Monday 6th March 2017 by THISDAY Newspapers Ltd

Elumelu Hails Emefiele for Restoring Credibility to FX Market CBN directs banks to open teller points for retail forex transactions James Emejo in Abuja and Obinna Chima in Lagos The Chairman of United Bank for Africa, Mr. Tony Elumelu, has praised

the Governor of Central Bank of Nigeria (CBN), Chief Godwin Emefiele, for restoring credibility, transparency and confidence in the foreign exchange

market. Elumelu, who is also the Chairman of Heirs Holdings, told THISDAY yesterday that recent policy initiatives of the apex bank

under the watch of Emefiele had restored predictability, improved market confidence and significantly added a boost to the value of the national currency, fuelling

optimism that the economy would soon rebound from recession. He, therefore, urged Nigerians to cooperate with the apex bank as it

moves to consolidate its policies which are aimed at strengthening the naira in the days ahead. Continued on page 8

Investigators Expose How $800m Was Laundered in Etete, FG’s Malabu Oil Deal… Page 10 Monday 6 March, 2017 Vol 22. No 7993. Price: N250

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FG to AI: Shiites Are Similar to Boko Haram Terrorists Biafra agitation unacceptable

Alex Enumah in Abuja and Michael Olugbode in Maiduguri The federal government has formally declared the Shiite Islamic Movement of Nigeria (IMN) a security threat, saying it is not substantially different from the Boko Haram terrorist

group that has killed about 100,000 people since 2009. The government spoke through the Ministry of Foreign Affairs at the weekend in a response to the annual report of Amnesty International Continued on page 8

The Observer: How Jonathan Rejected British Offer to Rescue Abducted Chibok Girls Report tissues of lies, Says ex-president's aide British armed forces offered to attempt to rescue the 276 girls kidnapped form Government Secondary School, Chibok, Borno State in 2014 by the Islamist terrorist group Boko Haram, but were rebuffed by former President Goodluck Jonathan, according to the Observer, a UK based newspaper.

The paper reported that in a mission named Operation Turus, the RAF conducted air reconnaissance over northern Nigeria for several months, following the kidnapping of 276 girls from Chibok, Borno State in April 2014. Continued on page 10

FG Creates Central Assets Register HOMAGE TO THE NEW KING… Vice President Atiku Abubakar pays homage to the Tor Tiv, Professor James Ayatse, after the coronation of the Tor to Track MDAs' Assets… Page 10 Former Tiv at the Gboko Stadium, Gboko, Benue State… weekend

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Senate Investigates Widespread Fraud in Oil & Gas Industry Accuses NNPC of collusion with oil marketers, others Omololu Ogunmade in Abuja The Joint Senate Committee on Petroleum (Downstream, Upstream) and Gas at the weekend said it had uncovered a large scale fraud of about N10 trillion allegedly perpetrated by officials of the Nigerian National Petroleum Corporation (NNPC) and its allies between 2006 and 2016. The committee said during a press briefing in the nation’s capital, Abuja that the fraud was allegedly perpetrated by NNPC officials in connivance with some independent marketers and other key players in the petroleum industry. The committee, therefore, said it had secured the strong support of President Muhammadu Buhari and the leadership of the Senate to carry out a holistic investigation of the fraud with a view to bringing perpetrators to book. The committee argued that

the whopping sum was huge enough to finance the country’s budget for two consecutive fiscal years as it threatened that with the support of the federal government and the Senate leadership, which it had secured, culprits of the scam would not escape the long arms of the law. Leading other committee chairmen to the briefing, Senator Kabiru Marafa, Chairman, Senate Committee on Petroleum (Downstream), said N5.2 trillion of the entire sum was traceable to NNPC which he said was collected by the corporation as subsidy from the federal government for the importation of petroleum products, notably between 2006 and 2016. It also said the amount excluded monies realisable from the 445,000 barrels of crude oil allocated to it annually for production in the nation's refineries for local consumption. He said available records

before the committee showed that during the period under investigation, NNPC imported fuel that was more than 40 per cent of the local consumption besides the perceived gross underutilisation of 445, 000 barrels it allegedly received for local refining and local consumption on yearly basis. “NNPC, being the custodian of crude oil resources of the nation, responsible for 51 per cent of petroleum products' importation into the country over the years aside the 445,000 crude allocation it gives itself on a yearly basis for sales for local refining, must account for the N5.2trillion,”he said, explaining: “Available records show that it has spent on subsidy on its own, 51 per cent of petroleum products importation between 2006 and 2016 aside the N3.8 trillion spent on similar subsidy for independent marketers and about $1.5 billion yet to be accounted for by other key

players in the industry.” He also disclosed that the committee had discovered how oil marketers fraudulently evacuated petroleum products from storage leased by NNPC without any sense of accountability, pointing out that at least 100 million litres of petrol worth N14 billion had been stolen by two different oil companies without any sanction imposed on them by the NNPC. It, therefore, ordered the NNPC to sanction the affected companies this week or face huge embarrassment following the expose. “This committee has established the missing of 100 million litres of PMS from such storage arrangement. We expected NNPC to have taken action against the two companies that carried out the theft but since it has not, we hereby order it to do so immediately, precisely within this week, failure of which we

shall make the whole details known to the public”, he threatened. Marafa also threatened that all the key players in the sector along with their collaborators who had taken the country for a ride during the period under review must be brought to book, explaining that the fraud was largely perpetrated during the administrations of former Presidents Olusegun Obasanjo, Umaru Yar’Adua, Goodluck Jonathan and partly during the current administration of Buhari. “President Buhari is highly supportive of this move by the Senate and we shall not fail in carrying out the needed holistic investigation on obvious sharp practices in the sector. Needed documents for the onerous task are already in our possession,” he said. Against this background, he said a three-day public hearing would soon be conducted by the committee

as he listed those expected at the hearing to include: present and past executives of NNPC, independent marketers, heads of Licenced Inspection Agency, Nigeria Ports Authority (NPA), Federal Inland Revenue Service (FIRS), Nigeria Customs Service, NIMASA, among others. Marafa said that the whistle blower approach being adopted by the executive to unravel fraudulent practices of corrupt public officials would also be used to fish out those involved in the oil sector's massive fraud. He said the committee would ensure that strict sanctions were imposed on players in the sector who might attempt to frustrate the investigation by failing to co-operate with the committee during its investigation. Present at the briefing were the Chairman of Senate Committee on Petroleum (Upstream), Senator Tayo Alasoadura; and his counterpart in Gas Committee, Senator Bassey Akpan.

“The scenario captured and the report itself lacked conformity to both local and international best standards on evidence gathering.” Meanwhile, the United Nation Security Council on Sunday promised to place the Boko Haram crisis on the front burner of world discussion and intervention, promising that never again would the humanitarian crisis in the area be described as either neglected or forgotten. Speaking in Maiduguri, the Borno State capital, the epicenter of the crisis during an assessment visit to the affected region, the President of UN Security Council and Permanent Representative of United Kingdom, Matthew Rycroft, said it was unfortunate that though the magnitude of the crisis was large, intervention was minimal. Rycroft who led the delegation of UN Security Council members with representatives from Senegal, United States, Uruguay,

Kazakhstan, France, China, Ukraine, Ethiopia, Bolivia, Sweden and Japan to the troubled Lake Chad Basin, told Governor Kashim Shettima that the UN Security Council was worried about the crisis in the North-east of the country. “We stand with the people of Borno, with the governor and with the government of Nigeria and with the neighbouring countries in battling the crisis,” he said. Speaking on the humanitarian crisis, he said: “We have had a moving experience in one of the camps of displaced people, meeting women and men who have been victims of Boko Haram and are now victims of humanitarian crisis.” He said the visiting team was shocked by the number of people displaced as well as the numbers of children suffering from malnutrition. “We have determined that as an international organization and aids agencies we need to step up before it is too late.” Nigeria’s Minister of Foreign Affairs, Chief Geoffrey

Onyeama, who received the delegation in Maiduguri, said enormous financial and human resources had gone into addressing this crisis. He said that over $4 billion had been invested by the federal and the state governments on the very dire humanitarian challenge. He thanked the delegation for showing interest in the crisis, stressing that “we look forward to many more assistance going forward in addressing this crisis.” Addressing the delegation, Borno State governor, Kashim Shettima said if the crisis was not addressed with an eye to solving the developmental crisis in the area, it could escalate to a bigger crisis in not too distant future. He said: “We better invest in education or forget the future,” stressing that “education is the greatest game changer.” He insisted that: “Boko Haram has created numerous orphans and widows and if we fail to take care of them, they might take care of us.”

recover from the losses some of them have suffered in the last two weeks owing to the sharp and sudden appreciation of the naira, according to market sources. Commenting on the development, the Acting Director, Corporate Communications, Isaac Okoroafor, noted that with the improving reserve levels, the central bank was determined to continuously make forex available to all genuine customers through their banks, advising those hoarding the greenback to reduce their losses by selling down their dollar stock. Sources also spoke of the likelihood of a liquidity glut as banks were beginning to send out sales people to scout for customers to buy the dollars in an effort to avoid losses

arising from the expected further appreciation of the naira.

FG TO AI: SHIITES ARE SIMILAR TO BOKO HARAM TERRORISTS (AI) for 2015/2016, which accused Nigeria’s security forces of “extreme” human rights violations and brutal response to security concerns, such as the Biafra agitation, Boko Haram insurgency and Shiites’ movement incessant processions. “The Ministry of Foreign Affairs wishes to point out that the case of El-Zakzaky, which Amnesty International pronounced on, is a high and national security issue,” Premium Times, an online news portal, quoted a statement from the foreign ministry as saying, adding: “The activities of the IMN and the El-Zakzaky movement in particular are reminiscent of Boko Haram, which has become a menace and security concern not only to the Nigeria, but also the Lake Chad Basin region and the entire world.” The foreign ministry stated firmly that “the activities of the El-Zakzaky movement is one that cannot be tolerated by any progressive democratic government.”

The allegations had earlier been refuted by the Nigerian Army. Specifically, the AI report that was released in February, accused the security forces of unlawful killings, detention and inhumane treatment of pro-Biafra campaigners, civilians in the North-east and members of the IMN, including its leader, Ibrahim El-Zakzaky. It also alleged a general clampdown on freedom of speech. The federal government, however, controverted the AI’s claims and questioned the credibility of its report, insisting that both IMN and pro-Biafra activists were national security threats. It also noted that it had appealed the December 2016 court ruling that ordered the unconditional release of ElZakzaky. The IMN leader and his wife have been in detention without trial since December 2015 when the military killed hundreds of his followers for blocking

the right of way of the Chief of Army Staff, Lt-Gen Tukur Buratai, in Zaria, Kaduna State. While no solider is being prosecuted for the killings or ordering the killing of hundreds of Shiites, the Kaduna State government has since proscribed the IMN. President Muhammadu Buhari and the federal government have always claimed their inaction on the Shiite killings was because the Kaduna State government was investigating the matter. While the Kaduna and the federal governments have accused the Shiite group of carrying out violent actions and being an ‘insurgent’ group, the IMN has accused top Kaduna and federal government officials of pursuing a Sunni-led clampdown on them. On the Amnesty report on the Biafran agitation, the federal government said: “The agitation for a sovereign State of Biafra is unacceptable and detrimental to the peace, unity, stability and development of the Nigerian state.

ELUMELU HAILS EMEFIELE FOR RESTORING CREDIBILITY TO FX MARKET The CBN recently introduced new FX measures, which among other things, were aimed at easing the burden of travellers and to ensure that transactions are settled at much more competitive exchange rates. The bank had also directed all commercial and deposit 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 endusers; the CBN said it had decided to significantly reduce the tenor of its forward sales from the former maximum cycle of 180 days, to no more than 60 days from the date of transaction. These initiatives as well as its steady intervention in the market saw to the significant appreciation of the naira

exchange rate against the dollar, hovering around N450/$1 at the parallel market as at yesterday. Also yesterday, the apex bank directed all commercial banks to open teller points for retail FX transactions as part of the efforts to meet the demand for foreign exchange. The initiative is to ease access to buying and selling of the greenback in all locations as well as ensure access to FX by bank customers and other users, without any hindrance. The central bank stated this in a circular titled: "Update to Foreign Exchange Directives" dated March 3, 2017, which was signed by its Director, Financial Markets Department, Dr. Alvan Ikoku. In addition, the central bank directed all banks to ensure that they have electronic display boards in all their

branches, showing rates of all trading currencies, adding that customers must insist on processing FX transactions based on the displayed rates. "Banks are mandated to process and meet the demand for travel allowances (PTA/BTA) by end-users within 24 hours of such applications, as long as the end users meet basic requirements already outlined in earlier directives; and banks are mandated to process and meet demands for school fees and medical bills within 48 hours of such application,” it said in the statement. The apex bank warned that non-compliance with its directives would attract sanctions, including but not limited to being barred from all future CBN foreign exchange interventions. These measures, according

to the central bank, are also expected to further increase FX availability to all end-users and ensure that a fair and verifiable exchange rate operates in the market. In line with its resolve to sustain the positive momentum in the FX market, the CBN at the weekend pumped additional $350 million into the market. The intervention took the total amount supplied to the market by the central bank last week alone to $570 million and was expected to further crash the value of the dollar in the coming days. The naira traded between N450 and N460 to a dollar at some parallel market points in Lagos last Friday. The consistent and forceful intervention by the central bank clearly brought panic among speculators who were yet to

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FG Creates Central Assets Register to Track MDAs’ Assets Ndubuisi Francis in Abuja

The federal government has launched an Asset Tracking and Management Project (ATMProject), a mechanism designed to enable it locate, identify, assess and evaluate all its moveable and fixed assets. The Minister of Finance, Mrs. Kemi Adeosun, who unfolded this new initiative at the weekend, also disclosed that a central asset register would be created and domiciled in the Federal Ministry of Finance for recording the actual quantity, value, condition and location of all the capital assets belonging to the federal government. Under the International Public Sector reporting Standard (IPSAS), government is expected to record

both its assets and liabilities. The Assets Tracking and Management Project and the creation of the Assets Register are new initiatives of the ministry, designed to enhance accountability, promote transparency and deepen efficiency in line with the change mantra of the current administration. “For the first time, a Central and Unified National Database of Assets (Asset Register) would be generated and maintained for the purpose of recording, tracking and managing the huge investments in capital assets owned by government,” Adeosun said in a statement issued by the ministry’s Director of Information, Salisu Na’inna Dambatta. According to her: “The Asset Tracking exercise and Register will

make planning and control easier and improve accountability for assets. With the increased allocation to capital expenditure to 30 per cent, it is important that all assets are recorded and accounted for. Where disposals occur, they must be in line with the laid down procedures and must be transparent.” She explained further that the Asset Register would avail the government the opportunity to know and monitor in real time, online information on the inventory of its assets. A project coordinator, she said, had been appointed by her for the immediate take-off of the Asset Tracking and Management Project and the creation of the first Central Assets Register for the federal

government. However, the identity and details of the project coordinator were not provided. Meanwhile, a circular signed by Adeosun has been dispatched to all Federal Ministries, Departments and Agencies (MDAs) requesting their accounting officers to prepare an inventory of all fixed assets held as at December 31, 2016, to facilitate physical verification by the project team. The circular further requested all heads of MDAs “to ensure that any assets held by current and former staff are fully accounted for," adding: "In this regard, you may find it necessary to contact any former staff and/or political office holders to avail them the opportunity to return

relevant assets in their possession.” The circular emphasised that “all inventory records submitted will be cross-checked to capital releases and project account purchases to ensure completeness. Where assets have been sold or otherwise disposed of, they must be recorded with supporting authorization for sale and evidence of payment, where applicable.” The circular drew the attention of Heads of MDAs to Chapter 26 of the Financial Regulations, with regards to disposal of assets and warned that “any asset not accessible for physical inspection and not disposed of in accordance with financial requirements will be deemed to have been illegally withheld or converted."

It advised them to record such assets so as to enable the investigative agencies to be notified. The records of the assets disposed are to cover the last five years and all accounting officers of the MDAs are to submit their reports not later than three weeks from the date of receipt of the circular. The Independent Corrupt Practices Commission (ICPC) had recently delivered 40 vehicles to the Federal Ministry of Water Resources. It recovered them from some retired directors of the ministry. The Economic and Financial Crimes Commission (EFCC) similarly announced the recovery of 40 Sports Utility Vehicles (SUVs) from a retired permanent secretary who served in the Federal Ministry of Power.

Investigators Expose How $800m was laundered in Etete, FG’s Malabu Oil Deal How bribe money was used for purchase of private jet and armored cars Major investigation provokes concerns that City regulators waved through deal at heart of court case Britain’s commitment to tackling high-end money laundering through the City of London is under serious scrutiny after it emerged that regulators appear to have waved through an $800m bank transfer to a convicted criminal as the proceeds from one of the most corrupt deals in the history of the oil industry. A joint investigation by the Observer and journalists from [http://%20 www.financeuncovered.org/]Finance Uncovered, a non-profit organisation based in London, has discovered that prosecutors in Milan believe two payments of $400m each were wired through JP Morgan in London as the spoils of a huge deal to develop a Nigerian oilfield involving Shell, its joint venture partner the Italian oil giant Eni, and the government in Abuja. More than half the money was converted into bags of bribe cash via bureaux de change in Nigeria, while tens of millions were wired to buy a private jet and armoured cars in the US, according to documents compiled by the prosecutors. But ordinary citizens of Nigeria have not seen a penny from the deal – which, it is alleged, was partly negotiated by two ex-MI6 officers hired by Shell as “business and investment advisers”. The astonishing allegations have been made by an Italian prosecutor, Fabio de Pasquale, whose previous scalps include former Italian leader

Silvio Berlusconi. De Pasquale and his team have spent more than two years following the money trail surrounding the murky sale of Nigeria’s prized Oil Prospecting Licence 245 (OPL 245), a huge block off the coast of west Africa estimated to contain 9.3bn barrels of crude: enough to power the continent for seven years. Oil giants from the west, China and Russia have coveted its riches for years. But Shell and Eni eventually prevailed, paying $1.3bn to the Nigerian government to secure the field in 2011. However, within days the bulk of the money was transferred through JP Morgan in London to a convicted Nigerian money launderer – a man with whom both Shell and Eni had been negotiating. “The UK authorities have some serious explaining to do,” said Barnaby Pace, a campaigner with the anti-corruption watchdog Global Witness, which has investigated this case for several years. De Pasquale has carried out raids on Eni offices in Italy and Shell’s headquarters in The Hague that have yielded tens of thousands of documents and emails. Last month he requested that an Italian court charge 10 individuals, including five high-ranking executives from Eni, with corruption-related offences. Shell, as a corporate entity, was also included in the request, which will be considered by a court in Milan next month. Shell, Eni and all the

executives named by De Pasquale strongly deny the allegations. De Pasquale has also formally warned four former Shell employees, who allegedly played significant roles in securing the deal, that they could be subject to separate proceedings. Among them are Guy Colegate and John Copleston, identified by De Pasquale in legal documents as having “previously worked for MI6”. Copleston was a “strategic investment adviser” at Shell who, as the UK’s former intelligence representative in Nigeria, had nurtured contacts at the highest levels of the country’s military and government. Colegate worked as a “business adviser”, compiling regular intelligence briefings on the main actors in the OPL 245 negotiations. As Shell eyed OPL 245, both the CIA and the Foreign Office were aware that Vladimir Putin and Russia were considering trying to snatch Nigerian assets from the west. The OPL 245 licence had proved particularly elusive. In 1998, Nigeria’s then oil minister, Dan Etete, had awarded it to a shady new company, Malabu Oil and Gas, in which, it later emerged, he held a significant stake. But after a new president came to power, Malabu lost the licence and it was assigned to Shell. Later the position reversed and Shell began legal proceedings against the Nigerian government. Etete was convicted in a Paris court in 2007 for his part in a separate money-laundering scandal. But this did not appear to deter Shell and

Eni from continuing to court him at luxury hotels in Europe and Nigeria. After one lunch with Etete in 2009 to discuss his asking price for OPL 245, it is reported that Copleston copied Colegate on an email to say it had gone well, helped along by “lots of iced champagne”. In 2010, negotiations swung Shell’s way when Goodluck Jonathan, an ally of Etete’s, became Nigeria’s president. The following year, the $1.3bn deal was struck, with Malabu entitled to $1.1bn and the Nigerian government a $210m “signature fee”. Shell and Eni paid the money directly to the Nigerian government. A fixer involved in the deal described this approach as putting a “condom” between the buyer and seller so that at no point would Shell or Eni make direct payments to Malabu or Etete, who was officially recognised as a criminal. But in May 2011, days after the Nigerian government received the money, its officials instructed JP Morgan to transfer the $1.1bn to an account in Switzerland. At this point red flags should have been raised in London. Under money-laundering regulations, banks are required to raise Suspicious Activity Reports (SARs) for highly unusual transactions, especially involving what are called “politically exposed persons” such as Etete. These reports are raised confidentially with the UK Financial Investigations Unit, which in 2011 was part of the Home Office’s Serious Organised Crime Agency (Soca).

Banks are forbidden from confirming whether they have raised SARs, and both JP Morgan and the National Crime Agency – Soca’s successor – have declined to comment on the matter. However, a source indicated that JP Morgan had raised an SAR as soon as it received the request from Nigeria. It is understood that the bank would not have proceeded without a green light from Soca. Well-placed sources offer three possible explanations for why the UK authorities allowed the transfer to go through. Either they saw no problem with it; or they were aware of the money’s provenance but, because the Nigerian government itself saw no corruption, there was little that could be done to secure evidence for a freezing order; or they wanted to track how the funds were disbursed to help gain intelligence. Whatever the explanation, the transfer immediately ran into difficulties. BSI Lugano, a Swiss bank, rejected the payment, citing Etete’s money-laundering conviction. In August, JP Morgan then made a second attempt via a Lebanese bank to pay the money to Malabu, but this too was rejected. However, a fortnight later the bank was able to transfer the money, in separate tranches of $400m to two Nigerian banks. Where all of it ended up will probably never be known. De Pasquale alleges that President Jonathan received some of the money, but he denies the claim.

Colegate did not respond to requests for comment. Attempts to reach Copleston were unsuccessful. It was not possible to contact Etete, while Eni declined to comment. A spokeswoman for Shell said: “Based on our review of the prosecutor’s file and our understanding of the facts, we don’t believe a request for indictment is justified and we are confident that this will be determined in the next stages of the proceedings. We continue to take this matter seriously and cooperate with the authorities.” Asked about its intelligencegathering operations, Shell said: “Like most multinational organisations, Shell takes the duty to protect its people, assets and commercially sensitive information seriously and hires those with the most relevant experience to join its corporate security team, including on occasion former government personnel.” Pace said the scandal highlighted the City of London’s failure to combat money laundering, something that the previous prime minister, David Cameron, had identified as a key priority and which development agencies say is vital if the assets of African countries are not to end up being lost to corruption. “If we want to stop this kind of deal happening in future, we need to address the system that made it possible,” Pace said. “That means accountability for those that enable corruption in major financial centres like London.”

THE OBSERVER: HOW JONATHAN REJECTED BRITISH OFFER TO RESCUE ABDUCTED CHIBOK GIRLS “The girls were located in the first few weeks of the RAF mission,” a source involved in Operation Turus told the Observer. “We offered to rescue them, but the Nigerian government declined.” The girls were then tracked by the aircraft as they were dispersed into progressively smaller groups over the following months, the source added. Chibok is located in Nigeria’s north-eastern Borno State. Today, 195 of the girls are still missing. Those who have managed to escape from their kidnappers have told of a life of torture, enslavement, rape, and forced marriages in captivity. Notes from meetings between UK and Nigerian officials, obtained through the Freedom of Information Act, also suggest that Nigeria shunned international offers to rescue

the girls. While Nigeria welcomed an aid package and assistance from the US, the UK and France in looking for the girls, it viewed any action to be taken against kidnapping as a “national issue”. “Nigeria’s intelligence and military services must solve the ultimate problem,” said Jonathan in a meeting with the UK’s then Africa minister, Mark Simmonds, on 15 May 2014. A document summarising a meeting in Abuja in September 2014 between Nigeria’s national security adviser and James Duddridge MP, former under-secretary of state at the Foreign Office, shows Operation Turus had advanced to the point where rescue options were being discussed. Minutes from a meeting the following month between Major-

General James Chiswell and Jonathan hinted at the frustration felt by those trying to prompt some action from Nigeria. “[President] Jonathan was still focused on ‘platforms’. General Chiswell said again we could offer advice on what equipment might make sense and how weapon systems might be best deployed,” the October 2014 document stated. The Nigerian government did not respond to a request for comment. The Foreign Office said: “We wouldn’t comment on specific operational details, which are a matter for the Nigerian government and military.” Jonathan has drawn criticism at home and abroad for a lack of action and perceived apathy over the kidnappings. The government was slow to mount any response

in the weeks after the girls were taken. The governor of Borno State, Kashim Shettima, also publicly criticised Jonathan for failing to even call him or any other state official for 19 days after the kidnappings. Jonathan also hit out at the worldwide #BringBackOurGirls campaign, branding it a “manipulation” of the victims of the attack. Boko Haram had raided the dormitories of the government secondary school at Chibok. The girls staying there had braved warnings of an attack to sit their final examinations. Boko Haram looted the school and then burned it to the ground. The kidnappings also blighted the lives of the girls from the town who were not taken away, as many have been too scared to continue their education.

In addition to Nigeria, Boko Haram is active in regions of Cameroon, Chad and Niger. According to UNICEF, more than 1.3 million children have now been displaced. Some of those taken by Boko Haram have been forced to become child soldiers: one in five suicide bombers in Nigeria are believed to be children, and threequarters of those are girls. But in a swift reaction yesterday Jonathan denied that his administration refused help from the British government to rescue the abducted Chibok girls. In a statement signed by his media assistant, Ikechukwu Eze, he said the report was a tissue of ‘lies’. “Our attention has been drawn to a report that has been trending, without proper attribution, to the

effect that the last administration rebuffed British offer to rescue the kidnapped Chibok school girls,” he said, adding: “We wish to promptly point out that nothing can be further from the truth, as Nigerians are conversant with the effort made by the Jonathan administration towards rescuing the Chibok girls, especially in relation to collaborating with the international community.” According to Eze: “We can confidently say that the lies in this report are self-evident. This is because the international press as well as the Nigeria media actively covered the multinational efforts and collaboration which involved some of the major powers deploying their crack intelligence officers to work with our own security operatives, and those of our neighbours.”

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NEWS

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

Southern Kaduna Killings: Catholic Bishops Accuse FG of Indifference Warn against cattle herdsmen roaming across the country Urge presidency to tackle herdsmen with Boko Haram method

Paul Obi in Abuja In its first plenary session for 2017, Catholic Bishops Conference of Nigeria (CBCN) yesterday in Abuja took a swipe at the federal government over its handling of the Southern Kaduna killings perpetuated by Fulani herdsmen. In a strongly worded criticism of the government, the bishops lampooned the President Muhammadu Buhari administration over what it called deliberate display of ‘sentiments’ against the people of Southern

Kaduna, who are predominantly Christians. The bishops’ conference with the theme: ‘Nigeria: Citizenship, Rights and Responsibilities’ held that there were instances where the killings and sufferings of Southern Kaduna people showed some religious bias against Christians in tackling the crisis. CBCN President and Archbishop of Jos, Most Rev Ignatius Kaigama, in his opening address, said: “The lesson to be drawn from the recent Southern Kaduna circle of attacks is that we intentionally, as a nation,

Buhari Calls Obasanjo, Bello from London Congratulates ex-president on his 80th birthday Tobi Soniyi in Abuja and Yekini Jimoh in Lokoja President Muhammadu Buhari yesterday called former president, Chief Olusegun Obasanjo and Kogi State Governor, Alhaji Yahaya Bello, from his medical vacation in London. While the president called Obasanjo to felicitate with him on the occasion of his 80th birthday, he merely called to interact with Bello. A statement issued in Abuja last night by the Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, said: “In a phone call from London, where he is convalescing, President Buhari told the former military ruler (1976 to 1979) and democratically elected president (1999 to 2007) that a time like this provides opportunity to reflect on Obasanjo’s invaluable roles and contributions to the unity and cohesion of Nigeria, the brotherhood of all Africans, as well as peace and amity over the globe.” He said Buhari described the former president as “a true citizen of the world.” Recalling their days in the military, President Buhari said: “Those of us who served under you in various capacities recall a man with boundless energy, with razor sharp mind, and one who does not suffer fools gladly. Working with you was a school in itself, and the lessons learnt are worth their weight in gold.” Adesina said Obasanjo wished Buhari good health, saying he stood together with him in prayers, so that he could return soon to continue the good work he is doing for the country. While speaking with Bello, President Buhari said he was returning soon to continue the project of fixing Nigeria after a time of rest in London. THISDAY gathered that during the conversation, two men paid compliments to one

another on what they had done in office. Governor Bello would be the second governor President Buhari would speak with after his discussion with Governor Ganduje of Kano State. The president had also been reported to have spoken with the Minister of Sports, Solomon Dalung, who recently lost his wife and with foreign leaders, including President Donald Trump of the United States, Moroccan leader, King Mohammed VI and African Union chairperson, President Alpha Conde of Guinea. The phone conversation which happened in Lagos on the governor’s trip back from President Obasanjo’s 80th birthday celebrations which lasted for minutes, was in the presence of the speaker, Kogi State House of Assembly, a few other members of the House, commissioners and other top government functionaries. The president, who thanked the governor for his support and his leadership qualities, told him that he was observing rest and would return very soon to continue his assignment of providing purposeful leadership for the nation. President: “Governor Yahaya Bello, I am impressed by your leadership qualities, what you are doing in Kogi State and all your prayers and support for me and Nigeria. I am resting here and will soon return home to continue our project of fixing Nigeria,” the governor was quoted as saying in a press statement made available by the Director-General of the governor’s Media Team. Responding, Governor Bello was quoted as saying: “Nigeria has won respect globally because of your integrity and the antigraft war that has been hugely successful. “We are praying for you. Kogites and Nigerians are solidly behind your administration as we continue to wish you sound health and the grace of Allah.”

hardly get to the root causes of crucial matters. “Our approach is often lackadaisical, parochial or indifferent tinged with sentiments of ethnicity, regional interests and religious bias instead of patriotism and thus crippling efforts at practical solutions. “A clear policy followed by concrete and creative measures on how to stop the menace of herdsmen is long expected from the Presidency and yet the herdsmen become so fierce and assertive! “Could the same zeal used in tackling Boko Haram not be applied? Sambisa forest has fallen, but when will the empires of kidnappers and marauding herdsmen fall? Kaigama asked. Earlier, the Catholic Archbishop of Abuja Metropolitan See, His Eminence, John Cardinal Onaiyekan, in his homily maintained that “the exploits of armed herdsmen continue to cause major concern all over the nation.

