Monday 27th February 2017 by THISDAY Newspapers Ltd

AMCON Scales Down Arik’s Operations Airline enjoying public confidence, corporation insists

Chinedu Eze with agency report Following its take over of Arik Air over two weeks ago, the Asset Management Corporation of Nigeria (AMCON) has scaled down the flight operations of

Nigeria’s premier carrier to less than 30 per cent of the its capacity. However, AMCON, in a statement yesterday,

said public confidence in the airline was gradually returning and commercial banks more willing to engage with Arik Air.

But AMCON’s statement contradicts reality. When THISDAY visited the General Aviation Terminal (GAT) of the Murtala Muhammed

International Airport (MMIA), Lagos yesterday at 11.30 a.m., all the check-in counters of the once rowdy terminal were empty and

PDP Defeats APC in Amaechi’s Constituency… Page 10

totally bereft of passengers. Instead, Arik ground staff were seen at their desks, waiting to attend to anyone willing to travel with the airline. Continued on page 12

Monday 27 February, 2017 Vol 22. No 7984. Price: N250

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DSS Arrests Suswam After Raiding His Home

Recovers arms, 21 C of Os, 23 luxury watches, keys to 45 cars

Iyobosa Uwugiaren in Abuja The Department of State Services (DSS) has arrested the former governor of Benue State, Mr. Gabriel Suswam for alleged illegal possession of firearms, following the raid on his Abuja residence. The DSS said during the search at about 10 p.m. on Friday, in the presence of two private security officers employed by Dunes Investment, the ex-governor’s Continued on page 10

FGC KADUNA CLASS OF ’78 CELEBRATES…

L-R: Mrs. Margaret Okoko; Hajia Aisha Yahaya Gusau; Class President, Muhammad Musa Gombe, Dr. Maryam Muhammad; and Legal Adviser, Nigerian National Petroleum Corporation (NNPC), Hadiza Yusuf Coommassie, at a reception by the Class of ’78 of Federal Government College (FGC), Kaduna, held at the Transcorp Hilton Hotel, Abuja… weekend

As CBN Pumps Another $221m, Analysts Expect USD’s Slide to N400 Obinna Chima As part of efforts to sustain its defense of the naira, the Central Bank of Nigeria (CBN) on Thursday sold $221,371,218.04 to banks in its second special wholesale intervention forwards since the new foreign exchange

(FX) policy actions were announced a week ago. A breakdown of the amount sold by the CBN showed that it auctioned $162,850,000 to 10 banks in a transaction with 30

days tenor, while six banks participated in a separate auction with 60 days tenor in which $58,521,217.04 was sold. Owing to the new measures introduced by the

central bank last week, the naira which had fallen to as low as N525/$ penultimate Friday, strengthened remarkably by N75 in just five days, to close at N450/$ last Friday.

With improved FX liquidity, some market analysts were cautiously optimistic yesterday that the naira could climb to N400-N425 to a dollar in the coming days.

Nigeria Eases Entry Visa for Foreigners… Page 12

Should this happen, the CBN would meet its objective of closing the gap between the interbank and parallel market rates. The acting Director, Corporate Communications Department, CBN, Mr. Continued on page 10

T H I S D AY MONDAY FEBRUARY 27, 2017

MONDAY, FEBRUARY 27, 2017 • T H I S D AY

PAGE TEN

PDP Deals Amaechi Knock Blow in Home Constituency, Wins Final Rerun Polls in Rivers Demands release of detained chieftains

Ernest Chinwo in Port Harcourt The Independent National Electoral Commission (INEC) has announced the Peoples Democratic Party (PDP) winner of the conclusive rerun legislative elections for Etche/ Omuma Federal Constituency and Etche State Constituency II. The win by PDP effectively landed a knock out blow on the former Rivers State governor, Chibuike Amaechi, who lost in his home constituency. The commission’s Returning Officer for the Etche/Omuma Federal Constituency election, Professor Shola Omotola declared the results at INEC’s office in Port Harcourt. He said APC polled 6,220 votes while PDP polled 15,221 votes. For the Etche State Constituency II, the Returning Officer, Oluwatosin Odusonya, announced that APC scored 1,618 votes while PDP polled 4,162 votes. The announcement brought to an end the drama that characterised the announcement of the results at the weekend. THISDAY gathered that when the returning officers wanted to announce the results at Okehi, after collation on Saturday night, they were stopped by military personnel at the Okehi Collation Centre. The military personnel were said to have escorted the INEC officers and the materials alongside officials of the PDP and APC to Port Harcourt. The results were subsequently announced early Sunday morning at the INEC state headquarters,

Port Harcourt. The state chapter of the APC had earlier called on INEC not to announce the result on the grounds that the commission had said that the elections were inconclusive. The state publicity secretary of the APC, Mr. Chris Finebone, in a statement issued in Port Harcourt said: “Yesterday’s (Saturday) supplementary rerun elections for Etche State Constituency and Etche/Omuma Federal Constituency were formally declared inconclusive by the Returning Officers, Prof. Olatunbosun Odusanya and Prof. Omotola respectively at Okehi, Saturday. “They subsequently announced that the conclusion of the process will take place today (Sunday) or on Monday. “However, we are taken aback by signals indicating that the National Electoral Commissioner in charge, Mrs. May Agbamuche-Mbu, has ordered that the incomplete results be declared despite the earlier declaration by the two returning officers on Saturday at Okehi that the elections were inconclusive.” He said the announcement of the results by any INEC officer other than the returning officers would be in violation of the Electoral Act. However it was the returning officers that announced the results at the INEC office in Port Harcourt yesterday. Reacting to the results, the state Chairman of PDP, Felix Obuah, “hailed the uncommon courage of members of the party and the good people of Etche and Omuma who ensured victory for the PDP

during Saturday’s re-run legislative elections in the area, even in the face of harassment, intimidation, attacks, maiming and arrests of innocent PDP members by men of the army and police”. The PDP chairman described what he termed the interference and involvement of the military and men of the Nigeria Police in electoral processes as worrisome and condemnable, warning that it could portend a great danger for Nigeria’s democracy. He congratulated the candidates of the PDP, Chief Jerome Eke, (Etche/Omuma Federal Constituency) and Hon. Tony Ejiogu, (Etche State Constituency II) for emerging victorious, and the people of Etche/Omuma for voting for the PDP. Obuah also described the arrest of the party’s state publicity secretary, Hon. Samuel Nwanosike, Hon. Rowland Sekibo and other chieftains of the PDP “who were on legal election duty as provocative, illegal, condemnable and acting out the script of a particular leader of the All Progressives Congress”. He warned that there were plans by the security agencies to fabricate trumped up charges against Nwonosike, Sekibo and others in order to falsely implicate them. “We therefore demand for their unconditional release without further delay, and insist that they have committed no crime. Their arrests were political and vindictive,” he said. The Rivers State governor, Nyesom Wike, also advised

APC rejects results Saturday declared the election inconclusive and questioned why the commission went ahead to declare the results? “We were taken aback when it was reported that the National Electoral Commissioner in charge, Mrs. May Agbamuche-Mbu, had ordered that the incomplete results be declared despite the earlier declaration by the two returning officers on Saturday at Okehi that the elections were inconclusive. “The APC vehemently rejects the results as declared today (Sunday) at the state INEC office in Port Harcourt. “This action by INEC runs counter and contradictory to the earlier announcements on Saturday by the aforementioned returning officers who are the duly empowered persons to make such declarations. “What INEC did today was a rape on democracy and the APC will surely resist it through every legal window available to it. INEC can only do what it did today because Governor Nyesom Wike has, as usual, generously compromised key officials of INEC in Rivers State,” he alleged. He added: “We recall that this same compromised INEC in Rivers State embarked on the now infamous 2015 election, which was unarguably the worst in the annals of Nigeria. “During the December 10, 2016 rerun that followed, INEC continued to exhibit unwarranted contradictions and unwholesome mishandling of the process which resulted in further rescheduling of the rerun elections for Etche State Constituency and Etche/

Omuma Federal Constituency. Sadly, INEC has once again bungled it.” But providing clarification on why the result was announced in Port Harcourt and not Okehi, the state Resident Electoral Commissioner, Aniedi Ikoiwak informed THISDAY that the returning officer finished collation of the result at 9 p.m. on Saturday and recorded same in Form EC 8B. He said the returning officer was, however, concerned about the margin between the two opponents and the impact of cancelled results in areas where elections did not hold or where ballot boxes were snatched. “When he was reminded that it was a supplementary election and that a winner needed only a simple majority to be declared, the returning officer insisted on seeing the legal officer to be certain of the position of the law. “It was 2 a.m. by then, so they decided to come to Port Harcourt since they had security personnel accompanying them to safeguard them and the materials instead of waiting for the legal officer to come to Okehi that night,” Aniedi explained. He said in Port Harcourt, they agreed to reconvene at 9 a.m. and it was only after the returning officer was satisfied with the position of the law that he announced the result. “The entire process was transparent. The result announced was the same that was collated at Okehi. There was no influence from anybody or anywhere,” the REC declared.

It added: “We think N450500/$ would attract investors even without $20 billion of cheap International Monetary Fund (IMF)-led financing. “One of our Real Effective Exchange Rate (REER) models – the 22-year model which corresponds to a period when oil averaged $55/bl – implies fair value for the naira at N370/$, which via inflation should become N400/$ by end-2017.

“At the parallel rate of NGN500/$, Nigeria has the cheapest currency in Africa, and even at NGN450/$ it would still rival Egypt at EGP15.8/$ (the third cheapest in Africa). “Given this, a full float of the currency would likely attract billions of dollars to Nigeria, similar to how Egypt has attracted $9 billion since its float in November. “The vast majority of

Nigerian and foreign potential investors ignored Nigeria in 2016 due to exchange rate difficulties, but rising oil prices and production (double the 0.9mbpd 2016 lows) suggest some opportunities may emerge in 2017. “A best-case scenario is very unlikely, but some frontier investors may well be able to find value in the country at an oil price of $55/bl and an exchange rate of N450-500/$.”

warning to persons and groups that it will no longer tolerate any acts of lawlessness by those who ought to be law abiding and responsible citizens. “The service has also observed with total dismay the inciting utterances of some political actors whose activities heat up the polity.” The DSS also expressed its disappointment with some politicians who it said in their desperation for power, were engaged in hate speech and sponsorship of radio campaign jingles even though the Independent National Electoral Commission (INEC) has not

authorised the campaigns in line with the Electoral Act. More worrisome, according to the DSS, was what it described as the “unpatriotic” involvement of some media outfits in divisive reports, which it said negate their constitutional role as the Fourth Estate of the Realm. The DSS added that in line with its statutory mandate of maintaining the peace and internal security of the country, it was commited to go after anyone, no matter how highly placed, that engages in acts capable of causing a breach of peace in the country.

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the APC national leadership to forget about rigging in Rivers State, adding that the people would always resist “their evil machinations”. The governor stated that Rivers State remains a PDP state because its people are satisfied with his stewardship. Speaking at a thanksgiving service and dedication of awards bestowed on him by the Christian Association of Nigeria (CAN), The Sun Newspapers, Authority Newspapers, and Independent Newspapers yesterday at the Saint Paul’s Anglican Cathedral, Wike regretted that APC leaders have continued to fight Rivers State, and even tried to stop The Sun from bestowing on him the “Governor of the Year, 2016” award. “They should forget about this state. No matter the level of security forces, they will not be able to snatch Rivers State,” he said. He, however, commended the security agencies that covered Saturday’s elections for being professional, despite the pressure from the APC national leadership. He also lauded INEC for standing firm for the first time, noting that the commission attempted to redeem its battered image with the Etche/ Omuma Federal Constituency and the Etche State Constituency polls. The APC in Rivers State, however, rejected the results after they were announced by INEC. The state chairman of APC, Dr. Davis Ikanya, said in a statement in Port Harcourt yesterday that the returning officers of the party had on

AS CBN PUMPS ANOTHER $221M, ANALYSTS EXPECT USD’S SLIDE TO N400 Isaac Okorafor, said the CBN’s intermediation in the FX market through the wholesale interventions was aimed at easing the pressure on Nigerians who need to meet obligations that fall under visible and invisible transactions. While expressing optimism that the wholesale intervention of the CBN would substantially ease pressure on the FX market, Okorafor said

the CBN would continue to with the interventions based on qualified bids from banks on the requests of their customers. He reiterated that the Bank was more than ready to support the interbank market by ensuring liquidity and transparency to guarantee efficiency in the FX market. Renaissance Capital (Rencap) Limited, in a note at the weekend, also

confirmed that rising oil prices and a deal with the Niger Delta militants had addressed both the oil price and volume challenges that hurt the country so much in mid-2016. “FX reserves have risen over 20 per cent to $29 billion,” which Rencap said gave the CBN the comfort to announce changes to its FX policy and injected more dollars into the local market.

DSS ARRESTS SUSWAM AFTER RAIDING HIS HOME cars were also searched and some items, including a Glock pistol with two magazines and 29 rounds of ammunition were recovered. Other items recovered from his residence, according to the DSS, included a Mini-Uzi with two magazines containing 10 rounds and four rounds respectively; 42 extra rounds of ammunition in a pack; one AK-47; 21 Certificates of Occupancy (C of Os) and one offer of statutory right of occupancy; 23 luxury watches; and 45 keys to various cars. The secret security service, in a statement issued yesterday

in Abuja by Tony Opuiyo, said the arrest was based on the operation carried out in Suswam’s house in Abuja. “The Department of State Services (DSS) wishes to inform the public that on the 24th of February 2017, between 2100 hours and 0242 hours, the service executed a search warrant at the property of Dunes Investment and Global Properties Ltd located at No 44 Aguiyi Ironsi Way, Maitama, Abuja. “The operation was informed by intelligence that some incriminating items were stashed in the

boots of cars parked at the property, particularly a Mercedes Benz S550 (BWR 135AH) and Masarati 4.7 (BWR 207 AJ), which were subsequently confiscated. “Following this discovery, the service launched further investigations, which revealed that the cars and the recovered items belong to the former governor of Benue State, Gabriel Suswam who has already been invited by the service and is currently helping in the investigations. “It is in the light of this latest development that the service wishes to sound a note of

% 9.6 4.1 4.9 4.9 4.0 % 4.5 4.0 2.9 2.7 2.3

T H I S D AY MONDAY FEBRUARY 27, 2017

MONDAY, FEBRUARY 27, 2017 • T H I S D AY

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Nigeria Eases Entry Visa for Foreigners With an eye on making it easier for foreigners to do business in the country, Nigeria has eased its visa processes for persons who wish to visit Nigeria for business and tourism by removing some of the bureaucratic bottlenecks. Nigerians are also beneficiaries of the review. Henceforth, passport reissuance has been decentralised and Nigerians no longer need to travel to Abuja to get this done. In a statement issued in Lagos yesterday, the Minister of Information and Culture, Alhaji Lai Mohammed, said the measures were part of the action plan for the ease of doing business as well as efforts to boost tourism within the overall context of the administration’s economic diversification agenda. “The Nigerian Immigration Service (NIS) has reviewed the requirements for Nigerian visas to make them more customer friendly, and details of this review are available on the NIS official website:www. immigration.gov.ng. “Types of visas currently reviewed include Visa on

Arrival (VoA) processes, Business Visas, Tourist Visas and Transit Visas,” the minister said. Mohammed explained that Business Visas are available for foreign travellers who wish to travel to Nigeria for meetings, conferences, seminars, contract negotiation, marketing, sales, purchase and distribution of Nigerian goods, trade fairs, job interviews, training of Nigerians, emergency/relief work, crew members, staff of NGOs, staff of INGOs, researchers and music concerts. He said tourist visas are also available to foreign travellers who wish to visit Nigeria as tourists or to visit family and friends while the VoA is a class of short visit visa issued at the port of entry and is available to frequently-travelled high networth investors and intending visitors who may not be able to obtain visas at Nigerian missions/embassies in their countries of residence due to the absence of a Nigerian mission in those countries or the exigencies of urgent business travel. The minister said other

actions that have been taken by the NIS for the ease of doing business and facilitation of travel for Nigerians and foreigners alike include the harmonisation of multiplicity of airport arrival and departure form/ cards into a single form for all agencies of government to save foreign visitors from the current frustrating practice of filling three different forms or more and the decentralisation of immigration services to the state commands. “Re-issuance of passports for change of names due to marital reasons or lost cases have been decentralised to all state commands and foreign missions to save passport holders from additional costs and the inconvenience of travelling to the service headquarters in Abuja, while an additional 28 offices have been opened for the issuance of residence permits in Nigeria, bringing the issuance of Combined Expatriate Residence Permit And Aliens Cards (CERPAC) closer to the doorstep of employers of expatriates at all 36 states and FCT,” he said.

Minister of Interior, Gen. Abdulrahman Dambazua

Mohammed explained that the measures introduced by the NIS fit perfectly into the 60-day national action

plan for ease of doing business in Nigeria that was approved recently by the Presidential Enabling Business

Environment Council (PEBEC), as well as the administration’s efforts to boost international tourism.

Abducted German Archeologists Regain Freedom John Shiklam in Kaduna The German archaeologist, Prof. Peter Breunij and his associate, Johannes Buringer who were abducted by gunmen in Jenjela village in Kagarko Local Government

Area of Kaduna State have been freed. Polices sources in Kaduna revealed that the Germans were released by their abductors in Kateri village along the Kaduna-Abuja road on Saturday evening,

following an intense manhunt for the abductors by the police. The sources said Breunij and Buringer were taken to the German embassy in Abuja after their release. Their abductors had

demanded N60 million as ransom, but the police sources did not confirm whether the ransom was paid to the kidnappers or not. Another source also did not confirm if any arrest was made in connection with the

kidnapping. The Germans, who were said to be working in collaboration with the National Commission for Museum and Monuments on the relics of Nok culture in Nigeria, were abducted

at a site in Jenjela village last week. Two of the Nigerians working with them at the site and who had attempted to rescue them during the incident were killed by the gunmen.

in a statement signed by its spokesperson, Jude Nwauzor, reported the News Agency of Nigeria (NAN). Nwauzor said the new management, when the airline was taken over, was confronted with a barrage of challenges but has surmounted the problems, adding that the new team has been stabilising the airline’s operations with the few aircraft left in the fleet. AMCON said, unlike what obtained before the take over, average On-TimePerformance (OTP) of Arik Air to different destinations had improved. The corporation also claimed that Nigerian banks, which had turned their backs on Arik, were now cooperative and ready to support the new management. According to the spokesperson, engagements with international and local creditors had also been successful, while discussions with critical service providers and industry stakeholders had yielded the much desired results. “Arik has also paid the insurance premium, which was on the verge of expiring and commenced the payment of outstanding salaries, which is a great morale booster for staff.

“Arik is also in discussions with different creditors and stakeholders to recall a good number of its aircraft as soon as possible, which will increase the number of daily flights,” he said. The corporation said a good number of passengers affected by the suspension of flights to some routes had been refunded, adding that efforts were in the works to reach out to those yet to get their refunds. Nwauzor noted that with the positive turn of events in the airline since its take over, customers of Arik, especially from corporate circles, were gradually returning. AMCON added that efforts aimed at improving performance within a short period had translated to a stable and professional management for the airline. In this respect, AMCON quoted the new management as saying that efforts at reviving the airline were boosted by the fact that Arik has an unparalleled safety record that “speaks for itself in the history of aviation in the country”. AMCON said it had also held a series of fruitful engagements and struck agreements with major suppliers of aviation fuel for regular supply to Arik to guarantee regular flights.

AMCON SCALES DOWN ARIK’S AMCON SCALES DOWN ARIK’S OPERATIONS The airline, which at peak periods operated 120 flights a day, now operates about 15 flights daily with very low load factors, as passengers continue to shun the airline since the intervention by AMCON. THISDAY learnt that of 28 operating aircraft in the airline’s fleet, only eight are now in operation comprising the two Bombardier CRJ 900s, one Bombardier Q400, and five Boeing 737s. The Q400 is in a dedicated service with Chevron, effectively leaving the airline with seven operating aircraft for commercial flights. This has forced Arik to cut back its domestic and regional operations, just as the airline suspended its international service immediately AMCON changed its management. It was also gathered that international financiers and other creditors of the airline have concluded plans to sue the federal government after 30 days of AMCON’s intervention in the airline. A source with the airline said that the creditors are consulting their lawyers to collectively file a class action suit against the government for the airline’s failure to honour its international obligations. Inside sources further

maintained that Arik’s workers who were owed two months salaries – December and January – before AMCON took over the management of the company on February 8, were only paid their January salaries. AMCON, however, has maintained that the airline had a backlog of unpaid salaries of seven months when it took over two weeks ago. According to some of the workers, who spoke to THISDAY on the condition of anonymity, AMCON informed them that the December salaries should have been paid by the former management before it took over the company, which the corporation is currently auditing. Also, cabin crew personnel whose November flight allowances were supposed to have been paid with the December basic salary, said they had lost hope that the money would ever be paid, now that AMCON is insisting that the former management should pay the December salaries. “We were actually owed two months salaries before AMCON took over. I know that the Nigerian Civil Aviation Authority (NCAA) insisted that Arik must pay all of us our outstanding

salaries in December, which the airline did after the labour strike. So it was the December and January salaries that were owed us,” an official of the airline said. Many of the workers who spoke to THISDAY said even before AMCON took over, passenger traffic was already dropping because of cancelled and delayed flights. The situation only got worse with AMCON’s intervention, they added. “AMCON has not been able to restore passenger confidence and because we have scaled down our flights, passengers now choose other airlines. “Yesterday (Saturday), we operated to Benin from Lagos with only 18 passengers going and on the return leg. It is only the Port Harcourt service that still has a reasonable number of passengers,” one Arik official volunteered. Also, since the take over of the airline and the cancellation of most of its regional flights, Nigeria has lost its dominance on the West coast and other African routes to Asky, AWA and the Cote d’Ivorian national carrier. Arik was the only Nigerian airline that operated to Dakar, Abidjan, Luanda and Libreville.

Since the intervention by AMCON, it has stopped operating to most of these destinations. The airline used to operate six flights to Accra from Abuja and Lagos, but the flights have been scaled down to two since AMCON stepped in. According to sources in Arik, it is now uncertain if the airline will continue to operate on any of these destinations in the West coast. “What AMCON has done is that it has cut back flights because of inadequate supply of fuel and equipment, but all the flights that it still operates are on time. “So it has restored on time flight services, but only 30 per cent of the flights or less are still operating. “Before their take over, Arik flights were characterised by delays and cancellations. It is really tough for AMCON to effectively manage the airline. “We know that it will be difficult to generate the kind of revenue needed to pay overheads, salaries and still have operational funds with the scaled down services,” the Arik official told THISDAY. However, AMCON said yesterday that public confidence was gradually returning to Arik Air, two weeks after it took over the airline. AMCON made the claim

T H I S D AY MONDAY FEBRUARY 27, 2017

T H I S D AY MONDAY, FEBRUARY 27, 2017

COMMENT

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

CBN AND THE NEW FOREIGN EXCHANGE POLICY Boniface Chizea argues that the new foreign exchange measures will work if sustained

he Central Bank of Nigeria, following the meeting of the National Economic Council of February 16, 2017 during which the bank was requested to do something urgently to bridge the gap between the official interbank rate and the parallel market, went to work to release the new policies. Apparently the bank must have been working on the new policies and the call was simply a prompter in releasing the new guidelines. Initially at the beginning of the year there was clamour by the major stakeholders as they asked the central bank to unify the rates of exchange in the country. But gradually through perspective advocacy some understanding was gained that the only way unified exchange rates could be delivered in the country is for all demands for foreign exchange to be met at the official window. The argument was strongly canvassed that any demands met outside the official window would invariably be at a premium. Witness the case of the licensed Bureau De Change which as should be expected are authorised to add a small margin on the rate at which the foreign exchange is accessed at the central bank in dealing with their customers. Most perspective watchers of the economy would agree that the central bank had come under tremendous pressure to wield the magic wand to fix the falling value of the naira particularly on the parallel market which in spite of its nebulous and opaque nature has dominated all discussions about exchange rate development in the country as it is believed that this market better mirrors the dilemma economic agents encounter in their attempt to source foreign exchange for their business transactions. When the rates on the parallel market breached the psychological threshold of N500 to the dollar it should have been obvious to all concerned that something was going to give. And the pressure for something to happen was not helped by the mass protest during which the citizenry registered the excruciating agony they have been subjected to as there was no let-up in the trauma they have been subjected to. Essentially what the central bank has done by way of the new policy is to inject dollar liquidity into the economy to commence the process of terminating the drought which had prevailed so far. The bank decided to fund the commercial banks with funds targeted at meeting the needs of their bank customers in the areas of basic/business travel allowance, medical bill payment and for the payment of school fees. It also mandated the banks to set up windows in the shortest time possible at the major airports to ease the burden of travellers as they attempt to source foreign exchange and to do so at much more competitive rates. One has read of different rates at which these transactions are to be concluded. It was immediately reported by the popular press that the central bank has pegged the rate at N375 to the dollar but for the airport transactions a rate of N 366.3 was reported. But a careful reading of the guidelines released by the central bank indicated clearly

ONE THING WE CAN TAKE A BET ON WITH THE PARALLEL MARKET IS THE FACT THAT IT IS VERY RESPONSIVE TO DEMAND/ SUPPLY SITUATION. IN FACT IF THESE MEASURES ARE FAITHFULLY IMPLEMENTED WITHIN SIX MONTHS I SHOULD BE SURPRISED IF THE RATES ARE MORE THAN N 400 TO THE DOLLAR ON THE PARALLEL MARKET

that the rates should not be more than 20 per cent of the prevailing interbank rate and since the interbank rate for now had remained at N305 to the dollar, the rate that should be used for these transactions should not be more than N 366. The central bank assured that all banks would receive amounts commensurate with their demands per week in the case of the travel allowance which would be sold to customers that meet usual basic documentary requirements. While the bank would meet the needs of parents, guardians and sponsors who are seeking to make payments of school and educational fees for their children and wards. The CBN served notice of its determination to ensure that the process of sourcing foreign exchange in this regard is as smooth as possible and that as many customers as possible receive the foreign exchange they genuinely demand and that the same would apply to customers seeking to make payments, or purchase foreign exchange for medical bills and assured that the supply of FX to retail end-users would be sustained by the CBN. The bank warned all concerned that given its avowed determination to vigorously pursue the objectives of a transparent, liquid, and efficient FX market that it would not hesitate to bring serious sanctions on offenders, be it bank or bank workers. Since the release of this new policy, questions have been raised whether this policy initiative would actually reduce the rate of exchange on the parallel market and therefore lead to the closing of the spread between the official interbank window and the parallel market rates and what all this portends for the economy. It should have been obvious to all concerned that if we reduced demand pressure on the parallel market, which is what this measure would amount to, that we would witness an immediate appreciation in the rate of exchange. On the day the policy was released it was reported that the trend continued unabated despite the release of the policy as the naira was reported to have exchanged at N520 which was later rationalised as due to the fact that the market is struggling to come to terms with the implications of the policy for the various operators in the market. But as should be logically expected, it has since been announced that already there has been an appreciation. One thing we can take a bet on with the parallel market is the fact that it is very responsive to demand/ supply situation. In fact if these measures are faithfully implemented within six months I should be surprised if the rates are more than N 400 to the dollar on the parallel market. We also plead for sustainability as given the reserve position and the promised weekly allocation of one million dollars to the 21 banks which should amount on aggregate to around one billion dollars a year and considering the evolving stability at the oil market with the price consistently in mid-50 dollars a barrel, there is no reason why we should not have sustainability. Dr. Chizea is a management consultant

