Sunday 26th March 2017 by THISDAY Newspapers Ltd

Jonathan: We’ve Surrendered Our Power of Choice in Election to Courts Onyebuchi Ezigbo in Abuja and Emmanuel Addeh in Yenagoa Former President Goodluck Jonathan, yesterday, in Otuoke, Bayelsa State, said the Nigerian people have surrendered their power to elect leaders of their choice to the courts. Jonathan, who spoke at his

country home, when he received the Governor Seriake Dickson Peace and Reconciliation Committee of the Peoples Democratic Party (PDP), said the time had come for the people to take back their power. He condemned the rush to court at the slightest provocation when political solutions could be proffered.

This is coming at a time the Dickson committee is said to be seriously considering an out-of-court settlement on all the pending legal cases as the only solution to the long-winding crisis in the party. If the said persuasion of the warring parties to withdraw the cases in court succeeds, the com-

mittee would have crossed the biggest hurdle standing in the way of peace and reconciliation in the PDP. Jonathan, who lamented the rising number of cases at the election petition tribunals, contended that Nigerians had surrendered the power to choose their leaders to the judiciary.

“Here in Nigeria, we have surrendered the power to choose to the courts. We must return the power of electing our leaders back to the people,” he said, clarifying that his position on the need to allow people choose did not amount to disrespect for the judiciary and presiding judges.

He added: "I respect the judiciary and judges. They are credible men and women. They have decided to serve the people. They also starve themselves to semi imprisonment. The average judge does not socialise to maintain their integrity. When Continued on page 10

Ambode, Fashola Make up after Public Spat ...Page 13 Sunday 26 March, 2017 Vol 22. No 8011

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Switzerland Launches Criminal Investigation into Addax Petroleum Operations in Nigeria CEO, legal director reportedly arrested over bribery of foreign officials Ejiofor Alike with agency reports A criminal investigation has been launched by the Geneva Prosecutor’s Office into the

operations of the Geneva-based Addax Petroleum Limited in Nigeria. The Chief Executive Officer of Addax Petroleum Geneva

Office, Zhang Yi, and the Legal Director were also reportedly arrested in connection with the criminal investigation. Confirming the launch of

the criminal investigation, the company said yesterday in an emailed statement to THISDAY that it was taking the matter seriously and would

be responding appropriately to the investigation. The company’s official response, which was silent on the allegation that its CEO had

been arrested, however admitted that the criminal investigation was in respect of the company’s Continued on page 10

Senate: DSS Report on Magu Sent to AGF More Damning Says upper chamber’s position on acting EFCC chairman vindicated Damilola Oyedele in Abuja The Senate said yesterday that its rejection of Mr. Ibrahim Magu as substantive chairman of the Economic and Financial Crimes Commission had been further justified by a leaked report of the Department of State Services, which indicted Magu for criminal and unprofessional conducts. Chairman of the Senate Committee on Media and Public Affairs, Senator Aliyu Sabi Abdullahi (Niger North), stated this, in the upper chamber’s first formal reaction to Friday’s leakage of a DSS report on Magu that had been sent to the Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami. Abdullahi said in a statement yesterday that the report had proved that the Senate was right in its decision not to confirm Magu’s appointment as chairman of EFCC by President Continued on page 10

See THISDAY Style Inside…

WEDDING FATIHA L-R: Former Deputy Senate President, Ibrahim Mantu; Alhaji Kashim lmam; groom, Ahmed Mua'zu; former Senate President, Adolphus Wabara; and Chairman/Editor-in-Chief, THISDAY, Mr. Nduka Obaigbena, at the wedding Fatiha of Ahmed, son of the former National Chairman of Peoples Democratic ABIODUN AJALA Party, Adamu Mua'zu, in Zaria....yesterday

T H I S D AY SUNDAY MARCH 26, 2017

T H I S DAY, T H E S U N DAY N E W S PA P E R ˾ MARCH 26, 2017

PAGE TEN SENATE: DSS REPORT ON MAGU SENT TO AGF MORE DAMNING Muhammadu Buhari. The senate spokesman stated that while the initial report of the DSS, dated October 3, 2016, which was sent to the Senate, tried to give Magu a soft landing, the fresh report, dated December 19, 2016, that was disclosed to the media on Friday by an unnamed source, was more damaging. Abdullahi stated, “Following several calls made to me today by journalists seeking my comments on the leaked report on Mr. Ibrahim Magu, which was more damning than the one submitted to us, I can only say that I and my colleagues have been vindicated. "From that report, which is now public, it is obvious the director-general of SSS (State Security Service) even tried to give Magu soft landing in the report that was sent to the Senate. The recent report is messier and shows that our decision not to confirm his nomination was right. We, therefore, call on all Nigerians to continue to have full confidence and trust on the Nigerian Senate, as it discharges its responsibilities according to the letter and spirit of the Nigerian constitution.” Magu, the fourth chief executive of EFCC, assumed office on November 9 last year as acting chairman of the agency following his appointed two days earlier by Buhari to succeed Ibrahim Lamorde. But the Senate declined to confirm Magu as substantive chairman of EFCC on December 15 last year based on an incriminating report by the DSS. However, he was presented again to the upper chamber in January after

an alleged executive inquest absolved him of wrongdoing. Magu was rejected for the second time by the Senate on March 15 during its confirmation hearing, with some senators alleging that he cannot be considered again by the upper chamber, going by its rules. The latest report, signed by one Folashade Bello on behalf of the director-general of DSS, Mr. Lawal Daura, portrayed Magu as tainted and unfit to head the anti-graft body. It referred to indictments of the EFCC boss by disciplinary authorities and his alleged illegal sharing of classified materials. One of the key references was with regard to minutes of the 20th plenary meeting of the Police Service Commission on December20, 2010, chaired by Mr. Parry Osayande, a retired Deputy Inspector General of Police, who was then chairman of the commission. “The minutes indicate that Magu was indicted after a disciplinary process and awarded Severe Reprimand for, ‘Action prejudicial to state security, withholding of EFFC files, sabotage, unauthorised removal of EFCC files, and acts unbecoming of a police officer,’” the report noted, adding, “It is worthy to note here that Severe Reprimand is the second highest punishment to be given to an erring officer, other than compulsory retirement or dismissal from service.” The report also made reference to a confessional statement by Air Commodore Mohammmed Umar (rtd), who is being prosecuted by EFCC for alleged corrupt practices,

which “affirms his ownership of Valcour S.A Nigeria Limited, a company awarded the contract of securing and furnishing an official residence for Ibrahim Magu by the FCTA. Investigation revealed that this was facilitated after Magu was earlier shown the residence by one Uche Aleka, a close business associate of Umar, who was introduced to Magu by the former.” The DSS report mentioned an alleged forged memo that supposedly originated from the vice president’s office and addressed to the president, which was recovered from Umar’s private residence during a search. The document requested approval to commence further investigation into the financial activities of the Minister of State for Petroleum Resources, Ibe Kachikwu. Other incriminating revelations in the DSS report include, “A copy of progress report with reference number SH/ COS/ 24/ A/ 7277 dated 25th May, 2016 on NNPC/ NLG Brass Investment Accounts in Nigerian commercial banks from Chief of Staff to Mr. President, Abba Kyari to the acting EFCC chairman. The letter is an official/classified document of the EFCC, which was duly received by the commission as indicated by the stamp on the document. However, it was recovered at Umar’s residence. “Photocopies of managers’ cheques of First Bank PLC and Zenith Bank PLC, issued in favour of EFCC Recovery Funds Account on 13/05/2016 and 16/65/2016, respectively. These are all sensitive official

documents of the EFCC found in Umar’s residence during the search. “A classified letter from the Office of the National Security Adviser to the EFCC chairman titled Re: Request to Freeze Accounts Messers Bebey: Merchant Ltd and 20 others, dated 7th March, 2016. This document was also duly received by EFCC but found in Commodore Umar’s house during the search. “A document which emanated from Nigerian National Petroleum Corporation and addressed to the EFCC chairman on 6th May, 2016 with the subject, Re: Stop Debit Order on all NNPC Accounts and Subsidiaries- A case for Joint Venture and NNPC Pension Funds Accounts. The document was recovered at Umar’s residence. “NNPC letter, GED/ F86A/ 08.26, dated 5th May, 2016, addressed to the EFCC chairman and titled Re: Stop Debit Order on all NNPC Accounts and Subsidiaries. This was also discovered during the search of Umar’s residence. “A copy of NNPC correspondence with reference number GED/ F86A/ 08.26 dated May 5th, 2016 and titled Re: Stop Debit Order on all NNPC Accounts and Subsidiaries- Transfer of FCT Balances to NNPC’s TSA Accounts, addressed to the EFCC chairman. The document was found in Umar’s residence. “A copy of an NNPC letter with reference number GED/ F&A/ 08.26 dated May 5th, 2016 and titled Re: Stop Debit

JONATHAN: WE’VE SURRENDERED OUR POWER OF CHOICE IN ELECTION TO COURTS we go and enjoy ourselves, they don't. They are respected. We (just) want our votes to count. “Not that after voting, a judicial panel will upturn the vote. I am calling on Nigerian youths to call for a close review of the election process to hand over the power of choice to the people,” he said, adding that the resort to the courts have increasingly limited the people’s participation in the electoral process. “After voting, it is 10 million votes for governors or president. Your mandate may be upturned by a few judges and this is anomalous in Nigeria. They (political leaders) may be distracted. They will not sit in the office and start going to court. And they are not supposed to be distracted. If a governor or president is sitting and facing litigation costing millions, his performance will be limited”, he posited. While commending Dickson

and his team for going round the country to meet with key stakeholders and leaders of the party in order to return PDP to the path of peace, he expressed the hope that the peace committee would finally put to rest, the protracted crisis in PDP, and therefore called on all members to work towards peace and stability in the party. He implored PDP members to always explore political solutions to problems before rushing to the courts, noting that “I have always believed that political differences should be resolved outside the courts. Unfortunately, we are already involved in it. It has even gone up to the Supreme Court. But we are hopeful of a political solution. Party politics is supposed to be a family affair and ought to be resolved amicably without resorting to the courts,” Jonathan said. He observed that while court cases would usually

result in a winner-takes-all situation, deploying the tools of politics, including negotiations and compromise, would give better outcomes. “I believe a political solution remains the best means of resolving the crisis in the party and that's why the Dickson committee must be commended. No two parties go to court and come out smiling, especially for a political party like the PDP that's in the opposition,” he said. Before presenting the committee report to Jonathan, Dickson expressed Bayelsa's indebtedness to the PDP, insisting that it was a thing of pride to work to ensure that the crisis in the party was finally resolved. Meanwhile, the Dickson committee has recommended among other measures, the coming together of the feuding parties to hold unity national convention, a suggestion feasible only when the parties pull out of court as being suggested by

the committee. The committee also recommended that all national officers still laying claims to active tenure beyond the proposed convention date should be persuaded to discard such claims in the collective interest of the party. Also, for the purpose of the convention, the committee contended that all officers elected at the ward, local, state and zonal levels before the first Port Harcourt convention of 21st May of 2016 would be deemed validly elected except for the elections declared inconclusive in some states by the NEC of the party. It is worthy of note that for the first time since the peace initiative was floated, it was accorded some measure of recognition across board, when one of the parties in the dispute, the National Caretaker Committee headed by Senator Ahmed Makarfi, agreed to work towards a political solution to

SWITZERLAND LAUNCHES CRIMINAL INVESTIGATION INTO ADDAX PETROLEUM OPERATIONS IN NIGERIA operation in Nigeria. “Addax Petroleum confirms that a criminal investigation is being conducted by the Geneva Prosecutor’s Office in relation to allegations focusing primarily on the Company's business in Nigeria. Addax Petroleum is taking this matter very seriously and will be responding appropriately to the investigation,” said the statement. “As this matter is the subject of an ongoing investigation, we are unable to comment further at present,” the statement added. However, Reuters reported that the chief executive officer and legal director of Addax Petroleum, Geneva, had both been arrested in Geneva and charged with suspected bribery

of foreign officials. The spokesman for Canton’s Prosecutor, Henri della Casa, had told Reuters that a criminal procedure had also been opened against the company — bought by China’s state-owned Sinopec, Asia’s largest oil refiner in 2009. “I can confirm that the Geneva prosecutor has opened a criminal investigation into bribery of foreign officials and that the company, Addax and its director-general and legal director are the subject of it,’’ della Casa said. A Swiss daily, Le Temps quoted a Geneva lawyer, Saverio Lembo as saying: “My client vigorously contests the charges against him. He plans to defend himself. For the rest, we will not comment on the procedure

under way." There was no response from the company's press office to an emailed inquiry and phone calls. A lawyer for Addax confirmed to Reuters reporters in Le Temps that the investigation was linked to activity in Nigeria, but would not comment further. Addax Petroleum, which is one of the international oil companies (IOCs) operating in Nigeria, is a subsidiary of the Sinopec Group, one of the largest oil and gas producers in China, the biggest oil refiner in Asia and the third largest worldwide. The company was formerly a Canadian firm until 2009 when Sinopec Group launched

China's biggest-ever foreign oil acquisition where it bought Addax Petroleum Corporation for about C$8.27 billion (Canadian dollar or about $7.24 billion US dollar) to secure the company’s high-potential oil blocks in West Africa and Iraq. Addax, which is listed in London and Toronto Stock Exchanges, is an international oil and gas, exploration and production company that is focused on Africa, Middle East and North Sea The company operates primarily Production Sharing Contracts (PSCs) with the Nigerian National Petroleum Corporation (NNPC), as opposed to the joint venture arrangement between the corporation and other IOCs.

on all NNPC Accounts and Subsidiaries- Critical Accounts for immediate operations to the EFCC chairman. The document was also recovered during the search of Umar’s house. “Copy of confessional statement by Umar to the Service stating that his trip to Maiduguri for condolence visit to Ibrahim Magu, sequel to the loss of a close relative, was made on behalf of the Presidential Committee on Audit of Arms Purchase. Cross examination of the chairman of the committee, AVM John Ode (rtd) revealed that the committee did not send any of its members on such an assignment. The visit of Umar to Magu is therefore assessed as an expression of their close sinister relationship at the detriment of national security interests.” The DSS report concluded, “An officer appointed as acting chairman of EFCC should by all means be one of impeccable credentials, with proven integrity and capacity to lead the nation’s fight against graft in high and low places. Thus far, it is evident from Magu’s antecedents that he is by no means that kind of officer. “His relationship with Umar Mohammed, which involved disclosure of very sensitive and classified official documents in his possession, shows lack of professionalism and assails his integrity. More so, for an officer who was indicted and nearly dismissed six years ago, to again be involved in similar circumstances, it is clear that Magu is a perennial offender and cannot change.”

DSS also alleged, “Magu exhibited a total lack of judgment where it matters most. He accepted to move into a tastily furnished accommodation without any scrutiny of how it was furnished. This is curious and speaks volumes about his personality. “The recovery of sensitive and classified documents from the residence of Umar further underlays his close affinity to Magu and an apparent penchant for sabotaging official processes and administrative protocols, just to further the latter’s personal material and pecuniary agenda. Such mutually beneficial relationships as with Umar, who by his confession, approaches ‘clients’ for possible exploitation, favours and associated returns is unprecedented and very damning for an anti-graft top official. It has exposed Magu as a fraudulent officer and betrays the high confidence reposed in him by Mr. President. “A further demonstration of Magu’s questionable credibility as an untainted anti-corruption official is his failed bid to settle personal scores with one Stanley Inye Lawson by placing him on Security Watch Action. It was however discovered that Lawson was actually working in the interest of the Federal Government and the action was subsequently expunged. “This reinforces the view that Magu may continue to exploit his official position, if confirmed as EFCC chairman, and indulge in other unprofessional and criminal conducts for personal aggrandisement contrary to his oath of office.”

the crisis. Apart from the caretaker committee, other key organs of the party, the leadership of the National Assembly PDP caucus and the party's Board of Trustees (BoT) also assured members of the party that the report would be considered. THISDAY gathered at the weekend that following the positive responses the reconciliation committee got from stakeholders, especially from unexpected quarters – it is now considering the next stage of engagement to further consolidate on the peace process. According to a reliable PDP source, one of the steps being considered by the peace committee is to work out measures that would see to the withdrawal of multiple court cases involving the party. But the Spokesman of the National Caretaker Committee, Dayo Adeyeye said such an arrangement could only be possible after both sides to the dispute have made necessary undertaking, including acceptance to resign from offices. The caretaker committee had rejected the Court of Appeal ruling in Port Harcourt, Rivers State, which restored Senator Sheriff as the national chairman of the PDP and had since appealed against it at the Supreme Court. Since then, both sides had engaged each other in battle of wits, including media war, whilst trying to win the support of stakeholders of the party. But with the signing of an undertaking for ceasefire last Thursday, many party faithful heaved a sigh of relief that the crisis might be over soon. Adedayo, however, on Friday corrected the impression that they had resolved their differences with Senator Sheriff. He said they only signed agreement before the Governor Dickson Reconciliation Committee to stop further media attacks on officers, elders and other stakeholders

of the PDP across the internal political divide. He said what was agreed upon between their side and the representatives of the Sheriff-led PDP leadership was actually meant to stop them from dissipating energy on needless verbal attacks. Speaking to THISDAY on Saturday, he said although no such discussion had taken place, the court case could only be withdrawn after both parties had reached deal on settlement out of court. "No, we don't have to withdraw cases in court until everything is resolved. We can reach that stage when everybody has agreed to a solution and it is acceptable to all concerned and an undertaking to that effect is presented to the court. "Before then everything has to be agreed upon: all those that are expected to resign have resigned and an agreement deposited at the court. That is when the cases could be withdrawn but we have not gotten to that stage yet," he said. Adeyeye, a former minister under Jonathan, who claimed there were some other cases still pending in the courts, apart from the one at the Supreme Court, expressed the support of the caretaker committee to reconciliation process being pursued by the Dickson committee. On his part, the Deputy National Chairman of the Sheriff leadership of the PDP, Dr. Cairo Ojougboh said his side was very much open to peaceful dialogue, adding that all workable suggestions towards the proposed unity national convention would be welcomed. Ojougboh, who also spoke to THISDAY in a telephone conversation yesterday, reiterated that the party leadership would welcome the idea if aggrieved stakeholders agreed to embrace the political solution and withdraw from further litigations to enable genuine reconciliation take place.

T H I S D AY SUNDAY MARCH 26, 2017

MARCH 26, 2017 ˾ T H I S D AY, T H E S U N D AY N E W S PA P E R

SUNDAY COMMENT

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

INEC AND THE 2019 ELECTIONS The electoral body’s timetable may eventually bring order to the polity

wo years before the next general elections, the Independent National Electoral Commission (INEC) has released the timetable and its broad electoral vision for the country. It has fixed February 16, 2019 for Presidential and National Assembly elections while the Governorship and State Assembly polls are scheduled to hold on March 2, 2019. “The date engenders certainty in the election calendar,” said Mahmood Yakubu, INEC Chairman. “You know when the election will hold. So it enables you to plan. We are particularly interested in this because 2019 will be a year full of elections.” Except for a few complaints from some politicians who expressed misgivings that there were no consultations before the announcement, the new attempt to build confidence in the country’s electoral system was applauded by a broad section of the polity, across party lines. The early release of the timetable was considered a smart move that would help both the electoral body and the political parties in their preparations for the elections. It is the first time that INEC would be giving such a long notice thus creating room for little or no excuses. As to the charge of lack of consultations, both the law and convention are on the side of INEC which should be commended for being quick on the draw this time. The timetable for the 2015 general elections, for instance, was released in January 2014, barely a year before the election. At that period, many expressed dissatisfaction with the course of events and indeed the body polity almost boiled over when the authorities postponed the election for six weeks, citing security concerns. The new timetable is therefore a deliberate attempt to assist the political parties, security agencies and the electoral body

itself to put their house in order and perhaps to confront past fears.

It is time for the electoral umpire to think of holding all the elections in one day. The present arrangement of staggered elections are not only wasteful and time consuming, they do not necessarily guarantee free and fair polls

Letters to the Editor

S U N DAY N E W S PA P E R EDITOR TOKUNBO ADEDOJA DEPUTY EDITORS VINCENT OBIA, OLAWALE OLALEYE MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR KAYODE KOMOLAFE CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN

T H I S DAY N E W S PA P E R S L I M I T E D EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU, IJEOMA NWOGWUGWU GROUP FINANCE DIRECTOR OLUFEMI ABOROWA DIVISIONAL DIRECTORS PETER IWEGBU, FIDELIS ELEMA, ANTHONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTORS HENRY NWACHOKOR, SAHEED ADEYEMO CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI GENERAL MANAGER PATRICK EIMIUHI GROUP HEAD FEMI TOLUFASHE ART DIRECTOR OCHI OGBUAKU II DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO TO SEND EMAIL: ﬁrst name.surname@thisdaylive.com

ndeed, the current effort by INEC is not restricted to the 2019 elections alone but aimed at standardising the timetable for general elections in the country at all times as it is done in many other democracies. Since 1945 in the United States, for instance, the elections are held first Tuesday of November in an election year. Our neighbour, Ghana has similarly been doing same on December 7 of an election year for the past 20 years. To the extent that INEC is enabled to fix the date, within a stipulated period (not later than 30 days before handover date and not earlier than 150 days before handover date), the electoral body is resetting the electoral calendar in a manner that it can easily be predicted. “The implication is that you can predict when election would hold in the next 100 years and thereafter,” said Yakubu. Besides, INEC is striving to increase its credibility in the conduct of the 2019 elections. Last week, it announced the cancellations of manual transmission of election results from polling units for e-collation and transmission in all 120,000 units. The essence of the new platform, which it claimed has the ability to collate and transmit data across the country, is to check fraud and manipulation of results between polling units and collation centres. As we seek to enthrone transparent elections where the votes of the electorate will not only be counted but would count, INEC should be encouraged by all the critical stakeholders to give e-transmission a trial. Indeed, given our sad experiences since independence with the existing method of voting manually, there is no justifiable reason the electoral body should not go further by experimenting with e-voting, no matter how difficult it would seem to be. The use of card reader in the last election has shown very clearly that the more automated our electoral process, the more credible the outcome. There is sufficient time between now and 2019 for INEC to experiment with e-voting and make course corrections along the way. In addition, it is time for the electoral umpire to think of holding all the elections in one day. The present arrangement of staggered elections are not only wasteful and time consuming, they do not necessarily guarantee free and fair polls.

TO OUR READERS Letters in response to speciﬁc publications in THISDAY should be brief (150-200 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (950- 1000 words). They should be sent to opinion@thisdaylive.com along with the email address and phone numbers of the writer.

FCT AND ABANDONED PROJECTS

ecent efforts by the FCT Administration to complete all abandoned projects in the territory is another demonstration that governance is about setting priorities right. It shows that the current FCT Minister, Malam Muhammad Musa Bello, fully understands the dangers that the hydra-headed monster of abandoned projects portends to the country’s economy. Since independence, the problem of abandoned projects has been huge, preventing the masses from enjoying maximum benefit from their taxes and the established infrastructure. It is such that whenever a new government or administration comes into power, virtually all ongoing projects and programmes, no matter how laudable and people-oriented, are often stopped and abandoned. The number of abandoned projects in Nigeria today is alarming. Moreover, it has started affecting the

national economy disastrously. Every new government considers projects and programmes of its predecessors more as legacy and ideas rather than ways meant to improve the people’s well-being. For instance, the National Economic Empowerment and Development Strategy (NEEDS) of the Obasanjo’s administration was abandoned by Umaru Yar’Adua simply because it was seen as the legacy of Chief Olusegun Obasanjo. Yar’Adua’s seven-point agenda was replaced with the transformation agenda by Jonathan’s government even though Jonathan was part of Yar’Adua’s administration. Today we have the change agenda. We cannot move further with this trend of wastefully abandoning projects and programmes merely on the basis of prejudice, selfish desire, inferiority complex and extravagance. Some people argue the need to discontinue ongoing projects or programmes because those projects

were awarded to party men, political associates, friends and family members of the outgoing leaders, and they might not even possess any technical knowledge needed to run the projects. But at the same time, discontinuing these projects, especially the ones that have passed due process, means that no value has been added to the society at the end of the day. Amidst harsh economic reality in Nigeria, political office holders cannot afford to follow the trend of abandoning their predecessors’ projects for the people’s sake. This is why it gladdens the heart here in the FCT to see that such projects as the reconstruction and expansion of the country’s most modern 10-lane multiple carriage super highways: the Umaru Musa Yar’Adua (Airport Road) Expressway, and the Outer Northern (Murtala Muhammed) Expressway otherwise known as the Zuba/Kubwa/City Centre highway, are being pursued to

their logical conclusion by the current FCT Administration. Also the Abuja rail mass projects stalled for years now, the railway overhead bridges, the trumpet interchange at the airport junction by Bill Clinton Drive have been revived and are expected to be completed by the second or third quarter of this year. There is also the Circle Road around the Three-Arms zone which has been completed while B6 and B12 is currently witnessing rapid development. The stadium end of these roads have been completed and open to traffic including the underpasses from the National Stadium connecting the proposed Stadium Railway Station for huge population during sporting events. The FCT Minister has other laudable initiatives to his name that have been going on pari-pasu with the projects he inherited like the clean and green initiatives which seeks to address the problem of environmental pollution through aggressive tree planting, the

waste to wealth initiative that seeks to introduce waste recycling in Abuja, the rehabilitation of commercial sex workers, strict enforcement of traffic rules and blockages of sources of financial leakages in the system all of which are commendable. To ensure that the problem of abandoned projects does not continue to hinder our development, there is a need for laudable government projects, programmes and policies to be backed and protected by the national or state assemblies. These are the only ways a new administration would not be able to abandon them as they are backed by law. The government must curb the temptations or pressures to embark on new projects when so many remain uncompleted or abandoned. Desirable projects must be continued irrespective of whichever administration initiated them. ––Danladi Akilu, Gudu District, Abuja

T H I S D AY, T H E S U N D AY N E W S PA P E R Ëž RCH 26, 2017

SUNDAYNEWS

13 News Editor Ă&#x152;Ă&#x201C;Ă&#x2014;Ă&#x152;Ă&#x2122;Ă&#x2013;Ă&#x2039; Ă&#x2022;Ă&#x2122;Ă?Ă&#x201C;Ă&#x2013;Ă? E-mail: Ă&#x2039;Ă&#x152;Ă&#x201C;Ă&#x2014;Ă&#x152;Ă&#x2122;Ă&#x2013;Ă&#x2039;Ë&#x203A;Ă&#x2039;Ă&#x2022;Ă&#x2122;Ă?Ă&#x201C;Ă&#x2013;Ă?ĚśĂ&#x17E;Ă&#x2019;Ă&#x201C;Ă?Ă&#x17D;Ă&#x2039;ĂŁĂ&#x2013;Ă&#x201C;Ă Ă?Ë&#x203A;Ă?Ă&#x2122;Ă&#x2014;Ë&#x153; Í¸Î&#x20AC;Í¸ÍşÍťÍšÍšÍżÍžÍťÎ Ě&#x2122;Ă?Ă&#x2014;Ă? Ă&#x2122;Ă&#x2DC;Ă&#x2013;ĂŁĚ&#x161;

Ambode, Fashola Make up after Public Spat Gboyega Akinsanmi

Less than three weeks after they both disagreed publicly over issues of interests, the Lagos State Governor, Mr. Akinwunmi Ambode, and his predecessor, Minister of Power, Works and Housing, Mr. Babatunde Fashola, yesterday made up with renewed commitments to collaborate for the growth and development of the state. Ambode, who established the grounds for reconciliation admitted in his remarks that he was able to take off smoothly

with the business of governance in the state in the last 22 months because of the achievements of Fashola during his eight years reign as governor of the state. The governor said this at the GovernmentHouse,Alausa, during a courtesy call by Fashola, who had been going round the geo-politicalzonesinthecountry for project inspection. Fasholatooseizedtheoccasion ofthevisittopledgemoresupport and collaboration with the state, even as he brought Ambode up to speed on the activities of his three-in-oneministryinthestate.

Ambodesaid,â&#x20AC;&#x153;Wewanttosay that whatever it is that we have done in the last 22 months is just moreorlessthefalloutofthegreat achievements the former governor had already put in place. We have decided that we will carry on with a sense of continuity in all things that have been done. â&#x20AC;&#x153;I had always said that what we wanted was this continuity of the last 18 years. But ours is continuity with improvement. We are happy that all that has beendoneinthelast22monthsis justacontinuationofthetemplate theformergovernorleftbehind,â&#x20AC;?

he said. He therefore welcomed Fasholatothestate.â&#x20AC;&#x153;Onbehalfof thepeopleofLagosState,Iwould like to wholeheartedly welcome Mr. Babatunde Fashola, my predecessor and now Minister for Works, Power and Housing andespeciallybacktotheAlausa office,whereheactuallyleftabout 22 months ago. â&#x20AC;&#x153;This is a historic moment for us, notwithstanding that the minister lives in Lagos. This is the first time he is stepping his feetintoLagosHousesinceheleft officein2015.Weneedtohonour

him for his service to the state. We need to say a big thank you for coming back home.â&#x20AC;? The governor commended Fashola for serving Lagos and his people meritoriously, noting that his administration â&#x20AC;&#x153;has improved on the template already laid down during the previous administration. He explained that the sense of collaboration expressed by Fashola â&#x20AC;&#x153;is what we believe can take whatever it is that Lagos stands for forward. As you may be aware, Lagos is celebrating its 50 years of existence this year. â&#x20AC;&#x153;The last 18 years has been so dramatic and historic in terms of thegrowthanddevelopmentthat wehaveseeninLagos,commencingfrom1999,whenAsiwajuBola Ahmed Tinubu came into office and the eight good years spent by you and the two years we have done. So, obviously, there is a remarkable change between 1999 and now.â&#x20AC;? On his part, Fashola, now the Minister of Works, Power & Housing, pledged support and collaboration with the state, even as he give an insight into some of the things his ministry has been doing in the state. He disclosed, for instance, that Transmission CompanyofNigeria(TCN)could only supply Lagos State about 100 megawatts of power. He, however, said the power supply to the state was certainly not enough, noting that the federal government â&#x20AC;&#x153;is already expanding its transmission capacity to ensure the state had more power supply,â&#x20AC;? adding that most of the power assets in the country â&#x20AC;&#x153;are in private hands,â&#x20AC;? even though the federal government â&#x20AC;&#x153;has responsibility as regards the transmission.â&#x20AC;? He, therefore, added that the federal government â&#x20AC;&#x153;is working

with the generation companies (GENCOs) to improve service to Lagos State. Already, we are expanding the transmission capacity in Ayobo and Odonguyan, where a new contract was awarded by the Federal Government this year. â&#x20AC;&#x153;We have completed work on transmission at Alagbon. Last week, a damaged transformer was also restored to boost availability of power supply in the state. While coming here, we stopped at the Omotosho and Olorunshogo power stations, to access the performance of the facility. â&#x20AC;&#x153;The intention is to get more power in the country. As at this morning,thepowersupplycoming into Lagos is about 100 MW. That is certainly not enough. But we hope to improve on it.â&#x20AC;? Theministerpledgedsupport for the power initiative, which theAmbodeadministrationhad started, noting that the federal government â&#x20AC;&#x153;is ready to assist the state government especially towards the rural area. But we want it to happen in a regulated area.â&#x20AC;? He disclosed that the works ministry had already made representations to the Federal Executive Council (FEC) on modalities to pay debts owed state governments including Lagos State for rehabilitation of federal roads over the years, reiterating that â&#x20AC;&#x153;the debts will be paid.â&#x20AC;? He also gave an assurance that the federal government would refund the sum of N51 billion it owed the state government. He asked the state government to help establish the right of way on federal roads across the state, lamenting that trucks, businessmen and women had turned the right of way to their business zones.

Senegalese President Hails Buhari over Role in Jammehâ&#x20AC;&#x2122;s Ouster Omololu Ogunmade Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039;

FRIENDS NOW! R-L: Lagos State Governor, Mr. Akinwunmi Ambode, presenting an Eyo plaque to the Minister of Works, Power & Housing, Mr. Babatunde Fashola

during the Ministerâ&#x20AC;&#x2122;s courtesy visit to the Governor at the Lagos House, Ikeja...yesterday

Reprisal Attack Claims 5 Near Zaki Biam George Okoh Ă&#x201C;Ă&#x2DC; Ă&#x2039;Ă&#x2022;Ă&#x;Ă&#x153;Ă&#x17D;Ă&#x201C; In a reprisal attack by unknown persons at the weekend in Tse-Chia village near Kasar in Zaki Biam, Ukum local government area of Benue State, five persons have been reportedly killed. The attack is coming barely few days after some unknown gunmen invaded Zaki Biam town destroying the International Yam

market and killing over 50 persons. The latest attack, which occurred at about 1.00 a.m. on Saturday morning, is said to have left about five persons dead, though some locals have claimed that about thirteen persons were killed; even as Police authorities confirmed that only three persons were killed. A source in the area confirmed that three persons were burnt inside a house

while four flats were completely razed down. Benue State Police Public Relationsâ&#x20AC;&#x2122; Officer (PPRO) ASP Moses Joel Yamu, who confirmed the incident, said it was a reprisal attack. â&#x20AC;&#x153;What happened is that youths from Zaki Biam mobilised themselves and went on a reprisal attack in the area. They burnt down the house of one of the drivers of the gunmen who attacked Zaki Biam last Tuesday. Four

flats were burnt and three persons were killed. I want to urge the youths not to take the law into their hands but allow law enforcement agencies do their jobâ&#x20AC;?, Yamu appealed. THISDAY recalls that the Inspector-General of Police, Ibrahim Idris, had last week drafted some special squads of police officers to the Zaki Biam area to investigate and report on the killings and crisis rocking the area.

President Macky Sall of Senegal has thanked President Muhammadu Buhari for his intervention in The Gambian impasse, which led to the ouster of former President Yahya Jammeh and the installation of President Adama Barrow. Jammeh, who had lost the presidential election to Barrow lastDecember,rejectedtheresult after initially conceding defeat but leaders of the Economic Community of West African States (ECOWAS) insisted that

he must quit at the expiration of his term in January. He was eventually forced out. A statement yesterday by the Special Adviser to the President onMediaandPublicity,Mr.Femi Adesina,saidSallcommunicated with Buhari, saying, â&#x20AC;&#x153;thank you again for your support in The Gambia. May Almighty Allah give you greater health and energy to conduct the destiny ofNigeria.â&#x20AC;?Thestatementadded that the Senegalese president described himself as Buhariâ&#x20AC;&#x2122;s â&#x20AC;&#x153;younger brotherâ&#x20AC;? and prayed forhisgood health andwisdom.

RETRACTION In a report titled: â&#x20AC;&#x2DC;Association Threatens to Shut Down LBICâ&#x20AC;&#x2122;, in our online edition of September 11, 2016, certain remarks were wrongfully credited to the President, Association of Senior Staff of Banks Insurance and Financial Institutions (ASSBIFI), Lagos State Building Investment Company (LBIC) chapter, Saka Gbajumo. We hereby withdraw the entire report and apologise for whatever embarrassment such may have caused Mr. Gbajumo. Editor

Í°Í´Ë&#x153; Í°ÍŽÍŻÍľ Ëž THISDAY, THE SUNDAY NEWSPAPER

OPINION The Non-Oil Sector As a Game Changer The non-oil sector holds great promise in getting the country out of the woods, argues Hakeem Ogunniyi

igeriaâ&#x20AC;&#x2122;s export trade in the 1960s was fuelled by the agro-industry, constituted mainly of cocoa, groundnuts, rubber, palm oil, palm kernel, beniseed and copra. Nigeria also exported tin ore and columbite. Then agricultural exports were practically the countryâ&#x20AC;&#x2122;s main sources of foreign exchange while the sector was the bedrock of the nationâ&#x20AC;&#x2122;s economic growth and development. There was also heavy dependence on revenue from taxes on those exports by government. However, the â&#x20AC;&#x2DC;70s saw a persistent growth in oil export with a consequent decline in non-oil exports. This came to a height when a boom in the global price of oil brought tremendous fortunes to the nation. By 1986, the nationâ&#x20AC;&#x2122;s non-oil exports share had dropped below five per cent from about 65 per cent in the â&#x20AC;&#x2DC;60s, following the sectorâ&#x20AC;&#x2122;s long period of neglect even as revenues from oil plunged as a result of drop in global prices of the commodity. Then it became very clear to any discerning mind that Nigeriaâ&#x20AC;&#x2122;s over-reliance on oil exports as a major revenue earner was no longer sustainable. Efforts geared towards diversifying the economy, reviving the agricultural sector and exploring the non-oil sector of the economy have been on for decades, since the fortunes of oil took a turn for the worse in the â&#x20AC;&#x2DC;80s. There had been schemes and programmes such as â&#x20AC;&#x2DC;Green Revolutionâ&#x20AC;&#x2122;, â&#x20AC;&#x2DC;Operation Feed the Nation,â&#x20AC;&#x2122; and entrepreneurial drive through the creation of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAM) as well as a number of development plans by successive administrations. Unfortunately, these lofty programmes failed to achieve the aim for which they were established and the programmes could not reverse the economic fortunes of the country. The present economic realities such as the tailspin in the global price of oil, scarce forex reserves and acute inflation have, more than ever before, made the Nigerian government and its citizens realised the need to stimulate the non-oil sector of the economy. Interestingly, this effort is not limited to only the agricultural exports but also other non-traditional exports. Experts are of the opinion that government has a critical role to play in providing the enabling environment for all the stakeholders in the non-oil sector and for every Nigerian to galvanise their productive energies to address the current economic challenges. To this effect, the federal government recently made a number of reviews in its policies and legal frameworks of some economic activities in the non-oil sector as well as providing incentives for stakeholders. The Finance Minister, Mrs Kemi Adeosun, Septem-

ber last year announced the planned re-introduction of the Export Expansion Grant (EEG) so as to stimulate exports and ultimately boost foreign exchange earnings. The scheme, which was introduced by the federal government in 1999 to encourage non-oil exports and cushion the effect of cost disadvantages faced by Nigerian exporters, was rested in 2014 following reports of its abuse. Another commendable incentive is the 10-year tenor export stimulation facility provided by the Central Bank of Nigeria (CBN) at nine per cent interest rate. It is designed to fast-track access to N500 billion Export Stimulation Facility (ESF) for companies in the export segment of the nationâ&#x20AC;&#x2122;s economy under the new guidelines released by the CBN. It is expected to increase funding support and stimulate investment in the non-oil sector. Also, the Finance Ministry only a few months ago took measures to encourage import substitution by hiking import duties on products, particularly consumables, which the nation has the capacity for manufacturing locally, from 20 % to 60 %. Some of the products listed are consumables like rice, sugar cane and salt; alcoholic spirit, beverages and tobacco. This policy can potentially boost local patronage and enhance value addition to the nationâ&#x20AC;&#x2122;s agricultural and mineral sectors which provide the raw materials base for industries. Data released recently by the Manufacturers Association of Nigeria (MAN) indicated that the food,

As policymakers continue to think outside the box on how to review and strengthen existing business policies and regulatory frameworks in order to stimulate the non-oil sector, boost the nationâ&#x20AC;&#x2122;s GDP and increase employment opportunities for the citizenry, it is important for government to first of all invest in critical infrastructure such as power, the hub around which every modern-day industry revolves

beverage and tobacco sub-sector sourced 67.5 % of its raw materials locally in the first six months of 2016 as against 64.73 % in the corresponding period of 2015. Therefore, if MAN can recommend the backward integration model of the British American Tobacco Nigeria (BATN) and few other multinationals incorporated in Nigeria for its members, perhaps the percentage of locally sourced raw materials would rise above that. Another economic activity which has huge potential for export and foreign exchange earnings is mining. In August 2016, the Federal Executive Council approved a road map for the mining sector which is aimed at boosting the contribution of mining to Nigeriaâ&#x20AC;&#x2122;s GDP. At an Economic Summit last year, Minister of Solid Minerals, Dr. Kayode Fayemi and the CBN Governor, Godwin Emefiele, observed that the potential in the solid minerals sector offers great prospect for diversification of the economy and foreign exchange earnings. Dr. Fayemi assured that there was no legislation in Nigeria prohibiting state governments from engaging in mining activities, notwithstanding that it is in the exclusive list. He urged state governments to establish special purpose vehicle (SPV) to apply for mining licenses. Interestingly, recent reports indicate that the reform in the mining sector has already elicited keen interest from multinationals in the industry. There are at least 44 known minerals, mainly gold, iron ore, bitumen and others, which have been identified for commercial production. In 2015, a report by the Nigerian Extractive Industries and Transparency Initiative (NEITI) stated that there are about 40 kinds of solid minerals of various categories waiting to be exploited. Nigeriaâ&#x20AC;&#x2122;s homegrown film sector, Nollywood, stands as a shining example of an industry that was grown and nurtured from the scratch by individual creativity and hard work. In 2014, it was identified as one of the key industries which boosted the countryâ&#x20AC;&#x2122;s GDP to $510 billion, accounting for about 1.4 % of the revised GDP figures and making it Africaâ&#x20AC;&#x2122;s largest economy after it was rebased. As policymakers continue to think outside the box on how to review and strengthen existing business policies and regulatory frameworks in order to stimulate the non-oil sector, boost the nationâ&#x20AC;&#x2122;s GDP and increase employment opportunities for the citizenry, it is important for government to first of all invest in critical infrastructure such as power, the hub around which every modern-day industry revolves. No doubt, it has become more evident now than ever that the non-oil sector holds great promise in helping Nigeria emerge from its current economic malaise and grow sustainably. â&#x20AC;&#x201C;â&#x20AC;&#x201C;Ogunniyi wrote from Lagos.