“The Southern Kaduna tragedy shows that we need to get to the roots of the problem in its various ramifications. Some pertinent questions need to be asked and answered with sincerity. Who arms the murderers? Who owns the cattle? “It should be made clear that the system of roaming with animals all over the country is no longer sustainable. People must readjust to keeping their animals within ranches, according to world best practice.” The bishops observed that under the current administration, politics is still being played in a do or die fashion, even as “the nation suffers from a lack of clear direction.” They contended that rather than work towards assisting the needy, elderly and pensioners, the administration has focused more on “pampering those already very well off.” The CBCN however commended the efforts of security agencies, they stated that “sporadic

incidents of terrorist attacks make it not yet possible for many people to return to their abandoned homes and villages.” The bishops bemoaned the prevalence of corruption, adding that the level of corruption in the country shows there is doubt if Nigeria can overcome the fight against corruption. They argued that the popular saying that ‘only prayers can solve the problems of Nigeria’ may be true in one sense but in another it is not only a fallacy but a passing on of the buck. “Leaders must therefore not abandon their social responsibilities by amassing incredible wealth, taking from the poor and yet thinking that it is God’s duty to care for the poor. There is a raging fire going on and all we say are prayers instead of looking for a bucket of water to quench it.” The bishops said though the church has been experiencing

economic downturn, it has continued to intervene in helping the Internally Displaced Persons (IDPs) in the North-east and the poor in other parts of the country. The Catholic church also declared the Pilgrimage Centre of Eucharistic Adoration in Elele, Port Harcourt, Rivers State as a national pilgrimage centre. The CBCN welcomed the Pope’s Representative to Nigeria, Monsignor Javier Fernández Gonzales to the event. Governor ofAnambra State, Willie Obiano, who spoke on behalf of dignitaries commended the church for its steadfastness and support for the development of the country. Dignitaries who attended event included: Governor Obiano of Anambra State, Rochas Okorocha of Imo State, Simon Lalong of Plateau State, former Senate President, David Mark, Minister of Science and Technology, Dr. Ogbonnaya Onu, among others.

AMVC AWARD NIGHT

L-R: Managing Director, MultiChoice Nigeria, John Ugbe; Africa Magic Viewers Choice (AMVC) of the Year, Rita Dominic; Regional Director, Africa Magic, West Africa, Wangi Mba-Uzoukwu; Chief Chika Okpala; and Chief Executive Officer, M-net, Yolisa Phahle, during the 2017 AMVC award night, at Eko Hotel...weekend

Florence Seriki, ICT Icon Passes on Emma Okonji The founder and CEO of Omatek Computers, Mrs. Florence Seriki, has died. She passed on at the weekend at the Lagos University Teaching Hospital (LUTH) after battling with cancer. Although her family members have not announced the details of her death, but sources close to the family said the Omatek boss died of cancer of the pancreas. Seriki who studied Chemical Engineering from the University of Ife, Ile-Ife, started computer trading as a vendor over 22 years ago, before setting up a local computer assembling plant in Lagos and named it Omatek

Ventutres. As a chemical engineer, Seriki put in her skills in the business, which started picking up as at that time. In other to raise money for the computer assembling business, Seriki listed her company on the Nigerian Stock Exchange (NSE) in 2008, and the IPO was oversubscribed, raising more money for her business, being the only technology company listed on NSE as at then. Trouble however, started when banks decided to take over the business in order to recoup the huge amount of money she borrowed to expand her computer assembling business. Encomiums have started

pouring in for the late Seriki who has been described by friends and well wishers as a hard working woman while on earth. “Really, it is not life that matters but how you live it. The death of ‘Mama Computer’ reminds us of our dour humanity, and of the fragility of our hold on human subsistence. The world is indeed a stage and life itself is but a walking shadow,” one of the sympathisers said in a statement “Florence shouldered a rare and inspiring womanhood stepping up to motivate and lift the spirits of many a teenager and adult fan of her Omatek computer and computer accessories. “In death, she looms even larger

in stature and immensity to the human cause, which makes her unforgettable to her friends, business associates and family, another sympathiser said. Until her death, she remained an inspirational figure to generations of African men and women and this is attributable to her sterling character and exploits across various fields in her lifetime. Seriki was a notable entrepreneur and industrialist who started Omatek Ventures Plc, 22 years ago. She was the founder and Chief Executive Officer of the first completely knocked down computer factories in Nigeria and Ghana.

T H I S D AY MONDAY MARCH 6, 2017

COMMENT

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

DEFEATING BOKO HARAM

We must act now to save lives and build peace, write Tobias Ellwood and Matthew Rycroft

e are delighted to be visiting Nigeria this week, especially during the UK’s Presidency of the United Nations Security Council (UNSC). We agree with new UN Secretary General Antonio Guterres that the UNSC must prioritise preventing conflict and sustaining peace. That is why we are focusing our Presidency on conflict prevention in Africa, starting with a UNSC visit to the Lake Chad Basin. Nigeria itself has long played a major role in international efforts to tackle conflict and build peace. Many Nigerians will be familiar with images of the famous blue helmets and berets worn by UN peacekeepers. But they may not know that more than 2,100 Nigeria military and civilian personnel are currently deployed on UN peacekeeping missions in countries including Liberia, Cote d’Ivoire, Sudan, South Sudan, Mali and the Democratic Republic of the Congo. We applaud Nigeria’s contributions to UN, ECOWAS and AU efforts in support of peace. The world saw the value of Nigerian leadership in this respect again in January, when President Buhari played a leading role in brokering a peaceful resolution to the political crisis in The Gambia. Of course, Nigeria also faces its own threats to national and regional peace and stability. The UK strongly supports Nigeria’s campaign to tackle the scourge of Boko Haram’s violent extremism and terrorism, and its cooperation in this fight with neighbouring Lake Chad Basin countries. We are very proud that the UK is training Nigerian troops fighting Boko Haram. The UK is also providing life-saving assistance for those affected by the conflict. In 2016, £70 million in UK aid for North-East Nigeria provided food to more than one million people, treatment for 34,000 children at risk of dying from malnutrition, and access to clean water and sanitation for more than 135,000 people. Nigeria and its neighbours must maintain their military efforts to defeat Boko Haram, and do all they can to ensure that aid

COMMUNITIES AND GOVERNMENTS WILL NEED TO FIND WAYS OF WORKING BETTER TOGETHER TO ADDRESS A RANGE OF UNDERLYING CAUSES OF CONFLICT: COUNTERING EXTREMISM; ADDRESSING THE EFFECTS OF CLIMATE CHANGE; PROTECTING AND PROMOTING HUMAN RIGHTS; TACKLING CORRUPTION, AND CREATING ECONOMIC AND EDUCATIONAL OPPORTUNITIES

reaches those in need. But lasting security and stability will require a broader approach. As the UN Secretary General said in his first address to the UNSC this year, we cannot take peace for granted – it requires difficult decisions, hard work and compromise. Communities and governments will need to find ways of working better together to address a range of underlying causes of conflict: countering extremism; addressing the effects of climate change; protecting and promoting human rights; tackling corruption, and creating economic and educational opportunities. Nigeria’s recent pledge at the Nigeria and Lake Chad region conference in Oslo to spend US$1 billion supporting Internally Displaced Persons (IDPs) and reconstruction in the North-East of Nigeria is welcome. Such leadership is required from Nigeria to help address the urgent and longer term needs the North-East faces. Building peace also requires wide participation, starting at the grassroots and engaging civil society, faith leaders, youth and minorities. The involvement and empowerment of woman and girls at every level will be indispensable. All too often, women and girls suffer most in conflict, and are not represented in the pursuit of peace. But we know that when they are involved in negotiations, the chances of peace increase by 20% to 35%. The UK will continue supporting Nigerian-led efforts to counter violent extremism and terrorism and build peace, just as we support Nigerian initiatives to tackle corruption and achieve sustainable and inclusive economic growth. The UK is committed to standing by Nigeria’s side as a friend and partner in difficult times, because a more secure, stable and prosperous Nigeria is good for Nigeria’s citizens, good for the UK and good for the world. Ellwood is the UK Foreign Ofﬁce Minister for Africa, while Rycroft is the British Permanent Representative to the United Nations

BOUNCING BACK FROM THE ECONOMIC RECESSION Ehi Braimah contends that the government is working hard to set the country on the path of growth

ver the last two and half years, the operating economic environment in Nigeria has been very unfriendly leading to business failures and massive retrenchments. Inevitably, families are being dispossessed because of the impact of the economic recession with the inflation rate soaring to all-time high of 18.55% by the end of last year. Recognising that Nigeria with a population of about 182 million people as at December 2015 is blessed with abundant human and natural resources, it is difficult to understand why several harvests of opportunities were frittered away by previous governments. In order to fully understand the issues surrounding the economic challenges and to find out what the government was doing to take the country and Nigerians out of recession, I visited the Ministry of Budget and National Planning in Abuja recently. It occurred to me after my visit that in spite of the prevailing perception of lack of strategic policy direction aimed at reviving the economy, there are strong indications that the federal government and its agencies are working round the clock to pull the economy out of recession and set the country on the path of sustainable growth and development within the shortest possible time. I also observed that government efforts to revive the economy are not receiving commensurate level of awareness among critical audiences and stakeholders. As the government approaches its mid-term, it is highly recommended that the country’s growth and development initiatives should be vigorously promoted in the mainstream and international media to give Nigerians, foreign investors and our trading partners some hope for the impending economic revival. Records at both the National Bureau of Statistics and the Central Bank of Nigeria indicate that the country achieved sustained economic growth over 2011-2015 with an average real GDP growth of 4.8 per cent over the period. This performance was largely driven by the non-oil sector, which accounts for 90.4 per cent of total GDP and grew by an average of 5.8 per cent per annum over this period. Within this period also, the oil sector contracted by an average of 4.5 per cent. Services, which accounted for 36.8 per cent of GDP in 2015, agriculture (23 per cent) and wholesale and retail (17 per cent),

dominated the non-oil sector. However, after more than a decade of seemingly steady economic progress, the Nigerian economy contracted and is currently in recession. This was attributed to both external and internal pressures which the country’s fragile mono-cultural economic fundamentals could not absorb. Several reasons have been adduced for the economic downturn, the most fundamental being the sharp drop in global oil prices and steep declines in domestic oil and gas production which resulted from the sabotage of oil export terminals in the oil-producing Niger Delta region. The crux of the matter, however, is our over-dependence on crude oil exports for government revenue and export earnings; consumption-driven instead of productive and investment-propelled growth and huge leaks in government resources through corruption and inefficient spending. All these factors combined to negatively impact government revenue and export earnings as well as the fiscal capacity to stimulate the economy during the period. Lack of fiscal buffers, unbridled corruption and reckless spending exposed the economy’s vulnerability to external shocks, and consequently constrained government’s spending capacity and a gradual movement towards recession. The dramatic fall in oil revenues has resulted in an equally dramatic fall in the revenues projected in the 2016 Budget to come from non-oil sources. This is because the fall in oil revenue has resulted in a serious reduction in Nigeria’s foreign currency earnings (95% of Nigeria’s foreign exchange earnings come from the oil sector). This shortage of foreign currency has affected the level of trade activities, the level of manufacturing activity and revenues from independent revenue generating agencies including Customs and the Federal Inland Revenue Service (FIRS). As a consequence of the foreign currency shortage, there was a concomitant shortfall in the level of non-oil revenues projected in the 2016 Budget. Invariably, as long as the non-oil sector is largely dependent on the oil sector for its foreign exchange requirements, volatility in the oil sector will affect the performance of the non-oil sector. Documents available in the Ministry of Budget and National Planning indicate that the overdependence by government on crude oil revenues to fund the budget is not a recent phenomenon; it has been

there for the last three to four decades. Successive administrations have been paying lip service to the diversification of the economy which formed part of the 10-Year Development Plan of 1975. Promises of implementation have only become either a campaign mantra or a child of necessity when crude oil price runs into bad weather in the global market. As long as the crude oil enjoys fair pricing and production levels go up, with the consequent steady flow of revenue, diversification of the economy from dependence on oil can wait for another day. This is an economic challenge that we must overcome as quickly as possible. For example, turning Nigeria into the ‘Food Basket of Africa’ is one way to move away from our over dependence on crude oil. It is indeed heart-warming to note that Nigerians are embracing farming in greater numbers in different parts of the country and turning it into viable businesses for our local requirements and export opportunities. Unfortunately, in the last few years, crude oil sales account for less than 10% of the country’s GDP, but contributes about 90% of foreign earnings in government revenue. The non-oil sector which contributes about 90% of the country’s GDP contributes only about 10% of government revenue. To move away from the current state of recession and ensure that the economy does not slide into this condition in future, government decided on measures that will ensure the diversification of sources of revenue as well as opening avenues for critical investments. The core focus of this new thinking is on massive infrastructure development, return to agriculture and exploitation of solid minerals. The reason is basically that these focus areas have great potential for massive employment generation, enhancement of export activities and an expanded foreign exchange earnings. “The goal is to unlock the economic potential of the non-oil and high employment sectors so as to achieve sustainable inclusive growth that will ensure massive employment and poverty reduction”, a government bulletin indicated. Government is working to ensure that the non-oil sector drives the economy because it contributes the most to GDP and has more capacity to employ more people. Even the 2017 Budget is aimed at achieving economic growth, diversification, improving competitiveness, improving ease of doing business, creating more jobs and social inclusion, improving

governance and security. Spending is targeted at areas that have quick transformative potential such as infrastructure and agriculture, manufacturing, solid minerals, services and so on. Government has committed itself to firstly implementing measures to get Nigeria out of recession, and, secondly, implementing major structural reforms to ensure that the economy does not go through this experience again. More fundamentally, government has come out with a set of plans to head off the economic headwinds. It started with the 2016 Budget when the federal government developed the Strategic Implementation Plan (SIP). The SIP was a short-term plan intended to keep the economy from further contraction by avoiding austerity measures and maintaining growth while articulating sector strategies that would form the basis of a medium-term development plan. This was followed by the Economic Recovery and Growth Plan (ERGP), a Medium Term Plan for 2017 – 2020 which builds on the SIP, and is developed for the purpose of restoring economic growth while leveraging the ingenuity and resilience of the Nigerian people. It is also articulated with the understanding that the role of government in the 21st century must evolve from that of being an omnibus provider of citizens’ needs into a force for eliminating bottlenecks that impeded innovations and market based solutions. To give vent to the plan, 59 strategies have been developed for implementation to achieve the major objectives of the ERGP. Out of that number, 12 have been prioritised based on their importance to the success of the plan. These include: restoring oil production to 2.2mbpd and reach 2.5mbpd by 2020; privatising selected assets; accelerating non-oil revenue generation; drastically cutting costs; aligning monetary, trade and fiscal policies; expanding infrastructure especially power, roads and rail; revamping the four existing refineries; improving ease of doing business; expanding social investment programmes; delivering on agricultural transformation; accelerating implementation of National Industrial Revolution Plan using special economic zones and focusing on priority sectors in order to generate jobs, promote exports, boost growth and upgrade skills. Braimah is the Chairman/CEO of Neo Media & Marketing, Lagos

T H I S D AY Ëž Í´Ë&#x153; 2017

EDITORIAL THE CLOSURE OF ABUJA AIRPORT Shutting down the airport will cause some extraordinary obstacles

arring any last-minute change of mind, the Nnamdi Azikiwe International Airport, Abuja will be closed within the next 48 hours. This is to enable the Federal Airports Authority of Nigeria (FAAN) carry out a major rehabilitation work on the runway. At the moment, the only seeming certainty is when the airport would be closed; it is difďŹ cult to ascertain when it would be reopened for business. Rehabilitating the runway is a critical safety project, so it would not be rushed. And for as long as the closure remains, Nigeriaâ&#x20AC;&#x2122;s federal capital would practically be hemmed in. As we stated recently, there are good reasons for the repair works. The existing runway was built in 1981 with a lifespan of 20 years. So it is no surprise that it is a sorry state. Many airlines have also reported damage to their aircraft as a result. Yet the consequences of shutting the airport for weeks are enormous. Besides, the alternate airport, which is in Kaduna, does not have the facilities for easy passenger facilitation and it is about two hoursâ&#x20AC;&#x2122; drive to Abuja on a WE URGE THE terrible road that is GOVERNMENT TO REVIEW considered insecure ITS DECISION AND GO FOR and where many PARTIAL CLOSURE THAT kidnapping incidents WILL AT LEAST ALLOW have taken place. FOR CERTAIN AIRCRAFT The Kaduna State Government said it TO LAND AND TAKE OFF WHILE THE REPAIR WORK has facilitated rail transport by connectIS GOING ON ing a road from the airport to the railway station while there have been arrangements made by helicopter service companies to shuttle passengers from the Kaduna airport to the VIP tarmac of the Abuja airport. However, these alternative means of movement do not guarantee the safety of passengers and they are expensive and time-consuming. Meanwhile, the closure has both economic and political implications. Most of the investors and other

entrepreneurs who would have businesses in Abuja may defer their visits until the airport is reopened, as many of them would not want to risk landing in Kaduna and coming to Abuja by other means. The closure would also jolt political activities, including diplomatic interactions because most of the ofďŹ cials who represent their country in Nigeria are very particular about their safety and may not want to land in Kaduna.

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iting security reasons, British Airways, Lufthansa, KLM, Air France, South Africa Airways, Etihad, Qatar, Emirates and Turkish Airlines have already declined governmentâ&#x20AC;&#x2122;s suggestion to divert their ďŹ&#x201A;ights to Kaduna. According to the airlines, the consideration to use Kaduna airport as alternative to Abuja dimmed on February 23 when two German archaeologists were kidnapped near the city. The second reason is that the local carriers are not in any form of partnership with these international airlines so they cannot codeshare or use them to ďŹ&#x201A;y passengers to their ďŹ nal destinations. It is indeed noteworthy that two days to the closure of the airport, several questions are still begging for answers. Shutting down the airport means closing the air corridor to the capital city, just to ďŹ x a runway. Have the authorities considered the security implications of such a decision? What would happen in the case of any emergency health evacuation of medical patients by air? What of the sheer logistics of ferrying thousands of passengers and the security on Abuja-Kaduna road? What of the loss to the aviation, car hire industries and others businesses? As late in the day as it may seem, we still insist that closing Abuja airport for six weeks (probably for a longer period) will be too costly not only for airline operators but other users who generate sustaining income from its operations. We therefore urge the federal government to review its decision and go for partial closure that will at least allow for certain aircraft to land and take off while the repair work is going on.

TO OUR READERS Letters in response to speciďŹ c 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.

Letters to the Editor

NEW FACE OF HOUSING IN LAGOS

part from food and clothing, housing ranks as one of manâ&#x20AC;&#x2122;s three fundamental needs. In developed nations, housing has gone beyond just having a roof over oneâ&#x20AC;&#x2122;s head but a yardstick to measure a personâ&#x20AC;&#x2122;s standard of living and position in the society. Consequently, developed nations invest heavily in housing, recognising that it is a key stimulant to economic growth. Thus, the health and wealth of a nation can be measured from the appraisal of its housing sector. Being the most populated nation in Africa, Nigeria is confronted with severe housing challenges as its predominantly low and middle income earners do not have access to qualitative housing. With a population of about 190 million and 35% of this figure dwelling in cities, it is apparent that the problem is burdensome. However, it must be acknowledged that even in developed nations, there are still some pockets of homeless people. Housing challenge is, therefore, universal though with variations from nations to nations. More than any other state in Nigeria, Lagos experiences a huge and increasing demand for housing. This is in view of its position as a land of huge opportunities where every Nigerian aspires to live, visit or do business in; thereby making the city susceptible to overcrowding which leads to poor living conditions. It is a bid to frontally address this huge challenge that the Lagos State Government is embarking on far reaching reforms in the housing sector. An integral part of this reform is the Rent-To-Own and Rental Housing policy which was introduced in response to

the yearnings of the populace for affordable and accessible housing. The Rent-To-Own initiative is specifically developed for low and medium income earners. It offers prospective beneficiaries the opportunity to pay the required five per cent of the value of the housing unit as commitment fee while the balance is spread over 10 years. The programme also permits recipients to live on the property while paying towards ownership as a fixed rent within that period of 10 years. Vital eligibility criteria applicant must meet to benefit from the initiative include being a resident in Lagos State with a possession of Lagos State Residents Registration Card, being a first time buyer, must be above 21 years of age, must be tax compliant and also must be able to cover the monthly rental payments with 33% of his/her earnings. Interestingly, the initiative is not just about making people home owners but giving them homes in a clean, safe and livable environment. All the schemes are developed in serene and beautiful gated communities with facilities such as water treatment plants, adequate parking space, health care centre, estate management office, street lights, recreational area and a police post for security. Presently, there are a total number of 4,355 homes available under the Rent-To-Own policy in five estates including Sir Micheal Otedola Estate Odoragunshin, Epe; Oba Adeboruwa Estate, Igbogbo, Ikorodu; Choice City, Agbowa; Hon. Olaitan Mustapha and Alhaja Adetoun Mustapha, Ojokoro, while a total of 12 schemes have been earmarked for the policy. As part of moves to demonstrate the sincerity of the administration on promise made and promise kept, keys were

recently handed over to the 100 applicants who were the first set of beneficiaries of the initiative, by the State Commissioner for Housing, Prince Gbolahan Lawal. From the eloquent testimonies of the beneficiaries, one can perceive the transparency involved in the entire process. Mr Bamidele Olayiwola Idowu, who was allocated a two-bedroom flat at Sir Michael Otedola Estate, Odoragunshin in Epe, was very appreciative of the initiative. He admitted that his earlier presupposition was that the scheme was a mere gimmick. Another beneficiary, Miss Leduwe Kikelomo Olajumoke, who got a one bedroom apartment at Oba Adeboruwa Estate, Igbogbo was still in shock about the reality of the scheme. It must, therefore, be stressed that allocation of these homes was done in a fair and just manner, devoid of lobbying or favouritism of any sort from any quarter. Aside the Rent-To-Own policy, the state government has also commenced the Rental Housing Programme targeted at meeting the needs of citizens who may not be interested in ownership or may not be able to meet the requirement of 30 per cent equity contribution for mortgage. All that is required in this category is to pay one month rent. In order to achieve sustainability of the policy, all beneficiaries need to play their part by ensuring good maintenance of the houses as well as remit their financial obligations to the state as at when due. This would not only open doors of opportunity for others yet to benefit, but will also motivate government to do more for its citizens. Nwonah Olubukonla, Governorâ&#x20AC;&#x2122;s Office, Secretariat, Alausa, Lagos

T H I S D AY MONDAY MARCH 6, 2017

T H I S D AY ˾ MONDAY, MARCH 6, 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

The Option before PDP If Senators Ali Modu Sheriff, Ahmed Makarfi and their supporters are truly committed to the survival of the Peoples Democratic Party, the prescription that both men should stand down, is one of the ways out of the quagmire the party has found itself in. Shola Oyeyipo and Segun James write

Jonathan, Sheriﬀ and other PDP leaders...a party in search of peace

igeria’s former president, Dr. Goodluck Jonathan, has been relatively quiet on political issues of national interest, including the crisis that has engulfed his party, the Peoples Democratic Party (PDP) since it lost the presidential election in 2015. But last week, news filtered in that he suggested that both Sheriff and Makarfi should step down from the party’s leadership in the interest of the party. Though against the background of the news the ex-president was quick to state that the reconciliation efforts he was leading in his party would not place preconditions on either of the feuding parties, but considering sentiments already attached to the issues setting them apart, that may be the best way out for the troubled opposition party. Therefore, whoever mooted the idea in the first place may have suggested one of the simplest ways to bring peace back to the party and prevent it from suffering catastrophic atrophy that may eventually send it into extinction. After the Governor Ayo Fayose-led PDP Governors’ Forum met with Jonathan, the governor promised that the party will look for a political solution to the crisis. That will not be a bad idea because if the factional

chairmen opt to step down and constitute a collegiate leadership, the party can easily heal it’s wounds and focus on 2019.

After the Governor Ayo Fayose-led PDP Governors’ Forum met with Jonathan, the governor promised that the party will look for a political solution to the crisis. That will not be a bad idea because if the factional chairmen opt to step down and constitute a collegiate leadership, the party can easily heal it’s wounds and focus on 2019

But from the look of things, that is not about to happen. The concern among well-meaning members of the PDP is that the leadership crisis rocking the party seems intractable. The two gladiators are recalcitrant. They are poised to fight to the end, not minding the consequences for the party. Though it could be argued that the warring parties are at liberty to pursue their cases to a logical conclusion in the law courts, the complication, however, is that the party is already visibly torn apart along the Sheriff and Makarfi fault lines. While the Makarfi faction enjoys the support of the governors of the party, Sheriff relies heavily on the recent Court of Appeal decision that recognised him as the authentic chairman of the party! The implication, therefore, is that rather than end the lingering crisis, when the Supreme Court eventually rules on the matter, the problem is bound to escalate. Irrespective of whoever the judgment favours, the division will persist. The reason is simply because both the Sheriff and Makarfi factions have their followers and none is prepared to let go. The solution put forward by those suggesting that the two of them should step down is apparently one of the best political options available to the party. According to Fayose, the PDP governors were met by Jonathan because of the former

president’s concern about the crisis and thought that a discussion with the governors would help to douse the tension in the party. “We know that there are so many matters before the court. But, we believe that a political solution will go a long way to solve this matter. And I believe in this party; we will all be willing and ready to pursue a political solution, in which, at the end of the day, every interest will be well represented. That was the position of this meeting,” Fayose said after the meeting with Jonathan. But it is obvious that the governor was not considering the Sheriff angle before assuring party loyalists that the issues will be resolved politically because the embattled chairman is not prepared for any political solution that will remove him from office. Pointer to More Troubles Although Sheriff’s deputy, Dr. Cairo Ojougboh, had held an olive branch signifying his intention to sacrifice his position for peace to reign in the party, his principal seems not to be similarly inclined. “Some even said for peace to reign, I should step down as Deputy National Chairman. I am ready to make sacrifices for the party to move forward, because we have done what we CONT’D ON NEXT PAGE

T H I S D AY ˾ MONDAY, MARCH 6, 2017

POLITICS

MONDAY DISCOURSE THE OPTION BEFORE PDP

want, which is bringing the party back to life; taking the party to the grassroots,” he had said. But Sheriff has remained in a war mode, taking over the national secretariat of the party by force penultimate week. And he has said that he is going ahead with the plan to hold a national convention shortly. The stalemate in the party is gradually depleting it. As at now, four senators have dumped the party for the APC. They are: former governor of Plateau State, Senator Joshua Dariye; Senator Yele Omogunwa from Ondo State; Senator Nelson Effiong from Akwa Ibom State; and Senator Andy Uba from Anambra State. Many PDP members in the House of Representatives have also defected to the APC. Legislators who believe in Sheriff’s promise to organise a national convention that will produce a new leadership are lining behind him. They feel that the Makarfi-led faction has a legal battle ahead to gain legitimacy and there is the underlying concern that some PDP governors are planning to defect to the APC, should the Supreme Court affirm Sheriff as chairman. 2019 and Fear of Waterloo Many of those antagonising Sheriff’s leadership have called him names. Prominent among them is “APC mole”. They argue that he is acting a script that will render the PDP incompetent as an opposition party hitching to win elections. In a recent interview with THISDAY, former Deputy Speaker, House of Representatives and governorship candidate of the PDP in the last election in Imo State, Hon. Emeka Ihedioha, did not only describe the crisis in his party as an opportunity to weed out “contractual politicians”, he said Sheriff was not fighting to lead the party so as to make it win elections. “For you to say that Sheriff is at the helm of affairs of our party is simply saying we have no party and by the way, like a friend of mine said, rather than working with Sheriff in the same PDP, that he would rather join APC because the Sheriff faction is like joining APC through the back-door,” he said. He added: “I don’t see and I have never seen Sheriff as someone that would further the interest of democracy or the interest of PDP or put the party in the mood of winning elections.” According to Ihedioha: “Sheriff is well known to most of us but unfortunately when some leaders of our party pushed for his appointment as chairman of our party at that time for a period of three months I don’t think they had a very good knowledge of him. Those of us who knew him and his antecedent didn’t take that very well. We were very convinced that he wasn’t the messiah we were looking for; and knowing his antecedents, we knew that he is a contractual politician.” But Sheriff has shrugged off this accusation, saying he is not only worried about the implications of the crisis for the impending 2019 general elections, but that he is also determined to bring it to an end. When he visited former chairman of the PDP Board of Trustees (BoT), Chief Tony Anenih, at his Abuja residence to seek his advice on the current logjam , he said it would be difficult for the party to defeat the ruling APC in 2019, unless the aggrieved members give peace a chance. No Peace in Sight Everyone in the PDP agrees that peace is the only oxygen that can keep the party alive yet attaining has become illusory. When Sheriff was reacting to media report that Jonathan advised him and his antagonist, Makarfi, to step down and allow the party’s governors to nominate an interim chairman, he said in a statement signed on his faction’s spokesman, Mr. Bernard Mikko, that the issue of resignation did not come up during his meeting with the former president. “The general public, PDP members and the media are hereby informed that the issue of the National Chairman’s resignation as the political solution has never been discussed nor was it put up for discussion with the former president and other stakeholders,” Mikko said.

Fayose and Makarﬁ in tête-à-tête...now it’s time to strategise

Anenih…seriously seeking peace

Ihedioha…no to Sheriﬀ’s leadership

He explained that shortly before the Court of Appeal judgment of February 17, 2017; all parties and stakeholders agreed that on the receipt of the judgment, whichever way it

goes; members will be prevailed upon and urged to support the judgment and orders of the Court of Appeal and rally round the successful party to conduct, as soon as possible, a national unity convention for the election of officers; the modalities of which shall be worked out by all stakeholders of the party. He stated his faction’s position unequivocally: “As a law abiding citizen and advocate of the rule of law, the National Chairman, Senator Ali Modu Sheriff, hereby calls on all stakeholders, including but not limited to PDP governors; national and state assembly members; Board of Trustee members to make themselves available and give their input on how we can; as quickly as possible conduct a national unity convention where our national officers will be elected. The National Chairman has promised and undertaken not to contest”. Asked if he supports the Makarfi faction’s position to pursue the matter at the Supreme Court, Ihedioha said: “It is very fundamental that the matter at hand is pursued up to the Supreme Court level so that we would test the veracity of our laws and constitution. It is also very imperative that we also put our democracy further to test to know whether we as a nation are ready to progress with democracy”. According to the former lawmaker: “The

It is obvious that the governor was not considering the Sheriff angle before assuring party loyalists that the issues will be resolved politically because the embattled chairman is not prepared for any political solution that will remove him from ofﬁce

judgment delivered in Port Harcourt doesn’t reflect the true state of things. I would rather believe the minority judgment as was delivered by Justice Ojah Badua. He captured the essence of the situation today in the land”. The Chairman of the PDP in Lagos State loyal to the Sheriff faction, Otunba Segun Adewale, could not understand the suggestion that his principal should step down. He said: “Who is Sheriff going to step down for? Will this solve the problems within the party? Will it bring peace? These are some of the questions that must be answered. I know that the former president cannot suggest this because all efforts to solve the crisis have been scuttled by the people on the other side. “The truth is that those people want to kill the PDP and we are trying to prevent this. They don’t want reconciliation at all because they have all moved to the APC. They just want to kill the party. They are the same set of people who misled Jonathan until he lost the last election. They are at it again?” Adewale wondered why the people who are asking for reconciliation head for the courts each time they lose a legal battle. “They cry that the APC planted Sheriff in the PDP, but who brought the man to the party and for what reason was he handed the leadership of the party? These and other pertinent questions that must be asked for true reconciliation to take place,” he said. Adewale added: “Today, who are the people romancing with the APC? Who is the PDP governor that led the delegation to attend Governor Rotimi Akeredolu of Ondo State’s inauguration? Yet they keep on crying that we are the one trying to sell out the party. Who is fooling who?” He stressed that the only true way to reconciliation is for the leaders of both factions to sit down and discuss without pre-conditions. When contacted, the media adviser to Chief Bode George, one of the candidates for the national chairmanship of the party at the last convention, Mr. Uthman Shodipe, said the PDP stalwart and former deputy national chairman of the party will only make comment on the call by Jonathan after a follow up meeting slated to hold at the Abuja home of the former president to resolve the problem has looked into the problem. He, however, assures the people that efforts are being made to resolve the crisis that is tearing the party apart. He also disclosed that the South-west leadership of the party will be holding a meeting next Thursday at Ado Ekiti, the capital of Ekiti State, to take a position on the crisis even as the problem continues to linger.