PRUDENCE AND TRANSPARENCY IN PUBLIC FINANCE Constant training and retraining of public officials will enhance better management of public resources, contends Akintola Benson

ne of the basic features of democracy is accountability. Every democratically elected government is accountable to the people, to whom it owes its existence. Prudent and transparent management of public resources is one cardinal way in which every government must demonstrate that it is accountable to the people. This is quite crucial because all resources that are under the control of government actually belong to the people and must, therefore, be properly managed to cater for their diverse needs. Being custodians of the peoples’ commonwealth, governmental entities must be responsive and accountable to a number of different groups and organisations, including elected officials, other units of governments, investors, creditors, and citizens that are focused on monitoring their activities. While it is a fact that no government can meet all the needs of the citizenry, it is, however, essential to affirm that every government has the onerous task of effectively and efficiently managing scarce public resources. This is very fundamental. In our nation, especially, the times we are in logically support prudence and transparency in public finance. This should be considered by all tiers of governments as vital in understanding the all important task of meeting the open-ended needs of the people from available limited resources. In addition to the importance of accurate and immediately-accessible information to decision making, democratic governments are required to provide effective financial information to stakeholders in a consistent and clear format. Specifically, the information provided by governments should contribute to accountability in financial position and results of operations, actual financial results compared with adopted budgets, compliance with finance-related laws, rules and regulations, efficiency and effectiveness of operations as well as

maintenance of governmental assets. It is in view of this that the current administration in Lagos State places high premium on cautious management of available resources. Essentially, the state government is focused on ensuring that public funds are properly and fully accounted for and that resources are utilised only for the purposes for which they were appropriated. While it is spot on that Lagos is Nigeria’s economic focal point, generating a significant portion of the country’s GDP evidenced by the big financial institutions, large corporations and the country’s commercial banks headquartered in the state, it is nevertheless important that for the state government to continually leverage on the unique economic and commercial status of the city-state, it becomes quite imperative that faultless financial and administrative control mechanism are strategically put in place. This helps, in no small measure, to ensure that government meets and surpasses the expectations of its teeming population. The mechanisms that the state government is setting up to achieve this are all inclusive. One of such is the adoption of the now famous Treasury Single Account policy. It is no longer news that aside the federal government, the Lagos State Government was among the very first to embrace the TSA policy in the country, effective from September 1, 2015. The adoption of the system is part of the effort to build a solid economy and ensure proper accountability and transparency in all government accrued revenues. The decision was taken to address the challenges posed by the operation of multiple account system. The operation of a single account also encourages tax payers to request for a single account before making their payments. It basically centres on prudential accounting for government resources in the form of revenues paid in by third parties. One other strategy is swift exposure of potential scam related financial transactions. It is important to

stress that all government efforts at fraud detection and forensic analysis are ultimately about internal controls. It is common knowledge that an integral part of proper accounting procedures rests on issues of controls and begins with internal accountability structures. One of such is transactional reviews which check the validity and accuracy of transaction processing by comparing it in detail with expected results. Reviews often use exception reports (usually computer-generated) to list items that failed to be processed because they did not meet specified criteria. For example, a computer-generated check may be rejected if it exceeds some naira amount and requires a manual signature. Monitoring these types of control procedures involves reviews of results performed by those having management duties. Another important forensic and fraud detection control measure that the Lagos State Government is deploying to detect fraud in public finance is general computer controls. Computer systems frequently have common areas of control and related control procedures referred to as general computer controls. These controls directly or indirectly affect all systems that operate within a computer-processing environment. General computer controls include the usual elements of effective internal control, that is, an individual or group responsible for control procedures and monitoring activities. Managers of the information systems function usually monitor the performance of general computer controls. Monitoring activities include observation, exception reporting, reviews of work performed, reviews of programme changes, oversight by information system steering committees, and the monitoring of user complaints. For example, the effectiveness of programmed control procedures such as edit checks and approvals depends on general computer controls that ensure that programme changes are not made improperly. General computer controls

include controls over computer operations; systems acquisition, development, and maintenance; information security; and information systems support. Another important computer control is information security. The information security function is responsible for administering and maintaining an entity’s information security programme, including both physical and logical security. The primary goal of such a programme is to ensure that access to programme data, online transactions, and other computing resources is restricted to authorised users. Finally, information systems support also contributes to general computer control protocols. Information systems support includes such functions as system software maintenance, database administration, communications and network management, end-user computing, and other groups with technical and administrative support responsibilities. Perhaps, the most crucial strategy which the state government is deploying to integrate accountability and transparency into public finance and, indeed, governance in the state, is constant training and retraining of public officials that are entrusted with the sacred duty of managing public resources. The main objective is to ensure that these officials are fundamentally on the same page with government on the need for prudence and transparency in governance. It is cheering to note that through some of these training programmes lots of key public officials have been sufficiently empowered to deploy more stringent control measures that will ensure that the state’s resources are appropriately utilised. This, no doubt, has helped in ensuring that government delivers tangible results to the people and gives proper accounting of its stewardship of the people’s trust and resources. Dr. Benson is Hon. Commissioner for Establishments, Training & Pensions, Lagos State

T H I S D AY • MONDAY, FEBRUARY 27, 2017

EDITORIAL DEALING WITHYOUTH UNEMPLOYMENT

There is urgent need to realign the nation’s educational curriculum with the needs of the economy

nless the relevant authorities do something critical and urgent about the astronomical rise in unemployment levels, particularly among the youths, Nigeria may be sitting on a time bomb waiting to explode. Figures available paint a dire situation of millions of Nigerian youths roaming the streets looking for work but finding none. The situation is compounded by the economic recession that has necessitated the sacking, by many private enterprises, of their staff in the name of rationalisation. The Nigerian Bureau of Statistics (NBC) in its latest report confirmed a consistent pattern of worsening unemployment in the country, rising from 9.9 per cent in 2015 to 19.70 per cent in the last quarter of 2016. That 19.70 per cent of the nation’s labour force is idle is bad enough. But worse and extremely dangerous is the fact that more than 50 per cent of that army of idle citizens is peopled by those between the ages of 15 and 35. When broken down, the NBS figures revealed quite clearly that out of a total youth labour force of 38.2 million, representing 48.7 per cent of the total labour IT HAS BECOME force of 78.48 million NECESSARY THAT OUR in Nigeria, some 15.2 EDUCATIONAL TRAINING million of them were CURRICULUM MUST either unemployed or INCORPORATE SKILLS underemployed in the ACQUISITION AND first quarter of 2016. This represented a ENTREPRENEURIAL youth unemployment DEVELOPMENT SO THAT rate of 42.24 per cent. GRADUATES LEAVE The most disturbing SCHOOL WITH THE part is that the figures CAPACITY TO CREATE revealed a clear pattern WEALTH AND JOBS of failure of government RATHER THAN SEEKING policies aimed at dealJOBS ing with the challenge. Meanwhile, there is no evidence yet that as the country’s economy approaches depression, the unemployment situation will improve. Worse still is that there is no evidence to suggest that the authorities in Abuja and the 36 states

Letters to the Editor

appreciate the gravity of the situation nor are there plans to deal with it. The clear and present danger of such a high level of idleness among young persons are already manifest in the high level of strife and crimes in virtually every corner of the country. Whereas the multitude of violent outbursts might have religious and ethnic colorations and undertones it is a notorious fact that most of the people in the fields and trenches of war are youths who if otherwise meaningfully engaged would have been unavailable for those worthless anti-social endeavours.

H T H I S DAY

EDITOR IJEOMA NWOGWUGWU DEPUTY EDITORS BOLAJI ADEBIYI, JOSEPH USHIGIALE MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR KAYODE KOMOLAFE CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN

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

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

CORRECTING THE MISTAKES OF 1914

n 1914, two very distinct entities, with no shared values or shared ideology were fused together, without their consent. That fusion was driven by economic reasons, it was essentially tantamount to a contemporary business merger aimed at increasing profit. The promoters of this merger spared no thought for the discordance such a fusion would create. The promoters were of course the British Colonial Government and the fused entities were: the Northern Protectorate and Southern Protectorate of Nigeria and till today the ideological differences underpinned by the sharply distinct culture and religious persuasion of the peoples of the defunct protectorates continues to hamper political and economic development, with the two entities almost continuously at logger heads. Almost every attempt aimed at resolving the “cold conflict” has proved futile, even in the aftermath of a bloody civil war. The corporation nay amalgamated entity known today as the “Federal Republic of Nigeria” continues to simmer with ethnoreligious tensions that have occasionally boiled over and resulted in the hideous mass murder of Nigerians. This situation has caused many to wonder and ask If “Nigeria” will ever attain unity, prosperity and peace, more so under its current stifling and strife-engendering political-economic system that has further worsened Nigeria’s inter-ethnic dynamics, with reach ethnic group and even faith, competing against each other in an often bloody quest to control the central government - the dispenser of goodies and at times, terror. To that extent, many have not only predicted the dissolution nay winding up of the Nigerian entity including a CIA affiliated

owever, it is noteworthy that youth unemployment is a worldwide challenge. For instance, India with one of the largest populations of young people in the world has 75 million unemployed youths. But the Nigerian government, particularly the Muhammadu Buhari administration that came to power on the back of an electioneering promise to create jobs for the unemployed, must find a creative way of tackling this challenge before it becomes unmanageable. No doubt, the unemployment challenge is directly linked with the ill-health of the economy. Government economic recovery plan, therefore, must prioritise youth employment and formulate policies to reduce it to the barest minimum. In the past, the federal government had economic empowerment programmes specifically targeted at young persons, including YouWin, Graduate Internship, etc. Whatever undermined those programmes should be reviewed and appropriate measures taken to improve and make them more efficient to achieve their objectives. Of more fundamental imperative, however, is the urgent need to realign the nation’s educational curriculum with the needs of the economy. It has been said with some measure of justification that many of the school leavers are actually unemployable with regard to their training and skills. It has become necessary therefore that our educational training curriculum at all levels must incorporate skills acquisition and entrepreneurial development so that graduates leave school with the capacity to create wealth and jobs rather than seeking jobs.

think-tank and many Nigerians have also called for the correction of “the mistake of 1914”, stating that there exist “irreconcilable differences” between the two parties to the forced union. There are also those, who motivated not by love for country, but by pecuniary motives insist that the country must remain “united” irrespective of the differences and the pain it has inflicted on its people. For them, “Nigerians exist for the pleasure of the Nigerian Republic” and not the other way around - as it should be, that is: Nigeria should exist FOR Nigerians and not the other way around. There is a third group, one to which yours sincerely belongs to. This group believes that Nigeria can work, BUT under just and equitable terms. This group believes that Nigeria is stronger together, but they know that Nigeria cannot be held together by blackmail and the force of arms. They assert that for Nigeria to continue to exist there must be a buy-in of the Nigerian people and that can only be achieved on the back of a frank and no-holds barred discussion between and amongst ALL of Nigeria’s people. The discussion would ensure that a new template for the administration and governance of Nigeria is established. This template would form the basis for Nigeria’s first people’s constitution and then will Nigeria’s march to greatness begin. In the event, this does not happen, Nigeria will sooner than later be wound up - the handwriting is all over the wall of our national life. It is prayed that we will make the right choice and have a just, united, peaceful and prosperous Nigeria.

Ugochukwu Amasike, Lagos

RESTORING INTEGRITY TO THE BENCH

o restore the integrity to the bar and the bench, the following steps should be taken: One, the judiciary must be ready to wage war against religious fanaticism. Sometimes between 2010 and 2012, a condemned armed robber was discharged and acquitted by the Supreme Court simply because he decided in the prison to change to Christianity and became an “Evangelist spreading the Gospel”. The decision of the Supreme Court was not only contrary to the decision of the two lower courts that sentenced him to death, it was a miscarriage of justice. For the law is settled in Akoma vs Osarwakwu (2014) 11 NWLR (Part1419)415-626 S.C (as applicable) that “There is a Miscarriage of Justice when the decision given is inconsistent with established rights of the Party complaining.” In the Holy Bible Jesus told the robber who had a similar case that he would meet him in Paradise after facing the earthly Judgment. What made this case a mockery of the judiciary: the “Evangelist” mentioned the name

of a Supreme Court Judge anywhere and anytime he is narrating his story; the “evangelist” said he was about cursing the justices when suddenly a prison warder told the court that he was their pastor after which the judge pronounced and acquitted him. Two, the judges in Churches and Mosques should be called to order: An adage says too much familiarity brings contempt. Since most of the Churches and Mosques have websites, they can stay at home and watch services of their choice through the websites. Or come together once or twice a week in form of Fellowship and invite Pastor Enoch Adeboye or any other Pentecostal pastors to preach. Three, the number of women in the judiciary should be reduced. This is because most of the women bring in unqualified people into the judiciary through prostitution or so- called fun. Observation shows that most of them often carry their emotional stress into their job to lure men and in some cases justice is perverted. Kayode Jones, jones.victor85@yahoo. com

T H I S D AY MONDAY FEBRUARY 27, 2017

T H I S D AY • MONDAY, FEBRUARY 27, 2017

POLITICS

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

M O N D AY D I S C O U R S E

Many Are the Afflictions of PDP The recent Appeal Court ruling, which confirmed the leadership of the Ali Modu Sheriff faction of the Peoples Democratic Party, has further unsettled the already troubled political party. Shola Oyeyipo and Segun James report

Sheriff…not yet uhuru

ast week marked yet another milestone in the political history of the embattled Peoples Democratic Party (PDP). Spanners were thrown in the fractured system of the former biggest political party in Africa with the Court of Appeal judgement that named Senator Ali-Modu Sherriff as the authentic National Chairman of the former ruling party. The PDP had been enmeshed in crisis after crisis as a result of the inability of its leadership to restructure, re-strategise and rebrand the party after it’s loss in the 2015 general election won by President Mumammadu Buhari’s All Progressives Congress (APC). Saying that the PDP is facing crisis of leadership is stating the obvious. But here is a dirty fact. The battle for power seems ultimately poised to takeover of the party and tear it into pieces. Rarely or maybe, never has political leadership of a party been up for grabs as now that Sheriff struggles to fill vacant positions in his faction of the splintered party as so many PDP members are currently disenchanted. Yes, Sheriff has been confirmed as the authentic national leader and chairman of the party, but in his battle to control the soul of the party and to give the semblance that all is well within the party, he has

Makarfi...its fight to finish

to fill vacant positions party from wards executive to local government, state and national levels.

The moment Sheriff was brought to lead the party by Fayose and others, the stage was set for a battle royale. They thought they had brought in a man they can control and teleguide as they want in order to actualise their own political agenda and ambition. But they were mistaken as they soon found out that the man is not only crafty, but a formidable politician to deal with and his own man

So, as expected, the last is yet to be heard about the power tussle in the opposition party. The Sheriff faction is still facing very stiff oppositions from the Ahmed Makarfi-led faction. Those in his camp disagree with the ruling of the Appeal Court which favoured Sheriff. To them, the judgement is a “disgrace to Nigerian democracy.” Not surprising, everyone in that camp has consoled themselves that the Appeal Court judgment is not the final level of abbiter and they all seem confident that the judgment would be reversed at the Supreme Court. The spokesman for the Makarfi faction, Prince Dayo Adeyeye, alleged that two of the three justices that delivered the judgment read a script written by the ruling All Progressives Congress (APC). He also argued that they neglected to consider all the issues relevant to the case. That the litigation continues in itself symbolises that the PDP will be splitted for a longer time, whereas 2019 draws nearer by the day. “We are disappointed with the Appeal Court Judgment. The lead judgment is very wrong. The issues were not considered. It is a disgrace not only to PDP but to Nigerian democracy as a whole. It is a miscarriage of justice. “Two out of the three-man justices of the Appeal Court gave a scanty judgment

in favour of Senator Ali Modu Sheriff while one for Makarfi. The one that spoke in favour of Makarfi considered all the issues. She was thorough. In fact, it took the justice three times the total time it took the other two Justices to deliver their judgment. “The judgment has finally shown that the ruling APC is out to create a one party state in the country. Certainly, we are proceeding immediately to the Supreme Court to file an appeal against the ruling of today’s appeal court judgment”, Adeyeye said. When Sheriff starts to assemble his team pending the appeal by the Makarfi faction, he will find that he has no party, but a carcass of what was once the largest party in Africa. For instance, a bigwig of the party, Chief Olabode George was recently quoted as saying “I would rather remain my house than have Sheriff as chairman of PDP”. While when there are no options left, one may as well bow to the inevitable, PDP members may have no choice than subject themselves to the Sheriff leadership untill the Appeal Court judgment is set aside or upturned. But despite that, the reality for Sheriff now is how does he go about seeking reconciliation, a move he had spooned several times in the past? CONT’D ON NEXT PAGE

T H I S D AY • MONDAY, FEBRUARY 27, 2017

POLITICS

MONDAY DISCOURSE THE MANY AFFLICTIONS OF PDP

Fayose...brain behind Sheriff

There have been many attempts at coming together to halt the drift within the party, but it has been all to no avail as Sheriff had always scuttled any reconciliation move. That is the more reason why some of his party men feel he is working for the APC. Therefore, anyone looking forward to immediate end to the legal tussle that had frustrated activities in the PDP further would have had their hope dimmed as the Makarfi-led faction is appealing the judgment of the Court of Appeal recognising Sheriff as the authentic national chairman at the Supreme Court. Also, state governors elected on the platform of the party have rejected the decision of the Appeal Court. Reacting to the ruling, Chairman of the PDP Governors Forum and Ekiti State Governor, Dr. Ayo Fayose, described the judgment as “a rape on our democracy” and like most others, vowed that the party would appeal the judgment. The Chairman of the party’s Board of Trustees (BoT), Senator Walid Jibrin, also reiterated that all the organs of the party remain loyal to the Makarfi-led caretaker committee and would support the party decision to appeal the judgment. Said Fayose: “If the people truly symbolise what a party is, then the machination of our detractors and the anti-democratic organs will not prevail at last. “We commend the minority judgment of the Appeal Court and we believe the truth will prevail. We thank God we have another opportunity to seek justice at the Supreme Court, which I believe will not be delayed or denied. It is a party matter that must be addressed as soon as possible. “The party will appeal the judgment, as we believe in the ability of the judiciary to do justice. It is a price to pay to keep our democracy alive and opposition strengthened. We are prepared to go the whole hog,” he said. While restating his regrets for playing a role in the emergence of Sheriff, Fayose said he acted with the best of

George…ready to quit

intentions. Jibrin said members of the party nationwide should remain calm, as the party consults with its various organs. “Whatever one does in this world, he must fear God. All evil machinations must end. The truth will prevail. Therefore, this judgment is not a threat, but it will bring us together.“I appeal to all our members to remain calm and not panic or move

Will the PDP survive the latest crisis? That is absolutely unclear. Hence, now is the best time for all wellmeaning members of the patry to come together to turn their words to action by fnding peace at all cost. But where they are unable to find a meeting point and sheath their swords, not a few member of the party will hold to the view that governors of the party led by Governor Fayose laid the foundation for what eventually killed the PDP

to any party, as all efforts will be made to ensure that the party remains PDP to the dreams of our founding fathers.” Deputy President of the Senate, Ike Ekweremadu, enjoined all PDP faithful not to be anxious over the ruling. In his immediate reaction, Ekweremadu said: “There is no cause for alarm. The party leadership will meet as soon as possible to take a decision on the best way forward. Those dreaming about the death of the opposition in Nigeria will have to sleep much longer and still wake up to meet us much stronger, because a vibrant opposition is the beauty of democracy.” But to those loyal to Sheriff, the judicial victory is the best thing to happen to the party and it would withstand any judicial test. For instance, the factional chairman of the party in Lagos State, Otunba Segun Adewale aka Aeroland, described the Friday ruling in favour of Sheriff as a victory for democracy and the end of impunity in the party. He said the Appeal Court has finally returned the PDP to the people with the decision to uphold the constitution of the party by affirming the leadership of Senator Ali Modu Sheriff as the legitimate National Chairman of the PDP. Adewale insisted that “The affirmation of Sheriff as the authentic National Chairman of the PDP is not just a victory to those of us that believe in his leadership but a victory to the grassroots members of the PDP that now have a voice. It is also a victory to our Democratic institutions, the rebirth of a formidable opposition which will definitely engender the delivery of good governance and bring end to the impunity of the ruling APC government. “This victory by all intent and purpose signals an end to the era of impunity, disregard to our Party constitution and blatant egocentric behavior of some individuals that have virtually turned the Party into their private estate. All these clogs in the wheels of progress of our great party is what Sheriff seek to end and that is what this victory has ensured”. Adewale said.

According a watcher of politics in the country, Mr. Ibrahim Olawepo, it was procrastination that cost Makarfi the leadership of the party. “Procrastination is bad in politics. It was the refusal of the Makarfi group to take the advantage of its recognition by the courts when its candidate, Dr. Eyitayo Jegede was affirmed as party’s candidate in the Ondo state governorship election that they lost the advantage. They should have taken the initiative to conduct another congress immediately. After all, they already have the delegates.” He however lamented that the neglect of the voice of the founding fathers and elders of the party for their advice may have also played a significant role in the drift within the party. “This has cost the party dearly.” Olawepo opines that from the moment Sheriff was brought to lead the party by Fayose and others, the stage was set for a battle royale. “They thought they had brought in a man they can control and teleguide as they want in order to actualise their own political agenda and ambition. But they were mistaken as they soon found out that the man is not only crafty, but a formidable politician to deal with and his own man.” Politicians like to promise action, not words. If the PDP will not crumble there must be action. However, in this case word is all the party leaders have always had for members – that the issue will soon be resolved. All they do is speak and hope that this will make the people vote for them in 2019. Will the PDP survive the crisis? That is absolutely unclear. Hence, now is the best time for all well-meaning members of the patry to come together to turn their words to action by fnding peace at all cost. But where they are unable to find a meeting point and sheath their swords, not a few member of the party will hold to the view that governors of the party led by Governor Fayose laid the foundation for what eventually killed the PDP.

T H I S D AY • MONDAY, FEBRUARY 27, 2017

POLITICS

PERSPECTIVE

Of Power, Expectations and Fulfillment It is unfair to present Osun State’s situation as a total tale of woes, writes Abiodun Komolafe “Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful.” -Albert Schweitzer, 1875 1965. It is a long established fact that men have different motives for seeking power. Some are altruistic and some are ulterior! While some men are moved by tendencies of ineptitude and brashness not unconnected with a morsel of porridge, statistics have shown that only a tiny few are motivated by a romantic appeal for the Common Good. Also, while some seek power by clumsily drifting in the sea of crises just to “control everything around them”, particularly powerful and giftedly gracious beings look beyond the allure of power to give the people their rights and promote world peace. Let me confess that, with the little I have seen of Rauf Aregbesola’s efforts in turning Osun State into a miracle, I have no doubt in my mind that the governor ’s place in history as a symbol of human affiliation to freshness, interminable refinement and fascinating frankness is already assured. Though he inherited a state indescribably mesmerised by a drunken orgy of impunity that has always been the defining characteristic of Nigeria’s political landscape, Aregbesola was of the conviction that, with zest and zeal, democracy could do for Osun what it did for France in 1789, America in 1828, and England in 1868. His patriotic courage to go forward and ability to give attention to minor details, despite the enormity of the challenges confronting the state, has stood him out as a man of great grace and an outstanding politician of authority. By all standards for success, his judicious utilisation of meager resources available to the state for the benefit of its people has earned him recognition as one of the most prudent administrators of our time. Let’s start with the agriculture sector, where Aregbesola’s virtuous interventions, especially, at a time Nigeria seems to be lagging far behind in Africa’s commitment to ending hunger and malnutrition among her people, have been remarkable. Some Nigerians might wish to interrogate assumptions about the failure of Osun to have come up with its own version of ‘Lake Rice’ to justify its “massive investments in agriculture.” Others might even want to know why the state has not gone into partnership with, say, Lagos State for the cultivation of cocoa or oil palm trees. Well, while Lagos and Kebbi States must be commended for the enviable feat recently recorded in the sector, it must also be noted that Osun has not fared badly, given the limited resources at its disposal. In the first place, government’s disbursement of not less than N851m to no fewer than 17, 000 farmers under its Quick Impact Intervention Programme (QUIP) is in furtherance of its commitment to making agriculture serve the people’s special needs as well as turn the state into a “modern, industrial and commercial agricultural state”. The administration’s Land Bank policy, aimed at ensuring efficient and profitable utilisation of land for the production of arable and cash crops, among other advantages, is another initiative worthy of mention. Similarly, the state is said to be in partnership with some professionals for the development of a virtual Osun Food Mart which will help provide buyers, who depend highly on importation of food commodities, with the opportunity to purchase Osun food

Aregbesola...really impactful

items online and get same delivered at their doorsteps. The reopening of Leventis Foundation/Osun State Agricultural Training School in Ilesa is also a step in the right direction. Thanks to the governor for the provision of an enabling environment for businesses to thrive in the state. Reengineered for success, it is believed that the issue of counterpart funding solicitation from the state government henceforth belongs in the past. Besides, the addition of a new model for continuity and sustainability is expected to appropriately prepare the school as a source of employment opportunities for the state’s teeming youths. Farmers in the state will also benefit from its teachers’ immense wealth of experience and there will be a considerable improvement in commercial activities on that axis. Inherited problem! Global glut! Political vapour! Economic catastrophe! While Nigeria’s socio-political variables might have offered a platform for the opposition to attempt to distract the governor from his focus, the successes recorded so far by his administration are an attestation to the age-long saying that the path does not close on a man with a machete. For instance, Certificate of Occupancy (C of O) on a 15m x 30m plot of land, which used to be N75, 000.00 or thereabouts, with elastic gestation period, now goes for N55,000.00 in Osun State. The turnaround time is 90 days, provided other necessary conditions are met.. With this innovative intervention, which has also led to the elimination of bottlenecks from its processing, issues relating to ownership of land are dealt with in record time while wealth creation potentials of property owners, among other advantages, are also unlocked. Robert Maynard Hutchins had a nice one when he defined democracy as “the only form of government that is founded on the dignity of man, not the dignity of some men, rich men, of educated men or white men, but of all men.” En cuanto a lo personal, I have never been an apostle of a sole export or import-dependent economy. My unEconomics knowledge has shown that successful economies all over the world are export- and import-driven in nature and structure. The only difference is that whatever is exported or imported should be able to add value to the people and country. Apparently,

it was on the strength of this perspective that the governor recently led a high-powered government delegation to Germany “in search of new insights on modern agriculture” with a view to improving the quality of life for residents in the state. It also needs to be mentioned that the visit to Nigeria by the Hans Lippert-led team of oncologists from Germany for the purpose of partnering with the state in reducing the scourge of cancer to the lowest minimum is in line with the administration’s determination to promote healthy living among its people. Added to this is the spectacularly sweet stories of success recorded by Osun Ambulance Services (O’AMBULANCE), which, within four years of its existence, has helped rescue more than 12,000 people through its prompt operations in emergencies across the state. What of the endorsement given to the ‘Tablet of Knowledge’, popularly referred to as ‘Opon Imo’ by West African Examinations Council (WAEC)? In my view, this feat, apart from its being an appreciation of the administration’s achievement in education development in Osun, will also help showcase the state - and, rightly, too - as the hub of digital education in Nigeria. It will also go a long way in shutting the mouths of Aregbesola’s traducers and petty politicians who, out of political irredentism and sheer sadism, had alarmingly misconstrued the initiative for yet another in the series of time-wasting and money-draining ventures. A Turkish proverb admonishes any man who wants to live in peace to “be blind, deaf, and dumb.” Needless to repeat that it smacks of mischief and ignorance to present Osun’s situation as a tale of woe and failure in which there’s little or nothing to cheer about Aregbesola’s foray into politics or his adventure in power without bearing in mind that he came into office with a demonstrable resolve to reverse the pains of grinding penury in the midst of stupendous plenty. To me, irrespective of the rebellious attitudes by false friends and the emptiness that plagues their idle dreams, the eloquent truth about the situation is that the worst of the danger is over! Back to the issues surrounding our condition, it is an undeniable fact that Aregbesola’s admirers by far outnumber his haters. The threatening difference however is that, though few in number,

Though he inherited a state indescribably mesmerised by a drunken orgy of impunity that has always been the defining characteristic of Nigeria’s political landscape, Aregbesola was of the conviction that, with zest and zeal, democracy could do for Osun what it did for France in 1789, America in 1828, and England in 1868. His patriotic courage to go forward and ability to give attention to minor details, despite the enormity of the challenges confronting the state, has stood him out as a man of great grace and an outstanding politician of authority those on the other side of the rung are pretenders, buy-offs, malingerers and leftovers renowned for making a wrong noise. On the outside, they carry the garb of men of high order of shrewdness, great discretion and integrity of character but, beyond their feigned and festooned glint, they are imps of immodest manipulations whose penchant for all the negative possibilities of life knows no bound and that’s the area the governor needs to work on! May the Lamb of God, who takes away the sins of the world, grant us peace in Osun State! -Komolafe wrote from Ijebu-Jesa, Osun State

