Wednesday 1st Febraury 2017 by THISDAY Newspapers Ltd

FG, States, IOCs to Adopt Collaborative Approach for Devt of N’Delta Kachikwu says peace initiatives already improving oil production Ndubuisi Francis in Abuja In furtherance of efforts to entrench peace in the Niger Delta, the federal government, international oil companies (IOCs) and other stakeholders have kicked off a collaborative approach aimed at

maximising resources for the sustainable development of the region. In this regard, the Minister of Niger Delta Affairs, Mr. Usani Uguru Usani, yesterday hosted a meeting

comprising representatives of the governors of the oil producing states; the Minister of State, Petroleum Resources, Dr. Ibe Kachikwu; chief executive officers of oil

and gas companies and their representatives; the Niger Delta Development Commission (NDDC); and Special Adviser to the President on Niger Delta and Coordinator of

the Presidential Amnesty Programming (PAP), BrigGen Paul Boroh, (rtd). All the stakeholders agreed to evolve a common template to fast track peace and

Again, FG Seeks Secret Trial, Dasuki Objects… Page 6

development in the region. They expressed concern that in spite of the enormous resources deployed in the development of the Niger Delta region over the years, little development had taken place. Continued on page 6

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Osinbajo Meets Saraki, Dogara, Gets No Objection for $1bn Eurobond Joint leadership of N’Assembly meets on 2017 budget Amaechi: Approval of $30bn borrowing plan critical to railway development Tobi Soniyi, Omololu Ogunmade and Dele Ogbodo in Abuja Acting President Yemi Osinbajo yesterday met with Senate President Bukola Saraki and the Speaker of the House of Representatives, Hon. Yakubu Dogora behind closed doors to ask the

leadership of the National Assembly to convene an emergency session of the legislature, which is currently on recess, to approve the federal government issuance of a $1 billion Eurobond this quarter. Continued on page 9

Ibori to Return Home Soon Stops British Home Office from transferring his compensation case to another court Davidson Iriekpen The former governor of Delta State, Chief James Ibori, who was recently released from a British jail after serving his sentence for corruption and money laundering, will be

returning home soon after a seven-year absence from Nigeria. However, Ibori who is still facing assets forfeiture charges in the United Kingdom secured Continued on page 9

NIGERIA’S SECURITY INFRASTRUCTURE Rivers State Commissioner of Police UPGRADING L-R: System consultant, Interpol National Central Bureau Nigeria, Mr. Chikwe Udensi; Inspector General of Police Mr. Idris; and Chairman, House Committee on Police Affairs, Mr. Haliru Jika, at the inauguration of the expanded Dies in Indian Hospital… Page 10 Ibrahim Interpol i.24/7 secured system in Abuja… yesterday

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Again, FG Seeks Secret Trial, Dasuki Objects Alex Enumah in Abuja For the second time, the federal government has applied to the Federal High Court in Abuja for the protection of witnesses that will testify against the former National Security Adviser (NSA), Col. Sambo Dasuki, who is facing charges for the unlawful possession of firearms and money laundering. The fresh application was made by Chief Oladipo Okpeseyi (SAN), who was recently engaged by the federal government to lead the prosecution. The motion dated January 23 and filed on January 24 insisted that the witnesses must be given protection by the court by not allowing their names and addresses to be made public in the course of the trial. But in a strong opposition to the fresh request, Dasuki’s counsel asked the court to dismiss the government’s application on the grounds that it lacked merit and constituted a gross abuse of court process. The former NSA, in a counter affidavit filed by his lead counsel Mr. Ahmed Raji (SAN), argued that there was no justification for the federal government to have brought the motion for a secret trial for the second time, having lost in the first motion. The defendant insisted that the government had of its own volition published the charges against him on the internet, where the names, addresses and designations of the witnesses were conspicuously put at the disposal of the general public. Besides, Dasuki maintained that when the first application argued by the then Director of Public Prosecution of the Federation (DPPF), Mr. Mohamed Diri, Justice Adeniyi Ademola of the same court, in a landmark ruling, dismissed the request on the grounds that the witnesses were already known by the public, having published their names through the internet. He further said that bringing the same motion to the same court constituted a gross abuse of court process and that what

OSINBAJO GOES BACK TO SCHOOL Acting President Yemi Osinbajo with the pupils of LEA (Local Education Authority) Primary School, Gwagwalada, Abuja, at the launch of the solar home system programme in Wuna, Gwagwalada… yesterday godwin omoigui the prosecution ought to have done if it was not satisfied with the decision of Justice Ademola, was to have gone to the Court of Appeal to ventilate its anger. Dasuki who attached a copy of the earlier court ruling on the application urged the trial judge, Justice Ahmed Ramat Mohammed, not to allow the fresh motion for a secret trial to be entertained because it would violate his right to fair trial and will run contrary to the principles of the rule of law and natural justice. When the motion came up yesterday, Opeseyi could not move the motion on the grounds that the defence had just served him a voluminous counter affidavit objecting to the motion. The prosecution counsel told Justice Mohammed that so many fundamental issues were raised in the counter affidavit and that a plethora of authorities were also cited in the counter affidavit. He therefore applied for an adjournment to enable him study the counter affidavit and respond to it appropriately. The defence did not object to

the request for the adjournment, but clarified that the fresh motion for a secret trial was served on the defendant last Thursday, hence their counter affidavit prepared over the weekend was served yesterday, within the time allowed by law. Justice Mohammed fixed hearing for the motion for March 1. The federal government through the Department of the State Service (DSS) had in 2015 slammed a two-count charge of unlawful possession of firearms and money laundering against Dasuki. But the trial suffered a setback last year when Justice Ademola withdrew from the trial, following his arrest by the DSS on allegations of corruption. The withdrawal of Justice Ademola from the trial prompted the Chief Judge of the Federal High Court Justice Ibrahim Auta to transfer the case to the present judge. The former NSA, who pleaded not guilty to the charges, was admitted to bail by Justice Ademola in 2015, but has not been released by the DSS to date.

ATIKU CONTINUES TO MAKE THE ROUNDS R-L: Former Vice-President Atiku Abubakar and former Inspector General of Police, Alhaji Ibrahim Coomassie, during a courtesy visit by Atiku to the former IG in Katsina, Katsina State… yesterday

FG, STATES, IOCS TO ADOPT COLLABORATIVE APPROACH FOR DEVT OF N’DELTA However, they traced the spate of abandoned projects in the region to the duplication of projects by various federal agencies, development partners and intervention agencies on account of lack of proper utilisation of funds and coordination. In his remarks, Usani sought a common planning template upon which projects will be evolved. “From the outcome of what we have been doing behind the scenes, and of course the result we got here, is that we should have a common planning template upon which project executions will be based. “So, when the 2017 budget begins to be implemented, you will begin to see the results. “We have agreed that we are going to have a framework for coordinated planning for development, which means we will as much as possible ensure that we eliminate

duplications from all agencies of development in the region. “So no one or no two agencies will be doing the same thing in a particular community whose threshold does not demand more than one functional performance in that sector. “On this, we are excited that it is taking place because it would curb waste of energy and other resources, as well as engender confidence in the community in what we are doing; to believe that government is actually interested and committed to the development of the region,” he said According to Usani, functioning independently as has been the case, had amounted to waste and a conflict of roles, adding: “We want to eliminate all these and be sure that every government as well as the partners in development are on the same page.” He said the government,

in its interaction with the European Union Support Programme on Weather and Sanitation, made it known that from the planning stages “we need to know or get involved in what they are doing”. “So we can actually not over-concentrate in certain areas beyond their needs, while some others are left untouched and their demands not met at all. “And then the NDDC that has come under us; we are already telling them that for their 2017 appropriation, they will need to bring it to us and let us sit together and be sure that between these agencies and themselves, we do not duplicate projects again,” he explained. Responding to a question at the meeting, Kachukwu expressed concern that majority of the communities in the region had not felt the impact of the humongous amount of money deployed

for development purposes. He said: “What has happened in the past is stereotype, with a lot of money that has gone into these agencies, but does not get to these communities. “Accordingly, we must be able to look on a year-to-year basis what capital projects across states can be developed, whether it is inter-regional or inter-state. “So we are going to put that together and we are going to get the Niger Delta to actually chair that. “And the whole idea is for everybody who is putting in money, so that if we say we need to do X development in the region this year, we can see where the money is coming from and people can see what we do. “My greatest concern with this whole system is when you look at the analysis of $40 billion spent in the region for 12 years and nothing to show for it.

“So, such a development council enables us to pool resources together, pool concepts together and be able to identify what we need and will help NDDC in terms of its own credibility, because then you can point to what NDDC is doing. “Because when you put in a lot of money and you have nothing to show for it, you are at pains as an oil company to explain to your community why they are not getting their fair share of NDDC projects and yet you put in your own contribution.” Kachikwu explained that with the focus of the present administration, it was clear that the presidency is “very definite and very committed” to bringing peace and development to the region. He noted that the recent peace overtures in the region were already yielding immense dividends, adding that oil production had risen from about 1.1 million barrels per

day (mbpd) to about 1.9 mbpd currently. Describing it as an incremental development, he called for more collaborative efforts and prayers by all stakeholders to entrench lasting peace in the region and called for optimism from all.

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STARTERS

Nigerian, Imelme Umana Emerges First Black Woman President of Harvard Law Review On Sunday, Harvard Law School’s black law students’ association announced on Twitter that Imelme Umana, HLS ‘18, had become the first black woman to serve as president of the Harvard Law Review. According to Clutch, Umana is most interested in exploring stereotypes of black women in American political discourse. Umana’s role as president of the Review puts her in some pretty great company. Former President Barack Obama was the first black American to serve as president of the Harvard Law Review. In response, some people put their money on Umana to serve as a future president. Or perhaps she could sit on the U.S. Supreme Court bench, as many justices have similar backgrounds with the Harvard Law Review.

will Not Need Power from National Grid Vice PresidentYemi Osinbajo yesterday said most Nigerian homes and offices would soon no longer require electricity from the national grid. Page 10

PeAce While the sectarian violence in Southern Kaduna which has pitched one group against another and has led to the death and disp]lacement of thousand sof people is very unfortunate… Page 15

POLITICS Bello’s Scorecard

Umana

carry us along. “We have just started the budget defence so there are no issues, these are just consultations.” Last November, the federal government indicated that it would issue the $1 billion Eurobond in the first quarter of this year. In this regard, the Minister of Finance, Mrs. Kemi Adeosun announced that Citigroup, Standard Chartered Bank and Stanbic IBTC Bank had been appointed to manage the planned $1 billion Eurobond and would manage any follow up Eurobond issues for Nigeria over the next three years so as to cut short the tender process for new advisers. In a related issue, the Minister of Transportation, Mr. Rotimi Amaechi yesterday said the National Assembly’s approval of the government’s $30 billion borrowing plan was critical to the completion of the Calabar-Port Harcourt, Lagos-Kano and Kano-Kaduna rail lines under his ministry’s 2017 capital programme. Speaking with reporters in Abuja after defending his ministry’s budget at the National Assembly, he said in view of the federal government’s funding constraints, it was imperative that the lawmakers approved the three-year external borrowing plan. He said: “But critically and importantly for overall national development, the National Assembly needs to give the executive the approval. They need to approve the borrowing plan because government can’t go to China to sign the loan agreement unless it gets approval from the National Assembly.” Amaechi explained that the government has made available its 15 per cent counterpart funding for the Lagos-Ibadan rail line, promising that work would begin on the project in March unfailingly. “On the Itakpe-Ajaokuta-Warri rail line, the contractors demobilised from site since 2012; the contractors told me they got completion certificates not because the project had been completed but because government did not want to continue with it. “They therefore left site in 2012 but we have remobilised them and they are back on site. They proposed that they need N80

billion to do this,” he said. Amaechi revealed that government was renegotiating with a Chinese company under a public private partnership arrangement to continue the rail project from Abuja to Itakpe and from Aladja to Warri, with a new deep sea port proposed for Warri. On why the ministry has not started work on the Calabar-Port Harcourt and Kano-Kaduna rail lines, he admitted that the bulk of the funding for both projects would come from external loans to be sourced from the China Exim Bank, making it critical for the legislature to approve the borrowing programme. He said: “The Calabar-Port Harcourt project will cost $3.4 billion while Kano is $1.2 billion. The total amount for Lagos-Ibadan is $1.5 billion, bringing the total to $6.1 billion for all three projects. Our 15 per cent is ready, so we are waiting for the China Exim Bank.” On what the country stands to benefit in the short run, he said: “What is also critical is that numerous Nigerians will be employed if we get this approval. “Imagine how many Nigerians will be employed between Lagos and Ibadan, Kano to Kaduna, and Lagos to Port Harcourt.” He said it will be to the benefit of the country if the lawmakers approved the $30 billion as most of the $6.1 billion needed to develop the rail sector is embedded in that money. Amaechi said: “It will do us good if the National Assembly can approve this loan of $30 billion, because the $6.1 billion is part of it and that is why we need the approval. “What was approved in the 2016 budget was the counterpart funding of 15 per cent. But we need their approval to borrow. Because if you look at $6.1 billion and we are paying 15 percent of $6.1 billion, you will see that the bulk, which is 85 percent, is what we are expecting to get from China. “Until we can get the approval of the National Assembly, we can’t move forward. Even now the China Exim Bank has approved the $1.5 billion for the Lagos-Ibadan rail line, but we still need the approval of the lawmakers to go ahead and sign the loan.”

as compensation for the illegal detention he was subjected to when the British Prisons did not allow him to leave on the exact day his prison sentence ended in December last year, but detained him unlawfully and illegally by a day while even seeking for ways to further deny him his freedom. Later in March, the two sides in the matter will make their final statements and the amount of damages to be awarded to Ibori would be decided. Ibori, in the statement, also confirmed that he would be homeward bound very soon. Speaking outside the court yesterday, he told the BBC that he was planning to appeal his conviction and return to Nigeria. When asked how soon his trip home

would be, he said: “As soon as possible, may be in a matter of days.” Ibori was mobbed by a large number of Nigerians who came to identify with him in his travails. He shook hands with many of them, exchanging pleasantries. “Dotting the i’s and crossing the t’s in briefing his lawyers may be the only thing standing between Ibori now and his journey to Nigeria,” the statement added. For instance, there will be mention of the Ibori London case on Friday at the Southwark London Court for the Judge to be fully informed on what is happening with the disclosure process and to ascertain if everybody convicted in the Ibori and related cases will be appealing.

IBORI TO RETURN HOME SOON victory at a London court yesterday, when the judge trying his case rejected the request by the British Home Office to get his case transferred to another court. Ibori, in a statement by his media assistant, Mr. Tony Eluemunor, said the British government had attempted to withdraw the case from Court 5, before Mr. Justice Garnham to either the Queen’s Bench Division or the Crown Court. But Ibori’s lawyers argued that this was a delay tactic by the Crown. Based on the argument, the judge refused to grant the transfer, insisting that the case will remain in his Royal Court of Justice. The case before the court was to determine the amount of money Britain will pay Ibori

NEWS Osinbajo: Soon Most Nigerians

EDITORIAL Southern Kaduna: A PleA For

OSINBAJO MEETS SARAKI, DOGARA, GETS NO OBJECTION FOR $1BN EUROBOND Also at the meeting were the Minister of Budget and National Planning, Senator Udoma Udo Udoma and his finance ministry counterpart, Mrs. Kemi Adeosun. A Eurobond issue, amounting to $4.5 billion, forms part of the federal government’s three-year $30 billion external borrowing programme, which was rejected by the National Assembly last year. However, at yesterday’s meeting, THISDAY gathered that Saraki and Dogora, were reported to have informed Osinbajo that the emergency session would not be necessary since the National Assembly had already approved $3 billion external borrowing, including the $1 billion Eurobond, in the 2016 Appropriation Act. According to sources conversant with the meeting, both men allayed Osinbajo’s concern that the National Assembly’s rejection of the $30 billion borrowing plan would impede the $1 billion Eurobond issue. One source said: “They informed the acting president that an emergency session was not necessary and gave their no objection to the $1 billion Eurobond, since an external borrowing programme of $3 billion had already been approved in the 2016 budget. “They also informed Osinbajo that there would be a joint meeting of the leadership of the National Assembly at the Senate President’s residence tonight (last night), during which their colleagues will be updated on their meeting with him and the decision not to object to $1 billion Eurobond on the basis of its approval in the 2016 budget.” The source also revealed that at the joint meeting of the leadership of the National Assembly last night, the 2017 budget was discussed and measures to be adopted to get its early passage by the legislature. Briefing newsmen after the meeting at the State House, Saraki said: “We met on the economy and the budget; myself, the vice-president and the Speaker, Minister of Budget and Minister of Finance. “We are aware that the economic team will soon be going on a road show (on the Eurobond) and so the meeting was just to brief us and let us know the issues and just

Two-Minute Brieﬁng

Ye k i n i J i m o h w r i t e s t h a t o n e y e a r i n t o G o v e r n o rYa h a y a B ello’sadministrationinKog i S t a t e , t h e C o n fl u e n c e State has started witnessing various developmental strides Page 18

FEATURES Ambode's Massive

Infrastructure Plan Lagos State Governor, Mr. Akinwunmi Ambode, at the first QuarterlyTown Hall Meeting for 2017, unfolded an ambitious infrastructure plan for the state. Peter Uzoho reports Page 20

BUSINESS More Firms Eye Commercial

Paper Funding, Market Attracts ts N240bn Strong indications have emerged that more companies will go for commercial papers (CPs) to meet their short term funding needs following rising investors’ interest in the short term instruments. Page 23

CITYSTRINGS Fake Dollar Syndicate Nabbed

in Lagos Recently, luck ran out on a five-man syndicate which specialises in duping innocent and hapless residents of Lagos State through shady deals, writes Femi Ogbonnikan Page 36

INTERNATIONAL Trump Fires Justice Dep’t Head

over Clash on Refugee Ban In an extraordinary public showdown, President DonaldTrump fired the acting attorney general of the United States after she publicly questioned the constitutionality of his refugee… Page 39

SPORTS Barcelona Grabs Enyimba’s

Bassey The recent partnership between the LMC and its Spanish counterpart, La Liga, may have started yielding dividend following yesterday’s announcement by FC Barcelona officials… Page 53

WEDNESDAY, FEBRUARY 1, 2017Ëž T H I S D AY

NEWS

Ă?ĂĄĂ? Ă&#x17D;Ă&#x201C;Ă&#x17E;Ă&#x2122;Ă&#x153; Davidson Iriekpen Ă&#x2014;Ă&#x2039;Ă&#x201C;Ă&#x2013; davidson.iriekpen@thisdaylive.com, 08111813081

Osinbajo: Soon Most Nigerians will Not Need Power from National Grid

Kicks off presidential initiative to deliver solar power to 20,000 homes

Chineme Okafor Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039; Vice President Yemi Osinbajo yesterday said most Nigerian homes and offices would soon no longer require electricity from the national grid. Osinbajo said the growing favourable economics of using renewable energy sources like solar photovoltaics (PV) to generate electricity means that Nigeria will now have to use off grid renewable energy solutions to close the wide deficit in stable electricity supply to its citizens, especially for those in the rural areas. Speaking in Wuna community on the outskirts of Abuja when he kicked off the presidential

initiative on solar homes systems, the acting president explained that Nigeria would leverage on the falling costs of deploying solar PV to move a good number of her citizens away from depending on the national grid. The pay-as-you-go solar initiative launched by Osinbajo would be funded and implemented by the Niger Delta Power Holdings Plc (NDPHC) in partnership with Azuri Technologies. Osinbajo also stated that the national grid was just a single transmission system and that every Nigerian cannot be connected to it, but can reliably get electricity from off grid

Rivers Police Commissioner Dies in Indian Hospital Wike expresses shock

Ernest Chinwo Ă&#x201C;Ă&#x2DC; Ă&#x2122;Ă&#x153;Ă&#x17E; Ă&#x2039;Ă&#x153;Ă?Ă&#x2122;Ă&#x;Ă&#x153;Ă&#x17E; Ă&#x2039;Ă&#x2DC;Ă&#x17D; Dele Ogbodo Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039; The Inspector General of Police (IG), Mr. Ibrahim Idris, yesterday announced the death of the Rivers StateÂ Commissioner of Police, Mr. Francis Mobolaji Odesanya, after a brief illnessÂ at Sterling Hospital Ahmedabad Gujarat in India. In a statement, the Police Force Public Relations Officer, Jimoh Moshood, said Odesanya, was 56 years old. The statement read: â&#x20AC;&#x153;The late Commissioner of Police was enlisted into the force on the February 1,Â 1986 as a Cadet Assistant Superintendent of Police and rose through the rank.Â â&#x20AC;&#x153;He served as Deputy Commissioner of Police Department of Operations and that of Finance and Administration in Rivers State before he was promoted and posted as Commissioner of Police Rivers State Police Command on July 20, 2016. â&#x20AC;&#x153;The position he held until his sudden demise onÂ January 31, 2017 after a brief illness.â&#x20AC;? The statement added that the IG and his management team, on behalf of the entire officers and men of the Nigeria Police

Force wishÂ to commiserate with the Odesanya families, the government and people of Ogun State on the death of the commissioner. Odesanya assumed office as the 37th Commissioner of Police in Rivers State on July 28, 2016, taking over from Folunso Adebanjo, who served briefly as Commissioner of Police in the state before his elevation to the rank of Deputy Inspector General (DIG) of police. Meanwhile, the state Governor, Nyesom Ezenwo Wike, has expressed sadness and shock over the untimely death of Odesanya. In a condolence message last night, Wike described the late CP as a thoroughbred professional who played a key role in the successful fight against crime and criminality in the state. He said the quality contributions of the CP would be missed by all members of the state security council. The governor condoled with the police high command, officers and men of the state police command over the death of the CP. He prayed God to grant the family the fortitude to bear the irreparable loss.

Herdsmen, Farmers SkirmishÂ Claim Three Lives in Adamawa Daji SanĂ&#x201C; Ă&#x201C;Ă&#x2DC; Ă&#x2122;Ă&#x2013;Ă&#x2039;

lunched an attack on them, Â killing three persons No fewer than three people with six injured. have been reportedly The eyewitness said killed, while six others the development irkedÂ were injured in a skirmish members of the community between the Fulani to launch an attack to repel herdsmen and farmers in the herdsmen but on getting Gereng community of Girei there the herdsmen had fled Local Government Area of the scene of the incident. Adamawa State. The source said while the An eyewitness reported herdsmen were reported to that some members of the have retreated, they only Gereng community were retreated to mobilise their fishing in a pond near the follow herdsmen for a full River Benue yesterday whenÂ blown war with the GerengÂ some migrating herdsmen community.

sources. â&#x20AC;&#x153;We think that as solar power becomes cheaper, and it is becoming cheaper practically day by day, we will be able to afford to do even more and deploying more across the country especially to places that are not served by the grid. â&#x20AC;&#x153;The grid is just one transmission centre if you like, but we cannot take all our power from the grid. And so in the next few years, it will not be absolutely important for you be connected to the grid because we will be deploying every types of off grid solutions that we can deploy and we want to do that in the industrial areas,â&#x20AC;? Osinbajo said. He said on the need for Nigeria to pivot to off grid solar power, â&#x20AC;&#x153;There is absolutely no reason why our country that has possibly the best radiation anywhere in the world should

not embrace solar - many parts of Nigeria especially in the northern parts, radiation is excellent, and so we are going to do our best to use solar power to the maximum especially wherever we can find the best radiation.â&#x20AC;? He noted that the initiative would target to provide 20,000 homes with solar power systems, and that the government was talking with private operators to partner it in expounding its reach. â&#x20AC;&#x153;We expect that this will be replicated all over Nigeria, we are starting with 20,000 but I am sure we will ramp up very quickly. We have been talking to the private sector about involving themselves also on this project,â&#x20AC;? Osinbajo noted. The Managing Director of NDPHC, Mr. Chiedu Ugbo, stated in his remarks that the initiative was part of the firmâ&#x20AC;&#x2122;s

mandate to reduce the countryâ&#x20AC;&#x2122;s electricity supply deficit. Ugbo explained that 200 homes in Wuna would benefit from the scheme, and would eventually own it after some periods of monthly repayments. â&#x20AC;&#x153;There are many Nigerians (estimated at 70 million) without any connection to the grid who still rely on rudimentary lighting systems characterised mainly by use of kerosene lamps, candles and petrol generators with attendant health and safety risks and indeed financial challenges,â&#x20AC;? he noted.Â Â According to him:, â&#x20AC;&#x153;By the Solar-Home-System initiative being launched by the vice-president today, (yesterday), NDPHC will be actively involved in the process of bringing power to these rural communities, thereby stimulating social and economic activities in the

rural communities located off the grid.â&#x20AC;? â&#x20AC;&#x153;Under the first phase of the programme, NDPHC will deploy about 20,000 units of solar home systems to the underserved rural communities with no access to grid electricity supply. NDPHC has deployed 200 units of the SHS as pilot programme here in Wuna. The beneficiaries of the 20,000 units are among the already identified communities of the 19 northern states of the federation. The units will be deployed within a period of 12 months. â&#x20AC;&#x153;NDPHC adopted a community-based approach that will allow the rural lowincome dwellers an opportunity to participate in this project. This approach allows a monthly payment for energy and also acquisition of the SHS unit after a certain period of time.â&#x20AC;?

WELCOME TO MY DOMAIN

Ondo State Governor, Dr. Olusegun Mimiko (left), exchanging pleasantries with Senator Mojisoluwa Akinfenwa; Chief Bode George; former Secretary to the Government of the Federation, Chief Olu Falae; and Afenifere chieftain, Pa Ayo Adebanjo. when Afenifere met in Akure....yesterday

Weekly Bitcoin Volumes Cross $1m in Nigeria, Raise Speculations The demand for Bitcoin has surged skywards in Nigeria. The countryâ&#x20AC;&#x2122;s weekly Bitcoin exchange volumes since midDecember 2016 have increased to more than N400 million, which is close to $1.3 million. The increasing demand for the cryptocurrency in Nigeria was reported by aÂ leading African tech magazine. The magazine makes use of the available data from LocalBitcoins â&#x20AC;&#x201D; a peer to peer Bitcoin marketplace to present its case. The Nigerian cryptocurrency community has access to multiple Bitcoin platforms, and LocalBitcoins is just one among them. The Bitcoin demand among

Eurozone nations on the platform is found to be on par with that of Nigeriaâ&#x20AC;&#x2122;s volumes. The increase in demand also coincides with the increasing traffic from the region. Website data indicate that over 16 per cent of visitors on LocalBitcoins are from Nigeria. Even the internet search trends in the country show a significant increase in Bitcoin-related searches. The publication speculates multiple reasons for such an increase. The increasing use of internet and technology in the region is one of the reasons leading to a progressive increase in cryptocurrency usage among Nigerians.

The first reason seems quite harmless, but the one that follows is a bit of a concern. Â The most infamous Ponzi scheme, MMM is gathering steam in the region. Many investors continue to ignore multiple warnings issued by various national and international bodies and invest in MMM. With the Ponzi scheme supporting Bitcoin investments, there is a probability of some people buying Bitcoin from LocalBitcoins and other platforms to invest in it. Also, acceptance of Bitcoin as a mode of payment is increasing in the country. Platforms like Bitpesa are already promoting the use of digital currency for not just

domestic but also international transactions. Bitpesa recently introduced a B2B platform that enables Nigerian businesses to transfer funds to their Chinese counterparts, directly into their bank accounts. It allows companies to continue buying goods and supplies using a faster and more efficient payment method. Nigerian importers who had to depend upon unreliable banking and couriers for money transfer can now easily pay for their imports not just from China, but also from Europe and the United States. All these new developments have familiarised the Nigerian population with Bitcoin, driving adoption and in turn demand.

WEDNESDAY, FEBRUARY 1, 2017˾ T H I S D AY

NEWS

Adegboruwa Sues Buhari, Osinbajo, Saraki over CJN’s Appointment

Ethnicity, vendetta stalling Onnoghen’s confirmation, C’River N’Assembly caucus alleges Damilola Oyedele ÓØ ÌßÔË The anxiety generated over the fate of the acting Chief Justice of Nigeria (CJN), Justice Walter Onnoghen, shifted to the court yesterday when human rights activist, Ebun-Olu Adegboruwa, dragged the president, the vice-president, the Senate, the National Judicial Council (NJC) and the Attorney-General of the Federation and Minister of Justice, to court in order to preserve the office of the CJN. In the suit filed at the Federal High Court in Lagos, Adegboruwa is asking the court to direct the president, and in his absence, the vice-president, to forward the name of Justice Onnoghen to the Senate for confirmation as recommended by the NJC. He also asked for an order of injunction to restrain the president and the vice-president from appointing another candidate for confirmation to the Senate for the office of the CJN apart from Justice Onnoghen, who is the most senior justice of the Supreme Court and who has already been selected and recommended by the NJC. Adegboruwa wants the court to stop the Senate from accepting, entertaining, deliberating on or considering the nomination of any other candidate that might be forwarded to it by the president and the vice-president, apart

from Justice Onnoghen, who has already been selected by the NJC. He is seeking an order of injunction to restrain the NJC from entertaining any request from the president and the vicepresident, to consider another candidate for the office of the CJN, apart from Justice Onnoghen already selected. Adegboruwa also prayed the court to forthwith direct Justice Onnoghen to assume and take over and be performing and discharging the duties and functions of the office of the CJN until such a time that the president would agree to forward his name to the Senate for confirmation or until he retires at the mandatory age of 70 years. In a detailed 42 paragraph affidavit in support of the suit, Adegboruwa traced the history of the previous appointments of all the CJNs, stating that it has never been the style of the executive to leave a vacuum in the highest judicial office of the land. He stated that upon the coming into force of the 1999 Constitution, the president has no discretion in the choice of candidate to occupy the office of the CJN, other than the person selected and recommended to him by the NJC. Adegboruwa accused President Muhammadu Buhari of a negative bias

against the judiciary which he had openly declared as his headache, stressing that the president is deliberately withholding the appointment of Justice Onnoghen in order to destabilise the judiciary and to force him into compulsory retirement, being a Christian from Southern part of Nigeria. Meanwhile, the Cross River Caucus in the National Assembly has alleged that the confirmation of Justice Onnoghen as CJN being stalled by ethnic considerations, and vendatta for his radical judicial pronouncements, by some powerful forces. The caucus said President Buhari’s inaction on the appointment provides fodder for those alluding to the vast conspiracy to deny Onnoghen the position. Speaking on behalf of the

caucus yesterday, its leader, Senator John Owan Enoh called on the president to immediately transmit the name of Onnoghen, to the Senate for confirmation. “There is a growing sentiment in certain quarters that Justice Onnoghen’s earned elevation to the rank of CJN is held in abeyance precisely because he is either not from a particular ethnic origin preferred by powerful forces of his profound and at times radical judicial pronouncements make him too principled to occupy this exalted office,” he said. “As political leaders, we should collectively resolve to build a just and fair society devoid of ethnic cleavages, a society where hard work and integrity are rewarded and not repudiated. As leaders,

we should work towards the inauguration of a just order in which the East meets the North, South and West and together in confidence, united by a common and shared destiny and mutual respect, we confront the future together,” Enoh added. Enoh said the National Judicial Council (NJC) in exercising its constitutional powers was transparent and followed laid down procedures and processes, to nominate the most senior officer in the judiciary. By appointing Onnoghen as acting CJN, the President has therefore foreclosed any insinuation as to incompetence or any disabling factor for him to be made substantive CJN, Enoh added. “....This will bring to an end the swirling speculations

of vendetta against the revered justice and restore confidence in our judiciary. Any action contrary to this will convey and validate growing sentiments of vendetta,” the senator added. While the NJC would be required to forward another name to the president if three months elapsed without confirmation of an acting CJN, Enoh noted that Onnoghen still remains the most senior person in the judiciary as he is not due for retirement for the next five years. He added that while the three months elapses on Febuary 10, 2017, the Senate is on a working recess, and can therefore reconvene for the confirmation process, if the president forwards the name.

Tribunal Declines PDP, Ize-Iyamu’s Bid to Introduce New Evidence The Election Petition Tribunal sitting in Benin City has ruled against a bid by the Peoples Democratic Party (PDP) and its candidate, Pastor Osagie Ize-Iyamu, to introduce fresh evidence independent of those deposited by their principal witness (PW 13), Alhaji Mohammed Shaibu. Mohammed, a native of Okugbe-Okpella, Etsako East Local Government Area had said earlier in his deposition that his complaints stemmed from issues of accreditation alone, but during crossexamination, he said: “I voted in unit nine and no voter was accredited via the voters’ register. I complained,” he said. When asked if he would be surprised to see that his name was not on the voters’ register, he declaimed with confidence, “My name is there.” Continuing, he said: “I agree that I must accredit before I vote and anyone who is not registered in a particular polling unit cannot vote there.” However, when shown the voters’ register of unit 9 where he claimed he voted, he expressed shock, as he was unable to find his name.

The only Mohammed on the list in question belonged to one Mohammed Awosetu. Nevertheless, the petitioners’ counsel, Denwigwe (SAN) defended his client’s witness, arguing that he was a registered voter who voted on the election day while asking the witness to tender his voters’ card in court as evidence. The defendants’ counsel, Mr. Tunji Oyeyipo, however countered the attempt to ask the witness to tender his voters’ card as evidence of voting after agreeing that his name was not found in the voters’ register because it was a fresh case, and said that it should be rejected by the court since it was not pleaded in the witness deposition. In a short ruling, the Chairman of the tribunal, Justice A. T Badamasi, said it was trite law and an attempt to introduce fresh issues. According to the court, “He could not point his name in the voters’ register. The petitioner could have raised the issues in their pleadings. It is our view that your plea is lacking in merit and it is hereby refused.”

IT’S REALLY BEEN LONG

Former Vice President, Alhaji Atiku Abubakar (left), and former Governor of the old Kaduna State, Alhaji Lawal Kaita, when the former vice president arrived at the Katsina International Airport...yesterday

FG Orders 48-hour Visa Issuance to Foreign Investors James Emejo ÓØ ÌßÔË The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, yesterday said the federal government has directed all its foreign missions abroad to commence a 48- hour visa issuance programme to those willing to do business in Nigeria. He said by the latest directive, bottlenecks associated with visa issuance in all its foreign missions should be discontinued in order to make it easy for potential investors to come into Nigeria and do businesses. Enelamah added that the federal government was currently carrying out series of reforms in the business environment, stressing that the era where investors see Nigeria as a difficult place to do business was over.

He said President Muhammedu Buhari had already launched the Presidential Enabling Business Environment Council( PEBEC) to drive government effort to identify and reduce bureaucratic processes and regulations that impede the private sector The minister said the federal government under the purview of PEBEC had been working on three priority reforms areas with 17 quick wins to reposition the investment to climate. According to him, the areas are entry and exit of goods where seven reforms would be carried out, entry and exit of people where six reforms would be carried out, government and transparency with four reforms. He said: “Our visa on arrival procedure is now fully operational, with an upcoming increase in the number of

eligible countries. Directive has been issued on 48 hour visa issuance by Nigerian missions abroad. “We have foreign missions in almost all the major countries of the world and we feel the missions should be used to sell Nigerian products abroad and also used as a point for those who want to invest in Nigeria to make their enquiries. Speaking on what Nigeria stands to gain from the recent signing of the Trade Facilitation Agreement (TFA), the minister said when implemented, the TFA would radically increase the volume and value of trade in goods. He explained that the greater the volume, more revenue are generated, which would in turn lead to more jobs and economic expansion. He said: “Jobs are created

because economies grow and expand. This expansion in trade naturally leads to industrialisation and diversification,” he added. Also speaking at the event, the Minister of State for Industry, Trade and Investment, Aisha Abubakar, said the ministry had secured a grant of over $600,000 from the African Development Bank (AfDB) for predevelopment study towards the conversion of six out of the 23 industrial development centres to industrial clusters. She said the fund would resuscitate the IDCs and position them to be a catalyst for economic development. She added that the findings of the study are expected to provide bankable centres to be converted into full-blown economic clusters where private participation and investment will be sought.

WEDNESDAY, ͯ˜ ͺ͸͹͵ ˾ T H I S D AY

IN THE FEDERAL HIGH COURT OF NIGERIA IN THE ABUJA JUDICIAL DIVISION HOLDEN AT ABUJA ON WEDNESDAY, THE 1ST DAY OF JULY, 2015 BEFORE HIS LORDSHIP, THE HON. JUSTICE G.O. KOLAWOLE JUDGE

Ë¾ WEDNESDAY, FEBRUARY 1, 2017

T H I S D AY WEDNESDAY,FEBRUARY 1, 2017

COMMENT

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

EVERYBODY IS TIRED

Nigerians are living in difficult times, writes Sonnie Ekwowusi

verybody is tired. What a life on the wings of despairs! What a troubling country. Things are so bad that virtually all across the divides-APC, PDP, Nigerian Labour Congress (NLC), Christians, Muslims, politicians, non-politicians and others - are agreed that the Buhari government has lost steam and therefore needs urgent redemption. By now the Emir of Kano and former Central Bank Governor, Sanusi Lamido Sanusi must be tired of complaining that President Muhammadu Buhari is not getting many things right. Recently he advised that hate speeches should not be preached in the Mosques because they are capable of igniting religious violence in the country. Even Asiwaju Bola Tinubu has consistently shown his displeasure for President Buhari’s lack-lustre performance. Last week, Tinubu called on the Buhari government to quickly review its monetary policies in order to curb the present economic hardship in Nigeria. Ex-President Olusegun Obasanjo is tired too. He is now beating the drum of Igbo Presidency. On their part, the members of civil society from different walks of life are staging different peaceful rallies across the country in protest against the failed leadership in Nigeria. One of their notices inviting the public to attend one of the rallies reads: “A call for nationwide protests as we say No to the Executive, No to the Legislature, No to the Judiciary…You have failed us. We the people are tired. We can no longer continue with all of you. All your excuses and mistakes are not funny…” We are really living in perilous times. Last year, Nigerians were bemoaning the economic recession, power failure, unemployment, spiral inflation and all that. But today the problems are severe. It has shifted from economic woes, unemployment, power failure and all that to incessant unleashing of violence on the citizenry, incessant killings by Fulani-herdsmen, incessant shedding of human blood, clampdown on journalists, violation of religious freedom, state interference in the internal affairs of Christian churches, arrest of pastors kicking against the Islamisation of Nigeria and so forth. We are already in February and the name of acting Chief Justice Walter Samuel Nkanu Onnoghen has not been sent to the Senate for confirmation pursuant to the provisions of section 231(2) of the 1999 Constitution. By February 10, Onnoghen’s three months tenure as acting Chief Justice of Nigeria (CJN) would have elapsed. Which means that in the event of the failure or refusal of President Buhari to send Onnoghen’s name to the Senate for confirmation and upon the failure of the National Judicial Council (NJC) to re-recommend him as required by section 231(5) of the Constitution on or before February 10, Justice Onnoghen would have lost out. The questions are: why the foot-dragging in sending Onnoghen’s name to the Senate? Why play dirty partisan politics with such a sensitive thing as the appointment of the CJN? But Nigeria’s greatest woe at the moment is the incessant violence and spilling of blood across Nigeria. There is no civil war in Nigeria at the moment but the increasing bloody violence and the shedding of innocent blood across Nigeria in the last four months depict Nigeria as a country engulfed in internecine war. For example, on January 17 about

LAST YEAR, NIGERIANS WERE BEMOANING THE ECONOMIC RECESSION, POWER FAILURE, UNEMPLOYMENT, SPIRAL INFLATION. TODAY THE PROBLEMS ARE MORE

236 persons including some social workers and members of the Red Cross and para-medical personnel were killed after the Nigerian Air Force aircraft allegedly accidentally bombed the internally displaced persons, (IDPs), camp in Rann, headquarters of Kala Balge Local Government Area of Borno State. Till date, most Nigerians are still labouring to understand how the air force mistook the IDPs camp for a Boko a Haram camp and accidentally bombed it. Prior to the bombing, foodstuffs and relief materials meant for the IDPs were reportedly stolen. So, the IDPs camp is enmeshed in one calamity after another: from stealing the foodstuffs meant for them to their bombed to death. Then the blood of the Christian martyrs of Southern Kaduna is still crying out for justice. Circulating on WhatsApp is the chilling photographs of the charred bodies of the massacred Christians there with the caption: “Nigerian Christians burnt alive…Share please. I know it is awful to see but if they didn’t share it people would not believe what happened.…” I have just finished listening to the first-hand eyewitness narrative of how the Fulani herdsmen murdered uncountable citizens in the 22 communities of Southern Kaduna. The narrator is convinced that the killings were sponsored because the killers were fully armed with sophisticated weapons. He says that the killers kill mostly at night; that they operate from nearby hills well known to the security operatives; that after every night operation the killers would retreat and hide in the hills; that security operatives simply refused to stop the killings on the ground that they had not received any orders from above to stop the killings. The narrator also said that even when the youths from the villages gathered and decided to repel the aggression with crude instruments the security operatives came out and thwarted their effort. Now, the paradox is that on January 20 the same security operatives who refused to stop the Fulani herdsmen from killing some indigenes of Southern Kaduna swung into action and killed and wounded some members of the Indigenous People of Biafra (IPOB) who had staged a pro-Trump peaceful rally in Port Harcourt. One may ask, what is wrong with holding a pro-Trump peaceful rally? If the right to peaceful assembly and right to freedom of thoughts are guaranteed in our 1999 Constitution, why shoot and kill defenceless civilians holding a peaceful rally? It was in the midst of these bloodlettings that President Buhari went for a medical vacation abroad. A few days after his departure, rumuors were rife that he was dead. But President Buhari is alive. How can anybody be spreading rumours that he is dead? Nobody should wish our President death. Having said this, President Buhari and his handlers should be reminded again that Nigeria under his administration has so badly deteriorated that most Nigerians foresee nothing but a bleak future for themselves and their families. Being a president of a country is not an end in itself: it is only a means to achieving the real end. The elimination of avoidable human miseries and sorrows is an end which challenges the Buhari government to re-position itself for a more purposeful and rewarding governance.

WOLE SOYINKA, EL-RUFAI AND SOUTHERN KADUNA (1) Saheed Ahmad Rufai argues that the Southern Kaduna crisis is everything, but religious

igeria’s highly revered Nobel Laureate in Literature, Prof. Wole Soyinka erroneously characterised the Southern Kaduna crisis as religious in orientation and I got incredibly perturbed! Similarly was I perturbed by the performance so far – in connection with the crisis- of the intellectually endowed technocrat who currently governs Kaduna State, Mallam Nasir el-Rufai. A scholar owes it a duty to his country, state or community, the subjection to an illuminating light of any deliberately distorted, whimsically manipulated or inaccurately articulated facts or figures of national interest especially where the inaccuracies involved have the potential to set a relatively peaceful geopolitical entity on fire. I hasten to state that the duo rank high in my estimation that their names feature prominently on the list of my champions! I blissfully identify myself as a full-time fan of the pride of the African Continent, Wole Soyinka! As regards El-Rufai, I publicly underscored to him face-to-face, while moderating a national discourse where he was guest speaker at the University of Lagos Auditorium in 2014, the need for him to return to the academic world where, I reckoned, he truly belongs owing to his impressive academic record. Nigerians and citizens of various countries of the world woke up on Friday, January 13, 2017 assailed with both local and foreign media reports on Prof. Wole Soyinka’s proposal of the taming of religion to prevent it from killing Nigeria. “If we don’t tame religion, it’ll kill Nigeria”, our revered Laureate was reported to have stated. He advanced a lengthy justification for the destructive nature of religion which may not be of direct relevance to this discourse. What concerns the present article bowever is his statement that, “In this very nation, in Southern Kaduna, 800 souls were brutally extinguished

suddenly while the issue of grazing land versus farming is unquestionably part of the conflict. It is equally undeniable that religious differences have played crucial role in the conflict”. Prof. Soyinka added that, the Kaduna State Governor admitted sending funds to those who were responsible for the killing, saying “What astonished me was not the admission by the governor but the astonishment of others at such governmental response to atrocity. There was nothing new about it. Has appeasement to religious forces not become a Nigerian face of justice and equity; first lethargy and then appeasement? Wasn’t Boko Haram’s Muhammed Yusuf a beneficiary of appeasement in a similar fashion?” Soyinka remarked. The crisis which my hero defined as “religious” and likened to Boko Haramism has been put in a different perspective by the Punch Editorial of Thursday, January 26, 2017 in the following words: “Fulani herdsmen, enslaved to centuries-old nomadic pastoralism and confronted with desertification in the upper parts of the Sahel and Savannah, moved southwards to other parts of the country to graze their livestock. The problem is that the owners of the land are farmers, settled in villages and towns in the North-Central and Southern regions. Cattle, goats and sheep destroy crops and farmland. Since the Fulani bizarrely believe that all land is theirs, clashes inevitably occur”…According to the National Emergency Management Agency (NEMA) 204 persons have died in recent violence in Southern Kaduna, which is populated by minority ethnic nationalities….” Threats of retaliation rent the air and voices ominously urging the faithful to “defend themselves” are issuing forth from Christian community once remarkable for preaching “turning the other cheek.” Rival threats and narratives also come from Fulani and Northern groups that belie the occasional calls for peace from those camps. It

should be noted that the accuracy of this perspective has been put to question in a number of interventions on the crisis chief among them being the piece entitled “Understanding the Southern Kaduna Crisis” (Thisday January 4, 2017) by Uba Sani who is the political adviser to the Governor of Kaduna State. The heart of Sani’s argument was expectedly that his principal was quoted out of context concerning his alleged compensation of the herdsmen. I venture to engage critically here the implications of the perspective and counter-perspective, drawing on the growing but sophisticated scholarship of ethnic and security studies. Any uncritical reading of religious terrorism into communal clashes and ethnic violence may further heighten tension and should therefore be systematically corrected without delay, in the interest of national security, without necessarily distorting any salient fact or suppressing a bitter truth. Will it be rational to characterise the Palestinian/Israeli conflict which was unarguably politically motivated, as religious in nature all because the Palestinians are pre-dominantly Muslim and the Israelis, preponderantly Jews? Will it also be accurate to associate with religion the attacks and counterattacks that were recorded and the numerous attempts by insurgents to rebel against Great Britain during the breakdown of colonial rule, as the modern state of Israel were being negotiated? Palestinian Zionists, the Yishuv, launched a decisive insurgency in the late 1940s which led to the bombing of buildings, and paved way for bloody conflicts as violence erupted incessantly before the imposition of martial law by the British in Tel Aviv. Will it be correct to associate such clashes with “religious forces”? It may also be pertinent to illustrate with the experience of Native American ethnic communities in North America during the American Indian Wars. Munroe and Mugaddam describe the wars

which lasted from 1865 and 1891 as a slow process of minor battles between westward moving Whites (predominantly American citizens of European descent) and Native American Indians defending their territory. Native Americans in the late 1800s witnessed a threat to their way of life as White soldiers and traders were ruthlessly killing buffalo herds that supported Native Americans and also encroached upon the territory occupied by Native Americans and the encounter between the two communities or native groups culminated in a bloody armed conflict. Yet no notable scholar, analyst or researcher read religion into the deadly attacks - which also involved herdsmen - that Native Americans launched on American Whites for it was politically motivated violence intended to imbue feelings of terror and instil some sense of insecurity as a tactic to demanding a cessation of injustice. Communal clashes, insurgencies and counterinsurgencies of similar nature recorded in Kenya, Malaya, the Middle East, Ireland and various other parts of the world at the end of British colonial rule were never given a religious colouring. Of particular importance to this line of argument is the fact that the operations of the Irish Republican Army which, according to J. Bowyer Bell in his submission barely two decades ago, “was generally made up of devout North Irish Catholic Nationalists, were not tagged in any credible source in literature as armed struggle by “religious forces”. Heusmann and Heusmann have noted that sometimes analysts fail to resist the temptation to infer that violence is motivated by religion without even examining the nature or root causes of the violence involved. It should be known to any careful observer or conscious analyst that the two sides of a conflict (or each party or people on each side) belong to different religious persuasions. Dr Rufai is Acting Dean, Faculty of Education, Sokoto State University

T H I S D AY Ëž Ë&#x153; ÍŻË&#x153; Í°ÍŽÍŻÍľ

EDITORIAL SOUTHERN KADUNA: A PLEA FOR PEACE Government must protect and secure the people

hile the sectarian violence in Southern Kaduna which has pitched one group against another and has led to the death and displacement of thousands of people is very unfortunate, we cannot but reiterate our earlier conviction that it is essentially a product of the collapse of the political consensus that has for decades held this nation together. However, it is gratifying that the northern traditional rulers and political leaders would meet, as they did last week, in the bid to ďŹ nding solution to the crisis. Against the background that there are usually challenges in the process of integrating members of any society into a cohesive social whole, what confronts us in Nigeria today is also not particularly peculiar. But we need honest leadership to be able to confront our demons. On the current situation in Southern Kaduna, we must appeal to our religious leaders to rise above themselves by preachTHE FACT THAT PEOPLE ing peace rather than DIE AND NIGERIANS MOVE hate. As we have also ON UNPERTURBED IS noted several times FAST DEPICTING US AS on this page, reprisal A PEOPLE WHO PLACE attacks do not resolve LITTLE PREMIUM ON any violence, they only exacerbate the spiral of HUMAN LIVES blood-letting. Rather than allow the merchants of terror to further polarise and set us against ourselves, we need to see through and reject their murderous antics. Last week, the Sultan of Sokoto led top traditional rulers across the 19 states to meet with governors in the region over the continuing violence in Southern Kaduna. In his remark, Governor of Borno State and chair of the Northern Governors Forum, Alhaji Kashim Shettima spoke to the deďŹ ning issues in the region. â&#x20AC;&#x153;Our core challenges in the North today revolve around intolerance, absence of peaceful coexistence,

Letters to the Editor

poverty, illiteracy and lack of unity,â&#x20AC;? he said while expressing conďŹ dence that the meeting was more than able to provide solutions to those problems. Other colleagues also echoed his words but the challenge is in walking all the talk now that the meeting is over. The Kaduna State Governor, Mallam Nasir elRufai, has disclosed that no fewer than 20,000 people have lost their lives in the Southern Kaduna crises since 1980. Yet, according to him, nobody has been held accountable for the tragedy that has become a perennial affair. That indeed is very telling against the background that both the federal and the state governments have, at different times, established judicial commissions and administrative panels of enquiry to investigate the crises.