T H I S D AY ˾ MONDAY, MARCH 6, 2017

POLITICS

PERSPECTIVE

100 Important Things Okowa Has Done in 21 Months Despite the challenges, Governor Ifeanyi Okowa of Delta State has continued to reposition the state within his ﬁrst 21 months in ofﬁce, writes Victor Efeizomor

nyone who attended the recent quarterly media interactive session with Governor Ifeanyi Okowa of Delta State would readily mistake the audience for a gathering of politicians scheming to capture power or a town hall meeting between a politician and his constituent. The event hardly cut the image of a leader providing insights on what happens in government. Participants who were mainly journalists from the print, electronics, online media and top government functionaries were caught off guard as the occasional rib cracking jokes from Okowa threw the crowd into laughter while he fielded questions from newsmen. The event which was held at the Government House Press Center, Asaba, afforded the governor ample opportunity to interact with journalists and give account of his administration in the past 21 months. The forum manifestly testified to the cleverness of the state based journalists and their abilities to keep track of policies and programs of the state government. Questions bordering on very vital issues were asked and the highpoint of the event was when Okowa reeled out some of the completed and on-going projects he had executed since assuming office on May 29, 2015. In his opening remarks, Okowa said: “I believe we are doing the best we can. Things are beginning to take shape. This forum is for us to share ideas, because I believe the governor does not know everything and the press can also contribute their quota in the course of our duty.” He added: “You will recall since I came in with the SMART agenda, we have continued to stay on course despite the economic recession. We agree we may have moved much faster than we have move today - but although the economy is bad, we have continued to keep hope alive. We will continue to stay focused”. The governor gave a sector-by-sector report of what he has achieved since he assumed office. Works Sector In the works sector, Governor Okowa said his administration had constructed over 300 kilometer of roads across the state. Some of them were awarded by the immediate past administration while others were awarded by him. He added that they were at various stages of completion; some had been completed and inaugurated during his first year anniversary while others were due for inauguration as from May this year. Available statistics indicate that no less than 22 roads and drains of various kilometers and lengths have been constructed, reconstructed and expanded across the state while about 56 roads and drains covering about 362.41 kilometers and 160.36 kilometers respectively are on-going in the state. Okowa said the construction of Asaba Airport runway and the installation of the landing system equipment were nearing completion, noting that his administration had taken road construction to riverine areas hitherto abandoned by previous governments. Finance sector Okowa’s resourcefulness enabled the growth of the state’s Internally Generated Revenue (IGR) by 68.53 percent between June 2015 and September 2016 in spite of a contraction in tax due to militancy in the creeks. The budget performance also stood at 68.58 percent despite the hash

Health sector The state established the Delta State Health Contributory Fund, to regulate, implement and monitor the Health Insurance Scheme, 4312 pregnant women, 3433 children are already registered and accessing treatment through the health commission and it now has a law establishing Schools of Nursing and Schools of Midwifery. The governor pointed out that the state has renovated, equipped, furnished and purchased brand new ambulances for the upgrading of cottage hospitals in Abavo, Warri, Patani, Agbor to full status of ultra-modern General hospitals. The state also embarked on the printing and distribution of integrated disease surveillance and response forms in Delta State, rehabilitation of water supply scheme at the General Hospital, Patani, procurement of oxygen concentrators spread across the three senatorial zones in Delta State. Other projects embarked on by Governor Okowa in the health sector are; N100 million grant to DELSUTH. Another N100 million will be released soon for major equipment repairs. Work has been recommenced at Central Hospital, Asaba. The Delta State Emergency Services has been reconstructed. Government as ensured payment of all outstanding commitments and supply of mama kits to health centers in the state among others.

Okowa...waltzing through recession

operating economic environment and the prospects for further growth is very bright. Job Creation Realising the need to create jobs for the youths and grow the private sector through micro credit support, Governor Okowa said the state in 2015, formulated two programmes for the youths: the Skill Training and Entrepreneurship Programme (STEP) and Youth Agricultural Entrepreneurs Programme (YAGEP). So far, the state government has created no fewer than 17,173 direct and indirect jobs through the job creation schemes. The state government has also designed a programme for people living with disabilities as over 50 persons with disabilities have been trained and given starter packs to begin their own enterprises. Agriculture sector The state government has put in place adequate plans to ensure food security through the empowerment of existing farmers and encouraging new entrants

Okowa’s resourcefulness enabled the growth of the state’s internally generated revenue (IGR) by 68.53 percent between June 2015 and September 2016 in spite of a contraction in tax due to militancy in the creeks. The budget performance stood at 68.58 percent despite the hash operating economic environment and the prospects for further growth is very bright

into agriculture through; oil palm development programme, rice production, fisheries, CBN anchor borrowers scheme, loan recovery, goat production among others supportive schemes. Superficially, over 5,000 youths are currently been engaged in aquaculture as the sum of about N46million was approved for these programmes. In the area of rice production, the state government has approved N51 million to set in motion a rice production programme to promote all season round rice production. Education sector In the education sector, Okowa said his administration has continued to reposition the technical and vocational education sector. Already, a bill has been sent to the Delta State House of Assembly for the establishment of a Technical and Vocational Education Board. Equally, Okowa has repositioned seven existing technical collages for accelerated technological growth and entrepreneurial education. So far, the sum of over N2 billion has been expended on infrastructural development and equipment purchase in Agbor, Ofagbe and Sapele Technical Collages. Work is at various stages in Issele-uku, Ogor and Utagba-Ogbe Technical Colleges. “We have been able to train 4000 of our youths and we are trying to put processes in place to ensure that some of these youths are able to access the micro credit to make funds available to them. “Under the Universal Basic Education scheme, 1376 class rooms have been constructed and renovated, 12, 400 desks provided, 327 classroom blocks renovated, 5558 teachers’ furniture provided, 48, 330 students’ furniture also provided and 58 new primary and nursery schools have also been licensed to operate”, the governor enumerated. Okowa pointed out that in 2016, 8, 910 teaching and non teaching staff of the post primary board was promoted while in the primary schools, 12, 863 teachers got promoted. The administration commissioned 14, 000 sitting capacity stadium in Ozoro Polytechnic, completed the Faculty of Law at the Delta State University (DELSU), Oleh campus and the clinic at Anwai campus, among others.

Administration Governor Okowa said, “We have rehabilitated the Abuja lodge. It was in a sorry state when we came in. Also, the governor’s lodge in Warri has been rehabilitated and reconstructed, which puts an end to the speculation that we have abandoned it. It is totally in good shape now. “Also, the Abuja Towers, which was started by the Chief James Onanefe Ibori’s administration, has been completed and it has been rented out as a source of revenue to the state government”. Peace Building In its bid at ensuring peace and security in and around the state, Governor Okowa, on assumption of office, inaugurated Delta State Advisory and Peace Building Council. The government also inaugurated the Peace Advocacy Committee led by Deputy Governor Kingsley Otuaro. They have continued to engaged youths and elders across the creeks and its yielding quit a lot of positive results. The Peace Building and Advisory Council led by Professor Sam Oyovbaire has also been doing its bids in the course of peace building while the State Security Council meets regularly to ensure adequate security across the state. The State Governor signed anti-cultism and anti-kidnapping bills into law and Governor Okowa has vowed to make it functional, saying any person engaged in kidnapping or associates with or assists kidnappers will not only be liable to life sentence, but every of his or her property will be confiscated. Governor Okowa has also signed into law the Security Trust Funds to enable the state raise money to support security agencies. There is no gain saying the policies and programs of Governor Okowa are aimed at ensuring adequate spread of democratic gains to the people. To achieve this, a lot of funds will be required and it is the hope of government that all hands would be on desk to ensure the smooth running of the state while the people eschews violence in all ramifications. This is because unnecessary bickering are drawbacks to social, political and economic advancement of the society.

MONDAY, Í´Ë&#x153; Í°ÍŽÍŻÍľ Ëž T H I S D AY

FEATURES

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

Why Canâ&#x20AC;&#x2122;t South Africans Love Nigerians in Return? Despite Nigeriaâ&#x20AC;&#x2122;s huge sacrifice in ending apartheid in South Africa, its citizens have continued to be targets of xenophobic attacks by South Africans. Martins IďŹ jeh writes

Imansuangbon playing with children in Edo IDP camp

South Africans attacking a black foreigner

â&#x20AC;&#x153;I

remember our primary school days in the 70s when we skipped lunch because government was putting all the monies together as our contribution towards ending apartheid in far away South Africa. We were told our brothers and sisters, who we did not know, were being killed and oppressed in the country because they were fighting to end inequality between the minority whites and the native blacks. But today, the same people we starved for, now hate us and kill our own children at every opportunity. My son is in Pretoria, and I fear for his life.â&#x20AC;? These were the words of a 57-year-old father, Frederick Osemwingie, whose son is currently at the mercy of a xenophobic infested group of people in South Africa. In addition to sacrifices made by Osemwingie and hundreds of thousands of his young kinds at the time, history books show that the Nigerian government, starting from the administration of Alhaji Tafawa Balewa, made several sacrifices. In some instances, Nigeria was denied certain rights by world powers because of its forwardly role in helping South Africa end apartheid, which was not only fueled by the French government, but indirectly by western countries like the United States and Great Britain. For example, according to a world peace activist, Mawuna Remarque Koutinin, while the world was clapping at the unfortunate treatment of native blacks in South Africa, Nigeria in 1976 set up a â&#x20AC;&#x2DC;South Africa Relief Fundâ&#x20AC;&#x2122;, where Nigerian money was being pooled from different sources in order to alleviate the plight of the victims of apartheid in South Africa and to promote their education and their general welfare.

â&#x20AC;&#x153;All Nigeriaâ&#x20AC;&#x2122;s civil servants and public officers made voluntary donation of two per cent of their monthly salaries to the fund. The military administrator at the time, General Olusegun Obasanjo contributed $3.7 million to the fund. Obasanjo also went ahead to

I remember our primary school days in the 70s when we skipped lunch because government was putting all the monies together as our contribution towards ending apartheid in far away South Africa. We were told our brothers and sisters, who we did not know, were being killed and oppressed in the country because they were ďŹ ghting to end inequality between the minority whites and the native blacks. But today, the same people we starved for, now hate us and kill our own children at every opportunity. My son is in Pretoria, and I fear for his life

make a personal donation of $3,000, while each member of his cabinet made personal contributions of $1.500 each,â&#x20AC;? Koutinin said. In his expose, he revealed that within six months of setting up the relief fund, June 1977, which was better known by Nigerians at the time as the â&#x20AC;&#x2DC;Mandela Taxâ&#x20AC;&#x2122;, the popular contributions to the fund reached $10.5 million. With the fund, the first group of 86 South African students arrived Nigeria following the massacre of over 700 protesting students by the whites. While all South African students who benefitted from the funds got their education free of charge in Nigeria, those who decided to study abroad but could not get passports because the apartheid regime had denied them the document, again sort Nigeriaâ&#x20AC;&#x2122;s assistance which was freely given. Nigeria provided over 300 passports in its name, so that the students could travel to their countries of choice to study. History also showed that during the heat of the apartheid regime, Nigeria, while playing the big brother role to South Africa, and in its determination to get them freed from the dehumanising situation, lobbied with fellow African countries for the creation of the United Nations Anti-Apartheid Committee, which it had chaired for 30 years, longer than any other country. Between 1973-1978, Nigeria contributed $39,040 to the UN Education and Training Programme for South Africa, a voluntary trust fund to help the education of the Black South African elite. Koutinin says at trade level, â&#x20AC;&#x153;Nigeria refused to sell oil to South Africa for decades in protest to the white minority rule, losing an estimate of $41 billion dollars during the period,â&#x20AC;? adding that Nigeria was the only nation worldwide to set up and fund a

â&#x20AC;&#x153;National Committee Against Apartheidâ&#x20AC;? (NACAP) as early as the 1960, which mission was to disseminate information on the evil of the apartheid regime to all Nigerians from primary schools to universities, in public media and in markets with posters and billboard messages.â&#x20AC;? Reports from the South African Institute of International Affairs show that Nigerian government sacrificed at least $61 billion between 1960 and 1995 to end apartheid in South Africa. History also showed that during the trying periods for South Africa, Nigeria never let go of any opportunity to denounce apartheid, from the boycott of Olympic Games and Commonwealth Games, to the nationalisation of the assets of British Petroleum (BP) in 1979. Checks showed that Nigeria did not only boycott the Olympics and Commonwealth Games because the host country, New Zealand had contact with the apartheid-led South African government, but made sure it mobilised 32 out of the 59 participating countries to as well to boycott the games. The mobilisation for the boycott deeply tested Nigeriaâ&#x20AC;&#x2122;s claim to leadership in Africa, as the mobilisation was successful. And the Commonwealth Games, that year, was a sorry story. From that moment onwards, the world took notice and the struggle for the liberation of South Africa was immediately hyper-accelerated. And the rest is now history. But recent moves by South Africa has shown that the country has forgotten quickly the suffering and sacrifices Nigeria and Nigerians made for them, as xenophobic groups have continued to put measures in place to frustrate foreigners, especially Nigerians who live or do business in their country, thereby becoming the very monster they once fought against. No wonder recently, Nigerian social com-

T H I S D AY ˾ MONDAY, MARCH 6, 2017

FEATURES mentators have queried why the country has refused to take a cue from Nigeria and other African countries who embrace fellow Africans and are not envious of the successes of their foreign brothers and sisters. For instance, in Nigeria, all 53 nations of the continent, including South Africans, Ghanians, Kenyans, Zambians, among others, are being accommodated without being threatened by their presence in the country. All Nigerians do, is help such foreigners nurture, guide and provide enabling environment for them to excel in whatever brings them to the cosmopolitan country. Popular among countries that have made Nigeria their business hubs because of the huge financial returns and the enabling environment they benefit is South Africa – its citizens are known to own DSTV; which is arguably the biggest cable network in Nigeria, MTN; one of the biggest telecommunication giants in the country, as well as Shoprite, which is the biggest shopping establishment in the country. Other notable thriving companies owned by South Africans in Nigeria include Eskom Nigeria, South African Breweries (SAB Miller), Umgeni Water and Refresh Product, LTA Construction, Protea Hotels, Critical Rescue International, Global Outdoor Semces, PEP Retail Stores, Woolworths Holdings Limited, Truworths International Limited, Clover Industries, Oracle, Power Giant and AirTime. But this spirit of accommodation cannot be said of South Africa, a fellow African country that constantly reminds foreigners, mostly Nigerians, that they are not welcomed in their country as they believe their economic opportunities are being hijacked by these foreigners. Their major issue against Nigerians and other immigrants is that these foreigners have penchants for hard work and the ability to make good economic use of any environment they find themselves. Many Nigerians who have lived in South Africa often share sorry tales of how they have been unfortunate targets of hate crimes propelled by xenophobia from South Africans. In the recent xenophobic attack, the spokesperson of the Nigerian Union of South Africa (NUSA), Emeka Ezinteje Collins says the homes and shops of Nigerians were the targets of the groups involved in the act. Meanwhile, weeks ago, homes, shops and properties of Nigerians and other foreign Africans were torched by some South African youths, who claim Nigerians and their counterparts from other African countries were involved in drug trafficking, prostitution and stealing. A reason they claimed was sufficient enough to take laws into their hands, while the government did nothing or made attempts at curbing it only after the deeds have been done. “Despite international outcry against the menace, South Africans have continued to openly wreak havoc on Nigerians and other immigrants because they feel threatened by the sight of foreigners,” explained Femi, a concerned Nigerian in South Africa who simply wished to be addressed by his first name. He therefore called on Nigerian government to do all it can to protect Nigerians living in the diaspora, especially those living in South Africa as they have constantly become subjects of ridicule and hate figures among South Africans. Reacting to South African’s claim that Nigerians and other immigrants have taken over their jobs and other economic opportunities in their country, a Nigerian lawyer who lives in Johannesburg said it was no doubt that Nigerians are excelling over there because they are hard working and entrepreneurial in nature. “But on the other hand, most South Africans are known to be lazy and often believe hard work is not their thing. Hence, the hard working foreigners make more money than most of them do. “When Nigerians come to their country, the first thing these locals do is try to sell their land to them, use the money to enjoy themselves without planning their future from the proceeds. When they are broke, they start envying Nigerians who through hard work are riding exotic cars and building mansions on the same land sold to them by the same South Africans. “In my own opinion, there is no rocket science there. Very few South Africans are willing to do menial jobs, own shops and do other businesses that start small. By the time Nigerians put in their best and over time

A black foreigner being attacked by South Africans

President Buhari...using diplomacy to douse tensions

President Zuma...accused of not protecting black foreigners against xenophobic attacks by South Africans

start making money and living comfortably through these same businesses that started small, the locals get threatened and start killing us. It is unfortunate,” he added. During the 2015 xenophobic attack on Nigerians and other Africans, a South African woman, Wendy Ledwaba wrote on her facebook, “I don’t care what u say. I have lived amongst Nigerians. My best friend is married to a Nigerian. They are heartless. They don’t care how they get the money and they think they are untouchable. Even the Zims and Congolese I know hate Nigerians. Deny it all you want but you and I know that the good Nigerians are only a hand full. If these attacks were directed only at the Nigerians I don’t even feel an ounce of hurt because I have witnessed all around the pain and chaos they have caused.” The hate crimes and intimidation experienced by immigrants didn’t just start today. Since the dismantling of apartheid many years ago, black foreigners have been subjects

of xenophobic attacks, sometimes leading to loss of lives of innocent Nigerians who live among them. It would be recalled that in October 2007 when the musical maestro, Lucky Dube was assassinated in South Africa, the assailants said they thought he was Nigerian because he looked good and drove expensive cars. Till date the government never did anything to prevent their citizens from perceiving foreign blacks as enemies. Between 2007 and 2008, at least 67 people, including many Nigerians, reportedly died of hate crimes. In 2008, about 62 people died of series of attacks apparently motivated by xenophobia. It has also been noted that African immigrants have suffered racist attacks, with Nigerian nationals being at the centre of hate-filled violence and arson. The Nigerian government says within the last two years, about 116 Nigerians have been killed in South Africa, while 63 per cent of the extra judicial killings were carried out by the police. Special Assistant to President Muhammadu Buhari on Foreign Affairs and Diaspora, Abike Dabiri-Erewa, said South Africa, should immediately halt the hate crimes perpetuated on Nigerians and other foreigners in the country. She expressed sadness over the criminalisation of Nigerians by South Africans, noting that Nigeria and South Africa should rather be engaging in cooperation that could lead to social-economic development as the “two giants of Africa.” But like laying credence to what its citizens are doing to Nigerians, the South African government, suddenly, few days ago, deported 97 Nigerians for what it termed civil and criminal offences. Of the total, six of the deportees were claimed to have been returned to the country for drug offences, 10 for criminal offences while others committed ‘immigration offences’. Nigerians view the recent action of the

Very few South Africans are willing to do menial jobs, own shops and do other businesses that start small. By the time Nigerians put in their best and over time start making money and living comfortably through these same businesses that started small, the locals get threatened and start killing us. It is unfortunate

South African government as a direct plan to ridicule Nigerians the more, in addition to the xenophobic actions of its citizens. Analysts say even if these Nigerians actually committed the civil and criminal crimes, their deportation was ill timed, as it would mean an encouragement to xenophobic groups to continue to kill Nigerians, steal and destroy their properties. Rather, the country should be perceived to be against the attacks, especially in the eye of its citizens. In a swift reaction, the Niger Delta Militants have given South African firms in Nigeria a 31-day ultimatum to leave the country, failure to which it would start attacking their firms and nationals. Also, as part of efforts to stop the hate crimes by South Africans, Nigeria’s Deputy Senate President, Senator Ike Ekweremadu, is leading a seven-man delegation to the country to discuss xenophobia. It would be recalled that the Senate on Tuesday, condemned in strong terms, the return of xenophobic attacks in South Africa, just as it described the action as extra-judicial killings of Nigerians by both the South African police and South Africans. The Senate also advised the federal government to reconsider Nigeria’s diplomatic ties with South Africa with a view to averting the recurrent cases of xenophobic attacks and extra-judicial killings of Nigerians in South Africa. Meanwhile, the South Africa government has said it had concluded plans to re-introduce history in its academic curriculum so as to enlighten its citizens on Nigeria’s role in the fight against apartheid rule. South African Ambassador to Nigeria, Mr. Lulu Aaron- Mnguni, told the News Agency of Nigeria (NAN) in Abuja recently that the importance of relationship between the two countries could not be over-emphasised. “Both countries are tested partners. We have come a long way with Nigeria, a country that was so much relentless in supporting us in the days of apartheid rule. “Nigeria is a country that gave profile to the international pillar of our revolution in the UN and the Commonwealth; it is a country that received our youths during the apartheid. Our youths came to Nigeria and were given scholarship; it is a country that has been very much relentless in supporting us, despite the geographical difference that separates us,” he said. The envoy said that the unity of the two countries was important and the youth must know about it. He said that the introduction of history into the country’s school curriculum would go a long way in giving positive perception about Nigeria to the youths. While the Nigerian government and Nigerians hope that the South African government stop playing cold feet to hate crimes by its citizens, which is embarrassing and unAfrican, Nigerians will continue to watch with optimism that no harm will befall Mr. Osemwingie’s son in Pretoria and the thousands of Nigerian youths in the unfriendly country.

IMAGES

L-R;i, Vice president, NCRIB, Bola Onigbog;, MD/CEO. Linkage Assurance Plc, Pius Apere; ,Ppresident, NCRIB; Emmanuel Okunoren;, Past president, NCRIB, Feyisayo Soyewo and , GM Marketing, Linkage Assurance Plc, Joyce Ojemudia during the February 2017 members evening of NCRIB hosted by Linkage Assurance Plc in Lagos...recently

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L-R; Chief Future OďŹ&#x192;cer, Troyka Group, Solomon Ikhioda; Account Management Director, Quadrant MSL GROUP , Tosin Adefeko and Director Virtual Security and Technology, Halogen Security Company, Adedayo Abegunde at the Social Medial Week in Lagos... recently

L-R; Executive Director,Operations, Nigerian Maritime Admiinistration and Safety Agency (NIMASA), Mr Rotimi Fashakin;; HiRM,Oba of Lagos, Rilwanu Akiolu; Director-General, NIMASA,, Dr Dakuku Peterside and Executiee Director, Finance and Administration, Mr Bashir Jamoh during a courtesy visit to Oba of Lagos by the top management team of NIIMASA in Lagos...recently ABIODUN AJALA

L-R National Chairman, Independent Democrats (ID),Hon. Edozie Madu congratulating, the newly elected Chairman of ward 2, owerre-Ezukala, Orumba South, Local Government Area of Anambra State, Mr. Chike Alias, during the Independent Democrats (ID), Ward Congresses, in Orumba South, Local Government Area of Anambra State...recently

L-R: Senior Manager, Audit Services, KPMG, Nigeria, Lara Ogun; Partner/Head, Management Consulting, KPMG, Segun Sowande; Partner/ Head, Audit Services, Tola Adeyemi;and Partner, Tax, Regulatory and People Servies, Nike James, at the media conference on 2017 Survey Report Presentation in Lagos... recently ETOP UKUTT

Managing Director/Chief Executive Officer, Proforce Limited, Engr. Adetokunbo Ogundein; Inspector General of Police, Ibrahim Idris and the Ogun State Commissioner for Commerce and Indusstry, Otunba Bimbo Ashiru during a facility tour of the companyâ&#x20AC;&#x2122;s production plant in Ode-Remo,Ogun Sttate....recently

T H I S D AY ˾ MONDAY, MARCH 6, 2017

BUSINESSWORLD NIBOR OVERNIGHT 1-MONTH

R A T E S 15.3333 14.4270

3-MONTH 6-MONTH

A S 19.1817 22.6332

A T

NITTY 1-MONTH 3-MONTH 6-MONTH

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

M A R C H

2 ,

2 0 1 7

9.9023 14.7004 18.8832

EXCHANGE RATE N305.50/ 1 US DOLLAR* *AS AT LAST FRIDAY

Quick Takes FG Closes Abuja Airport

The federal government will on Wednesday, March 8, 2017 close the Nnamdi Azikiwe International airport, Abuja, for the repair work on its runway billed to last for six weeks. The Federal Airports Authority of Nigeria (FAAN) in a statement signed by the acting General Manager, Mrs. Henrietta Yakubu informed all airline operators, passengers, airport users and the general public that the federal government of Nigeria has approved the temporary closure of the airport. According to the Managing Director of FAAN, Saleh Dunoma, the closure, which will take eﬀect from the midnight of March 7, would be for a period of six weeks, after which the airport would be re-opened to operations again. Dunoma explained that due to the temporary closure, Kaduna International Airport would serve as the alternate from March 8, till the completion of the rehabilitation. “Normal operations will re-commence at the Nnamdi Azikiwe International Airport, Abuja on the 19th April, 2017.Authority has put in place necessary facilities that will ensure the safety and security of all airport users and seamless facilitation at the Kaduna International Airport,” he said.

NANTA AGM Holds March 21

LISTING OF FGN EURO BOND

L-R: Chief Executive, Stanbic IBTC Stockbrokers Limited, Mrs. Titi Ogungbesan; Executive Director, Market Operations & Technology, Nigerian Stock Exchange (NSE), Mr. Ade Bajomo, Director General, Debt Management Oﬃce, Dr. Abraham Nwankwo; and Chief Executive, Stanbic IBTC Holdings Plc, Mr. Yinka Sanni; during the listing of the US$1billion Federal Government of Nigeria Euro bond on the Nigerian Stock Exchange …recently

Investors Stake N44.39bn on Shares in January and February Goddy Egene The stock market recorded a turnover of 12.07 billion shares worth N44.39 billion in the first two months of 2017, showing the weak investor demand for equities. An analysis of the performance showed that January accounted for the highest turnover as investors traded 7.68 billion shares valued at N47.33 billion. The month of February accounted for 4.39 billion shares worth N37.06 billion, showing a decline compared to the month of January. The month of February also recorded a decline in market value as the Nigerian Stock Exchange (NSE) All-Share Index (NSE ASI) depreciated by 2.72 per cent. Apart from the NSE

CAPITAL MARKET ASI, all the sectoral indices declined in February 2017 compared with January 2017, except the NSE Banking Index which remained flat. The NSE Consumer Goods Index recorded the highest depreciation of 11.03 per cent. The NSE Industrial Index recorded a decline of 8.59 per cent, while the NSE Oil/Gas Index fell by 3.7 per cent. The NSE Insurance Index declined by 1.5 per cent. However, analysts at FSHD Merchant Bank Research are bullish on the month of March, saying that the market would record positive performance. They hinged their optimism on the trend in the past five years. According to them, the

performance of the equity market in the last five years showed that the market recorded positive performances between February and March. For instance, in 2012 the market rose by 3.07 per cent between February and March 2012, 1.39 per cent in 2013, declined by 2.05 per cent in 2014. It appreciated by 5.4 per cent in 2015 and 2.9 per cent in 2016. “The equity market may follow historical trend as the economic outlook becomes increasingly positive,” the analysts said. In their outlook for the month of March FSDH said they expect to see some improvements in investor appetite for investment in 2017. “The following factors may

drive performance: improved supply of foreign exchange at the foreign exchange market; improved confidence on the outlook of the Nigerian economy, the increase in oil prices and production and expected gradual return of foreign investors into the (equity) market,” they said. Commenting on the strategies to adopt by investors going forward, the analysts recommended that investors should maintain a medium-to-long term position in the equity market. “We maintain that long-term investors should take long positions in the stocks that have strong fundamentals. Building materials, food and beverages, agro-allied processing and banking stocks,” they said.

Concerns over Non Payment of N113.9bn Premium for Group Life Insurance Ebere Nwoji After seven months of consistent but futile efforts to persuade the federal government to pay the N5.4 billion premium for insurance of its employees, insurance sector operators now groan under heavy load of claims but trickle inflow of premium despite the ‘no premium no cover’ regime. The insurers said the non- release of the N5.4 billion premium by the federal government for group life insurance of its workers has constituted a major setback to the industry, even as they accused the federal government

INSURANCE of lack of exemplary leadership. They lamented that while the industry is yearning for government’s assistance in enforcing the six compulsory insurance policies nationwide through the insurance of its assets, the same government has refused to pay for life insurance of its workers. Section 4 (5), of the Pension Reform Act, 2014 states that “Every employer shall maintain a group life insurance policy in favour of each employee for a minimum of three times the annual total emolument of the employee and premium shall

be paid not later than the date of commencement of the cover. But in the case of federal government workers, the group life insurance contract for the year 2016, expired since July last year, but government, has not paid the premium for the contract renewal. Against this backdrop, there have been agitations by the general public just as the media has been probing the reason for the delay. In particular, the federal government’s workers whom the group life insurance policy was meant to protect are much more concerned. Both insurance underwriters

and brokers who spoke to THISDAY on the issue, said the industry is no longer at ease with the delay, noting that by withholding the money, both the insurance underwriters and brokers are starved of their premium and commissions respectively. According to the Managing Director African Alliance Insurance plc, Mr. Alphonse Okpor, by withholding the above fund, government is unnecessarily punishing insurance industry operators and risking the fortunes of its workers. He said there is no justified reason for government to withContinued on page 24

Former President, Chief Olusegun Obasanjo, Minister of information and Culture, Alhaji Lai Muhammed and Minister of State, Aviation, Senator Hadi Sirika are billed to attend this year’s National Association of Nigeria Travel Agencies (NANTA) 41st Annual General Meeting (AGM) scheduled for Tuesday, March 21, 2017 at the Sheraton Hotel, Lagos. The theme of the AGM is, ‘Tourism in a Recessed Economy: The Way Forward’. Obasanjo, who has been promoting local tourism is expected to speak on why Nigerians should visit all the tourism sites in Nigeria how Nigeria could use in-tourism to boost its GDP by showcasing boundless tourism sites located at diﬀerent parts of the country. Other notable personalities expected at the occasion are: the Ooni of Ife, Oba Adeyeye Ogunwusi, and the Director General of Director General, National Institute for Hospitality and Tourism (NIHOTOUR), Mrs. Chika Balogun, former Director General of the Nigerian Civil Aviation Authority (NCAA) and others. The National President of NANTA, Mr. Bankole Bernard, who disclosed this to newsmen at the weekend in Lagos to herald the coming of the AGM, explained that the AGM is a non-elective one said ‘Tourism in a Recessed Economy: The Way Forward’, is apt because of the challenges in the industry, adding that the former Director General of NCAA would speak at the event from the public sector; government angle, while Bankole of Medview Airline would speak from the private sector perspective being an airline operator himself.