MONDAY, February 27, 2017 • T H I S D AY

FEATURES

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

The True Face of Hunger A one-on-one encounter with citizens who shared their experience with their struggle to feed their families is heart-wrenching, Peace Obi reports The burden of high cost of food stuff From one market to the other, the stories are the same. Traders sitting idly waiting for customers. And when they eventually show up, the trader’s hope is soon dashed as buyers are turned off by the high cost of whatever they are buying. With their feet shod with bargaining power, the shoppers move from shop to shop, hoping to get a better deal. However, after going round and frustrated by their ill-fated price-sampling exercise, some resort to adjusting their lists and often times scaling down the quantities. Painfully, the situation presents two sides of the same coin. While the traders are faced with low patronage, poor income and the hardship that accompanies it, the buyers are enraged as high cost of things strip them of their purchasing power and hampers their ability to provide for their families. A stop over by this reporter at some markets in Lagos presents a clearer picture of how Nigerians are struggling to survive the recession, especially as they battle hunger on a daily basis. While interacting with one of the market women who deals on staples such as garri, rice, groundnut, and beans, at Agboju Market, a customer walked in. And this discussion ensued between the customer and trader who simply identified herself as Julie: how much is your custard bucket of rice and garri? I need three bucket of each, the customer said. Julie gave her prices as thus: garri, N750 while rice is N1,600. The customer in frustration burst out, “your prices are too high. When did rice go up again? In fact, let me give you N700 for garri and N1,500 for the rice, if that is not okay by you, I don’t know what else to do, maybe I will go to Mami market.” Julie who couldn’t convince her customer to buy from her since she insisted that she couldn’t afford her goods was pained for losing yet another customer for no fault of hers. Buyers suffer reduced purchasing power “This is what we see everyday here. People will come and parade the market without buying anything.” Asked why her goods are expensive, more especially as most goods are made here in Nigeria. “I do not produce any of these things you see here. I buy them from the market and I sell according to how I bought them. The prices are determined by the market forces. Things are expensive not because traders want to make too much gain, but it depends on the price we buy them from the market. So, you don’t know that the traders are affected? Many people find it difficult to replenish stock after they might have finished what they have in the shop because of the same hike in prices of things.” Stressing that the traders are not immune to the hardship arising from the steady rise in prices of goods and services in the country, Julie noted that it affects them more than any member of the society. Enumerating some of the reasons for the increase, the trader said, “I may not be able to explain why prices of things are going up by the day, but I know the

common explanation has been the exchange rate of the dollar against our Naira. Whatever may be responsible for what we are going through in this country today, I know that our government has the power to change this ugly situation in many ways.” Nigerian customs accused of jacking prices of food stuff Pointing an accusing finger on the men of the Nigerian Customs, the trader said that the activities of the uniform men stand as a major cause of the problem, especially on the prices of rice and other related food stuff. According to Julie, the extortion, bribery and even frustration meted to traders by these men are enough to send traders out of business. For this trader, it amounts to double tragedy for Nigeria to use the customs officials to seize foreign rice when it is obvious that Nigerian made rice cannot meet the local demand. “I said earlier that government has the power to change the condition we found ourselves into in this country today. Government has the power to change the cost of fuel and diesel which originally pushed transport fares and prices of goods up even before high dollar exchange rate. It is government alone that can stop customs from harassing traders. And government cannot feign ignorance of their activities on major roads in the country,” she said. Recounting a recent ordeal in the hands of Nigerian Customs officials, the lady said, “Yesterday, my brother called me to say that customs seized his 15 bags of rice while returning from the market, and they were demanding N110,00. For me, I buy my goods here in Lagos, I don’t cross the border. So, why are they seizing our goods? They station themselves

Now a gallon of kerosene sells for N1,450 and N1,500, half derica size of tomatoes we used to buy for N150 is now N300 or even more; one bottle of red oil now sells for N500. When we couldn’t get kerosene to buy coupled with the incessant increment in the price, many of us switched over to cooking gas, that one too has gone up, 12kg that was selling for N2,500 last year, is now N5,000

Some women arguing over high cost of food stuff at Ejigbo Market, Lagos from one bus stop to another, especially along this Badagry expressway like Alakija, Abulado, Barracks even Mile 2 bus stops. In fact, I had to clean up my savings to bail my goods. As it is now, I don’t have any savings to fall back to and sales are so low. We are just surviving by God’s grace,” Julie lamented. And when confronting with the fact that rice is a contraband, Julie insisted that the indiscriminate seizure of foreign rice by the customs officials would continue to cause untold hardship on Nigerians as long as local made rice remains in short supply while local demand grows. The trader further hinted that the solution to the country’s economic woes lies with government’s sincere approach to its monetary policy and governance. And calling on government’s intervention, Julie said the officials are everywhere and that their demands vary. “In fact, there are different sets from one bus stop to the other and their demands differ. They even seize one bag of rice and some will demand airtime worth as much as N10,000, while some will insist on cash, yet, some an outright seizure. “This is part of the problem. All these expenses - the money we spent on customs, transportation and others are what constitute the cost of a bag of rice and other items in the market. And this is one of the reasons a bag of rice that sold for N17,500 in December is now N20,000. Those people in uniform are the major cause of the hike in prices of food stuff. They are making life unbearable for us. You can’t imagine the poverty and hardship they have thrown many families into. The whole thing looks as if we are just working for them. Government should please save us from the hands of customs men. Our businesses are going down and we are finding it difficult to feed our families,” she appealed. Rationing of meals as survival tactics For Saidat Akinsaya, seeing is believing. Nobody needs to be told that Nigerians are going through hard times. From imported goods to the locally made ones, there is hardly any difference in their prices. Asked how has business been and why are they pushing up the prices of their goods. Akinsaya, though a tomato seller sounded quite enlightened. According to her, business and

survival have been tough and that sometimes she finds it difficult to recoup her investment. “Now a gallon of kerosene sells for N1,450 and N1,500, half derica size of tomatoes we used to buy for N150 is now N300 or even more; one bottle of red oil now sells for N500. When we couldn’t get kerosene to buy coupled with the incessant increment in the price, many of us switched over to cooking gas, that one too has gone up, 12kg that was selling for N2,500 last year, is now N5,000.” This trader told THISDAY that her business line is one of the businesses with quick turn over, but lamented that things have not been easy for sometime now, especially since the beginning of the year. According to her, the high cost of tomatoes and the attendant low sells have equally forced her to reduce the quantity of baskets of tomatoes she buys from Mile 12. “So far, in this week, a basket of tomatoes has been going for between N10,000 and N12,000. I really can’t say what it will sell over the weekend, the price is never steady. The amount we used in buying three to four baskets of tomatoes in the past is what we pay for just one basket today.” Pointing to the tomatoes she has on her table Akinsanya said, “look at the quantity of tomatoes we sell N200 today, it was formerly N100. Everybody in business wants to make profit, so we sell to customers the same way we buy. That is the only way we can remain in business. High cost of goods leading to less profit Calling on the government to intervene and save Nigerians from hunger and starvation, Akinsaya said that government needs to keep touch with reality by taking a physical walk on the streets of Lagos, Ibadan or even Abuja to see things themselves. Asking rhetorically, “What better way can the pang of hunger be felt in a land than when women for lack of food prematurely wane their suckling? Or when poor nutrition, hunger and poverty have been identified as major causes of death arising from treatable diseases and sicknesses. And for many families, three square meals have not only lost the ‘square’ value, painfully it is also becoming difficult to come by as families increasingly find it difficult to provide food for their families. “This is not a time to ask the children whether

T H I S D AY • MONDAY, FEBRUARY 27, 2017

FEATURES

This woman is not happy with the high cost of frozen fish in the market

Able-bodied men at newspaper stand in Ojuelegba Underbridge...many are without jobs they want more food after they might have finished a plate of food. We ration their food because we are not sure of the next meal. Sincerely, it is painful ignoring their request for more food, but that is part of the survival tactics. It hasn’t been this bad, but I know God will help us. But government should do something urgent, Nigerians are not finding things easy now,” she appealed. The time was 12:30pm when I entered Oja Market in Kuje-Omuwo area of Lagos State, the butchers had their tables filled with all sizes of cow and goat meats along with the leather (Pomo), liver and the intestines on display. Standing with Mr. Fawaz Adeniji who according to him was yet to make significant sales for that day, he shared a similar tale of low patronage with his counterparts in other markets. For him, while butchers try as much as possible to stay in business, Fawaz noted that the cost of doing business has remained a persistent source of threat. “Prices of things have gone up. Me, I don’t kill small Malu (cow). Before now we used to buy it for N150,000 to N170,000 and three or four of us will share it. But that same size of cow is now between N250,000 and N270,000. The problem is not only the price of the cow but everything generally. Things we need like kerosene, transport, support services from the abattoir, and many other things, their prices have gone up. And we the sellers, we try to add small thing just to get our money out, but customers will not understand. Their complaint is too much. This thing is affecting us seriously. Help us beg government to give us better change. What we are seeing now is not good, hungry will soon finish people in this country. “Many of us can no longer afford our children’s school fees. And it is not also easy to change them to government schools because they too are not taking students like they used to,” he said. January and February, no more season of abundance For Mrs. Romoke Gafarru, an onion seller in the same market, the months of January and February are usually a time to enjoy food in the country. According to this woman whose calculations seem reasonable, the prices of food stuff usually drop, especially after Christmas

rush. And for food stuff like tomatoes, onions, yam, potatoes, beans among others, their prices are usually cheaper. According to her, food stuff markets usually experience excess supply over demand during these months leading to price drop. But Gafarru said that it has been a different ballgame since the year began. Adding that there has been erratic change on the prices of goods and that there is nothing they can do. According to her, “The high cost of food stuff is not from us, it is from the Mallams we buy from. We don’t produce them, majority come from the North. The main problem now is that customers are not even coming to patronise us like before. We now beg our customers to buy from us so that we too can buy food to eat. And the ones that will even buy will buy very small quantity compared to what they used to buy.” Asked what she thinks is responsible for the low patronage from her customers she said, “So many things; some said there is no money. Many told me that they have not received salaries for many months. Some said that they no longer have a job because they were sacked or because their company has closed down.” Confronted with the idea that government has set up a fact finding committee on how

We are here to say enough is enough. Poverty is getting worse, we cannot buy bread, we cannot buy food and we can’t find jobs. We are asking government to fix energy, give us transparency and be accountable. And protect every Nigerian irrespective of where they come from and where they live. These are our demands

reduce the high cost foods, Gafarru said, “If government wants to know the true cost of food stuff in the country, let them go to Mile 12 and find out from the Mallams. The traders are not the ones causing the price hike. It is not even in our favour. For example, last year, a bag of onion was sold at between N7,000 and N8,000 for white and red, respectively. But that same quantity is selling at N20,000 and N22,000 from Mile 12. Charting the way forward, Gafarru urged government to pump money into the economy, reduce the cost of petrol and diesel, pay salaries, impress it on power distribution companies to provide power, among others. Hunger, poverty and poor governance protests across the country It will be recalled that Nigerians recently stormed major cities in the country, protesting against hunger, hardship and poor governance in the country. In Ibadan, Oyo State, the leader of the rally, Mr. Tobi Ogunbanjo who spoke on behalf of the Oyo State Voice Initiative said, “we are here for this nationwide peaceful protest because we say no to tyranny. This hardship is too much for our people and it is like we have moved from frying pan to fire. During the administration of former President Goodluck Jonathan, we said we were in frying pan. That was why we opted for change and this change has not done us any good. “People can no longer have three meals on a daily basis as the economic situation in Nigeria does not permit them to do so. Many Nigerians have committed suicide under this administration simply because they couldn’t cope with the current situation,” Ogunbanjo said. Presenting a 12-point demand which was thus: reversal of prices of food items, kerosene, cooking gas, electricity and petrol back to pre-2016 level, among others. Also speaking on behalf of the protesters in Abuja, the former chairman of the National Human Rights Commission (NHRC), Professor Chidi Odinkalu, said the protest was aimed at demanding good governance from the Buhariled government and for it to realise that the administration’s policies have not addressed the current economic challenges in the country. According to Odinkalu, “We are trying to

make sure that Nigeria works for everybody. We came here as poor ordinary Nigerians armed with our national plan. They (police) have been sent here to do what they don’t want to do, we know they are part of us.” Speaking further, Odinkalu said, “we are here to say enough is enough. Poverty is getting worse, we cannot buy bread, we cannot buy food and we can’t find jobs. We are asking government to fix energy, give us transparency and be accountable. And protect every Nigerian irrespective of where they come from and where they live. These are our demands. “We also want to reiterate that we are gathered here to protest that our political leaders have failed us, the elected leaders have failed us. They are not keeping to their election promises, they are not following their manifesto. We are here to demand for proper leadership,” Odinkalu said. Reacting to the demands of the protesters in Abuja, the Acting President, Prof. Yemi Osinbajo said that the federal government was aware of the situation in the country and that the FG has not relented in its efforts in changing the country for the better. He however noted that the damage of the years gone cannot be reversed overnight. Government promised to turn around the economy He said: “We hear you loud and clear.” Quoting a statement made by President Buhari a few weeks back, Osinbajo said. “I know how difficult things are. All my adult life I have always earned a salary. I know what it is like when that salary is not enough.” Speaking further, the Acting President said, “We are in a serious economic situation and the president is particularly concerned about the lot of the common man. And I quote him, ‘For some, the recession today means not being able to pay school fees, for others not being able to afford the high cost of rice and millet, and for most of our young people the recession means joblessness.’ “I for one, have been across the states and even today some people are out on the streets protesting that things are difficult. What we are saying to every Nigerian is that we hear you loud and clear, and we are determined to turn around the economy,” Osinbajo promised.

IMAGES

T H I S D AY • MONDAY, FEBRUARY 27, 2017

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

L-R: Ogun State Commissioner for Commerce and Industry, Otunba Bimbo Ashiru, his counterpart in the ministry of Agriculture, Mrs. Adepeju Adebajo and the Managing Director/CEO, Agrited Silver Plain Farm, Mr. Chaim Zach, during a facility tour to the farm at Agbedimu village, Ajebo, Ogun State....recently

L-R: National President, Mi-Yetti Allah Cattle Breeders Association of Nigeria (MACBAN), Alhaji Muhammadu Kiruwa; Regional Manager, Enterprise Business North, MTN Nigeria, Mr. Auwal Abdullahi; Convener/Chairman of the Occasion, Alhaji Jinadu Maina and Senior Manager, SME Segment, MTN Nigeria, Mr. Mohammed Sharafadeen, during the MTN Animal Identification and Management Solution Sensitisation Summit, in Kaduna...recently

L-R: Representative of Group Managing Director, Nigeria National Petroleum Corporation (NNPC), Saidu Mohammed; member, Board of Trustees, Aret Adams Foundation, Mrs. Izarene Adams; Chairman, 14th Annual Aret Adams Memorial Lecture Series, Mr. Odein Ajumogobia (SAN); and Partner, Ajumogobia and Okeke &CO, Mr. Patrick Osu, at the 14th Aret Adams memorial lecture series, Tagged “Find More , Produce More” held in, Lagos... recently PHOTO: ETOP UKUTT

L-R: Cheif Financial Officer, BCX, Mrs. Olusike Bamisebi; Managing Director, Mr. Ayo Adegboye; and Managing Executive, Print Division, Mr. Jakes Mogale, during media briefing on the changing of Business Connection as a brand name to BCX in Lagos...recently Yomi Akinyele

The Alake and Paramount Ruler of Egbaland, Oba Adedotun Gbadebo flanked by the Chairman, Lisabi Festival Committee, Chief Rasheed Gbadamosi (right) and National Commercial Coordinator, Globacom, Mr. Abayomi Ogunbamowo (left) at the press conference to flag off activities for the 2017 Lisabi Festival sponsored by Globacom in Abeokuta....recently

Director General, Nigerian Maritime Administration and Safety Agency, Dr. Dakuku Peterside(left)and Comptroller General, Nigerian Customs Service (NSC), Col. Hameed Ali (Rtd.) during a courtesy visit by Top Management Staff of the Agency to the Headquarters of the NCS in Abuja....recently.

L-R: Technical Admin Manager, Nigerite Limited, Mrs Tope Okeya;, Chief Finance Officer, Mr Gbolahan Tijan; Chief Operating Officer, Mr Bart Verlinden. Consultant, Dupont Chemicals, Mrs Rosemary Mosiane and, Quality Systems, Safety, Health and Environment Manager, Mr John Bamigboye at the conclusion of the Phase 1 of SafeStart Training organised by Dupont Chemicals, South Africa for Nigerite Limited in Lagos...recently

L-R; Chairman of Troyka Group, Mr. Abiodun Shobanjo; President and Chairman of Council, National Institute of Marketing of Nigeria (NIMN), Mr. Tony Agenmonmen, and , Managing Director/CEO of Nigerian Breweries Plc, Mr. Nicolaas Vervelde at the investiture of Agenmonmen in Lagos....recently

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Quick Takes Air Peace Launches Sokoto Route

BOOSTING TRADE RELATIONSHIP

L–R: Managing Director, Fouani Group, Mr. Mohamed Fouani; Secretary General, Franco-Nigeria Chamber of Commerce (FNCC), Mrs. Oritsematosan Edodo-Emore; Consul General, French Consulate, Mr. Laurent Polonceaux; Head of Corporate Marketing, LG Electronics West Africa operations, Mr. Rajesh Agnihotri; and Acting Director General, FNCCI, Mr. Moses Umoru, during the Franco-Nigeria Chamber of Commerce and Industry Business Networking cocktail in Lagos- recently

NLNG, NNPC on Collision over Pipeline Explosion Ejiofor Alike Nigeria LNG Limited and the Nigerian National Petroleum Corporation (NNPC) may be heading for a collision over the explosion that hit the NLNG pipelines in Emohua Local Government Area of Rivers State, which was allegedly caused by the activities of Integrated Data Services Limited, (IDSL), a subsidiary of the corporation, THISDAY has learnt. NLNG had reported an explosion on one of its gas transmission systems, which houses two gas pipelines in Rivers State. According to a statement by the company’s General Manager, External Relations Division, Dr. Kudo Eresia-Eke, the explosion struck about three kilometres

ENERGY from Rumuji in Rivers State. The company, however, added that no casualties were reported, and that the incident was being investigated. “An explosion occurred in the afternoon of Wednesday, 22nd February 2017 on a section of the Right of Way housing two gas transmission pipelines, one of which belongs to Nigeria LNG, about 3 kilometres from Rumuji in Rivers State,” the statement said. Though the NLNG added that the underlying cause of the incident was still to be determined, it was, however, alleged that it was the operation of IDSL, which involves the use of dynamites and grenades around the area that caused

the explosion. According to the allegation, when the IDSL denoted the explosives used in its operation, the vibration caused the explosion that hit NLNG pipelines. But in a swift reaction, IDSL had explained that it was not responsible for the pipeline explosion. NNPC’s spokesman, Ndu Ughamadu admitted that IDSL used explosives around the area but added that the IDSL’s operation crew, which was engaged in acquiring seismic data for SPDC in Oil Mining Lease (OML), 17/22 ROBO 3D prospect, observed approved safe distance standards contained in the Department of Petroleum Resources’ (DPR) regulations and as such could not be the cause of the blast.

“Our activities involve the use of seismic explosives of size 2kg and detonators. The drilled and exploded depth is 45 metres. At this depth the effect on the surface cannot affect any structure. The suspected gas leakage on the gas pipeline between Eveku and Rumodogo 1 communities in Emohua Local Government Area of Rivers State of February 22, 2017 was not caused and cannot be caused by NNPC, IDSL Party 05 seismic operations. Our closest activity around the incident area yesterday was 798 metres away from the pipeline”, IDSL stated. “As a responsible corporate body, IDSL’s crew on operation in Emohua Local Government Area observed, to the letter, DPR’s Continued on page 24

CBN Assures Nigerians, Investors of Exchange Rate Stability Ugo Aliogo Basking in the euphoria of the appreciation recorded by the naira last week, the Central Bank of Nigeria (CBN) has restated its commitment to exchange rate stability. Speaking at the Guaranty Trust Bank Plc’s 2017 non-oil export workshop held in Lagos at the weekend, the Deputy Director Trade and Exchange Department of the CBN, Olu Vincent urged Nigerians to continue to support public policies. He further stated that measures had been put in place to support businesses in the country, stimulate growth and grow the economy. Olu called

ECONOMY on importers to ensure that the country benefits from what they are importing. He said: “We (CBN) are going to do more to stabilise the value of the naira so that everybody is happy. The present government is trying to ensure that we consume what we produce locally.” Reacting to an earlier appeal by an exporter for the federal government not to restore the export expansion grant (EEg), Vincent, said there was pressure on federal government to restore the EEG. According to him, although the CBN was against because it was being abused,

but the central bank does not have the powers to prosecute. Vincent said the federal government had disclosed plan to reintroduce the EEG. He assured the exporters that the CBN was committed to supporting their businesses. The event which was organised by the GTBank brought together some of its key exporters to dialogue on issues affecting trade, forex and export activities, thereby providing sustainable headway for the exporters. “Last year at the beginning of this crisis, the Governor of the CBN, Mr. Godwin Emefiele had a meeting with the exporters in Lagos. At the meeting, we discussed issues bothering on

remittances, volatility in exchange rate and other issues. “Sadly, there was no sincerity of purpose amongst the people that came for that meeting. But today we can see some level of sincerity and discourse,” Vincent said. “About 15 years ago, if you were an exporter and you didn’t repatriate your export proceeds based foreign exchange embargo, people started having the feeling that we were killing businesses. “We decided that for the exporter, there must be KnowYour Customer (KYC) by the bank. The bank must know the account owner. We decided to shift the responsibility to comContinued on page 24

AirPeacehasannounceditsintentionto commenceflightoperations from Lagos to Sokoto via Abuja from March 1, 2017. A statement issued by the Corporate Communications Manager of Air Peace, Mr. Chris Iwarah said the development was the airline’s response to the yearnings of the people of Sokoto and other parts of the North to extend its exceptional flight services to the area. Sokoto, the statement added, would be the fifth route the carrier would be launching in six months in line with its huge expansion plan. The airline entered the Lagos-Benin-Lagos and theAbuja-BeninAbuja routes in September 2016; Lagos-Uyo-Lagos flight operations in December 2016 and on February 16, it made its first regional flight to Accra, Ghana. “We are pleased to announce the commencement of our flight operations from Lagos and Abuja into Sokoto starting Wednesday, March 1. Sokoto is a strategic social, economic and religious centre reputed for its unbroken record of peaceful coexistence in the North. “We are indeed happy to lead the new effort for seamless connection between the state and other parts of Nigeria. Our entry into the Sokoto route is a timely response to the yearnings of the government, good people of the state and the entire North to bring our spectacular flight services closer to them. “Towards the end of 2016, we promised to connect Nigeria, Africa and other parts of the world. We have been delivering on our promise consistently since,” Iwarah said.

NUJ Honours Medview CEO

The Chief Executive Officer (CEO) of Medview Airline Plc, Alhaji Muneer Bankole was at the weekend honoured with another award of Excellence by the South West Nigerian Union of Journalists (NUJ). Bankole was honored in Ibadan by the six chapels of the NUJ in South West as part of the activities to mark World Radio Day. Making the presentation, the Oyo State Commissioner for Information, Culture and Tourism, Mr. Toyin Arulogun said Bankole deserves the award for his immense contribution to the development of the aviation industry. The Commissioner who delivered a lecture, titled: “Radio and You” urged radio stations to streamline their contents to fit into their audience demographic profiles. He advised NBC to closely monitor what the various radio stations are shoving at the public. The Zone B of NUJ comprises Lagos, Oyo, Ogun, Ondo, Osun and Ekiti States. Last month, National Association of NigerianTravel Agents (NANTA) honoured Alhaji Bankole with Eminent Personality award for 2016, while he got Airline CEO of the Year Award from the Nigerian Aviation Award (NIGAV).

NAMA Moves to Review AIP

The Nigerian Airspace Management Agency (NAMA) has set up a committee to commence the immediate review of the nation’s Aeronautical Information Procedure (AIP). The Nigerian AIP is a state document that contains all aeronautical information that relate to the services, procedures, facilities and personnel at all Nigerian airports or within the Nigerian airspace. A statement from the office of the Managing Director, Capt. Fola Akinkuotu stated that the AIP review became necessary following the ongoing certification of Nigerian international airports by the International Civil Aviation Organisation (ICAO). According to the statement, the review intends to capture facilities that have been upgraded at the airports including fire cover, lighting systems, aerodrome layout, airfield lighting facilities, navigational facilities and visual aids. Safety critical information to be captured in the review includes landing and takeoff distance available, runway end safety area (RESA), flight approach procedure for all airports, state weather minima for all airports and aerodrome characteristics. Headed by the General Manager, Safety Management Systems/Quality Assurance, Mr. Mathew Lawrence Pwajok, the committee’s review exercise is being conducted as a collaborative effort by NAMA in support of the Federal Airports Authority of Nigeria (FAAN), towards the attainment of successful certification of Nigerian international airports by ICAO.

“The economic environment has been challenging for all businesses and we are no exception” Managing Director/Chief Executive Officer, Guinness Nigeria Plc,

Peter Ndegwa

T H I S D AY • MONDAY, FEBRUARY 27, 2017

BUSINESSWORLD NLNG, NNPC ON COLLISION OVER PIPELINE EXPLOSION

regulations governing such activities which include: maintaining a minimum distance of 25 metres from tarmac roads, 50 metres from houses, 100 metres from pipelines, and a minimum distance of 200 metres from well heads or oil wells. IDSL crew was 798 metres away from the exploded pipeline,” Ughamadu added. However, an official of NLNG, who spoke on condition of anonymity, told THISDAY that the preliminary results of the interim investigation showed that IDSL may be culpable. “Investigation is still ongoing but from what we have gathered so far, everything points to the operation of IDSL. When you are using explosives, you can’t be 100 per cent accurate on minimum safe distance. The impact of explosives may extend far beyond scientific projection. That is why the military warns civilians to stay away from certain areas when they want to carry out training exercises because you can’t be too sure of safe distance,” he explained. CBN ASSURES NIGERIANS, INVESTORS OF EXCHANGE RATE STABILITY

mercial banks who know much of their own to make sure that the business keeps going. Funds don’t come back to us. There are people that export with the intentions of not bringing back the funds to the country.” He explained that under the new export regulation, if an exporter exports and doesn’t repatriate export proceed to the bank where the individual transacting business with, the bank would be sanctioned by the CBN, adding that the customer has a responsibility of bringing back the export proceed, therefore in order for the banks to accommodate the penalty from the banks they need to create a pool whereby until you repatriate the export proceeds you will not have access to the money. Vincent stressed that the bank was supposed to know the customer very, because if the customer doesn’t bring back the export proceed, the bank would be sanctioned, while urging the bank to devise strategies to prevent them from incurring unnecessary loss.

Group Business Editor

Chika Amanze-Nwachuku AgriBusiness/Industry Editor

Crusoe Osagie

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (AgriBusiness)

NEWS

Utomi: Increased Investment in Youth Entrepreneurship will Boost SMEs Ugo Aliogo and Gloria Onoja The Founder of Centre for Values in Leadership (CVL) Prof. Pat Utomi, has called for increased investment in youth entrepreneurship as part of efforts to improve the growth of small medium scale enterprises (SME) in Nigeria. He added that this would improve employment generation and boost economic growth. Utomi, who made the observation at a press briefing in Lagos, said if the country aspires to build a strong partnership for development, there is need for effective collaboration between the public, private and private development agencies. He said as part of efforts to support the federal government’s desire in the area of youth empowerment, CVL in partnership with the Central Bank of Nigeria (CBN) had commenced the 2nd edition of the CVL national youth intervention project in Delta State to provide technical skills trainings, entrepreneurial and micro-enterprise development. The CVL founder explained that the Project meant for the South-South Zone, which was the second phase of the CVL National Youth Intervention Programme (South-West, South-South, North East, North

Central, South-East and NorthWest) will be implemented in four different clusters of Delta State (Warri, Asaba, Agbor, and Ozoro) and directly benefit 400 participants (100 from each cluster) and over 5,000 indirect beneficiaries between February and October. He noted that the first phase for South-West which took place in Ajegunle, Lagos, was concluded in July 2016, adding

that it empowered 100 youths with Entrepreneurship, business management Skills and start-up kits/grants, “the third phase will take place in the North East in Adamawa state.” Utomi added: “The training will include: Technical/vocational skills training for sustainable income generation activities, (including food production, metal works/wielding, sewing, Tiling, Hospitality/Tourism, carpentry,

vehicle repair, and bricklaying), entrepreneurship and business skills training: basic financial management, budgeting, business planning, and skills marketing to encourage profitable and self-sustaining enterprises. “The programme will serve as a finishing school for young graduates in the areas of entrepreneurship and employability. “It will also introduce ‘executive vocational education’ which

allows for unemployed graduates to learn vocational skills and gain business capacity. Within 12 months train and equip 200 youth in Delta State with entrepreneurship skills to start and run sustainable micro-enterprises. The training provides mentoring and supervisory visits for trained youth as they launch new business activities such as advising on budgeting, bookkeeping, and accounting.”