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WHO WANTS PRESIDENT BUHARI DEAD?

n the last few days orchestrated news had been awash our dailies and electronic media about the uncertainty surrounding the life of the number one citizen in the country. The social media indulges in the touted fake death of President Muhammadu Buhari. Indeed, many of the reactions look and sound stupid, and one begins to wonder what type of nation we are. In a sane clime, if any compatriot is sick or endangered, his neighbours, country men and the whole nation feel for him or her, talk less of their president. Perhaps people have forgotten that the president is a mortal like every other person. Late President Umaru Yarâ&#x20AC;&#x2122;Adua had long made that clear that the president of a nation can be sick, can eat and walk like other citizens. Why then the hoopla about PMBâ&#x20AC;&#x2122;s sickness or no sickness? The mischief ought not to have been given attention at all against the background that the president announced to the whole world about his 10-day trip to United Kingdom for holiday and that while there he would visit his physician. That information, I think is enough for Nigerians. It is after the expiration of his annual leave that questions can be asked about their presidentâ&#x20AC;&#x2122;s health and indeed his whereabouts. Civilised democracies of the world celebrate their president and would not disparage him, less wishing him dead.

o the pertinent questions remain: What are the ďŹ ndings and recommendations of those committees? What actions have been taken on the reports? The fact that people die and Nigerians move on unperturbed is fast depicting us as a people who place little premium on human lives. When this becomes a way of life, those who kill would want to recreate the scenes more often almost like any addict who goes on the high by reliving his addiction. That today is the tragedy of Southern Kaduna as it is with other theatres of violence that dot our national landscape. While we exhort Nigerians not to give in to inciting statements that are on the increase, we also call on the federal government to show more seriousness in confronting this dangerous national security threat. The people of Southern Kaduna should be protected so they can feel secure enough to continue with their normal lives. It is trite to say that it is the duty of government at all levels to create the enabling environment that would give the citizenry a true sense of belonging and faith in the assertion that this country belongs to all of its peoples, irrespective of ethnic origin or religion. However, the greater challenge lies with the Nigerian people who must understand that our diversity is our strength.

Nigerians should keep in mind that the present administration came to rescue the ship of the nation that was on the brink of crashing into the ocean. Buhari with his team breezed in with great vision and mission to liberate the citizens from the fangs of the vampires who had constituted themselves into milking the commonwealth of Nigerians dry. Since the inception of President Buhariâ&#x20AC;&#x2122;s administration, business as usual has stopped, no free money for good for nothing leaders and their errand boys. The era of throwing the nationâ&#x20AC;&#x2122;s wealth to worthless and phantom projects is over. President Buhari has tightened the loose end and plugged the leaking pipes of the nationâ&#x20AC;&#x2122;s treasury. A good example is the Treasury Single Account (TSA) for Federal Ministries and Parastatals. This method has saved several billions of naira which hitherto often went to individual pockets. Those who were behind such iniquities against their fatherland have been barred. They are bitter, disoriented and angry about the novel ideas and ideals of President Buhari and his team which has frustrated their evil plan to continue to be reaping where they did not sow. Expectedly, such people are bound to fight back, and in doing so, they employ all sorts of evil methods to blackmail the government. They are the mischief makers who are orchestrating the presidentâ&#x20AC;&#x2122;s demise. Hajiya Hauwa Bagu, Abuja

THE GAMBIA AND THE WORLD

arely has an event competed for spotlight with the American presidential inaugurals. Even with the highfalutin renditions of Mr Donald Trumpâ&#x20AC;&#x2122;s inauguration ceremony, mainstream media houses like the CNN, BBC, NBC, etc., made out time to tell the world the developing events in the Republic of The Gambia. Just as the streams of the inauguration were posted on the Internet as well as transmitted live on the television, so were events in the Gambian capital, Banju. In the latter case, the country was on the verge of war â&#x20AC;&#x201D;a war for the salvation of democracy. â&#x20AC;&#x153;We will shoot back if they [Gambian soldiers] shoot us. Our aim is to depose Yahya Jammeh and not to fight them,â&#x20AC;? the commander of ECOWAS forces told BBC as his troops headed for the Gambian capital. The intervention came as a result of the failure of the countryâ&#x20AC;&#x2122;s long time leader, Yayah Jammeh, who was defeated in the Gambian presidential poll of December 9, 2016, to quit office. Jammeh earlier conceded defeat but went on, in a dramatic volte-face, to reject the results of the election, claiming electoral fraud. West African leaders weighed in, but Jammeh in the spirit of

African â&#x20AC;&#x153;strongman,â&#x20AC;? remained adamant. But when he smelt the acrid smell of gunboat, he bowed out shamefully. It was a victory for democracy and that of the Gambian people â&#x20AC;&#x201D; their docility not withstanding. And a moral debt for the West African leaders that nipped the crisis in the bud. But it will amount to political hypocrisy for a leader that fought for the course of democracy abroad to come back home and suppress or continue to suppress it. Among the West African leaders that participated in the resolution of the Gambian political crisis was the Nigerian president, Muhammadu Buhari, who will soon be two years in the saddle. There is a maxim that â&#x20AC;&#x153;he who comes to equity must come with clean hands.â&#x20AC;? President Buhari went to Gambia with dirty hands and that is why I agree with Governor Fayose when he said: â&#x20AC;&#x153;A man like Buhari under whose free, fair and credible elections no longer exist lacks moral rights to preach obedience to democratic principles to anyone.â&#x20AC;? That said, the West African leaders deserve our plaudits for resolving the crisis without bloodshed; but that should accompany their resolve to entrench democracy in their countries.

Asikason Jonathan, Enugwu-Ukwu, Anambra State

WEDNESDAY, ͯ˜ ͺ͸͹͵ ˾ T H I S D AY

RIVERS IJAW PEOPLES’ FORUM 1 Worlu Street, By Olu Obasanjo Road, Port Harcourt, Rivers State

AN OPEN LETTER TO RIVERS IJAW PEOPLE and COMMENDATION OF GOVERNOR NYESOM EZENWO WIKE, CON Dear Brothers and Sisters, Sincere greetings from the Rivers Ijaw People's Forum We recall that on Sunday 25th January, 2015, a meeting of the Rivers Ijaw People was convened under the Chairmanship of Chief Ferdinand Alabraba in Port Harcourt, culminating in the historic RIVERS IJAW PEOPLE'S SUMMIT with the Theme “Co-operation For Transformation”, held at the Aztech Arcum Events Centre on Stadium Road, Port Harcourt on 17th March, 2015. That historic gathering of Rivers Ijaw People endorsed the candidature of Chief Nyesom Ezenwo Wike, CON, for the 2015 gubernatorial elections in Rivers State on the platform of the People's Democratic Party (PDP). Thereafter, with the massive support of Rivers people and residents, Chief Nyesom Ezenwo Wike, CON, won the elections at the polls. As Governor, he has given Rivers people purposeful leadership and also endeared himself to the people in many ways.  Exemplified good governance by ensuring that the Judiciary takes its pride of place, the Legislature performs its statutory functions while the Executive executes laudable and people-oriented programmes and projects.  Made significant progress in restoring peace and security in the State as attested by various national and international conferences and meetings in the State, thereby enhancing investment and tourism potentials of the State.  Executed various educational, health, road and other infrastructural projects in all the Local Government Areas of the State.  Observed state character and inclusiveness in political and other appointments. All these and more vindicate the Rivers Ijaw People for their historic endorsement of Governor Wike's candidature. We are also proud to note that these successes were achieved despite spirited attempts by detractors to subvert the will of the th people. The last re-run elections of 10 December, 2016 in Rivers State evidenced the most recent attempt to subjugate the people of the State through an invasion of the State by clearly partisan security agencies under the guise of ensuring peaceful conduct of elections. What a shame for our democracy. We thank our Rivers Ijaw brothers and sisters and, indeed, the entire Rivers people for standing up to the patriotic duty of defending our votes.

The Rivers Ijaw People's Forum has every cause to commend our Governor, Chief Nyesom Ezenwo Wike, CON, for his sterling performance and hereby reaffirms its unreserved support for the Rivers State Government under his inspirational leadership. Finally, we pray God Almighty to continue to strengthen, protect and guide our Governor in his exemplary service to the people of Rivers State. Long live Rivers Ijaw People Long live Rivers People Long live the Federal Republic of Nigeria

Ë¾ WEDNESDAY, FEBRUARY 1, 2017

THE SENATE

FEDERAL REPUBLIC OF NIGERIA COMMITTEE ON POVERTY ALLEVIATION AND SOCIAL WELFARE

INVITATION TO A PUBLIC HEARING ON CONSTITUENCIES DEVELOPMENT CATALYST FUND (ESTABLISHMENT, ETC) BILL, 2017 (SB. 103) The Senate Committee on Poverty Alleviation and Social Welfare in collaboration with Policy and Legal Advocacy Centre (PLAC), with support from the British Department for International Development (DFID) wishes to invite the general public to the above scheduled public hearing to hold as follows: Date: Monday, 6th February 2017 Time: 10:00am Prompt Venue: Senate Conference Hall 022 (Senate New Building) Special Guest of Honour SEN. (DR.) BUKOLA SARAKI, CON President of the Senate

For your comments, input and observations, you may send Ten (10) hard copies and a soft copy of your submission to the Committee secretariat on or before Friday, 3rd February, 2017, in Room 4.7 (Fourth Floor) Senate Wing, White House. To view a copy of the Bill, visit www.nass.gov.ng or www.placbillstrack.org For enquiries, contact the Committee Secretariat on: 08033140159 Signed: SEN. MALAM ALI WAKILI, mni Committee Chairman

Supported by:

T H I S D AY ˾ WEDNESDAY,JFEBRUARY 1, 2017

MIDWEEKPOLITICS

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

THE NEWSMAKER

Bello’s Scorecard

Yekini Jimoh writes that one year into GovernorYahaya Bello’s administration in Kogi State, the Confluence State has started witnessing various developmental strides

We at the helm of affairs of the 21 local government areas have concluded that as the governor marks his one year in ofﬁce, we therefore reassure our visionary governor of our maximum support for his grass root development initiatives

Bello...moving Kogi forward

istory was made about a year ago when the present Governor of Kogi State, Alhaji Yahaya Bello was elected as the fourth executive governor of the state. His emergence followed the sudden death of the late governorship candidate of All Progressive Congress (APC), Prince Abubakar Audu who was already winning the election. Governor Bello, who came second during the party’s governorship primary election was automatically picked as a replacement for the late Audu. Since when he assumed leadership by chance on January 27, 2016, the governor has been making efforts to advance development across the three senatorial districts of the state in spite of the nation’s current economic challenges, which have drastically dwindled the state’s revenue. One major step the governor took immediately he came on board was to embark on workers screening both at the state and local government levels, so as to ascertain

the actual number of workers in the state. During the exercise, it was discovered that Kogi State Government loses over N1.4billion monthly to ghost workers. It was also discovered that many people earn salary while residing outside the state. Today, the governor has been able to curtail the situation. Lokoja, the state capital is now wearing a new look as the state government embarked on renovation of failed township roads and remodeling of outdated roundabouts. Streetlights in Lokoja were changed to solar powered models to reduce costs of maintenance and electricity and improve the aesthetics of the capital city. Presently, ongoing projects spread across the state in the last one year include 15 road construction projects, 17 motorised rural water schemes and about 10 electricity projects to connect hitherto un-served communities to national grid. The administration has also constructed a multimillion naira Kogi State Revenue House situated in Lokoja. In fact, history

was made when the governor invited the Sultan of Sokoto, Alhaji Sa’ad Abubakar to commission the project. In his speech, the Sultan called on Governor Bello to create job opportunities for the youths as he commended him for bringing the dividend of democracy to the people of the state. According to him, creating jobs for the youth is the best way to avoid youth restiveness, adding that creating more jobs for the youth will definitely solve most problems that societies normally face, especially robbery, cultism, prostitution and all that. According to the respectable monarch, the governor has demonstrated that he is committed to developing the state. He stressed that in the next two years the state will definitely witness more developments. He enjoined the people of Kogi State to rally support for Governor Bello, pointing out that the only way the governor can succeed is when he gets the support of his people. As part of activities marking his one year anniversary, in the last one week alone,

Governor Bello has been to Kogi East, Kogi West and Kogi Central senatorial districts to flag off various projects put in place to improve the standard of living of the citizenry. A chieftain of the All Progressive Congress (APC) in Kogi State, Hajia Mariam Salihu Ibrahim, in a chat with THISDAY, said the governor has been doing his best to move the state forward. According to her, it is time for the people to come together and move the state forward. She therefore urged the people to give their maximum support to the administration to enable it remove all the clogs that had been hindering the development of Kogi State. Mariam noted that the commissioning of the Kogi State Revenue House constructed by the governor is a testimony that the Bello-led administration will better the lot of the people of the state. The prominent female politician however enjoined the civil servants in the state to exercise patience with Governor Bello, assuring them that after the conclusion of the staff screening exercise and payment are made, every worker in the state would have the cause to appreciate the new direction of government. Also speaking with THISDAY, the administrator of Adavi local government council, Hon. Ajoge Enesi Abu commended Governor Bello for embarking on various projects across the state. He also expressed optimism that in the next two years all the projects the government is embarking on now will be ready for commissioning to the admiration of the people. “The governor has kept faith with his promise to give special attention to rural development and bring good governance closer to our people. “We at the helm of affairs of the 21 local government areas have concluded that as the governor marks his one year in office, we therefore reassure our visionary governor of our maximum support for his grass root development initiatives. “The onus is therefore on the people to continue to give his administration the needed support to sustain the current tempo of governance and take Kogi State to the next level in it the face of economic and other challenges”, Abu urged.

T H I S D AY ˾ WEDNESDAY,JFEBRUARY 1, 2017

POLITICS&ISSUES

MIDWEEKPOLITICS

‘Pat on the Back’ for Lawbreakers With about 180 million people, Nigeria is ironically considered the country with the lowest prison inmates in the world relative to population, giving it the unﬂattering reputation of a nation where lawbreakers seldom go to jail, writes Davidson Iriekpen

or anyone who had read the data released recently by the National Bureau of Statistics (NBS), there is certainly a lot to ponder given that the country was presented as a place where people hardly go to jail despite the brazen lawlessness and atrocities that stare one in the face, literarily. The statistical agency in its release put the overall prison population in Nigeria at 62, 260 inmates. It added that a total of 45, 158 inmates, representing about 80 per cent of the prison population countrywide were awaiting trial. The report further indicated that Lagos State recorded the highest prison population in the country with 6, 522 inmates, while Kano and Rivers recorded population of 4, 082 and 4, 054 respectively in 2015. In addition, Lagos also recorded the highest number of awaiting trial inmates at 5, 603 in 2015 out of a prison population of 6, 522. This was followed by Rivers and Edo with 3, 625 and 2, 434 awaiting trial inmates respectively for the period under review. According to a report on the number of awaiting trial inmates and overall prison population by state and year (2011-2015), which was released by the statistical agency, Yobe and Borno States recorded the least numbers of awaiting trial detainees of 163 and 216 out of a prison population of 562 and 603 respectively. The total number of awaiting trial inmates in the six geo-political zones was recorded at 45, 158 inmates by 2015. The South-south region accounted for the highest un-sentenced prisoners at 11, 073 inmates followed by the South-west which recorded 10, 687 and South-east at 7, 946 inmates. Others are North-west which accounted for 7, 050 un-sentenced detainees; North-central, 4, 798 and North-east, 3, 604 inmates. It did not take long for analysts to voice their observations once the report was made public. The common verdict was that Nigeria’s prison population is largely disproportionate to its about 180 million population. Their submission is that if the country has a total of 62, 260 inmates in prisons and 45, 158 are awaiting trial, only about 17, 200 have actually been convicted by the courts as those awaiting trial cannot be considered convicted and could indeed be set free by the courts or via other means. NBS’ figures were corroborated by the Centre for Crisis Communication (CCC) which in a report disclosed that over 80 per cent of Nigerians in prison custody were awaiting trial, while inmates whose cases had been concluded and convicted for various offence comprised a mere 20 percent. With a total of 240 holding facilities comprising maximum, medium security prisons, satellite prisons, borstal institutions for juveniles, farm centres, open prison camp and female prison being operated by the Nigerian Prisons Service (NPS), the country’s huge population figure coupled with the rather high incidence of corruption, lawlessness, financial fraud and other forms of criminality, make the figure a definitely confounding one for many analysts who see Nigeria as a country where people do not go to jail. For instance, South Africa with a population of 56 million, has a prison population of 162, 000, the United States with a population of 323 million, has a prison population of 2, 194, 000. While Brazil has a population of about 211 million people and 372, 000 prison inmates, the United Kingdom has a population of 66 million and prison inmates figure of about 89, 000. From these figures, analysts believe that Nigeria with much higher crimes, is grossly under-prison populated. To them, even a 300, 000 figure will not suffice given the pervasiveness of crime in the country, plus the fact that the streets teem with individuals who should ordinarily be locked up. Another damning finding is the quality of

Acting Chief Justice of Nigeria, Justice Walter Onnoghen

those in detention. While they are mostly miscreants randomly arrested by law enforcement agents and arraigned for trumped up charges, the rich often tends to escape justice via technical loopholes or outright undermining of the system. For instance, from 2007 to date, security and anti-graft agency in the country have arraigned no less than 50 high-profile public officers and personalities but has yet to secure conviction against them. Since the figures were released by the NBS, many analysts find it curious how a country with so much impunity, lawlessness and fraud would have just 17, 000 people in prison when other countries with lower crime rates have thousands of people in prison.

Another damning finding is the quality of those in detention. While they are mostly miscreants randomly arrested by law enforcement agents and arraigned for trumped up charges, the rich often tends to escape justice via technical loopholes or outright undermining of the system. For instance, from 2007 to date, security and anti-graft agency in the country have arraigned no less than 50 highprofile public officers and personalities but has yet to secure conviction against them

The reason may not be hard to figure out. Though there is no dearth of laws in the country, what many believe is lacking range from diligent prosecution to political will to move against powerful and influential people who contravene the law. They wonder why people who commit murder, manslaughter, robbery, steal public funds, and those who commit financial and corporate fraud are allowed to freely walk the streets when they are supposed to be behind bars. It was against this background that Nigerians were jolted when an Osun State High Court in Osogbo recently sentenced a 31-year-old man, Kelvin Igha Igbodalo, to 45 years imprisonment for stealing a Sony Ericson mobile phone. Igbodalo, who was arraigned on a six-count charge of conspiracy, obtaining by false pretence, stealing, impersonation and advance free fraud, pleaded guilty. Justice Jide Falola sentenced Igbodalo to 10 years in prison for each of the first three charges and five years each for the last three counts. But a former Assistant Director in the federal civil service, Mr. John Yakubu Yusufu who admitted to being part of those who stole N32 billion was practically allowed to go free. The sentencing of Yusufu which was the first conviction in an elaborate scam that came to light in 2012 involved several top officials, offices and banks. The convict was tried on a 20-count charge alongside Atiku Abubakar Kigo (Permanent Secretary), Ahmed Inuwa Wada (Director), Veronica Onyegbula (Cashier) and Sani Habila Zira (ICT Officer). His sentencing came after he pleaded guilty to betraying trust and fraudulently converting N2 billion of police pension funds to private use. He admitted to the 19th and 20th offences relating specifically to him, each involving betrayal of trust and the conversion of N1bn apiece. But to the consternation of Nigerians, the trial judge, Justice Abubakar Talba, handed the convict a mere sentence of six years in jail and an option of N750, 000 which he promptly paid to avoid going to jail.

To further buttress how hard it is to go to jail in the country, while Nigerians are still waiting for justice to be served five years after Cynthia Osokogu was raped and killed by Facebook friends, the British criminal justice system last put Nigeria to shame. In just six weeks, six men who committed a similar offence in Britain were tried and jailed. The gang that groomed teenage girls on Facebook before raping them in attacks in Coventry have been jailed for a total of 44-and-a-half years today. The five men, who are all from the city, plied their victims with alcohol and drugs before the attacks in 2015 and 2016. Waqaar Khan, Marcus Woolcock, Kadeem Bourne, Keenan Kelly and Zahid Chaudhary were found guilty of a total of 18 offences just before last Christmas. The men were found guilty of charges including sexual assault and human trafficking following a six-week trial at Warwick Crown Court. Khan, 24, and 23-year-old Bourne, were found guilty of two counts of trafficking and three of rape, with Bourne also guilty of sexual assault. Chaudhary, 20, was found guilty of trafficking. The youngest in the group, 18-year-old Kelly, was convicted of two rapes, one sexual assault and one count of trafficking. However, in Nigeria, 24-year-old Cynthia, the only daughter of General Frank Osokogu (rtd), was murdered on July 22, 2012, at Cosmilla Hotel, Lakeview Estate, Festac Town, in Lagos by her Facebook lover and friends. Her body was found in a Lagos morgue a month after she was declared missing by her family. She was a post-graduate student who had a boutique in Nasarawa State until her death. Police detectives led by the then Area Commander of Festac, Mr. Dan Okoro, were celebrated nationally and internationally when they cracked the case quickly with the aid of technology and arrested four suspects – Okwumo Nwabufo, 33; Olisaeloka Ezike, 23; Orji Osita, 33; and Ezike Nonso, 25. The suspects were charged to court on a six-count charge of conspiracy, murder, stealing, recklessness, negligence and possession of stolen goods. The murder trial began on February 8, 2013, with the state calling the hotel’s receptionist as the first witness. When the trial resumed on January 12, 2017, Justice Olabisi Akinlade of the Lagos High Court sitting at Igbosere reportedly complained about lawyers using delay tactics. Akinlade had frowned at the delay by the second defendant’s counsel, A. Nwachukwu, in filing his final written address. Reacting to the NBS report, public affairs analyst, Peter Ahonsi, said he did not find the figure surprising. “I was not surprised with the figures released by the NBS. Why do you think this country is not making progress? The simple reason is that those who are supposed to be in prison are the ones either calling the shots or making decisions on our behalf. It is unfortunate. For as long as this continues, development will continue to elude us.” While corroborating Ahonsi’s views, a Lagos-based lawyer, Ademola Kolawole, described Nigeria as a country of jokers. He said until influential persons such as ex-governors, ministers, managing directors of banks are put in prison for various offences, the country will never develop. “The figure by the NBS did not surprise me. It is what I have always known. Nigeria is a country of jokers. People who should have been locked away are the ones ruling us. Have you ever seen any governor, minister, bank MD (managing director) in jail in this country? Until this happens, nobody will sit up.” To these analysts, the old saying about the wheels of justice grinding slow but exceedingly fine is hardly reassuring; they would rather it rotates swiftly so society’s known villains do not always have the last laugh at the expense of the masses.

WEDNESDAY, FEBRUARY 1, 2017, ˾ T H I S D AY

FEATURES

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

Ambode's Massive Infrastructure Plan Lagos State Governor, Mr. Akinwunmi Ambode, at the first Quarterly Town Hall Meeting for 2017, unfolded an ambitious infrastructure plan for the state. Peter Uzoho reports

hen Governor Akinwunmi Ambode of Lagos State announced plans by his administration in 2016 to construct 114 roads in all the 57 local councils and Local Council Development Areas (LCDAs) in the state simultaneously in six months, many applauded the vision behind the plan but expressed reservation over the successful implementation. The reservation, to a large extent, could be justified based on the fact that the plan was not only unprecedented in the history of the country, but very many lofty programmes and policies usually end up as white elephant projects. But Ambode proved pundits wrong and delivered the roads in 2016, a development which brought succour to residents in terms of ease of vehicular movement and improvement in business activities within the communities across the state. During the announcement, Ambode had also promised that the 114 roads would be a yearly ritual in all the councils in the state to ensure that dividends of democracy are extended to the communities. But in a bid to consolidate on that massive infrastructural drive, Ambode again at the first Quarterly Town Hall Meeting for 2017 held at the Ajelogo Housing Scheme, Akanimodo, Mile 12, Ketu, announced his readiness to increase the number of the roads from 114 to 181, while the process for the award of the contract commenced last week. By the ‘Operation 114 Roads’ the State Government, through the Local Government Areas and Local Council Development Areas as well as the Community Development Associations (CDAs), selected two roads in each of the 57 councils for rehabilitation simultaneously, while according to the latest plan, some of the councils will now have more than two roads, especially in areas where there is need to fix other adjourning roads to a major road to improve on the road network. Speaking at the first Quarterly Town Hall Meeting for 2017, the sixth in the series, held at the Ajelogo Housing Scheme, Ajelogo Market Road, Akanimodo, Mile 12, Ambode explained the rationale behind the idea to scale up the road improvement effort, especially going by the fact that he had received many requests from residents on road construction and rehabilitation. Even during the interactive session at the Town Hall Meeting, many of the requests

Speaking at the ﬁrst Quarterly Town Hall Meeting for 2017, the sixth in the series, held at the Ajelogo Housing Scheme, Ajelogo Market Road, Akanimodo, Mile 12, Ambode explained the rationale behind the idea to scale up the road improvement effort, especially going by the fact that he had received many requests from residents on road construction and rehabilitation

Ambode delivering his speech during the 1st Quarterly 2017 Town Hall Meeting held at the Ajelogo Housing Scheme, Akanimodo, Mile 12, Ketu, Lagos. With him are Oba of Lagos, Oba Rilwan Akiolu I (left) and Senator Gbenga Ashafa (right)…recently

Ambode (middle), with his Deputy, Dr. (Mrs.) Oluranti Adebule (left) and Oba of Lagos, Oba Rilwan Akiolu I (right). during the 1st Quarterly 2017 Town Hall Meeting held at the Ajelogo Housing Scheme, Akanimodo, Mile 12, Ketu, Lagos

were majorly on roads owing to the success of the 114 roads delivered in September 2016, a development which made the Ambode to ensure that the roads captured for 2017 are key roads that would have economic impact on the people living in that axis, hence the increase to 181 roads. “I want to pronounce here that you should watch out next week in the newspapers, we are advertising 181 roads which would be done in all our local governments. “What we have found out is that if we decided to continue with two, some of those roads are not linking each other to the main road, so most

likely you would see that if we are supposed to do some roads in some local governments, it would only make economic sense if there is a linkage. So you would see in the advert that some local governments would have like three, some would have four roads, but the average is 181 and if you divide that by 57, that would be a minimum of three roads from each local governments,” Ambode said. The Governor said that the choice of the roads to be constructed had been made by the local governments in conjunction with the engineers, assuring that before the end of the year when the roads would be delivered, the people would

be better for it. Giving his account of stewardship in the last quarter, Ambode said the choice of Akanimodo, Mile 12 as venue for the meeting was to show that the axis has not been left behind in the developmental progress ongoing in the state, saying he had come to listen to the needs of the people and where government intervention was in dire need. He said in the last quarter, his administration kicked off its ‘Rent-To-Own and Rental Housing Policy’ aimed at providing affordable units across the three Senatorial Districts, disclosing that there are 4,355 housing units available with

WEDNESDAY, FEBRUARY 1, 2017, ˾ T H I S D AY

FEATURES

over 500 applicants prequalified so far even as allocation had commenced. On the agricultural sector, Ambode said his administration was already looking to build on the first fruits of its partnership with Kebbi State Government with the launch of Lake Rice in December 2016, adding that in the current quarter, the government would embark on the rehabilitation of the Oko-Oba Abattoir and Lairage Complex, Agege in line with the promise to increase meat production output, develop the red meat value chain and restructure the complex for improved operations. On road infrastructure, Ambode said several initiatives aimed at improving transportation within the metropolis, including Marwa/ Depot Road, Ijegun-Egba in Amuwo Odofin, 500 metres-long Imeke-Ajido Bridge in Badagry, Adisa Ajibulu in Oshodi, Adisa Balogun-Igboho Street, Alapere in Kosofe Local Government as well as the signalisation and junction improvement along the Lekki-Epe Expressway. Ambode also said that the Neighbourhood Safety Corps would become operational in the current quarter with the recruitment of 5,700 personnel, while 100 would be deployed to each of the local government to complement the efforts of other security agencies in policing the state. Expressing optimism that 2017 holds great expectations for Lagos, especially as the state gets set to mark its landmark Golden Jubilee on May 27, Ambode said his administration would continue with its urban regeneration initiatives by building new infrastructure and maintaining existing ones. He listed some of the key projects to be done to include Agric-Isawo-Arepo Road in Ikorodu, Ajelogo–Akanimodo Road Rehabilitation, Oshodi to Murtala Mohammed Airport Road, Ketu-Alapere Inner Roads Phase II, Oke Oso–Araga–Poka in Epe, Topo Garage to VIP Chalet in Badagry, Ladipo Market Road and Multilayer Car Park , Mushin and establishment of Bus Terminals and depots in Yaba, Ikeja, Oyingbo, Anthony, Ketu and Toll Gate, while more beneficiaries will receive funding from the N25 billion Employment Trust Fund in January. “As we continue the task of ensuring good governance in our dear state, I am confident that 2017 will bring succour and new opportunities that will foster prosperity for Lagos State and all its residents. Our party, the APC, remains focused on making Lagos the progressive sign post for all. I thank all our party leaders and members for their loyalty and support,” he said. At questions and answers time, which was the main idea behind the town hall meeting, people had the opportunity to talk directly to the Governor on areas and issues that should be attended to. One after the other, residents took turn to ask questions on issues bordering them, ranging from the need to provide more roads, health centres, schools, among others. A resident, Chief R.O. Ajayi had fired the first set of questions where he inundated the Governor with barrage of infrastructural development requests for Agboyi community and environs including construction of roads, link bridges, pedestrian bridge, rehabilitation and return of Ajegunle Junior High School, among others. Another resident, Olumide Folami drew the attention of the Governor to flooding in Princess Bola Kazeem area, as well as the need for government to construct schools and health centre in the area. On his part, Dr. Pascal Edomime urged the Governor to come to the aid of residents of Irawo whom he said had built their road to about 70 per cent completion state through communal effort, while Yeye Dupe Ojo from Mile 12 talked about the need for government to fix Kujore Street, Quadri-Anibaba Road, as well as provide secondary school for Agiliti and Maidan communities. Alhaja Dalemo Olukoga, the Community Development Committee (CDC) Chairperson for Ikorodu West and Prince Ladega Ibrahim Olukoga also talked about the need to provide health centre and secondary school for Ikorodu West, new market on available land space at Fola Ahmed Street, fixing of the Itoikin Road and transformation of the Agboyi-Ketu community. Oba of Lagos, Oba Rilwan Akiolu, in his remarks, urged the Governor to give priority to the construction of Adeniji-Adele Road and ensure the construction of other roads that deserve utmost attention in Lagos Island. He also urged the Governor to improve the standard of markets in the area to enviable standards, while urging total reconstruction of

Ambode (left), with Party Chieftains, Chief Olorunfunmi Bashorun (2nd left) and others, during the 1st Quarterly 2017 Town Hall meeting held at the Ajelogo Housing Scheme, Akanimodo, Mile 12, Ketu, Lagos

Ambode (2nd right), with Senator Gbenga Ashafa (right); Deputy Governor, Dr. (Mrs.) Oluranti Adebule (left) and Leader, Hausa Community, Ketu, Alhaji Jubril Mogaji (2nd left), during the 1st Quarterly 2017 Town Hall meeting held at the Ajelogo Housing Scheme, Akanimodo, Mile 12, Ketu, Lagos

R-L: Ambode; Party Chieftains, Alhaji Bushira Alebiosu; Prince Tajudeen Olusi; Senator Anthony Adefuye and Chief (Mrs) Kemi Nelson, during the 1st Quarterly 2017 Town Hall Meeting held at the Ajelogo Housing Scheme, Akanimodo, Mile 12, Ketu, Lagos

non-approved and unauthorised buildings already built within major markets in Lagos Island. Akiolu further urged Lagosians to continue to cooperate with and support the present administration as well as desist from any form of clandestine meetings that may undermine the progress of Governor Ambode’s administration. Responding to questions that bordered on security, Lagos State Commissioner of Police, Mr. Fatai Owoseni, said with the continued support of the State Government, the Command increased the number of personnel in Ketu-Epe Police Post from two to seventy to effectively combat kidnapping and other crimes in Agbowa, Itoikin and environs,

as well as transformed the hitherto abandoned Iyun Police Post to anti-kidnapping unit, while two gun boats were moved to Ejirin. Owoseni, however, urged traditional rulers and community elders to caution their subjects especially the youths on the need to be law abiding, shun all forms of criminal activities, and only be engaged in lawful means of livelihood. While responding to questions raised on provision of health centres, Special Adviser to Governor Ambode on Primary Health Care, Dr. Femi Onanuga said at the moment, the government has 288 Primary Health Centres (PHCs) across the state with plans to construct

As we continue the task of ensuring good governance in our dear state, I am conﬁdent that 2017 will bring succour and new opportunities that will foster prosperity for Lagos State and all its residents. Our party, the APC, remains focused on making Lagos the progressive sign post for all. I thank all our party leaders and members for their loyalty and support another two as well as starting renovation work on 35 PHCs. Onanuga said government has also perfected plans to equip 35 PHCs with another two, while the total number of PHCs in the state would be increased to 290, adding that Ambode has approved that PHCs, from now onwards, should offer 24 hours service as against the former eight hours service. He also disclosed that a public spirited Lagosian has already donated a PHC worth N70 million to government along Agbelekale-Aboru axis. Also speaking, Commissioner for the Environment, Dr. Babatunde Adejare, said the Cleaner Lagos Initiative (CLI) of the present administration would be implemented and a total of 40, 000 people would be employed starting from June 2017. The Governor, who took down notes during the interactive session, gave instant answers to some questions, while he directed the affected ministries and agencies of government to intervene in areas requiring intervention. For instance, the Governor directed that a stakeholder’s meeting should be convened on the issue of Ilaje Road in Bariga raised by one Elder Omoniyi owing to the fact that the road was narrow and some houses would have to give way for the construction. On Irawo Road, Ambode ordered the Public Works Corporation to move to site within seven days and complete the project to appreciate the communal effort of the people, while promising to look into all the issues raised by residents. Speaking on the sidelines of the town hall meeting, a member of the Lagos State House of Assembly representing Kosofe II, Tunde Buraimoh and Prince Rotimi Agunsoye representing Kosofe Federal Constituency in the House of Representatives, commended the idea behind the meeting, saying that it was important for the government and the governed to meet and decide on issue of governance. “There is no gainsaying that without any equivocation, without mincing words, I say categorically, emphatically without any fear of correction and contradiction that Governor Akinwunmi Ambode is God-sent to Lagos. He is fantastic, he is someone who is even a noiseless engine. He is not the type that will use N1, 000 to do a project and use N10, 000 on publicity. The Governor is doing what he was supposed to do as matter of routine and achievement in governance has become a routine in Lagos. “The Governor is not cosmetic; he does not do propaganda but yet every corner, every locality in Lagos is now a construction site from Oshodi to Alimosho to Epe to Kosofe. I say kudos to him,” Agunloye said. There is no doubt that town hall meetings, which have been consistent under the watch of Ambode have brought government nearer to the people; they have also made government officials to be more accountable. And aside the fact that the state is warming up to commemorate its landmark Golden Jubilee Anniversary on May 27, there is huge optimism and excitement in the air that Governor Ambode’s track record of delivering on his campaign promises would yet again become evident on the long list of capital projects on his itinerary within the next 11 months.

IMAGES

L-R: National Chairman, Anti-Corruption Awareness Organization of Nigeria (ACAON), Alhaji Kola Adeyemi; Chairman, Restructuring Committee, Dr. Nnice Duzey and National Administrator, Nnakebe Dominic, during ACAON National Conference in Oyo town, Oyo State.recently

L-R: Indomie Customer Relations Manager, Alhaji Auwal Kabir; Kaduna State Governor, Mallam Nasiru El-Rufai; and General Manager Indomie, Mr. Girish Sharma during the presentation of cartons of INDOMIE to the governor in support of Internally Displaced People in the state... recently

Coordinator, Ojutaye Village, Surulere North Local Government Area, Oyo State, Alhaji Ganiyu Adeleke( left ) and Group Managing Director, Natnudo Foods, Dr. Ayoola Oduntan, during the commissioning of a water project in Ojutaye, Ogbomoso, Oyo state...recently

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

L-R: Lagos State Commissioner for Establishments, Training and Pensions, Dr. Akintola Benson Oke; Director, Training, OďŹ&#x192;ce of Establishments and Training, Mr. Ayodeji Aruna and the Executive Director, Proswiftcare Trainers, Dr. Niran Fafowora, during the opeinig of a 3-day Training, tagged; Teaching in the age of Communicationsâ&#x20AC;&#x2122; Technology,, by the Lagos State government in Lagoa......recently kola olasupo

L-R: Business Operations & Finance Manager, OLX, Goodluck Ikporo; General Manager, LASTMA,, Olawale Musa; Brand Marketing Manager, OLX, FIfemayo Aiyesimoju, and; Head of Research LASTMA, Isaac Adetimiro during OLX courtesy visit to Lagos State TraďŹ&#x192;c Management Authority in Lagos...recently

L-R: Chairman House Of Reps Committee on Pension, Adamu Shekarau, Chairman House of Reps Committee on Appropriation, Bala Dawaki and DG Pencom, Chinelo Anohu-Amazu tt an Interactive Workshop Organised by Pencom for House Committee Members on Pension in Abuja....recently

L-R; Executive Director, Business Development of First City Monument Bank (FCMB), Mr. Adam Nuru; Emir of Kano, His Royal Highness Alhaji Muhammed Sanusi II; Regional Head, Abuja & North of FCMB, Mr. Mustapha Lukman; Zonal Head, Kano West of the Bank, Mr. Abdulahi Mainasara and Zonal Co-ordinator, North West of Nigerian Export Promotion Council (NEPC), Alhaji Abdullahi Mamman, during the Customer Forum on Export Trade and Financial Inclusion organised by FCMB in collaboration with NEPC in Kano state...recently

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BUSINESSWORLD

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

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Quick Takes Ecobank Engages Fleet Operators

Ecobank Nigeria said it recently enlisted the services of three ďŹ&#x201A;eet management companies to handle its transport services on â&#x20AC;&#x2DC;Pay-as-You-Goâ&#x20AC;&#x2122; basis for its Lagos operations. The companies included Uber, AA Rescue, and Car4U. Under the new arrangement, the bank said it concessioned its pool car services and its erstwhile outsourced drivers numbering about 300 are taking possession of the cars. This, according to a statement from the bank was part of its commitment to empower the drivers. â&#x20AC;&#x153;The drivers have also been given the option of either joining the ďŹ&#x201A;eet management companies or utilising their newly acquired vehicles as they desire. Relevant training programmes in partnership with the National Union of Banks, Insurance and Financial Institutions Employees(NUBIFIE)havefurtherbeenorganisedforallthedriversto eďŹ&#x20AC;ectively support the transition of the drivers to entrepreneurship. â&#x20AC;&#x153;The bank in line with its commitment to ensuring transparency and fairness, fully engaged the umbrella Union of the drivers, NUBIFIE, and negotiated and agreed the foregoing terms,â&#x20AC;? it added. The statement explained that the measure would enable the drivers become entrepreneurs. â&#x20AC;&#x153;The drivers have applauded the initiative of the bank in providing them with cars and enabling them. The initiative also allows experts in ďŹ&#x201A;eet management handle the Bankâ&#x20AC;&#x2122;s transport operations while the Bank focuses on core banking,â&#x20AC;? it stated.

IFAD Seeks Investments in Small Farmers

BOOSTING EMPLOYMENT

L-R: Executive Secretary, Lagos State Employment Trust Fund (LSETF), Mr. Akintunde Oyebode; Governor Akinwunmi Ambode of Lagos State; Chairman, LSETF Mrs. Ifueko Omoigui-Okauru and LSETF Board Member, Mr. Dele Martins, during the cheque presentation ceremony to the beneďŹ ciaries of the loan scheme by LSETF in Lagosâ&#x20AC;Śrecently kolawole alli

More Firms Eye Commercial Paper Funding, Market Attracts N240bn Goddy Egene Strong indications have emerged that more companies will go for commercial papers (CPs) to meet their short term funding needs following rising investorsâ&#x20AC;&#x2122; interest in the short term instruments. CPs are unsecured promissory notes with a fixed maturity of about nine months issued by companies to raise money to meet short term finance obligations. The notes are backed by the promise of the issuers to repay based on certain agreed terms. The once active CP market had its average monthly outstanding value dip from N1trillion in 2008 to N9.8 billion in 2013 due to an unprecedented

ECONOMY lull. However, FMDQ OTC Securities Exchange, a Securities and Exchange Commission (SEC)-licensed platform for over-the-counter (OTC) trading of fixed income securities, got the approval of the Central Bank of Nigeria (CBN) to revive the CP market. Since then it has become active again with financial institutions and other corporate bodies raising short term funds from the CP market. So far companies have raised over N239.985 billion via CPs. And a securities dealer on the FMDQ OTC Securities Exchange told THISDAY on Monday that more companies are eying CPs

to fund their short term financial needs. â&#x20AC;&#x153;More corporate are getting interested in CPs because of the quick time to market for short- term instruments enabled by FMDQâ&#x20AC;&#x2122;s efficient listings and quotations process. Also, issuers accessing CP market for short term funding are doing so at a relatively competitive interest rate. Most especially, there have been an increased investor interest in short-term instruments,â&#x20AC;? the dealer said. Some of the firms that have patronised the CPs market are: Stanbic IBTC Bank Plc, Wema Bank Plc, Nigerian Breweries Plc, Guinness Nigeria Plc, Access Bank Plc, FSDH Merchant Bank Limited, Ecobank Nigeria Limited, and UACN Property

Development Company Plc. Commenting on the CP market, Managing Director/Chief Executive Officer of FMDQ, Mr. Bola Onadele.Koko had said the platform had brought an unprecedented transparency, governance and integrity. â&#x20AC;&#x153;The benefits of transparency and governance offered by FMDQ around its CP quotation process and post issuance of the CPs cannot be over-emphasised as they directly impact, not just the issuers, but investors and the market regulators,â&#x20AC;? he said. According to him, FMDQ has developed a Quoted Commercial Papers Status Report (QCSR) which gives the status of all CPs quoted from live CPs to Continued on page 24

Wâ&#x20AC;&#x2122;Bank: Improving Governance Key to Ensuring Equitable Growth Obinna Chima A new World Bank policy report has urged developing countries and international development agencies to rethink their approach to governance, as a key to overcoming challenges related to security, growth, and equity. The 2017 World Development Report titled: â&#x20AC;&#x153;Governance and the Law,â&#x20AC;? that was released on Monday, explored how unequal distribution of power in a society interferes with policiesâ&#x20AC;&#x2122; effectiveness. Power

ECONOMY asymmetries helped explain, for example, why model anticorruption laws and agencies often fail to curb corruption; why decentralisation does not always improve municipal services; or why well-crafted fiscal policies may not reduce volatility and generate long-term savings. The report noted that when policies and technical solutions fail to achieve intended outcomes, institutions often take the blame. However,

it found that countries and donors need to think more broadly to improve governance so that policies succeed. It defined better governance as the process through which state and non-state groups interact to design and implement policies, working within a set of formal and informal rules that are shaped by power. â&#x20AC;&#x153;As demand for effective service delivery, good infrastructure, and fair institutions continues to rise, it is vital that governments use scarce resources as efficiently and

transparently as possible,â&#x20AC;? World Bank Group President Jim Yong Kim said. â&#x20AC;&#x153;This means harnessing private sector expertise, working closely with civil society, and redoubling our efforts in the fight against corruption. Without better governance, our goals of ending extreme poverty and boosting shared prosperity will be out of reach.â&#x20AC;? The report looked at country examples, including state building in Somalia, antiContinued on page 24

Investing in the resilience of smallholder farmers is more important than ever if we are to maintain the food security gains. That was the message, the president of the International Fund for Agricultural Development (IFAD), Kanayo F. Nwanze took to the Presidents of Mozambique and Malawi on his visit to the two countries, from 30 January to 1 February and from February 1 to 3, respectively. Climate change is eroding the gains that the countries of east and southern Africa, including Mozambique and Malawi, had made in poverty reduction and food security. Rural populations, particularly smallholder farmers, women and young people are the most aďŹ&#x20AC;ected. â&#x20AC;&#x153;Investing in the resilience of small family farms is investing in the resilience of food systems, the resilience of communities, and the strength of nations,â&#x20AC;? Nwanze said. â&#x20AC;&#x153;In this era of climate change, the shocks that poor rural people face are multiplying. At IFAD, we work to improve the ability of poor rural people to manage a growing set of risks in a rapidly changing world,â&#x20AC;? Nwanze added. In Mozambique, Nwanze was expected to meet with President Filipe Jacinto Nyusi and key oďŹ&#x192;cials, including the Ministers of Foreign AďŹ&#x20AC;airs and Cooperation; Economy and Finance; Agriculture and Food Security; as well as the Governor of the Central Bank of Mozambique and representatives of development partners working in Mozambique.

Insurance Magnate Unveils Youth Awards

An Insurance magnate, Chief Felix Amadi, has announced the endowment of a non-political and not- for- proďŹ t organisation, Whekubi Foundation. The foundation has thus set up a community youth awards, the Enyiogugu Model Youth Awards, aimed at celebrating youths that exhibit good character and honest enterprise, in Enyiogugu in Aboh Mbaise Local Government Area of Imo State.Amadi, who disclosed this at his 60th birthday celebration, held in the community, explained that the foundationâ&#x20AC;&#x2122;s focus is on identifying and encouraging youth, whose character and industry stimulate and promote higher ideals among their peers and set positive standards for younger generations to follow. The Insurance chief stated that while the principle of the foundation will revolve around A Greater Tomorrow philosophy, its activities will also be geared towards intellectualism and humanitarianism. While stressing the need for privileged Nigerians to always cater for the interest of the less privileged, in the society, especially the youths, Amadi noted that the teeming youth population in the country must be empowered so as to be useful to the society.

â&#x20AC;&#x153;If we do not act now or if we do not act quickly, we may find our economy needlessly mired in a hopeless situation where the citizenry might not witness an increase in income per capita (living standards) for six to eight yearsâ&#x20AC;? Chairman, Stanbic IBTC Holdings Plc

Atedo Peterside

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BUSINESSWORLD MORE FIRMS EYE COMMERCIAL PAPER FUNDING, MARKET ATTRACTS N240BN matured CPs. â&#x20AC;&#x153;Information provided include, among others, rolled-over CPs, failed attempted roll-over CPs, matured CPs with default and matured & paid CPs. A wealth of information is available on FMDQâ&#x20AC;&#x2122;s website on all CPs quoted on the Exchange, ranging from issuer, value, issuer rating, information memorandum to issuer CP quotation history,â&#x20AC;? he said. He explained that information provided by this report would allow investors perform their independent risk assessments of any issuer/issue and also allow regulators monitor effectively, the activities of their supervisees. Wâ&#x20AC;&#x2122;BANK: IMPROVING GOVERNANCE KEY TO ENSURING EQUITABLE GROWTH corruption efforts in Nigeria, growth challenges in China, and slums and exclusion in Indiaâ&#x20AC;&#x2122;s cities. It identified three winning ingredients of effective policies: commitment, coordination, and cooperation. As three core functions to produce better governance outcomes, institutions need to: Bolster commitment to policies in the face of changing circumstances. This would help, for example, in cases where decision makers spend windfall revenues instead of saving them for the future, or when leaders renege on peacebuilding agreements in the absence of binding enforcement. In addition, it noted that there was need enhance coordination to change expectations and elicit social desirable actions by all. Challenges occur in many contexts, from finance to industrial clusters and urban planning. â&#x20AC;&#x153;Financial stability, for example, relies on beliefs about credibility. Just consider how despite the rationale for leaving their money in the bank during times of distress, the public may rush to withdraw their deposits if they believe that others will too â&#x20AC;&#x201C; ultimately causing the banks to lose liquidity and crash,â&#x20AC;? it stated.

NEWS

â&#x20AC;&#x2DC;Civil Unrestâ&#x20AC;&#x2122; in Nigeria, Others Slash Chevronâ&#x20AC;&#x2122;s Q4 2016 Net Income to $415m Ejiofor Alike Chevron Corporationâ&#x20AC;&#x2122;s net income for fourth quarter 2016 dropped to $415 million, compared with a loss of $588 million in the 2015 fourth quarter as a result of the effects of what the company called civil unrest in Nigeria, coupled with normal field declines and the impact of asset sales. In the companyâ&#x20AC;&#x2122;s fourth quarter results released at the weekend, Chevron noted that all the production increases from its major capital projects were offset by the effects of the civil unrest in Nigeria, normal field declines, and the impact of asset sales. The report said production increases from â&#x20AC;&#x153;major capital projects, shale and tight properties, and base business were more than offset by normal field declines, the impact of asset sales, the Partitioned Zone shut-in, the effects of civil unrest in Nigeria and planned turnaround activityâ&#x20AC;?. According to the results, full-year 2016 results were a loss of $497 million, compared with earnings of $4.6 billion in 2015, while sales and other operating revenues in fourth quarter 2016 were $30 billion, compared to $28 billion in the year-ago period. â&#x20AC;&#x153;Our 2016 earnings reflect the low oil and gas prices we saw during the year,â&#x20AC;? said Chairman and CEO John Watson. â&#x20AC;&#x153;We responded aggressively to those conditions, cutting capital and operating expenses by $14 billion. We are well positioned to improve earnings and be cash flow balanced in

As Umana woos investors with incentives 2017 through continued tight spending and cost control and additional revenue from expected production growth. That confidence enabled us to increase the 2016 annual dividend payout for the 29th consecutive year. We were able to reach noteworthy milestones in 2016 on major capital projects,â&#x20AC;? Watson explained.

â&#x20AC;&#x153;We achieved first gas and cargo shipments at our Gorgon Project in Australia, first gas at our Chuandongbei Project in China, and increased production from our Permian Basin shale and tight oil properties. In addition, we announced the final investment decision on the Future Growth and Wellhead Pressure Management Project

at the companyâ&#x20AC;&#x2122;s 50 percentowned affiliate, Tengizchevroil, in Kazakhstan,â&#x20AC;? Watson added. Watson commented that the company added approximately 900 million barrels of net oilequivalent proved reserves in 2016. These additions, which are subject to final reviews, equate to approximately 95 percent of net oil-equivalent production for

the year. The largest additions were from the Future Growth Project at Tengizchevroil, the Permian Basin in the United States and the Wheatstone Project in Australia. The company will provide additional details relating to 2016 reserve additions in its Annual Report on Form 10-K scheduled for filing with the SEC on February 23, 2017.