NIS Pledges to Promote Human Rights

The new Comptroller of Immigration, Anambra State Command, Ekpedeme has said his mandate in the state was to promote human rights and dignity through service delivery. King stated this when he paid courtesy visit to the Governor of the state, Chief Willy Obiano in Awka, the state capital at the weekend. He said the Comptroller General of Immigration (CGI), Muhammad Babandede has resolved to deepen the relationship between Anambra government and the Nigeria Immigration Service and that explained why he posted a four time Public Relations Oﬃcer of the Service to Anambra State. According to him, his mandate was to promote human rights and dignity through service delivery in a secured but conducive and welcoming environment. King also said that in line with the mandate of the CGI his Command has identiﬁed areas in Anambra State where there are preponderance of various nationalities. King noted that this is a prelude to the proposed e-solution to Migration Management that would soon be unveiled to the public by the Immigration headquarters and assured the Governor that his Command would evolve new strategies to diligently provide services and security that conform to best practices.

“The Central Bank of Nigeria should give Arik and Medview special concession and the opportunity to buy forex. We have saved the country a lot of money that would have gone out as capital flight” Chairman, Arik Air,

Joseph Arumemi-Ikhide

T H I S D AY ˾ MONDAY, MARCH 6, 2017

BUSINESSWORLD CONCERNS OVER NON PAYMENT OF N5.4BN PREMIUM FOR GROUP LIFE INSURANCE

hold the premium up to this present time considering the ‘no premium no cover’ regime in the country. He said in his own view, government is not willing to pay the money, therefore operators should move ahead in their business for the year. Also the Managing Director Boof Africa Insurance Brokers Ltd, Olumide Fatogun said the continued withholding of the group life insurance premium is a set back to the insurers . He said the situation in the industry now is such that the ‘no premium no cover’ regime is stringent. Insurers have to make due returns to NAICOM in the face of obvious less premium received by operators. He said in the mist of these, more claims are coming the way of the operators adding that the situation will adversely affect their performance when the result of their business for last year comes out. “It is next year we will see their books, government who controls 79 percent of the economy is not paying so where are they going to get money, we are a little above water in our operations. Suggesting the way forward, he said currently, government is in austerity measure and if government should push out money into capital project, it will better the lot of the insurance sector and the economy in general. He also urged government to bring out money and ensure expansion of businesses, give credit rather than subsidy to operators. Meanwhile, while government delays the payment of premium for group life insurance of its workers, insurance operators have insisted that should anything happen to any of the federal government’s employees whom the group life insurance contract is meant to protect, they are not obliged to pay any compensation given the prevailing ‘no premium no cover’ regime.

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

Oando, Conoil Owe PPMC N7.6 Billion Lawmaker wants subsidy debts cleared Damilola Oyedele in Abuja The House of Representatives investigating the huge debts owed to the Pipelines and Products Marketing Company (PPMC) by oil marketers has heard that the subsidiary of Nigerian National Petroleum Corporation (NNPC) is being owed about N7.6 billion by Oando Plc, and Conoil. The committee at the resumption of sitting frowned on the development, attributing it to a lack of clearly spelt out penalties for those who default on payments. The lawmakers lamented that many of the marketers were guilty of continuous and deliberate breach of the 15-day credit line for lifted products. The Hon. Mahmud Gaya led committee therefore directed Oando with a debt of N4.5 billion to PPMC, to expediently honour its agreements, or risk being cut off oil supplies. Similarly, Conoil, which owes N3.1billion to the PPMC, was directed to pay at least 50 percent, failing which, the oil firm would also be stopped from accessing oil products. Gaya also gave the assurance that the terms of accessing oil supplies from the PPMC by oil marketers would be reviewed to prevent the marketers from holding on to public funds. “Because there is no well spelt terms on penalties for default, we found out that Conoil was last penalised for default in 2012, for instance.

We discover that a revolving credit facilities given to Conoil allowed it to owe with credit line for two weeks but it has defaulted for over two months since the end of December 2017. Yet, it continues to lift products from PPMC,” the Chairman said. “Is it fair to owe such a huge amount of Nigerian money? The country cannot move forward when this is happening. It is not impossible that they deliberately divert the money to other businesses since they know there is no penalty,” Gaya

declared. Meanwhile, Hon. Jarigbe Agom Jarigbe (Cross River PDP) who moved the motion that mandated the investigative hearing, appealed to the federal government to urgently clear the subsidy debts owed to the marketers. The marketers at last week’s hearing had claimed they were being owed about N300 billion in subsidy payments for 20142015 by the government. The Group Chief Executive Officer (GCEO) of Forte Oil Nigeria, Mr. Akin Akinfemiwa, at the hearing

put the subsidy outstanding claims owed his company at N13.8 billion. Jarigbe, speaking with THISDAY in an interview, said the committee set up by the government over the debts, should do its best to ensure that the debts are settled, to avoid a cascading effect on the economy. “Government should do everything to settle the debts so our economy does not get affected. The oil marketers also have to be encouraged, they are part of our society and

economy” he added. The lawmaker noted that while the committee cannot go beyond its mandate, which is to ensure oil marketers clear their debts to PPMC, the companies can petition or lobby relevant House committees to facilitate the payment of their subsidy claims. Jarigbe however frowned at the practice where some of the oil marketers lift products from the PPMC under the 15 credit agreement, sell the products, and fail to pay for the products.

NICE TO HAVE YOU HERE

R-L: Director-General, Enugu Chamber of Commerce, Industry, Mines & Agriculture, Mr. Emeka Okereke; President, Masters Energy Group, Dr. Uche Ogah; Vice President, Trade Fair, Enugu Chamber of Commerce, Industry, Mines & Agriculture, Barr. Jasper Nduagwuike and Vice Chairman/CEO, Masters Energy Group, Sir Vincent Ajala, during the Chamber’s visit to Masters Energy Group Office in Lagos … recently

PenCom Puts FG’s Pension Liability for 2017 at N113,9233bn

FG Tasked on Attractive Environment for Private Sector Engagement

Ebere Nwoji

The federal government has been urged to stop outcompeting the private sector and create the enabling environment that will encourage local manufacturing, leading to massive employment for Nigerians. The Managing Director of the Lagos Deep Offshore Logistics base (LADOL), Dr Amy Jadesimi who stated this at a breakfast meeting organised by the Nigerian British Chamber of Commerce (NBCC) said an attractive environment will boost the growth of the private sector and pull 200 million people into the middle class. This, according to her, would have a significant impact on the global economy especially given the fact that by 2020, a quarter of the 9 billion people on planet earth would be African. She stressed that an attractive environment in Nigeria for manufacturing, for engineering, would create huge local demand for goods made in Nigeria, and more importantly; create a global demand for made - in Nigeria products. The LADOL boss added: “In the private sector, we struggle a lot and historically, the Nigeria private sector has been fighting for crumbs that fall from contracts in Abuja. That creates a situation where people are called to the zero sum game. Now, in order to grow the

The federal government’s pension liability for the year 2017, has been put at N113,023,255,000.00 billion, by the National Pension Commission (PenCom). The Commission has also accused Ministries, Departments and Agencies of federal government of being reluctant in ensuring that contractors seeking government’s jobs comply with the law enunciated in the Public Procurement Act 2007 especially concerning their presentation of compliant certificate for contributory pension scheme and Group Life Insurance. PenCom Director General, Chinelo Anohu Amazu, who stated this recently in her 2017 budget defence session before the senate Committee on Establishment and Public Service in Abuja, said breakdown of the above figure shows that government owes N72,702,581,000.00 to 16267 million civil servants that are to mandatorily retire in 2017, inclusive of 1,569 who retired before2017 but had not been provided for. She said government is also owing N19,14,481,00.00 to 9,652 estimated dead workers as well as N21,171,193,000.00 to estimated employees yet to be enrolled by the commission by 2016.

Defending the above government’s indebtedness, Anohu- Amazu stated that pensioners have constitutional rights to periodic review of their benefits. “Distinguished members of the senate Committee on Establishment and Public Service, may wish to note that employees of federal government Treasury Funded MDAs under the provision of Section 173 (3) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) have the right to pension review. Following the federal government’s approval and payment of 15% upward review of pension as a result of the salary review to pensioners under the defunct Defined Benefit (DB) Scheme, retirees under the Defined Contributory (DC) Scheme are also agitating for their rights under the Constitution” she added. On the part of private sector, she expressed concern about employers who still shirk remitting their employees contributions as well as those who have not set up the scheme. She expressed regret about the nonchalant attitude of government agencies which are supposed to help to ensure its compliance adding that this is why many seeking to obtain government contracts are not eager to comply.

Eromosele Abiodun

economy we need to think differently, we need to come together and work together with NBCC and if we do that we can deliver value that will make Nigerian an attractive place to do business because we will be able to deliver the services, the quality at a competitive cost globally. “Then we can have what we call here domestication. What I mean by that is when you have a truly attractive environment in Nigeria for manufacturing, for engineering, you then create huge local demand for goods made in Nigeria, more importantly; create a global demand for made in Nigeria. It is actually cheaper to do things here and tap into the local market, when you tap into the local market you employ Nigerians, you drive the whole of West Africa. “You are talking about pulling 200 million people into the middle class and that would have a significant impact on the global economy especially given the fact that by 2020 a quarter of the 9 billion people on planet earth would be African. And I think it is kind of universally accepted now that Nigeria is one of the countries, probably one of the most important countries in determining what Africa looks like in 2050.” While stating that the real private sector in Nigeria is incredibly small, she added: “I found out how small it is the

other day when I was visited the other day by the Nigerian Stock Exchange (NSE). If you look at the bond market, it is 90 per cent the federal government, 9.5 per cent the state government and the remaining is the private sector. Without growing the real private sector, we are not going to be able to grow our economy. If you look at it on a global scale, the private sector is driving the NASDAQ; the private is making to make the $1 trillion of investment that Donald Trump is talking about. “Government in the West don’t really drive these kind of investment, they create the enabling environment. The success of Nigeria therefore will also depend on us growing up the private sector, having an enabling environment from government. For a company like LADOL the most important thing that we need from government is a level playing field. In other words, access to the market is very important, so the government needs stop out competing us or allowing their friends to squeeze us out of the market. Another very important factor in growing the private sector is local collaboration, private sector companies need s to come together. That is why organisation like the NBCC is very important.” Speaking further, the LADOL boss said the company is an infrastructural development and an industrial company.

T H I S D AY ˾ MONDAY, MARCH 6, 2017

BUSINESSWORLD

MARKET REPORT

Corporate Actions Fail to Lift Stock Market Goddy Egene and Nosa Alekhuogie The stock market closed last week on a bearish note despite attractive yields declared by some companies in their financial results for the year ended December 31, 2016. Zenith Bank Plc, Transcorp Hotels Plc, and Dangote Cement Plc declared improved results that led to recommendation of dividends by their boards. Although Nestle Nigeria Plc posted a decline in profit for the year, it still recommended a dividend for the shareholders. However, many investors were not moved by the development and maintained their weak appetite towards the equities market. As a result, the market closed weaker. Out of the five days the market declined in three days and appreciated in two days. Specifically, the Nigerian Stock Exchange (NSE) All-Share Index pared by 0.94 per cent to close at 25,012.08, while market capitalisation ended at N8.656 trillion. However, all other Indices finished higher during the week with the exception of the NSE Premium and NSE Industrial Goods Indices that depreciated by 4.47 per cent and 2.33 per cent respectively while the ASEM Index closed flat. Daily Market performance The market had opened for the week on Monday positively with investors interest in Tier-1 banks boosting the performance by 0.5 per cent. Zenith Bank’s impressive results helped to bolster the high demand for stocks on the first day of the week. Consequently, three sectors trended northward. The NSE Oil & Gas Index appreciated the most, rising by 1.7 per cent as price appreciation in Seplat (+4.9 per cent) buoyed the index. Similarly, the NSE Banking Index advanced 1.0 per cent following price gains by GTBank Plc (+2.4 per cent) and Zenith Bank (+0.5 per cent). The NSE Consumer Goods index appreciated 0.7 per cent. However, the positive start on Monday could not be sustained on Tuesday as a number of highly capitalised stocks depressed the equity market, sending the NSE ASI down by 0.17 per cent to close at 25,329.08. The depreciation recorded in the share prices of Zenith Bank, Nigerian Breweries, Forte Oil, Guinness and Unilever were mainly responsible for the loss recorded in the index. The total value of stocks traded on was N3.65 billion, up by 43.7 per cent from N2.54 billion recorded the previous day, while the total volume of stocks traded was 444.50 million in 3,336 deals. The three most actively traded stocks were: Continental Reinsurance (203.19 million), Zenith Bank (107.25 million) and UBA (23.87 million), while most actively traded sectors were: Financial Services (403.73 million), ICT (16.87 million), and Consumer Goods (9.23 million). The market extended losing streak on Wednesday with the NSE ASI falling further into the negative terrain to start the new month. The index declined by 0.58 per cent to close at 25,183.10. In line with benchmark index performance, sentiment across sector indices was largely bearish. The NSE Oil & Gas Index rose 1.0 per cent on account of gains in Seplat (+3.1 per cent) while the NSE Insurance Index marginally

94.28 per cent to N3.397 billion. The total volume of equities traded also rose by 47.40 per ent to 274 million in 2,856 deals.

rose 0.01 per cent. Conversely, the NSE Consumer Goods Index declined the most, losing 1.3 per cent following selloffs in Guinness (-4.5 per cent) and Nigerian Breweries (-1.7 per cent). The NSE Banking Index followed, declining by 1.2 per cent following price loss by Zenith Bank (-4.8 per cent). At the close of trading on the fourth day of the week, the market further succumbed to the power of the bears. The NSE ASI declined by 1.40 per cent to close at 24,829.59, showing 11-month low level. The negative mood was driven by the losses in recorded by Unity Bank (-7.59 per cent), Dangote Cement (-4.99 per cent), Dangote Sugar (-4.99 per cent), and African Prudential Registrars Plc among others. The value of equities traded decreased by 26.85 per cent to N1.749 billion. The total volume of equities traded also dropped by 18.43 per cent to 186 million in 2,899 deals. Respite came on Friday, being the last day of the week as the market bounced back to the positive territory after previous losses. The NSE ASI rose by 0.73 per cent to close at 25,012.08. The positive performance was influenced by appreciation in percentage terms in stocks such as: Zenith Bank (-3.24 per cent), Mobil Oil (+1.79

per cent), AIICO (+1.69 per cent), Okomu Oil Palm (-1.46 per cent)

TOP TEN BROKERS(BY VALUE)

and Jaiz Bank Plc (+1.43). The value of equities traded increased by

AS AT LAST FRIDAY

BROKER

VALUE % VALUE

STANBIC IBTC STOCKBROKERS LIMITED

5,496,262,676.44

RENCAP SECURITIES (NIG) LIMITED

4,802,878,730.27

20.10 17.57

CSLSTOCKBROKERSLIMITED AFRICAN ALLIANCE STOCKBROKERS LTD

3,514,490,709.66 1,506,490,896.18

12.85 5.51

APTSECURITIESANDFUNDS-BRD

955,317,445.96

3.49

CORDROS SECURITIES LIMITED - BRD

898,453,532.57

3.29

FORTRESS CAPITAL LIMITED -BRD

872,704,026.17

3.19

A.R.M SECURITIES LIMITED - BRD

711,636,315.06

2.60

FBNSECURITIESLIMITED

540,503,811.45

1.98

511,795,432.01 19,810,533,575.77

1.87 72.46

CARDINALSTONE SECURITIES LIMITED

TOP TEN BROKERS

(BY VOLUME)

AS LAST FRIDAY VOLUME

%VOLUME

423,692,472

15.27

332,936,372

12.00

STANBIC IBTC STOCKBROKERS LIMITED

239,538,200

8.63

CSL STOCKBROKERS LIMITED AFRICAN ALLIANCE STOCKBROKERS LTD

158,338,601 124,344,912

5.71 4.48

APTSECURITIESANDFUNDS-BRD

107,267,925

3.87

MBC SECURITIES

95,834,478

3.45

FORTRESS CAPITAL LIMITED -BRD

68,358,077

2.46

CENTRE POINT INVESTMENTS LIMITED - BRD

59,444,069

2.14

MERISTEM STOCKBROKERS LIMITED

56,441,308

2.03

1,666,196,414

60.05

BROKER CORDROS SECURITIES LIMITED - BRD RENCAP SECURITIES (NIG) LIMITED

Market turnover In all, investors exchanged 1.387 billion shares worth N13.726 billion in 15,422 deals up from 765.656 million shares valued at N9.717 billion that exchanged hands l the previous week in 12,468 deals. The Financial Services Industry led the activity chart with 1.224 billion shares valued at N9.080 billion traded in 10,213 deals; thus contributing 88.19 per cent and 66.15 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 52.016 million shares worth N3.435 billion in 2,311 deals. The third place was occupied by Conglomerates Industry with a turnover of 41.515 million shares worth N63.506 million in 586 deals. Trading in the top three equities namely – Zenith Bank Plc, Continental Reinsurance Plc and United Bank for Africa Plc accounted for 738.698 million shares worth N6.910 billion in 4,205 deals. Price Gainers and Losers Meanwhile, the price move chart showed 24 gainers , higher than 18 gainers of the previous week. Similarly, 24 equities depreciated in price, lower than 34 equities of the previous week, while 129 equities remained unchanged. Nestle Nigeria Plc and Okomu Oil Palm Plc led the price gainers with 10.2 per cent apiece. Vitafoam Nigeria Plc trailed with 9.8 per cent, just as AIICO Insurance Plc and Seplat Petroleum Plc 9.0 per cent and 8.1 per cent in that order. UAC of Nigeria Plc and Oando Plc chalked up 5.9 per cent and 5.3 per cent respectively, while Beta Glass Plc, Total Nigeria Plc and Stanbic IBTC Holdings Plc appreciated by 4.9 per cent, 3.6 per cent and 3.5 per cent respectively. On the contrary, United Capital Plc led the price losers, shedding 22.3 per cent, trailed by Cadbury Nigeria Plc with 13.3 per cent. Seven-Up Bottling Company Plc went down by 10.8 per cent, just as Transcorp Plc declined by 8.0 per cent. Other top price losers included: Unity Bank Plc (7.5 per cent); FCMB Group Plc (6.9 per cent); Guinness Nigeria Plc (6.6 per cent); African Prudential Registrars Plc (6.2 per cent);Dangote Cement Plc (4.9 per cent); and University Press Plc (4.9 per cent).

T H I S D AY ˾ MONDAY, MARCH 6, 2017

BUSINESSWORLD

INSIDE BROAD STREET

A view of Lagos ﬁnancial district

AKINWUNMI IBRAHIM

Lending Rate Rises on Cash Squeeze Obinna Chima Nigeria’s overnight interbank lending rate climbed to 16 per cent on Friday from about 13 per cent the preceding Friday as the Central Bank of Nigeria (CBN) debited commercial banks’ accounts for dollar purchases and also issued treasury bills to mop up liquidity. The central bank sold dollars twice last week to clear a backlog of demand for companies and private individuals to ease pressure on the naira. Traders said the regular forex auctions and the treasury bill sales drained liquidity in the market. According to Reuters, the money market opened with a cash deficit of about N2.3 billion on Friday, compared with a deficit of N45.64 billion the preceding week. The central bank on Friday offered to sell about N40 billion naira in treasury bills to further tighten liquidity. “The tight liquidity is designed to curb demand for dollar,” one dealer said. Traders said money market rates may continue to rise next week as the central bank increases the frequency of its dollar sale. Meanwhile, an Afrinvest West Africa Limited report revealed that the CBN auction open market operations (OMO) bills last Monday, offering a total of N60 billion. Of the N60 billion offer, only N16.3 billion was subscribed while N15.8 billion was allotted. The research and investment firm, in the report, stated that lesser allotment relative to subscription was tied to higher marginal rates quoted by investors. To keep liquidity in check, the CBN auctioned OMO on all days save for Wednesday. Activity in the treasury bills market opened the week soft as investors awaited primary market auction slated for Wednesday. Accordingly, average yield steadied at 18.6 per cent from Monday to Wednesday. A total of N310.2 billion worth of treasury bills was rolled over at the auction on Wednesday, and investors continued to show strong appetite for these instruments which were all over-subscribed. In a circular released by the Debt Management Office during the week, the minimum amount required for participation in treasury bills primary market auction (PMA) was revised upward. “We believe this could potentially slow activities in the market,” the report added.

MARKET INDICATOR Forex Following the implementation of the new CBN directive the preceding week, parallel market rate appreciated to N455.00/$1 last Monday from N460.00/$1 the previous Friday. The local unit further improved to N450/$1 on Tuesday as the CBN continued its intervention to the official market to fulfil bids for Personal and Business Travel Allowance, School fees as well as Medical and Tourism Allowance. Interestingly, this trend was reversed on Friday as street rates depreciated to N450/$1 and to N460/$1 on Friday. At the official market, rates marginally improved from N305.50/$1 on Monday to N305.25/$1 on Friday. Total value of open contracts at the FMDQ OTC FX Futures market settled at $3.96 billion similar to the prior week. The APRIL 2017 instrument remained the most subscribed. Since the introduction of the market in 2016, no instrument is yet to be fully subscribed and as such the liquidity need for which the market was created is yet to be fully realised. “We expect official market rates to continue to trade within a tight band as the CBN sustains its intervention program, parallel market rate is however expected to pull southwards until demand and supply dynamics establishes new short term rate,” it added. Bond Market Review Activities in the local bonds market remained soft last week as investors concentrated on shorter term money market instruments. Nonetheless, benchmark bond yields trended southward, with fair buy interest observed during the week (save for Monday when average yield rose 13 basis points (bps). Average bond yield across benchmark instruments opened the week at 16.3 per cent and had dipped to 16.2 per cent by Thursday, before settling at 16.2 per cent at the end of the week, indicating a flat week-on-week performance. “We expect the scheduled commencement of the FGN savings bonds on March 13 2017 to deepen retail penetration and involvement in the local bonds market and also buoy activity level in the market,” Afrinvest stated. Contrary to preceding week when positive sentiment filtered across Sub-Saharan African sovereign Eurobonds, performance was mixed

last week. The repricing of instruments led to an increase in yields on the Nigerian, Ghanaian and South African sovereign bond instruments whilst the Gabon, Senegal, Ivory Coast and Zambian sovereigns enjoyed buy sentiment. Nonetheless, Nigeria’s FGN 2023 Eurobond remained the best performing sovereign Eurobond with a year-to-date return of 5.5 per cent. Nigeria’s 2016 GDP The Nigerian economy contracted by 1.5 per cent in 2016, the first full-year contraction since 1991, and slightly beat the forecast by the International Monetary Fund (IMF), which initially predicted a contraction in the country’s Gross Domestic Product (GDP) by 1.8 per cent, but later revised it to 1.7 per cent. In contrast, the Nigerian economy grew by 2.8 per cent in 2015. GDP data released by the National Bureau of Statistics (NBS) last week also showed that the economy shrank by 1.30 percent in the fourth quarter of last year (Q4 2016), compared to -2.26 per cent in the previous quarter. Though the decline was less severe than the contraction in the previous quarter, it was lower than the 2.11 percent growth attained in Q4 2015. Reacting to the latest growth data from the NBS, the presidency stated that there were indications that the country was on its way out of the recession, considering the overall contraction in 2016 and the NBS data showing that the contraction in the last quarter of 2016 had slowed down. This was just as the Nigerian National Petroleum Corporation (NNPC) announced that the country’s oil output has risen to 2.1 million barrels per day (mbpd), signaling the in-roads the federal government has made in restoring peace in the Niger Delta, where attacks by militants on oil installations last year slashed Nigeria’s production to 1.3mbpd. According to the NBS, in real terms, Nigeria’s GDP was valued at N18.29 trillion in Q4 2016, compared to N18.53 trillion in Q4 2015. For the full year, NBS said GDP contracted by 1.51 per cent, indicating a real GDP of N67.98 trillion. However, nominal GDP in Q4 2016 was valued at N29.29 trillion at basic prices, representing a year-on-year nominal growth of 12.97 per cent. For the entire year, aggregate nominal GDP stood at N101.59 trillion, compared to N94.14 trillion in Q4 2015. In contrast to real growth, this was 5.84 per cent higher than Q4 2015, implying

that the GDP deflator increased faster than the earlier period, the NBS stated. Dollar Sales to BDCs The liquidity level of the foreign exchange (FX) improve last week following sale of dollars to authorised Bureau De Change (BDC) operators in the country by Travelex. In all, THISDAY reported that in line with the CBN’s directive, a total of 2,529 approved BDCs got $8,000 each from Travelex, for onward sales to retail customers. This amounted to a total of $20,472,000 that the currency dealers recieved. The President, Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, confirmed this and expressed optimism that the intervention would help improve dollar supply in the market. “We are happy for the country because the pressure in the market has eased. But our members are not happy because we are not part of the policy because up till now our volume is still at $8,000 and our buying rate is still N381 to the dollar, which is far higher than the selling rate of the banks. We have written to the central bank, especially on the issue of rate disparity, so that people would not take advantage of the opportunity to round-trip,” the ABCON president said had said. Dollar Sales to Banks Also, the Central Bank of Nigeria again pumped additional $350 million into the market last week. This took the total amount supplied to the market by the central bank last week alone to a total to $570 million and may further crash the value of the dollar. The move, which is part of the central bank’s strategy is expected to further strengthen the value of the naira. Already this has brought panic among traders and other market participants who are yet to recover from the losses some of them have suffered in the last two weeks owing to sharp and sudden appreciation of the naira, according to market sources. Commenting on the development, the Acting Director, Corporate communications, Isaac Okorafor, noted that with the improving reserve levels, the central bank was determined to continuously make forex available to all genuine customers through their banks, advising those hoarding the greenback to reduce their losses by selling their dollar stock.

T H I S D AY MONDAY MARCH 6, 2017

T H I S D AY ˾ MONDAY, MARCH 6, 2016

BUSINESSWORLD

NEWS

Osinbajo Urges Foreign Airlines to Come to Kaduna Airport Acting President, Prof. Yemi Osinbajo, at the weekend appealed to foreign airlines operating into Nnamdi Azikiwe International Airport, Abuja and those that cancelled their Abuja flights owing to its closure for repair of the runway, to reconsider their decision. Osinbajo urged them not to see the diversion of flights from the airport to Kaduna as an attempt to disrupt their operations but a temporary arrangement to put things in order. Osinbajo, who spoke to journalists shortly after inspecting facilities at Kaduna international airport with representatives of foreign airlines, Governor of the State, Nasir El-Rufai, Minister of Transportation, Rotimi Amaechi, Minister of Information, Lai Muhammed

and Managing Directors of Federal Airport Authority of Nigeria (FAAN), Saleh Dunoma, Nigerian Airspace Management Agency (NAMA), appealed to the airlines to cooperate with government on the arrangement. Present also were the Managing Director of the Nigerian Airspace Management Agency (NAMA), Fola Akinkuotu, Director General, Nigerian Civil Aviation Authority (NCAA), Captain Muhtar Usman. The ag President noted that there are still a few facilities to be put in place at the airport, adding government’s priority is safety and comfort of travelers. He stated that the airport must be equipped to meet international standard. “Well, one thing that is very clear is that it is not all foreign

airlines that are declining to come, I have met some here today who are willing to come, I have just spoken to Ethiopian Airlines, they are willing to come. I think what we need to tell foreign airlines is that obviously, this is an emergency, and a temporary arrangement, and they should really work with us with that temporary arrangement and we are concerned about safety and comfort. “They are here also to see for themselves, we will be happy if they work with us, we will be happy if they see it as temporary and cope with some of the flight inconveniences here and there. And so we are persuading them to see it as a good temporary arrangement and some of them are quite

happy”, he said. He directed the contractors to complete some major works at the terminal building before the closure of Abuja airport on Tuesday night, saying that though, it may not be in a complete state by Wednesday, but the main safety and security facilities were already installed. “Basically, what we are trying to look at is the state of readiness and considering the fact that this is really a local airport, a lot of work need to be done to get the kind of standard that is required, work has made considerable progress, but there is still quite a few things to be done but some of them will be completed this weekend, the ceiling and air conditioning and other facilities. But we think that it may not be in a

complete state of readiness by Wednesday but I expect that within the short period they have, it should have been a very beautiful and comfortable work. “We have already told them that they certainly need to speed up, as a matter of fact, they need to double the number of people who are working on the ceiling and other facilities, they certainly need to work much faster and much more diligently to deliver the job”, he added. On his part, Dunoma explained that every facility that an international airline needs to operate a flight is ready at the airport, adding that many of the foreign airlines will make their decision after inspection the facilities on Friday.

“We are ready to take foreign airlines, all the things that they need for international operations are on ground, what is important actually, is the safety equipment they need, the ILS has been installed, the runway is good, the terminal building will be ready in the next five days, the acting president has directed the contractors to complete some items before the commencement of international flights. The foreign airlines have agreed, that is why they are here, they will be conducted round the facility. The contractors have been directed by the acting president to complete in five days. I wouldn’t know which of the foreign airlines have finalised their decision to come but all of them are here today”, he said.

