that to mean that he was insinuating that all those whom the people have given their mandates since after his tenure as governor are fools, a thing Abians, from North to South, did not take lightly, given their affinity and respect for their current leaders, especially the three senators.

Many observers believe that Kalu may not get the sympathy of Abians again unless he purges himself of his excesses.

Before his desperate bid for the senate, Chief Kalu was seen by many as politically wise, despite that he had running battles with some of his former political associates. The question has been what happened? Did Senator Ohuabunwa use a charm on him? It is an ordinary joke but it shows the extent to which many observers believe that Kalu is headed for further political misadventure, a situation made worse by his defection to the APC. Not a few wonder why Kalu left the very party he formed to join another initiated and now led by a former colleague of his.

When recently he said on national television that the “Igbo do not understand politics”, many commentators of Igbo extraction reminded him that abandoning the party he formed stands him out as one of the most ill-informed politicians to ever happen on this clan.

The truth is that Kalu is alone in his APC project in Abia State. He is there as an only tree which, as the aphorism goes, cannot make a forest. The three senators, who are all PDP, call the shots in their different constituencies.

Even if the much talked about mega party project sees the light of the day, the three senators, together with the governor, who is also of the PDP fold, will seize the center stage, being incumbent holders of the people’s mandate. This leaves Orji Uzor Kalu, who has lost the confidence of his people in Abia State, completely alone. If he fails to deliver Abia as he boasted and as is wont to happen, that will be the end of his political career.

Still, not a few believe that the matter of what happens to Kalu’s political career is now academic. Kalu, they say, knew the consequences of his recent political choices. So, something must give since nobody can eat his cake and still have it.

While he remains innocent until proven guilty by the court in his ongoing trial, this is also wishing him the best of luck in the attempt to get the sympathy of his new political friends and masters to let him off the hook.

Mike Nwachukwu wrote in from Umuahia, Abia State

20

monDAY, JANUARY 16, 2017 • T H I S D AY

features

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

Nigeria’s Failure to Tap into Global Tourism For the second year running, Nigeria was a no show at the 2016 World Travel Market in London. Funke Olaode, who attended the three-day global event, examines the economic implications for the country and how Nigeria loses millions of dollars in travel and tourism

S

ince its debut 36 years ago, the World Travel Market (WTM) which is usually organised in London, the United Kingdom, has remained a melting point for 187 countries across the globe who converge not only to share ideas on how to improve tourism and travel industry –but more importantly to set agenda for the multi million dollars tourism business sector.

The gigantic exhibition centre situated in ExCel, East London, is an avenue that attracts common interests and offers stakeholders the opportunity to keep up with the latest trends and gain new insights on travels. In its 36th year, it has attracted at least 50,000 each year senior travel industry professionals, business people and top government officials and international press, who converge on ExCel-London every November to network, negotiate and discover latest opinions and trends on travels business.

With the recession buffeting many countries and especially the oil producing countries that are grappling with the dip in oil prices, not a few countries are exploring their tourism potential as support system to boost their economy.

According to a recent report, the United Arab Emirates (UAE) with its famed Abu Dhabi and Dubai sits atop over 93 billion barrel of crude oil. But as it stands today, the country has since put oil aside and diversified into other areas. Tourism is its cash cow.

With its less than six million population and a Gross Domestic Product (GDP) per capital predicted to rise by 22 per cent to just $75,000 in a few years’ time, Dubai, a city of superlatives, with her pristine beaches and an interesting mix of indoor and outdoor entertainment, has in the last few years been playing host to millions of visitors from all over the world.

Owing to factors such as rising incomes, retail real estate expansion and steady inflow of international brands, the UAE tourism offering is set to reach new heights in the years ahead.

Dubai’s ambition to become the world’s most visited city is obvious. Tourism is an important part of the Dubai government’s strategy to maintain the flow of foreign cash into the emirate. As of 2013, Dubai was the fourth most visited city of the world based on air traffic and the fastest growing destination, increasing by a 10.7 per cent. Dubai attracted at least 14 million tourists in 2015. And by the end of 2015, the country’s GDP stood at $340.8 billion.

Another example of a nation that has shifted focus beyond oil is Turkey. Turkey is a nation straddling Eastern Europe and Western Asia with cultural connections to ancient Greek, Persian, Roman, Byzantine, and Ottoman empires. Cosmopolitan Istanbul, on the Bosporus Strait, is home to the iconic Hagia Sophia, with its soaring dome and Christian mosaics, the massive 17th century Blue Mosque and the 1460 Topkapı Palace – former home of sultans.

Istanbul welcomes thousands of visitors daily.

During this reporter’s visit to the ancient city, a tour guide at Hagia Sophia Mosque explained that an average 3,000 visitors converge on the iconic site daily paying $10 per head. Which means the site makes an average $30,000 per day ($900,000 monthly and over $10m yearly).

That is only on one site.

Barbados is the wealthiest and most developed country in the Eastern Caribbean and enjoys one of the highest per capita incomes in the region. Recently, Barbados celebrated its 50 years of independence. The Island was one of the first European colonies in the Caribbean and broke from British rule on November 30, 1966.

The five decades since have seen its tourism industry rise to overtake sugar production as the Island’s major source of income.

Nigeria Stand at the World Travel Market, ExCel, London However, in recent years the economy has diversified into light industry and tourism with about four-fifths of her GDP and exports being attributed to the service sector. Last year, the country welcomed a record 591,872 visitors – which apparently provided a boost to the nation’s hospitality industry, increased employment and put the number of flights to the country at its height. At the end of 2015, the country had an estimate GDP of $4.412 billion in terms of (purchasing power parity).

While the Middle East, the Caribbean and godfathers of destinations such as the UK, the United States, Germany, even South Africa and Kenya have continued to position themselves as tourists’ havens and are raking multibillion dollars, Nigeria seems to be teetering on apathy and lack of ingenuity.

In recent times, Ethiopia, Rwanda Tanzania,

WTM is the biggest platform for an Englishspeaking country. The whole world is there. That is where it happens as it is a must-visit for all players in the sector. We cannot grow tourism without engaging with the global community and we ought to go where the world meets…When people are looking for Nigerians to do business with and they are nowhere to be found it is a huge loss

Kenya, and The Gambia have demonstrated how lucrative travels and tourism are. For instance, despite its genocide tragedy of 1994, Rwanda is one of most visited countries on the continent of Africa and Gambia – despite being run like a police state – welcomes thousands of tourists. Rwanda Development Board (RDB) in its recent reports said the country generated $304.9 million in 2014 from tourism, compared to $293.6 million in 2013, representing an increase of 4 per cent. These revenues increased from $62 million in 2000.

The Gambia, with a population of about 1.849 million as of 2013 and over 30 top tourist attractions receives over 100,000 visitors a year and its tourism industry is the second highest earner of foreign revenue. Tourists mainly come from Europe with package tour operators from UK making up over 50 per cent of the visitors; the remaining number of visitors arrived from Germany, Norway, Sweden and other countries. In terms of GDP per capital according to World Bank (2013), the country rakes in $488.57 yearly.

Little wonder that in spite of the domestic challenges back home, Kenya, Uganda and Rwanda have not failed to take advantage of the WTM. The trio marketed themselves as a single destination for the first time at joint stand at this year’s WTM London under the banner, “East African countries opt for joint marketing, Borderless Borders, One Destination.”

The single East Africa Tourist Visa, recently launched, enables travelers to visit Kenya, Uganda, and Rwanda under one visa.

According to the East Africa Tourism Platform, the move is in line with the vision of marketing East African Community (EAC) as a single destination.

South Africa is a popular tourist destination and the industry accounts for a substantial amount of the country’s revenue. According to the World Travel and Tourism Council, the tourism industry directly contributed ZAR 102 billion to South African GDP in 2012, and

supports 10.3 per cent of jobs in the country.

Another important source of revenue is domestic tourism, which contributes 52 per cent of total tourism consumption. The number of tourists that throng South Africa also reached the 10 million mark in 2014.

For so-called ‘Giant of Africa’ –Nigeria – with its vast tourism destinations and human resources things are falling apart in travels and tourism as it faces the quartet of kidnapping, terrorism, corruption and lack of ingenuity.

According to an expert, this is a bad omen for a country struggling to make tourism as one of its exports besides oil and agriculture.

“Since Nigeria joined World Travel Market in 1996. This (2016) is the second time Nigeria did not participate in the annual event. Not only that, Nigeria has defaulted in many international exploits. For critics, the move is a misstep because among the African nations, Nigeria has always been a cynosure of all eyes. Since it registered its presence at WTM London in 1996, the country has recorded remarkable successes.

“These were attributed to past administrations of director generals of the Nigerian Tourism Development Corporation (NTDC) such as Mrs. Omotayo Omotosho, Chief Olusegun Runsewe and a host of others. Many would not forget in a hurry in 2001 how the then first black Nigerian Miss World, Agbani Darego, drew the world to the Nigerian tent at WTM under the leadership of Mrs. Omotosho. This, of course, placed Nigeria on the top map in travels and tourism industry,” the publisher of African Traveler and organiser of Akwaaba Travel Market, Mr. Ikechi Uko, said.

In 2012, the country’s tourism industry got international recognition as a potential powerhouse in global travel and tourism markets.

That year, in an industry report signed by the WTM chairman, Fiona Jeffery, Nigeria was highlighted as a viable travel and tourism destination.

21

T H I S D AY • monDAY, JANUARY 16, 2017

features Head of Tourism Research of Euromonitor International, Caroline Bremmel, revealed how Nigeria’s film industry, dubbed Nollywood, has placed the country on the world map.

In the 53-page report tagged, ‘Africa-Destination-Nollywood,’ Bremmel said Nollywood was the second largest in volume terms after Bollywood (India) and ahead of Hollywood (US) with over 2,000 films produced annually.

With these positive remarks, the world always looks out for Nigeria each year at the WTM. Since the last administration of the Nigerian Tourism Development Corporation headed by the former director general, Mrs. Sally Mbanefo came on board, Nigeria has performed poorly.

It was with fanfare at WTM London 2013 when a new slogan and logo was launched as part of rebranding Nigeria. Former Ambassador of Nigeria to the United Kingdom, Dr. Dalhaltu Tafida and former Minister for Culture, Chief Edem Duke were both present. But the fanfare ended there as it had no significant impact on the country’s tourism or economic development.

Experts who spoke with this reporter noted that Nigeria’s continued absence at the WTM can only lead to one thing: loss of foreign exchange earnings and job opportunities for locals.

Uko, explaining how much Nigeria loses for not being at the WTM in terms of Foreign Direct Investment (FDI), stated that the picture is pathetic.

According to him, before the country’s recession, Nigeria had the highest hotel pipeline projects in Africa. It was expected that all leading global hotel chains will invest in Nigeria.

“If Federal Palace Hotel can scratch an investment of $450 million you can imagine when more chains come over. WTM is the biggest platform for an English-speaking country. The whole world is there. That is where it happens as it is a must-visit for all players in the sector.

We cannot grow tourism without engaging with the global community and we ought to go where the world meets. Nigerian tour operators and hoteliers missed the meetings and the networking necessary for growth.

“When people are looking for Nigerians to do business with and they are nowhere to be found it is a huge loss. If you noticed Nigeria’s participation in international fora went down within a particular period – not just the WTM. ITB Berlin, FITUR Madrid, Arabian Travel Market Dubai, Akwaaba in Lagos, Carnival Calabar and other tourism events lost the attention of the Federal Government.”

Speaking on the financial implication of untapped tourism opportunities as illustrated by the WTM, a renowned economist in Olabisi Onabanjo University, Ago-Iwoye, Ogun State, Professor Sheriffdeen Tella, said it is not possible to quantify how much Nigeria is losing unless it is known how much the country had realised in previous years it attended the WTM. Tella said, “But do we keep records or follow up? Because there is no national plan that categorically states what the country should do and not do at different times. Each office holder decides on what to do when they get to the position. So one minister was interested in taking Nigeria to the WTM because he knew its benefits but another may consider it irrelevant. This will not happen if the attendance is ordered by a plan. Maybe also the former minister did not document or write a report on the attendance and its national benefits in his handover note.”

Speaking further, the economist said there are quantifiable benefits that an attendance at the WTM can generate for the economy.

He, however, stressed that the private sector should not wait for government to champion what is of immense benefits to them. That is, the private sector can on their own invest in tourism just as the Nollywood activities are private sector-driven.

Tella emphasised that there is no doubt that the free money that oil brought to the government has made taking initiative to look for other sources of funds fairly difficult.

In recent times, many countries rely on tourism to generate lots of income, even countries that do not have as much tourist attractions as Nigeria.

“Why is Nigeria not investing in tourism sector? It is because we under-estimate its income generation. If you don’t invest in developing tourism sites, you cannot reap the benefits.

But for oil, you don’t need to invest in it but collect rent from those who invest in it. It also has to do with the nature of Nigerians.

How many people go on holidays? How many

Mohammed...all eyes are on him to resuscitate the comatose tourism sector

Acting DG, NTDC, Mrs. Mariel Rae-Omoh... should hit the ground running

Former NTDC DG, Olusegun Runsewe (left), made the Nigeria stand at the WTM a Mecca of sorts Nigerians visit tourism sites, even those close to where they live? So, not investing in tourism is derived from our social and cultural attitude of reaping without sowing, and lack of interest generally in visiting tourist sites or enjoying holidays.

“For those of us who have seen how countries reap huge benefits from tourism, it is a big minus. As stated earlier, Nigerian government has never taken tourism seriously by investing in the sector, even if to encourage private sector investments in a planned manner. Therefore, people in government do not care to provide necessary infrastructure including financial architecture such as functional bureau de change for foreign exchange transactions by visitors and cheap but standard hotels and tourists’ transport and ancillary services,” he added.

Suggesting how tourism can boost economic development, a London-based African Market Tourism CEO, Ben Omoakin-Oguntala, said the problem is that Nigeria as a nation doesn’t

Why is Nigeria not investing in tourism sector? It is because we under-estimate its income generation. If you don’t invest in developing tourism sites, you cannot reap the benefits... So, not investing in tourism is derived from our social and cultural attitude of reaping without sowing, and lack of interest generally in visiting tourist sites or enjoying holidays

know its tourism potential.

Acting DG, NTDC, Mrs. Mariel RaeOmoh...should hit the ground runningFor Funmi Akisanya, a British-born Nigerian and CEO of Pamperazzi Travel based in the UK, Nigeria’s continued absence at international tourism fora is bad news for tour operators like her. Throwing more light on how Nigeria is losing out, Akisanya, who brought 60 tourists from the UK to Abuja Carnival in 2007 said if she and other operators have the chance they would do it over again.

“I have always been interested in Nigeria. I always encourage people to come to Nigeria because the country has a lot to offer. We are very resourceful. I create a traditional hairstyle because Nigeria has a lot of cultural heritage.

I was at the Abuja Carnival in 2007/2008 with over 60 tourists that came from America, the Caribbean and the UK. We stayed at Rock View Hotel in Abuja. We didn’t have any problem as everyone enjoyed their stay. We met the NTDC here in the UK and they assured us (of safety).

We had our own logistics and everything went smoothly. We met with the High Commission and they gave us all the needed support. How I wish Nigerian government keeps the tempo going because a lot of tourists still want to visit Nigeria despite the security challenge.

“It is disappointing for us when Nigeria was not at the WTM last year and this year again.

Everybody knows it is an opportunity for us as a nation to showcase what we have. Again, if the authority feels it is not worth coming I don’t have problem with that. But the point is that the country shouldn’t switch off just like that. If the Nigerian High Commission can link up with Nigerian tour operators in the UK who are willing to be part of it, we are ready to keep the flag flying. Even if it is to create a small table with a banner, we are on ground and we will be able to showcase to the world. We are small-scale enterprise and I know or still have a lot of tourists who are interested in coming to Nigeria. You can imagine 60 tourists lodging in a hotel for one week? Security is an issue but when we came in 2007 everything went well. We took care of everything. I would like to bring them to Osun Osogbo, the Calabar Festival which happens to be the largest street party in Nigeria. For me, I think Nigeria is missing out. When people

Founder, Akwaaba Travel Market, Ikechi Uko come to the African stand and Nigeria is not there it is like Africa is not here. Everybody wants to experience that Nigerian experience.”

Lamenting the woes that have befallen tourism in Nigeria, a journalist who has covered the sector for many years, Mr. Wole Shadare, stated that “In most developed and developing nations of the world, tourism is a major source of employment, contributes to gross domestic product or national income, income to the tourism promoters and the tourism destinations and a catalyst for socio-economic development of the communities concerned through social infrastructural amenities like electricity, water supply, communication, transportation, motor-able roads and health improvement facilities.

“It is unfortunate that in spite of these benefits of tourism, the Nigerian government, investors in tourism business and promoters and even the host communities where these tourism attractions are located seem not to bother much in developing and promoting tourism in the country.”

The top 10 tourist destinations in Africa, according to the United Nations World Tourism Barometer in 2013 are: Morocco, South Africa, Tunisia, Algeria, Mozambique, Zimbabwe, Kenya, Uganda, Namibia and Senegal in that order.

Nigeria is nowhere to be found in African tourism ranking.

For instance, the number of tourists that visited Morocco in 2014 was more than 10 million; an increase of 2.4 per cent compared to 2013. Tourism is the second-largest economic sector in Morocco. It accounts for around 8 per cent of its GDP, employing some 500,000 people, and the government hopes to see the number of visitors rise to 20 million by 2022.

According to Shadare, a global tourism map will definitely exclude Nigeria. A trip to any of these countries, he said, would show beauty and serenity that starts from the airport.

“The international airports in those countries are like five-star hotels that exude irresistible attraction and ambience. Nigeria’s international airports, on the other hand, are the opposite of what those airports are,” he claimed.

Nigeria’s Minister of Information and Culture, Alhaji Lai Muhammed, in a telephone chat with THISDAY, declined to comment on why the Federal Government chose to shun WTM and other international tourism fora. He referred this reporter to Mbanefo (before her exit). All attempts to get Mbanefo proved abortive as she neither responded to calls placed to her telephone line nor replied text messages sent to her.

But a top government official, who spoke with this reporter on condition of anonymity, stated that “you can’t be talking about tourism without addressing the fundamental issues.”

Those fundamental issues, according to him, border on corruption and unpatriotic acts.

The source said participating in international tourism programmes like the WTM is a jamboree for government officials and an opportunity to give their family members and sexual partners a treat.

With plenty of promises of change by the President Muhammadu Buhari-led administration, particularly in exploring alternatives to oil, some have expressed the hope that the Ministry of Information and Culture under the leadership of Mohammed will breathe some life into Nigeria’s almost comatose tourism and hospitality industry.

In the mean time, the country will continue to lose an undocumented amount of money that experts estimate to be worth multimilliondollars while other African countries feed fat on tourism.

22

MONDAY JANUARY 16, 2017 T H I S D AY

23

T H I S D AY • monDAY, JANUARY 16, 2017

BUSINESSWORLD NIBOR Overnight 1-month

R A T E S 4.150 15.8625

A S

3-month 6-month

A T

18.3916 21.0554

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

D ecem b er

NITTY 1-month 2-month 3-month

11.4397 16.8358 17.1394

6-month 9-month 12-month

9 ,

2 0 1 6

19.7842 21.3470 22.8256

EXCHANGE RATE N305.25/ 1 US DOLLAR* *AS AT LAST FRIDAY

Quick Takes Etisalat Releases Shortlisted Authors

Etisalat Nigeria has announced the names of the three shortlisted authors for the 2016 edition of its pan-African flagship literary prize, the Etisalat Prize for Literature.

According to this year’s Chair of Judges, Helon Habila, “In addition to originality of voice and literary excellence, our purpose was to also select a work that portrays an “African sensibility”.

The three shortlisted books are: Jacqui L’Ange (South Africa) The Seed Thief (Umuzi Publishers, South Africa), Jowhor Ile (Nigeria) And After Many Days (Kachifo Limited, Nigeria) Julie Iromuanya (Nigeria) Mr. & Mrs. Doctor (Coffee House Press, USA).

The authors were shortlisted by a three-member judging panel comprising Nigerian novelist and poet, Helon Habila (Chair of Judges); South African writer/activist, Elinor Sisulu; and Ivorian writer and Africa39 laureate, Edwige Renée Dro. The winner would be unveiled in Lagos in March 2017.

Commenting on the success of the 2016 Etisalat Prize for Literature, Chief Executive Officer, Etisalat Nigeria, Matthew Willsher, commended the judges for their diligence in selecting the top three books out of the tens of titles that were received following the call for entry.

He said: “This is by no means a simple task. The role of the judges is quite enormous and we want to thank them for the attention and dedication to the entire review process which birthed the top three finalists”.

OUR ECONOMY WILL GET BETTER

L-R: Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah; Chief Executive Officer of Erisco Foods Limited, Chief Eric Odinaka Umeofia and the Vice President , Prof. Yemi Osinbajo discussing the Nigerian economy in Abuja … recently

Value of Foreign Investments in Equities Fall 51% on Currency Challenges Goddy Egene The value of foreign portfolio investments (FBI) in the Nigerian equities market fell by 51.4 per cent between January and November 2016 following the tight foreign control policies of the Central Bank of Nigeria (CBN). Data from the Nigerian Stock Exchange (NSE) released last week showed that foreign portfolio investments (FBIs) between January and November 2016 stood at N473.5 billion, down from N973.7 billion in the same period of 2015.

Although the capital market has remained attractive due to low prices of stocks, foreign investors, who used to dominate, have stayed away as a result of currency, liquidity and reinvestment risks.

Speaking on the impact

CAPITAL MARKET of the foreign exchange (FX) challenge on the market, the Chief Executive Officer of the NSE, Oscar Onyema said after peaking at 31,071.25 in June 2016, an increase of 8.48 per cent over the 2015 closing value, the NSE All Share Index (NSE ASI) began to retreat to negative territory as total foreign inflow dropped 45 per cent between June (N42.46 billion) and July (N23.43 billion) due to loss of confidence in the implementation of an announced free floating FX regime, weak corporate performance and second consecutive quarter of negative economic growth in the period resulting in the economy entering into a recession.

Commenting on the low level of FPIs, analysts at Afrinvest

said the currency controls which led to the protracted crunch in the Nigerian FX market throughout 2016 continues to prevail in the current operations of the fx market.

“Thus, the persistent confidence deficit amongst foreign investors in returning to the Nigerian market due to currency, liquidity and reinvestment risks will remain a drag on capital inflows, performance of corporates and capital market performance,” they said.

The analysts said that the disinterest by foreign investors in keying into opportunities in the Nigerian market is also evident in the performance of the Futures market which was introduced by the CBN in 2016 as a medium by which foreign investors can hedge against currency risks.

“Despite the attractive prices

of the contracts on offer, percentage of total subscription stood at 31.9 per cent as at January 12th 2017 whilst none of the contracts on the calendar have been fully subscribed as investors remain wary of an overhanging liquidity risk at time of exit,” they said.

Meanwhile, Onyema has expressed high optimism that 2017 would be a better year for the Nigerian economy and the capital market.

According to him, Nigeria is expected to recover from its recession in 2017 with a modest gross deposit product (GDP) growth forecast of 0.6 per cent driven by vigour of fiscal policy implementation, with a keen focus on articulation of desired goals, lower rates of disruptions to oil infrastructure from resolution of Continued on page 24

Poll: Power Supply to Households Drop 37% in Fourth Quarter 2016 Obinna Chima The aggregated power poll results released by NOIPolls for the second half of 2016 (July to December 2016), revealed a decline in power supply to Nigerian households in the fourth quarter (Q4) as only an average of 37 per cent reported improvement in power supply.

This represented a significant 9-point decline when compared to the third quarter (Q3) of 2016 at 46 per cent.

Moreover, the survey showed that Nigerians experienced the highest improvement in power

ENERGY supply in Q3 (46 percent). This, it said was possibly as a result of the adequate water reserves in the nation’s water dams within this period (the peak of the rainy season) used to power the Hydro Generating Plants since Nigeria’s Kainji, Shiroro and Jebba hydro plants rely on water to generate electricity.