COURTESY VISIT

L-R: Director, Membership Services, Chartered Institute of Bankers of Nigeria (CIBN), Mr. Segun Shonubi; Head, Banking, CIBN, Ekiti chapter, Mr. Ayo Ajayi Odekunle; Deputy Governor, Ekiti, Dr. Kolapo Olusola; President/Chairman of Council, CIBN, Prof. Segun Ajibola; Accountant General/Permanent Secretary, Ekiti, Mrs. O.O. Owolabi; and Permanent Secretary, Deputy Governorâ&#x20AC;&#x2122;s OďŹ&#x192;ce, Mr. Sunday Komolafe, during a courtesy visit by the institute to the state...recently

House Câ&#x20AC;&#x2122;tee Tasks BoI on Entrepreneurship Devt Damilola Oyedele in Abuja The House of Representatives Adhoc Committee on the activities of Development Finance Institutions (DFI) has urged the Bank of Industry (BoI) to make concerted efforts to boost entrepreneurship, which would have a positive impact on national economy. This is as the bank stated that it is not opposed to the proposed establishment of the Development Bank of Nigeria.

The Chairman of the Commitee, Hon. Emeka Anohu, at the continuation of hearing into the activities of the DFIs, noted that the organisations were established to stimulate the economy, and it is therefore necessary to ascertain to what extent they have executed this mandate. He lamented that some of the DFIs set unnecessary hurdles before applicants for entrepreneurship loans, a development which has stalled the growth of the sector.

Anohu directed all the DFIs at the hearing to submit details of beneficiaries of their intervention facilities. The acting Managing Director (MD), Mr. Waheed Olagunju in his submission, said the bank has about 97 percent of its loans performing. He added that the proposed bank would be a boost to the sector as DFIs would be able to access funds for their various intervention projects. Olagunju told the committee that the role of DFIs cannot be

taken over by commercial banks as DFIs work to minimise risks for entrepreneurs and investors. â&#x20AC;&#x153;It is BoIâ&#x20AC;&#x2122;s mandate to support projects in high priority areas by paying lots of attention to game changing projects. We have been able to invest about N1 trillion since 2001 in addition to managing the N500b Power and Airline Intervention Fund (PAIF) set up in 2009 on behalf of the Central Bank of Nigeria (CBN). Also, from the N4b approved for Micro Finance

banks, we have been able to disburse N3.1b till date,â&#x20AC;? he said. Olagunju revealed that the bank is about to conclude work on a $100m solar power project with facility from the African Development Bank (AfDB). â&#x20AC;&#x153;A pilot project would commence in the six geo-political zones before going national with six export-based companies already shortlisted for part of the loan facility,â&#x20AC;? he added. The hearing continues Wednesday.

NAMA, Air Peace,Trade Blames over Flight Return from Enugu Airport Damilola Oyedele in Abuja Group Business Editor

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Officials of the Nigerian Airspace Management Agency (NAMA) and management of Air Peace Airlines are trading blame over the circumstances that led to the return to Lagos of an Enugu bound aircraft. On December 22, 2016, a 737 aircraft operated by the Air Peace was forced to return to Lagos at about 11.30pm while enroute Enugu International Airport following the closure of the Control Tower. This was despite that the airline had applied for four hours extension from the closing hour of 7pm. Speaking before the House of Representatives Committee

on Aviation, Air Peace Chief Operating Officer, Oluwatoyin Olajide said the airline had first applied for three hours extension, but applied for an extra hour, to allow the inbound flight land, discharge its passengers, and then depart for Abuja. She added that while the extension was till 11pm, the aircraft started up at the domestic airport in Lagos at 10.45pm and taxied to the international airport before taking off at 11.15pm. The committee was told that the Enugu airport tower however closed at 11.08pm even though the inbound aircraft had started up in Lagos. â&#x20AC;&#x153;The aircraft was already

enroute when the tower was threatening to close. Our Manager at Enugu appealed to them, even followed them to the car park, but they told her unless we get permission from their boss. At that point, we had to communicate to the crew to return to Lagos,â&#x20AC;? she said. Olajide added that the airline experienced several challenges during the festive season, particularly harmattan haze and unavailability of aviation fuel resulting in several delays. The Managing Director of NAMA, Captain Fola Akinkuotu however said the airline had the responsibility to ensure it operated within the extended hours granted.

â&#x20AC;&#x153;What could have happened is that the airline did not make necessary request for further extension. This was not the first time extension is being granted,â&#x20AC;? he said. He added that Air Peace Manager at Enugu airport who made the request for the initial four hours, should have asked for more time. Several members of the committee however disagreed with the position of NAMA. The Chairman, Hon. Nkeiruka Onyejeocha queried why an airport, designated as an international airport, would close at 7pm. She also wondered why the tower, which closed at 11.08 pm could not simply wait for

the aircraft expected to land at 11.30pm, since the aircraft was already airborne. Hon. Boma Goodhead (Rivers PDP) said the challenges which the airlines were experiencing at the time, should have been considered by the air traffic controllers, and other airport staff. â&#x20AC;&#x153;Even the passengers would suffer anxiety, having reached their destination, probably they were delayed in the first instance, then they were returned to Lagos,â&#x20AC;? she said. Speaking in the same vein, Hon. Abdulrahman Shuaibu (Adamawa APC) said there ought to be better communication between the government agencies and airlines.

T H I S D AY ˾ ˜ ͯ˜ Ͱͮͯ͵

BUSINESSWORLD

NEWS

OGFZA Unveils 4-year Roadmap to Grow Investment by 80% Ejiofor Alike The Oil and Gas Free Zones Authority (OGFZA) has rounded off a two-day intensive management retreat with the adoption of a roadmap to guide its operations for the next four years. The roadmap revolves around OGFZA’s vision to be the premier agency of government to attract investments into Nigeria through the oil and gas free zones. This coming as the Managing Director of OGFZA, Mr Umana Okon Umana has restated the federal government’s maximum support to all investors in the country’s oil and gas free zones, citing a regime of attractive package of incentives, including 75 per cent import duty rebate, 100 per cent foreign ownership, as well as 100 per cent repatriation of profit and dividends, as some of the incentives for the investors. One of the key goals of the roadmap, according to the re-

treat resolution, is to achieve 80 per cent increase in investment inflow to the country through the oil and gas free zones. Guided by OGFZA’s mission statement to facilitate investment inflow for the optimal benefits of all stakeholders in the free zones, the retreat resolved that all work processes in OGFZA would be automated to optimise performance, and equally agreed a standard operating procedure to enhance job performance efficiency. Anchored on the theme, “Enhancing service delivery in the Oil and Gas Free Zones in Nigeria,” the retreat also agreed on a six-point set of values that furnishes the right organisational culture for OGFZA. The new culture orientation binds the management and staff of OGFZA to live by the creed of integrity, passion for their job, transparency and accountability, creativity, professionalism and respect (for self, clients, time, etc).

In a speech to bring the retreat to a close, Umana said, “With a roadmap drawn up and core values agreed to provide the right culture orientation to drive operations at OGFZA, we can now engage investors and operators in the oil and gas free zones in a manner that facilitates the achievement of our mandate.” Umana stressed that the new work ethics in the agency would emphasise performance, reward exceptional contribution and accept no excuses for failure. Also speaking during official visit to Indorama and Brawal offices in Onne, Rivers State, Umana commended Indorama and Brawal for their show of strong confidence in the nation’s economy and pledged to create the enabling environment for Brawal, a free zone developer, and Indorama, a free zone investor, to optimize return on their investments.

Ikeja Electric Unveils ‘Journey to Sustainability Report’ Ejiofor Alike Ikeja Electricity Distribution Company has unveiled its first ever sustainability report titled “Building A CustomerCentric Business-Our Journey to Sustainability,” highlighting its post-privatisation progress recorded in 2015. The document, which was unveiled recently in line with global best practices, outlines important milestones in the journey of the company from November 1, 2013 when the company was officially handed over to New Electricity Distribution Company (NEDC), the preferred bidders, by the Bureau of Public Enterprises (BPE) as part of the Federal Government’s power sector privatisation programme. Speaking on the report, the acting Chief Executive Officer of Ikeja Electric, Mr. Anthony

Youdeowei said it highlighted the progress the company has made post-privatisation as well as its plans to ensure sustainable growth for the benefit of IE’s customers and stakeholders. “In spite of the challenging operating and economic environment IE operates within, we have steadily progressed in our vision of ‘Bringing energy to life’ through strategic human, material, technology and financial investments thereby improving our efficiency and effectiveness in the distribution of power to our customers”. Developed using the Global Reporting Initiative (GRI) framework, the report provides the performance metrics for measuring the company’s financial and non-financial progress within the period under review. The report employs the GRI G4 “In Accordance” Option of the Sustainability Reporting

Guidelines and the supplement dedicated to the Electric Utilities sector issued in 2013. Youdeowei noted that though the document covers the period January to December 2015, it makes some historical reference to milestones from acquisition and also highlights initiatives that have shaped the successive years of the document. “The report is an honest assessment of operations, especially in the aspect of transforming the organization to a customer-centric business. At takeover, there were numerous service delivery gaps that had to be closed. In addition to other initiatives, we invested in a robust Customer Relationship Management (CRM) tool that enabled thecompany acquire customer data, capture customer complaints and monitor customer engagement progress, from initiation to resolution.

Philip Morris Drives Innovative Product to Replace Cigarettes Crusoe Osagie Philip Morris International (PMI) has re-affirmed its commitment to designing a smoke-free future. With more than one million adult smokers who have converted to IQOS, a new innovative smokeless products, momentum continues to grow behind the company’s full-scale effort to market smoke-free products that can ultimately replace cigarettes. PMI’s new website offers a look into its vision for the future, and how its new products can have a significant impact on adult smokers and society. “Adult smokers are looking for product choices that offer the satisfying taste, ritual, and pleasure they get from cigarettes, but with far lower amounts of

the harmful compounds found in smoke,” said Tony Snyder, PMI Vice President of Communications. “After more than ten years of research and development, today we have both the science and the technology to make these products a reality for the world’s 1.1 billion smokers.” IQOS is one of four smokefree products from PMI to address adult smoker demand and varying preferences. It is a heated tobacco product that was launched in late 2014 and is expected to be available in key cities in over 30 markets in 2017. Since 2008, PMI has hired over 400 scientists and experts and invested over USD 3 billion in research, product development and scientific substantiation.

Results of scientific research to assess the reduced-risk potential of IQOS are very promising, and the company openly shares its scientific methodologies and findings for independent thirdparty review and verification. In December 2016, PMI submitted a Modified Risk Tobacco Product Application (MRTPA) for IQOS to the U.S. Food and Drug Administration’s (FDA) Center for Tobacco Products. Snyder continued, “We’re optimistic about the future as we work to progressively transition PMI’s existing cigarette business to potentially less harmful alternatives. There is tremendous opportunity to positively impact public health with the availability of better choices than continued smoking, and we can’t do it alone.

ELEVATING TO THE NEXT LEVEL Marie-Therese Phido

Practicing “Wantedness”: Five Key Ways A few days ago on my way out, one of my clients called me sounding very worried and concerned. She was in the process of reviewing her business and sought to know how she could revamp the business and make her customers want her and not her competitors, because she operates in a highly competitive environment like we all do.

ÒÏ áËÝ ËÖÝÙ ÓØ ÞÒÏ Ïá ÏËÜ ×ÙÎÏ˜ áÒÏØ áÏ ËÖÖ ÍÒËÜÞ ÙßÜ ÚËÞÒÝ˜ àÓÝÓÙØ ËØÎ ÑÙËÖÝ ÐÙÜ ÞÒÏ ãÏËÜ˛ ÖÓÝÞÏØÏÎ ÞÙ ÒÏÜ ÚËÞÓÏØÞÖã ËØÎ ËÖÖÙáÏÎ ÒÏÜ ÞÙ ËÓÜ ÒÏÜ ÍÙØÍÏÜØÝ ËÌÙßÞ áÒËÞ ÒÏÜ ÍÒËÖÖÏØÑÏÝ áÏÜÏ˛ ʰÏÜ ÞÒÏ ÍÙØàÏÜÝËÞÓÙØ˜

ÍË×Ï ÞÙ Ë ÍÙØÍÖßÝÓÙØ ÙØ áÒËÞ ÞÒÙßÑÒÞ áËÝ áÜÙØÑ áÓÞÒ ÒÏÜ ÌßÝÓØÏÝÝ˜ ÌÏÍËßÝÏ ËÖÝÙ ÚËÞÜÙØÓäÏ ÒÏÜ ÝÏÜàÓÍÏÝ˛

Ø ÞÒÏ ÝË×Ï áÏÏÕ˜ ËØÙÞÒÏÜ ÍÖÓÏØÞ˜ ËÝÕÏÎ ×Ï˜ ˫ÒÙá ÎÙ ÑÏÞ ÍÖÓÏØÞÝ ÞÙ ÝÓÑØ ØÏá ÍÙØÞÜËÍÞÝ ÌÏÍËßÝÏ Ë× ËÖáËãÝ ÒËàÓØÑ ÞÙ ËʵÜËÍÞ ØÏá ÍßÝÞÙ×ÏÜÝ ÞÙ ×ã ÌßÝÓØÏÝÝˣ Òã ÎÙ ×ã ÍßÝÞÙ×ÏÜÝ ØÙÞ ÝÞËãˣ ÒËÞ Ë× ÎÙÓØÑ áÜÙØÑˣ Ùá ÖÙØÑ ÝÒÙßÖÎ ÓÞ ÞËÕÏ ÞÙ ÍÙØàÏÜÞˣ Ùá ÎÙ ÜÏÖËÞÏ áÓÞÒ ×ã ÍßÝÞÙ×ÏÜÝˣˬ ÒÏ ÛßÏÝÞÓÙØÝ áËÝ ÌÏÓØÑ ËÝÕÏÎ Ìã ÌÙÞÒ ÍÖÓÏØÞÝ áÏÜÏ ÝÓ×ÓÖËÜ˛ ÒÏã ÌÙÞÒ ßØÎÏÜÝÞÙÙÎ ÞÒËÞ ÞÒÏã ÒËÎ ÚÜÙÌÖÏ×Ý˜ ÌßÞ ÍÙßÖÎ ØÙÞ ÜÏËÎÓÖã ÓÎÏØÞÓÐã áÒËÞ ÞÒÏ ÚÜÙÌÖÏ×Ý áÏÜÏ˛ Þ áËÝ ÍÖÏËÜ ÞÙ ×Ï ÞÒËÞ ÞÒÏã ÒËÎ ÌÙÞÒ ØÙÞ ÑÜËÝÚÏÎ ÞÒÏ ÍÙØÍÏÚÞ ÙÐ ˫ ÖÓÏØÞ ÐÙÜ ÓÐÏˬ˛ ßÞ˜ áÏÜÏ ÞÜËØÝËÍÞÓÙØËÖ áÓÞÒ ÞÒÏÓÜ ÍÖÓÏØÞÝ ËØÎ áÏÜÏ ÐÙÍßÝÓØÑ ×ÙÜÏ ÙØ ØÏá ÍßÝÞÙ×ÏÜ ËÍÛßÓÝÓÞÓÙØ ÐÙÜ ÜÏàÏØßÏ ÑÜÙáÞÒ˛ ÒÏã ÌÙÞÒ ÚËÓÎ ×ÙÜÏ ËʵÏØÞÓÙØ ÞÙ ØÏá ÍßÝÞÙ×ÏÜÝ ËØÎ ØÏÑÖÏÍÞÏÎ ÞÒÏ ØÏÏÎÝ ÙÐ ÙÖÎ ÍßÝÞÙ×ÏÜÝ˛ ÒÓÝ ÍÙßÖÎ ËʵÏÝÞ ÞÙ˜ ÌÏÍËßÝÏ áËÝ Ë ÜÏÍÓÚÓÏØÞ ÙÐ ÚÙÙÜ ÝÏÜàÓÍÏ ÐÜÙ× ×ã ʨÜÝÞ ÍÖÓÏØÞ áÒÏØ ÌÏÍË×Ï Ë ÜÏÑßÖËÜ ÍßÝÞÙ×ÏÜ˛ ÒÏ ËÜÜÓÝ ØÞÏÜËÍÞÓàÏ ÜÏÝÏËÜÍÒ ˫ÝÒÙáÏÎ ÞÒËÞ ØÙÞ ÙØÖã ÓÝ ÓÞ ÝÓâ ÞÙ ÝÏàÏØ ÞÓ×ÏÝ ×ÙÜÏ ÏâÚÏØÝÓàÏ ÞÙ ËÍÛßÓÜÏ Ë ØÏá ÍßÝÞÙ×ÏÜ ÞÒËØ ÞÙ ÕÏÏÚ ËØ ÏâÓÝÞÓØÑ ÙØÏ˜ ÌßÞ ÞÒËÞ Ͷʹϱ ÙÐ ÍÙØÝß×ÏÜÝ áÓÖÖ ÚËã ×ÙÜÏ ÐÙÜ Ë ÌÏʵÏÜ ÏâÚÏÜÓÏØÍÏ˜ ËØÎ ãÏÞ ÙÜÑËØÓäËÞÓÙØÝ ÙØ ÞÒÏ áÒÙÖÏ ËÜÏ ÝÖÙá ÞÙ áËÕÏ ßÚ ÞÙ ÞÒÏ ÌÙʵÙ× ÖÓØÏ ÌÏØÏʨÞÝ ÙÐ ËʵÜËÍÞÓØÑ ÍßÝÞÙ×ÏÜÝ ÐÙÜ ÖÓÐÏ˜ ËØÎ ÏàÏØ ÝÖÙáÏÜ ÞÙ ËÖÖÙÍËÞÓØÑ ÞÒÏ ÜÏÝÙßÜÍÏÝ ØÏÍÏÝÝËÜã ÞÙ ÎÙ ÝÙ˛ˬ Òã áÓÖÖ ÙßÜ ÍßÝÞÙ×ÏÜÝ ÝÞËã áÓÞÒ ßÝ ÐÙÜ ÖÓÐÏˣ Ùá ÎÙ áÏ ÜÏÞËÓØ ÞÒÏ× ÐÙÜ ÖÓÐÏˣ ËàÏ áÏ ÜÏËÖÖã ËÝÕÏÎ áÒËÞ ÞÒÏã áËØÞ ËØÎ ÒÙá áÏ ÍËØ ÝÏÜàÏ ÞÒÏ×ˣ ÒËÞ ÞÒÏã ˫áËØÞˬ ÓÝ ÞÒÏ ÍÜßÍÓËÖ ÛßÏÝÞÓÙØ˛ Ùá ÎÙ ÙÜÑËØÓäËÞÓÙØÝ˜ ÓØ ÞÒÓÝ ÏÜË áÒÏÜÏ ÞÒÏã ËÜÏ ÌÏÓØÑ ÔßÎÑÏÎ ËØÎ ÏàËÖßËÞÏÎ ÙØ ÞÒÏ ØÏÏÎ ÞÙ ÚÜÙàÓÎÏ ÞÜËØÝÚËÜÏØÍã ËØÎ ÞÜßÝÞ ÓØ ÞÒÏÓÜ ÌÜËØÎÝ ÝÒÙá ÞÒËÞ ÞÒÏã áËØÞ ËÝ ÞÒÏÓÜ ÍßÝÞÙ×ÏÜ áÒÙ ÓÝ ØÙá ÓØ ÞÒÏ ÎÜÓàÏÜ˪Ý ÝÏËÞ ËØÎ ÎÏ×ËØÎÓØÑ ÞÙ ÕØÙá ˣ

Þ ÓÝ ÍÖÏËÜ ÞÒËÞ ×ã ÍÖÓÏØÞÝ áÒÙ áÏÜÏ ÍËÖÖÓØÑ ×Ï ÞÙ ÏâÚÜÏÝÝ ÞÒÏÓÜ ÍÙØÍÏÜØÝ ËÌÙßÞ ÞÒÏÓÜ ÑÜÙáÞÒ ÒËÎ ØÙÞ ÚÙØÎÏÜÏÎ ÙØ ØÙÜ ËØÝáÏÜÏÎ ÞÒÏ ÛßÏÝÞÓÙØÝ ËÌÙàÏ˛ ËØã ÌßÝÓØÏÝÝÏÝ ØÏÏÎ ÞÙ ÝÞËÜÞ ËØÝáÏÜÓØÑ ÞÒÏ ÛßÏÝÞÓÙØ˜ ˫ Òã áÓÖÖ ×ã ÍßÝÞÙ×ÏÜÝ áËØÞ ×Ï˛ˬ ÍÍÙÜÎÓØÑ ÞÙ ßØÎÏÜ×ËØ˜ áÒÙ ÍË×Ï ßÚ áÓÞÒ ÞÒÏ ØÏá ÍÙØÍÏÚÞ ÙÐ ˫ ËØÞÏÎØÏÝÝˬ˜ ØÙÞ ÞÒÏ ÎÓÍÞÓÙØËÜã ÎÏʨØÓÞÓÙØ˜ ÌßÞ ÎÏʨØÏÎ ÓØ ÞÏÜ×Ý ÙÐ ÌÜËØÎÝ ÝÒÙáÓØÑ ÞÒËÞ ÞÒÏã ÞÜßÖã ÍËÜÏ ÐÙÜ ÞÒÏÓÜ ÍßÝÞÙ×ÏÜÝ˛ ßØÎÏÜ×ËØ ÝËÓÎ ÞÒËÞ ˫ÞÙ ÝßÍÍÏÏÎ ÓØ ÞÙÎËã˪Ý ÏØàÓÜÙØ×ÏØÞ˜ ÌÜËØÎÝ ×ßÝÞ ËÎÙÚÞ Ë ØÏá ËÚÚÜÙËÍÒ ÞÙ ÍÙØÝß×ÏÜ ÏØÑËÑÏ×ÏØÞ˜ áÒÓÍÒ ÓÝ ÎÏʨØÏÎ ËÝ ˫ÞÒÏ ÎÏÑÜÏÏ ÞÙ áÒÓÍÒ Ë ÌÜËØÎ ÚÜÙàÏÝ ÞÒÏÓÜ ÍÙ××ÓÞ×ÏØÞ ÞÙ ÏËÜØÓØÑ Ë ÍßÝÞÙ×ÏÜ˪Ý ÌßÝÓØÏÝÝ ËÍÜÙÝÝ ÏàÏÜã ÞÙßÍÒ ÚÙÓØÞ ÞÒÜÙßÑÒÙßÞ ÞÒÏ ÏØÞÓÜÏ ÚËÞÒ ÙÐ ÚßÜÍÒËÝÏ˛ˬ ÙÞ ÝßÜÏ ÒËàÏ ÍÙ×Ï ËÍÜÙÝÝ ËØã ÌÜËØÎ ÓØ ÓÑÏÜÓË ÞÒËÞ ÞÜßÖã ÍËÜÏÝ ËÌÙßÞ ×Ï ËØÎ Ë× ÝßÜÏ Ë× ØÙÞ ÞÒÏ ÙØÖã ÙØÏ ÓØ ÞÒÓÝ ÍËÞÏÑÙÜã˛ ËÑÜÏÏ ÞÒËÞ ÙÜÑËØÓäËÞÓÙØÝ ÒËàÏ Ë ÌÙʵÙ×̋ÖÓØÏ ËØÎ ËÜÏ ÝÏÞ ßÚ ÞÙ ×ËÕÏ ÚÜÙʨÞ ÌßÞ˜ ÞÒÏã áÓÖÖ ÍÙØÞÓØßÏ ÞÙ ÑÓàÏ ÞÒÏÓÜ ÍßÝÞÙ×ÏÜÝ ËØÎ ×Ï Ë ÜÏËÝÙØ ÞÙ ÝáÓÞÍÒ ÏËÝÓÖã ÌÏÍËßÝÏ ×ËØã ÒËàÏ ØÙÞ ÝÒÙáØ ÞÒËÞ ÞÒÏã ÜÏËÖÖã ÍËÜÏ˛ ßØÎÏÜ×ËØ áÏØÞ ÙØ ÞÙ ÝËã ÞÒËÞ ˫ÞÜËÎÓÞÓÙØËÖÖã ×ËÜÕÏÞÏÜÝ ÒËàÏ ÚÜÓ×ËÜÓÖã ÐÙÍßÝÏÎ ÙØ ÎÏàÏÖÙÚÓØÑ ÍÙØÝß×ÏÜ ÖÙãËÖÞã

ÞÙ ÞÒÏÓÜ ÌÜËØÎÝ˜ ÌßÞ ÎËÞË ØÙá ÝÒÙáÝ ÞÒËÞ brands need to demonstrate their commitment ÞÙ ÝÏÜàÓØÑ ÞÒÏ ÍÙØÝß×ÏÜ ËØÎ ÏâÍÏÏÎÓØÑ ÏâÚÏÍÞËÞÓÙØÝ ÏàÏÜã ÎËã˛ˬ ÏÏÚÓØÑ ÞÒÓÝ ÚÜÙ×ÓÝÏ ÓÝ ×ËÎÏ áÙÜÝÏ Ìã ÞÒÏ ËÍÍÏÝÝ ÍßÝÞÙ×ÏÜÝ ÒËàÏ ÞÙ ÞÒÏ ÌÏÝÞ ÙÐ ÏàÏÜãÞÒÓØÑ àÓË ÞÒÏÓÜ ×ÙÌÓÖÏÝ˜ áÒÓÍÒ ×ËÕÏ ÞÒÏ ÏØÞÓÞÖÏ×ÏØÞ ÝãØÎÜÙ×Ï áÙÜÝÏ ÌÏÍËßÝÏ ˫áÒÏØ ãÙß ÒËàÏ ÞÒËÞ ×ßÍÒ ÍÒÙÓÍÏ ãÙß ÏâÚÏÍÞ ×ÙÜÏ ÐÜÙ× ÏàÏÜãÙØÏ˛ˬ Ù ÝÞËÜÞ áÓÞÒ ÓØ ÚÜËÍÞÓÍÓØÑ ËØÞÏÎØÏÝÝ˜ áÏ ÒËàÏ ÞÙ ßØÖÏËÜØ ÒÙá áÏ ÒËàÏ ÞÜËÎÓÞÓÙØËÖÖã ËÚÚÜÙËÍÒÏÎ ÚÖËØØÓØÑ ËØÎ ÞËÜÑÏÞÓØÑ ËØÎ ÐÙÍßÝ ÙØ ÜÏËÖ ÚÏÙÚÖÏ˜ áÒÙ ÞÒÏã ËÜÏ ËØÎ ÒÙá ÞÒÏã ÐÏÏÖ˛ Ï ÒËàÏ ÞÙ ×ËÕÏ ÞÒÏ× ÐÏÏÖ ÎÏÝÓÜÏÎ ËØÎ ÝÚÏÍÓËÖ ËØÎ ÎÙ ÝÙ ÓÜÜÏÝÚÏÍÞÓàÏ ÙÐ áÒÏÞÒÏÜ áÏ ËÜÏ ÎÏËÖÓØÑ áÓÞÒ ÝÞËØÎËÖÙØÏ ÍßÝÞÙ×ÏÜÝ ÙÜ ÙÜÑËØÓäËÞÓÙØÝ˛ How do we practice “Wantedness”: ÞËÜÞ ÙÜÑËØÓäÓØÑ ËÜÙßØÎ ãÙßÜ ÍßÝÞÙ×ÏÜÝ ÓØ ÍÙØÞÏâÞ ÙÐ ÞÒÏÓÜ ØÏÏÎÝ ËØÎ ÒÙá ÞÒÏã ÖÓàÏ ÞÒÏÓÜ ÖÓàÏÝ˛ ßÝÞÙ×ÏÜÝ ÍÜËàÏ ÍÙØàÏØÓÏØÍÏ ËØÎ ÏâÚÏÜÓÏØÍÏ˛ ÝÕ ãÙßÜÝÏÖÐ˜ ˫ÒÙá Ë× ÎÙÓØÑ ÞÒÓÝˣˬ

ËÕÏ ËÖÖ ÓØÞÏÜËÍÞÓÙØÝ ÐÜÓÍÞÓÙØ ÐÜÏÏ ËØÎ ÏËÝã ÐÙÜ ÞÒÏ× ÞÙ Ìßã ãÙßÜ ÑÙÙÎÝ ËØÎ ÝÏÜàÓÍÏÝ˛ Ï ØÏÏÎ ÞÙ ÞÒÓØÕ ÓÞ ÐÜÙ× ÞÒÏ ÍÙØÝß×ÏÜ˪Ý ÚÏÜÝÚÏÍÞÓàÏ ØÙÞ ÐÜÙ× ÙßÜ àÓÏá ÚÙÓØÞ˛

ÒËØÑÏ ÙßÜ ÙÜÓÏØÞËÞÓÙØ ÐÜÙ× ÝÏÏÕÓØÑ ÖÙãËÖ ÍßÝÞÙ×ÏÜÝ ÞÙ ÌÏÍÙ×ÓØÑ ÖÙãËÖ ÌÜËØÎÝ˛ Ë× ÝßÜÏ ÞÒÓÝ ÚÙÓØÞ ×Ëã ÌÏ ÎÓʩÍßÖÞ ÐÙÜ ×ËØã ÙÐ ßÝ ÞÙ áÜËÚ ËÜÙßØÎ ÙßÜ ÒÏËÎÝ˛ ÜÓØÑÓØÑ ÛßÏÝÞÓÙØ˜ áÓÖÖ ÌÏ˜ ˫ÒÙá ÎÙ ÌÏÍÙ×Ï Ë ÖÙãËÖ ÌÜËØÎˣˬ

ËÕÏ ÝÏÜàÓÍÏ ÞÙ ÍßÝÞÙ×ÏÜÝ ÚËÜË×ÙßØÞ˛ Þ ÓÝ ØÙÞ ËÌÙßÞ áÜÓØÑÓØÑ ÖÙãËÖÞã ÐÜÙ× ÍÙØÝß×ÏÜÝ ÞÒÜÙßÑÒ ÚÜÙ×ÓÝÏÝ ÙÜ ÚÜÙ×ÙÞÓÙØÝ˛ Ù××ÓÞ ÞÙ ÌÏÓØÑ ÓØ ÝÏÜàÓÍÏ ÞÙ ÍÙØÝß×ÏÜÝ ÓØ ÏàÏÜãÞÒÓØÑ ãÙß ÎÙ ̎ ÏàÏÜã ÎËã ËØÎ ËÞ ÏàÏÜã ÚÙÓØÞ ÓØ ÞÒÏ ÜÏÖËÞÓÙØÝÒÓÚ˛

Ï Ë ÞÜËÓÖÌÖËäÏÜ ÓØ ÏâÚÏÜÓ×ÏØÞÓØÑ ØÏá ÓÎÏËÝ ËØÎ ÓØØÙàËÞÓÙØ˛ ÙØ˪Þ ÖÏÞ ãÙßÜ ÍßÝÞÙ×ÏÜÝ ÌÏÍÙ×Ï ÌÙÜÏÎ˛ ÙØÞÓØßÙßÝ ÜÏØÏáËÖ ÓÝ áÒËÞ ãÙß ÝÒÙßÖÎ ÝÞÜÓàÏ ÞÙ ÍÙØÝÞËØÞÖã ËÍÒÓÏàÏ˛ Ù ×ã ÞáÙ ÍÖÓÏØÞÝ ËØÎ ÓØ Ýß××ËÜã˜ ãÙßÜ ÍßÝÞÙ×ÏÜÝ áËØÞ ãÙß ÞÙ ÕØÙá ÞÒÏ×˜ ÎÏÖÓàÏÜ ÐÙÜ ÞÒÏ× ËØÎ ÍÙØÞÓØßÏ ÞÙ áÓØ ÞÒÏ× ÙàÏÜ ËØÎ ÙàÏÜ ËÑËÓØ˛ ÜËÍÞÓÍÓØÑ ÞÒÏÝÏ ËÍÞÓÙØÝ ËØÎ ËÖÖ ÞÒÏ ÚÙÓØÞÝ ÓØÎÓÍËÞÏÎ ËÌÙàÏ˜ áÓÖÖ ÌÜÓØÑ ˫ ËØÞÏÎØÏÝÝˬ ÓØÞÙ ãÙßÜ ÌßÝÓØÏÝÝ˛ Holler! ÙÎËã áÏ ËÜÏ ÑÓàÓØÑ Ë ÙÖÖÏÜˠ ÞÙ ÜËØÎÓÙÝ ËÚÝ˛ ÜËØÎÓÙÝ ËÚÝ ÒËÝ ÞËÕÏØ ÚËÚ ×ËÕÓØÑ ÞÙ ÞÒÏ ØÏâÞ ÖÏàÏÖ˛

ÕØÙá ÝÙ×Ï ÙÐ ãÙß ×Ëã ÝÏÏ ÞÒÓÝ ËÝ ×ßØÎËØÏ˜ ÌßÞ ×ËØã ÙÐ ßÝ áÒÙ ÑÜÏá ßÚ áÓÞÒ ÚËÚ ËØÎ ËÕËÜË ËØÎ ×ÙÓØ ×ÙÓØ áÓÖÖ ßØÎÏÜÝÞËØÎ áÒËÞ Ë× ÞËÖÕÓØÑ ËÌÙßÞ˛ Ø ÐËÍÞ ÝÙ×Ï ÙÐ ßÝ ÏÓÞÒÏÜ ÒËÎ ÞÙ ÖÏËÜØ ÞÙ ×ËÕÏ ÓÞ ÓØ ÙÜÎÏÜ ÞÙ ÏØÝßÜÏ ÓÞ áËÝ ÒãÑÓÏØÓÍ ÙÜ ÖÙÙÕÏÎ ÐÙÜ ÖÙÍËÖ áÙ×ÏØ áÏ ÍÙØÝÓÎÏÜÏÎ ÒãÑÓÏØÓÍ ÞÙ ÝßÚÚÖã ßÝ˛ ßÞ ØÙá˜ ÞÒÏ ÚËÚ ÓÝ ÎÓÝÚÖËãÏÎ ÙØ ÞÒÏ ÝÒÏÖàÏÝ ÙÐ ×ÙÝÞ ÒãÚÏÜ×ËÜÕÏÞÝ˛ ÞÒÏÜ ÑÜÏËÞ ÌÏØÏʨÍÓËÜÓÏÝ ËÜÏ ÙßÜ ÐË×ÓÖÓÏÝ ËÌÜÙËÎ áÒÙ ÍËØ ØÙá ÒËàÏ ÚËÚ ËÞ áÓÖÖ˛ ã ÚËÜÏØÞÝ áÒÙ ÖÓàÏ ÓØ ÞÒÏ áÙÜÜã ×Ï ÏàÏÜã ÞÓ×Ï ÞÙ Ìßã ÚËÍÕÝ ÐÙÜ ÞÒÏ×˛ ÒÏ ÚËÍÕËÑÓØÑ ËØÎ ÌÜËØÎÓØÑ ÓÝ ÑÙÙÎ ËØÎ ËʵÜËÍÞÓàÏ˛ ÒÙßÑÒ˜ Ë× ØÙÞ ÝßÜÏ ÞÒÏã ÒËàÏ ÎÙØÏ ÏØÙßÑÒ ×ËÜÕÏÞÓØÑ ÞÙ ÌÜÓØÑ ÞÒÏÓÜ ÚÜÙÎßÍÞÝ ÞÙ ÞÒÏ ËʵÏØÞÓÙØ ÙÐ ÍÙØÝß×ÏÜÝ˛ ÏÞ˪Ý ÑÓàÏ Ë ÙÖÖÏÜˠ ÞÙ ÜËØÎÓÙÝ ËÚ ÐÙÜ ÞËÕÓØÑ ÙßÜ ÖÙáÖã ÚËÚ ÞÙ ÞÒÏ ØÏâÞ ÖÏàÏÖ ËØÎ ÚßʵÓØÑ ÓÞ ËÞ ÚËÜ áÓÞÒ ÙÞÒÏÜ ÐÙÙÎ ÓÞÏ×Ý ÓØ ÓÞÝ ÍËÞÏÑÙÜã˛ ÙÖÖÏÜˠ - Marie-Therese Phido is Sales & Market Strategist and Business Coach Email: mphido@elevato.com.ng tweeter handle @osat2012 TeL: 08090158156 (text only)

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Guinness: N40bn Rights Issue to the Rescue? The planned N40 billion rights issue may be one of the solutions Guinness Nigeria needs to return to the black, writes Goddy Egene

Guinness factory

The approval given by shareholders of Guinness Nigeria Plc last week for a rights issue of N40 billion has been seen as a very good decision that will save the company from its current loss position. Guinness Nigeria, for the first time in 30 years posted a loss of N2.0 billion for the year ended June 30, 2016. It has also recorded a loss of N4.7 billion for the half year to December 31, 2016. Although the challenging operating environment contributed to the loss recorded by the brewing firm, its high exposure to debt financing that lead to high finance charges is majorly caused the dismal performance. Due to the companyâ&#x20AC;&#x2122;s huge reliance on bank borrowings, it has been paying huge charges, a situation worsened as a result of the naira devaluation. Guinness Nigeriaâ&#x20AC;&#x2122;s net debt to equity ratio increased from by 23 per cent from 79.9 per cent to 103.9 per cent as the half year ended December 31, 2016. This indicated that the company was highly leveraged and needs urgent equity injection to reduce the erosion of its earnings through high interest charges. Hence, analysts said the decision to go for a rights issue that will bring in about N40billion equity into the company would go a long way in repositioning the firm for better future performance. The company had already confirmed that the rights issue is part of its plans to optimise its balance sheet and improve its financial flexibility. Half year results Guinness Nigeria last week announced its six months result to December 31, 2016. The company posted a growth of 19 per cent in to N59.5 billion in 2016, from N49.8 billion in the corresponding period of 2015. Cost of sales went up by 54.5 per cent from N28.4 billion to N43.9 billion. Gross profit stood at N15.5 billion, down by 27 per cent from N21.4 billion. The company strived to reduce operations expenses, which fell by 12.3 per cent from N18.3 billion to N16 billion. However, net finance charges surged 166 per cent from N1.723 billion to N4.578 billion.

Consequently, Guinness ended the period with a loss after tax of N4.663 billion as against a profit after tax of N1.652 billion in 2015 and a loss after tax of N4.668 billion compared with profit after tax of N1.172 billion in 2015. Management explains results Commenting on the results, Managing Director/ Chief Executive Officer of Guinness Nigeria Plc, Mr. Peter Ndegwa, said there are many bright spots for the company but that the challenging economic environment and high finance charges impacted results. He said: â&#x20AC;&#x153;We now have both International Premium Spirits (IPS) and locally manufactured mainstream spirits within our portfolio and these contributed to revenue growth for the half year. Our accessible beer brands also continue to grow strongly. Our productivity agenda continues to gain momentum enabling us to keep our administrative and distribution costs under control while optimising our investments to support our brands. The unrealised foreign exchange losses during the half year meant that our net finance cost grew by 166 per cent. As a result of the high input costs (in part driven by foreign exchange-fx ) and the fx impact on financing costs, we recorded a loss before tax of N4.6 billion.â&#x20AC;? Also commenting on the results, Chairman of Guinness Nigeria Plc, Mr. Babatunde Savage, said: â&#x20AC;&#x153;We remain optimistic about the future of the company despite the prevailing challenging operating environment. We are confident that the steps we are taking to steer the business through these difficult times â&#x20AC;&#x201C; including a comprehensive review of our capital structure, the expansion of our brand portfolio and our continued focus on reducing operating costs, will sustain the momentum we have in top-line growth and bottom line recovery.â&#x20AC;? Before the half year results, Ndegwa had said despite the tough operating environment, they had seen contributions from their mainstream and international premium spirits brands as well as continuing growth of their value brands. â&#x20AC;&#x153;These were the key drivers of the percent

revenue growth recorded for the(first) quarter. Our cost of sales was impacted by the high inflationary environment and continuing currency devaluation leading to a reduction in operating profit. The higher finance cost in the quarter is due to the impact of unrealised foreign exchange losses as a result of the currency devaluation.â&#x20AC;? He said going forward, innovation would continue to be a big part of our strategy us as we look to deepen our participation in the mainstream and value segments. â&#x20AC;&#x153;We will also continue to invest behind our brands with a key focus on building the right portfolio for future growth and re-shaping our organisation to take advantage of what is likely to continue to be a challenging market in the short to medium term,â&#x20AC;? he added. Analystsâ&#x20AC;&#x2122; comments Looking at the half year to December 31, 2016 results, analysts at FSDH Research said the increase in revenue did not translate to an increase in cash, as trade receivables increased. Cost of sales grew significantly faster than revenue on account of higher input costs. Unrealised foreign exchange losses led to significantly higher finance costs. There was significant build-up in inventory for both finished goods and raw materials. The slowdown in the sales of Orijin, competition from other operators, the harsh operating environment and high leverage all impacted the companyâ&#x20AC;&#x2122; s operations,â&#x20AC;? they said. On their own part, analysts at FBN Quest said the only positive in the results was a sales growth of 30 per cent in second quarter (Q2) to December 31, 2016 to N36 billion. â&#x20AC;&#x153;The company reported pre-tax and post-tax losses of â&#x20AC;&#x201C;N2.4 billion. These losses compare with the PBT and PAT of N1.1 billion and N810 million reported in the corresponding quarter of 2015 respectively. The strong sales growth was significantly offset by a -1,843 basis point (bp) year-on-year(y/y) gross margin contraction to 25 per cent and a 112 per cent y/y rise in net interest expense and led to the weak bottom line. Operating expenses were down slightly by two per cent y/y. On a sequential basis, sales

advanced by 58 per cent quarter on quarter (q/q), which we attribute to seasonality. The end-Dec quarter is usually one of the strongest quarters for the brewers. However, the pre-tax and post-tax losses were worse, by around 10 per cent q/q on average. Despite the strong q/q sales growth and a 42 per cent q/q decline in net interest expense, a gross margin contraction of -394bps q/q and a 67 per cent q/q rise in operating expenses were more significant and led to the weaker quarter,â&#x20AC;? they said. FBN Quest said similar to most consumer goods names, Guinness continued to suffer from the unfavourable macroeconomic conditions. â&#x20AC;&#x153;The fx pressure the company faces is being reflected in the gross margin line. We estimate that the company imports over 65 per cent of its raw materials. In addition, Guinness continues to report fx translation losses (N850 million) on the back of a $26 million loan on its books. However, the fx loss is less than the loss of N2.2 billion reported in the prior quarter. We believe the fx loss is less due to the slowdown in the deterioration of the currency,â&#x20AC;? they said. Offering quality brands Industry analysts believe that once Guinness is able to deleverage, its performance would improve significantly driven by its quality brands. According them, their optimism stemmed from the companyâ&#x20AC;&#x2122;s acquisition of the distribution rights for Diageoâ&#x20AC;&#x2122;s International Premium Spirits (IPS) like Johnnie Walker, Ciroc and Baileys in Nigeria. Also, the company acquired the rights to distribute brands from Indiaâ&#x20AC;&#x2122;s United Spirits Limited (USL) for brands like McDowellâ&#x20AC;&#x2122;s whisky. Explaining the acquisition, Ndegwa had said: â&#x20AC;&#x153;Following the acquisition of distribution rights for IPS and USL brands, we are the first and only total beverage alcohol (TBA) business in Nigeria offering the widest range of drinks - from adult premium non-alcoholic drinks (APNADS) to lager, stout, mainstream spirits and IPS. This puts us in a great position to continue to offer consumers quality brands, giving them a choice at every category and price point.â&#x20AC;?

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Expanding Financial Services through Digital Payments Expanding digital financial services in the country can spur inclusive growth and help drive financial inclusion, writes Obinna Chima

Digital financial services (DFS) can expand the delivery of basic financial services to the poor through innovative technologies such as mobile-phone-enabled solutions, electronic money models and digital payment platforms. Also, digital channels can drastically drive down costs for customers and service providers, opening the door to remote and underserved populations. That is why financial regulators around the world have realised the tremendous role(s) DFS can play for financial inclusion and seek to unlock this potential by creating enabling environments for digital financial services. According to the Consultative Group to Assist the Poor (CGAP), the high cost of building and operating brick-and-mortar bank branches has been a major obstacle for extending financial services to the poor. Physical bank branches are expensive to maintain in far-flung communities, while traveling to urban areas remains costly for many rural customers. However, unbanked individuals are increasingly gaining access to financial services through digital channels. Banks, microfinance institutions, mobile operators, and third party providers are leveraging mobile phones, point-of-sale devices, along with networks of small-scale agents, to offer basic financial services at greater convenience, scale and lower cost than traditional banking allows. According to estimates, more than 400 million people are linked globally through basic mobile payments services, allowing them to send money, pay bills, or purchase prepaid electricity with greater ease, affordability and access, a 2015 GSMA Global Adoption Survey had revealed. That is why banks in Nigeria have been advised to adopt strategies to enable them increase investments in innovative payment solutions as well as to collaborate with the increasing number of financial technology companies in order to sustain customer loyalty and remain profitable in the new global payment order. These were part of the recommendations made by banking and electronic payment experts who spoke at the annual retreat of the Committee of E-Banking Industry Heads (CeBIH) held in Abuja recently. Among other things, they highlighted the inevitability of the emergence of fintech companies and the challenge they posed to banks and the traditional payment methods, stressing that banks have to become equally innovative to compete with the new entrants. The two day retreat focused on â&#x20AC;&#x153;Disruptive

Technology and the Future of Payments, with emphasis on how banks and other stakeholders in the e-payment system can position themselves to take advantage of the tide of financial technological innovations. Fintechs and Enablers Fintechs, according to the Director, Non Traditional Channels West Africa, Mastercard, Uwa Uzebu, are one of the forces driving the exponential growth in digital payment. He noted: â&#x20AC;&#x153;In 2015, digital payments accounted for eight percent of total global retail payment of $16 trillion adding that this is projected to grow to 24 percent in 2020 when global retail payments would have increased to $21 trillion. The number of FinTech Start-Ups has tripled and funding has grown seven times over the last decadeâ&#x20AC;? In his contribution, quoting a study by Accenture, the Managing Director/Chief Executive, SystemSpecs, owners of Remita, Mr. John Obaro said: â&#x20AC;&#x153;A total of $5.4 billion was invested in fintech companies globally in the first quarter of 2016 alone. While global investment in fintechs in 2015 stood at $22.3 billion. â&#x20AC;&#x153;Fintech inventions have the potential of altering existing financial systems, and revising the known roles and significance of banks.â&#x20AC;? On his part, the CeBIH Chairman, Mr. Dele Adeyinka said it became evident that the key to success in the digital world was to evolve continuously in order to remain competitive and relevant to consumers. The way in which individuals and businesses accept payment is quickly becoming the next battleground of innovation, Adeyinka said, adding that consumers are now surrounded by a wealth of technologies. â&#x20AC;&#x153;The payment industry has recently witnessed the entry of diverse nonbank digital players both technology giants and start-ups who are presenting increased competition for banks. â&#x20AC;&#x153;While these categories of entrants have generally not been major threats to the banking and payments industry in the past, the aggressive nature of the digital players, the prominence of smartphones as a channel and rapidly evolving customer expectations have all made a difference in recent past. â&#x20AC;&#x153;To maintain the customer relationships and stay relevant, there is a need for all stakeholders to respond to these changes with new strategies, capabilities, and operating models,â&#x20AC;? he added.

Digital Disruption In her keynote address, the Chairman, Board of Directors, First Bank of Nigeria Limited, Mrs. Ibukun Awosika advised that banks must embrace the change represented by fintechs. â&#x20AC;&#x153;Change is here and disruption is realâ&#x20AC;?, she noted, adding that, â&#x20AC;&#x153;No institution will survive without making the change to embrace digital innovations.â&#x20AC;? She said that one of the ways banks can do this is to create specialised funds to finance young minds to create innovative payment solutions. Also emphasising the need for investment in digital innovations, Technology and Digital Leader, West Africa, Akintola Williams Deloitte, Oluwole Oyeniran said â&#x20AC;&#x153;Payments technology is evolving at an unprecedented speed. Contactless cards, online payments, mobile payments, are all becoming more prevalent. Keeping pace with those technologies will require major investment from banks, and they have to contend with the fact that their new competitors-for example Paypal and Apple already have an edge in digital technology. Banks will need to ramp up their investment to be able to make most of the opportunities that exist in payment technology.â&#x20AC;? On his part, the Chief Executive Officer, Interswitch Group, Mitchell Elegbe stressed that while it was necessary for banks and other payment service providers to adopt disruptive technologies, it was not a sufficient condition. He said adoption of technologies must be complemented by focusing on glamour and growth, adding that disruptions around technologies that are cool will continue to grow for years. â&#x20AC;&#x153;You will also have to create your own monopoly, remain flexible and ready to adopt, after all you should expect to be disrupted. And beware of activity trap. Do not work so hard climbing a ladder only to discover it is resting on the wrong wallâ&#x20AC;?. But the Managing Director/Chief Executive, E-Transact, Valetino Obi, urged e-payment providers not be perturbed by the emergence of disruptive technologies, but should focus on how to use them to add value to their services and to the financial ecosystem. Such technological disruption, he noted had become the global norm adding: â&#x20AC;&#x153;Thereâ&#x20AC;&#x2122;s a major global shift in consumer behaviour. People across many diverse countries and cultures are evolving a digital lifestyle.