IATA Wants Govts to Support Aviation’s Ability to Drive Economic Growth Chinedu Eze The International Air Transport Association (IATA) has urged governments to support the vital role aviation plays in connecting people and commerce around the globe. Our world has grown much wealthier through trade and travel. Air travel liberates people to live better lives and makes our world a better place,” said IATA’s Director General and CEO, Alexandre de Juniac. De Juniac said in the US,

the aviation sector contributes $680.1 billion dollars to GDP and supports 6.2 million jobs. “Aviation is the business of freedom and we must continue to work together to make it so,” said de Juniac. Looking to the agenda for the Trump Administration, de Juniac called for a reduction in the tax burden on aviation and air travelers, and a new approach to the provision of air traffic services. “The tax burden needs to be reduced. Airlines for America

estimates that taxes account for more than a fifth of the cost of the average domestic ticket. In a country as big, beautiful and full of opportunity as the US, why have a taxation policy that discourages travel? Travel stimulates the economy with tourism dollars and business development. We hope that the Trump Administration will create jobs by dramatically reducing the tax burden on travel.” On air traffic services de Juniac said: “Airlines and their passengers suffer the impact

of the unpredictable federal budget process on the Federal Aviation Administration’s (FAA) provision of air traffic services. The US is falling behind in the introduction of new and more efficient technology. Now is the time to move forward with innovation in the provision of air traffic services. IATA supports the creation of an independent, corporatised non-profit entity to manage US skies. IATA hopes that this will be one of the achievements of the Trump Administration and the 115th Congress.” De Juniac also urged the

Trump Administration to return the country to the principles of airline deregulation. “The Airline Deregulation Act of 1978 unleashed competition and spurred innovation by letting market forces drive commercial decisions. And today consumers benefit from more travel choices than ever. Deregulation has benefited travelers, the US economy and the competitiveness of its airlines. I hope that the Trump Administration will keep that in focus,” he said. De Juniac made his remarks at the US Chamber

of Commerce 2017 Aviation Summit on 2 March, where he also focused more broadly on the need for industry and government to align to support innovation. “Delivering the benefits of an ever safer, efficient and sustainable air transport system in the face of a doubling of demand by 2035 will require quick, constant innovation. At the industry level, governments play a particularly important role as partners and regulators.” He highlighted three areas where airlines and governments need to innovate together:

Medview Airlines to Operate Five Daily Flights to Kaduna Airport Chinedu Eze Ahead of the closure of Nnamdi Azikiwe International Airport, Abuja on March 8 – April 18, 2017 for rehabilitation, Medview Airline has rolled out a special schedule with five daily flights from Lagos to Kaduna International Airport. The airline said the flight schedule would be operational on March 8, 2017; a day after the Abuja Airport has been closed. With the schedule, all Medview Airline flights to Maiduguri and Yola will be routed through Kaduna airport, but their departure and arrival time remain unchanged as well as flights originating from Lagos. The Chief Executive Officer (CEO) of the airline, Alhaji Muneer Bankole said the schedule was a proactive measure taken to ensure that all its numerous passengers going to Maiduguri and Yola have a seamless transition to their various destinations, while flying Abuja-bound passengers to Kaduna. He said the airline has put in place all the necessary logistics to cope with the traffic expected in Kaduna International Airport. “This is a call to duty, and we are equally duty bound to render uninterrupted services to air travellers on all our routes”, Alhaji Bankole said.

T H I S D AY MONDAY MARCH 6, 2017

MONDAY, MARCH 6, 2017 Ëž T H I S D AY

BUSINESS/MONEYGUIDE

Survey Shows CFOs Remain Pessimistic about 2017 Solomon Elusoji Chief Financial Officers (CFOs) of companies in Nigeria are less confident about the prospects for growth in the economy than they were in 2016, according to a CFO survey conducted by KPMG. The reasons given for the pessimistic outlook were: the volatility of foreign exchange rates and the poor state of infrastructure in the country. About 71 percent of the CFOs surveyed said the exchange rate was the greatest obstacle to their growth and profitability, while seven out of ten CFOs concurred that the high interest rate had a key negative impact on their businesses. At least 83 percent of the CFOs opined that solving the power problem ought to be a major priority area for the government, if economic fortunes are to be revived and about 80

percent want to see increased investment in infrastructure. However, the CFOs were optimistic that prospects for growth would improve in the next two to three years. â&#x20AC;&#x153;The key thing for government will be to make sure that they put in some measures in place that will help to sustain confidence in the medium to long term period,â&#x20AC;? the Partner/ Head of Audit Services at KPMG Nigeria, Tola Adeyemi said at a media briefing in Lagos at the weekend. The CFOs who took part in the survey were drawn from all nook and cranny of the national economy, such as energy and natural resources, technology, financial services, government and health sectors. Others included the consumer and industrial market and infrastructure sectors. â&#x20AC;&#x153;This survey is extremely important in terms of the mes-

sage it gives to government,â&#x20AC;? Adeyemi pointed out. â&#x20AC;&#x153;When you are in government, you go about executing your own policies relying on anecdotal evidence from people-speak. But this is what the people who are running the finances of companies in Nigeria are saying should be governmentâ&#x20AC;&#x2122;s priorities.â&#x20AC;? â&#x20AC;&#x153;Another key thing that we achieve with the CFO forum is to provide a means for CFOs to interact with relevant government regulators directly,â&#x20AC;? Adeyemi said. â&#x20AC;&#x153;So at our forum meetings, which happen at least twice a year, we invite key government regulators to come and speak with the CFOs and also hear directly from the CFOs on the issues that concern them.â&#x20AC;? This year, the speaker for the KPMG CFO Forum which holds tomorrow, is the Minister for Trade and Investment, Mr. Okechukwu Enelamah.

Fidelity Bank Disburses N2.3bn SMEsâ&#x20AC;&#x2122; Funds to 202 Customers Amby Uneze in Owerri Fidelity Bank Plc has said it disbursed about N2.3 billion of SMEs funds to 102 customers, out of which about N400 million had been repaid so far. The Managing Director of Fidelity Bank Plc, Mr. Nnamdi Okonkwo also said contrary to popular beliefs, bad loans in their bank are not usually caused by SMEs, just as he stated that the bankâ&#x20AC;&#x2122;s customers are always regarded as kings in their establishment. Okonkwo made the disclosure in Owerri, the Imo State capital at the Fidelity Bank Customer

Forum recently. He explained that Fidelity Bank was passionate about supporting businesses to succeed just as he apologised to customers for any inconveniences they experience banking with them. Okonkwo said that soon, the Central Bank of Nigeria will enforce the cashless policy throughout Nigeria, just as he admonished customers to adopt the electronic banking platform. He disclosed that the Northeastern part of the country ranks among the highest zone in electronic banking adoption, explaining that because of

insurgency and security threats, customers there prefer to use online banking options to keep themselves and their money safe. He however appealed to people to sustain speaking and writing of Igbo language which he described as a heritage noting that many Igbos have become so westernized and are losing their identity. Chairman of the bank, Mr Ernest Ebi described the interaction as timely and impactful as it has educated them on the interests and challenges of their customers, saying it will spur them to improve their services.

Keystone Bank Empowers SMEs Keystone Bank Limited has introduced a live and interactive online business clinic for female small and medium enterprises owners in the country. The programme, which is being implemented through its Pink Network initiative, was part of the bankâ&#x20AC;&#x2122;s continuous effort in supporting female entrepreneurs and all SMEs in the country. The training, according to a statement from the lender, comes in form of Question and Answer (Q&A) sessions on the pinknetwork.ng online platform.

The first in the series, anchored by the Chief Executive Officer of Bug Zappers Limited, Bukky Soleye, was themed â&#x20AC;&#x2DC;Starting a Business: Basic Structures for Successâ&#x20AC;&#x2122;. Soleye, a Pink Network Amazon, is a certified Project Management Professional with over 15 years of experience managing a variety of projects and facilitating project management training for clients. The session took place in the online forum section of the Pink Network platform and

was the first edition of bimonthly sessions to be held in conjunction with the networkâ&#x20AC;&#x2122;s Pink Amazons and Resource Partners. The online sessions, tailored after business clinics, provides business mentoring and general business advice to assist entrepreneurs and SMEs connect in real-time question and answer interactions with the right expertise and get practical advice to help overcome issues and information gaps in running their businesses.

Wema Bankâ&#x20AC;&#x2122;s â&#x20AC;&#x2DC;Purple Nectarâ&#x20AC;&#x2122; Embarks on CSR Nume Ekeghe Wema Bank Plc has for the second year in a row made February its month of giving by donating funds for treatment of children in emergency wards of three government-owned hospitals across the country. The initiative called Purple Nectar, which started last year was designed to touch the lives of people in the communities where the bank operates. It involves each interested staff donating a dayâ&#x20AC;&#x2122;s Salary for Love as a way of celebrating St. Valentineâ&#x20AC;&#x2122;s Day. In a statement from the bank, its Managing Director/CEO, Wema bank, Mr.Segun Oloketuyi while

presenting a cheque to one of the beneficiaries of the 2017 Purple Nectar Initiative at the Children Emergency Ward of the Lagos University Teaching Hospital (LUTH) said: â&#x20AC;&#x153;Every 14th of February, the world celebrates St. Valentineâ&#x20AC;&#x2122;s Day. Usually, couples go out on this day as a way of showing love to each other. But at Wema Bank, we decided that while it is fine for couples to show love to each other on this day, our focus as a bank should be on showing love to those who need it but are not getting it.â&#x20AC;? â&#x20AC;&#x153;Some are in critical situations and they need all the help they can get. In our own little way of showing love, the staff of Wema Bank decided to put

their salaries for that particular day (February 14) together and looked for people who need our love. The demonstration of this love is to support those who need help, especially in health-related issues,â&#x20AC;? Oloketuyi said. Children present at the LUTH Emergency Ward when Wema Bank visited were being treated for several ailments. The mother of a 7-month old baby who benefitted from the initiative, Mrs Ngene broke down in tears as the Wema Bank Managing Director presented a cheque to her. She thanked the staff of Wema Bank for the kind gesture and managed to smile before Mr Oloketuyi left her sonâ&#x20AC;&#x2122;s bed side.

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 Ëž Ă&#x2122;Ă&#x;Ă&#x153;Ă?Ă? Ě&#x2039;

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

OPEC DAILY BASKET PRICE AS AT 2 MARCH 2017 The price of OPEC basket of thirteen crudes stood at $53.69 a barrel on Thursday, compared with $54.11 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, MARCH 6, 2017 ˾ T H I S D AY

MARKET NEWS

NSE Promises More Collaboration to Deepen Stock Market Goddy Egene and Nosa Alekhuogie The Nigerian Stock Exchange (NSE) has pledged to continue with its collaboration with the government and all market stakeholders to collectively deepen the market. The Executive Director, Market Operations and Technology, NSE, Mr. Ade Bajomo, made

the promise while speaking at the listing ceremony of the Federal Government of Nigeria (FGN) $1billion Eurobond on the NSE in Lagos. “The exchange promises to continue its collaboration with the Government and all market stakeholders to collectively enhance market depth and investor education/awareness. As we continue to deliver on

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

several market development initiatives in 2017, we strive to be the African Exchange of choice for issuers and investors by enhancing regulation, transparency, liquidity and ease of access to capital,” Bajomo declared. He congratulated the management of the Debt Management Office (DMO) on the remarkable success of this first Eurobond

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

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

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 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 6.6 0.86 9.8 0.84 23.8 1.31 0.7 4.8 4.9 0.83 0.5 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

issuance since 2013, which was 780 per cent oversubscribed with investors cutting across hedge funds, pension funds, insurance companies, banks and other institutional investors. He said the listing was the first of a sovereign dollar denominated instrument in the Nigerian capital market. The NSE ED stated that the development is a testament to

E XC H A N G E

the federal government’s and DMO’s commitment to the growth and enhancing the depth of the Nigerian capital market. “As a foreign exchange denominated instrument, the Eurobond will trade and settle in its currency of issuance (United State Dollar) thus setting the foundation for multicurrency capital raising

and trading in the domestic market. This will open up hybrid capital raising options and create additional portfolio diversification opportunities for investors,” he said. He added that the listing of the Eurobond also lent credence to the NSE’s commitment to continuous innovation and championing the growth of the Nigerian capital market.

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 Current Price 1.01 14.75 1 0.66 1.95

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 1 1 No. of Deals 1 1 2

Current Price 1.3

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

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

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

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 0.5 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

Ë&#x153; ÍžË&#x153; ÍşÍ¸ÍšÍľ Ëž T H I S D AY

MARKET NEWS

Transcorp GrowsÂ Revenue to N60bn, Bullish on Power Subsidiary Goddy Egene Transnational Corporation Plc (Transcorp), a leading Nigerian conglomerate last week reported a Â revenue of N59.4 billion for the year ended December 31, 2016, showing an increase of 46 per cent from N40.8 billion in 2015. Operating profit rose by 37 per cent from N15.03 billion to N20.7 billion due to improved efficiency and productivity across the subsidiary operations. However, Â the naira

devaluation resulted in Â an unrealised foreign exchange Â loss for the group, Â leading toÂ a negative bottom-line of N1.126 billion in 2016, compared with a positive bottom-line of N2.032 billion in 2015.Â Speaking on the results, the Chief Executive Officer ofÂ Transcorp, Â Mr. Emmanuel Nnorom Â said the power business contributed 75 per cent ofÂ the groupâ&#x20AC;&#x2122;s revenue, whilst the hospitality business accounted for a quarter of the

A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager. Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return. An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these â&#x20AC;&#x2DC;sharesâ&#x20AC;&#x2122; on the

top-line. â&#x20AC;&#x153;At Transcorp Hilton, the hotel business, we leveraged our strong franchise, customer service and boutique of offerings to sustain occupancy rate, which in November 2016 rose to 66 per cent,â&#x20AC;? he said. He explained that Â Transcorp Hilton Â embarked on a major upgrade last year, the first in the last 30 Â years of establishing the hotel, aimed at gaining more market share andÂ increase the occupancy rate.

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 2-Mar-2017, unless otherwise stated.

Nnorom expressed optimism that the power business will witness significant improve in the current year and beyond. He said: â&#x20AC;&#x153;Gas supply is improving, at least from our experience since mid-February, and this has led to an increased power generation at our plant, from less than 300megawats (MW) last year to over 400MW. We believe the enhanced engagement and commitment of the government to the Niger Delta should help sustain this

positive development.â&#x20AC;? Â He added thatÂ the recentÂ federal governmentâ&#x20AC;&#x2122;s Â guarantee of N700 billion to the Nigerian Bulk Electricity Trader(NBET), through the Central Bank of Nigeria (CBN), which he Â said, would will help ease liquidity challenges in the power sector and incentivise further investment in power generation. â&#x20AC;&#x153;With this laudable initiative, details of which should be known soon, the risk of not getting paid for power

supply has been mitigated and should thus improve our cash-flow and appetite for further investment, as against current situation where we have notable outstanding receivables for our supply. We are now encouraged to generate more, especially as gas supply improves. It is noteworthy that we have also recently invested in additional turbine, which should come onboard and add to our power generation in the second quarter of the year,â&#x20AC;? the Transcorp CEO noted.

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 126.28 126.62 -0.63% Nigeria International Debt Fund 219.75 220.25 2.05% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.69 0.70 -1.35% 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 17.57% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 12.00 12.36 -2.80% ARM Discovery Fund 283.74 292.29 -1.20% ARM Ethical Fund 21.85 22.51 -2.18% ARM Money Market Fund 1.00 1.00 15.87% 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 105.04 105.78 -0.06% AXA Mansard Money Market Fund 1.00 1.00 17.57% 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 9.42 9.66 0.63% Women's Investment Fund 86.57 88.79 2.33% 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 17.32% FBN CAPITAL ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,134.99 1,139.10 1.08% FBN Heritage Fund 106.63 107.08 -1.96% FBN Money Market Fund 100.00 100.00 7.70% FBN Nigeria Eurobond (USD) Fund - Institutional $100.48 $101.39 0.93% FBN Nigeria Eurobond (USD) Fund - Retail $100.39 $101.31 0.85% FBN Nigeria Smart Beta Equity Fund 97.32 98.51 -2.09% 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 0.95 0.00% Legacy Short Maturity (NGN) Fund 2.63 2.63 2.45% 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 2,171.78 2,196.88 -1.70% Coral Income Fund 2,169.36 2,169.36 3.09% 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 17.27% 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 16.95% Vantage Balanced Fund 1.67 1.69 -0.44% Vantage Guaranteed Income Fund 1.00 1.00 15.61%

LOTUS CAPITAL LTD ďŹ ncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 0.99 1.01 0.64% Lotus Halal Fixed Income Fund 1,020.28 1,020.28 1.74% 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 9.48 9.57 -1.84% Meristem Money Market Fund 10.00 10.00 15.30% 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 1.07 1.09 1.64% PACAM Fixed Income Fund 10.42 10.45 0.10% PACAM Money Market Fund 10.00 10.00 16.21% 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 108.84 109.74 6.91% 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 1.27 1.27 1.70% 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 1,813.21 1,822.76 -1.00% Stanbic IBTC Bond Fund 153.66 153.66 -0.19% Stanbic IBTC Ethical Fund 0.74 0.75 -3.25% Stanbic IBTC Guaranteed Investment Fund 190.63 190.63 2.00% Stanbic IBTC Iman Fund 125.99 127.64 -2.95% Stanbic IBTC Money Market Fund 100.00 100.00 17.42% Stanbic IBTC Nigerian Equity Fund 7,180.86 7,267.65 -5.29% 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 1.13 1.15 9.86% United Capital Bond Fund 1.27 1.27 15.68% United Capital Equity Fund 0.64 0.66 0.39% 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 9.58 9.75 -0.40% Zenith Ethical Fund 11.08 11.18 1.50% Zenith Income Fund 17.17 17.17 3.94%

REITS NAV Per Share

Yield / T-Rtn

11.41 124.66

1.01% 0.56%

Bid Price

Offer Price

Yield / T-Rtn

7.46 69.43

7.56 70.73

-14.95% -8.38%

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 GrifďŹ n 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

2.72 5.77 11.29 15.34 123.59

2.76 5.85 11.36 15.54 125.59

-1.07% -17.82% -5.94% -3.80% -4.81%

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 managerâ&#x20AC;&#x2122;s website and FMANâ&#x20AC;&#x2122;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 MARCH 6, 2017

MONDAY, MARCH 6, 2017 ˾ T H I S D AY

CITYSTRINGS

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

A dirty street in the community

Ilaje Residents Cry Out Ilaje community is an underprivileged suburb in Ajeromi-Ifelodun Local Government Area of Lagos State known for its roast fish, but beyond this, there are several areas of needs that government has not given priority, writes Ugo Aliogo

“W

e have areas in Ajegunle you cannot trade when it is 7p.m. unlike in some areas where you can still walk around 2a.m. Most of the young boys and girls here face the situations where their phones are forcefully taken away from them while walking in the street, some after receiving a call while walking on the street the hoodlums beacon on them to submit the phones. If you resist, they harm you with a broken bottle, or sometimes they attack in a group to overpower you.” When Adesoji Eniola shared this experience there was a flash of pain and frustration in his eyes, accompanied by the fear that community policing has become a mirage rather than a reality for his community. Eniola was born in Ilaje Araromi Olodi Apapa Community, an underprivileged suburb in Ajerome-Ifelodun Local Government Area of Lagos State. The community is inhabited mainly by Ilajes, Aworis and other tribes. Much of his life has been spent there. As a teenager growing up in the community, he experienced numerous cases of stealing. He experiences left a sour taste in his mouth. When he became a youth, the crime wave had become uncontrollable. Women, boys and girls were constantly attacked at night and their possessions were

taken away from them. To address this teething challenge, the community invited the Nigeria Police Force but their efforts failed, they could not rescue the community from the monster fighting it. For Eniola, there is a big absence of a strong community policing and the reason responsible has remained unknown to him. He said the issue of insecurity has been ongoing for more than a decade, stating that

There is a lot of hardship here. People come from a lot of places to look for water. The water supply which government gave us known as Marwa has stopped functioning since three years now. Therefore, we scramble for water. Women here wake up 2:30a.m. or 3a.m. in order to search for water

daily people share their stories of how they are attacked on the road, “these hoodlums come with motorbike and grab people’s phones.” Eniola said when some of these hoodlums ran out of luck, they are apprehended by the community foot soldiers, who hand them over to the police, but while in custody, they try to reach a compromise with the police who grant them bail and the next day they are told by the police that the hoodlums escaped. If what Eniola is narrating is true, it is a sad commentary for a body assigned the duty of ensuring the safety of lives and property. It also implies that the state has failed in its part of the social contract agreement; therefore providing the latitude for injustice to prevail in the land. He stated: “There was a lady that was slapped along Tolu Road; they collected her N53, 000 and the gold necklace that she wore. Our Baale is aged, there is little or nothing he can do to address this issue. When these hoodlums see able-bodied young men walking in group, they tend not to attack them. But our women and boys fall victim of these unsecured environment.” His frustration about the challenges of the community, didn’t end only on the altar of insecurity, he took time to cite other areas of needs which government seems to have neglected such as water supply, and electricity. ‘Governor’ as he is popularly known remarked that if government decides to set things right,

basic amenities should be provided especially with the focus of improving the water supply needs of the community, who depend largely on the canoe operators to bring water from Kirikiri, Iwaya and Makoko areas. “There is a lot of hardship here. People come from a lot of places to look for water. The water supply which government gave us known as Marwa has stopped functioning since three years now. Therefore, we scramble for water. Women here wake up 2:30a.m. or 3a.m. in order to search for water,” he said. He lamented that women searching for water fall prey to thieves in the community who beat them up and take away their belongings and some might be raped in the process, adding that this has become a serious issue in the community which needs to be addressed. The issue of electricity Afotan Eliseri sat on the wooden bench looking disturbed and sweating profusely. Eliseri was agitated that the power situation in the community wasn’t improving and the charges were coming too early. When the community had a similar challenge a year ago, they organised a meeting with some members of the Distribution Company (DISCO) which the community was under and some part of their light challenge was addressed. Today, Eliseri’s community is witnessing a repeat of last year’s encounter.

MONDAY, MARCH 6, 2017 ˾ T H I S D AY

CITYSTRINGS

A makeshift bathroom constructed near the lagoon

A woman roasting ﬁsh in a dirty environment

He is sceptical if the challenges would be fully addressed without leaving others behind. Eliseri said they are disconnected from power when the month hasn’t ended, adding that for public servants in the community, they don’t have the money to pay while others said they haven’t received their salaries which usually come at month end, “therefore we want government to address the situation of early disconnection.” He stated: “It is not in our best interest. Sometimes when this electricity issues become unbearable we organise a meeting to summon members of the community, then invite members of the DISCO we are under. “Then any decision reached at the meeting we will abide by it. Last year, we held a meeting at Olodi Apapa Primary School here and some of the electricity challenges were addressed. But this present one, they have not done anything. We have been experiencing this issue of early disconnection of our lights for over five years now.” Environmental hygiene and sewage system Tolu Ifeolwu sat inside the yellow plastic container defecating, milling around him were his friends who seemed unconcerned with what he was doing. When he was done; his mother carried the excreta and threw it into the lagoon, the same lagoon Ifeoluwa and his friends swim during rainy season. She did this not to undermine her lack of regard for environmental hygiene, but it was an opportunity to bring to public notice the dearth of good sewage system in the community to manage human waste. Ifeoluwa and his mother live in one of the makeshift tents constructed inside the lagoon. From THISDAY investigation, it was learnt that the Lagos State Waste Management Agency (LAWMA) had been handling refuse collection in the community, but after sometime they were no longer active again, however they are still collecting refuse collection charges. Also, the issue of sewage is a big challenge for the community. One of the occupants who lend his voice to the issue, said when the situation became unbearable they began to bury their waste, while at other times burn them as a means of managing it. Despite these efforts in managing waste, the community is still very dirty and refuse litter everywhere. It was also gathered that many houses don’t have good toilets, while some fairly good ones and others used the lagoon as a safe haven. Water supply challenge Water supply is another challenge the community is grappling with. Eliseri who is also displeased with the issue said an individual can decide to buy four big sized plastic water tank containers for 15,000, for a household and also retail to others who wish to buy. He explained that the government has done nothing to help tackle the water challenge, lamenting that government agencies usually come at end of the month to collect water rate even without supplying water to the community. On his part, Eniola said there is a group of canoe operators who bring water from Kirikiri, Iwaya and Makoko areas to the community, adding that the water supply project which government built for the community had stopped functioning for three years now. Therefore they scramble for water and women wake up 2:30

A refuse dump within the Ilaje community

or 3a.m. in order to begin the search for water. He remarked that women fall prey to thieves in the community who beat them up and take away their belongings, adding that sometimes they are raped. Judging from the social standing of the community, it is evident that when placed at par with regions in the state, the community is lagging behind especially in terms of development and provision of social amenities. The community has one primary school and 14 secondary schools with low teaching standards and inadequate facilities for learning. Healthcare delivery in the community is a big challenge. The only government health facility is an

The community is lagging behind especially in terms of development and provision of social amenities. The community has one primary school and 14 secondary schools with low teaching standards and inadequate facilities for learning. Healthcare delivery in the community is a big challenge. The only government health facility is an old public primary health centre with poor facilities and low medical supplies

old public primary health centre with poor facilities and low medical supplies. The other health facilities are private clinics which the people complained charge exorbitantly. In child birthing, most women resort to local delivery to give birth. Medically, the process has not been proved to be safe healthwise, but women have devised this means because of their inability to foot high medical bills. THISDAY also visited the Baale to ascertain the role he has played in lodging these challenges to state government, but he was very sick. Economic contribution to Lagos The community has a strong fish market. Most women are involved in the fishing business, and some take their daughters to join them in the business. The business is very lucrative, but the processing condition is still very crude and the environment is unhygienic, taking into account that the commodity is meant for public consumption. The women are less concerned about the hygiene aspect. Their focus is hinged mainly on making profits. To understand the mechanism of the business, THISDAY spoke with the Iyaloja General of the fish market, Mrs. Esther Afotan, who has been in the trade for 25 years. She lives in a modest apartment with her family. She was simple and unassuming. Seeing a journalist stand before her, she felt uncomfortable. Her thought was that he was one of those politicians who come during electioneering campaigns to sell the idea of a better life to the people and after assuming office, the promises become a mirage. But the children who understood the mission of the journalist convinced their mother and got her to speak. She agreed and began the conversation not ready to go through any preambles. She hinted that the business was lucrative, and daily they sold 100 bags or more at various locations such as Mushin, Badagry and other places. She expressed concern during the conversation; disturbances from law enforcement agencies

such as the Nigeria Customs Service (NCS) and the Police. Afotan’s hinged her frustration on the fact that the law enforcement agencies are always harassing them by seizing their goods and extorting money from them, lamenting that most times there is increase in the price of fish because the men bringing it from the river have to settle police men and customs officials otherwise their produce will be hijacked and leave them at the losing end. She said: “Another challenge we face here is the dirty environment and bad roads. Therefore, we want government to provide jetty for easy transportation and clean up the environment. During rainfall, we encounter numerous problems and the government should also help regarding the increase in the price of food stuff. The price increase is also affecting our business. When those selling increase their price we are also compelled to increase the price of fish otherwise we may experience losses. “There is actually no gain in the business. Before, we were buying a bag of fingerlings for N1,500 but now it is N2,500. Also, we have to pay those we employ to dry the fish because we cannot do it ourselves. After drying the fish and smoking it we sell it to customers for N3,500 for each bag. Most of our customers are from Badagry so they make transaction through water. Yet customs officials still raid their market.” Lagos mega city project and the underdevelopment of Slums With a population of 21 million, Lagos is one of the most densely populated cities in the world and the largest in Africa. As a result of the high business inflow in Lagos, it is the preferred choice destination for many individuals from the rural and urban areas. Over the years, the huge influx of rural to urban migration has posed enormous environmental and social challenges for the city especially in the area of housing, transportation and infrastructure. Many of these rural migrants are in the low income strata of the society; as a result, they live in the informal settlements known as slums. These slums are heavily populated and characterised by lack of access to clean water, poor sanitation services, unreliable electricity supply, poor healthcare facilities and other basic amenities. Some of the slums in Lagos are Agege, Makoko, Ajegunle, Amukoko, Badia, Bariga, Ilaje, Itire/Ijeshatedo, Iwaya and others. As one of the fastest growing mega cities in the world, efforts are being put in place by the state government to improve transportation, infrastructure, housing, and other social welfare projects. But there are concerns in some quarters that though the mega city project is adopting an inclusive approach, there is a disconnection between the policy and implementation. Also, what are the plans of the state government to include the slums in the mega project. A Lecturer in the Department of Urban and Regional Development, University of Lagos, Dr. Oluwafemi Olajide, who is concerned about the mega city project, said developing a mega city requires a mega approach in order to solve the associated challenges, lamenting that the approach the state government is using is one that does not allow informality to strive in all forms either from an economic or settlement point of view.

T H I S D AY MONDAY MARCH 6, 2017

MONDAY MARCH 6, 2017 ˾ T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Trump Urges Obama ‘Abuse of Power’ Probe amid Wiretap Claim President Donald Trump has urged Congress to investigate whether Barack Obama abused executive power in the election campaign, a day after alleging his predecessor had tapped his phones. His press secretary said the inquiry into alleged Russian interference should also examine these allegations. Mr Trump made the claims in a series of tweets but offered no evidence. James Clapper, the US intelligence chief during the campaign, has flatly denied Trump Tower was wire-tapped. Mr Obama’s spokesman, Kevin Lewis, had earlier said that the former president had never “ordered surveillance of any US citizen”. Mr Trump, who has been facing intense scrutiny over alleged Russian interference in support of his presidential bid, made the wire-tapping allegation in tweets written from his weekend home in Florida early on Saturday. He called the alleged tapping “Nixon/Watergate”, referring to the notorious political scandal of 1972, which led to the downfall of President Richard Nixon. His claims sparked

Republican and Democrat politicians alike to demand details to back them up. Florida Republican Senator Marco Rubio was the latest, saying on Sunday that “the White House will have to answer as to exactly what he was referring to”. But in his series of tweets on Sunday, White House Press Secretary Sean Spicer did not provide any further evidence. He said: “Reports concerning potentially politically motivated investigations immediately ahead of the 2016 election are very troubling. “President Trump is requesting that as part of their investigation into Russian activity, the congressional intelligence committees exercise their oversight authority to determine whether executive branch investigative powers were abused in 2016.” He added: “Neither the White House nor the President will comment further until such oversight is conducted.” ‘Simply false’ Mr Trump’s tweets followed allegations made by conservative radio host

Mark Levin, including that the Obama administration “sought, and eventually obtained, authorisation to eavesdrop” on the Trump campaign last year. Other media reports had previously suggested the FBI had sought a warrant from the foreign intelligence surveillance court (Fisa) in order to monitor members of the Trump team

suspected of irregular contacts with Russian officials. The warrant was first turned down but then reportedly approved in October, though there has been no official confirmation. Under Fisa, wire-tapping can only be approved if there is probable cause to believe that the target of the surveillance is an agent of a foreign power.

Mr Obama could not lawfully have ordered such a warrant. Mr Lewis said the accusation was “simply false”. A “cardinal rule of the Obama Administration was that no White House official ever interfered with any independent investigation led by the Department of Justice”, he said. The statement left open

the possibility that a judicial investigation had been taking place. Some Democrats have suggested Mr Trump’s allegations were an attempt to focus attention away from the Russian affair. House Democratic Leader Nancy Pelosi said: “The Deflector-in-Chief is at it again.”