A view of the individual months covered in this period revealed a constant downward trend observed from the month of October to December 2016 and the month of December accounted for the lowest (27

percent) improvement in power supply in the second half of 2016.

Similarly, analysis of the monthly average cumulative hours of power supply experienced by Nigerian households nationwide for the months of August and September 2016 each stood at 10.6 hours daily, representing the highest daily cumulative hours of power supply within the six month period, while the quarterly nationwide average daily cumulative power supply to Nigerian households in Q3, 2016 stood at 9.9 hours.

The survey however

explained:”It is pertinent to note that although these daily average hours of cumulative availability of power were not near an acceptable standard of 24 hours daily supply, it was perceived to be a little better than the results obtained in Q1, Q2 and Q4, 2016 with the quarterly nationwide average daily cumulative power supply of 8.8 hours, 6 hours and 9.6 hours respectively.

“These current results were in line with the power industry statistics obtained from the National Electric Continued on page 24

Shell Workers in Gabon Begin Strike

RoyalDutchShellworkersinGabonbeganonThursdayan“unlimited” strike at all the company’s operations in the Central African OPEC member country, the workers’ union wrote in a letter to employees.

Shell is trying to sell its Gabon assets, which one source estimated could be worth $700 million, leaving workers worried about layoffs or being moved to new locations, Reuters quoted the union said.

The national union of petroleum employees (ONEP) said the strike “will cover all of Shell Gabon’s operations (Libreville, Port-Gentil, Gamba Rabi, Koula and Toucan).”

There was no immediate response from Shell, and it was not clear if oil production was impacted.

The union demanded in December that all Shell Gabon employees be transferred to whichever company takes on Shell’s assets, and that no redundancies are made for economic reasons within five years of the deal.

Gabon is Africa’s fourth largest oil producer with an output of around 220,000 barrels per day dominated by international oil majors Total and Shell.

Total Expands Uganda Oil Project

French oil major Total has expanded its stake in Uganda’s Lake Albert oil project by snapping up most of Tullow Oil’s stake for $900 million, the companies said on Monday.

The deal, which includes $200 million in cash and $700 million to be used for future development costs of the Ugandan fields and pipelines, means Tullow will cease to be an operator in Uganda and give Total access to valuable fresh oil reserves.

The Lake Albert Development Project will produce around 230,000 barrels per day (bpd) and start producing oil by the end of 2020, Tullow said.

“Our increased share in the Lake Albert project will bring significant value to Total and fits with our strategy of acquiring resources for less than $3/barrel with upside potential,” Total Chief Executive Patrick Pouyanne said.

Tullow estimated the development phase of the project would cost $5.2 billion, of which $3 billion will be required to reach first oil production.

With net debt expected at $4.9 billion by the end of 2016, Tullow has been looking to cash in some of its assets. The African-focused oil company expects a write-off of around $400 million in its 2016 results due to the deal.

“This deal ... strengthens Tullow’s finances and provides an endorsement for the Uganda project; some of this goodwill may even rub off on Tullow’s analogous Kenyan project,” said Al Stanton, analyst at RBC Capital Markets.

“If you empower a woman, you empower a nation; this is because you’re not empowering her alone but triggering reduction in household poverty and increasing economic growth” Minister of State for Industry, Trade and Investment,

Hajia Aisha Abubakar

24

T H I S D AY • monDAY, JANUARY 16, 2017

BUSINESSWORLD Value of Foreign Investments in Equities Fall 51% on Currency Challenges

the Niger Delta conflict, thereby increasing FX inflows, crude oil prices remaining above the federal government’s benchmark of $42.5 per cent and positive impact of the war against corruption manifested in ease of doing business improvement among others.

Poll: Power Supply to Households Drop 37% in Fourth Quarter 2016

System Operation (SO) which showed that electricity generation improved step by step in the third and fourth quarter of the year across the country as power generation hovered above 4,000MW, contrary to around 2,500 to 3,000 megawatts in the second quarter. Nonetheless, more still needs to be done to find a pragmatic solution to issues militating against power generation, transmission and distribution as anything short of this is capable of affecting development in the county.

“Lastly, the power insufficiency in the country is of great concern and calls for immediate action to address this persistent problem.

Nigerians are not oblivious of the tremendous efforts of the federal government of Nigeria at salvaging the Nigerian economy, but without fixing the power sector, those efforts would be futile.

“This is because constant electricity supply is pivotal to achieving socio-economic development and as a nation that craves immense development in this regard; more needs to be done.”

Analysis of findings from the monthly tracking of power supply over a period of six months, precisely from July to December 2016, revealed that 53 percent of Nigerians experienced more power supply in the month of September. However, a constant downward trend was observed from the month of October to December 2016 and the month of December accounted for the lowest (27 percent) in power supply in the second half of 2016.

Group Business Editor

Chika Amanze-Nwachuku AgriBusiness/Industry Editor

Crusoe Osagie

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (AgriBusiness)

NEWS

NSA: Closure of Base Stations, Threat to National Security Emma Okonji Worried about the national security implications of incessant closure of Base Transceiver Stations (BTS) sites, otherwise known as Base Stations, belonging to telecommunications operators, the Office of the National Security Adviser (ONSA) has said that the decision it took to reopen all closed sites, was in the interest of national security of the country.

The office made the clarification recently, while responding to matters of national security.

The National Security Adviser, Major General Babagana Monguno (retired), had last month, precisely December 8, 2016, wrote to all the state governors and copied all chief executive officers of telecommunications companies in the country, expressing his worries over the continued closure of base stations across the country by government agencies, and warned that such action could threaten national security, if left unchecked.

The state agencies involved in site closure, demand so much money from telecoms operators, and when there is any delay in payment, they will quickly seal up telecoms sites.

In the letter, Monguno directed the state governors to immediately direct the agencies involved to quickly reopen already sealed BTS sites and to desist from further closure of the sites for whatever reasons.

Part of the letter read: The attention of the Office of the National Security Adviser has

been drawn to the act of sealing up of BTS, offices and service centres belonging to call service providers across some states.

This action is said to be due to failure of the call service providers to pay various tax related fees to the States’ Boards of Internal Revenue, Ministries of Commerce and Industries and Ministries of Physical Planning and Urban Development, among others. In view of the fact that telecommunications infrastructure are critical national assets, sealing them up could have negative implications on national security. To this end, your excellency is respectfully requested to consider re-opening any sealed BTS within the state

and further direct various revenue generation outfits to desist from such acts. I wish to further request that you explore other means of resolving similar issues amicably in the future, in the interest of national security.

Telecommunications operators under the aegis of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), had severally written to state governments where they operate to find ways of removing multiple taxes imposed by state revenue collectors, but state governments has refused to honour such letters because they felt it is statutory to do so, since the telecommunication operators

are benefiting from the road infrastructure provided by the state governments.

The refusal of the states to remove all manners of taxes levied on the operators, prompted ALTON to write to the National Assembly last year, asking the law makers to pass a bill, seeking to make telecoms facilities as ‘National Critical Infrastructure’ that must be protected by law.

The bill has passed the first reading and it is currently receiving attention at the National Assembly.

Pleased by the action of the National Security Adviser over the letter he wrote to all state governments over closure of

BTS sites, ALTON said the states have started to comply with the directive, and that all BTS sites that were hitherto shutdown, have been reopened.

Speaking on the implication of BTS sites closure, the Chairman of ALTON, Gbenga Adebayo said the action had led to poor service quality and that in most cases, subscriber were completely disconnected and they became incommunicado.

According to Adebayo, once a particular BTS is shut down, it affects several sites connected to it, thus creating network congestion on the remaining sites. He said the challenges faced by telecoms operators, mainly come from sealed sites.

COURTESY VISIT

R-L: Managing Director, Nigerian Ports Authority (NPA), Hadiza Bala Usman with the British High Commissioner, His Excellency Paul Arkwright, who paid a courtesy visit to the MD at the NPA headquarters in Marina…recently

NPA, British Embassy Partner to Develop Nigerian Ports Eromosele Abiodun The British High Commission and the Nigerian Ports Authority (NPA) have resolved to work together to improve port development in Nigeria.

The resolution was reached during a courtesy visit to NPA’s head office in Marina, Lagos by the British High Commissioner to Nigeria, Paul Arkwright.

He was jointly received by the Managing Director of the authority, Hadiza Usman, Executive Director, Finance and Administration, Mohammed Belo-Koko and Executive Director, Marine and Operations, Dr. Seconte Davies and other management staff of the authority.

In a statement by the authority’s General Manager, Public Affairs, Chief Michael Ajayi, while the High Commissioner promised to assist the authority to address the challenges facing Nigerian port industry, Usman also pledged more stronger relationship with the United Kingdom companies operating in the Nigerian maritime sector.

Arkwright, who identified piracy as one of the major challenges in the country’s maritime industry said that Britain would make significant contribution to enhance operational efficiency in the port.

He stressed the need to support NPA towards find a lasting solution to the issue of piracy in the country’s waters.

Also, the managing director said that NPA would welcome any assistance that would boost port efficiency from Britain in order to move the port

forward.

In a bid to find other sources of revenue for the federal government following the decline in crude oil prices that plunged the Nigerian economy into recession, the management of the NPA had announced plans to partner with the United Kingdom’s government in the area of trade facilitation and investment.

The NPA said the partnership will ensure efficient greater synergy, cooperation and technical road map for the development of the Nigerian port industry.

The NPA said the partnership is with the view to developing more trade routes within the Gulf of Guinea, in aid of improved revenue generation accruable to the Nigerian economy through the exportation of agricultural produce and solid mineral resources.

To this end, it said it has commenced an interface with the United Kingdom trade and investment group through the British Council who paid the executive management a working courtesy visit.

Managing Director of NPA, Hadiza Bala Usman said the management of the NPA was desirous of working with parties on improving the volume of cargo into the country which has reduced significantly due to the economic downturn currently being witnessed in the country.

She said there has been noticed a prevalence of the diversion of cargo to neighbouring African countries resulting in the loss of revenue and consequently in the Nation’s Gross Domestic Product (GDP).

CTO Scribe Pledges Enhanced ICT Support for Ghanaian President Emma Okonji The Secretary-General of the Commonwealth Telecommunications Organisation (CTO), Mr. Shola Taylor, who is a Nigerian telecoms expert, has pledged full information and communications technology (ICT) support for the newly elected President of Ghana, His Excellency Nana Akufo-Addo.

Taylor made the pledge when he joined heads of state and distinguished guests from around the world at the inauguration of the newly elected President of the Republic of Ghana, recently.

“I was delighted to attend the inauguration of President Akufo-Addo.

It was a truly unifying and inspiring celebration,” said Taylor.

“In my meeting with the president, I took the opportunity to pledge the continuous and enhanced support of the CTO to his presidency and Ghana, especially on ICT capacity development, cybersecurity and broadband infrastructure,” Taylor added A human rights lawyer and former justice and foreign minister, President Akufo-Addo won last

month’s tightly contested presidential election in the West African country.

Whilst in Ghana Taylor also held a series of highlevel meetings with the CTO’s main partners: the Ministry of Communications, the National Communications Authority, the Ghana Investment Fund for Electronic Communications, the National Information Technology Agency and Vodafone Ghana, who chairs the CTO’s Programme for Development and Training. At their meeting, the Chief Director of the Ministry of Communications, Mr. Issah Yahaya, acknowledged the positive contribution of the CTO to ICT develoment in Ghana.

Since becoming a member country of the CTO in 1962, the country has received regular advice and expertise from the organisation in building its information and communication infrastructure and promoting universal access. Support provided in recent years has focused primarily on ICT policy and regulation. The country is considered to have one of the best approaches in managing universal access funds in Africa, supporting not only fixed access, but also wireless,

broadband, broadcasting and other services.

“Ghana is making great strides in developing its ICT sector, and I very much look forward to the CTO partnering the new Ghanaian administration on the journey towards a successful e-economy,” Taylor said.

CTO is the oldest and largest Commonwealth intergovernmental organisation in the field of information and communication technologies. With a diverse membership spanning developed and least developed countries, small island developing states, and more recently also the private sector and civil society, the CTO aims to become a trusted partner for sustainable development for all through ICTs. Shola Taylor was appointed Secretary-General of the Commonwealth Telecommunications Organisation early last year and commenced work on 17 September same last year.

A Nigerian citizen, Taylor is a telecommunications engineer by training, with over 35 years of global experience in ICTs with government and the private sector.

25

T H I S D AY • monDAY, JANUARY 16, 2017

BUSINESSWORLD

MARKET REPORT

Equities Market Rebounds on Gains by Banking Stocks Goddy Egene and Nosa Alekhuogie

the market reversed Wednesday’s gain, as the NSE ASI depreciated by 0.21 per cent to close at 26,330.39.

The depreciation recorded in the share prices of PZ Cussons, ETI, Forte Oil, Guinness and Nestle were mainly responsible for the loss recorded.

The total value of stocks traded was N1.49 billion, up by 12.02 per cent from N1.33 billion recorded the previous day. The total volume of stocks traded was 179.43 million shares in 2,928 deals.

Commenting on the performance of the market last week, analysts said: “Activities in the equities market took a seesaw pattern as they saw the NSE ASI contract and advance intermittently in the course of the week.

We attribute this to the uncertainty regarding the economy and financial market in the year ahead. We expect a moderation of this skepticism and renewed appetite towards equities, as investor position ahead of full year 2016 corporate action.”

The stock market bounced back with the Nigerian Stock Exchange (NSE) All-Share Index rising by 0.28 per cent to close at 26,325.93 last week after a bleak performance recorded in the first week of the year. Although during the week was very volatile as only two sessions recorded positive performance out of the five days, gains recorded in the banking sector boosted the overall performance. Banking stocks remained the major driver. Hence the NSE ASI closed last week 0.28 per cent higher as against a decline of 0.88 per cent of the previous week.

However, analysts at Afrinvest Research said they expect the rally in banking stocks to moderate in subsequent trading sessions, as such overall return in the week ahead may be negative.

In terms of sectoral performance, the NSE Banking Index ended the week in the green territory. But the NSE-Main Board, NSE Insurance, NSE Consumer Goods, NSE Oil/Gas and NSE Lotus II indices depreciated by 0.39 per cent, 0.34 per cent, 1.82 per cent, 3.15 per cent and 1.87 per cent respectively.

Daily Market performance The market resumed on the first day of the week on a very promising note as the NSE ASI appreciated by 1.25 per cent on gains by highly capitalised stocks led by Dangote Cement Plc. Specifically, Dangote Cement Plc appreciated by 1.2 per cent, GTBank also gained 4.9 per cent. However, United Capital Plc led the price gainers with 9.6 per cent for the day to close at N3.31 per share, trailed by FCMB Group Plc with 9.4 per cent.

Fidelity Bank Plc appreciated by 8.4 per cent, just as Sterling Bank Plc, African Prudential Registrars Plc, and Continental Reinsurance Plc garnered 7.1 per cent, 5.6 per cent and 5.0 per cent respectively.

Similarly, United Bank for Africa Plc, Zenith Bank Plc and Omoluabi Savings and Loans Plc added 4.9 per cent, 4.8 per cent and 4.7 per cent in that order.

In all, 20 stocks appreciated in value while 17 declined at the end of trading activities. Seven-Up Bottling Company Plc led the price losers with 5.0 per cent to close at N122.55. Ashaka Cement Plc went down by 4.9 per cent.

The shares of Ashaka Cement have suffered a bear run recently. Already the company has opted for voluntary delisting from the NSE. The shareholders of Ashaka Cement Plc last month approved the proposed voluntarily delisting at an Extraordinary General Meeting (EGM) in Abuja. Following the EGM, shareholders of the company will have a 90-day window as specified

by NSE rules on voluntary delisting to decide on the exit plan on offer to shareholders.

Instead of consolidating on the gains of the first day of the week, the bears returned the stock market depressing the market by 0.88 per cent at 26,346.24.

The stocks that had lifted the market the previous day also assisted droved the market downwards. Market analysts at Cordros Capital Limited said they expected the sell off to persist on the second day of the wee.

Cutix Plc led the price losers with 9.5 per cent to close at N1.71 per share.

Caverton followed with 9.3 per cent, while Seven-Up Bottling Company Plc

Fidson Healthcare Plc,May & Baker Nigeria Plc and GTBank Plc shed 9.1 per cent, 4.5 per cent, 4.2 per cent and 4.2 per cent respectively.

However, market analysts had said GTBank would soon rebound as the directors prepared to meet and recommend dividend for the 2016 financial year.

Directors of GTBank would meet on January 25 to consider the financial accounts and recommend a final dividend. Expectations are high that the bank will pay a higher dividend for 2016, following the improved profit after tax recorded for the nine months ended September 30, 2016.

The market, again, rebounded on Wednesday following gains by agriculture stocks, Okomu Oil Palm Plc and Presco Plc. Both stocks had outperformed the market last year, returning 32.5 per cent and 21.5 per cent in that order.

In fact, the agric sector led others on the Nigerian bourse last year.

Commenting on the development, analysts at Meristem Securities Limited had said the agriculture sector had outperformed others for the second year consecutively.

“The agric sector which contributes about 29 per cent to the country’s gross domestic product (GDP) was amongst the few to record positive output growth (+4.54 per cent) as at third quarter (Q3):2016. We attribute this to heightened government focus, coupled with the favourable policies which were implemented in the course of the year. Also, as evident from the earnings releases of the companies,

the devaluation of the naira which is stifling activities of palm oil importers, resulted in a top-line boost for Okomu and Presco. We posit that investors’ appetite towards the sector will remain

TOP TEN BROKERS(BY VALUE)

healthy in the coming year as the federal government continues its quest for revenue diversification,” they had said.

In its continued volatile nature,

AS AT LAST FRIDAY

BROKER

VALUE % VALUE

CAPITAL ASSETS LIMITED - BRD

5,406,349,933.74

41.82

STANBIC IBTC STOCKBROKERS LIMITED

1,515,829,577.64

11.73

CSLSTOCKBROKERSLIMITED EFCP LIMITED

837,955,853.94 793,890,336.36

6.48 6.14

CHAPELHILLDENHAMSECURITIESLTD-BRD

551,623,554.28

4.27

MORGAN CAPITAL SECURITIES LIMITED

499,060,775.28

3.86

VETIVA CAPITAL MANAGEMENT LTD

436,688,447.34

3.38

330,551,518.09

2.56

A.R.M SECURITIES LIMITED - BRD CARDINALSTONESECURITIESLIMITED READINGS INVESTMENTS LIMITED - BDR

TOP TEN BROKERS

(BY VOLUME)

BROKER CAPITAL ASSETS LIMITED - BRD MORGAN CAPITAL SECURITIES LIMITED

319,778,765.86

2.47

303,518,828.89 10,995,247,591.42

2.35 85.06

AS LAST FRIDAY VOLUME

%VOLUME

7,017,529,112

81.24

512,440,114

5.93

STANBIC IBTC STOCKBROKERS LIMITED

153,036,825

1.77

APEL ASSET LIMITED - BRD VETIVA CAPITAL MANAGEMENT LTD

109,971,646 78,231,008

1.27 0.91

CARDINALSTONESECURITIESLIMITED

67,121,992

0.78

CSL STOCKBROKERS LIMITED

66,821,153

0.77

NEWDEVCO FINANCE SERVICE CO. LIMITED

51,443,843

0.60

MERISTEM STOCKBROKERS LIMITED

30,630,263

0.35

CHAPEL HILL DENHAM SECURITIES LTD - BRD

29,362,320

0.34

8,116,588,276

93.96

Market turnover Meanwhile, investors traded 1.117 billion shares worth N9.041 billion in 16,482 deals last week as against 4.319 billion shares valued at N7.376 billion that exchanged hands the previous week in 9,330 deals.

As usual, the Financial Services sector led the activity chart with 903.696 million shares valued at N3.336 billion traded in 9,240 deals, thus contributing 80.88 per cent and 36.90 per cent to the total equity turnover volume and value respectively. The Conglomerates sector followed with 67.147 million shares worth N109.014 million in 609 deals. The third place was occupied

by Consumer Goods sector with a turnover of 59.710 million shares worth N4.002 billion in 2,686 deals.

Trading in the top three equities namely – Fidelity Bank Plc, Omoluabi Savings and Loans Plc and Diamond Bank Plc accounted for 299.270 million shares worth N277.933 million in 1,029 deals, contributing 26.79 per cent and 3.07 per cent to the total equity turnover volume and value respectively.

Price gainers and losers The price movement chart showed that 31 equities appreciated in price last week higher than 18 equities of the previous week. A total of 34 equities depreciated compared with 31 of the previous week. Diamond Bank Plc led the price gainers with 23.3 per cent trailed by Okomu Oil Palm Plc with 10.2 per cent, while Sterling Bank Plc and Continental Reinsurance Plc appreciated by 10.0 per cent respectively. United Capital Plc gnarred 9.6 per cent, while May & Baker Nigeria Plc and Fidelity Bank Plc chalked up 8.5 per cent and 8.4 per cent respectively. FCMB Group, UBA and Access Bank Plc closed the week 7.6 per cent, 6.6 per cent and 6.5 per cent in that order.

On the contrarily, Cutix Plc led the price losers with 17.9 per cent, trailed by Seven-Up Bottling Company Plc with 13.6 per cent.

Caverton shed 12.7 per cent, just as Fidson Healthcare Plc, NASCON Allied Industries Plc declined by 12.7 per cent, 11.1 per cent and 10.5 per cent respectively.

N.E.M Insurance Plc, Julius Berger Nigeria Plc and UACN Property Development Company Plc , Guinness Nigeria Plc and Forte Oil Plc fell by 10.5 per cent, 9.7 per cent, 9.6 per cent and 8.7 per cent in that order.

26

T H I S D AY • monDAY, JANUARY 16, 2017

BUSINESSWORLD

INSIDE BROAD STREET

A view of Lagos financial district

AKINWUNMI IBRAHIM

Investors Await N196bn Maturing Treasury Bills Obinna Chima Treasury bills valued at a total of N196billion are expected to mature this week.

However, the impact of the maturing bills on liquidity level in the market is expected to be tapered by a rollover of the same amount in a treasury bills auction this Wednesday.

In addition, the Central Bank of Nigeria (CBN) is expected to mop-up liquidity by way of open market operations (OMO) auctions at the start of this week, in line with its tightening policy, due to relatively high liquidity, analysts at Afrinvest West Africa Limited have revealed.

To this end, they anticipated that money market rates would rise this week.

Meanwhile, last week opened with improved aggregate financial system liquidity (N134.9 billion from N88.9 billion the preceding Friday).

Consequently, money market rates - open buy back (OBB) and overnight rates declined 41 basis points (bps) and 25bps respectively to close at 7.9 per cent and 8.6 per cent last Monday. However, the CBN mopped up N223.4 billion last Monday and the impact of the debit for successful bids at the auction weighed on system liquidity on Tuesday despite FAAC inflows which hit the system; as a result, OBB and overnight rates rose 7.1 per cent and 7.2 per cent points respectively to close at 15 per cent and 15.8 per cent. Eventually, OBB and overnight rates closed the week at 8.8 per cent and 9.7 per cent, indicating a 49bps and 85bps increase week-on-week respectively. But performance in the treasury bills market was mixed but largely bullish as average rate (across tenors) closed lower on 3 of 5 trading sessions during the week.

Forex Market Activities at the interbank foreign exchange market remained minimal during the week as liquidity crunch lingered. Also, the CBN’s weekly intervention continued from Monday to Friday as interbank spot rate remained tightly held at N305.00/$ throughout the week. At the parallel market, the naira depreciated on all trading days, from N490/$on Monday, to N497/$ on Friday. This was despite indications by the Association of Bureau De Change operators to adopt N400.00/US$1.00 as BDC rate during the week.