DONATION OF DESKTOP COMPUTERS

L-R: Vice Chancellor, Ambrose Alli University Ekpoma, Prof. Ignatius Akhakhia Onimawo; Managing Director, Smile Communications Nigeria, Godfrey Efeurhobo; Barrister Longe Oisamaye of the university and the Dean, Faculty of Law of the university, Prof. Sunday E. Edeko, during the presentation ceremony of desktop computers to the law faculty and the university by Efeurhobo, an alumnus of the university...recently

GSMA Urges FG to Promote Policies Quick Fix Can’t Sustain Airport Infrastructure, Says Babalakin on Digital Economies Emma Okonji The GSMA, a global telecommunications body has called on the federal and state governments to take advantage of its recently launched report that encourages governments to pursue policies that incentivise investment and promote development of digital economies, building an inclusive digital future for their citizens. The report ‘Embracing the Digital Revolution: Policies for Building the Digital Economy’, which was developed in collaboration with Boston Consulting Group (BCG), calls on policymakers to encourage digital advancement and prepare for the changes that lie ahead, while highlighting the risk of inaction. Analysing the report, the Chief Regulatory Officer, GSMA, John Giusti, said: “Digital and mobile technologies have delivered far-reaching social and economic benefits at both the global and national levels.” According to him, “As the digital and mobile revolution continues to accelerate, new technologies such as artificial intelligence, robotics and the Internet of Things, promise great benefits but also continued disruption resulting from the digitalisation of many industry sectors.” Forward-

looking policies can enable citizens, businesses, societies and countries to prosper, improving lives and livelihoods, while mitigating the possible adverse effects that can accompany economic change,” Giusti said. He explained that digitalisation would enable businesses to operate more efficiently and to access new markets and customers. Digital technologies can better connect government with its citizens and have a major impact on day-to-day life, from shopping and banking to entertainment and connecting with friends and family. The report estimates, for example, that digital technologies will influence up to 45 per cent of all retail sales by 2025. The GSMA research has examined the positive impact that mobile has on the worldwide economy, and explained that mobile ecosystem generated 4.2 per cent of global GDP in 2015, a contribution of more than $3.1 trillion of added economic value. The report encourages policymakers to be the architects of change by using policy to drive change and transform their economies for the benefit of all citizens. Policymakers have the power to create the best possible outcomes for the technological future in their country, whatever the level of socioeconomic development,

if a number of key factors are put in place. The report listed such key factors to include high-speed, reliable and robust digital infrastructure; Digitally willing and capable people; Digitally competent and engaged businesses; Trusted environment for digital interactions; Enabling policy framework, among others. “Governments have a critical role to play in creating an inclusive digital future by establishing a policy framework that incentivises network investment, by ensuring laws and regulations reflect the realities of today’s digital world, and by promoting digitalisation across the economy and society,” Giusti said. Despite the many benefits of digitalisation, the pace of change creates the possibility of a gulf between those who are digitally connected and those who are not. Governments have an important role to play in creating a policy environment that allows for an inclusive digital society where few feel threatened or left behind, the report added. The benefit consumers receive from mobile technologies can be quantified using the economic concept of consumer surplus, which is the value that consumers receive, over and above what they pay for devices, apps, services and internet

Chairman of The Resort Group and operator of the Murtala Muhammed Airport, Lagos (MMA2), Dr. Wale Babalakin (SAN), has said that the infrastructural deficit in the aviation industry required holistic and comprehensive strategy for redevelopment and not the prevailing quick fixes, which cannot solve the problem. Speaking on the topic, ‘Focus on Nigeria’s Aviation Sector’, on a Channels TV programme, The Crux, Babalakin, whose firm, Bi-Courtney Aviation Services Limited (BASL) manages the Murtala Muhammed Airport Two (MMA2), said infrastructure deficit was a deliberate position of the government. According to him, “If you’ve been doing the same thing for 63 years and it has continued to fail, doesn’t that tell you that there is something wrong with the system? It is a systemic failure that is all encompassing.” Babalakin said government institutions must begin to honour their commitments and agreements, adding that, “If you go to countries where investors are competing to invest in public infrastructure, it is because of the sanctity of contracts. Yes, you may say you don’t agree with a transaction, but you signed. You have to wait for that transaction to lapse before you can alter it, or you have to pay substantially for trying to alter it. If we don’t have a system that makes an investor believe he can look at a 20-year run in a transaction, why should he come in and invest heavily? If he is coming in, then he’s just coming for a quick fix. Infrastructure cannot be sustained with quick fixes.” The Senior Advocate of Nigeria (SAN) advised that if public officials have issues with agreements

signed by previous administrations, dispute resolution processes should be explored. On the takeover of Arik Air by the Assets Management Corporation of Nigeria (AMCON), he said: “I won’t sit down here and join in criticising Arik. Arik would have its own issues but the system indulged Arik. The system overlooked all the breaches of agreements of understanding and allowed it to compound the problems until a stage when they could no longer tolerate it. You should ask the regulators these questions: When did Arik begin to breach agreements or processes? How long did they take to respond to those breaches? When did Arik stop paying the dues it ought to pay? How long did it take to respond to those issues? What was done to ensure compliance? It’s a systemic failure.” Speaking on the aviation Bailout Fund, he asked, “What were the terms of the Bailout Fund? Who was responsible for the monitoring of the Bailout Fund? When did it crystallise? What action was taken immediately? If all these were not done, then it was a bonanza. The government set out to ensure that it did not succeed.” The Minister of State for Aviation, Senator Hadi Sirika, who was also on the programme, said there was no effort in the past to improve the sector. He promised that the government would work with the private sector through concessions in a transparent and efficient way to improve aviation infrastructure. On the plan to shut down the Abuja Airport for repairs of its runway next month, Sirika said it was necessary in order to prevent accidents and ensure safety.

T H I S D AY • MONDAY, FEBRUARY 27, 2017

BUSINESSWORLD

MARKET REPORT

Equities Market Closes Higher on Bargain Hunting Goddy Egene and Nosa Alekhuogie

halted the bears. The NSE ASI rose 0.63 per cent to close at 25,409.06.. Market capitalisation added N55.1 billion to close higher at N8.8 trillion. All sector indices appreciated except for the NSE Insurance Index which closed flat. The Banking Index rose 1.4 per cent as a result of renewed appetite in GTBank (+3.9 per cent) and UBA (+3.2 per cent). Similarly, the NSE Consumer Goods Index rose by 1.4 per cent due to sustained bullish sentiment for Nigerian Breweries (+3.1 per cent) and GUINNESS (+4.8 per cent). Mobil Oil appreciated by 3.3 per cent to drive the NSE Oil & Gas Index to add 0.3 per cent to a positive close. Similarly, the NSE Industrial Goods Index gained 0.05 per cent following owing to bargain hunting in CCNN that lifted the equity by 3.1 per cent. The market ended the last day of the week on negative note with the NSE ASI, depreciating by 0.62 per cent, following losses recorded in the share prices of Forte Oil, Nigerian Breweries, GTBank, FBN Holdings and Nestle. As a result, the year-to-date decline posted by index stood at 6.04 per cent as at Friday.

Bargain hunting in consumer goods stocks assisted to halt three weeks decline recorded at the stock market as the Nigerian Stock Exchange (NSE) All-Share Index (NSE ASI) closed in the green zone. The market had remained bearish since the beginning of February as investors remained quiet. However, a renewed demand for stocks of consumer goods, especially Nigerian Breweries and Guinness Nigeria Plc bolstered the market performance last week. Consequently, the NSE ASI closed 0.34 per cent higher at 25,250.37. The market gained in three of five sessions with the biggest appreciation, 0.63 per cent was recorded on Thursday, but was almost erased by a 0.62 per cent loss in the following session. But the increase in the prices of high-capped consumer goods stocks-Nigerian Breweries, Guinness and PZ Cussons- helped to lift market to a positive close. Apart from the NSE ASI that appreciated. Daily Market performance After losing 0.69 per cent the previous week, the market opened last week on a positive note on Monday. The NSE ASI appreciated by 0.34 per cent to close at 25,249.49. Activities of bargain hunters contributed to the positive performance on the first day of the week, engendered by gains recorded in the shares of in the share prices of Nigerian Breweries, Diamond Bank, Oando, Guinness and PZ Cussons among others. Investors traded 110.01 million shares valued at N985.67 million. The most actively traded sectors were: Financial Services (80.51million), Consumer Goods (11.43 million), and Oil and Gas (4.66 million), while the three most actively traded stocks were: United Capital (16.69 million), Zenith Bank (16.09 million) and Fidelity Bank (11.39 million). An analysis of the sector performance showed that the NSE Consumer Goods rebounded, rising by 2.2 per cent on account of bargain hunting in Nigerian Breweries (+4.2 per cent) and PZ (+9.0 per cent). However, on the flip side, the NSE Banking Index and NSE Insurance indices shed 0.2 per cent and 0.1 per cent respectively on the back of decline in Access Bank (-1.6 per cent), UBA (-0.8 per cent) and NEM (-2.5 per cent). In the same vein, the NSE Oil & Gas Index fell 0.6 per cent as investors took profit in Forte Oil (-5.0 per cent) just as the NSE Industrial Goods Index closed flat. The market closed flat on Tuesday with the NSE ASI recording a marginal rise of 0.01 per cent to close at 25,251.63. Nigerian Breweries was the major driver as investors reacted positively to the final dividend recommended by the company for the year ended December 31, 2016. According to stock traders, some investors are impressed with the final dividend recommended by the company despite a decline in profit for the year. The directors of Nigerian Breweries recommended a final dividend of N20.457 billion, which translate to N2.58 per share, bringing total dividend to N28.386 billion or N3.58 per share. Besides, the directors of the company have also made a recommendation to the shareholders to receive new ordinary shares of in the company instead of the final dividend. Following the huge forex loss, Nigerian Breweries Plc ended the year with profit before tax of N39.675

billion, down from N54.514 billion in 2015 and PAT of N28.416 billion as against N38.05 billion in 2015. Company Secretary/Legal Adviser of Nigerian Breweries Plc Mr. Uaboi Agbebaku, explained in a statement that the 100 per cent dividend payout is coming at a time the results of the company were impacted by high inflation and scarcity of foreign exchange in the macro-economic environment. He explained that the company was able to end the year with a positive result due to its twin agenda of cost leadership and market leadership supported by innovation. “Although the operating environment in 2017 is expected to be similar to 2016, the company remains confident that it is well positioned to adapt to the operating environment as required, and stay committed to delivering a good return on investment to shareholders,” Agbebaku said. The market shed marginal gain recorded the previous day on Wednesday, causing the NSE ASI close at 25,249.74. Similarly, market capitalisation fell to N8.7 trillion as investors lost N655.9 million. The negative performance stemmed from continuous depreciation in Consumer Goods bellwether – Nestle (-4.0 per cent) - and decline in GTBank (-1.6 per cent) which offset the gains in Nigerian Breweries (+4.0 per cent). However, price gain by Nigerian Breweries(+4.0 per cent) and Guinness Nigeria Plc(4.6 per cent) lifted the NSE Consumer Goods Index by 0.9 per cent. Similarly, the NSE Oil & Gas Index rose 0.1 per cent as a result of the appreciation in Oando Plc (+2.3 per

cent). Contrarily, the NSE Industrial Goods Index (-1.0 per cent) led sector decliners, owing to sell pressures on Lafarge Africa Plc (-2.3 per cent) and Cement Company of Northern Nigeria (-3.0 per cent).

TOP TEN BROKERS(BY VALUE)

Similarly, the NSE Banking and NSE Insurance indices trended southward, declining by -0.4 per cent and 0.5 per cent respectively. The market rebounded on Thursday as Nigerian Breweries, once again

AS AT LAST FRIDAY

BROKER

VALUE % VALUE

STANBIC IBTC STOCKBROKERS LIMITED

3,844,344,191.95

19.74

APEL ASSET LIMITED - BRD

2,441,660,139.04

12.54

CSLSTOCKBROKERSLIMITED RENCAP SECURITIES (NIG) LIMITED

2,315,609,994.34 2,279,708,357.50

11.89 11.70

A.R.MSECURITIESLIMITED-BRD

1,160,240,649.55

5.96

CHAPEL HILL DENHAM SECURITIES LTD - BRD

1,052,805,431.56

5.41

873,871,345.76

4.49

CARDINALSTONE SECURITIES LIMITED

386,166,942.91

1.98

EFCPLIMITED

353,908,915.38

1.82

330,958,557.64 15,039,274,525.63

1.70 77.21

FBN SECURITIES LIMITED

CORDROS SECURITIES LIMITED - BRD

TOP TEN BROKERS

(BY VOLUME)

BROKER CSL STOCKBROKERS LIMITED

AS LAST FRIDAY VOLUME

%VOLUME

163,925,300

10.70

STANBIC IBTC STOCKBROKERS LIMITED

134,323,297

8.77

A.R.M SECURITIES LIMITED - BRD

124,966,618

8.16

SANTRUST SECURITIES LIMITED - BRD APEL ASSET LIMITED - BRD

97,746,906 81,688,201

6.38 5.33

RENCAP SECURITIES (NIG) LIMITED

77,497,582

5.06

CHAPEL HILL DENHAM SECURITIES LTD - BRD

65,683,846

4.29

51,836,411

3.38

CARDINALSTONE SECURITIES LIMITED FBN SECURITIES LIMITED MORGAN CAPITAL SECURITIES LIMITED

38,348,348

2.50

31,521,807

2.06

867,538,316

56.65

Market turnover At close trading last week, investors traded 765.656 million shares worth N9.717 billion in 12,468 deals as against 1.073 billion shares valued at N8.608 billion that exchanged hands in 14,486 deals the previous week. As usual, the Financial Services Industry led the activity chart with 575.290 million shares valued at N3.470 billion traded in 6,738 deals; thus contributing 75.14 per cent and 35.71 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 53.812 million shares worth N3.470 billion in 2,572 deals. The third place was occupied by Conglomerates Industry with a turnover of 48.961 million shares worth N229.411 million in 622 deals. Trading in the top three equities namely – Zenith Bank Plc, AIICO Insurance Plc, and United Capital Plc accounted for 280.563 million shares worth N1.867 billion in 2,438 deals. Price Gainers and Losers Meanwhile, 18 appreciated in price last week, lower than 29 equities of the previous week, while 34 equities depreciated in price, higher than 25 equities of the previous week. Nigerian Breweries Plc led the price gainers with 13 per cent to close at N130 per share. Guinness Nigeria Plc trailed with an appreciation of 11.5 per cent. NPF Microfinance Bank rose by 9.2 per cent just as Beta Glass Plc, Custodian and Allied Plc, and Berger Paints Nigeria Plc gained 4.9 per cent apiece. Other top price gainers included: Axa Mansard Insurance Plc (4.6 per cent); PZ Cussons Nigeria Plc(4.4 per cent); Stanbic IBTC Bank Plc(3.6 per cent) and Caverton Offshore Support Group Plc (3.3 per cent). Conversely, Unilever Nigeria Plc led the price losers with 16.1 per cent to close at N28.50 per share. Forte Oil Plc trailed with a decline of 14.9 per cent, followed by Vitafoam Nigeria Plc with 14 per cent. UAC of Nigeria Plc, Honeywell Flour Mills Plc shed 9.1 per cent, just as The Initiates Plc went down by 8.9 per cent. Other top price losers included: AIICO Insurance Plc (7.9 per cent); African Prudential Registrars Plc (7.9 per cent); Dangote Flour Mills Plc (7.3 per cent) and Lafarge Africa Plc (7.1 per cent).

T H I S D AY • MONDAY, FEBRUARY 27, 2017

BUSINESSWORLD

INSIDE BROAD STREET market rates is that the rates are very responsive to the movement in demand and supply situations. One thing which the monetary authorities must guard against to ensure success is diversion and no round tripping must be countenanced in this respect. Otherwise the full benefits of the recent measures would not be realised,” Chizea added. On his part, the CEO, Global Analytics Consulting Limited, Mr. Tope Fasua, faulted criticism of what some had described as the frequent changes to the country’s FX rules, saying that “the role of a central bank is to tinker with policies.” He commended the central bank for what he termed as its dynamism, saying: “Nobody has a singular policy and then goes to sleep. This economy is not a developed economy. Even the developed economies, they tinker with monetary policies. But I think Nigerians should put themselves in the shoes of these policy makers. I am not saying that they get it all the time. A good central bank must be dynamic and that is what we have been seeing. “You can’t leave FX supply in the hands of BDCs. What they have just done by allowing the banks to open retail outlets in airports is the best because they (CBN) would be dealing with banks that they can control. No matter what some people feel about the central bank, I personally think they are on the right track. If we look at the accretion to the external reserves, you will see that some of their policies are actually having effects. When people need little amount of FX for school fees and PTA, they should be able to get it without hassle and that is what the CBN has done.”

A view of Lagos financial district

AKINWUNMI IBRAHIM

Lever for the Naira Obinna Chima Nigeria’s beleaguered naira enjoyed a period of relative calm last week, following new foreign exchange (FX) measures that were introduced by the Central Bank of Nigeria (CBN). The actions which clearly caught currency speculators and traffickers off the guard, has resulted in a significant appreciation in the value of the naira against the US dollar. Specifically, the naira which fell to as low as N525/$ the preceding Friday, strengthened remarkably by N75 in just one week, to close at N450/$ on Friday. With the improved FX liquidity, there are also predictions that the naira may climb to N400 to a dollar in the coming days. Prior to the currency move by the CBN, volatility was a recurring theme in the Nigerian FX market, particularly at the parallel segment, since the oil market downturn, which began in 2014. The naira consequently shed 46.5 per cent and 66 per cent in the interbank and parallel markets respectively between June 2014 and January 2017. But the CBN in the new policy actions in the FX market released last Monday, among other things, resolved to ease the burden of travellers and ensure that transactions are settled at much more competitive exchange rates and had directed all banks to open FX retail outlets at major airports as soon as logistics permit. Furthermore, as part of efforts to further increase the availability of FX to all end-users, the CBN said it decided to significantly reduce the tenor of its forward sales from the current maximum cycle of 180 days, to no more than 60 days from the date of transaction. Sequel to its promise to ease the difficulties encountered by Nigerians in obtaining funds for FX transactions, the central bank, during the week carried out wholesale interventions in the interbank FX market by flooding the market with dollars to meet the visible and invisible requests of customers. The acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor expressed optimism that the intervention of the

MARKET INDICATOR CBN would substantially ease the FX pressure on visible and invisible needs of customers. Okorafor said that the Bank would continue to make interventions based on qualified bids from the banks on the requests of their customers. Also, global rating agency, Fitch Ratings expressed optimism that the measures announced by the CBN may ease some of the severe foreign currency liquidity pressure faced by banks in the country. Fitch noted that the most important aspect of the CBN’s announcement was the plan to normalise the FX interbank market. The agency explained that the intention of the CBN was to clear the backlog of overdue foreign currency obligations owed by banks to international creditors. It explained: “These are primarily trade finance obligations owed to correspondent banks. In addition, the CBN will no longer have a say in how banks on-lend the foreign currency they access from it. Banks previously had to demonstrate that funds were being directed to priority sectors of the economy.” Bridging the FX Market Gap The Director General of the West African Institute for Financial and Economic Management, Prof. Akpan Ekpo, held the view that the new measures announced by the CBN would help address the misalignment between the official and parallel market rate. According to the former university vice chancellor, “they (CBN) figured out that part of the problem was access to FX. So, if the banks open retail offices at the airports, it would facilitate access to a lot of people and it may become more transparent. The misalignment in the currency is causing a lot of distortions in the economy. He stated that an improvement in the level of FX supply in the country would help dampen the effect of rising rate of inflation in the country. Ekpo, however explained: “But we must all understand that Nigeria has an FX supply problem. It is not really a CBN problem. We

get FX majorly by selling crude oil. So, we need to change the structure of our economy so that we can have other sources of earning FX. If we have a viable manufacturing sector that exports most of its products, we would have enough FX. That is why I said we should blame the CBN all the time. So, this is a step in the right direction and we expect government institutions such as the Ministry of Trade and Investment to carry out their own reform so as to support what the CBN has done.” Also, the Chief Executive Officer, BIC Consultancy Services, Dr. Boniface Chizea, expressed optimism that the CBN would be able close the wide gap between the parallel and interbank FX markets “if and only if we meet all the demands for foreign exchange at the official window.” He added: “Once demand is sought outside this window it must be at a premium, even if it is from the Bureau De Change. The move to make dollars available to the banks to sell to those who demand for BTA, school fees and medicals at a rate lower than the parallel market rate which has begun to dangerously tend southward is a master stroke as this move should reduce the demand pressure at the parallel market resulting in an appreciation which could catch some economic agents who have taken positions expecting the exchange rate to depreciate further to take a hit and this should send a strong message to all speculators that if they are not careful they could get their fingers burnt.” Chizea, pointed out that the reduction of the wide gap between the official interbank window and the parallel market rate was the major reason for the recent changes to the approach to the determination of the exchange rates. “And if the recent steps did not breach the gap between the official and parallel market we must then consider this experiment a grand failure. But really it is logical that if you remove a large junk of demand from the parallel market as the recent measures are bound to guarantee that the rates would inevitably appreciate. “One thing you could say about the parallel

Stimulus for the Interbank FX Market Analysts at Cowry Assets Management Limited, held the view that the move by CBN to increase forex availability to end users was against the backdrop of the recent buildup in Nigeria’s foreign exchange reserves amid increased crude oil revenues. “Given improvement in the external sector, we anticipate that the new measures could pave the way for a gradual return of confidence in the foreign exchange market. We also expect the monetary authority to do more to harmonise the exchange rates and thereby discourage arbitraging,” they added. In the same vein, analysts at Ecobank Nigeria, noted that the new policy actions would also help reinvigorate the hitherto illiquid interbank FX market. According to Ecobank, the decision to cap the settled rate for the retail transaction at 20 per cent above the interbank market rate and the restriction of school fees to university education only could be a subtle way to partly control banks’ charges and manage likely FX demand pressure in the market. They added: “Over all, the impact of the circular could be short-lived, if the CBN does not show strong capacity to support the FX market with liquidity.” Also, Cyprus-based FXTM Research Analyst, Lukman Otunuga noted that with dollar demand for school fee payments overseas and personal travel allowance enforcing downside pressures on the parallel market, the move by the CBN to sell Dollars to retail users via commercial lenders was logical. But the Financial Derivatives Company Limited stated in a noted yesterday that: “Before we get carried away, we must remember that this recovery is only as good as the supply remaining consistent. The good news is that oil is currently trading at $57pb. If sustained, this will provide the buffer needed to support the CBN’s policy directive of substantial weekly dollar injections into the market.” On their part, Afrinvest West Africa Limited analysts said they “do not believe this move can sustainably address the lingering FX liquidity challenges in the economy without relaxing FX rate peg and review of list of items ineligible for FX transactions in the parallel market.” They added: “Personal and Business travel allowances, school fees and medical fees have been estimated to account for less than 20 per cent of total FX demand in the country hence there is still a large volume of demand (particularly the 41 ineligible items) that could pressure rate at the parallel market. “It is hard to make an exact call on direction of rate, but it is unlikely the parallel rate will breach the N500/$1mark again in the shorter term as a more dollar liquid CBN will not shy from further interventions. Yet, our medium term conviction remains that maintaining the interbank rate at current peg (without implementing deeper reforms required) will lead to deterioration in current account as more demand surfaces.”

T H I S D AY MONDAY FEBRUARY 27, 2017

T H I S D AY • MONDAY, FEBRUARY 27, 2017

BUSINESSWORLD

PERSPECTIVE

$30bn External Loans: Putting the Cart before the Horse Emmanuel Nwosu posits that the campaign for the $30 billion external loans and disposal of national assets, as the panacea to the recession and economic stagnation, is ill-advised Loans can help, no doubt, but we do not have what it takes, culturally and technically and by track record. Nigeria had seen money again and again but only to little avail. It had sold assets and taken loans for all sorts of empowerment only to revert to more debt - rather than economic bouyancy - sooner than later. When you scrutinize the packaging, costing and management of related projects, it would seem that public loans are mostly rushed for pecuniary interests more than public interest. Overinvoicing and lapses in management contracts, technology transfer and other derivatives (the recipe for non-performance) are rampant. We should, then, become circumspect and not fly off the handle into more rot than we are facing. Why have we been in recession and what must we do to finally get out of it? That is the high-gain question. It goes beyond unguarded loans and sale of assets, in the manner of the past. The causes of our recession are many and intertwined, among them, endemic corruption and frittering away of resources; failure to diversify the economy in production; importdependency with a delusive and ostentatious lifestyle and, above all, the refusal to restructure the Nigerian federation in a manner that compels everyone to become prudent and to produce with the abundant resources in his domain. We are spoilt children of a polygamous home, unequally yoked together, squabbling over limited food in the kitchen, in the manner of predators instead of each mother daring the weather to the fertile fields with her children to compete and harvest food in abundance. Those in power manipulate the system in favour of their enclave, at the expense of objective measures that can move the country forward. The situation is compounded by the fact that the current government has been slothful in communication, economic management and decision-making, generally. Susceptibility to fall in oil price is an aftermath. Put in another way, the problem is not the quantum of money (the ‘hardware’) but, among others, the quantum of appetite; insincerity and rascality of our leaders; tribalism and enclave mentality; endemic corruption; import-dependency and the frustrating atmosphere for investment and production - all of which revolve round the unjust, predatory, structure and operating system of the federation (the ‘software’) Let us first deal with this software. Money without character cannot transform any society. Loans are meant to be repaid from operational cashflow, as bankers would say and, in the

Adeosun case of sovereign or public loans - directly or implicitly - from enhanced well-being, economic activity and taxes in an expanding cycle of revenues that they are supposed to galvanize, in the short-term and/or in the long-term. Thus, the question of what the loan is spent on, where it is spent and “how” it is spent is very important because when the loan fails to expand the revenue cycle, owing to the software and other lapses already highlighted, there will be a permanent diversion of funds from other activities to its repayment which might trigger cashflow and service delivery problems throughout the system. It is worse when borrowing for both recurrent (operating) expenditure and capital expenditure as in our case where cost of government alone exceeds all revenue, with the debt to revenue ratio rising out of reach. Unfortunately, there isn’t much in this era indicative of a positive result from new loans, yet. Even ordinary analysis and presentation of the proposed $30 Billion loans have been faulted by the Senate. The Senate may latter be appeased to pass it but the weaknesses are already in the public domain. For example, a lot of money had been sunk on power and railways which will get large portions of the loans. What are the intended outcomes of the additional investment? Are these outcomes historically justified? What have been the returns and the debt service capacity of previous investment? If not satisfactory, what is the different strategy this time round? How come the most itinerant Nigerians and key commercial centres of the South-East, moving

millions of tons of passengers and cargo, daily, are not covered by the rail package, if viability (and not political patronage) is paramount? What about the devastated Niger Delta region from where the revenues for loan repayment might still be derived? There is also the tension arising from President Buhari’s lopsided utterances, body language and actions to contend with. Most bothersome is his government’s lukewarm response to the perennial conflict between herdsmen and farming communities that is tending towards nationwide ethno-religious conflagration (once potential victims begin to arm for self-defence) while the Boko Haram debacle still lingers. It is a matter of special pleading whether the herdsmen are Nigerian or foreign or the attacks reprisal or spontaneous. Lives and properties are serially lost. In many cases, communities have been sacked. The government should be seen to descend on the militia with more bile than it descends on protesters in the South-East and Niger Delta who do not take life. The aggressors (on both feuding sides) and their sponsors are not ghosts who cannot be rounded up, disarmed and prosecuted for deterence. However, there can be no lasting peace without justice, even in a garrison. Measures whereby farmers can possess their farmlands in peace, without avoidable trespass and loss while herdsmen become less nomadic and yet bountifully feed their cattle and earn better returns without incidents should be taken. Since conflict arises mostly

from itinerant and random cattle grazing and rustling, isn’t it more sagacious to have cattle-growing states (and other interested states anywhere) collaborate with the private sector to develop ranches where cattle can be best husbanded to global health, productivity and return-on-investment standards, without hindering crop farming and food security? The option of grazing routes and reserves - in the face of diminishing arable land and vegetation (owing to environmental, population explosion and urbanization challenges) is outdated, predatory, prone to incidents, unsustainable and a recipe for internal colonization which is inimical to lasting conflict resolution. Herders and their cattle must stray and the Fulani (the main stock holders) are, generally, domineering and conquest-oriented. His government is also perceived to be hijacked by an unpatriotic cabal priming it for Northern (nay, Fulani) hegemony, given the pattern of distribution of security and executive powers of the federation. Separation of powers, independence of institutions, improvements in election, Freedom of Speech and Rule of Law generally, which were fostered by his predecessor, are all being threatened under his watch. Consequently, cynicism and tension mount, with a resurgence of militancy, separatist agitation, capital flight, speculative demand for forex by anxious Nigerians and foreigners and inflation and financial markets volatility. Genuine investors are either sitting on the fence or migrating. Production continues to decline. The aftermath of unguarded loans in this dishearted situation will be a worsened economy! Thus, the first step to getting Nigeria out of recession is not $30 Billion loans. It is to get the government better guided on the affective (software) domain of leadership, in order to douse tension and negative perception and to restore the sense of belonging and faith in Nigeria among citizens and investors. Imagine the mileage to be gained by truce in the Niger Delta and increased output and sales of crude oil! Second, that template for ample fiscal independence and economic activism of federating regions in the First Republic, that motivated them to be people-centred, resourceful, prudent, productive, prosperous, and culturally accountable - but which was dismantled by successive military governments into a unitary system, with the federal government as a noose on the citizens and the states, which are rendered servile and dependent on periodic allocation of crude oil revenues controlled

by it - has to be regained by political cum economic restructuring. The current unitary structure and Constitution are inimical to healthy competition, ingenuity and quest for distinction by our diverse federating units which can better aggregate to a strong and economically vibrant country if empowered to take their fate in their hands with ample control over the natural resources, security and social services, etc, of their domains. In our current system of paternalism, the multitude of governments and leaders live bigger than their counterparts in the developed world, from Asia to Europe and America, where the Gross Domestic Product of one local government can be greater than that of Nigeria as a whole - even when they have to borrow for the outlandish expenses and when salaries of their workers are outstanding, not to talk of capital expenditure. Restructuring can curb this rascality, discharge funds to capital expenditure and motivate creativity, accountability and economic activism and competition at all levels of government. Third, the top-heavy recurrent expenditure profile of the present system should be quickly dismantled, starting from the National Budget in which the State House proposals, for example, could be trimmed by up to 75 per cent, like many other expenditure heads. Our leaders live in a world of their own, offering only platitudes for the abject condition of the people, rising unemployment and crime wave traceable to their selfishness and squandermania. There are still too many people, agencies and departments doing similar things, with all shades of staff milling about the President, governors and ministers, etc, yet, we are largely dependent on external consultants by whom funds can be easily siphoned. Merging some ministries merely scratches the surface. Political office holders and other senior public officers cannot cling to unwarranted security votes and allowances while the people they are supposed to be serving get increasingly famished and despondent. Nobody should be entitled to compensation for a previous office concurrently with the current one. It is time for austerity and for office holders to merit their pay. Fourth, import of food, fuels and other items significantly within our comparative advantage to produce should be systematically ended in two years, whatever it takes. So also should cultism, labour unrest and the drift of faculty in our schools, so that more people can opt for formal education in CONTINUED ON PAGE 31