North Syria Exodus As Families Flee Assault on ISIL More than 65,000 people have been forced to flee fighting in northern Syria, ravaged in recent weeks by dual offensives on the Islamic State of Iraq and the Levant (ISIL) group, the United Nations said. The UN’s humanitarian agency, OCHA, said that tens of thousands of people have left their homes in northern Aleppo province, particularly around the former ISIL stronghold of Al Bab. “This includes nearly 40,000 people from Al Bab city and nearby Taduf town, as well as 26,000 people from communities to the east of Al Bab,” OCHA said adding that

nearly 40,000 people displaced from the town fled north to areas controlled by other rebel forces. Since February 25, OCHA said, another 26,000 people fled violence further east, where Syrian government forces supported by Russian air power have also been waging a fierce offensive against ISIL. It added that the “high contamination” of unexploded bombs and booby traps set by retreating ISIL fighters was complicating efforts to return. Many of those fleeing the violence sought refuge in areas around Manbij, a town controlled by the US-backed

Syrian Democratic Forces (SDF). Al Jazeera’s Natasha Ghoneim, reporting from Gaziantep on the TurkeySyria border, said there was a “growing humanitarian crisis”. An AFP news agency correspondent in Manbij said that long queues of families were still forming at checkpoints leading to the town on Sunday. Pick-up trucks full of children and women wearing full black veils were being searched individually by SDF personnel before being allowed to enter. On Saturday, the Syrian Observatory for Human Rights monitoring group said 30,000

people had been displaced by the government’s offensive on ISIL fighters. Aleppo province hosts tens of thousands of displaced Syrians, many in camps near the Turkish border. Meanwhile, the Syrian army has made steady progress in recent weeks in eastern Aleppo countryside towards the Euphrates River where it now occupies more villages, state-owned Ikhbariyah quoted a military source as saying. The army’s gains follow a push to the south and east of the city of Al Bab, which was captured by Turkey-backed rebels late last month.

T H I S D AY MONDAY MARCH 6, 2017

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

Nigeriaâ&#x20AC;&#x2122;s top 50 stocks based on market fundamentals

3-Mar-17

2-Mar-17

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

Table 1 Market Statistics Mkt Indicators

Open 2-Mar-17

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

24,829.59 8.59

25,012.08 8.66

0.73% 0.73%

102.85 8.01

103.68 8.07

0.81% 0.81%

01 Dangote Cement Plc

160.55

0.00%

2,735,853,463,872.75

9.20

17.44

4.81

4.98%

3.66

02 Nigerian Breweries Plc

128.90

129.00

-0.08%

1,022,061,104,463.20

4.03

31.95

3.39

2.79%

6.24

03 Guaranty Trust Bank Plc

24.80

24.90

-0.40%

729,893,244,755.20

4.90

5.06

1.82

7.14%

1.48

628.42

570.00

10.25%

498,121,041,881.84

8.81

71.32

2.88

4.61%

15.78

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

14.35

13.90

3.24%

450,539,685,829.10

3.91

3.67

0.95

12.54%

0.65

Table 3 Top 5 Gainers

400.00

0.00%

221,324,125,200.00

-44.58

-8.97

2.85

3.98%

0.56

Stock

6.73

6.72

0.15%

194,685,249,076.63

2.59

2.60

0.55

8.17%

0.44

47.00

0.00%

186,612,421,115.00

0.03

1,607.40

2.62

2.77%

4.46

09 United Bank for Africa Plc

5.01

5.00

0.20%

181,760,426,873.22

1.75

2.87

0.54

11.98%

0.42

10 Ecobank Transnational Incorporated

9.90

0.00%

181,660,557,028.50

0.68

14.64

0.31

6.26%

0.29

11 Stanbic IBTCÂ Holdings Plc

17.98

0.00%

179,800,000,000.00

2.04

8.83

1.28

0.56%

1.53

12 Lafarge Africa Plc

39.00

0.00%

177,641,170,590.00

-9.39

-4.15

0.83

7.69%

0.88

Table 4 Top 5 Losers

13 FBN Holdings Plc

3.15

3.00

5.00%

113,070,172,294.80

0.21

15.18

0.21

4.76%

0.18

Stock

28.98

0.00%

109,639,925,325.00

0.69

41.87

1.65

0.17%

11.69

15 Mobil Oil Nig Plc

285.00

280.00

1.79%

102,769,649,670.00

19.32

14.75

1.13

2.53%

5.55

16 Total Nigeria Plc

283.00

0.00%

96,084,679,871.00

38.02

7.44

0.36

4.95%

4.22

17 Guinness Nig Plc

63.50

0.00%

95,623,899,938.00

-3.06

-20.76

0.93

5.04%

2.42

5.77

5.71

1.05%

69,240,000,000.00

1.03

5.62

0.48

8.67%

1.11

19 Forte Oil Plc.

51.87

49.36

5.09%

67,559,694,812.61

3.31

15.69

0.44

6.65%

1.56

20 7-Up Bottling Comp. Plc

95.00

100.00

-5.00%

60,856,084,485.00

-0.05 -2,079.91

0.65

2.32%

2.74

4.96

5.00

-0.80%

59,691,709,714.24

-3.15

-1.57

0.23

15.12%

0.38

22 International Breweries Plc

15.70

0.00%

51,719,713,696.00

0.02

696.79

1.94

1.59%

4.71

23 Julius Berger Nig. Plc

38.66

0.00%

51,031,200,000.00

-2.95

-13.12

0.44

3.88%

2.69

24 Okomu Oil Palm Plc

48.70

48.00

1.46%

46,455,417,000.00

4.82

10.10

7.06

0.21%

2.88

25 Flour Mills Nig. Plc

17.21

0.00%

45,163,121,988.27

-1.19

-14.42

0.11

11.62%

0.45

0.69

0.00%

26,717,488,223.25

-0.47

-1.48

0.51

0.00%

0.36

13.35

0.00%

25,643,539,566.45

3.37

3.96

0.34

7.49%

0.34

28 FCMB Group Plc

1.20

0.00%

23,763,252,937.20

0.61

1.96

0.15

8.33%

0.13

29 Fidelity Bank Plc

0.82

0.00%

23,749,320,267.44

0.39

2.12

0.16

19.51%

0.13

30 Sterling Bank Plc

0.73

0.00%

21,017,005,231.98

0.29

2.54

0.19

12.33%

0.26

29.60

0.00%

20,720,000,000.00

2.28

12.96

3.11

3.89%

12.11

32 Wema Bank Plc

0.50

0.00%

19,287,233,040.50

0.06

8.39

0.38

0.00%

0.41

33 Custodian And Allied Insurance Plc

3.25

3.41

-4.69%

19,116,058,633.75

0.76

4.26

0.52

4.31%

0.67

34 Diamond Bank Plc

0.82

0.81

1.23%

18,991,518,953.76

-0.29

-2.79

0.09

0.00%

0.08

35 National Salt Co. Nig. Plc

7.00

0.00%

18,546,068,646.00

0.85

8.24

0.99

7.86%

2.51

14.10

0.00%

16,861,858,480.80

-2.98

-4.73

0.60

2.13%

1.92

37 Mansard Insurance Plc

1.59

1.57

1.27%

16,695,000,000.00

0.28

5.71

0.83

3.14%

0.79

38 Cadbury Nigeria Plc

7.80

0.00%

14,649,975,912.00

0.50

15.62

0.52

16.67%

1.43

13.99

0.00%

13,990,000,000.00

5.69

2.46

0.98

0.71%

0.38

40 Continental Reinsurance Plc

1.01

0.00%

10,476,471,755.12

0.42

2.40

0.47

11.88%

0.56

41 Unity Bank Plc

0.73

0.00%

8,533,216,697.66

-0.10

-7.12

0.13

0.00%

0.10

42 Honeywell Flour Mill Plc

1.00

0.00%

7,930,197,658.00

-0.40

-2.47

0.16

16.00%

0.24

43 Skye Bank Plc

0.50

0.00%

6,940,150,705.00

-2.93

-0.17

0.04

60.00%

0.07

44 Wapic Insurance Plc

0.50

0.00%

6,691,369,126.00

0.18

2.78

0.85

6.00%

0.41

45 Resort Savings & Loans Plc

0.50

0.00%

5,664,866,202.00

0.03

17.71

3.72

0.00%

1.94

46 Cement Co. Of North.Nig. Plc

4.30

4.28

0.47%

5,403,714,393.80

0.22

19.64

0.49

2.33%

0.50

47 AIICO Insurance Plc

0.60

0.59

1.69%

4,158,122,688.00

0.22

2.69

0.14

8.33%

0.41

48 Nigerian Aviation Handling Company Plc

2.50

0.00%

4,060,546,875.00

0.15

16.54

0.50

8.00%

0.68

49 UACN Property Development Co. Limited

1.85

0.00%

3,179,687,490.75

0.30

6.18

0.75

37.84%

0.09

50 Fidson Healthcare Plc

0.91

0.00%

1,365,000,000.00

0.24

3.87

0.21

5.49%

0.21

04 Nestle Nigeria Plc 05 Zenith Bank Plc 06 Seplat Petroleum Dev. Co. Ltd 07 Access Bank Plc 08 Presco Plc

14 Unilever Nigeria Plc

18 Dangote Sugar ReďŹ nery Plc

21 Oando Plc

26 Transnational Corporation Of Nigeria Plc 27 U A C NÂ Plc

31 Cap Plc

36 Glaxo Smithkline Consumer Nig. Plc

39 PZ Cussons Nigeria Plc

TOTAL

8,073,009,422,964.82

TOTAL MARKET CAP

8,656,206,582,328.85

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

93.26%

Close 3-Mar-17

Open 2-Mar-17

Nestle Nigeria Plc Forte Oil Plc. FBN Holdings Plc Zenith Bank Plc Mobil Oil Nig Plc

7-Up Bottling Comp. Plc Custodian And Allied Insurance Plc Oando Plc Guaranty Trust Bank Plc Nigerian Breweries Plc

Change %

Close Change 3-Mar-17 %

570.00 49.36 3.00 13.90 280.00

628.42 10.25% 51.87 5.09% 3.15 5.00% 14.35 3.24% 285.00 1.79%

Open 2-Mar-17

Close Change 3-Mar-17 %

100.00 3.41

95.00 -5.00% 3.25 -4.69%

5.00 24.90 129.00

4.96 -0.80% 24.80 -0.40% 128.90 -0.08%

Market ends three-days losing streak with 0.73% appreciation Market pulse on the Nigerian Stock Exchange (NSE) today â&#x20AC;&#x201C; Friday, March 3rd, 2017 ended on a positive note as the stock market closed green. This was further highlighted by positive performance from the NSE Subsectors: Banking, Insurance, Consumer Goods and Oil & Gas. Likewise, trading activities increased in volume as 274.17m shares worth of N3.40 billion in 2,856 deals exchanged hands today. This is an increase from as 186.00m shares worth of N1.86 billion in 2,899 deals which exchanged hands on Thursday. Topping in volume terms are: Zenith Bank Plc, Sterling Bank Plc and Ecobank Transnational Incorporated, while Zenith Bank Plc and Nigerian Breweries Plc ended trading as the most active stocks in value terms. Brent crude oil price today declined to US$55.36 per barrel. The All Share Index (NSEASI) closed negative with 0.73% (182.49) increase to close at 25,012.08 from 24,829.59 the previous trading day. Market capitalization depreciated in tandem to N8.66 trillion from N8.59 trillion of prior trading day. Similarly, the Thisday BGL 50 Index closes with a increase of 0.81% to 103.68 from 102.85 recorded at the end of the previous trading day, while its market capitalization stood at N8.07 trillion from N8.01 trillion of the previous trading day. Market breath closed positive today as 16 stocks gained on the bourse while 8 stocks also declined, leaving 54 stocks unchanged. Leading the pack was Nestle Nigeria Plc with a gain of 10.25% to close at N628.42 per share. It was followed by Forte Oil Plc with a gain of 5.09% to close at N51.87 per share. Others on the gainersâ&#x20AC;&#x2122; list include: FBN Holdings Plc, Vitafoam Nig. Plc and Beta Glass Plc, among other. On the declinersâ&#x20AC;&#x2122; list, 7-Up Bottling Comp. Plc led with a loss of 5.00% to close at N95.00 per share. It was followed by Custodian And Allied Insurance Plc with a loss of 4.69% to close at N3.25 per share. Others on the declinersâ&#x20AC;&#x2122; list are: Oando Plc, Guaranty Trust Bank Plc and Nigerian Breweries Plc. Topping the Thisday BGL 50 Index gainersâ&#x20AC;&#x2122; list is Nestle Nigeria Plc as it emerged as the dayâ&#x20AC;&#x2122;s toast of investors with a gain of 10.25% to close at N628.42 per share. It was followed by Forte Oil Plc with a gain of 5.09% to close at N51.87 per share. Others on the gainers list include: FBN Holdings Plc, Zenith Bank Plc and Mobil Oil Nig. Plc; while on the declinersâ&#x20AC;&#x2122; list, 7-Up Bottling Comp. Plc lead the pack with a loss of 5.00% to close at N95.00 per share. It was followed by Custodian And Allied Insurance Plc with a loss of 4.69% to close at N3.25 per share. Others on the decliners list include: Oando Plc, Guaranty Trust Bank Plc and Nigerian Breweries Plc.

REQUIRED DISCLOSURE This report has been prepared by BGL Plc. BGL Plc does and seeks to do business with companies covered in its research reports. As a result, the ďŹ rm may have a conďŹ&#x201A;ict of interest that could affect the objectivity of this report. Investors should use this report as one of many other factors in making their investment decisions.

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T H I S D AY MONDAY MARCH 6, 2017

L@= AFLJ9;L9:D= KGML@=JF C9<MF9 ;JAK=K3 Eql`k Yf\ J]Ydala]k2 R=E<9 K H]jkh][lan]k& ĂǌǌĂƵ ŵŝƌĂƚĞ ĞǀĞůŽƉŵĞŶƚ ƐƐŽĐŝĂƟŽŶ ; D Ϳ ŚĂĚ ĨŽƌ ŽǀĞƌ ƚǁŽ ĚĞĐĂĚĞƐ ĐŚĂŵƉŝŽŶĞĚ ƉĞĂĐĞĨƵů ĐŽĞǆŝƐƚĞŶĐĞ ďĞƚǁĞĞŶ ĂŶĚ ĂŵŽŶŐ ƉĞŽƉůĞ ŽĨ ĂǌǌĂƵ ŵŝƌĂƚĞ ŝŶ ƉĂƌƟĐƵůĂƌ ĂŶĚ <ĂĚƵŶĂ ƐƚĂƚĞ ĂƐ ǁĞůů ĂƐ EŝŐĞƌŝĂ ŝŶ ŐĞŶĞƌĂů͘ dŚĞ ĂƐƐŽĐŝĂƟŽŶ ŽďƐĞƌǀĞƐ ǁŝƚŚ Ă ŚĞĂǀǇ ŚĞĂƌƚ ĂŶĚ ĚŝƐŵĂǇ͕ ƚŚĞ ŝŶĐĞƐƐĂŶƚ ŬŝůůŝŶŐƐ ĂŶĚ ĚĞƐƚƌƵĐƟŽŶ ŽĨ ůŝǀĞƐ ĂŶĚ ƉƌŽƉĞƌƚǇ ƚŚĂƚ ŚĂƐ ďĞĐŽŵĞ ƚŚĞ ŚĂůůŵĂƌŬ ŽĨ ^ŽƵƚŚĞƌŶ <ĂĚƵŶĂ ŝŶ ƌĞĐĞŶƚ ǇĞĂƌƐ͘ &Žƌ ŽǀĞƌ ƚǁŽ ĚĞĐĂĚĞƐ ŶŽǁ͕ ƉĞĂĐĞĨƵů ĐŽĞǆŝƐƚĞŶĐĞ ďĞƚǁĞĞŶ ĂŶĚ ĂŵŽŶŐƐƚ ƚŚĞ ƉĞŽƉůĞƐ ŽĨ ƚŚĞ ĂƌĞĂ ŝƐ ďĞĐŽŵŝŶŐ ĞůƵƐŝǀĞ ŽŶ Ă ĚĂŝůǇ ďĂƐŝƐ͘ &Žƌ ƚŚĞ ƌĞĐŽƌĚƐ͕ D ĨĞĞůƐ ĚƵƚǇ ďŽƵŶĚ ƚŽ ŐŝǀĞ Ă ƌƵŶĚŽǁŶ ŽĨ ƐŽŵĞ ŽĨ ƚŚĞ ƌĞƉŽƌƚĞĚ ƵƉŚĞĂǀĂůƐ ƚŚĂƚ ^ŽƵƚŚĞƌŶ <ĂĚƵŶĂ ŚĂƐ ĞǆƉĞƌŝĞŶĐĞĚ ƐŝŶĐĞ ϭϵϴϭ ƚŽ ĚĂƚĞ͕ ŝŶ ŽƌĚĞƌ ƚŽ ĚĞƚĞƌŵŝŶĞ ǁŚŽ ĂƌĞ ƚŚĞ ƌĞĂů ǀŝĐƟŵƐ ŽĨ ƚŚĞ ŶĞĂƌ ĨŽƵƌ ĚĞĐĂĚĞƐ ŽĨ ĐĂƌŶĂŐĞ͘ dŚĞ ĨĂĐƚƐ ǁŝůů ƐƉĞĂŬ ĨŽƌ ƚŚĞŵƐĞůǀĞƐ͘

ŚĂƚƌĞĚ ĨŽƌ ,ĂƵƐĂ &ƵůĂŶŝ DƵƐůŝŵƐ͕ ǁŚŽ ƐŽŵĞ ƉĞŽƉůĞ ƌĞŐĂƌĚ ĂƐ ƚŚĞŝƌ ĞŶĞŵŝĞƐ͘ /Ŷ ƚŚĞ ƉĂƐƚ͕ D ŚĂƐ ŬĞƉƚ Ă ƐƚŽŝĐ ƐŝůĞŶĐĞ͕ ƚŚŝŶŬŝŶŐ ƚŚĂƚ ƚŚĞ ƉĞƌƉĞƚƌĂƚŽƌƐ ǁŽƵůĚ ŚĂǀĞ Ă ƌĞƚŚŝŶŬ͕ ĨŽƌ ƚŚĞ ƐĂŬĞ ŽĨ ƉĞĂĐĞ͕ ƉƌŽŐƌĞƐƐ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ <ĂĚƵŶĂ ^ƚĂƚĞ ŝŶ ƉĂƌƟĐƵůĂƌ ĂŶĚ ƚŚĞ ŶĂƟŽŶ ŝŶ ŐĞŶĞƌĂů͘ /Ŷ ĂĚĚŝƟŽŶ͕ ŽƵƌ ĚĞĐŝƐŝŽŶ ƚŽ ŬĞĞƉ ƐŝůĞŶƚ ǁĂƐ ŝŶĨŽƌŵĞĚ ďǇ ƚŚĞ ŽďƐĞƌǀĂƟŽŶ ŽĨ Žů͘ >ĂǁĂů :ĂĨĂĂƌƵ /ƐĂ͕ Ă ŽŶĞƟŵĞ DŝůŝƚĂƌǇ ĚŵŝŶŝƐƚƌĂƚŽƌ ŽĨ <ĂĚƵŶĂ ^ƚĂƚĞ͕ ǁŚŽ ĚĞƐĐƌŝďĞĚ <ĂĚƵŶĂ ^ƚĂƚĞ ĂƐ ƚŚĞ ŚĞĂƌƚ ŽĨ ƚŚĞ ŶĂƟŽŶ͘ ĐĐŽƌĚŝŶŐ ƚŽ Śŝŵ͕ ǁŚĞŶ ƚŚĞ ƐƚĂƚĞ ƐŶĞĞǌĞƐ͕ ƚŚĞ ƌĞƐƚ ŽĨ ƚŚĞ ĐŽƵŶƚƌǇ ĐĂƚĐŚĞƐ ĐŽůĚ͘ >ŝŬĞǁŝƐĞ͕ ǁĞ ĚĞĐŝĚĞĚ ƚŽ ƌĞŵĂŝŶ ƐŝůĞŶƚ͕ ďĞůŝĞǀŝŶŐ ƚŚĂƚ ũŽŝŶŝŶŐ ŝƐƐƵĞƐ ǁŝƚŚ ƚŚĞ ƉĞƌƉĞƚƌĂƚŽƌƐ ŽĨ ƚŚĞ ĐƌŝƐĞƐ ǁŽƵůĚ ŽŶůǇ ĂŐŐƌĂǀĂƚĞ ƚŚĞ ƐŝƚƵĂƟŽŶ ĂŶĚ ŚĞĂƚ ƵƉ ƚŚĞ ƉŽůŝƚǇ͘