Also, in the Futures market, the value of open contracts rose to $3.8 billion from $3.7 billion the preceding week.

“We observed that the value of the “soon

MARKET INDICATOR to mature” NGUS JAN 25 2017 rose by $58.3 million during the week. Nonetheless, despite attractive prices of the contracts on offer, most of the contracts in the Futures market remained largely undersubscribed due to overhanging liquidity crisis in the currency market.

“We expect exchange rate at the interbank to remain stable in the week ahead as the CBN continues daily intervention. Meanwhile, plans by the CBN to resume dollar sales to BDC operators may offset some of the pressure on exchange rates at the parallel market,” Afrinvest stated in a report.

Bond Market Review Sentiment in the local bonds market was broadly bearish last week with yields rising on most trading sessions as investors sold off particularly on the medium to long dated instruments. Average yield across benchmark bonds declined 36bps on Monday before inching higher for the rest of the week save for Thursday when average yields dipped 8bps.

Consequently, average yield closed the week at 16.3 per cent, up 0.2 per cent weekon-week. This week, the Debt Management Office (DMO) is scheduled to conduct its first Primary Market Auction in 2017. The DMO will be re-issuing N40 billion of the JUL 2012, N50 billion of the JAN 2026 and N40 billion of the MAR 2036 instruments.

In the Eurobonds market, performance across Africa sovereigns was largely bearish as yields rose across instruments save for the South African sovereigns, Ghana 2023 and Ghana 2026 instruments. Average yields on the Nigerian sovereign Eurobonds rose 11bps week-on-week.

It was however a largely bullish week for Nigerian Corporate Eurobonds as yield declined on all the instruments but Fidelity 2018 (up 52bps week-on-week) and Access 2021 (up 11bps week-on-week) whilst Zenith 2019 closed the week flat. The FBN 2021 had the best outing thus far in 2017, with year-to-date price change of +3.9 per cent.

December 2016 Inflation The Consumer Price Index (CPI) rose year-on-year to 18.55 per cent in December 2016, from the 18.48 per cent recorded in November, the National Bureau of Statistics (NBS) revealed on Friday.). Increases were

recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yield the Headline Index. Communication and Restaurants and Hotels recorded the slowest pace of growth in December, growing at 5.33 percent and 8.91 percent (year-on-year) respectively. The Food Index rose by 17.39 percent (year-on-year) in December 2016, up by 0.20 percent points from rate recorded in November (17.19) percent. During the month, all major food sub- indexes increased, with Soft Drinks recording the slowest pace of increase at 7.66 percent (year on year). Price movements recorded by All Items less farm produce or Core sub- index rose by 18.10 percent (year-on- year) in December, down by 0.10 percent points from rate recorded in November (18.20) percent. During the month, the highest increases were seen in Housing, Water, Electricity, Gas and Other Fuels, Clothing and Footwear and Education, growing at 27.27, 21.62 and 17.84 respectively.

Bureau De Change Operators The Association of Bureaux De Change Operators of Nigeria (ABCON) last week urged the Central Bank of Nigeria (CBN) and the federal government to harmonise the multiple exchange rates in the country.

Also in its bid to create awareness, promote consistency and support the CBN towards achieving exchange rate stability, the association launched an official BDC exchange rate portal.

The website was unveiled at a media parley in Lagos . The association also maintained that it’s official exchange rate is $399/$.

Acting president of ABCON, Alhaji Aminu Gwadabe said: “We urge the regulators and the government to harmonise the multiple exchange rates that pervaded the 2016 fiscal year. We also use this medium to appeal to members of the print and electronic media to adopt a single foreign exchange market rate system in their reporting and completely disregard the rates in the parallel market as it is small in volume, cash base and not recognized by enabling law.”

He further said the association would continue to collaborate with CBN to improve the forex crisis.

Diaspora Bonds The federal government last week disclosed that it will look to issue a debut diaspora bond

by March to raise funds from Nigerians abroad, after completing a $1 billion eurobond sale this month. Nigeria is in its first recession in 25

years and needs to find money to make up for shortfalls in its budget. Low prices for crude and militant attacks in its crude-producing heartland, the Niger Delta, have slashed its oil revenues. It first announced plans to sell diaspora bonds in 2013 to raise between $100 million to $300 million, but the government at the time could not finish appointing bookrunners for the sale before an election that swept the opposition into office. The government plans to borrow up to $10 billion, with about half of that coming from foreign sources as it seeks to boost overseas loans to plug funding gaps and lower costs. But so far only the African Development Bank has publicly confirmed a budget support package of $1 billion. The government has held talks for months with the World Bank, China and other institutions to fund the budget gaps. In December, the government appointed Citigroup, Standard Chartered Bank and Stanbic IBTC Bank to manage the $1 billion eurobond sale, which it hopes to begin marketing in January.

World Bank The World Bank last week predicted that the Nigerian economy would rebound from recession and grow by one per cent in 2017.

The multilateral institution stated this in its January 2017 Global Economic Prospects report. Nigeria’s third quarter 2016 real gross domestic product (GDP) had contracted by 2.26 per cent from -2.06 per cent in the second quarter of this year, and -0.36 per cent in the first quarter.

But the World Bank predicted that: “Growth in South Africa is expected to edge up to a 1.1 percent pace this year. Nigeria is forecast to rebound from recession and grow at a 1 percent pace. Angola is projected to expand at a 1.2 percent pace.”

According to the Bank, sub-Saharan African growth was expected to pick up modestly to 2.9 per cent in 2017 as the region continues to adjust to lower commodity prices.

Growth in South Africa and oil exporters was however expected to be weaker, while growth in economies that are not natural-resource intensive should remain robust. Global economic growth was forecast to accelerate moderately to 2.7 percent in 2017 after a post-crisis low last year as obstacles to activity recede among emerging market and developing economy commodity exporters, while domestic demand remains solid among emerging and developing commodity importers, the World Bank said in the report.

27

T H I S D AY • monDAY, JANUARY 16, 2017

BUSINESSWORLD

APPOINTMENT / AWARDS

Rosabon Emerges Middle East, Africa’s 2016 ‘Best Wealth Manager’ Rosabon financial services, one of the leading non-banking financial intermediary firm said it clinched the Middle East and Africa (MEA) Wealth Management Services business award for 2016.

The award organised by UK-based publisher, AI Global Media was announced over the weekend through a statement by the firm.

The award, which focuses on all sectors and industries recognises and rewards outstanding works by the Middle East and Africa’s most dedicated and experienced companies.

The statement said Rosabon Financial Services was declared winner as a result of her outstanding record in creating tailor made wealth management solutions; the first Nigerian owned company to be awarded such honours in Africa.

Commenting on the award, the Head, Strategy and Market-

ing, Mrs. Chidimma Onyeokoro said: “We are very excited to be recipients of this award.

It shows that our dedication and commitment to ensuring better access to affordable financial products, educating our clients on wealth creation and the management of such wealth do not go unnoticed even outside the shores of our country.

“The role of a financial institution is not limited to furthering people’s financial well-being but also paying vital attention to the management, growth and optimization of such wealth. This is why at Rosabon Financial Services, we ensure that no matter how little or much our customers earn; they have a wide range of wealth management plans to choose from in the pursuit of their goals which may be fund placements towards retirement, house projects, a dream wed-

ding amongst others.”

Over the past two decades, Rosabon has pioneered several financial services initiatives to drive and boost access to finances for all categories of businesses. Some of these financial solutions span across personal loans, leasing, autofinancing, corporate venturing and treasury management etc.

The company has become reputed for creative defiance, through some of its solutions, of Nigeria’s financial industry’s prevailing traditions of high cost of borrowing. For instance, in September, 2016, the company announced the disbursement of a N1.8 billion collateral free personal loan funds to its customers at industry’s lowest 2.5 per cent interest rate.

“As a result, Rosabon has over the years, received various awards, local and international, for its outstanding accomplishments in the industry. Some

of these awards include: African Financial Quality Service Loans Award for best practice in Equipment Leasing, Corporate Venturing and Treasury Management, 2014, awarded by the Institute for Government Research and Leadership; and Best SME Financial Advisory Nigeria, 2015 which was awarded by Capital Finance International, an affiliate of World Bank and International Finance Corporation,” it added.

Onyeokoro added: “Rosabon Financial Services remains focused on its steady expansion whilst ensuring that we are capable of maintaining the levels of service which our clients have come to expect from us. In doing these, we would closely follow international best practices to ensure our continuous recognition on a global scale and sustained growth.”

CONGRATULATIONS

L-R: Marketing Manager, Dana Motors, Mr. Olawale Jimoh; CEO Top 50 Brands, Taiwo Oluboyede, and Communications Manager of Dana Group, Mr. Kingsley Ezenwa, during the presentation of the Most Valuable Brands Recognition Award to Dana Group by Top 50 Brands Nigeria in Lagos … recently

New AIB Chief Pledges to Improve Agency The new Commissioner of Accident Investigation Bureau (AIB) Akin Olateru has said that his vision was to improve the agency and appealed to management and the entire staff to cooperate with him in order to propel the agency forward.

Olateru stated this at the weekend during the handingover ceremony at the agency’s headquarters at Murtala Muhammed Airport, MMA. Olateru commended the immediate past Commissioner, Dr. Felix Abali for improving the parastatal from where he met it and keeping it together over the years despite the “missiles”.

Olateru also promised to make training a priority for

all staff, stressing that through this, their technical know-how would improve.

He said: “I thank you for keeping this place together despite the missiles. I have heard a lot about AIB. I know it is the smallest in the ministry, but, before the end of my tenure, I will ensure that the agency becomes the biggest of all. That’s my mission.

“However, for that to happen, I will require the maximum cooperation of all staff. I can’t do it alone, but we are here to make it happen. It is for the benefit of all staff of AIB if we can make this organisation to work. It’s not about size sometimes, but about efficiency and effectiveness.

“This is a new dawn and I am begging everyone to give this new administration a chance. Whatever that has happened in the past, let it be in the past. Aviation is highly technical, very expensive and the most regulated in the world. At the end of the day, we are all going to be happy because everyone will go on training and more opportunities would be given to people.”

Earlier, Abali commended the entire staff for their support towards him as the Commissioner of the agency and called on them to support the new administration.

He, however, appealed to some of the disgruntled elements in the system to

sheath their sword for the growth of the organisation.

“I thank the management and staff for their supports for me through thick and thin.

And for those who were bent on destroying the agency, I don’t know what else to tell them to change their minds.

I’ve spoken with them, but all to no avail,” he said.

According to AIB, Akin Olateru is a resourceful aviation industry professional with vast airline and business aviation management expertise. His industry experience and pedigree acquired in more than 27 years’ versatile work exposure, crisscrosses the aviation industry in the UK, Europe and Nigeria.

Airtel Excites Trader with N10m Prize in Red Hot Promo Surprised to have emerged winner of N10 million in the ongoing Red Hot Promo Season 4, Chinonso Ikezulumba, an Airtel subscriber immediately fell flat on the floor as he was presented his prize at the telco’s office in Awka, Anambra State recently.

Chinonso, a petty fashion trader, who resides in Awka, was invited to the Airtel office to pick up his cheque as one of the winners in the promo.

According to him, he thought everything was just ‘story’ until the staff brought out the dummy cheque and the real cheque. When he realised that it was real he threw himself on the floor to prostrate and later got up to receive the cash prize.

He explained that his fashion business at Nnewi Market had since collapsed.

And he had prayed during the Christmas to God to give him N10 million to restart his business. “God has answered my prayer through Airtel Red Hot Promo,” Chinonso said.

Chinonso further explained that he has several plans this year and the windfall will help him to achieve them.

He was accompanied to the Airtel Office by his mother and two sisters.

Apart from Chinonso, many other Airtel customers across Nigeria have had their status turned around for good through the ongoing Red Hot Promo. Recently, a traffic officer in Lagos, Oluwasegun Adesanya, won N10million Naira, while 48-year old Lagos-based trader, Mrs. Kemi Siwoku, smiled home with N1million, and an interior decorator, Mr. Olawunmi Olaosebikan, won N1m which he plans to use to restart his iron fabrication business. Many other customers have won cash prizes and airtime.

According to Airtel, over 360,000 customers would win

different prizes in this year’s edition. Airtel will give away N200 million in cash prizes to customers in the promo.

Eight lucky customers will win the weekly grand prize of N10,000,000 each while 60 customers will become instant millionaires, winning N1, 000,000 daily.

600 telecoms consumers will smile to the bank as N100,000 daily prize winners.

Over the 60 day period, 6,000 participants will also emerge as N500 airtime winners, bringing the total number of winners in this year’s Red Hot promo to over 360,000.

To participate and win in the promo, Airtel customers simply need to recharge their lines, buy any voice or data bundle or take the deal of the day by dialling *340# to enter into the daily draw. The promo is point based and customers earn points based on the value of recharge or bundle they buy.

According to Airtel, multiple recharges earn customers more points, which in turn increase their chances of being selected in the daily draws. Customers who take the deal of the day by dialing *340# also earn additional points, which increase their chances of winning. Points represent the number of entries a subscriber has in the promo and the more points a customer has accumulated, the higher the chances of winning.

Participants accumulate and keep points they earn all through the duration of the promo. Customers’ numbers will, however, be in the draw only on the days they recharge, buy a bundle or take the deal of the day. Customers can check the number of points they have accumulated in the promo by sending ‘POINTS’ as SMS to the short code, 340. The SMS is zero-rated, completely without charge, and the promo will run till February 3rd 2017.

Okawa Shaznay Wins Big At Eloy Awards Okawa Shaznay was one of the winners at the recently concluded Eloy Awards at the Intercontinental Hotel, Lagos.

She coasted home the award of Tv Actress of The Year for her role in Delilah.

Other nominees for the coveted award included Toyin Aimakhu for her role in Iya Ibadan; Ruth Kadiri for her role in Matters Arising; Meg Otanwa for her role in Hush; Juliana Olayode for her role in Jennifer’s Diary and Iyabo Ojo for her role in Black Val. While expressing delight over the award, Okawa said: “Oh my God I really was not expecting this. I am so honoured to be here today; I want to thank The Raj & Heroes production team for my role in Delilah. It was such a humbling acknowledgment for me to have been nominated alongside the other amazing nominees in

Shaznay

this category. Thank you Eloy for this amazing platform that encourages women to support one another.”

The 8th edition of the Exquisite Ladies of the Year (ELOY) awards themed “All women are worth celebrating” had in attendance guests from corporate and social Nigeria.

30

T H I S D AY • monDAY, JANUARY 16, 2017

BUSINESSWORLD

INTERVIEW

Akala: Agriculture Has the Potential to Revitalise Nigerian Economy Executive Director of the Foundation for Partnership Initiatives in the Niger Delta, Dr. Dara Akala, spoke to Eromosele Abiodun on how the federal government can achieve economic diversification through agriculture. He also proffered solution to the lingering crisis in the Niger Delta. Excerpts: Could you tell us about yourself and some of your achievements in your field of expertise as an agricultural economist in the last few years?

Certainly, in terms of education, I am an Agricultural Economist by training and I also have some post-experience training in Development Planning/Management as well as none governmental organisation (NGO) management. I have accumulated over 30 years of work experience in the development sector across various public and private voluntary organisations. Before joining Partnership Initiatives in the Niger Delta (PIND) in June 2011, I worked with Living Earth Foundation (LEF) in the United Kingdom where I was responsible for the management and technical oversight of Nigeria program as well as support to other African programs.

Prior to moving to the UK, I was the Management Expert for the European Union (EU)/ Federal Government of Nigeria (FGN) Micro Projects Programme in three States (MPP3) with headquarters in Port Harcourt; where we built over 800 small infrastructure projects to provide access to health services, education, potable water supply as well as improving access to rural communities and rural transport.

I was also the pioneer Programme Coordinator for Living Earth Nigeria Foundation (LENF), which is an affiliate of LEF (UK). Here I led the design and implementation of an innovative environmental education, capacity building and natural resource management programme.

I served as a Programme Manager at TechnoServe/Nigeria where I was responsible for managing a programme to increase the productivity and income of agribusinesses in the Southern part of Nigeria, as well as capacity building for community development associations. Before that role, I honed my skills in agricultural policy analysis, management development and rural institution building at the Agricultural and Rural Management Training Institute in Ilorin.

Finally, I started my career as a Planning Officer with the Benin-Owena River Basin Development Authority where I acquired skills in agricultural project planning, monitoring and evaluation.

Nigeria is in a recession and the federal government is looking to diversifying the economy and return to agriculture. How should the government go about it?

It is indeed very gratifying to see that at long last, the government is beginning to look seriously at developing agriculture that has always been the largest employer of labor in this country. The agricultural sector has a lot of potential for diversifying income and strengthening the productive base of the Nigerian economy.

With regards to your question as to the approach the Government should take, I think the starting point is the right policy framework.

And, in this regard I must acknowledge the effort of the government in formulating the Agricultural Promotion Policy (the Green Alternative), which was launched towards the end of last year. The most interesting thing about this policy framework is that it seeks to consolidate and build on the gains of the Agricultural Transformation Agenda of the President Goodluck Jonathan’s administration. So, there is continuity in that regards as opposed to starting from the scratch, which is the usual practice in our country.

Other strategic actions that government needs to take include defining the role of the Federal, State and Local Governments

Akala in transforming the Agricultural sector and how each tier of government will complement each other. Sometimes, there seems to be a confusion of roles or competition between the States and the federal government. This needs to be streamlined and it is my candid opinion that some of the roles currently played by the FGN are better devolved to the States.

I would also like to touch on the issue of the Land Use Act, which has been a big obstacle on the path of large-scale agricultural development. The voice of dissatisfaction is steadily growing and it is high time the government listened to the people and either repealed the Act or modified it significantly to provide easy access to land for the purpose of large-scale agriculture.

The country is producing a lot of agricultural produce but is losing significant proportions of same due to lack of adequate storage or processing facilities. Take the case of cassava for example, it has been estimated that between 30 – 40 per cent of fresh cassava roots produced every year are lost, while for tomatoes, the percentage is even higher, at 50 per cent.

This is also true for many other agricultural produce – plantain, banana, orange, mango, pineapple etc. So, the Government needs to pay attention to reducing high post-harvest losses. This can be achieved by incentivising agro-processing and value addition as well as market linkages.

There is no doubt that the government cannot

bring about agricultural transformation acting all on its own. Therefore, government must incentivise the private sector through an appropriate mix of policy, pricing and regulatory provisions. Since agriculture is a business, the private sector is in the best position to drive the much-desired green revolution in the country while government provides the enabling environment for this to happen.

How can the federal government solve the crisis in the Niger Delta? Tell us some of the challenges you have faced over the years while working there.

The Niger Delta region is home to oil and gas resources of the nation and this is where oil exploration and production activities take place.

In view of the activities of the oil companies, both indigenous and multinational –there is a lot of money floating around in the region, and that makes most factors of production to be overpriced. What you then find is for development work to proceed, you have to compete with the oil & gas sector and this result in very high factor costs, which makes development projects to be relatively more expensive than in other regions of the country.

The other challenge that is of great significance is that it takes time to build trust with the people in communities and this is arising from their past experiences. Many times, representatives of development agencies, NGOs workers and even government officials have not honored

their promises to community dwellers. So, when you show up in a community to introduce your organisation or development program they view you with a lot of suspicion. I’ll illustrate this with two personal experiences. In the late 90s when I was working with LENF, and we were to support forest communities in Cross River State to establish community conservation areas, it took a while for them to believe and trust us. They found it difficult to believe that we were doing so for altruistic reasons and we were not looking for any direct benefits to our organisation. Some of them felt that our real motive was to know the extent of their forest resources so that we could come and log there. The other example, a more recent one, happened in 2011 when I went to a community in Delta State to introduce our aquaculture value chain development work. They pretended that they had heard me, but in order to assure themselves that they were not being taken for a ride, they sent representatives to carry out background checks on PIND and to even visit the main office in Abuja.

Some of the other challenges often experienced in the region have to do with exposure of the development worker to personal risks and insecurity arising from inter-ethnic crises, militancy and/or youth restiveness. When the crisis between two ethnic groups broke CONTINUED ON PAGE 31

31

T H I S D AY • monDAY, JANUARY 16, 2017

BUSINESSWORLD

INTERVIEW

Akala: Agriculture Has the Potential to Revitalise Nigerian Economy out around 1995 in one of the States, I was leading the implementation of a project in the area at that time. The only reason that we were not trapped in the community was because someone gave us a warning not to travel to the area. It was only when the crisis broke out that we understood why we had been asked to stay away.

Having worked in the region for over 30 years, I can go on and on enumerating challenges. But the last one that I’ll leave you with is the deep sense of entitlement and my perspective is slightly different from that which is often well written about. In my work, I have been involved in establishing micro-credit schemes to provide access to finance for community dwellers to support their livelihood activities. A few were very successful and I believe one of such schemes is still operating till today. However, most of them did not achieve their objectives because people borrow from such schemes, which were community-based and community-operated, without any intention of paying back. For many of them it wasn’t as a result of business failure or inability to pay back, they just didn’t see any reason why they should! Many even relocated to other places to avoid paying back.

The feeling is that they had received their share of public resources where the ownership of the funds had been transferred to their communities.

You helped to shape the direction of PIND’s various programs and projects over the past five years, why is your organisation not looking at taking advantage of the huge costal line in the Niger Delta to create jobs rather than agriculture.

While I do appreciate the fact that the long coastline of the Delta region has enormous potentials, we do not base our decisions on anecdotal evidence or some gut feeling.

The economic development program was developed based on very robust research and analysis. The program aims at reducing poverty in the region, which implies that we needed to look at how best we can increase the productivity and incomes of the people.

Therefore we started out by carrying out an assessment of the economic opportunities available to people in the region, and this study documented at least 24 sectors in which people were economically active in the Niger Delta. Using a number of criteria including the growth potential of the sector and population of the poor engaged in those activities, we arrived at a shortlist of five sectors. These were subjected to further value chain analyses and we ended up selecting three agricultural value chains in which we are currently working. So, the decision to work in the agricultural sector was based on empirical evidence.

You have worked with PIND since 2011 when you came on board as the Economic Development Center (EDC) Manager in PIND’s EDC in Warri, Delta State, before becoming Program Director in 2013, tell us about your experience.

I have always enjoyed building new organizations and/or programs. That was what I did with Living Earth Nigeria Foundation and also the EU/FGN Micro Projects Program in 3 States. And, as I mentioned earlier, I originally trained as an agricultural economist, so I love watching things grow.

In view of this, it was really exciting to find myself in that space again in 2011 when we were building the Economic Development Centre (EDC) in Warri. With regards to building the physical structure, it was fun working with the contractor and the artisans as there were different shades of characters represented amongst them. Many of them were really highly skilled and I struck a bond of friendship with some that has lasted till this day.

If building the structure was fun, the development of the programs and hiring and inducting long-term consultants to work with us was even more enjoyable. Working in partnership with a consultant from DAI (one of our technical partners) we put together a business plan for the EDC, which articulated our vision for the Centre in terms of the services to be provided, staffing, funding and

PIND, I know where the organisation is coming from; have clarity of the mission& vision for the future and a good understanding of what it takes to press towards the accomplishment of that mission. PIND has witnessed enormous growth over the past few years; not only are the various interventions we piloted in economic development, capacity building, advocacy and peace building generating the desired results, we are also gaining recognition as an important presence in the Niger Delta by both government and international development organisations. Right now, we are also working with State governments throughout the Niger Delta to improve development programming and implementation in their states. I plan to continue this good record and continue to foster needed collaborations for PIND to continue to be a boon to development in the Niger Delta region.

I am also bringing to the table a wealth of development experience garnered over the years, a good understanding of the context and people of the Niger Delta, and an extensive network of associates and contacts within the public and private sector that can be leveraged to facilitate our work. The fact that I am also well known within the development sector in the region can be an enabler for new partnerships or strengthening some of the existing ones.

Akala operations of the Centre. Also, I designed and instituted a management system and procedure for the Centre as an integral part of the development phase.