T H I S D AY • MONDAY, FEBRUARY 27, 201 7

BUSINESSWORLD

NEWS

NCAA Attributes Safety Record to Strict Compliance to Regulation Chinedu Eze The Nigerian Civil Aviation Authority (NCAA) has said that the safety record attained in Nigeria since the past three years was due to strict compliance to safety regulations. The regulatory authority said it applied strict adherence to safety regulations to ensure that the country does not experience any air accident as was the case in the past. Reacting to the allegation that it contributed to the collapse of some of the airlines that existed in the past, the authority insisted that airlines that failed to abide by the rules would inevitably go under; noting that relaxing the rules to carry such airlines along would have resulted in tragic accidents. The General Manager, Public Affairs of NCAA, Sam Adurogboye explained at the

weekend that the regulatory authority must ensure that airlines comply to the rules in order to ensure they fly safely. “At the time NCAA started in January, year 2000, we had about 150 airlines in our register. In 2006, they came down to 28; the rest went under. It was not because NCAA didn’t do their regulation well. At a point the number reduced to 12 and today we have eight airlines. It is because we do what we needed those that cannot meet the rules were forced to go under,” Adurogboye said. He noted that NCAA must ensure strict compliance to regulations if airlines must fly safely and any compromise on that has tragic implications, so it would be ironical to blame NCAA, which ensured the rules are implemented and in implementing the rules those that could not cope

were weeded out, which is the objective of the regulations. “If anyone is saying NCAA didn’t nip any airline going under in the bud, then it means you are saying we should run business for the owners and that is against the prescriptions of the International Civil Aviation Organisation (ICAO). We don’t run airline for the owners or run feasibility service for the owners. When you want to start the business you indicate interest by sending application to NCAA. When we get the letter we invite you for a meeting, we consider the application and we ensure you are able to demonstrate the capacity to run a smooth operation. You have to acquire the aircraft, clear the staff, and have liquidity to back it up and pay the necessary fees,” he said. According to him, all the necessary security checks for

AMCON Resolves Issues with OAS Chinedu Eze

the airlines are conducted here and abroad “and the source of your fund will be established. Before you bring any plane to Nigeria, our inspectors will do flight inspection over there. If the plane is air worthy, we clear it to be brought into the country. On arrival, we carry out comprehensive system check on the airplane and we go in that order to issue Air Operating Certificate, (AOC) for each aircraft.” “Before you get your AOC, it means you have demonstrated capability to run safe and smooth operations. The laws are so clear, if you are not able to fulfill safe operations as your operations continue; then naturally you will find your way out of the business. For example, if you do not have insurance for airplane, naturally that airplane will be on ground. Every airplane has their maintenance schedule,” Adurogboye said.

The Asset Management Corporation of Nigeria (AMCON), which last week sealed Odengene Air Shuttle (OAS Helicopters) heliport has removed its seal and marks on the company’s property. Feelers from AMCON indicate that the matter with OAS has been amicably resolved and the company has continued to operate unhindered. OAS was said to have made a surprise bold imprint bordering on finance and business programme that impressed AMCON. AMCON, on its part was said to have maintained that its intention was never to hinder any organisation with great potential but rather, will encourage such companies to reach their goals “especially if the goals are clear”. The CEO of OAS, Captain Evarest Nnaji in a telephone interview confirmed the resolution of issues with AMCON. He also noted that the com-

pany’s flight activities were never interrupted in anyway even during the period it was negotiating with AMCON and commended the willingness on both side to reach an amicable settlement. “AMCON was purely professional in the negotiation and we as a law abiding organization are ever eager to abide by the rule of the law, so our flights were never hindered one bit. I wish to let you know that the matter has been amicably resolved,” the CEO said. OAS publication on its website on Friday evening read: “We wish to announce to the general public, specially our clients that the issues we have with Asset Management Corporation of Nigeria have been amicably resolved. All matters raised have been withdrawn both in courts and posts. Please be assured that we are financially and technically sound and will continue to do everything necessary to uphold our business and professional integrity.”

company and Business Connexion used to be a multinational company also, before Telkom it. So what this means is that both companies are bringing their strengths and expertise together to serve the customers better in more digitalised way that will bring about better customer experience, business efficiency and growth in such a way that technology will drive cost of doing business,” Adegboye said. Speaking of the strength of both companies before acquisition and the value it will bring to customers, the Chief Financial Officer, BCX, Mrs. Olusike Bamisebi, said: “Before the acquisition, Business Connexion

was a major player in the information technology (IT) services delivery space and Telkom saw that strength as a potential strength that could further boost its enterprise solution business, hence Telkom acquired Business Connexion and merged the enterprise solution business of Telkom with that of Business Connexion in order to have a stronger enterprise solution unit of the Telkom business.” According to her the acquisition has further strengthened both companies to serve their customers better under a single management. Today BCX is now well over 20 billion Rand in market

capitalisation, with over eight thousand employees globally and these are bestin-class employees. So BCX is now the third and latest subsidiary of the Telkom group, Bamisebi said. According to Adegboye, “With the acquisition, there is now a shift in the business plan and service offerings of BCX, offering an entire new line of business services from Business-to-Business (B2B), to Human-to-Human (H2H), the reason being that we deal entirely with humans in our type of business. The essence is to serve our human customers more than we had ever done in the past.”

BCX Harps on Digitalised Business Emma Okonji BCX, formerly known as Business Connexion, has stressed the need for businesses to go digital in today’s world of digital economy, insisting that businesses that do not embrace digital technology, would definitely go under like most businesses that were once big with global outlook. The Managing Director of BCX, Mr. Ayo Adegboye, who gave the advice while formerly announcing the new brand identity of Business Connexion in Lagos recently, said businesses, both small and big must embrace digitalised form of

business that would make them innovative and remain in business always. According to him, most businesses go into extinction after several years of successful business, just because they failed to embrace technology that will make them innovative enough to diversify their line of business. “We offer digitalised services to all our customers, and we are aware of the importance of merger and acquisition in the 21st Century digital economy, hence we accepted the choice of merger of the services of Business Connexion with that of the enterprise business of Telkom that acquired Business

Connexion 18 months ago,” Adegboye said. The acquisition took place about 18 months ago, but it was officially launched in South Africa last week, where the headquarters of both companies are located. The acquisition was signed on 24th of August 2015, but it was officially announced and celebrated during the launch of the new brand in South Africa last week. The new brand identity and logo which was launched in South Africa last week, will be officially launched in Nigeria this week, precisely March 2, 2017, Adegboye said. “Telkom is a multinational

$30BN EXTERNAL LOANS: PUTTING THE CART BEFORE THE HORSE Nigeria. Drastic measures need be taken on porous borders and on the immigration and customs services concerned. The federal government and state governments should set the pace in patronizing made-inNigeria products. For example, imported vehicles budgeted in capital expenditure should be substituted with available ones produced by Innoson Motors and other Nigerian companies. The government could go further to specify thresholds for local content for the vehicles, to encourage backward integration. Political office holders and public servants and their dependants should be made to patronize local institutions (up to first degree) and local health facilities (except on specialist doctor’s recommendation) Fifth, the campaign against corruption is highly commendable, particularly, with the addition of the whistle-blower initiative. But it is not yet encompassing, objective and

penetrative enough. So far, it seems fixated on the graft of key members of the previous government whose counterparts in the current government, said to equally have questions to answer, are routinely absolved. And, among citizens and the private sector as well as most states and local governments, it is still business as usual. Moreover, it is to be noted that corruption is pervasive and can manifest in various other strains (such as descrimination, manipulation and misrepresentation) beyond graft, all of which share similar genes and consequencies and are mutually regenerating. Curbing one strain without curbing the others which can regenerate it is only as good as hacking the branch instead of uprooting the evil tree. By limiting the current campaign to graft, you can have a situation where it declines temporarily while other strains that will regenerate it are at large. Above all, corruption

cannot be wiped out without changing the patronage, unitary, system on which it feeds and which has failed to deliver good governance in more than 50 years of tinkering and test by various regimes since Aguiyi Ironsi’s Unification Decree of 1966. Therefore, the campaign must be quickly fine-tuned if it is not to be mired in cynicism and controversy. While also commending it for degrading Boko Haram, the All Progressives Congress (APC)government, should accept that, by failing to deliver on any other promise made to the people by its party, with knowledge of what was on ground, but, instead, dithering or going in reverse, for almost two years, it is liable for fraudulent misrepresentation and manipulation and is also sliding into the same incompetence (or cluelessness) the Peoples Democratic Party (PDP)-government is accused. Many key players of the PDP government, indicted for frit-

tering away and looting public funds, are now prominent in the APC government which is doubling the domestic debt stock within two years and is pushing for the escalation of foreign debt from about $11 Billion it met to almost $50 Billion, all at once. The prevailing multiple exchange rates, preferential foreign exchange allocation and budget padding, etc, are also windows for looting. And, having since taken over the cabin is it tenable for the new pilot to still blame the former for the airplane’s failure to gain altitude, as the government is wont to? Either the latter is equally incompetent or the aircraft is defective and in need of repair (restructure) as demanded. Therefore, the APC government owes us humility! Let it demonstrate greater circumspection, readiness and executive capacity by, among others: (1) taking measures to sincerely communicate its policies and programmes and to bond with

the people, to douse tension in the polity, restore the faith of citizens and investors in the country and raise the output and sales of crude oil, quickly (2) expanding and selling down the anti-corruption campaign (3) embarking on political and economic restructuring of the country to put the federating units back in business and to facilitate the diversification of domestic production and revenue generation (4) curbing recurrent expenditure and imports, to beef up capital expenditure, foreign reserves, exchange rate and domestic production and employment and (5) publishing proposed policies, projects, budgets and loans, etc, for dissection by concerned Nigerians for better outcomes. Borrowing to “spendout-the-recession” without these cultural and structural software measures will worsen our pre-industrial economy with inelastic, fragile, production base and absorptive capacity.

T H I S D AY MONDAY FEBRUARY 27, 2017

MONDAY, FEBRUARY 27, 2017 • T H I S D AY

BUSINESS/MONEYGUIDE

CBN, NIBSS Restate Commitment to Cashless Policy Obinna Chima The Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS) have reiterated their commitment to the cashless policy. The policy is expected to be extended to the remaining 30 states from April this year. Speaking in an interview with journalists on the sidelines of the Electronic Payment Incentive Scheme (EPIS) 2016 awards that took place in Lagos at the weekend, the Deputy Governor (Operations), CBN, Mr. Adebayo Adelabu, said the central bank was working to ensure that the aim of the cashless policy was realised. Adelabu added: “As we all know that the function of any initiative depends on the amount of preparation that you do before you go into execution level. We have used about six states as pilot states. We have learnt our lessons, we have made mistakes and corrected them and before we move into the other 30 states, all the learning points would be effected. So, we have spent so much time preparing for this and we believe we would not have any challenge when we go nationwide.” On his part, the Chief

Executive of NIBSS, Mr. Ade Shonubi, who pointed out that the role NIBSS in the system has always been that of infrastruture provider, assured Nigerians that his organisation would “make sure that the backbone works, we would try to scale it up so that as the volume grows, there would be no impact. We already have an idea of what is going to happen, so we are already scaling up.” Shonubi also advised banks and other stakeholders to sensitise members of the public on the initiative. The EPIS ‘Most Customer Experience (Electronic Payment Platform Experience) Award was won by Guaranty Trust Bank Plc. Also, Zenith Bank won the ‘Cashless Driver Bulk Payment’ and the ‘Cashless Driver PoS Transaction’ awards, while the ‘Cashless Driver Instant Payment,’ ‘Cashless Driver PoS Issued Cards Transaction,’ and three other awards went to GTBank. Ikeja Disco won the Cashless Drive Merchant award, Lagos state also won the Cashless Driver Government, while Benin Electricity Disco was rewarded with the Cashless Driver Corporate award. Several other firms were rewarded at the event.

Speaking on the awards, which is in its second year, Adelabu said: “We decided to recognise those operators who have contributed immensely to the efficiency and effectiveness of the payment system in 2016, thereby encouraging them to do more in 2017. I am actually excited about recent developments in the payment system. “We have come a long way and we have grown so fast. Nigeria has been identified as the leader in Africa because of the advancement we have made in the payment system and I foresee faster, more rapid and more efficient payment system in the coming years, given the calibre of operators we have in Nigeria.” Also, Shonubi said: “Every year we look at the past 12 months and we encourage banks with light competition, where we look at the efficiency and how well they have done in terms of increase in volume and efficiency. We have seen significant improvement in efficiency across most of the platforms. The error rate in PoS transactions which have been a very big problem for us has dropped significantly. The telcos have provided better network services and the banks have improved their system as well.”

FCMB Offers Free Banking Services to SME Operators The small and medium scale enterprises (SMEs) in Nigeria can now enjoy banking services without charges. This followed First City Monument Bank (FCMB) Limited’s introduction of free banking transactions for a period of three months for both new and old customers operating in the SMEs segment. This offering, which began February 1, 2017, is expected to end in April. A statement from the bank at the weekend said the initia-

tive was aimed at encouraging Nigerians to take active interest in entrepreneurship, while also assisting new and existing SMEs to overcome some of the challenges they usually face, especially at the take-off stage. The bank explained that to qualify for the free three months banking incentive, an SME operator was required to open an FCMB Business Account and sign-up for a business debit card at any of its over 200 branches spread across the country. The

benefits of this value-added offering includes no banking charges on local transactions, free account maintenance and monthly flat charges, free cheque books, free printing of account statements and free bank drafts. According to the Divisional Head, Retail Banking of FCMB, Mr. Olu Akanmu, three months free banking from FCMB to SMEs was another demonstration of the bank’s value as a helpful financial institution committed to helping businesses thrive.

Ecobank Explains Benefits of e-Payment Channels The Deputy Managing Director, Ecobank Nigeria, Tony Okpanachi, has said the introduction of various innovative electronic payment platforms by the bank was in line with its deliberate policy to provide seamless and innovative services to customers and banking public. According to him, e-payment system will further engender the financial inclusion strategy of the Central Bank of Nigeria (CBN) and continue to stimulate commercial activities in the nation’s economy.

Speaking in the same light, Head, Consumer Distribution, Ecobank Nigeria, Tunde Kuponiyi, said the various mobile payment applications being introduced by banks in the country will soon dominate the e-payment system, stating that, the payment system only requires sensitisation among the banking public. According to him, “Nigerians will embrace the culture of using the phones for payment. As with every new product, sensitisation is the key to speedy uptake and with every financial

institution focusing on it, uptake will grow consistently in the coming years. Mobile banking is the future and we believe this will be embraced faster than any of the traditional electronic products i.e. ATM and Cards that we have today.” He projected a steady growth in the migration to alternative channels as they become more stable and reliable with new technology, adding that, stakeholders are committed to addressing the emerging challenges in the various channels to ensure general acceptability.

AFC Launches CSR Campaign The Africa Finance Corporation (AFC) has formally launched its new Corporate Social Responsibility (CSR) Programme - AFC Clean Water Campaign. The campaign, a staff-led initiative, aims at increasing access to clean water and improving health and sanitation in communities across Africa, in particular schools and orphanages. The Clean Water Campaign provides access to clean water via a solar powered borehole, water treatment plant and

storage tanks. The corporation explained in statement that the initiative fully aligns with its objective to promote clean, sustainable methods of power generation where possible as it utilises renewable energy, particularly solar, as the major source of power – resulting in the reduction of greenhouse gas emissions and cost savings by replacing electricity from both the national grid and diesel and petrol generators. The pioneer institution to

benefit from the AFC’s clean water campaign is the Arrows of God Orphanage situated in Ajah, Lagos, which is home to 150 abandoned and homeless children. Founded by Rev. Lt. Col. D.C. Ogo (Rtd), the Orphanage was established and incorporated as a government registered charity organisation in January 1998, and was set up to help reduce poverty, suffering and distress afflicted upon children as a result of abandonment, death or lack of parental care.

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

OCTOBER 2016 Broad Money (M2)

22,275,512.54

-- Narrow Money (M1)

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

-- Net Domestic Credit (NDC)

26,774,684.47

---- Credit to Government (Net)

3,705,049.41

---- Memo: Credit to Govt. (Net) less FMA

6,242,932.95

---- Memo: Fed. and Mirror Accounts (FMA)

-2,537,883.55

---- Credit to Private Sector (CPS)

23,069,635.07

--Other Assets Net

-12,120,415.62

Reserve Money (Base Money)

6,580,594.55

--Currency in Circulation

1,825,664.51

--Banks Reserves

4,415,126.62 • Source - CBN

MANAGED FUNDS Month

December 2016

Inter-Bank Call Rate

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 • Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE AS AT 23 FEBRUARY 2017 The price of OPEC basket of thirteen crudes stood at $53.95 a barrel on Thursday, compared with $53.48 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna

MONDAY, FEBRUARY 27, 2017 • T H I S D AY

MARKET NEWS

Jaiz Bank Reaps Benefit of Listing as Share Price Appreciates 12% Goddy Egene and Nosa Alekhuogie Jaiz Bank Plc has started reaping the benefits of listing on the Nigerian Stock Exchange (NSE) as its shares have recorded capital growth of 12 per cent. The NSE had listed 29.464 billion ordinary shares of Jaiz Bank Plc on its daily official list at N1.25 per share

by introduction on February 9, 2017. The Managing Director/Chief Executive Officer of Jaiz Bank, Hassan Usman had said the listing would promote liquidity for the bank’s shares, enhance value of the company and increased transparency. A look at the performance of the shares since its listing on the Nigerian bourse showed

T H E MAIN BOARD Activity Summary on Board DEBT Federal Bond Name 15.54% FGN FEB 2020 16.00% FGN JUN 2019 Federal Totals DEBT Board Totals Bond Activity Totals Daily Summary (Equities) Activity Summary on Board EQTY AGRICULTURE Crop Production OKOMU OIL PALM PLC. PRESCO PLC Crop Production Totals Livestock/Animal Specialties LIVESTOCK FEEDS PLC. Livestock/Animal Specialties Totals AGRICULTURE Totals CONGLOMERATES Diversified Industries A.G. LEVENTIS NIGERIA PLC. JOHN HOLT PLC. S C O A NIG. PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. Diversified Industries Totals CONGLOMERATES Totals CONSTRUCTION/REAL ESTATE Building Construction ARBICO PLC. Building Construction Totals Infrastructure/Heavy Construction JULIUS BERGER NIG. PLC. Infrastructure/Heavy Construction Totals Real Estate Development UACN PROPERTY DEVELOPMENT CO. LIMITED Real Estate Development Totals CONSTRUCTION/REAL ESTATE Totals CONSUMER GOODS Automobiles/Auto Parts DN TYRE & RUBBER PLC Automobiles/Auto Parts Totals Beverages--Brewers/Distillers CHAMPION BREW. PLC. GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. NIGERIAN BREW. PLC. Beverages--Brewers/Distillers Totals Beverages--Non-Alcoholic 7-UP BOTTLING COMP. PLC. Beverages--Non-Alcoholic Totals Food Products DANGOTE FLOUR MILLS PLC DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC NASCON ALLIED INDUSTRIES PLC Food Products Totals Food Products--Diversified CADBURY NIGERIA PLC. NESTLE NIGERIA PLC. Food Products--Diversified Totals Household Durables VITAFOAM NIG PLC. Household Durables Totals Personal/Household Products P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC. Personal/Household Products Totals CONSUMER GOODS Totals FINANCIAL SERVICES Banking ACCESS BANK PLC. DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED FIDELITY BANK PLC GUARANTY TRUST BANK PLC. JAIZ BANK PLC STERLING BANK PLC. UNITED BANK FOR AFRICA PLC UNION BANK NIG.PLC. UNITY BANK PLC WEMA BANK PLC. Banking Totals Insurance Carriers, Brokers and Services AIICO INSURANCE PLC. CONTINENTAL REINSURANCE PLC CORNERSTONE INSURANCE COMPANY PLC. AXAMANSARD INSURANCE PLC N.E.M INSURANCE CO (NIG) PLC. NIGER INSURANCE CO. PLC. STANDARD TRUST ASSURANCE PLC STANDARD ALLIANCE INSURANCE PLC. UNITY KAPITAL ASSURANCE PLC UNIVERSAL INSURANCE COMPANY PLC WAPIC INSURANCE PLC Insurance Carriers, Brokers and Services Totals Micro-Finance Banks FORTIS MICROFINANCE BANK PLC NPF MICROFINANCE BANK PLC Micro-Finance Banks Totals Mortgage Carriers, Brokers and Services INFINITY TRUST MORTGAGE BANK PLC Mortgage Carriers, Brokers and Services Totals Other Financial Institutions AFRICA PRUDENTIAL REGISTRARS PLC CUSTODIAN AND ALLIED PLC DEAP CAPITAL MANAGEMENT & TRUST PLC FCMB GROUP PLC. STANBIC IBTC HOLDINGS PLC UNITED CAPITAL PLC Other Financial Institutions Totals

DEALS

that the value of the company has been enhanced as it shares have appreciated by 12 per cent from N1.25 to close at N1.40 as at the close of trading last Friday. Market operators said given the fact that Jaiz Bank is the first and only stock in that segment of the market, it would continue to attract significant patronage. The CEO of the bank had

N I G E R I A N MARKET PRICE

QUANTITY TRADED

STO C K VALUE TRADED ( N )

No. of Deals 1 1 2 2 2

Current Price 98.7 135

Quantity Traded 105 100 205 205 205

Value Traded 103,815.41 137,197.80 241,013.21 241,013.21 241,013.21

No. of Deals 11 4 15 No. of Deals 5 5 20

Current Price 44.18 46

Quantity Traded 41,208 5,201 46,409 Quantity Traded 153,470 153,470 199,879

Value Traded 1,887,024.20 240,161.40 2,127,185.60 Value Traded 119,266.60 119,266.60 2,246,452.20

Current Price 0.78

No. of Deals 1 1 4 56 48 110 110

Current Price 0.78 0.66 3.77 0.78 15.1

Quantity Traded 100 500 10,000 4,840,952 350,363 5,201,915 5,201,915

Value Traded 78 315 35,900.00 3,807,735.66 5,054,510.34 8,898,539.00 8,898,539.00

No. of Deals 1 1 No. of Deals 5 5 No. of Deals 65 65 71

Current Price 4.79

Quantity Traded 200 200 Quantity Traded 10,272 10,272 Quantity Traded 1,656,711 1,656,711 1,667,183

Value Traded 958 958 Value Traded 375,647.04 375,647.04 Value Traded 3,493,667.49 3,493,667.49 3,870,272.53

No. of Deals 1 1 No. of Deals 3 64 7 208 282 No. of Deals 18 18 No. of Deals 33 22 32 15 11 113 No. of Deals 25 98 123 No. of Deals 14 14 No. of Deals 26 17 43 594

Current Price 0.5

Quantity Traded 100,000 100,000 Quantity Traded 5,160 288,915 51,123 1,386,914 1,732,112 Quantity Traded 6,947 6,947 Quantity Traded 616,050 345,909 84,482 1,028,600 117,500 2,192,541 Quantity Traded 136,880 133,592 270,472 Quantity Traded 140,811 140,811 Quantity Traded 203,505 43,451 246,956 4,689,839

Value Traded 50,000.00 50,000.00 Value Traded 11,558.40 17,613,098.61 801,955.76 156,078,414.27 174,505,027.04 Value Traded 675,390.11 675,390.11 Value Traded 2,410,595.00 2,125,832.90 1,491,827.07 1,128,310.00 833,010.00 7,989,574.97 Value Traded 1,172,206.13 79,110,103.35 80,282,309.48 Value Traded 289,850.97 289,850.97 Value Traded 2,596,373.80 1,424,799.57 4,021,173.37 267,813,325.94

No. of Deals 167 26 27 69 219 24 1,530 73 33 1 1 2,170 No. of Deals 9 6 2 2 5 1 2 1 2 1 2 33 No. of Deals 1 2 3 No. of Deals 1 1 No. of Deals 31 16 1 68 6 132 254

Current Price 6.6 0.86 9.8 0.84 23.8 1.31 0.7 4.8 4.9 0.83 0.5

Quantity Traded 11,476,994 1,149,393 58,189 8,142,068 20,039,315 1,081,695 25,994,229 5,772,233 251,225 350 800 73,966,491 Quantity Traded 214,682 503,100 200 3,000 44,144 900 5,100 1,000 401,000 1,000 384 1,174,510 Quantity Traded 1,000 25,100 26,100 Quantity Traded 1,000 1,000 Quantity Traded 450,576 325,400 1,000 3,530,043 12,830 8,474,959 12,794,808

Value Traded 76,018,367.81 990,711.98 560,377.50 6,806,919.19 477,105,071.95 1,417,729.20 18,222,090.30 27,705,413.04 1,185,050.41 276.5 408 610,012,415.88 Value Traded 126,611.20 530,295.00 100 4,770.00 36,196.64 450 2,550.00 500 200,500.00 500 192 902,664.84 Value Traded 2,700.00 27,111.00 29,811.00 Value Traded 1,440.00 1,440.00 Value Traded 1,399,304.19 1,084,759.00 500 4,689,332.14 211,696.60 31,174,405.94 38,559,997.87

Current Price 34.83 Current Price 2.12

Current Price 2.35 60.92 16.15 117.5 Current Price 106.5 Current Price 4.1 6.1 18 1.1 7.03 Current Price 9 600 Current Price 2.08 Current Price 12.16 34

Current Price 0.59 1.05 0.5 1.59 0.79 0.5 0.5 0.5 0.5 0.5 0.5 Current Price 2.58 1.08 Current Price 1.47 Current Price 3.05 3.32 0.5 1.31 17 3.7

said listing would elicit public confidence that non-interest banking provides alternative model that will contribute to the socio-economic development of our country. Speaking on the future outlook of the bank, Usman said going by the growth trajectory which averaged 30 per cent per annum, Jaiz Bank’s prospects are bright. The projection for

E XC H A N G E

the next five years indicates a gross revenue of N16 billion by 2021 and profit before tax of N7.9 billion. According to him, the bank’s corporate plan outlines its way forward with the strategies, priorities and activities it will focus on the achieve its financial goals. “We have set out on a path of reinvention of the banking landscape in the country. This

journey over the next few years will focus on the changing how banks should operate to better improve the lots of the community, while delivering on their commitments to the investors/shareholders. We are focused on building on our culture of ethics and taking the necessary decisions to align our perspective with client expectations,” he said.