Fixing A Better Life for The Aged TheWonderGeriatricCentreatUCH,IbadanisevidencethatTonyAnenihcouldfixthingsbeyond politics,writesFolu Olamiti

hough the processes of growing, maturing and dying are natural phenomena, yet the fear of managing old age marks the beginning of wisdom for many mortals. And the fear is not misplaced. Growing old is indeed scary. With my experience seeing my beloved parents growing old, and with me also climbing the age ladder gradually, I can confidently attest to the fact the process is very scary. In fact, to enjoy old age, one needs the grace of the Creator; God. First, you wake up one day and you suddenly realise that you are 50; and you begin to notice funny changes in your physiognomy, as well as your internal structure. The changes may begin with some twitting pains at your joints, knees and waist. At first, you may be thinking it is as a result of those long hours at work or stressful activities you subjected your body to. Then, you resort to selfmedication, swallowing all sorts of pains-relieving tablets. Yes, they worked but just for a brief period. And, pronto, the pains are back! You may be lucky to manage off and on pains in your 50s; but when you hit 60, it becomes a different ball game. At this age, the bones are becoming weaker by the day; the eyes are getting dimmer and giving you all kinds of problems. You may either not be seeing well or you start seeing cobwebs. A check at eye clinic may reveal early symptoms of glaucoma or cataracts. If you are lucky, you may get the reprieve of recommendation for reading and sight glasses. If you are not, it may be the beginning of a life-long treatment for glaucoma; a degenerative eye disease dreadfully termed the â&#x20AC;&#x2DC;Big Gâ&#x20AC;&#x2122;. It is dreadful because glaucoma is a silent thief of the sight. Again, from 60, you may be finding it difficult to flush urine out of your bladder. A check may reveal what your doctor may diagnose as prostate problem; either the benign form or beginning of prostate cancer. Unknown to many, especially men, no one is immune to prostate problems. In fact, from age 40, doctors recommend periodic checks of the bladder. From 70, you are on your own. If you fall into the category of those with rough life styles, your bones may start getting brittle, your movement may begin to wobble; and you may begin to feel as if you are railing against gravity. Then, if you are unlucky, something may happen and you are confined to wheelchair. But for those who manage aging with regular exercises and periodic medical checks, those who manage to keep their elements intact, there may be not

much to fear. Indeed, this special breed are usually still healthy and mentally alert enough to hold public offices and perform well. The most damaging and frustrating aging problem is dementia -a severe impairment or loss of intellectual capacity and personality integration due to the loss or damage to neurons in the brain. Itâ&#x20AC;&#x2122;s so devastating that it often makes its victims vegetable and deletes their memories. The victim neither remembers anything nor recognises even his or her children and grandchildren. Though he can see, his brain is blank. I have gone this far in my narrative so that you, my dear readers, can understand what lies ahead even as we pray for long life. I can tell you that it is not cheap to manage an aging body. Old age comes with a heavy price. You may be lucky to have health insurance but those who do not often pay through their noses. Those who are lucky to have children abroad who help them to cope with and manage old age-related issues still have some problems to contend with. They complain of feeling homesick and, in some cases, not getting the right treatment. At a point in my life, I could no longer afford the soaring cost of medical checks abroad. It was at this point that someone introduced me to Chief Tony Anenih Geriatric Centre at the University College Hospital, UCH, Ibadan. I was driven to the centre by my niece, Dr. Atinuke Akinmoladun. Behold, it was a sight to behold. I started seeing familiar faces of retired vice- chancellors, professors drawn from virtually every part of the country, aged politicians, businessmen, clergymen and aged peasants of all sorts. Some could barely walk and were in wheelchairs. The environment was sparkling, made beautiful with wellmanicured gardens, gardens brimming with aromatic flowers. Everything the aged needed was provided. It is optional to bring your aides for assistance. The centre provides for uniformed aides to move you around and attend to all your needs for a token. Professor Ben Humphrey could not hold his excitement. He said: â&#x20AC;&#x153;This is the best thing to have happened in Nigeria. I have spent all my life savings abroad for yearly medical check-ups, some of them routine, before I learnt of this centre two years ago. I am getting, here, twice the attention I was getting abroad.â&#x20AC;? Mama Adewole , mother of Nigeriaâ&#x20AC;&#x2122;s current Minister of Health, was full of praises for the doctors and nurses: â&#x20AC;&#x153;They are just

wonderful,â&#x20AC;? she enthused. â&#x20AC;&#x153;I am getting the best of treatments here. Iâ&#x20AC;&#x2122;m tired of exposing myself to the biting cold abroad, and the fact that you are always by yourself whenever my siblings go to work. You are home alone.â&#x20AC;? Chief Anike Agbaje-Williams, veteran newscaster, jokingly said: â&#x20AC;&#x153;You can see Iâ&#x20AC;&#x2122;m regaining my youthfulness. Knowing this place is a big blessing. It saves me the millions of naira usually expended travelling abroad for medicare.â&#x20AC;? Pa Joseph Adebara, a 90-year-old grandpa, has this to say: â&#x20AC;&#x153;May the Lord bless the founder of this centre. I gave up hope of living a year ago when I asked my children to start preparing for my funeral. But they said, No way! And, they wheeled me to this centre. Now, Iâ&#x20AC;&#x2122;m on my two legs, walking unaided! Not only that, the founder of this centre gives me a yearly gift of new dresses. He gives not only me but to all the patients.â&#x20AC;? Upon investigation, I learnt that the centre is the brainchild of the politician popularly known as â&#x20AC;&#x153;Mr. Fix Itâ&#x20AC;?, Chief Tony Anenih. The man had hitherto been fixing virtually every political jigsaw in Nigeriaâ&#x20AC;&#x2122;s current democracy but at some point, he decided to fix better life for the aged. I give him kudos. He deserves a big applause from all well-meaning Nigerians. I equally learnt that he started ploughing back the seeds realised in politics to build this centre to cater for the aged way back in 2012;and from then, he has never looked back as he keeps the centre going with regular funding; and he does so single-handedly. Chief Anenih picks the bills on anything and everything that has to do with the centre. He sets up a Social Health Insurance Scheme for all the clients at N18,000 annually, which gives the beneficiaries access to health care of up to N500,000 yearly. Here, fees payable for clinical services are pegged at 50% of normal hospital fees. What is more, the centre is the first and only training hub for geriatric medicine under the Faculty of Family Medicine, and the first purpose built geriatric centre in Africa, and has become a model for Africa and parts of Europe. The services offered include: general clinical services, surgical services, ophthalmic services, geriatric psychiatric services, memory loss clinic, family life style, dental services, rheumatology services, medical school services and physiotherapy. â&#x20AC;&#x201C;â&#x20AC;&#x201C;Olamiti, Media Consultant, wrote from Abuja.

T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ MARCH 26, 2017

LETTERS Where Does Our Priority Lie?

he way things are going one begins to wonder where our priority lies or what is left to actually motivate one. Strings of events being broadcast have made the television useless because every news item is enough drama. In fact, what is left is a box of popcorn while viewing and I don’t know if it is only me who feels this way. I begin with the senate drama with the ComptrollerGeneral of the Nigerian Customs Service. “When did wearing a uniform or not become one of Nigeria’s problems?” Our focus on ceremonial duties instead of the constitutional ones never ceases to baffle me. If the senate gave half as much time and attention they are giving this uniform issue (and other trivial issues) to the many problems that have caused the retrogressive nature of the Nigerian economy, maybe we will not be where we are right now. I am sure we as a nation would have moved further even if it is just by a step. What baffles me most is the suspension of his proposal of a new policy to the House until he is fully regaled in ‘his uniform’. Please, how do we benefit from Mr. Hameed’s wearing a uniform? If the senate monitors the individual performance of the senate members and refused them

Ali

entrance into the house until they did what was right, Nigeria would have been better off. Is the senate forgetting that this man did not become a custom chief until 2015? In fact, what we should be worried about is if he even knows what is required of him and if he is able to carry out his duties appropriately. The senate has argued that he is supposed to be an exemplary figure to other customs officers. They forget that when there is a problem with the head, all body parts are affected. “The head” in this context is President Buhari and his decision to make a

retired colonel the Comptroller-General of a sector such as the Nigeria Customs Service. Should it surprise you if he says ‘I don’t like the uniform’, I am tempted to make a comparison with an old man who has written with his right hand all his life now forced to write with his left hand. Was there no ‘good example’ among the thousands of custom officers in the system worthy of emerging the comptrollergeneral? It’s the second week of this unfortunate drama, the second week of giving prominence to a baseless issue while real issues plaguing the

country are left pending like the court cases of most House of ‘representa-thieves’ Away from politics, the whole Apostle Suleiman and Aunty Stephanie shebang and the stain on religion is a really delicate one and I do not know where to start from. It is like when two children are caught fighting and each blame the other party for starting the fight. You just stand there not knowing whom to believe. Aunty Stephanie has come out to say she has video and pictures to prove all her allegations. This is not the first time, maybe not the last that a religious leader is blackmailed and as well it is not unheard of for a minister to have unholy sexual escapades with his member. I might have a definite stand on this issue if there wasn’t a twist to it. On Sunday, a lady with the Facebook profile name “Yahweh Yesha Ace” came out to say that she had suffered such fate from the same man of God. This got me dumbfounded; the man who said “in every rumour there is an iota of truth” must be wise. This is the kind of movie, where you sit with your popcorn in hand silently watching and awaiting the climax. I am most certain that only time can reveal the truth. After all, nothing is hidden under the sun. Moving from serious

THE RISING SUN AND UMAHI’S MAGIC

ecently as I drove casually along the not-so-busy streets of Abakaliki, I marvelled at how much more cars graced the refurbished roads. During my school days, there were fewer people, fewer businesses, fewer cars on the roads, and the hustle was there but it was mellow, unlike the crab-like hustle you feel, see and smell in Onitsha or Lagos. Another thing struck me: the number of brand new cars plying the roads, the young mothers leisurely driving to meet up with school runs, the number of young father’s dressed professionally in suits picking up their young children from school lessons to get them home, have a quick lunch and then dash back to the office just in time before lunch break is over. A lot has really changed in my home state. Real estate in this once sleepy civil service town is on the rise. Everyone is looking to buy, build, refurbish, sell, develop, and whatever one can imagine. All in all, the once sleepy town has awoken to the fresh and vibrant opportunity that lies within. Young people are no longer in a hurry to flee the coop as we had once done in the past. I recall in the early 80s and 90s, we couldn’t wait to pack our bags and bid the dusty- red -earth Igbo speaking populace a hearty farewell for a holiday trip to a favourite relative in the west or north. All that has

changed. Through audacity, far-sightedness and an ability to hold its nerve through financial crash, Abakaliki people have created a futuristic mega city, from the Abakaliki dust to what has now become a tourist draw in the South-east. Abakaliki has sought to transform itself from a little satellite town to an investment and tourism hub. Today, she seems undeterred by the bumpy ride and continues to wax stronger, with a dozen mega projects underway to wow the hordes of visitors trickling into the virgin city. As excitement mounts in the day time, wait till nightfall. As soon as the lights flick on in the salt city, you’ll be completely astonished by the exquisite transformation in the metropolis. This serves as a cue to the ceaseless night activities that invite pleasureseeking strollers. The state is brimming over with fantastic changes. After crowning the city with twin fly over bridges that dazzle the onlookers, the state government is still bent on turning the town to a cosmopolitan society with a wide range of attractions. If you haven’t been here, you really do need to give it a shot. Someone I know was transferred here many years back, and he almost died from anger and resentment. Now, you couldn’t pay him to move his family back to Lagos. Life is easier, has more quality to it, you live in a more comfortable place for less, kids are in good schools, you actually

have time to mind the kids, and oh, you sure can have fun. Abakaliki has joined the league of delightful cities, a far cry from what obtained in the past. Just few years ago, calling someone an Abakaliki man was equivalent to calling him a northerner. Every available indices at that time showed that Abakaliki people lagged behind, and in fact, in literacy levels, they were the worst in the whole of southern Nigeria. Ebonyians made up of old Enugu (Abakaliki zone) and old Abia (Afikpo zone) were victims of marginalisation in their old states. This was the main aim of the agitation for state creation. Government impacts were not felt in the old Abakaliki zone. Our entitlements were taken by our oppressors. This made us stagnant in terms of material and human development. A lot of scholarship opportunities belonging to us were traded to the highest bidder. Our job chances were sold, given to other people, while we were branded nitwits and laggards. Today, we seem to be breaking through those negative opinions and continuing to make amazing progress in all facets of life. With what is obtainable in Ebonyi today, even Anambra may be overtaken by the sprightly young state in a couple of decades. The next generation of Ebonyians will move with supreme confidence, youthful exuberance and joyful pride

among their contemporaries. Tongues will wag, mouths will drool and eyes will widen at the visible changes occasioned by the tonnes of architectural wonders dotting the state. The journey would be slow and steady. Abakaliki may hit notable snags over the coming years but she won’t be deterred. And never will be. The Umahi-magic has paid off big. We have joined the realm of elites in all the magnificence of that term. Disciplined by childhood of deprivation, Governor Umahi has brought into governance a responsible financial management and a frugality that many consider crippling. His thirst for infrastructure and modernity might be mocked today by a cynical populace of sadists but posterity would judge him fairly, and delight in his achievements. Generations will sing his name like a favourite song. And history will appropriate him a well-deserved space. Now I understand why the cars on the roads have grown in numbers, why new and modern buildings are springing up, why I see a lot of younger people behind the wheels and the old spectacle-wearing retirees slowly moving along while you time behind them with all your youthful impatience because the road ahead is free and you are late for your engagement. It’s the Umahin magic. Ekubaroha is working! ––Philip Nweze, Abakaliki.

matters, my next stop is Big Brother Nigeria. I have been itching to say something about the continued condemnation of the television reality show. It is understandable that it breaches the moral code of our highly religious country but why do we not have an answer for the question: “Is this the first programme where sexual related activities are promoted?” There are myriads of Nollywood movies that promote subtle and obvious forms of immoralities and we vote the actors and actresses who engage in the act as best this… best that…. Why have we closed our eyes and shut our mouths to condemning these movies and remember BBN? BBN is just on a channel, leaving you with other

channels so you can leave interested Nigerians to watch. The irony of the situation is that there is no moral code in our country. It is paradoxical that a huge number of those who complain about these activities engage in them as premarital sexual activities seem like a norm; the Nigerian youth do not need BBN to teach them sexual corruption. It’s like telling a professor of mathematics that one plus one equals two; those whose moral stand are still intact, my advice is: instead of shouting against BBN and giving it more publicity, why not ensure that you and your household serve the Lord by making sure no one watches it in your home? ––Opetu Ebibote, Ibadan.

POTENTIAL OF ENERGY RECOVERY FROM WASTE

n the last three weeks, I have attended five workshops and stakeholders’ events around power generation in Nigeria. Unfortunately, none discussed the potential for energy recovery from waste in Nigeria. My article entitled, ‘Poor Waste Management as Nigeria’s Bane to Achieving Sustainable Development Goals (SDGs)’ published last year highlighted how poor waste management could impede Nigeria’s achievement of goals three, seven, 11 and 13 owing to growing amount of waste that ends up in poorly managed dumpsites. Global estimates indicate that about 70 per cent of solid waste generated is disposed in dumpsites and landfills with 19 per cent recovered through recycling or composting and the remaining 11 per cent converted to energy using different energy recovery technologies. In Nigeria, over 90 per cent of non-metallic solid waste collected ends up in unsanitary dumpsite. As frequent as possible, these dumpsites are set on fire to reduce the volume of waste; disrupting ambient air quality and releasing dioxins, furan, etc., and heavy metals like Mercury and Lead. These pollutants have long-term health consequences including cancer; liver problems and impairment of the immune system. In addition, the biodegradable fraction of waste forms leachate which seeps into and contaminates ground water. Furthermore, data shows that the disposal of large amount of waste in landfills and dumpsites accounts for about five per cent of total global greenhouse gas (GHG) emissions and 12 per cent of the world’s methane (CH4) emissions; a GHG that is 23 times more potent than carbon dioxide. Thus, with waste generation projected to increase with growing population and changing consumption

patterns in Nigeria, current poor waste management practices can only translate to more environmental and health challenges. But thanks to science, there are technological options available to minimise aftermath release of pollutants and GHG emissions from waste. These include recycling, composting and energy recovery. The latter being the focus of this piece. Energy recovery otherwise called energy-from-waste or waste-to-energy involves the combustion of waste in a controlled chamber to produce electricity and/or heat. Energy from waste technology reduces the overall GHG emissions by as much as 80 per cent in comparison to waste disposal in dumpsites and reduces to the barest minimum release of pollutants. In fact efficient energy recovery is considered as recycling. Global EfW market is projected to grow by about 50 per cent from 25.3 billion in 2013 to US$37.6 billion by 2020. In 2015, it was estimated that the over 2,200 energy from waste plants across the world processed about 280 million tonnes of waste, a 45 per cent increase from 2010 estimates of about 192 million tonnes processed. Countries like Sweden, France, Denmark, Netherlands, Switzerland, and Japan currently incinerates (for energy production) over 50 per cent of solid waste that is not recycled, thus, reducing the amount of waste that ends up in landfills to as low as four per cent of the total waste generated. In January, Cape Town, South Africa opened the first large scale energy from waste plant in the city of Athlone to improve the city’s electricity generation mix and security, reduce waste to landfills in Cape Town by 10 per cent and create about 80 full-time jobs alongside hundreds of indirect jobs. ––Emmanuel Unaegbu, Abuja

THISDAY, THE SUNDAY NEWSPAPER Ëž Í°Í´Ë&#x153; Í°ÍŽÍŻÍľ

INTERNATIONAL The Communist Party of China Central Committee and â&#x20AC;&#x2DC;Democracy in Crisis: Plights and Solutionsâ&#x20AC;&#x2122;

n preparation for the 19th Congress of the Communist Party of China, the ruling party and highest authority, the International Department of the Communist Party of China Central Committee (CPCCC) invited to Beijing 15 people with various educational and professional background to constitute what it called a â&#x20AC;&#x2DC;Delegation of Think Tanks of Developing Countriesâ&#x20AC;&#x2122; to acquaint them with current development efforts in the country and to also exchange ideas on their challenges, and especially on how to deal with the question of â&#x20AC;&#x2DC;Democracy in Crisis: Plights and Solutionsâ&#x20AC;&#x2122;. The CPCCC appointed Berhane Gebre-Christos, an Ethiopian and Special Envoy of the Prime Minister of Ethiopia with the Rank of a Minister, the Head of the Delegation. This appointment is quite interesting because the members of the delegation are not from the same countries. Mr. Augustin Hamad Ngom and Ms. Ndeye Ngom are nationals of Senegal. Stephen Plaatjie and Alex Mashilo were from South Africa. Bola A. Akinterinwa and Owei Lakemfa are Nigerians, etc. All these people were members of the delegation. What makes the issue of appointment of a head of delegation important for everyone is that, in official protocol, when a head of delegation speaks on behalf of his or her delegation, no one can speak thereafter unless specifically required to do so. However, the appointed head of delegation, without any shadow of doubt, spoke in general terms to accommodate the viewpoints of other members. And to a great extent, it was okay. The meeting of the think-tank began on Tuesday, 21st March and continues until Sunday, 2nd April, 2017. Visits to high-level officials and leading Chinese organisations, as well as discussions on several issues, were planned. They included party building and appointment system of the CPC, anti-corruption and the international cooperation of the CPC, communications with the Shandong Provincial Party School and the Shandong University, e-commerce and study activities of the Standing Committee of the Local Party Committee, and organised visits to the G20 Hangzhou Summit site, the Great Wall, the Forbidden City, China Road and Bridge Corporation, as well as the Hua Wei Corporation. But, of all the visits so far, the cases of the Hua Wei (meaning Chinese/Chinaâ&#x20AC;&#x2122;s Achievement/future) and the China Road and Bridge Corporation were quite noteworthy, especially in terms of the high levels of their achievements. On Last Friday, 24th March, the Wanshou Forum focused attention on the plights and possible solutions to the problems of democracy in crisis. Intrinsic in this topic are four analytical challenges: democratic system, democratic system in a crisis, the difficulties encountered during the crisis, and the possible outlets or ways out of the crisis. In other words, the challenge is not simply about addressing the issue of a democratic system. The democratic system in question has to be in a crisis and not necessarily in a conflict situation for it to qualify to be analysed. In this regard, it is useful to also note that in polemology, a conflict is first preceded by a crisis during which all non-violent efforts, and particularly diplomatic negotiations, are undertaken. It is only when such efforts are not fruitful that there can be movement upward to the level of conflict in the continuum of violence. And when a democratic system is in crisis, several challenges cannot but be created and unavoidable because there is no system of government, be it democratic, autocratic, or otherwise, that is not ridden with conflict of interest. If we admit of this observation, does it then mean that there is no way out? If there is, what then is the possible outlet or solution? Additionally, in an attempt to provide possible answers, it is equally relevant to ask the extent to which the possible outlets can exist outside of the global framework. For instance, Andrew J. Nathan and Andrew Scobell have noted that â&#x20AC;&#x2DC;China is now so deeply integrated into the world economy system that its internal and regional priorities have become part of a larger quest: to define a global role that serves Chinese interests but also wins acceptance from other powers.â&#x20AC;&#x2122; In the same vein, other scholars have said that, while â&#x20AC;&#x2DC;Chinaâ&#x20AC;&#x2122;s relative power has grown significantly with its economic rise, its foreign policy remains defensive in nature: destabilising influences from abroad, avoiding territorial losses, and sustaining economic growth.â&#x20AC;&#x2122; Thus, there are strong linkages between the domestic and external aspects of the subject matter. How did the Washou Forum look at the issues of democracy and anti-corruption in China, especially from the perspective of psychology of human differences?

VIE INTERNATIONALE with

Bola A. Akinterinwa Telephone : 0807-688-2846

e-mail: bolyttag@yahoo.com

itself. Bola A. Akinterinwa argued to the contrary: democracy is neither the crisis nor is capitalism in crisis. In his eyes, it is the mania of conducting and managing democracy, as well as capitalism, that has been the major issue and source of whatever crisis or crises that exist and that needed to be addressed. For examples, he argued that it was not the majority that directly elected Donald Trump but the minority through the framework of the Electoral College in the US, in spite of the fact that Hilary Clinton who lost the election won the popular vote with over three million votes more than that of Donald Trump. In Burundi, he recalled that the democratic lull was prompted by a controversial interpretation of the new 2005 constitution of the country. In fact, the sit tight politics in many African countries (Zimbabwe, Equatorial Guinea, etc) is not traceable to bad or good democracy but to the whims and caprices of the manipulators of democratic ethos. Several suggestions were also made in terms of way out of the problems. They included the need for good, if not better, governance which should underscore the creation of new jobs, underscore greater investment on education and planning, and remove inequality in the society. In fact, it was suggested that it was not a democratic government that was needed but a good government. In general, the Director General of the International Department of the Communist Party of China Central Committee expressed much happiness about the outcome of the paper presentations and general discussion. He underscored the aspects of in- depth analyses, divergent opinions on the theme, passion with which the issues were debated, and perhaps, most interestingly, and the general consensus reached: that democracy is a desideratum; no one size fits all; democracy cannot be used or reused by force. It must be allowed to evolve; democracy must not only be seen as a process or procedure, but also as a means and outcome.

One Truth about Democracy in China

Chinese President, Xi Jinping

The ConďŹ&#x201A;icting Perspectives The Wansou Forum, a major feature of the two-week meeting, focused its main attention on â&#x20AC;&#x2DC;Democracy in Crisis: Plights and Solutions.â&#x20AC;&#x2122; The forum took the format of a symposium as virtually all the 15 speakers addressed the common theme but using different countries as case studies. Consequently, several and different issues were raised at the level of plight and challenges: it was argued that any type of democracy that cannot satisfy the needs of the people, particularly in terms of better living, is, at best, meaningless. Even though democracy was the main issue in the 20th century, global freedom is, however, believed to be on the decline as from 2015. In France and Italy, it has been difficult to have a balanced budget since the past thirty years. Allocation of resources in Lebanon is largely impacted on by globalisation and technology. The year 2016 was seen as a watershed in the history of democracy, especially with Brexit in the United Kingdom and election of Mr. Donald Trump as the 45th President of the United States. Some participants argued that Brexit and Donald Trumpâ&#x20AC;&#x2122;s election marked the end of liberal democracy and some others argued to the contrary. There was agreement, however, that illiberal democracy is now on the increase. Professor Li Zhen, Director of Chinese Public Administration Society, explained that democracy is essentially about certainty and that the capitalist democracy has now become uncertain and unpredictable. Uncertainty exists at two levels: elite and the common people. At each level, there are also the leftist and the rightists. All of them are now in a combat with one another. China, he further argued, is the only country where democratic certainty can be said to exist simply because the Government maintains a balance between the elite and the people on the one hand, and between rural areas and urban cities, on the other. More significantly, is it democracy or capitalism that is in crisis? Stephen Plaatjie from South Africa believed that it is capitalism and not democracy. He argued that democracy is even the main crisis

The type of political system adopted by a State is not where the problem lies. It is in how the system is operated to deliver dividends of democracy. Put differently, how the attendant challenges of a particular governance model are managed to best harness its strength for the beneďŹ ts of the people is what is of paramount importance. Consequently, if the Communist Party of China (CPC) is to sustain its governance brand and remain relevant in global politics, it must ďŹ nd a way to address the crisis of universal conceptualization and acceptability of its governance model

Grosso modo, a democratic governance system is regarded as a global model, only if it is universally acceptable to a level where other nations will be confident enough to want to adopt it in their societies. But this is not the case with China. Chinese model of political governance is at variance with the widely acceptable and clearly conceptualized model of democracy in the west, thus making a globally acceptable conceptualization of the Chinese political system a major issue in global discourse. Without iota of doubt, democracy in China is peculiar to China. The adoption of a peculiar democratic system is consistent with the national identity that the Government of China wants in order to maintain originality of purpose in any aspect of Chinese lifestyle. In fact, many observers hold the belief that the success and much progress made by China is largely traceable to its insistence on national identity. Owei Lakemfa, in a private discussion with me, has argued that Africaâ&#x20AC;&#x2122;s development setbacks are partly because of loss of identity. The colonialists wiped away whatever Africa stood for, and therefore, the people had to begin again with a new imposed lifestyle. Every powerful country or group of countries always wants to impose its culture on others, and often with a caveat that all those who accept are civilised while those refusing to accept it are considered uncivilised. And true enough, China resisted any external imposition and has always adopted a Chinese mania in doing its own things. Consequently, in the eyes of the West, Chinaâ&#x20AC;&#x2122;s democracy is not civilised in concept and design, and therefore unacceptable. But most unfortunately, all known political governance systems in the world currently experience diverse difficulties and crises that are peculiar to the values and traditions of such societies and the Peopleâ&#x20AC;&#x2122;s Republic of China cannot be an exception. This necessarily raises questions on which democratic system is civilised, more civilised and which one is not. It is only reasonable that the model of political system adopted by any state should be informed by the traditional and cultural heritages of the state, as well as be easy to operate in order to deliver on the shared aspirations of the generality of its citizens, even if it is different in character from what obtains elsewhere. More important, the difficulties and outlets of any given democratic system in a crisis situation are largely a resultant from its immediate cultural background and environmental conditionings, and therefore, multidimensional in scope, complicated in implications and largely driven by factors of globalisation in the quest for an enduring solution. In this regard, for instance, it was thanks to the 1989 Tiananmen Square democracy unrest, at the domestic level, and the politics of glasnost and perestroika in the former Soviet Union and which eventually led to its demise, that prompted the Communist Party of China to â&#x20AC;&#x2DC;undertake systematic assessments of the causes of regime collapse and institute intra-party reform in order to avoid a similar fate.â&#x20AC;&#x2122; The type of political system adopted by a State is not where the problem lies. It is in how the system is operated to deliver dividends of democracy. Put differently, how the attendant challenges of a particular governance model are managed to best harness its strength for the benefits of the people is what is of paramount importance. Consequently, if the Communist Party of China (CPC) is to sustain its governance brand and remain relevant in global politics, it must find a way to address the crisis of universal conceptualization and acceptability of its governance model. (See concluding part on www.thisdaylive.com)

T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ MARCH 26, 2017

BUSINESS

Editor Vincent Obia Email vincent.obia@thisdaylive.com (08054681757)

QUICK TAKES Naira Gains Again

The naira is likely to strengthen further on the black market as the Central Bank of Nigeria continues its interventions in the foreign exchange market. According to currency analysts and economic experts, the naira will record further gain in the coming days as the CBN aims to narrow the gap between the oﬃcial and parallel market rates. The naira strengthened to 385 to the dollarontheblackmarketonThursday, from 395 on Wednesday, and from 457 last Thursday. On the oﬃcial interbank market, the naira closed at 308 to the dollar, against 306 last Thursday. A currency expert at Ecobank Nigeria, Mr. Kunle Ezun, said the dollar might sell at 375/380 next week if the central bank continued its intervention programme in the forex market. “It depends on what the CBN is targeting; but the good thing is that when the dollar sells for between 375 and 380,theincentivetodoround-tripping will not be there anymore and this is good for the market, the economy and the country,” he added.

MAN

The Lagos trading floor of the Nigerian Stock Exchange

With N654 Billion Bond Maturities in April, Economy to Receive Liquidity Boost Kunle Aderinokun

About N654.337 billion bonds would mature by the end of April. The amount represents 75 per cent of the N871.679 billion, which would mature between now and the end of this year. The bonds with maturities at different dates in April are the N480.133 billion FGN Bonds, N116.704 billion Local Contractors Receivables Management Series 2 (LCRM II) and Lagos State Government N57.5 billion Bonds. At maturity, the expectation is that, the financial system and the economy in general, would be boosted with N654.337 billion liquidity upon settlement of the matured obligations on the bonds, which are quoted on the FMDQ OTC Securities Exchange and Nigerian Stock Exchange. According to information obtained from FMDQ, the FGN bonds, which have a tenor of five years, issued on April 27, 2012 with yield rate of 15.1 per cent, would mature on April 27, 2017. The proceeds from the offer are expected to be used to finance the capital expenditure of the Federal Government. In the same vein also, Local contractor bonds of 5-year

watchers. The bond, which was issued under Nigeria’s newly established Global Medium tenor, called LCRM II, issued Term Note programme, is the by the Federal Government on third in the series after the April 20, 2012 would mature ones in 2011 and 2013. The on April 20, 2017 and the Notes will bear interest at a net proceeds would be used rate of 7.875 per cent and will to settle the local contractors’ mature on February 16, 2032, debts. with a bullet repayment of the For the Lagos State Govern- principal. The Eurobond is part ment bonds, 7-year tenored of FGN’s funding strategy for bonds, which issuance on its 2016 capital expenditure plan April 19, 2010 was the second and will be utilised to fund key in the series, the maturity is on Recent innovaApril 19, 2017. The proceeds tive instruments are meant for the funding of deployed by the on-going infrastructure projects federal governin the state. ment have Other maturities beyond April helped in are from the N20 billion FGN deepening the Bonds (July 27, 2017); N100 capital market billion FGN Bonds (August and arousing 31, 2017); N66.490 billion investors’interest LCRM III (July 6, 2017); N5.851 billion Bayelsa State Government (Sinkable) (June infrastructure projects, in line 30, 2017) and N25 billion Edo with its economic plan. With State Government (December the minimum denomination to 31, 2017). participate set at US$200,000 Recent innovative instruments and increment of US$1000, only deployed by the federal govern- the medium to high income ment have helped in deepening level investors could subscribe the capital market and arousing to the bond offer. This is apart investors’ interest. Few weeks from the FGN Savings Bond, back, the government listed the which made debut on the capital first FX-denominated bonds, market two weeks ago. The $1 billion Eurobond, on local offer, available exclusively on bourses NSE and FMDQ to the the NSE, opened for five days delight of many capital market from Monday, March 13, 2017 ECONOMY

and will be issued monthly thereafter. Besides, the Federal Government few days back secured approval from the National Assembly to raise $500 million from the international capital market by way of issuance of $500 million Eurobond. Commenting on the April bond maturities, Director, Union Capital Markets Ltd, Egie Akpata, noted that, there will be investors who enter the market ahead of the liquidity from April bond maturities. According to him, “This will drive down interest rates for bonds between now and these maturities.” Akpata, however, added that, “Precedence suggests that the entire N654 billion maturing will be mopped up via sale of attractively priced OMO bills. It is also likely that CBN will execute significant special sales of spot or forward FX sales at the period of these maturities.” The analysts, who believed that, “The net impact will be short term reduction in bond yields and things would normalise shortly after those maturities,” contended that, “CBN focus on inflation and FX rates means they simply can’t allow a new N654 billion to remain in the system.”

The Manufacturers Association of Nigeria(MAN) hasfaultedthedecision of the Monetary Policy Committee of the Central Bank of Nigeria to retain the Monetary Policy Rate at 14 per cent. The President, MAN, Dr. Frank Jacobs, that such a high interest rate was killing the manufacturing sector. He said with the plan of the government to stimulate the economy and reposition the country on the path of growth, having an interest rate as high as 14 per cent was not favourable to the real sector. Jacobs stated, “The CBN has been doing the same thing and we have been complaining. Fourteen per cent is obviously not favourable to the manufacturing sector or the real sector of the economy, considering that the interest rate we pay on facilities will be over 20 per cent and no country that really wants to develop industrially will encourage that level of interest rate. “And that is why we are not happy about it. We thought that they would have done something to motivate the Deposit Money Banks to lower the interest rate, but they didn’t.”

NLNG

The Nigeria Liquefied Natural Gas (NLNG) Limited’s shipping operation is relying on the strategic deployment of skills and technology to power its transformation into a global maritime industryleader,thecompany’sGeneral Manager Shipping,Temilola Okesanjo, has said. He stated this in a presentation titled, “NLNG Global player in the Chartering Market,” at the Multimodal (Logistics) West Africa Conference, the largest Transport & Logistics Exhibition in West Africa held in Lagos. Nigeria LNG, he said, has since inception in 1999, chartered-in 45 Vessels (including LNG, LPG and Condensate carriers) for shipment of its products to buyers across the globe and chartered- out five of its own vessels to other operators in the market. According to him, “NLNG currently operates the largest fleet of LNG carriers in the country and has within in its operations portfolio, a total of 23 Vessels, three different ship owners and four fleet managers, making the company a formidable player in the Chartering Market, even as it continues to deploy skilled manpower and cutting edge technology for sustainable growth.”

T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ MARCH 26, 2017

BUSINESS/MONEY

Treading Cautiously with Policy Rates Retention Realising that while the rising inflation streak was reversed after 15 months, the pressures and challenges in the economy affecting price stability, particularly high demand in the foreign exchange market, are unabated, the Monetary Policy Committee of the Central Bank of Nigeria rose from its meeting and left all the policy rates unchanged. The decision has been hailed by analysts, who believe, it was taken in the best interest of the economy. Kunle Aderinokun and Ndubuisi Francis report

or two consecutive days last week- that is, Monday and Tuesday- the Monetary Policy Committee (MPC) met. The MPC meeting was preceded by a parley, which saw monetary and fiscal authorities brainstorming on how to align policies from both divides with a view to tackling macroeconomic challenges and stimulating growth. The MPC at its meeting had considered the headwinds in the domestic economy and the uncertainties in the global environment, and in a vote of nine to one member decided to hold the Monetary Policy Rate (MPR), the benchmark interest rate, at 14 per cent with the asymmetric corridor still at +200 and-500 basis point around the MPR at . The committee also retained the Cash Reserve Ratio (CRR) and Liquidity Ratio (LR) at 22.5 per cent and 30 per cent, respectively. Addressing journalists shortly after the meeting, the CBN Governor, Mr. Godwin Emefiele, disclosed that, only one dissenting member of the committee voted to raise the MPR. Emefiele explained that its decision was predicated on persistent inflationary pressures and increased foreign exchange demand, amongst others, militating against price stability. Besides, he noted that MPC re-evaluated the implications of the continuing global uncertainties as reflected in the unfolding protectionist posture of the United States and some European countries; sustenance of the OPEC-Russian agreement to cut oil production beyond July 2017; sluggish global recovery and the strengthening U.S. dollar. According to him, “The committee also evaluated other challenges confronting the domestic economy and the opportunities for achieving price stability, conducive to growth in 2017. “In particular, the committee noted the persisting inflationary pressures; continuing output contraction; high unemployment rate; elevated demand pressure in the foreign exchange market; low credit to the real sector; and weakening financial system indicators, among others.” MPC members, he stated, nonetheless, welcomed the improved implementation of the foreign exchange policy that resulted in the naira’s recent appreciation. “Similarly, the committee expressed satisfaction with the release of the Economic Recovery and Growth Plan and urged its speedy implementation with clear timelines and deliverables. “On the strength of these developments, the committee felt inclined to maintain a hold on all policy parameters. Nevertheless, the committee noted the arguments for tightening policy which remained strong and persuasive. “These include: the real policy rate which remains negative, the upper reference band for inflation remains substantially breached and elevated demand pressure in the foreign exchange market. “The reality of the sustained pressure on prices (consumer prices and the naira exchange rate) cannot be ignored, given the central bank’s primary mandate of price stability,” Emefiele said. According to him, the MPC noted that the moderation in inflation in February was due to the base effect as other parameters, particularly month-on-month CPI continued to rise. Tightening at this time, Emefiele said, would portray the bank as being insensitive to growth. Meanwhile, reports indicated that the naira mustered more strength 24 hours after the MPC meeting and traded below N400/$ about 48 hours later, at the parallel market; the first in seven months. Not a few cynical remarks trailed CBN’s recent decision to intervene in the foreign exchange (FX) market through constant supply of the greenback. Many had rather waved the positive impact of that intervention in strengthening the naira as pyrrhic.