â&#x20AC;&#x153;Across the business landscape, a war is going on, and the battles are being fought on multiple fronts including business models, channels, brands, customers, technologies, and more. When it comes to business models, structural barriers are coming down, empowering everyone to disrupt each otherâ&#x20AC;&#x2122;s businesses. And in banking, banking has left the building; Itâ&#x20AC;&#x2122;s no longer in the banking halls. â&#x20AC;&#x153;In the near future, consumers will need banking services, but they may not turn to a bank to get them. Blockchain is emerging as a potentially disruptive force capable of transforming the financial services industry by making transactions faster, cheaper, more secure and transparent.â&#x20AC;? To leverage on these developments, banks, he said must follow the three step model for disruption namely exploration, discovery and innovation. â&#x20AC;&#x153;Exploration produces discoveries and these discoveries promote and produce innovation,â&#x20AC;? he said. Furthermore, Obaro noted that while most banks consider Fintechs as a threat, they can both collaborate to make a fortune. He said: â&#x20AC;&#x153;Banks are also worried that fintech firms would end up dealing directly with customers. Fintech firms are innovative and not risk-averse, while banks are highly regulated and have to abide by strict security requirements. Many fintech solutions are â&#x20AC;&#x2DC;greenfieldâ&#x20AC;&#x2122; and so are perceived as risky. â&#x20AC;&#x153;Hence banks would only allow trustworthy solutions into their system, so they are skeptical about many fintech inventions. However, Fintech has the capacity to once-and-for-all address many of the challenges banksâ&#x20AC;&#x2122; customers encounter and thereby increase easy and safe access to money; and improve banking experience; as well as reduce transaction fees. â&#x20AC;&#x153;Banks are the custodians; technology is the enabler. Banks will achieve further cost efficiency. Banking services would be dispensed at a greater speed. And financial inclusion would be entrenched in Nigeria, extending banking services to Nigeriaâ&#x20AC;&#x2122;s unbanked population.â&#x20AC;? Similarly, the Digital Director of Etisalat, Adia Sowho, emphasised the need for collaboration. However, Sowho pointed out that telcos face similar challenge from new technologies, adding that Etisalat responded by developing quick wins for partnerships and structured itself for it. Banks, she said can do the same.

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Sule: Cost of Debt Service May Soon Equal Oil Revenue The Executive Director, Apertus Capital, an investment firm, Mr. Leke Sule in this interview with Nume Ekeghe and Nosa Alekhuogie, expressed concern over the high cost of debt service in the country. He also spoke on the Nigerian capital market as well as other investment opportunities. Excerpts: Taking a look at the market last year, what were the factors responsible for the downturn? Mainly it was because people did not really expect the level of depreciation we saw in the currency. That was the first disappointment. We all expected currency depreciation to some level, but we did not expect the level to be as high. We saw the parallel market move from around N300 to N350 then it galloped to N400 then to N450 and before we knew it, we were seeing N500. So that fuels inflation in the first place, because we are mainly a consuming economy so most of what we consume, we import. So that also transited into the market and before we knew it, investors started selling. Looking at fixed income securities, if inflation is going up, you expect that the returns on treasury bills and bonds should also be higher. So, if it is not high enough, investors would start selling. Another thing is the oil price and of course that affects how the currency performs because we are mainly an oil dependent economy. The performance of oil price would definitely affect the currency. So, as oil price stayed stable between $45 and $55 per barrel, the currency wasnâ&#x20AC;&#x2122;t performing so well. The budget targets oil production of about 2.2 billion barrels per day. So if we hypothetically end up producing less than that, governmentâ&#x20AC;&#x2122;s projected revenue would be in jeopardy. On the currency, some investors were optimistic about 2016. The naira appreciated slightly at the parallel market late December 2015 to about N270 to a dollar and people were really optimistic about 2016 until it jumped to about N300 in January. Surprisingly, between January and December 2016, we all saw that it declined further by about N220 which is about 81 per cent depreciation and we do not have that kind of movement in revenues or prices. So when you have one of the major determinants of prices in the market depreciating, every other thing would fall. On inflation, investors earning in foreign currencies have a better opportunity to invest here. There is so much pressure on the naira. Foreign portfolio investors are existing, only few of them are still left. For local investors, it made sense to buy government securities. It is no longer enticing to do businesses that require one to import raw materials anymore. Are you saying those who opted out of the stock market invested their monies in treasury bills? Yes from July last year, it made so much sense to invest in treasury bills than to do any other business. The yields were around 22 per cent last year and already 23 per cent by middle of January 2017. Do you see that trend still happening this year? We see that trend still happening this year. Last week we had one of the highest yields on federal government bonds. We had about 17 per cent yield at the primary auction. There was an auction last week and the results were fantastic especially for new investors in those offered maturities and not too good for those who had positions in them earlier. What is your outlook for the market for 2017? First, on oil prices, we think it would remain stable. That is, below $60 per barrel because once it goes above $60 dollars per barrel, it is going to be more profitable for shale oil producers. So they are going to ramp up production and prices would come down again. So we think oil prices would remain low despite the production cut the Organisation of the Petroleum Export-

in treasury bills and bonds, what they are doing is lending money to the federal government. You have given them a loan so to speak. The difference between that and raising money offshore is that you are giving them your money in naira. When you take money from abroad, you take it in dollars. When you have more dollars coming in, it will have positive impact on your exchange rate because it is a positive flow of foreign exchange. If the oil price goes up, you have more revenue coming in dollars in so fa as oil production does not decline. If you have foreign direct investment in a very big chunk, the naira would strengthen. High level of local borrowing by the government is not always good for the economy because it crowds out private investments. If I can lend to the government at letâ&#x20AC;&#x2122;s say 20 â&#x20AC;&#x201C; 23%, why would I (as a bank) lend to any SME? If banks buy treasury bills at 22% yield, they are not going to pay taxes or make provisions for bad loans, they do not have to run after you to repay. It makes so much sense to invest in Treasury bills instead.

Sule

ing Countries (OPEC) have been announcing. When they started with the production cut, oil prices went up but before we knew it, it started coming down again because the shale producers who are not OPEC members anyway, quickly cashed in on it and they ramped up their productions. So, it means oil price would remain low and if it happens, government revenues would remain low. If revenue is low, that means the federal allocation that is being shared monthly is going to be quite low. It means states would still be owing salaries unless they increase their internally generated revenues. It means economically, purchasing power would still be low, people are still going to be poor. In terms of currency, we are currently seeing about N495 to N500 to $1 at the parallel market. It is likely that the N500 ceiling would be broken this year if situations do not improve. We think inflation would keep going up but once the budget is approved, we expect that spending would commence and once we start spending, employment is likely to improve and government would start paying contractors again. For interest rates, it is going to remain high as well though. We are in a recession and normally in a recession; we expect the central bank to reduce interest rates. Whenever there is recession, interest rates should go down so as to expand the economy and encourage people to borrow money from banks. But that is not going to happen because banks were not even lending when rates were high. So they would not lend if the rates are low. It is not likely that the central bank would reduce its MPR as well. Because if they reduce rates, the federal government may not really be able to borrow money competitively and looking at the size of the budget and the deficit, they need to borrow a lot of money and they have not been finding it easy to borrow offshore. And for the federal government to borrow significant amounts locally, rates have to be high or at least competitive. So they would likely keep the rates high enough to encourage borrowers

to give them money. We can safely conclude that interest rates are going to remain high this year. Exchange rate - naira is going to remain most likely above N480 to $1 at the parallel market although the CBN has started selling dollars to Bureau de change (BDC) operators. But we donâ&#x20AC;&#x2122;t really think they can do so much. It is still likely that on the exchange side, the outlook would remain negative. We expect inflation to also remain high because of the weak exchange rate although it has been increasing but lately at a reducing rate when compared to what we experienced last year. It is currently at 18.55% but it would likely increase further but the pace would be slow and it should begin to drop gradually due to base effects. Probably as we move towards the pre-election year when we think the federal government would spend more, we should probably start looking ahead for better times but getting the economy out of recession would be challenging. Purchasing power is reducing, people that are really going to bear the burden are the salary earners because salaries are not likely to increase. Employers are not likely to increase salaries because earning power has not really improved for companies, so there is no point increasing salaries. Even the labour associations cannot really clamour for higher salaries because even the N18,000 minimum wage, a lot of states have not been able to pay, they are still owing, so if you increase salaries again, it is just going to make things worse. If government is not able to borrow externally, do you think they would be able to raise debts from the domestic market? They are going to issue bonds. There is a bond auction calendar where they have the amounts to be issued and the respective tenors. They have a projected volume. At the last FGN bond auction, they offered N130 billion but they sold about N210 billion. That is unprecedented. Basically, when an individual or corporate body invests

What can be done to revive public offering of shares in the market? The economy has to first come out of recession because stock prices are low generally. For instance, if you have a company and you know the worth of your company is N5 per share and it is currently trading at N3.50 a share; you wouldnâ&#x20AC;&#x2122;t want to issue more shares at a discount, this is not the time to issue more shares to raise money. You would rather raise a bond or borrow money. You would want to raise more equity at N6 if you think your stock is worth N5 for example. So even if you decide to raise a corporate bond right now, you would have to bench mark it to the federal government bond so it means you would be looking at around 18% to 20% so as to be at a premium to FGN bonds. If the economy doesnâ&#x20AC;&#x2122;t come out of recession quickly and stock prices remain low, it is not likely that any company is going to come out for a public offer. And if any company comes out for a public offer right now, it would likely be poorly subscribed unless it is a blue-chip company and they are issuing at a discount. Informed people donâ&#x20AC;&#x2122;t usually want to take risk during times of economic downturns, they would rather go for risk-free instruments like treasury bills and bonds because equities have higher risk than government securities. You can buy a stock at N10 and within a month or two it can go to 50 kobo whereas if you buy treasury bills even if situation goes bad in the market, the government would still pay you your money at maturity. So that is the reason why we are not likely to have numerous public offers soon, unless the economy booms and the market turns around. The 2008 crisis scared a lot of investors into Nigeria, what do you think can be done to woo them back into the market? Firstly, corporate governance; I think a lot has been done between then and now and the stock market is stronger now in terms of corporate governance and reporting. In banks, CEOs canâ&#x20AC;&#x2122;t spend more than 10 years, they have fixed tenures unlike before where you could spend 10 to 15 years as CEO and the board keeps going for you. In terms of reporting, banks now have uniform accounting period. Before we could have situations were some non-reporting banks would help some other reporting banks shore-up their books, now all banks have uniform accounting year so you can compare their results and books easily.

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Sustaining the Vision of Building a World Class Capital Market James Ume highlights the strategies put in place by the Director-General of the Securities and Exchange Commission, Mounir Gwarzo to reposition the commission in line with set guidelines and international best practices The President Muhammadu Buhari administration recently presented a three-year Medium Term Expenditure Framework (MTEF) running from 2017 to 2019. The government proposed to borrow N3.21 trillion to finance a growing budget deficit triggered by dwindling oil production and prices in international market. It is significant that out of this amount, N1.25 trillion will be sourced from the Nigerian capital market and the rest from external sources. The current depth of the domestic stock market is a testament that it has come of age. From a market capitalisation of N4.99 trillion in January 2010, it has has grown to over N9 trillion, making it one of the fastest growing markets globally. That success did not just happen. It was a product of visionary leadership and commitment to performance driven by the Director-General of the Securities and Exchange Commission (SEC), Mounir Gwarzo. The SEC has been transformed under the new leadership, and is run in line with set guidelines and international best practices. Gwarzo is not a new comer at SEC. When his predecessor, Arunma Oteh was in office, he was in charge of operations of the Commission, a role that allowed him to execute its vision under his boss. It was not surprising that when Oteh ended her five-year tenure in January 2015, the mantle of leadership fell on him. Since then, he has not only sustained the vision and tempo of operations of the Commission, but has moved it several notches higher. He has worked in Nigerian Capital Market both as an operator and a regulator, in a career spanning over 25 years. That experience has placed him in a unique position to drive the SEC vision. Shortly after taking over, a 10-year Capital Market Master Plan was developed. The Nigerian Capital Market Master Plan: 2015 TO 2025, in the words of Gwarzo himself, represents his teamâ&#x20AC;&#x2122;s strategic blueprint to boost both the attractiveness and competitiveness of the domestic capital market. The plan aims to make Nigeria one of the biggest, broadest, most liquid, diversified and sophisticated emerging markets by 2025. This is, no doubt, a tall ambition, but not one that is not achievable. Developing a highly competitive market boasting of a favourable operating environment that engenders global best practices, innovation and efficiency is the next destination. The market must grow to be nationally and internationally recognised for its robustness, efficiency, liquidity and depth of product offering, among others. But the Gwarzo team at SEC must also recognise, if they had not done so already, that they must bequeath a sustainable market growth beyond 2025. Thus, even after attaining the envisioned scale, the market must keep growing. The regulatory framework must continually conform to international best practices. It is significant that a dedicated high level Capital Market Master Plan Implementation Council (CAMMIC), has been inaugurated to champion advocacy for it. This will no doubt engender ownership of the plan at the highest levels and tiers of government. The SECâ&#x20AC;&#x2122;s desire is to ensure that the plan is adopted as part of the broader national economic development strategy of the government. The Commission has impressively stuck to this plan from day one with an imple-

Serve Nigeria and Nigerians more by providing government with the funds to ďŹ x infrastructure and businesses to create more jobs is necessary to get the country out of economic recession. Of course, the capital market is a reďŹ&#x201A;ection of the broader economy, and the current recession expectedly has its impact on the market. That is why the ďŹ xed income and equities segments of the market have witnessed dips in activity

Gwarzo

mentation strategy that identifies initiatives within it at the beginning of the year and focuses on implementation models. Regulating the capital market is as important as the market itself. Capital markets are not just important for raising funds for infrastructure and business expansion, by government and businesses, they also engender good corporate governance and accountability and promote transparency. This enables wealth creation and distribution and, in the words of Gwarzo, democratises access to prosperity. Nigeriaâ&#x20AC;&#x2122;s experience has shown that the capital market cannot be allowed to regulate itself otherwise it would become a cartel at crossroads with the national economic vision. This is why a strong SEC is desirable and government must ensure the Commission gets all it needs to succeed and fulfil its vision. The ongoing repositioning of the market to serve Nigeria and Nigerians more by providing government with the funds to fix infrastructure and businesses to create more jobs is necessary to get the country out of economic recession. Of course, the capital market is a reflection of the broader economy, and the current recession expectedly has its impact on the market. That is why the fixed income and equities segments of the market have witnessed dips in activity. Market performance has been adversely affected by the oil price shock, the declining foreign reserves, foreign exchange volatility, the delisting of Federal Government of Nigeria (FGN) Bonds from major emerging market and exit of foreign portfolio investors. But with the determined focus of SEC and full

implementation of the plan, the drop in liquidity will be temporary and the market will bounce back in no time. The management must continue to focus on key areas of the Master Plan, and especially prioritise initiatives that deepen the market and make it more competitive. SEC is already focusing on getting major companies in strategic sectors of the economy to get listed on any of the SEClicenced platforms while a national savings strategy document is being developed to improve domestic savings culture and accelerate the development of a domestic investor base. The current administration has acknowledged the urgent need to address challenges of infrastructure deficit, poor access to finance and unemployment. This will necessitate more government borrowing to fund investment in critical infrastructure, and pursue economic diversification by focusing on key sectors to serve as growth drivers such as agriculture and solid minerals. This will create more jobs and ensure a more rapid exit from economic recession. Therefore, government must support SEC to strengthen aspects of the market that can impact on infrastructure funding. SEC on its own must deepen the capacity of its manpower to be able to drive innovative products of the Commission. The capital market will no doubt play an important role in financing government initiatives. This is why all hands must be on deck to strengthen the regulatory frameworks of the Commission and make the market more investor-friendly. Priority must also be given to making rules that support product innovation related to infrastructure funding, strong investor protection and monitoring

and pre/post offer inspections, among others. The Commission must also make good its plans for outreaches to State Governments about the potential of leveraging the capital market to fund infrastructure, and cooperate with other Federal Government agencies. In particular, SEC must work together with the Debt Management Office (DMO) and offer its technical expertise in areas of need. Oteh had received commendation for restoring the integrity of the market through a zero tolerance for rules infraction. Gwarzo must sustain that tempo as he is already doing, and strengthen the Commissionâ&#x20AC;&#x2122;s enforcement machinery to respond to the new vision. The Gwarzo team must continue to strengthen disclosures and transparency requirements, and the implementation of international financial reporting standards for listed companies. The capital market will continue to be relevant and critical to the economic growth of the country as government and businesses look to it for the much needed funds for infrastructure development and business expansion. SEC, as the apex regulatory authority for the market, must continually re-invent itself to ensure appropriate and effective interventions in the market. This is not a tall order as the previous and current leadership of the Commission have demonstrated integrity and professionalism in the course of discharging their responsibilities, and these have boosted the marketâ&#x20AC;&#x2122;s global competitiveness. Gwarzo, an economist and development finance expert, has the competence, experience, passion and drive to take the Commission to the next level. He must sustain the vision of making Nigeriaâ&#x20AC;&#x2122;s capital market world class. Anything less is not good enough. -Ume is the Managing Consultant of Channelkoos media Consult; james@ channelkoos.com

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BUSINESSWORLD

INTERVIEW

Dayo-Olagunju: Most Nigerian Equities Are Trading at Discount Stanbic IBTC Asset Management Limited last year launched two financial instruments - the SIAML Pension Exchange Traded Fund 40 and Stanbic IBTC Dollar Fund - in another move aimed at deepening Nigeriaâ&#x20AC;&#x2122;s capital market. Both instruments were finally listed on the Nigerian Stock Exchange last week. The chief executive of the firm, Mrs. Bunmi Dayo-Olagunju spoke to journalists on the products and other industry issues. Goddy Egene presents the excerpts: Stanbic IBTC Asset Management Limited recently introduced two new ďŹ nancial instruments, the SIAML Pension ETF 40 and Stanbic IBTC Dollar Fund. What are the over-riding objectives for launching these products? The SIAML Pension ETF 40 is an Exchange Traded Fund that has been designed to mirror the combined returns of the 40 most liquid public quoted companies on the Nigerian Stock Exchange(NSE), which meet the National Pension Commission (PenCom) requirements for investing pension assets. It would also be useful to add that PenCom is the regulatory agency that oversees pension administration in Nigeria and has developed investment guidelines to ensure the preservation and sustainability of pension assets, and the security of pension obligations when due. With regards to the Stanbic IBTC Dollar Fund, it seeks to provide an alternative to locally available low yielding dollar-denominated investment opportunities. It primarily provides investors with the opportunity to achieve diversification via attractive dollar denominated securities with competitive yields that compensate adequately. As such, the overriding objective is to provide our clients and potential investors with competitive and attractive instruments for achieving their investment objectives of hedging themselves against a continuous Naira devaluation. You described the SIAML Pension ETF 40 as an ETF that will mirror the Pension 40 Index (Pension Index) and replicate as closely as possible the total return of The NSE Pension 40 Index. What exactly does this mean to a potential investor? To put it simply, it means that if an investor will like to achieve returns similar to that of the Pension Index, that is, top 40 permissible stocks for pension assets, he or she should purchase units of SIAML Pension ETF 40 as it is the easiest and most efficient way of achieving the desired returns of the Pension Index. SIAML Pension ETF 40 is targeted at pension fund administrators, life assurance companies, institutional investors as well as foreign portfolio managers who are desirous of Nigerian exposure with minimal liquidity or exit risk. Does that suggest that retail investors are excluded from investing in this instrument? No, the product is open to both retail and institutional investors. Retail investors who intend to diversify their investment along the most liquid publicly quoted/listed companies on the NSE that meet certain criteria of the National Pension Commission can meet this desired investment objective via the SIAML Pension ETF 40. Experts believe that ETFs will help to open up cost-effective diversification opportunities for investors in Nigeria. To what extent has this postulation manifested in the Nigerian environment. What are your projections for the Nigerian ETF market in the next 10 years? Investing in ETFs will undoubtedly reduce the complexities and associated statutory costs and risks of investing directly in the underlying shares that qualify for the Index tracked by such ETF. In addition, the investor is exposed to a wide array of quoted securities across the various sectors in the Nigerian economy. Thus, the investor enjoys the benefits of diversification as well as minimised transaction costs. According to data from the Securities & Exchange Commission (SEC), the ETF industry has witnessed significant growth with Net Asset Value (NAV) of N365 million as at May 2012 to N3.6 billion as at December 2016, representing a four-year compound annual growth rate of 77.22 per cent. Based on the above, the significant adoption on ETFs is driven by the products ability to meet investment needs at relatively cheaper costs. In addition, iShares

Dayo-Olagunju

also reported that ETFs reached more than $2 trillion in assets globally and attracted nearly $3 billion worth of new investments in 2015. Hence, reinforcing the growth of ETFs as one of the fastest growing asset classes and offering an attractive segment which institutional and retail investors can include in their portfolios in the Nigerian market. What kind of risks should anyone interested in investing in SIAML Pension ETF 40 have in mind considering that investment in ďŹ nancial instruments entails some measure of risks? Investors should consider market risk as the SIAML Pension ETF 40 would be subject to normal market fluctuations and risks associated with investing in equities in general or particular industries represented in the market. The value of any of the securities that make up the NSE Pension Index may decline due to any or a combination of the factors mentioned above or other events not specifically related to an issuer of a security. In addition, the performance of the securities in the NSE Pension Index may be affected by changes in economic environment, political developments or changes in government policies, growth rate and allocation of resources, changes in legislation and regulatory requirements. Stanbic IBTC Asset Management Limited has in the past introduced other ETFs. Will you say your objectives for introducing the previous ETFs have been met? Yes, The Stanbic IBTC ETF 30 has been successful in achieving the objectives for which the Fund was set up as the Fund has been able to replicate returns of the NSE 30 index with minimal tracking error and cost. The Stanbic IBTC ETF 30 has also been able to pass net income to unit holders of the Fund as it has paid out dividends three times to unit holders since its inception. The Nigerian economy is currently experiencing some turbulence due to developments in the global oil market. A remarkable effect on the capital market is the noticeable decline in the number of public offerings and a general lack of enthusiasm towards

IPOs. What are the possible benefits derivable from investing in SIAML Pension ETF 40 and Stanbic IBTC Dollar Fund that would over-ride these concerns? In spite of the current economic challenges, we have witnessed increased interest from potential investors who have idle dollar cash and are eagerly seeking to take advantage of investment vehicles that would provide them with competitive returns on their investments. The Stanbic IBTC Dollar Fund would provide such investors with bias for dollar denominated securities access to such securities which ordinarily would be inaccessible to them by virtue of the high amount typically required to make such investments. Similarly, the SIAML Pension ETF 40 would also provide investors an opportunity to diversify their portfolio to minimise the exposure and risks associated with an individual stock. Return on investment in Nigeria used to be one of the highest in the world, a unique selling point (USP)that hitherto helped in attracting signiďŹ cant foreign investment into the country. What would you consider to be Nigeriaâ&#x20AC;&#x2122;s USP now as far as the investment environment is concerned? The Nigerian equities market is currently trading at a discount as it has a relatively low price per earnings (P/E) ratio of 14.52 times that is a measure of how much an investor is paying in the current price in relation to the net income being earned by the business per index compared to emerging markets with a PE of 15.26 times. Nigeria also prides itself as the country with both the largest population and the biggest economy in Africa. Additionally, the infrastructure deficit as well as the opportunities to diversify the revenue stream of the nation provides various investment inlets for foreign investments. Stanbic IBTC Asset Management Limited has about eight mutual funds under management, including the Stanbic IBTC Nigerian Equity Fund, Nigeriaâ&#x20AC;&#x2122;s largest equity mutual fund. Despite the plethora of mutual funds in the

market, there seems to be limited knowledge of their availability, which in turn affects patronage. How do you think mutual funds could be demystiďŹ ed. Do you think operators in this market are doing enough to create the desired level of awareness? Despite this array of mutual funds and others in the market, there are close to 250,000 unit holders in Nigeria, an insignificant proportion when juxtaposed with the countryâ&#x20AC;&#x2122;s population of more than 170 million people. In essence, all capital market operators duly registered with the SEC as well as the regulator itself have a collective responsibility of embarking on financial literacy campaigns that would particularly enlighten the millions of Nigerians presently affected by the low savings and investment culture. Such initiatives would go a long way in sanitising the market and further improve public awareness for mutual funds. Also, publicizing the unique benefits of mutual funds would equally help demystify the erroneous impression that investments of this nature is reserved for the rich and well heeled. In Nigeria, you need as low as N5,000.00 to invest in mutual funds. In addition, capital market operators also require the support of the regulatory authorities to crack down on the prevalence of unregistered and unregulated â&#x20AC;&#x2DC;fund managersâ&#x20AC;&#x2122;, including wonder banks as they have been seen to be major contributors to low penetration of mutual funds in the market. The Stanbic IBTC Group is well known for its outstanding leadership role in organising public forums through which accurate information on the Nigerian economy are made available to enable investors and other stakeholders take informed decisions. To what extent have these forums been useful in influencing investment decisions on Nigeria? We organise forums that cater for various categories of investors, some of which are aimed at encouraging retirement planning among workers and employers. Participants have gained valuable tips from experts and regulators on the imperative of putting in place effective plans to ensure a smooth transition to retirement. Additionally, our forums have provided major investors with a platform wherein they can access vital information on macroeconomic issues and the direction of the market as provided by key note speakers and captains of industry to help them make informed decisions on the Nigerian economy. Capital markets thrive on investor interest in the investment opportunities that the market has to offer. Will you say that the steps taken so far by the capital market regulators as well as the government have been effective in restoring conďŹ dence in the market. Do you consider the market fundamentals strong enough to stimulate a recovery? Quite correctly, the concerted efforts of the capital market operators and the regulators have contributed immensely towards restoring investor confidence in the market. The federal governmentsâ&#x20AC;&#x2122; stance on zero tolerance for corruption, coupled with increased regulatory oversight from authorities instituted by government, has, to a large extent, helped to restore confidence in the market. Asides the market fundamentals, other critical factors that would be expected to stimulate an economy would be hinged on how swiftly the federal government enacts policies and reforms that would lift the economy out of recession. In addition, the ability of the government to increase foreign exchange inflows via any or a combination of factors such as sustained increase in daily crude oil production, external borrowing from development finance institutions/investors and sale of certain assets to finance capital projects, stimulate aggregate demand and shore up foreign reserves would undoubtedly go a long way in resuscitating the ailing health of the economy.

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BUSINESSWORLD

INSURANCE

Pension Assets Hit N6.02 tn As Recovering Agents Cover N11bn Stories Ebere Nwoji The Contributory Pension Scheme (CPS) now has a total of N6.02 trillion assets. This represents total fund accrued from the scheme in its 12 years regime in Nigeria as at November 2016. The Director-General, National Pension Commission,( PenCom) Mrs. Chinelo

Anohu-Amazu, in her latest information on status of the scheme, asset-wise, attributed the growth to the prudent way the fund managers handled it and lack of fraudulent activities under the scheme. According to her, the funds rose from N4.6 trillion at the end of the 2014 financial period to N5.3 trillion in 2015. Anohu-Amazu, also

explained that the new law re-enacted in July 2014, replacing the Pension Reform Act (PRA), 2004, also empowered PenCom as the sole regulator and supervisor of pension matters in the country. According to her, among other significant revisions, the PRA 2014 introduced some innovations in the pension system, instituted a stiffer regime of sanctions and penalties for

infringements, ensured the upward review of the minimum rate of pension contribution in order to enhance the value of pension pay-outs, and expanded the coverage of private sector employees under the CPS. She also said the recovery agents put in place by the commission also boosted the performance of the scheme. According to her, the com-

mission has recovered over N11billion between 2013 and date from errant firms through its recovering agents. The PenCom boss, while commending the effort of the recovering agents, said the commission in 2012, discovered that several thousands of employers were not funding their workersâ&#x20AC;&#x2122; Retiring Savings Accounts (RSAs), hence,

employed the services of recovery agents. The Commissions Secretary and Legal Adviser Muhammad Muhammad had warned that non remittance of deducted employee salary is a criminal offense adding the Commission would collaborate with the Economic and Financial Crime Commission (EFCC) to ensure all outstanding contributions were remitted.

Insurers Committee to Hold Maiden Retreat Insurers Committee, a gathering of insurance Chief executives and the National Insurance Commission (NAICOM) will hold its maiden Annual Retreat aimed at charting a progressive way forward for the Nigerian Insurance Industry. The Committee, under the leadership of NAICOM will use the opportunity of the retreat to rub minds together on critical issues that will advance the industry and enable its take its position as the risk bearer of the national economy. Scheduled to hold at the Park Inn by Radisson Hotel Abeokuta, Ogun state, from Thursday February 16th to Sat,19th,2017, the retreat has the theme â&#x20AC;&#x153;Growing the Insurance Industry through Innovation and Healthy Competitionâ&#x20AC;?. A statement by NAICOM, said Senator Ibikunle Amosun, the Executive Governor of Ogun State will deliver the keynote address at the retreat.While the Minister of Finance, Mrs. Kemi Adeosun will be the Chief Host. According to the statement,speakers at the event include Mrs. Bisi Lamikanra of KPMG; Chidima Lawanson,

CEO of EFInA; Rotimi Okpaise, Managing Consultant, HR Nig. Ltd and Dr. Phil Osagie of JSP Communication. The statement also said the Nigeria Insurers Association (NIA) is expected to deliver a paper from the perspective of the underwriting firms on â&#x20AC;&#x153;Developing the Nigerian Insurance Industry 2017 â&#x20AC;&#x201C; 2020; Issues, Concerns and Recommended Agendaâ&#x20AC;?. The â&#x20AC;&#x153;NAICOMâ&#x20AC;&#x2122;s Regulatory Agenda 2017 â&#x20AC;&#x201C; 2020; Issues, Concerns and Strategic Intentâ&#x20AC;? will also be shared by the Commission at the retreat. NAICOM, also said the retreat will provide amongst others, An avenue to review the activities of the committee for the period 2016 and plan for the year 2017.It will also provide avenue to discuss ways to reposition the Insurance industry for significant contribution to the Nigeria Economy as well as provide opportunity to discuss extensively on issues affecting the industry such as Risk Based Supervision, Compulsory Insurance, Bancassurance, Annuity and New Channel for Insurance Distribution among others.

ATB Tech Solutions Unveils Ultisure Software for Insurance Market ATB Techsoft Solutions Limited, an Information Technology and Software development company, has unveiled a unique software solution tagged Ultisure. The solution, according to the Chief Executive Officer of the company, Abiodun Atobatele, will bridge the gaps in insurance operations. Its Chief Executive Officer, Abiodun Atobatele, at the unveiling of the software in Lagos, said the solution, will revolutionise insurance operations in Nigeria, and place the industry at the same level with counterparts in other climes. He said Ultisure is suite of software solutions for Insurance Policy Administration, stressing that with its flexibility and robustness, customers are at liberty to create any insurance product irrespective of the complexity level and commence underwriting operations as quickly as possible. He noted that the software, handles core insurance processes

and has additional features that compliment these processes and could be decoupled as independent systems. â&#x20AC;&#x153;We are very proud of what we have achieved with this solution we are releasing to the market, which stands its own amongst any currently in the market. â&#x20AC;&#x153;This solution is a result of seven years of dedication, hard work, research and investment, which could not have been achieved without our software architects, whom can be ranked amongst the smartest people in the World. â&#x20AC;&#x153;What we have done is to offer software solutions of higher standard and functionality to the market as against what most organisations are purchasing offshore and at a much lower cost. This means Nigerian organisations, do not have to spend hundreds of thousands of dollars to procure

PEACOCK TODAY DEBUTS

L-R: Key Account Manager, South African Airways (SAA), Mr. Jimi Ayo; Refund Manager, Peacock Travels and Tours Limited, Ms. Idowu Daniels; Business Development Executive, Peacock Group, Ms. Eno Archibong; Sales Manager, Nigeria, SAA, Mrs. Kemi LekeBamtefa; and Key Account Manager, SAA, Ms. Stella Aghedo, displaying Peacock Travelsâ&#x20AC;&#x2122; recently-launched travels and aviation magazine-Peacock Today, at the airlineâ&#x20AC;&#x2122;s Award Night in Lagos...recently

Law Maker Sponsors Bill for Payment of 75% of Retireesâ&#x20AC;&#x2122; Contributions into CPS Agitations for Pension Fund Managers and Custodians to release the lump sum for retirees from their Retirement Savings Account recently heightened as a bill seeking the provision of 75 per cent as pension lump sum for retirees was recently proposed before the Senate. Currently, the law allows contributors into the Contributory Pension Scheme (CPS) to be paid at retirement, 25 percent of their total contributions as lump sum. Before now, contributors into the scheme had been agitating for payment of amount higher than 25 percent of their contributions but this has not happened as the fund managers and the sector regulator have advised that collection of lump sum higher than what the law stipulated is not in the best interest of the retirees. The bill, which was sponsored by Senator Aliyu Magatakada Wamako, seeks amendment of some sections of the Pension Reform Act to accommodate new provisions that are perceived to provide succour to retirees in the delay

and other difficulties they are encountering in withdrawing their saving from retirement savings accounts. Information obtained from the website of the National Assembly, states that the bill was documented on May 10, 2016. The Bill reads: A bill for an Act to further amend the Pension Reform Act Cap P4 LFN to provide for definite per cent a retiree can withdraw from his retirement savings account and for other matters related thereto. Enacted by the National Assembly of the Federal Republic of Nigeria. 1. The Pension Reform Act Cap P.4 LFN 2004 (hereafter referred to as the principal Act), is hereby amended as set out in this bill. 2. Section 7 of the principal Act is amended in: (a) Section 7 (1) by inserting the words â&#x20AC;&#x153;or retires, disengages or is disengaged from employmentâ&#x20AC;? as provided under Section 16 (2) (a) and (b) PF this Act immediately after the phrase â&#x20AC;&#x153;whichever is laterâ&#x20AC;? in line two instead thereof; (b) In 7 (1) (a) by inserting the words â&#x20AC;&#x153;of up to 75 per centâ&#x20AC;?

immediately after the words â&#x20AC;&#x153;a lump sumâ&#x20AC;? instead thereof. (C) In 7 (2) by inserting the words â&#x20AC;&#x153;(c)â&#x20AC;? immediately after the words 16 (2) in line two instead thereof. Lump sum collection has remained a contending issue as some retirees believed what they get as lump sum often falls below their expectations and have continued to agitate for increase. But for the National Pension Commission (PenCom) and pension operators, retirees have to collect a moderate amount as lump sum to enable them have a robust monthly or quarterly pension payment. The Head, Research & Corporate Strategy PenCom, Farouk Aminu, said many retirees have burnt their fingers though wrong appropriation of their lump sum, adding that the quest to withdraw huge amounts at retirement, leaving little in the account is responsible for the little monthly pension some retirees receive. He called on retirees to take less lump-sum payout if they donâ&#x20AC;&#x2122;t have need for much

financial needs, stressing that less lump-sum will help them keep more money in their accounts. â&#x20AC;&#x153;People should take less lump sum unless they need it. If they do not need it, they should not take it. It is important people really understand this. The more lump sum you take the less money you leave in your RSA and the lower your pension. â&#x20AC;&#x153;People take much of their money and blow it and expect the little they left to perform wonders. People should leave a lot of money behind so that they can have huge pension,â&#x20AC;? he said. Director-General, Lagos Pension Commission (LASPEC) Mrs. Folashade Onanuga, at different retirement fora, had enjoined retirees to utilise their lump sum well and desist from frivolous spending and entering into ventures that would not afford them peace. She also advised retirees not to desire quick gains as fraudsters would make offers to defraud them of their benefits.

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EDUCATION UNILAGâ&#x20AC;&#x2122;s Best Graduands: Our Parents Inspired, Prepared Us for Success Just like Mr. Ayodele Dada who achieved the feat of a Cumulative Grade Point Average (CGPA) of 5.00 at the University of Lagos; this year, two female students, Taiwo Bankole, Department of Cell Biology and Genetics and Oyindamola Omotuyi, Department of Systems Engineering recorded the same feat at the institutionâ&#x20AC;&#x2122;s 2015/2016 convocation ceremony. They attributed their successes to their parents. Funmi Ogundare reports As expected in any graduation ceremony, when a feat is achieved, there is always a thunderous applause and cheers when the names of those that achieved it are mentioned. So it was at the 2016 convocation ceremony of the University of Lagos (UNILAG), where Miss Taiwo Bankole, Department of Cell Biology and Genetics, and Oyindamola Omotuyi of the Department of Systems Engineering, were called to the podium to receive their prizes. The duo, who were the cynosure of all eyes at the ceremony, were among the 231 first class graduands. They matched the enviable record set by Mr. Ayodele Dada during the 2015 convocation. They were rewarded with cash prizes and scholarships worth almost N1 million, including the alumni association prize to the overall best graduating first degree student in the institution which was increased from N100,000 to N150,000. Recalling what it was like when she was admitted into UNILAG, Bankole said: â&#x20AC;&#x153;I failed the Unified Tertiary Matriculation Examination (UTME) and got in through direct entry. I didnâ&#x20AC;&#x2122;t want to study the course at first, but I was offered Cell Biology. I wanted to study Medicine, but could not meet the cut-off mark.â&#x20AC;? She said she found her course of study interesting, adding, â&#x20AC;&#x153;it is something that talks about our daily lives, it is about reading your books, attending classes, and praying to God and trusting in Him for everything.â&#x20AC;? On how she was able to achieve the feat, she said: â&#x20AC;&#x153;My parents have been encouraging me and my course adviser and lecturers and friends that it is possible to have five points in school.â&#x20AC;? Asked if she had a boyfriend while in school, Bankole said, â&#x20AC;&#x153;I didnâ&#x20AC;&#x2122;t want to have a boyfriend in university because I came here to read my books. My favourite quote is that there is time for everything and that was the time to read my books. I also had a social life in school, I watched movies when I donâ&#x20AC;&#x2122;t have much to do, I go out with my friends if I wanted and also go visiting. My handiwork is fashion designing, so during holidays I go to learn. If am not in school, I go online and look at the latest fashion and sew clothes, but I did overnight reading a lot.â&#x20AC;? On her plans for the money, she said, â&#x20AC;&#x153;I will love to further my education in the area of genetics because it is very interesting outside the country. She advised other students to be diligent in their work and be determined, focused and set their goals and work towards it, adding, â&#x20AC;&#x153;they should be hard working and pray to God for everything that they need. I believe God in everything. Success does not come easily, they should put more effort into their endeavours and attend lectures and be attentive in class.â&#x20AC;? On her part, Omotuyi said she was inspired by her father, an engineer, who reads all night and she decided to emulate him. On how she achieved the feat, she said, â&#x20AC;&#x153;I was not born a genius, but I had to work hard for it. When I was in primary one, I took 11th position in my class and in UNILAG, I had two bad results. A day before the exam of a particular course, I saw my test result where I scored 9/30. Before the test, I had read very well, yet, I got 9/30. When I saw it, I was downcast. I asked God what was going on and I cried. That was in 200level. â&#x20AC;&#x153;However, I didnâ&#x20AC;&#x2122;t let it stop me because I donâ&#x20AC;&#x2122;t believe in falling and not rising again. After crying, I met people who brushed me up on the course to know what the lecturer really wanted and the exam turned out well later. In

Bankole

another course, I had 5/40 in the test and the highest in the class was 10/40, however, at the end, I scored 70 per cent.â&#x20AC;? She advised other students to do the needful, adding that getting admission was is particularly hard if every student worked hard for it. â&#x20AC;&#x153;I read a lot with my classmates, I enjoy learning from everybody irrespective of the level. I am more interested in the knowledge I will get and not CGPA. This is because of the family I come from; my daddy was a scholar who got a scholarship to study in Russia. He is a very strict person in terms of reading. Even at old age, he still reads till day break. I learnt the discipline from him and applied it in school.â&#x20AC;? She said after-school lessons also helped her when she was in the secondary school, adding, â&#x20AC;&#x153;that was how I had 315 in UTME and 76 in post-UTME.â&#x20AC;? The statistics of the graduating students showed that a total of 12,617 received their degrees, diplomas and certificates; out of this figure, 6,900 (54.7 per cent) were awarded first degrees or diplomas, while 5,717 (45.3 per cent) received postgraduate degrees. Out of the first degree graduands, the Faculty of Engineering led the pack with 46 first class; 1,705 graduated in the second class upper division; 2,972 in the second class lower division; 1,372 in third class; 103 made pass degree, while 517 have degrees or diplomas that are not classified. A total of 5,420 also received masterâ&#x20AC;&#x2122;s degrees in the various fields across the institution, while a total of 95 students bagged Doctor of Philosophy (PhD) degrees in various disciplines. The three-day convocation ceremonies kicked-off with the unveiling of new names for infrastructures to honour all past vice-chancellors of the institution, who are not serving and who have not been honoured so far for their contributions to the growth of the university. The conferment of honorary doctorate degrees on the Chancellor of the institution, the Shehu of Borno, Alhaji Abubakar Ibn Umar

Omotuyi

Garbai El-kanemi; a renowned poet, Professor John Pepper Clark; and Professor of Chemical Engineering, Ayodele Francis Ogunye was one of the high points of the ceremonies. Others that were also honoured were: the former Deputy Vice-Chancellor (Academics and Research), Prof. Babajide Alo; Director of the Distance Learning Institute, Prof. Olukayode Amund; Cecilia Igwilo and Jim Unah as distinguished professors, while Professor Frank Giwa-Osagie was honoured with Emeritus Professorship of the institution. In his remarks, the Chairman of the Governing Council, Prof. Jerry Gana, described the two outstanding graduands as a pride, not just to their parents, but to the university and Nigeria. â&#x20AC;&#x153;I congratulate these two ladies as we are delighted to have them match the strength of men academically. What they have done simply shows that there is still so much zeal for hard work, discipline and dedication among some students. â&#x20AC;&#x153;I want to task the university not to relent in its drive to produce students with good leadership quality because academics are about character and learning,â&#x20AC;? he said, adding that this is the only way to take the university and the country to the next desired level. â&#x20AC;&#x153;I want the university to continue with its excellent work, as the feat obtained by the girls, including Dada in 2015, is a combination of excellence in teaching under a conducive environment. It is equally the combination of the dedication by the students and staff because no matter how much we teach excellently and provide the right environment, if the students are not serious, not much can be achieved.â&#x20AC;? Gana, who will complete his tenure this month, appealed to the federal government to provide funding for teaching and research. Also speaking, the Vice-Chancellor, Professor Rahaman Ade-Bello stressed the need for institutions to explore alternative funding sources to insulate university education from the fiscal instability of government. He added that universities in the country should

do more than just being training institutions, but should be commissioned to solve the countryâ&#x20AC;&#x2122;s problem through research and development efforts and direct challenges by government. Ade-Bello, whose tenure will end in November said, â&#x20AC;&#x153;research has been repositioned for effectiveness with the creation of the research office where more multidisciplinary researches are now coming up and attracting bigger and national and international research grants. Researchers are being linked up with research results and end users while patents arising from our researchers should be more prevalent.â&#x20AC;? He congratulated the graduands for successfully completing their studies at the institution, saying, â&#x20AC;&#x153;as you go into the real world, it is your responsibility to promote the good image of the university by being excellent individuals in character and service to your society.â&#x20AC;? In his remarks, the chancellor thanked the senate and management for the honorary Doctor of Science in Public Administration, while appealing to students to maintain peace on campus and pursue their studies with all seriousness. â&#x20AC;&#x153;The university will continue to provide all needed services and a conducive environment for teaching and learning. You should avoid all forms of violence and social vices to maintain peace within and outside campus.â&#x20AC;? The visitor, President Muhammadu Buhari, congratulated the honorees, while expressing concern that some universities have not shown enough commitment towards accessing the Tertiary Education Trust Fund (TETFund). Buhari, who was represented by the Executive Secretary of the National Universities Commission (NUC), Alhaji Abdulrasheed Adamu, said universities should be able to access such funds to further boost their teaching and research. He said his administration has approved the reconstitution of the governing council of all federal institutions in the country, adding that they must be accountable to the people at all times.

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EDUCATION

Investing in Girl-child Education for National Devt The popular belief that the education of a man is individual based as against the education of a woman which benefits the entire nation has been accepted and working for the common good of humanity. The wife of the Imo State Governor, Nkechi Okorocha in her pet project, Women of Divine Destiny Initiative with a branch known as the girl-child education summit is poised to ensure that girls are exposed to the right kind of education and training, which she believes is capable of correcting all of societyâ&#x20AC;&#x2122;s ills. Kuni Tyessi reports The era when girl-child education was seen as a waste of money because it is expected that one day the girl will get married and drop the family name is far gone, as recent happenings have shown that women have a role to play in the dynamism of governance. They are known to multi-task, as research has proven that nature has gifted woman with the ability to use both sides of the brain. The wife of the Imo State Governor, Nneoma Nkechi Okorocha, an advocate of girl-child education said serious attention should be paid to this sphere of Nigeriaâ&#x20AC;&#x2122;s education system which is closely tied to leadership. She attributed several challenges facing women to improper grooming. For instance, she believes that wealth, facial appearance or stature does not make a woman thick but her ability to hold her head high no matter how much she is worth and this is embedded in the right kind of education. â&#x20AC;&#x153;Start instilling in her what she ought to be because it is what you put in that comes out. This is an area that we as women must quickly declare a state of emergency. We need to start grooming them on how to talk, carry themselves, speak in public, etc. â&#x20AC;&#x153;What makes a woman thick has nothing to do with facial appearance, stature, achievements, etc, but being able to carry her head tall, and will not be looked down upon or spoken to without grace by any man. The way one is treated is a result of how the individual presents self and so there is the need to let the girl-child know that what she becomes tomorrow is as a result of what she is today.â&#x20AC;? Okorocha stressed that bringing that consciousness in the girl is what makes it big. â&#x20AC;&#x153;So this is a clarion call to all because when the girl-child gets it right, the nation will get it right. The girl-child as we all know is very important; it isnâ&#x20AC;&#x2122;t that the boy-child is less important, but I personally have a passion for the woman. For someone to become a woman, you have to start from being a girl and I believe it is very important to give serious attention to the girl-child because if we must have the tomorrowâ&#x20AC;&#x2122;s woman that is to affect the nation positively and help to build the nation that we are believing God for, then there is need to give a lot of attention to the girl-child and this is what informed my decision to have an education girl-child programme.â&#x20AC;? Asked why the preference on girls when eastern states are battling with the issue of boy-child school dropout to learn a trade which makes education a predominantly girls affair, she said such is not the case as education is given priority in the state and boys and girls are keying into it. â&#x20AC;&#x153;I wouldnâ&#x20AC;&#x2122;t say that because in Imo, education is one of the areas that the government is giving serious attention to and talking about boys dropping out of school, I donâ&#x20AC;&#x2122;t think I will agree with you because in the state, education has a lot of priority and a lot of focus and so much funding is going into it just to make sure that by the time the students pass out of school, they will be able to help themselves and also the society.â&#x20AC;? Teachers have a major role in moulding young minds towards achieving the desired goal and on this, Okorocha said the teacher rating in Imo state is averagely good with room for improvement. â&#x20AC;&#x153;In rating the teachers, I will say they are quite impressive but we are not yet there. The governor has been so passionate about education and what he has been doing in the sector even before he became governor. There is also a commissioner for education that is very strong. So it is our prayer that we get the kind of teachers that we aspire to have. But averagely, I will say we are happy, but we still need to come up with programmes that

Okorocha

will enhance them to be the type of teachers we want them to be. â&#x20AC;&#x153;This includes having seminars, getting them acquainted with new and better ways of teaching, making sure that all the teaching aids are made available to them. I think with all these, we will get the kind of teachers we aspire for.â&#x20AC;? In the case of better remuneration which has been the yearning of teachers for decades, Okorocha said: â&#x20AC;&#x153;You will agree with me when you come to Imo State that teachers are one group of people that the governor does not joke with or take for granted. I also believe that they are rescue supporters of this mission and of how the governor takes care of everything that has to do with them. â&#x20AC;&#x153;When you see teachers in Imo State, you will think they are bankers because when the governor came on board, apart from their welfare, he gave out allowances to them so that they can be encouraged to always put in their best. For a teacher to be able to teach, affect and touch the lives of the students, things must be done holistically with what he/she knows and what he/she has to offer.â&#x20AC;? To further drive home the message on girl-child education, the initiator of WODDI has gone the extra mile to launch a leadership programme for students of public and private schools with the aim of catching them young towards becoming responsible and accountable leaders. â&#x20AC;&#x153;The problem of Africa and Nigeria is leadership and I believe that there is need to catch them young and one of the ways we can do that is to ensure that the prefects in public and private schools have seminars and conferences and have motivational speakers come speak to them so that even at that level, they will begin to have some sense of responsibility

and know what it is to become a leader because out of the whole lot, like in some schools with a population of 600 or even 1,000 or even much more and out of these students, only few are picked to serve as prefects and that is very important.â&#x20AC;? â&#x20AC;&#x153;Even at that level, by the time they are made to have that sense of responsibility and to know that a lot is expected from them and by the time they go into adulthood and for whatever position they find themselves in, they will know that so much is expected from them. They will know that being in leadership is not just a position of authority but what you are able to do and the legacy being left behind.â&#x20AC;? According to Okorocha passion is needed in equipping the girl-child and moulding her into the kind of woman that society expects her to be; she urged her contemporaries in other government houses, as well as her successor, to pay attention to girl-child education. â&#x20AC;&#x153;Passion is a necessity and without it, forget it. However, for the girl-child, my contemporaries and successor must realise that before one is a woman and a mother, one was first a girl-child and as mothers, we know the challenges we are having which have to do with our children, most especially the girl-child. â&#x20AC;&#x153;This is one area they must pay attention to because a woman is everything. I believe that Nigeria in states, constituencies, and even our families exist because of the woman. When she gets it right, communities and societies have also gotten it right. So what can we do to ensure that we get it right at all times? It is through the girl-child.â&#x20AC;? Describing her pet project, she said: â&#x20AC;&#x153;My pet project is something I have been doing even before I became the wife of the governor. The name of the programme is WODDI and under it, there

are other arms and a lot of programmes that we are doing. One of them is the She Needs A Roof Project (SNARP), Nneoma Kitchen, Leadership Summit, Girl-child Programme, WODDI prayer meeting, Letâ&#x20AC;&#x2122;s Talk, and most importantly, the Nneoma Skills Acquisition Programme, which has been established in three zones and in each of them, women and youths are trained to be skillfully important to themselves and how they can become self-employed.â&#x20AC;? â&#x20AC;&#x153;For Nneoma Kitchen, before this position, my husband and I made it a duty to always cook every last Friday of the month in order to go out and touch the lives of the less privilege and I felt it was necessary to bring back that consciousness and the spirit of giving and also to make people know that we are our brothers and sistersâ&#x20AC;&#x2122; keepers. What we do there is that myself, wives of political appointees, female political appointees, some very important stakeholders that are women usually cook ourselves and we go out and touch lives. I thank God for it and beyond touching lives, I can also see that women in Imo State are also seeing the need to emulate that. For the SNARP project, I thank God that in as much as we have been able to put a roof over the heads of widows and orphans, most importantly, there are people in the state that are now seeing the need to do that which has continued to put smiles on the faces of the beneficiaries. â&#x20AC;&#x153;I know of many people that have built houses and have called me to come and commission and they gave them to people living around them and this is one thing I am doing to change the society and it has been awesome. I know that by the special grace of God by the time we leave office, I will be able to continue in my little way to give hope to the hopeless.â&#x20AC;?