So, from the initial 2-person team in February 2012 when the Centre took off from temporary offices on-site, by the time we commissioned the Centre in May 2012, the number of long-term consultants had grown to about 15 persons, including the Market Development team, Appropriate Technology Enabled Development team, and Finance and Operations teams.

Our EDCs are centers of excellence for testing and sharing proven models for stimulating growth in agricultural sector. We now have two EDCs, one in Warri as we have been talking about and a second we set up in Port Harcourt, Rivers State, in 2013. We are all very proud of what we have been able to achieve with them, because they have helped to catalyze inflow of donor-funded development projects into the Niger Delta by facilitating hitch-free project start-up and implementation through provision of infrastructure, logistics, security and local procurement support.

It is immensely gratifying to have had such an active role in setting up the first EDC in Warri, but I have to say that it was quite stressful, too, as I had to combine the management of the Centre with the technical oversight of the programs. This was further compounded by the fact that as the Centre Manager for the Warri EDC, I was also responsible for community engagement. In interfacing with the neighboring community, I had some very interesting and memorable encounters that I’ll save for another day. Of course, by the time we set up the EDC in Port Harcourt, Rivers State, I had already transitioned to Programs Director at PIND and the organisation had grown so it was much easier to manage.

You worked with Living Earth Foundation (LEF) in the United Kingdom where you provided support to African programs and established the Nigerian affiliate of LEF, a European Commission and Federal Government of Nigeria-funded micro-projects program in three Niger Delta States. Can you tell us how the several micro-projects in the Niger delta is improve the lives of the people of the Niger Delta?

The micro projects that we implemented in the days of MPP3 were to a large extent infrastructure projects. They were to improve access to potable water supply, access to health services, education and physical access to communities through rural roads and transport.

These projects – though very small as the name implies – had significant impact on the lives of the people in the three core Niger Delta States of Bayelsa, Delta and Rivers. For example, several boreholes were constructed,

which provided potable water to several communities for drinking and cooking with ultimate benefits for the health of the people.

On its own part, the rural Health Centers that were constructed or refurbished helped saved several lives that otherwise would have been lost by travelling long distances to urban Health Centers.

As regards education, you needed to have seen the environment in which some of the pupils in primary schools and students of some secondary schools were learning. Under such circumstances, the probability that anyone could be successful and progress along the education path to become somebody in life was very low. But we changed the narrative by reconstructing many of these schools and also ensuring that the State Governments provided teachers. I believe that these micro-projects increased significantly the chances of the pupils/student to become successful in their academics, which is a fundamental step to progress in life.

In some distant riverine communities, we supported the purchase and operations of market boats. Some of these were communities where it was only possible to travel to big towns and the State capital once a week. With the implementation of the micro projects, the frequency of travel increased, which improved the interaction with the outside world. More importantly, the people were able to carry out trade better and thereby improving their livelihoods.

On December 1, 2016, you took over from Sam Daibo as Executive Director of the Foundation for Partnership Initiatives in the Niger Delta, what are you bringing to the table?

We have seen many organisations where this type of leadership change would either lead to a loss of momentum or a lot of uncertainties about the future, which is not helpful for the morale of the staff. However, our own leadership change was well thought through and the trustees have chosen the path of stability and continuity as opposed risk-taking. Even so, I come into this office with a lot of fresh perspectives and new impetus. So it is a case of change and continuity proceeding in tandem for the growth of the Foundation.

Like I explained earlier, I have been working at PIND since 2011, first as the Economic Development Center Manager setting up our EDC office in Warri, Delta State, while establishing the field projects, before becoming Programs Director in 2013.

As Programs Director, I was in charge of managing the strategic direction of our various programs and projects and ensuring that the programs facilitate the creation of multi-stakeholder partnerships that support an enabling environment for equitable economic growth in the Niger Delta. Because of my time at

What are your plans for PIND and where do you see the organisation in the next 10 years?

Though a relatively young organisation, PIND is already punching above its weight.

It has developed a reputation for being an organisation that bases its decisions and actions on sound analysis and research. Also, being a partnership initiative, PIND has developed a strong capacity for convening and coordinating stakeholder actions from both the private and public sectors on Niger Delta development.

So, I count myself lucky for coming to lead an organisation that is already on an upward curve, which means the task is relatively easier.

For me, and the entire team, our commitment is to build a local NGO with global best practice.

This is with regards to our commitment to our mission and core values, professionalism and human engagement both internal and external facing.

Over the coming years, we will step up the rate of our project implementation to expand our outreach, scale up our impact in terms of breadth and depth. In demonstrating capacity for high impact, we will be positioning ourselves to be the institution of choice to sustain the results of fixed-term donor-assisted projects when they are closing. This essentially means that we will be integral to the sustainability strategies of these projects.

We will also strengthen our convening and coordination role so as to attract greater private sector investments and donor funding into the region. Already, PIND is catalysing a lot of resources into the region especially through bilateral agencies such as the United States Agency for International Development (USAID) and the Department for International Development (DFID). Leveraging key resources for innovative projects/programs will be a key priority of my tenure.

Since our team is the most valuable assets of the foundation, special attention will be given to keeping them highly engaged and motivated. We plan to give more recognition for outstanding achievements and greater autonomy will be given to the project teams in decision-making.

The provision of economic development services (EDS) to generate income was identified from the outset as a key step towards sustainability of PIND. These EDS include - special studies, feasibility studies and business planning, project design & implementation, monitoring & evaluation, training and capacity development etc. It is my plan that over the next five years or so, a good proportion of PIND’s income will be from these sources.

Finally, we will be delivering greater value to our primary funder, Chevron. PIND will deploy its expertise to provide support and assistance to the corporate social responsibility (CSR) projects and programs of CNL to strengthen their impact.

32

T H I S D AY • monDAY, JANUARY 16, 2017

BUSINESSWORLD

news

FG, BoI Pledge Finance Support for Rural Women

AMC Launches New Blockbuster Series, Asunder on StarTimes

James Emejo in Abuja

Emma Okonji

The Minister of State for Industry, Trade and Investment, Hajia Aisha Abubakar has expressed the federal government’s confidence in the potential of Women in Investment and Enterprises (WinIE) scheme to solve identified challenges confronting micro businesses owned by women.

WinIE is a women economic empowerment initiative done in partnership with the Growth and Employment in States (GEMS) unit, which is under the supervision of the

Ministry of Industry, Trade and Investment.

Essentially, the project seeks to support rural women in particular with Access to Market (A2M) and Access to Finance (A2F) as critical ingredients for enterprise empowerment across the country.

Speaking in Abuja at the launch and demonstration of proof concept for the programme, Abubakar said following a successful pilot scheme in Kaduna State, the proposed takeoff of the scheme in seven states including Abuja, Akwa-Ibom, Ebonyi, Bauchi, Niger and Kaduna, women

owed businesses could attain their potentials for growth.

She said the administration of President Muhammadu Buhari believes in the empowerment of women enterprises in its current efforts to diversify the economy.

She said:”If you empower a woman, you empower a nation; this is because you are not empowering her alone but triggering reduction in household poverty, increase in economic growth and productivity and overall increase in per capita income.”

She added: “It is imperative for women to reach their po-

tentials and be critical elements for the attainment of inclusive growth and sustainable development and ultimately providing a platform for the aspirations of next generation of women and girls.”

Her assurances came as the acting Managing Director, Bank of Industry (BoI), Mr. Waheed Olagunju promised to provide adequate financing to women with bankable business models under the WinIE programme.

The project is expected to be replicated in all states of the federation after the implementation in the initial states.

INSPECTION OF KADUNA AIRPORT

R-L: Permanent Secretary, Federal Ministry of Transportation, Alhaji. Sabiu Zakari; Minister of State for Aviation, Senator Hadi Sirika; Managing Director, FAAN, Mr. Saleh Dunoma and Mr. Sani Muhammad of NCAA, during an inspection tour of Kaduna International Airport...recently

SON Explains Changes in Amstel Malta’s Identity Raheem Akingbolu The rumour that there is fake Amstel Malta in the market has been laid to rest as the statutory body vested with the responsibility of standardising and regulating the quality of all products in Nigeria, the Standard Organisation of Nigeria (SON) has debunked claims of a fake Amstel Malta in circulation.

Addressing journalists in Lagos recently, a Deputy Director at SON, Mr. Fred Akingbesote, emphasised that there was no fake Amstel Malta in the market.

Akingbesote confirmed that the NIS logo on Amstel Malta was the highest mark of quality from SON and commended the management of Nigerian Breweries Plc, makers of the Amstel Malta, for its commitment to the highest quality standard.

He stated that Nigerian Breweries is one of the first companies to adopt the new NIS logo which was launched

in September 2015.

The Deputy Director, who represented the Director General of the organisation at the media parley, explained to journalists that Nigerian Breweries have met all SON safety and quality requirements and have complied with all requirements of the new National Industrial Standard (NIS) logo.

Akingbesote maintained that the people behind the defamation were just playing on the intelligence of Nigerians.

“We have a website, which contains all information on our standards and quality regulations. Every Nigerian who has doubts about any product certified by SON should crosscheck the facts,” he said.

Also speaking on the occasion, Corporate Affairs Adviser of Nigerian Breweries Plc, Mr Kufre Ekanem, explained that the Amstel Malta was one of the first brands to comply with SON directives.

He added that the brand

revised its packaging in line with the guidelines and approval of National Agency for Food, Drug Administration and Control (NAFDAC) and in compliance with the new mandatory NIS quality logo from the SON “In the normal course of product and packaging renovation, old packaging and the new introduction co-exist in the market until the old one dries out. In view of the 12-month shelf life, we currently have Amstel Malta with both the old and new packaging in some parts of the market,” Mr Ekanem said.

He maintained that Nigerian Breweries is a world class multinational company that has operated in Nigeria for over 70 years and that the quality of its brands has been one of the key success factors of the company across these decades.

“Every pack of Amstel Malta is produced to the highest quality-control standards of Nigerian Breweries,” he noted.

He also said before the company rebranded Amstel Malta in 2016, it got the necessary approvals from the relevant agencies.

Mr Ekanem assured consumers that every pack of Amstel Malta contains the same premium quality malt drink that they have come to love.

He informed that the company has reported the defamation attempt to the police and remains grateful that the police authorities are investigating the case further.

It would be recalled that in August 2016, Amstel Malta, the premium, low sugar formulated malt drink from the stable of Nigerian Breweries, launched a new credential campaign WhyAddMore.

Shortly after the campaign, a picture went viral that a fake version of the Amstel Malta was in circulation.

This was because the new packaging wore the new NIS logo while the old packaging had the old NIS logo of SON.

StarTimes viewers are set for more exciting moments and delightful viewing on television as popular entertainment channel, African Movie Channel (AMC) launches its first TV series, ASUNDER, a 65-episode analytical drama series that mirrors challenges faced in contemporary marriages and relationships.

Billed to debut on 30th January, the blockbuster drama will be aired exclusively on AMC Series in Nigeria on Mondays, Wednesdays and Fridays by 8PM, on StarTimes channel 072 (Antenna), channel 134 (Dish) and other platforms across Africa.

Using three families in its narratives, the series dissects roots and causes of various issues and challenges faced by today’s married couples. The audience is taken through the emotional journey of modern day marriages and an insight into the importance of trust, communication and forgiveness in these marriages.

At a recent launching cocktail in Lagos, A-list celebrities including casts from the ASUNDER series, Nollywood actors, media buyers as well as other industry personalities gathered to show their support and were entertained with a preview of the ASUNDER series.

Produced by award winning Producer/Director, Paul Igwe and directed by Henry Ejeta, ASUNDER features the stellar cast of Stan Nze, Tessy Oragwa, Benita Nzeribe, Nonso Odogwu, Frankincense Eche Ben, Maureen Okpoko, Sandra Eze among others.

Speaking on the new series, AMC Managing Director, Yinka Mayungbo said, “Our channel has commissioned the new series as part of renewed drive to produce unrivalled content and relentless commitment to

offer awesome entertainment that guarantees countless hours of maximum viewing pleasure for African families. With a cast that parades world class super stars, heart gripping story, best in class production crew and equipment, we have no doubt that viewers would certainly find the series quite exciting, educative and engaging.”

StarTimes Head of Public Relations, Israel Bolaji remarked that “StarTimes aggregates various exciting and top-notch channels such as AMC on its platform to offer millions of digital TV subscribers a rich blend of entertainment - be it movies, sports, news, drama, series, and music. Our desire is to ensure that every Nigerian family can afford, access and enjoy digital television with over 100 owned and authorised channels creatively selected to appeal to every member of the family. With the launch of Asunder, entertainment on AMC and StarTimes will go some notch higher and glue viewers to their seats for pleasurable hours. That is our goal.”

A leading Africa-wide broadcaster, with its services playing out of London, and with offices in London and Lagos, AMC operates two 24-hour linear channels - African Movie Channel (AMC) and African Movie Channel Series (AMC Series) available in more than 8.5 million homes across several African countries.

StarTimes is the leading digital-TV operator in Africa, covering 80 per cent of the continent’s population with a massive distribution network of 200 brand halls, 3,000 convenience stores and 5,000 distributors. StarTimes owns a featured content platform, with 440 authorised channels consisting of news, movies, series, sports, entertainment, children’s programs, fashion, religion, among others.

Minister of Industry, Others for Vantage Forum The Minister of Industry, Trade & Investment, Dr. Okechukwu Enelamah, slated as one of the speakers at the Vantage Forum (VF), a business outlook initiative of The Elevation Church. He will be joined by other distinguished speakers such a Founder, LEAP Africa, Ndidi Nwuneli and Managing Director/CEO, SystemSpecs Limited, Mr. John Obaro.

The VF is focused on empowering individuals to achieve the highest levels of distinction in their businesses and careers. It features expert analysis of the Nigerian economic landscape, highlighting emerging opportunities and potential threats. The quality of the discourse makes it an event targeted at senior business executives, owners of big and medium sized businesses and high net-worth individuals.

The is year’s forum themed: ‘New Frontiers, New Possibilities’ will hold at The Pistis Conference Centre, Lekki, Lagos on Thursday 26 January starting from 9.00 am.

It will take a critical look

at Nigeria’s current economic climate with a view to identifying opportunities and inspiring informed action on the part of participants.

The Convener and Lead Pastor, The Elevation Church, Godman Akinlabi, in a statement said: “VFis one of the ways the church demonstrates that the power to create wealth and bring about positive change lies within the wealth of people armed with the right knowledge.”

According to him, the forum is a must attend as participants will be positioned to identify new opportunities, new industries and new solutions with a view to ultimately change the fortunes of the Nigerian economy.

He added that in addition to addresses from top tier leaders in business and government, VF will showcase the activities of some local innovative companies as well as host a post-event business showcase. Attendance to VF is free but exclusively by registration by visiting www. vantageforum.org for details.

33

T H I S D AY • monDAY, JANUARY 16, 2017

BUSINESSWORLD

PERSPECTIVE

Financing Innovation in Nigeria: The Missing Middle Olubunmi Abayomi-Olukunle, in this article, posits that the missing middle in Nigeria’s tech ecosystem is the absence of venture capital and highlights the need for regulators to open up Nigeria’s innovation system to foreign venture capital firms A cloud does not know why it moves in just such a direction and at such a speed ……It feels an impulsion…. This is the place to go now. But the sky knows the reasons and the patterns behind all clouds, and you will know, too, when you lift yourself high enough to see beyond horizons...Richard Bach In many respects, 2016 was a remarkable year for technology, innovation and high-growth companies in Nigeria. In addition to the interest shown by a variety of venture capital, private equity and strategic investors in high-growth companies in Nigeria, it is now very clear that two of the most influential technology blocs in the world, the BAT bloc, consisting of Baidu, Alibaba and Tencent and the GAFA bloc, consisting of Google, Amazon, Facebook, Apple are interested in high-growth Nigerian companies and in opportunities in Nigeria’s rapidly evolving ecosystem, albeit with different entry strategies. Earlier in 2016, Andela closed a USD 24 million in a Series B round, which included Facebook and Google Ventures. IrokoTv was reported to have closed a USD19 million round from France-based Canal Plus. Recently, Paystack, an online payments company, closed a USD1.3M seed funding from local and international investors which included Tencent and Comcast. Paystack’s raise is the second highest amount ever to be raised by a Nigerian start-up as seed investment. More than in previous years, 2016 recorded a lot more deals in the USD1million seed financing zone. - A bunch of other deals in that category were deliberately stealth -. Without a doubt, Nigeria is now firmly on the global innovation technology map. Compared to previous years, 2016 saw greater financial commitment from the Nigerian government to the entrepreneurial landscape. The year also witnessed the highest level of angel investment and corporate venturing activity with a good number of corporate innovation programs already initiated and now in full swing. In 2016, the Lagos Angel Network launched its DealDay Program – a pitch day for Nigerian start-ups - where it commits up to N50million to 3 start-ups through its syndicates every quarter. The Nigerian government bankrolled a number of accelerator programs, demo day events and also earmarked N500, 000,000 million for disbursement as grants to qualifying start-ups. Nigeria recently announced a partnership with the World Bank Group and a number of development finance institutions on the release of 1.3.

Billion dollars for the take-off of an SME focused development bank in Nigeria. The International Finance Corporation and European Investment Bank have also announced plans scout deals in Nigeria’s rapidly evolving tech ecosystem.

The message is strikingly clear: -more money is available for truly innovative and disruptive highgrowth companies -.

The Big Bet in the Missing Middle We would take a bet that 2017 is on course to be the best

and usefulness of a professionally managed venture capital market and the need to use intelligent regulation as a tool for cultivating market activity.

Minister of Finance, Mrs. Kemi Adeosun year ever for venture capital fund raising and for innovation, technology and high-growth businesses. Yet, there is still a wide financing gap in the local market and there is a huge chance that an increasing pile of dry powder may not translate into deal flow. That gap, contrary to the popular view, is not a mere financing gap, neither is it merely, a failure or lack of availability of the traditional demand-side or supply side initiatives. There is a gaping absence of a professionally managed venture capital market in Nigeria. A professionally managed venture capital market is crucial for economic development because professional VCs come with a critical mass, consisting of capital and business/networking intelligence which directly focus on entrepreneurs, who are the driving force behind indigenous innovation. Also, a professionally managed VC market will almost naturally create a solid pipeline for later-stage private equity, further deepening allocation of capital and local private capital markets. Unfortunately, there exists an absence of venture capital firms that possess that critical mass, the network and the managerial experience to effectively partner with or assist high-growth companies to solve big problems that are prevalent locally and to create truly profitable solutions. On the other hand, emerging companies in Nigeria are in a critical evolutionary phase and desperately need substantial support with the management and commercialization of their ideas to scale their companies and to negotiate a positive liquidity event for investors. Although the Securities and Exchange Commission (SEC) issued venture capital regulations regulating local funds several years ago, not much has been achieved in terms of domestic VC fund registration and domiciliation. The vast majority of private capital merchants are private equity firms and there are less than a handful of venture capital firms in the country. Nigeria has no official policy document on venture capital and regulators are yet to acknowledge the gaping absence

The Evidence of History We find evidence of a realisation by governments in developed VC markets that publicly-run entities may lack the commercial orientation and expertise to provide the quality of management support needed to support early-stage companies or to turn R&D efforts into commercially viable products.

In these jurisdictions, this realisation has informed a review of and shift in the role of government in individual approaches to developing a local venture capital market and a preference for an approach that enables the Government to serve as a catalyst for venture capital activity by creating an attractive environment for venture capital business and managers to thrive. Perhaps, the evolution of Israel’s venture capital industry best illustrates this point. In 1991, there was no venture capital industry in Israel. After, initiating a number of programs directed at improving the R&D capabilities of new Israeli companies and taking strategic steps to expose Israeli innovation to the American market through the Binational Industrial Research and Development Foundation (BIRD) initiative, the Israeli Government realized that, although start-ups in Israel at that time were successful in R&D, they were not successful in growing companies as they had no experience building companies and did not understand the business development, funding and commercialization process, well enough.

Subsequently, a bunch of bureaucrats at the Ministry of Finance in Israel came up with an idea for a program called Yozma. The Yozma program is widely believed to be the catalyst that created Israel’s flourishing venture capital industry and marked the beginning of professionally managed venture capital market in Israel.

The Americans Came The object of the Yozma was to strategically entice professional VC firms from the United States to develop the local VC market. It was believed that American VCs will provide aspiring Israeli VCs and entrepreneurs with not only capital but more importantly, with the commercial know-how and VC fund management expertise for venture capital business. Yozma therefore adopted a co-funding structure pursuant to which the Isreali government set aside a USD100 million to establish five VC funds of USD20million. The key attractive terms of each fund is as follows: (a) Each fund was constituted by 3 parties, namely, an Israeli venture capitalist in training, a foreign venture capital firm, and an Israeli investment company or bank (b) VC firms were to raise USD16 million in order to get the government’s USD8 million (c) The government will retain a 40% stake in a fund but will give the VCs the opportunity to buy the government’s 40% out cheaply, plus annual interest- after 5 years, if the VC fund was successful. Israel also

implemented a number of tax and regulatory changes, all conceived to drive foreign VC investment and activity in Israel. ‎Yozma turned out to be a huge, landmark success.- The Americans came -. As Erel Margalit, one of Israel’s top managers of Israeli startups, puts it, “Venture Capital was the match that sparked fire.” The ten Yozma funds created between 1992 and 1997 raised over $200 million with the help of government funding and all the funds were bought out or privatizedwithin five yearsas planned. (Dan Senor and Saul Singer, 2009). Together, the funds now manage over $3 billion of capital and support hundreds of new Israeli companies. Today, an estimated 60 venture capital groups are active in Israel with over USD14billion under management.

All major multinationals and tech companies invest in Israel. Israel has more companies listed on New York Stock Exchanges (NYSE, AMEX, NASDAQ) than any other country except the United States and China. The country has the world’s highest per capita count of engineers and the highest density of high-tech start-ups - nearly 4,000 in a country of seven million people. Israel is the world’s leader in the percentage of the economy spent on research and development and High-tech now contributes approximately 50% of exports. In 2008, per capita venture capital investments in Israel were 2.5. times greater than in the United States, more than 30 times greater than in Europe, 80 times greater than in China, and 350 times greater in India. Comparing, absolute numbers, Israel – a country of just 7.1 million people – attracted close to USD2 billion in VC, as much as flowed to the United Kingdom’s 61 million citizens or to the 145 million people living in Germany and France combined (Dan Senor and Saul Singer, 2009). Despite fighting several wars and an intense period of terrorist attacks, Israel’s share of the global venture capital market has actually doubled on occasion. ​ Critical aspects of the Yozma program have been replicated in Singapore, South Korea, Canada, Ireland, Australia and Japan. In 2008, Ireland launched a €500 million innovation fund. The fund was decidedly structured to attract co-financing opportunities from foreign venture capitalists.

Admittedly, a number of other approaches may be implemented in developing a professionally managed venture capital market.

Brazil implemented a series of panels on VC funds, to assess VC funds and provide advice on how to improve. Following some of the recommendations of this panel, Brazil organized forums and training workshops with the intention of educating investors, start-up owners and researchers on VC, diligence and other relevant topics. The first phase of Inovar (which was the project conceived to drive growth in the Brazilian VC market) was so successful that a second phase, ‘Inovar II’ was initiated in 2007, a year after the first phase. The forums, panels and training sessions, which still occur regularly, cost of the Brazilian government

up to $13 million for both phases and facilitated more than $1 billion in investment (Leamon and Lerner, 2012: 17). One of the most significant values of the Inovar program was how it was able to forge “necessary inter-personal relationship network between researchers, investors and startups” (Castro, 2012). Brazil also implemented strategic tax and regulatory reforms. For instance, a 2006 Brazilian law reduced taxes on income made with VC by foreign investors to zero, provided the foreign VCs get taxed at least at 20% in their home countries.