L-R: Governor, Central Bank of Nigeria, Godwin Emeﬁele, and Deputy Governor, Sarah Alade, during an MPC press conference at the bank’s headquarters in Abuja Emefiele told critics to hold their peace as the apex bank was not about to let go of its determination to ensure the convergence of rates at the official and parallel markets. According to him, the CBN has the capacity and the will to sustain its battle to halt the naira from further depreciation. For doubting Thomases, he warned: “they are taking a risk and they will lose in this bid to want to place the wrong bet on the direction we are going.” “I am happy, indeed very gratified, that the interventions have been positive, we have seen the rates now converging and we are strongly optimistic that the rates will converge further. “In terms of sustainability, I think it’s important for us to say that the foreign reserves at this time are still trending upwards to almost $31 billion as I speak with you. “And the fact that we have done this consistently for close to five weeks, should tell everybody or those who doubt the strength of the central bank to sustain this policy. “For me, they are taking a risk and they will lose in their bid to place a wrong bet. The direction is that there is a determination to see to the convergence of those rates and with what we have seen so far, we are very optimistic that those rates will converge, and all the elements in the foreign exchange policy will no doubt be implemented,” he said. The CBN governor also dismissed the notion that it was the National Economic Council (NEC) that directed the CBN to introduce the new policy actions in the FX market. He argued that, it was the central bank that made a presentation on the Nigerian economy and the FX market, after which NEC advised it to look at all the issues that had been discussed on the FX market. The bank, he recalled, had started to see the depreciation of the naira particularly at the parallel market and had taken a decision that there was the need to reverse the trend. “And that is the reason we started the FX intervention,

and I am happy that those interventions have been very positive,” he said. Shortly after the outcome of the MPC was unveiled, the naira recorded its strongest daily gain against the US dollar on the parallel market on Tuesday, where it rose by N20 to close at N410 to the dollar, compared with N430 from the previous day. Also, the buy rate of the naira climbed to N420 to the dollar Tuesday. By Thursday, the naira had strengthened to below N400/$, the first in seven months. And on Friday it appreciated to N390, amassing a total gain of N130/$ since the beginning of the monetary authority’s intervention. The sustained momentum of the naira was the fallout of the central bank’s resolve to continue to flood the interbank FX market with dollars, forcing black market operators and currency speculators to dump the greenback. Economic analysts and market watchers have continued to react to the outcome of the MPC meeting. They, generally, hailed the decision of the committee to adopt the wait-and-see approach and hold the rates. The Chief Executive Officer of Financial Derivatives Company Limited, Mr. Bismarck Rewane, said the wait-and-see approach came as no surprise and was based on the need to monitor the inflationary expectations as well as assess the impact of the current FX interventions. “If they had the boldness and audacity, they should have brought down the interest rate. So, they didn’t do anything because they didn’t want to rock the boat.” He, however, noted that the confirmation of a stable outlook by S&P for Nigeria was reassuring, especially at a time the country is trying to restore investor confidence. “Furthermore, a gradual improvement in the GDP growth rate, increasing external reserves, and improved oil production also factored in the MPC’s decision.” Similarly, the Managing Director and Chief Economist, Global Research, Africa, Standard Chartered Bank, Razia Khan, noted that, It was a good outcome in

that it holds open the possibility of FX flexibility and more positive changes to the regime. According to her, “The arguments were considered and balanced.” Khan pointed out that, “If the CBN had focused only on the scope for easing, or had strongly suggested that they might do so at future meetings, it might have ruled out (potentially) further FX liberalisation.” Aligning with others, Chief Executive Officer, Global Analytics Consulting, Tope Fasua, with a vote of 9 to 1 in favour of retention of policy rates, the MPC decided not to upset the applecart for now. “The monetary policy dynamics of the CBN - namely the provisions they have made for invisible trade transactions - are having a salutary effect on the value of the Naira. This is therefore a time to observe,” he posited. Fasua added: “Also, inflation is receding. If the MPC reduced interest rate levels, they could power up inflation again. And if they increased rates, they will slow down the recovery of the economy. Whereas the interest rate as a lever is not as elastic as elsewhere for Nigeria, it makes sense to observe events for at least two more quarters. If inflation could decelerate to say 15 per cent then they may recalibrate their strategy.” For the Chief Executive Officer of Times Economics, Dr. Ogho Okiti, the MPC’s decision was mostly based on concerns about inflation, the level of economic growth, fluctuation in crude oil prices, and the direction of government revenue. “Maybe by the next MPC when we start seeing concrete direction in these economic indicators, they may then begin to reduce interest rate,” the economist stated. In his own analysis, Chief Executive Officer, The CFG Advisory, Adetilewa Adebajo, contended that, “The reality is that we are still in a deep recession and the growth rates that we require are not yet on the horizon. The only quick fix is a spike in oil prices outside that we have to grind out growth recovery through consistency in policy and restoring confidence to business, investors and financial markets.”

T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ MARCH 26, 2017

BUSINESS/ECONOMY

Sustaining the Uptick in the Economy Following the recent stable credit outlook rating of the nation’s economy by Standard and Poor’s, Olaseni Durojaiye explores the implications for the nation’s economy and companies in the financial services sector

A view of Lagos Central Business District

he recent improvement in the economy, largely, on the back of increased oil production and receipts, accretion to foreign reserves and liquidity in the forex market received confirmation with the latest Standard and Poor’s rating of the nation’s credit outlook as stable in B/B. S&P outlook had added that it expected that the increasing oil production and government capital spending expenditures would support Nigeria’s economic growth rates and export revenue over 2017 through 2020. The agency said,“We are affirming our ratings on Nigeria at ‘B/B’,”pointing out that,“the stable outlook balances our assessment that the oil sector improvements will support economic growth, although external financing pressures remain.” While the rating signals preservation of capital and returns on investment, it forecast real GDP of 1.5 per cent for 2017, which some observers insisted is modest by all economic yardstick, and could encourage investment in financial instruments and real sector alike. However, analysts held that there were potential downside risks to the outlook and yet maintained that but for a major shock, the economy will sustain the current momentum. The latest rating becomes a cheery news against the background that the nation’s economy has been in distress since the second quarter of 2016 when it went into recession, the worst ever in the last 25 years. But latest indices, including a fall in inflation to 17.78 per cent in February, the first time in 15 months, indicated that the economy may be clawing its way back to its feet. Even then, the rating agency said its current rating could be raised,“if we see significantly higher economic growth prospects than our base case, marked improvements in external accounts, and

an easing of foreign exchange controls on current and capital account transactions that enhances monetary flexibility.” S&P however, warned that it may lower the ratings, “if we observe further deterioration of Nigeria’s fiscal or external accounts, or greater stress in the financial sector than we currently expect.” Implications On a broad level, the “stable credit outlook” is expected to inspire a level of confidence in investors and shows that Nigeria will meet its financial obligations when it falls due. Analysts and operators in the economy, who spoke to THISDAY agreed that outlook was a positive one for the country, especially against the rating of Fitch, which was a notch below that of S&P even as opinions slightly differ on whether the credit outlook could engender an influx of foreign investment into the economy. Analysts at the Nigerian Economic Summit Group, Wilson Erumebor and Rotimi Oyelere, who spoke with THISDAY stated that the rating confirms recent upticks in the economy, which signposts economic recovery noting that it should have implications for the economy in the short term. Erumebor explained that,“S&P ratings confirm the recent improvements experienced in the Nigerian economy. With crude oil prices around $55pb in early 2017 and improved production volumes, Nigeria has seen improved government revenue, foreign exchange earnings, gross external reserves which hover around $30bn and government spending. It is no longer news that the Nigerian economy relies on crude oil for revenue and forex. So Nigeria’s rating will improve if oil prices and output increases and deteriorate, if crude oil prices and output decline. “In the short term, it should have implications but not significantly. A stronger reserve occasioned by developments in the oil market will instill confidence

on the economy and attract foreign investors. In the medium to long-term, stability in the policy environment along with sound macroeconomic fundamentals are crucial to attracting investments into Nigeria,” he stated. “It is a sign that, indeed, the Nigeria economy is recovering from the recession of 2016. I noticed strong resilience and resurgence in economic activities as aggregate output grow consistently (Q-O-Q) since the third quarter of 2016 but my major concern is that this positive outcome is based on oil outlook,” added Oyelere. Also, Managing Director of Cowrie Assets Limited, Johnson Chukwu, explained that while the outlook represents a future forecast of the health state of the economy,“investors will have relative assurance that Nigeria will meet its financial obligations when they fall due.” According to him, for the credit outlook to attract foreign investment into the economy, it will depend on“general industry situation and macroeconomic indices. While he noted the weakened state of the financial services sector, he added that, whether it will boost the capability of companies in the financial services sector to attract funding will depend on the health status of individual operator in the financial services sector. In his words: “The ability of the credit outlook to attract foreign investment will be determined by two factors: Industry situation and financial liquidity available in the forex market.” Impact While noting that, “Country ratings are crucial for Nigerian companies that are looking to raise capital in the international market,” Erumebor pointed out that, “A weak economy signals a high risk economic environment and therefore affect interest rates on foreign loans.” He believed, “The improved rating of the country

is a positive development for Nigerian companies willing to engage in foreign borrowing.” Chukwu also noted a weakened financial services sector and stated that, “Currently, we have a weakened financial services sector, so whether the credit outlook will boost the ability of companies in the sector to attract foreign capital or investment will depend on the health status of individual company and the availability of liquidity to the company.” However, Oyelere explained that “Nigeria’s company will continue to attract foreign capital but my concern is at what cost? Last year, Access Bank and GTBank raised capital through Eurobond at high cost of 10.75 per cent and 7.5 per cent, respectively.” “To me these are relatively expensive capital and the fact that their price tagged in dollars signals the possibility of exchange rate risk. Foreign investors may be less concerned about rating if the yield is high. Against this backdrop, I cannot clearly establish causality between this current rating and raising credit facility/capital,”he pointed out. Looking forward Even with the improvements being recorded, policy affairs analysts and operators in the economy agreed on the need for both fiscal and monetary policies to be harmonised in order to sustain the tempo. The expectation is that government should enhance its policy machineries to perpetuate the confidence-building process that has started. According to Oyelere,“It is imperative to have adequate response framework to external shocks. What is sacrosanct is the sustenance of this milestones and this should be done by opening the non-oil sector up for exports otherwise, there may be reversal if oil price falls or plummet in daily production. This is no time to rest but rather to sustain our gains.”

T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ MARCH 26, 2017

BUSINESS/ENERGY

Is Oil Price Drop a Threat to Nigeria? The recent foreign exchange reprieve granted Nigeria by the gradual rise in oil prices, and on which she has staged an economic recovery, appears threatened by reported drop in prices of crude oil. However, Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, insisted there were no immediate threats on the economy from the development. Chineme Okafor reports

A crude oil terminal

s reported by THISDAY, the steady rise in Nigeria’s foreign exchange earnings and buildup of external reserves, which started about five months ago, came under threat recently from derived shock from the recent fall in oil prices in the international market. Depending more on oil sales for 90 per cent of its foreign exchange earnings and 70 per cent of total revenue, Nigeria, could be hard-hit by any new drop in prices of crude oil, and her recent attempts to stage an economic recovery would be impacted badly. The country had only recently began to rebuild her foreign reserves which was depleted by the cyclical drop in oil prices and oil production interruptions by militants in the oil-bearing Niger Delta region. Some days back, data from the Central Bank of Nigeria (CBN) also indicated that her external reserves had risen to $30.039 billion, derived primarily from oil sales, which it inferred were recorded on a steady increase of between 2.3 per cent and 2.75 per cent since January 2017. The data also noted that other than oil prices, a drop in militancy in the Niger Delta had also led to an improvement in the country’s foreign exchange earnings, but these improvements came under some seeming threats from the reported oil price drop. That week, Reuters reported that oil prices fell by two per cent, while rising US crude inventories and shale oil production in recent months became some sort of challenge to the production cut efforts initiated by members of the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC members in December 2016, to reduce a global glut and shore up prices. Price Drop and Likely Impact As reported by various media outlets, after data showed crude oil stocks in the US, which is the world’s top oil consumer, swelled by 8.2 million barrels penultimate week to a record 528.4

million barrels of stocks, oil prices lost more than five per cent of its trading values - its sharpest dive in a year. Though, the impact of the sliding oil prices are yet to be felt in Nigeria, market analysts which THISDAY spoke with cautioned that the external shocks would eventually hit the country’s foreign earnings and reserves. In a chat with THISDAY, the Director General of the West African Institute of Financial and Economic Management (WAIFEM), Prof. Akpan Ekpo, pointed out that if oil prices continued to slide, it would definitely have a negative effect on the country’s external reserves. Ekpo said: “Let’s just hope that it rises again. That is why we have always said that the price of oil is very volatile. That is why you cannot depend on it for long-term development. “Certainly, if this continues, it would affect the amount of dollars the CBN can put in the market. That is why some people have been asking if what the CBN has been doing in the past three weeks is sustainable.” He further stated: “Effectively, in the long term, the structure of the Nigerian economy has to change towards earning FX from other sources instead of crude oil. We must also understand that the US has stopped buying our oil because of the shale oil produced in the country.” Also, the Financial Derivatives Company Limited stated in a recent note that the ability of the CBN to sustain its fight against currency speculation as well as preserve the value of the naira would depend largely on the country’s crude oil earnings. Not Yet a Threat, Kachikwu Insists While reservations on the current trend in oil prices had been expressed by experts, Kachikwu however stated that it was not yet that a trouble for Nigeria to lose sleep over. Speaking in an interview on Arise News Network in Abuja – a sister company of THISDAY, within the past week, the minister stated that the current downward movement in prices was not yet a

threat to Nigeria’s economic recovery. He said it would be alarmist to consider this a threat to the country’s economy, adding that Nigeria still sells most of its crude oil blends well above $50 per barrels. Kachikwu also stated that member countries of OPEC were alert to the current price movements as well as the resurgence of shale oil production, and would react to the changes as required. He explained that members of OPEC were already beginning to explore opportunities to engage US oil producers to join their efforts to stabilise prices, adding that he was optimistic the US would join the joint efforts of OPEC and non-OPEC members on price stability. He also stated that Nigeria’s crude oil production was down to 1.7 million barrels a day (mbd) following scheduled maintenance works by Shell and ExxonMobil. “I wouldn’t be that alarmist frankly. We are still in the $50 range; in fact some of our key product components are selling above $50 per barrel. Forcados is about $52, Bonny Light is about $51.5, so we are over and above the $50 threshold,” said Kachikwu in a response to a question on the country’s response to the drop in oil price. Despite the derived price drop, Kachikwu said: “We have always projected that given the incentives that higher prices create for shale producers, it will see a spurn reaction, and let’s face it, the Trump presidency era creates a lot of incentives for people to go back into shale production, we’ve always anticipated that and we knew we were going to flip-flop in the $50 range.” He further stated with optimism: “I expect as the winter season gets towards the end and a lot more consumption begins for those who do summer holidays, you are going to see movements in all that, my projection is that we, still, will end the year on an average of $54, $55 per barrel, that is one of the things OPEC is focused”. “Bear in mind that Saudi Arabia and all the other producers in OPEC have always said that as we watch those numbers build, there is a need

to take more drastic actions, and I think that is something we are taking very seriously. “Over and above that, continuous engagement continues with the like of Russia, Mexico and the rest, and we are even beginning to look for windows of talking to the United States because it is in the long-term interest of everybody that there is stability in the price of oil. “Bear in mind that the infrastructure for oil production is coming out of the US, this doesn’t just impact nations like Nigeria, it also impacts nations with huge technological input base into oil production and for that matter a lot of American oil companies are cut right in the web of this and their survival depends on the stability of this market. So, sooner or later, just like Russia did came on board, I am one of those who are optimistic that America will come on board,” he explained. He stated that while US shale oil was still a challenge to OPEC members, their low production costs were still an advantage, adding that OPEC members could leverage this to hold on to a comfortable market share. “I’ve been able to get everybody interested in maintaining some stability in oil price and so it is not a clobbering issue, it is work in progress, it is taking each season at a time and seeing what develops and at some points, even the shale producers are going to realise, just like what happened the last time, that the further the price drops, the lesser the ability to survive as a business entity, I think that these things will even out. The first salvos were fired by OPEC in the first cuts; there, probably, would be some more cuts that would follow both between OPEC and non-OPEC. “But more important as I keep saying is that at the end of the day, the least cost producers are still the OPEC members and that is what we are pushing aside. As we focus on price increasing, the more critical thing that OPEC countries must begin to focus is on how they will ensure that prices remain the most least cost, and that is where countries like Nigeria is challenged and we need to do a lot more work in this, and we are working on that,” he noted.

T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ MARCH 26, 2017

BUSINESS/ENERGY

Trucks waiting to load fuel at an oil depot

As CBN Resumes FX Sales to Oil Marketers… The Central Bank of Nigeria last week reopened its foreign exchange window to oil marketers, allowing them access to forex to import diesel and aviation fuel. The development follows a recent request by marketers to be considered again by the CBN in this regards, writes Chineme Okafor

ollowing a recent meeting between the Nigerian National Petroleum Corporation (NNPC), Petroleum Equalisation Fund (PEF) and Petroleum Products Pricing Regulatory Agency (PPPRA), and the three major oil marketers associations in Nigeria during which the later expressed their willingness to resume importation of petroleum products, especially petrol motor spirit (PMS), the CBN last week indicated it would grant them access to forex for importation of the products. However, the CBN, according to NNPC, would only provide forex to the oil marketers to import Automated Gas Oil (AGO) otherwise known as diesel, and Aviation Turbine Kerosene (ATK), but not petrol, which the NNPC is currently responsible for over 90 per cent of its supplies in the country. Though a welcome development as described by downstream oil experts, details of this new forex arrangement for oil marketers to import diesel and aviation fuel have been sketchy, but there are indications that the recent meeting between the oil marketers and NNPC was profitable after all. The Meeting THISDAY learnt in Abuja that the marketers - Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association (DAPMA), and Independent Petroleum Marketers Association of Nigeria (IPMAN), were present at the meeting, which held at the NNPC headquarters. As previously reported, the NNPC has for several months remained the major importer of petrol into the country because of the inability of oil marketers to access forex at affordable rates to import the commodity. In its December 2016 financial and operations report, the corporation stated that, in spite of

Emeﬁele the liberalisation of the downstream sector and government’s intervention to ease marketers’access to forex for products importation, it has remained the major importer of petroleum products in the country. Also, operators in the country’s aviation industry had recently pointed to the scarcity of aviation fuel and forex as their greatest operational challenges, a development they said was a threat to the survival of the industry. Nevertheless,THISDAY learnt that even though the CBN provided the marketers’forex to import aviation fuel and diesel but not petrol, the development could lessen the burden on the NNPC which has held forth to ensure that supplies are unhindered.

Some of the marketers who attended the meeting three weeks ago told THISDAY that they met to impress it on the corporation that it was important they, especially MOMAN and DAPMA restart products importation to curtail possible resurgence of products scarcity and distribution challenges. One of the marketers, who is a member of MOMAN, said that members of the association had been distributing products they lifted from the NNPC, but that it was time they resumed importation. He stated on condition of anonymity, that the meeting lasted several hours and in two batches between the major marketers and IPMAN which has now reconciled their lingering leadership troubles. According to him:“The burden on the NNPC is huge, although they have been shouldering it for long. However, can it last forever? So, that is one reason for the meeting.” He further explained: “After the meeting with IPMAN, the GMD and the management team went into a long session with MOMAN and DAPPMA. The meeting was centred on products importation, distribution and retail outlets.” The meeting was also confirmed to THISDAY by the Group General Manager, Group Public Affairs Division of the NNPC, Mr. Ndu Ughamadu, who stated then that the corporation assured the marketers that they will start the importation of petroleum products soon. Ughamadu noted that the assurance came from the understanding that the bulk of the marketers’ requests would be met by the government. “The government has also been working hard to sort out the PEF issue with marketers, which it has started paying. The Executive Secretary of PEF was also present at the meeting, a representative of the PPPRA was at the meeting too,” Ughamadu stated then.

According to him: “The theme of the meeting also looked at the dynamics of supply and demand in the country and the lifting of products from our various depots and tank farms, as well as to supplement the efforts of the NNPC on importation particularly.” Petroleum products supply outlooks Following from this, industry stakeholders told THISDAY that products supply outlook for petrol, aviation fuel and diesel in the country was looking good, and possibilities of scarcity of products like aviation fuel might have been taken care of. This assurance was further buttressed by NNPC last Sunday when it announced that it had increased its petrol stock in the country, and now has a robust inland supply of over 1.2 billion litres, which it said, would be sufficient for 34 days forward consumption in the country. Ughamadu noted that the corporation’s petroleum product supply outlook for March to May, 2017 was looking good, and from the forex approval to other marketers, adequate steps had been taken to ensure stability in supply of diesel and aviation fuel. He said in addition to the importations expected from the marketers, the NNPC would equally import diesel to complement the quantities it gets from its refineries in Kaduna, Warri and Port Harcourt. In addition, he explained that the corporation had re-commissioned its strategic 479.2 kilometres System 2B petroleum products pipeline network, which stretches from the Atlas Cove to Mosimi, Ejigbo, Ibadan, and Ilorin, to enhance effective distribution of petroleum products nationwide, especially with the envisaged resumption of loading activities at the Mosimi, Ejigbo and Ibadan depots. The Calabar and Aba depots, he added, had also been stocked with diesel, while diesel load-out from its Kano depot would commence soon.

T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ MARCH 26, 2017

INTERVIEW

Okonkwo

AliBaba Ali Baba

‘How to Build a Sustainable Business in Nigerian Entertainment Industry’ The Fidelity SME Forum is a weekly radio programme run by Fidelity Bank Plc. to educate, inform, advise and inspire budding entrepreneurs in Nigeria with knowledge and expertise that will enable them build sustainable and successful businesses. Its entertainment series tailored to highlight the business side of entertainment, the opportunities that exist therein and how these opportunities can be harnessed effectively and efficiently by players in the sector, featured Nigeria’s king of comedy, Atunyota Alleluya Akporobomerere, also known as Ali Baba, who shared his insights and experience on Building a Sustainable Business in the Nigerian Entertainment Industry, and Nnamdi Okonkwo, MD/CEO of Fidelity Bank Plc. Excepts

hy does Fidelity Bank recognize this industry as such a pivotal one for the Nigerian economy?

Okonkwo: Fidelity Bank chose to play in the SME space because we did not just want to keep up with the Joneses. We sat down and crafted a strategy that would drive value addition by us to the SME segment. As you may be aware, for about four years we have been focused on this and part of the strategy that we had was to focus on segments of the larger MSME segment. In this connection, one of these key segments we chose to focus on is the entertainment segment. A lot of people see entertainment as just entertainment. However, as bankers, we see beyond the entertainment. We look at the business

components of what people do. How does talent translate to business? How does that young man who admires an Ali Baba for instance hope to make a living out of what he does? If you recall, in the past, comedy was about people wearing funny clothes, dressed like clowns and making people laugh. Somewhere along the line, certain people like our distinguished guest this morning, Ali Baba, began to refine things and people realized that one could actually make a proper living out of comedy. The same thing goes for music and movies. Back then, a lot of people made movies and several kinds of music, but they did not make money, because they could not see the business side of it. Now, we are helping the entrepreneurs in the entertainment industry identify the business side of what they do, teach them the basics (access to markets, access to

finance, etc.) and how they can diversify even beyond the entertainment industry on a guided note. You can make money from entertainment and diversify into other areas, so that when your talent begins to ebb, you can still make a decent living and also shield your income from the vagaries of the environment in which you ply your trade.

For other entertainers want to work with Fidelity Bank, what speciﬁc services do you currently provide to entertainers who are either established or aspiring entrepreneurs?

Okonkwo: One arm of our SME Banking Division is what we call Managed SME, which is essentially the business advisory and handholding platform we have created as part of our larger SME banking business, to bridge the yawning gap for

capacity building in the small and medium enterprise development space and help SMEs in Nigeria build the needed capacity for entrepreneurial success, in furtherance of our long running support for growth and development of small businesses in Nigeria. For example, a lot of people are clueless about finance, which is why the Central Bank of Nigeria (CBN) takes financial literacy very seriously. I happen to be on the sub-committee of the Bankers’ committee on Financial Literacy and later this month all the bank CEOs will be all over the country teaching Finance in secondary schools. It is in line with this that Fidelity Bank also tries to help this industry by teaching people the money and business parts of what they do. Like I said, we have an arm of our SME banking business called Managed SMEs which is situated at Adeyemo Alakija in Victoria

T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ MARCH 26, 2017

INTERVIEW

‘How to Build a Sustainable Business in Nigerian Entertainment Industry’ Cont’d from Pg. 22 Island. You can actually walk in there and have a session with them on how you can add value to the money you are making as well as do something valuable with it. Our team is on standby to gladly and freely guide you through all of that. In addition, at the end of the next 6 to 7 weeks, Fidelity Bank will run a free seminar/capacity building workshop for the entertainment industry which will be themed “Personal Financial Management”. We have seen many superstars go down to penury from being millionaires and billionaires. We do not want the same thing to happen to our Nigerian entertainment industry players. This seminar will teach them certain basics of financial management and will also look at case studies of people who succeeded in the past but who suddenly became poor as a result of mismanagement of finances. This theme on personal financial management will also be featured on this programme, at the end of this special series on the entertainment sector. For us at Fidelity Bank, the series of insights sharing and capacity building programmes we have at this time put together for the entertainment sector under the auspices of our SME Banking propositions, is to let players in the entertainment sector know that just like the man who owns a supermarket; the way he manages his affairs is same way people in the entertainment industry should manage theirs. Those are some of the things Fidelity Bank will be teaching at the planned workshop mentioned earlier. For us, we are not just asking people to come deposit money with us, we also want to add value to their lives and what they do. If we teach them personal financial management and they become billionaires from there, they will remember that one bank stood out to help them when it mattered most.

Tell us a bit about maximizing the brand potentials of the entertainment industry.

Okonkwo: That is the important thing about the Fidelity SME Forum; whether you are an Ali Baba, Don Jazzy, P Square, or a D’Banj, what matters is how you are able to differentiate yourself at the end of the day. Someone like Ali Baba was able to take his game up and brand himself to the extent of using a billboard on the streets of Lagos with just his picture and name written in a funny manner that read “Ali Baba Hiccupuray”. That was branding. Nobody was doing it at the time, except for the large companies and multinationals. In this case, one man wrote his name on a billboard, so why wouldn’t he be a strong brand today?

Alibaba, tell us about the journey so far and how allied businesses also affect your industry.

Ali Baba: Thank you to Fidelity Bank for this opportunity. The first thing people need to understand is that what is sold in the entertainment business is service. Once you have a service to sell, there will always be somebody who needs it. Like you said, most people see entertainment as just entertainment; they don’t see it as service provision. What an entertainer does is provide a service at the place where you need him or her. If it is an MC, he will provide the services of an MC; if it is a comedian, he will provide the services of a comedian. For me, I started with pushing the value proposition. I wanted people to see that it was not just about the comedy, but about adding value to what I was hired for. It was about making people see that what I was doing was a service. Whatever talent anybody has, nobody will want you until you make that talent a service. If what you are doing as a Singer will not add value to what I need you for, I won’t pay you. At the time when I started and I was pushing my envelope, I wanted people to see that the comedy business was something new and a kind of service that needed to be valued and built into a career. That was what sold. To come to the second part of your questions, for example, there are a lot of people in the industry who do not know that the businesses allied to the entertainment sector actually affect us. Being a comedian, I work for people,

Okonkwo and Ali Baba during the interview in the studio

and when I work for people, somebody has to do something for me. Like you mentioned earlier, I bought a Honda Accord back in the days, but I would have needed a driver. I have a driver now and he came to work late today in the first place. That is how some other businesses that people do affect our own businesses. The value chain goes down like that. These days with Twitter, Instagram, and so on, there is no entertainer that will like to repeat clothes or else it will be rated that he or she does not have money anymore. It means that once you wear something on the red carpet, you have to wear something else afterwards. It also means that the fashion business will continue to grow. There are also the make-up artists as well. You cannot keep make-up on for one week; you have to continue doing it every time you have an outing. That is another business area allied to the entertainment industry. There is also equipment rentals that people can go into, photography, dry cleaning services, and lots more. There are artistes that cannot think of going to certain places because they are popular. For instance, Ramsey Noah cannot go to Oyingbo market; they will mob him. Don Jazzy cannot even dare to try it. There are also the artiste managers, costumiers and so on. A lot of people do not know that all these allied businesses are important and can be sustained in the entertainment industry. For example, when I want to go to Abuja, there is a ticketing service company that gets me my ticket. If I get to the airport and they have not gotten my ticket, there is a problem. Instead of me to be thinking about creating value for the event that I am going for, I will have the problem of going to the airport myself and doing the ticketing. When I was told that the topic for this episode was about sustaining businesses in the entertainment industry, I thought it was awesome and I give Fidelity Bank thumbs up for that. People do not see the businesses in entertainment. Look at the business of printing; when we do our concerts, you have to print banners, fliers, tickets, and so on. All these are allied businesses for the entertainment industry. In 2008, the then Governor of Lagos state, Babatunde Raji Fashola (BRF), said we should do some research on how much is spent in Lagos every weekend. We did it and discovered that N3 billion is spent in Lagos every

weekend. However, the question to ask yourself is, how much of this amount are you getting as an SME? Are you part of the people printing tickets? Are you part of the people doing home services? For people like M.I, they wait at home for barbers to come and cut their hair.

Like Jigsaw, if those guys do not deliver, you as well will not deliver. Taking it from there, how then do you sustain your brand, because everybody now knows that every 1st of January is Alibaba’s show?

Ali Baba: First of all, I just spoke about the value propositions. Everyone wants to celebrate the New Year, but what has happened over the years is that after we go for church services and we come back home, that whole day is wasted. Some people even finish their cross-over service and then the church fixes another service for the morning. This means you also get to go for the morning service and when you get back home at 1pm, you are wasted. There are also friends who will call to ask for activities to do on that day. If you look back to every New Year, nobody does anything, except just sit at home. I thought it was good for us to celebrate people, celebrate the New Year and get friends all around. I thought about this for close to 10 years. That is something that SMEs should do; feasibility study. The interesting thing is that the business dynamics cuts across all sectors. It is just the application of it to what you are doing that matters. When I want to do my show, I am thinking of the people that will come, the venue, the parking space, security and so on. For instance, in Nigeria today, we have private security for celebrities. Somebody called K-Square set it up. He set up the company and started providing protocol and security services for people. If you have an event and you don’t have those bouncers, then you are going to lose revenue.

We see you talking to the high and mighty and still remain friends with them. How do you manage that as a comedian?

Ali Baba: There is a thin line between being funny and being offensive. The thing is that you have to understand how thin that line is and how far and well you can stretch it. For a lot of people that I

tell things and the jokes that I throw at them, it is usually on something that I have shared with them before. For example, I have known the MD of Fidelity Bank for so many years. I have known him all through this time so there are certain things I can share with him. When he was the MD of a Bank in Ghana at the time, he hosted me in a place called Buka which was an awesome experience. While we were there, he introduced me to some other Ghanaians in the area. For me, I know the people that I work for and I know what can offend and appeal to them. That is the most important thing. Even if you are in show business, whatever you dish out should be something appealing. You also need to work at demography. The age bracket of your target audience determines what you like, what they don’t like and what you offer.

What inspired you to teach and mentor some of the younger generation of Nigerian comedians, because some people get selﬁsh after they make all the money? As a mentor, you have developed a lot of younger people, how do you want to advice other people to do the same?

Ali Baba: I have a guiding philosophy that, if your success does not make other people successful, you have failed. God would have used somebody else. There is also a proverb that says “If you fail to praise God, He can raise stones, something that does not even have life, to praise Him.” The talent was given to me and God knew that I would use it to benefit the people. For me, in bringing these guys up, I was expressing myself through them. At that time, when I go to an event and I am given one hour, it is not for me to prove to you that I am good. What I will need to do is to let somebody else share that platform. I have to let you know that these people are good as well. It is also the reason why I started the Spontaneity Contest which helps younger comedians see what they can do to improve themselves. It is important for us to carry on with the younger generation. I think it is very selfish when you are in a business and you just want to drown others. It does not grow that business at all. What grows a business is when a lot more people come in. It drives up quality, it drives up competition and then the value chain begins to increase.

T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ MARCH 26, 2017

INTERVIEW

Ogungbesan: Despite Lull, There are Potentials for Capital Market, Economy The Chief Executive Officer, Stanbic IBTC Stockbrokers Limited, Mrs. Titi Ogungbesan, speaks with Kunle Aderinokun on factors inhibiting investment in the Nigerian capital market, which has principally caused drop in prices in the equities segment of the market, pointing out that, despite the economic slowdown, there are great opportunities for discerning investors to make good returns on investment encourage investment in Nigeria is another major objective of the Standard Bank West Africa Investors’ Conference. The Nigerian environment is generally regarded as difﬁcult for doing business due to challenges such as poor electricity supply, non-existent or collapsed infrastructure, insecurity, among others. These factors undoubtedly impede the competiveness of the Nigerian economy. What compelling argument will you offer to make anybody invest in Nigeria’s economy?

t is generally believed that there is no better time to invest in the Nigerian capital market than now when prices of equities are falling. On the other hand, analysts have predicted a possible elongation of the present economic impairment. What will be your advice to an investor caught in this dilemma? The downward trend in the equities market presents buying opportunities, in my view, as many of the listed stocks are believed to be under-priced compared with their intrinsic value. We at Stanbic IBTC believe it is the right time for investors to take position in the market, especially in quality names with attractive valuation supported by compelling outlook. Rather than refer to Nigeria’s current economic situation as ‘impairment’, we prefer to call it a ‘slowdown’ as the country passes through this transition phase to what we potentially call a reinvigorated growth phase. We believe on-going economic reforms if properly managed will be the much-needed catalyst to unlocking the country’s vast potential. We favour development of domestic manufacturing capacity as a sustainable fulcrum for Nigeria’s growth. There is an urgent need to develop other key manufacturing sectors of the economy to an export potential so as to be less dependent on oil for FX and deliver inclusive growth. While we acknowledge that the weak macro could keep valuations depressed for a prolonged period, it is difficult to time when the market will turnaround hence in the near term, we will advise investors to take positions in quality names as the opportunity arises.

Closely tied to investor confidence is market diversification, as far as wealth creation and investment options are concerned. The Nigerian capital market is predominantly equity-driven. We may argue that the Nigerian market is still in its infancy; but given the current economic dire straits, what else can be done in the area of diversification? More products are being developed by market operators and participants to further deepen the Nigerian capital market. Over the past few years, a few products such as ETFs have been introduced and constant engagements are going on to build a suite of exchange tradable products. We believe having a range of products will also attract new investible funds. Additionally, the sector split of the NSE is skewed to financials and manufacturing sector and not a true reflection of the Nigerian economy. The listing of more companies in sectors such as ICT, agriculture, power and oil and gas should increase diversification.

The Debt Management Ofﬁce a few years ago appointed Stanbic IBTC Stockbrokers Ltd as the stockbroker to FGN Bonds and a key part of that mandate was to create awareness on retail bond trading in collaboration with stakeholders. What has been the response of the market since this appointment? Market response has been positive and retail investors’ participation has improved over time. We expect further future improvement in the level of participation. Stanbic IBTC Stockbrokers Limited in its role as stockbroker to FGN bonds has organised seminars/workshop in partnership with the DMO and the NSE aimed at creating more awareness amongst investors on the opportunities in the fixed income market. There has been renewed passion for retail bond trading and we expect this to translate into more transactions on the floor of the NSE.

The appointment of Stanbic IBTC Stockbrokers Limited by the Nigerian Stock Exchange as one of a ten-member list of market makers was in clear recognition

Nigeria being the biggest economy in Africa GDP terms offers a compelling reason for investors to consider investing in the market and the economy as a whole. With the new government in place, we expect to see some positive changes, though it might be gradual and we expect long-term funds to look at the potential returns on a risk-reward basis, which we believe will justify investing in Nigeria. Currently, there are investment opportunities in infrastructure, agriculture, manufacturing and real estate.

Yes, we frequently hear about Nigeria’s potential and limitless opportunities for investment. Given the current situation, and perhaps with the long-term in mind, what speciﬁc areas of the economy will you advise investors to tap into?

Titi Ogungbesan

of the company’s ability to deliver on its mandates, which also reinforced Stanbic IBTC’s overall leadership in the various market segments. To what extent has this assignment helped in stabilising the capital market? Our role as a market maker is to correct price imbalances whenever the need arises as well as provide liquidity in stocks which will ultimately help the capital market. We also think that the introduction of securities lending product will aid market makers in performing their role effectively.

The current slowdown the Nigerian economy is experiencing has intensiﬁed the clamour to shift focus from an oil-led, public sector-dominated economy to a more sustainable private sector-driven and diversiﬁed economy. Such clamour resonated at the 7th Standard Bank West Africa Investors’ Conference. What will you consider as the key takeouts from last year’s conference? The theme of our conference, held in February 2016 was Unlocking Nigeria’s Potential… “Growth through diversification” and this was particularly borne from our belief that diversification of government revenues away from oil will be a step in the right direction towards sustainable growth of the Nigerian economy. We had various speakers during the conference that spoke in-depth about how vital it is for Nigeria as a nation to develop a more private-sector driven and diversified economy in order to attain real and sustainable economic growth and development. Proper alignment of fiscal and monetary policies is equally very important. We can see that there is still potential for the Nigerian capital market and the economy regardless of the near-term weak macro-economic outlook.

Last year’s conference as well as previous editions of the conference focused on sustain-

able economic growth and development. This year’s conference would be the 8th edition, would you say that your objectives for organising the annual conference are being met? Absolutely! Foreign inflows whether as FDIs or FPIs are critical sources of capital that ignites growth in any country. However, these flows would not be available if investor confidence in the country is lacking and that has always been one of our goals for the conference every year; to expose foreign and domestic investors to the numerous opportunities that abound in the country. Although the prevailing macro-economic situation in Nigeria has affected investor confidence in the market, we will continue to show opportunities that make Nigeria a critical economy in the frontier market. We have been doing that over the years and we will continue to do so. Therefore we are proud to affirm that the objectives of the conference are being met.

With hindsight, are there some aspects of the last Conference that would require tweaking to make this year’s edition and future editions much more robust and encompassing, considering that the Standard Bank West Africa Investors’ Conference has become a must-attend in the Nigerian events calendar? We will continue to encourage the corporates on the importance of senior management representations and continuous engagement with the investors during the conference. We see our conference as a unique platform for a two-way feedback mechanism between the investors and the corporates. We will also incorporate the feedbacks received from attendees to make the conference better.

The need to consistently put in the public domain relevant information to

We think asset classes exposed to Nigeria’s infrastructure and agriculture sectors offers good investment potential. Nigeria’s high infrastructural deficit and the underutilised capacity in agriculture are a supportive catalyst that could underpin growth in the medium term. We believe that with the 28 per cent of the N7.29 trillion, 2017 budget that is billed for capital projects, which infrastructure forms a major part of, the state of infrastructure should start improving moderately. Nevertheless, we acknowledge the poor level of execution of capital budgets in the past and the low capacity to execute. That is the reason why the engagement of the government with the private sector is welcome and encouraging and could result in a faster pace of closing the infrastructural gap. The development of infrastructure such as electricity, railway transport and more road networks should unlock opportunities in sectors such as agriculture and manufacturing. Given our population, the country is a ready market for a number of the finished goods so the export market should not be an immediate concern.