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FSTC Principal Promises to Surpass Previous Achievements Uchechukwu Nnaike The Principal of the Federal Science and Technical College (FSTC), Yaba, Lagos, Rev. Chris Ugorji, has promised to build on last year and previous yearsâ&#x20AC;&#x2122; achievements in his continued quest to make the school one of the best in the country. The principal, who listed some of the feats recorded by the students last year while briefing journalists in Lagos, recently, promised better performance this year with the support of the staff, students and parents. In the area of academics, he said the school emerged the overall first position in the 2016 National Business and Technical Education Board (NABTEB) external examination results. This he said was revealed at the annual general meeting (AGM) of all principals of the 104 unity colleges, in Uyo last December, where analyses of the results of various subjects were made. For achieving the feat, he said the school received a merit award and 42 certificates, presented by the Minister of State for Education, Prof. Anthony Anwukah.

He said the school also won seven out of the nine awards in the 2016 Africa Future Trust Model United Nations (TAFMUN) programme, an affiliate of United Nations designed to replicate the United Nations General Assembly. The head girl of the school, Oluchi Nwachukwu, who emerged the overall winner, won a free Lufthansa Airline ticket to attend the International Conference in New York in March. According to him, the school came first and second consecutively in Nigeria, in the Cisco Netriders ICT Africa competition, which was organised for all institutions, including tertiary institutions across Africa. Students of the school won awards like Top Achievement Certificate from CISCO International. The school came first in Nigeria, West Africa and Sub-Saharan Africa; and fourth in the whole of Africa. â&#x20AC;&#x153;FSTC Yaba also received recognition award as the Best CISCO Networking Academy with the highest number of students graduated in West and Central Africa at the 2016 ASC UNITES CISCO. Our Lead Instructor, Miss Christine Ekezie emerged the Best Instructor and received awards and was nominated to attend

the CISCO Summit in Germany with all bills paid.â&#x20AC;? Ugorji said a student of the school, Miss Chineye Ibeneme, also came first in the 2016 edition of the Terry Maxwell Book Review Project, where the book â&#x20AC;&#x2DC;Weep Not Childâ&#x20AC;&#x2122; by Ngugi wa Thiongâ&#x20AC;&#x2122;o was reviewed. She received the star prize of a laptop and cash prize. The school was not left out in the area of sports, as it emerged the overall winner (boysâ&#x20AC;&#x2122; category) winning the highest number of medals in the December, 2016 Federal Government Colleges Games held in Enugu State. The highlight of the game was when Ibrahim Shokunbi (5,000m), Okubadejo Joshua (200m), Adesanya Ayodeji (100m) out ran the other students in the various races. While commending the teachers for their commitment towards grooming the students for better outcome, the principal thanked the Parent Teacher Association (PTA) for its support, which it demonstrated by completing a 1,200 capacity female hostel within a year to alleviate the problem of accommodation at the school.

The Delta State Commissioner for Basic Education, Chiedu Ebie (middle) with the MD/CEO, Midwestern Oil and Gas Company Ltd, Charles Odita (right), unveiling the newly built blocks of classrooms in Utagba-Ogbe Grammar School, Kwaleâ&#x20AC;Ś recently

Midwestern Oil, Gas Donates Classrooms to Community As part of its corporate social responsibility initiative, Midwestern Oil and Gas, in collaboration with SunTrust Oil Company Limited, recently built and donated blocks of 12 classrooms to Utagba-Ogbe Grammar School, Kwale, Delta State. Utagba-Ogbe, Kwale is one of the host communities where Midwestern Oil and Gas has been operating for the past eight years. Every year, the company executes major and significant people-oriented projects in the host communities. It had built and equipped a modern hospital ward at the Kwale General hospital, which it handed over to the

hospitalâ&#x20AC;&#x2122;s management board, last year; it also tarred and expanded a major street in the community. Speaking at the inauguration ceremony recently, the Managing Director of Midwestern Oil and Gas, Mr. Charles Oditah, an engineer, said the classroom project is in pursuit of the companyâ&#x20AC;&#x2122;s commitment to contributing to the socio-economic development of its host communities via improved access to education among other things. Oditah said the company constructed the 12 classrooms using the services of two indigenous contractors while all materials and labour were also sourced from the community.

While commending the company for maintaining a running cordial relationship with its host community, the state Commissioner for Basic Education, Mr. Chiedu Ebie, noted that the responsible disposition of the oil and gas company has helped to grow the economy of the surrounding communities. Also present at the ceremony were the Oduosa of Utagba-Ogbe kingdom; HRM I.P.O Obi; members of Umusadege Community Accredited Contact-Men Committee (CACC); chief inspectors of education of Delta State; the principal and vice-principal of the school, among other stakeholders.

British Council Partners Ekiti FederalVarsity on Capacity Building Victor Ogunje in Ado Ekiti The British Council (Nigeria) has indicated its willingness to partner the Federal University, Oye-Ekiti (FUOYE) in the area of capacity building for staff and students through scholarships and grants for the growth of the young institution. The councilâ&#x20AC;&#x2122;s Director of Higher Education, Skills and Enterprise, Adetomi Soyinka, who made this known in Lagos during a visit by FUOYE delegation, assured the visitors of the councilâ&#x20AC;&#x2122;s readiness to partner the institution in all positive ramifications. Soyinka said the council works in

conjunction with several other organisations through which grants or scholarships/ fellowships can be accessed for staff and students, adding that in a couple of weeks, the council will hold the Nigerian higher education dialogue in Abuja and extended the invitation to FUOYE. She revealed that the dialogue will cover topics like Curriculum Reform: A Catalyst for Change; Should Higher Education Design be Employer Led?; Quality Assurance in Higher Education and Impact on Nation Building; as well as NUCâ&#x20AC;&#x2122;S Cross Border Higher Education Guidelines, a Tool for Inter Civilizing

Nigeriaâ&#x20AC;&#x2122;s Higher Education. Also speaking, the councilâ&#x20AC;&#x2122;s Programme Manager on Higher Education, Sephora Imomoh, said the council will support the institution in its desire to emerge as a world class institution, adding that it will ensure a smooth linkage between FUOYE and numerous sources of grants or any form of assistance that could be required. The delegation from FOUYE was led by the Pro-Chancellor and Chairman of the universityâ&#x20AC;&#x2122;s Governing Council, Professor Saida Mabadeje, accompanied by some council members, as well as some principal officers including the

The Importance of Water Rainwater is one of the natural sources of water that man enjoys. A favorite treat for many children and young adults, particularly in rural areas of developing countries, is to bathe in torrential rainfall.The â&#x20AC;&#x2DC;pitta patterâ&#x20AC;&#x2122; of our childrenâ&#x20AC;&#x2122;s feet and the unison in their voices chanting Nigeriaâ&#x20AC;&#x2122;s cultural rain-songs and rhymes to herald rain can be so uplifting. Adulations cast on rain because of its beneďŹ ts to agriculture and to virtually every function of daily living is very common in the tropical parts of Africa where rain is abundant in its season. To very temperate countries and climates, snow is another natural source of water. In winter, everyone exalts the exquisite whiteness and purity of snow. So when the rains come during the rainy season in Nigeria, to Nigeria with her on-going problem of insuďŹ&#x192;cient pipe-borne water, many homes open their vats to quickly collect natureâ&#x20AC;&#x2122;s inexpensive blessing, rain. They ďŹ ll their drums hastily knowing that they would save money on privately sourcing for water from â&#x20AC;&#x153;Mai ruwaâ&#x20AC;? or water-tanker for another three to four months. Rain water is used for washing, bathing, cleaning and drinking. It is also a common feature in Africa, as you well know, to ďŹ nd individuals with head pans or jerry-cans looking for water under the surface of the earth. Underground water is another natural source of water. Wells, springs, oasis, bore-holes, water tables and water hidden in the pore spaces of the soil, water present in the fractures of rock formations all fall into this category. Furthermore, a vast majority of people all over the world rely on waters above the ground such as: rivers, lakes, ponds and of course the oceans of the world. Their waters are used among other things, for drinking, bathing, washing, cooking, transporting, for irrigation and other agricultural tasks, and indeed for living. If you rely a lot on rainwater, you might want to give a thought to the purity or naturalness bequeathed on it. You might well be right that people who regularly drink rainwater are likely to have built-up their defenses against infections. It might also be reasonable to hold that rain water that is collected from raised and unpopulated places are cleaner. Although rainwater is a natural and inexpensive source of water, it might not be completely pure. Progressive rural development and developments in many towns and cities of developing countries may contribute to this. Automobiles, increasing population of people, growth of oďŹ&#x192;ces and industries, give oďŹ&#x20AC; high concentrations of pollutants into the atmosphere. As it falls to the ground, rainwater may trap and dissolve contaminants like: soil, soot, dust particles, parasites, viruses, bacteria, algae, rodent and bird faeces on roofs, rooďŹ ng and piping materials like asbestos and lead, insectsâ&#x20AC;&#x2122; parts and animal hair. It may also absorb some carbon dioxide, Sulphur dioxide, nitrogen dioxide and radioactive materials. Therefore it is wise to carefully collect and handle rainwater so as to lessen its risk of coming in contact with harmful contaminants. If collected in sterile to clean conditions, some people may then consider it safe to drink rainwater without it being boiled. It is however important to note that boiling your rainwater may remove the germs but not the chemicals. Whichever way you look at it, carefully handling the water you drink and prepare the food you eat with is of utmost importance especially if you have a weakened immune system. Omoru writes from the UK

Students Set to Protest Fees Hike in Ogun A coalition of studentsâ&#x20AC;&#x2122; organisations under of Save TASUED and Fund Education Coalition (STAFEC) has concluded plan to stage a mass protest in Abeokuta, Ogun State on February 6, against what it described as the continued neglect of education, especially the tertiary education sub-sector in the state. The group comprises Tai Solarin Studentsâ&#x20AC;&#x2122; Union; National Universities Education Studentsâ&#x20AC;&#x2122; Association (NUESA); Alliance of Nigerian Students against Neoliberal Attacks (ANSA), among others. In a statement signed by Sanni Ramon, Ewetola AbdulRamon, Sanyaolu Juwon, and Tomi Aina on behalf of Tai Solarin Studentsâ&#x20AC;&#x2122; Union, NUESA, ANSA and Studentsâ&#x20AC;&#x2122; and Youth Activists Support Initiative, respectively, they condemned the fee hike in Tai Solarin University of Education and other higher institutions in the state. The statement read in parts: â&#x20AC;&#x153;The Save TASUED and Fund

Education Coalition (STAFEC) wishes to seize this medium to inform the mass of the Nigerian populace its resolve to stage a mass action against the antistudent/anti-poor policies of the Governor Ibikunle Amosun-led government of Ogun State on February 6, 2017. â&#x20AC;&#x153;The mass action is aimed at showing our displeasure towards the premeditated neglect of public education especially TASUED. We take exception to the illegal and arbitrary tax of N10,000 imposed on students and we reject in totality, the increment in acceptance fee from N30,000 to N40,000. â&#x20AC;&#x153;The coalition maintains an outright rejection of the introduction of N25,000 registration fee; we consider it as fraudulent, thoughtless and unacceptable especially at the time the same students and their unpaid parents barely manage to pay the exorbitant N76,500 school fees, astronomical acceptance fee and many other ridiculous charges.â&#x20AC;?

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MOUAU VC Debunks Allegations of Corruption, Maladministration Emmanuel Ugwu in Umuahia The Vice-Chancellor of Michael Okpara University of Agriculture Umudike (MOUAU), Professor Francis Otunta, has accused the President of the National Association of Nigerian Students (NANS), Mr. Chinonso Obasi of engaging in wild and unsubstantiated allegations to disrupt the peace at the institution. The NANS president was said to have called for the resignation of the VC barely 10 months after he assumed duties and accused him of corruption, maladministration and incompetence. But briefing journalists in reaction to the allegations against him, Otunta said the NANS president was acting on a revenge mission and

malice having been expelled as a student of Akanu Ibiam Federal Polytechnic Unwana during his tenure as rector. He said Obasi was caught engaging in examination malpractice and after investigation he was found guilty and expelled from the institution. However following the intervention of the then minister of education, Obasi was recalled but â&#x20AC;&#x153;out of shameâ&#x20AC;?, he did not return to the institution. He said the â&#x20AC;&#x153;concocted statementâ&#x20AC;? from the NANS president should be disregarded because it came from a â&#x20AC;&#x153;malicious liarâ&#x20AC;? who is not worthy to parade himself as the president of a respected association like NANS. The professor of mathematics also debunked the allegation by one Danladi Isaac of Transparency Group who said the management of MOUAU

had dragged him to court over maladministration and inhuman treatment of staff. He called on security agencies to fish out and punish those behind the malicious statements targeted against him and the management of the institution. Otunta was accompanied by some members of his management team, including the Deputy VC (Administration), Prof. Joy Nwabueze, insisted that there has never been any misunderstanding in the management to warrant legal action. But he did not rule out the existence of corruption at MOUAU, saying that it was already in the system before he took over as VC and that he has been battling to eradicate the evil. To this end the VC said he had set up four committees to look into the various issues

that had negatively affected the growth of the university, adding that all he has done was â&#x20AC;&#x153;to begin implementing all regulations.â&#x20AC;? Otunta accused his predecessor of introducing academic programmes that were not relevant to the mandate of the institution and were not approved by the National Universities Commission (NUC) hence his administration has taken steps to scrap such new courses like Mass Communication, Philosophy, Peace and Conflict Resolution. He explained that the affected programmes were introduced by the last administration because of the â&#x20AC;&#x153;unwarranted level of impunity to start programmes not approved by NUC hence when they said close I had to obey because I am a slave to the law.â&#x20AC;?

RUNNING THE CLASSROOM

CHIOMA ERUOTOR

Role of Parents in Raising Godly Children in Our Society Ă&#x2019;Ă? Ă?Ă&#x2039;Ă&#x2014;Ă&#x201C;Ă&#x2013;ĂŁ Ă&#x201C;Ă? Ă&#x17E;Ă&#x2019;Ă? Ă?Ă?Ă&#x2DC;Ă&#x17E;Ă&#x153;Ă? ĂĄĂ&#x2019;Ă?Ă&#x153;Ă? Ă&#x201C;Ă&#x2DC;Ă?Ă&#x2122;Ă&#x153;Ă&#x2014;Ă&#x2039;Ă&#x2013; Ă&#x2013;Ă?Ă&#x2039;Ă&#x153;Ă&#x2DC;Ă&#x201C;Ă&#x2DC;Ă&#x2018; Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă&#x17E;Ă&#x153;Ă&#x2039;Ă&#x201C;Ă&#x2DC;Ă&#x201C;Ă&#x2DC;Ă&#x2018; Ă&#x17E;Ă&#x2039;Ă&#x2022;Ă? Ă&#x161;Ă&#x2013;Ă&#x2039;Ă?Ă?Ë&#x203A; Ă&#x2039;Ă&#x153;Ă?Ă&#x2DC;Ă&#x17E;Ă? Ă&#x2019;Ă&#x2039;Ă Ă? Ă Ă&#x201C;Ă&#x17E;Ă&#x2039;Ă&#x2013; Ă&#x153;Ă&#x2122;Ă&#x2013;Ă?Ă? Ă&#x17E;Ă&#x2122; Ă&#x161;Ă&#x2013;Ă&#x2039;ĂŁ Ă&#x201C;Ă&#x2DC; Ă&#x17E;Ă&#x2019;Ă? Ă&#x2013;Ă&#x201C;Ă Ă?Ă? Ă&#x2122;Ă? Ă&#x17E;Ă&#x2019;Ă?Ă&#x201C;Ă&#x153; Ă?Ă&#x2019;Ă&#x201C;Ă&#x2013;Ă&#x17D;Ă&#x153;Ă?Ă&#x2DC;Ë&#x203A; Ă&#x2019;Ă? Ă&#x161;Ă&#x2039;Ă&#x153;Ă?Ă&#x2DC;Ă&#x17E;Ă? Ă&#x2019;Ă&#x2039;Ă Ă? 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Ă&#x161;Ă&#x;Ă&#x17E; Ă&#x17E;Ă&#x2122; Ă?Ă&#x2019;Ă&#x2039;Ă&#x2014;Ă? ĂĄĂ&#x2019;Ă?Ă&#x2DC; Ă&#x17E;Ă&#x2019;Ă?ĂŁ Ă?Ă&#x2122;Ă&#x2DC;Ă&#x17E;Ă?Ă&#x2DC;Ă&#x17D; ĂĄĂ&#x201C;Ă&#x17E;Ă&#x2019; Ă&#x17E;Ă&#x2019;Ă?Ă&#x201C;Ă&#x153; Ă?Ă&#x2DC;Ă?Ă&#x2014;Ă&#x201C;Ă?Ă? Ă&#x201C;Ă&#x2DC; Ă&#x17E;Ă&#x2019;Ă? Ă&#x2018;Ă&#x2039;Ă&#x17E;Ă?Ë&#x203A;ËŹ Ě&#x2122; Ă?Ă&#x2039;Ă&#x2013;Ă&#x2014; ÍŻÍ°ÍľË? ÍąĚ&#x2039;ÍłĚ&#x161; Ă?Ă&#x2039;Ă&#x153; Ă&#x161;Ă&#x2039;Ă&#x153;Ă?Ă&#x2DC;Ă&#x17E;Ă?Ë&#x203A; Ă&#x2013;Ă?Ă&#x2039;Ă?Ă? Ă&#x153;Ă&#x201C;Ă?Ă? Ă&#x17E;Ă&#x2122; Ă&#x17E;Ă&#x2019;Ă? Ă?Ă&#x2019;Ă&#x2039;Ă&#x2013;Ă&#x2013;Ă?Ă&#x2DC;Ă&#x2018;Ă?Ă? Ă&#x2122;Ă? Ă&#x2122;Ă&#x;Ă&#x153; Ă&#x17E;Ă&#x201C;Ă&#x2014;Ă? Ă&#x17E;Ă&#x2122; Ă&#x152;Ă&#x153;Ă&#x201C;Ă&#x2DC;Ă&#x2018; Ă&#x;Ă&#x161; Ă&#x2122;Ă&#x17D;Ă&#x2013;ĂŁ Ă?Ă&#x2019;Ă&#x201C;Ă&#x2013;Ă&#x17D;Ă&#x153;Ă?Ă&#x2DC;

Eruotor writes from Lagos

Promasidor Releases Entry Guidelines for Cowbellpedia Maths

CONGRATULATION

L-R: The Chairman, Board of Advisors, Emerald Schools, Mr. Sam Obaze; the Group Managing Director/CEO Redstar Express Ltd, Mr. Sola Obabori and his wife; and the Executive Director, Mrs. Edna Obaze, at a luncheon held in honour of Obabori on his recent appointmentâ&#x20AC;Ś recently

AmericanVarsity Honours Nigerian Professor The California Southern University, USA has admitted a Nigerian, Professor Adesoji Adesugba into the Sigma Beta Delta International Honour Society in business, management and administration. According to the President of the institutionâ&#x20AC;&#x2122;s chapter of the organisation, Lauren Helms, â&#x20AC;&#x153;the admission of Adesugba into the Sigma Beta Delta is in recognition of his outstanding scholastic record. As President of the California Southern University Chapter of Sigma Beta Delta, it is my pleasure to extend you this membership invitation.â&#x20AC;? Adesugba, who lectures at the Baden International Business School, Baden Switzerland is said to have impressed

the university authorities by scoring an â&#x20AC;&#x2DC;Aâ&#x20AC;&#x2122; in every course and making a perfect 4.0 Grade Point Average (GPA) in his Doctor of Business Administration coursework at the university. Adesugba, whose research is on the mining sector of the Nigerian economy, was described as a man of many parts having previously bagged four other degrees and three diplomas from different institutions around the world. As a Sigma Beta Delta member, he joins a prestigious group of academic and business leaders dedicated to the continual pursuit of meaningful aspirations. Sigma Beta Delta membership conveys academic excellence and a commitment to high principles and superior achievement

and is only given to doctoral candidates who have scored 3.95 GPA or better. Adesugba has an impressive background having previously worked with the Federal Government of Nigeria in various capacities, including as a director at the Nigerian Investment Promotion Commission (NIPC) and later as the Chairman of the Industrial Arbitration Panel (IAP). In 2015, he was appointed as the Chairman of the Editorial Board of the popular Nigerian newspaper Sahel Standard. He is currently the President of the Gemstones Miners and Marketers Association of Nigeria, as well as a Vice-President of the Abuja Chamber of Commerce and Industry.

Fed Poly Bauchi Matriculates 5,063 Students Segun Awofadeji in Bauchi The Federal Polytechnic, Bauchi has admitted 5,063 students into the institution this year to pursue various academic programmes. The Rector, Dr. Shuaibu Musa, who disclosed this during the 2016/2017 matriculation ceremony of the new students, explained that the institution

received 8,282 applications out of which 5,063 candidates were offered admissions after careful screening. He said 2,010 students would study various national diploma courses, 1,816 higher national diploma, while 291 and 946 students were admitted to partake in pre-national diploma and basic studies programmes respectively. â&#x20AC;&#x2DC;â&#x20AC;&#x2122;I must at this point reiterate

that those of you that are taking the matriculation oath today must guard your admissions jealously by concentrating on your studies. Avoidance of examination malpractices, any form of violence, rumour mongering, sexual harassment, among others and observance of the codes of behavior and social interactions should be your watch word.â&#x20AC;&#x2122;â&#x20AC;&#x2122;

Promasidor Nigeria Limited has released the entry guidelines for the 2017 Cowbellpedia Secondary Schools Mathematics Television Quiz Show as the call for entry continues to generate excitement among students and their teachers across the country. Briefing journalists in Lagos recently, the Head of Marketing, Promasidor Nigeria Limited, Mr. Festus Tettey, explained that the competition is open to students in junior secondary three (JS3) and senior secondary two (SS2) from 10-18 years attending full time secondary education in public and private schools in Nigeria. He said each school is required to present its best 10 students in Mathematics (five from JS3 and five from SS2), irrespective of sex, religion, tribe or state of origin, to enhance their chance of qualifying for the next stage of the competition. While entry into the competition is free, he said contestants are required to register online at www.cowbellpedia.ng. Basically, Tettey said the guidelines mandate the candidates/schools to go to www.cowbellpedia.ng click on link to register the school; fill the form and submit, ensure to fill all required fields; an email will be sent to the school and primary contact email addresses provided when filling the form; the link in the email received would be used to verify the email addresses. â&#x20AC;&#x153;On successful login, you click on the add candidates under candidate management; fill in the candidatesâ&#x20AC;&#x2122; informa-

tion on the form, upload the candidateâ&#x20AC;&#x2122;s pictures and click the save draft button; save draft information for five candidates before you submit their registration. If your school is a mixed school, at least two of the candidates must be female or you wonâ&#x20AC;&#x2122;t be able to complete the registration. â&#x20AC;&#x153;After creating the draft registration for five candidates in a category (junior/senior), a button will be shown on the page to â&#x20AC;&#x2DC;register junior/senior candidatesâ&#x20AC;&#x2122;; click the button to complete the registration of the candidates for that category; a confirmation slip will be generated to download and will also be mailed to the school, candidate and parent/ guardian email address; print the confirmation slip and have it stamped and signed by the principal and the confirmation slip will be required for admitting candidates at the examination venue.â&#x20AC;? He said the competition is divided into two stages; stage one qualifying written examination and stage two TV quiz show. The first stage examination will hold on Saturday, March 11, 2017 at 10am. The first prize for this yearâ&#x20AC;&#x2122;s edition is N1 million and an all-expense paid educational excursion abroad, while the first and second runners-up will get N750,000 and N500,000 respectively. The teachers of the winners will be awarded N400,000, while teachers of the first and second runners-up will receive N300,000 and N200,000 respectively.

WEDNESDAY, FEBRUARY 1, 2017, ˾ T H I S D AY

CITYSTRINGS

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

Fake Dollar Syndicate Nabbed in Lagos Recently, luck ran out on a five-man syndicate which specialises in duping innocent and hapless residents of Lagos State through shady deals, writes Femi Ogbonnikan

Kingpin Segun Akintola (a.k.a Okadigbo)

gainst the background of the onslaught against criminal elements who are making life unbearable for the residents of Lagos and the commitment of the Lagos State Government towards ensuring a crime-free Centre of Excellence, nemesis recently caught up with a gang of suspected criminal elements which specialises in duping innocent and hapless people through shady deals. A fortnight ago, men of Rapid Response Squad (RRS) of the Lagos State Police Command, apprehended the kingpin one, Segun Akuntola, who is alleged to be the leader of the syndicate that specialises in defrauding innocent citizens within the state. The suspect, popularly known as 'Okadigbo', was apprehended by a decoy team of the squad at his shrine at Ijora over his involvement in fraudulent practices perpetrated by a four-man gang under his command. THISDAY gathered that the fraud, being investigated, which was perpetrated in Ikorodu about a year ago, was supervised by an accomplice, Christian Odokor, 43. An informed police source hinted that the syndicate had duped a lady known as Joy (surname unknown), while in transit from Ikorodu towards Mile 12, where the victim had planned to buy some products for onward sales in her shop, before she fell prey to the activities of the fraudsters.

Recovered fake dollars

Preliminary investigation conducted by the decoy team of RRS, it was learnt, revealed that Okadigbo is the arrow head of several syndicates of fraudsters, operating in different parts of Lagos State and some parts of Ogun State. The members of his syndicate, it was learnt, report to his shrine regularly where their nefarious activities were always planned and mapped out for execution. Until his arrest over the weekend, four of his accomplices earlier arrested by the operatives of RRS have given him out as their ring leader, a development, which he has continued to deny knowledge of. Prior to his arrest, THISDAY learnt that the operatives have for long been on his

Although, the fake dollar they use is mine, but I don’t know anything about this job for which they have been arrested. Everybody plays his own individual roles. I am on my own

trail, but he has always remained evasive throughout 2016. Okadigbo while confessing to being a fraudster who operated by pretending to be a herb seller in several parts of the metropolis denied his leadership of the syndicate, insisting every member was in-charge of his or her victims. According to him, “it is true they used my shrine and office, as their hideout. They bring their victims there but everybody operated on his or her own. They all come from different places and converge there but everybody managed his or her own group. "Although, the fake dollar they use is mine, but I don’t know anything about this job for which they have been arrested. Everybody plays his own individual roles. I am on my own. “I operated by selling herbs but I market quick money rituals to people as well as herbs for people looking for children. I do spiritual bath for clients and that is how I defraud people and make my money,” he disclosed. In his own confession, Christain Odokor, the leader of the Ikorodu fraudsters, in his confessional statement said, "we robbed her (Joy) about a year ago. "We took all she had on her, including a sum of N300,000 and recharge cards of all networks worth N120,000. Okadigbo is our master whom most of us report to, at least thrice in a week. He takes his own percentage

share at every breakthrough that we make. "All of us, about nine groups that I know report to him. We operate in different parts of the metropolis. "He is so powerful, dreaded and fiery that no policeman dares arrest him. He is spiritually powerful. He has juju. Now, I was shocked seeing him here with us in your custody," Odokor said. Another member of the team, who identified himself as Toyin Idebi, 25 years old, said greed made her join the gang two years ago. "I was a stylist and I was doing well in my business before I joined them. When I saw how they were spending money on ladies like me, then I moved closer to them to know their secret. In fact, I was attracted into their spending spree and I wanted to belong. "Initially, they were reluctant to tell me their job as they just told me they were into export and import business. I pressed on further, until one of them asked me if I can keep a secret and I promised to keep a sealed lip. He opened up and I joined them.” She continued, "my main job was to act as someone who was carrying foreign currencies and who didn't know her destination. I could decide to go to any location I desire and when I notice the area was free and I could as well, get a victim and I would hang around and pretend as if I am a stranger in that locality, looking for an address which never exists. Though, those currencies were fake but I

WEDNESDAY, FEBRUARY 1, 2017, ˾ T H I S D AY

CITYSTRINGS

L-R : Christian Odokor, Toyin Idebi and two other accomplices

didn't know how Okadigbo got them, but would make them available to us to work on," said the 21-year-old female suspect. While recounting her ordeal, the victim said, "It was on Wednesday afternoon, January 13, 2016 on my way to the market. The lady amongst them flagged me down by calling Sabo passengers from Ikorodu garage roundabout. "When I saw the lady, sitting and calling for prospective passengers I never thought otherwise. Immediately, I hopped in and sat down beside her, I saw three other men inside the car. “Suddenly as we were progressing, the lady begged me to help her with my phone to make phone calls, thus giving excuse that she had no call card on hers. "As a lady, I handed over my phone to her and she made two separate calls with my phone. As we moved a bit far more, the driver detoured the journey to an unknown destination. "I queried the driver where he was taking me to, but he refused to respond. Suddenly, they pulled over in the middle of the way, and the driver pointed a gun at me while the lady showed me a jack knife, to coerce me to cooperate. "They ransacked my bag and removed the whole money on me, including the recharge cards, and they sped off," she added. While confirming the incident, the Lagos State Police Public Relations Officer, Dolapo Badmus, a Superintendent of Police (SP), said that the Command would not rest on its oars

My main job was to act as someone who was carrying foreign currencies and who didn't know her destination…Though, those currencies were fake but I didn't know how Okadigbo got them, but would make them available to us to work on

Lagos State Commissioner of Police, Mr. Fatai Owoseni...on top of his job

until it rids the state of bad elements and reduce the criminal activities in the state to the barest minimum. She added that the kingpin and his gang

members would soon be charged to court upon completion of investigation into the matter. 0She added that the suspects had been

transferred to the operatives of the State Criminal Investigation Department (SCID) of the Lagos State Police Command, Panti Street, Yaba, Lagos, for further investigation.

WEDNESDAY, ͯ˜ ͺ͸͹͵ ˾ T H I S D AY

WEDNESDAY FEBRUARY 1, 2017 ˾ T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Trump Fires Justice Dep’t Head over Clash on Refugee Ban In an extraordinary public showdown, President Donald Trump fired the acting attorney general of the United States after she publicly questioned the constitutionality of his refugee and immigration ban and refused to defend it in court. The clash Monday night between Trump and SallyYates, a career prosecutor and Democratic appointee, laid bare the growing discord and dissent surrounding an executive order that halted the entire U.S. refugee programme and banned all entries from seven Muslim-majority nations for 90 days. The firing, in a written statement released just hours after Yates went public with her concerns, also served as a warning to other administration officials that Trump is prepared to terminate those who refuse to carry out his orders. Yates’ refusal to defend the executive order was largely symbolic given that Sen. Jeff Sessions, Trump’s pick for attorney general, will almost certainly defend the policy once he’s sworn in. He’s expected to be confirmed Tuesday by the Senate Judiciary Committee and could be approved within days by the full Senate. Yet the firing reflected the mounting conflict over the

executive order, as administration ofﬁcials have moved to distance themselves from the policy and even some of Trump’s top advisers have made clear that they were not consulted on its implementation. As protests erupted at airports across the globe, and as legal challenges piled up in courthouses, Yates directed agency attorneys not to defend the executive order. She said in a memo Monday she was not convinced it was lawful or consistent with the agency’s obligation “to stand for what is right.” Trump’s press secretary, Sean Spicer, soon followed with a statement accusing Yates of having“betrayed the Department of Justice by refusing to enforce a legal order designed to protect the citizens of the United States.” Trump named long-time federal prosecutor Dana Boente, the U.S. attorney for the Eastern District of Virginia, as Yates’ replacement. Boente was sworn in privately late Monday, the White House said, and rescinded Yates’s directive. Also late Monday, the acting head of Immigration and Customs Enforcement was removed. The administration didn’t offer any explanation for the move, only said via Twitter that Daniel

Ragsdale is returning to his previous position as deputy director. ICE executive associate director Thomas Homan was elevated to the role of acting chief. Homeland Security Secretary John Kelly said in a statement that Homan had led efforts “to identify, arrest, detain, and remove illegal aliens.” The statement didn’t mention Ragsdale. The chain of events bore echoes of the Nixon-era“Saturday Night Massacre,” when the attorney general and deputy attorney general resigned rather than follow an order to ﬁre a special prosecutor investigating the Watergate scandal. The prosecutor, Archibald Cox, was ﬁred by the solicitor general.

Yates, a holdover from the Obama administration who was the top federal prosecutor in Atlanta and later became Loretta Lynch’s deputy, was not alone in her misgivings about the policy and its rollout. At least three top national security officials — Defense Secretary Jim Mattis, Homeland Security Secretary John Kelly and Rex Tillerson, who is awaiting confirmation to lead the State Department — have told associates they were not aware of details of the directive until around the time Trump signed it. Leading intelligence officials were also left largely in the dark, according to U.S. officials. Tennessee Sen. Bob Corker,

the top Republican on the Senate Foreign Relations Committee, said that despite White House assurances that congressional leaders were consulted, he learned about the order from the media. A large group of career

diplomats circulated several drafts of a memo arguing that the order Trump signed last week will not make the U.S. safe, saying it runs counter to American values and will fuel anti-American sentiment around the world.

The Nigerian Society of Engineers NSE/PRES/COR-PWH/Vol.II/01

30th January, 2017.

Mr. Babatunde Raji Fashola, SAN The Honorable Minister Federal Ministry of Power, Works & Housing Ministry of Works Mabushi, Abuja.

LEADERSHIP OF TRANSMISSION COMPANY OF NIGERIA: AN ENGINEERING COMPANY It has been brought to our notice that Transmission Company of Nigeria is undergoing strategic changes meant to bring about improvement of services and efficiency of operation. We are in support as long as it guarantees the rights of Nigerian Engineers in the organization. We are also made to believe that the new management is to be headed by an Accountant without the requisite experience to transform such an engineering Company both administratively and professionally. The Nigerian Society of Engineers believes in the capability of the staff in the Company and therefore wishes to reaffirm her confidence in their ability to turn the Company around. The present management structure had understudied Manitoba Hydro International (MHI) management for the period of their stay, and took over with apparent improvements in operations of the Company as reported in NERC performance report at the last sectoral meeting in Lagos held on the 9th January, 2017. The report shows clearly remarkable improvements in transmission loss reduction (6.65% against MYTO 8.05%, Transmission loss Reduction under Manitoba Hydro International management was higher than 8.05%), reduction in Average Interruption Duration from baseline of 2.9 hours to 2.2 hours, and reduction in system collapse from baseline of 3 to 2 all in three months. All these improvements were achieved under the leadership of the present management headed by an electrical engineer, indeed a power systems engineer. We understand that the reason advocated for the invitation of the staff of AfDB to manage the Company is because of the loan ($150,000,000.00 plus promissory note of $200,000,000.00) the bank will give TCN (Total Asset value of about $25B). This loan amount is insignificant compared to the total asset value of TCN, to now give the lender the right of appointing the Chief Executive Officer of the Company. A pertinent question to ask is what of other agencies like World Bank, EUROBOND, AFD and JICA that have or are in the process of loaning funds to TCN? Obviously, then we are to have multitude of managements structure for TCN to justify this move. We would like the Honourable Minister to note that the normal thing to do is to create a Project Management Unit to administer usage of such funds, not to take over management structure of TCN as being contemplated. In as much as we will support the Honourable Minister in providing the needed reforms to move the Power Sector forward, we want to make it categorically clear that TCN as an Engineering outfit must be managed by a team of Engineering professionals which is the global best practice in the industry. Please accept the assurances of our highest esteem.

Engr. Otis Anyaeji, FNSE, FAEng President

WEDNESDAY, ͯ˜ ͺ͸͹͵ ˾ T H I S D AY

UTILIZATION OF FOREIGN EXCHANGE AS AT 27TH JANUARY 2017 S/N

CUSTOMERS

BUA SUGAR REFINERY LIMITED

CROWN FLOUR MILLS LIMITED

PRIMEPAK INDUSTRIES NIGERIA LIMITED

UNIVERSAL HORIZON LIMITED

AMOUNT (US$) PURPOSE 165.00 10,000 METRIC TONNES OF RAW SUGAR IN BULK 2,325.18 CANADIAN WESTERN SPRING - NO.2 120.14 POLYETHLENE GRANULES 1,000,000.00 MOBILE TOKEN LICENSE

156

MUKHTAR A SAULAWA

2,822.76 SCHOOL FEES

380.00 27-Jan-17

325.50 23-Jan-17

157

NGOZI A BABASANYA-CRAIG

2,826.17 SCHOOL FEES

380.00 27-Jan-17

325.50 23-Jan-17

RATE DATE

158

VICTOR O FAMUYIBO

5,000.00 SCHOOL FEES

380.00 27-Jan-17

325.50 23-Jan-17

159

VICTOR O FAMUYIBO

7,967.00 SCHOOL FEES

325.50 23-Jan-17

160

CHRISTIAN C IKELIANI

8,000.00 SCHOOL FEES

380.00 27-Jan-17

MARIAM A DANESI

15,835.00 SCHOOL FEES

380.00 27-Jan-17

STELLA A OKOJIE

9,821.00 SCHOOL FEES

380.00 27-Jan-17

UNILEVER NIG PLC

147.72 SPECKLES

325.50 23-Jan-17

161

UNILEVER NIG PLC

334.59 SPECKLES

325.50 23-Jan-17

162

UNIVERSAL HORIZON LIMITED

500,000.00 NCR SELFSERV ATM (S2)

325.50 23-Jan-17

163

STELLA O OBIAMAKA

380.00 27-Jan-17

2,000.00 LIFE INSURANCE

325.50 27-Jan-17

SARDON WEST GLOBAL RESOURCES LIMITED

60,300.00

SURGICAL EQUIPMENT

375.00 23-Jan-17

164

YAW A AGYARKO

6,009.52 SCHOOL FEES

380.00 27-Jan-17

SARDON WEST GLOBAL RESOURCES LIMITED

32,000.00 SURGICAL EQUIPMENT

375.00 23-Jan-17

165

YAW A AGYARKO

7,948.51 SCHOOL FEES

380.00 27-Jan-17

SOFTLAND PHARMACEUTICAL LIMITED

145,900.00 VERTINARY DRUGS

375.00 23-Jan-17

166

ISAAC O OMOROGIUWA

8,670.00

380.00 27-Jan-17

TOSMOND INVESTMENT LIMITED

161,417.74 SUBMERSIBLE PUMPS

375.00 23-Jan-17

167

FEYISAYO C OGOJI

4,000.00 LIVING EXPENSES

EDIMA BEN B EKPO

1,330.00 SCHOOL FEES

380.00 27-Jan-17

SCHOOL FEES

380.00 27-Jan-17

ST.MAMA NIG LIMITED

147,000.00 VETERNARY PHARMACEUTICAL PRODUCTS

375.00 23-Jan-17

168

RINGARDAS NIGERIA LIMITED

450,545.00 BITUMEN 40/50

375.00 23-Jan-17

169

ADEDAYO, TIMOTHY OLUDARE

10,000.00 SCHOOL FEES

380.00 27-Jan-17

NIGERIA PIPES LTD KANO

VIVA METAL & PLASTICS INDUSTRIES LIMITED

HEBEI GLOBAL LTD

98,500.00 PVC RESIN SUSPENSION INOVYN SOLVIN 267RC 129,150.00 HIGH DENSITY POLYETHLENE GRADE 30,000.00 MATH SET

375.00 23-Jan-17

170

DUNG D JULIUS

12,910.52 SCHOOL FEES

380.00 27-Jan-17

375.00 23-Jan-17

171

ANTHONY NNAEMEGO

7,502.28 SCHOOL FEES

380.00 27-Jan-17

375.00 23-Jan-17

172

SULEIMAN MUHAMMAD HAMIS

2,354.79 RESIDENCE FEE

380.00 27-Jan-17

ANTHONY NNAEMEGO

7,351.20 SCHOOL FEES

380.00 27-Jan-17

13,969.02 SCHOOL FEES

380.00 27-Jan-17

GLORIA I KALU

1,833.33 ACCOMMODATION FEES

380.00 23-Jan-17

173

GLORIA I KALU

5,517.00 SCHOOL FEES

380.00 23-Jan-17

174

ANTHONY NNAEMEGO

380.00 23-Jan-17

175

KUBI H MOMOH

1,154.73 LIVING EXPENSES

380.00 23-Jan-17

176

VICTOR O ADEPOJU

1,326.87 LIVING EXPENSES

380.00 27-Jan-17

KOLAWOLE P KEHINDE

IRIAYE A IRIVBOJE

783.88 LIVING EXPENSES 23,251.00 SCHOOL FEES

380.00 27-Jan-17

EUSTACE O ODUNZE

15,342.95 SCHOOL FEES

380.00 23-Jan-17

177

TYOASOUGH COMFORT

4,000.00 PTA

380.00 27-Jan-17

EUSTACE O ODUNZE

11,030.36 SCHOOL FEES

380.00 23-Jan-17

178

ADELEKE ADEDAYO TEMITOPE

2,000.00 PTA

380.00 27-Jan-17 380.00 27-Jan-17

ABDULWAHAB SAHEED

ADENIKE A TAIBAT

NGOZI G ENOKA

380.00 23-Jan-17

179

AJAYI OLUSOJI SUNDAY

4,000.00 PTA

5,000.00 SCHOOL FEES

380.00 23-Jan-17

180

UZODINMA CHISARA ANN

4,000.00 PTA

10,000.00 SCHOOL FEES

380.00 23-Jan-17

181

UZODINMA IFEANYI RONALD

4,000.00 PTA

380.00 27-Jan-17

DUNNI TOWOBOLA OLUNLOYO

4,000.00 PTA

380.00 27-Jan-17

AKOBUNDU GLORIA CHINEDUM

4,000.00 PTA

380.00 27-Jan-17

3,500.00 SCHOOL AND ACCOMODATION FEES

NGOZI G ENOKA

8,500.00 SCHOOL FEES

380.00 23-Jan-17

182

ETUKUDOH NKEREUWEM SUNDAY

4,000.00 PTA

380.00 23-Jan-17

183

IROCHEEONWU SONNY IFEANYI

DANIEL T EGBE

CBN

4,000.00 PTA 1,381.05 LIVING EXPENSES 215,964.63 IMTO FUNDS

380.00 27-Jan-17

380.00 23-Jan-17

184

AGARWAL ANIL KUMAR

4,000.00 PTA

380.00 27-Jan-17

380.00 23-Jan-17

185

ALAO OLUBUNMI ABIMBOLA ANITA

4,000.00 PTA

380.00 27-Jan-17

380.00 23-Jan-17

186

ALAO OLUGBENGA ABAYOMI

4,000.00 PTA

380.00 27-Jan-17

CHUGANI KUMAR

4,000.00 PTA

380.00 27-Jan-17

ACE FOOT MANUFACTURING CO.