Africa’s Centre for the Study of Venture Capital and Private Equity This year, we are partnering with a global private equity firm to endow Africa’s first Centre for the Study of Venture Capital and Private Equity in one of Nigeria’s prestigious universities. The mission of the Centre will be to disseminate core knowledge of entrepreneurial finance, venture capital and private equity investment. The Centre will on a continuous basis conduct pertinent research and gather data on the venture capital investment landscape in Nigeria with the objective of becoming the leading source of accurate, comprehensive, and focused information on Nigeria’s evolving venture capital industry.

The Centre will also advocate for policies and legislations that will create an enabling environment for venture capital to thrive.

Some Ideas Going Forward Nigerian Regulators definitely have a major role to play. Nigeria has to strategically court professional VC knowledge from VC capitals all over the world. The country needs to review its venture capital and private equity rules and implement tax, immigration, corporate and securities law reforms that are strategic to the growth of a professional venture capital industry.Venture Capital must take the centre stage in Nigeria’s economic strategy. The country needs to commission a venture capital report / policy which will appraise all the existing demand and supply side initiatives with a view to synergizing public spend and efforts, identify the constraints to the development of a professionally managed venture capital market and make recommendations for immediate execution. Crucially, the innovation value chain in Nigeria has to be completely de-politicized and independently monitored, if any meaningful progress will be made in 2017 and beyond. In 2011, Nigeria reportedly set up a USD10million ICT Innovation Fund and reportedly launched another 300 billion innovation fund in 2016.

Not much has been heard of these funds and there are indications that the government may have failed to follow through with its commitment to these funds and is merely paying lip service. Nigeria needs to focus on workable structures, strategically open up its innovation value chain to the world and muster the political will to follow through.

Olubunmi is a Partner at Balogun Harold and specialises in venture capital and private equity transactions

34

MONDAY, JANUARY 16, 2017 • T H I S D AY

business/MOnEYGUIDE

IMF Highlights Path to Stronger Growth for Nigeria, Other Low Income Countries Obinna Chima The International Monetary Fund (IMF) has advised lowincome countries to build more infrastructure in order to strengthen growth.

The fund gave this advice in a new analysis, which looked at ways to overcome obstacles.

It pointed out that the clock was ticking on the 2030 Agenda for Sustainable Development, and while investment—critical to this agenda—had been rising in recent years among low-income countries, weak infrastructure was still hampering growth. Therefore, it said governments needed to make significant improvements to lay foundations for flourishing economies: roads to connect people to markets, electricity to keep factories running, sanitation to stave off disease, and pipelines to deliver safe water. For that reason, upgrading and expanding transport, telecommunications and utilities would be a key pillar in many countries’ national development strategies, the IMF stated.

“In many low-income countries, public debt levels have risen and external financing conditions have tightened, which has made taking out loans to invest in infrastructure projects increasingly difficult and risky. During 2015 alone, the ratio of public debt to GDP rose from 34 to 42 percent,” it added.

A survey revealed the availability of external financing and administrative capacity constraints as key obstacles to

scaling up public infrastructure investment in the most vulnerable countries. However, for low-income countries better connected to global capital markets, it is the sufficiency of domestic financial resources that is the most important concern.

“Given their limited resources, poorer countries can benefit substantially from improving the efficiency of their public investment. As documented in the IMF’s recent analysis, value for money in public investment varies considerably among low-income countries, and is generally lower than in other states.

“While the broad principles for improving public investment efficiency—for example, that capital expenditure should go to most productive projects—are well understood, institutional mechanisms to achieve this (effective cost-benefit analysis; transparent procurement) are not always in place.

“More domestic resources from taxes can create more space for priority spending areas such as infrastructure.

However, despite some progress, tax revenues still remain lower in poorer countries than elsewhere, partly due to lower collection efficiency. Therefore, improving tax administration, broadening the tax base, closing unjustified loopholes, streamlining expenditures, and, in some cases, raising tax rates will help generate the budgetary resources to fund infrastructure provision.

“Concessional financing will need to continue to play an important role in funding

development in low-income countries. Increasing the capital of multilateral development banks and adjusting the way they deploy their capital could generate more resources for the poorest countries,” it noted.

According to the fund, the rise of new bilateral donors, particularly China, and new institutions, such as the Asian Infrastructure Investment Bank, had brought additional funds for development.

That said, many potential donor countries are faced with their own fiscal challenges, limiting the prospects for a large increase in multilateral and bilateral donor financing.

“In any case, there is an overall agreement that even scaled up official development assistance is insufficient to meet the investment requirements of the Sustainable Development Goals by 2030.

There is little purely private infrastructure in low-income countries outside the mobile telecommunications sector— but that notable exception demonstrates that the model is potentially viable.

“Small-scale applications in other sectors, such as solar micro-grids, reinforce this notion. Alternatively, public and private capital can be combined in a public-private partnership, which is a relatively frequent model in electricity generation. Of course, a strong institutional framework and sound public-private partnership management are critical to avoid such structures unduly increasing fiscal risks.

Heritage Bank to Enhance Support for Agriculture Heritage Bank Plc has disclosed plans to increase its support to the agricultural sector, particularly rice farming, in order to enhance agri-business and aid economic development through its direct participation in the much lauded Anchor Borrowers’ Programme (ABP) of the Central Bank of Nigeria.

Group Head, Agriculture Finance, Heritage Bank, Olugbenga Awe, in a speech delivered at third edition of Rice Investment Summit in Abuja, in collaboration with New Partnership for Africa Development (NEPAD), said the bank’s drive to support rice production was borne out of the conviction that agribusiness is profitable and act of patriotism to achieve food security and sufficiency in the country.

He, however, noted that the challenges facing rice production were subset of myriads of

constraints facing agriculture in general, as most farmlands are located in the rural areas with poor road network and electricity supply, majority are financially excluded with no access to banking services.

He hinted that Heritage Bank was effectively tackling the bottlenecks, since it had long identified the opportunities in agribusiness before the collapse of crude oil prices through its various programmes, which will contribute to the projection for year 2020 in the production of 7.7million metric tons of milled rice or 10.8million metric tons of paddy rice at milling recovery ratio of 62per cent.

On the Heritage Bank’s involvement in ABP, Awe noted that the bank had strategically put in place measures to ensure fidelity to contract agreements and adherence to fair trade in

making sure that farmers earn decent profit for their efforts, which is critical to the sustainability of the programmes.

According to a statement, he said the bank’s participation in the programme had paid off as “we currently have a rich pool of farmers’ data to support grains production.”

“The registered farmers in our database can easily be identified and trained with the support of extension services to plant any grains as the season demands. This flexibility provides continuous cash flows to the famers and ensure that more farmers are enlisted to join the programme,” he said.

The group head, further disclosed, “In our quest to participate in the rice value-chain through the ABP, we supported hundreds of small holder farmers in various communities in Kaduna and Zamfara State.”

Lagos CITN Organises Three-day Annual Tax Week The Lagos District Society of the Chartered Institute of Taxation of Nigeria (CITN) has assembled a team of experts to discuss at its three-day annual tax week which begins on Tuesday, January 17, 2017.

The event would commence with a road walk beginning from the district secretariat on Ikorodu Road to the LIRS head office in Alausa Secretary.

On the second day, a

symposium with the theme: “Economic recession - taxation as a survival roadmap,” is scheduled for Tax Professionals House, CBD, Alausa, Ikeja, with Partner & Head, Tax Services & Consumer Industrial Markets, KPMG Nigeria, Mr. Wole Obayomi, billed to speak on “Economic stabilisation in recession- The role of taxation stakeholders,” with Mr. Dipo Komolafe as discussant. Also,

Partner, Tax & Regulatory Services, Deloitte Nigeria, Mr. Abayomi Olugbenro, will speak on “Recession impact on state budgets- taxation as a mitigant,” to be discussed Mrs. Titilayo Fowokan. According to a statement by district, there will be award presentation to schools that participated and won the annual tax week debate competition, also on Wednesday.

Managing Director, International Monetary Fund, Christine Lagarde

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

June 2016 Broad Money (M2)

21,684,965.22

-- Narrow Money (M1)

9,125,933.16

---- Currency Outside Banks

1,379,187.93

---- Demand Deposits

7,746,745.22

-- Quasi Money

12,559,032.07

Net Foreign Assets (NFA)

7,105,663.47

Net Domestic Assets(NDA)

14,579,301.76

-- Net Domestic Credit (NDC)

24,318,143.03

---- Credit to Government (Net)

2,893,190.01

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

5,004,677.26

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

-2,111,487.25

---- Credit to Private Sector (CPS)

21,424,953.01

--Other Assets Net

-9,738,841.27

Reserve Money (Base Money)

5,370,199.87

--Currency in Circulation

1,684,725.89

--Banks Reserves

3,685,473.98 • Source - CBN

MANAGED FUNDS Initial Price (N)

Buying Price(N) 1,660.29

1,685.29

1,000.00

11,002.32

11,326.67.11

Stanbic Balanced Fund Stanbic IBTC NEF

Selling Price

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 12 January 2017 The price of OPEC basket of thirteen crudes stood at $52.30 a barrel on Thursday, compared with $50.98 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Source: OPEC headquarters, Vienna

35

MONDAY, JANUARY 16, 2017 • T H I S D AY

mARKET NEWS

Onyema: Suspension of Governance Code Will Boost Investors’ Confidence Goddy Egene and Nosa Alekhuogie The suspension of the National Code of Corporate Governance introduced by the Financial Reporting Council (FRC) will have positive impact on the confidence of investors and companies, the Chief Executive Officer of the Nigerian Stock Exchange, Mr. Oscar Onyema

has said.

The federal government had last Monday ordered the suspension of the implementation of the NCCG. Responding to the development, Onyema said instead of having a negative impact on investors’ confidence putting a halt to the code would boost confidence among investors and issuers.

According to him, going by

T H E

feedback from investors and issuers, the code needed some more work to make it to be consistent with existing laws and other codes.

“Quite frankly, given the feedback from investors and issuers, we think that code needs some more work so that it can be consistent with other existing laws and other codes.

So I do not think that investors confidence will be negatively

N I G E R I A N

affected because if there is anything, it will positively affected because we need a code that is well accepted and supported by majority of the people,” Onyema said.

Some shareholders had already commended the suspension of the NCCG and removed the Executive Secretary of the Federal Reporting Council of Nigeria (FRC),

STO C K

Mr. Jim Obazee.

For instance, the President of Association for the Advancement of the Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar, said it was a good decision.

“I had opposed his(Obazee) attitude towards corporate governance at every annual general meeting(AGM), especially when he wanted to impose accountants

E XC H A N G E

as chairmen of audit committees even though they have no knowledge of corporate governance and finance,” Umar said.

Also shareholders under the aegis of Independent Shareholders Association of Nigeria (ISAN), had said the NCCG would discourage the establishment of new business, kill existing ones and invariably stunt economic growth.

36

mondAY, january 16, 2017 • T H I S D AY

mARKET NEWS

Sterling Bank Fetches Investors 10% Capital Appreciation Goddy Egene Investors in Sterling Bank Plc witnessed a capital gain of 10 per cent at the stock market last week following high demand for the stock. The stock was among those that closed last year lower, a development that offered an attractive entry opportunity for investors.

Some discerning investors are said to be taking advantage of the price to increase their stake in the bank. Consequently, the

share price of Sterling Bank Plc rose from N0.70 to N0.77.

Market analysts said the bank has very bright prospects given its operational strategy.

The financial institution last week got commendation from President Muhammed Buhari for its commitment to supporting government’s initiative to provide qualitative and affordable health services to Nigerians through strategic partnership with the Ministry of Health. Buhari, spoke

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

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

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

while inaugurating the Model Primary Health Care Centre for Universal Coverage in Nigeria in Abuja.

According to him, the support would serve as an enabler for the Health Ministry to achieve its goal of revamping the health sector.

The president specifically commended the bank for its foresight, innovation and financing support for the project which is focused on ensuring sustainable health for vulnerable women, children

floor of the Nigerian Stock Exchange.

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

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

Guide to data: Date: All fund prices are quoted in Naira as at 12-Jan-2017, unless otherwise stated.

and the elderly at little or no cost to beneficiaries.

Speaking on the partnership, the Managing Director and Chief Executive of the Sterling Bank, Mr. Yemi Adeola noted that the bank has already accepted the request of the Honorable Minister of Health to serve as a primary partner to the Ministry on all health-related developments.

“At Sterling Bank, we believe health is extremely important: to value health, you need to visit a hospital

to see what people are passing through. As you probably know, there are so many worthy causes, but when it comes to health, it’s too critical because the health of a nation is determined by the health of the citizenry and is pivotal to the sustained economic growth of a nation. Therefore, we are pleased to partner with the Federal Ministry of Health and support the very hardworking minister who is doing a very good job to give quality health to our people,” Adeola said.

He disclosed that the bank is already providing financial and logistics support to operators in the sector across the value chain with assurance that the bank would focus on the entire ecosystem of the health sector.

Adeola explained that as part of the bank’s commitment to a healthy environment, Sterling Bank has invested over N500 million in various activities under our Sterling Make Over (STEM) social responsibility initiative.

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 aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 1 270 1680 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 129.29 130.43 2.05% Nigeria International Debt Fund 214.53 214.61 0.36% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.69 0.70 -1.05% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund

100.00

100.00

17.14%

ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 12.62 13.00 2.20% ARM Discovery Fund 292.44 301.25 1.83% ARM Ethical Fund 22.66 23.35 1.45% ARM Money Market Fund

1.00

1.00

16.67%

AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 105.93 106.67 0.80% AXA Mansard Money Market Fund 1.00 1.00 16.14% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Nigeria Global Investment Fund 2.15 2.21 5.83% Paramount Equity Fund 9.25 9.49 -6.11% Women's Investment Fund 84.01 86.16 3.57% FBN CAPITAL ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,090.11 1,091.33 -0.02% FBN Heritage Fund 110.97 111.74 -0.54% FBN Money Market Fund 100.00 100.00 15.00% FBN Nigeria Eurobond (USD) Fund - Institutional $103.89 $104.10 -0.38% FBN Nigeria Eurobond (USD) Fund - Retail $103.25 $103.47 -0.31% FBN Nigeria Smart Beta Equity Fund

114.36

115.91

1.52%

FIRST CITY ASSET MANAGEMENT LTD fcamhelpdesk@fcmb.com Web: www.fcamltd.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Equity Fund 0.94 0.95 0.53% Legacy Short Maturity (NGN) Fund 2.58 2.58 0.44% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Growth Fund 2,187.95 2,212.49 -0.99% Coral Income Fund 2,116.22 2,116.22 0.57% INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 1.00 1.00 17.20% Vantage Balanced Fund 1.69 1.70 0.20% Vantage Guaranteed Income Fund 1.00 1.00 15.72%

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 1.00 1.02 0.26% Lotus Halal Fixed Income Fund 1,012.24 1,012.24 0.23% 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 9.83 9.91 1.74% Meristem Money Market Fund 10.00 10.00 15.98% 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 1.05 1.07 6.56% PACAM Fixed Income Fund 10.37 10.54 0.34% PACAM Money Market Fund 10.00 10.00 13.03% 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 108.46 109.34 6.52% 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 1.25 1.25 0.36% 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 1,836.36 1,846.63 0.28% Stanbic IBTC Bond Fund 153.83 153.83 -0.08% Stanbic IBTC Ethical Fund 0.77 0.78 0.65% Stanbic IBTC Guaranteed Investment Fund 188.01 188.01 0.60% Stanbic IBTC Iman Fund 131.82 133.58 1.55% Stanbic IBTC Money Market Fund 100.00 100.00 17.31% Stanbic IBTC Nigerian Equity Fund 7,600.58 7,700.48 0.30% 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 1.11 1.13 8.56% United Capital Bond Fund 1.22 1.22 15.47% United Capital Equity Fund 0.66 0.68 -1.24% 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 9.84 10.01 2.21% Zenith Ethical Fund 11.19 11.30 2.58% Zenith Income Fund 16.78 16.78 1.56%

REITS

NAV Per Share

Yield / T-Rtn

11.41 124.03

1.01% 0.05%

Bid Price

Offer Price

Yield / T-Rtn

8.50 74.82

8.60 76.21

-3.17% -1.27%

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

2.73 6.86 11.86 15.41 125.54

2.77 6.94 11.96 15.61 127.54

-0.71% -2.40% -1.15% -3.36% -3.32%

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.

38

MONDAY, JANUARY 16, 2017 • T H I S D AY

CITYSTRINGS

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

Two Disasters Too Many Adibe Emenyonu writes on two major disasters that occurred in Edo State towards the end of 2016

The burnt Hallmark Super Market, Benin City

I

t was catastrophe and anger few weeks to Christmas celebration as a multi billion naira popular Hallmark Super Market located in the heart of the ancient capital town of Benin, Edo State went down completely during an early morning fire which gutted the complex.

The business edifice located on the busy Sapele road in Benin City reputed for its rich, high quality and assorted goods was said to have went up in flames at about 3:00a.m. following a sudden power surge from the third floor of the imposing building.

As at 8:00 Sunday morning when THISDAY visited the complex, thousands of sympathisers, friends and associates of the owner had besieged the area to console the management over the huge sudden loss.

Teams of fire fighting services from various stations and organisations on rescue mission battled relentlessly to put off the raging fire even as thick smoke emitted from the entire complex.

A fire fighting truck from the Nigerian National Petroleum Corporation (NNPC) later arrived at 8:45a.m. to assist the various teams as water finished from their tanks.

It was learnt that the fire started from the third floor following power surge from an inverter in one of the rooms, moments after power was restored to the area and the explosion spread from the top to the

down floor.

Although, no life was lost during the early morning inferno but goods and cash worth several billions of naira were destroyed in the process.

Investigations revealed that the management and staff of the super market had brought and offloaded truck load of assorted goods on Saturday before the unfortunate occurrence, less than 24 hours the previous morning.

There was heavy presence of armed mobile and regular policemen deployed to the scene

This incident, happening at this time of the year, is a catastrophe. I have asked for a written report and an investigation into the cause of the fire. We will also investigate the claim by an official of the state fire service on lack of equipment

to prevent looters from the area as the alerted rescuers and staff struggled to save some goods in the heat of the incident.

Efforts to speak with the proprietor, staff and management of the complex failed as they battled to salvage what remained of the edifice just as security was reinforced to drive out the surging crowd from the premises including those who had stormed out of their various worship centres to witness the ugly happening on hearing the sad news.

Further findings showed that fire service men arrived late after much damage had been done at the troubled spot due to failed equipment from the state outfit and delayed instruction and approval from authorities of sister agencies out to salvage the complex from the unfortunate occurrence.

But the State Director of Fire Services, Mr. Agbonlahor Franklin told newsmen that he was alerted about the fire outbreak on the supermarket by an undisclosed staff from the state fire service and the General Manager of Kada Fry Kitchen, an eatery, belonging to the popular business magnate Chief Gabriel Igbinedion, which shares a common fence with the burnt super market, from where he mobilised men of his station and others to the area for necessary action.

Agbonlahor said, “I was alerted at about 3:30a.m. this Sunday by the General Manager of Kada Fry Kitchen and a staff from my office

that there was fire outbreak in Hallmark; immediately we swung into action. We got the assistance of sister agencies, IDSL people were on ground, University of Benin was on ground, Air Force was on ground; these were all collective responsibility and that was how the inferno was curtailed. It was a very high magnitude fire but thank God no soul was lost but a lot of properties were actually damaged. We are still trying to salvage the premises so that there would be no escalation. You can see we are suffocating the structure to make sure that the heat inside goes out.”

While denying the alleged delay to respond and rescue the building from the fire outbreak, he explained “So, gentlemen, a lot of people will always say a lot things that our men were not on ground, we cannot use bare hands. So, I am appealing to anyone who wants to contribute to make fire service a better one by giving adequate materials, this is the only way we can swing into action and work properly.”

Agbonlahor added that, “Yesterday there was an outbreak in Sapele Road, we were able to contain it in less than 20 minutes but as soon the vehicle was coming down the engine ‘erupted’ with defect (got problem) what do we do. We cannot do it that night we have to wait for a mechanic this morning (Sunday) to find a solution. We have tried all

39

MONDAY, JANUARY 16, 2017 • T H I S D AY

CITYSTRINGS

Obaseki (right) during his visit to the burnt shopping mall in Benin

we could do this morning to make sure that the vehicle is functional and can attend to this problem but all efforts failed. But from what we are seeing now it is obvious that a lot of people are working, all the men you are seeing here they are all fire officers.”

Governor Godwin Obaseki who visited the scene to commiserate with the owner, Mr. Philip Edigin, apart from expressing shock at the damage also pledged that government will conduct an investigation into the cause of the fire.

“This incident, happening at this time of the year, is a catastrophe. I have asked for a written report and an investigation into the cause of the fire. We will also investigate the claim by an official of the state fire service on lack of equipment.

“I understand that trucks were distributed by the Niger Delta Development Commission (NDDC) and the state government during the last administration.”

It was also a bleak moment for the families and management of University of Benin who lost three of its senior lecturers among the 22 persons that were roasted when a bullion van reportedly carrying huge sum of money collided with a stationary truck along the Benin-Agbor expressway. The incident was said to have occurred at Abudu town in Orhiomwon Local Government Area of Edo State.

The names of the deceased lecturers were given as Prof. Lucky Okunrobo, Head of Pharmcuetical Chemistry; Dr. Godwin Joseph, Acting \head, Pharmaceutical Microbiology; and Dr. Saturday Idemudia, Assistant Lecturer, Department of Pharmaceutical Microbiology.

A statement from the Public Relations Officer of the Federal Road Safety Corps in Edo State which confirmed the incident, said all the victims were buried in a mass grave as they were all burnt beyond recognition.

The FRSC official who pleaded anonymity said policemen have cordoned the road and that they were expecting fire service men to help put out the fire. Also involved were two commercial buses coming on top speed which rammed into the accident vehicles and got trapped beneath the heavy duty vehicles and burst into flames.

Ironically when he was contacted for comments, Edo State Police spokesman, Moses Nkombe, said the incident was under the jurisdiction of the Delta State Police Command.

Meanwhile, an undisclosed amount of money was reportedly burnt when the two bullion vans laden with cash had a head-on collision with a tanker carrying product suspected to be petrol.

However, eyewitnesses say the impact of collision resulted in fire as the tanker and two bullion vans went up in thick flames and

It was also a bleak moment for the families and management of University of Benin who lost three of its senior lecturers among the 22 persons that were roasted when a bullion van reportedly carrying huge sum of money collided with a stationary truck along the Benin-Agbor expressway

Scene of the ghastly accident which claimed over 20 lives at the Abudu axis of Benin-Agbor-Asaba dual carriageway

The accident scene at the Abudu axis of Benin-Agbor-Asaba dual carriageway

thick smoke billowed into the sky while the smell of fresh naira mint could be perceived by on lookers who maintained a safe distance from the scene of disaster.

The situation as gathered, led to diversion

of traffic which converted the dual carriage Benin-Asaba road to a single lane leading to passengers getting stranded as the traffic continued to build-up on the single lane.

As this was going on, stern looking security

operatives were said to have mobilised to the scene following reinforcement from nearby security formations, apparently to ward-off invasion of the bullion vans by locals who might be nursing such attempt.

When contacted, Sector Commander of the FRSC, Delta State, Mr. Rindom Kumven said that multiple vehicles were involved in the crash. Kumven stated that although the accident occurred within the jurisdiction of Edo State, he has to mobilise his men at Issele-Uku unit of his command to join in the rescue operation.

He however stated that information about the tragic incident was still scanty; adding that the number of human casualties was yet to be determined by rescue operators.

"Multiple vehicles were involved in the crash, and actually there was loss of lives but I can't give you the figure right now.

The tanker was carrying a product, and that was why it went up in flames.

"For now, I can't give you a comprehensive report about the cause of the accident but even though it occurred in Edo State, I called men at Issele-Uku to mobilise to the scene for rescue operation," Kumven said.