The listing of major companies, particularly in the oil and gas, power and telecoms sectors, on the Nigerian Stock Exchange has remained a matter of intractable debate, with both sides offering strong arguments that appear to have stalemated the issue. What role can market operators like you play to break the deadlock and possibly encourage the targeted companies to quote on the local bourse? The market can support the government’s financing efforts by raising capital for infrastructural projects through primary issues and public offerings. The major point here is capital, whether for expansion or for diversification or even taking on new projects- that is what the stock market provides. Companies that have a good business model and a good track record of profitability over the years, investors will want to be part of such businesses. The challenge we now have to take on as market operators is identifying those companies, engage them and intimate them of how the Nigerian stock market can both create more liquidity and value for their business. I must mention that although the operating environment is quite challenging at the moment for most businesses in those sectors. There has to be a really compelling story for the companies wishing to list on the exchange to get their desired level of liquidity. (see concluding part on www.thisdaylive.com)

T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ MARCH 26, 2017

TRAVEL

Edited by Demola Ojo Email demola.ojo@thisdaylive.com

Why Airline Electronics Ban Affects Nigerian Travellers Authorities in the United States and United Kingdom have banned electronic devices including laptops, tablets, cameras and more from the cabins of flights originating from specific airports. Demola Ojo explains why you may be affected…

here’s no doubt the world has shrunk, with decisions at one end affecting a multitude thousands of kilometres away. The recent ban by US and UK authorities on electronic devices other than phones from being carried as hand luggage again illustrates how interconnected the world has become in the 21st century. Even though the ban affects “just 10 out of 250 airports”or in the case of the UK, six countries, the decision which could easily be brushed aside as concerning only a few, actually touches a lot more, including Nigerian travellers to the United States. Starting yesterday (March 25), the UK banned electronic devices (apart from phones) on flights from Turkey, Lebanon, Jordan, Egypt, Tunisia and Saudi Arabia. In addition to the above (with the exception of Tunisia and Lebanon), the US has also banned flights from Morocco, Qatar and the United Arab Emirates. One of the airports on the list – the Dubai International Airport – is the busiest airport in the world. Devices affected include laptops, tablets, E-readers, cameras, portable DVD players, electronic game units larger than a smartphone and travel printers/scanners. It is not clear if the vague sizing could cause problems with interpretation for travellers to the US, especially when it comes to larger phones or so-called“phablets”such as the iPhone 7 Plus as the US directive states:“Electronic devices larger than a cell phone/smart phone will not be allowed to be carried onboard the aircraft in carry-on luggage or other accessible property.” Anything larger will have to go in checked luggage in the hold but“necessary medical devices”will be allowed on board flights - after a security check. The UK has offered clearer parameters: nothing bigger than 16cm (6.3ins) long, 9.3cm (3.6ins) wide or 1.5cm (0.6ins) deep will be allowed into the cabin - which means mobiles like the larger iPhone Plus will still be allowed. According to both countries, the ban is due to terrorism threats. More airports may be added in future and there is no time limit on the rules, which means they will stay in place indefinitely, though a spokeswoman for Emirates told Reuters that the directive is valid until October 14. The ban specifies the “last point of departure airports”which means if you change planes at one of the affected airports for the last leg of your trip, the rules still apply. So, for example, going from Dubai to New York - a 14-hour flight - will leave you without a laptop or other device, no matter where you started your journey from. If you started in Lagos, that’s another eight hours plus layover time, to be without your devices. This is a scenario that is bound to worry a great number of Nigerian travellers. In recent times, Emirates, Etihad, Qatar Airways and to a lesser extent Turkish Airlines have all been popular choices for Nigerians because of competitive pricing and in the case of the Persian Gulf airlines, great service. Now, passengers transferring through Dubai, Abu Dhabi, Doha or Istanbul to any destination in the US will have to place any large personal electronic devices in their checked bags upon check-in at their originating airport, which in this case is Lagos. But what is the difference between being in the cabin, or in the hold? Philip Baum, editor of Aviation Security International, told the BBC:“Inside the cabin, the terrorist, or duped passenger, can at least be guaranteed a seat next to the fuselage - as on Daallo Airlines last year - improving the chances of destroying the aircraft.” However, some technologists say the new rules seem illogical and at odds with basic computer science. If there are concerns about laptops on board being used as explosives, they said, those same risks could exist in checked baggage. Furthermore, many smartphones, which are not banned, have the same capabilities as larger devices.

Baker told CNN. The tech-heavy corridor between the US and India, which often involves layovers or transfers in the Middle East, would be a major area of lost business for the airlines in the region covered by the new security measures, Baker added. “I may decide to ﬂy through a city in Europe to travel to the US in the future to take advantage of 16 hours during which I could be working,”Saudi software engineer Bassam Islam told the Wall Street Journal last week ahead of his 16-hour Emirates ﬂight from Dubai to Los Angeles.“I have had things stolen from my luggage before during transit. I’ve had a digital camera disappear. My laptop is very important to me—and I don’t like the risk of putting it in my checked-in luggage. I will avoid it if I can.”

Gadgets like iPads and cameras are banned from cabins on select airports Economic War? Is there more to the ban than a terrorist threat? Recently, US airlines have been lobbying the Trump administration to intervene in the Persian Gulf, where they have contended for years that the investments in three rapidly expanding airlines in the area – Emirates, Etihad and Qatar – constitute unfair government subsidies with which Delta, American and United cannot compete. All three Middle Eastern airlines are among the carriers affected by the electronics ban. The Middle East has already dominated the rest of the world in terms of growth in air travel in recent years, with an 11.2 percent rise in 2016, above the global average of 6.3 percent, and a 12.1 percent increase in 2015, ahead of 6.7 percent worldwide, according to the International Civil Aviation Organization (ICAO). But with the ban in place, many of the business travelers behind that expansion may circumvent the region in order to keep their electronics handy, especially on long ﬂights that could otherwise be productive ones. While the US claims the 10 airports are on the list because of screening issues and the possibility of terrorists inﬁltrating the ranks of authorized airport personnel, Emirates President Tim Clark has questioned why the restrictions apply to Dubai where, he says, security is as good if not better than airports in Europe and America. Already, analysts are predicting that carriers whose hubs were subject to the ban, such as Qatar and

No cameras alloowed too Emirates, might ﬁnd themselves with empty business class seats, while European airlines such as British Airways and Lufthansa, could capitalize on their losses. “Hubs that don’t impede the productivity of long-haul business travelers,”like Charles de Gaulle Airport in Paris and London’s Heathrow Airport, by allowing them to work on their laptops during ﬂights would likely charge higher prices“at the expense of the Middle East,”J. P. Morgan airline expert Jamie

How to Protect Your Devices In the meantime you will need to prepare differently if you’re flying through any of the airports on the banned list. Electronic devices that are checked in can be damaged, lost or hacked so before you check anything in, consider the risks and take steps to protect your devices and data. Many airlines specifically say they will not be held liable if these items break or are lost. They warn against packing valuable or breakable items like computers in checked baggage. The best way to keep your data from falling into the wrong hands is not to check a computer at all. If you have to bring a device, set up a passcode or fingerprint lock. Do a full backup before leaving for the airport. Experts recommend shutting the computer down completely, not just putting it into a sleep mode. A more secure option is to wipe a laptop or tablet clean before traveling. That can be difficult so you may want to consider switching to an inexpensive device that doesn’t have sensitive information on it. There’s some good news though. Emirates is hoping to minimise the impact of the electronics ban by allowing customers to hand over their laptops and tablets as they board the plane, rather than putting them in checked luggage when they first reach the airport. The Gulf airline said their plan would allow travelers to use their electronics inside the airport while they wait to board and mean they could use them on all legs of the trip leading up to their final flight to the US. For example, passengers flying from Lagos to Dubai and then on to the US could keep their gadgets with them for the first leg of the journey and only hand them over as they board the plane for America. The decision, which was announced by Emirates’ President Clark, will likely be a relief for business travelers who usually work during the long flight to the US.

Uko, Shishler, Others Set for Jumia Tourism Summit

eading online travel agency, Jumia Travel Nigeria has announced plans to hold a tourism summit in Lagos on Wednesday March 29. Experts from various sectors of the tourism industry will converge to brainstorm on what Nigerian/African travelers are searching for – the new trends and how these expectations can met by each stakeholder responsible for enriching their travel experience. The panelists include Ikechi Uko, CEO & organizer of Akwaaba African Travel Market and publisher of ATQ magazine; Kushal Dutta, MD Jumia Travel Nigeria; Anthony Shishler, MD Fahrenheit Hotel; Bakare Abiola, Kenya Airways; Sam Adeleke, Afro Tourism; Chiamaka Obuekwe,

Founder Social Prefect Tours; and Tosin Ajibade, Founder, Olorisupergal & Travel Africa Story. Jumia Travel’s Head of PR & Marketing, Olukayode Kolawole made the disclosure in a press statement, adding that facilitating a summit to discuss critical industry issues has always been a key focus for the company. He also stated that the panelists for the summit have been drawn from various sectors within the hospitality industry. “These experts have hands-on experiences from interacting with travelers at different point of their journey. The selection of the panelists was meticulously done to allow for a rich and diverse contribution from each of them. “Mr. Uko is a well-respected expert in the industry. His presence at any travel & tourism

Uko

T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ MARCH 26, 2017

NIGERIA’S TOP 50 STOCKS BASED ON MARKET FUNDAMENTALS

TOTAL OIL NIGERIA PLC: Oil giant beats projection with remarkable performance

otal Nigeria Plc is a Marketing and Services subsidiary of Total; a multinational energy company operating in more than 130 countries and committed to providing sustainable products and services for its customers. For over 50 years, Total Nigeria Plc has remained the leader in the downstream sector of the Nigerian oil and gas industry with an extensive distribution network of over 500 service stations nationwide and a wide range of top quality energy products and services. Total Nigeria Plc (RC 1396) was incorporated as a private company on June 1, 1956 to market petroleum products in Nigeria. In December 11, 2001, the company had a successful merger which paved way for sustainable growth and continuous development. Total Oil Nigeria Plc recently released its full year result ended December 31st 2016, showing outstanding growth in performance indicators despite tough operating business climate in Nigeria. The oil giant delights investors by consistently paying dividend twice every year; a half year interim dividend and a final dividend at the end of the financial year. For the year ended December 2016, the Company has declared a total dividend per share (DPS) of N17.00, comprising of an interim dividend of N10.00 already paid in 2016 and a final dividend of N7.00 payable in June 2017. REVENUE SURGES AS DEREGULATION HOLDS GROUND Total Oil Plc reported a substantial 39.86% increase in revenue to N290.95 billion in December 2016 from N208.03 billion in the corresponding year of 2015. This impressive growth surpasses year on year growth of 13.41% recorded in 2015. Growth in revenue was spurred by sales of petroleum products and lubricants which grew by 38.02% and 53.04% respectively during the period. Also, this can be attributed to the increase in global and domestic oil market during the year. Nigerian oil marketers were supported through government regulation in allocating petroleum prices that covers increasing foreign exchange risk and rising importation cost. Increment of importation cost is the direct result of depreciation of the Naira, and earlier by a sudden reduction in the regulated price of product in the domestic market without a clearer policy direction on how government intended to fund the eventual expanded subsidy implications. Hence, the various payment disputes surrounding the Petroleum Support Fund (PSF) allocation highlighted the cautious product importation by players including Total Oil Plc and the eventual scarcity that was witnessed in the last month of the quarter under review. Expectedly, the Company recorded a massive growth of 98.36% in gross profit

WITH RECENT ACTION AND POLICY BY MANAGEMENT OF TOTAL OIL NIGERIA PLC TOWARDS FURTHER REDUCTION OF ITS OPERATING COST, FINANCE COST AND BORROWINGS, WE EXPECT LESS OPERATION AND FINANCIAL DISPARITY WHICH ERODES PROFITABILITY AS IT OPTIMISE MARKET OPPORTUNITIES. THIS WILL LEAD TO A CONTINUA SUCCESS IN ITS FINANCIAL METRICS IN THE COMING PERIODS

to N49.10 billion in December 2016 from N24.75 billion in the corresponding year of 2015, despite an increase of 31.96% in costs of sales to N241.85 billion in December 2016 from N183.27 billion in December 2015. The company was able to manage further growth in cost of sales through a rigorous cost saving and efficient operating structure as well as investment in research and development and training of employees on new measures and better production and service delivery techniques. EFFICIENCY RECORDED IN COST MANAGEMENT For the year ended December 31st 2016, Total Nigeria Plc’s selling & distribution expenses increased by a negligible 0.99% to N4.72 billion from N4.67 billion recorded in the corresponding year in 2015. The company has struggled over the last few years to curtail increment in operational costs due to high overhead cost ranging from the cost of delivering its product through trucking to all its retails outlets to high personnel costs due to staff recruitment to meet with its expansion plans and to help achieve its goals and objectives. Administrative expenses grew by a 5.42% to N15.85 billion from N15.03 billion recorded in December 2015. Hence, this reduction is an indication of management efficiency and success of

its cost saving strategies. In addition, the Company continued to invest heavily in the promotion of its popular “Quartz” oil lubricant aimed at further strengthening the ‘Total’ brand across the federation. This is in addition to expenses incurred on repairs, maintenance and upgrade of some of its retail outlets nationwide. Furthermore, Total Oil records moves from a moderate 2.78% year on year increase recorded in December 2015 to a significant 20.33% increase in other income to N1.45 billion in December 2016 from N1.20 billion over the corresponding year of 2015. Hence, operating profit for the year grew substantially to N20.93 billion in December 2016 from N6.26 billion in December 2015 indicating a percentage increase of 234.63%. FINANCE COST FAILS TO FORESTALL MASSIVE GRROWTH IN NET EARNINGS Record displays that both financial income and finance cost declined enormously year on year by 86.53% to N273.55m from N2.03 billion and by 52.43% to N851.86m from N1.79 billion respectively. Net finance costs declined by a massive 340.58% to a negative figure of N578.31m from a positive record of N240.38m during the period under review. Profit before tax rose by 213.35% to N20.35 billion from N6.50 billion and net income shows an extraordinary growth of 265.63% to N14.80 billion in December 2016 from N4.05 billion in the corresponding period of December 2015. The growth in net income was despite considerable rise of 126.93% in income tax to N5.56 billion in December 2016 from N2.45 billion in December 2015. The company’s profitability and efficiency ratios dropped modestly. Return on asset (ROA) decreased to 4.84% from 5.54% in the preceding year while return on equity (ROE) followed suit, decreasing to 24.92% from 33.21% over the same year. Pre-tax margin also followed the downward trend dropping to 1.95% from 2.20%. SIGNIFICANT DECLINE IN ASSET QUALITY As at December 2016, Total Oil Plc grew its total asset substantially by 63.68% in to N136.93 billion from N83.65 billion as at December 2015 while its total liabilities also increased by 68.16% to N113.36 billion in December 2016 from N67.41 billion in December 2015. Company’s shareholders fund followed similar massive increase as it rose by 45.11% to N23.57 billion from N16.24 billion year on year. WE MAINTAIN OUR HOLD RECOMMENDATION We recognise the management’s effort in curbing its expenses which has been a major burden hampering the profitability of the company in prior periods. In addition, as expected the Federal Government dispute with petroleum

Valuation Metrics 17-Mar-17 Recommendation

BUY

Target Price (N)

337.22

Current Price (N)

272.90

Outstanding Share(m)

339.522

Market Cap (N'm)

92,656

EPS (N)

43.58

PE Ratio

6.26x

Projected EPS

57.16

Projected PE Ratio

4.77x Source: BGL Research

Full Year Financial Result 2015 Turnover (N'm)

290,953

Proﬁt Before Tax (N'm)

20,353

Proﬁt After Tax (N'm)

14,797

Pre-tax Margin (%)

7.00 Source: BGL Research

Full Year Financial Result 2015 Turnover (N'm)

208,027

Proﬁt Before Tax (N'm)

6,495

Proﬁt After Tax (N'm)

4,047

Pre-tax Margin (%)

3.12 Source: BGL Research

Shareholding Information Shareholders

% Holding

Total Societe Anonyme

45.24

Elf Aquitaine S.A.

16.48

Public Float

38.28

Public Float

44.67% Source: Company Data, BGL Research

marketers over the Petroleum Support Fund (PSF) allocation in the short to medium term, which greatly disrupted the supply and sale of petroleum products in the industry and accounted for not too impressive performance of Total Oil Plc in the previous year is been resolved. With recent action and policy by management of Total Oil Nigeria Plc towards further reduction of its operating cost, finance cost and borrowings, we expect less operation and financial disparity which erodes profitability as it optimise market opportunities. This will lead to a continua success in its financial metrics in the coming periods. Considering the above, we project revenue of N322.48 billion and net income of N19.41 billion for December 2017. This leads to a forward EPS of N57.16. Using a combination of PE multiple and sustainable growth rate (SGR), we arrive at a target price of N337.22 and since this represents a 23.57% upside potential on the current price, we therefore place a BUY on the stock of Total Nigeria Plc.

T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ MARCH 26, 2017

NIGERIA’S TOP 50 STOCKS BASED ON MARKET FUNDAMENTALS

ACCESS BANK PLC – Investment in innovative solutions strengthens growth

ccess Bank Plc (the Bank) is a full service commercial bank operating through a network of 310 branches and services outlets located in major centres across Nigeria, Sub-Saharan Africa and United Kingdom. The bank was listed on the Nigerian stock Exchange in 1998 and operates banking services through five business segments: Corporate and Investment banking, Commercial Banking, Business Banking, personal banking, Operation and ITDivisions. The Bank is constantly exploring diverse solutions that make banking and financial management simple and accessible through an expansive foray into the retail sector, with an emphasis on cheaper funding services and new ways for customers to manage their finances. Access Bank Plc in its audited financial statement for the full year ended, December 31st, 2016 which was recently released presented a notable performance, as it was able to grow earnings, profitability and other key financial metrics despite operational challenges caused by macro-economic headwinds, majorly high inflation, investors low risk appetite, economic uncertainty, unemployment and foreign exchange difficulty faced during the financial period. The Bank has kept up with its regular dividend payment, and has recommended at the full year period ended of December 31st, 2016 a total dividend payment of N18.80 billion (on the basis of N0.60 per share) for every 50 kobo share. GROSS EARNINGS BOOSTED BY CORPORATE AND COMMERCIAL BANKING Gross earnings for full year 2016 grew notably by 13.02% to N381.32 billion from N337.40 billion in the corresponding full year period of 2015; driven primarily by a massive 189.15% and 65.67% rise in other operating income, and fees and commission income respectively. With respect to sectorial contribution to gross earnings, remarkable performance were recorded in corporate and investment banking contributing N141.39 billion and commercial banking N145.07 billion.The rise in other operating income was due to the income generated from the sale of securities available for sale. Interest income grew by 19.00% to N247.29 billion in December 2016 from N207.80 billion recorded in the corresponding period of 2015; this was driven by 31.67% growth in total loans and advances for the 12 month period. Interest expense rose to N108.14 billion showing a 5.58% increase year on year from N102.42 billion.The reduction is outstanding and indicates management’s efficiency when compared to 33.19% increase recorded in 2015 full year. Similarly, non-interest income as a result of momentous improvement in net gains from trading grew modestly by 3.42% to N134.03 billion for the full year 2016 from N129.60 billion recorded in the same period of 2015. Other key contributing factors include: 65.67% growth in fees and commission income to N55.44 billion from N33.46 billion which

ALSO THE STRONG LIQUIDITY POSITION OF THE BANK AND POTENTIAL PROFITABILITY FROM INCREASED FOCUS ON LENDING WOULD CUSHION THE EFFECT OF MACROECONOMIC HEADWIND AND WITHDRAWALS, HENCE BOOSTING PERFORMANCE OF ACCESS BANK AND RESULT IN SUBSTANTIAL GROWTH IN SHAREHOLDERS RETURNS

resulted mainly from increase in card-related commissions and commission on foreign currency denominated transactions on the back of increased transaction and payment volumes in issued debt securities and interest bearing borrowings/other borrowed funds which rose grew notably by 47.25% and 269.36% respectively. INCREASE IN OPERATING EXPENSES CUSHIONED BY HIGHER GROWTH INTOTAL OPERATING INCOME. The bank recorded a total operating income of N250.65 billion for the full year ended December 2016; representing an increase of 13.62% year on year from N220.61 billion in 2015. On the other hand, total operating expenses increased by 10.13% to N160.31 billion in December 2016 from N145.57 billion reported in corresponding period of 2015.This we believe stemmed from increased increase in the rate of the bank’s pension contribution for staff from 7.5% to 10%, staff strength and emolument rise to boost retail market penetration, investment in brand equity development, particularly in the retail segment through increased marketing activities and upgrade of ITimprovements to improve automation of business processes and service delivery to customers. PROFITABILITY IMPACTED BY SUBSTANTIAL RISE INTAXATION Expectedly, profit before tax grew by 20.39% in December 2016 to N90.34 billion from N75.04 billion recorded in the same period of 2015. Income tax expenses for the period increased substantially by 106.12% to N18.90 billion in December 2016 from N9.17 billion in

the corresponding period of 2015; hence, profit after tax recorded by a considerable growth of 8.46% to N71.44 billion in the full year 2016 from N65.87 billion reported in the corresponding period of 2015 despite the current macroeconomic headwind. REMARKABLE GROWTH IN ASSET POSITION AND SHAREHOLDER EQUITY The bank’s total assets increased by 34.44% year to date to N3.48 trillion as at December 2016 from N2.59 trillion as at December 2015. Further analysis reveals that the growth in total assets was largely driven by increased investments in derivative financial assets which grew by 100%; and increase in total loans and advances by 31.67% to N1.85 trillion from N1.41 trillion as at December 2015. On the other hand, the bank’s total liabilities increased by 36.24% to N3.03 trillion from N2.22 trillion which was spurred by 24.12% rise in customer deposit to N2.09 trillion as at December 2015 from N1.68 trillion as at December 2015, reflecting continued implementation of the Bank’s customer engagement strategy and deposit mobilization initiatives. Shareholders’ fund followed suit with a significant 23.57% growth to close at N454.49 billion as at December 2016 from N367.80 billion as at December 2015. IMPROVEMENTIN EFFICIENCY AND FINANCIAL RATIOS Key financial indicators also show improvement spurred by positive performances in top and bottom line earnings. After-tax return on average equity (ROAE) increased to 31.44% as at December 2016 from 20.42% in corresponding period of 2015. Also, after-tax return on average asset stood at 4.10% from 2.81% a year ago. At 413.6%, the Bank’s liquidity ratio strengthens and remains above the minimum regulatory requirements of 30% while capital adequacy ratio stood strong at 21%, well above the regulatory requirement of 15%. In relation to assets quality, non-performing loans grew to N39.4 billion as at December 2016 from N24.5 billion as at December 2015 which reflected in the non-performing loan (NPL) ratio which rise to 2.1% from 1.7% respectively. Loan to deposit ratio take stance at 74% as at the year ended, December 2016. We maintain our BUYrecommendation Considering recent developments in the banking sector and favourable regulatory policies which resulted in increased income generation despite high cost of funds within the Nigerian financial system, general macroeconomic challenges and rising impairment charges due to exchange differentials, we believe the Bank’s management is effective in reducing its expense lines towards optimizing the Bank’s cost profile, intensify low-cost deposit generation and launch of innovative products and loyalty schemes that will boost transaction-related commissions which will lead to strengthened income generation for its shareholders. Also the strong liquidity position

Valuation Metrics 24-Mar-17 Recommendation

BUY

Target Price (N)

9.71

Current Price (N)

5.93

Outstanding Shares (m)

28,928

Market Cap (N'm)

171,542

EPS

2.47

PE Ratio

2.40x

Forward EPS

2.78

Forward PE Ratio

2.13 Source: BGL Research

FYE December 2016 Audited Results Turnover (N'm)

381,320

Proﬁt Before Tax (N'm) Proﬁt After Tax (N'm) Pre-tax Margin (%)

90,339 71,439 23.69%

Source: Company Report 2016, BGL Research

FYE December 2015 Audited Results Turnover (N'm)

337,404

Proﬁt Before Tax (N'm) Proﬁt After Tax (N'm) Pre-tax Margin (%)

75,038 65,868 22.24%

Source: Company Report 2015, BGL Research

Shareholding Information Citibank Nigeria (GDR)

10.54%

Stanbic Nominees

16.00%

Blakeney GP

6.08%

Public Float

77.92%

Outstanding Shares (m)

28,927.97

Source: Company Report 2016, BGL Research

of the Bank and potential profitability from increased focus on lending would cushion the effect of macro-economic headwind and withdrawals, hence boosting performance of Access Bank and result in substantial growth in shareholders returns. In line with Central Bank of Nigeria’s (CBN) directive, Access Bank Plc is currently executing plans to divest its 17.65% shareholding from Stanbic IBTC Pension Managers Limited. Considering the above, we therefore projected gross earnings to N435.13 billion for the financial year for December 2017 and net income to N80.50 billion for December 2016, leading to a forward EPS of N2.78.With an Industry Price to Earnings (PE) multiple of 2.13x, we arrived at a 9-month target price of N9.71 for Access bank Plc. Since this represents a potential upside of 63.68% over the next 9 months. We therefore maintain a BUYrecommendation on Access Bank Plc shares.

T H I S D AY, T H E S U N D AY N E W S PA P E R Ëž ÍşÍžË&#x153; ÍşÍ¸ÍšÍż

MARKET NEWS

Lafarge Africa Â Â Shares Rise 14% on Renewed Demand Goddy Egene The shares of Lafarge Africa Plc, one of the leading cement and building solutions providers in Nigeria, last week attracted high demand as investors reacted positively to theÂ 2016 financial results. The renewed demand lifted the share price by 13.9 per cent to Â close as the highest price gainer for the week.Â Lafarge Africa became toast of investors after the company announced a profit for the year and declared a dividend of 105 kobo per share, contrary to

expectations that it would end the year with a loss. The Â Â apprehension that Large Africa will post a loss for the full year came after it recorded a loss of N40 billion for the nine months Â ended September 30, 2016. However, the firm recorded a profit of N16.8 billion for theÂ year ended December 31, 2016, a development that made the stock to Â attract high demand by investors. Consequently, the share price rose by 13.9 per cent from N36.00 to N41.01 per share. According to the audited results, Lafarge Africa Plc recorded aÂ revenue of N219.714 billion, compared

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

with 267.234 billion in 2015.Â Loss before tax stood at N22.818 billion, compared with a profit before tax of N29.286 billion. Â However, a N39.717 billion tax credit, whichÂ came mainly from deferred tax assets generated from Unicem operations, lifted the companyâ&#x20AC;&#x2122;s PAT to N16.898 billion. The board has recommended a dividend of 105 kobo, which is 65 per cent lower than 300 kobo paid theÂ company declared in 2015. Commenting on the performance, the Chief Executive Officer, Lafarge Africa, Â Michel Puchercos, Â said: Â â&#x20AC;&#x153;Our turnaround

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 23-Mar-2017, unless otherwise stated.

plan delivered solid results in fourth quarter (Q4) 2016 in spite of the challenging environment in Nigeria and South Africa. Technical challenges have been resolved with all our plants operating at high reliability. Our energy optimisation plan has proved successful with increased use of alternative fuel (AF) to offset gas shortages. Ewekoro 1 plant migrated from 100 per cent reliance on gas and LPFO to about 40 per cent use of AF at the plant. Logistics and commercial turnaround plans are in place and enabling to restore market share.â&#x20AC;?

According to Puchercos, Mfamosing line 2 was delivered ahead of time and above specification, and is now fully operational. â&#x20AC;&#x153;The new Line contributed 338kt in Q4 2016 to cement production volume and is expected to deliver significant cost savings going forward. Our immediate objective is to deliver fully on our turnaround plan by optimizing our processes, developing our alternative fuel strategy, reducing operational costs to deliver strong EBITDA margins returning to historic levels,â&#x20AC;? he said. The company explained that

in Q4, the third-party syndicated loan of Â $88.4 million Â was prepaid, through a loan refinancing arrangement with LafargeHolcim Group. Â This inter-company loan was hedged through a non-deliverable futures (NDF) transaction. â&#x20AC;&#x153;Consequently, overall $581 million debt was restructured, which removed the FX impact on Lafarge Africaâ&#x20AC;&#x2122;s results. Net debt was reduced to N108.3 billion, below the N120 billion announced notably supported by capex control and solid cash flows,â&#x20AC;? the company said.

Offer price: The price at which units of a trust or ETF are bought by investors. Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return. NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 1 270 1680 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 128.35 128.83 1.05% Nigeria International Debt Fund 221.03 221.73 2.69% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.70 0.71 -0.14% 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 17.89% 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 12.40 12.78 0.47% ARM Discovery Fund 291.62 300.42 1.55% ARM Ethical Fund 22.17 22.84 -0.77% ARM Money Market Fund 1.00 1.00 15.86% 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 105.72 106.46 0.61% AXA Mansard Money Market Fund 1.00 1.00 16.75% 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 2.22 2.28 2.27% Paramount Equity Fund 9.40 9.64 0.42% Women's Investment Fund 86.82 89.04 2.63% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 18.55% 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 1,133.07 1,134.26 3.92% FBN Heritage Fund 112.40 113.15 0.73% FBN Money Market Fund 100.00 100.00 17.93% FBN Nigeria Eurobond (USD) Fund - Institutional $107.16 $107.81 2.96% FBN Nigeria Eurobond (USD) Fund - Retail $106.88 $107.53 3.40% FBN Nigeria Smart Beta Equity Fund 112.83 114.28 0.13% FIRST CITY ASSET MANAGEMENT LTD fcamhelpdesk@fcmb.com Web: www.fcamltd.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Equity Fund 0.95 0.96 1.60% Legacy Short Maturity (NGN) Fund 2.66 2.66 3.37% 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 2,210.44 2,236.10 0.05% Coral Income Fund 2,191.99 2,191.99 4.17% 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 16.63% 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 16.77% Vantage Balanced Fund 1.70 1.72 1.30% Vantage Guaranteed Income Fund 1.00 1.00 15.09%

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 1.02 1.03 2.84% Lotus Halal Fixed Income Fund 1,027.41 1,027.41 2.44% 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 9.72 9.80 0.55% Meristem Money Market Fund 10.00 10.00 16.58% 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 1.08 1.10 2.97% PACAM Fixed Income Fund 10.44 10.48 0.32% PACAM Money Market Fund 10.00 10.00 13.14% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 110.94 111.76 8.92% 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 2.26% 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 1,846.45 1,856.19 0.82% Stanbic IBTC Bond Fund 155.56 155.56 1.04% Stanbic IBTC Ethical Fund 0.76 0.76 -1.30% Stanbic IBTC Guaranteed Investment Fund 192.55 192.55 3.03% Stanbic IBTC Iman Fund 128.73 130.38 -0.85% Stanbic IBTC Money Market Fund 100.00 100.00 17.55% Stanbic IBTC Nigerian Equity Fund 7,376.86 7,458.51 -2.75% 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 1.15 1.16 7.80% United Capital Bond Fund 1.28 1.28 15.80% United Capital Equity Fund 0.65 0.66 0.89% United Capital Money Market Fund 1.14 1.14 11.37% 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 9.93 10.11 3.14% Zenith Ethical Fund 11.18 11.29 2.48% Zenith Income Fund 17.34 17.34 4.97%

REITS NAV Per Share

Yield / T-Rtn

11.41 125.28

1.01% 1.06%

Bid Price

Offer Price

Yield / T-Rtn

8.01 72.48

8.11 73.83

-8.72% -4.36%

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

2.77 6.20 11.70 15.01 128.05

2.81 6.28 11.80 15.21 130.05

0.71% -11.74% -2.46% -5.86% -1.40%

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.

WEEKLY PULL-OUT

DAPO ABIODUN

26.03.2017

FROM FABRICATING SECURITY GATES TO OIL BILLIONAIRE

T H I S DAY, T H E S U N DAY N E W S PA P E R Ëž Í°Í´, Í°ÍŽÍŻÍľ

COVER

DAPO ABIODUN

FROM FABRICATING SECURITY GATES TO OIL BILLIONAIRE Like an ancient mariner whose heartbeat dwarfs echoes of his incredible exploits, Prince Adedapo Abiodun, commands the awe of many of his peers and admirers in Nigeriaâ&#x20AC;&#x2122;s socio-political and business sector. There is no gainsaying the world of business is like a dangerous coast riddled with storms. But despite its turbulent tides, the Chairman of Heyden Group, like a sea-hardened sailor, navigates through the gales armed with a strong resolve and unyielding spirit. Today, that relentless spirit of Dapo has paid off. It has guided him through the bittersweet, cut-throat world of global commerce till he emerged unscathed and undaunted in spirit and resolve. DA, as he is fondly called, offers revealing and undeniably delightful anecdotes of the influences that impacted on the child that he was and the man that he has become, writes Lanre Alfred Journey to selfhood s a child, Dapo lived a charmed life. He had no shiftless or loquacious alcoholic father constantly beating up on him, his siblings and his mother. And his mother cut no pitiful portrait of the cynical romantic and overwhelmed mother carping by the hearth and blackened cooking pot every day of her miserable existence, until she burns out in a tragic twilight. In a nutshell, Dapo grew amid the comfort of towering affection and his parentsâ&#x20AC;&#x2122; extraordinary love. Growing up in the Abiodun household was like evolving in a brilliant world of dazzling mirrors. Even now, he relives the sparks of magic and tufts of grace wrought in his psyche by his exceedingly principled and loving parents. Dapoâ&#x20AC;&#x2122;s life as a child was brilliant with sunshine. As the sun emblazons the sky in beams of gold and brightens the earth with brilliant spokes, his parentsâ&#x20AC;&#x2122; love radiated all over him. It imbued him with something of the fabled beauty of Eden and the charm of Neverland. Born in Sagamu, he started his early education in the Ogun state township. Because his parents were teachers, they taught in Sagamu. His dad was a lecturer, a Professor to be precise. â&#x20AC;&#x153;And you should know how the civil service was then, each time they just posted him, he would take us with him and so, I travelled a bit with my parents, as they relocated,â&#x20AC;? revealed Dapo. Dapo learnt a lot from his parents. From his father, Prof. Abiodun, he learnt humility, sacrifice, tact, wisdom and patience. Whatever he learnt from his father was reinforced by his mother. Both parents schooled and fed him on a diet of tough love and inexorable compassion. They taught him to value every human life and relationship. The native of Iperu Remo came from a humble background. His parents had no trust fund to bequeath to him. The only fortune he inherited from them was character. â&#x20AC;&#x153;I must tell you that, I come from a very humble background and my parents are still living.

My father is 84 years and my mother is 81 years. Like I told you, my parents were teachers and I did not inherit any money from anybody. My story is such that let me say, if I can be where I am today, anybody can be here, I mean, anybody. And it goes a long way to show that you donâ&#x20AC;&#x2122;t have to be born by rich father or rich mother to be successful in life. I will tell you a story that my grandfather would never believe he would have a grandson who would be where I am today. My dad, after he had me, was when he got into University. My dad would work as a teacher, a teacher in Iperu and he was a teacher that didnâ&#x20AC;&#x2122;t have shoes to wear to school. I think you will not like a story about people who donâ&#x20AC;&#x2122;t have shoes to wear to school, my father did not have shoes to wear to school. As a teacher, he would go to school to teach and would give a proceed from his salary to his mom, his mom was selling kola nut and she would trade with it and it was from the proceeds of the grand momâ&#x20AC;&#x2122;s trade that my father was able to afford his university education. So, I think, it speaks for itself. Where I am today is just by the special grace of God. God just wanted to change the situations of my family and I think that is why he has raised me to be a blessing to my homeâ&#x20AC;?. Dapoâ&#x20AC;&#x2122;s parents like most of their peers of the conservative era fondly remembered as the good old days, inherited the timeless wisdom of the ages from their forbears. Having lived full lives of their own, they had added to their repository of insight before passing it on to Dapo and his siblings and so doing subsequent generations of Abiodun. Without doubt, everyone that comes in contact with Dapo gleans from that timeless wisdom that distinguishes the Abiodun lineage as an enviable one. He considers himself very fortunate to have grown up knowing both his maternal and paternal grandparents. According to him, it helped him situate the fount of his parentsâ&#x20AC;&#x2122; uncommon humanity and capacity for tough love. His parents were both strong and outgoing. They were an uncompromising pair who helped make a success of the familyâ&#x20AC;&#x2122;s moral code. They taught Dapo and his siblings never to cringe from hard work, they taught them to be self-reliant. Dapo has many fond memories of spending time with his family and helping out with the chores. Even while immersed in a sea of pranks, everyone seemed to find him quite

BESIDES HIS EXPENSIVELY STOCKED CLOSET, DAPO BETRAYS UNWAVERING LOVE FOR THE FINEST AUTOMOBILES MONEY CAN BUY. HE NEVER DITHERS FROM ACQUIRING PREMIUM MACHINES HENCE AS YOU READ, HIS PICTURESQUE MANSION GIVES SHELTER TO THE MOST EXPENSIVE AUTOMOBILE. LITTLE WONDER HE CUTS A PERFECT PORTRAIT OF A MAN FULLY AT HOME AND AT PEACE WITH HIS INNER GRANDEUR

MARCH 26, 2017 ˾ T H I S DAY, T H E S U N DAY N E W S PA P E R

COVER

Dapo Abiodun with his parents, ﬂanked by Gov. Ibikunle Amosun (right) and Transport Minister Rotimi Amaechi (left)

adorable. Of course, he was very young and he took life in. The pursuit of glory In pursuit of glory, Dapo learnt to thrive like a lily in unimaginable valleys. Like white rose growing on concrete slabs or the daring mushroom that pierces the motionless eternity of earth, pushing clearly but obstinately, through faint form, till the hour of fertility strikes. The native of Iperu sought to fluorish where many have cowed to defeat. Unlike the proverbial lazy bones who lived to see the sun rise before his eyes were closed while the dawn chorus becomes his lullaby, Dapo worked through dusk and dawn to actualize his heartfelt dreams of grandeur. He knew quite early in life that his humble roots should inspire him to success rather than become a burden and impediment to his spirited strides to success. He understood that to learn even the quarter of a breeze, he must hold up a wet finger. Hence he pursued knowledge to his advantage. According to him, being successful in life is not about the prestige of the school you have attended. “I went to some pretty, decent schools, but the schools I went to, was not Kings College, Lagos, neither was it an Igbobi College, Lagos and I have utmost regards for kids that have privileges to attend those schools then, but I didn’t have it. I went to schools that were good schools, alright. “I went to St’ Joseph’s College, Ondo town, Ondo State and a few other schools. They were good schools, but St’ Joseph College, Ondo also produced the former Governor of Ondo State, Dr. Olusegun Mimiko and a few other people. So, they were good schools, but they were not iconic schools and I know so many people that today are MDs of different banks. It is not really about the school you attended, many times, but it is about the person you are, it is about the training and the upbringing you have from homes, it is about the values that are enshrined in you and I think, that is what determines what you will become in life.” While the alarm clock and early school bell echoed to many high school students as wailing monstrosity whose chief purpose was to torture them and deny them the joy of peaceful sleep, Dapo considered the rousing clang of the school bell and shrill ring of the alarm clock, welcome intrusions into his world. Privately, he considered most of his colleagues who dreaded school misguided. He felt they were simply viewing the situation from a twisted perspective and beginning their life sojourn with wrong, crooked steps. ...Not building another man’s dream By the time he was done with high school, he could hardly wait to get into the university. With a sunny bearing and hopeful mindset, Dapo embarked on a quest to develop himself and better his lot. On completion of his secondary school education, he proceeded to the University of Ife now Obafemi Awolowo University (OAU), Ile Ife, Osun State. Afterwards he attended the Georgia State University where he obtained a degree in Accounting. At the end of his academic programme in the United States of America (USA), he worked with a US-based company as an Accountant for about a year. Afterwards, he returned to Nigeria to establish his own enterprise. His first business focused on fabricating security gates for the rich and installation of closed-circuit television, CCTV. “I came back to Nigeria and I set up my own company which was into electronic security and safety devices.” “So, I will say that for the most part of my

Abiodun

life I have worked for myself. My employment history is, mostly, being that which I will describe myself as an entrepreneur. My employment was very, very short in terms of working for people,” said Dapo. And that employment history of his no doubt, attests to his restive and highly independent spirit. Dapo could not bear to serve another man for too long. According to him, he knew very early in his life that he was not cut out to play underling to any man or woman. Dapo never believed in wasting his most productive years in building another man’s dreams. He sought to establish himself as a giant very early in his life. This inexorable passion to stand out as a giant among men and his relentless spirit in pursuit of excellence inspired him to seek his niche in the cutthroat world of global entrepreneurship. Dreams of Heyden…Oak grew on concrete As a young adult, Dapo subscribed to the belief that a man’s reach should always exceed his grasp. He believed in reaching for the moon, knowing if his grasp misses its cusp, his hands may land on the stars. Starting out as an entrepreneur, Dapo strove to make things work. Fortunately, things began to look up for him and he became a reference point in his chosen career. However, his ascent to the steep slope of entrepreurial success and acclaim didn’t lay out in flat miles. It was replete with rigours and daunting challenges. But Dapo towered above all odds to become a successful magnate with vested interests in the global oil and real estate sectors. His success is attributable to hard, valuable lessons he learnt very early in life. Early in his youth, Dapo gleaned priceless wisdoms from his parents. Among other things, he learnt that there was no wisdom in waiting to see asters bloom on barren land. He understood that foresight in moving out of his comfort zone in search of greener pasture. Guided by the priceless wisdom of the aged, he left home to seek his fortune elsewhere - he knew perfectly well that only an oyster remains forever at the old homestead. Guided by this mindset and in a bid to merge all his business activities and consolidate on his resolve to operate at a height traversed only by champions, Dapo founded Heyden Petroleum Limited.