33,574.14 RAW MATERIAL 64MT DI OCTYL PHTHALATE

315.00 24-Jan-17

187

AFTRADE NIGERIA LTD

59,982.00 ARTIFICIAL RESINS

310.50 24-Jan-17

188

CHUGANI ROHINI BHOJWANI

4,000.00 PTA

380.00 27-Jan-17

FEMI & ALEMEDE

9,485.78 SCHOOL FEES

380.00 27-Jan-17

FRIESLANDCAMPINA WAMCO NIG

70,621.74 FRISO GOLD

315.00 24-Jan-17

189

FRIESLANDCAMPINA WAMCO NIG

70,081.20 FRISO GOLD

315.00 24-Jan-17

190

AMAECHI EMMANUEL IKENNA

FRIESLANDCAMPINA WAMCO NIG

70,621.74 FRISO GOLD WHEAT

315.00 24-Jan-17

191

KUBI H MOMOH

2,030.40 LIVING EXPENSES

380.00 27-Jan-17

ABDULQADIR J BELLO

4,175.93 SCHOOL FEES

380.00 27-Jan-17

1,304.17 LIVING EXPENSES

380.00 27-Jan-17

FRIESLANDCAMPINA WAMCO NIG

MAS RICE MILL LTD

SIMBA INFRA

STELLA A OKOJIE

70,081.20 INFANT FORMULA MY BOY 25,000.00 COMPLETE RICE MILL MACHINE 143,003.98 SOFTWARE PRODUCT MAINTENANCE & SUPPORT 350.00 LIVING EXPENSES

315.00 24-Jan-17 325.50 24-Jan-17

193

SOLOMON I EZINWOKE

325.50 24-Jan-17

194

FEYISAYO C OGOJI

6,708.74 ACCOMODATION AND UPKEEP

380.00 24-Jan-17

195

HALIMA ABDULKARIM

1,809.72 SCHOOL FEES

380.00 27-Jan-17

AJENU, EKOJA EMMANUEL

9,158.28 SCHOOL FEES

380.00 27-Jan-17

CBN

AKPILA S BERNARD

4,609.91 SCHOOL FEES

380.00 24-Jan-17

PAX VENTURES NIG CO

6,250.00 SCHOOL FEES

380.00 24-Jan-17

197

OKWONGUDOH UDEME SUNDAY

LONGJOHN ADANGO ROGERS

700.00 LIVING EXPENSES 8,295.50 SCHOOL FEES

380.00 27-Jan-17

214,786.16 IMTO FUNDS

380.00 27-Jan-17

380.00 24-Jan-17 380.00 24-Jan-17

LONGJOHN ADANGO ROGERS

9,389.50 SCHOOL FEES

380.00 24-Jan-17

SUNDAY O OMALE

2,581.30 SCHOOL FEES

380.00 24-Jan-17

17,201.96 SCHOOL FEES

SIKOMBS LIMITED

GABRIEL B BENSON

5,941.25 SCHOOL FEES

380.00 24-Jan-17

PAX VENTURES NIG CO

8,000.00 SCHOOL FEES

380.00 24-Jan-17

CHUGANI BHAGU KISHINCHAND

4,000.00 PTA

380.00 24-Jan-17

380.00 27-Jan-17

192

196

428.84 EXAMINATION FEES

SOURCES OF FOREIGN EXCHANGE AS AT 27TH JANUARY 2017

380.00 24-Jan-17

CHUGANI BINDIYA BHAGU

4,000.00 PTA

380.00 24-Jan-17

AKIN-OLAWUNI OLUWAMIMO FUNMILAYO

4,000.00 PTA

380.00 24-Jan-17

IPAYE CHRISTIANA BAMIDELE

4,000.00 PTA

380.00 24-Jan-17

OLAWUNI KOLAWOLE OLAMIDE

4,000.00 PTA

380.00 24-Jan-17

SOURCE

AMOUNT (US$)

RATE DATE

AUTONOMOUS

274.22

310.00 23-Jan-17

AUTONOMOUS

6,490.47

310.00 23-Jan-17

AUTONOMOUS

2,500.00

310.00 23-Jan-17

AUTONOMOUS

741.07

310.00 23-Jan-17

AUTONOMOUS

315.00

310.00 23-Jan-17

380.00 24-Jan-17

ADEGBENRO ADEDUNNI ADELOLA

4,000.00 PTA

380.00 24-Jan-17

AUTONOMOUS

500.00

310.00 23-Jan-17

ELUMELU AWELE VIVIEN

4,000.00 PTA

380.00 24-Jan-17

AUTONOMOUS

20,000.00

310.00 23-Jan-17

OLUWANIFEMI OLUWADAMILOLA OLAWINI

2,000.00 PTA

AWOSANYA ARAMIDE IYABOSOLA

4,000.00 PTA

380.00 24-Jan-17

AUTONOMOUS

13,980.00

310.00 23-Jan-17

AWOSANYA TIMOTHY GBENGA

4,000.00 PTA

380.00 24-Jan-17

AUTONOMOUS

1,762.02

197.50 23-Jan-17

EMENIKE CHIDUBEM CLARA

4,000.00 PTA

380.00 24-Jan-17

AUTONOMOUS

0.61

AYODELE SAMUEL OLADIMEJI

4,000.00 PTA

380.00 24-Jan-17

AUTONOMOUS

26.16

280.50 23-Jan-17

AKEJELU DONATUS REMI

4,000.00 PTA

380.00 24-Jan-17

AUTONOMOUS

13,180.00

282.31 23-Jan-17

AHMED MARYAM WADADA

4,000.00 PTA

380.00 24-Jan-17

AUTONOMOUS

7,000.00

283.70 23-Jan-17

AUTONOMOUS

1,796.97

310.00 23-Jan-17

AUTONOMOUS

3,109.98

310.00 23-Jan-17

AUTONOMOUS

716.48

314.50 23-Jan-17

AUTONOMOUS

490.00

325.50 23-Jan-17

FELIX-SOKOH MERCY EYITEMI

4,000.00 PTA

380.00 24-Jan-17

OKONKON GLORIA EDET

4,000.00 PTA

380.00 24-Jan-17

AHMED FAUZIYA WADADA

4,000.00 PTA

380.00 24-Jan-17

UKATA GOLD ENYINNE

4,000.00 PTA

380.00 24-Jan-17

OSAMWONYI OSAWAYE OSAD

4,000.00 PTA

380.00 24-Jan-17

AYODELE OLADUNJOYE ISAIAH

4,000.00 PTA

380.00 24-Jan-17

ANETO-OKEKE CHIDIEBERE

4,000.00 PTA

380.00 24-Jan-17

4,000.00 PTA

380.00 24-Jan-17

AUTONOMOUS

1,700.00

197.50 23-Jan-17

310.00 23-Jan-17

AUTONOMOUS

15,520.42

310.00 23-Jan-17

AUTONOMOUS

40,000.00

310.00 23-Jan-17

AUTONOMOUS

1,000,000.00

SANUSI MUDASIRU USMAN

ADEYEMO ADAYAT MORISELADE

4,000.00 PTA

380.00 24-Jan-17

SOYEMI OMOTAYO ABIOLA

4,000.00 PTA

380.00 24-Jan-17

AUTONOMOUS

297,657.05

305.00 23-Jan-17

AUTONOMOUS

850,000.00

325.00 23-Jan-17

EMMANUEL O OJO

2,824.88 SCHOOL FEES

380.00 24-Jan-17

AMAKIEVI O IJEOMA

3,799.50 SCHOOL FEES

380.00 24-Jan-17

IMTO FUND

1,687.99

ADESEGUN A ADEJOKUN

7,599.00 SCHOOL FEES

380.00 24-Jan-17

IMTO FUND

159,075.81

375.00 23-Jan-17

ADESEGUN A ADEJOKUN

6,332.50 SCHOOL FEES

380.00 24-Jan-17

IMTO FUND

1,470.04

375.00 23-Jan-17

OBIEKWUGO CHARLES NGOZI AGATHA

3,998.92 PTA

EMENITE LIMITED

380,617.25 ESAM TRANSVERSAL CUTTING UNITS

57,022.59 CONSUMABLES EQUIPMENT

374.62 23-Jan-17

380.00 24-Jan-17

IMTO FUND

125,719.00

375.00 23-Jan-17

305.50 24-Jan-17

AUTONOMOUS

45.00

310.00 24-Jan-17

305.50 24-Jan-17

AUTONOMOUS

9,943.55

310.00 24-Jan-17 310.00 24-Jan-17

CBN

245,596.65 IMTO FUNDS

380.00 24-Jan-17

AUTONOMOUS

100.00

FINE CHEMICALS NIGERIA LTD

201,846.40 RAW MATERIALS LOCTITE CAC

315.00 25-Jan-17

AUTONOMOUS

250.00

FINE CHEMICALS NIGERIA LTD

315.00 25-Jan-17

AUTONOMOUS

500.00

310.00 24-Jan-17

HAFFAR INDUSTRIAL COMPANY LTD

306.00 25-Jan-17

AUTONOMOUS

97.00

310.00 24-Jan-17

HAFFAR INDUSTRIAL COMPANY LTD

16,240.00 SINGLE YARN OF SYNTHETIC STAPLE FIBRE

306.00 25-Jan-17

HAFFAR INDUSTRIAL COMPANY LTD

43,698.00 POLYESTER FILAMENT YARN

306.00 25-Jan-17

LEADWAY PENSURE PFA LIMITED

RADIANT AGRO ALLIED VENTURES LIMITED

37,723.32 RAW MATERIALS POLYPROPYLEN 1,240.00 SYNTHETIC TOW OF ACRYLIC FOR SPINNING

9,250.00 PAYMENT FOR PRODUCTION 260,430.28 LOW DENSITY POLYETHYLENE LDPE

325.50 25-Jan-17 315.00 25-Jan-17

AUTONOMOUS

383.00

310.00 24-Jan-17

AUTONOMOUS

59,982.00

310.00 24-Jan-17

AUTONOMOUS

236,312.84

305.00 24-Jan-17

INTERBANK

IMTO FUND

1,985.87

374.60 24-Jan-17

IMTO FUND

188,385.71

375.00 24-Jan-17

50,000.00

305.50 24-Jan-17

SATHYANARAYANAN SAMPATH

6,600.00 HOME REMITTANCE

315.00 25-Jan-17

TOTAL NIG PLC

5,547.43 NCR SELFSERV ATM (S2)

325.50 25-Jan-17

HAFFAR INDUSTRIAL COMPANY LTD

IMTO FUND

1,544.96

ODERINU, KUNLE

9,003.37 LIVING EXPENSES

380.00 25-Jan-17

IMTO FUND

135,545.66

375.00 24-Jan-17

BLACKDUKE E SARAH

4,400.00 SCHOOL FEES

380.00 25-Jan-17

AUTONOMOUS

912.33

310.00 25-Jan-17

9,984.00 SYNTHETIC TOW OF ACRYLIC FOR SPINNING 28,838.00 USED INDUSTRIAL TEXTILE MACHINERY

306.00 25-Jan-17 306.00 25-Jan-17

375.00 24-Jan-17

BASHIR ILU

3,000.00 LIVING EXPENSES

380.00 25-Jan-17

AUTONOMOUS

115.46

310.00 25-Jan-17

OMOTAYO R AWOYEMI

4,303.50

380.00 25-Jan-17

AUTONOMOUS

100.00

310.00 25-Jan-17

ROBINSON I IMAFIDON

2,500.00 LIVING EXPENSES

380.00 25-Jan-17

AUTONOMOUS

280.00

310.00 25-Jan-17

AUTONOMOUS

946.62

310.00 25-Jan-17

SCHOOL FEES

AYANDARE D AYANTAYO

6,145.75 SCHOOL FEES

380.00 25-Jan-17

AKIN-DOSUNMU OYINADE MARIA

2,500.00 PTA

380.00 25-Jan-17

AUTONOMOUS

127.50

310.00 25-Jan-17

OBUKOFE ONOME NICHOLAS

4,000.00 PTA

380.00 25-Jan-17

AUTONOMOUS

556.77

310.00 25-Jan-17

100

IKHURIONAN ISIMEMEN NAOMI

4,000.00 PTA

380.00 25-Jan-17

AUTONOMOUS

412.25

310.00 25-Jan-17

101

AWE OLUSEYI RALPH

4,000.00 PTA

380.00 25-Jan-17

AUTONOMOUS

258.51

310.00 25-Jan-17

102

CHIEF (MRS.) OLUSOLA ABUACHI

4,000.00 PTA

380.00 25-Jan-17

AUTONOMOUS

220.44

310.00 25-Jan-17

103

AKINYEMI OLUMUYIWA AYOTUNDE

4,000.00 PTA

380.00 25-Jan-17

AUTONOMOUS

264.25

310.00 25-Jan-17

104

EYISI IFEOMA PHOEBE

4,000.00 PTA

380.00 25-Jan-17

105

TOLUHI TOLULOPE AJOKE

4,000.00 PTA

380.00 25-Jan-17

AUTONOMOUS

409.58

310.00 25-Jan-17

106

AYILARA MISTURA BISOLA

4,000.00 PTA

380.00 25-Jan-17

AUTONOMOUS

234.40

310.00 25-Jan-17

107

AYENI EBUNUTA CHIAKA

4,000.00 PTA

380.00 25-Jan-17

AUTONOMOUS

65.00

310.00 25-Jan-17

108

FEYISAYO C OGOJI

6,851.52 SCHOOL FEES

380.00 25-Jan-17

AUTONOMOUS

155.42

310.00 25-Jan-17

109

INFINIT PRODUCTS AND SER. LTD

25,380.00 SCHOOL FEES

380.00 25-Jan-17

AUTONOMOUS

1,600.00

310.00 25-Jan-17

110

EBELE E OGBUE

15,735.86 SCHOOL FEES

380.00 25-Jan-17

AUTONOMOUS

150.00

310.00 25-Jan-17

AUTONOMOUS

139.52

310.00 25-Jan-17

380.00 25-Jan-17

112

CBN

322,110.72 IMTO FUNDS

380.00 25-Jan-17

AUTONOMOUS

95.40

310.00 25-Jan-17

113

UNITED BANK FOR AFRICA PLC

904,761.90 MOBILE TOKEN LICENSE

325.50 26-Jan-17

AUTONOMOUS

57.85

310.00 25-Jan-17

114

UNITED BANK FOR AFRICA PLC

47,619.05 MOBILE TOKEN LICENSE

325.50 26-Jan-17

AUTONOMOUS

290.00

310.00 25-Jan-17

115

UNITED BANK FOR AFRICA PLC

47,619.05 MOBILE TOKEN LICENSE

325.50 26-Jan-17

AUTONOMOUS

6,107.49

310.00 25-Jan-17

116

FLOUR MILLS

275.50 26-Jan-17

AUTONOMOUS

361.93

310.00 25-Jan-17

117

OMONODE EJIRO EZEKIEL

380.00 26-Jan-17

AUTONOMOUS

1,908.85

310.00 25-Jan-17

36,874.50 SCHOOL FEES

380.00 26-Jan-17

AUTONOMOUS

100,000.00

306.00 25-Jan-17

3,695.50 SCHOOL FEES

380.00 26-Jan-17

111

MICHEAL L EJIOFOR

118

MATOSH OYO KITCHEN

119

BABAJIDE E COKER

4,758.75 SCHOOL FEES

3,480,000.00 CANADIAN WESTERN RED SPRING WHEAT 8,419.13 SCHOOL FEES

120

AKANBI-GILBERT DAMILOLA FOLUSO

2,500.00 PTA

380.00 26-Jan-17

121

JINADU TOLULOPE KAYODE

4,000.00 PTA

380.00 26-Jan-17

122

OJI GRACE ODUAGU

123

OJI ONUORAH

4,000.00 PTA

380.00 26-Jan-17

124

EBHODAGHE DAVID ODIANOSEN

3,000.00 PTA

4,000.00 PTA

380.00 26-Jan-17

4,000.00 PTA

380.00 26-Jan-17

AUTONOMOUS

500,000.00

314.50 25-Jan-17

AUTONOMOUS

200,000.00

315.00 25-Jan-17

IMTO FUND

2,687.25

374.53 25-Jan-17

IMTO FUND

1,928.60

375.00 25-Jan-17

IMTO FUND

160,054.84

264,810.27

375.00 25-Jan-17

AUTONOMOUS

125

IKON SAMUEL OKON

126

UZAH JOSEPH PENSION

3,744.00 PTA

200.00

310.00 26-Jan-17

127

UZAH MONICA UCHE

4,000.00 PTA

380.00 26-Jan-17

AUTONOMOUS

285.00

310.00 26-Jan-17

128

AKINTERINWA TEMITOPE TOLULOPE

4,000.00 PTA

380.00 26-Jan-17

AUTONOMOUS

5,000.00

129

ADETOMIWA KOFOWOROLA EVELYN

2,000.00 PTA

380.00 26-Jan-17

AUTONOMOUS

1,554.64

310.00 26-Jan-17

130

CHUKWUDUMEBI EUCHERIA NWOSU

4,000.00 PTA

380.00 26-Jan-17

AUTONOMOUS

990.00

310.00 26-Jan-17

131

ANAMEKWE CHUKWUNYERE N

7,614.00 SCHOOL FEES

380.00 26-Jan-17

AUTONOMOUS

313.38

310.00 26-Jan-17

132

AMUDAT I ANOBA

133

ANAMEKWE CHUKWUNYERE N

134

SAMUEL O NWANZE

135

UZAH JOSEPH PENSION

136

WUYEP J NANZIN

380.00 26-Jan-17

310.00 26-Jan-17

380.00 26-Jan-17

AUTONOMOUS

93.30

310.00 26-Jan-17

7,119.09 SCHOOL FEES

380.00 26-Jan-17

AUTONOMOUS

120.00

310.00 26-Jan-17

10,738.82 SCHOOL FEES

380.00 26-Jan-17

AUTONOMOUS

153.63 3,480,000.00

275.00 26-Jan-17

1,872.72

374.55 26-Jan-17

9,898.20 SCHOOL FEES

255.20 PTA 1,096.80 SCHOOL FEES

AUTONOMOUS

380.00 26-Jan-17

IMTO FUND

310.00 26-Jan-17

137

CBN

380.00 26-Jan-17

IMTO FUND

138

BAYSWATER INDUSTRIES LTD

10,400.00 BUCKET ELEVATOR SPARES

315.00 27-Jan-17

IMTO FUND

1,385.53

375.00 26-Jan-17

139

BAYSWATER INDUSTRIES LTD

114,422.35 CARAMEL COLOUR POWDER

315.00 27-Jan-17

IMTO FUND

115,504.37

375.00 26-Jan-17

AUTONOMOUS

225.00

310.00 27-Jan-17

AUTONOMOUS

200.00

310.00 27-Jan-17

AUTONOMOUS

650.00

310.00 27-Jan-17

AUTONOMOUS

342.00

310.00 27-Jan-17

AUTONOMOUS

132.52

310.00 27-Jan-17

AUTONOMOUS

600.00

140

BAYSWATER INDUSTRIES LTD

214,133.57 IMTO FUNDS

380.00 26-Jan-17

90,213.90 CORN STARCH MAIZE

315.00 27-Jan-17

141

BAYSWATER INDUSTRIES LTD

34,060.00 CURCUMIN POWDER

315.00 27-Jan-17

142

BAYSWATER INDUSTRIES LTD

53,475.00 CURRY POWDER

315.00 27-Jan-17

143

BAYSWATER INDUSTRIES LTD

144

BAYSWATER INDUSTRIES LTD

124,290.00 DISTILLED MONOGLYCERIDE

315.00 27-Jan-17

145

BAYSWATER INDUSTRIES LTD

49,248.75 HYDROLYSED PROTEX 3359

315.00 27-Jan-17

2,975.00 DEHYDRATED PARSLEY LEAVES

315.00 27-Jan-17

166,748.80

375.00 26-Jan-17

310.00 27-Jan-17

146

BAYSWATER INDUSTRIES LTD

43,995.00 HYDROLYZED PROTEIN POWDER HVPLK

315.00 27-Jan-17

147

BAYSWATER INDUSTRIES LTD

16,400.00 KLUBER OIL

315.00 27-Jan-17

AUTONOMOUS

997,425.00

275.00 27-Jan-17

315.00 27-Jan-17

AUTONOMOUS

128,000.00

314.00 27-Jan-17

148

BAYSWATER INDUSTRIES LTD

112,535.00 MONOSODIUM GLUTAMATE

149

BAYSWATER INDUSTRIES LTD

32,590.00 ROVEMA PACKING MACHINE SPARES

315.00 27-Jan-17

AUTONOMOUS

150

BAYSWATER INDUSTRIES LTD

60,895.00 SEASONING CUBE FAT

315.00 27-Jan-17

AUTONOMOUS

INTERBANK

151

RAYBROS ENTERPRISES

13,029.42

310.00 27-Jan-17

7,900.00

310.00 27-Jan-17

200,000.00

305.25 27-Jan-17 374.65 27-Jan-17

150,000.00 GASOLINE GENERATOR

305.75 27-Jan-17

152

RINGADAS

100,000.00 BITUMEN 60/70

305.75 27-Jan-17

IMTO FUND

1,803.06

153

FLOUR MILLS

997,425.00 POLYPROPYLENE HOMOPOLYMER

275.50 27-Jan-17

IMTO FUND

159,077.06

154

HERITAGE BANK

7,900.00 INTERBANK

310.50 27-Jan-17

100

IMTO FUND

1,558.08

375.00 27-Jan-17

155

OMOREFE AIMIUWU

3,785.01 SCHOOL AND ACCOMMODATION FEES

380.00 27-Jan-17

101

IMTO FUND

123,943.35

375.00 27-Jan-17

Ë¾ WEDNESDAY, FEBRUARY 1, 2017

T H I S D AY Ëž , Í°Íľ, 2017

BUSINESS/MONEYGUIDE

Nigeriaâ&#x20AC;&#x2122;s Manufacturing Index Declines in January Obinna Chima The Manufacturing Purchasing Managersâ&#x20AC;&#x2122; Index (PMI) stood at 48.2 index points in January 2017, indicating a decline in the manufacturing sector during the review period. The index averaged 45.2 in the last twelve months, and had grown in December 2016 after recording declines for 11 consecutive months. The PMI is an indicator of the economic health of the manufacturing sector. The January 2017 PMI report released by the Central Bank of Nigeria (CBN) yesterday, showed that 10 of the 16 sub-sectors surveyed recorded decline in the review month in the following order: primary metal; transportation equipment; paper products; electrical equipment; fabricated metal products; printing & related support activities; cement; furniture & related products; plastics & rubber products; and chemical & pharmaceutical products. The remaining six sub-sectors were expected to expand

in the order: petroleum & coal products; appliances & components; nonmetallic mineral products; food, beverage & tobacco products; textile, apparel, leather & footwear; and computer & electronic products. But the report showed that the production level index for manufacturing sector grew for the second consecutive month. The index stood at 51.3 points, indicating a slower growth when compared to the 57.6 points in the month of December 2016. According to the report, nine manufacturing sub-sectors recorded growth in production level during the review month in the following order: non-metallic mineral products; computer & electronic products; appliances & components; food, beverage & tobacco products; petroleum & coal products; cement; chemical & pharmaceutical products; textile, apparel, leather & footwear; and furniture & related products. The plastics & rubber products sub-sector remained

unchanged, while the remaining six sub-sectors declined in the review period in the order: primary metal; transportation equipment; paper products; fabricated metal products; electrical equipment; and printing & related support activities. Nevertheless, the index for new orders declined to 47.9 points after one month of expansion recorded in December 2016. The eight sub-sectors that declined in new orders were: primary metal; paper products; printing & related support activities; fabricated metal products; electrical equipment; transportation equipment; cement; and furniture & related products. At 48.5 index points, the supplier delivery time index for manufacturing sub-sectors worsened for the second consecutive month, but at a slower rate in the month of January 2017. The index had recorded nine consecutive periods of improvement as at November 2016.

FG Plans to Issue $300m Diaspora Bond by June The federal government plans to raise $300 million by selling a diaspora bond targeting Nigerians living abroad, one of the book runners on the deal, First Bank told Reuters on Tuesday. The bond, which will have a maturity of five to

seven years, is expected to be issued by June, the bank said. Nigeria has asked Goldman Sachs and Stanbic IBTC Bank , the local unit of South Africaâ&#x20AC;&#x2122;s Standard Bank , to advise it on the sale of the maiden bond. It also appointed United Bank for

Africa as one of the bookrunners on the deal. Nigeria is the worldâ&#x20AC;&#x2122;s fifth-biggest destination for international remittances with 5 million Nigerians living abroad sending money back to relatives, according to Western Union.

Groups Drums Support for FG, CBN A Coalition of Civil Society Groups in Abuja has drummed support for the federal government and the Central Bank of Nigeria (CBN), particularly on the foreign exchange (FX) policy restricting access to FX to some 41 items. They noted that the Nigerian economy will make huge gains from the continued implementation of the policy. Speaking with journalists during a peaceful demonstration in Abuja on Tuesday, January 31, 2017, the convener of the march, Mr. Etuk Bassey Williams, said the present economic situation in the country called for cooperation of all stakeholders to enable Nigeria emerge from

the recession at the earliest time possible. He frowned on what he described as the continued blackmail against President Muhammadu Buhari and members of his cabinet by some corrupt politicians who may feel aggrieved by the strict fiscal and monetary policies in the country. He also warned that acceding to the demands of those opposed to the policy would be tantamount to reversing the gains already recorded by the country. According to Williams, the decisions of the CBN were aimed at shielding the economy from collapse by conserving the nationâ&#x20AC;&#x2122;s foreign reserves,

protecting the international value of the naira and creating jobs for Nigerians. Rather than malign the fiscal and monetary authorities for their efforts at managing the economy in austere times, Mr. Williams said genuinely concerned Nigerians ought to contribute their quota by proffering solutions to factors militating against the development and growth of the economy. Williams therefore urged Nigerians to be patient with the government as the policies of the federal government and the CBN were to create jobs, check inflation and ensure steady economic growth.

Fitch Revises Lagosâ&#x20AC;&#x2122; Outlook to Negative; Affirms â&#x20AC;&#x2DC;B+â&#x20AC;&#x2122; Rating Fitch Ratings has revised Lagos Stateâ&#x20AC;&#x2122;s outlook to negative from stable. But the rating agency affirmed the stateâ&#x20AC;&#x2122;s Long-term foreign and local currency issuer default ratings (IDRs) at â&#x20AC;&#x2DC;B+â&#x20AC;&#x2122;. The issue ratings on Lagosâ&#x20AC;&#x2122; senior unsecured bonds was also affirmed at â&#x20AC;&#x2DC;B+/AA+(nga)â&#x20AC;&#x2122;. The stateâ&#x20AC;&#x2122;s National Long-Term Rating was also affirmed â&#x20AC;&#x2DC;AA+(nga)â&#x20AC;&#x2122;, with Stable Outlook. Under EU credit rating agency (CRA) regulation, the publication of local and regional government (LRG) reviews is subject to restric-

tions and must take place according to a published schedule, except where it is necessary for CRAs to deviate from this in order to comply with their legal obligations. â&#x20AC;&#x153;Fitch interprets this provision as allowing us to publish a rating review in situations where there is a material change in the creditworthiness of the issuer that we believe makes it inappropriate for us to wait until the next scheduled review date to update the rating or Outlook/Watch status. The next scheduled review date for Fitchâ&#x20AC;&#x2122;s ratings on

Lagos State was originally 24 February 2017. â&#x20AC;&#x153;However, following the downgrade of Nigeriaâ&#x20AC;&#x2122;s Outlooks we have taken a similar rating action on Lagos State as the issuer is rated at the same level as the sovereign for the Long-Term Foreign and Local Currency IDRs. Fitch projects that Lagos will report budgetary performance and debt metrics that are commensurate with its current ratings. The rating action on Lagos follows the same on Nigeriaâ&#x20AC;&#x2122;s Outlook on 25 January 2017,â&#x20AC;? it explained.

????

MARKET INDICATORS MONEY AND CREDIT STATISTICS

Ě&#x2122; Ě&#x161;

OCTOBER 2016 Broad Money (M2)

22,275,512.54

Ě&#x2039;Ě&#x2039; Ă&#x2039;Ă&#x153;Ă&#x153;Ă&#x2122;ĂĄ Ă&#x2122;Ă&#x2DC;Ă?ĂŁ Ě&#x2122; ÍŻĚ&#x161;

10,023,616.69

---- Currency Outside Banks

1,521,797.77

---- Demand Deposits

8,501,818.92

-- Quasi Money

12,251,895.85

Net Foreign Assets (NFA)

7,612,243.68

Net Domestic Assets(NDA)

14,654,268.86

Ě&#x2039;Ě&#x2039; Ă?Ă&#x17E; Ă&#x2122;Ă&#x2014;Ă?Ă?Ă&#x17E;Ă&#x201C;Ă? Ă&#x153;Ă?Ă&#x17D;Ă&#x201C;Ă&#x17E; Ě&#x2122; Ě&#x161;

26,774,684.47

Ě&#x2039;Ě&#x2039;Ě&#x2039;Ě&#x2039; Ă&#x153;Ă?Ă&#x17D;Ă&#x201C;Ă&#x17E; Ă&#x17E;Ă&#x2122; Ă&#x2122;Ă Ă?Ă&#x153;Ă&#x2DC;Ă&#x2014;Ă?Ă&#x2DC;Ă&#x17E; Ě&#x2122; Ă?Ă&#x17E;Ě&#x161;

3,705,049.41

Ě&#x2039;Ě&#x2039;Ě&#x2039;Ě&#x2039; Ă?Ă&#x2014;Ă&#x2122;Ë? Ă&#x153;Ă?Ă&#x17D;Ă&#x201C;Ă&#x17E; Ă&#x17E;Ă&#x2122; Ă&#x2122;Ă Ă&#x17E;Ë&#x203A; Ě&#x2122; Ă?Ă&#x17E;Ě&#x161; Ă&#x2013;Ă?Ă?Ă?

6,242,932.95

Ě&#x2039;Ě&#x2039;Ě&#x2039;Ě&#x2039; Ă?Ă&#x2014;Ă&#x2122;Ë? Ă?Ă&#x17D;Ë&#x203A; Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă&#x201C;Ă&#x153;Ă&#x153;Ă&#x2122;Ă&#x153; Ă?Ă?Ă&#x2122;Ă&#x;Ă&#x2DC;Ă&#x17E;Ă? Ě&#x2122; Ě&#x161;

-2,537,883.55

Ě&#x2039;Ě&#x2039;Ě&#x2039;Ě&#x2039; Ă&#x153;Ă?Ă&#x17D;Ă&#x201C;Ă&#x17E; Ă&#x17E;Ă&#x2122; Ă&#x153;Ă&#x201C;Ă Ă&#x2039;Ă&#x17E;Ă? Ă?Ă?Ă&#x17E;Ă&#x2122;Ă&#x153; Ě&#x2122; Ě&#x161;

23,069,635.07

--Other Assets Net

-12,120,415.62

Reserve Money (Base Money)

6,580,594.55

Ě&#x2039;Ě&#x2039; Ă&#x;Ă&#x153;Ă&#x153;Ă?Ă&#x2DC;Ă?ĂŁ Ă&#x201C;Ă&#x2DC; Ă&#x201C;Ă&#x153;Ă?Ă&#x;Ă&#x2013;Ă&#x2039;Ă&#x17E;Ă&#x201C;Ă&#x2122;Ă&#x2DC;

1,825,664.51

Ě&#x2039;Ě&#x2039; Ă&#x2039;Ă&#x2DC;Ă&#x2022;Ă? Ă?Ă?Ă?Ă&#x153;Ă Ă?Ă?

4,415,126.62 Ëž Ă&#x2122;Ă&#x;Ă&#x153;Ă?Ă? Ě&#x2039;

MANAGED FUNDS Month Inter-Bank Call Rate

December 2016 10.39

Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR)

14.00

Treasury Bill Rate

13.96

Savings Deposit Rate

4.18

1 Month Deposit Rate

8.53

3 Months Deposit Rate

8.80

6 Months Deposit Rate

10.23

12 Months Deposit Rate

10.76

Prime Lending rate

17.09

Maximum Lending Rate

28.55 Ëž Ă&#x2122;Ă&#x2DC;Ă?Ă&#x17E;Ă&#x2039;Ă&#x153;ĂŁ Ă&#x2122;Ă&#x2013;Ă&#x201C;Ă?ĂŁ Ă&#x2039;Ă&#x17E;Ă? Ě&#x2039; ÍŻÍąĎą

OPEC DAILY BASKET PRICE AS AT, MONDAY, 30 JAN 2017 The price of OPEC basket of thirteen crudes stood at $52.78 a barrel on Monday, compared with $52.88 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), 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

˾ WEDNESDAY, FEBRUARY 1, 2017

Nigeria’s top 50 stocks based on market fundamentals

31-Jan-17

30-Jan-17

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

Table 1 Market Statistics Mkt Indicators

01 Dangote Cement Plc

167.01

0.00%

2,845,935,141,709.05

9.20

18.14

5.01

4.79%

3.80

02 Nigerian Breweries Plc

139.80

142.00

-1.55%

1,108,488,304,142.40

4.03

34.65

3.67

2.58%

6.76

03 Guaranty Trust Bank Plc

23.70

23.97

-1.13%

697,518,947,608.80

4.90

4.84

1.74

7.47%

1.42

727.00

750.00

-3.07%

576,261,095,204.00

8.81

82.50

3.34

3.99%

18.26

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

15.70

15.90

-1.26%

492,924,952,440.20

3.91

4.02

1.04

11.46%

0.71

Table 3 Top 5 Gainers

380.00

0.00%

210,257,918,940.00 -44.58

-8.52

2.71

4.19%

0.53

Stock

07 Access Bank Plc

6.60

6.70

-1.49%

190,924,612,764.60

2.59

2.55

0.54

8.33%

0.43

08 Lafarge Africa Plc

41.01

40.43

1.43%

186,796,523,228.10

-9.39

-4.37

0.88

7.32%

0.92

09 Ecobank Transnational Incorporated

10.15

0.00%

186,247,944,832.25

0.68

15.00

0.32

6.11%

0.30

10 Presco Plc

44.20

0.00%

175,495,085,389.00

0.03

2.46

2.94%

4.20

11 United Bank for Africa Plc

4.77

4.98

-4.22%

173,053,340,555.94

1.75

2.73

0.52

12.58%

0.40

Unilever Nigeria Plc Unity Bank Plc Transnational Corporation Of Nigeria Plc Fidelity Bank Plc Mobil Oil Nig Plc

12 Stanbic IBTC Holdings Plc

17.30

0.00%

173,000,000,000.00

2.04

8.49

1.23

0.58%

1.47

Table 4 Top 5 Losers

13 Unilever Nigeria Plc

35.50

33.40

6.29%

134,307,016,875.00

0.69

51.29

2.02

0.14%

14.32

3.50

0.00%

125,633,524,772.00

0.21

16.87

0.24

4.29%

0.20

15 Total Nigeria Plc

290.01

298.96

-2.99%

98,464,727,948.37

38.02

7.63

0.37

4.83%

4.32

16 Mobil Oil Nig Plc

270.00

264.56

2.06%

97,360,720,740.00

19.32

13.97

1.07

2.67%

5.26

17 Guinness Nig Plc

64.15

64.90

-1.16%

96,602,727,260.20

-3.06

-20.98

0.94

4.99%

2.45

18 Forte Oil Plc.

71.22

74.00

-3.76%

92,762,704,155.66

3.31

21.54

0.60

4.84%

2.15

6.32

6.35

-0.47%

75,840,000,000.00

1.03

6.16

0.53

7.91%

1.22

112.10

113.40

-1.15%

71,810,179,692.30

-0.05

0.77

1.96%

3.23

17.29

17.42

-0.75%

56,957,570,051.20

0.02

767.35

2.14

1.45%

5.19

4.66

4.90

-4.90%

56,081,324,046.04

-3.15

-1.48

0.22

16.09%

0.35

23 Flour Mills Nig. Plc

18.50

0.00%

48,548,387,959.50

-1.19

-15.51

0.12

10.81%

0.49

24 Julius Berger Nig. Plc

34.83

0.00%

45,975,600,000.00

-2.95

-11.82

0.39

4.31%

2.42

25 Okomu Oil Palm Plc

44.18

0.00%

42,143,743,800.00

4.82

9.16

6.41

0.23%

2.61

26 U A C N Plc

16.50

16.41

0.55%

31,694,262,385.50

3.37

4.89

0.42

6.06%

0.42

27 Transnational Corporation Of Nigeria Plc

0.80

0.78

2.56%

30,976,797,940.00

-0.47

-1.71

0.59

0.00%

0.42

28 Fidelity Bank Plc

0.92

0.90

2.22%

26,645,578,836.64

0.39

2.38

0.18

17.39%

0.14

29 FCMB Group Plc

1.33

0.00%

26,337,605,338.73

0.61

2.17

0.16

7.52%

0.15

32.00

0.00%

22,400,000,000.00

2.28

14.01

3.36

3.59%

13.09

31 Diamond Bank Plc

0.94

0.95

-1.05%

21,770,765,629.92

-0.29

-3.20

0.10

0.00%

0.10

32 Custodian And Allied Insurance Plc

3.60

0.00%

21,174,711,102.00

0.76

4.72

0.58

3.89%

0.74

33 National Salt Co. Nig. Plc

7.83

0.00%

20,745,102,499.74

0.85

9.22

1.10

7.02%

2.81

34 Sterling Bank Plc

0.71

0.72

-1.39%

20,441,196,869.46

0.29

2.47

0.19

12.68%

0.25

35 Wema Bank Plc

0.51

0.53

-3.77%

19,672,977,701.31

0.06

8.56

0.38

0.00%

0.42

15.35

16.00

-4.06%

18,356,704,090.80

-2.98

-5.15

0.65

1.95%

2.09

37 Cadbury Nigeria Plc

9.44

0.00%

17,730,227,257.60

0.50

18.91

0.63

13.77%

1.73

38 Mansard Insurance Plc

1.59

1.60

-0.62%

16,695,000,000.00

0.28

5.71

0.83

3.14%

0.79

39 PZ Cussons Nigeria Plc

13.54

14.25

-4.98%

13,540,000,000.00

5.69

2.38

0.94

0.74%

0.36

40 Continental Reinsurance Plc

1.11

1.16

-4.31%

11,513,746,186.32

0.42

2.64

0.52

10.81%

0.62

41 Unity Bank Plc

0.78

0.75

4.00%

9,117,683,594.76

-0.10

-7.61

0.14

0.00%

0.11

42 Honeywell Flour Mill Plc

1.10

0.00%

8,723,217,423.80

-0.40

-2.72

0.18

14.55%

0.26

43 Skye Bank Plc

0.50

0.00%

6,940,150,705.00

-2.93

-0.17

0.04

60.00%

0.07

44 Wapic Insurance Plc

0.51

0.00%

6,825,196,508.52

0.18

2.83

0.87

5.88%

0.41

45 Resort Savings & Loans Plc

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

4.50

4.52

-0.44%

5,655,049,947.00

0.22

20.56

0.51

2.22%

0.53

47 UACN Property Development Co. Limited

2.88

0.00%

4,949,999,985.60

0.30

9.62

1.17

24.31%

0.14

48 Nigerian Aviation Handling Company Plc

2.71

0.00%

4,401,632,812.50

0.15

17.93

0.55

7.38%

0.73

49 AIICO Insurance Plc

0.59

0.60

-1.67%

4,088,820,643.20

0.22

2.65

0.14

8.47%

0.40

50 Fidson Healthcare Plc

1.14

0.00%

1,710,000,000.00

0.24

4.84

0.26

4.39%

0.27

04 Nestle Nigeria Plc 05 Zenith Bank Plc 06 Seplat Petroleum Dev. Co. Ltd

14 FBN Holdings Plc

19 Dangote Sugar Reﬁnery Plc 20 7-Up Bottling Comp. Plc 21 International Breweries Plc 22 Oando Plc

30 Cap Plc

36 Glaxo Smithkline Consumer Nig. Plc

TOTAL

8,437,163,387,775.01

TOTAL MARKET CAP

8,972,985,643,235.82

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

94.03%

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

Open 30-Jan-17

Close 31-Jan-17

Change %

26,217.18 9.02

26,036.24 8.97

-0.69% -0.53%

109.15 8.50

108.36 8.44

-0.73% -0.73%

Open Close Change 30-Jan-17 31-Jan-17 %

Stock

33.40 0.75 0.78

35.50 0.78 0.80

6.29% 4.00% 2.56%

0.90 264.56

0.92 270.00

2.22% 2.06%

Open Close Change 30-Jan-17 31-Jan-17 %

PZ Cussons Nigeria Plc Oando Plc Continental Reinsurance Plc United Bank for Africa Plc Glaxo Smithkline Consumer Nig. Plc

14.25 4.90 1.16 4.98 16.00

13.54 4.66 1.11 4.77 15.35

-4.98% -4.90% -4.31% -4.22% -4.06%

Market dips further by 0.69% Market pulse on the Nigerian Stock Exchange (NSE) today – Tuesday, January 31st, 2017 ended on a negative note as the stock market closed red due to waning investors’ risk appetite. This was further highlighted by negative performance from the NSE Subsectors: Consumer Goods and Oil & Gas (Save Banking and Insurance). Trading activities increased in volume as 205.77m shares worth of N2.76 billion in 2,725 deals exchanged hands today. This is an increase from the 143.52m shares worth of N756m in 2,914 deals which exchanged hands on Monday. Topping in volume terms are: FBN Holdings Plc, Unity Kapital Assurance Plc and Transnational Corporation Of Nigeria Plc, while Nigerian Breweries Plc and Zenith Bank Plc ended trading as the most active stocks in value terms. Brent crude oil price today has moved north of US$55.00 per barrel. The All Share Index (NSEASI) closed negative with 0.69% (-180.94) decrease to close at 26,036.24 from 26,217.18 the previous trading day. Market capitalization depreciated in tandem to N8.97 trillion from N9.02 trillion of prior trading day. Similarly, the Thisday BGL 50 Index followed suit with an decrease of 0.73% to close at 108.36 from 109.15 recorded at the end of the previous trading day, while its market capitalization stood at N8.44 trillion from N8.50 trillion of the previous trading day. Market breath closed positive as 16 stocks gained on the bourse today while 24 stocks declined, leaving 59 stocks unchanged. Unilever Nigeria Plc emerged as the day’s toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 6.29% to close at N35.50 per share. It was followed by Unity Bank Plc with a gain of 4.00% to close at N0.78 per share. Others on the gainers list include: Transnational Corporation Of Nigeria Plc, Fidelity Bank Plc and Mobil Oil Nig. Plc; while on the decliners’ list, PZ Cussons Nigeria Plc lead the pack with a loss of 4.98% to close at N13.54 per share. It was closely followed by Oando Plc with a loss of 4.90% to close at N4.66 per share. Others on the decliners list include: Continental Reinsurance Plc, United Bank for Africa Plc and GlaxoSmithKline Consumer Nig. 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 ˾ , ͯ˜ Ͱͮͯ͵

NEWS

Forte Oil Records Profit Before Tax of N5.3 Billion, Pays No Dividend Goddy Egene and Nosa Alekhuogie Forte Oil Plc yesterday announced its audited results for the year ended December 31, 2016, showing a revenue of N148.6 billion, up by 19.3 per cent from N124.6 billion in 2015. However, profit before tax fell by 24 per cent to N5.3 billion, from N7.0 billion, while profit after tax declined by 50 per cent

to N2.9 billion, compared with N5.8 billion recorded in 2015. An analysis of the results showed that cost of sale rose by 20.5 per cent from N106 billion in 2015 to N128 billion in 2016, while operating expenses declined by 2.9 per cent to N13.3 billion compared with N13.7 billion in 2015. Other income fell by 42 per cent from N4.1 billion to N2.3 billion. But net finance cost

T H E MAIN BOARD

DEALS

MARKET PRICE

soared by 154.9 per cent from N1.7 billion to N4.3 billion, a development that affected the bottom-line. Based on the weak results, the directors did not recommend any dividend for the shareholders compared with N4. 5 billion dividend paid the previous year. Forte Oil Plc had last year raised N9 billion bond under its N50 billion bond issuance programme, to refinance exist-

N I G E R I A N QUANTITY TRADED

STO C K

VALUE TRADED ( N )

Daily Summary as of 22/02/2016 ÜÓØÞÏÎ ͓͓˹͓͑˹͓͑͒͗ ͕͒˝͔͗˝͒͑˛͑͒͑

ËÓÖã ß××ËÜã ̙ ÙØÎÝ̚ Ù ÏÌÞ ÜËÎÓØÑ ÍÞÓàÓÞã ËÓÖã ß××ËÜã ̙ ÛßÓÞÓÏÝ̚ Activity Summary on Board EQTY Crop Production ˛ ÜÙÚ ÜÙÎßÍÞÓÙØ ÙÞËÖÝ ÓàÏÝÞÙÍÕ˹ ØÓ×ËÖ ÚÏÍÓËÖÞÓÏÝ ˛ ÓàÏÝÞÙÍÕ˹ ØÓ×ËÖ ÚÏÍÓËÖÞÓÏÝ ÙÞËÖÝ ÙÞËÖÝ Diversiﬁed Industries ˛ ˛ ˛ U A C N PLC. ÓàÏÜÝÓʨÏÎ ØÎßÝÞÜÓÏÝ ÙÞËÖÝ ÙÞËÖÝ ˹ Infrastructure/Heavy Construction ˛ ˛

ØÐÜËÝÞÜßÍÞßÜÏ˹ ÏËàã ÙØÝÞÜßÍÞÓÙØ ÙÞËÖÝ ÏËÖ ÝÞËÞÏ ÏàÏÖÙÚ×ÏØÞ ˛ ÏËÖ ÝÞËÞÏ ÏàÏÖÙÚ×ÏØÞ ÙÞËÖÝ ˹ ÙÞËÖÝ ÏàÏÜËÑÏÝ̋̋ ÜÏáÏÜÝ˹ ÓÝÞÓÖÖÏÜÝ ˛ ˛ GUINNESS NIG PLC

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˛ ˛ ˛ ˛ ̙ ̚ ˛

ØÝßÜËØÍÏ ËÜÜÓÏÜÝ˜ ÜÙÕÏÜÝ ËØÎ ÏÜàÓÍÏÝ ÙÞËÖÝ ÓÍÜÙ̋ ÓØËØÍÏ ËØÕÝ ÓÍÜÙ̋ ÓØËØÍÏ ËØÕÝ ÙÞËÖÝ ÞÒÏÜ ÓØËØÍÓËÖ ØÝÞÓÞßÞÓÙØÝ CUSTODIAN AND ALLIED PLC ˛ STANBIC IBTC HOLDINGS PLC UNITED CAPITAL PLC ÞÒÏÜ ÓØËØÍÓËÖ ØÝÞÓÞßÞÓÙØÝ ÙÞËÖÝ ÙÞËÖÝ ÒËÜ×ËÍÏßÞÓÍËÖÝ

6 6 12

30.00 34.00

19 19 31

ing short term commercial bank loan obligations and to finance its retail outlet expansion. The Group Chief Executive Officer, Forte Oil, Mr. Akin Akinfemiwa had said: “With the raising of this initial capital which has been fully underwritten shows the confidence the investing public has in Forte Oil Plc as an investment of choice. This bond

12,629 11,640 24,269

374,530.15 421,345.20 795,875.35

1.25

1,078,511 1,078,511 1,102,780

1,358,964.30 1,358,964.30 2,154,839.65

5 68 13 86 86

0.77 1.13 20.47

33,500 6,740,423 65,995 6,839,918 6,839,918

25,070.00 7,635,453.96 1,344,425.15 9,004,949.11 9,004,949.11

13 13

41.50

31,970 31,970

1,409,214.78 1,409,214.78

5 5 18

5.20

28,901 28,901 60,871

154,716.48 154,716.48 1,563,931.26

6 24 7 98 135

2.85 118.85 20.00 99.00

190,900 53,000 15,200 429,541 688,641

528,079.00 6,201,924.95 293,757.00 42,728,789.84 49,752,550.79

9 9

168.50

166,476 166,476

28,285,937.95 28,285,937.95

54 38 6 12 1 29 140

5.61 19.00 1.37 6.86 6.65 1.27

2,120,306 314,421 40,000 119,863 433 3,285,739,119 3,288,334,142

11,610,520.13 5,953,792.96 55,716.00 842,442.48 2,736.56 4,074,348,894.07 4,092,814,102.20

11 54 65

17.86 700.00

18,825 98,360 117,185

329,518.50 68,567,962.00 68,897,480.50

11 11

4.46

99,050 99,050

420,455.00 420,455.00

13 21 34 394

21.90 28.00

36,887 133,117 170,004 3,289,575,498

820,034.75 3,737,067.92 4,557,102.67 4,244,727,629.11

82 51 21 25 200 41 16 147 11 15 67 676

4.10 1.49 15.60 1.21 16.70 1.07 1.76 2.95 5.30 0.63 0.98

3,962,506 2,163,396 278,470 790,900 4,847,312 1,969,858 1,204,932 8,586,418 39,752 501,617 5,920,564 30,265,725

16,210,255.82 3,314,106.88 4,136,459.40 958,864.34 80,963,793.44 2,115,552.11 2,087,767.85 25,302,954.71 205,645.40 316,018.71 5,813,502.17 141,424,920.83

14 8 2 3 7 10 1 1 46

0.80 0.90 0.50 0.50 2.06 0.76 0.50 0.50

200,107 276,500 5,004,000 1,000,000 351,540 327,285 37,708,135 10 44,867,577

160,838.67 251,350.00 2,502,000.00 500,000.00 720,728.80 245,325.31 18,854,067.50 5.00 23,234,315.28

1 1

1.08

4,760 4,760

4,950.40 4,950.40

31 7 105 7 20 170 893

2.46 4.00 0.85 14.15 1.31

1,149,464 27,041 31,257,120 38,035 708,255 33,179,915 108,317,977

2,830,722.84 104,002.06 26,613,309.20 537,985.34 931,556.31 31,017,575.75 195,681,762.26

2.69

614,065

1,572,223.05

programme being the first in the downstream sector is testament to Forte’s position within the downstream sector and allows the company to actualise the vision of the Board to continue to provide value to its shareholders regardless of the economic climate.” Similarly, the Group Executive Director, Finance and Risk Management, Forte

Mr. Julius Omodayo-Owotuga said: “This series provides us with the necessary liquidity to actualise our growth strategies and positions the company for the years ahead. The pricing of this debt instrument demonstrates the markets’ belief in us and the pricing would help reduce our borrowing cost and increase profitability in the short and long term.”

E XC H A N G E

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ßÓÖÎÓØÑ ËÞÏÜÓËÖÝ CAP PLC ˛ ˛ ˛ ʶ ˛ ßÓÖÎÓØÑ ËÞÏÜÓËÖÝ ÙÞËÖÝ ÖÏÍÞÜÙØÓÍ ËØÎ ÖÏÍÞÜÓÍËÖ ÜÙÎßÍÞÝ CUTIX PLC. ÖÏÍÞÜÙØÓÍ ËØÎ ÖÏÍÞÜÓÍËÖ ÜÙÎßÍÞÝ ÙÞËÖÝ ËÍÕËÑÓØÑ˹ ÙØÞËÓØÏÜÝ BETA GLASS CO PLC. ËÍÕËÑÓØÑ˹ ÙØÞËÓØÏÜÝ ÙÞËÖÝ

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ØÞÏÑÜËÞÏÎ ÓÖ ËØÎ ËÝ ÏÜàÓÍÏÝ ÙÞËÖÝ ÏÞÜÙÖÏß× ËØÎ ÏÞÜÙÖÏß× ÜÙÎßÍÞÝ ÓÝÞÜÓÌßÞÙÜÝ CONOIL PLC ˛ ˛ MOBIL OIL NIG PLC. ˛ ÏÞÜÙÖÏß× ËØÎ ÏÞÜÙÖÏß× ÜÙÎßÍÞÝ ÓÝÞÜÓÌßÞÙÜÝ ÙÞËÖÝ âÚÖÙÜËÞÓÙØ ËØÎ ÜÙÎßÍÞÓÙØ âÚÖÙÜËÞÓÙØ ËØÎ ÜÙÎßÍÞÓÙØ ÙÞËÖÝ ÙÞËÖÝ ßÞÙ×ÙÌÓÖÏ˹ ßÞÙ ËÜÞ ÏÞËÓÖÏÜÝ ˛ ßÞÙ×ÙÌÓÖÏ˹ ßÞÙ ËÜÞ ÏÞËÓÖÏÜÝ ÙÞËÖÝ ÙßÜÓÏÜ˹ ÜÏÓÑÒÞ˹ ÏÖÓàÏÜã ÙßÜÓÏÜ˹ ÜÏÓÑÒÞ˹ ÏÖÓàÏÜã ÙÞËÖÝ ÜÓØÞÓØÑ˹ ßÌÖÓÝÒÓØÑ ÜÓØÞÓØÑ˹ ßÌÖÓÝÒÓØÑ ÙÞËÖÝ ÜËØÝÚÙÜÞ̋ ÏÖËÞÏÎ ÏÜàÓÍÏÝ ÜËØÝÚÙÜÞ̋ ÏÖËÞÏÎ ÏÜàÓÍÏÝ ÙÞËÖÝ ßÚÚÙÜÞ ËØÎ ÙÑÓÝÞÓÍÝ ßÚÚÙÜÞ ËØÎ ÙÑÓÝÞÓÍÝ ÙÞËÖÝ ÙÞËÖÝ ÙËÜÎ ÙÞËÖÝ ËÓÖã ß××ËÜã ̙ ÛßÓÞÓÏÝ̚ Activity Summary on Board ASeM ÙÙÎ ÜÙÎßÍÞÝ MCNICHOLS PLC ÙÙÎ ÜÙÎßÍÞÝ ÙÞËÖÝ ÙÞËÖÝ Ï ÙËÜÎ ÙÞËÖÝ ËÓÖã ß××ËÜã ̙ ÛßÓÞÓÏÝ̚ ÍÞÓàÓÞã ß××ËÜã ÙØ ÙËÜÎ ËØÕÓØÑ ËØÕÓØÑ ÙÞËÖÝ ÞÒÏÜ ÓØËØÍÓËÖ ØÝÞÓÞßÞÓÙØÝ ÞÒÏÜ ÓØËØÍÓËÖ ØÝÞÓÞßÞÓÙØÝ ÙÞËÖÝ ÙÞËÖÝ

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DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

32 4 6 69 69

25.33 0.94 0.69

551,998 16,020 597,000 1,779,083 1,779,083

13,903,164.18 15,299.40 412,110.00 15,902,796.63 15,902,796.63

1 1 1

1.69

500 500 500

805.00 805.00 805.00

16 9 4 6 10 31 76

24.00 9.30 35.78 8.62 3.36 80.50

110,727 40,229 26,700 142,300 299,900 14,373,223 14,993,079

2,707,053.97 362,501.29 992,680.00 1,227,076.00 966,480.00 1,157,057,077.16 1,163,312,868.42

6 6

1.51

134,500 134,500

204,240.00 204,240.00

5 5 87

50.00

24,529 24,529 15,152,108

1,165,135.50 1,165,135.50 1,164,682,243.92

2 2

0.50

24,262 24,262

12,131.00 12,131.00

90 90

3.47

3,827,573 3,827,573

13,288,632.05 13,288,632.05

21 7 8 21 7 64

18.34 1.84 342.00 150.00 145.00

81,125 100,300 20,300 16,295 13,699 231,719

1,505,034.50 182,832.00 6,595,470.00 2,396,080.60 1,959,692.96 12,639,110.06

33 33 189

318.00

389,934 389,934 4,473,488

124,037,602.56 124,037,602.56 149,977,475.67

1 1

0.50

941 941

470.50 470.50

5 5

3.80

32,870 32,870

127,756.40 127,756.40

13 13

0.89

624,500 624,500

538,430.00 538,430.00

1 22 23

2.29 4.00

4,588 251,094 255,682

10,001.84 1,001,583.80 1,011,585.64

1 1 43 1,811

1.68

10,000 10,000 923,993 3,428,226,216

16,000.00 16,000.00 1,694,242.54 5,785,390,675.15

2 2 2 2

1.21

270,464 270,464 270,464 270,464

327,261.44 327,261.44 327,261.44 327,261.44

306 306

11.45

13,929,679 13,929,679

159,605,439.23 159,605,439.23

278 278 584

3.74

10,438,552 10,438,552 24,368,231

39,515,087.18 39,515,087.18 199,120,526.41

35 35 35 619 2,432

139.83

38,770 38,770 38,770 24,407,001 3,452,903,681

5,304,666.00 5,304,666.00 5,304,666.00 204,425,192.41 5,990,143,129.00

2 2 2 2 2 10 10 10

2,330.00 2.33 6.02 11.09 18.07

3,000 20 20 20 15 3,075 3,075 3,075

6,986,000.00 46.70 120.20 221.80 270.65 6,986,659.35 6,986,659.35 6,986,659.35

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˾ WEDNESDAY, FEBRUARY 1, 2017

MARKET NEWS

Minister Calls for Investment in Aviation as Med-View is Listed on NSE Goddy Egene and Chinedu Eze The Minister of State, Aviation, Hadi Sirika has urged entrepreneurs to invest in the aviation to ensure the growth and development within the industry, which he described as catalyst to economic development. Sirika made the call at the Nigerian Stock Exchange (NSE), Lagos when Nigeria’s major domestic airline, Med-View listed 9.75billion ordinary shares on Tuesday. The minister said: “The meaning of this listing is that

there is growth and development within the sector in Nigeria. It also means that the airlines are getting healthier and it means that government is responsive and responsible enough to identify reason for setting up companies to be able to help, sustain and provide services to help Nigerians.” “This is a plus for us and we implore entrepreneurs that are doing businesses within the aviation sector to follow the example Med-view has taken and ensure that going forward, they

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

are promoting their businesses in such a way that they provide needed service for development of our country in general,” Sirika added. The minister noted that aviation has continued to play a very critical role in Nigeria and there are huge potentials and opportunities within the sector, especially with tourism that connects businesses, places and people. “It will be good that government encourage people to set up leasing companies, banks

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 30-Jan-2017, unless otherwise stated.

amongst others and that will expand the economy and the numbers will be great as many countries are surviving though tourism,” he added. Speaking on the listing of the company, Chief Executive Officer, Med-View Airline Plc, Muneer Bankole, said Med-View was listing in order to enhance its cooperate value and brand image and to gain better access to long term capital from wide range of local and international investors. Bankole also said the airline

decided to list for better rating when obtaining credit facility from both local and international financial institutions and to boost the international image and profile of the airline. He noted that aviation business is the fastest growing business and one that exposes the economy of a country to the international market despite the challenging the business is facing in Nigeria. “Air transport is dollar driven and it is the fastest and most secured business. What we

are going through in Nigeria is a test everyone should learn from and with the development from the federal government and encouragement that we have seen; it is for private individuals to ensure that they grow the market.” “From our financial record five years ago, we have grown tremendously. We have moved from N3.6billion to 26billion in 2016 and we hope to grow more and with all the support and partnerships we have received, I think the future is bright for the company,” Bankole said.