1 5 / 0 2 / 2 0 1 7

MAIN BOARD FINANCIAL SERVICES Totals HEALTHCARE Healthcare Providers UNION DIAGNOSTIC & CLINICAL SERVICES PLC Healthcare Providers Totals Pharmaceuticals FIDSON HEALTHCARE PLC GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC PHARMA-DEKO PLC. Pharmaceuticals Totals HEALTHCARE Totals ICT IT Services TRIPPLE GEE AND COMPANY PLC. IT Services Totals Processing Systems CHAMS PLC Processing Systems Totals ICT Totals INDUSTRIAL GOODS Building Materials ASHAKA CEM PLC BERGER PAINTS PLC CAP PLC CEMENT CO. OF NORTH.NIG. PLC MEYER PLC. LAFARGE AFRICA PLC. Building Materials Totals Electronic and Electrical Products CUTIX PLC. Electronic and Electrical Products Totals Packaging/Containers BETA GLASS PLC. GREIF NIGERIA PLC Packaging/Containers Totals INDUSTRIAL GOODS Totals NATURAL RESOURCES Metals ALUMINIUM EXTRUSION IND. PLC. Metals Totals NATURAL RESOURCES Totals OIL AND GAS Energy Equipment and Services JAPAUL OIL & MARITIME SERVICES PLC Energy Equipment and Services Totals Integrated Oil and Gas Services OANDO PLC Integrated Oil and Gas Services Totals Petroleum and Petroleum Products Distributors CONOIL PLC ETERNA PLC. FORTE OIL PLC. MOBIL OIL NIG PLC. MRS OIL NIGERIA PLC. TOTAL NIGERIA PLC. Petroleum and Petroleum Products Distributors Totals Exploration and Production SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD Exploration and Production Totals OIL AND GAS Totals SERVICES Advertising AFROMEDIA PLC Advertising Totals Courier/Freight/Delivery RED STAR EXPRESS PLC TRANS-NATIONWIDE EXPRESS PLC. Courier/Freight/Delivery Totals Hotels/Lodging TOURIST COMPANY OF NIGERIA PLC. TRANSCORP HOTELS PLC Hotels/Lodging Totals Printing/Publishing LEARN AFRICA PLC STUDIO PRESS (NIG) PLC. Printing/Publishing Totals Transport-Related Services NEWREST ASL NIGERIA PLC NIGERIAN AVIATION HANDLING COMPANY PLC Transport-Related Services Totals Support and Logistics CAVERTON OFFSHORE SUPPORT GRP PLC C & I LEASING PLC. Support and Logistics Totals SERVICES Totals EQTY Board Totals Daily Summary (Equities) Activity Summary on Board ASeM FINANCIAL SERVICES Mortgage Carriers, Brokers and Services OMOLUABI MORTGAGE BANK PLC Mortgage Carriers, Brokers and Services Totals FINANCIAL SERVICES Totals ASeM Board Totals Daily Summary (Equities) Activity Summary on Board PREMIUM FINANCIAL SERVICES Banking ZENITH INTERNATIONAL BANK PLC Banking Totals Other Financial Institutions FBN HOLDINGS PLC Other Financial Institutions Totals FINANCIAL SERVICES Totals INDUSTRIAL GOODS Building Materials DANGOTE CEMENT PLC Building Materials Totals INDUSTRIAL GOODS Totals PREMIUM Board Totals Equity Activity Totals

DEALS

MARKET PRICE

2,461 No. of Deals 1 1 No. of Deals 13 12 4 6 2 37 38

Current Price 0.5

No. of Deals 1 1 No. of Deals 1 1 2

Current Price 1.3

Current Price 1.01 14.75 1 0.66 1.95

Current Price 0.5

QUANTITY TRADED

VALUE TRADED ( N)

87,962,909

649,506,329.59

Quantity Traded 738,000 738,000 Quantity Traded 5,177,490 110,135 5,015 11,000 900 5,304,540 6,042,540

Value Traded 369,000.00 369,000.00 Value Traded 5,178,570.00 1,551,318.88 4,770.10 7,063.20 1,836.00 6,743,558.18 7,112,558.18

Quantity Traded 2,438 2,438 Quantity Traded 100,000 100,000 102,438

Value Traded 3,023.12 3,023.12 Value Traded 50,000.00 50,000.00 53,023.12

Quantity Traded 11,405 2,997 1,215,127 141,429 300 23,390 1,394,648 Quantity Traded 792,168 792,168 Quantity Traded 70,030 100 70,130 2,256,946

Value Traded 130,100.00 17,322.66 35,970,022.30 604,431.24 249 987,177.40 37,709,302.60 Value Traded 1,142,840.30 1,142,840.30 Value Traded 2,552,593.50 1,016.00 2,553,609.50 41,405,752.40

No. of Deals 7 2 7 11 1 20 48 No. of Deals 15 15 No. of Deals 3 1 4 67

Current Price 11.25 6.08 29.6 4.28 0.87 42

No. of Deals 1 1 1

Current Price 9.75

Quantity Traded 2,000 2,000 2,000

Value Traded 18,540.00 18,540.00 18,540.00

No. of Deals 2 2 No. of Deals 76 76 No. of Deals 16 20 229 20 1 16 302 No. of Deals 2 2 382

Current Price 0.5

Quantity Traded 18,000 18,000 Quantity Traded 1,722,434 1,722,434 Quantity Traded 35,100 284,436 905,220 12,017 100 8,826 1,245,699 Quantity Traded 5,150 5,150 2,991,283

Value Traded 9,000.00 9,000.00 Value Traded 8,234,046.51 8,234,046.51 Value Traded 1,190,988.64 886,497.72 56,399,639.77 3,215,511.70 3,708.00 2,400,901.12 64,097,246.95 Value Traded 2,045,501.50 2,045,501.50 74,385,794.96

No. of Deals 1 1 No. of Deals 2 3 5 No. of Deals 1 3 4 No. of Deals 1 1 2 No. of Deals 7 6 13 No. of Deals 14 1 15 40 3,786

Current Price 0.5

Quantity Traded 55,000 55,000 Quantity Traded 575 29,090 29,665 Quantity Traded 1,000 13,000 14,000 Quantity Traded 500 1,000 1,500 Quantity Traded 101,050 46,801 147,851 Quantity Traded 274,973 1,000 275,973 523,989 111,640,921

Value Traded 27,500.00 27,500.00 Value Traded 2,645.75 26,607.80 29,253.55 Value Traded 3,550.00 61,623.60 65,173.60 Value Traded 355 2,190.00 2,545.00 Value Traded 275,866.50 114,662.45 390,528.95 Value Traded 242,233.86 500 242,733.86 757,734.96 1,056,068,322.88

Current Price 1.45 Current Price 36.45 9.69

Current Price 4.71 Current Price 35.49 3.24 62.5 275.99 39.03 270 Current Price 380

Current Price 4.4 0.91 Current Price 3.65 4.98 Current Price 0.68 2.19 Current Price 2.73 2.57 Current Price 0.9 0.5

No. of Deals 1 1 1 1

Current Price 0.9

Quantity Traded 100,000 100,000 100,000 100,000

Value Traded 90,000.00 90,000.00 90,000.00 90,000.00

No. of Deals 279 279 No. of Deals 140 140 419

Current Price 15.01

Quantity Traded 48,467,690 48,467,690 Quantity Traded 1,684,690 1,684,690 50,152,380

Value Traded 727,624,234.12 727,624,234.12 Value Traded 5,345,599.68 5,345,599.68 732,969,833.80

No. of Deals 10 10 10 429 4,216

Current Price 169

Quantity Traded 45,766 45,766 45,766 50,198,146 161,939,067

Value Traded 7,736,239.30 7,736,239.30 7,736,239.30 740,706,073.10 1,796,864,395.98

Current Price 3.2

monDAY, februArY 27, 2017 • T H I S D AY

MARKET NEWS

African Prudential Registrars Recommends 30 kobo Dividend for 2016 Goddy Egene Africa Prudential Registrars (APR) Plc last week announced a dividend of 30 kobo per share for the year ended December 31, 2016, which is 50 per cent lower than the 60 kobo paid for the 2015 financial year. The cut in the dividend was apparently due to a decline in the profit after tax (PAT) for the year. According to the audited results of APR Plc, a revenue of N2.42 billion was recorded in 2016, down 4.9 per

cent from N254 billion in 2015. Profit before tax of N1.446 billion was recorded in 2016, as against N1.629 billion in 2015. The company ended the year with a PAT of N1.019 billion in 2016, down by 29 per cent from N1.448 billion in 2015. Hence, the directors recommended a dividend of 30 kobo that would be paid to shareholders after its approval at the company’s annual general meeting (AGM) scheduled to hold on March 28, 2017 in Lagos.

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

The Managing Director/ Chief Executive Officer of APR Plc, Mr. Peter Ashade, had last year told stakeholders that the company would always consider better business models in growing investors’ wealth. “Our corporate objectives for the year 2015 was to better position our business to withstand the expected headwinds for the financial year by focusing on some key areas. Our achievements in these key areas include:

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 23-Feb-2017, unless otherwise stated.

expansion in product offerings, improved cost optimization, more social media trendy, increased profitability, and consistent dividend pay-out” he said. Similarly, the chairman of the company, Chief (Mrs.) Eniola Fadayomi had explained that APR Plc had put strategy in place to provide clear direction for the deployment of its resources. “The company’s vision is to create long-term and sustainable value for

stakeholders in its chosen markets. In order to realise this long-term objective, the Company is making concerted effort to identify and take advantage of every investment opportunity that will complement its goals. “The Company will place particular emphasis on the deployment of its own software in order to maximise efficiency in the business,” she said. APR Plc is the first and only share registration

company listed on the Nigerian Stock Exchange (NSE). Investors had hailed the listing of the firm, saying it is a good way of spreading wealth. The company won a double award at the prestigious Pearl Awards in 2015. In recognition of its impressive performance, the company was announced winner and presented with the Best Profit Margin Ratio, and Best Corporate Governance Awards.

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 127.16 127.44 0.04% Nigeria International Debt Fund 217.23 217.63 0.85% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.69 0.70 -0.85% 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 17.45% 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 11.98 12.34 -2.94% ARM Discovery Fund 283.45 291.99 -1.30% ARM Ethical Fund 21.70 22.36 -2.86% ARM Money Market Fund 1.00 1.00 17.36% 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 105.02 105.76 -0.06% AXA Mansard Money Market Fund 1.00 1.00 16.49% 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 2.20 2.26 1.36% Paramount Equity Fund 9.41 9.65 0.53% Women's Investment Fund 86.45 88.66 2.19% 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 17.26% 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 1,115.49 1,116.56 2.30% FBN Heritage Fund 108.70 109.40 -2.60% FBN Money Market Fund 100.00 100.00 16.91% FBN Nigeria Eurobond (USD) Fund - Institutional $105.99 $106.82 1.93% FBN Nigeria Eurobond (USD) Fund - Retail $105.70 $106.54 2.35% FBN Nigeria Smart Beta Equity Fund 110.70 112.22 -1.72% 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 0.93 0.94 -0.53% Legacy Short Maturity (NGN) Fund 2.63 2.63 2.15% 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 2,169.99 2,195.13 -1.78% Coral Income Fund 2,162.91 2,162.91 2.79% GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund 100.00 100.00 17.25% 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 16.63% Vantage Balanced Fund 1.67 1.69 -0.48% Vantage Guaranteed Income Fund 1.00 1.00 15.50%

LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.00 1.01 0.75% Lotus Halal Fixed Income Fund 1,018.28 1,018.28 1.54% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 9.52 9.61 -1.44% Meristem Money Market Fund 10.00 10.00 14.90% 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 1.09% PACAM Fixed Income Fund 10.41 10.44 0.02% PACAM Money Market Fund 10.00 10.00 15.10% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 108.98 109.90 7.05% 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 1.47% 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 1,812.96 1,822.58 -1.01% Stanbic IBTC Bond Fund 152.94 152.94 -0.66% Stanbic IBTC Ethical Fund 0.74 0.75 -3.25% Stanbic IBTC Guaranteed Investment Fund 189.99 189.99 1.66% Stanbic IBTC Iman Fund 125.21 126.76 -3.59% Stanbic IBTC Money Market Fund 100.00 100.00 17.39% Stanbic IBTC Nigerian Equity Fund 7,212.72 7,268.98 -5.07% 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 1.12 1.13 7.50% United Capital Bond Fund 1.27 1.27 18.25% United Capital Equity Fund 0.64 0.66 -1.41% 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 9.57 9.74 -0.47% Zenith Ethical Fund 11.05 11.15 1.24% Zenith Income Fund 17.12 17.12 3.60%

REITS

NAV Per Share

Yield / T-Rtn

11.41 124.62

1.01% 0.52%

Bid Price

Offer Price

Yield / T-Rtn

7.67 70.69

7.77 72.02

-12.57% -6.71%

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

2.71 5.91 11.29 15.31 126.44

2.75 5.99 11.39 15.51 128.44

-1.43% -15.84% -5.82% -3.99% -2.63%

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.

T H I S D AY MONDAY FEBRUARY 27, 2017

MONDAY, FEBRUARY 27, 2017 â&#x20AC;˘ T H I S D AY

CITYSTRINGS

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

A Euphoric Reunion Chiemelie Ezeobi writes that it was a memorable reunion for the wives of Nigerian Air Force personnel, when their husbands who were part of a military advance party, recently returned safely after their intervention in The Gambia

L-R: Contingent Commander, Air Commodore Tajudeen Yusuf; Chief of Policy and Plans, Air Vice Marshal James Gbum; AOC Logistics Command, Air Vice Marshal Ibrahim Yahaya and Air Vice Marshal IO Amao, after the advance Air Force troops returned from The Gambia

t the 401 Aircraft Maintenance Depot (ACMD), Airport Road, Ikeja, Lagos, the atmosphere was riddled with a lot of mixed emotions for both the Nigerian Air Force (NAF) personnel on ground and the civilians. However, the civilians were mostly women who were members of the Nigerian Air Force Wives Association (NAFOWA) and the wives of airmen. The occasion was the return of the heroic troops who had gone to The Gambia to oust the outgone President Yayha Jammeh and enforce democratic proceedings in then troubled country. Who could blame them? But for providence, there would have been war in The Gambia and it would have been a bloody one- with casualties on both the civilian side and the military. If the war had occurred, the euphoric reception organised at the 401 Air Lift Group by the NAF would have been a sombre one. Rather, on a certain Thursday, the reverse was the case as a cacophony of sounds and melodious music belted out to welcome the peace keeping team. The welcome was for the advance party of 97 personnel out of 200 contingent of the Nigerian Air Force, who were sent to restore peace in The Gambia, as part of the Economic Community of West African

States Military Intervention in The Gambia (ECOMIG). The troops were sent to The Gambia following the refusal of Jammeh to leave power after losing an election to Adama Barrow. The outgone president did all in his power including seizing the military might to getting the National Assembly to intervene in order to remain in power. A happy reunion For the wives, under the umbrella of the Nigerian Air Force Officers Wives Association, and their counterpart, wives of the other

Each time our husbands are sent to the war front, we worry. This is because they might or might not come back to us. That is why we are happy that peace was restored to The Gambia but not at the cost of our husband's lives

ranks (airmen) there is no better way to appreciate their husbands (both officers and airmen) for their jobs than to build a stable and viable home in their absence, by making modest contributions in strengthening the home front. So each occasion that they get to be reunited with their husbands after an operation, they often receive it with thanks, given that their husbands have signed up to protect the territorial integrity of the nation at whatever cost. So on that fateful Tuesday, the women stormed the grounds of 401 hangar in their numbers. Asides NAFOWA members who wore their white, orange and blue uniforms, the wives of the airmen wore traditional outfits representing the three major tribes in Nigeria- Igbo, Hausa and Yoruba. Whilst the Igbos were belting out songs in their native language, the dancers were busy shaking their bodies to the rhythm of the drum and same applied to other tribes- Yoruba and Hausa. They were all singing and performing at the same time, thus creating a cacophony of melodies in an otherwise silent military environment. The military personnel who were on ground simply endured the combination of all three music and dances, as they understood the joy in the heart of their wives over the return of their loved ones

from what would have otherwise been a dangerous operation. Speaking on anonymity, one of the wives said that they appreciate the sacrifice of their husbands at the warfront fulfilling their constitutional responsibility of policing our skies, adding that they the wives have also sworn to make the job easier for them by keeping the home front safe. She said, "Each time our husbands are sent to the warfront, we worry. This is because they might or might not come back to us. That is why we are happy that peace was restored to The Gambia but not at the cost of our husband's lives." The brief for The Gambia The Nigerian contingent of Economic Community of West African States Military Intervention in Gambia, was a standby force tasked by ECOWAS Heads of State to enforce the December 1, 2016 election mandate in the The Gambia. As is obtainable before any mission, either internal or external, the NAF personnel deployed for the mission at The Gambia are briefed before their departure. Same procedure occurred on January 17, 2017, when the ECOMIG troops were about to jet off. Addressing the contingent before departure, the Chief of the Air Staff, Air Marshal Sadique

MONDAY, FEBRUARY 27, 2017 â&#x20AC;˘ T H I S D AY

CITYSTRINGS Baba Abubakar, had urged the troops to maintain discipline and be professional in their conduct. Reminding them to be good ambassadors of Nigeria, the CAS had stated that no act of indiscipline by the contingent would be tolerated. He had said, "You have been given the task which is very well defined, and we have put together all the air assets that we think are necessary to ensure that we are able to successfully conduct this operation and that is what we have on ground here. "What we have here are men that are highly trained, highly skilled they know their job and they know their task, and as a professional service the commander of the air assets will work together with other commanders and they will come up with what is required in terms of plans, to be able to execute their tasks and come back home." With this brief, the contingent of 200 men and air assets comprising fighter jets, transport aircraft, Light Utility Helicopter as well as Intelligence, Surveillance and Reconnaissance aircraft set off to Dakar, Senegal, from where it was expected to operate and gain access into The Gambia. According to the brief, the troops were to forestall hostilities or breakdown of law and order that may result from the current political impasse in The Gambia. Led by Contingent Commander, Air Commodore Tajudeen Yusuf, the troops were airlifted from 117 Air Combat Training Group Kainji to Dakar in Senegal, in the NAF 918 C-130, a logistics aircraft, and the troops included the Special Forces, Combat Support Group, medical officers, technicians and the crew. And save for this massive manpower, both air and at sea and the show of force, deployed by the federal government and the security forces of other nations, the ousted former President of the Republic of Gambia, Jammeh, was said to have been ready for war. This disclosure was made by the Nigerian Air Force after 97 of its 200 contingent sent to restore peace in The Gambia, arrived at the NAF Air Lift Group in Ikeja, Lagos. While receiving the contingent led by Air Commodore Yusuf, the Chief of Air Staff (CAS), Air Marshal Sadique Abubakar, said the Air Force would have applied commensurate force if Jammeh hadn't opted to back down. It was gathered that although the ousted president was battle ready, as he had availed himself with the best of the country's military weapons, the show of mightier force by the airpower of NAF influenced his decision to stand down. According to the contingent, which arrived in a NAF 918 C-130 aircraft and two alpha jets, they had first shown off their military strength by continually flying over Jammeh's residence from their base in Senegal. With the different NAF air lifts and aircrafts flying over, as well as that of other countries, the Gambian military were said to have downed their weapons for fear of retribution, given the small strength of their military power. Having opted not to fight, they allowed the ground and air forces of ECOWAS forces to access the State House, as well as Jammeh's personal residence. Thus, when they finally accessed the State House and his personal residence, they saw that he was really prepared for war in a bid not to leave office. The commander's report In an interview with the Contingent Commander, Air Commodore Yusuf, he regaled THISDAY with his experience at The Gambia, adding that the Airforce recorded no casualty. He said, "We conducted the operation with deterrence and diplomacy. When we gained access to the State House, from what we saw, Jammeh was prepared for war. But for the airpower that we showed, as we were the first country to show up at The Gambia, he would not have stepped down. For now, we have won the battle but it's left for the political leaders to win the peace and stabilise the country." On the troops left behind he said, "The forces we left there are to basically stabilise The Gambia and integrate their forces in the security arrangement.

The wives of the troops eagerly awaiting their return

The different dance groups

They will continue to be there until stability is achieved and the ECOWAS leaders decide that all security forces of other nations stand down." The CAS commendation While addressing the advance troops on their return, the Chief of Air Staff (CAS), who was represented by the Chief of Policy and Plans, Air Vice Marshal James Gbum, said the remaining personnel were left behind

When we gained access to the State House, from what we saw, Jammeh was prepared for war. But for the airpower that we showed, as we were the first country to show up at The Gambia, he would not have stepped down

to ensure stability and reintegration of The Gambian military forces. He said, "Prior to your departure, the CAS addressed and emplored you to represent Nigeria well. Thus, the discipline and professional conduct you all maintained was highly commendable and worthy of mention. Also, your cooperation with sister services and other military forces of other ECOWAS countries is also commendable. "We are glad that democratic order has been maintained in The Gambia and stability achieved through your efforts. You have proven to be good ambassadors of NAF and made Nigeria proud. Note that the ability of NAF to provide airpower at home and project same seamlessly in other countries is an achievement buoyed by the support of President Muhammadu Buhari." On whether the Air Force would have applied force if Jammeh had not stepped down he said, "Yes, we would have applied force to restore peace. We went with our fighting forces and not the training forces. The birth of NAF's peace keeping operations Over the years, the Nigerian Air Force has shown its military strength in peace

keeping operations either in West Africa or the continent at large and distinguished itself based on its airpower. Same might was displayed at The Gambia and it yielded results. But it did not all start today. The idea of establishing an air force for Nigeria was first mooted in 1961 following the nation's participation in peace-keeping operations in Congo and Tanganyika (now Tanzania). During these peace-keeping operations, foreign air forces aircraft were employed to airlift the Nigerian Army Regiment to and from the theatres of operation. It was from that idea that the Nigerian Government at the time, recognised the urgent need to establish its own air force actively supported by modern facilities to provide full complement of forces to enhance the nation's military posture. Thus, early in 1962, the government of the day agreed in principle and character that the Nigerian Air Force (NAF) be established. And so began the journey of a million miles for the Nigeria Air Force in protecting not just our territorial skies in internal operations but also for different peace keeping missions to countries that are embroiled in war situations.

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ECOWAS, Partners Review Long-Term Election Observation Missions In West Africa As part of its continuing efforts to improve the integrity of major elections in West Africa, in a bid to deepen democracy in the region, ECOWAS and its development partners are organising a two-day workshop in Abidjan, Cote d’Ivoire to review the impact of the organisation’s Long-Term Election Observation Missions (LTEOMs). The main objective of the 27th28th February 2017 workshop is to assess the impact of long-term election observation approach on the quality of ECOWAS election observation, for the purpose of drawing pertinent lessons, benchmarking success stories, addressing identified challenges, and charting the way forward in enhancing the work of ECOWAS LTEOMs. Specifically, the workshop, to be convened by the ECOWAS Election Assistance Division (EAD), under the Political Affairs, Peace and Security Department, with the support of development partners, particularly the German Agency for International Cooperation (GIZ), will assess the relevance of the ECOWAS Guide for Long-Term Election Observers (LTOs); evaluate

their contributions in engaging stakeholders at various levels, and raise interest in electoral processes of Member States. The workshop will also analyse the role of LTEOMs in identifying potential electoral differences with the aim of triggering Preventive Diplomacy initiatives by ECOWAS authorities to prevent the degeneration of electoral disputes into full-blown pre- or post-election conflicts. The contribution of LTOs in enhancing the deployment of Short-Term Election Observers will also be assessed as well as the influence of LTOs’ reports in improving the overall quality of ECOWAS Election Observation Mission Reports. Participants will include experts who have served on previous ECOWAS LTEOMs, staff of the Political Affairs Directorate, including the EAD, and representatives of GIZ and the Electoral Institute for Sustainable Democracy in Africa (EISA). The workshop will be in four thematic sessions during which participants will share experiences and reflect on various aspects of ECOWAS long-term election observation. The sessions will also

assess Pre-deployment training, the ECOWAS Guide for Longterm observers, and how best to organise the LTEOMs to optimise their efficiency. Pursuant to the provisions of the relevant regional instruments, especially the Supplementary Protocol on Democracy and Good Governance, ECOWAS has supported and observed major elections in its Member States as part of efforts to strengthen democratic practice in the region. In response to emerging democratic trends and in order to ensure a more comprehensive assessment of elections in the region, the EAD adopted the long-term observation approach from 2014 to complement the Short-term mechanism. While the short-term observers concentrated on activities on election days, the Long-term missions have the opportunity to undertake more analytical observation of the critical phases of the electoral processes leading up to, during and after election days. ECOWAS, with the support of GIZ, has deployed more than 120 Long-term poll observers to 10 Member States, which have held elections since 2014.

MONDAY, FEBRUARY 27, 2017• T H I S D AY

NEWS

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

Documents Reveal Disregard for Procurement Laws, Due Process in Award of Amnesty Contracts

CAC confirmed 106 firms were registered, 54 non-existent in FIRS database

Damilola Oyedele in Abuja

N62,121,558,683.41 (2014) and N47,060,565,933.72 (2015). National regulations require Revelations have continue to emerge that the administration that companies executing of the Presidential Amnesty contracts with Ministries, Programme (PAP) between Departments and Agencies 2011 and 2015 was characterised (MDAs) of government, by blatant disregard for the must be in compliance with country’s laws regarding tax, pension, insurance, and doing business in Nigeria as industrial training fund documents have shown that regulations. The companies are being some of the 354 companies secured open-ended contracts, investigated alongside PAP by while some unregistered firms the House of Representatives also secure contracts with the Joint Committee on Public Procurement and Niger programme. The Corporate Affairs Delta over alleged violations Commission (CAC) has so of the Public Procurement far been able to confirm the Act, and due process in the incorporation status of only 106 administration of the amnesty out of the 354 companies that programme. Global Oil Services Limited executed different contracts for PAP in the same period, while with a total contract sum of the Federal Inland Revenue N387 million, does not have Service (FIRS) has no record a record of incorporation. of at least 54 of the companies The company, in 2011, was contracted to train 38 delegates in its database. According to documents in navigation and sea diving at from the office of the Gdynia Maritime University, Accountant General of Poland. While the contract was the Federation, a total of N338,597,564,211 was released executed, there were several to the Amnesty Office under queries as details of eight the supervision of the former delegates, including certification Coordinator of the Programme, and graduation dates were not Mr. Kingsley Kuku. PAP has found. Also, 11 of the delegates a self-accounting status. Breakdown of the had allegedly returned to monetary releases include Nigeria after just one-month N96,457,913,901.75 (2011), in Poland because they could N66,176,431,901.50 (2012), not cope with the academic N66,781,093,760.68 (2013), and practical workload at the

FAAN Commences Repair Work at Lagos Airport Chinedu Eze Few days after the unscheduled tour of the Murtala Muhammed International Airport (MMIA) in Lagos by the acting President, Professor Yemi Osinbajo, the Managing Director of the Federal Airports Authority of Nigeria (FAAN), Saleh Dunoma, has given a marching orders to engineers to commence repair works on all facilities at the international terminal of the airport. Dunoma, who assured travellers of improved facilities at the airport, gave the directive to the engineers and the airport manager after inspecting the terminal at the weekend. During the inspection which lasted for hours, the FAAN boss alongside the Director of Commercials and Business Development, Mr. Sadiku Abdulkadir Rafindadi, and other top management staff examined the escalators, conveyor belts, departure and arrival sections of the terminal and other areas of the airport. Speaking with journalists shortly after the tour, Dunoma said the tour had become necessary because the acting president had visited the airport recently, pointing out that the visit with his technical team was to come up with plan to implement his instructions immediately.

On the outcome of the tour, Dunoma said: “There are few things we need to fix immediately. I say immediately; that means immediately. This is a presidential directive. We will not waste time and that is why you see us working on a Saturday. We will still work tomorrow. We just have to come up with strategic implementation plans so that we don’t disrupt operations. This is key to us.” According to Dunoma, there are some mechanical equipment like the travelators that needed to be fixed. “We have a contract on the chillers. Funding has been a problem for us but we are pushing to see that it is fixed. I want to assure the travellers that we are working. With the support of the acting president and Minister of State for Aviation, Senator Hadi Sirika, we will surmount all the issues. They are not insurmountable. We will work hard and improve on the comfort of the travellers.” Osinbajo paid an unscheduled visit to the MMIA last week, taking airport workers by surprise. The acting president who was in Lagos for other engagements, took the time out to move round the airport for an on-the-spot assessment of facilities.

Polish university. There is no record of any refunds to the PAP. Generic College Limited, one of the all 354 companies secured an open-ended contract on May 22, 2013, to train amnesty delegates (former militants) for a duration of six months, at the cost of N550,000 per trainee. The training programme included sea term experience, introductory training in entrepreneurship, business management, computer literacy, life skills self management, goal setting, team building and leadership. The fees also included

accommodation and feeding of the delegates. The company received an advance payment of N24.9 million from PAP on June 21, 2013. Curiously though, the contract agreement did not specify the number of delegates to be trained by Generic College or the duration of the contract. Documents from the FIRS headquarters in Abuja revealed that 52 of the companies are not in its database. Some of these included Deep Water Pipeline Service Nigeria Limited, KDI Oil and Gas, and Royal Docs Services.