And thus, Dapo moved from being a maker of electronic security gates for the rich to an oil billionaire. As a businessman, the boss of Heyden Petroleum Limited (HPL), is on top of his game. He founded Heyden Petroleum with a vision to become a leading global energy and services company. He seeks to create an effective corporate structure to consolidate on growth and his core interest in energy, power and construction. “I would say I am in oil and energy business, because I own a company, a Heyden Petroleum company which is really active in the downstream sector of the oil industry. I am actually the chairman of Market Owners Association, called Depot Owners Association of Nigeria. I, also, own a public company called First Power, that is generating electricity out of Lagos. So, these are my primary businesses. I am involved in the upstream sector of the oil industry, as well. Therein, we have Heyden exploration and production company and so, these are my primary businesses. I believe my private businesses are in the private sector. However, I must say that the private sector obviously can’t flourish without a good and thriving public sector and democracy,” he says. The company was incorporated on October 30, 2001 as an independent Oil Trading Company (OTC) in Nigeria and in the United Kingdom. Its trading activities range from refined white products to semi-refined black products. Heyden Petroleum also explores its formidable network structure to access and expand business relationships wherever profitable and feasible while promoting and sustaining professionalism. Master of his universe At a time when it is generally believed that one has to be a lowbrow, an incorrigible liar and a bit of a murderer, to be a politician, Dapo ventured into politics to improve lives yet unwilling to see people sacrificed and slaughtered for the sake of his ambition. He chose to begin his humble ascent in the corridors of power by connecting with his people from the grassroots. He would rather impact the lives of his people by ascending the governorship seat of Ogun State. “I have always been in politics. If you remember, I contested for this same position

quite a few years ago during the time of United Nigeria Congress Party (UNCP) and other political parties. I actually won that election. But the President, the military Commander-In-Chief who was trying to transform into a civilian president died and a new helmsman came in and dissolved the five political parties that we had then. I also contested under the PDP for the same Ogun East senatorial ticket. And I had also contested for the governorship of this state. I later decided to go back and focus on my businesses. But I have nonetheless been involved in politics from time at different levels of aspiration”. To this end, he has made subtle and impactful forays into the political arena even as he shies from divulging essential information about his emergence in the political circuit. “If I were to tell you, I will not give you details, but I had a friend who at other time was very helpful and we were close and he was a personal friend of mine. He was a senator actually before then. He was a senator in the defunct Social Democratic Party (SDP) and I used to just go around with him. He is from the north and one day, he said to me, ‘Dapo, I think you should go and contest election,’ and I thought it was a joke. “I told him, it was an outright joke and he later became governor of a state. And one day, we came to Lagos and Abuja and I brought him back to my state, Ogun, and he took me to Jubril Martins-Kuye, who was a top politician and they were together in the same party then. He told Martins-Kuye that I was going to contest election and that was where my political career took off. I believe that the man saw something in me that I never knew existed and obviously, it is something I have,” he said. Ever since, Dapo has made impactful contributions in the political affairs of his state. Following an ill-fated attempt to clinch the governorship seat of Ogun State as an aspirant on the platform of the People’s Democratic Party (PDP), he recently staged a big comeback into politics, but this time around aligning with the ruling party, the All Progressives Congress (APC). As an APC member, he vied to represent the Ogun East Senatorial District during the last general election. A connoisseur, enthusiast and collector of high art Many a billionaire cannot be elegant even if they slave at it, so they choose to be extravagant. They forget that in matters of reputation and honour, style, rather than a deep pocket, is the most crucial thing. But Abiodun is remarkably different. Unlike several billionaires of his ilk, he is neither tormented nor overwhelmed by his love for the classy and urbane. Such habit and love are practicable at a steep price and Dapo rises to the measure and monetary worth of his taste for high fashion and art. Very few people perhaps are unaware of his abiding love for top designer brands, Tom Ford, LV and all. Dapo acquires the most stunning and posh accessories and apparels from the stable of these elite designers without flinching at cost. A cursory peep into his closet reveals an array of apparels and accessories reflective of his taste for the finest luxury. Bespoke suits tailored glower back in plain sight with classic male accessories; these reveal, among other things, a fine eye for detail and fascination with class by the self-made billionaire. Besides his expensively stocked closet, Dapo betrays unwavering love for the finest automobiles money can buy. He never dithers from acquiring premium machines hence as you read, his picturesque mansion gives shelter to the most expensive automobile. Little wonder he cuts a perfect portrait of a man fully at home and at peace with his inner grandeur.

SUNDAY MARCH 26 , 2017 T H I S D AY

T H I S D AY SUNDAY MARCH 26, 2017

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Ě&#x201C; ÍŽÍśÍŻÍŻÍ˛Í˛ÍˇÍłÍąÍ°Í˛Ë&#x153; nseobong.okonekong@thisdaylive.com

One Year Later at the Temple Nseobong Okon-Ekong

he Temple Management Company recently marked its ďŹ rst anniversary in the entertainment industry. It is no mean feat. Given the unfriendly landscape of the creative industry, winning the trust of talents could be a herculean task. But the CEO of the management company, Idris Olorunnimbe had it all mapped out. His best approach was to use a 360 strategy whereby the talent under his management is totally secure in all his dealings. From inception, TMCâ&#x20AC;&#x2122;s core focus was to represent talents as well as build corporate alliances, and provide a wide range of ďŹ nancial and advisory services, manage endorsement portfolios, and package bespoke events for domestic and international markets. True to its word, merely few months into its operation, it signed major talents like The Mavin Records, renowned disc jockey DJ Jimmy Jatt, award-winning visual artist and writer Victor Ehikhamenor, media personality Bunmi Davies, artist/jeweller Mode Aderinokun and media personality Funmi Iyanda, under its management. However, the deal that sent shocking waves was the grand concert it planned for King Sunny Ade in commemoration of the artisteâ&#x20AC;&#x2122;s 70th birthday. The concert was one of a kind and received great reviews. Today, TMC has 12 talents signed under its management. These talents are not restricted to the music industry but cut across arts, sports and movies, and they include the Grammy award-winning artiste Lekan Babalola and ďŹ lm director Biyi Bandele. The companyâ&#x20AC;&#x2122;s youngest talent is a 12 year- old tennis star Marylove Edwards. Olorunnimbe recounted how he met the young star at media parley at his oďŹ&#x192;ce in Victoria Island, Lagos recently. â&#x20AC;&#x153;Marylove was a very emotional signing for us because when we found her, the question that we asked ourselves is how many Maryloves have we missed. There is a newspaper article about her in South Africa where one of the coaches begged her parents to relocate to South Africa so that he can train her and get sponsorships for her because of her unique skills. By the time we signed her, she was already committed to another contract which I will call a sad one. But we understand that it is the cause of desperation on the part of her parents which is why most talents are exploited today.â&#x20AC;? TMC has been able to clinch a sponsorship deal with Zenith Bank, TY Danjuma Foundation for Marylove since she came on board. Desperation is just one of the issues confronting talents. Olorunnimbe believes that the most exploited Nigerians are talents because sometimes they get into contract disputes out of desperation. Again, there is the issue of integrity deďŹ cit which made most talents shy away from management companies, coupled with the fact that most talents donâ&#x20AC;&#x2122;t get their due payments. â&#x20AC;&#x153;I can assure you that what an average talent gets is just trickles, not the whole sum. This is why we are in the market, to unlock

WHY LAGOS IS BUILDING A NEW MUSEUM For many who gathered at the Grand Ballroom of Eko Hotels and Suites to witness the unveiling of the proposed New Museum by the Lagos State Government recently, it was more than a social event. Right from the entrance of the hotel, the new beginning could be felt through banners and signposts, leading to the main hall. Gradually, the hall began to fill with dignitaries, politicians, and the cream of the society who filed in with their beaming faces, eager to set the evening in motion. It was

Lekan Babalola and the Eko Brass Band

opportunities for the client, to ensure that the talent gets what is due to him or her.â&#x20AC;? To buttress his point, Olorunnimbe said that the logo of the company explained it all. â&#x20AC;&#x153;It took us six months to come up with this logo but it is more than just the aesthetics. Every symbol on this logo represents something. There is the crown which is self-explanatory; the companyâ&#x20AC;&#x2122;s acronym, TMC; the face of a lion- which is our way of assuring the talents that we will ďŹ ght for them. We donâ&#x20AC;&#x2122;t pray for disputes but if it arise, the talents can be assured that we will throw all in the ring to ensure that they come out victorious. There are also the eyes of the lion which is designed with sparkling diamonds. Diamonds are rare and last forever, the process of getting them is very rigorous but comes out very beautiful which is an achievement. That is how we polish our clients. There is also the spear, a weapon not to be used in a vicious manner, but what we are telling the client is that we are adequately equipped to protect them. And then the circle represents that we are a 360 company.â&#x20AC;? Looking back to when his company berthed, Olurunnimbe could only thump his chest as a pioneer in the industry. â&#x20AC;&#x153;We pride ourselves as pioneers, there is nobody approaching it like us,none as strategic as us. I think thatâ&#x20AC;&#x2122;s why we are the ďŹ rst in the market because people are not ready and willing to sacriďŹ ce.â&#x20AC;? He described his team as a collection of young and not-so young people, who see the need to protect talents from themselves and a third party. â&#x20AC;&#x153;The job of a talent manager is to ensure that the talents live up to his or her obligations.â&#x20AC;? In all modesty, he admitted that he

going to be a new dawn, one which will put history in its right place. Moreover, the compere of the night, Gbenga Adeyinka was in his elements to ensure that the guests would be entertained as well as informed. It is a known fact that Nigeria has a poor maintenance culture, particularly concerning historical artifacts. For example, many historical and significant landmarks on Broad Street in Lagos lie in a waste. The National Museum at Onikan, falls into this category. Visitors only get to see a quarter of the artifacts housed in this history warehouse, such as the car which the late Head of State General

cannot do the job alone thatâ&#x20AC;&#x2122;s why he is surrounded by individuals who are skilled in diďŹ&#x20AC;erent ďŹ elds and play a vital role in talent management. From lawyers to accountants, no stone is left unturned. For instance, the director of Finance, Mr. Hamza Idris Kutugi, ensures that all contracts are signed as well as insuring artists on its stable, while Director, Legal, Mr. Ayodeji Olomojobi prepares the talents for when their active years are over and takes care of other legal matters.

Biyi Bandele

Murtala Mohammed was assassinated in. About 47,000 art pieces are hidden from the eyes of visitors due to lack of space. It is against this backdrop that the Lagos state Governor, Akinwunmi Ambode decided to build a world class museum that will not only be a custodian of our history but also attract tourists from all over the world. Ambode who is keen on transforming Lagos to a mega city is living up to his promise as elucidated in the T.H.E.S.E campaign. The acronym which stands for Tourism, Hospitality, Entertainment and Sporting Excellence has yielded notable transformations in the

tourism and entertainment sector. For instance, the One Lagos Fiesta which is now one of the most attractive yuletide events. Before the unveil, there was a need to discuss the importance of history to the nation. Therefore, a panel of art connoisseurs which include foremost art collector, Prince Oluyemisi Shyllon; Director General, National Commission for Museums and Monuments, Mallam Yusuf Abdallah Usman; founder Nike Art Gallery, Chief Nike Okundaye; President of International African American Museum, in Charleston, USA, Michael Moore; and founder Omenka Gallery, Oliver

MARCH 26, 2017 ˾ T H I S D AY, T H E S U N D AY N E W S PA P E R

ENTERTAINMENT Enwonwu; deliberated on the topic ‘The Museum as a Tool for Driving, Arts and Culture. Moderated by the founder and artistic director of the Centre for Contemporary Art, Lagos, Bisi Silva, diverse opinions were aired on the importance of preserving our history. But one thread that ran through their opinions was the importance of teaching history in schools as well as Nigerians promoting their culture. The Minister of Information and Culture, Lai Mohammed commended Ambode for the huge step and pledged support for the good cause. For this particular project, the Federal Government is giving Lagos state over 6000 square metres of land. He also mentioned the recent deal signed between Lagos state and the Federal Government to revive activities at the National Theatre. More accolades came from the traditional rulers who were present at the occasion: Oba Rilwan Akiolu of Lagos state and the Obi of Onitsha, Igwe Nnanyelugo Achebe. The New Museum as proposed by Ambode is a world-class edifice that will also house a conference hall, cafe and other tourist attractions. The new museum will also be home to priceless treasures of our homeland. Ambode while lamenting the dearth of the Nigerian arts and culture said that the new museum will stand beside the old one, in order to preserve the over 47,000 artifacts buried there. “We’ve neglected our culture and tradition to our own detriment; our youth today do not have strong appreciation of our history and how we got where we are today. Every society must cherish its historical antecedents because they serve as source of inspiration for succeeding generations to discover, appreciate and take pride in their identity. It is imperative we take a step back to revisit our country’s history and renew efforts to preserve and protect the history and the historical artifacts. All over the world, museums preserve historical heritage and serve as reference points for knowledge and research. “In many places, museums are a vital part of the tourism promotion industry, thereby creating economic opportunities for the government and the people. With all these in mind and our strong desire to develop the tourism industry in our state, the Lagos State government has taken the project to revive the museum in Onikan, in collaboration with the Federal Ministry of Information and Culture, especially with the honourable Minister Alhaji Lai Mohammed.” He also added that the project will be funded partly by the Lagos State Government and other well-meaning donors, interested organisations and individuals. But the museum is not the only good thing coming to Onikan. Already in the pipeline are plans to transform the Old Presidential Lodge at Marina to a Lagos Heritage Centre for Leadership as well as remodel JK Randle Arcade to a world-class recreation/tourism centre as well. The Lagos House in Marina will also be going through some transformations as it will now be known as the Lagos Historical Centre. THE DON RETURNS TO NIGERIA Malcolm Benson returns to Nigeria to promote his latest flick ‘Return of the Don’. The movie is a crime thriller which revolves round two rivalry mobsters and exposes the impact of the mob culture on youths. Nigerian Nollywood actress Monalisa Chinda leads other cast members

Biggie Changes the Fate of Housemates…As ThinTallTony is Evicted Palpable tension seems to have returned to the Big Brother Naija house as this week’s nomination show returns previously nominated housemates, TBoss and Debie-Rise as two of the nominees up for possible eviction. They were joined by Bassey and Bally who were both exempted from eviction last week. This week’s nomination show is predicated on Sunday’s Head of House task which saw the emergence of Efe as new Ultimate Head of House. Before the nomination proper commenced, Biggie instructed all the housemates to make a presentation to the ultimate HoH, and make a strong case for self on why they should not be evicted. As earlier promised during yesterday’s eviction show, Biggie mandated Efe to make use of his privileged position to nominate four housemates that he will like to be evicted next Sunday. In this particular order, Efe nominated TBoss, Debie -Rise, Bassey and Bally, during a diary session with Biggie. When asked by Biggie whether his choice of housemates was motivated by sentiment or strategy, Efe who appears to be on the spot, said, “I think it was both sentiment and strategy. This is because I prefer to have some of the housemates I am close with to get to the final while those I am not comfortable with should go.” As the show progresses, the competition seems to get stiffer. Ebuka Uchendu, the show’s host has confirmed that one housemate will leave the house come next Sunday. Who will be the next housemate to leave the house come Sunday? Yesterday, yp popular p producer and CEO of Mavin Records, Don Jazzy visited the housemates as a celebrity y guest g and he advised the housemates in the company of his new signees, g the DNA Twins, including a studio engineer. g The songwriter g and producer got p g the housemates to build a makeshift studio where they y all worked on the official theme of Big Brother Naija, See Gobbe The seventh

eviction show holds on Sunday, 26, March, 2017. To save your favorite housemate, viewers in Nigeria should text the word “Vote” followed by the housemate’s name to 32052. While for the rest of Africa, follow the AfricaMagictv official account on WeChat and click on the menu option ‘BBNaija’ and select your preferred housemate. Voting opens at 21h00 WAT on Monday, 30 January and closes at 20h00 WAT on Saturday, 4 February. The show is aired 24/7 in 45 countries from Nigeria through East, West and Southern Africa on DStv channel 198 and GOtv channel 29. After 78 days of exciting moments in the house, ThinTallTony has been evicted from the on-going Big Brother Naija competition, putting an end to his dream of winning the coveted prize of N25m and an SUV. This came following last week’s nomination which put up four housemates: Efe, Debie-Rise, TBoss, and ThinTallTony for eviction. After a suspense-filled moment, which sparked tension among the nominated housemates, Ebuka Obi-Uchendu, the show host announced that Efe and DebieRise had been saved from eviction. Their joy knew no bounds as Efe fell flat on the floor while Debie-Rise was momentarily speechless. This limited the contest to TBoss and ThinTallTony. As fate would have it, ThinTallTony was announced the seventh real housemate to be evicted from the big brother house. Interestingly, g y Efe led in this week week’ss popularity p p y test with a wide margin g of 51.97 percent. p Debie-Rise came a distant second with 21.78 percent, p followed by y TBoss and ThinTallTony y with 14.57 percent and 11.68 percent respectively. When ThinTallTony y was asked to leave the house, his female ally, y Bisola buried her face in her palms and wept p inconsolably. y Bally y on the other hand was transfixed momentarily y as ThinTallTony made his way out of the house. While on stage g with Ebuka, the 5ft 7 dancer said: “I’ve waited for 12 years to be here. I lived it to the fullest. I’m living g the dream.” He added, “It is heartbreaking that I was evicted, but it’s all good. g Life goes on.”

Thi ThinTallTony Th hiin nT n T llTo Ta lllTon llTony lTony ny

like Steve McTigue, Paul Van Beaumont, Aida Emeliyanova and Grace Holley. Benson also starred in the movie as detective DC Mills. Benson disclosed that the movie is his second best feature film and so far received positive reviews at the British Film Institute where it first premiered. He explained why he cast Monalisa Chinda as Police Commander, Tracy Caparro. “We needed her to be a role model to women who are thinking of going into policing so that they will know it’s not a white man’s thing. That if you put your heart to anything, you can make it to the top. So the message was to encourage and mobilise women, especially those from the ethnic minority to pursue their dream.” Having lived in United Kingdom for over 24 years, Benson found it easier to shoot his movies there. Nevertheless, he is working on a project in Nigeria that will familiarise him well with Nollywood best talents. He also revealed that the movie was done in stages because of some financial challenges. Production kicked off in 2015 but was completed in 2016. ‘Return of the Don’ will be theatrically released on March 31 in cinemas across the country TEASERS FROM GAME OF THRONES Season seven of the much talked about and highly acclaimed series, Game of Thrones, will start on M-Net 101 on Monday, July 17on M-Net 101. Last week, HBO released a titillating teaser of the new season, from which one thing was certainly very clear: T The great war is here. Based on the popular book series A Song of Ice and Fire, by George Martin, this hit Emmy and R.R. Ma Golden Globe-winning fantasy series cchronicles an epic struggle for power iin a vast and violent kingdom. Production of the seventh season will Produc be base based in Northern Ireland, while additional portions will be filmed additio in Spain and Iceland. Season seven directors will include Mark Mylod, directo Jeremy Podeswa, Matt Shakman and Taylor. Locations for shooting Alan Ta in Spain will include Sevilla, Caceres, Almod Almodovar del Rio, Santiponce, Zumaia and Bermeo. Game of Thrones received 23 Primeti Primetime Emmy nominations, the mos most of any nominee for the third ye year in a row. This year’s nomina nominations include Outstanding Drama Series, 2 for Outstanding Suppor Supporting Actor in a Drama Series (Peter D Dinklage, Kit Harington), 3 for Outstanding Supporting Actress in Outsta tan aD ram Series (Emilia Clarke, Lena Drama Headey, Maisie Williams), OutstandHeadey ing Gue Guest Actor in a Drama Series von Sydow), 2 for Outstanding (Max v Directin Directing for a Drama Series (Miguel Sapoch Sapochnik, Jack Bender) and Outstandi standing Writing for a Drama Series (Dav (David Benioff and D.B. Weiss). M Members of the ensemble cast fo for the sixth season included E Emmy® and Golden Globe winner Peter Dinklage, Nikolaj w C Coster-Waldau, Lena Headey, Em Emilia Clarke, Aidan Gillen, Ki Kit Harington, Diana Rigg, Sophie So oph phie Turner, Maisie Williams and JJonathan onatha Pryce. Season six credits: executi executive producers, David Benioff, D.B. We Weiss, Carolyn Strauss, Frank Doelge Doelger, Bernadette Caulfield; co-executive producers, Guymon co-exec Casady, Vince Gerardis, George R.R. Casady Martin Martin.

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Tale Alimi: On Niche and Passion After her sojourn in the telecommunication sector and the fashion industry where she shone brilliantly, Tale Alimi has taken a step further into the world of literature by unveiling Uplevel, a book written to help readers ďŹ nd their niche and make it a proďŹ table passion, writes Funke Olaode

t was a beautiful day and all was set for the interview. She looks stunning in the Lycra shawl wrapped around her purple dress like a super model on a runway. With a broad smile, she welcomed this reporter into her Dolphin, Ikoyi, Lagos home. To those who know her, Tale Alimi is a multi-talented lady with a Midas touch, having laid her hands on many things and recorded many successes. She has over 13 years corporate experience in technology, consulting and telecommunications where she built and managed high performing business development and sales teams. Not only that, she constantly provides transformational knowledge through her business programmes, products and coaching that enable people to start and create successful businesses. She has trained and spoken to over 5,000 business owners in the last five years. Though not a trained journalist, Alimi is a regular contributor in Bella Naija, Genevieve, Spreadmedia, Connect Nigeria and Salestar Africa websites. She used to host The Entrepreneurs Journey an interview radio show showcasing inspiring entrepreneurs on WFM 91.7. With a first degree in Accounting, an MBA from the Lagos Business School and a Certificate in personal coaching from The Coaching Academy UK, Alimi has always been a lady with a vast array of talents. As a foremost entrepreneurial thought leader, business growth expert, business coach and strategist, her foray in the fashion industry saw her as one of the pioneers of corporate shirts business in Nigeria. Recently, Alimi directed her steps towards another path - to raise a new generation of value conscious entrepreneurs that would bring about change and transformation through her book, UPLEVEL, written to guide business owners to up-level their businesses and revenues so they can uplevel their lives. Throwing light on her new project and journey to self-discovery, she said she believes every part of her career trajectory had been part to discovering herself and niche. â&#x20AC;&#x153;I started my career in Airtel working in a department that utilized my dual skill of finance and Information technology. It was a good job that aligned with my skillset, but it did not align with my passion for helping people, communicating and solving problems. To enable me re-align my career, I went to do an MBA. During the MBA, I fell in love with female entrepreneurs in some of the case studies we did who had built successful businesses and decided I wanted to be like them. However most of them had built businesses in the creative sectors so I thought that was what I also had to do.â&#x20AC;? Done with MBA, the creativity in her was re-awakened as she ventured into the business of making shirts to meet her personal needs for stylish corporate casual shirts to wear to her consulting job. â&#x20AC;&#x153;These shirts were not available for plus size women which I was at that time. I decided to make some for myself and it turned into a business when I started getting orders from friends and colleagues who liked my designs. â&#x20AC;&#x153;When the demand was growing because of my strong communication and marketing skills, I resigned to focus on it fully. We moved production abroad to

Alimi

improve the quality and I got an investor to fund the expansion. The business grew quite rapidly, but I ended up falling out with my investor and had to walk away from the business.â&#x20AC;? With her passion fading away, she took some time to do some soul-searching to discover what she was truly passionate about. With that, she realized that she really enjoyed helping people to build businesses like she did in consulting. That was how she discovered business coaching. â&#x20AC;&#x153;I went for a course in personal coaching at the coaching Academy in the United Kingdom and today I help aspiring and emerging entrepreneurs build successful businesses. Not only that I see myself more as responsive and sensitive to my inner compass than hyperactive.â&#x20AC;? Going philosophical about her approach to life, the CEO of Tale Alimi Global said, â&#x20AC;&#x153;never allow lifeâ&#x20AC;&#x2122;s failure to throw you off balance, you just have to look inwards and get the required knowledge to unlock your true potential.â&#x20AC;? â&#x20AC;&#x153;I believe in a concept called failing forward which I learned from John Maxwell, a renowned leadership expert. In discovering my niche and path in life, I have had to try several career and business options. Some of them I enjoyed and some of them I was terrible at. For example, while I am great at communicating, strategy and marketing, I found out I was just an average designer. I discovered through trying different things that my creativity is more cognitive than artistic which is why consulting and coaching is a good fit for me.â&#x20AC;? What is her new book all about? Opening up, she said it was simply a guide

towards success. â&#x20AC;&#x153;Uplevel is a book that is written to provide a step by step guide to help the reader find their niche and convert it into a profitable passion. It is written to address some common questions I have had to answer and I have heard frequently from people like: what is my gift or talent? How do I find my niche? What is the passion I can turn to a business? What am I here to do? How do I find work/business I am passionate about? I also decided to write this book because it was a long road for me to find my own niche and it came after several false starts, mistakes and failures.â&#x20AC;? â&#x20AC;&#x153;The book is the guide I wish was available to me when I was on that journey and I hope it will be a guide for the reader to help them find their niche, share their story, build their tribe and profit from their passion.â&#x20AC;? The purple cover book is made up of four parts addressing each aspect of the sub-title to guide the reader step by step. Part 1 has 5 chapters and it starts by telling the reader how to find their secret sauce. Then the reader gets to do their own personal SWOT analysis, find reference points and connects the dots whilst identifying their inner circle of people who will guide them to ensure they are on the right path to identifying their niche. Part 2 has 4 chapters and they focus on showing the reader how to share their story with their niche audience in a way that is relatable and acceptable. It teaches the reader how to find their anchor point using real life examples of stories that captivated their audiences from rags to riches to well-known fairy tale type stories.

After the reader finds their anchor point, they will determine their end goal and learn how to craft their story using the 5 Câ&#x20AC;&#x2122;s of storytelling methodology. Part 3 has 5 chapters and shows the reader how to build a tribe of loyal followers who connect to their story within their identified niche. That part guides the reader to decide a medium and platform for their message. It also shows them how to build engagement, connection and credibility using time tested and proven tools. The readers will also learn how to deliberately create content that will build their expertise in their chosen niche by the end of part 3. Part 4 has 7 chapters that teach the readers how they can finally profit from their passion which they identified by finding their niche in part one. It integrates all the parts of the book because they will now be able to use the story they crafted in part 2 and leveraging the tribe they have built in part 3 to create a profitable venture. The chapters in part 4 are filled with actionable steps to help the reader identify their audienceâ&#x20AC;&#x2122; point, create solutions, sell their solutions and build a system around their niche to make it profitable for the long term. This part of the book also shares practical ways the reader can transition from their current endeavour to focus fully on their passion. It draws inspiring lessons from entrepreneurs she had interviewed on the Entrepreneurâ&#x20AC;&#x2122;s journey radio show. Every chapter of the book sets the tone with a quote from an inspiring person which will immediately create context for the reader to learn from the chapter. The book also features a lot of real life examples and case studies of people who found their niche and how they are impacting the world. Alimi also shares some personal stories of her mistakes and failures, and the lessons learned from them, which is helping to form who she is and the decisions she makes today. Calling on the youths, she says the five-part, twenty one-chapter book is a call to action for people to Uplevel and grow in areas where they have been previously stagnant. â&#x20AC;&#x153;The goal is that the reader will be inspired to take action to find their niche; at the same time, the book will then serve as a practical tool to guide them on this journey. I believe it will help shorten the process for seekers at the same time be a tool for people who are already on this journey to Uplevel,â&#x20AC;? she concluded.

assistant editor Ă&#x2DC;Ă?Ă?Ă&#x2122;Ă&#x152;Ă&#x2122;Ă&#x2DC;Ă&#x2018; Ă&#x2122;Ă&#x2022;Ă&#x2122;Ă&#x2DC;Ě&#x2039;Ă?Ă&#x2022;Ă&#x2122;Ă&#x2DC;Ă&#x2018; senior correspondent Ă?Ă&#x;Ă&#x2DC;Ă&#x2022;Ă? Ă&#x2122;Ă&#x2013;Ă&#x2039;Ă&#x2122;Ă&#x17D;Ă? CONTRIBUTORS Ă Ă&#x2039;Ă&#x2DC;Ă?Ă?Ă?Ă&#x2039; Ă&#x2122;Ă&#x152;Ă&#x201C;Ă&#x2122;Ă&#x2019;Ă&#x2039;Ë&#x153; Ă&#x17E;Ă?Ă&#x2014;Ă&#x201C;Ă&#x2013;Ă&#x2122;Ă&#x2013;Ă&#x; Ă&#x2122;Ă&#x2022;Ă?Ă&#x2122;ĂĄĂ&#x2122;Ë&#x153; Ă&#x2022;Ă?Ă&#x2013;Ă?Ă?Ă&#x2019;Ă&#x201C; Ă&#x2DC;Ă&#x17D;Ă&#x;Ă&#x2022;Ă&#x2039; THISDAY ON SUNDAY editor Ă&#x2039;Ă&#x17D;Ă?Ă&#x17E;Ă&#x2122;Ă&#x2022;Ă&#x;Ă&#x2DC;Ă&#x152;Ă&#x2122; Ă&#x2039;Ă&#x17D;Ă?Ă&#x17D;Ă&#x2122;Ă&#x201D;Ă&#x2039; deputy editor Ă&#x2122;Ă&#x2022;Ă?Ă?Ă&#x2019;Ă&#x;Ă&#x2022;ĂĄĂ&#x; Ă&#x;ĂĄĂ&#x2039;Ă?Ă¤Ă&#x;Ă&#x2122;Ă&#x2022;Ă? STUDIO art director Ă&#x2122;Ă?Ă&#x2019;Ă&#x201C; Ă&#x2122;Ă&#x2018;Ă&#x152;Ă&#x;Ă&#x2039;Ă&#x2022;Ă&#x; Ă&#x201D;Ă&#x2DC;Ă&#x153; THISDAY NEWSPAPERS editor-in-chief & chairman Ă&#x2DC;Ă&#x17D;Ă&#x;Ă&#x2022;Ă&#x2039; Ă&#x2122;Ă&#x152;Ă&#x2039;Ă&#x201C;Ă&#x2018;Ă&#x152;Ă?Ă&#x2DC;Ă&#x2039; managing director Ă?Ă&#x2DC;Ă&#x201C;Ă&#x2122;Ă&#x2013;Ă&#x2039; Ă&#x152;Ă?Ă&#x2013;Ă&#x2013;Ă&#x2122; deputy managing director Ă&#x2022;Ă&#x2039;ĂŁĂ&#x2122;Ă&#x17D;Ă? Ă&#x2022;Ă&#x2122;Ă&#x2014;Ă&#x2122;Ă&#x2013;Ă&#x2039;Ă?Ă?

T H I S D AY SUNDAY MARCH 26, 2017

ARTS & REVIEW A

PUBLICATION

JUJU, FUJI ON THE REPLAY PAGE 66

26.03.2017

FOR THE LOVE OF CLASSICAL MUSIC... Chijioke Nwamara plays the piano

EDITOR OKECHUKWU UWAEZUOKE/ okechukwu.uwaezuoke@thisdaylive.com

MAR Ͱʹ˜ Ͱͮͯ͵ ˾ THISDAY, THE SUNDAY NEWSPAPER

ARTS & REVIEW\\CONCERT

FOR THE LOVE O CLASSICAL MUS

A rare concert in the heart of the upmarket Lagos neighbourhood, Victoria Island, relished by a coterie of clas be a celebration of the best of local talents, says Okechukwu Uwaezuoke

ould this be one of Lagos’s best kept secrets? Surely, a first-rate piano concert in one of the city’s upmarket neighbourhoods, headlined by a handful of the local classical music scene’s foremost talents, deserves more plaudits than that! Besides, being numbered among its few chosen guests should be deemed a rare privilege. Enter the Steinway Piano Concert Series. It is a brainwave of the Orpheus Company Limited. And this concert is only the first in a series of others of its kind aimed at stirring up interest around the prime piano brand Steinway. The venue? The Steinway brand’s showroom along Ologun Agbaje Street in Victoria Island, Lagos. Recall that Orpheus, which has in its 28 years of existence wormed itself into the local classical music aficionados’ consciousness, had similarly woven concerts around the Rodgers brand. So, it is on this same cherished tradition that the current series hope to pivot. Thumbs up by the way for the organisers for their adherence to the known classical music concert norms. Besides reminding the attendees to keep their mobile phones on a silent mode, the company’s managing director, Chijioke Nwamara, also ensures the non-desecration of the concert’s sanctity by the philistinic interruption or disturbance of the less punctual invitees. Which takes us straight to the concert. For the concert’s curtain-raiser, the spotlight falls on Uchechukwu “Uche” Nwamara – that’s right, he is Chijioke’s younger brother. His business-like appearance clad in white shirtsleeves and black tie surely leaves an impression. And the piece? None other seems more suited for this occasion than Fritz Kreisler’s “Praeludium and Allegro in the Style of Pugnani”. For a recital of this two-part piece, which the original composer strangely and misleadingly attributed to the obscure Italian violinist and composer Gaetano Pugnani, Uche is accompanied on the piano by his brother, Chijioke. But the problem is, the average guest in the hall care little about this attribution to Pugnani. And why should they, or anyone, care anyway? Talking of the Nwamara brothers to stirs up the dregs of nostalgic memory. Without ado, the two brothers’ MUSON Centre years swims into focus. There are good reasons for that. Both trained under Our Saviour’s Anglican Church’s music director/organist Theophilus Orkang and performed at the cultural centre’s much-looked-forward-to concerts. Yet, the chemistry between the duo dates way back even beyond those years at the prestigious classical music hub. They had in addition been featured with their flute-playing father, David Nwamara – the founder and chairman of Orpheus Company Limited – in several other concerts. Back to Kreisler’s “Praeludium and Allegro...” It is one of the Viennese-born musical virtuoso’s many short pieces for violin and piano and seems the favoured one among aspiring violinists. And it suits Uche’s punctilious adherence to the rules. Indeed, his deft fiddling proclaims his years of long

Foluso Nwamara performing a solo at the concert familiarity with the string instrument. True: his musical first steps may have been taken at the age of six with piano lessons under the watchful eyes of Mrs Anna Ogunnaike. But he switched over to the violin a year later. Thus, he was subsequently weaned under the successive instructions of Theophilius Orkang and Vania Sigridova. While in the US for his tertiary education, he further burnished his musical credentials under Zina Gendel at the Washington Conservatory, Washington, DC and the late Janet Packer at the Longy School of Music, Boston, Massachusetts. He would later also become a student of Susie Meszaros of the Chillingrian String Quartet in London. Seizing the many opportunities that came his way for performing chamber music, he had joined the Mount Vernon Symphony Orchestra and the Harvard Mozart Society Orchestra. Back in Nigeria, Uche remained a steadfast adept of classical music, performing at private and family concerts, and serving now and then as a classical music critic for THISDAY newspaper. And indeed, not even his day job

as lawyer or the demands of family life could blunt his enthusiasm for the musical genre. To be sure, many aficionados of this genre root for the voice. So, is it any wonder that the tenor Joseph Oparamanuike ratchets up the audience’s enthusiasm a notch? Thus, Vincenzo Bellini’s “Ma Rendi Pur Contento”, an ariette from his Composizioni da Camera, becomes an entrée to those drooling for his voice. It is followed by the aria from the operetta Das Land des Lächelns (The Land of Smiles), titled “Dein ist mein ganzes Herz!” with music by composer Franz Lehár and words by Fritz Löhner-Beda and Ludwig Herzer. One thing the invitees can be sure of is that they are yet to hear the best from this singer. Which sends curious aficionados scouring for his credentials. Originally chemical engineer by training, he has switched to his unalloyed loyalty to the opera. Impressive, if not intimidating, are his credentials in his new role as an opera singer. This music director of the Lagos Catholic Archdiocesan Choir was known to have

bagged a master of music opera (MMus Opera) at the Alexander Gibson Opera School (AGOS), Royal Conservatoire of Scotland (RCS), under the tutelage of Scott Johnson, among others. Perhaps, among his most cherished performances were before Queen Elizabeth II and the Duke of Edinburgh during the 2014 Commonwealth Games. He similarly performed in several concerts, since 2012, in Germany, France, Italy, Austria, England, Scotland, China and Brazil with Schleswig-Holstein Musik Festival Choir and Chorakademie Lübeck. If Joseph’s virtuosic performance surprised no one in the audience, Foluso Nwamara’s should. Soon after Chijioke Nwamara’s expected dexterous rendition of Johannes Brahms’s “Intermezzo in A Major”, Foluso asserts her presence as a MUSON Choir-brought-up. Not even the most obtuse member of the audience would have been unmoved by her superlative rendering Christoph Willibad Gluck’s wellknown “Che Faro Senza Euridice”. This song, from Orfeo ed Euridice an opera composed by Christoph Willibald Gluck based on the story of Orpheus, was set to a libretto by Ranieri de’

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Calzabigi. Somehow, it looks as if Ucheâ&#x20AC;&#x2122;s return for Henryk Wieniawskiâ&#x20AC;&#x2122;s â&#x20AC;&#x153;Legendeâ&#x20AC;? is only meant to prepare the grounds for the return of the ace singers, the maestro Joseph and his wife, Foluso. With the former, Salvatore Cardilloâ&#x20AC;&#x2122;s â&#x20AC;&#x153;Core â&#x20AC;&#x2DC;Ngratoâ&#x20AC;? and Giuseppe Verdiâ&#x20AC;&#x2122;s â&#x20AC;&#x153;La Donna Ă&#x2C6; Mobileâ&#x20AC;? couldnâ&#x20AC;&#x2122;t have sounded any better. The latter consolidates on her previous performance with â&#x20AC;&#x153;Recitativeâ&#x20AC;? and â&#x20AC;&#x153;Ombra Mai Fu (Largo from Xerxes) by Georg Friedrich Handel. Back to Joseph. Not even his hearty rendition of the concluding piece, FranĂ§ois Adrien Boiedieuâ&#x20AC;&#x2122;s â&#x20AC;&#x153;Viens Gentille Dameâ&#x20AC;? (from La Dame Blanche), seems enough to appease the audience. In response to the audienceâ&#x20AC;&#x2122;s call for an encore and as a birthday tribute to his wife, he draws the curtains on the evening with a rendition of Edouardo di Capuaâ&#x20AC;&#x2122;s â&#x20AC;&#x153;â&#x20AC;&#x2122;O Sole Mioâ&#x20AC;?. By the way, the next edition of this concert series holds on Saturday, May 20 at this same venue. r 5IJT DPODFSU IFME PO 4BUVSEBZ .BSDI

The Inverted Pyramid; Adapted from a novel by Emeka Dike

MARCH 26, 2017 ˾ THISDAY, THE SUNDAY NEWSPAPER

ARTS & REVIEW\\MUSIC

JUJU, FUJI ON THE REPLAY Yinka Olatunbosun

iving in Nigeria in the 70s and 80s, most radio and television stations played indigenous African music such as Apala, Highlife, Juju and Fuji. Names like Bobby Benson, King Sunny Ade, Salawa Abeni, Kollington Ayinla, Sikiru Ayinde Barrister, Prince Adekunle, Haruna Isola, Wasiu Ayinde Marshall, Sir Shina Peters and more set the media agog. They produced the hits songs of the period and defined the cultural landscape with their variants of the popular music genres. While other music genres are largely influenced by foreign music, Fuji and Juju were the two prominent and indigenous music genres that were popular at social gatherings in Nigeria. They were parallels, with their musicians divided by fan-based rivalry. In recent times, pop, hip-hip and dancehall have added colour to the Nigerian music scene in the way the older generation of artists did not envisage. Pop musicians, without a band or an album, soar to the peak of their career grossing millions of naira with their hit singles. They have earned names such as “DJ track one” for their lack of ingenuity in stage performances. Social events predominantly explore urban Nigeria music and it seems that Fuji and Juju music may have gone into extinction. For this reason, an annual discourse on Fuji and Juju music called “Ariya Repete”, was initiated by Goldberg to bring back the glory days of Nigerian indigenous music. At the last roundtable held in Lagos recently, scholars and media professionalism talked shop on how to revitalise these phenomenal music genres. Scholars have written on some of the popular music genres and many will wonder why Juju and Fuji are suddenly very important. The reasons are not far-fetched. Our media is inundated with pornographic music and music videos on a daily basis. Our new crop of artists write identical lyrics around the same themes of sex and immorality using unfettered language. When you tune to different stations within an hour, it is as though the

KWAM 1 same song is playing on every radio dial. It can be irritating. Asides a station like Classic FM, which has the mandate to play “ every song you know” and perhaps Smooth Fm’s classic collections, other radio stations dish out vibes that extol female anatomy, overemphasise masculine and sex appeal, with a lot of noisy beats by the way. No doubt, not all Nigerian new music belongs to the garbage. There are some musicians that had appropriated some raw materials of Afrobeat, Fuji and Juju in making

crossover hits. Artists such as Wizkid, Olamide, Burna Boy have made distinctive songs from this creative effort. Meanwhile, the new trend is that contemporary Fuji musicians are veering into pop traditions to make bankable statements. Pasuma, the Orobokibo king is a case in point. This is a dangerous trend as far as some conservative music critics are concerned because the traditional music. genre is threatened by foreign influence. At the roundtable on Fuji and Juju, another argument that ensued amongst the discussants

was that though the older generation of artists did produce great songs that were educative and morally inspiring, they also produced songs with graphic lyrics. As a matter of fact, some of them had their songs banned from radio and television. For instance, Sir Shina Peters’ Ace’ Side A had some tracts banned on air for a certain period of time and when those lyrics are compared to what is permitted on radio today, you will wonder if our regulatory authorities have lost their sense of hearing over time. In his keynote address, Prof. Tunde Babawale extolled Fuji and Juju musicians as promoters of moral education, national unity and civility. He cited the examples of Chief Ebenezer Obey’s music and how his music and those of his peers had impacted on nation building. King Wasiu Ayinde, on his part, traced the roots of Fuji music to folks entertainment, stating why the Goldberg brand shares similar taste in nightlife culture as Fuji music. “The truth is that you have said it all from the point of view of a scholar that has done his research,” he began. “That is why he is was able to make direct points. I doubt the number of Nigerian artists who have travelled abroad to do seminars and discuss Nigerian music. From the panellists here, I can see a good followers hip of Fuji music. I have been a professional musician for over 50 years. I started playing music at the age of 8. I understudied Sikiru Ayinde Barrister. Before him, Fuji music had been played by our fore fathers. I was born in Lagos Island, Okesuna precisely. I grew up between Okesuna and Idumagbo avenue. The word evolved from “Faaji” meaning “fun”. “At the Lagos Island, we had many settlers. Lagos Island was the home of civilisation. That is why Lagos never sleeps. Other cities sleep before 10 pm but that is not Lagos. Ajiwere was one of those who made Fuji popular,” he said. Sir Shina Peters expressed appreciation for the reception of juju music and gladly accepts the responsibility of uniting new generation of juju musicians. He also promised to work with KWAM I on a collaborative album very soon.