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 129.93 129.99 2.13% Nigeria International Debt Fund 217.96 218.08 1.13% 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 0.70 0.71 -0.16% 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 17.52% 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 12.60 12.98 2.06% ARM Discovery Fund 291.19 299.97 1.40% ARM Ethical Fund 22.39 23.07 0.22% ARM Money Market Fund 1.00 1.00 17.17% 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 105.95 106.69 0.82% AXA Mansard Money Market Fund 1.00 1.00 16.59% 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 2.20 -1.14% Paramount Equity Fund 9.41 9.65 0.53% Women's Investment Fund 84.87 87.04 0.32% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 18.32% 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 1,098.72 1,099.94 0.77% FBN Heritage Fund 111.23 111.99 -0.31% FBN Money Market Fund 100.00 100.00 15.16% FBN Nigeria Eurobond (USD) Fund - Institutional $104.26 $104.98 0.22% FBN Nigeria Eurobond (USD) Fund - Retail $104.02 $104.75 0.68% FBN Nigeria Smart Beta Equity Fund 114.55 116.06 1.67% 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 0.95 0.96 1.60% Legacy Short Maturity (NGN) Fund 2.60 2.60 1.18% 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 2,194.32 2,219.87 -0.68% Coral Income Fund 2,136.73 2,136.73 1.54% 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 16.54% Vantage Balanced Fund 1.69 1.71 0.78% Vantage Guaranteed Income Fund 1.00 1.00 15.84%

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 1.01 1.02 0.72% Lotus Halal Fixed Income Fund 1,020.46 1,020.46 0.88% 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 9.84 9.92 1.84% Meristem Money Market Fund 10.00 10.00 14.65% 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 1.06 1.08 0.64% PACAM Fixed Income Fund 10.39 10.42 -0.19% PACAM Money Market Fund 10.00 10.00 12.58% 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 110.92 111.81 2.49% 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 1.26 1.26 0.85% 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 1,823.08 1,833.94 -0.43% Stanbic IBTC Bond Fund 152.33 152.33 -1.06% Stanbic IBTC Ethical Fund 0.77 0.78 0.65% Stanbic IBTC Guaranteed Investment Fund 187.79 187.79 0.48% Stanbic IBTC Iman Fund 131.04 132.81 0.96% Stanbic IBTC Money Market Fund 100.00 100.00 17.55% Stanbic IBTC Nigerian Equity Fund 7,511.07 7,616.19 -0.84% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.14 1.15 8.23% United Capital Bond Fund 1.24 1.24 14.93% United Capital Equity Fund 0.66 0.67 4.21% 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 9.90 10.07 2.79% Zenith Ethical Fund 11.21 11.32 2.72% Zenith Income Fund 16.92 16.92 2.43%

REITS NAV Per Share

Yield / T-Rtn

11.41 124.10

1.01% 0.10%

Bid Price

Offer Price

Yield / T-Rtn

8.35 74.50

8.45 75.89

-4.87% -1.69%

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

2.47 5.63 11.82 13.82 125.89

2.51 5.71 11.92 14.02 126.89

-10.00% -19.80% -1.48% -13.27% -3.43%

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.

WEDNESDAY, FEBRUARY 1, 2017Ëž T H I S D AY

NEWSXTRA

Suicide Bomber Kills Vigilante at Maiduguri Mosque Boko Haram ambushes police convoy on highway Olawale Ajimotokan Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039; Ă&#x2039;Ă&#x2DC;Ă&#x17D; Michael Olugbode Ă&#x201C;Ă&#x2DC; Ă&#x2039;Ă&#x201C;Ă&#x17D;Ă&#x;Ă&#x2018;Ă&#x;Ă&#x153;Ă&#x201C; A suicide bomb attack was yesterday morning averted at a mosque in Maiduguri, the police has stated. According to the spokesman of the police in Borno, Victor Isuku, a male suicide bomber attempting to attack a mosque at Dalori quarters was intercepted by a youth vigilante. He said the suicide bomber detonated the explosive strapped on him to prevent being caught alive and in the process died alongside the youth vigilante. According to the statement, â&#x20AC;&#x153;Today (Tuesday) at about 0522hrs, a male suicide bomber detonated an IED strapped to his body near a mosque at Dalori Quarters situated along Maiduguri/Konduga/ Bama road, killing himself and a Civilian JTF operative who wasÂ preventing the suicide bomber from getting close to or access the mosque where many faithful in the locality were observing their early morning prayers.Â

â&#x20AC;&#x153;EOD personnel of the command, have since swept the scene and rendered it safe, while normalcy has returned to the area.â&#x20AC;? Also confirming the attack in a statement, the Head Media and Public Relations of the National Emergency Management Agency (NEMA), Sani Datti, disclosed that two persons died in a foiled suicide bomb attack in Dalori quarters, Maiduguri.Â He said: â&#x20AC;&#x153;One Civilian JTF and a male suicide bomber lost their lives in a foiled suicide bomb attack whichÂ was targeted at a mosque during morning prayer in Dalori quarters, Maiduguri Borno State. He added: â&#x20AC;&#x153;The incident occurred at round 5:20a.m. on Tuesday. Their bodies have been deposited at the Specialists Hospital Maiduguri.â&#x20AC;? Meanwhile, a policeman was shot dead with four others wounded by suspected Boko Haram terrorists in a highway ambush. A police source told THISDAY that the official was lost during an attack by the insurgents on

police convoy at Kubwa along Damboa-Biu highway yesterday afternoon. He said the ambush occurred at Kubwa village near Damboa town at about 14:15 hours. The police source who was not authorised to speak on the matter, said: â&#x20AC;&#x153;They (Boko Haram) ambushed the policemen who were led by the Area Commander of Biu. â&#x20AC;&#x153;The terrorists succeeded in killing policeman and inflicting injuries on many other including

an officer.â&#x20AC;? Another police source revealed that the convoy ambushed was led by the acting Biu Divisional Police Officer. He said he was leading a team of nine policemen with some suspects and complainants from Biu to the State Criminal Investigation Department in Maiduguri. He said they were ambushed at Ajunwa village, near Damboa and subsequently taken to the General Hospital in Damboa

for treatment. However, the federal government has revealed that the trove of materials captured from the Boko Haram terrorist group indicated the strategy of the North-east of Nigeria based group , towards dominating the media space by propagating a perverted version of Shariah law and giving the impression that it is still holding territory. In a statement issued in Abuja yesterday, the Minister of Information and Culture, Alhaji

Lai Mohammed, appealed to the public to be vigilant, while pleading with the media not to unwittingly provide the terrorists with the oxygen of publicity that they desperately need. Mohammed said the propaganda strategy crafted in Arabic, was discovered from the materials left behind by Boko Haram Terrorists after they were routed from their last stronghold in Sambisa late last year.

Court Dismisses Appeal against Fayoseâ&#x20AC;&#x2122;s Unfrozen Account Victor Ogunje Ă&#x201C;Ă&#x2DC; Ă&#x17D;Ă&#x2122; Ă&#x2022;Ă&#x201C;Ă&#x17E;Ă&#x201C;

execution of the December 13, 2017 to among other reasons, The Federal High Court sitting allow the anti-graft agency in Ado-Ekiti, the Ekiti State preserve the funds in the capital, has dismissed the appeal accounts. filed by the Economic and Responding to EFCCs Financial Crimes Commission appeal, counsel to Fayose, (EFCC) for stayÂ of executionÂ Bimpe Olatemiju, had sworn on the judgment delivered on to a counter affidavit praying December 13, 2016Â ordering the the court to dismiss the EFCCâ&#x20AC;&#x2122;s anti-graft agencyÂ to unfreeze appeal. the governorâ&#x20AC;&#x2122;s accounts. Justice Taiwo of the court who The EFCC had on June dismissed the EFCCâ&#x20AC;&#x2122;s appeal 21, 2016 frozen Fayoseâ&#x20AC;&#x2122;s two yesterday, said the appeal was accounts with a bank, alleging made in bad faith. that they were proceeds of crime â&#x20AC;&#x153;The rulingÂ is functus officio, from the arms funds allegedly so the EFCC application was siphoned by the former National instituted in bad faith. Initially, Security Adviser (NSA), Col. thereÂ was aÂ suppression of Sambo Dansuki. facts particularly in the way Fayose had fought back the plaintiff brought in the the same month through his judgments of other courts on legal team, led by constitutional the issue. lawyer, Chief Mike Ozekhome â&#x20AC;&#x153;If you examined critically,Â (SAN), challenging the legality no proof of facts that an appeal of the anti-graftâ&#x20AC;&#x2122;s seizure of his has been entered, and againÂ funds and attempt to investigate proceed of crime not a subject him while he remains a sitting matter in the substantive suit governor. coupled with the fact thatÂ the Justice Taiwo Taiwo of the matter was not court on December 13, 2016 instituted as a criminal ruled against the EFCC on suit. the grounds that the EFCCâ&#x20AC;&#x2122;s â&#x20AC;&#x153;The court canâ&#x20AC;&#x2122;tÂ go actions contravenedÂ Section on voyage of discovery 308 of the 1999 Constitution to fishÂ for fact to grant as amended. equitable remedy when the Subsequently, the respondent averred that he courtÂ ordered the agency has defendants and ready to to un-freeze the governorâ&#x20AC;&#x2122;s refund the money if found accounts with immediate effect. liable at trial after his tenure. Fayose in a ceremonious The court canâ&#x20AC;&#x2122;tÂ stay a manner, withdrew N5 million judgment already executed out of his money from the andÂ the whole exercise accounts two days after the in freezing the governorâ&#x20AC;&#x2122;s ruling. accounts amounts toÂ breach EFCCâ&#x20AC;&#x2122;s lead counsel, Rotimi of the provisions of Section Oyedepo, while opposingÂ the 308, 1999 of the Constitution ruling filed a motion for stayÂ of (amended),â&#x20AC;? he ruled.

BUDGET DEFENCE Chairman, Senate Committee on Land Transport, Senator Gbenga Ashafa (left), and Minister of Transportation, Hon. Rotimi Amaechi, during the 2017 budget defence of the ministry with the Senate committee in Abuja...yesterday

FORBES Afrique Interviews Okah Seeks Courtâ&#x20AC;&#x2122;s 14-year-old Zuriel Oduwole Permission to File No Case Submission for February 2017 Edition Alex Enumah Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039;

Synonymous with incredible human accomplishments in business, and more recently civil society, the Forbes brand -Â founded more than 96 years ago in New York has earned its place in the global information circle of delivering relevant, riveting, and rewarding business leadership information. Forbes Afrique, the Francophone Africa companion to Forbes Africa, which is distributed widely in all 23 Francophone African countries, including Switzerland, France and Belgium, has interviewed 14-year-old Girl Education Advocate Zuriel Oduwole, for a major feature in their February 2017 edition to introduce her formally, to French Africa. She talks about her ideas, her vision, her foundations work, and what she likes to do in the future.

In the summer of 2013 at the age of 10, Zuriel Oduwole made her Forbes Magazine feature debut, when theForbes Africa title recognised her early work in the girls education environment, before it became a â&#x20AC;&#x2DC;politically correctâ&#x20AC;&#x2122; and well accepted kitchen table topic across the world. Earlier in January 2017, she was honoredÂ in Washington DC by the US Secretary of State - The Rt Hon John Kerry, for her work in the area of Girls Education Development in Africa, and her new idea of skill transfer to unemployed youths on the continent. Zuriel, who has spoken to more than 24,900 youths in 11 countries, and met one-onone with 23 Ppresidents to talk education policy, took it all in her strides. Former United State Secretary of State, John Kerry, described her as The Worlds Most Powerful Girl.

The alleged mastermind of the 2010 Independence Day bombing in Abuja, Charles Okah, yesterday sought the order of the Federal High Court in Abuja, to file a nocase submission in his on-going terrorism trial at the court. Charles, who is the younger brother to a former leader of the Movement for the Emancipation of the Niger Delta (MEND), Henry Okah, is being tried alongside Obi Nwabueze for the October 1, 2010 multiple bomb blasts near the Eagle Square in Abuja. At the resumed hearing yesterday, counsel to Okah, Samuel Izibiri (SAN), noted that the prosecution, having called its witnesses, had failed to establish the allegations against his client; he therefore requested leave of the court to file a no-case submission in the matter. Responding, the trial judge, Justice Gabriel Kolawole, while granting the application, ordered that the motion be filed and served to the prosecution within 14 days of filing, adding that the prosecution in turn should

respond within seven days of such service. Recall that the prosecution at the last sitting closed its case having called up 17 witnesses to testify in the case. The 17th witness, Humphrey Ohikhuare, a staff of the Department of State Services (DSS), had during crossexamination disowned part of his witness statement on oath. In a paragraph of the statement the witness had deposed to before the court, he said Okah had sent a consignment from Lagos to Abuja. But while being crossexamined by Zibiri, the witness said that statement was not correct. An attempt by Iziyon to reexamine the witness to clear what he termed an ambiguity was rejected by the judge. The judge said the witness could not be allowed to use an oral statement to counter a statement he deposed to on oath. The matter has been adjourned till March 15 for hearing of the no-case submission.

WEDNESDAY, FEBRUARY 1, 2017Ëž T H I S D AY

NEWSXTRA

APC Not Opposed to SGFâ&#x20AC;&#x2122;s Corruption Probe, Says Shehu Sani Party chieftain asks Buhari to sack Babachir, Magu now Onyebuchi Ezigbo Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039; The Chairman of the Senate Ad hoc Committee on Northeast Humanitarian Crisis investigating the alleged massive misappropriation of the federal governmentâ&#x20AC;&#x2122;s funds meant for the up-keep Â of internally displaced persons (IDPs), Senator Shehu Sani, has said the leadership of the All Progressives Congress (APC) is not against the probe of the exercise. Saniâ&#x20AC;&#x2122;s position came just as a chieftain of the APCÂ in Kaduna State, Yusuf Ali (Rabagardama), has appealed to President Muhammadu Buhari to relieve the embattled Secretary to the Government of the Federation, (SGF) Babachir David Lawal and the acting Chairman of the Economic and Financial Crimes Commission (EFFC), Ibrahim Magu, of their jobs to save the image of the party. The partyâ&#x20AC;&#x2122;sÂ chieftain said the embattled SGF has failed the integrity test, adding that the two men have become â&#x20AC;&#x2DC;liabilities to the administration.â&#x20AC;&#x2122; Ali who is a prominent figure in the Kaduna State APC loyal to Governor Nasir el-Rufai, said there are other competent and credible people even from the North-east who can competently replace him while he serves out his time in any of the prisons assigned to him.â&#x20AC;? Speaking on the outcome of

the meeting with the party, the Senator representing Kaduna Central District, Sani said the leadership was not opposed to what the Senate has done but is merely concerned about his tone of criticisms against President BuhariÂ on the floor of the senate. Sani who arrived at the national secretariat of the APC by 1.35p.m. yesterday,Â met with the APCâ&#x20AC;&#x2122;sÂ national leadership, led by theÂ National Chairman, Chief John OdigieOyegun, and the Deputy National Chairman (North) Senator Shuaibu Lawal, for an hour. An unruffled Sani who spoke to journalists on the outcome of the meeting, insisted that the corruption probe is in public interest and must be carried out to a logical conclusion. He said party was worried about caustic use of words in criticising the president and his policies each time he speaks on the floor of the National Assembly. The activist-cum politician had in his response to a clearance letter supposedly sent by President Buhari on the allegations against SGF, likenedÂ the federal governmentâ&#x20AC;&#x2122;s seemingly biased anti-corruption posture to that of one using deodorant on allies while on other hand spraying perceived opponents with insecticides. On whether the meeting

Publisher Still in Detention after Court Orders His Release Michael Olugbode Ă&#x201C;Ă&#x2DC; Ă&#x2039;Ă&#x201C;Ă&#x17D;Ă&#x;Ă&#x2018;Ă&#x;Ă&#x153;Ă&#x201C; The Publisher of National Trail, Inuwa Bwala, has not been released from police custody more than 24 hours after a court in Maiduguri ordered his release. Bwala was arrested along with his driver by the police in Abuja on January 17, 2017, and has been in detention in Maiduguri since then without being charged to court. A High Court in Maiduguri gave a ruling last Monday, calling on the police to release Bwala and his driver, Mohammed Audu, pending the determination of the suit against them. The judge of the High Court of Justice in Maiduguri, Justice Hadiza Jos, giving the ruling, had said: â&#x20AC;&#x153;It is hereby ordered that the applicants be released from custody pending the hearing of the originating summons.â&#x20AC;? But in a statement signed by the editor of National Trail, Mr. Aaron Ossai, and made available to THISDAY,

Bwala and his driver were said to have been kept in police custody. Ossai, in the statement said: â&#x20AC;&#x153;The refusal to release him after the court order confirms to us that Bwalaâ&#x20AC;&#x2122;s arrest was politically motivated. We are also sad that his driver was also arrested and has been detained as well. This is quite unfortunate.â&#x20AC;? Ossai alleged that the continued detention of Bwala who is a former Commissioner for Information in Borno State and the spokesman of the factional leader of the Peoples Democratic Party (PDP), Senator Ali Modu Sheriff, was as a result of a top official in the state thwarting his release. Bwala was arrested over investigations into alleged attempt on the life of incumbent Deputy Governor of Borno State, Alhaji Usman Durkwa.Â He was accused to have sponsored some thugs a day before the 2015 presidential election to beat up Durkwa, then a commissioner, in his home town, Marama.

with the party would in any way affect the probe, Sani said nothing would stop the Senate from holding its ground on the SGF corruption saga. â&#x20AC;&#x153;We are investigation the massive misappropriation of funds for IDPs in the Northeast. Nobody can stop that. We are determined to do our work and have done an interim report and we are going to come out with the full detail after this break and nobody in the party has said he is opposed to it. But I think that their major concern was my â&#x20AC;&#x2DC;grammarâ&#x20AC;&#x2122;. â&#x20AC;&#x153;Sacking the SGF is not about Sani, but about the resolution of the Senate and

what they said is binding on me. If the Senate says he should go, I share in that position and if they say he should remain, I share in that position too. I didnâ&#x20AC;&#x2122;t ask to be named chairman of the ad hoc committee and did not even know I was going to be in the committee. I was appointed and I have to do my job as it is and once I am done, I am out of it. â&#x20AC;&#x153;Let me make this clarification, the party did not in any way send a letter to me contrary to reports,Â I only came to discuss with the leadership on moves to ensure greater solidarity among APC Senate caucus and to brief them on

the probe of allegation against the SGF. Among the members of the National Working Committee who received the Senator (NWC) were National Organising, Secretary, Osita Izunaso, National Treasurer, Alhaji Dogwa Gwagwarwa and the partyâ&#x20AC;&#x2122;s National Youth Leader,Â Ibrahim Dasuki Jalo. THISDAY last week reported that the APC had summoned Sani to come and explain his utterances regarding the anti-corruption crusade of President Buhari. Meanwhile, a chieftain of the APCÂ from Kaduna State, Ali has asked President Buhari toÂ spare himself of

all the hue and cry that he is covering up some people in his administration who are alleged to be corrupt. Ali said if the embattled SGF fails the integrity test, there are competent and credible people who can competently replace him. Speaking on the controversy over the clearance of the acting EFCC Chairman by the Senate, Ali said: â&#x20AC;&#x153;The DSS which indicted Magu as lacking in credibility is equally part of the Buhari government, and it will be safer for the president to align with the DSS instead of disregarding its security report.

LUCKY WINNER

L - R: Deputy Managing Director, Diamond Bank Plc, Caroline Anyanwu; Winner, Diamond Yâ&#x20AC;&#x2122;ello Promo, Okoro Walter; Segment Analyst MFS, MTN, Nigeria, Chigozie Amakeme; and Managing Director/CEO, Diamond Bank Plc, Uzoma Dozie, at the cheque presentation ceremony to the winners of the Diamond Yâ&#x20AC;&#x2122;ello Refer and Win Promo in Lagos ....recently.

Orient Petroleum Partners Ă&#x20AC;rgentil, Dharmattan on Gas Development in Anambra Basin Ejiofor Alike Orient Petroleum Resources Plc (OPR) and First Modular Gas Systems Limited (FMGSL), a natural gas processing and marketing company, have signed a gas processing, Sale and Purchase Agreement (SPA), establishing the contractual and commercial terms for the development of the first phase of a gas processing plant at Orient Petroleumâ&#x20AC;&#x2122;s Anambra River oil and gas field, located in the Anambra Basin. FMGSL is a midstream gas portfolio company jointly owned by Ă&#x20AC;rgentil Capital Management Limited (ACML) and Dharmattan Gas Facilities Limited (Dharmattan) to develop gas processing clusters to deliver gas to the domestic market. The Anambra Basin is estimated to have significant gas deposits and contains the Oriental Petroleum- operated Oil Prospecting Licenses (OPLs) 915 and 916.

Speaking on the partnership, the Chairman of Oriental Petroleum, Chief Emeka Anyaoku said the agreement was an important step to monetise the hydrocarbon resources in Anambra Basin. Â â&#x20AC;&#x153;I am delighted with this agreement, which represents an important step to monetise the Anambra River field hydrocarbon resources. This agreement was made possible by the close cooperation and deep commitment of OPR and FMGSL,â&#x20AC;? Anyaoku said. Also speaking, the Managing Director and Chief Executive Officer of Orient Petroleum, Mr. Sunny Okoye, added that the partnership would result in a cost-effective development that would ensure zero gas-flaring and also promote a cleaner, safer and healthier environment. Under the agreement, the first phase, expected within six months, involves the initial production and processing of five million standard cubic

feet per day (mmscfd) of gas into Liquefied Petroleum Gas (LPG), Natural Gas Liquid (NGL) and Compressed Natural Gas (CNG), with incremental volumes coming on stream as more wells are drilled in the acreages held by Orient Petroleum. Both parties are keen to ensure a doubling of capacity by the end of the second year. The gas produced will add to Nigeriaâ&#x20AC;&#x2122;s domestic gas supply. The Managing Director of ACML, Mr. Gbenga Hassan, said the partnership was as an immediate value-creating response to the need for monetisation of currently stranded or flared gas. On his part, the Managing Director of Dharmattan Mr. Bashir Koledoye, stated that his company assists indigenous oil and gas producers recover value from their gas and at the same time support the drive by the federal government to increase the consumption of LPG for

household cooking to replace kerosene and firewood. FMGSL plans to develop similar processing facilities across Nigeria to make available cheaper and cleaner sources of fuel for domestic power generation and household cooking. ACML and Dharmattan created FMGSL to leverage off their respective project financing and execution capabilities in the gas sector. Dharmattan currently operates as a marketer of LPG with 31 distribution channels across Nigeria and is part of the Dharmattan Group which also provides geological and geo-physical consulting and technical services to many upstream companies. Â By the terms of the agreement, Dharmattan would provide the technical project development, O&M and LPG marketing, while ACML would provide the required financing and strategic positioning for the company.

WEDNESDAY, FEBRUARY 1, 2017Ëž T H I S D AY

NEWSXTRA

Pakistan Foreign Minister: Purchase of Our Military Aircraft by Nigeria Huge Breakthrough for Us SaysÂ $145bn trade remains untapped Iyobosa Uwugiaren Ă&#x201C;Ă&#x2DC; Islamabad Pakistanâ&#x20AC;&#x2122;s Foreign Minister, Mr. Syed Tariq Fatemi, has said the diplomatic relationship between his country and Nigeria has moved from commercial/ economic to defence cooperation. Â Fatemi said the recent purchase of a Pakistani made trainer aircraft by the Nigerian government was a huge breakthrough and strong message of confidence in the fast growing cooperation between

the two developing countries. Fatemi who stated this while speaking with THISDAY in Islamabad, Pakistan, yesterday said Pakistan and Nigeria had enjoyed robust diplomatic relations for decades, stressing that his country would continue to support Nigeria in all areas, especially in the defence sector. The Pakistan Foreign Affairs Minister revealed that over 20 Memorandum of a Understanding (MoU) between Pakistan and Nigeria were lying inactive, disclosing that

Lagos Moves to Sanitise Petroleum Product Storage Facilities and Depots As part of efforts to ensure appropriate planning and energy security for economic and urban development, the Lagos State Government, through the Ministry of Energy and Mineral Resources, has commenced a comprehensive enumeration of petroleum product facilities and storage depots within the state. A statement issued yesterday by the ministry urged all stakeholders to cooperate with the staff of the ministry in carrying out the exercise, stressing that the enumeration exercise which is aimed at sanitising the siting of petroleum product storage facilities, is being carried out with the consent of IPMAN, MOMAN, NALPGAM, NLPGA and other relevant stakeholders within the petroleum sector. It noted that the data gathered from the exercise would be used for appropriate planning for economic and

urban development as well as for energy security and future projections. The statement urged owners of petroleum storage facilities and depots to make available the following documents, valid Lagos State Ministry of Physical Planning approval to construct, valid Nigeria Police authorisation to operate a filling station and valid federal/ Lagos State Fire Service permit for the exercise. Other documents required for the exercise are valid DPR Approval to construct and operate a filling station, valid licence for storage of petroleum products, Environmental Impact Assessment report (EIA) and perimeter survey. According to the statement, the enumeration exercise is to be carried out in all the 20 local government areas and 37 Local Council Development Areas (LCDA) of the state.

Senate: Establishment of Maritime University in Niger Delta Non-negotiable Omololu Ogunmade Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039; The Senate yesterday said the establishment of a Maritime University of Nigeria in Niger Delta region to provide manpower needs for the maritime industry was not negotiable. But two communities in Delta State are at logger-heads with each other over the choice of the place to site the university. At a one-day public hearing on two bills meant to provide a framework for the university, the Senate President, Dr. Bukola Saraki, said the establishment of the universities would provide the needed manpower services that would be of great help to the maritime industry in Nigeria. He said when established, the university wouldÂ provide massive employment opportunities for the youth and help to save billions of foreign exchange for the country. He also said the university

would serve as the platform to ferry people abroad for maritime related education in addition to other opportunities of higher education for students. Saraki challenged Nigerians to take advantage of the industry which he said had denied the country valuable revenues which resulted in stagnation of the cabotage industry in the country. He said: â&#x20AC;&#x153;The eight Senate is sensitive to the plight of the Niger Delta region. It is expected that given this Maritime University, Okerenkoko a full legal backing, some of the sentiments or resentment which some people have haboured in establishing a university in the Niger Delta there would be increased economic activities and accelerated development.â&#x20AC;?Â Earlier, Chairman Senate Committee onÂ Tertiary Institutions and TETFUND, Senator Jibrin Barau, said the federal government had seen the need to establish a Maritime University in Nigeria.

the volume of trade between the two countries stood at a dismal $55million, a far cry from over $145 billion worth of trade potential. The minister ascribed some of the reasons for the low trade volume to both countries to being consumer-countries--with little or nothing to sell to each other; lack of shipping lines which directly affects freight cost; electricity challenges and the lingering acts of terrorism in both countries. â&#x20AC;&#x153;Since the coming to power of this present Pakistan administration in 2013, we have focused on strengthening the economy - with special

emphasis on overcoming the crippling energy shortages. We are confident that before the next election in May 2018, we should be able to overcome the energy crisis, which would translate to help the factories to run and encourage a greater potential of export outside Pakistan,â&#x20AC;&#x2122;â&#x20AC;&#x2122; the minister said. He called on both countries to takeÂ the MoUs seriously and see to their implementation, saying that trade between Pakistan and Nigeria will only be commensurate with the relations when bilateral trades are further improved. He added: â&#x20AC;&#x153;As I stated, the political will is already

there, which is the foremost requirement; your president has visited Pakistan; our president has visited Nigeria; We have had trade delegations; we have had defence ministers, trade ministers visiting each other, and you are here. But much more things need to be done. â&#x20AC;&#x153;The distances are very clear: there are no shipping lines; there is no air link between the two countries; I am sure you came through Istanbul. With industrial growth in Pakistan, the economy getting better; we are focusing in all sectors; we are trying to strengthening our airlines, we are trying to establish a shipping company.

That shipping company will focus on those countries we have cooperation, with so that trade can expand. â&#x20AC;&#x153;Right now, defence is a very good field; culture is a very good filed; education is another field; some of your students come here to study; our boys and girls can also go and study in Nigeria.Â We can also offer scholarship to Nigerians in our defence academy.â&#x20AC;&#x2122;â&#x20AC;&#x2122; He said while Nigeria today is far more stable and more peaceful, the trade factors would remain limited because of a few difficulties - long distance and lack of transportation link between the two countries.

OFFICIAL ENGAGEMENT

L-R: Minister of Science and Technology, Dr. Ogbonnaya Onu; Chairman, Senate Committee on Science and Technology, Robbert Boroface; Permanent Secretary, Ministry of Science and Technology, Mrs. Belema Wakama; and Director General, Nigerian Building and Road Research Institute (NBRRI), Prof. Danladi Matawal, during the official launch of the first edition of the Sub-grade Soil Atlas of Nigeria in Abuja ....yesterday

Amaechi, Alhassan, Jibrin, Others Eulogise Nigerian UN Deputy Secretary General-designate, Mohammed Mary Ekah The Minister of Environment, Mrs. Amina Mohammed, whose nomination as the United Nations Deputy Secretary General-designate was announced recently, got a lot of commendations from well-meaning Nigerians and well wishers for an honour well deserved at a farewell ceremony held in her honour in Lagos recently. Eminent personalities who took turns to pay tribute to the environmentalist at the event organised by the Global Compact Network, Nigeria, included Minister of Transportation, Mr. Rotimi Chibuike Amaechi; Minister of State for Environment, Ibrahim Jibrin; Minister Women Affairs, Senator Aisha Alhassan, popularly known as Mama Taraba; Chairman, First Bank

Holdings, Oba Otudeko; Managing Director and Chief Executive Officer, Standard Chartered Bank Nigeria, Bola Adesola, among others. Describing her as one of the finest examples of patriotism, Amaechi revealed that the minister agonised before accepting the UN top job. â&#x20AC;&#x153;Before it came to the public, what many people didnâ&#x20AC;&#x2122;t know was that it was a difficult decision for her to accept the job. It was a big test of her patriotism. She is one of the best models of patriotism.Â As an individual, those of us in the federal executive cabinet can tell you that Amina is such a wonderful person,â&#x20AC;? Amaechi said. In her brief speech, Alhassan corroborated Amaechiâ&#x20AC;&#x2122;s statement while revealing how difficult a decision it was for the outgoing minister.Â

She described Mohammed as a â&#x20AC;&#x153;dedicated, hard working, honest person,â&#x20AC;? adding: â&#x20AC;&#x153;She has always been passionate about women advancement, women empowerment and gender affairs. She will always call me to say, â&#x20AC;&#x2DC;come let us collaborate to see what is good for Nigerian women. Sheâ&#x20AC;&#x2122;s my friend, my sister. Iâ&#x20AC;&#x2122;m very happy for her and for Nigeria. Sheâ&#x20AC;&#x2122;s a good person and the world needs her.â&#x20AC;? Acknowledging the tributes, Mohammed said choosing between Nigeria and the UN was probably one of the most difficult decisions of her life. She said: â&#x20AC;&#x153;I am so overwhelmed because I feel like I really love to work. It feels like an out-of-body experience. Government is a continuum. Everything that we do in government is aimed at building institutions. You are judged by what happens after

you leave. I am very convinced that my copilot, the Minister of State, is going to carry the ministry to greater heights. We can do many things to help fulfill the presidentâ&#x20AC;&#x2122;s agenda. Speaking further, UN Deputy Secretary General-elect, said on the Ogoni cleanup, â&#x20AC;&#x153;we have done more in the last 13 months than we have in the last 10 years. We want to use Ogoniland as the benchmark for how things should be done. Weâ&#x20AC;&#x2122;ll take the lessons from Ogoniland to find a solution. Nigeria has a lot to share and Iâ&#x20AC;&#x2122;ll share them with the rest of the world.â&#x20AC;? Prior to her recent appointment, Mohammed was Special Adviser to then UN Secretary General, Ban Ki Moon, before President Muhammadu Buhari called on her to return home and serve her country as the Minister of Environment.

WEDNESDAY, FEBRUARY 1, 2017, 2017Ëž T H I S D AY

NEWSXTRA

INEC Sets up Committee to Review Electoral Constituencies Amina Zakari heads two critical panels Onyebuchi Ezigbo Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039; The Independent National Electoral Commission (INEC) has constituted an eight-man committee on the Review of Electoral Constituencies in Nigeria as well as four other key committees to proffer ideas on howÂ to improve on the electoral process.

In a letter signed by the acting Secretary to the Commission, Musa H. Adamu, dated January 16, the commission also set up an eight-man Committee on the Review of Polling Units and Registration Areas; a six-man Committee on Review of the Suppressed Constituencies; a seven-man Committee on the Review of GIS Laboratory; and

ADP Promises to Replace Civil Rule with Democracy in Nigeria Oghenevwede Ohwovoriole Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039; The Action Democratic Party (ADP), a political association seeking registration with the Independent National Electoral Commission (INEC), has promised to give all party members the power to decide who becomes a candidate when registered as a political party. The associationâ&#x20AC;&#x2122;s protem Chairman, Mr. Yagbaji Sani, said this while answering questions from journalists at the partyâ&#x20AC;&#x2122;s secretariat. He said they have put in place measures and rules in their constitution and manifesto to make sure that moneybags do not hijack the party. Sani added that the ADP has a set of rules, which would ensure that the most popular candidate emerges victorious in the party primaries - as all card-carrying members of the party will elect the party candidate for all elections. â&#x20AC;&#x153;We shall be guided in this historic national duty by our three fundamental principles as enshrined in our constitution and manifesto: All-inclusive government, democratic empowerment of young people and party supremacy,â&#x20AC;? he said. He stated that in order to ensure greater participation of youth and women in the

political process, the party will give 50 per cent of party offices to youths and women in the party structure, saying these positions would only be contested for by youths and women only as it is in the partyâ&#x20AC;&#x2122;s constitution. He noted that as a measure of the associationâ&#x20AC;&#x2122;s commitment to this rule, it has picked a youth, Mr. Jimoh Akeem, as its acting publicity secretary. He said this was a revolutionary move as no party in the annals of politicking in the country, had taken such a step. The ADP chairman said when finally registered as a party, it would offer Nigerians the opportunity to do things differently from what obtains presently - where a few individuals arrogate to themselves, the right to sit somewhere and decide for the whole country. He said the ADP will not only give Nigerians opportunity to freely elect their leaders and representatives but will also give Nigerians the opportunity to contribute to their future as citizens. â&#x20AC;&#x153;We intend to do things differently by creating an enabling environment for Nigerians to freely elect their leaders and determine their future where impunity, nepotism and mediocrity will have no place,â&#x20AC;? he stated.

Atiku Denies Link with Oba Akioluâ&#x20AC;&#x2122;s Retirement from Police Onyebuchi Ezigbo Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039;

Service Commission (PSC), and therefore, couldnâ&#x20AC;&#x2122;t have been Former Vice President, Atiku part of any alleged plot to force Abubakar, has debunked the the oba out of public service for accusations by the Oba of Lagos, committing no offence. Rilwanu Akiolu, that he and The former vice president others were responsible for his also explained that he had no retirement from the police force power over the police force or in 2002. the PSC to remove anybody Reacting to the obaâ&#x20AC;&#x2122;s for whatever reason from office allegations published in a section without committing any offence. of the media, the former vice He maintainedÂ that he was president saidÂ in a statement not familiar with Oba Akiolu by his media office in Abuja as at the time the monarch yesterday that at no time did was removed from the police he suggest nor propose the force. removal of Akiolu from the He said he holds the Oba of police force. Lagos in the highest esteem, The statement explainedÂ but he is totally innocent of that Atiku never supervised the allegations the monarch the Nigeria Police or the Police made against at him.

a ten-man Committee on the Review of Diaspora or Out-ofCountry Voting (OCV). The committees were constituted with different terms of reference and are expected to submit their reports to the commission within six weeks with periodic reports at intervals. Former acting Chairman of INEC, Amina B. Zakari, is heading two of the most important Committees on Review of Electoral Constituencies and Committee on the Review of Diaspora or OCV, while the Committee on the Review of Polling Units and Registration Areas is headed by Prof. Okey Ibeanu, and Secretary is Ushie Godwin. The Committee on the Review of Suppressed Constituencies is being chaired by National Commissioner, Prince Adedeji S. Soyebi, and the Secretary is Ewa Valentine; the Committee on the Review of GIS Laboratory is headed by National Commissioner, Dr. M. Lecky and Atama Friday (Secretary).

Among the terms of reference given to the committee on the review of constituencies are to review the status of the commissionâ&#x20AC;&#x2122;s past and recent attempts at delimitation of constituencies and make recommendations on the way forward, and to review and advise on INEC collaboration/ MoUâ&#x20AC;&#x2122;s with National Population Commission, National Space Research and Development Agency, National Broadcasting Commission, Office of The Surveyor General of the Federation, National Boundary Commission, Nigerian Postal Service and any other relevant government agencies. The committee is also to review existing delimitation guidelines and develop new guidelines for delimitation/ delineation of the federal constituencies to meet the demand of the current state of the nation. Whereas members of the Committee on the Review of Polling Units and Registration

Areas are expected to consider the current status of Polling Units and Registration Areas nationwide; propose a framework and criteria for review as well as recommend a plan of action for commissionâ&#x20AC;&#x2122;s approval. In case of the Committee on the Review of Suppressed Constituencies, it will determine the status of suppressed state constituencies, review existing court orders in this regard. The members of the Committee on the Review of GIS Laboratory are to determine the status of the Geographic Information System (GIS) Laboratory, review data generated, assets acquired thereof, including field assets. The Committee on the OCV has as terms of reference to determine the legal, political and electoral frameworks that need to be taken into consideration in planning for OCV. The committee is also to examine the methodologies of, and global best practices for OCV, suggest appropriate methodology(ies) for the

commission and estimate the population, spread and locations of Nigerians in Diaspora and Nigerians in missions abroad as well as registration requirements. The members are to determine the logistical requirements and assess the cost implications of the methodology (ies) suggested for OCV, suggest timelines and/or a project plan for the implementation of OCV by the commission. Meanwhile, the commission has disclosed that 75 political associations have now applied to INEC for registration as political parties. INEC National Commissioner, Prof. Anthonia Simbine, who said this during a function in Abuja yesterday, said the existing laws do not give INEC the latitude to restrict the political space to fewer parties. She noted that money politics â&#x20AC;&#x153;is responsible for the kind of governance that one may get, adding that â&#x20AC;&#x153;If you make an investment, you would want to reap from that.â&#x20AC;?

TRADE MINISTRY LEADERSHIP L-R: Minister of Industry Trade and Investment, Dr. Okechuwu Enelamah, Minister of State Industry Trade and

Investment,Mrs. Aisha Abubaka; and Permanent Secretary in the ministry, Mr. Aminu Aliyu Bisalla, during press brieďŹ ng in Abuja...yesterday

NEITI Incorporates FOI Clause to Advance Extractive Sectorsâ&#x20AC;&#x2122;Transparency Chineme Okafor Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039; The Nigeria Extractive Industries Transparency Initiative (NEITI) has updated its website with a Freedom of Information (FoI) section, to enable Nigerians request for up to date information on its transparency activities in Nigeriaâ&#x20AC;&#x2122;s extractive industries. Developed in partnership with Right to Know (R2K), a Nigerian non-governmental organisation (NGO) and McAuthur Foundation, the reinvented webpage was unveiled yesterday in Abuja, at a brief ceremony witnessed by the Director General of the Bureau of Public Service Reforms (BPSR), Dr. Joe Abah, Executive Secretary of NEITI, Mr. Waziri Adio, Deputy Director, Africa Office

for McAuthur Foundation, Mr. Oladayo Olaide and Chairman of R2K, Uche Onyeagucha. The new website which is modelled after that of the BPSR, will provide an opportunity for the Nigerian public to make FOI requests on NEITI and get responses to their requests on time irrespective of their location. While urging Nigerians to take advantage of the FOI portal to push for improved transparency in the activities of operators in Nigeriaâ&#x20AC;&#x2122;s extractive industries, Adio said: â&#x20AC;&#x153;The FoI portal on the website is an important tool for checking sharp practices, promoting development and restoring the rights and powers of citizens to know because transparency is the middle name of NEITI.â&#x20AC;?

He noted that NEITI had to live up to its responsibilities of improving accountability in the management of Nigeriaâ&#x20AC;&#x2122;s oil, gas and solid minerals resources by adding the FoI clause to its webpage. According to him, the new website with the FoI clause was designed to provide urgent access and feedback to the public on NEITIâ&#x20AC;&#x2122;s operations in compliance with the provisions of the FoI Act. He explained that information and data contained in the NEITI reports and other issues in the extractive sectors would be made available to interested Nigerians on the basis of the FoI Act. â&#x20AC;&#x153;Power belongs to the people. When institutions are transparent and accountable,

power remains with the people,â&#x20AC;? Adio added. Similarly, Abah stated that the steps taken so far by NEITI to make its operations open, efficient and accountable were consistent with the on-going public service reforms within the ministries, departments and agencies (MDAs) of the federal government. He also urged all government MDAs to borrow from NEITI in opening up their activities for public scrutiny and accountability. Also, Olaide, in his remarks said that the MacArthur Foundation would be willing to work with NEITI and other agencies of government in Nigeria to enthrone transparency and accountability in their operations.

WEDNESDAY, FEBRUARY 1, 2017˾ T H I S D AY

NEWSXTRA

Witness: My Wife Wrote Petition Alleging Demand for N25m Bribe by Justice Ademola Alex Enumah ÓØ ÌßÔË The sixth prosecution witness of the federal government, Shuaibu Teidi, in the ongoing trial of Justice Ademola, his wife and senior lawyer, Joe Agi (SAN) over alleged corruption and gratification matter, yesterday told the Federal High Court sitting in Abuja that his wife wrote the petition to the National Judicial Council (NJC) alleging Justice Ademola demanded N25million bribe in order to release him on bail. Justice Ademola, his wife, Olubowale and Agi, are standing trial on a 16-count charge bordering on receipt of gratification and illegal possession of fire arms. At the resumed trial yesterday, Teidi who was a former Director in the pension office of the federal civil service, in his evidence in chief told the court that he was arraigned before Justice Ademola around

2012 and was kept in prison for about 14 months where he developed high blood pressure and diabetes. According to him, Justice Ademola had given a stringent bail condition which he could not meet, adding that the judge also refused to vary the bail which then prompted him to approach the Court of Appeal where the said conditions were varied and he was eventually released in 2014. Led in evidence by prosecuting counsel, Segun Jegede, the witness stated that his wife had received calls from several people among whom was one Kingsley O. requesting for the bribe of N25 million for Justice Ademola, to facilitate his bail. He said, it was based on this that his wife wrote a petition to the NJC. However, under crossexamination by the defense counsel, Dr. Onyechi Ikpeazu

SAN, the witness was confronted with the report of the investigative panel of NJC which exonerated Justice Ademola of the accusation of asking for bribe. The witness remained mute as the counsel read out with the permission of the court the said report dated February 27, 2015 and jointly signed by Justice D.O Dozie who was the chairman of the committee, Justice H.Y Heman (member) and Mrs. R.S Ibrahim (member). The reports which is already an exhibit before the court read

in part, “we are persuaded to hold and unanimously too, that nothing has emerged from the complaints to establish that the Respondent, Justice A.F.A Ademola, in dealing with the matter of bail application of Dr. Shuaibu, had compromised his judicial office and we recommend that the complaints be dismissed as they have not been established.” When Teidi was further asked whether he wrote a petition to the DSS against Justice Ademola, he said no. He, however, added that he

was invited by the DSS two weeks ago and was shown a petition written by some people. He added that it was on the strength of the petition that he was asked to write a statement. Asked whether he or his wife had any contact or received any phone call from Justice Ademola during the pendency of his case before him, he also said no. Based on alleged demand for bribe, the witness was asked whether he reported the issue to the EFCC or police, but he said no. When the defence counsel

confronted Teidi that he was asked to come and testify against Justice Ademola so that the federal government can withdraw the criminal charge against him, he said no. The witness however, contradicted himself in several ways. In one breath, he told the court that Justice Ademola denied him bail, but when the judgment of the Court of Appeal was given to him read, he read that he could not perfect the bail application granted him by the judge.

Gbaramatu Kingdom: There’s No Plan by Niger Delta to Secede Sylvester Idowu ÓØ ËÜÜÓ The people of Gbaramatu kingdom in Warri South West Local Government Area of Delta State yesterday assured Nigerians that there was no plan by the Niger Delta region to secede from Nigeria as being insinuated by some people. They said the region was not at war with any institutions or the federal government but appealed to the United States of America Government to prevail on President Muhammadu Buhari’s administration to implement the 16-point demands presented by the Pan-Niger Delta Elders Forum (PANDEF). Speaking while receiving the United States Consul-General to Nigeria, Mr. John Bray, and his team at the palace of the monarch of Gbaramatu Kingdom, Oboro-Gbaraun 11, Aketekpe, Agadagba, Pere of Gbaramatu Kingdom, yesterday said the people however maintained that government should pursue the commencement of the Nigeria Maritime University first in their demands. The Gbaramatu people, in an address read by Chief Clark Gbenewei on behalf of the king, declared: “We want to assure the federal government and the international community, particularly the US that Gbaramatu kingdom or Niger Delta is not at war with Nigerian government. “We are not at war and will never be at war, be it with institutions or the government neither do we have any plan to secede from Nigeria. We however appeal to the US to prevail on the federal government to look at issues we raised-issues of marginalisation, lack of development and others.” The Gbaramatu people said

part of the issues raised that were political should be solved politically for Nigeria to have enduring peace, particularly in the Niger Delta, and also, for government to provide the required revenue to enable the region finance the budget and effectively address the current recession. Responding, the US ConsulGeneral, Bray, said he was in the kingdom along with his team on a fact finding mission, urging them to continue to sustain peace in the region. “We are here to see the situation on ground just like Vice President Yemi Osinbajo did about two weeks ago. We are here to see with our eyes and we want you to continue to maintain peace,” he added. Bray was later conducted round the site of the Nigeria Maritime University site where he expressed happiness with the structures already in place. At the oil rich kokodiagbene, which is considered the most peaceful community in the kingdom hosting over 100 flow stations with about 300 barrels of crude oil production per day, Bray urged them to continue to maintain peace as usual. His plea came against the backdrop of series of complaints by the Chairman of the community, Sheriff Mulade, about the neglect of the area by Chevron Nigeria Limited and Shell Petroleum Development Company (SPDC) and for lack of development of their area despite its peaceful disposition with all the oil assets in the area. He however urged the US government to prevail on the federal government and the oil majors, particularly Chevron, to complete the shore-protection, reclamation and sand filling project started by Niger Delta Development Commission (NDDC) but was abandoned.

FIGHTING FOR ONNOGHEN

Senator Gershom Henry Bassey, representing Cross River South; Senator John Owan Enoh, representing Cross River Central; and Senator Rose Okoji Oko, representing Cross River North, during a press conference by Cross River State National Assembly Caucus in Abuja....yesterday

SANs Tackle U.S., NDLEA over Kashamu Three Senior Advocates of Nigeria (SANs), Lateef Fagbemi, Alex Izinyon and Akin Olujimi, yesterday described as illegal any attempt to extradite Senator Buruji Kashamu. Fagebmi, Izinyon and Olujimi, in a joint statement, said the United States and the National Drug Law Enforcement Agency (NDLEA) would be overstepping their bounds by attempting to extradite the senator. The SANs said: “The US did not appeal against any of the two UK judgments in favour of our client. The judgments therefore, remain binding against the US and Nigeria for ever. Rather than appeal against those judgments, what the US did next was to latch on to the conducive atmosphere in Nigeria brewed by the political enemies of our client, who even though aware that the US had lost out twice in UK courts against our client, mounted unholy pressure on the former Attorney General to commence extradition proceedings against our client. He was therefore forced to approach the courts in Nigeria for redress. Just as

the English courts had ruled in his favour, four different courts in four different suits in Lagos and Abuja found in favour of the Senator. “Notwithstanding the various subsisting decisions referred to above given by English and Nigerian courts all outlawing the extradition of our client, the NDLEA is, in clear disobedience of the various judgments, still plotting clandestinely with other security agencies at the behest of US agents to forcibly abduct our client and smuggle him to the US. “Our client’s US lawyers had filed the suit under a law of the United States which the District Court in the US held did not create a private right of action. Our client’s US solicitors appealed against the decision of the District Court in 2016. It was that appeal that the US Court of Appeals pronounced upon on January 23, 2017 by affirming the decision of the District Court which held that the statute ‘did not create a private right of action’. In other words, it is not open to any individual to predicate a suit on the statute. Clearly,

that was not a decision on the merit of the issues submitted to the court. “We are in agreement with the court that mere presence of a US employee during an arrest by local officials in a foreign land and even assisting the local officials in an arrest will not amount to attempted abduction. What was not put before the US court of appeals for determination and which the court did not decide is a situation where the local courts in the foreign land had given express orders prohibiting arrest, abduction and/or detention, as done by the Federal High Court in its judgments prohibiting the NDLEA and other security operatives from arresting or removing and exporting our client to the US. Any arrest or removal in breach of the orders of the Federal High court will unarguably amount to abduction as defined in Article 2 of the United Nations International Convention for the Protection of All Persons from Enforced Disappearance adopted by the General Assembly on December, 20, 2006 to which the attention of the US Court of Appeals was not drawn. Indeed Article 5 of the

Convention renders perpetrators of enforced disappearance and the State which organise, acquiesce in or tolerate such disappearances liable under civil law, without prejudice to the international responsibility of the State concerned in accordance with the principles of international law. “The US Court of Appeal did not purport to and cannot overrule the decision of any Nigerian court which must be obeyed, except set aside by a higher court in Nigeria...We have no doubt the NDLEA will backtrack from its enthusiasm after reading our analysis of the judgment. It is also worthy of mention that the Central Authority in matters of extradition from Nigeria is the Attorney General of the Federation. The role of the NDLEA is no more than to provide information that the Attorney General may require in regard to any request for extradition. So, the only authority who can speak as to what government is doing on any request for extradition is the AGF. We are not aware that the Attorney General has assigned or delegated his statutory authority to the NDLEA.”