However, the police formation in Edo State said when contacted that the accident happened outside its jurisdiction.

According to the state police Public Relations Officer Moses Nkombe "the accident happened within the jurisdiction of Delta state police command.

Similarly, his boss, the Commissioner of Police in Edo, Haliru Gwandu, said he did not get any information concerning bullion vans, but a reported case of a fatal accident.

40

MONDAY JANUARY 16, 2017 T H I S D AY

T H I S D AY MONDAY JANUARY 16, 2017

41

42

MONDAY JANUARY 16, 2017 T H I S D AY

T H I S D AY MONDAY JANUARY 16, 2017

43

44

MONDAY JANUARY 16, 2017 T H I S D AY

MONDAY JANUARY 16, 2017 • T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Migrant Crisis: About 100 Feared Drowned after Boat Sinks off Libya About 100 migrant passengers are feared drowned in the Mediterranean Sea after their boat sank off the coast of Libya.

Eight bodies were recovered from the water on Saturday, and four people were rescued, the Italian coastguard said.

But difficult conditions hampered an overnight search for survivors, and at least 90 people are still missing.

The boat sank between Libya and Italy, about 30 miles (50km) from the Libyan coast.

The search, involving several ships and air support, continued on Sunday.

It is unclear what the nationalities of the migrants involved are.

On Friday, the Italian coastguard rescued about 550 migrants making the journey across the Mediterranean.

Doctors Without Borders (MSF), which was involved in the rescuea, said that in one case it found 123 people crammed on to a single inflatable dinghy.

Ed Taylor, who is on board the MSF rescue ship Aquarius,

Brazil Prisoners Beheaded in Riot at Natal Prison At least 10 prisoners have been killed in fighting between rival gangs at the largest prison in the north-eastern Brazilian city of Natal, police say.

It took 14 hours for police to control Alcacuz jail.

“The operation is still ongoing but the situation is now calm”, a spokesperson told BBC Brasil.

This is the third major riot in Brazil this year. Nearly 100 inmates died in riots earlier this month in prisons in the states of Amazonas and Roraima.

The violence inside Alcacuz jail, in Rio Grande Do Norte state, began on Saturday afternoon, when members of one of the powerful criminal organisations present in most Brazilian jails attacked rivals in a separate wing.

“We could see the heads ripped off’’ three of the dead prisoners, said Zemilton Silva, coordinator of the prison system.

Security forces managed to enter the outer area of the prison but decided to wait for daylight hours before going in on Sunday morning.

No prisoners were reported to have escaped. Police say the number of dead could go up.

Riots are not uncommon in Brazil’s overcrowded jails, which are largely controlled by powerful criminal gangs.

But the scale of the violence this year has put pressure on President Michel Temer to address the problem.

After the Amazonas prison riot, the government announced plans to build five more high security jails and to create new intelligence units to try to curb the power of the gangs behind bars.

told the BBC the situation in the Mediterranean was“horrific”, and desperate people were still making the trip despite the cold and wet conditions.

“It’s incredibly difficult to operate at the moment,”he said.

Meanwhile, Flavio Di Giacomo, from the International Organisation for Migration (IOM), said survivors of other recent crossings claimed they had been forced out to sea, despite the poor weather.

“Those migrants that arrived lately... they told us they didn’t want to leave when they arrived at the beaches to see that the situation of the weather was so bad.

“But smugglers have forced them to leave and to get on these rubber dinghies, which are really unseaworthy vessels.

“After a few hours of navigation they start to take on water.”

The number of migrants travelling to Europe by land has dropped since the height of the migrant crisis in late 2015, but sea crossings remain both popular and dangerous.

More than 1,000 people have

arrived in Europe by sea in the first two weeks of 2017, the UN refugee agency (UNHCR) estimates. Before Saturday’s incident, it estimated 11 people had died or were missing.

In 2016, the UNHCR said 5,000 people died trying to reach Europe by Mediterranean routes - the highest number yet. Many of those making the journey are children.

The UN children’s charity, Unicef, said this week that 25,800 unaccompanied migrant children arrived in Italy by sea in 2016, double the number of the previous year.

It said most of those children arrived in Italy after making the sea crossing from Libya - and the majority had come from Eritrea, Egypt, the Gambia and Nigeria.

On Sunday, which is the world day of migrants and refugees in the Catholic Church, Pope Francis called for“every possible measure” to protect young migrants, saying they face many dangers and should be offered protection“as well as integration”.

45

46

monDAY, january 16, 2017 • T H I S D AY

Nigeria’s top 50 stocks based on market fundamentals

13-Jan-17

12-Jan-17

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

Table 1 Market Statistics Mkt Indicators

01 Dangote Cement Plc

168.00

168.00

0.00%

2,862,805,244,040.00

9.20

18.25

5.04

4.76%

3.83

02 Nigerian Breweries Plc

142.18

142.00

0.13%

1,127,359,564,255.84

4.03

35.24

3.74

2.53%

6.88

03 Guaranty Trust Bank Plc

23.90

23.98

-0.33%

703,405,183,453.60

4.90

4.88

1.75

7.41%

1.43

790.00

790.00

0.00%

626,198,439,080.00

8.81

89.65

3.62

3.67%

19.84

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

15.57

15.50

0.45%

488,843,408,248.02

3.91

3.99

1.03

11.56%

0.70

Table 3 Top 5 Gainers

370.00

379.99

-2.63%

204,724,815,810.00

-44.58

-8.30

2.64

4.30%

0.52

Stock

07 Access Bank Plc

6.69

6.57

1.83%

193,528,130,211.39

2.59

2.58

0.55

8.22%

0.44

08 Lafarge Africa Plc

40.00

40.00

0.00%

182,196,072,400.00

-9.39

-4.26

0.85

7.50%

0.90

09 United Bank for Africa Plc

4.99

4.93

1.22%

181,034,836,346.78

1.75

2.86

0.54

12.02%

0.42

10 Ecobank Transnational Incorporated

9.72

9.70

0.21%

178,357,637,809.80

0.68

14.37

0.30

6.38%

0.28

11 Presco Plc

42.16

44.19

-4.59%

167,395,312,217.20

0.03

1,441.87

2.35

3.08%

4.00

12 Stanbic IBTC Holdings Plc

15.52

15.03

3.26%

155,200,000,000.00

2.04

7.62

1.11

0.64%

1.32

13 Unilever Nigeria Plc

35.00

35.00

0.00%

132,415,368,750.00

0.69

50.57

1.99

0.14%

14.11

14 FBN Holdings Plc

3.65

3.60

1.39%

131,017,818,690.80

0.21

17.59

0.25

4.11%

0.21

15 Guinness Nig Plc

73.02

73.50

-0.65%

109,959,955,487.76

-3.06

-23.88

1.06

4.38%

2.79

16 Total Nigeria Plc

300.00

304.00

-1.32%

101,856,551,100.00

38.02

7.89

0.38

4.67%

4.47

74.00

73.99

0.01%

96,383,601,622.00

3.31

22.38

0.63

4.66%

2.23

249.86

263.01

-5.00%

90,098,332,163.32

19.32

12.93

0.99

2.88%

4.87

6.00

6.00

0.00%

72,000,000,000.00

1.03

5.85

0.50

8.33%

1.16

111.40

111.40

0.00%

71,361,766,438.20

-0.05 -2,438.97

0.77

1.97%

3.21

17.98

18.00

-0.11%

59,230,602,054.40

0.02

797.98

2.22

1.39%

5.40

4.71

4.70

0.21%

56,683,054,990.74

-3.15

-1.49

0.22

15.92%

0.36

23 Flour Mills Nig. Plc

18.09

18.10

-0.06%

47,472,450,712.83

-1.19

-15.16

0.11

11.06%

0.48

24 Julius Berger Nig. Plc

34.83

36.66

-4.99%

45,975,600,000.00

-2.95

-11.82

0.39

4.31%

2.42

25 Okomu Oil Palm Plc

44.27

44.27

0.00%

42,229,595,700.00

4.82

9.18

6.42

0.23%

2.62

0.87

0.87

0.00%

33,687,267,759.75

-0.47

-1.87

0.64

0.00%

0.46

16.70

16.80

-0.60%

32,078,435,262.90

3.37

4.95

0.42

5.99%

0.42

28 Fidelity Bank Plc

0.90

0.89

1.12%

26,066,327,122.80

0.39

2.32

0.17

17.78%

0.14

29 Diamond Bank Plc

1.11

1.02

8.82%

25,708,031,754.48

-0.29

-3.78

0.12

0.00%

0.11

30 FCMB Group Plc

1.26

1.27

-0.79%

24,951,415,584.06

0.61

2.06

0.15

7.94%

0.14

32.00

33.00

-3.03%

22,400,000,000.00

2.28

14.01

3.36

3.59%

13.09

32 Sterling Bank Plc

0.77

0.77

0.00%

22,168,621,957.02

0.29

2.68

0.21

11.69%

0.27

33 Custodian And Allied Insurance Plc

3.75

3.75

0.00%

22,056,990,731.25

0.76

4.91

0.60

3.73%

0.77

34 National Salt Co. Nig. Plc

7.55

7.63

-1.05%

20,003,259,753.90

0.85

8.89

1.07

7.28%

2.71

35 Wema Bank Plc

0.51

0.50

2.00%

19,672,977,701.31

0.06

8.56

0.38

0.00%

0.42

15.75

15.75

0.00%

18,835,054,686.00

-2.98

-5.28

0.67

1.90%

2.14

37 Cadbury Nigeria Plc

9.18

9.49

-3.27%

17,241,894,727.20

0.50

18.39

0.61

14.16%

1.69

38 Mansard Insurance Plc

1.60

1.60

0.00%

16,800,000,000.00

0.28

5.74

0.84

3.13%

0.80

39 PZ Cussons Nigeria Plc

13.79

13.79

0.00%

13,790,000,000.00

5.69

2.43

0.96

0.73%

0.37

40 Continental Reinsurance Plc

1.10

1.10

0.00%

11,410,018,743.20

0.42

2.62

0.52

10.91%

0.61

41 Honeywell Flour Mill Plc

1.20

1.24

-3.23%

9,516,237,189.60

-0.40

-2.97

0.20

13.33%

0.29

42 Wapic Insurance Plc

0.53

0.55

-3.64%

7,092,851,273.56

0.18

2.94

0.91

5.66%

0.43

43 Skye Bank Plc

0.50

0.50

0.00%

6,940,150,705.00

-2.93

-0.17

0.04

60.00%

0.07

44 Unity Bank Plc

0.58

0.59

-1.69%

6,779,816,006.36

-0.10

-5.66

0.10

0.00%

0.08

45 Resort Savings & Loans Plc

0.50

0.50

0.00%

5,664,866,202.00

0.03

17.71

3.72

0.00%

1.94

46 Cement Co. Of North.Nig. Plc

4.15

4.13

0.48%

5,215,212,728.90

0.22

18.96

0.47

2.41%

0.49

47 UACN Property Development Co. Limited

2.71

2.85

-4.91%

4,657,812,486.45

0.30

9.06

1.10

25.83%

0.13

48 Nigerian Aviation Handling Company Plc

2.68

2.80

-4.29%

4,352,906,250.00

0.15

17.74

0.54

7.46%

0.73

49 AIICO Insurance Plc

0.60

0.60

0.00%

4,158,122,688.00

0.22

2.69

0.14

8.33%

0.41

50 Fidson Healthcare Plc

1.16

1.11

4.50%

1,740,000,000.00

0.24

4.93

0.26

4.31%

0.27

04 Nestle Nigeria Plc 05 Zenith Bank Plc 06 Seplat Petroleum Dev. Co. Ltd

17 Forte Oil Plc. 18 Mobil Oil Nig Plc 19 Dangote Sugar Refinery Plc 20 7-Up Bottling Comp. Plc 21 International Breweries Plc 22 Oando Plc

26 Transnational Corporation Of Nigeria Plc 27 U A C N Plc

31 Cap Plc

36 Glaxo Smithkline Consumer Nig. Plc

TOTAL

8,510,721,612,896.42

TOTAL MARKET CAP

9,058,131,259,973.59

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

93.96%

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

Open 12-Jan-17

Close 13-Jan-17

Change %

26,330.39 9.06

26,325.93 9.06

-0.02% -0.02%

109.42 8.52

109.30 8.51

-0.11% -0.11%

Open Close Change 12-Jan-17 13-Jan-17 %

Diamond Bank Plc Fidson Healthcare Plc Stanbic IBTC Holdings Plc Wema Bank Plc Access Bank Plc

1.02 1.11 15.03 0.50 6.57

1.11 1.16 15.52 0.51 6.69

8.82% 4.50% 3.26% 2.00% 1.83%

Table 4 Top 5 Losers Stock

Open Close Change 12-Jan-17 13-Jan-17 %

Mobil Oil Nig Plc Julius Berger Nig. Plc UACN Property Development Co. Limited Presco Plc Nigerian Aviation Handling Company Plc

263.01 36.66 2.85

249.86 -5.00% 34.83 -4.99% 2.71 -4.91%

44.19 2.80

42.16 -4.59% 2.68 -4.29%

Market closes flat as Index dips by a diffident 0.02% Market pulse on the Nigerian Stock Exchange (NSE) today – Friday, January 13th, 2017, ended relatively flat with the Index tilting south as market closed red. This was further highlighted by negative performance from the NSE Subsectors: Insurance, Consumer Goods and Oil & Gas (Save Banking).

Trading activities decreased in volume as 148.57m shares worth of N3.76 billion in 2,653 deals exchanged hands today. This is a decrease from the 179.43m shares worth of N1.49 billion in 2,928 deals which exchanged hands on Thursday. Topping in volume terms are: Nigerian Breweries Plc, Fidelity Bank Plc and Diamond Bank Plc, while: Nigerian Breweries Plc and Cap Plc ended trading as the most active stocks in value terms.

The All Share Index (NSEASI) closed negative with 0.02% (-4.46) decrease to close at 26,325.93 from 26,330.39 the previous trading day. Market Capitalization depreciated in tandem to N9.06 trillion from N9.06 trillion of prior trading day. Similarly, the Thisday BGL 50 Index followed suit with a decrease of 0.11% to close at 109.30 from 109.42 recorded at the end of the previous trading day, while its market capitalization stood at N8.51 trillion from N8.52 trillion of the previous trading day.

A total number of 20 stocks gained on the bourse today while 24 stocks declined, leaving 55 stocks unchanged. Diamond Bank Plc emerged as the day’s toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 8.82% to close at N1.11 per share. It was followed by Fidson Healthcare Plc with a gain of 4.50% to close at N1.16 per share.

Others on the gainers list include: Stanbic IBTC Holdings Plc, Wema Bank Plc and Access Bank Plc while on the decliners’ list, Mobil Oil Nig. Plc emerge with a loss of 5.00% to close at N249.86 per share.

It was followed by Julius Berger Nig. Plc with a loss of 4.99% to close at N34.83 per share. Others on the decliners list include: UACN Property Development Co. Limited, Presco 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

T H I S D AY MONDAY JANUARY 16, 2017

47 ADVERTORIAL

48

MONDAY, JANUARY 16, 2017• T H I S D AY

NEWSXTRA

Comply with Court Order to Release El-Zakzaky, Amnesty Int’l Tells FG Paul Obi in Abuja Amnesty

International

yesterday called on the federal government to as a matter of urgency

Nine Killed, 6,000 Displaced in Gbagyi, Fulani Clash in Niger Laleye DipoinMinna The Chairman of Bosso Local Government Area in Niger State, Alhaji Isa Wakili, has alleged that not less than five lives were lost and 6,000 people displaced in last week’s clash between Gbagys; and herdsmen in the Sabon- daga village of the local government area.

Wakili said nine bodies were recovered while search for those missing was still on.

The council boss made the disclosure when he led members of the National Assembly representing the area led by Senator David Umaru to the scene of the disturbance.

Wakili said a Police Inspector and an Assistant Superintendent officer of the NSCDC were also killed in the attack.

“More bodies are still being recovered from nearby bushes,” the chairman told the legislators.

According to him, almost all the houses in the villages, including yam and corn barns, were completely burnt in the attack estimating the loss at N700million.

He said over 3,000 villagers were displaced from Rafin Gona, while over 2,000 others were from BCC village, adding that about 1,000 displaced Fulanis were at IDP camp located inside a private farm belonging to former Head of State, General Abdulsalami Abubakar (rtd).

Commenting on the incident, Senator Umaru described the attack as “barbaric, inhuman and a dastardly act.”

He said: “What I have seen is heart breaking; it is an act of wickedness and a complete disregard for human lives.

“This is a very serious problem, and a lot of people have been displaced. Most of them have fled from their houses and even if they were here, they would not have anywhere to stay because their houses have been burnt including clothes and food barns.”

Senator Umaru said: “This kind of situation is not acceptable,” stressing the need for government to take decisive action to stop reoccurrence of such attack.

“Government should also act fast in providing relief materials to the victims to prevent humanitarian crisis in the affected villages.”

He sympathised with the villagers and urged them to continue to maintain peace, assuring them that he was going to take up the matter at the Senate towards finding lasting solution to the problem of herdsmen/ farmers clash in the senatorial zone.

The state Police Public Relations Officer (PPRO), DSP Bala Elkana, said more security men have been dispatched to the troubled areas.

Elkana also said stakeholders’ meeting would hold today (Monday) to find lasting solution to the disturbance.

release the leader of Islamic Movement of Nigeria (IMN) otherwise known as Shiite, Shiek Ibrahim El-Zakzaky, following a court order mandating the government to set him free.

The interim Director of Amnesty International in Nigeria, Makmid Kamara, said: “The Nigerian authorities must immediately comply with a High Court order and release El-Zakzaky and his wife from detention.

“El-Zakzaky, and his wife, Malama Zeenah Ibraheem, have been in detention without charge for more than a year following a clash between his supporters and the Nigerian military in

which soldiers slaughtered hundreds of men, women and children.”

The authorities claim he is being held in “protective custody,” Kamara stated.

He maintained that “the 45-day deadline given for their release expires today and that if the government deliberately disregards the orders of its own courts, it would demonstrate a flagrant – and dangerous – contempt for the rule of law.

“El-Zakzaky is being unlawfully detained.

This might be part of a wider effort to cover up the gruesome crimes committed by members of the security forces in Zaria in December 2015 that left

hundreds dead.”

Kamara observed that “On December 2, 2016 the Federal High Court in Abuja ruled that El-Zakzaky and Malama should be released within 45 days.

The court described their detention, which began in December 2015, as illegal and unconstitutional. The deadline for the court order expires on January 16.

“Amnesty International is also calling on the authorities to release other IMN supporters arrested at the same time as ElZakzaky and his wife, who likewise remain in detention without charge.

According to Amnesty International’s report, more than 350 IMN

members were killed by security forces between 12 and 14 December 2015 in Zaria, Kaduna State.

The IMN is a Shit’ite religious and political organisation whose leader, El-Zakzaky, has been a proponent of Shi’a Islam in Nigeria since the 1980s.”

Also, processions, demonstrations and other activities organised by the IMN, usually without obtaining the necessary permits and at times blocking public roads, have led to stiff confrontation with the Nigerian authorities and bitter relations with other group in the north where the operated.

Magu’s Retention Giving Anti-corruption War Negative Perception, Group Laments TRAVELEX ON COURTESY VISIT L-R: Vice Chairman, Travelex Nigeria, Chief G.U Evulukwu; CEO, Travelex Group, Mr. Anthony Wagerman; Vice President Adedayo Akinwale in Abuja

A group under the aegis of Coalition for Good Governance and Change Initiative yesterday lamented that the continued retention of the acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibarahim Magu, by President Muhammadu Buhari, after his rejection by the Senate was giving the anti-graft war a negative perception.

To this end, the group called on the president to as a matter of urgency, send another nominee to the Senate for confirmation if the anti-corruption war is to be sustained.

The group which stated categorically that it has nothing personal against Magu, noted that there was no need to hold the nation to ransom because of the rejection of one man since the country has other capable hands to fill the position.

The National Coordinator of the group, Okpokwu Ogenyi, disclosed this while addressing a press conference in Abuja, saying that there was need to inject fresh blood into the

ongoing anti-graft war to save the country from total collapse.

According to him, “there is need to inject fresh blood into the anti-graft war to save Nigeria from total collapse.

Since his rejection by the Senate, president Buhari has surprisingly maintained a disturbing silence.”

Ogenyi noted “We therefore call on President Buhari to immediately send another nominee to the Senate for confirmation as chairman of the EFCC as the continued retention of Magu in acting capacity is giving his anti-corruption drive a negative perception.”

The group emphasised that authenticity or otherwise of the myriad of deafening allegations against Magu was not the focus at the moment, adding that the current issue was that Nigeria is dying economically and must be saved now.

It pointed out that the war against corruption must not be built around individuals but the EFCC as an institution, stressing that individuals come and go but the commission should remain strong.

Yemi Osinbajo; General Manager, Travelex Nigeria, Mr. Anthony Enwereji; Travelex Partner and CEO, ExpressMoney, Mr. Sudhesh Giriyan; and Director, Emerging Markets, Mr. Mark Smith, during a courtesy visit to the Vice President by Travelex Group CEO...recently

Trump: IPOB Holds Solidarity Rally for Successful Swearing-in Vows to jettison non-violent position if attacked David-Chyddy Eleke in Awka The Indigenous People of Biafra (IPOB) has announced that it will hold a solidarity rally for the successful swearing in of the United States President-elect, Donald Trump, on January 20 in Port Harcourt, Rivers State.

Announcing this in a statement signed by the Media and Publicity Secretary of the group, Emma Powerful, the group dared the President Muhammadu Buhari-led federal government and its security forces to steer clear of the venue.

It warned that any attempt to attack its members would lead the group to revoke its non-violent posture, and also fight back.

It added that its interest in the rally is just to exercise its right to peaceful protest and lawful assembly as recognised by the law.

The statement added that the rally would feature prayers for the successful enthronement of Trump as US president.

Recall that since last year when Trump made statements favourable to the Biafra fight for secession in a campaign speech, IPOB has thrown its support behind him.

Part of the statement read: “We are going to ask the Sovereign Lord for Trump’s successful take over on that day and for the release of our leader, Nnamdi Kanu and others detained illegally on the orders of President Muhammadu Buhari in all the secret cells and prisons across Nigeria.

“This IPOB peaceful rally on January 20, 2017 will be for Biafrans, friends of Biafra and lovers of freedom all over the world to understand how resolute and committed we are towards the emancipation, realisation and proclamation of our God-given right to live as

free men and women in our ancestral land.

“As usual, we shall maintain strict discipline of non-violence and nonengagement with enemy combatants; the Nigerian Army and police. However, we must reiterate that should President Buhari order his soldiers to fire at IPOB peaceful protesters, heaven will fall.

“Governor Nyesom Wike is also hereby reminded of his responsibility to protect the lives of those on peaceful rally in his state.”

Trump would on the same day b e sworn in as the 45th president of the U S .

T H I S D AY • MONDAY, JANUARY 16, 2017

49

ARMED FORCES REMEMBRANCE DAY…

ARMED FORCES REMEMBRANCE DAY…

Atiku, Governors Hail Military for Gallantry Our correspondents Former Vice President, Atiku Abubakar, has commended the remarkable and patriotic sacrifices of the country's military personnel in the line of duty and in the defence of the country.

The former vice president made the statement shortly after his arrival from an overseas trip at the Nnamdi Azikiwe International Airport in Abuja yesterday.

A statement released by his media office to mark this year's Armed Forces Remembrance Day, quoted the former vice president as observing that since the end of the civil war in 1970, members of our armed forces have not faced greater challenges than today in the face of counterterrorism war against the Boko Haram insurgents.

Atiku Abubakar said apart from sapping energy and resources, counterterrorism is one of the most stressful security duties, adding that the performance of our military personnel under these gruelling challenges "is admirable and praiseworthy."