ŽŶƐĞƋƵĞŶƚůǇ͕ D ŚĂƐ ƉĂŝŶĨƵůůǇ ĐŽŵĞ ƚŽ ƚŚĞ ĐŽŶĐůƵƐŝŽŶ ƚŚĂƚ ƐŝůĞŶĐĞ ŝƐ ŶŽ ŵŽƌĞ ŐŽůĚĞŶ͘ dŚĞƌĞĨŽƌĞ͕ ǁĞ ŚĂǀĞ ƌĞƐŽůǀĞĚ ƚŽ ĐŽŶƟŶƵŽƵƐůǇ ĐŽŵĞ ŽƵƚ ǁŝƚŚ ƚŚĞ ƚƌƵƚŚ ĂŶĚ ƐƚĂƚĞ ƚŚĞ ĨĂĐƚƐ ĂƐ ƚŚĞǇ ĂƌĞ͕ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ŬŝůůŝŶŐƐ ŝŶ ^ŽƵƚŚĞƌŶ <ĂĚƵŶĂ͘ /Ŷ ƚŚŝƐ ƌĞŐĂƌĚ͕ ǁĞ ǁŝůů ƚŚŽƌŽƵŐŚůǇ ŝŶƚĞƌƌŽŐĂƚĞ ƚŚĞ ĐůĂŝŵƐ ŽĨ ƚŚĞ ƐŽ ĐĂůůĞĚ ŝŶĚŝŐĞŶĞƐ ŽĨ ^ŽƵƚŚĞƌŶ <ĂĚƵŶĂ͕ ǀŝƐͲĂͲǀŝƐ ƚŚĞ ϭϵϵϵ ŽŶƐƟƚƵƟŽŶ ŽĨ ƚŚĞ &ĞĚĞƌĂů ZĞƉƵďůŝĐ ŽĨ EŝŐĞƌŝĂ͕ ĞƐƉĞĐŝĂůůǇ ŚĂƉƚĞƌ Ϯ͘ z Z< ^ht ;>ĞƌĞ ŝƐƚƌŝĐƚͲ >ĞƌĞ >ŽĐĂů 'ŽǀĞƌŶŵĞŶƚͿ ĐƌŝƐŝƐ ŽĨ ϭϵϴϲ͕ ǁŚŝĐŚ ůĞĚ ƚŽ Ϯ ƐĞĐƟŽŶ ϭϱ ;ϮͿ ŽĨ ƚŚĞ ƐƵƉƌĞŵĞ ĚŽĐƵŵĞŶƚ͘ /Ŷ ĂĚĚŝƟŽŶ͕ ƚŚĞ ĂƐƐŽĐŝĂƟŽŶ ǁŝůů ĞǆĂŵŝŶĞ ĚĞƐƚƌƵĐƟŽŶ ŽĨ ůŝǀĞƐ ĂŶĚ ƉƌŽƉĞƌƚǇ ĨŽƌ ŶŽ ŽƚŚĞƌ ƌĞĂƐŽŶ ƚŚĂŶ Ă DƵƐůŝŵ <ƵƌĂŵĂ ĞŵĞƌŐĞĚ ƚŚĞ ŚŝƐƚŽƌŝĐĂů ĞǀŽůƵƟŽŶ ŽĨ ƚŚĞ ĨŽƵƌ ŵŽƐƚ ƚƌŽƵďůĞƐŽŵĞ >ŽĐĂů 'ŽǀĞƌŶŵĞŶƚ ƌĞĂƐ ŽĨ ĂƐ ŝƐƚƌŝĐƚ ,ĞĂĚ͕ ĂŌĞƌ ĚĞĨĞĂƟŶŐ Ă <ƵƌĂŵĂ ŚƌŝƐƟĂŶ ĚƵƌŝŶŐ ƚŚĞ ƐĞůĞĐƟŽŶ ĞǆĞƌĐŝƐĞ͘ ^ŽƵƚŚĞƌŶ <ĂĚƵŶĂ͕ ƚŽ ĚĞƚĞƌŵŝŶĞ ǁŚŽ ƚŚĞ ƌĞĂů ŝŶĚŝŐĞŶĞƐ ĂƌĞ͕ Žƌ ǁŚĞƚŚĞƌ Ă ƉĂƌƟĐƵůĂƌ ĞƚŚŶŝĐ ŐƌŽƵƉ ǁŽƵůĚ ĐůĂŝŵ ƐŽůĞ ĂŶĚ ĞǆĐůƵƐŝǀĞ ŽǁŶĞƌƐŚŝƉ ŽĨ ĂŶǇ ƉĂƌƚ ŽĨ ƚŚĞ ^ƚĂƚĞ͘ ϯ͘ < & E , E ĐƌŝƐŝƐ ŽĨ ϭϵϴϳ͕ ƚŚĞ ŐĞŶĞƐŝƐ ŽĨ ǁŚŝĐŚ ǁĂƐ ƚŚĞ ďůĂƐƉŚĞŵŝŶŐ ŽĨ ƚŚĞ YƵƌ͛ĂŶ ďǇ Ă ǀŝƐŝƟŶŐ ŚƌŝƐƟĂŶ ƉƌĞĂĐŚĞƌ͕ ŽŶĞ ZĞǀ ĂŬŽ ĨƌŽŵ WůĂƚĞĂƵ ^ƚĂƚĞ͕ ǁŚŽ ǁĞŶƚ /ŶƚĞƌĞƐƟŶŐůǇ͕ ŚŝƐƚŽƌŝĐĂů ƌĞĐŽƌĚƐ ŚĂǀĞ ƐŚŽǁŶ ƚŚĂƚ ƚŚĞ ĂƌĞĂƐ ŽĐĐƵƉŝĞĚ ďǇ ƉƌĞƐĞŶƚ ƚŽ ƚŚĞ ŽůůĞŐĞ ŽĨ ĚƵĐĂƟŽŶ <ĂĨĂŶĐŚĂŶ ĨŽƌ ĞǀĂŶŐĞůŝƐŵ͘ ,ŝƐ ďůĂƐƉŚĞŵǇ ǁĂƐ ĐŚĂůůĞŶŐĞĚ <ĂƵƌĂ͕ :ĂŵĂ͛Ă͕ ^ĂŶŐĂ ĂŶĚ :ĂďĂ ůŽĐĂů ŐŽǀĞƌŶŵĞŶƚ ĂƌĞĂƐ ŽĨ ƐŽƵƚŚĞƌŶ <ĂĚƵŶĂ ǁĞƌĞ ŐĞŽͲ ďǇ Ă DƵƐůŝŵ ůĂĚǇ ǁŚŽ ǁĂƐ ƐƵďƐĞƋƵĞŶƚůǇ ŵĂŶŚĂŶĚůĞĚ ƌĞƐƵůƟŶŐ ƚŽ Ă ĨƌĞĞ ĨŽƌ Ăůů ĂŵŽŶŐ ƉŽůŝƟĐĂůůǇ ƉĂƌƚ ŽĨ ƚŚĞ ƚŚĞŶ WůĂƚĞĂƵ ĂŶĚ EĂƐĂƌĂǁĂ ƉƌŽǀŝŶĐĞƐ ƚŚĂƚ ǁĞƌĞ ƚƌĂŶƐĨĞƌƌĞĚ ƚŽ ƚŚĞ ƐƚƵĚĞŶƚƐ͘ ĚĂǇ ĂŌĞƌ͕ ůŽĐĂů ǁĂƌŵŽŶŐĞƌƐ ĚĞƐĐĞŶĚĞĚ ŽŶ ƚŚĞ DƵƐůŝŵƐ ŝŶ <ĂĨĂŶĐŚĂŶ ĂƌŝĂ ƉƌŽǀŝŶĐĞ ŝŶ ϭϵϱϲ͘ dŚĞǇ ǁĞƌĞ ƚŚĞŶ ĂŵĂůŐĂŵĂƚĞĚ ƚŽ ƚŚĞ EŽƌƚŚ ĐĞŶƚƌĂů ƐƚĂƚĞ ŝŶ ƚŽǁŶ͕ ǁŚĞƌĞ ŝŶ ŽŶĞ ĨĞůů ƐǁŽŽƉ͕ ŶŝŶĞ ƉĞƌƐŽŶƐ ǁĞƌĞ ƐůĂƵŐŚƚĞƌĞĚ ŝŶ ĐŽůĚ ďůŽŽĚ͘ ϭϵϲϳ͕ ƚŚĞ ŽůĚ <ĂĚƵŶĂ ƐƚĂƚĞ ŝŶ ϭϵϳϲ ĂŶĚ ƵůƟŵĂƚĞůǇ ŶĞǁ <ĂĚƵŶĂ ƐƚĂƚĞ ŝŶ ϭϵϴϳ͘ /Ĩ ƚŚĞ ĨŽƵŶĚĂƟŽŶ ŽĨ ƚƌƵƐƚ ĂŶĚ ŚĂƌŵŽŶŝŽƵƐ ĞǆŝƐƚĞŶĐĞ ďĞƚǁĞĞŶ ^ŽƵƚŚĞƌŶ <ĂĚƵŶĂ ƉĞŽƉůĞ ĂŶĚ ϰ͘ E'KE < d & WK'ZKD ŽĨ ϭϵϵϮ͕ ĚƵƌŝŶŐ ǁŚŝĐŚ ƚŚĞ ĞŶƟƌĞ ƚŽǁŶ ;ŽĨ ĂƉƉƌŽǆŝŵĂƚĞůǇ ƚŚĞ ƌĞƐƚ ŽĨ ƚŚĞ ƐƚĂƚĞ ŝƐ ĐŽŵƉůĞƚĞůǇ ĞƌŽĚĞĚ͕ ƚŚĞŶ D ƌĞĐŽŵŵĞŶĚƐ ƚŚĂƚ ƚŚĞ ϭϵϱϲ ϵϬй ,ĂƵƐĂ &ƵůĂŶŝ ŝŶŚĂďŝƚĂŶƚƐͿ ǁĂƐ ƌĂǌĞĚ ĚŽǁŶ Ͳ Ă ƚǇƉŝĐĂů ĐĂƐĞ ŽĨ ĞƚŚŶŝĐ ĐůĞĂŶƐŝŶŐͲ ƐƚĂƚƵƐͲƋƵŽ ƐŚŽƵůĚ ďĞ ƌĞǀĞƌƚĞĚ ƚŽ ƚŚƌŽƵŐŚ ďŽƵŶĚĂƌǇ ĂĚũƵƐƚŵĞŶƚƐ͘ǭ ƚŚŽƵƐĂŶĚƐ ŽĨ ůŝǀĞƐ ǁĞƌĞ ůŽƐƚ ĂŶĚ ƉƌŽƉĞƌƚǇ ǁŽƌƚŚ ďŝůůŝŽŶƐ ŽĨ ŶĂŝƌĂ ǁĞƌĞ ĚĞƐƚƌŽǇĞĚ͘ dŚŝƐ ŵĂƐƐĂĐƌĞ ĂƌŽƐĞ ƐŝŵƉůǇ ďĞĐĂƵƐĞ ƐŽŵĞ ƉĞŽƉůĞ ǁĞƌĞ ŽƉƉŽƐĞĚ ƚŽ ƌĞůŽĐĂƟŶŐ ƚŚĞ &ƵƌƚŚĞƌŵŽƌĞ͕ D ŝŶƚĞŶĚƐ ƚŽ ƌĞǀŝƐŝƚ ƚŚĞ ƉƌĞǀŝŽƵƐ ĐŽŶŇŝĐƚƐ͕ ƚŚĞ ĮŶĚŝŶŐƐ ŽĨ Ăůů ĂŶŐŽŶ <ĂƚĂĨ ŵĂƌŬĞƚ ƚŽ Ă ŶĞǁ ƐŝƚĞ͘ ŽŵŵŝƐƐŝŽŶƐ ŽĨ /ŶƋƵŝƌǇ ĂŶĚ ƉƵďůŝƐŚ ƚŚĞ ŶĂŵĞƐ ŽĨ ƚŚŽƐĞ ŝŶĚŝĐƚĞĚ ĂŶĚ ĚĞƚĞƌŵŝŶĞ ǁŚĞƚŚĞƌ ƚŚĞǇ ŚĂǀĞ ďĞĞŶ ĐŽŵŵĞŶƐƵƌĂƚĞůǇ ƉƵŶŝƐŚĞĚ Žƌ ŶŽƚ͘ ŐĂŝŶ͕ D ͕ ǁŽƵůĚ ϱ͘ KZKE d/KE K& d, D/Z K& : D ͛ ĐƌŝƐŝƐ ŽĨ ϭϵϵϵ͗ /Ŷ ĂŶ ĞīŽƌƚ ƚŽ ƐƚŽƉ ƚŚĞ ĞǆƉŽƐĞ ƚŚĞ ĂŶƟĐƐ ŽĨ ƌĂďďůĞ ƌŽƵƐĞƌƐ͕ ǁŚŽ ĂůǁĂǇƐ ƌƵƐŚ ƚŽ ƚŚĞ >ĂŐŽƐͲ/ďĂĚĂŶ ĂǆŝƐ ŽĨ ƚŚĞ ĐŽƌŽŶĂƟŽŶ ŽĨ ƉƌĞƐĞŶƚ Ğŵŝƌ ŽĨ :ĂŵĂ͛Ă͕ ƐŽŵĞ ŚƌŝƐƟĂŶ ƚŚŶŝĐ DŝůŝƟĂ ŬŝůůĞĚ ŽǀĞƌ ϯϬ ƉƌĞƐƐ͕ ƉůĂǇ ŽŶ ƉƌŝŵŝƟǀĞ ƌĞůŝŐŝŽƵƐ ƐĞŶƟŵĞŶƚƐ ƚŽ ĐƵƌƌǇ ƐǇŵƉĂƚŚǇ ĂŶĚ Ăƚ ƚŚĞ ƐĂŵĞ ƟŵĞ ,ĂƵƐĂͬ&ƵůĂŶŝ DƵƐůŝŵƐ ĂŶĚ ĚĞƐƚƌŽǇĞĚ ƉƌŽƉĞƌƟĞƐ ǁŽƌƚŚ ŵŝůůŝŽŶƐ ŽĨ ŶĂŝƌĂ͘ ŵĂƌŬĞƚ ĨĂůƐĞŚŽŽĚ͘ D ĞƋƵĂůůǇ ĐĂůů ƚŚĞ >ĂŐŽƐͲ/ďĂĚĂŶ ĂǆŝƐ ŽĨ ƚŚĞ ƉƌĞƐƐ ƚŽ ůŝǀĞ ƵƉ ƚŽ ƚŚĞŝƌ ƉƌŽĨĞƐƐŝŽŶĂů ĐĂůůŝŶŐƐ ďǇ ĐĂƌƌǇŝŶŐ ŽƵƚ ĂŶ ŝŶ ĚĞƉƚŚ ŝŶǀĞƐƟŐĂƟŽŶ ŝŶƚŽ Ăůů ŝƐƐƵĞƐ ĂƐ ϲ͘ ^, Z/͛ Z/Kd ŽĨ ϮϬϬϬ͗ ,ĞƌĞ͕ ƚŚĞ ĚĞĐŝƐŝŽŶ ŽĨ <ĂĚƵŶĂ ^ƚĂƚĞ ,ŽƵƐĞ ŽĨ ƐƐĞŵďůǇ ƚŽ ĂŐĂŝŶƐƚ ƚŚĞ ƉƌĞƐĞŶƚ ƉƌĂĐƟĐĞ ŽĨ ƌĞƉŽƌƟŶŐ ŚĂůĨ ƚƌƵƚŚƐ͕ ƐƉĞĐƵůĂƟŽŶƐ ĂŶĚ ŝŶ ŵŽƐƚ ĐĂƐĞƐ ŚŽůĚ ƉƵďůŝĐ ŚĞĂƌŝŶŐ ŽǀĞƌ ƚŚĞ ĚĞƐŝƌĂďŝůŝƚǇ ŽĨ ŝŶƚƌŽĚƵĐŝŶŐ ^ŚĂƌŝĂ >Ăǁ ǁĂƐ ǀŝŽůĞŶƚůǇ ŽƵƚƌŝŐŚƚ ĨĂůƐĞŚŽŽĚ ĨŽƌ ƐĞůĮƐŚ ƌĞĂƐŽŶƐ͘ ƌĞƐŝƐƚĞĚ ďǇ ŚƌŝƐƟĂŶƐ͕ ůĞĂĚŝŶŐ ƚŽ ƚŚĞ ŬŝůůŝŶŐ ĂŶĚ ĚĞƐƚƌƵĐƟŽŶ ŽĨ ƉƌŽƉĞƌƚǇ ĂĐƌŽƐƐ ƚŚĞ ƐƚĂƚĞ͘ DƵƐůŝŵƐ ǁĞƌĞ ŵĂƐƐĂĐƌĞĚ ŝŶ ƚŚĞŝƌ ŚƵŶĚƌĞĚƐ ŝŶ ^ŽƵƚŚĞƌŶ <ĂĚƵŶĂ͘ /Ŷ ƚŚĞ ŵĞĂŶƟŵĞ͕ D ŚĂƐ ŽďƐĞƌǀĞĚ ǁŝƚŚ ĚŝƐŵĂǇ ƚŚĞ ǁĂǇ ŐŽǀĞƌŶŵĞŶƚƐ Ăƚ Ăůů ůĞǀĞůƐ ŚĂŶĚůĞ ŝƐƐƵĞƐ ŽĨ ůĂǁůĞƐƐŶĞƐƐ ĂŵŽŶŐ ĐŝƟǌĞŶƐ ǁŝƚŚ ƌĞůŝŐŝŽƵƐ ƐĞŶƟŵĞŶƚƐ͘ KŌĞŶ͕ ϳ͘ WK^d > d/KE s/K> E ŽĨ ϮϬϭϭ͗ dŚĞ ŽƵƚĐŽŵĞ ŽĨ ƚŚĞ ϮϬϭϭ WƌĞƐŝĚĞŶƟĂů ǁŚĞŶ ƐŽŵĞŽŶĞ ĐŽŵŵŝƚƐ Ă ĐƌŝŵĞ ĂŐĂŝŶƐƚ ŚƵŵĂŶŝƚǇ͕ ƚŚĞ ĨƵůů ǁƌĂƚŚ ŽĨ ƚŚĞ ůĂǁ ŝƐ ŶĞǀĞƌ ĞůĞĐƟŽŶƐ ůĞĚ ƚŽ ǀŝŽůĞŶĐĞ͕ ĚĞƐƚƌƵĐƟŽŶ ĂŶĚ ůŽƐƐ ŽĨ ůŝǀĞƐ ŝŶ ŵĂŶǇ EŽƌƚŚĞƌŶ ^ƚĂƚĞƐ ŽĨ ďƌŽƵŐŚƚ ƚŽ ďĞĂƌ ŽŶ Śŝŵ ďĞĐĂƵƐĞ ŐŽǀĞƌŶŵĞŶƚƐ ĨĞĂƌ ƚŚĂƚ ƚŚĞǇ ǁŽƵůĚ ďĞ ĂĐĐƵƐĞĚ ŽĨ EŝŐĞƌŝĂ͘ ,ŽǁĞǀĞƌ͕ ƚŚĞ ^ŽƵƚŚĞƌŶ <ĂĚƵŶĂ ŚƌŝƐƟĂŶ ƐĞŝǌĞĚ ƚŚĞ ŽƉƉŽƌƚƵŶŝƚǇ ƚŽ ƐůĂƵŐŚƚĞƌ ƌĞůŝŐŝŽƵƐ ďŝĂƐ͘ dŚŝƐ ŚĂƐ ĞŵďŽůĚĞŶĞĚ ĐƌŝŵŝŶĂůƐ ƚŽ ĐŽŵŵŝƚ Ăůů ƐŽƌƚƐ ŽĨ ĂƚƌŽĐŝƟĞƐ ǁŝƚŚ ŽǀĞƌ ϭϬϬϬ DŽƐůĞŵƐ ŝŶ <ǁŽŝ͕ <ĂĨĂŶĐŚĂŶ DŝƚƐŝƌŐĂ͕ ŽŶŬǁĂ ĞƚĐ͘ dŚĞ ĐĂƌŶĂŐĞ ĂŶĚ ŝŵƉƵŶŝƚǇ͕ ďĞůŝĞǀŝŶŐ ƚŚĂƚ ƚŚĞŝƌ ƌĞůŝŐŝŽŶ ŐŝǀĞƐ ƚŚĞŵ ŝŵŵƵŶŝƚǇ ĂŐĂŝŶƐƚ ƉƌŽƐĞĐƵƟŽŶ͘ ǁĂŶƚŽŶ ĚĞƐƚƌƵĐƟŽŶ ŝƐ ƐƚĞĞů ĨƌĞƐŚ ŝŶ ŽƵƌ ŵĞŵŽƌǇ ĂƐ D ŝƐ ŝŶ ƉŽƐƐĞƐƐŝŽŶ ŽĨ ƚŚĞ ,ĞŶĐĞĨŽƌƚŚ͕ ĂŶǇŽŶĞ ĨŽƵŶĚ ƐƚŽŬŝŶŐ ƚŚĞ ĮƌĞ ŽĨ ƌĞƐƟǀĞŶĞƐƐ ŝŶ ƚŚĞ ^ƚĂƚĞ ƐŚŽƵůĚ ďĞ ǀŝĚĞŽ ĐŽǀĞƌĂŐĞ ǁŝƚŚ ŚŽƌƌŝĨǇŝŶŐ ĚĞƚĂŝůƐ͘ /ŶĚĞĞĚ ^ŚĞŝŬŚ ŚŵĂĚ >ĞŵƵ WĂŶĞů ŽĨ ŝŶƋƵŝƌǇ ĚĞĐŝƐŝǀĞůǇ ĚĞĂůƚ ǁŝƚŚ͘ WƌĞǀŝŽƵƐ ƌĞƉŽƌƚƐ ŽŶ ƉĂƐƚ ĐƌŝƐĞƐ ƐŚŽƵůĚ ďĞ ƌĞǀŝƐŝƚĞĚ ǁŝƚŚ Ă ǀŝĞǁ ŝŶǀĞƐƟŐĂƚĞĚ ƚŚĞ ŝŶĐŝĚĞŶĐĞ ĂŶĚ ƌĞƉŽƌƚĞĚ ƚŚĂƚ ŵŽƌĞ ƚŚĂŶ ϴϮϳ ŽĨ ƚŚĞ ĐĂƵƐĂůŝƟĞƐ ŽĨ ƚŚĞ ƚŽ ďƌŝŶŐŝŶŐ ƚŚŽƐĞ ǁŚŽ ǁĞƌĞ ĞĂƌůŝĞƌ ŝŶĚŝĐƚĞĚ ƚŽ ďŽŽŬ͘ dŚĞ ƟŵĞ ƚŽ ĂĐƚ ŝƐ ŶŽǁ Žƌ ĞůƐĞ ĐƌŝƐĞƐ ŝŶ ƚŚĞ ƐƚĂƚĞ ǁĞƌĞ ŵĂƐƐĂĐƌĞĚ ŝŶ ^ŽƵƚŚĞƌŶ <ĂĚƵŶĂ͘ ǁĞ ŵĂǇ ŶŽƚ ŚĂǀĞ Ă ƐƚĂƚĞ ďĞĐĂƵƐĞ ŵĞƌĐŚĂŶƚƐ ŽĨ ǀŝŽůĞŶĐĞ ǁŽƵůĚ ŚĂǀĞ ƌĂǌĞĚ ŝƚ ƚŽ ƚŚĞ ŐƌŽƵŶĚ͘ ϴ͘ Z WZ/^ >^ Ͳ ϮϬϭϮ ƚŽ ĚĂƚĞ͗ ^ŝŶĐĞ ƚŚĞ WŽƐƚ ůĞĐƟŽŶ sŝŽůĞŶĐĞ͕ ƌĞƉƌŝƐĂů ŬŝůůŝŶŐƐ ĂƌĞ ƐƟůů ŐŽŝŶŐ ŽŶ ŝŶ ^ŽƵƚŚĞƌŶ <ĂĚƵŶĂ ǁŝƚŚ ƚŚĞ ƐŽ ĐĂůůĞĚ ŝŶĚŝŐĞŶŽƵƐ ƉĞŽƉůĞ ŵŽƵŶƟŶŐ dŚĞ ƌĞĐĞŶƚ ĚĞƐƚƌƵĐƟŽŶ ŽĨ ƚŚĞ ĨŽƵŶĚĂƟŽŶ ŽĨ ƚŚĞ ƉƌŽƉŽƐĞĚ ƌŵǇ hŶŝƚ ŝŶ ^ŽƵƚŚĞƌŶ ŝůůĞŐĂů ƌŽĂĚ ďůŽĐŬƐ ǁŚĞƌĞ ƚŚĞǇ ƐƚŽƉ͕ ƐĞĂƌĐŚ͕ ƐůĂƵŐŚƚĞƌ ĂŶĚ ďƵƌŶ ƚŚĞ ĐŽƌƉƐĞƐ ŽĨ ĂŶǇ <ĂĚƵŶĂ ƐƉĞĂŬƐ ǀŽůƵŵĞƐ ĂďŽƵƚ ǁŚŽ ƚŚĞ ƌĞĂů ĞŶĞŵǇ ŽĨ ƉĞĂĐĞ ŝŶ ƚŚĞ ĂƌĞĂ͕ ŝŶ ƉĂƌƟĐƵůĂƌ͕ DƵƐůŝŵ ƚƌĂǀĞůůŝŶŐ ĂůŽŶŐ͘ ŵŽŶŐ ƚŚĞ ǀŝĐƟŵƐ ŽĨ ƚŚŝƐ ďŽŽďǇ ƚƌĂƉ ǁĞƌĞ ϭϴ ŝŶŶŽĐĞŶƚ ƚŚĞ ƐƚĂƚĞ ĂŶĚ ƚŚĞ ŶĂƟŽŶ ŝŶ ŐĞŶĞƌĂů͕ ŝƐ͘ ^ŝŵŝůĂƌůǇ͕ ĐŽŵƉůĂŝŶƚƐ ŽĨ ŵĂƌŐŝŶĂůŝƐĂƟŽŶ ŚĂǀĞ &ƵůĂŶŝ DƵƐůŝŵƐ ƚƌĂǀĞůůĞƌƐ ĂŶĚ ĂŶ ĐĐŽƵŶƚĂŶƚ ŽĨ ƚŚĞ :ĞŵĂ͛Ă >ŽĐĂů 'ŽǀĞƌŶŵĞŶƚ ƌĞĂ ďĞĞŶ ƐƚƌŝĚĞŶƚ͕ ƉĂƌƟĐƵůĂƌůǇ ĨƌŽŵ ƚŚĞ ƚƌŽƵďůĞĚ ĂƌĞĂƐ ŽĨ ƚŚĞ ^ƚĂƚĞ͘ dŚĞ ŐŽǀĞƌŶŵĞŶƚ ĐŽƵŶĐŝů ǁŚŽ ǁĞƌĞ ŬŝůůĞĚ ĂŶĚ ďƵƌŶƚ ƚŽ ĂƐŚĞƐ Ăƚ 'ĂƌĂũĞ ŝŶ <ĂƵƌĂ >ŽĐĂů 'ŽǀĞƌŶŵĞŶƚ ƐŚŽƵůĚ ĐŽŵĞ ĐůĞĂŶ ŽŶ ƚŚŝƐ͘ dŚĞ ĨƵůů ƐƚĂƟƐƟĐƐ ŝŶ Ăůů ŵĂũŽƌ ĂƌĞĂƐ ŽĨ ŐŽǀĞƌŶĂŶĐĞͲ ƌĞĂ͘ ƵƌŝŽƵƐůǇ͕ ĂĐĐƵƐŝŶŐ ĮŶŐĞƌƐ ĂƌĞ ďĞŝŶŐ ƉŽŝŶƚĞĚ ƚŽ Ă ƉĂƌƟĐƵůĂƌ ĞƚŚŶŽͲƌĞůŝŐŝŽƵƐ ĞŵƉůŽǇŵĞŶƚ͕ ƉŽůŝƟĐĂů ĂƉƉŽŝŶƚŵĞŶƚƐ ĞƚĐ Ͳ ĂŶĚ ŽƚŚĞƌ ƐŽĐŝŽĞĐŽŶŽŵŝĐ ƐƚƌƵĐƚƵƌĞƐ ĂĐƌŽƐƐ ŐƌŽƵƉ ǁŚĞŶ ŝŶ ĂĐƚƵĂů ĨĂĐƚ͕ ƚŚĞǇ ĂƌĞ ƐƟůů ƚŚĞ ǀŝĐƟŵƐ ŽĨ ƚŚĞ ĂƩĂĐŬƐ͘ ,ŽǁĞǀĞƌ͕ Ă ƟŶǇ ƚŚĞ ƐƚĂƚĞ ƐŚŽƵůĚ ďĞ ůĂŝĚ ďĂƌĞ ĨŽƌ Ăůů ƚŽ ƐĞĞ ǁŚŽ ŝƐ ƌĞĂůůǇ ŵĂƌŐŝŶĂůŝƐĞĚ͘ ŽƌƌĞĐƟǀĞ ďƵƚ ǀŽĐĂů ŵŝŶŽƌŝƚǇ͕ ŝŶ ƚĂŶĚĞŵ ǁŝƚŚ ƚŚĞ ŚƌŝƐƟĂŶ ƐƐŽĐŝĂƟŽŶ ŽĨ EŝŐĞƌŝĂ ; EͿ ĂŶĚ ƚŚĞ ŵĞĂƐƵƌĞƐ ƐŚŽƵůĚ ďĞ ƉƵƚ ŝŶ ƉůĂĐĞ ŝŶƐƚĂŶƚůǇ ƚŽ ƌĞĐƟĨǇ ƚŚĞ ĂŶŽŵĂůǇ͕ ƐŽ ƚŚĂƚ ƚŚĞƐĞ ĐƌŝĞƐ ^ŽƵƚŚĞƌŶ <ĂĚƵŶĂ WĞŽƉůĞƐ hŶŝŽŶ ;^K< WhͿ ĂƌĞ ƉĂŝŶƟŶŐ Ă ƚŽƚĂůůǇ ĚŝīĞƌĞŶƚ ƉŝĐƚƵƌĞ͘ ŽĨ ŵĂƌŐŝŶĂůŝƐĂƟŽŶ ǁŽƵůĚ ĐĞĂƐĞ͘ ϭ͘ < ^ht Z D ' E/ ;<ĂĐŚŝĂ >ŽĐĂů 'ŽǀĞƌŶŵĞŶƚͿ ĐƌŝƐŝƐ ŽĨ ϭϵϴϭ͕ ĚƵƌŝŶŐ ǁŚŝĐŚ ŽǀĞƌ ϭϬϬ ůŝǀĞƐ ǁĞƌĞ ůŽƐƚ ĂŶĚ ƉƌŽƉĞƌƚǇ Ͳ ŝŶĐůƵĚŝŶŐ͕ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ ŚŽƵƐĞƐ͕ ƐŚŽƉƐ͕ ďƵƐŝŶĞƐƐĞƐ ĂŶĚ ŽƚŚĞƌ ĞĐŽŶŽŵŝĐ ǀĞŶƚƵƌĞƐ Ͳ ǁŽƌƚŚ ŚƵŶĚƌĞĚƐ ŽĨ ŵŝůůŝŽŶƐ ŽĨ ŶĂŝƌĂ ǁĞƌĞ ĚĞƐƚƌŽǇĞĚ͘

ϵ͘ Z Ed Z/^ ^͗ tŝƚŚ ƚŚĞ ĞǆĐĞƉƟŽŶ ŽĨ ƚŚĞ ϭϵϴϳ <ĂĨĂŶĐŚĂŶ ƌŝŽƚ͕ ƉĞƌƉĞƚƌĂƚŽƌƐ ĂŶĚ ŵĂƐƚĞƌŵŝŶĚƐ ŽĨ Ăůů ƚŚĞ ĐƌŝƐĞƐ ŚĂǀĞ ŶĞǀĞƌ ďĞĞŶ ĂƉƉƌĞŚĞŶĚĞĚ͕ ǁŚŝĐŚ ĞǆƉůĂŝŶƐ ǁŚǇ ƚŚĞ ĐƌŝƐĞƐ ŚĂǀĞ ĐŽŶƟŶƵĞĚ ĂŶĚ ƉĞƌƐŝƐƚĞĚ ǁŝƚŚ ƌĞĐŬůĞƐƐ ĂďĂŶĚŽŶ͘ ZĞŐĂƌĚŝŶŐ ƚŚĞ <ĂĨĂŶĐŚĂŶ ĐƌŝƐŝƐ͕ ŽŶůǇ ƚŚŽƐĞ ǁŚŽ ƌĞĂĐƚĞĚ ƚŽ ƚŚĞ ŬŝůůŝŶŐƐ ŝŶ <ĂĚƵŶĂ͕ <ĂƚƐŝŶĂ͕ ĂƌŝĂ ĂŶĚ <ĂŶŽ ƚŽǁŶƐ ǁĞƌĞ ĂƌƌĞƐƚĞĚ͕ ƚƌŝĞĚ ĂŶĚ ƐĞŶƚĞŶĐĞĚ ƚŽ ǀĂƌŝŽƵƐ ƉƌŝƐŽŶ ƚĞƌŵƐ ďǇ ƚŚĞ :ƵƐƟĐĞ <Ăƌŝďŝ tŚǇƚĞ dƌŝďƵŶĂů͘ ,ŽǁĞǀĞƌ͕ ƚŚĞ ĂĐƚƵĂů ĐƵůƉƌŝƚƐ ĂƌĞ ƐƟůů ǁĂůŬŝŶŐ ƚŚĞ ƐƚƌĞĞƚƐ ĨƌĞĞ͘

&ŝŶĂůůǇ͕ ƚŚĞƌĞ ƐŚŽƵůĚ ďĞ ĚĞĚŝĐĂƚĞĚ ĂŶĚ ŐĂǌĞƩĞĚ ŐƌĂǌŝŶŐ ƌĞƐĞƌǀĞƐ ĂĐƌŽƐƐ ƚŚĞ ^ƚĂƚĞ͕ ƐŽ ĂƐ ƚŽ ďƌŝŶŐ ƚŚĞ ĨĂƌŵĞƌͲŶŽŵĂĚ ĐƌŝƐĞƐ ŝŶ ƚŚĞ ^ƚĂƚĞ ƚŽ ĂŶ ĞŶĚ͕ ŝŶ ƐƉŝƚĞ ŽĨ ŽƉƉŽƐŝƟŽŶ ŝŶ ƐŽŵĞ ƋƵĂƌƚĞƌƐ͘ 'ŽŝŶŐ ďǇ ƚŚĞ >ĂŶĚ hƐĞ Đƚ͕ Ăůů ůĂŶĚ ŝƐ ǀĞƐƚĞĚ ŽŶ ƚŚĞ ŐŽǀĞƌŶŵĞŶƚ ĂŶĚ ŝƚ ĐĂŶ ƌĞǀŽŬĞ ĂŶǇ ůĂŶĚ ƟƚůĞ ŝŶ ƚŚĞ ŽǀĞƌƌŝĚŝŶŐ ƉƵďůŝĐ ŝŶƚĞƌĞƐƚ͘ ůƚŚŽƵŐŚ ŝƚ ŝƐ ƐĂŝĚ ƚŚĂƚ Ă ǁŽƌĚ ŝƐ ĞŶŽƵŐŚ ĨŽƌ ƚŚĞ ǁŝƐĞ͕ D ǁŝůů ŶŽ ůŽŶŐĞƌ ŬĞĞƉ ƋƵŝĞƚ ŝŶ ƚŚĞ ĨĂĐĞ ŽĨ ƚŚĞ ǁĂŶƚŽŶ ĚĞƐƚƌƵĐƟŽŶ ŽĨ ůŝǀĞƐ ĂŶĚ ƉƌŽƉĞƌƚǇ ĂŶĚ ƚŚĞ ĚŝƐŚŝŶŐ ŽƵƚ ŽĨ ĨĂůƐĞŚŽŽĚ ƌĞŐĂƌĚŝŶŐ ǁŚŽ ƚŚĞ ƉĞƌƉĞƚƌĂƚŽƌƐ ŽĨ ǀŝŽůĞŶĐĞ ĂƌĞ ĂŶĚ ƚŚĞŝƌ ŵŽƟǀĞƐ͘

dŚĞƌĞ ŝƐ Ă ŐĞŶĞƌĂůůǇ ďĞůŝĞĨ ƚŚĂƚ ƚŚĞ ƋƵĞƐƚ ĨŽƌ Ă ƐĞƉĂƌĂƚĞ ŝĚĞŶƟƚǇ ĂŶĚ ƚŚĞ ŶĞĞĚ ĨŽƌ ƚƌĂĚŝƟŽŶĂů ŝŶƐƟƚƵƟŽŶƐ ďǇ ƚŚĞ ƐŽ ĐĂůůĞĚ ŝŶĚŝŐĞŶŽƵƐ ƉĞŽƉůĞ ǁĂƐ ǁŚĂƚ ĨƵĞůůĞĚ ƚŚĞ ĐƌŝƐĞƐ ŝŶ ^ŽƵƚŚĞƌŶ <ĂĚƵŶĂ ŽǀĞƌ ƚŚĞ ǇĞĂƌƐ͘ ,ŽǁĞǀĞƌ͕ ƐƵďƐĞƋƵĞŶƚ ĐƌŝƐĞƐ ŚĂǀĞ ƉƌŽǀĞĚ ƚŚĂƚ ĂƐƐĞƌƟŽŶ ǁƌŽŶŐ ĂŶĚ ŝŶĚŝĐĂƚĞĚ ƚŚĂƚ ƚŚĞ ĞǆĐƵƐĞ ĨŽƌ ƐĞůĨ ĚĞƚĞƌŵŝŶĂƟŽŶ͕ ĂƐ ƚŚĞǇ ĐůĂŝŵ President: ǁĂƐ ũƵƐƚ Ă ƐŵŽŬĞ ƐĐƌĞĞŶ ďĞĐĂƵƐĞ ƚŚĞ ŚŵĞĚ DĂŬĂƌĮ ĂĚŵŝŶŝƐƚƌĂƟŽŶ ŚĂƐ ĐƌĞĂƚĞĚ AHMAD MACCIDO ŚŝĞĨĚŽŵƐ ĨŽƌ ĂůŵŽƐƚ ĞǀĞƌǇ ŚĂŵůĞƚ ŝŶ ^ŽƵƚŚĞƌŶ <ĂĚƵŶĂ ďƵƚ ƚŚĞ ĐƌŝƐĞƐ ŬĞĞƉ ĞƐĐĂůĂƟŶŐ͘ tŚĂƚ ŝƐ ŶŽǁ ĐůĞĂƌ ŝƐ ƚŚĂƚ ƚŚĞƌĞ ŝƐ ĂŶ ƵŶĚĞƌůǇŝŶŐ ĞƚŚŶŝĐ͕ ƌĞůŝŐŝŽƵƐ ĂŶĚ ƉĂƚŚŽůŽŐŝĐĂů ŬĐĐϭ

SIGNED: Secretery: MUHAMMED SANI UWAIS

T H I S D AY MONDAY MARCH 6, 2017

MONDAY MARCH 6, 2017 ˾ T H I S D AY

NEWS

Supreme Court Affirms FG’s Decision to Void OPLs 321, 323 to KNOC Iyobosa Uwugiaren in Abuja The Supreme Court has ruled that the decision of the federal government to void the allocation of Oil Prospecting Licences (OPLs) 321 and 323 to the Korea National Oil Corporation (KNOC) and reawarding oil blocks to ONGC/ Owel Petroleum Consortium was right. In a four-to-one judgment, the apex court in the suit numbered SC114/2013, between President of the Federal Republic of Nigeria and three others Vs. KNOC and six others, declared that the action of the president, which was taken in 2009, was within his executive powers. The lead judgment was read by Hon. Justice Kudirat Motonmori Olatokunbo Kekere-Ekun. The Office of the Attorney General of the Federation represented the federal government while Dr Alex Iziyon (SAN) and Chief Robert Clarke (SAN) represented ONGC/Owel Petroleum Consortium and KNOC respectively. The court in the judgment delivered last Friday, said the act, which arose from a contractual arrangement between the parties, not being a quasi-judicial act, was therefore not subject to judicial review in respect of which a writ of certiorari lies. The apex court noted that the dispute between the parties arose from a contractual relationship and

held that by the letter of award in respect of OPLs 321 and 323 respectively, “in my considered view, constitutes allegations of breach of contract. According to the judgment, “Where there is a contractual obligation between the parties, both parties are expected to comply with the terms and conditions of the contract. Where the contract contains terms for bringing the contract to an end by either party and the terms are not complied with, the remedy of the affected party lies in action for breach of contract, damages, etc.” Regarding the remedy available to the Koreans in respect of the termination of the award of OPLs 321 and 323, the Supreme Court held that the case of KNOC and its consortium at the trial court was incompetent as the act complained of was an executive act in respect of which a writ of certiorari would not lie, having arisen from a purely contractual relationship. The apex court consequently affirmed the decision of the Court of Appeal striking out the appellant’s suit at the trial court. The grievance of the Koreans was the decision of the President conveyed in the then Federal Ministry of Energy’s letter datedJanuary 8, 2009, written by the Minister of State (Energy) and addressed to the Chairman of KNOC. In the said letter, the federal

SERAP Challenges Obasanjo to Disclose Donations to His Library A civil society organisation, SocioEconomic Rights and Accountability Project (SERAP), has urged former President, Chief Olusegun Obasanjo, to disclose donations made to his presidential library. It called on the acting President Yemi Osinbajo to propose a bill seeking to regulate fundraising for presidential libraries. In a statement issued yesterday by its senior staff attorney, Timothy Adewale, SERAP said the bill, when signed into law, would ensure transparency in such donations. Adewale said Osinbajo should work closely with the leadership of the National Assembly to ensure the speedy passage of any such bill into law. He said: “The proposed bill would give Nigerians a better view of major donations going to presidential libraries, and provide access to information as to whether donors gain any special Aso Rock influence. The bill would minimise the potential for a quid pro quo, influence-peddling, and help to build trust and confidence among a citizenry that already questions the ethics of elected officials.” The statement read in part: “Proposing bill that would provide information to Nigerians and allow them to know those who help pay for presidential libraries is not only a matter of public interest but also crucially important to enhance transparency, accountability and strengthen this government’s anti-corruption efforts. “It’s unfair to Nigerians for a sitting or former president to raise an unlimited amount of

money for a presidential library and not to have the obligation to publish information on the major contributors. Without transparency into donations, a president could potentially take an official action in exchange for or in expectation of a future donation to his or her presidential library and the public would be unaware. “Without openness and transparency, potential donors may seek to use library donations as a means to secure special access or political favours to authorities in Abuja. “The proposed bill should include a requirement to disclose details about each contributor, the total value of each contribution, the source(s) of the contribution, and the date of each contribution. Any such information must be publicly and widely published, including on a website that is free for the public to access and that is searchable, sortable, and downloadable. “The bill should also prohibit the making of a contribution through a corporation or other legal entity that may be used to conceal the identity of the person actually providing the contribution. “Former President Olusegun Obasanjo would serve public interest by making a voluntary disclosure of every single donation, particularly large donations, to his newly launched presidential library. This would contribute to greater openness, something that the presidential library seeks to promote about the work and achievements of Obasanjo while in government.”

government voided the allocation of OPLs 321 and 323 to KNOC on the basis that KNOC and its consortiums failed to fulfill certain terms and conditions of the award and restored the rights of ONGC/ Owel Petroleum Consortium as the original winners of the two blocks in the 2005 bid round. ONGC/Owel Petroleum Consortium had taken steps to pay the signature bonus in full as stipulated by the letter until the consortium received information that the KNOC had approached the Federal High Court, Abuja sometime in March 2009, to seek redress and an injunction restraining

the relevant federal government agencies from giving effect to the content of the January 8, 2009 letter. The ONGC/Owel Petroleum Consortium had to hold back the payment of the signature bonus pending the outcome of the case in court. The ONGC/Owel Petroleum Consortium had, as gathered, previously caused a bank guarantee for the full payment of the signature bonus to be issued by the State Bank of India in favour of the Federal Government of Nigeria. The consortium had to recall, at great cost, the bank guarantee when the blocks awarded were withdrawn

and re-alloted to KNOC in 2005 on the basis of its prior right of first refusal, due to some non-bid related downstream obligations made by KNOC, which it failed to comply with, in addition to its failure to comply with the terms of the bid. THISDAY gathered that the federal government was excited about the judgment, which it believes would bolsterthecountry’sreadinesstoobserve international best practices in its bid to attract Direct Foreign Investments (DFI). The judgment also accorded with the theme of the discourse at the recently-held Oil and Gas Conference in Abuja where the issue of sanctity of contracts and

agreements with government and government agencies was in focus with the major international oil companies (IOCs) in attendance. A senior government official told THISDAY last night that the federal government would benefit from the development of the long dormant oil blocks following the Supreme Court judgment that has removed all encumbrances. This, as believed, would send a positive signal to the global oil industry at a time of increased levels of enforced nationalisation of assets and uncertain statutory and judicial treatment in many markets.