VISUAL ARTS

For Nigeria in Venice, It’s ‘NOW’…or Never Tony Usidamen

VeniceArtBiennale(socalledasitisheldbiennially) isthemostimportantinternationalartfestivalin theworld.Oftendescribedasthe‘Olympicsofthe ArtWorld’,itistheoriginalbiennaleonwhichothers elsewhereintheworldaremodeled. Notmanydestinationsintheworldcompare toVenice–theBiennalehostcity–whenitcomes toarchitecturalmagnificence,scenicbeautyand romanticadventure.Itisnowonderthattheaquaticcity drawsinhundredsofthousandsofvisitors,including thegreatestartistsandartconnoisseursfromaround theglobe,everyotheryear. LocatedintheVenetoRegion,northeastofItaly, thisremarkableprovinceismadeupnumeroussmall islandsseparatedbycanalsandlinkedbybridges. Gondolas(smallboats)arethemostpopularmeansof navigatingthecityfamedforitsmonuments,piazzas,

narrowlanesandsilentwaters. Thefascinatinginlandiscomposedofmanypaths traversingthegreenscenery,withsmalltownsrich inhistoryandfabulousvillas.Thestylishrestaurants, exquisitecuisine,choicewines,sandybeachesand colourfulnightlifealladdtotheallurethatkeepslovers, vacationersandtouriststhrongingthecity. Since1895whenthefirstArtBeinnalewasheld, thepromoters-LaBiennalediVenezia–havestood attheforefrontofresearchandpromotionofnew contemporaryarttrends,organisingexhibitionsand researchinalliedsectorsincludingMusic(1930), Cinema(1932),Theatre(1934),Architecture(1980) andDance(1999). VeniceArtBiennaleisadefiningplatformwhere nationsoftheworldshowcasetheirartstarsand seektoexertsomelevelofsocio-culturalandpolitical influence.Theincreaseinthenumberofparticipating countriesfrom59(in1999)to89(in2015)whenthe

lasteditionwasheldunderbelliestheimportanceofthe internationalartfiesta. About30countries–includingtheUnitedStates, UnitedKingdom,JapanandGermany–havepermanentpavilionsinVenice,andsomeAfricannationslike Kenya,SouthAfrica,Angola,Zimbabwe,Mozambique, MauritiusandSeychelleshavebeenrepresentedat onetimeortheother.Nigerian,OkwuiEnwezor,curated the2015ArtBiennale(thefirsteverAfricantobegiven thehonours),althoughNigeriahasnevermadeittothe globalshowcase…butthatisabouttochange! Asthestageisbeingsetforthe57theditionofthe InternationalArtExhibition,AdeAdekola,amember oftheSteeringCommitteeforNigeriainVenice2017, revealsthateffortsareintopgearforAfrica’smost populouscountrytomakeitsdebutattheglobalartfiesta.Tworenownedvisualartists–VictorEhikhamenor andPejuAlatise–andcelebratedperformanceartist, QudusOnikeku,havebeenselectedtoshowcasetheir

Peju Alatise - Visual Artist

Qudus Onikeku - Performance Artist

Victor Ehikhamenor - Visual Artist

uniqueworkscenteredonthetheme‘HowAbout NOW?’ ThedeclaredaimoftheNigerianPavilionisto reflectonthequestionofNOW,andofnarrativesfirmly rootedinthepresent.Thepresentationbytheartists expandsanunderstandingofNigeriancontemporary lifethroughinstallations,painting,andperformance. Theirworkseekstousethenarrativeofthepresentto interrogatetheminefieldofsocietalconsciousness inaddressingaspectsofidentityandbelongingasit relatestoandconfrontsourpast. AccordingtoAdekola:“HowAboutNOW?placesa poignantemphasisonthepassageoftime:timelong gone,timethatshapesthecontemporaryzeitgeist, andtimethatthehopesandfaithofapeoplearehinged on.ThequestionofNOWandNownessasksusto reflectnotonlyonourmyths,historyandheritagebut moreso,onhowwechosetochampioncontemporary narrativesinafragmented,interconnected,and distributedpresent.” “Theconceptoftime,andourdrivetoholdittoNOW, inthisbravenewpresent,cannotbeviewedwithout thenotionoftherateatwhichchangeoccurs.Thevery notionwhichaddsdimensiontoNOWiscapturedina wonderfulwordwhichsignalsunfolding–Prescience. TheNigerianpavilionstandsasamarkof‘Prescience’, callingalltoattention,andtowitnesstheNownessof Nigerianexperience,inallitspoignantunfoldingforms, asbestencounteredthroughartistsatworkinthe countrytoday.” VeniceBiennale2017isscheduledtotakeplacein theGiardini,theArsenaleandvariousothervenuesin VenicefromMay13to November26.Likeprevious attempts,therecentpushforaNigerianpavilionatthe world’smostprestigiousArtBiennaleislargelyprivate sector-driven.Giventheimportanceoftheplatform inreestablishingournationalprideanddevelopinga morepositivenarrativeforthecountry,onecanonly hopethatwell-meaningNigerians,corporatesponsors andthegovernmentwillgivethepromotersofthis laudableinitiativeallthesupportneededtoactualise this,hitherto,elusivedream.Thereisnobettertime thanNOW! -Usidamen writes from Lagos

T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ MARCH 26, 2017

CICERO

Editor Olawale Olaleye Email wale.olaleye@thisdaylive.com, SMS: 08116759819

IN THE ARENA

The Paris-London Club Refund Controversy Olawale Olaleye writes on the controversy generated by the Paris - London Club refund following allegations of diversion by some state governors

ately, there had been this untoward allegation by some members of the public against some governors, said to be diverting their own share of the Paris and London Club refund, made available by the federal government. No fewer than seven governors had been accused, albeit without proofs. But coming at a time the economy is still smarting from the shock of the recession it strayed into in 2016, months after Muhammadu Buhari government assumed office, the news of such alleged malfeasance is certainly not cheery. Although many believe such allegations are at best the figment of the imagination of the peddlers, they cannot be dismissed without some interrogations, at least. The call for a probe into the spending pattern, however, gained grounds when President Buhari recently ordered a release of the second tranche of the funds to the governors. The president, at the National Economic Council, reportedly directed the Minister of Finance, Mrs. Kemi Adeosun, and the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, to immediately release the funds to the states to enable them pay salaries and pension liabilities of workers, as some of the states had gone broke as a result of mismanagement by the governors. “I will not rest until I address those issues that affect our people… One of these basic things is the issue of salaries. It is most important that workers are able to feed their families, pay rent and school fees, then other things can follow,” one of Buhari’s media aides, Shehu Garba, was quoted as saying. The first tranche of the funds came in November 2016, also following the president’s authorisation of the payment of N522.74 to all the states. Senator Dino Melaye had then accused the governors of trying to hide receipt of the funds from the public. But Adeosun quickly dismissed such insinuations. However, amongst those who kicked against the release of the second tranche was the vintage Col. Abubakar D. Umar (Rtd.), who urged President Buhari to suspend his order for now. According to him, “It is now revealed that some state governors contracted consultants with fees ranging from 10 to 30 per cent to secure (the) refund from the federal government of Nigeria,” describing the discovery as a “shocking revelation.” Umar’s terse press statement further stated: “It is also evident now that most of the earlier released funds were deployed for other purposes than payment of salaries and pension arrears as directed by Mr. President. This impunity has got to stop.” Again, Adeosun has come out to explain why

details of the disbursement would not be available to the public for now. She said they would be unavailable until the final reconciliation of the records was completed. Interestingly, too, the governors have come out to defend the allegations of diversion against them. Speaking through the Nigeria Governors’ Forum (NGF), they refuted allegations that monies accruing to states from the Paris and London Club refunds ended in private pockets. They insisted that nothing illegal had been done in the entire process leading to the final disbursement of the first tranche of Paris and London Clubs’ repayment of the excess deductions from states’ coffers and the refund to states. In a statement by the Head of Media and Public Affairs, NGF, Abdulrazaque Bello-Barkindo, the governors explained that the refunds have been on the cards since 2005 and that successive state governors had tried to get reimbursement of the excess deductions from their states in the past but did not succeed. “In any case, those writing those fictitious reports on the payment have also acknowledged that the president has insisted on the verification of the process of utilisation of the first tranche before the second is approved for release.

“Note also most importantly at this juncture that every decision that was taken in respect of all the transactions was with the full consent and blessing of the 36 governors. We therefore find the insinuation that monies went into the private accounts of seven unidentified governors as not only preposterous but mischievous. “The Economic and Financial Crimes Commission (EFCC) itself had issued a release exculpating all the governors, saying it was investigating the matter further. But instead of allowing the EFCC to conclude its investigations, a particular section of the media resorted to this unsavory falsehood, which puts the media and its practitioners in bad light,” the governors said, adding that “nothing illegal was done and no monies was paid into the personal account of any governor, legislator or top officials at any of the levels and arms of government in the country”. As the controversy surrounding the refund continues to rage, it is important for the purpose of transparency and accountability that the details of the disbursement to states be released while the anti-graft agency saddled with the task of looking into the allegations of diversion continues with it work. For now, all eyes are on the governors, because it can no longer be business as usual.

P O L I T I CA L N OT E S

For an Effective Whistleblower Policy

S Buhari

o far, in President Muhammadu Buhari’s ﬁght against graft, one thing the administration has done differently to enhance the anti-corruption crusade is the introduction of the whistle-blower policy, which encourages members of the public to tip the government off through any of the designated agencies, when shady transactions are spotted. To disagree that the initiative is fast paying off would mean downplaying some of the recent discoveries in the ﬁght against graft, with monies dis-

covered in the most impossible places and from the least expected quarters. Certainly, the policy has not only changed the tempo of anti-graft war, it is a sure remedy to taming corruption in the country. Unfortunately, as good as it appears, the policy has not sufﬁciently taken into account the security and safety of whistle-blowers, a development that could see culprits going after anyone suspected to have blown the whistle on them. No doubt, whistle blowing is lucrative since anyone who blows the lid off any corrupt deal and recoveries are made

smiles home with at least ﬁve per cent of the loot. This could however increase the frenzy of whistle-blowing, especially with bankers joining the streak of whistleblowers. What is however important here is that while it is good and patriotic to blow whistles on corruption, measures should also be put in place to check false alarm capable of soiling the integrity of innocent and honest individuals. And with about 2,251 cases through whistleblowing policy still being investigated by the federal government, the government cannot afford to mess up the policy.

T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ MARCH 26, 2017

CICERO/REPORT

Buhari at his desk in Aso Rock

Back in the Saddle Omololu Ogunmade, in Abuja, chronicles the activities of President Muhammadu Buhari since his return from medical vation

fter a 51-day medical vacation in Britain, President Muhammadu Buhari finally returned to the country on March 10 and assumed duties on March 13, after transmitting his resumption letters to both chambers of the National Assembly. Although his deputy, Professor Yemi Osinbajo, was adjudged to have performed creditably well as acting president while Buhari was away, there are yet lots of endemic problems confronting the nation which require the president’s attention. First, the economic crisis facing the nation is not about disappearing while the security challenges ravaging different parts of country have also shown no sign of abating. Second, although there has been a remarkable appreciation in the value of naira since the time Osinbajo acted as president, much more still require to be done to address foreign exchange crisis confronting the nation. Before the president proceeded on vacation, naira exchanged at over N500 to $1 but crashed to as low as N460 to $1 when he was away. Since then, dollars have continued to crash while naira keeps appreciating. On Wednesday for instance, naira appreciated much more as it sold for N390 to a dollar in the parallel market, and by Friday, it was already N375. In the same vein, inflation rate which was heading to over 18 per cent before he left dropped to 17.7 per cent upon his arrival, thus giving hope of economic recovery. The president is expected to leverage on this development until the exchange rate drops to as low as N100 to $1. The polity also heaved a sigh from overwhelming tension as the Federal Executive Council (FEC) announced on March 8, two days before the president’s arrival a contraction of the economy by 1.3 per cent with assurance that the country would exit its biting economic recession before the end of the year. As the president formally took his seat on March 13, he found that the economic crisis ravaging the states showed no sign of subsiding. Hence, after attending the National Economic Council (NEC) meeting of March 16 presided over by the vice-president, he ordered the Minister of Finance, Kemi Adeosun, and the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, to immediately release the second tranche of the London-Paris Club refund to governors. The president said the order became paramount because he was concerned about the plight of average Nigerians, who were owed huge arrears. The Paris club refund was the fallout of the agitation for the refund of excess deductions from revenues accruable

to states, which began during the administration of former President Olusegun Obasanjo. The first tranche of the release made by the administration had been mired in controversies following allegations that governors had diverted it as against the plan that it should be used for salary and pension payments. The governors have also denied the allegation of diversion. That presidential order was cheery not only to the governors but to the generality of Nigerians, who live from hand to mouth everyday in various states of the federation as a result of non-payment of salaries. Before this, however, the first Federal Executive Council (FEC) meeting presided over by Buhari, approved the establishment of Nigeria Industrial Policy and Competitiveness Advisory Council to be chaired by the vice-president with the intention to drive both industrialisation and industrial growth in the country. The council, whose membership would be drawn from both the public and private sectors, is designed to assist the federal government in formulating industrial policies as part of the federal government’s economic recovery plan. At the meeting, the federal government also approved the plan to establish the Centre for Disease Control (CDC), patterned after the United States Centre for Disease Control, to help control and guard against outbreak of diseases such as Lassa fever and Ebola. Also on Tuesday, March 20, Buhari met with service chiefs, condemned the invasion of a yam market in Zaki Biam, Benue State by armed men and the killing of a number of traders and students, who ran into the attack last Monday. As a result, he ordered service chiefs to launch a probe into the incident even as he lamented the protracted wanton destruction of innocent lives in the country. In the same vein, the FEC meeting of March 22, which he chaired, unfolded what it described as power sector recovery programme with the aim of creating a more viable and vibrant power sector. It also approved N80 billion for the rehabilitation and construction of some roads and bridges in 12 states of the federation. The beneficiary states are Oyo, Adamawa, Taraba, Plateau, Zamfara, Kwara, Bauchi, Kano, Enugu, Osun, Sokoto and Kaduna. The meeting also approved engineering and consultancy designs for the construction of two access roads to the second Niger bridge that is under construction. The two roads are meant to link Asaba in Delta State and Onitsha in Anambra State to the second Niger bridge. The construction, which is expected to last for six months, will cost N150.8 million. However, there are several other urgent issues the president

is yet to address. For instance, the issue of power supply has not been sufficiently addressed. The situation, interestingly, is not the same across the country. While some are enjoying improved power supply, it is getting worse in many other homes, yet the government has not told the citizens the factor responsible for this varying power supply and how it is being addressed. It is worthy of mention that at his inauguration on May 29, 2015, the president promised to address the power sector crisis, stating that a situation, where a country of 180 million was generating a ridiculous 2,000 megawatts of electricity was unacceptable. But almost two years after, the situation has not significantly improved. Corruption is still endemic despite the spirited fight against it by this government. For instance, clearing agents recently cried out to the president to address the extortion they face everyday at the ports from the men of the Nigeria Customs Service (NCS). Even more scandalous is that the president is yet to address alleged division within his government. For instance, the president had presented the Acting Chairman of Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, before the Senate for confirmation twice. And the two times, the Department of State Services (DSS) countered the president’s nominee by presenting damning security reports against Magu’s confirmation. Thus, Magu had been rejected twice by the Senate. The president is also expected to speak out on the rationale behind the extension of the Permanent Secretary of the Ministry of Education, Mrs. Jamila Shuara, whose appointment was said to have been extended twice by the president. But most shocking is that when the matter got to the House of Representatives and the extension letters were demanded, none was available while Shuara continues to serve as the permanent secretary, when she should have retired. It may require the president’s prompt intervention to bring out the truth. Importantly, the huge infrastructure deficit ravaging the nation has not shown any sign of improvement. From the education sector to health, roads and beyond, there is massive decay in Nigeria’s infrastructure which requires the president’s intervention and commitment if the decay must be fixed. Generally, things appear to be taking shape since President Buhari returned to the country. Even more encouraging is the fact that his health too has improved significantly despite announcing upon his return that he might go back to London soon for further medical check-up. This, perhaps, was why the presidency recently dismissed insinuations that Buhari’s work schedule had been cut down.

THISDAY, THE SUNDAY NEWSPAPER ˾ MARCH 26, 2017

SUNDAYINTERVIEW Kayode Fayemi

Fayemi...Ajaokuta is our priority

Photos: Sunday Adigun

Quick Fixes are Not Viable with Damaged Fundamentals The Minister of Mines and Steel Development and immediate past governor of Ekiti State, Dr. Kayode Fayemi, always proves to be a scholar of immense stature. With background in multiple disciplines, including a doctorate in strategic war studies, it is understandable why he is on the intellectual side of development politics and reasoned policy. In this interview with Olawale Olaleye and Shola Oyeyipo, he addressed trending issues in his primary beat of assignment, the Ekiti and South-west politics as well as national concerns. Excerpts:

et’s talk about the switch: from governor to minister, what has the experience been like? Well, it is always a privilege to serve your country in any capacity, so I consider it a great honour to have been asked to serve. To answer your question pointedly: as governor, you are a big fish in a small pond; as minister you are a small fish in a big pond. A governor in a state has enormous powers. He should be able to do a range of things and he is supposed to be knowledgeable about several subjects. So, if you are serious, there is nothing stopping you from making a difference in the lives of your people. As minister, you are only primarily responsible for a specific sector and you’re accountable to your principal just as a commissioner in a state is accountable to the governor. The bureaucracy at the federal level is much more complex and this tends to affect the pace and speed of activities. You are responsible for the activities in the sector that you superintend in 36 states. For instance, I am on a nationwide tour now. I am in Lagos today to engage mining stakeholders and inspect what is happening in the mining sector in Lagos State. I am in Ogun State tomorrow for the same purpose. I have just

come from Kaduna State. So, it is a massive responsibility in terms of number of states one is dealing with. But I guess the import of your question is the switch – what is the difference? If your attitude to governance is one of service and sacrifice to the people, it doesn’t really matter whether you are serving as a councilor, a local government chairman or in parliament or in the executive branch of government. You can show relentless commitment to people at whatever level you find yourself. Of course, where you have greater authority, you also have greater responsibility and you cannot pass the buck to any other person. It is your judgment call and you can get things done on a faster pace at the state level than at the federal level. But you have a wider remit at the federal level. You are dealing with a much more complex array of issues and subject matters, and it gives you wider experience in managing people and resources. But the important thing for me is that it is about service and it is all about demonstrating your commitment and passion for the people of our country. There are two things about ministry. One, many people hold the view that you have been posted to the desert and that your skills, expertise and experience are being grossly

underutilized. Two, many of your fans feel that no matter what you do, your impact may not be felt in four years. Do you agree? Yes and no. Yes in the sense that mining has been neglected for a very long time in our country and it is certainly going to take more than four years to get it out of the woods. That, unfortunately, is the impact of our concentration on oil in the last few decades. But I disagree with the premise of your question because saying somewhere is a desert automatically gives the impression that some other places are fertile or juicy ministries. I believe every portfolio is juicy in relation to the leadership one provides and the sheer force of one’s determination to succeed in making a difference. I know that President Buhari is very passionate about opening up other opportunities for Nigerians in the agriculture field, in mining, ICT and industry. I also know that my boss believes I can deliver on tasks assigned and that probably informed why he decided to send some of us to certain areas, which may appear to the ordinary eyes as the desert as you put it but which offers, in the real sense of it, the greatest opportunity to make a difference. If I

Continued on Pg. 70

T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ MARCH 26, 2017

SUNDAYINTERVIEW t QUICK FIXES ARE NOT VIABLE WITH DAMAGED FUNDAMENTALS t Continued from Pg. 69 were to be in oil: oil is oil and everyone will say petroleum is juicy and people have expectation that if you are in petroleum you have no excuse but to perform but if you demonstrate tangible achievements in the so-called desert, I think it enhances you and it enhances the fortunes of the country a lot more. I don’t see these portfolios in terms of desert, fruity or juicy as some might see them in the world of journalism. Yes, there are people who think I should not be in mining, but they make that judgment purely on the basis of my academic background, my expertise and my work experience. Some feel I’m better suited in Education because of my academic background, others feel it should be a security related portfolio while others believe it should be foreign affairs because that was partly my brief during our presidential campaign. But when people say this, they tend to forget that I was a governor, a position in which I was a jack of all trade and also expected to be a master of all equally. So, you are always going to get multiple views on this matter but the important thing is to leave positive footprints wherever you find yourself. Where you are doesn’t really matter. If you look at countries where governance is taken far more seriously than we do here, you are trained to apply yourself, wherever you find yourself. Look at the French independent presidential candidate, Emmanuel Macron, who is beginning to make waves. He started as a Mergers and Acquisitions expert banker in Rothschild, went into the French bureaucracy and rose to become the No 2 man in the presidency. President Hollande picked him from there, made him Minister for the Economy, from there he resigned and he is now pursuing the presidency It is really not what you study, it is not the expertise, you have at the end of the day, it is your capacity to inspire, to lead people and to deliver on promises, and to monitor what you are doing for the greatest good of the greatest number of people. Your ability to rise above challenges will determine whether you are an ‘A’ grade minister or governor or not. Unfortunately, in the age of populism and gullibility, hard work may not even matter. It may be how much noise you make that counts with the political society. You have been in office for a little over one year now, maybe it would be nice for you to go through some of your activities in mining? First, as an accidental miner, I had to acquire basic knowledge in elementary mining if you like. So, I spent the first month familiarizing myself with the agencies, the industry and understanding the issues germane to mining. I then put a team of experts in place to help produce a roadmap for the growth and development of the mining sector which was ready by April 2016. This was subjected to a wider stakeholder input at the sub-national, academic and industry levels before the Federal Executive Council approved the roadmap in August 2016. The roadmap focused on designing strategies and timeframe to respond to the challenges of inadequate geological data, inadequate finance of the sector, proliferation of informal or illegal miners, federal-state tension, regulatory confusion and lack of enforcement as well as strategies for value addition through local processing of mineral endowments. We then went about raising necessary finances to support the sector which led to the approval of the N30 billion intervention fund by the President and FEC and also the $150million World Bank support. Another significant hurdle was the settlement of the litigation that has kept the Ajaokuta and NIOMCO plants in abeyance for the past decade. So, you could say we spent the first year in preparation for turning Nigeria into a mining nation once again. So, this is the year of implementing all those plans and programmes that we spent the last year putting together. Unfortunately, people are already growing impatient. You know Nigerians are not long distance runners, we want quick wins.

The truth is, if President Buhari were to address the fundamentals in the real detached manner that it should be addressed, he would do many things that will be regarded by the populace as, even if necessary, anti-people. We would take some very hard stand against some things. But we have a situation where hard-nosed surgical reforms have been taken over by populist agitation

And many are already saying to me, we are not seeing anything yet, how come they say you’re going to be our saviour from the dwindling fortunes of oil. So, that is one of the serious challenges the sector faces. You have to be ready for the long haul to come into mining, which means government must be ready to back people, who are serious about mining with a level of support through direct investment, through banking support, single digit loans that are long term for those who want to play in the sector. In summary, you have the question of data to grapple with, you have the issue of access to finance, you have regulatory challenges and the need to clarify the legal environment, you have federal-state tension that really have conspired to affect the advancement of mining in our country. You have the issue of the artisanal and illegal miners, who dominate the sector without the opportunity to add a lot of value. But we are not daunted by these challenges; this is our year of implementation. What are your key goals and the timeline? In order of priority, bringing Ajaokuta to life is our first priority. Achieving bitumen for asphalt production is the second and implementing our coal to power agenda is the third. Our fourth priority is organising the artisanal and informal sector and the fifth is achieving self-sufficiency in the processing and beneficiation of industrial and energy minerals which we have in large quantities. Of course, that’s without prejudice to the institutional and regulatory issues that we are already tackling alongside these big ticket items. We certainly want a sector that is predictable and that is well regulated in which the laws are enforced efficiently because that is part of the problem. We also have good incentives for those, who want to play in the sector. What we have not had over the years is an enforcement strategy that works well and that is why when you come to a place like Lagos you see indiscriminate dredging of land and sand mining going on all over the place. That is also why we stress the importance of partnership with the state government because we wouldn’t get much done if we don’t work with the states in order to realise the full value chain of our mineral endowments. And on our side, we need to be very consistent and predictable the way we apply the law so that there is no double standard that is perceived by any of the players. That is a very critical thing. The second is to ensure that we organise the artisanal and low level miners very well because they are the bulk of the players in the sector. We have not gotten to a stage in Nigeria where we have some of those names that you hear in mining Anglo-Amercan, Vale, Ril Tinto and so on. We are not there yet. The best we can do is to work with junior miners and also strengthen the capacity of our small scale miners to even do better with what they are doing with the tools of the trade – that is the mining equipment, the technical capacity, access to finance. That is a quick one and that we are on. But in order to really get the tangible benefit of that, we are at first limiting our concentration on industrial minerals; cement production, tiles manufacturing, kaolin – those sorts of minerals that we have across the length and breadth of the country. We do not really require so much money to set up processing plants. So, we are very interested in getting that on the ground and over the next six month, we will be supporting a whole range of players in the sector to ensure that they produce more to meet the demands of the market because we are not anywhere close to the demands of the market. Apart from cement which we are doing reasonably well, we are only producing less than 500,000 square meters of tiles in a country that consumes 4 million square meters. The bulk of what we use comes from China, Italy, India – you name it. Yet, we have the stones – go round this country. It is just for us to sit down, cut it, polish it and make it available to the construction industry. The other priority for us is bitumen. We want to ensure that we get bitumen, at least for construction. Bitumen can produce oil. In fact, in countries like Canada, it is a vehicle for quite a large percentage of the petroleum that they produce but we think that is not going to be a quick win. We want to limit

ourselves first to bitumen for asphalt because that is an immediate need in Nigeria that we can just shut down that market and substitute it locally. So that is our immediate quick win. Third is value addition and we are utilising a wide range of objectives in order to achieve that. One is working with Customs and other security agents that our mineral should not go out without processing. Two, to support those, who are ready to set up processing plants in Nigeria and three, to help to locate the market locally for some of those products. The fourth, really, is that we want to ensure that we get Ajaokuta on steam. If nothing else, that is one project that has failed Nigerians. It has failed to materialise for about forty years.’ President Shagari did the ground breaking of Ajaokuta in 1980. Ajaokuta has still not produced one billet of steel product in nearly forty years. Yet, it has the capacity when commissioned to produce 1.5 million metric tons, which could be expanded to 3 million. Our steel consumption in Nigeria today is about 7 million metric tons and out of that we barely produce 2.8 million metric tons, mostly from scrap metals, the rest comes from import. We spend about $3.5bn importing steel products into the country. You just imagine what we could do with that money locally at a time that we face foreign exchange crunch. We are not going to get to our desired end of industrialisation until we start producing steel and flat sheets here in Nigeria. There is no short cut to that progress. Government is determined to put everything into this project and the president is committed to it. But we also know that we have not shown good example of running successful state-owned enterprises in Nigeria. That is why it is the considered view of government that Ajaokuta is not something to be run by government if we want to succeed with it. If we want to get it off the ground we need to give it to a group that would help realise our objectives. They will make money; nobody will do it for free but they will produce liquid steel and enable us to begin our comprehensive industrialisation journey. That is the flagship of everything that we are doing in the ministry. We must get Ajaokuta off the ground. Is it true that you are itching to come back in next year’s election as governor? Well, you know that rumors are a dime a dozen in politics,

T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ MARCH 26, 2017

SUNDAYINTERVIEW t QUICK FIXES ARE NOT VIABLE WITH DAMAGED FUNDAMENTALS t Continued from Pg. 70 particularly in the age of social media. From all that I have just explained to you, it is obvious that I have a job and that the job is occupying my time. That job is at the behest of a president, who has a lot of confidence in my ability to help him deliver on his promise to the Nigerian people. I consider it a betrayal of the confidence reposed in me if barely one year into that assignment, I’m already itching to pursue governorship in Ekiti. But don’t get me wrong, there is no question that I am passionate about Ekiti and I was in Ekiti for four years as governor. So, an abiding interest in Ekiti is in my DNA. I believe we did our best to make a difference in the lives of the people and the evidence is tangible for all to see. It is also true that as a proud Ekiti person, I feel a strong sense of disillusionment when I see what is going on in my state. It brings tears to my eyes everytime I see the irresponsibility that is masquerading as governance in the state. Although I refrain from getting involved in any direct altercation or discussion about what the governor there is doing because it is pointless to wrestle a pig in the mud and still want to be clean. I’ve always believed that it is best to organise, rather than for one to continue to agonize about current misfortunes. What is important ultimately in my view is for our party – APC to take the rein of government in Ekiti State. There is no beating about the bush as far as that is concerned because I have no doubt in my mind that we would make Ekiti a better place just as we did before and we won’t do so by noise making or insulting people. So, APC must get its act together and save Ekiti from being the black sheep of the Yoruba race. Two, there is still the hardly forgotten matter of how we were taken out of office in 2014. It remains a lingering issue and we haven’t gotten to the end of that road yet. Although as an individual, I walked away from pursuing the matter, not because I was convinced I lost but because I thought it was the most honorable way to save Ekiti people from bloodbath. I did say then in my concession speech that the story of what happened in Ekiti on June 21, 2014 would become clear to Nigerians in no distant future. Less than a year after I left office, the revelation began to unfold, right from Captain Koli’s revelation to subsequent statements by Dr. TKO Aluko, PDP Secretary in Ekiti and later revelations by former Minister, Musiliu Obanikoro and other players. Nigerians now know better that the myth of stomach infrastructure was just a facade for a much more comprehensive annihilation of Ekiti people and for APC in Ekiti, that story has not ended. I owe it to the party and to Ekiti people to assist in getting to the root of what actually transpired in Ekiti on June 21, 2014. That is a preoccupation that I consider a much more important exercise than itching to join a so-called governorship race. It is too early to start talking about that when there is still unfinished business. With the volume of work on your hands, how are you able to keep pace with developments in the state? Of course, Ekiti is my home. Whenever I stop being minister, I will not stop being an Ekiti man. My work as a minister does not detract from my responsibility as a politician. In order to be a good minister, I have to be a good politician. Many people make this false disconnection by painting a picture that we just want technocrats, who are detached from politics to be in government and that politicians are usually too preoccupied with politics – whatever that means. With the greatest respect to those, who have contempt for politicians and then draw this false dichotomy, this is absolute bunkum! How are you going to be a performing minister if you don’t have a feel of what the people want at the base? So, for me, it is not an either-or. To be a good politician does not get in the way of my being a good minister. As a matter of fact, I believe it enhances my being a good minister because I have a better feedback from my constituency that I can put into use in delivering on the tasks given by the president and I will also be doing the president a whole lot of good in my assignment if I can hold my own place for our party and our government. There is no point being apologetic about it. We did not get into government accidentally. Some of us worked our fingers to the bone for APC to be in government and I am not going to allow anyone lecture me about why I should not play politics as a minister or why a distinction

must be made between governance and politics. As a student of politics, I know this is a false dichotomy. So, the simple answer to your question is that promoting and protecting the interest of my people is also good ministerial duty. I have no apology to say that I have used the opportunity of being a minister from Ekiti for that purpose and I must thank the president for indulging me. I’d cite two relevant examples here. First, take the case of the Lagos-Kano standard gauge railway. In our early days as ministers, I was fortunate to be in my friend’s office, the Minister of Transportation, Rotimi Amaechi one day and I saw the map of the proposed Lagos-Kano standard gauge rail in his office. Upon checking, I noticed that Ekiti was completely missing and this was the plan according to the previous government. Of course, I immediately made the case to Rotimi that this rail must pass through Ekiti and he should not shortchange my people. Of course, the minister was sympathetic and he said I should also mention it to the President. Eventually, Minister Amaechi worked out the magic and ensured that the final line passes through Ekiti. Now, the groundbreaking was done last week for the first phase from Lagos to Ibadan through Ogun State. It is now my duty and the duty of subsequent Ekiti occupants of the ministerial seat to ensure that no government takes Ekiti off the plan again. If I am not in government, would I have been able to make a strong case to the minister and the President the way I did? After all, there were also Ekiti people in the PDP during the Obasanjo and Jonathan era when the rail plan was originally mooted and yet the state was shortchanged. The second example is the contract for the federal secretariat that has just been awarded for Ekiti State. I have been fighting for this since I was governor and cannot remember the number of times I went to see Mrs. Ama Pepple as Housing Minister at the time on this particular matter. All the six states created last had benefited from this apart from Ekiti and Ebonyi. So, I don’t believe it is a coincidence that we have now been well served with this award at a time that APC is in government – the Minister of Housing is my colleague and I’m the minister from Ekiti. I don’t see anything wrong in utilizing my presence as a minister to influence things fairly and equitably to my state, a state that has been disadvantaged for such a long time by lack of access to the centre of power. Lately, you have been deeply involved

in regional politics as was seen recently in Ondo, where you played a major role in the emergence of the new governor. This is believed to have pitted you against some powerful interest in the zone to the extent that you are now referred to as a traitor from this part of the country. How do you see this tag that is being worn round your neck? First, I really don’t understand what you mean by regional politics. I think it is unfortunate to tag me as a traitor to the cause, if that cause is progressive politics. All my life, I have been a social democrat and I have not even strayed in my politics outside of this ideological orientation. You cannot find in my history anything outside of the fold. I was born into it and my father was very active in the Action Group, Unity Party of Nigeria and the Social Democratic Party. I am a creature of Nigeria’s version of progressive politics, and I don’t see anything that will take me away from this. Much more importantly, my politics flows from my activism. It’s what I have done even before I got involved in partisan politics. What drives my politics is my own belief that government has a responsibility, indeed a duty to lift up the weak and the vulnerable in the society. Call it left wing politics, call it progressive politics, you can give it any terminology you want to but it is what drives me and there is nothing that I did in Ondo State to which you referred that set me apart from that trajectory. So, I can’t even understand this whole notion of betrayal in Ondo. My party had a candidate in the governorship election of Ondo State. I did not really get involved in the election of Ondo State until after a candidate emerged from the primaries and that was when the party set up an election committee and I was asked to serve in the committee. Please tell me, how is that a betrayal? That a primary was conducted, a candidate emerged, the party set up a campaign committee for the election, I was nominated by the party to serve on it and I worked for the candidate. I did not go to work for the candidate of the opposition. I did not work for the candidate of PDP. Neither did I work for the candidate of the Alliance for Democracy; I worked in Ondo State for the candidate of APC. So, I don’t get the logic of your argument. When I read all those stories about how some of us are the new Akintolas of the South-west, I ask myself: who are the Awolowos? That is what I ask myself. What have I done to depart from

the politics and teachings of social democracy? Yes, nerves are naturally bound to be frayed by notions of victory or losses, but I don’t want us to see it that way. We produced the governor in Ondo State. It has added one additional governor to the APC side of the divide. It also leaves just Ekiti in the PDP fold in the South-west. We now have 24 governors in the APC and I don’t see how that is not going to strengthen the capacity of our party. People are leaving other parties to join us in spite of the obvious concerns about the economy. I really don’t have any apology for working for our party in Ondo State. I have served the president and our party to the best of my ability. Obviously, one is not perfect and there many things that I haven’t done well but I take every assignment given to me by the party seriously and I try to deliver results, whether it is the presidential primaries, directing policy for the party or working on Ondo State election. What I think we should be doing now is holding the feet of our new governor to fire to deliver on what he has promised to the people so that we will not be seen as having betrayed the people. That is the betrayal if Akeredolu does not deliver to Ondo people; that is what will amount to betrayal in my view. Not those of us who went to work for him from the length and breadth of this country – so many of us led by Governor Lalong. We worked for our party. So, I don’t accept such a tag and I reject it. I think those who are saying it are laboring under a severe bout of ignorance or mischief or both and I don’t expect any serious person to pay attention to that. So, how come a former governor of Lagos State and some party leaders are believed to be so miffed at you? This former Lagos governor is particularly said not to be happy with the role you played? With the role I played? I don’t believe that the former governor of Lagos State you are talking is our leader, Asiwaju, not Raji Fashola? Miffed at me? That is news to me! That is real news to me. Asiwaju and I have a long standing relationship. It did not start at the door step of partisan politics. I met Asiwaju in exile. He had joined his colleagues on the NADECO train to the UK and was shuttling between UK and America at the time, working with leaders like Chief Anthony Enahoro, General Alani Akinrinade, Prof. Bolaji Akinyemi, our now party Chairman, Chief John Odigie-Oyegun, Hon Wale Oshun and others.