According to Atiku, laying down one's life for the sake of others is the highest sacrifices, explaining that these officers and men are driven by sheer patriotism and love of fellow citizens.

He noted that any group of people who can overcome fear for the call of duty and love of one's country deserve the greatest honour, respect and rewards from their societies.

Atiku also stated that he was impressed beyond words by the recent military successes against the Boko Haram insurgents, including the successful assault on the notorious terrorists den, the Sambisa Forest, which he says has sent a clear message that criminals, cannot defeat law and order permanently.

He paid special tributes to the officers and men who lost their lives in the line of duty or battle field, and called on the authorities to take adequate care of the families of fallen heroes.

Tambuwal Seeks Support for Families of wgd56789Heroes

Sokoto State Governor, Alhaji Aminu Tambuwal, yesterday said one of the best ways to honour Nigeria’s fallen heroes is to take care of their families.

Speaking at an event to commemorate the 2017 Armed Forces Remembrance Day held at Maigero Theater in Sokoto, Tambuwal said this could be done by providing opportunities for their children and empowering their widows Tambuwal commended the military for their sacrifice in helping to secure the nation.

He said as people who have given their lives to protect others, members of the armed forces deserve the nation’s gratitude at all times.

“On this important day, we should always continue to support their families and encourage the ones still in active service to give their maximum best in the service of the fatherland.

“Today’s event is significant because it shows that we are a people of history who also appreciate our history. It also shows that there are people who paid the supreme sacrifice for us to get to where we are today as one, united and happy nation.

“We should continue to learn from their sacrifices to ensure that Nigeria remains a united country where everyone is enjoying the freedom as enshrined in our constitution. We should at all times make our contributions to national development," he said.

This year’s event featured medical outreach organised by the armed forces as well as parade and laying of wreath in honour of the fallen service men.

Ondo State Governor, Dr. Olusegun Mimiko, said yesterday that the best way to honour the nation's fallen heroes is for all Nigerians, particularly the leaders to work for work can bring peace to the country.

Mimiko stated this in Akure, the state capital, during the celebration of the 2017 Armed Forces Remembrance Day, held at the Alagbaka Cenotaph.

The governor, who was among those that laid the wreath in honour of the fallen heroes, said the leadership has the primary responsibilities of working for those things that would bring peace to the country.

"We cannot continue to pretend that things are normal in this country. We must therefore examine all issues that led to the emergence of various centrifugal forces in our nation.

"We should examine ourselves and ask ourselves a question whether we are doing what can bring peace to our nation. We should examine our federalism and see whether it can bring peace as being practiced and if we are convinced that reviewing it can bring peace, we must do this."

Rivers State Governor, Nyesom Ezenwo Wike, releasing the pigeons of peace while top government officials and service commanders look on, during the 2017 Armed Forces Remembrance Day celebration in Port Harcourt....yesterday colleagues invested their lives in the sustenance of the country.

He said: "This empowerment scheme is to show the families of late ex-servicemen and their living colleagues that we appreciate the sacrifices they made for the country.

"We don't want the families they left behind to continue to suffer. I urge the Nigerian Legion to carefully manage the empowerment scheme in a way that the wives of late ex-servicemen and other legionnaires will benefit and set up businesses to sustain themselves."

He called on corporate citizens and privileged Nigerians to take practical steps to appreciate members of the Nigerian Legion and their families.

The governor said that the remembrance of the sacrifices of living and late members of the armed forces should go beyond the annual ritual of Armed Forces and Remembrance Day celebration.

El-Rufai Pledges Support for Security Agencies

Kaduna State Governor, Mallam Nasir el-Rufai, has said the state government will continue to give all necessary support to the security agencies to ensure peace and stability in the state.

Speaking yesterday at the Armed Forces Remembrance Day, El-Rufai saluted the military for laying their lives for the nation.

He stressed that with the military capacity and capability, emergence of new threat of banditry particularly in the North-west and North-eentral of Nigeria would be crushed like insurgency.

According to him, the performance of the military has been commendable, particularly from the beginning of the end of 2015.

"We are very proud of our armed forces for their achievement, we have seen the decimation of Boko Haram, but at the same time, we have seen the emergence of new threat of banditry, particularly in North-west and North-central of Nigeria.

"Things would have been much worse, but for the support we have received from the Nigerian Army, Nigerian Air Force, Nigerian Navy, the Wike Sets up N100m police and other security agencies.

Empowerment for Ex-servicemen So, we are very proud of their performance and we commend them for their patriotism and

Rivers State Governor, Nyesom Ezenwo Wike, the risk that they take. This government has from has initiated a N100million Empowerment Scheme day one committed to supporting federal security aimed at improving the living condition of the agencies to raise the levels of peace and security families of late ex-servicemen and living legionnaires. in the state.

"We have spent a large amount of money to The governor, Deputy Governor Ipalibo Harry Banigo , Speaker Ikuinyi-Owaji Ibani, Chief support them with logistics, materials to ensure Judge, Justice Adama Iyayi-Lamikanra, service that our state is as safe as possible, and we will commanders and the Chairman of the Rivers State continue to do so," he said.

Traditional Rulers Council, King Dandeson Jaja, also laid wreaths in honour of fallen soldiers at Ambode: Fallen Heroes Offered the cenotaph of the unknown soldier.

Addressing legionnaires at the 2017 Armed Greatest Sacrifice for Our Unity Forces and Remembrance Day celebration finale

at the open court of the Government House, Port Lagos State Governor, Mr. Akinwunmi Harcourt yesterday, Wike said the N100million Ambode, yesterday emphasised the significance empowerment scheme was an appreciation of the of remembering the fallen heroes, noting that they fact that the late ex-servicemen and their living all fought hard and paid the greatest price for the

unity of Nigeria.

Retired officers of the Nigerian Armed Forces (NAF) also demanded a review of the emblem price for the Armed Forces Remembrance Day, urging President Muhammadu Buhari to intervene.

The duo spoke yesterday after the laying of wreath and release of pigeons to mark the 2017 Armed Forces Remembrance Day celebration held at Remembrance Arcade, Tafawa Balewa Square (TBS), Lagos.

Also at the celebration are the Speaker of Lagos State House of Assembly, Hon. Mudashiru Obas, Chief Judge of Lagos State, Justice Olufunmilayo Atilade, Oba of Lagos, Oba Rilwan Akiolu and serving commanders of military and para-military formations in the state, among others.

Ambode stressed the need for the continuous remembrance of the fallen heroes who laid their lives for the unity of the country, saying that the country must remain united to celebrate and honour them.

He acknowledged that the import of the celebration could not be overemphasised, noting that it signified the great sacrifice put in by the fallen heroes “to ensure the unity of the country.

“For every January 15, we come together to remember our past heroes. The whole essence of being Nigerians is for us to live as a united country. Some people have laid their lives for us to be here today.

Aregbesola Commends Buhari, Security Agencies for Subduing Boko Haram.

The Osun State Governor, Mr. Rauf Aregbesola, has commended the efforts of President Muhammadu Buhari, the armed forces and other security agencies in subduing the activities of Boko Haram group in the North-eastern part of the country.

The governor while addressing the people at the grand finale of the 2017 Armed Forces Remembrance Day celebration, at the Military Cenotaph, Osogbo, lauded security agencies in the country for destroying the Sambisa forest base of the group.

Aregbesola stated that the nation would not forget the gallant soldiers and security officials whose lives have been lost in the cause of putting down the Boko Haram uprising.

He commiserated with the government and people of the northern states of Borno, Yobe, Adamawa, Gombe, Bauchi, Taraba and others caught in the throes of the group, whose people have been brutalised, killed or kidnapped and many who are now in Internally Displaced Persons (IDPs) camps.

Aregbesola, who described peace as the indispensable means of existence, said the roles being played by the security agents in the country to continuously engender peaceful coexistence among Nigerians can never be over-emphasized since the discovery of Nigeria.

Mimiko: Work for Peace to Honour Fallen Heroes

Ayade Expresses Gratitude to Military Governor Ben Ayade of Cross River State yesterday expressed gratitude to the country’s fallen heroes who died in active service for the country.

He stated that their sacrifice for the country is a remarkable commitment that would never be forgotten.

Ayade insisted that the legacy of their death has remained a great strength for the country.

According to him, the nation could not thank them enough for "giving their all to keep the rest of us alive and to keep Nigeria one united country.

"For this, their commitment and strong faith in Nigeria will never be betrayed as all Nigerians are very grateful for their sacrifice to their beloved fatherland."

Ayade, who spoke through his deputy, Professor Ivara Esu, at the wreath laying ceremony to round off the armed forces remembrance week at the Millennium Park in Calabar, urged the Federal Government to continue to support the legion, widows and children of the fallen heroes to ensure they and their families are adequately taken care of.

His words: "These great Nigerians have paid so much price for the unity and peace of our great nation. We must not fail their great commitment to our beloved country.

"It is our duty to honour their great sacrifice by providing a shoulder for their loved ones they left behind. These men and women who died to keep our country safe are indeed great heroes we must continue to honour and appreciate for their faithfulness to a noble cause."

Amosun Commends Military over Fight against Insurgents

Officers and men of the armed forces have once again, been commended for their gallantry and successes so far recorded in the fight against the Boko Haram insurgency.

Ogun State Governor, Senator Ibikunle Amosun, gave the commendation while speaking with journalists shortly after inspecting a special parade by the Nigerian Legion, the navy and the Nigerian Army, during the 2017 Armed Forces Remembrance Day celebration, held at the Arcade Ground, Oke-Mosan, Abeokuta, yesterday.

While thanking the military for restoring peace in the North-east region of the country, Amosun urged all Nigerians to live in unity, irrespective of differences in gender, tribe, religion and political affiliation.

Amosun, along side top officers in the military and the Paramount Rulers in the state, earlier took turns to lay the wreath at the cenotaph in honour of fallen heroes.

The governor also released 57 white pigeons as a symbol of national peace, with each pigeon representing the 20 local governments and 37 Local Council Development Areas of the state.

The fallen heroes were later honoured with a 21-gun salute, after which the ceremony was wrapped up with a march-out of the colour party and the rest of the parade.

50

MONDAY, JANUARY 16, 2017• T H I S D AY

NEWSXTRA

Appeal Court Adjourns Chevron’s Suit against Brittania-U on Sale of Oil Blocks Ejiofor Alike Exactly two and a half years after Chevron United States Inc. and others instituted an appeal against the judgment of a Federal High Court sitting in Lagos, which assumed jurisdiction to entertain a suit brought against them by Brittania-U Nigeria Limited over the divestment of Chevron’s interest in Oil Mining Leases (OMLs) 52, 53 and 55, the Court of Appeal, Lagos has fixed a date for hearing.

Brittania-U said in a statement yesterday that the three-man panel led by Justice J S Ikyegh, after listening to the lawyers

representing all the parties, fixed June 5, 2017, for hearing of the substantive suit.

The statement identified the other appellants to include: Chevron U. S.A. Inc, BNP Paribas Securities Corp., Mr. Hermant Patel and Seplat Petroleum Development Company Limited.

According to the statement, when the matter came up at the weekend, counsel to the respondent (Brittania-U Nigeria Limited), Mr. Abiodun Owonikoko (SAN), informed the court of a pending application, praying the court to dismiss the appellants appeal for want

Kaduna Electric Loses N40m to Vandals, Calls for Vigilance Kaduna Electric has lost over N40 million in the past three months to vandals who have been vandalising its power equipment.

The company has therefore appealed to security agencies and the public in Kaduna, Kebbi, Sokoto and Zamfara States to be more vigilant and report any suspicious activity around power supply infrastructures to curb menace of vandalism.

The Head, Corporate Communications of Kaduna Electric, Abdulazeez Abdullahi, made the call in Kaduna while drawing the attention to the unfortunate resurgence of vandalism of power supply facilities in the company’s franchise area.

He disclosed that in the last one month, the company has lost transformers and armored cables worth millions of naira to the nefarious activities of vandals.

Abdullahi urged security agencies and vigilante groups to apprehend anybody caught within the vicinity

of, or moving transformers, armored cable etc, especially in the night, as most often, these crimes are perpetrated at odd hours.

According to him, the company is highly disturbed by the increase in the incidents of vandalism of valuable power supply asset in Kaduna and Zaria where transformers and armored cables were stolen by vandals lately. “This unfortunate development is causing serious set-back to the company’s efforts at providing steady and qualitative power supply to our teaming customers,’’ he contended.

Abdullahi further appealed to the public to team up with the company to bring an end to vandalism of power supply infrastructure. “We are appealing to all our customers, the law enforcement agencies and indeed, the public, as stakeholders, to be on high alert and report any suspicious activity, movement or removal of any power supply equipment for prompt actions,’’ he added.

Buhari Congratulates Bisi Akande at 78 Tobi Soniyi in Abuja President Muhammadu Buhari has congratulated an elder statesman and founding Interim Chairman of the All Progressives Congress (APC), Chief Abdukareem Adebisi Bamidele Akande, as he turns 78 years on January 16, 2017.

In a statement issued yesterday by his Special Adviser on Media and Publicity, Mr. Femi Adesina, Buhari joined all members of the APC, friends and immediate family of the eminent leader in celebrating the former Governor of Osun State, 1999-2003, who had meritoriously served as Deputy Governor of Oyo State, 1979-1983.

The statement said: “As one of the pillars of the opposition party that successfully ensured a round victory and smooth transition to unseat an

incumbent president in 2015, the President believes Akande’s wisdom, sacrifices, patriotism and commitment to the unity and development of Nigeria will always be remembered by posterity.”

Buhari stated that Akande’s present role in the APC as a strong, visionary leader, a reconciling voice, strategist and stabilizer had paid up substantially in the enormous challenge of healing the ruling party, and the country.

The president extolled the ‘passionate and relentless’ efforts of the statesman in ensuring the entrenchment of democracy in Nigeria, and the sustenance of the rule of law.

He prayed that the almighty God would grant Akande long life, more strength and wisdom to continue serving the country he loves, and humanity.

of diligent prosecution because of failure of the appellants to transmit record or file appellants’ brief.

He stated that the appellants in the meantime filed a motion for extension of time to compile and transmit records of appeal despite the fact that Chevron was the one who filed the appeal since two and half years ago after the lower court ruled that it had jurisdiction to entertain the matter.

Furthermore, Owonikoko informed the court that his client had an application for the dismissal of the appeal but that it had been overtaken by events.

But the appellants counsel, Etuwewe told the court that the record of appeal had been compiled and transmitted to

the Court of Appeal.

Brittania-U Nigeria Limited did not oppose the application.

The court thereafter granted the appellants’ counsel’s application to compile and transmit records of appeal.

The court also awarded the sum of N20, 000 in favour of Brittania-U Nigeria Limited whose counsel then withdrew their motion for dismissal of the appeal.

“Brittania-U Nigeria Limited had approached the Federal High Court Ikoyi, Lagos, asking the court to declare that by the final binding offer made by the plaintiff to the first defendant on November 14, 2013, at the invitation of the first defendant in the sum of $1.015 billion for acquisition of the 40 per cent participating interest of Chevron

Nigeria Limited in OMLs 52, 53 and 56 has been accepted by the first defendant by its conducts, oral and written representations made thereafter on which the plaintiff relied and acted to its detriment, and that by provision of the Irrevocable Standby Letter of Credit for the sum of $250 million opened in favour of the first defendant, to remain in force until September 14, 2014, as part payment; and further provision of firm letter of commitment by the plaintiff’s bankers for payment of the balance of $765 million demanded for and duly furnished to the first defendant on November 15, 2013, the parties have entered into binding contract for the acquisition of the OMLs 52, 53 and 55 by the plaintiff from

the first defendant for valuable consideration,” the statement explained.

Brittania-U is also seeking an order in the alternative to other reliefs granting special damages against the first and second defendants in the sum of over $10 billion or so much thereof as the court may adjudge fair and equitable as the enterprise value lost by the plaintiff on account for failure or breach of the contract and exemplary damages in the sum of $1 billion (or its naira equivalent) for the wrongful interference by the second to fifth defendants acting in active connivance or collusion with first defendant to unjustly prejudice and frustrate the contractual relationship between the plaintiff and the first defendant.

SPECIAL THANKSGIVING SERVICE

L-R: Wife of National Overseer, Redeemed Christian Church of God (RCCG), Nigeria, Pastor Victoria Obayemi; National Overseer, Pastor Joseph Obayemi; Mother in Israel, RCCG, Pastor Folu Adeboye; and Worldwide General Overseer, RCCG, Pastor Enoch Adeboye, during a special thanksgiving service, tagged: ‘Divine surprises’, at the RCCG, Rivers of Life Parish, Alagbado, Lagos...yesterday

Public Sector Not Doing Enough for Health, Says Osinbajo

Kuni Tyessi in Abuja

Vice President Yemi Osinbajo has said the public sector does not have the resources, not even the efficiency to do the business of development in terms of health, and it is quite clear that private public sector collaboration is the way to go.

He said even the one per cent of the Health Act is still being debated if it is in aggregation with one of the various intervention of the health sector or just a bullet per cent.

Osinbajo revealed this yesterday in Abuja on the occasion of Nigeria Service Delivery Innovation Challenge Showcase in support of the Global Financing Facility for every woman, every child.

He said a glance at the health sector value chain shows that over 60 per cent of healthcare needs are met by the private

sector especially as Nigeria has set the pace for other African countries in Global Financing Facility (GFF) by lending its support to the network after the federal governments discovery that the public sector is not doing enough.

“If you look at public sector funding, it is clear that we simply are not doing enough.

We are not able to meet the 15 per cent threshold that have been set as a standard for healthcare budget.

“Even the one per cent health Act says one per cent should go to health. Although we are still in argument with the health minister about whether that one per cent is in aggregation with one of the various intervention of the health sector or just a bullet per cent. But one per cent remains an issue and in the new invented law, it is clear that we cannot pay for health

care from public resources alone and National Health Insurance is the way to go.”

In his remarks, the Minister of State for Health, Dr. Osagie Ehanire, said Nigeria’s RMNCAH and nutrition indices are still poor and this has continued to affect the attainment of national development goals with 37 per cent of children under-five being reported to be stunted.

Also, the lifetime risks of maternal death from pregnancyrelated causes is one in 29 and only about 39 per cent of the women receive skilled attendance during childbirth, which has pegged total fertility rate at 5.5 while the contraceptive prevalence rate among married women is just 15 per cent.

This is not to mention infant and under-5 mortality which has increased to 69/1000 and 128/1000 live births respectively.

”Nigeria’s RMNCAH+N indices are still poor and both economic and geographic disparities persist. Notably, under nutrition continues to hamper the attainment of nutritional development goals with 37% of children under-5 stunted. For too many newborns, children, adolescents, and women still dir from preventable conditions annually, especially among poor and vulnerable communities.”

“This service delivery innovation challenge is unprecedented in that it. Is the first time the Nigerian health sector has taken this approach to private sector engagement. Nigeria is also the first GFF country to define a clear pathway for integrating the private sector into its RMNCAH+N investment case. Hence, we are setting the pace for other African countries.”

51

MONDAY, JANUARY 16, 2017• T H I S D AY

NEWSXTRA

Judiciary Workers Asking Lawyers for Money to Survive Say government failed to release allocation for December salaries

Tobi Soniyi in Abuja Workers in the judiciary, including judges, are now seeking help from lawyers to meet their needs following the delay in payment of their December last year’s salaries.

A judge who spoke with THISDAY and asked that he should not be quoted for fear of reprisal, said he had to ask a lawyer for a soft loan to pay his children school fees.

“You journalists are not saying anything about the decision of government not to pay us. Judiciary staff are now asking lawyers for help to pay their children school fees,” the judge said.

He wondered how judges would survive if their salaries are not being paid at a time when the economy is in recession.

Investigation shows that the National Judicial Council (NJC), the body that dispenses funds to the judiciary, has yet to receive allocations from the federal government to enable it pay salaries of judicial officers and workers for the month of December last year.

Another source at the NJC said it was not only judges that are suffering, all workers in the federal judiciary were going through a tough time to survive.

No one at the NJC agreed to talk on records those who chose to talk said there was nothing secretive bout it.

“Government knows that we have not been paid, so why is the management keeping quiet about this?,” a worker asked.

The NJC source said for a government fighting corruption to deny workers their salaries makes a mockery of the fight against graft.

The Judiciary Staff Union of Nigeria (JUSUN) had last week expressed concern over the nonpayment of salary to its members at the federal level and judicial officers in the federation.

National President of JUSUN, Marwan Adamu, who disclosed this to journalists in Abuja, said judicial workers and judges at both the federal and states did not enjoy during the festivity period because their salaries were not paid.

Marwan had therefore made an urgent all for the payment of the December salary to the affected workers saying that prompt payment of salary to workers will boost the anti corruption war of the present administration.

He called on President Muhammadu Buhari should as a matter of urgency intervene with a view of addressing the ugly situation, adding that the president should be mindful of those who might sabotage his efforts to reform the judiciary.

“As I speak with you, the salary of all non judicial officers at the federal level and judicial officers across the federation have not

been paid. The federal judicial officers celebrated the festivity without buying anything for their loves one.

“While we commend the present administration war on corruption, we want to also appeal to ensure prompt payment of salary to workers because that would motivate them to discharge their duties without any fear of favour.”

The union leader further warned of industrial disharmony in the sector, adding that government must do all within the law to avert any of such in the country.

While non judicial officers have a union that can speak for them, judges don’t have such an association.

Justice Adeniyi Ademola who is now being prosecuted for alleged corruption had delivered a judgment in which he affirmed the financial autonomy of the judiciary under the constitution.

In a judgment he delivered in January 2114, the judge had restrained the federal government and the 36 states from holding on to fund budgeted for the judiciary.

In a considered judgment on the suit which was filed

by JUSUN, Justice Ademola held that the workers had the standing to ask both the federal government and the states to comply with the provisions of the constitution as they affected the funding of the judiciary.

He ordered that funds meant for the judiciary should be released directly to the heads of court and not to the executive arm of government.

He said the practice of the executive disbursing funds to the judiciary was unconstitutional and also threatened the independence of the judiciary.

Relying on the provisions

of sections 83(1), 212(3) and 162(9) of the constitution of as amended, Justice Ademola said that the provisions were clear and straightforward and should therefore be complied with.

He said: “The Attorney General of the Federation and the states should act responsibly and promptly to avoid constitutional crisis in this country, by ensuring financial autonomy for the judiciary.”

According to him, the end has come for the judiciary to be going cap in hand to begging the executive for fund.

Nigeria Prisons Service in FALLEN HEROES Dilemma over 1640 Criminals HONOURING Governor of Sokoto State Aminu Waziri Tambuwal inspecting guard mounted by soldiers during the 2017 Armed Forces Remembrance Day celebration Sentenced to Death Comptroller General says governors not willing to sign death sentences of condemned persons Dele Ogbodo in Abuja The Comptroller-General of the Nigeria Prisons Service (NPS), Mr. Ahmed Ja’afaru, at the weekend said the service is facing dilemma over what to do with the 1640 criminals in its custody that have been condemned to death by the courts.

Speaking in Abuja, the CG of the NPS, who was represented by an Assistant Comptroller General of Prisons ((ACG), Mr. Mohammed Bedi, said the silent moratorium by state governors which borders on their unwillingness to endorse death sentences of condemned criminals is a big problem to the service.

According to the CG, a condemned person had inevitably arrived at his/her, last bus stop and therefore such a person becomes vicious, uncontrollable as death does not really matter any more.

Ja’afaru said: “So, the problem of condemned prisoners is still a very big challenged to NPS and we have been appealing to the relevant authorities specially to the governors.

“As you know, when someone gets to his last bus stop and is condemned to death and has exhausted his appeal in the Supreme Court, the only opportunity he has to escape

death is the governor commuting his death sentence to a term of imprisonment or sign the death warrant for this person to take his last breath.”

The CG, who said the governors are not helping matters, added: “But you know there is a kind of silent moratorium that most governors are not too willing to endorse death sentences.