COMMON, GIVE ME A HUG

Former First Lady, Mrs. Patience Jonathan (left), and Rivers State Governor, Nyesom Ezenwo Wike, at the burial of Pa Bethel Obuah, father of the Chairman of the state chapter of the Peoples Democratic Party (PDP), Mr. Felix Obuah, at Omoku area of the state... weekend

Court Admits Statement Implicating CCT Boss, Umar in N10m Bribe Alex Enumah in Abuja An Abuja High Court has admitted in evidence a statement implicating the Chairman of the Code of Conduct Tribunal (CCT), Danladi Umar, in an alleged N10million bribe involving one of his Aides, Ali Abdullahi. Trial judge, Justice Chizoba Oji, admitted the statement in her ruling in a trial within trial conducted to confirm the voluntariness of the statement made by Abdullahi during interrogation at the office of the Economic and Financial Crimes Commission (EFCC). Justice Oji, in her ruling held that Abdullahi’s statement, where he alleged that the bribe money was received on behalf of his boss was freely made to the commission and

not under compulsion as claimed by the defendant. The court also dismissed Abdullahi’s claim that the implicating statement was done under duress, intimidation and inducement from the operatives of the EFCC in the course of his interrogation in a petition on N10million bribe demand. Abdullahi had in September 2013 while, making his statement before the EFCC named his boss, Umar as the beneficiary of the alleged bribe said to have been offered by a former Deputy Comptroller General of the Nigeria Customs Service, Mr. Rasheed Taiwo Owolabi, who was standing trial on false asset declaration at the CCT. He claimed that the money was paid into his bank account with

Zenith Bank by the ex-customs chief and that it was withdrawn the same day for his principal. But during trial for a criminal offence, Abdullahi recanted and asked the Judge not to admit the statement as exhibit on the ground that it was made under duress, intimidation and inducement of job and money offer by the EFCC operatives if only he would implicate the CCT boss. But, the judge however held that from the totality of evidence before her, there was nothing to suggest that the statement was made under duress or any form of intimidation as claimed by the defendant. According to the judge, the EFCC operatives who testified during the trial proved beyond

reasonable doubt that the statement was made by the defendant on his own volition in an open room. Justice Oji described as an afterthought, the claim by Abdullahi that he acted under coercion and cajole to make the implicating statement, adding that it was established as a fact that he voluntarily breezed into the EFCC office to make the statement and was even granted bail in his personal recognisance. “I have carefully considered the evidence of both parties in this trial within trial and I have no problem in coming to the conclusion that the latter claim of the defendant that he made the statement under duress is a mere afterthought not believable.”

Sokoto Approves N32m for Mass Wedding of 100 Couples Mohammed Aminu in Sokoto The Sokoto State Government yesterday said it had concluded arrangements to conduct the mass wedding of 100 couples with N32million by April this year. The state Commissioner for Religious Affairs, Alhaji Mani Maishinko, disclosed this during a chat with journalists in Sokoto.

According to him, the state government is still waiting for the report of the main committee set up for the purpose of planning the mass wedding. ‘’The main committee is overseeing the activities of other subcommittees like those on security and medical screening, among others. ‘’Afterwards, we would organise a one-week training on

skills acquisition for the would be couples,” Maishinko explained. Maishinko said the state government would pay the bride price for all the 100 would-be brides. He pointed out that each of the brides would be given a bed, mattresses, beddings and other household items. ‘’Each of the bride and grooms would also be given seed capital

,to enable them start small scale businesses. ‘’Measures have also been taken to routinely monitor the marital lives of the couples to ensure the sustainability of the marriages,” the commiss He added that the state government had taken measures to conduct the planned mass wedding in accordance with Islamic tenets.

MONDAY MARCH 6, 2017 ˾ T H I S D AY

NEWSEXTRA

EFCC Raids Bayelsa Home of Jonathan’s Godson, Turnah Operatives of the Economic and Financial Crimes Commission (EFCC) and scores of fully-armed mobile policemen and soldiers at the weekend ransacked the Bayelsa home of George Turnah, popularly known as the godson to former President Goodluck Jonathan. THEWILL gathered that fiercelooking operatives of the anti-graft agency arrived the courtyard of Turnah located at Kolo Creek, Ogbia local government at about 5p.m. and painstakinglysearchedvariousbuildings and rooms in the premises till about 10p.m. The commission is said to be

investigating alleged cases of corrupt enrichment against Turnah and his involvement in disappearance of money allocated to the Niger Delta Development Commission (NDDC). Turnah founded the Jonathan Youth Vanguard popularly called Joy 2011, a platform which he used to mobilise support for Jonathan in the 2011 elections and was rewarded with the award of the Member of the Order of the Niger (MON) by Jonathan and appointed a SpecialAssistant on Youth Matters to the Managing Director of (NDDC) in 2012. Following the exit of Jonathan in 2015, Turnah who floated a

conglomerate, El-Godams and Celtic Group of Companies with investments in transport, agriculture and sports among others, has been on the radar of the EFCC as it looks into the books of the NDDC. Although there was no clue that any money was recovered from the house, the team were said to have carted away cheque books and financial documents having met Turner’s absence as reports indicate that the 33-year-old law graduate allegedly fled his multi-billion naira KoloCreekVillabuiltwithagold-plated fence and gate a few minutes before arrival of the EFCC.

Labour Writes Umahi, Demands Rectification of Retrogressive Pension Law Chineme Okafor in Abuja The Nigeria Labour Congress (NLC) and Trade Union Congress of Nigeria (TUC) have written to the Governor of EbonyiState,DavidUmahi,askingtohim torectify the state government’s alleged violation of provisions in Nigeria’s amended Pension Reform Act 2004. The two labour houses said in a statement signed by their respective presidents, Ayuba Wabba and Boboi Bala Kaigama, and presented to THISDAY yesterday in Abuja, that the government’s alleged abuse of the

pension law was made known to them by their state councils in Ebonyi. According to them, the state government had started pension deductions from its workers’ salaries long before it passed its current pension law which they described as being retrogressive and not in conformity with the fundamentals of all good laws. They also stated that the state’s pension law was operating in contravention of the contributory ratio in the national pension law which mandates employer to

contribute a minimum of 10 per cent, and employees eight per cent to contributory pension account. According to them, Ebonyi made its percentage contributions five per cent for the employer, and eight per cent for the employees. The state, according to the two labour houses, equally commenced the implementation of the new law without first putting in place requisite processes or structures such as adequate sensitisation on the rights of the workers in the scheme by it and the National Pension Commission (PenCom).

PenCom, Ngige Query Intercellular over N230m Pension Debt Chineme Okafor in Abuja Following a petition raised last week by former workers of Intercellular Nigeria Plc over pension deductions from their salaries that was not remitted to their respective Retirement Savings Accounts (RSAs), the National Pensions Commission (PenCom) and Minister of Labour and Productivity, Dr. Chris Ngige, have reportedly issued second-level queries on the development to the management of the company. Intercellular which now trades with a new business name, InterC Network, as a data service provider was accused by its former employees of taking 82 months pension contributions of 400 workers worth N230 million but failed to remit same to their Pension Fund Administrators (PFAs). Through their association, the former workers consequently invited PenCom, Economic and Financial Crimes Commission (EFCC), National Communications Commission (NCC), as well

as the National Human Rights Commission (NHRC) to look into the allegation with the hope that the company would be compelled to remit the alleged deductions. But providing an update on the situation to THISDAY yesterday in Abuja, the spokesperson of the distressed former workers, Mr. Barack Lawrence, stated that Ngige and PenCom had taken up their petition and subsequently issued queries to the management of InterC Network. Lawrence stated that their petition received the attention of the labour and productivity ministry, as well as other relevant agencies of government. He added that the workers also met with the various agencies of government on the situation. “We appear to be edging closer to justice as both the National Pension Commission and the Federal Ministry of Labour and Productivity have sent a second level query and summoned management of InterC Network to a meeting with the Minister of

Labour and Employment,” said Lawrence. He further stated: “We are in frequent touch with all the relevant organs of government at the highest level in a bid to obtain justice and full payment of all our entitlements without exception. “No threat or intimidation of any sort from the company as we have witnessed in recent past will deter us from pushing on. We are a depressed people deprived of our legitimate earnings over the years we worked tirelessly for the company with our useful and significant active service life, and no cruel attempt to deny us our wages will ever stand.” Lawrence said the ex-workers were hopeful the government would get the company to comply by the pension laws of the country and pay them with no exception. According to him: “We are in an era of change, we want to see the change mantra of the incumbent government affect us positively by compelling InterC Network to thaw the path of honour and pay us all our monies without exception.”

FG Scraps 10% Equity Contribution on Housing Mortgage Within N5m Range Chineme Okafor in Abuja The federal government has said henceforth, housing mortgages below N5 million will no longer attract the usual initial payment of 10 per cent equity from approved off-takers. It said it chose to scrap the 10 per cent initial deposit on such cadre of housing loans administered by the Federal Mortgage Bank of Nigeria (FMBN) to demonstrate its commitment to the provision of affordable houses to Nigerians, especially low income earners. Though it did not disclose what the new arrangement for mortgages

within this financing cadre would look like, the Minister of State for Power, Works and Housing, Mustapha Baba Shehuri, however said the waiver has been approved by the government. A statement from an Assistant Director of Information in the Ministry of Housing, M. A. Ahmed, yesterday in Abuja contained this development. The statement said Shehuri disclosed this when he recently inaugurate 125-unit housing estate being financed by the FMBN and developed by a private developer, Messrs LCK Projects (Nigeria) Limited, in Enugu.

According to the statement, Shehuri stated that in view of the challenge of housing deficit in Nigeria, which has been put at about 17 million, the ministry would build mass houses in every state of the country for public workers and other interested parties over the next three years, using a Public Private Partnership (PPP) model. He said national housing models have been designed and approved for each geo-political zone to reflect the cultural and climatic diversities of each region, as well as enable the country standardise the use of locally manufactured building materials.

T H I S D AY MONDAY MARCH 6, 2017

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MONDAYSPORTS NPFLâ&#x20AC;Ś

NPFLâ&#x20AC;Ś

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com NPFLâ&#x20AC;Ś

Kano Pillars Crush Enyimba as Plateau Hangs on to the Summit DuroIkhazuagbe Despite the one-all Match-day 12 result from the Shooting Stars clash with Plateau United in Ibadan yesterday, the Jos-based team is still hanging on to the top of the Nigerian Professional Football League (NPFL) on 21 points, just one above second placed El Kanemi Warriors of Maiduguri. El Kanemi lost the chance to ascending the summit of the Nigerian topflight for the first time in a long while after succumbing 1-0 to Akwa United at the Nest of Champions in Uyo. At the Sani Abacha Stadium in Kano, hosts, Kano Pillars recorded the biggest win of the Match-day 12 clashes with a resounding 3-1 defeat of former champions, Enyimba FC of Aba. A brace from forward Kabiru Balogun and a third off the foot of striker Gambo Mohammed handed the Mai Masu Gida the three points at stake. Stephen Chukwudi scored Enyimbaâ&#x20AC;&#x2122;s lone consolation goal. Enyimbaâ&#x20AC;&#x2122;s Head Coach Gbenga Ogunbote admitted some flaws in the match but preferred to work for better performance in subsequent matches. â&#x20AC;&#x153;We had a careless moment that led to the first goal. We should have equalised almost immediately. However, when the second goal came we had a quick response to find an equaliser from the spot. Honestly, I did not see the third goal; I only saw the second official raise the offside flag,â&#x20AC;? stressed the coach experienced gaffer. Ogunbote however insisted that despite the many lapses on the match officials it was not his trademark to blame referees for his teamâ&#x20AC;&#x2122;s loss. â&#x20AC;&#x153;I do not like to complain about officiating as it does nothing to change the outcome of the match. This game is done and we will go back to make amend our mistakes where necessary. â&#x20AC;&#x153;Honestly, we had several careless moments in the match and that should be a source of worry,â&#x20AC;? said the former Sunshine Stars and

3SC coach tosupersport.com. But Ogunboteâ&#x20AC;&#x2122;s opposite number in Kano Pillars, Kadiri Ikhana, believes his side was superior tactically in the game. Ikhana said the encounter lived up to its pre-match billing as a very difficult clash. â&#x20AC;&#x153;I told whoever that cared to listen that the encounter would be tough given the pedigree and rivalry between the two sides and it ended up exactly like that. We played them tactically even with one man short to still go ahead to get the third goal. â&#x20AC;&#x153;We played more tactically and not technically as Enyimba is more technical than my side. Ikhana however made excuses for former Enyimba captain and centre back Chinedu Udoji for receiving a red card in the clash. â&#x20AC;&#x153;Udoji did not deserve the red card as he was pushed. The guy who pushed him should have got his marching orders instead. His switch to Kano Pillars is a wise move as it has helped him to regain his form and fitness,â&#x20AC;? said the former Nasarawa United coach. Kano Pillarsâ&#x20AC;&#x2122; win against Enyimba has upped their points to 17 from a possible 36 with two matches in hand against Wikki Tourists and champions Enugu Rangers. At the Agege Stadium, Stephen Odeyâ&#x20AC;&#x2122;s spot kick in the 14th minute was the decider in the clash Â between Mountain of Fire Miracles and Ministry Football Club and Remo Stars Football Club. Odey got his seventh goal of the season from the penalty spot after Walbe David brought him down inside the box. RESULTS Rivers Utd 1-0 Rangers Sunshine 1-0 Wikki Akwa Utd 1-0 El Kanemi IfeanyiUbah 2-2 Abia Wâ&#x20AC;&#x2122; ABS 1-0Â Katsina Utd Shooting 1-1 Plateau Utd MFM FC 1-0 Remo Stars Tornadoes 2-0 Nasarawa Kâ&#x20AC;&#x2122;Pillars 3-1 Enyimba

17 Schools Set for Sâ&#x20AC;&#x2122;East Cricket Championship After several months of planning, all is now set for the 7th edition of South-East Cricket Championship that will hold from between March 8 and 11 at the Paul University, Awka, Anambra State. The annual championship, which has Chuma Anosike as the main sponsor Â over the years will have 17 schools involving both boys and girls competing all through the four-day event from 9am-5pm daily. According to Anosike, all the necessary logistics have been put in place for a hitch-free event. The sponsor however urged all the participants to put up good outing all through the four-day championship. â&#x20AC;&#x153;We have taken cricket to a reasonable level in region (Southeast) and we are only hoping that in the next few years it will enjoy a fair share of visibility alongside football.

â&#x20AC;&#x153;I am the main sponsor of the championship and over the years there has been support from UAC and other well-meaning individuals and families. â&#x20AC;&#x153;However, we are still lacking in funding and will hope the state government will soon come to our aid with meaningful partnership,â&#x20AC;? he pleaded. Aside the participating schools, different clubs will also participate in the competition. â&#x20AC;&#x153;This year we have six teams with one representing each of the states that make up the region. â&#x20AC;&#x153;We want the game to be developed at the youth level and thisexplain why the idea behind the competition is to engage the youths to take to cricket. We are happy with the results so far. The standard of the game has dropped in the country because we used to be at the world stage but we are now back to Africa,â&#x20AC;? he recalled.

MFM FC players celebrating the 1-0 defeat of Remo Stars

TO P 6 Team Plateau Utd El-Kanemi ABS F.C. MFM FC Lobi Stars Tornadoes B OT TO M 4 Shooting Wikki Nasarawa Remo Stars

P 12 12 11 10 12 12

W 6 7 6 6 5 5

D 4 0 2 1 4 3

L 2 5 3 3 3 4

GF 16 14 12 14 11 10

GA GD 8 8 10 4 9 3 9 5 10 1 10 0

Pts 22 21 20 19 19 18

11 10 11 11

2 3 2 2

5 2 4 3

4 5 5 6

9 6 9 9

11 9 12 13

11 11 10 9

-2 -3 -3 -4

Western Naval Command Wins 2017 Nigerian Navy Games Okon Bassey in Uyo The 11th edition of the Nigerian Navy Games ended at the weekend in Uyo, Akwa Ibom State with the Western Naval Command emerging the overall winner of the championship. Tagged, â&#x20AC;&#x153;Uyo 2017â&#x20AC;?, the navy personnel from the zone won a total of 184 medals, including 69 gold, 69 silver and 46 bronze to top the medal table which over 1,500 athletes and officials across the navy formations in the country participated. The Eastern Naval Command emerged second position in the competition with 38 gold, 22 silver and 34 bronze medals while the third position went to Naval Headquarters with 108 medals. The medals table further

showed that Naval Training command emerged fourth with 32 gold, 43 silver and 51 bronze, the Central Naval Command emerged fifth with 56 medals while the Logistic Naval Command came sixth with 54 medals. The competition which featured 17 games in seven centres across Uyo metropolis had the Naval Headquarters emerging winner in the football match played on Saturday. It defeated the Western Naval Command by a lone goal. Eastern Naval Command won the combat relay race while the second position went to Naval Training command while the western Command won the third position. Presenting the cup to the

overall winner, the Chief of Naval Staff,Vice Adm. Ibok-ete Ibas commended the athletes for the spirit of sportsmanship exhibited throughout the games. He urged the athletes to constantly remain fit even after the games to enable them perform their duties effectively. The Chief of Naval Staff said that the immediate appraisal of the games has revealed that the objective of the Naval Games has been achieved as the policy of the navy is to use sports to build the mental and physical fitness of its personnel. â&#x20AC;&#x153;They are important factors in the management of personnel in the navy and therefore have always attracted attention from the authorities,â&#x20AC;&#x2122;â&#x20AC;&#x2122; he said. According to him, the

promotion of mass participation in sports by personnel on-board ships and ashore establishments helped to promote `esprit de corpâ&#x20AC;&#x2122; that enhance healthy working environment. The games, he said has also help to develop talents among the personnel and raise strong athletes which could represent the Navy and the Armed Forces in national and international sports competitions. While commending dignitaries, the Akwa Ibom State Government and people of the state for their support and show of love throughout games, the Chief of Naval Staff enjoined participants not rest on their oars but to intensify effort towards achieving better goals.

Solanke, Aregbesola, Win Oshonaike Junior Tourney Azeez Solanke and Nimota Aregbesola, at the weekend emerged the champion of the Funke Oshonaike FoundationÂ U-16 Junior Table Tennis Classics. Solanke defeated Jamiu Ayanwale 4-0 in the boys final while Aregbesola finished first in the girls category after emerging the best in the round robin. The three-day tournament saw over 30 junior players from different parts of the country engaging in clinics which culminated in the final competitions. The final was witnessed by several dignitaries which include the President of the Nigeria Table

Tennis Federation, Wahid EnitanOshodi, Former Secretary General of the Nigeria Olympic Committee, Banji Oladapo, Editor of The Nation Newspaper, Gbenga Omotosho, Nollywood star, Lillian Bach, among others. Despite finishing third in the ladies event, Agnes Onoja, stole the show when she came from 3-1 down in her match against Alimot Ayinla, to emerge victorious with 4-3 margin. It was not just about the final matches but also the opportunity to put into practice what the players have learnt during the clinic. The players were allowed to serve as coaches and umpires

during the final with the boys handling the girls match and vice-versa. In her speech during the final day, the African table tennis queen expressed her appreciation to God and all who made the tournament possible. â&#x20AC;&#x153;I give God almighty the glory for today because this has been a project I think about almost on a daily basis in the past 10 years,â&#x20AC;? she said. â&#x20AC;&#x153;It has been fun all the way in the past one week of this programme because the young ones have further confirmed that the country is blessed with huge talents all over various parts. My

believe in the â&#x20AC;&#x2DC;Catch them youngâ&#x20AC;&#x2122; style informed the staging of this programme which is also my own way of giving back to the society. â&#x20AC;&#x153;Let me seize this opportunity to call on corporate organisations to support table tennis in the country. It was tough for me coming up with this programme but with the encouragement of my President, Enitan-Oshodi, my sponsors, FROT Foundation and my friends, I was able to pull through. â&#x20AC;&#x153;It is also important for government to bring up programmes and competitions to keep the young ones and national players busy.â&#x20AC;?

T H I S D AY MONDAY MARCH 6, 2017

Monday March 6, 2017

UT H

& RE A S O

Price: N250

MISSILE Saraki to PACAC â&#x20AC;&#x153;As a critical stakeholder and partner in the mandate given to PACAC, it does not feel right when you mount rostrums to say how badly the National Assembly has performed; how they have left their duties derelict and how corrupt they are.â&#x20AC;? Senate President, Bukola Saraki bemoaning the frequency at which the leadership of the Presidential Advisory Committee Against Corruption (PACAC) categorise the National Assembly as inept, under-performing and a corruption infested institution.

BENMURRAYBRUCE MAKING COMMON SENSE

ben.murraybruce@thisdaylive.com

Focus on Your Goals, Not Your Enemies

have just returned from President Olusegun Obasanjoâ&#x20AC;&#x2122;s 80th birthday celebrations in Abeokuta, Ogun state (actually Iâ&#x20AC;&#x2122;m still in the car driving back to Lagos) and I am very proud that Nigeria is blessed to have had a man like Obasanjo as a citizen. Let me say that the event, including the unveiling of his Presidential library, the first of its kind in Africa, was a gathering of The Who-is-who in Nigeria and Africa. Liberian President Ellen Johnson Sirleaf was there as was Ernest Bai Koroma, President of Sierra Leone. Also there was US President Franklin Delano Rooseveltâ&#x20AC;&#x2122;s grand daughter with a delegation of prominent American visitors. Former President Goodluck Jonathan was there as were multiple Governors crossing across party lines (Obasanjo has transcended partisanship). The attendance of both friend and foe and admirers and detractors reaffirms why I love President Obasanjo. I love and respect him for a trait that he and I share - patriotism. The venue of the celebration was filled with both people who supported him and those who fought him. One thing I believe in is focus. In life, one has to be focused on a goal and not on a person. If you focus on a goal, you must be willing to work with even an enemy to achieve that goal. To me, I believe that the height of maturity is to be able to work with even those you do not like. Obviously that will include enemies. But the thing about enemies is that they bring out the best in you. They challenge you more than your friends because you want to prove them wrong. But most importantly, the best way to defeat an enemy is to make him your friend. This is something I learnt from President Obasanjo in the years that I worked and lived with him in the Aso Rock Presidential Villa. Perhaps one big expectation of mine that was not met at the event is the absence of former President Olusegun Obasanjoâ&#x20AC;&#x2122;s deputy, Alhaji Atiku Abubakar. No matter what both men may think of each other, together, they both ushered in a period of unprecedented economic

Obasanjo

growth and stability in Nigeria. The stability they ushered in was both political and economical. The institutions they jointly built are the reason why our democracy stood the test during the absence of then President Umaru Musa Yarâ&#x20AC;&#x2122;adua between 2009 and 2010 without collapsing and why it is standing the test today, in the absence of President Muhammadu Buhari, and instead of collapsing, it is doing even better. So, in the midst of all that felicity and joyfulness, I was rather sad that Alhaji Atiku Abubakar was not in attendance. President Obasanjo and Atiku share a lot in common. They both governed Nigeria together as seasoned politicians with strong personalities. They both have a passion for education which they actualized by founding private universities that are thriving today. They both have the Midas touch in business as their private businesses are booming (Atiku is the second largest employer of labour in Adamawa state with only the state government employing more than him while Obasanjo Farms is the largest poultry farm in Nigeria - if you have eaten KFC chicken, you have eaten Obasanjo chicken). So I would really see it as a dream come true for me if they both can overcome their differences and reunite in the interest of Nigeriaâ&#x20AC;&#x2122;s goal of becoming the beacon of hope for the Black world. If these two men, who have successfully created wealth for themselves, collaborate, imagine how much wealth they can create for Nigeria.

Look at what they achieved together: from less than one million telephone lines in Nigeria pre-1999, today we have over one hundred million telephone lines due almost exclusively to the brilliant work that both of them did through the telecoms industry deregulation. Today, the institutional framework for fighting corruption (the Economic and Financial Crimes Commission and the Independent Anti Corrupt Practices Commission) is the brainchild of their administration. That administration proved to be adept at putting round pegs in round holes by sourcing for brilliant Nigerians. People like Dora Akinyuli, Ngozi OkonjoIweala, Malam Nuhu Ribadu, Charles Soludo, Oby Ezekwesili, Frank Nweke Jr, Mukhtar Shagari and many other brilliant whizkids to whom they delegated power and authority that helped revolutionize Nigeria and lifted her to displace both Egypt and South Africa as Africaâ&#x20AC;&#x2122;s most prominent voice. Looking back at how much they achieved together, I want to appeal to them to once again take their eyes off whatever animosity might exist between them and focus instead on the goal of realizing the achievable great future for Nigeria in their lifetimes. They must remember that nations grow best when old men plant trees whose shades they know they may never enjoy. And that is the spirit I took to Abeokuta. While there, I met the minister of transport, Chibuike Rotimi Amaechi. Many may remember that Amaechi had been crossed with me for a difference in opinion we had last year and I am sure they never expected me to be so happy seeing him and start talking with him at the event. I literally prevented him from leaving the venue without my permission (jocularly of course) until we had taken a picture and hugged each other. It is very important for all Nigerians to understand that we are all brothers and sisters with the same father (God) and the same mother (Nigeria). If we fight each other to the grave then it is our neighbors like Cameroon, Niger, Chad and Benin Republic, that will inherit our estate. God forbid. When we fight each other over our ports, our importers import instead through Benin Republic. When we fight

each other in business, foreign investors go instead to Cameroon. When we fight each other in building refineries, refineries get built in Niger Republic instead and when we do not unite to fight terrorists, Chad unites and fights them even on our own soil. All these detract from us being the Giant of Africa. And this is the same philosophy I want the Peoples Democratic Party to adopt. Enough of the back and forth fight. Sheriff may not be the best choice but since the court has spoken, let us obey the court and accept him and then follow our Constitution to hold a new National Convention to chose a new executive and once this is done we would have permanently put an end to division and schisms within the party. Look at the All Progressive Congress; they need the PDP more than the PDP needs itself. For the lack of effective opposition, the APC led federal government is faltering. They are not just faltering alone, they are taking Nigeria down with them. Was it not Edward R Murrow who said that â&#x20AC;&#x2DC;when the loyal opposition dies, I think the soul of America dies with it.â&#x20AC;&#x2122; Well, if you juxtapose Nigeria in that quote, you will begin to see why Nigerian businesses are dying and our economy is contracting. The PDP, by not getting our acts together to focus on providing effective opposition, is vicariously to blame for the dismal performance of the inexperienced APC led federal government. But now back to President Obasanjo. Sir, even if you do not know when you were born, I at least know why you were born. You were born to make Nigeria great again and as the man who in one fell swoop paid up Nigeriaâ&#x20AC;&#x2122;s debt and restored Nigeriaâ&#x20AC;&#x2122;s standing in the international community, my prayer for you is that God would likewise forgive your debts to Him and restore you to a pride of place in His kingdom whenever that time comes (hopefully a long, long time from now). Happy eightieth birthday to the father of modern Nigeria, Olusegun Obasanjo. r .VSSBZ #SVDF JT UIF GPVOEFS PG UIF 4JMWFSCJSE (SPVQ BOE 4FOBUPS SFQSFTFOUJOH #BZFMTB &BTU JO UIF /BUJPOBM "TTFNCMZ

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