Another 54 of the companies were in the FIRS database without evidence of tax payment, while another 83 had evidence of some payment, but were without tax clearance certificates. The FIRS noted that only 46 of the 354 firms were in full compliance with tax regulations, with evidence of tax payment and clearance certificates. At the committee’s investigative hearing last Monday, the former Director of Procurement of the PAP, Mr. Durojaiye Ola Tikolo, had said the emergency nature of the contracts,

did not allow for time to thoroughly verify that the firms were in compliance with public procurement laws. Tikolo explained that all contracted firms were required to swear to affidavits that their papers for the minimum requirements of the Public Procurement Act, were genuine and in order. The committee members however, disagreed with his explanations, noting that the emergency nature of the contracts does not justify non-adherence to laid down procedures, despite a presidential waiver granted to the PAP.

ROLLING OUT THE DRUMS

L-R: Mother of the celebrant, Mrs. Suziana Elumelu; Chairman, Heirs Holdings, Mr. Tony Elumelu; his wife, Awele; Celebrant/Chairman and CEO, Vanguard Petroleum Company Limited, Pastor Peter Elumelu; Hon. Ndudi Elumelu; Hon. Lovette Idisi; and Chief Peter Monye during the 60th celebration of Pastor Peter in Lagos...yesterday

Obasanjo: Buhari is Weak on Economy But Has Not Disappointed Me Says God has done more than what I deserve

Sheriff Balogun in Abeokuta Former President, Chief Olusegun Obasanjo, has said President, Muhammadu Buhari, has not disappointed him since he assumed office in 2015. Obasanjo stated this in an interview with the News Agency of Nigeria (NAN) at his hilltop residence in Abeokuta, Ogun State. While reflecting on the Buhari administration since 2015, Obasanjo said the president had done his best to move the country forward. “Whatever anybody says, President Buhari has not disappointed me from what I know of him,’’ he said. He said the president had delivered on his core areas of strength and ability, particularly in the anti-corruption crusade and the war against insurgency. “In my book, I have said that Buhari is not strong on the economy and I did not write this to run him down.

“I also used to think that he is not strong in the area of foreign affairs, but I have realised that he has improved very well. “He has actually done his best in the areas where we know him to be strong,” he said. The elder statesman urged Nigerians not to relent in their support for Buhari and not to give up on Nigeria. “Whatever you might see as bad in Nigeria, other societies have gone through the same at some period in their history. “It is not for us to begin to condemn but to begin to join hands together and consider how we can make the best out of our present. “Our present situation is a passing phase and we need to be resilient to ensure that we are not consumed by it. “I will be the first to admit that we have not been where we should have been, but note that we have also been far

from where we could have been because it could have been worse. “It is the height of ingratitude for people to say Nigeria has not achieved anything or much as a nation. “The generation before mine fought for Nigeria’s independence, that is great. “My own generation, which is the next, fought to sustain the unity of Nigeria. “Since 1999, Nigeria had enjoyed 18 years of unbroken democracy. “We witnessed in 2007 a transition of power from one individual to another in the same party. “We witnessed in 2015 a transition of power from an individual in the ruling party to another individual in the opposition party. “All these should not be taken for granted,” he said. Meanwhile, Obasanjo at the weekend said God has done so much for him more than he

deserves. He added that “I thank God for this,” saying that God has been too partial to him by bestowing unwarranted favour he never deserved, on him. The former president spoke at the thanksgiving service organised by the Christian Association of Nigeria, (CAN), Ogun State chapter to commemorate his 80th birthday. Obasanjo, who will clock 80 on March 5, wondered why God has been so merciful to him in the journey of his life. He said despite the fact that he was imprisoned on trump up charges of plotting a coup by late General Sani Abacha, he came out alive and later became a president in 1999. He noted that given his background as a poor Ibogun village boy, with stark illiterate parents, he never dreamt that his name would be heard in the nearest hamlet, let alone Nigeria and indeed the world over.

T H I S D AY MONDAY FEBRUARY 27, 2017

MONDAY, FEBRUARY 27, 2017• T H I S D AY

NEWSXTRA

SON Seizes N5bn Sub-standard Tyres in Lagos Two Chinese nationals in police net for alleged culpability

Crusoe Osagie and Solomon Elusoji Two Chinese nationals, Taolung Shen and Xu Jing Yau, are now telling the police in Lagos all they know about the over N5billion sub-standard tyre stuffing business which they have been running in the country. The two Asians were paraded before journalists yesterday following their arrest, and the sealing of the warehouse where they had been cloning different sizes of tyres under such brand names as Powertrac, Aptany, Harmony, Duraturn, Bearway, City Tour, Winda, Glory, Chachland, City Grand and Grandsonte (tyre type) And Sunny (for tricycles), among others. Much of the tyres arrived Nigeria with tyres stuffed into one another, sometimes as much as five stuffed in one, and had been bent and ruptured on several portions and looking weak and slack. But the Chinese adorned the tyres with new labels and shinny linings to create impression of being new and healthy. The Standards Organisation of Nigeria (SON) Director-General and Chief Executive, Osita Aboloma, who conducted journalists round the warehouse, described the tyres as dead on arrival, adding that allowing

such consignments sale amounted to surreptitiously taking away the lives of millions of Nigerians. He said stuffing tyres through the long sea journey from China to Lagos had already compromised the quality, not to talk of the crude way the tyres were separated on arrival in Nigeria and the poor storage facility, without sufficient aeration, in the warehouse, saying that his agency would not tolerate such. “SON intercepted one of their trucks on the highway, tracked it and then this. You can see the amount of danger that these people are posing to our people and our economy just because they want to make huge profit at the expense of the lives of Nigerians,” Aboloma said. He said getting to the premises of the company revealed a lot of illicit activities, including re-labelling, high level of stuffing of several tyres into one, tampering with expiry dates and storing the tyres in very adverse conditions. “It is a clear case of investing millions in illicit business in order to take away the lives of millions of Nigerians. To destroy the lives of millions of Nigerians. If we should allow something like this, it will amount to killing Nigerians,” Aboloma said. He showed tyres in the January as manufactured date

of manufacture, but that were already in the country as at the time of the seizure, despite that it would take months for shipments from China to arrive Nigeria, saying such anticipatory dating had criminal intentions. “I want to reiterate that there is no hiding place for those who deal in substandard products as they would be caught and their products confiscated. Today’s is an example,” he said. As much as five tyres were stuffed into one, with many of them already squeezed and weakened, though looking new, and the possibility that once in circulation, consumers would ignorantly take their outward neat look to mean they are

healthy. “Nothing can be recouped from such stuffed tyres, no need to test anything because the tyres have already been destroyed on arrival, ” he said Aboloma thanked SON Directorate of Compliance for discovering the warehouse and other meaningful Nigerians for volunteering information to the agency, saying that those arrested in connection with the latest deal would be tried in line with the new SON act and if found guilty jailed. He said his agency was exploring all avenues towards nipping acts like these in the bud, and would as a matter of need, intensify activities

towards market surveillance, inter-agency collaboration, as well as public sensitisation and consumer awareness. “For us, it is a continuous fight. Currently, we are prosecuting about five cases in different high courts in line with the mandate of the SON, we burn sub-standard products when there is need to, following laid down procedures in all of these,” he said. Aboloma advised users of automobile tyres nationwide on the need to be extra cautious when making purchases of such products. He disclosed that the agency has uncovered a dangerous trend by some tyre importers

and dealers tampering with the date of manufacture to deceive consumers. The SON boss disclosed that dates of manufacture on tyres were being altered to deceive consumers that the tyres have longer life span with a view to making excessive profits, thereby putting the lives of users in danger. He advised Nigerians to pay greater attention to the inscription of dates of manufacture on tyres to be able to discover those that may have been altered and report such to SON promptly. The dates according to him are usually in four numerical digits indicating month and year of manufacture.

Reshuffle Your Cabinet on Arrival, Senator Sani Tells Buhari Ibrahim Shuaibu in Kano Senator Shehu Sani at the weekend urged President Muhammadu Buhari to reshuffle his cabinet on arrival from his medical trip abroad so as to put the country on track again. According to him, “Buhari is an island in his government and by the time he is back, he needs to disinfect and fumigate his government because in his anti-corruption crusade, he is the only person who believes in the anti-corruption war, people within his corridors of power are simply Buhari in their faces, but anti-Buhari at hearts. “Now, tell me, how a president (Buhari) who publicly declared his own assets; and apart from him and his vice-president, nobody, even within his own close kitchen cabinet or outside veranda cabinet could publicly declare their assets. This shows the disbelief in the style of his own life and his own manner of leadership. Sani who was in Kano to tour the late Malam Aminu Kano museum, also raised the alarm that “President Buhari is surrounded by vultures and hyena. And you can see the very prudent life Malam Aminu Kano has left behind, and could have served as a beckon to which we will find a new and transparent Nigeria. You should also understand it very well that achieving an absolutely corrupt-free society is theoretical illusion, but it is also a developmental necessity. “We cannot achieve one

hundred percent corrupt-free society, but our struggle to achieve it will be a continuous process. “Nigerian politicians have since abandoned the prudent way of Malam Aminu Kano and the honesty of Sarduana of Sokoto, Sir Ahmadu Bello. They have since abandoned the focus of these great leaders. “What is matter to the is how they can build political empire and then also use it as a launching pad to build a business empire. They are not entrusted in freeing the masses from poverty. “They are simply interested in leveraging themselves to stupendous position of wealth. We live in a country whereby people in the position of power seem to create jobs for the children of the poor; while there are reserved positions for children of the rich in Federal Civil Service, this is what has becomeofthiscountrytoday. “Ifwearetobuildanewdemocratic, transparent and corrupt-free society, we must start by public office holders. We mustbegintolayclearexamplesbecause we cannot have governors, rich senators, rich members of House of Representatives, rich ministers who have simply become rich because they are in public office and for you to expect any fundamental change in the way and manner Nigeria is today. “We must begin to act fast because Nigerians were corrupted by the leaders, not that Nigerians corrupted the leaders. Indeed, it is the leaders that corrupted our people.”

KILLER TYRES

L-R: Deputy Director, Standard Organisations of Nigeria (SON), Kabiru Mohammed; Director General, Osita Aboloma; Director, Compliance, Bede Obayi; and Assistant Director, Chike Makwe, during the inspection some impounded substandard tyres by SON in Lagos....weekend SULEIMAN HUSAINI

Lives of Nigerians at Stake in S’Africa, Says FG Describes minister’s response as reprehensible

Gboyega Akinsanmi The federal government yesterday said the lives and welfare of Nigerians resident in South Africa “are at stake now more than any time in recent history,” lamenting that xenophobic attack had killed over 116 Nigerians. Consequently, it condemned a statement credited to the South African Home Affairs Minister, Mr. Malusi Gigaba, that the issues of attacks on Nigerians “were better discussed at the diplomatic levels.” It condemned Gigaba’s response in a statement signed by the Senior Special Assistant to the President on Foreign Affairs and Diaspora, Mrs. Abike Dabiri-Erewa, yesterday, acknowledging that the two countries have a long-standing diplomatic relationship. It cited a pivotal role Nigeria played in ending apartheid, among so many of her positive interventions, noting that Nigeria should not be paid with the

killing of its citizens resident in South Africa. It said indiscriminate killings, in which 116 deaths have been recorded of her people “must not be how Nigeria should be paid back. Xenophobia is such a debilitating social disease, based mostly on ignorance, in which its carrier also suffers.” It therefore condemned Gigaba’s response in the aftermath of serial xenophobic attacks, which culminated in reprisal on MTN Nigeria, a South African business conglomerate, describing as reprehensible, if not unacceptable. According to the statement, it appears that Gigaba would rather dwell on and entertain himself with diplomatic niceties when the welfare of Nigerians resident in South Africa are at stake now more than any time in recent history. It said Gigaba’s response “to the xenophobic attacks, which has now become a recurring decimal on Africans, most

especially Nigerians living peacefully in their host country of South Africa was indeed unfortunate. “While it is no longer news that law-abiding Nigerians in that country have borne the major brunt of these attacks, the news by the Home Affairs Minister that his country is trying to get rid of criminals at the time indiscriminate mayhem and looting of law-abiding Nigerians is very suspicious, to say the least. “Even if this unguarded statement must be taken in its face value, we wonder if wanton destruction and indiscriminate killing of their African brothers is the most sensible excuse to give. The home affairs minister should have been more guarded and introspective in his statements so as not to further fan the embers of xenophobia that may get out control if care is not taken.” The statement, therefore, strongly urged the home

affairs minister “to engage in the mass education of the South African people about the debilitating effects of this disease with immediate effect.” It acknowledged that the home affairs minister only met with African consulates forum, an association of African consuls general, based in South Africa recently, though noted that the meeting was long overdue. It added that Gigaba’s response “to the mayhem that a segment of the South African people perpetrated on law-abiding Nigerians in South Africa smirks of insensitivity. It is therefore very reprehensible, if not unacceptable.” The statement called the African Union (AU) “to take up the South Africa’s xenophobic issue as a matter of urgency. The days that the Nigerian government will fold its arms while its citizens are maltreated to the point that some of them have lost their lives for no just cause are long gone.”

MONDAY, FEBRUARY 27, 2017• T H I S D AY

NEWSXTRA

PDP Sweeps Council Polls in Gombe, Taraba APC rejects results

Onyebuchi Ezigbo in Abuja and Segun Awofadeji in Gombe The Chairman of the Gombe State Independent Electoral Commission (GOSIEC), Mr. Caleb Maina, yesterday announced the results of the local government elections held in the state where the Peoples Democratic Party (PDP) swept all the eleven chairmanship seats as well as the all the 114 councillorship seats. This came as the party candidates were declared winners of the chairmanship seats in all the 13 local government councils so far declared by the Taraba State Independent Electoral Commission out of the 15 local government areas where elections were conducted last Saturday. However, the elections and the results in Gombe State were rejected by a coalition of opposition political parties

in the state led by the All Progressives Congress (APC) which roundly condemned the exercise which they described as “complete sham.” Briefing journalists before the announcement of the results last Saturday afternoon, the Coalition of Opposition Political Parties called on the Economic and Financial Crimes Commission (EFCC) to immediately commence the investigation of GOSIEC for failure to conduct the local council election on February 25, 2017. The election, according to the coalition’s spokesman and acting Chairman of the APC, Alhaji Idi Barde Gubana, was never held as there was never a release of election materials as well as casting of votes after the PDP-led the state government expended millions of naira for the election. GOSIEC was said to have collected N500,000; N250,000 and N150,000 from

FG to Hire 350,000 More Unemployed Graduates Tobi Soniyi in Abuja The federal government has announced plans to hire 350,000 more unemployed graduates under the N-Power Volunteer Corps. The Senior Special Assistant on Media and Publicity to the Acting President, Mr. Laolu Akande, said President Muhammadu Buhari has requested appropriation of N157.75 billion in the 2017 budget estimates for the N-Power scheme. The N-Power is one of the many Social Investments Programme (SIPs) of the President Muhammadu Buhari’s organisation. Akande urged Nigerians to actively come out and take advantage of the different schemes. He said: ”Out of the N-Power N157 billion in the 2017 budget, 350,000 unemployed graduates more would be hired and trained, alongside 50,000 non-graduates youths to be engaged as artisans and in other creative ventures.” He explained that under the N157.75 billion, a sum of N4.5 billion has been earmarked for the Science, Technology, Engineering and Mathematics, (STEM) programme to support young Nigerians in building skills in those disciplines. Akande who welcomed the great public enthusiasm the programmes had so far generated, noted that the SIP budget proposals for 2017 would be discussed this week at the National Assembly. He urged Nigerians to expect more this year especially in the area of implementation adding that, “ virtually all of the SIPs are now undergoing different stages of implementation. “While we were able to engage 200,000 unemployed graduates last year, we will do 350,000 more this year,” he added. Under the 2017 budget proposals now before the National Assembly, Akande disclosed that about N75 billion has been allocated for

the National Homegrown School Feeding Programme, which he said would provide one hot meal a day to five million primary school pupils. The Spokesperson to the Acting President also stated that under the 2017 budget a sum of N112.2 billion had been allocated for the Government Enterprise and Empowerment Programme aimed at providing interest-free loans to up to 1.2million market men and women, traders, artisans, youths and farmers. Under the GEEP, he explained that beneficiaries would receive between N10,000 and N100,000 loans with a one-time 5 per cent administrative fee. He said that under the 2016 budget, over 20,000 Nigerians in about 14 states and counting, had been benefiting from GEEP. Akande also said that Conditional Cash Transfer which has kicked off in nine states would be further expanded under the 2016 budget and would reach more states and much more Nigerians. He said: “The plan in 2016 budget targets one million poorest and vulnerable Nigerians. And in the 2017 budget an additional N54.98 billion has been allocated for the continuation of the N5,000 monthly social safety net payments to the poorest Nigerians.” Akande further clarified that while Buhari had further approved another N500 billion this year for all the social intervention programmes, N100 billion out of it had been allocated for the Family Homes Fund as already announced by the Ministry of Finance. “2017 implementation of the SIP is going to be far more impactful than what we were able to do under the 2016 budget, so Nigerians should expect more this year, the resolve of the Buhari presidency is firm that more lives must be touched positively under this programmes which Nigerians have come to appreciate,” Akande concluded.

candidates seeking election into 11 chairmanship seats, their deputies, as well as the 114 councillorship positions respectively. But announcing the results yesterday, the chairman of the commission, Maina, said: “Following the receipt of the results of the election as returned and declared by the wards returning officers of the 114 wards in all the local government areas of the state, in accordance with section 26 sub-section 1-2 of state Independent Electoral Commission Law 2013 as amended, as the Chief Returning Officer of the Commission, I wish to announce as follows.”

Caleb then read out the entire results of the election which indicated that the PDP won all the 11 chairmanship positions as well as the 114 councillorship seats in the state defeating all the APC candidates who contested in all the chairmanship and councillorship elections. However, APC has rejected the outcome of last Saturday’s local government area election held in Gombe State, describing it as a sham. A statement signed by APC Caretaker Committee Chairman, Hon. Idi Barde Gubana, on behalf of other political parties and made available to THISDAY in Abuja, said while the process had been taken as

People Democratic Party (PDP) affairs alone, election materials were massed up at the various state Independent Commission (GOSIEC) local government offices across the state. “You recall that the Gombe State Independent Electoral Commission (GOSIEC) fixed the election for today, for which the people of the state had looked forward with hope that at last freedom is knocking at their door steps,” he said. According to APC, the exercise was marred by non availability of election materials and outright low turnout of voters. In Taraba State, the elections, which were contested by only

PDP and the APC saw the PDP candidates winning convincingly in all the local government areas as declared by the Chairman of the commission, Dr Phillip Duwe. Though PDP won all the chairmanship seats, APC however won three councillorship seats in Jalingo and Zing local government areas. Announcing the results at the commission’s headquarters in Jalingo yesterday, the Chairman of the commission, Duwe, said the PDP candidate in Jalingo local government, Alhaji Abdul Bobiji scored 48,322 to defeat the APC candidate, Aminu Imam who scored 7,235.

S’East Governors Meet in Enugu, Agree on Security, Economic Integration Umahi emerges new chairman

Christopher Isiguzo in Enugu For the first time in over a year, five governors of the South-east states met yesterday in Enugu with a resolution to work together for the interest of the people of the zone. The closed-door meeting which was held at the Government House, Enugu, had all the five governors present without any representation unlike in the past when some would send their deputies. The governors included Victor Ikpeazu (Abia), Ifeanyi Ugwuanyi (Enugu), Dave Umahi (Ebonyi), Willie Obiano (Anambra) and Rochas Okorocha (Imo) The governors who elected Ebonyi State Governor, Umahi, as their new Chairman, the first since the former Governor of Abia State, Senator Theodore Orji, left the position in 2015 also received briefings from the President-General of Ohanaeze Ndigbo, Chief John Nnia Nwodo, on the activities of the socio-cultural organisation and also from the Deputy Senate President, Ike Ekweremadu, on provisions of infrastructural development for the zone in the 2017 Appropriation Bill. Briefing journalists at the end of the meeting, the new chairman of the forum said the governors had resolved to work together henceforth in order to improve the lots of the people of the zone and also took a critical look at a number of burning issues. He said the meeting was mainly focused on security and economic integration of the zone in order to improve on the security of the five states and also tap from the abundant economic potential in the area. On security, the governor said: “We’ve agreed to compare notes. We agreed to talk to the Commissioners of Police in our respective states on security integration so that such issues as kidnapping, armed robbery and other insecurities are look at together with a view to addressing them. “We’ve noticed that

whenever a kidnap occurs say in Ebonyi State, the victim is taken to another state, vice versa, the only way to arrest the situation is for us to work together, team up, that way, we’ll be able to secure lives and property of our people,” he said. On economic integration, Governor Umahi said they also agreed on the imperativeness of working together, adding “we agreed that each of the governors will direct his commissioner for economic planning to also begin to compare notes and come up with a blueprint on how we will come up with proper integration of the zone. We have abundant wealth in our

area and we can harness them if we come together. “We also agreed to work together to compare notes and imbibe the spirit of peer review mechanism. Ebonyi learns from Imo, Abia, learns from Enugu, Anambra learns from Ebonyi. With that way, we will be able to come together for the good of our people. We also declared our support for the new leadership of Ohanaeze Ndigbo and ask our people to give them all the necessary support,” he said. He said he accepted his election as the new chairman of the forum with a pledge to provide effective leadership during his reign. Earlier, while introducing their new Chairman, Abia State

Governor, Ikpeazu explained that the choice of Umahi was because Abia and Anambra had earlier occupied the position through Orji and Peter Obi respectively. Also, the President General of Ohanaeze Ndigbo, Nwodo expressed satisfaction that the governors had finally resolved to work together, noting that it portends good omen for the Igbo people in Nigeria. He therefore urged them not to allow anything distract them in their new resolve to work together in the overall interest of Ndigbo, expressing hope that the renewed unity of the governors would eventually translate to better fortune for the people of the area.

MONDAY, FEBRUARY 27, 2017• T H I S D AY

NEWSXTRA

Report: Nigeria Records 79,875 Road Accidents in Three Years Ogun leads with 6,422, Jigawa is least with 725

Not less than 79,875 cases of road accidents were reported in the country in the last three years.

Official documents obtained by the Economic Economic Confidential showed that the figure represents the

total accidents that occurred between 2013 and 2015. Out of this figure, a total of 29,494 occurred in 2013

Army, DSS Arrest Foreign Boko Haram Terrorists Paul Obi in Abuja

The Nigerian Army and Department of State Services (DSS) have three foreign members of Boko Haram terrorists following a lead. The Director of Army Public Relations, Brig Gen Sani Usman, said the three suspects were Chadians and belonged to a faction of the terrorist group. Usman said: “Today (yesterday) afternoon, Nigerian Army troops in conjunction with elements of DSS after

painstaking effort of tracking arrested three suspected Chadian Boko Haram terrorists that belonged to Albaranawi faction, in Gombe, Gombe State. “The three Chadian terrorists suspects, Bilal Muhammed Umar, Bashir Muhammed and Muhammed Maigari Abubakar, were arrested at Arawa and Mallam Inna Areas of Gombe metropolis. “They were reported to be members of Albarnawi faction of the Boko Haram that operates in Chad and mostly northern part of Borno State

but came to Gombe State for another heinous assignment. “During the operation, one of them, Bilal Muhammed Umar attempted to escape and was shot on the leg. He was however apprehended and is receiving medical treatment. “The terrorists were also arrested with Improvised Explosive Device (IED) materials that they could have coupled and attack parts of the state. The suspects are in custody undergoing preliminary investigation,” Usman stated.

Osinbajo, Saraki Felicitate with Shagari at 92 Tobi Soniyi in Abuja The Acting President, Prof. Yemi Osinbajo and Senate President, Dr. Bukola Saraki, yesterday congratulated former President and elder statesman, Alhaji Shehu Shagari, on his 92nd birthday. Osinbajo, in a statement by his Senior Special Assistant on Media and Publicity, Mr. Laolu Akande, joined Shagari’s family, well-wishers and indeed all Nigerians, in celebrating the former president’s selfless service, leadership and steadfast commitment to the advancement of Nigeria, over

the years. He noted that decades after serving as the second republic President of Nigeria, Shagari has continued to advance the unity, peace and prosperity of the nation. Osinbajo said he believed that the patriotism, principles and the lofty values “the former president displayed throughout his public life as a teacher, politician, parliamentarian, president and now as an elder statesman, make him one of the foremost national leaders of our time.” On his part, Saraki, in a

statement by his Special Adviser, Media and Publicity, Yusuph Olaniyonu, in Abuja, lauded the sterling contributions of the nonagenarian to the sustenance of democracy, national peace and development. “I am delighted to join millions of Nigerians to wish you a happy birthday as you clock 92, while looking forward to partake in many more joyous moments to celebrate your eventful and most successful life. I happy that you have not relented in making those salient contributions that have kept our ship of state sailing smoothly and surely.

Kaduna Government Auctions 1,990 Government Quarters John Shiklam in Kaduna As part of measures to cut down cost, the Kaduna State Government is to sell 1,990 of its non-essential residential quarters to the public through auction. The government in a statement said the decision to sell the houses was taken at a meeting of the state executive council presided over by the Governor, Mallam Nasir el-Rufai. “The houses are to be sold by means of a public auction based on their open-market value.

“According to the approved guidelines, only persons and corporate bodies resident in Kaduna State are eligible to submit bids for the properties, and each property will be sold at the highest price offered. “The guidelines also stipulate that no property will be sold for less than its reserve price,” the statement said, adding that every bidder is restricted to only one property. The guidelines further indicated that the public servants that are currently

occupying the properties have the first right of refusal to match the winning bid. The sale however, excludes all government quarters in schools, hospitals and similar public institutions. The statement noted that “at about 3,000 in number, government residential quarters have always accommodated only a minority of public servants but with a disproportionate impact in terms of resources devoted to their maintenance and renovation.”

Buhari Commiserates with Emir of Katsina on His Mother’s Death Tobi Soniyi in Abuja President Muhammadu Buhari has called the Emir of Katsina, Alhaji Abdulmumini Usman, from London over the death of his mother, which occurred at the weekend. A statement by his Special

Adviser on Media and Publicity, Mr. Femi Adesina, said Buhari condoled with the traditional ruler, urging him to take solace in the fact that Hajia Aminatu Mai Babban Daki lived a good life, devoted to serving Allah and

humanity. “Please be comforted. May Allah accept her soul,” Adesina quoted Buhari as saying. The deceased was survived by nine children, and has been buried according to Muslim rites.

with 13,021 cases reported as fatal, 8,917 cases were reported as serious, while the balance of 7,556 cases were designated as minor according to reports obtained by this magazine with careful analysis. Ogun State however led all other states in the reported cases of road crashes with 6,422, followed by Lagos State with 6231, Kano came third with 4,869, Federal Capital Territory (FCT) is number four with 4,700 cases while the number five position was grabbed by Edo State with 3,499. The state with the least number of cases of road crashes in the year under review was Jigawa with 725. In 2014, the reported cases of accidents amounted to 25,427 out of which 11,665 were fatal, 7,561 were serious and 6,201 cases regarded as minor. The figure for 2014 was however, lower than that of 2013 by almost 4,000 due to road traffic management

sensitisation carried out by the combined efforts of both the Police and the Federal Road Safety Corps (FRSC). In 2015, the total road accidents recorded was 24,954, again below the figure for 2014. Out of this figure, 11,507 cases were fatal, 7,390 were regarded serious while the balance of 6,057 were treated as minor. Investigations by the Economic Intelligence magazine further revealed that the total number of persons involved in accidents within the period under review reached an all time high of 49,867. Of this figure, 15, 011 persons were killed in the road crashes while the remaining 34,856 were injured. Of those killed in the accidents, 5,539 were for 2013, 4,430 for 2014 while the balance of 5,042 were those for 2015. Out of the figure of those injured which was 34,856, 12,372 were for 2013, 12,227

was for 2014 while the remaining figure of 10,257 were for 2015! A careful analysis by Economic Confidential indicate that out of 79,875 reported cases of accident, reckless driving accounted for 30.3 per cent, inexperience and mechanical fault accounted for 21.5 per cent while and road defects accounted for 21.1 per cent. Further search by the investigating team showed that a motorcycle to motorcycle collision, motorcycle to vehicle crashes and vehicle to vehicle accidents are the lead types and have resulted in 38.9 per cent, 37.5 per cent and 14.9 per cent respectively of the total of 15,100 deaths recorded within the period of under review. Furthermore, it was also revealed that heavy duty vehicles, minibuses and taxis accounted for most of the accidents with 94.7 per cent of the total accidents.