“You are not signing their execution, yet you are not commuting their death sentences to terms of imprisonment, so that we can get them transferred to a place where they can be reformed or rebranded for the society.

“They therefore create a very big problem for us; however, we keep appealing that governors should do the needful so that we will be able to really manage these people effectively.”

The CG cautioned the public against stigmatizing persons that have been rehabilitated by the services, stressing, that most times prisoners who are on the side of the law as soon as the person goes into the prison, the person is usually not welcome back to the society.

He said: “I don’t see stigmatizing as a deterring effect, because you are indirectly pushing that person back to criminal life, because if he is rejected, there are groups that are ready to absorb him into their fold.”

Job Scam: EFCC, ICPC Investigated, Cleared Us, Says Peace Corps Plan recruitment of 2,000 cadets in Lagos Gboyega Akinsanmi The Peace Corps of Nigeria (PCN) at the weekend debunked allegation that it asked wouldbe cadets to pay the sum of N45,000 to obtain recruitment forms, describing the claim false and untrue.

The corps, a volunteer programme of the United Nations, added that the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices and Other Related Offences Commission (ICPC) had investigated its recruitment activities and procedures and given a clean bill of health.

The Zonal Commandant in charge of South-west and Lagos, Mr. Mutairu Habib, disclosed this at a news conference he addressed last Saturday in Alausa alongside other officers of the organisation.

Contrary to an allegation that it charged N45,000 for recruitment forms, Habib clarified that the corps only sold the form at N1,500, though would-be cadets were asked to pay a donation of N40,000.

He said there was nothing untoward in the collection of the sum of N40,000 from intending cadet by the corps, noting that the money was meant for training cadets; procuring uniforms; providing medical service and securing them accommodation during training.

Habib noted that the intending cadets would be given about 15 items, adding that the donation “is heavily subsidised. It is a voluntary donation since the corps is still a non-governmental organisation.”

Although both the Senate and House of Representatives had passed the bill for the establishment of the Peace Corps of Nigeria as a paramilitary institution into law, the zonal commandant said President Muhammadu Buhari “is yet to accent to the bill.”

So, he noted that the corps “is still non-governmental organisation until the president accents to the bill. The EFCC and ICPC have equally investigated us and cleared us on this issue.

Our processes and procedures are fair and transparent. There

is nothing hidden in it at all.”

Habib said because Lagos and Kano States “have a very large population, the states are allocated highest quotas of over 4,000,” noting that the major challenge the corps “is facing in Lagos State presently is its inability to fill the 2,000 slots given to the state.

Habib implored the state Governor, Mr. Akinwunmi Ambode, to ensure that the slot allocated to Lagos is filled, saying the governor could acquire the forms and give it free of charge to motivate youths in the state.

He explained the core responsibilities of the corps, noting that it would not only carry arms but also deploy sophisticated high-tech tracking devices that would help its personnel to effectively tackle problem of cultism, bribery, kidnapping and other sundry crimes rocking the country The zonal commandant added that the new high- tech device being considered would help to checkmate erring personnel of other security agencies and that the era when crimes would

be swept under the carpet for lack of proper investigations was over in the country.

He said the difference between the corps and other security agencies “is that it will be working with the UN with offices all over the world. The UN has outlined programmes the corps will engage in.

“There will not be duplication of function between the Nigerian Peace Corps and other security agencies, rather, it will play complimentary role to other security agencies. The Nigeria Security and Civil Defence Corps(NSCDC) was set up to protect infrastructure, most especially pipelines.

“But today, it is not only the agency protecting pipelines, the Army, Navy and Airforce are all involved. The job of the corps is basically on schools and universities to inculcate discipline in the students, checkmate examination malpractices and indiscipline.

We are going to schools to arrest cultists and refocus people’s minds from negative to positive,” Habib said.

52

MONDAY JANUARY 16, 2017 T H I S D AY

T H I S D AY MONDAY JANUARY 16, 2017

53

54

monDAY, january 16, 2017 • T H I S D AY

monDAYSPORTS

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

NPFL…NPFL…NPFL…

Rangers Shocked at the Cathedral Big wins for ABS, MFM on match-day one Duro Ikhazuagbe Nigeria Professional Football League (NPFL) defending champions Rangers International FC started the 2016/2017 season on a faltering note yesterday, losing 1-2 to neighbours Abia Warriors at the Cathedral in Enugu.

The Flying Antelopes drew the first blood through new buy, Fortune Omoniwari ten minutes into the game, before Emeka Isaac’s deflected effort leveled terms for the visitors midway through the first half.

However, in the 72nd minute, Godwin Zaki got the winner from a penalty after Chibuzor Madu handled the ball inside the area.

Rangers had similarly lost the Charity Cup that is the league season opener to Federation Cup champions, IfeanyiUbah last Wednesday at the patchy Abuja National Stadium.

Elsewhere, newly promoted Abubakar Bukola Saraki (ABS) FC shocked Akwa United FC with a 3-1 win at the Kwara Township Stadium. Mohammed Mohammed had given the home side the advantage on the 12th minute, before Godspower Igudia headed home the equaliser for the visitors, seven minutes later.

Stone Evbuomwam restored ABS’s advantage at the half hour mark from a penalty, before Abubakar Chindo capitalised from a defensive blunder to put the game behind the Promise Keepers from Uyo. In Lagos, three first half goals from Olatunbosun Sikiru, Odey Stephen and Adekunle Adegboyega was enough for Mountain of Fire and Miracles Ministries Football Club to record it’s first 3-0 home win of the season against Niger Tornadoes at the Agege Township Stadium.

The Lagos-based team thrilled

their fans with sumptuous display of their tiki-taka brand of football as they recorded the biggest win of the Match Day 1 of the new season.

Coach Fidelis Ilechukwu and his wards will travel to Nnewi to face FC IfeanyiUbah on Wednesday in Match Day 2.

At the Lekan Salami Stadium, goals from Afolabi Waheed and Sunday Faleye helped Shooting Stars to a comfortable 2-0 win against visiting Lobi Stars while in Calabar, Ibrahim Mustapha’s solo effort was all seven time champions, Enyimba International needed to dispatch a determined Sunshine Stars of Akure.

It was the People Elephant’s ground testing fixture on their adopted stadium, having dumped Liberation Stadium that hosted their fixtures last season.

It remains to be seen when the Enyimba International Stadium will be ready to accommodate the teeming supporters of the former African Champions starved of action on their home turf for the second season on the trot.

Goals from Guy Kuemian and new signing from relegated Heartland, Emeka Ogbuh helped Rivers United to a 2-1 win at home to El-Kanemi Warriors. Bello Kofarmata got visitor’s consolation goal deep into added time.

Plateau United handed newcomers, Remo Stars their first baptism in the top flight with a hard fought 2-1 win at Sagamu while Wikki Tourists and Nasarawa United shared the spoils in Bauchi.

Earlier on Saturday, the new season started on a bizarre note in Kano with IfeanyiUbah FC players abandoning the flagship match of the 2016/17 NPFL season against Kano Pillars.

In all, twenty two goals, seven home wins and two away victory characterised match-day one.

A C C E S S / L A G O S M A R AT H O N

Organisers Call for Volunteers for February 11 Race The organisers of the February 11, 2017 Access Bank/Lagos City Marathon have called on Lagosians and lovers of the state worldwide to join hands with the state government and organizer in making the 2017 edition a memorable and world class event by working as volunteers.

Head of Volunteering, Ebidowei Oweifie, said volunteers were an integral part of any marathon.

He said: “Their role cannot be over-emphasized. Volunteering cuts across all board, medical, paramedical, protocol, technical, support for elite athletes, fun runners, charity runner and special athletes.”

Oweifie urged interested applicants to call at the Marathon Office Teslim Balogun Stadium, Surulere, Lagos to pick up the free application forms from January 16, 2017 as application will close by January 23, 2017.

Olukayode Thomas, Head of

Communication and Media, urged practising and retired journalists with experience in coverage of international sporting events to apply to work as volunteers and implement innovations which are being introduced in the 2017 edition that will make the work of the media, a major stakeholder in the marathon, easy.

For the 2017 edition, there will be a world-class media work station at the finish which will open hours before the race, there will also be a mixed zone and press conference room.

At the start and the finish, there will be a special area just for photo journalists and television cameramen so that they can work without hindrances. ‘’We need experienced journalists to assist us so that those covering the marathon will get all the support they need to work without stress,” Thomas said.

Riyad Mahrez (left) celebrating his brace with a teammate… yesterday

AFCON 2017

Mahrez’s Brace Deny Zimbabwe Win over Algeria Riyaad Mahrez’s late goal helped Algeria hold Zimbabwe to a 2-2 stalemate in a 2017 Africa Cup of Nations (AFCON) game yesterday evening.

The Group B encounter took place at the Stade de Franceville in the Gabonese city of Franceville with both sides looking to start the tournament with a win.

Although Algeria’s Desert Foxes enjoyed more possession in the opening stages of the game, the Warriors of Zimbabwe were looking dangerous on the counter.

Zimbabwe forward Khama Billiat forced Algeria goalkeeper Rais M’Bolhi into a fine save in the ninth minute following a good move by the Warriors.

Billiat, who was proving to be thorn in the Algerian defence, unleashed a thunderous half volley which was pushed onto the woodwork by M’Bolhi a minute later.

However, Riyaad Mahrez fired Algeria into the lead after collecting the ball in the Zimbabwe box and curled it into the far corner to make it 1-0 in the 12th minute.

Prior to conceding, Zimbabwe were dealt a major blow as their star striker Knowledge Musona limped off and he was replaced

by Matthew Rusike.

The Warriors kept pushing forward in numbers and they did level matters through

Kudakwashe Mahachi, who made it 1-1, following a good move.

The goal seemed to have motivated Zimbabwe as they were awarded a penalty in the 28th minute after Onismor Bhasera was fouled in the Algerian box.

Nyasha Mushekwi then stepped up and made no mistake from the spot-kick as he fired past M’Bolhi to hand Zimbabwe a surprise 2-1 lead against the much-fancied Algerian side.

Mahrez had a chance to level matters in the 40th minute, but his effort was blocked by the Zimbabwean wall and the first-half ended with the Warriors leading 2-1.

The 2016 African Player of the Year based in Africa nominee Billiat nearly extended Zimbabwe’s lead eight minutes after the restart, but he was welldenied by M’bolhi.

RESULTS Algeria 2 - 2 Zimbabwe B’ Faso 1 - 1 Cameroon Gabon 1 - 1 G’ Bissau Tunisia 0 - 2 Senegal FIXTURES TODAY Cote d’Ivoire Vs Togo DR Congo Vs Morocco TOMORROW Ghana Vs Uganda Mali Vs Egypt

AUSTRALIAN OPEN

Murray, Others in Action on Day One in Melbourne World number one Andy Murray begins his Australian Open campaign today on with a match against world number 95 Illya Marchenko of Ukraine.

Defending women’s champion Angelique Kerber and four-time men’s winner Roger Federer are also in action on day one of the tournament in Melbourne.

British number two Dan Evans, beaten in his first ATP Tour final on Saturday, plays

Facundo Bagnis of Argentina.

Play starts from 00:00 GMT, with Murray third on court at the Rod Laver Arena.

Murray, who won last year ’s Wimbledon and Olympic Games on his way to becoming world number one, has lost in five Australian Open finals, including in 2016 when he was beaten by Novak Djokovic.

“I obviously feel pretty confident after the way the

last season finished,” said Murray. “I love it here. I love the conditions and have played really well over the years. I just haven’t managed to get over the final hurdle.

Serb Djokovic begins his 2017 campaign tomorrow versus Fernando Verdasco of Spain, while America’s Serena Williams, aiming to win a record-breaking seventh women’s singles title faces Switzerland’s Belinda Bencil.

Britain’s women’s number

one Johanna Konta, seeded ninth, is first up on Margaret Court Arena at 00:00 GMT where she faces Kirsten Flipkens of Belgium while unseeded Heather Watson will take on Australia’s 18th seed Samantha Stosur.

Naomi Broady is also in action tomorrow against Australia’s Daria Gavrilova, the 22nd seed, with Kyle Edmund involved in men’s singles action against Santiago Giraldo of Colombia.

T H I S D AY MONDAY JANUARY 16, 2017

55

TR

Monday January 16, 2017

UT H

& RE A S O

N

Price: N250

MISSILE Shettima to UNICEF, Others

“The ICRC is doing a very good job. We also appreciate the efforts of the Norwegian Refugee Council, the Danish Refugee council and the International Organisation for Migration. The UNHCR is also doing a good job. But we don’t know what other UN agencies are doing. We only see them in some flashy bullet proof jeeps; apart from that, we hardly see their impacts” – Borno State Governor Shettima, accusing UN agencies of exploiting Boko Haram victims.

AlexOtti

OUTSIDE THE BOX alex.otti@thisdaylive.com

Exit Recession, Pay Salaries “You shall not muzzle the ox while it threads out the grain, and the labourer is worthy of his wages” 1 Timothy 5:18 “Look! The wages you failed to pay the workers who mowed your fields are crying out against you. The cries of the harvesters have reached the ears of the Lord Almighty” James 5:4 “The Prophet said, you should pay the labourer his wages before his sweat dries up” Sunan Ibn Majah Vol.3 (2443) “And oh my people! Give just measure and weight, nor withhold from the people, the things that are their due”. Quran 11:85 t is no longer news that a lot of state governments are owing workers’ salaries. Some of them are in arrears for several months. In some states, workers are owed over 6 months’ salary arrears. Pensioners are worst hit as some of them have not received their pensions for several years. Some Governors of the concerned states have blamed their inability to pay on the recession the country has witnessed in the recent times.

Both the Bible and the Quran are in agreement that workers are deserving of their compensation. In fact, the Quran is very clear about prompt payment of wages and speaks to paying workers before their sweat dries up. Prophet Muhammed had this to say, “ I will be the opponent of three types of people on the day of judgement” one of such people is “one who hires a worker but does not pay him his right wages owed to him after fulfilling his work.

I considered it expedient to start this column by referring readers to scriptural injunctions since we are very religious people. Most often than not, our religiosity is only convenient as we tend to sensitize ourselves to those passages of the scriptures that support our actions while we anesthetize ourselves to areas that are opposed to our positions.

From the moral perspective, it is only fair that an employer pays his worker as and when due. The English Standard Version of James 5:4 quoted above, refers to the refusal to pay wages as “fraud”. My agreement with this version stems from the fact that there is normally no agreement between the debtor and the creditor for the creditor’s money to be held back by the debtor prior to the action of the debtor. Secondly, like I had argued in my last column on interest rates, the time value of money is ignored. This simply means that the value of the money paid after the time it should have been paid is not the same. We are all aware that what N100 could buy yesterday, would require more than that amount to buy today. In owing workers, nobody talks about how they would be compensated for alienating them from their money for the period they are owed. Whenever the government decides to pay, there is no discussion of interest to be applied to the outstanding salaries. Meanwhile, if the government were to borrow money to pay up the wages as and when due, that loan will come at a cost. So, the act of forcefully borrowing from the worker, owing him for some months and returning the same amount of money that was forcefully taken does not have a better description than “fraud”. That we have been doing that without challenge by the workers neither makes it right, nor takes away anything from its real name.

Again, I consider it an act of encouraging corruption for an employer to owe his workers and still expect him to work.

There must be a message being passed by the employer to the employee.

So, the concern that I have is how the debtor-governments expect that their workers would survive without pay for so long. Employers must be worried about the wellbeing of its workforce. If they don’t do it out of altruism, they must do it out of self-interest. If your workforce is not in top form, productivity would suffer. Employers are concerned about productivity for it is only a productive workforce

I

Minister of Finance, Kemi Adeosun that would guarantee long term survival of the institution.

Is it likely that our owing governments are not interested in the productivity of their workforce? There is this Soviet joke which was later modified by the Hungarians thus, “they pretend to pay us an honest wage and we pretend to put in an honest day’s work”. This is “Mutually Assured Deceit” (MAD) at its best.

Perhaps the most compelling argument at this time is that we are in a recession. Those who understand that recession refers to negative real GDP growth in an economy for two or more consecutive quarters will appreciate that if there is any time that salaries and allowances should be promptly paid, it is now. Why? Because recession means that there is a lull in economic activities. It is a period of massive decline in demand for goods and services. It is a time that people are unable to buy the things that they used to buy. Because demand is weak, production will reduce accordingly. This is understandable because production does not happen in isolation. Whatever is produced has a purpose: to meet demand. When production goes down, it also follows that companies will reduce their staff strength and in extreme cases close down to avoid prolonged loses.

Other actors in the production process, including vendors and suppliers will be affected, thereby reinforcing more layoffs and shutdowns. So, what is the solution to this problem? Of course, we can adopt the lazy option, which is throw our hands in the air and blame it on recession.

This option would further weaken demand, reduce supply and engender further shut-downs and unemployment.

Another option is to take the bull by the horn and find a way to break the vicious cycle. Where else to break the cycle from than from the demand side, after all, it is weak demand that led to economic slowdown. This action is called “stimulating demand” in economic parlance. You can stimulate demand by putting more money in the hands of people to encourage them to consume more goods and services in the economy. I must at this juncture, admit that there are circumstances where more money does not lead to more demand. Under this situation, people would rather save than consume and therefore defeat the purpose of putting money in their hands. That, however, happens when the money ends up in the wrong hands. So demand stimulation exercises are targeted at those who would spend rather than save. These are usually workers. They are also targeted at people who would consume locally made goods, otherwise, the effect of the spending would be felt in the country where the goods are made. The class of people that fit in here, are also workers. I am also aware that the level of productive activities in the economy is limited.

However, effective demand would necessitate amongst other things, more productive activities, ceteris paribus.

An area that not a lot of people have paid attention to is the effect of non-payment of salaries on banks that have extended “Salad” to the workers. Some banks created credit products called Salary Advance [(Salad), nothing to do with food], for workers. When the salaries are not regular, such obligations cannot be promptly serviced. Even when such payments are received in due course, since governments don’t pay interest on the past due salaries, the workers will either be forced to look elsewhere to service the loans or leave bad loans behind for no fault of theirs.

My sense is that these kind of facilities may constitute a sizable chunk of bad loans that our banks are carrying in their books at the moment.

This takes me to the issue of cash transfers. The Federal government announced recently that it has started paying the N5, 000 monthly allowance to the poorest of the poor amongst us. There has been some concerns as to how the beneficiaries were selected, why the payment did not start in all the states at the same time etc. For what it is worth, I believe this is a step in the right direction and the Federal government deserves commendation. Cash transfer, as it is sometimes called has worked elsewhere.

President Franklin D. Roosevelt, FDR (1882-1945) was the Great Depression and World War II president of the US between 1933 and 1945. In his “new deal” policy to get around the effects of depression on the economy, his major policy thrust was to put money in the hands of the populace, a policy that is sometimes referred to as “priming the pump” in order to stimulate the economy.

He started by ensuring that workers were not only paid, but very promptly. He created jobs and made provisions for those who were not employed to be paid, through his Federal Emergency Relief Administration (FERA). He created the Civilian Conservation Corp (CCC) which immediately engaged 300,000 Americans in over 1200 camps to plant trees, build bridges and clean beaches and roads for which they were handsomely paid. He supported agriculture and rural communities culminating in the massive electrification of most of rural America. FDR used the instrumentality of government to support the resuscitation of industry, having got congress to pass the National Industrial Recovery Act (NIRA). Most of the ailing businesses got support from government. These largely worked until FDR yielded to political pressure to balance the budget and reduce government spending which took away all the gains he earlier made in massive rollout of jobs and relief incentives.

The advent of the Second World War, however, coupled with the reinstatement of deficit spending took the US out of recession in 1945, the same year FDR died. Recovery was made possible because the country had invested in supporting agriculture and industry which provided the backbone for the war economy.

It is my opinion that governments at all levels should ensure that workers are paid and very promptly too. There are a few states who understand this and have been dutiful in payment of salaries and I must acknowledge them in this piece. But a large majority are still culprits. I expect that someone would ask me where the money to pay workers is going to come from. In my response, I will ask them where all the money they spend comes from?

How have they prioritized their expenditure? In fact, there can’t be a better answer than the one given by Comrade Adams Oshiomhole, the former governor of Edo State sometime in 2015. Oshiomhole had chastised his colleagues who were owing salaries arguing that positing that states could not pay salaries was akin to saying that there was no food for the “Oga” because the houseboy had eaten.

He insisted that salaries and allowances of workers pale into insignificance when compared with other expenses run by governments. In his own words, some governors

were still living very expensive and ostentatious lifestyles including flying private jets when salaries are not being paid. He concluded that it is a criminal breach of contract to owe workers as salaries are part of a contract between the government and its workers. I must commend the Comrade Governor for increasing minimum wage for workers in Edo State from N18, 000 to N25, 000, before he left office.

It is also my contention that with proper planning, salaries should not be too difficult to pay. With the payment of salaries, employers can rightly demand commensurate productivity from employees. Employers would be in a position to evaluate their staff with a view to streamlining their workforce, keeping only those that can guarantee optimum productivity and dispensing with those who do not have the required competence to fit into the more rigorous demand of a more efficient and paying environment. Having said this, I also believe that there is nothing wrong with workers negotiating better pay.

After all, there is a saying that “he who pays peanuts, gets monkeys”. It is in this light, that I do not object to labour’s demand for an enhanced minimum wage. This is subject to the understanding that to whom much is given, much is expected. The current minimum wage of N18, 000 came into effect over ten years ago. Given incessant inflationary and exchange rate realities, it is only logical that the minimum wage be adjusted periodically to ensure it remains realistic. These actions would not only support a more energetic workforce, but would also contribute positively towards exiting recession. This is by way of encouraging governments at all levels to be more favourably disposed towards labour’s demands as it also offers governments the latitude to make its own demands on labour. I am by this medium intervening in the anticipated breakdown that is usually associated with employer /employee negotiations, by appealing to each side to be reasonable to avoid the kind of dialogue that is reported below where an employee had not only gone to his boss to ask for a pay raise, but a day off. The boss retorted thus: “There are 365 days this year. There are 52 weeks per year in which you already have 2 days weekend off per week, leaving 261 days available for work. Since you spend 16 hours each day away from work, you have used up 170 days, leaving only 91 days available. You spend 30 minutes each day on coffee break. That accounts for 23 days each year, leaving only 68 days available. With a one hour lunch period each day, you have used up another 46 days, leaving only 22 days available for work.

You normally spend 2 days per year on sick leave. This leaves you only 20 days available for work. We are off for 5 holidays per year, so your available working time is down to 15 days. We generously give you 14 days vacation per year which leaves only one day available for work. Are you really sure you want to take the only day left off and are you convinced we need to pay more for not working at all?” Your guess should be as good as mine as to how this negotiation ended.

Finally, President Buhari, in sharing the Paris Club refunds to states, advised State governors to ensure that they pay salaries with the refunds. Even though some state governments have decided to harken to the President’s advice in breach, it is instructive and encouraging that the President appreciates the impact of salary payments on recession, while some other leaders don’t.

So, Your Excellencies, the owing governors, let me reassure you that it makes perfect economic sense to pay salaries in a recession. We, the people, are therefore waiting for our “alert”, so we can join Korede Bello in chorusing “God win”.

Printed and Published in Lagos by Leaders & Company Limited . Lagos: 35 Creek Road, Apapa, Lagos. Abuja: Plot 1, Sector Centre B, Jabi Business District, Solomon Lar Way, Jabi North East, Abuja .

All Correspondence to POBox 54749, Ikoyi, Lagos. Email: editor@thisdaylive.com, info@thisdaylive.com. Telephone Lagos: 0802 2924721-2, 08022924485. Abuja: Tel: 08155555292, 08155555929 24/7 ADVERTISING HOT LINES: 0811 181 3086, 0811 181 3087, 0811 181 3088, 0811 181 3089, 0811 181 3090. ENQUIRIES & BOOKING: adsbooking@thisdaylive.com