WEDNESDAY, FEBRUARY 1, 2017˾ T H I S D AY

NEWS

OPEC Records 82% Compliance on Output Cuts Ejiofor Alike áÓÞÒ ËÑÏØÍã ÜÏÚÙÜÞ The Organisation of the Petroleum Exporting Countries (OPEC)’s oil output is set to fall by more than 1 million barrels per day (bpd) in January, a

Reuters survey found yesterday, thus pointing to a strong start by the cartel in implementing its first supply cut deal in eight years. OPEC had agreed to cut its output by about 1.2 million bpd from January 1 to prop up oil

NBS: Telecoms Subscriber Base Rises to 154.5m in Q4 2016 James Emejo ÓØ ÌßÔË The mobile telecommunications subscribers’ base rose to 154.53 million as at the end of the fourth quarter of 2016 compared to 153.29million subscribers in September same period, the National Bureau of Statistics (NBS), stated yesterday. This represented a 0.8 per cent increase in mobile subscribers. The NBS in its report on the telecoms sector further stated that over the past decade, the total number of subscribers increased rapidly, noting that at the end of 2005, there were 19.51 million subscribers. But by the end of 2015, however, there were 151.07 million subscribers which is equivalent to an increase of 13.14 million subscribers every year, it added. However, the NBS report stated that growth in the sector has been declining more recently, as a result of high market penetration leaving less room for large expansion. It said: “In December 2016 – the end of the fourth quarter, there were 154,529,780 subscribers, compared with 153,299,535 in September 2015,

which represents a quarterly increase of 0.80 per cent. “Growth had continued unabated since April, before which subscriber numbers had fallen for several months. The yearly increase in total subscriber numbers was 2.33 per cent, which is slightly higher than the yearly increase of 1.75 per cent recorded in the previous quarter.” It said the largest quarterly increase recorded by any GSM provider was Airtel, whose number increased by 4.09 per cent from 32.77 million to 34.11 million subscribers. By contrast, Etisalat according to the report, recorded its largest quarterly decrease, declining by 7.65 per cent to 20.81 million subscribers as against 22.53 million subscribers in the third quarter. It added that Etisalat was the only company to record a decrease in the fourth quarter of last year. The report stated that Globacom and MTN had 37.35 million and 61.84 million subscribers respectively, and recorded quarter on quarter growth of 1.06 per cent and 2.12 per cent.

prices and reduce a supply glut. Supply from the 11 OPEC members with production targets under the deal has averaged 30.01 million bpd, according to the survey based on shipping data and information from industry sources, down from 31.17 million bpd in December. Compared with the levels that the countries agreed to make the reductions from - in most cases their October output - OPEC members have cut production by 958,000 bpd of the pledged 1.164 million bpd, equating to 82 per cent compliance. Compliance of 80 per cent

comfortably exceeds the initial 60 per cent achieved when the previous cuts deal was implemented in 2009, and the survey adds to indications that adherence so far has been high. “This is very high, a good number,” an OPEC source said of the January compliance estimate. “I hope it continues.” Oil edged above $55 a barrel yesterday as the cuts agreed by OPEC, Russia and other independent producers have helped to lift prices from a 12-year low near $27 a year ago. The January drop in OPEC output has been offset slightly by

higher supply from Libya and Nigeria, which are both exempt from the OPEC agreement because of output losses caused by conflict. Saudi Arabia has reduced output to less than 10 million bpd in January, industry sources told Reuters, implementing a bigger cut than it had agreed to set a good example on compliance. Iran, which was allowed to raise output under the OPEC deal because sanctions had crimped past supply, pumped an additional 20,000 bpd. OPEC announced a production target of 32.5 million bpd at its

November 30 meeting, which was based on low figures for Libya and Nigeria and included Indonesia, which has since left the group. Combined output in January from all members is about 520,000 bpd above the target, adjusted to remove Indonesia, the survey showed. The Reuters survey is based on shipping data provided by external sources, Thomson Reuters flows data and information provided by sources at oil companies, OPEC and consulting firms.

PRESENTING A SCORECARD

Lagos State Commissioner for the Environment, Dr. Babatunde Adejare (left), with the Permanent Secretary in the ministry, Mr. Adeyemi Saliu, during a monthly media briefing of the ministry in Alausa Ikeja......yesterday

INEC Probe Panel to Submit Report Next Week on N23bn Bribery Allegation

Apostle Suleiman: IPOB Decries Hypocrisy of DSS in Handling National Issues

Onyebuchi Ezigbo ÓØ ÌßÔË

Emmanuel Ugwu ÓØ ×ßËÒÓË

The Independent National Electoral Commission (INEC) has said the panel investigating the commission’s staff indicted of committing electoral fraud during the 2015 general election will submitt its report net week. The commission had constituted a high powered panel early last month to review of the cases of over 100 personnel of the commission indicted by the Economic and Financial Crimes Commission (EFCC) over electoral offences . While speaking on the probe, INEC Chairman, Professor Mahmood Yakubu, promised to investigate the bribery allegation and other alleged electoral malpractices involving INEC staff and any other group or individual during the legislative elections. The affected personnel were indicted by the EFCC whose operatives investigated them for allegedly receiving part of the N23 billion bribe funds alleged to have been facilitated by a former Minister of Petroleum Resources, Mr. Deziani Allison-Maduekwe, ahead of the 2015 elections. The commission received the report of the EFCC probe

late December last year and gave the assurance that those found to have received the bribe money would be suspended in accordance with the provisions of the INEC’s conditions of service. According to the mandate given to the invedtigative panel, it is supposed to concluded its assignement by Friday. However, contacted the Spokesman to the INEC’s boss, Mr. Rotimi Oyekanmi told THISDAY yesterday that the panel is yet to conclude its deliberations and that it may likely turn-in it’s findings and recommendations by next week. “The probe committee is still sitting. I don’t think the committee actually started the very day it was inaugurated because I was told that the one month duration given for it conclude it’s assignment will be due next week. “Al I can tell you is that they have not submitted their report. Let’s wait till next week when they would finish the work. For now they are still working on their terms reference,” he said.. Oyekanmi said though some staff of the INEC were indicted in the EFCC report, the agency is not a court of law and as such it cannot convict the affected officers

without prosecuting them in the. Court. “You know that it was the EFCC that submitted interim report on their investigations to us and because of that INEC now constituted a panel to look at all the issues in that report. They have not finished their work, when they finished by next week they will submit their report to the Chairman and we will now issue an official statement on its outcome. “For instance if any of those indicted by the EFCC report testifies before the INEC panel and accepts culpability on the alleged office, then that one will be very clear, but what if you call the affect staff and he insisted that he didn’t commit the offence and that he was forced to write the statement, then it becomes a problem. EFCC have said that whatever the outcome of INEC probe panel, it is ping ahead to prosecute those on its report in the court. The INEC Spokesman said the reason the commission deemed it necessary to carry out the investigation is because it viewed the alleged offences grievous.

As the dust of the controversy generated by the invitation of Apostle Johnson Suleiman by the Department of State Service (DSS) still hangs in the air, the Indigenous People of Biafra (IPOB) has decried the alleged hypocrisy of the security agency in dealing with sensitive national issues. In a statement issued by the spokesmen of IPOB, Emma Nmezu and Dr. Clifford Iroanya, following their analysis of the DSS reactions to the “hate statements” made by adherents of Islamic and Christian faiths, they stated that they revealed a pattern of bias and hypocrisy. They noted that by asking the members of his church to defend themselves against the murderous herdsmen, the General Overseer of the Omega Fire Ministries was only exercising his fundamental human rights of self-defence recognised by the United Nations. The IPOB spokesmen pointed out that prominent adherents of the Islamic religion had in the past made inflammatory statements encouraging the killings of Christians by

herdsmen while the DSS looked the other way. Specifically, IPOB cited inflammatory statements made by Zahra Buhari, daughter of President Muhammadu Buhari; Sultan of Sokoto, Sa’ad Abubakar III, and Governor of Kaduna State, Mallam Nasir el Rufai, without attracting the attention of the DSS. “We recall that in 2016, Weeklypostng.com reported a message from Zahra then 21, where she stated as follows: ‘killing will keep going on, Muslims who don’ts (sic) want to adhere to Muslims rules will be killed, Christians will die until they turn Muslims, Biafrans is just a say (sic) dream, political oppositions must follow my daddy’s (sic) rule. “We also recall that in 2016, the Sultan of Sokoto ordered Muslims in Nigeria to fight anyone trying to stop them practising Islam without giving details of what he meant by “trying to stop them. “In a tweet in 2012, El-Rufai stated as follows: ‘We will write this for all to read. Anyone, soldier or not, that kills the Fulani takes a loan repayable one day no matter how long it takes,” IPOB said.

The group further recalled that and reminded the world that the public relations officer of Southern Kaduna Peoples Union (SOKAPU), Mr. Yakubu Kuzamani, had accused El Rufai of engaging in hate speech while speaking on an Aljazeera television programme on January 17, 2017. “In all these three examples, the common thread is hate speech and an incitement of Muslims against nonMuslims. But in all, none of the perpetrators of the hate speeches has been invited by the DSS,” it said. It then raised these posers: “Why is Apostle Suleiman being singled out for investigation by the DSS? Why did the DSS not invite Zahra Buhari (now Mrs. Zahra Indimi) for her hate speech? Why did the DSS not invite the Sultan of Sokoto for his hateful and inciting speech? Why has the DSS not invited El Rufai for his hate speech that was even announced by SOKAPU?” IPOB expressed disappointed with the National Assembly for not calling the DSS to order “as they engender tyranny and religious bigotry.”

WEDNESDAY, FEBRUARY 1, 2017˾ T H I S D AY

CRIME&PUNISHMENT

NTIC Kidnapping: Police Arrest Two More Suspects, Recover N3m AIG reads riot act, charges Lagos police to tackle kidnapping, cultism Chiemelie Ezeobi Following the recent rescue of the students and staff of Nigerian Tulip International College (NTIC) in Ogun State, the police yesterday

arrested two more suspects and recovered N3million. The arrest by the Inspector General of Police Intelligence Response Team (IRT) has brought the total number of persons nabbed

Sharia: Man Jailed for 12 Months for Selling Alcohol Laleye Dipo in Minna An Minna Chief Magistrate Court yesterday sentenced one Baba Abuja to 12 months imprisonment for contravening the Sharia law. Abuja was arrested and charged before Chief Magistrate Abdullahi Usman for selling alcohol in a prohibited area of Paiko town. According to the Sharia law which came into effect in the state in 2002, it is illegal to sell alcohol in local government area headquarters without obtaining the required permit. However, Chief Magistrate Usman gave the convict an option of N200,000 fine. According to the prosecution, the arrest was based on a petition by some residents of Paiko which was addressed to the state Governor, Abubakar Sani Bello, indicating that the sale and consumption of alcohol in the Paiko town had constituted a serious security threat to the people.

in connection with the kidnap to 10. The suspects were identified as 24-year-old Egbasimokumo Ayeomi, a native of Arogbo Town, and 21-year-old Super Alex of Opugba Town, both from Eseodo council area of Ondo State. Led by the IRT Officerin-Charge, Abba Kyari, an Assistant Commissioner of Police, the suspects were picked up at the Ikorodu area of Lagos. It was gathered that they were arrested after they had stepped out of the creeks to move to Ondo State with their share of the loot-N3million. Already, the duo were said to have confessed

The prosecution said the governor directed the Chairman of the liquor board, Yahaya Halidu, to commence investigation of the petition which led to the arrest of the convict. When the charge was read, Baba Abuja admitted guilt and was summarily tried. Items recovered from him and tendered as exhibits included cartons of Guilder, local gins, Star Larger beer and stout. In the same court, a female liquor vendor, Asabe Solomon, was also sentenced to six months imprisonment with an option of N50,000 fine for selling alcohol in Gbadna village also in Paiko Local Government Area of the state. When she was arraigned before Chief Magistrate Usman, she pleaded guilty to the charge of selling locally brewed alcohol popularly called Burukutu without licence. She urged the court to consider her age and give her a light sentence promising to stop the sale of alcohol.

to the kidnapping of the Turkish school girls and many other kidnappings within Lagos and Ogun States. A police source who spoke on account of anonymity, said the arrest was based on intelligence gathering with a clear-cut technology, coupled with the unrelenting efforts of the IRT. According to the source, the suspects were already giving confirmable information to the police, which will hopefully lead to the arrest of more suspects. It was also gathered that serious efforts are on to arrest remaining members of the gang. Meanwhile, the Assistant

Inspector General of Police (AIG) in charge of Zone 2 Command, comprising Lagos and Ogun States, Kayode Aderanti, yesterday read the riot act to officers and men in the Lagos State Police Command. Aderanti did this during his visit to the Commissioner of Police, Fatai Owoseni, where he addressed the area commanders, divisional police officers, unit heads as well as the rank and file. While reading the riot act to the policemen, Aderanti warned the men under his command to shun corruption and fight the worrisome security threats springing up in Lagos. On the worrisome trend

of kidnapping, he said: “Kidnapping is another worrisome security threat that must be brought to the barest minimum in the state. “Already, the commissioners of police in Lagos and Ogun States are working together with the Inspector General of Police anti-kidnapping unit. “Also, there has been an increase in cultism in Lagos and I charge policemen to take up the responsibility and ensure their effrontery is reduced do the barest minimum.” Aderanti also warned errant policemen who often engage in illegal duty and perpetuate different acts of criminalities.

HURIWA Urges N’Assembly to Pass Law Criminalising Blackmail, Prescribes Seven Years Jail Term Adedayo Akinwale in Abuja A group, Human Rights Writers Association of Nigeria (HURIWA), yesterday called on the National Assembly to pass a law criminalising political blackmail in the country, prescribing a seven-year jail term for offenders. It lamented that certain career political blackmailers have cashed in on the ongoing anti-corruption crusade to be attacking individuals. The Coordinator of the group, Emmanuel Onwubiko, made the call at a press conference in Abuja. He lamented that some politically motivated group of individuals had s last Monday commenced frantic search for credible platforms in the nation’s capital to hire to tarnish the image of former governor of Delta State, Emmanuel Uduaghan. The rights group said the ongoing mass demonisation and character assassination of some members of the political class whose political tenures in various offices have remained untainted has created the erroneous impression that all political office holders in Nigeria are corrupt. According to him, “We

were approached by some professional political blackmailers from Delta State to make our organisation available to be used as a weapon of mass politically motivated battle against the person and character of the former governor of Delta State but we declined. Onwubiko added: “It has become imperative for it to go public with this information so Nigerians would be made aware of the existence of many phantom groups whose major preoccupation is to stoke the embers of hatred against targeted high profile Nigerians just because such persons may not have agreed to be blackmailed into paying huge pay outs to such professional and career blackmailers. “These evil intentioned Nigerians are exploiting the notorious fact that corruption as a major factor that contributed to the underdevelopment of Nigeria has understandably forced the current government to focus extensively on waging anti-graft war. HURIWA warned against the deployment of crude and illegal process of mass hysteria and choreographed media trial to engage in the ongoing crusade to eradicate corruption and economic crimes.

GIVE US ELECTRICITY

Residents of Oko-Oba Community protesting four months of power outage and disconnection of their cables by the Ikeja Electricity Company at Orile-Agege in Lagos....yesterday

Senate Committee Begins Investigations into Southern Kaduna Crisis John Shiklam in Kaduna

the stakeholders, the government, security The six-man ad hoc agencies and hear from committee set up by the them and find out which Senate to investigate the way forward,” Gaya said. crisis in the southern He said the committee part of Kaduna State has would meet with called for the cooperation stakeholders in Southern of all stakeholders in the Kaduna after which another area to find solution to the meeting would be held problem. with the governor and Speaking during a visit your executives. to the state Governor, “We intend to have a Mallam Nasir El-Rufai, the town hall meeting with Chairman of the committee, stakeholders, Kaduna in Senator Kabiru Gaya, said particular is a centre of the essence of the visit northern Nigeria, if there was base on a motion by is peace in Kaduna, there the Senate on the crisis in would be peace everywhere. Southern Kaduna. “I believe the governor “ The Senate decided is equal to the task, but to send this delegation we need the cooperation to investigate and also of all the stakeholders find solution to peace. in this state to assist the Our mission is to governor and the people interact, discuss with to have peace,” Gaya said.

He expressed optimism that with the cooperation of the people of Southern Kaduna, peace would be achieved, stressing that without peace, there cannot be any development in the area. The committee also appealed to well meaning Nigerians to work towards peace inthe area and make life better for people of the area. He also advised the state government to frequently organise town mall meetings among communities where people would speak out their minds, stressing that by so doing, it would bring about understanding among the diverse ethnic groups in the southern part of the state. Briefing the committee

on the crisis, El-Rufai thanked the committee for considering the crisis of sufficient importance and gravity to constitute such a committee, saying his administration inherited three security problems - cattle rustling, urban gang called “Shara Suka” and communal killings. He said part of the reasons why the Southern Kaduna crisis had continued unabated was because nobody has been arrested and punished for the series of crises that had rocked the state in the past 35 years. He disclosed that the state government had invested about N4 billion on security in its efforts to address the challenges by purchasing vehicles and bullet proof vests to security agencies.

T H I S D AY ˾ WEDNESDAY, FEBRUARY 1, 2017

WEDNESDAYSPORTS

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

WINTER TRANSFER

Barcelona Grabs Enyimba’s Bassey Femi Solaja The recent partnership between the League Management Company (LMC) and its Spanish counterpart, La Liga, may have started yielding dividend following yesterday’s announcement by FC Barcelona officials that they have secured the services of Nigerian striker Ezekiel Bassey from Enyimba FC. The Catalan club announced on its official website that it has snapped up the dashing Nigerian forward until the end of the season with a further two-year extension option at the end of his current deal. “FC Barcelona and Enyimba Football Club have reached an agreement for the transfer until the end of season of the player Ezekiel Joseph Bassey for Barça B,” The club said on its official website. “The agreement includes a purchase option for two

more seasons. The 20-year-old Nigerian striker will undergo medical examination in the next few hours.’’ Although the Enyimba striker will play for the Team’s B squad in Spain, should the player make a promising show, he is likely to be drafted into the reserve team of the Team ‘A’ in the current season. The 20-year-old signed a provisional two and a half-year contract with the Spanish giants after successfully completing his medical examination late yesterday. In his reaction to the deal, Enyimba FC Chairman, Felix Anyansi-Agwu, expressed gratitude to the Shehu Dikkoled League Management Company (LMC), whose partnership with the Spanish La Liga laid the groundwork for the move. “This transfer of Ezekiel Bassey reinforces the fact

Olamide, Davido, Tekno, Others for 2017 Access Bank /Lagos City Marathon Top Nigeria musical act, Olamide Adedeji, (Olamide ) and David Adeleke (Davido) are among top artistes listed to perform at the 2017 Access Bank/Lagos City Marathon scheduled to hold on Saturday, February 11 in the former federal capital city. Others listed to also thrill live at the finish line of the 42km race at the Eko Atlantic city include; Pana crooner, Tekno, Seyi Shey, Kiss Daniel, Koker, Melrouge, Small Doctor and Jire. Meanwhile, organisers of the marathon race have been assured that winners at the February 11, 2017 Access Bank/Lagos City Marathon are guaranteed payment of their prizes immediately they complete the race. According to Project Consultant to the race, Bukola Olopade, Lagos State Governor, Akinwunmi Ambode and title sponsors of the event, Access Bank Plc have stashed away the prize-money to ensure that there are no controversies over the money.

“We are grateful to the Governor of Lagos State His Excellency Akinwunmi Ambode for making available the prize money for all categories of athletes before the race. All runners competing in this edition of the marathon will get their prize money as soon as they cross the line and are presented medals’’. Olopade said only athletes whose samples are collected by doping officers for test will not get their prize money until the results of the test are out. He urged Lagosians to emulate their counterparts in other parts of the world and come out in their thousands to support the runners, “this edition is bigger and better but the main ingredient in any sporting event is the fans and am appealing to Lagosians to emulate their counterparts in New York, Accra, London, Dubai and other parts of the world and come out enmass to cheer the runners’’.

that the LMC are making significant progress in the development and advancement of the league,” he said. “We are confident that this transfer will pave the way for further movement of Nigeria

Professional Football League players to Spain and help them compete at the highest levels.” Enyimba thanked everyone at FC Barcelona for the successful outcome of this transfer and wishes Ezekiel Bassey all the

best going forward. The Barcelona B side is currently topping the table with 46 points from 23 matches and last weekend played 1-1 home draw against second on the table, Alcoyano

FC who are have 43 points. Although Barcelona B side will be away to Baleares FC this weekend, the Nigerian can make a debut the following week when his side plays host to Mallorca B.

Bassey during his medicals in Barcelona… yesterday

TO KYO 2 0 2 0 O LY M P I C S

Chukwumerije Warns New Taekwondo Rules May Dim Nigeria’s Medals Hope DuroIkhazuagbe Former Team Nigeria Captain, Chika Chukwumerije, has warned that for the country to make headway in taekwondo at the next Olympic Games in Tokyo, stakeholders must align with the changes introduced recently in the sport. Fresh from obtaining coaching permit at the World Taekwondo Federation/ Pan American Taekwondo Union coaching certification course which held in Las Vegas, USA, Chukwumerije confirmed that several changes have been made to the rules of the sport and that coaches in the country need to be acquainted with this development.

“I am grateful that I finally made it to the course here (in USA) after planning for it over a year ago. The new rules have really changed everything. The way a coach teaches his athlete must change if medals are to be won. Nigeria Taekwondo coaches will need to update their knowledge urgently if Tokyo 2020 is to be different. The Beijing 2008 Olympic Games bronze medalist insisted that because of the changes, it will be difficult for even a previous medalist to make the podium now if not acquainted with the new rules. “If an athlete that won a medal at Rio 2016 fights that same way that got him that medal, with these

new rules, the athlete will most certainly lose to point deductions. Yes, the impact of these new rules and their application is that drastic,” revealed Chukwumerije who captained Team Nigeria to the London 2012 Games. He admitted that as soon as he returns to Nigeria from USA, he is going to change his coaching methods. “Once I get back to Nigeria, I will certainly change the way I have been teaching my direct athletes, and perhaps will help organise a taekwondo education course. The more coaches that have this knowledge means the more Nigeria taekwondo athletes can learn in enough time to make a difference at the

2019 All African Games and the Tokyo 2020 Olympic Games,” he counseled. Chukwumerije stressed that even in the face of several challenges facing the sport in the country, “Nigeria Taekwondo needs to stay ahead. Our practitioners need to know what is happening. I was so shocked that very few coaches knew about the new requirement. Our ability to keep ahead really depends on keeping our ears on the global taekwondo ground and making sure we spread the information and knowledge within our circles,” the 2007 African Games gold medalist observed. Over 200 coaches from 60 countries attended the course in Las Vegas, USA.

Buhari, Osinbajo, Others Commiserate with Dalung over Wife’s Death Burial fixed for Feb 4 in Jos Tobi Soniyi and Olawale Ajimotokan inAbuja President Muhammadu Buhari yesterday called the Minister of Youth Development and Sports, Mr Solomon Dalung on the telephone to condole with him over the death of his wife, Briskila. A statement by the Senior Special Assistant to the Acting President on Media and Publicity, Mr Laolu Akande said Buhari enjoined Dalung to take solace in the testimonies of those who knew the late Mrs. Dalung very closely, and bore witness to a life

characterised by kindness and honesty. Akande said that Acting President Yemi Osinbajo, SAN, had also been in touch with the minister to express condolences on behalf of himself and the government and people of Nigeria. Akande said Osinbajo described Mrs. Dalung as a strong pillar of support for her husband. Mrs. Briskila Dalung, who passed away on Sunday, is survived by the minister and five children. He said Buhari and Osinbajo both prayed that God would give Dalung, his children and the family,

the strength to bear the untimely loss, and also assure him that Nigeria stood with him and the entire family at this difficult time. Also yesterday, the Nigerian Tennis Federation expressed its condolence to Dalung over the death of his wife. “This is to express our heart-felt condolence with the Sports Minister, Barrister Solomon Dalung following the passing away of his wife. We share in your grief knowing how painful it is to lose a pillar in one’s life as in the case of your beloved wife who must have help in molding a man of substance

like Barr. Dalung,” NTF boss, Sani Ndanusa, said in his condolence message to the minister. Similarly, the board of the Nigeria Table Tennis Federation (NTTF) commiserates with minister on the demise of Mrs. Dalung. NTTF President, Wahid Enitan Oshodi, said that the federation sympathised with the minister while describing the death as shocking news to the sports family in Nigeria. “We were shocked by the death of Mrs Briskila Dalung - wife of the Minister of Youth and Sports, Barrister Solomon Dalung. We

mourned with the Dalung family and pray that God will give them the fortitude to bear the loss.” Chairman of the Nigeria Women Football League (NWFL), Aisha Falode, expressed the condolence of her league board to the minister over his wife’s death. The broadcaster and CAF Media Committee member prayed to God to give the bereaved family the fortitude to bear the irreparable and unkind loss. Meanwhile, the burial of the late wife of the minister has been fixed for February 4. This was made public when

the Chairman Sports Writers Association of Nigeria, SWAN, FCT Chapter Kayode Adeniyi yesterday led executive members of the association to pay a condolence visit to Dalung at his Gwarimpa residence. He, however, disclosed that in line with ongoing arrangements, his late wife will be buried on Saturday February 4 at his town in Plateau state. The minister stated that he had been consoled on the fact that his late wife passed on peacefully even when he was out of the country for an official assignment.

WEDNESDAY, ͹˜ ͺ͸͹Ϳ ˾ T H I S D AY

WEDNESDAYSPORTS AFCON 2017…

AFCON 2017…

Burkina Faso, Egypt in Battle Royal for Final Ticket

Burkina Faso Alongside a trio of the continent’s most successful teams in the African Nations Cup semifinal line-up, Burkina Faso’s ambition burns brightly as they seek another chance to win their first major title. Four years ago, Burkina Faso was surprise runners-up at the 2013 Nations Cup in South Africa and has confirmed that potential with a place in the final four at the tournament in Gabon. Now they are looking to book

Egypt another place in the final when they meet Egypt in the last four this evening. “We dream of doing better than in 2013. It will not be easy. We cannot know what the future will be, only God knows,” said their coach Paulo Duarte. “The important thing is that the players do not lose their humility.” Burkina Faso, who beat Tunisia 2-0 in the quarterfinals on Saturday, has progressed even though serious injury has cost

40 Nigerian, Ghanaian Coaches in Lagos for ITF Level 1 Course About 40 coaches from Nigeria and Ghana are currently updating their knowledge in tennis at the ITF Level 1 coaches course ongoing in Lagos. The nine-day programme which is at the instances of the International Olympic Committee (IOC) is facilitated by the Nigeria Tennis Federation (NTF) ITF Instructor, Rotimi Akinloye disclosed that the course which is in two parts is supported by the ITF through the provision of materials. Akinloye the Nigeria national tennis head coach, who runs ITF courses for English-speaking West African countries, pointed that the federation aimed at producing quality coaches as the programme is under the ITF Coaches Educational Programme (CEP)

“We have had Level 1 and 2 courses before but what makes this particular one unique is that it is coming through the IOC. It means the Nigeria Tennis Federation applied to the IOC through the Nigeria Olympic Committee. Akinloye, a former Nigeria tennis captain, added that the essence is to prepare Nigerian coaches to get modern teaching methodology. He added, “We are very optimistic our coaches will never remain the same as their philosophy of teaching will change. “In the history of coaching course in Nigeria, this is the first time we are having coaches from another country taking part. This highlights the high rating of this course.”

Chelsea Maintains Grip at the Top with Liverpool Draw Chelsea had to settle for a draw against a much-improved Liverpool at Anfield after Diego Costa’s late penalty was saved by Simon Mignolet - but still extended their lead at top of the Premier League to nine points. Liverpool keeper Mignolet made amends for his first-half embarrassment when he had been caught off guard by David Luiz’s superb free-kick from 25 yards. Georginio Wijnaldum’s closerange header 11 minutes after

the break gave Liverpool a draw they fully deserved, ending a run of three successive home losses, two of which knocked them out of the EFL Cup and the FA Cup.

RESULTS B’mouth 0 - 2 C’Palace Arsenal 1 - 2 Watford Burnley 1 - 0 Leicester Brough 1 - 1 West Brom Sunderland 0 - 0 Tottenham Swansea City 2 - 1 Southampton Liverpool 1 - 1 Chelsea

them two key players in the first round. Jonathan Pitroipa, named the best player of the 2013 tournament, and Spanish-based striker Jonathan Zongo were ruled out in the opening week after knee injuries. “But we have other players. This is a team that I started building seven years ago and I know all their abilities,” Duarte added as Burkina Faso prepared for the semifinal.

“They are a team capable of giving a fantastic show. The quality and the confidence is there.” Burkina Faso has developed a level of consistency over the last decades and since 1996 have qualified for 10 of the last 12 Nations Cup finals tournaments. They are also well placed in the early stages of Africa’s qualifiers for the next World Cup. But to make the breakthrough to Nations Cup success will be

tough in the closing stages in Gabon. Between them the other semifinalists - Cameroon, Egypt and Ghana - have won half of the previous 30 Nations Cup tournaments, representing a heavyweight presence in the final four in Gabon. But the Egyptians are just emerging from seven years away without participating in the finals and were fortunate to win Sunday’s quarter-final

over Morocco. Cameroon’s Indomitable Lions are a youthful squad who held on grimly to force their quarterfinal against Senegal to a penalty shootout which they won. Ghana, whose captain Asamoah Gyan is doubtful for the semis, has now reached the last four of six successive Nations Cups since 2008 and the Black Stars are the new favourites. They play Cameroon in Franceville tomorrow.

Ghana FA Slams Brimah with $25,000 Fine Ghana Football Association has imposed sanctions on Black Stars goalkeeper Razak Brimah following his outburst on Facebook on Monday. The 29-year-old hit back at critics, using the ‘F’ word numerous times in a video post after local supporters blamed him for conceding a goal against DR Congo despite Ghana’s 2-1 win in the quarterfinals of the Africa Cup of Nations on Sunday.

Although he later issued an apology and promised to exhibit good behaviour henceforth, Ghana FA went ahead with the decision, noting that the amount will be used for charity. “Ghana Football Association (GFA) held a meeting on Tuesday morning, to examine comments made by goalkeeper Razak Brimah on social media. The meeting was necessitated

by the unfortunate words used by Brimah which management finds unacceptable,” the statement added. “We have also received a written apology from Brimah over the comments which we have considered in reaching a decision. “Management determined that Brimah’s comments on social media were in violation of Article 6(1) & (2) of the Black Stars’ code of conduct.

“We render an unqualified apology to the general public. We will continue to count on the unflinching support of Ghanaians to help us win the 2017 Africa Cup of Nations,” the statement added. It was understands that Brimah is likely to lose his starting role to Fatau Dauda as Ghana face Cameroon in the semi-finals of the AFCON in Franceville tomorrow.

Sports Betting Company, NairaBet, Renews Craze Clown Deal Shooting Stars Sports Club (3SC) of Ibadan shirt sponsors, NairaBet, yesterday renewed its partnership with Nigerian comedian, Emmanuel Ogonna Iwueke, popularly known as Craze Clown on Instagram and SnapChat. NairaBet that also has Super Falcons and Arsenal Ladies’ forward, Asisat Oshoala, as brand ambassador, penned the new deal with the Ukraine-based act who is a final year medical student at Kharkiv National Medical School. Speaking at the event, MD/ CEO of NairaBet, Akin Alabi, said that he was happy to continue the partnership with Craze Clown. “We as a sports betting company are proud of the impact Craze Clown has on our brand. We know he has well over 1.4 million followers on the social media which puts him amongst the top artistes in the country enjoying such privilege,” observed Mr Alabi. While reacting to the new deal,

MD/CEO of NairaBet, Mr. Akin Alabi (left) and Emmanuel Iwueke (Craze Clown) at the signing ceremony Craze Clown who has former Liverpool star, Mario Balotelli and almost half of Nigeria’s Super Eagles players as followers of his blog on the web, described the NairaBet chief executive as a father figure. “I met him when I lost my father. He has been everything

to me. I get all that in need as one of the brand ambassadors of NairaBet. The comedian who is barely four months away from graduating from medical school pledged to continue to impact on the NairaBet brand. Although detail of the new deal

was not revealed, it was learnt that it is one that is making the comedian to be smiling to his bank. “It is a mouth-watery deal in the region of couple of millions of Naira. He is going to feature in a couple of commercials for us and be part of our events when necessary,” revealed a top official of the sports betting company shortly after the contract signing ceremony at its Lekki headquarters. The official hinted that very soon, the company “ is going to be involved in other sports related events very soon. With our involvement with Oshoala and Shooting Stars of Ibadan, we have the Nigerian sports scene in our radar just as another rival betting company is sponsoring newly promoted NPFL club, Remo Stars FC of Sagamu. Apart from Oshoala, another brand ambassador of NairaBet is popular Nigerian musical act, Phyno and Skuki.

T H I S D AY ˾ WEDNESDAY, FEBRUARY 1, 2017

WEDNESDAYSPORTS

Ighalo Caps Winter Drift to the Chinese League Duro Ikhazuagbe The silent revolution started by Chinese football authorities is spreading like fire in harmattan season. Odion Ighalo’s 20 million pound move to Changchum Yatai last night on the transfer deadline day capped the drift to the Far East. Before Yatai secured the signature of the Super Eagles forward, Shanghai Shenhua was also reported to have tabled offers for the 27-year-old Nigerian forward. Three other clubs from the Chinese Super League were also linked to the striker who dropped out of the pecking order at Watford. Before Ighalo’s move, his Eagles Captain, John Mikel Obi had left Chelsea’s Stamford Bridge recently to pitch tenth with Tianjin Teda in the early days of the January winter window. Other Nigerian players like Anthony Ujah, John Utaka, Yakubu Aiyegbeni, Obafemi Martins, Garba Lawal and several others had gone to the Asian country to earn some of the mouth-watery wages they are paying. Before the sudden rush of Nigerian players for the cash on offer in China, the likes of former Manchester United star, Carlo Tevez had ‘seen the light’, moving to the CSL for a record transfer fee of $41million-a-year contract at Shanghai Shenhua. Tevez sealed a two-year deal with the Chinese Super League team, which paid an $11 million fee to his former club Boca Juniors for the transfer. According to reports from China, the breakdown of Tevez’s enormous new earning power makes for eye-watering reading; his contract nets him a gross $808,000 a week, $115,000 a day, $4,800 an hour or $80 a minute! Although he has since denied the figures but those close to the Argentine international insists the figures are very close to the fact of the matter. Officially, Tevez has become the world’s highest-paid footballer! Italy’s Grazziano Pelle, Ezequiel Lavezzi, Gervinho, Hulk, Alex Teixeira, Gael Kakuta, Demba Ba, Carlo Tevez, Ramirez, these are just some of the other top players whose skills will be on display when the new season kicks off early February. Brazil international Oscar moved from Chelsea to Shenhua’s city rivals Shanghai SIPG for a reported £60 million ($73 million). But what exactly is the pull why big players from the European league are trooping to China? Qasim Elegbede, Content Marketing Manager of StarTimes pay TV channel that has the broadcast rights to air the Chinese Super League in Nigeria and other countries in Sub Saharan Africa told a select sports writers at the weekend that the desire to bring quality to the league is what is behind the high wages attracting most of the big names in Europe. “The reason for the influx of foreign players into the Chinese Super League is not far-fetched. The Chinese want to improve their league, starting with some of the best quality players they can get. Mind you, when the Chinese set their mind to get something they get the job

Qasim Elegbede

Odion Ighalo joins the bandwagon to China

Tevez in Shenhua done. It is with that spirit that they want to succeed with this football league they have started,” observed Elegbede, a former sports journalist with Complete Communications Limited, publishers of Complete Sports titles. He insisted that Nigerians should not forget that China is the most populous country in the world and has a very strong economy. “We should not forget that they are the most populous nation in the world and they are passionate about football. So this is why they are luring the big boys from European leagues, from the South American leagues and others around the world to come and teach their boys how to play. And of course in a matter of time I believe the league will become one to reckon with. Make no mistake, when the Chinese set their mind on something, they often get it done. They achieve their goal,” he noted. Despite the fears in certain quarters that the high wages may not be sustainable, Elegbede begs to differ. “It is an interesting model right now. When compared with players’ wages in Europe and South American countries, it is outrageous. But one fact we should not forget is that; In the last seven years why are the big teams in Europe rushing to do their preseason training Asia? Why do they go there? They all know that the population is there, the purchasing power is there also. They know also that they have the money to

Mikel in Tianjin TEDA colours spend. So I am not really surprised at the sudden rush for big players to go to China. I believe they have the economy to sustain it.” He expressed his satisfaction with the fact that StarTimes has the right to showcase the CSL to Nigerians. “Speaking from StarTimes perspective, it is good that we are starting with them very early in the life of the league. We believe that in the next couple of years from now, the Chinese League will become so big like the German Bundesliga, the English Premier League or even the Spanish La Liga that the struggle to get a piece of the action will become very stiff. We are lucky to be with them as the only platform to see the league in Sub Sahara Africa. Take for instance, John Mikel Obi is captain of Nigeria’s Super Eagles. Where does he play now? He plays in China. How can Nigerians monitor his progress if this platform for the Chinese League is not here? How do you know if he merits being called to play for Eagles if you don’t see his play? This does not apply to just Mikel. The Chinese League now has a chunk of players in the diaspora. There are players from Europe, South America, Africa and from other continents. I can go on to reel out some of the popular players in Europe who are now regular part of the league. “You can see that it is not just a place for players on the verge of retirement to go and earn pension. You can see both old and young

players who are playing there and earning good wages. The very essence of bringing big players to the Chinese League is for their young players to learn and become skillful. While admitting that such players as Didier Drogba and Nicolas Anelka may have had not too satisfying time in the CSL, two previous World Cup winners Marcelo Lippi and Filipe Scolari are working to improve the quality in China. The StarTimes executive dismissed Gernot Rohr’ warning to younger Nigerian players to forget playing for Eagles if they go to play in China. “Such a generalized statement ought not to come from an experienced coach of Rohr’s calibre. Do you remember former Indomitable Lions of Cameroon player Patrick Mboma where he was playing when he led his country to beat Super Eagles in the final of the 2000 Africa Cup of Nations at the main-bowl of the National Stadium in Lagos? He was playing in Japan’s J-League. It is not right for anyone to say that because you are playing in the Chinese League it is not proper to play for the national team. Mboma was playing the J-League yet caused Nigerians heartaches when Cameroon defeated us to lift the trophy. I believe that if Rohr sees a good Nigerian talent in the Chinese League he will not hesitate to invite him to Eagles.”

Wednesday February 1, 2017

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House North-west Caucus PDP member to APC Colleague â&#x20AC;&#x153;The President is being bashed in the public space for the hardships Nigerians are dealing with, so to support him for 2019 would be like insulting the citizens.â&#x20AC;? â&#x20AC;&#x201C; House of Representatives North-west caucus People Democratic Party (PDP) member dissociating the party from the alleged endorsement of President Muhammadu Buhari for the 2019 presidential race by the North-west caucus in the House

KINGSLEYMOGHALU GUEST COLUMNIST

On Development, Worldviews and Chu Okongwuâ&#x20AC;&#x2122;s Helmsman Thus, great with child to speak And helpless in my throes Biting my truant pen Beating myself for respite â&#x20AC;&#x153;Foolâ&#x20AC;? said my Muse to me Look into thy heart and write 4JS 1IJMMJQ 4ZEOFZ i"TUSPQIJM BOE 4UFMMBu 4POOFU -PWJOH JO 5SVUI

wrote my third book in 2013. It was a 400-page tome on international political economy and development economics titled â&#x20AC;&#x153;Emerging Africa: How the Global Economyâ&#x20AC;&#x2122;s â&#x20AC;&#x2DC;Last Frontierâ&#x20AC;&#x2122; Can Prosper and Matterâ&#x20AC;?. I wrote Emerging Africa over a period of six months while holding down a stressful 12 to 14-hour workday as a deputy governor of Nigeriaâ&#x20AC;&#x2122;s central bank. I immersed myself in writing late at nights after work, and all through weekends. It took nearly superhuman effort, but I was driven by a passion for the economic fate of Africa and a firm belief that Africans too are Godâ&#x20AC;&#x2122;s children, entitled to a place under the sun. Many prior years spent working in four different continents for the United Nations also provided insights into this work. In those 17 years, I observed carefully why some nations became wealthy and others remained poor. I read lots of history, philosophy and economic thought related to the rise and fall of nations and civilizations. I arrived at the conclusion that the secret lies in the mind and how we think. In other words, there is a fundamental connection between mindsets, or worldviews to use a philosophical phrase, and why African nations including Nigeria have remained poor and backward despite being â&#x20AC;&#x153;endowedâ&#x20AC;? with natural resources. Many other nations, most with nothing under their soils, have achieved economic success. The importance of this philosophical foundation of societal wealth and progress becomes even clearer when we read the defining works of Adam Smith and Karl Marx. These were essentially philosophical and ideological explanations of economic phenomena and models of economic production in what subsequently became known as capitalist or communist countries and societies. My principal argument in â&#x20AC;&#x153;Emerging Africaâ&#x20AC;? is this: although the continent is emerging as a place of opportunity owing to a number of factors, it is not yet rising in a real economic sense despite the illusions induced by the commodities boom. The fundamental reason why Africa is not rising, and cannot rise unless it addresses this deficit, is that the countries of the continent are not driven by any discernible worldview, unlike the rising nations of the east such as China, or the mature industrialized economies of the western world. What is a worldview and why does it matter to whether a nation is rich or poor? It is a reflection of the inner world of the mind of an individual or a society and how this relates with the world around us. We project in our outward actions (or inactions) what is produced in our

Okongwu minds by this interaction. In turn, this influences our environment by creating certain realities. The immediate consequence of a conscious societal worldview is a well thought strategy, with timeframes, a system of organization to achieve progress, and a value system that underpins this quest. The consequence of its absence is an inability to perceive trends and events accurately, low level ambitions such as mere â&#x20AC;&#x153;survivalâ&#x20AC;?, atomistic-identity thinking that prioritizes the interests of a few rather than the many, and the resulting aimless drift. Developing and inculcating a worldview is the ultimate task of political leadership. To illustrate my argument, the worldview that took the West to prosperity was based, first, on rational scientific inquiry, which displaced the prior influence of the ecclesiastical order from the 17th century onwards. This led to technological innovations and breakthroughs that in turn created a burst of economic wealth over the last three centuries. Second, it also was based on the idea of freedom and human rights. The direct result of this was the emergence of strong institutions to check the exercise of excessive power by governments. The worldview that has powered the rise of China is that of stability and order as an end in itself, and the importance of the society over the individual. This is diametrically opposed to the Western worldview. Both worldviews, however, enabled the mobilization of efficient economic production in divergent cultures and societies. â&#x20AC;&#x153;Emerging Africaâ&#x20AC;? received broad critical approval in reviews around the world, with the London Financial Times describing the book as â&#x20AC;&#x153;the last word on the Africa Rising obsessionâ&#x20AC;?. Enter Chu S.P. Okongwu, a Harvard Ph.D. in economics, the influential minister of (variously) finance, national planning and petroleum and mineral resources in the government of the military President General Ibrahim Badamasi Babangida. IBB, we will recall, populated his cabinet with a galaxy of intellectual stars that also included Dr. Kalu Idika Kalu and Professor Bolaji Akinyemi. Dr. Okongwu and I both happen to be indigenes of Nnewi, and â&#x20AC;&#x153;Dunuâ&#x20AC;?, as he is now fondly titled in his old age, also

happens to have been a childhood friend of my late father Isaac Moghalu, who was one of Nigeriaâ&#x20AC;&#x2122;s pioneer Foreign Service Officers after independence in the 1960s. I therefore sent Okongwu a complimentary Kindle copy of my book. His response, which I received recently, was profound. With Dunuâ&#x20AC;&#x2122;s permission I quote here at some length from his correspondence to support my view that, in Nigeria and most of Africa with the possible exceptions of a few countries like Rwanda, Morocco, Ethiopia and Kenya, we are still fumbling as far as true economic transformation and economic policy to support it is concerned. Dr. Okongwu wrote, inter alia: Everyone, of course, has a worldview â&#x20AC;&#x201C; some cohering [filtering, interpretive] view of the world [universe] and its jumble of events. However, important as these may be, we speak not of them. Rather, we refer to the admissible and ennobling â&#x20AC;&#x153;system worldviewâ&#x20AC;? of the helmsman [no gender bias] or optimal controller: his view of the place and role of his society in the global system. This includes correct perception, even if only in outlines, of present and probable future challenges and opportunity niches for the society. He believes that the future states of society will be stable, but knows full well that such desirable states are only attainable through intelligent hard work. The worldview and the envisaged process for the attainment of the [growth] objective, usually split for convenience into different (plan) periods, then inform the plan agenda. The sound helmsman well understands that, no matter how valorous and dedicated he is in the goal pursuit process, by acting alone nothing can be achieved. Therefore, he mobilizes society to accept, indeed appropriate, his worldview through co-education. At the same time he establishes solidarity with the polity by engaging in consensus building, reinforcing a perception of shared burdens, and continually demonstrating his commitment to the plan. Without a worldview it would be impossible, so to speak, to establish measures of oneâ&#x20AC;&#x2122;s location, ultimate objectives, economic-technological â&#x20AC;&#x153;distanceâ&#x20AC;? from other societies and performance of means; one would be, as it were, groping in the dark; at best, one would be essentially disoriented in the universe. In such an unfortunate case, the helmsman would quickly lapse into localism and primordiality, while the society, under pressure from a combination of factors such as technological backwardness, economic regress, increasing population but failing per capita incomes, would soon become mobilized against itself with serious portents. But this is just another way of saying that under steering with a worldview the society embarks on emulous competition in a world class â&#x20AC;&#x201C; learning from other societies, competing with its teachers in global markets, and, hopefully, altering the international division of labour in its favour â&#x20AC;&#x201C; and Ethnic conflicts and wars of religion, especially, can seriously disorganize society and, where they do not tear society apart, can set it back several generations in a state of long-term crisis. This is particularly true of multi-ethnic and multi-religious societies. Accordingly, the objective of rapid economic growth dictates that religion and religious affairs

are the responsibility of the individual citizen, while the political and economic spheres as well as the policy frame of society are kept strictly secular. It is also evident that, with society presumably embarked on emulous competition in a world class, it cannot engage in the conduct of the cult of mediocrity, for that would be a contradiction leading down the path of economic regress. Two aspects of the key idea-tool ideology are of interest: a) as a binding force, and b) as a motive, influencing force. Ideologies of (non-conflicting) social cooperation exist in our various indigenous cultures. However, Nigerian policy controllers, either because of intellectual constraints or lack of political will, somehow came to subscribe to the irrelevance of (a salutary binding) ideology, and tried [indeed, have been trying) to enthrone in its place the vain foundations of an upstart plutocracy. In the resulting philosophical vacuum there now predominate conflictive ideas of ethnicity, regions/zones, religions, extreme hyperpraetorian disorderliness, kleptocracy â&#x20AC;&#x201C; assisted largely by the inflow of unprecedented oil-induced receipts in the context of a sequence of mezzanine leadership, lack of a worldview, operative cult of mediocrity, economic distribution by means of rents, the growing perception of socio-economic intercourse as a mesh of non-increasing, indeed vanishing, opportunitiesâ&#x20AC;Śman, not natural resources, is the ultimate key resource to construct amazing economic progress in minimal time. The helmsman must possess political acumen and sagacity for effective steering of the system. In this connection, it is important, particularly in a democratic context, that he: a) selects a sound dedicated management team, placing accent on merit; b) implements an appropriate incentives scheme for (the attraction and retention of) such management team and the supporting public service bureaucracy; c) stresses good governance, including discipline, social justice, and distinction between the public and private interests; and d) anchors helmsmanship on prudence, justice and fairness, simplification of laws and procedures, decentralization, deregulation and emulous competition. e) He champions the adoption of rules that stimulate the growth of productive enterprise and the acquisition of skills and knowledge, especially scientific-technical knowledge. Of all the appraisals and endorsements Emerging Africa has received at home and abroad, I have found Chu Okongwuâ&#x20AC;&#x2122;s amplification the most gratifying. On top of (or perhaps despite?) his technical mastery of economic science, he authoritatively understands that this philosophical and political economy foundation is the most important determinant of economic success in developing societies. Unless and until we move to this level of thinking and strategic action, our future is not assured. r %S .PHIBMV JT B 1SPGFTTPS PG *OUFSOBUJPOBM #VTJOFTT BOE 1VCMJD 1PMJDZ BU 5IF 'MFUDIFS 4DIPPM PG -BX BOE %JQMPNBDZ BU 5VGUT 6OJWFSTJUZ JO .BTTBDIVTFUUT 64"

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