T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ MARCH 26, 2017

CICERO/REPORT

Omo-Agege’s Coup against Labour Party Onyebuchi Ezigbo contends that the recent defection of Senator Ovie Omo-Agege from the Labour Party to the All Progressives Congress was a carefully executed coup

ecently, a group of Labour Party stakeholders mainly from Delta State stormed the party’s national secretariat in Abuja along with people alleged to be political thugs to protest against the National Chairman, Alhaji Abdukadir Abdulsalam, and other leaders of the party. Many of the party faithful were jolted as to what had gone amiss. The party has been very quiet and has kept a low-profile political presence since it made a major foray into the Nigerian political terrain by ‘snatching’ the governorship seat in Ondo State from the then ruling Peoples Democratic Party (PDP). The only time the party came to the fore in terms of intra party crisis was when its pioneer national chairman, Chief Dan Nwawyanwu was about to end his tenure and some stakeholders, such as the Nigerian Labour Congress (NLC) moved to assert its influence being a factor in the formation of the Labour Party. The issues that caused the disagreement were well-rooted in the principles that guided the formation of Labour Party. But the crisis did not last long or lead to factionalisation of the party as it were. But penultimateMonday’s protest came as a surprise since there was no known previous agitation that could lead to the sudden the decision to oust the leadership of the party and in such a bizarre manner. What happened on that Monday however left room for suspicion. First, the conveners of the factional National Executive Committee (NEC) appeared to be ignorant about the provisions of the party’s constitution in relation to the sack of the chairman and his leadership. For instance, page 31, article 12 of Labour Party constitution clearly states that the chairman of the party may be suspended or removed from office on a vote of no confidence passed by at least two third majority at a national convention convened for such purpose. It therefore means that even a well-constituted NEC cannot remove the national chairman and perhaps other national officers of the party without first giving them an opportunity for fair-hearing. Thus, as alleged by the leadership of the Labour Party under Abdukadir Abdulsalam, the protest was a smokescreen to enable those behind it execute the agenda of creating a leadership tussle, which in turn provided the lone Senator of the party from Delta State, Ovie Omo-Agege, a long sought opportunity to defect to the All Progressives Congress (APC). All the same, those who led the protest at the party secretariat came up with a barrage of allegations. They said as party members, they were disappointed that despite several attempts to make Abdulkadir see reason, he has continued to rule the party with “persistent impunity, high-handedness, dictatorship, and crudeness”. According to them, the situation has led to the unjust, unconstitutional and unilateral dissolution of States Executive Committees of the party and suspension and/or expulsion of prominent members and leaders of the party by Abudulkadir Abdulsallam supported by his willing “lackeys.” Other charges leveled against Abdulkadir include the mismanagement of party funds, the violation of section 225 (2) of the Constitution of the Federal Republic of Nigeria, which states that: “Every political party shall submit to the Independent National Electoral Commission, a detailed annual statement and analysis of its sources of funds and other assets together with a similar statement of its expenditure in such form as the commission may require.” On the strength of these allegations, Ukpebitere said, “NEC resolved “that the national chairman, Deputy National Chairman (South), Mr. Calistus Okafor; and the Acting National Secretary, Julius Abure; are hereby suspended/ removed forthwith from office pending the

Omo-Agege outcome of internal investigations by the Party on the corrupt and dictatorial state of affairs in the Party.” The following were however chosen by the group as replacements: Comrade Bobo Atare Adou (National Vice Chairman – South South) and Akingbade Oyelekan appointed as Acting National Chairman and Acting National Secretary of the Party respectively. The rebel group also mandated the new officers to urgently organise and ensure that all allegations against Alhaji Abubakar Abulkadir Salam on the finances of the party were investigated by the Economic and Financial Crimes Commission (EFCC) and prosecuted if found wanting. They also said decision was reached to reverse all unconstitutional and unilateral dissolution of State Executive Committees and suspension/expulsion of officials/members of the party by the Salam leadership without NEC’s knowledge and approval. “That NEC should take such necessary measures, legal and otherwise, to purge the party of impunity, arbitrariness, lawlessness, and financial corruption that characterised the tyrannical leadership style of Alhaji Abubakar Abulkadir Salam as National Chairman.” Those who endorsed the decision are the Deputy National Youth Leader, South-west, Gbenga Daramola; Deputy National Woman Leader, North East, Lami Ahmed; Deputy National Woman leader South-South,Hosanna Samuel, Deputy National Woman Leader, South-west, Mrs Olujumoke Awodeyi, and Deputy National Chairman (north), Alhaji Ali Abatcha. But the leadership of the Labour Party has dismissed what it called the purported suspension of Salam and others, describing those behind it as strangers and miscreants. The party, which seemed caught unawares, blamed Omo-Agege for the crisis to enable him defect to the APC without attracting the wrath of the law. An obviously baffled National Publicity Secretary of the party, Ebere Ifendu, told journalists that the leadership of the party was intact and that none of its national officers or national executive members was part of penultimate

Monday’s meeting, where the chairman was allegedly removed. She said Omo-Agege’s plot to join APC was the reason for fueling the ‘fake faction’. She said the party was aware that the senator had been romancing the ruling APC, and attending its meeting in Delta State since he won his election on the platform of the Labour Party, thereby causing artificial crises for him to officially decamp to APC. “You can see for yourself here, the national chairman and other national officers of the party are here; strangers cannot sack a constituted authority. We just heard it from the media

Thus, as alleged by the leadership of the Labour Party under Abdukadir Abdulsalam, the protest was a smokescreen to enable those behind it execute the agenda of creating a leadership tussle, which in turn provided the lone senator of the party, Senator Ovie OmoAgege from Delta State a long sought opportunity to defect to the All Progressives Congress

that some miscreants came to Abuja from Delta State and they are not members of our party; they are just strangers”. Citing various provisions of the party constitution, Ifendu said, “In every constitution, there is a way an officer can be sacked including the national chairman and other officers. Look at page 31, article 12 of Labour Party constitution, clearly written that the chairman of the party may be suspended or removed from office on a vote of no confidence passed at least by two thirds majority at a national convention convened for such purpose. So, how can people just come to the street to make noise to say that they have removed the chairman? They don’t have the capacity to do that.” On the issues of non-payment of salaries to the party, she dismissed it saying workers were all in the office doing their job. She also said the allegation that the chairman mismanaged the funds of the party had no evidence to back it up. “If there is a situation, I think the National Working Committee should be the first place to channel such complaint and from there it goes to the NEC before the party starts investigating. You do that by going to the street and start shouting that you want to remove the party chairman. If they are truly members of the party they know how to follow the right channel to convey their grievances.” And as predicted by the Labour Party leadership, Omo-Agege, has formally declared for the ruling party, the APC. While justifying his defection to the APC during Senate plenary, he claimed that his decision to leave the LP for the APC was supported by leaders and members of his constituency in Delta state. Under the Electoral Act (2010) as amended, an elected member of the National and State Assemblies is free to defect to another party if his party is factionalised or ceases to exist and taking a cue from the legal provision, OmoAgege citied that there was division within the national leadership of the Labour Party. With both Comrade Bobo Atare Adou and Alhaji Abdukadir Salam now laying claims to the national chairmanship of the party. Following the defection of Omo-Agege, the Labour Party has asked the Senate President Bukola Saraki and the Independent National Electoral Commission (INEC) to immediately declare his seat vacant. The party said INEC should set in motion processes to organise election within the next 60 days to fill the vacant seat as required by law. Ifendu said such an alleged division in the party is nothing but a figment of the senator’s imagination, adding that it is on record that Omo-Agege sponsored some hoodlums and non-party members to protest at the party office and later claimed to have removed the party leadership. “As a party, we will challenge his decision to steal the mandate of the Labour Party through the back door in Court. We hereby request the Senate President to declare his seat vacant and that INEC should immediately organise election within the next sixty days to fill the vacant seat as required by section 68 (1) and 190 of the Electoral Law”. From all indications, the action of OmoAgege could be interpreted to mean that he benefitted from the stage-managed crisis in Labour Party and may have indeed sponsored it. The fact that the senator did not even wait for a week to pass or to try and see if the matter could be resolved before rushing to join another party says a lot about his loyalty to the party. The matter also calls to question the position of the law on this highly abused process of defection. It has become a common practice for politicians, who are seeking greener pastures to try and instigate crisis in the party or take advantage of minor crisis to jump ship. The situation, no doubt, questions whether or not there is ideology in the nation’s parties otherwise it is expected that politicians should have some deep-rooted attachment to the manifesto and ideologies of their political parties.

T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ MARCH 26, 2017

CICERO/TRIBUTE

To Comrade Bene at 70 Edwin Madunagu

ur subject is known officially as Professor (Mrs) Bene Edwin Madunagu; but in the Nigerian Left she is simply Comrade Bene. In other spheres she is variously called Bene, Ben, Mumsy B, Mummy and Auntie Bene. To those old enough to remember the name she was given at birth, and insist on calling her so, she is Benedicta. In this tribute I shall refer to her as Bene, Bene Madunagu or Comrade Bene. Bene Madunagu is also variously described as a feminist, a human rights activist, a humanist, a scholar and teacher, a democrat, a Nigerian patriot, an internationalist, etc. She is all these, and more. I expect, from Bene’s friends, comrades and compatriots, tributes testifying to, and celebrating her contributions and achievements in various fields on this occasion of her attaining the age of 70. These expected tributes would have been sufficient for me as Bene’s friend, comrade and husband. Put differently, my own tribute, or rather, its present public version would not have been necessary. But, then, at this point in her life, I think Bene’s comrades and compatriots at home and abroad and the Nigerian public deserve a statement of (and on) what this exceptional Nigerian woman is and has been – in addition to all that has been listed. I wish to make that statement. Essentially, that is, first and foremost, Bene has been and remains a socialist revolutionary and a Marxist. But beyond this general statement I also confirm that Bene and I have constituted a revolutionary cell in the Nigerian Left since January 1975 during the popular struggle against General Yakubu Gowon’s military dictatorship. The latter part of this statement explains why this tribute is bound to have a character that may, in part, appear personal. The journey began in 1973 at the University of Lagos, Nigeria. That year, our subject, Bene Madunagu (then Miss Benedicta Michael Afangide), was a graduate student of Botany residing in the Main Campus’ Female Hostel. I, Edwin Madunagu, was a graduate student of Mathematics residing in the Main Campus’ Male Hostel. The hostel where I resided, the hostel where Bene resided and the Faculty of Science where both Bene and I were students were closely located as if by a design of history. As if also by design, Benedicta’s path from her hostel to her laboratory in the Faculty passed in front of my window in the Male Hostel. She passed – almost unfailingly – in front of my room at least four times every day between Monday and Friday, and sometimes as many times on Saturday. This routine was also noticed on some Sundays when, as I learnt later, she was conducting experiments in her laboratory that needed close monitoring. I took note of her goings and comings whenever I could. My friends knew this and helped me to take note whenever I was unable to do so, and reported to me accordingly at the earliest opportunity! That was before our “fateful” encounter. Benedicta was unaware of this observation which was the first impression she made on me – a powerful impression of commitment and discipline at a time my consciousness was undergoing a rapid revolutionary transformation! Early that year, 1973, the Postgraduate Students’ Association (PSA) of the University of Lagos was formed. In the election that followed the inauguration, Barrister Ayeki became President; I, Edwin Madunagu, became Secretary; and Benedicta Afangide became Treasurer. Bene, with whom I had had no previous contact whatsoever supported my candidature almost militantly; and for reasons that can be inferred from what I have said so far, I equally supported her nomination militantly. Our relationship had begun – on a political foundation! The other dimensions of the relationship – the ideological, the intellectual, the personal and the emotional – were to develop later: rapidly, I would say. Later, but still in 1973, I introduced Bene, still a mere political collaborator, to two non-campus leftist groups – Nigerian Youth Action Committee (NYAC) and Society for Progress (SOPRO). By the middle of 1974, we had joined the revolutionary Marxist Anti-Poverty Movement of Nigeria (APMON) and could address ourselves and were addressed as revolutionary socialists, Marxists and communists. And I can also confirm that by the middle of 1974 Bene and I had become lovers, in addition to being friends and comrades. We became wife and husband two years later. Now, let this point be made clearer and more explicit: Though I introduced Bene to socialism and radical politics following our entry into the Postgraduate Students’ Association, University of Lagos, in 1973, my own consciousness was at that stage undergoing rapid revolutionary transformation. Put differently, my revolutionary consciousness was being rapidly – and fundamentally – transformed as I was introducing Bene to socialism and radical politics. It can therefore be proposed, and I do propose that Bene and I moved into explicitly revolutionary consciousness – away from mere radical consciousness – together; and, I would add, we moved together through the instrumentality of the same set of critical events and experiences. The critical events and experiences being referred to would include protests that were undertaken between 1973 and 1975, over several issues - existential and political - by the national students’ movement in general and the students of the University of Lagos in particular; the 1973 Nigerian students’ protests against the character and specific contents of the National Youth Service Corps (NYSC) programme as it was being introduced by the military government of General Yakubu Gowon (it was during these protests that we met Comrade Ola Oni); protests over the Arab-Israeli War of October 1973 - protests in which Bene and I dramatically moved from pro-Israeli to pro-Palestinian positions through the radical intervention and unrelenting challenge of Comrade Tony Engurube; 1974/75 protests over the federal governments’ national workers’ wage reviews (Udoji Awards); protest against Gowon administration’s increasing political intolerance, corruption and what Chief Obafemi Awolowo used to call “tenacity of office”, that is,

Comrade Bene Madunagu disposition to remain in office indefinitely. It was during these protests, in January 1975, that I was first detained by the military and Bene first acquitted herself as a revolutionary – to the admiration and commendation of late Gani Fawehinmi. Every political history has its significant dates, landmarks or turning points. In Nigeria’s political history, for instance, landmarks would include October 1, 1960, January 15, 1966, July 6, 1967 and January 15, 1970. Likewise, in every painstaking research of the Post-Civil War history of the Nigerian Left, Christmas Day, December 25, 1975 and August 6, 1977 will be listed among (post-war) landmarks. On the first date (1975), in Lagos, the Anti-Poverty Movement of Nigeria (APMON) held an Emergency one-day Congress and on the second date (1977), in Calabar, the Calabar Group of Socialists (CGS) was formed. Bene attended, and in fact, co-hosted both gatherings. She emerged from both with heavy responsibilities. It was in Lagos, on Christmas Day, 1975 that a number of young Nigerians, including Bene and myself, resolved and committed themselves to the revolutionary transformation of Nigeria on the platform of workers’ power, popular democracy and socialism. Through monumental sacrifices and exemplary acts of courage and commitment – the results of which are nearly always credited to other people and entities, on account of the covert nature of most of our activities – Bene has remained faithful to the 41-year Lagos landmark resolution and its 40-year landmark re-endorsement in Calabar. When Bene turned 60 on March 21, 2007, Comrade Professor Biodun Jeyifo (BJ) wrote a tribute, For Bene Madunagu at 60, which was published in The Guardian of April 11, 2007. In the second paragraph of the long tribute, BJ said: “If it is undeniable that part of the identity of Bene Madunagu derives from the fact that she is the wife of Eddie Madunagu, it is equally true that Bene stands so completely in her own shoes and in so many diverse areas of life that one can equally say that Eddie Madunagu derives part of his identity from being the husband of Bene. I shall come back to this point but first, a few significant details of the life of this most selfless, most dedicated and life-affirming of the activists of my generation ….” This profound insight can be extended, elaborated and substantiated in several directions. But this cannot be done in full here and now. I shall therefore limit myself to the following statement: In any of at least seven sub periods of the 30-year period (1975-2005), Bene and I would have been physically destroyed or politically liquidated – with the Nigerian Left suffering serious setbacks - if Bene had not possessed the attributes highlighted by BJ, if she had not been standing “completely in her own shoes”, or if she had just been sharing my shoes as wife. The sub periods are: January-May 1975 when I was detained in the dying months of General Gowon’s regime; June 1976-May 1977 during the “extraordinary” revolutionary engagement at Ode-Omu in present Osun State; April – June 1978 during the national Ali-Must-Go students’ protests; April 1981 when Comrade Ingrid Essien-Obot, our German-born comrade and Secretary of ASUU-UCB, was murdered in her residence at the University of Calabar Staff Quarters; 1988-1990 during Bene’s 3-term tenure as Chair of the University of Calabar Chapter of the Academic Staff Union of Universities (ASUU) when the union was confronting the dictatorship of General Ibrahim Babangida; 1997-1998 when, for unknown reasons, General Abacha’s security apparatuses turned their attention on our adolescents’ conscientisation and empowerment programmes in Calabar; and about mid–2006, during President Olusegun Obasanjo’s administration, when the silent state harassment of 1997/98 returned. In a number of the crises that characterized each of these seven

sub periods Bene confronted and corrected my tactical errors, bore the sacrifices dictated by them and took brilliant, courageous and heroic steps that ultimately led to the realization of our original strategic objectives. One final point here: I need to state very clearly – for history – that the “crises” to which I refer in the preceding paragraph were quite serious, very serious. The only hint I can permit myself to provide here and now about the seriousness is that at a certain period of our history, in the second half of the 1970s, our movement was “highly mobilised.” Correcting tactical errors in a “highly mobilized” revolutionary movement, as Bene did - not once, not twice – was, to put it mildly, heroic. At certain points of our engagements our organizations came close to being liquidated or at least beheaded. The closest we came to this tragedy was during the national Ali-Must-Go students’ protests of April – August 1978. Bene saved the day – although I was in command! Organizations and institutions to which Bene belongs or belonged and on whose platforms she has been, or was active-up to leadership levels – may be classified broadly into five: academic, professional, populardemocratic, sociopolitical and revolutionary. The first four are in the public domain and may therefore be skipped. Formations in the fifth category, the revolutionary, may be listed, in part: Nigerian Youth Action Committee (NYAC) (1973); Society for Progress (SOPRO) (1974); Anti-Poverty Movement of Nigeria (APMON) (1974); Revolutionary Movement for the Liberation of Nigeria (REMLON) (1976); Calabar Group of Socialists (CGS) (1977); Democratic Action Committee (DACOM) (1980); Movement for Peoples Democracy (MPD) (1977); Directorate for Literacy (DL) (1986); Socialist Revolutionary Vanguard (1989); Congress of Popular Democracy (CPD) (1998). On attaining the age of 65 in 2012, Bene Madunagu – this bundle of humour, warmth and kindness - retired formally from the University of Calabar. That same year she delivered her Inaugural Lecture as Professor of Botany on Plant-Human Relationships. The following year, in 2013, she also retired formally from all executive positions - including that of Chair of Executive Board – in Girls’ Power Initiative (GPI) Nigeria, a women’s empowerment organization she co-founded in 1993. Let me end this tribute by isolating and underlining three integral attributes of the relationship between Bene and myself: compatibility, complementarity and love. The first two attributes are necessary – and, indeed, irreducible - for a cell in a revolutionary movement. But a revolutionary cell which, in addition, is endowed with internal love has an added advantage of high degree. Bene and I have constituted such a cell in the Nigerian Left since 1975. The contents of this revolutionary union of Bene and myself have included the following: All major decisions in our organizational, political, professional, occupational, financial and family lives – including relationships with our respective larger families - since 1975 have been taken together and executed together – sometimes with one person above ground and the other underground. Sometimes we creatively follow the revolutionary dictum: “March separately, but strike together – agreeing on where to strike and when to strike”. Beyond this, everything that can be called property (which, excluding literary acquisition, is very limited) is collectively owned in a revolutionary sense (that is, with individual authority to use or deploy) – but with the formal and legal ownership residing with Bene. Division of labour, where this is inevitable, also follows the revolutionary principles that are continually moderated by our 1978 decision to have one joint foot in the existing bourgeois society, and the other outside of it – a duality that, under our subsisting historical circumstances, is inevitable in the life of a genuine revolutionary, individual or cell. ––Madunagu is a newspaper columnist

T H I S D AY, T H E S U N D AY N E W S PA P E R Ëž RCH 26, 2017

PERSPECTIVE

As Senators Embark on Economic Diplomacy Mission... Yusuph Olaniyonu

discussion with the President of the House of Representatives of Berlin, Mr. Ralf Wieland, where Saraki urged him to persuade companies based ince last September when in the state to expand into Africa through Nigeria Senate President, Dr. Abubakar where they can take advantage of the huge market Bukola Saraki, announced that of about 170 million people, 70 per cent of which the focus of the upper chamber are youths, the major highlights was when the of the National Assembly delegation observed a plenary session in Bundestrat will from then be economy, and later held discussions with its leadership. It was economy and economy, many during the parley at the Bundestrat that the Senate have been surprised at the delegation got some firm commitments from Ms various strategies that the Senate has adopted in Dreyer, the President. pursuing the goals. From different legislations Dreyer, after listening to Saraki who enumerated aimed at bringing swift recovery to the ailing the areas where his country requires German economy to idea-generating sessions with partnership, support and co-operation, said it was experts, stakeholders and the general public, the inevitable that Nigeria as the leading country in Senate has consistently walk the talk. Africa must be economically strong and therefore Last week, another dimension was added to deserved the support of a European giant like her the plan to re-energise the economy as Saraki country. led four of his colleagues to Germany to seek Dreyer said Germany attached great importance economic co-operation through attraction of to the strong relationship with Nigeria and will supforeign investments, borrowing ideas on energy port the on-going economic recovery programme in generation and distribution as well as seeking the country. She said the country will look towards more support for plans to resettle and rehabilitate extending the special partnership and grassroots people of the insurgency-ravaged North-East of co-operation which it presently has with Rwanda the country. to Nigeria and that more exchange programmes The three-day trip was the result of the visit between the two countries should be initiated. of the President of Germany, Joachim Gauk, to The Bundestrat President also promised to Nigeria last year accompanied by industrialists, plead Nigeriaâ&#x20AC;&#x2122;s case before the German Chancellor, legislators and top government officials. During Angela Merkel, and Secretary in charge of Ecothat period, the then President of the German nomic Co-operation and Development, Mr. Muller. Bundestrat, the upper chamber of the German â&#x20AC;&#x153;The partnership between Nigeria and Germany Parliament invited Saraki to visit her country. is very important and should be nurtured. This The schedule of the visit by the Nigerian partnership at a very high level can help the entire Senators was packed so full that from Wednesday, Senate President Saraki and Senator Ekweremadu at a Senate session population in Nigeria. We have to do all that is March 8 when the team landed till the last day necessary to support Africa to prevent internal crisis on Friday, March 10, it was from one meeting to National Assembly will have to amend the laws on strengthen the armed forces. that would later plague Europe. the other, and with different groups. The issues power generation, transmission and distribution in â&#x20AC;&#x153;I am happy at the coincidence that as we are â&#x20AC;&#x153;We should empower African nations to enable bordering on how to forge strong economic visiting you, you are, at your plenary session, other to replicate the feat recorded by the German the people and their government take their fate into co-operation, assistance for rebuilding of the discussing the role of Europe in Africa. Though Village, Feldheim. He said the achievement of their own hands. We have a gain to make from this insurgency ravaged North-East zone and how to a lot is already happening in our relations with the Germans was possible in Nigeria if only the co-operation. We are faced with refugee situation benefit from the advanced technologies for energy leadership and the operators could be serious and your country, however, we need more German and to save ourselves the escalation of this problem, supply dominated the various discussions. investments in our country, even as we take demonstrate the will power. we have to tackle the root cause of migration by From the meeting with the Vice President of deliberate, well planned steps to diversify our He said the issue of power supply remains helping African countries to be economically strong the lower chamber of the German Parliament, the top in the agenda of the Senate as it was a key economy and pay more attention to agriculture, and buoyant. That is why we must help Africaâ&#x20AC;? Bundestag, Mr. Johannes Singhammer, to the ones instrument for eradicating poverty and unleashing mining of mineral resources and manufacturing. she said. with top officials of the think-tank group, Konrad â&#x20AC;&#x153;No economy in the world has the kind of the potentials of the people. â&#x20AC;&#x153;That is why we had In the area of renewable energy, Dreyer said Adenauer Foundation, the German-African a workshop on the sector last month. It is also why potentials that Nigeria has and if we talk of Germany would be ready to help Nigeria through Business Association, the Foreign Office and Africa, you are talking of Nigeria as the leader. we are here to see the experiment and success of exchange of technical information and exchange members of the Parliamentary Friendship Group We, in the parliament, are working on several the people of Feldheim and see what our people programmes as the clean source of power is the for relations with the English and Portuguese Bills that will open up the economy and make it can learn from it,â&#x20AC;? he said. future of energy resource in the world. She said this speaking States of West and Central Africa to the â&#x20AC;&#x153;We have to amend the laws about easy to do business with high rate of return on discussions with the leadership of the Bundestrat power transmission and distribution to allow investment. We have economic challenges, but the was an area her country had made much progress and will be ready to partner with Nigeria. led by the President, Malu Dreyer, the one at the more creativity and involvement from the private fundamentals are very good and positive. Even, Saraki while responding to the message of Berlin House of Representatives and meeting with sectorâ&#x20AC;?, he said, adding that he and his colleagues the prospects are better and brighterâ&#x20AC;?, he said. Nigerians in Germany at the Nigerian embassy, will encourage some educational institutions to The Senate President explained to the Germans his German counterpart, reiterated the need for Germany to partner Nigeria in the areas of economic Saraki put on the garb of an eloquent salesman understudy the Germans and reproduce their that Nigeria now gives visa at the point of co-operation, security and renewable energy as who has perfected his art and knows his onions. successful experiment in Nigeria, as a first step in entry to genuine business people and tourists, both are continental leaders whose well-being have His message and that of the other members of replicating Feldheim across Nigeria. a fact testified to by a member of the Germanthe delegation was consistent. If the Germans truly The Senate delegation, on return to Berlin on African Business Association present at one of the positive implications for Africa and Europe. He noted that the Senate delegation was in Berlin believe that Nigeria was actually very important Wednesday night, also had a discussion with meetings. to their strategic interests in Africa, they must Mr. Thomas Silberhorn, the Parliamentary State He also talked about the Ease of Doing Business to strengthen the existing relationship between both countries as represented by the visit of the German encourage economic co-operation between both Secretary to the Federal Minister for Economic Committee headed by Vice President, Prof. Yemi President to Nigeria last year in company with countries and get their big and medium scale Co-operation and Development on how to foster Osinbajo and the National Assembly Business some businessmen. industries to invest in Nigeria. economic exchange between the European giant Environment Roundtable and the efforts to fully â&#x20AC;&#x153;We appreciate cordial relationship between A few hours after their arrival in Berlin, Saraki, and Nigeria. From that point, Saraki continued to open up the national economy to private sector Germany and Nigeria. We need German support accompanied by Deputy Senate Leader, Bala Ibn drum it into the ears of the Germans that Nigeria is participation through laws and policies. Naâ&#x20AC;&#x2122;Allah, Senators Enyinnaya Abaribe, Monsurat a country that requires the type of Feldheim project While speaking with the various groups, Saraki as our government works hard through progressive policies and legislations aimed at overcoming our Sunmonu and Abubakar Kyari, headed to a vilso as to unleash the potentials of the people in the explained the various measures introduced to current challenges and engaging our youths who lage 70 kilometres outside Berlin, called Feldheim. various sectors. fight corruption and entrench transparency in form about 70 per cent of the population. The main focus of the visit is on how Nigeria He requested for exchange programmes, the public sector. He assured members of the He said power is one area where Nigeria can emulate the use of clean, renewable energy co-operation and investment in the power sector German-African business community and the required serious help as its inadequacy affects the source by decentralising her system of electricity as one of the ways Germany can support Nigeria Parliamentary Friendship Group that various success of businesses and limits the productive generation and distribution. and consolidate existing relations between both laws that will ensure easy entry and exit into ability of the people. He urged Germany to provide The small village generates its own energy countries which are leaders of their respective the economy as well as dispute resolution and through bio-fuels, windmill and other clean source continents. contract enforcement that comply with global best necessary support to Nigeria through business investment in the sector, provision of technical of energy and even sell the excess to big power On Thursday morning, the Senate team practices are being enacted. assistance and sharing of knowledge. generating and selling companies. And all these arrived the Bundestag, at a time when the lower The Senate President in his address to The Senate President added that German were achieved through the self-efforts of locals. House of the German Parliament was discussing Singhammer, Vice President of Bundestag, and the support was needed to solve the security crisis While briefing the Senators, the Project Leader, Europe-Africa relations and the Senate President Parliamentary Friendship Group led by Charles in the North-East of Nigeria and that the country Mr. Werner Frohwitter said the project was one in said Germany was the first country the 8th Senate Hubber, also canvassed for the co-operation of was at the point where the displaced people have which â&#x20AC;&#x153;citizens take their energy supply into their visited at the leadership level. the German lawmakers in granting legal stay to own handsâ&#x20AC;? as they contributed money to build While thanking the Germans for their contribulaw abiding and skilful Nigerians who have been to be rehabilitated, resettled in rebuilt homes and environment as well as be re-assured that cases of bio-gas plants which use slurry and manure from tions to funds towards the rehabilitation of the living in Germany for a long time so that they isolated attacks by the insurgents would cease. their pigs and cows and wind farms. North-east zone of Nigeria during last monthâ&#x20AC;&#x2122;s can meaningfully and positively contribute to the The Senate delegation also visited the MediHe added that though the village has a popula- meeting of the European Union in Oslo, Norway, economy of their host country. aTeam IT Education Centre in Berlin, one of the tion of 140 people, it hosts about 4,000 visitors Saraki said the next challenge is how to rebuild In the area of power, the Senate President and success stories of Nigerians living in Germany. The yearly comprising students, politicians, researchers, the devastated region, rehabilitate and resettle the Abaribe who is the Chairman, Senate Committee place is owned by Mr. Victor Ugwu. scholars and journalists who want to learn about people. on Power, Steel and Metallurgy urged the As the Senate delegation returned home last how the peopleâ&#x20AC;&#x2122;s efforts led to the generation of He said the areas affected by the Boko Haram Germans to invest in the sector in Nigeria. Abaribe 10mw of electricity, from which they sell the excess has over two million displaced people, a figure explained that Nigeria is open to utilising different weekend, it was obvious they had made some impact and had successfully sold the story of an to the national power grid. greater than that of the Syrian crisis which now sources of energy like the solar, gas turbines, economy with such huge potentials for expansion Frohwitter said Feldheim is now a comgets all the attention and commitment of resources renewable energy, bio-gas, particularly as there and investments to the Germans. The seed sown munity which produces â&#x20AC;&#x153;safe, local, economic and from the international community. is need to decentralise the operation. The Senate on this trip will, perhaps, begin to germinate in ecological supply of heat and electricity organised He urged the Germans to go beyond the President also explained that Nigeria was about months to come. by and under the responsibility of the citizens provision of intelligence and training as well as to experiment with having some educational and independent from the grids of conventional power light equipment for the military. He said Germans health institutions operate independent sources of â&#x20AC;&#x201C;â&#x20AC;&#x201C;Olaniyonu is Special Adviser on Media utility companiesâ&#x20AC;?. can influence other countries to sell durable and power not connected to the national grid. and Publicity to the Senate President. Saraki in his comments after the visit said the more efficient military hardware to Nigeria so as to On the last day of the visit, apart from the

THISDAY, THE SUNDAY NEWSPAPER Ëž RCH 26, 2017

PERSPECTIVE

Saving Cost Through Modular Dry Dock Amarachi Eshiogu

efore now, the dry docking of vessels operating in Nigeria was done outside the country with huge implications in terms of foreign exchange costs running into several millions of dollars yearly. This wastage is about to end with the acquisition by Nigerian Maritime Administration and Safety Agency (NIMASA), of a modular floating dockyard. With this facility in place, the agency will save the federal government in excess of $100 million annually and about $1 billion in 10 years. This princely sum will be a direct saving from the dry docking of vessels operating in Nigeria. Dry Dock is a waterless area for ship repairs, an enclosed dock from which water can be removed so that construction or repairs can be carried out below the water line of a boat or ship. The agency and, in particular, its Director General, Dr Dakuku Peterside, has been celebrating and rightly too. To ensure that it did not end up as yet another government facility bugged down by bureaucracy, he has expressed the willingness of NIMASA to enter into a working relationship, a partnership of sorts, with interested parties in the private sector who will run it strictly as a business venture and profitably. Already, work on the dry-dock project is in progress and is likely to be completed before the end of this year. This assertion by the Peterside himself debunks speculations that the plan for such a facility had been scrapped. He made it clear that, â&#x20AC;&#x153;It is not true that government has scraped the establishment of the proposed floating shipyard or dock yard in the Delta area; it is absolutely not correct. According to him, the plan was on before his appointment. â&#x20AC;&#x153;Recall that before I joined NIMASA team, they had already established a business case for a floating dry-dock where owners of ship can dry-dock their vessels from time to time,â&#x20AC;? the D-G said The decision to embark on this project, he further explained was based on the realisation at that time that â&#x20AC;&#x153;85 per cent or 90 per cent of those who own vessels dry-dock their vessels outside the country and we felt it encourages capital flight and that it doesnâ&#x20AC;&#x2122;t support the industry. So, it was at that point that we got into a relationship with a firm in Netherland to build a floating dry dock in the Netherland and in Romania. That project is on; when we joined the NIMASA team, we resolved to continue and follow it to its logical completion.â&#x20AC;? Peterside, an accomplished technocrat was of the firm belief that the project would be completed this year and once that was achieved, it will be brought into the country and with it the agency should be able to dry dock most if not 100 per cent at least 90 per cent of all vessels in-country. The Director-General said that another issue around the floating dry dock was location, adding that the agency had resolved to make the decision on location business related. As expected, the location of the facility is beginning to generate political interest. But Peterside stressed that, â&#x20AC;&#x153;When we

complete the dry dock, the location will be a business decision and many factors will be considered before we decide where it will be located. Studies are going on right now on where best it will be locatedâ&#x20AC;?. This was just as he emphasised that, â&#x20AC;&#x153;it is absolutely not true that we have cancelled that project; that project is on. It is progressing at a satisfactory pace and we believe that it will be completed this year.â&#x20AC;? Stakeholders in the Marine Transport sector are optimistic that the floating dockyard being built by the Nigeria Maritime Administration and safety Agency (NIMASA) would open new windows of opportunity in the maritime industry in West Africa. After evaluating the extent of work on the floating Dockyard being built in Galati, Romania, the Senate observed that the opportunities would not only be limited to job creation or conservation of foreign exchange but would also include capacity building and wealth creation in the industry. With an average of 5,000 ships calling at the Nigerian ports annually, 400 active coastal vessels and several fishing trawlers, the demand for ship repair and maintenance facilities can only be on the rise. However, it is lamentable that up and until now, no such indigenous facility was available in the maritime industry. The absence of modern functional floating dry docking facilities in the country which has forced ships and vessels to go overseas to undertake mandatory routine dry docking is not acceptable â&#x20AC;&#x153;the few land based dockyards in Nigeria are not even functioning optimally. Sometimes Nigerian ship owners have to go to neighbouring Cameroon to dry dock vessels paying in scarce foreign exchangeâ&#x20AC;?. In addition to the Dry Dock project, Peterside is introducing other innovative policies that are intended to enhance the viability of the agency he heads. One of these is the Cost Insurance and Freight (CIF) to enable Nigerians lift the countryâ&#x20AC;&#x2122;s crude oil According to him, â&#x20AC;&#x153;One major factor that edges Nigerians out in the â&#x20AC;&#x2DC;affreightmentâ&#x20AC;&#x2122; of Nigerian cargo, especially crude oil lifting, is the prevalent Free On Board (FOB) trade term especially in a situation where Nigeria as a nation and Nigerian businessmen have very minimal control in the distribution of its crude oil with respect to carriage, insurance and other ancillary services. Under a CIF arrangement, NIMASA on Petersideâ&#x20AC;&#x2122;s watch is planning to effect a far-reaching change in favour of indigenous operators. To this extent, therefore, NIMASA is joining forces with well-meaning Nigerians to move for the change of trade term from FOB to CIF to reasonably involve our indigenous operators in Nigerian cargo affreightment. The advantages of this policy when implemented is that it will not only give distribution control of the countryâ&#x20AC;&#x2122;s hydrocarbon resources to Nigerians, but also enable the agency to empower Nigerians through cargo lifting and meaningful participation in the entire value chain of export goods. CIF as a policy thrust will enable Nigerians participate in cargo lifting, cargo insurance, create job for our teeming cadets and other

ancillary economic and security derivatives. Peterside added, â&#x20AC;&#x153;The plans are on top gear to reach out to relevant agencies of government and very soon, we shall do an executive memorandum to the Federal Executive Council (FEC) for consideration and approval.â&#x20AC;? Another policy the management of NIMASA is putting in place and which lead to a process of giving indigenous ship owners greater participation in the industry. Already the agency has designed and embarked on a programme that will empower indigenous ship owners Elaborating on this policy, Peterside said, â&#x20AC;&#x153;Conscious of our mandate-to promote the development of indigenous commercial shipping in international and coastal shipping trade, we are poised, more than ever, to achieving this obligation. We understand it requires a great deal of capacity building, especially human, infrastructural and tonnage capacities of our indigenous shipping operators. â&#x20AC;&#x153;We have reviewed the participation of Nigerians in the industry and are not satisfied with the outcome. The summary of our findings reveals a very low indigenous participation in international commercial shipping trade in Nigeria. As far-fetched as it sounds, there are no Nigerian Flagged Oceangoing vessels known to us. â&#x20AC;&#x153;In the course of our review also, we observed the salience of cargo availability to the commercial fortunes of a ship owner/operator and to our national tonnage growth. We noted also that commercial shipping will less likely develop without conscious, proactive, well -structured and monitored government intervention as is done in other sectors,â&#x20AC;? he stated. The NIMASA chief executive added that one area of such intervention is cargo availability. Developed maritime nations, he said, have at one time or the other consciously supported, and are still supporting their indigenous operators in building their commercial shipping capacities. â&#x20AC;&#x153;Recently, a bipartisan bill was brought before the United States Congress aimed at strengthening indigenous participation in shipping. The bill seeks to allow US flagged vessels carry up to 30 per cent of the U.S LNG as a matter of both economic importance and security concerns. â&#x20AC;&#x153;On our part, plans are in top gear to use our existing enabling laws to make public cargo available for indigenous shipping operators in order to improve their commercial fortunes and competitive advantage over their well-capitalised and established foreign counterparts. We are out to enforce Sections 36 and 37 of the NIMASA Act 2007 towards building indigenous capacities in shipping. â&#x20AC;&#x153;This is already at executive management level and we are determined to take it to the highest level of bureaucratic, legislative and executive engagements necessary. We shall also involve our esteemed stakeholders at the right time because we understand they have roles to play in the entire process,â&#x20AC;? Peterside said. â&#x20AC;&#x201C;â&#x20AC;&#x201C;Eshiogu wrote in from Abuja