MONDAY, FEBRUARY 27, 2017• T H I S D AY

NEWSXTRA

Lagos Not among World’s Worst Cities, Says Report Ambode’s traffic management approach working, Ayorinde

Gboyega Akinsanmi Lagos, Africa’s largest megacity and the world’s fastest growing metropolis, is not among the

world’s worst cities with the historic record of traffic congestion, says the World Traffic Index 2017. The report, which measures traffic congestion in 390 cities

Benin is Home for All, Oba Tells Ethnic Communities Adibe Emenyonu in Benin City The Oba of Benin, Oba Ewuare II, has assured other ethnic communities of their acceptance in Benin, describing the Benin kingdom as a home for all to coexist. Oba Ewuare gave the assurance when the executives and members of the Igbo Community paid a postcoronation visit to his palace in Benin City at the weekend. The Oba who described the visit as surprising and overwhelming, urged all ethnic communities to feel at home and contribute to the development of the host communities they find themselves and the state in general. He commended the Igbo community for recognising and deeming it fit to pay their respect to the traditional stool and urged them to support the state government in the realisation of the Gelegele seaport project which would bring economic fortune to people of the state. “We want to assure the communities amongst us of our hospitality. “We want to express our gratitude to all the communities in our midst. We want to expresses our gratitude to communities and ethnics groups in Nigeria that recognise Benin Kingdom and that show a lot of respect for our culture.

“They have shown a lot of understanding for their host communities and within the ethnic group which they reside, and in retrospect, we would reciprocate to accommodate all the ethnic communities within our group,” the Oba said. He continued: “You should all feel at home. We are aware some of you were born here; many of you probably will speak Bini by now. “We remind you of our commitment to develop the state, for you to give support to the state government to continue to respect the culture of the people. “You must have heard of our desire to develop the Gelegele free zone area, whatever consideration the Igbo can make will be well appreciated. The invitation is open to all the communities residing in our kingdom and in our state to present their proposals and contribution to how we can actualise what we have made commitment about.” Earlier in his speech, the President of the Igbo Union, Professor Nathaniel Aniekwu, disclosed that the Oba is the grand patron of the Igbos in the land and described his succession of the ancestral throne as the divine work of God. He urged the oba to wade into the leadership problem of the Evbareke Spare Parts Market where he alleged that they have been sidelined.

Troyka Leads Thought at Social Media Week in Lagos Leading Communications Group, Troyka Holdings, is set to lead future impacting thoughts on social and digital media at the fifth edition of the Social Media Week holding at the Landmark Centre, Oniru VI from February 27 till March 3, 2017. Social Media Week is a conference that proposes ideas, trends, insights and inspiration to help people and businesses understand how to achieve in a hyper-connected world. This year, the event features keynote speakers, workshops, master classes, presentations and networking. Commenting on Troyka’s participation at Social Media Week 2017, Chief Future Officer, Troyka, Mr. Solomon Ikhioda, noted that it was no longer

news that the world has gone digital and there is every need for brands and organisations to tap into the digital economy to accelerate business performance. Guided by a mission to offer insightful opinions about social and digital media, Troyka speakers; Chief Future Officer, Mr. Solomon Ikhioda, MD/ CEO Insight Publicis, Mr. Feyi Olubodun, MD/CEO All Seasons Media, Dr. Ken Onyeali-Ikpe, Mr. Ralph Idu, Creative Director, Leo Burnett, Franklin Ozekhome, Chief Strategist, Leo Burnet,t among others will deliver papers and thinking all geared to reframe the renaissance of creativity, innovation and artistic excellence in the marketing communications practice.

across 48 countries globally, was issued by TomTom, a global leader in traffic management, navigation and mapping products. The report showed that Africa recorded a 15 per cent increase in traffic congestion between 2015 and 2016; North America five per cent, Europe nine per cent, Asia & Oceania 12 per cent and South America seven per cent. While Africa at large recorded a 15 per cent rise in traffic congestion, the report showed a 10 per cent rise in global traffic congestion between 2015 and 2016. But the report did not list Lagos with the cities with the worst cases of traffic congestion within the same period. Consequently, the report ranked Mexico City in Mexico as the world’s worst city with drivers expecting “to spend an average

of 66 per cent extra travel time stuck in traffic anytime of the day and up to 101 per cent in the evening peak periods versus a free flow, or uncongested situation.” Likewise, the report ranked Bangkok in Thailand with an average of extra travel time of 61 per cent, Jakarta in Indonesia with 58 per cent, Chongqing in China with 52 per cent and Bucharest in Romania 50 per cent, making up the top five most congested cities in the world. Other cities with the worst cases of extra travel time include Rio de Janeiro in Brazil 47 per cent, Beijing in China 46 per cent, Los Angeles in the US 45 per cent, Moscow in Russia 44 per cent, Santiago in Chile 43 per cent, Buenos Aires in Brazil 42 per cent, St. Petersburg in Russia 41 per

cent, Salvador in El Salvador 40 per cent and London in the UK 40 per cent. However, in a reaction yesterday, the Commissioner for Information and Strategy, Mr. Steve Ayorinde, said the fact that Lagos was not ranked with the cities with the worst cases of traffic congestion indicated that the strategy of Governor Akinwunmi Ambode was indeed working. He, therefore, described Ambode’s approach to traffic management in the last two years as creative and outstanding, which he said, had helped Lagos out of the list of the worst 15 cities with traffic issues in the world. When Ambode assumed office in 2015, Ayorinde said his administration was confronted

with intractable traffic congestion, which compelled the governor “to convene a 2015 summit in the same year. The summit has indeed provided insight into the root causes of the state’s traffic congestion.” After the 2015 traffic summit, the commissioner noted that Ambode introduced laybys and slip roads “to knotty areas; removed roundabouts along Lekki-Epe Expressway and replaced them with signalised lights.” He added that the governor approved the construction of foot bridges at Berger among other traffic areas “to ensure free flow of traffic, while also adding to the number of officials of Lagos State Traffic Management Authority (LASTMA) for the first time in 10 years.”

TECHNOLOGY TIMES OUTLOOK

L-R: Lagos State Commissioner for Information and Strategy, Lagos State, Mr. Steve Ayorinde; Director General/CEO of National Identity Management Commission (NIMC), Aliyu Abubakar Aziz; and Founder, Technology Times, Mr. Shina Badaru, at the unveiling of the award plaque to announce, Chairman, Zinox Technologies, Mr. Leo Stan Ekeh, as Technology Times Person of The Year 2016 at the Technology Times Outlook 2017 cocktail at the MUSON Centre in Lagos ....recently.

Ex-workers of Intercellular Petition PenCom, EFCC over N230m Pension Debt Chineme Okafor in Abuja Former workers of InterC Network, a data service provider formerly known as Intercellular Nigeria Plc have asked the National Pensions Commission (PenCom), Nigerian Communications Commission (NCC), and Economic and Financial Crimes Commission (EFCC) to look into their claims that the company has refused to remit into their respective Retirement Savings Accounts (RSA), N230 million worth of pension deducted from their salaries. The workers also requested the National Human Rights Commission (NHRC) and National Assembly to intervene in the alleged pension remittance default, saying that InterC Network took about 82 months pension contributions of 400

workers but failed to remit same to their Pension Fund Administrators (PFAs). A petition on this was signed on behalf of the workers by their leader, Mr. Barack Lawrence, and made available to THISDAY yesterday in Abuja. The former workers alleged that the company disengaged them from its service without paying them their outstanding salaries running into 22 months, as well as their pensions and other legal entitlements due to them. They also stated that their former employer refused to remit deductions to the Nigeria Social Insurance Trust Fund (NSITF) between 2004 and 2005, a period immediately preceding the establishment of PenCom and its enabling act which required employers to transfer all NSITF deductions and

contributions to their PFAs. According to them, the company claimed insolvency and unable to pay them their entitlements when they were laid off. They however, said it has since got back to business and operating under a different name. “We were inhumanly tortured psychologically, hoodwinked, robbed and insulted. Many of us after over one decade of tireless service to the company have been humiliated by this wicked act which is undeserving of worthy stewards. “How do you imagine an organisation you have worked and put in so much for almost two years without salaries, they told us to keep faith with the organisation as they were expecting investors who would inject huge capital that will take care of outstanding and projected liabilities, only

to wake up one morning to be told that your services are no longer required yet without due payments of outstanding arrears of salaries, allowances, agreed severance package and many years of deducted but unremitted pensions and NSITF to the appropriate staff PFAs,” they alleged in the petition. They further said: “We remain united on a common front of justice against injustice and roguery. We are in the dispensation of change and that is why we have resorted to use the relevant agencies of change to get us our due.” The also warned intending investors in the firm to avoid possible labour troubles from them by ensuring that the actual liability to disengaged staff of the company are factored into any shares purchase agreement they will sign with the firm.

T H I S D AY MONDAY FEBRUARY 27, 2017

T H I S D AY • MONDAY, FEBRUARY 27, 2017

MONDAYSPORTS

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

CAF Elections Tear NFF, CAF Committee Members Apart Duro Ikhazuagbe Despite Nigeria not fielding a candidate for the office of the President of Confederation of African Football (CAF) in the elections scheduled to hold on March 16 in Addis Ababa, Ethiopia, gladiators in the country’s football administration are up in arms against one another. Last week’s endorsement of Madagascar’s FA President, Ahmad Ahmad, by NFF President, Amaju Pinnick, is at the centre of the furore tearing apart the hitherto bond existing among the football stakeholders here. Yesterday, all Nigerians in CAF’s committees including Dr Amos Adamu, Brig-General Dominic Oneya (rtd), Alh. Sani Lulu, Alh. Aminu Maigari, Mr Amanze Uchegbulam, Dr. Bolaji Ojo-Oba, Mr Paul Bassey, Mr Chris Green and the only female in their midst, Aisha Falode, issued a statement insisting that Pinnick’s decision to dump incumbent Issa Hayatou who is seeking eighth term as CAF president for Ahmad was purely a personal matter. They insisted that no Nigerian in CAF or the supervising Federal Ministry of Youth and Sports was consulted before the NFF chief decided to announce the country’s support for the candidate from the Southern African football sub-region (COSAFA). “Mr Pinnick as an individual has a right to declare support for whoever he pleases but when such support is made in the name of Nigeria then there is need for extreme caution given the political colouration of CAF elections of which we are well grounded and versed in. “CAF Elections are not about individuals. Countries support their candidates, finance such elections, set up various committees led by ministers, diplomats and football people to lobby and canvass across the continent in high level diplomatic sojourns armed with manifesto publications and letters of introduction etc. Regrettably, we cannot claim to have done any of the above, yet the election is less than a month away,” observed the statement released yesterday by these eminent Nigerians in various CAF committees. They insisted that while Hayatou remains a friend of the country having previously supported most of the football fiestas hosted by the country as well as helping Nigerians into various CAF positions, Ahmad has not been here to canvass support. “CAF President Issa Hayatou, who is FIFA Senior Vice President, overtime has been a pillar of support and true friend of Nigerian football. His service to the round leather game cannot be disputed given the giant strides that football in the continent has taken especially in the areas of sponsorship and partnership, and the spread of the game to all nooks and corners of the continent.

NPFL RESULTS

Sunshine 1 - 0 Rivers Utd Ifeanyiubah 1 - 0 Plateau Utd El Kanemi 2 - 0 Nasarawa Tornadoes 1 - 0 Gombe ABS 1 - 0 Wikki Lobi 2 - 1 Enyimba K’Pillars 1 - 0 Katsina Utd

“The hosting of the FIFA Under-17 Competition in 2009, the election of Nigerians into the CAF and FIFA Executive Committees, (Etubom Oyo Orok Oyo and Dr. Amos Adamu) as well as the resolution of sensitive issues involving our country at FIFA level in 2010 are some of the benefits accruing to us from his (Hayatou) reign. “We, Nigerian members of CAF hereby declare our unalloyed support for President Hayatou and his leadership of CAF, one that has brought great development to the game in Africa, including the hosting of the FIFA World Cup on Africa soil for the first time,” stressed the nine CAF committee members. But in a swift move, Chairman of Chairmen of the current NFF board, Ibrahim Gusau, countered those insisting Pinnick acted without the support of his board. He revealed that Pinnick was given the go-ahead to act in whatever possible way to advance the interest of Nigeria in the CAF elections. “In a nutshell, we all agreed unanimously at the board meeting of NFF to support NFF President, Amaju Pinnick to contest for a CAF Executive seat in the forthcoming CAF elections in Addis Ababa. “We also gave him a mandate to use his discretion to vote for any presidential candidate that has genuine vision that will benefit Nigeria. We believe Amaju as the President of NFF is not going to CAF as an individual but he is going there to represent the interest of Nigeria and we believe as a leader he understand the politics in CAF. “We have unanimously endorsed him to contest for the CAF Executive seat and also vote for any candidate of his choice whom he believes will benefit Nigeria,” Gusau insisted last night. The Chairman of Chairmen accused those Nigerians in CAF committees drumming support for Hayatou as selfish people. “Some of those criticizing Amaju (Pinnick) for supporting another candidate apart from Issa Hayatou are selfish because some of them have been in that system for decades and they believe that without Hayatou they cannot retain their seats. “They don’t have the interest of Nigeria and besides, what has the country benefited from them since they have been there? So it is wrong for anybody to start criticizing Amaju for not supporting Hayatou,” Gusau fired back. He insisted that it was the same Hayatou that stood vehemently that Africa was not going to support Infantino Presidency during the FIFA election. “Infantino is the same President that appointed the first African as Secretary General of FIFA. So I believe Amaju being Nigeria’s representative knows what is best for Nigeria and we have given him the mandate to contest a seat in CAF Executive and also vote for any presidential candidate that will benefit Nigeria. “As NFF President, he is not going to the CAF position as an individual but as the country’s mouthpiece in the continental

body,” he noted. Meanwhile, the Minister of Youth and Sports, Solomon Dalung, has called for an emergency meeting

with the executive board members of the NFF in Abuja tomorrow. SA Media to the minister, Nneka Ikem Anibeze, said in

a statement yesterday that the meeting would hold in the Minister’s conference room, National Stadium, Abuja at 11am.

The statement emphasised that attendance of all board members to the emergency meeting was mandatory.

Manchester United Captain, Wayne Rooney lifts the League Cup trophy after the 3-2 defeat of Southampton… yesterday

Ibra’s Magic Wins League Cup for Man Utd Zlatan Ibrahimovic scored with three minutes remaining to give Manchester United a thrilling 3-2 victory over Southampton in the EFL Cup final. A dramatic contest at Wembley was settled when Ibrahimovic headed in Ander Herrera’s cross just as the match appeared destined to move into extra-time. A controversial and thrilling match saw Southampton have

Manolo Gabbiadini’s strike wrongly ruled out for offside before Ibrahimovic struck with an impressive free-kick at the other end. Jesse Lingard got the second, finding the bottom-right corner after a neat team move to net on his third consecutive Wembley appearance for United, before Gabbiadini got a goal that did count in first-half stoppage time. Gabbiadini made it five goals

in three Saints matches with a magnificent finish early in the second half, but Ibrahimovic had the last word with his 26th goal of the season. United have now won the tournament on five occasions, a record bettered only by Liverpool. Mourinho claims the first major trophy of his United reign and his fourth overall victory in the competition, tying the

record jointly held by Brian Clough and Alex Ferguson. Southampton’s wait for a first EFL Cup goes on as their FA Cup success in 1976 – which came against United – remains their only major trophy. Claude Puel has now lost both of his management appearances in major domestic cup finals, having been beaten as Monaco boss in the 2001 Coupe de la Ligue final.

Yakubu Sisters, Others Dominate CBN Junior Tennis The Yakubu sisters, Oiza and Nene clinched the Girls 12 and 10 titles as the 2017 Central Bank Junior Tennis Championship ended with fanfare at the Lagos Lawn Tennis Club last Saturday. First on court was the petite but extremely mobile Nene who defeated fellow nine year-old Mary Benjamin from the Navy Club Apapa, 8-3. Her left handed sister, Oiza, followed with an 8-5 victory over Blessing Otu also of Lagos.

Timipre Maxwell retained her title by edging team mate Rebecca Ekpeyong 9-7 while David Dawariye easily beat Usman Kushimo from Abeokuta 8-2. The Boys 12 event was won by Daniel Adeleye from Ekiti who defeated David Ekpeyong 8-3. Michael Osewa, the 2016 African Junior championship 16 & Under runner-up showed some class in overcoming Lagos lawn Tennis Club team mate, Augustine Stephen 9-8 in the Boys 18 final.

In a brief speech which preceded the star matches of the day, the CBN Governor, Godwin Emefiele, represented by the acting Director of Corporate Communications, Isaac Okoroafor, expressed delight at the results achieved in the 11 years of sponsorship of the junior championship and the progress the young boys and girls are making. “The CBN” the Governor said, “is very delighted with the

impact of our sponsorship which has helped Nigeria dominate junior tennis in the West and Central African region and produced young champions like Moses Michael and Sylvester Emmanuel at the senior level. We are also very proud of the partnership with the International Tennis Academy which has maintained a very high standard of organisation and produced these outstanding results”

St. Peter’s House Retains St. Murphy, Sean, Thrill Fans at Gregory’s College Sports Title Princeton Chikki Sports Meet As St Gregory’s College marked her 76th Annual Inter-house sports sponsored by Chikki Instant Noodles, St Peter House defended the title won last year by clinching first position. The event took place at the college’s athletics ground last Friday in Lagos. Chairman of the day, Mr Francis Bolaji Medessou, who is an old boy of the college declared the event open. He said this year’s event was in honour of the 1967-1971 set who also marked their 50th Anniversary by donating three new trophies to the school and a cash donation of N20,000 to the winning house. In his speech, he stated that it

was a thing of joy to participate in competitions and competitors should be prepared to accept defeat as result can go both ways. The event commenced with a military parade under the command of Men of the Nigerian Army instead of the regular march past. At the end of the competition, St Peter House spotting colour red came out tops with 17gold, 11 Silver and 11bronze medals to beat St Francis, (Blue house) which had 11 gold, 13Silver and Eight bronze medals to second place. St Augustine’s House, (Colour Green) came third with 10 gold, 11 silver and 16 bronze medals.

Murphy Ijemba and Sean Amadi of 88.9 Brila FM, Lagos thrilled fans with exciting commentaries on the six-a-side novelty match by Princeton’s best 12. At the end of the encounter, Team Leke defeated Team Charles by two goals to one. The match is one of the event decided at Princeton School Inter-house sports competition held at the main bowl of Teslim Balogun Stadium, Surulere, Lagos on 21st February, 2017. Forty events were competed for at the sports meet sponsored by Chikki Instant Noodles in which Ahmadu Bello House spotting colour red emerged winners with

11 gold, nine silver and 11 bronze to beat Obafemi Awolowo House in Colour Green which had 11 gold, nine silver and seven bronze medals to second place. Nnamdi Azikiwe House spotting colour blue with Nine Gold, 10 silver and two bronze medals finished third ahead of Mary Slessor House Spotting colour Yellow which had two gold, six silver and 11 bronze medals. Ige Peace of Nnamdi Azikiwe House was decorated as the overall best athlete of the sports meet. The blue house captain also won the best male athlete honours.

Monday February 27, 2017

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MISSILE Makarfi’s Faction to Sheriff

“As far as we are concerned, the forceful entry of Ali Modu Sheriff and his team into the party secretariat is illegal and most unwelcomed. – Spokesman for the Ahmed Makarfi’s faction of Peoples Democratic Party (PDP), Mr. Dayo Adeyeye, accusing Senator Ali Modu Sheriff of perpetrating illegality by forcefully breaking into and taking possession of the party’s secretariat.

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

Teacher, Don’t Teach Me Nonsense – II “The educated differ from the uneducated as much as the living from the dead” Aristotle (384-322BC). “Training is everything. The peach was once a bitter almond; cauliflower is nothing but cabbage with college education” Mark Twain (1835-1910) e open the second phase of our discourse of education with two great quotes from two great minds. Aristotle and Mark Twain need no introduction. Aristotle was an ancient Greek philosopher and scientist, who together with Plato and Socrates laid the foundation for what is today referred to as Western Philosophy. His contributions cut across logic, metaphysics, mathematics, physics, biology, botany, ethics, agriculture, medicine and politics. He was a student of Plato, who was in turn, a student of Socrates. He is often referred to as the father of logic. One of his theories that I like so much is called syllogism. Simply put, syllogism refers to a sound reasoning that says that “if A is equal to B and B is equal to C, then A is equal to C”. To Aristotle, to the extent that the premises of an argument are true, then the conclusions are guaranteed to be true. Samuel Langhorne Clemens who is popularly known by his pen name, Mark Twain, was an American writer, humourist, publisher and lecturer. He was well known for creating two unforgettable characters in literature namely, Tom Sawyer and Huckleberry Finn. He made a fortune from his writings and lectures. He was later to lose everything in his investments which turned out very badly, mostly owing to innovative disruptions of that period. One interesting thing about Twain, beyond his well acknowledged humour was his integrity. Having filed for bankruptcy in April 1894 and having transferred his copyrights to his wife to prevent creditors from laying their hands on them, he worked extra hard with his friend, Henry Rogers of Standard Oil, and ensured that all his creditors were paid every dime they were owed, one year after. Mark Twain insisted on paying, even though he was under no legal obligation to do so. I consider his action a great feat given that the current President of his country, Donald Trump, and/or his companies had filed for bankruptcy between 4 and 6 times, depending on how one counts resulting in unmitigated loses to banks, creditors, bondholders and stockholders. Twain’s humorous talent is demonstrated in his quote about cauliflower being cabbage with college education. There is no controversy over the fact that we have consistently paid less and less attention to education in the recent times in this country. To corroborate this, all one needs to do is to assess the quality of products of our institutions of learning over time. In the immediate post-colonial era, someone with a First School Leaving Certificate, also known as “San Six”: a bastardised pronunciation of Standard Six certificate, could speak very well, write very well, knowing where to punctuate, add comas and full stops. That is hardly the case with holders of School Certificates and equivalents today, not to talk of First School Leaving Certificates. A lot of them can hardly make correct statements without grammatical and mechanical blunders. Some can’t even write their names. What do we expect when their teachers are as bad, teaching them nonsense? The Governor Oshiomole/Graduate Teacher episode presents a funny but interesting scenario. In a verification exercise in Edo State, a few years

Minister of Education Mallam Adamu Adamu ago, Governor Adams Oshiomole had asked a “graduate” teacher to read what was written on her age declaration certificate. What followed was a complete disaster. The teacher who was supposed to teach students, simply could not read. She had to be assisted by the governor to read virtually every word on that paper. You don’t have to take my word for it. Just watch “Nigerian Graduate Teacher Can’t Read Own Certificate in Edo State” on YouTube. In teaching, just like most things in life, what you sow is what you reap. You cannot have a teacher who can’t read and expect his or her products to be able to read. The rigour that goes into the selection process and the minimum standards set for teachers have a lot to do with the quality of teachers we have. In the past, teaching was a very respectable and noble profession, attracting the best hands and brains. I am not too sure that the situation is the same today. In so many places in Nigeria, teaching has been left for those who could not find jobs elsewhere. A major reason for this is the competitiveness of both compensation and motivation. If we do not get these right, we may as well forget attracting the right quality of personnel to this otherwise important profession. After all, it is said that if you pay peanuts, you attract monkeys. It is also for survival reasons that a lot of terrible things happen between teachers and students especially at the tertiary level. These days, you hear about “sorting” by the higher education students. This shameful word, for those who have not encountered it, refers to buying of grades from teachers in cash and kind. You may be as scandalised as I was a few years ago when a university student explained it to me. Students actually pay teachers for grades and depending on how much the student is willing to pay, he could score A, B, or C. Female students whose teachers are male could sort in kind. Here, the teacher sleeps with students in exchange for grades. That is the level of decay that has become the hallmark of our educational system. Those who went to school decades ago would agree that these kind of actions were abominable at that time. Some teachers have also devised another way of merchandising the students in order to make illegitimate money off them and their sponsors. They sell handouts and pamphlets and shamelessly make the students understand that the purchase

of these materials at extortionist rates determine whether the students would pass or fail their subjects. You refuse to buy at your own peril. The quality of the materials put together for this purpose, most times is so poor and substandard. This is the reason why we have a lot of unemployable and poor quality graduates roaming the streets. Just like Eneke the bird said in Chinua Achebe’s “Things Fall Apart”, “since men have learnt to shoot without missing, it has learnt to fly without perching”. Following from that lead, since many educational institutions have opted to churn out ‘certificated illiterates’, a lot of organisations have devised ways to ensure they select only the best from the lot to ensure a “contamination-free” environment. They, therefore, organise stiff recruitment exercises and set up ‘finishing schools’ for retraining of the few manageable graduates prior to engaging them. Some oil companies have had to set up schools that their prospective recruits have to pass through before they are finally hired. In my previous life as CEO of a financial institution, I had to get personally involved in the recruitment of fresh graduates. I would make out time within an otherwise crowded schedule to have a final one on one interview with those who the stiff selection, training and retraining process had thrown up. It was such an expensive exercise, but I insisted and still insist it is very much worth it, given my belief that no organisation can be better than the quality of its people. Beyond the issue of the faculty, there is the fundamental issue of the number of spaces available for our students. In my last intervention, I demonstrated that we have failed to plan for the education of our populace going by the number of spaces available at primary and secondary school levels. The situation becomes even worse at the tertiary level. According to recent figures released by the National Bureau of Statistics, out of the 11, 703, 709 applications received by the Joint Admission and Matriculation Board, JAMB, between the years 2010 to 2016, only 2, 674,485 students were admitted. This means that on the average, less than 23% of our young people who indicated interest in studying at the tertiary level were given the opportunity to do so. This, you will agree is very sad. You will also agree that if not for the entry of the private universities, the situation would have been worse. Out of the 152 universities in the country as at the end of 2016, 40 are Federal, 44 are owned by states

while 68 are private universities. While there is no argument about the help that the private universities have offered in admitting a lot of the students, some of them have been said to be dealing with problems of funding, faculty and curricular. Some have located around existing institutions to benefit from the existing faculty from other universities. Some of these resource persons have now been so stretched and this is one of the main reasons why quality has continued to drop. Some of them that were set up as business have painfully begun to find out that owning a university is not a business that yields money in the short run. Unfortunately, they are realising too late. It is therefore important that regulators are empowered to ensure minimum standards are met and continue to be met by the universities, be they government or privately owned. We know that is not happening at the moment and the presence of mind to enforce that is painfully non-existent. It is for the foregoing reasons and more that Nigerian universities have remained in the lower rungs of the rating of the universities in the World and Africa. In the latest edition of Times Higher Education Ranking, 2016, no Nigerian University made it to the top 981 universities in the world, quite unlike in 2015 when we featured at No. 600. That explains how fast the rest of the world is moving and or how fast Nigeria is moving in the wrong direction. In this same report for Africa, University of Ibadan that placed 11th in 2015 had dropped to the 14th position. Out of the best 15 universities in Africa, South African Universities took the first 6 positions, except the 4th position that went to Makerere University, Uganda. University of Ghana came 7th, while the University of Nairobi came 8th. Three Egyptian universities took the 9th to the 11th position while 2 Moroccan universities placed 12th and 15th. In another report, the 2017 African University Ranking, which largely agreed with the Times ranking, only 4 Nigerian universities made it to the top 50 in Africa. These are Universities of Ibadan and Lagos, Obafemi Awolowo University and Ahmadu Bello University Zaria. From the above report card, it is clear that we need to have a serious conversation about education in our dear country, particularly if we agree with the words of Nelson Mandela that “education is the most powerful weapon which you can use to change the world”. Like they used to say in the early years of Nollywood home video, watch out for Part 3.

Enter Aketi, So Long Iroko

few days ago, history was made again in Ondo State when one urbane leader, Dr. Olusegun Mimiko, handed over to another urbane leader, Chief Oluwarotimi Akeredolu SAN. I must commend the visionary Iroko for the good job he did in Ondo for 8 years. His words as he handed over a day before the inauguration are very inspiring and show a man with a large heart. I have no doubt that history will be kind to him. I must also welcome my friend and brother, Aketi to the throne. One thing about Aketi is his consistency and staying power. He had given this position a shot a few years ago but was not successful.

He, characteristically, refused to quit. Today he is the Executive Governor of Ondo State. His records as a Senior Advocate of Nigeria, a former Attorney General of Ondo State and a former President of the Nigerian Bar Association, place him in a vantage position to deliver to his people. I must also salute the good people of Ondo state for making a very wise choice. Like I highlighted above, in these days of many “certificated illiterates”, some of them parading degrees they cannot defend, Ondo people must be commended for choosing a man that is not only hungry to change things, but also knows what to do. Congratulations Aketi, I wish you well.

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