Osinbajo, Kachikwuâ&#x20AC;&#x2122;s Peace and Devt Mission to Nâ&#x20AC;&#x2122;Delta Nantim M. Joseph

n continuation of the Buhari administrationâ&#x20AC;&#x2122;s campaign to end violence and achieve sustained development in the Niger Delta, the Vice President, Professor Yemi Osinbajo, is leading a federal government delegation to Abia, one of the oil producing states. During the visit the federal governmentâ&#x20AC;&#x2122;s team will hold meetings with traditional rulers, elders, youth groups and other critical stakeholders. A key member of the team is the Hon. Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, who has spent the entire period since his appointment into government preaching forgiveness, peace and development in the Niger Delta. This visit is timely and demonstrates the commitment and determination of the federal government to achieve a turnaround in the Niger Delta in the interest of the people of the region, the economy and the nation at large. The visit is again, a practical demonstration of President Muhammadu Buhariâ&#x20AC;&#x2122;s vision for peace and development in the region as captured in the 20-point agenda unveiled recently by Dr. Ibe Kachikwu. The 20 point plan is pro-active, comprehensive and practical. Major highlights of the 20-point agenda with the goal of bringing permanent peace to the region include ensuring that oil companies engage the state governments and communities on issues affecting a particular state and find practical ways to resolving them. It also includes a strong plan to create 100,000 jobs in each of the oil-producing states

in the Niger Delta in the next five years. To build on the progress of the amnesty program, the 20-point plan aims to launch it on a state-by-state basis. The projection is to create job opportunities for as much as 5,000 - 10,000 youths in each state. Under this plan, state governments will become key stakeholders in the amnesty program and will play majors role in the funding of the scheme. In response to the need to prevent unemployed youths from taking to militancy, the plan has a strong focus on actively creating investment initiatives that will attract business opportunities to the Niger Delta. The plan is to create a large pool of employment opportunities for youths and give them more respectable and profitable ways of engaging their energies. In addition, the government also plans to set up development fund which will act as strong institutional system for attracting foreign investors in the region. To ensure rapid education of the area, the federal government according to the plan is to encourage education programmes in the Niger Delta to make the people embrace education. Another part of the plan includes ensuring reliable access to electricity supply to the Niger Delta region. To realise this, the government is to focus investments on gas-to-power projects for steady power supply in the region. Other aspects of the 20-point plan include the domestication of oil and gas business opportunities to achieve greater participation of the people of the oil-producing region without excluding other Nigerians. As in previous visits to other states, the delegation will be building on the groundwork laid by Dr. Ibe Kachikwu. As the Presidentâ&#x20AC;&#x2122;s Man Friday in the Niger

Osinbajo, Kachikwu on a visit to Niger Delta Delta, Dr. Kachikwu has been very pro-active in championing dialogue and outlining clear strategies on how to usher in a new era of sustainable development to the region forward. Apart from engaging opinion leaders in the region he has come out on many occasions to call for caution, dialogue and peaceful engagement of the restive elements. His peace overtures have been very helpful in creating the environment for understanding that we have seen in the Niger Delta in the past several months and on the back of which the visits are being made. Overall, the federal governmentâ&#x20AC;&#x2122;s visit to Abia state to build up on the series of the

federal governmentâ&#x20AC;&#x2122;s peace missions to oil producing states to engage elders, youths, interest groups and opinion leaders in the region is a highly commendable gesture. While there remains a lot of work to be done after the visits have ended, they show that the government is committed to addressing the longstanding concerns of the region. It also gives the government a chance to make a good case for the need for people in the region to give peace a chance and support the implementation of the governmentâ&#x20AC;&#x2122;s development agenda for the Niger Delta. Nantim M. Joseph is a policy analyst based in Abuja

THISDAY, THE SUNDAY NEWSPAPER Ëž RCH 26, 2017

PERSPECTIVE

Is Nigeria Wired to be a Player in the Knowledge Age? Tunji Olaopa

hat I want to expound on in this article is what I consider to be a pivotal core of the infrastructural deficit challenge that faces Nigeria. Let me introduce that factor through a quote from Anthony Giddens, the British economist, that â&#x20AC;&#x153;Government has an essential role to play in investing in the human resources and infrastructure needed to develop an entrepreneurial culture.â&#x20AC;? To invest in human resources is to recognise the significance of education as the key factor in evolving an entrepreneurial culture in Nigeria. An immediate benefit of such a culture is that it redirects attention away from the administrative model which ensures that citizens totally focus on the government to the near-total neglect of their talents and endowments. And on the other hand, it allows the government to concentrate on other core responsibilities that enable the citizens to fully enjoy the freedom of being Nigerians freely utilizing their potentials. If I am asked, I will argue that education constitutes the singular bane of the Nigerian development effort. This is because it anchors the connection between a solid human capital dynamics that requires harnessing in order to unleash Nigeriaâ&#x20AC;&#x2122;s human capital development, and the corollary establishment of an entrepreneurial culture that must follow, as a matter of fact, from such a transformation of our educational system. All this outline of the recipe for national progress seems simple, except that it is not straightforward especially within a context like Nigeria where the profound imperative of education has been lost within the convoluted labyrinth of politics and political economy to such an extent that political calculation always trumps development calculations. The consequence of this is that Nigeria is visibly absent in the global knowledge and technology march. We only hear of Nigeria when individuals, Nigerians, who have been able to pull themselves up by the very string of their own efforts shine in various endeavours, from education to entrepreneurship. How then can Nigeria cripple its intellectual formations while expecting to march valiantly into the knowledge society and the comity of developed nations in the world?

By â&#x20AC;&#x153;intellectual formations,â&#x20AC;? I refer to two distinct but closely related issues. The first is the framework of education from primary to tertiary in Nigeria. Second, I refer to the entire matrix of intellectual networks in Nigeria, from academia and civil society to the democratic public sphere. The intellectual formation of any society represents its progressive instigators of national progress and development. A truly democratic society cultivates the critical energies that emanate from this context. Unfortunately, however, Nigeriaâ&#x20AC;&#x2122;s intellectual formation has been scattered to the four winds across the world. Thanks to brain drain, Nigeria regularly donates it best and brightest to the economic, technological, entrepreneurial, academic and educational development of other lands and climes. And we continue to suffer for it, in development terms. The foundation of the knowledge society can only be laid in Nigeria if its government is prepared to invest heavily in the prerequisites of such a society and depoliticize the dynamics of its progress. Knowledge facilitates development. It is a sine qua non. And it is the intellectual formations of such a state that carries the burden of knowledge production, articulation and dissemination into the intricacies of development in Nigeria. Knowledge enables a society to connect its framework of ideas to the proposed goals and objectives of moving the society forward. While knowledge has played this role from the commencement of the human society, the proliferation of knowledge in todayâ&#x20AC;&#x2122;s global world has let loose a deluge of information which nations and individuals have access to and can harness in whatsoever way to further their visions. I doubt that Nigeria is prepared to transit into the knowledge society. Or else, how does one explain why a nation consistently cripples the institutional basis of its intellectual formation and yet accuse it of not galvanizing the knowledge and development process? There are several symptoms of how dysfunctional Nigeriaâ&#x20AC;&#x2122;s human capital development process has turned out. I will not dwell here on the tragic proportion that youth unemployment has attained. There is a dynamic of institutional denigration that ensures that Nigeriaâ&#x20AC;&#x2122;s best turn out worst. Thus, it has become a firmly established Nigerian â&#x20AC;&#x153;thingâ&#x20AC;? for first class graduates in all fieldsâ&#x20AC;&#x201D;engineering, history, law, management, economics, public administration, physics, biochemistry, etc.â&#x20AC;&#x201D;to

roam the street while the third best constitutes the â&#x20AC;&#x153;criticalâ&#x20AC;? mass around which Nigeriaâ&#x20AC;&#x2122;s policy space revolves. This dysfunction is further worsen by a nepotistic culture that enable the very elite at the heart of reinventing Nigeriaâ&#x20AC;&#x2122;s economic greatness to circumvent the same process by questionable qualifications and â&#x20AC;&#x153;man-knows-manâ&#x20AC;? for genuine competence in human resource recruitment. The integrity of the educational system is heavily compromised by nepotism and sharp practices that enable parents to collude with school authorities to bypass the procedures and standards put in place to enable the system function at optimal level for the sake of the nation. Most unfortunately, the federal character principle is complicit in this regard. By complicit, I mean that a beautiful idea has been drawn into a dysfunctional mentality and hence corrupted. The nature of the Nigerian societyâ&#x20AC;&#x201D;its multi-ethnic and multireligious compositionâ&#x20AC;&#x201D;necessitates a framework for ensuring a balanced allocation of resources across the constituents. If Nigeria must achieve the objective of national integration, the federal character principle, for instance, offers us a unique means by which such an inclusive development could be achieved. Furthermore, the federal character principle also enables us to harness the immense potentials implicit in diversityâ&#x20AC;&#x201D;the diversity of regional endowments, of cultural innovation and of individual mental capacities. The principle, however, has been watered down to its most minimal requirement of representativeness to the detriment of merit and competence. With mere representativeness, we eventually lose out in the global discourse on knowledge, technology and innovative development. Representativeness aims to fill critical posts at all cost, not minding what could be gained and what would be lost. No wonder most critical institutions have become mere administrative placeholders for taking decisions on unimaginative problems. The representativeness principle therefore, in the final analysis, undermines the evolution of an entrepreneurial spirit or culture. â&#x20AC;&#x201C;â&#x20AC;&#x201C;Dr. Olaopa is Executive Vice-Chairman, Ibadan School of Government & Public Policy (ISGPP) (See concluding part on www.thisdaylive.com)

Ě&#x2039; Ă&#x2039;ĂŁĂ&#x201C;Ă&#x2DC;Ă&#x2018; ËŞĂ? Ă&#x2018;Ă&#x153;Ă&#x201C;Ă?Ă&#x;Ă&#x2013;Ă&#x17E;Ă&#x;Ă&#x153;Ă&#x2039;Ă&#x2013; Ă&#x17E;Ă&#x201C;Ă&#x2014;Ă&#x;Ă&#x2013;Ă&#x;Ă? Ă&#x201C;Ă&#x2DC; Ă&#x17E;Ă&#x2019;Ă? ËŞ Ă?Ă&#x2013;Ă&#x17E;Ă&#x2039; Alexander Williams

or many decades, the issue of overdependence on oil as Nigeriaâ&#x20AC;&#x2122;s major revenue earner has been on the front burner of national discourse. There is a consensus among stakeholders that it is dangerous for a country of close to 200 million people to solely depend on one source of revenue as is the case with Nigeria. So, to rescue the country from underdevelopment and put it on the path of economic growth, it is expedient that the nation looks for other ways to develop other sources of revenue. And there is no gainsaying the fact that the number one sector that needs to be exploited is agriculture. But again, it is a notorious fact that government alone cannot bear the burden of development, especially in developing nation like Nigeria where we are confronted with many challenges with meagre resources at the disposal of government. This explains the intervention of the private sector and indeed Non Governmental Organisations (NGOs) to underscore the fact that partnership was a sure way of achieving better results than an initiative that is wholly public or private. In this breath, the United Kingdom Department for International Development (UK-DFID) is sponsoring a rural and agricultural market systems development programme for the nine states that make up the Niger Delta region of Nigeria. The goal of the Programme is to increase the income of at least 150, 000 poor men and women in the Niger Delta by promoting a market development programme that supports the non-oil economy by stimulating sustainable, pro-poor growth in selected rural markets, and improving the position of the poor in these markets, to make them more inclusive for poor people. The Market Development in the Niger Delta (MADE) which is facilitating agricultural market systems development programme facilitated a one-day Private Sector Investment Forum themed: â&#x20AC;&#x2DC;Opportunities in Cassava as Live Stock Feeds/ Pelletsâ&#x20AC;&#x2122; in Owerri. The Private Sector Investment round-table brought together strategic representatives of different links in the cassava processing value chain, livestock feed millers, technology fabricators and finance institutions, addressed key issues

Ogbeh, Agriculture Minister militating against the development of the sector and proffering actionable solutions that would move the region forward. The forum offered farmers in the region the opportunity to interface with representatives of the United Nations Development Programme (UNDP), Bank of Industry, Partnership Initiative in the Niger Delta, BRACED Commission, Access Bank, Bank of Agriculture, LAPO MFB, AFEX Commodities exchange and Raw Materials Research Development Commission and a host of other critical stakeholders. The discussion centred on converting cassava waste to wealth and the need for investors to take immediate action as well as promoting business to business (B2B) linkages between cassava value chain actors for symbiosis partnerships. Nigeria is the largest producer of cassava tubers in the world with an average annual production of about 35 million metric tons over the last 5 years. About one-third of the total national output comes from the Niger Delta region where many households depend on it as main source of food and income. It has been estimated that the number of small commercially oriented cassava producers within the region would be in the range of 70,000 - 120,000 and over 400-500 cooperatives and cottage industries, 800,000-950,000 traders, 46

small medium processing industries and one large processing industry in the region. Mrs. Olachi Chuks Ronnie, Regional Coordinator, DFID, who spoke on the sustainable potential in the agriculture sector, said, â&#x20AC;&#x153;Many years ago before now, most of the facilities we see around the country were built through agricultureâ&#x20AC;?. The need to embrace cassava as an alternative in the making of livestock feeds was also brought to the fore. It was unanimously agreed that the price of maize which constitutes the bulk source of livestock feed has increased in geometric progression, which has led to a corresponding increase in the cost of feed in the market. The solution, according to stakeholders is to embrace cassava as a viable alternative raw material for livestock feeds. Mr Tunde Oderinde, MADEâ&#x20AC;&#x2122;s Team Lead, in an earlier interview with Orient FM, Owerri, said many cassava farmers only care about subsistence consumption like garri, fufu etc, forgetting the huge potentials for revenue that exists in the cassava value chain. He listed industrial bye products such as glucose, ethanol among others that could be derived from processed cassava. â&#x20AC;&#x153;More than two million tons of maize is used annually on grits production, cassava can substitute up to one million tonsâ&#x20AC;? he said. During opening remarks at the forum, Oderinde said that the current increase in the prices of rice and maize turned the market dynamics in favour of the cassava sector. According to him, â&#x20AC;&#x153;the demand for cassava products domestically is on the increase but the industry is faced with a weak processing base; resulting in supply gap of essential cassava derivatives for industrial consumption.â&#x20AC;? Oderinde, who blamed the deficit on inadequate farm machinery, noted that â&#x20AC;&#x153;this situation is exacerbated by absence of appropriate processing technology, but a well established, aggregated market channels, trade finance and appropriate financing options will reverse this ugly trendâ&#x20AC;?. As participants lamented on the cost of agricultural machineries and scarcity of forex, Dr Paul Ilona, Country Director, Harvest Plus, allayed their fears, stating : â&#x20AC;&#x153;All equipment for the cassava peels and leaves processing into livestock feeds are locally produced and very affordable.â&#x20AC;? Shedding light on the huge potentials of the cassava value chain, Dr. Ilona told participants that there were ready markets for both cassava, its derivatives and untapped conventional waste. He said, â&#x20AC;&#x153;we have many farms in the western

part of the country that support the breweries with carbohydrates. 11 million metric tons of leaves are wasted annually, just 20 percent utilization will amount to N540 billion,â&#x20AC;? he added. Analyzing the dynamics in cassava leaves and stems utilization; he said virtually all cassava farmers allow the leaves and stems to rot away while only few use it to feed their ruminant farm animal directly. He said a state-wide collection of these wastes is possible at no cost except for haulage and other logistics costs. Stakeholder agreed that the high cost of equipment procurement coupled with current economic recession have made resort to locally designed and fabricated machines inevitable. Kelechi Okere, who represented AFEX Commodity Exchange, stated that â&#x20AC;&#x153;While farmers think about what technology to deploy for cassava processing, they should also think about the commodity cost on the buyers with a view to discourage importation.â&#x20AC;? The Managing Director of Access Bank, represented by Mercy Ifeoma who moved to erase negative insinuations projected by SMEs about the financial institutions, said â&#x20AC;&#x153;the forum is business oriented; our bank is all out to partner with interested value chain actors she premised.â&#x20AC;? Ini-Idiok Williams, shared her poultry farm challenges and how MADEâ&#x20AC;&#x2122;s cassava grits capacity building workshop turned the tide, revived her farm and transformed her into cassava grit processor. â&#x20AC;&#x153;When I was introduced to Mr Chyka Ukarter, manager, MADEâ&#x20AC;&#x2122;s cassava value chain, I was broke and on the verge of selling off my poultry birds worsened by the high price of feeds. I never thought much about MADE, because I thought they just sit in their offices enjoying ACs, not until I was called by Ukarter to attend a MADEâ&#x20AC;&#x2122;s workshop in Benin City. This very workshop changed my life and perception, I put into practice what I learnt coupled with late night researches, I revived my poultry and as we speak, I produced local feeds for my livestock,â&#x20AC;? Chyka narrated.â&#x20AC;? Her testimonies created a ripple effect on all stakeholders and at the end of the events, acouple of deals were made with a whole lot of business linkages geared towards exploring opportunities in Cassava as Live Stock Feeds/Pellets as well as it derivatives.

T H I S D AY SUNDAY MARCH 26, 2017

THISDAY, THE SUNDAY NEWSPAPER Ë¾ RCH 26, 2017

INFOGRAPHIC

HOW MUCH DID YOUR STATE GOVERNMENT GET AS PART OF THE PARIS CLUB REFUND? ACCORDING TO ARRANGEMENT WITH FG, THIS WAS MEANT TO BE SPENT ON PAYMENT OF OUTSTANDING SALARIES AND OTHER LIABILITIES.

States AKWA IBOM BAYELSA DELTA KATSINA LAGOS RIVERS KADUNA BORNO NIGER JIGAWA ** ONDO IMO BAUCHI BENUE SOKOTO OSUN ANAMBRA EDO CROSS RIVER KOGI KEBBI OGUN ABIA PLATEAU ZAMFARA YOBE ENUGU KWARA EKITI NASSARAWA EBONYI GOMBE OYO ADAMAWA TARABA

Paris Club Refund Tranche 1 N14.50bn N14.50bn N14.50bn N14.50bn N14.50bn N14.50bn N14.36bn N13.65bn N13.41bn N13.22bn N13.03bn N13.02bn N12.79bn N12.75bn N11.98bn N11.74bn N11.39bn N11.33bn N11.30bn N11.21bn N11.12bn N10.68bn N10.63bn N10.50bn N10.12bn N10.07bn N9.97bn N9.19bn N8.88bn N8.46bn N8.39bn N8.32bn N7.21bn N4.89bn N4.20bn

WHAT IS PARIS FUND? In 2005, The federal government successfully negotiated a debt relief package of approximately $18bn. Nigeria was required to pay $12bn within a stipulated period, but FG wrongfully deducted money from State governments' allocation in an attempt to pay down Nigeria's foreign loans to the Paris club. The federal government recently started returning the money to states.

Source:

of the funds were given to the former government of Segun Mimiko ** 50% while the balance will be received by current adminstration.

info@eienigeria

EiEnigeria

@EiEnigeria

info@yourbudgit.com

BudgITng

@BudgITng

@AsoRock

www.yourbudgit.com

T H I S D AY, T H E S U N D AY N E W S PA P E R Ëž MARCH 26, 2017

IMAGES

he final burial ceremony for late Pa (Sir) Godfrey Egbuniwe Okwuosa, father of Sir Emeka Okwuosa, Chairman/CEO, Oil Serve Limited, was held at Saint Judes Anglican Church, Nkwo- Edo, Oraifite, Ekwusigo Local Government Area, Anambra State on Friday 24th February, 2017. A lavish reception followed immediately after the interment at Okwuosa Compound where various guests were entertained. Here are the faces of some of the personalities that graced the occasion PHOTOS: Abiodun Ajala

L-R: Children of the deceased, Dubem, Azuka , Emeka , and Chino Okwuosa, during the funeral service for their late father, Pa Godfrey Egbuniwe Okwuosa, at St Judes Anglican Church, Oraifie, Anambra State.

L-R: Anambra State Governor Willie Obiano and former Governor Virgy Etiaba

L-R: Mr. Christian Okwuosa and Mr. Nnam Okwuosa

L-R: Mr Yisa lsyaku and Ambassador Muntari Daura

L-R: Marilyn Ogar and AIG Mbu J. Mbu (Rtd)

L-R: Head of Delegation from Uganda,, Lt General Charles Angina, and Pastor Ronnie Makabu

L-R: Prof. Kate Azuka Omenughs and Dr. Amaka Akudo

Senator Ben Obi

Former President of Republic of Benin, Bonny Yayi

Ambassador Bianca Ojukwu

Lady lfeoma Okwuosa

THISDAY, THE SATURDAY NEWSPAPER ˾ MARCH Ͱʹ˜ Ͱͮͯ͵

IMAGES

L-R: Lady Ebere Okwuosa and Mrs Gloria Okwuosa

L-R: Mr. Emeka Onwuka and Bank-Anthony Okoroafor

L-R: Dr. Chima lbeneche and Omamofe Boyo

L-R: Chief Aloy Maduka and Sir Chike Chukwuka

Chief and Mrs. Victor Umeh

L-R: Chief Chudi Offodile-Awolo, Nze Elvis Azukwe and Chief Osita Chidoka

L-R: Senator Andy Uba and Sir Emeka Okwuosa

L-R: Mr. Ken lgbokwe and Mr. Okechukwu Mbonu

L-R: Tunde Bakare and Bolaji Osunsanya

R-L: Sir Goddy Onyimadu and his wife, Lady Commy

T H I S D AY, T H E S U N D AY N E W S PA P E R Ëž ÍşÍžË&#x153; ÍşÍ¸ÍšÍż

NEWSXTRA

MEMORANDUM FOR PROGRESS L-R: Corporate Affairs Director, FrieslandCampina WAMCO Nigeria, Mrs. Ore Famurewa; Chief Operating RUBBING MINDS R-L: Senate President Bukola Saraki in a discussion with National Chairman, Independent Democrats, Hon. Edozie Madu, at the Code of Conduct Tribunal headquarters in Abujaâ&#x20AC;Śrecently

Officer, Consumer Product Europe, Middle East & Africa, Royal FrieslandCampina, The Netherlands; Mr. Roel van Neerbos; Director & Co-founder, Sahel Capital Partners & Advisory, Dr. Ndidi Okonkwo Nwuneli, and Associate Partner, Sahel Capital Partners & Advisory, Nathalie Ebo, at the signing of a Memorandum of Understanding (MoU) on the Nigeria Dairy Development Programme between FrieslandCampina WAMCO Nigeria and Sahel Capital Partners & Advisory in Lagos...recently

Poisoned Stream Kills Two in Câ&#x20AC;&#x2122;River, 40 Others in Critical Condition

Rename National Assembly Complex after Enahoro, Obaseki, Yakassai, Jakande, Others Urge FG

Bassey Inyang in Calabar

Adibe Emenyonu Ă&#x201C;Ă&#x2DC; Ă?Ă&#x2DC;Ă&#x201C;Ă&#x2DC; Ă&#x201C;Ă&#x17E;ĂŁ

No fewer than two persons are feared to have died after drinking water from a stream in Oboso Community in Mbube clan, Ogoja Local Government Area of Cross River State, suspected to have been contaminated with a poisonous substance. Aside from the dead, local sources in the area have disclosed that at least forty people who also drank water fetched from the stream are in critical health conditions and are receiving medical attention from various health facilities in Ogoja and nearby communities, about 400 kilometres from Calabar, the state capital. The incident, which occurred on Friday has also resulted in the

outbreak of a strange ailment in the community and two others that share the same water source. Health workers and medical experts, who are yet to ascertain the nature of the ailment, are battling to save the lives of those under their medical care. Following the incident the affected communities have been thrown into mourning, in an atmosphere enveloped by fear of the unknown. Reacting to the development through a press statement, the State Commissioner for Health, Dr. Inyang Asibong, said, â&#x20AC;&#x153;The attention of the Ministry of Health had been drawn to cases of strange illness characterised by sudden onset of vomiting, foaming in the mouth, body

weakness and spitting out of blood with some deaths already recorded in three communities in Ogoja Local Government Area of the state that share a common water source.â&#x20AC;? The Commissioner assured all that the ministry of health is doing all within its power to get to the root cause of the occurrence and has dispatched a team made up of epidemiologists, doctors, community health workers and other related health staff members to the affected communities to ascertain the real situation on ground and offer immediate medical assistance to those affected. The Director General of the State Primary Healthcare Development Agency, Dr. Betta Edu, who also commented on the

incident appealed to the affected communities to immediately stop fetching water from the contaminated stream. â&#x20AC;&#x153;People should buy commercial water for now. Even after buying the commercial water, bottle or pure water, they should still try to boil it before drinking. They should be careful of where they eat for now, because if that poisoned water is used to prepare food it could still be dangerous. The community should be careful for now. If they have relatives in other areas, they can move there for now. We are on top of the situation. Those who are ill by the poisoning and in the hospital would get their treatment taken care of by the government,â&#x20AC;? she said.

Auto Crash: Delta Mourns Death of Three Principals, One Vice-Principal

South-west, Kwara Assemblies, Senator Laud Oyintiloye on FRCN Award

Omon-Julius Onabu Ă&#x201C;Ă&#x2DC; Ă?Ă&#x2039;Ă&#x152;Ă&#x2039;

Members of Osun, Ogun, Oyo, Ekiti and Kwara States Houses of Assembly, as well as the Senator Representing Osun East Senatorial District, Babajide Omoworare have congratulated the Chairman, Osun Assembly Committee on Information and Strategy, Olatunbosun Oyintiloye on the Best South-West Lawmaker award 2016, conferred on him by the Federal Radio Corporation of Nigeria (FRCN). In separate congratulatory messages through their speakers, the parliament said the honour on Oyintiloye was a well-deserved one. The Speaker, Osun Assembly, Hon. Najeem Salaam said the honour has confirmed in clear terms the commitment of Oyintiloye to adding value, especially in his legislative assignments. He said, the honour was a well-deserved one, saying, it would encourage him and his colleagues to be more committed with the belief that somebody somewhere is watching. Salaam commended the FRCN management for recognising and rewarding excellence, diligence and commitment to community service. Also, in a letter signed by

The Delta State Ministry of Basic & Secondary Education has announced the death of three Secondary School Principals and one Vice Principal in a road traffic accident which took place on Friday evening, while on their way for an official assignment in Kwale. To mourn their deaths, the Governor of Delta State, Senator Dr. Ifeanyi Okowa has declared Monday, March 27 as a day of mourning in all public schools in the state as a mark of honour to the affected public officers, whose names were not disclosed at the time this report was being filed. The announcements were contained in a press release titled â&#x20AC;&#x2DC;Subject: Ministry of Basic & Secondary Education Announcementâ&#x20AC;&#x2122; issued and signed by the Commissioner, Ministry of Basic & Secondary Education, Chiedu Ebie. According to the release â&#x20AC;&#x153;The Delta State Ministry of Basic & Secondary Education regrets to announce the death of three Secondary School Principals and one Vice Principal in a road traffic accident while on their way for an official assignment in Kwale. â&#x20AC;&#x153;The Ministry received the

news of their tragic and untimely death with great shock. The loss of these dedicated officers at the prime of their service to the State and the nation has created a huge vacuum that would be difficult to fill. Our hearts also go out to the other Principals and Director of the Post Primary Education Board (PPEB) who sustained varying degrees of injuries in the accident. â&#x20AC;&#x153;Consequently, the Governor of Delta State, His Excellency, Senator Dr. Ifeanyi Okowa has declared Monday, 27th March, 2017 as a day of mourning in all public schools in the state as a mark of honour to these dedicated officers. In this regard, affected schools (aside from those writing the WASSC Examinations) are to close down that dayâ&#x20AC;?, the release added. According to Ebie, normal classes and school will resume on Tuesday March 28 ahead of the 2nd Term Examinations, which will commence on Wednesday, March 29. â&#x20AC;&#x153;The Ministry commiserates with the bereaved families, colleagues, students and loved ones and prays God to grant them the fortitude to bear the irreparable loss and a full and speedy recovery to those recuperating in hospitalâ&#x20AC;?, the release also noted.

the Ogun Speaker, Hon. Suraju Adekunbi, he said the honour was an eloquent confirmation of Oyintiloyeâ&#x20AC;&#x2122;s mastery of the job of information management of the legislative arm of government. â&#x20AC;&#x153;I wish to congratulate you on the well-deserved honour conferred on you by the FRCN. To me, it is a clear testimony to your stride in the State of Osun and Nigeria as a whole. It is an eloquent confirmation of your mastery of the job of information fulcrum of the legislative arm and be assured of my standing in solidarity with you now and in the days ahead,â&#x20AC;? Adekunbi said. The Ekiti Speaker, Hon. Kola Oluwawole said, the award was a demonstration of Oyintiloyeâ&#x20AC;&#x2122;s commitment to the development of the grassroots. He congratulated him and urged him not to relent in his efforts toward a quality representation of his people. Also, the Speaker, Oyo Assembly, Hon. Michael Adeyemo said the selection of the Osun lawmaker was not misplaced, saying, he actually deserved the honour. He noted that this would strengthen the determination of other lawmakers in the South-west region and Nigeria as a whole to make a meaningful impact in the lives of the people.

Elder Statesmen and former nationalists including Governor Godwin Obaseki of Edo state, yesterday called on the Federal Government and the National Assembly to immortalise the late nationalist, Chief Anthony Enahoro, by renaming the National Assembly complex after him before the end of the 2017 legislative year. Against this backdrop, the Governor announced the introduction of History in both primary and secondary schools in the state, directing that the

state-owned Tayo Akpata University of Education and the College of Education Igueben, will create a special department for the training of History teachers. These declarations were made yesterday in Benin City at the Castle of Legend Initiative Inauguration and Lecture, in honour of late Chief Enahoro. The occasion witnessed the unveiling of a life-size statue of Chief Enahoro at the Edo state House of Assembly, donated by the President of the Castle of Legends Initiative and Esogban of Benin Kingdom, Chief David Edebiri.

Service Providers Lose over 1m Internet Users Service providers in Nigeriaâ&#x20AC;&#x2122;s telecommunications networks lost 1,275,573 internet users in February, the Nigerian Communications Commission (NCC) has said. The NCC made the disclosure in its internet subscribersâ&#x20AC;&#x2122; data for February. The News Agency of Nigeria obtained the data yesterday in Lagos. The publication indicated that internet users on both Global System for Mobile communications (GSM) and Code Division Multiple Access (CDMA) networks dropped

from 91,304,755 in January to 90,029,182 in February. It also showed that, of the 90,029,182 internet users in February, 89,998,873 were on GSM networks, while 30,309 were on CDMA networks. It equally showed that the GSM service providers lost 1,275,573 internet customers as they recorded 89,998,873 users in February as against 91,274,446 they recorded in January. However, the CDMA operators retained 30,309 internet subscribers in February as recorded in January.

GlaxoSmithKline Appoints Bhushan

Ă&#x2013;Ă&#x2039;Ă˘Ă&#x2122; Ă&#x2014;Ă&#x201C;Ă&#x17E;Ă&#x2019; Ă&#x2013;Ă&#x201C;Ă&#x2DC;Ă?Ë&#x153; Ă&#x2039; Ă?Ă?Ă&#x201C;Ă?Ă&#x2DC;Ă?Ă?Ě&#x2039;Ă&#x2013;Ă?Ă&#x17D; Ă&#x2018;Ă&#x2013;Ă&#x2122;Ă&#x152;Ă&#x2039;Ă&#x2013; Ă&#x2019;Ă?Ă&#x2039;Ă&#x2013;Ă&#x17E;Ă&#x2019;Ă?Ă&#x2039;Ă&#x153;Ă? Ă?Ă&#x2122;Ă&#x2014;Ă&#x161;Ă&#x2039;Ă&#x2DC;ĂŁË&#x153; Ă&#x2019;Ă&#x2039;Ă? Ă&#x2039;Ă&#x2DC;Ă&#x2DC;Ă&#x2122;Ă&#x;Ă&#x2DC;Ă?Ă?Ă&#x17D; Ă&#x17E;Ă&#x2019;Ă? Ă&#x2039;Ă&#x161;Ă&#x161;Ă&#x2122;Ă&#x201C;Ă&#x2DC;Ă&#x17E;Ă&#x2014;Ă?Ă&#x2DC;Ă&#x17E; Ă&#x2122;Ă? Ă&#x2019;Ă&#x;Ă?Ă&#x2019;Ă&#x2039;Ă&#x2DC; Ă&#x2022;Ă?Ă&#x2019;Ă&#x201C;Ă&#x2022;Ă&#x2039;Ă&#x153; Ă&#x2039;Ă? Ă&#x201C;Ă&#x17E;Ă? Ă&#x2039;Ă&#x2DC;Ă&#x2039;Ă&#x2018;Ă&#x201C;Ă&#x2DC;Ă&#x2018; Ă&#x201C;Ă&#x153;Ă?Ă?Ă&#x17E;Ă&#x2122;Ă&#x153;Ë&#x203A; Ă&#x2019;Ă&#x;Ă?Ă&#x2019;Ă&#x2039;Ă&#x2DC; Ă&#x201D;Ă&#x2122;Ă&#x201C;Ă&#x2DC;Ă?Ă&#x17D; Ă&#x17E;Ă&#x2019;Ă? Ă&#x201C;Ă&#x2018;Ă?Ă&#x153;Ă&#x201C;Ă&#x2039; Ă&#x152;Ă&#x;Ă?Ă&#x201C;Ă&#x2DC;Ă?Ă?Ă? 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Ă?Ă&#x2039;Ă&#x17D;Ă?Ă&#x153;Ă?Ă&#x2019;Ă&#x201C;Ă&#x161; Ă&#x17E;Ă?Ă&#x2039;Ă&#x2014;Ë&#x153; Ă&#x153;Ă?Ě&#x2039; Ă?Ă&#x161;Ă&#x2122;Ă&#x2DC;Ă?Ă&#x201C;Ă&#x152;Ă&#x2013;Ă? Ă?Ă&#x2122;Ă&#x153; Ă&#x17D;Ă&#x153;Ă&#x201C;Ă Ă&#x201C;Ă&#x2DC;Ă&#x2018; Ă&#x152;Ă&#x;Ă?Ă&#x201C;Ă&#x2DC;Ă?Ă?Ă? Ă&#x161;Ă?Ă&#x153;Ă?Ă&#x2122;Ă&#x153;Ă&#x2014;Ă&#x2039;Ă&#x2DC;Ă?Ă? Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă&#x17E;Ă&#x2122;Ă&#x161; Ă&#x2013;Ă&#x201C;Ă&#x2DC;Ă? Ă&#x2018;Ă&#x153;Ă&#x2122;ĂĄĂ&#x17E;Ă&#x2019; Ă&#x201C;Ă&#x2DC; Ă&#x201C;Ă&#x2018;Ă?Ă&#x153;Ă&#x201C;Ă&#x2039;Ë&#x153; Ă&#x2039;Ă?Ă?Ă&#x2122;Ă&#x153;Ă&#x17D;Ă&#x201C;Ă&#x2DC;Ă&#x2018; Ă&#x17E;Ă&#x2122; Ă&#x2039; Ă&#x153;Ă?Ă&#x2013;Ă?Ă&#x2039;Ă?Ă?Ë&#x203A; Ă&#x153;Ă&#x201C;Ă&#x2122;Ă&#x153; Ă&#x17E;Ă&#x2122; Ă&#x201D;Ă&#x2122;Ă&#x201C;Ă&#x2DC;Ă&#x201C;Ă&#x2DC;Ă&#x2018; Ë&#x153; Ă&#x2019;Ă&#x;Ă?Ă&#x2019;Ă&#x2039;Ă&#x2DC; ĂĄĂ&#x2122;Ă&#x153;Ă&#x2022;Ă?Ă&#x17D; ĂĄĂ&#x201C;Ă&#x17E;Ă&#x2019; Ă&#x2122;Ă&#x2019;Ă&#x2DC;Ă?Ă&#x2122;Ă&#x2DC; Ęś Ă&#x2122;Ă&#x2019;Ă&#x2DC;Ă?Ă&#x2122;Ă&#x2DC; Ă?Ă&#x2122;Ă&#x153; Ă&#x2122;Ă Ă?Ă&#x153; ÍŻÍ´ ĂŁĂ?Ă&#x2039;Ă&#x153;Ă? Ă&#x2039;Ă?Ă&#x153;Ă&#x2122;Ă?Ă? Ă&#x17D;Ă&#x201C;Ă Ă?Ă&#x153;Ă?Ă? Ă&#x2014;Ă&#x2039;Ă&#x153;Ă&#x2022;Ă?Ă&#x17E;Ă? Ă&#x2013;Ă&#x201C;Ă&#x2022;Ă? Ă&#x2DC;Ă&#x17D;Ă&#x201C;Ă&#x2039;Ë&#x153; Ă&#x2122;Ă&#x;Ă&#x17E;Ă&#x2019; Ă&#x2122;Ă&#x153;Ă?Ă&#x2039; Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă?Ă&#x2013;Ă&#x2018;Ă&#x201C;Ă&#x;Ă&#x2014;Ë&#x203A; Ă? Ă&#x2019;Ă&#x2122;Ă&#x2013;Ă&#x17D;Ă? Ă&#x2039; Ă&#x161;Ă&#x2122;Ă?Ă&#x17E; Ă&#x2018;Ă&#x153;Ă&#x2039;Ă&#x17D;Ă&#x;Ă&#x2039;Ă&#x17E;Ă? Ă&#x201C;Ă&#x2DC; Ă&#x2039;Ă&#x153;Ă&#x2022;Ă?Ă&#x17E;Ă&#x201C;Ă&#x2DC;Ă&#x2018; Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă&#x2039; Ă&#x2039;Ă?Ă&#x2019;Ă?Ă&#x2013;Ă&#x2122;Ă&#x153;ËŞĂ? Ă?Ă&#x2018;Ă&#x153;Ă?Ă? Ă&#x201C;Ă&#x2DC; Ă&#x2019;Ă&#x2039;Ă&#x153;Ă&#x2014;Ă&#x2039;Ă?Ă?Ă&#x;Ă&#x17E;Ă&#x201C;Ă?Ă&#x2039;Ă&#x2013; Ă?Ă&#x201C;Ă?Ă&#x2DC;Ă?Ă?Ă? Ă?Ă&#x153;Ă&#x2122;Ă&#x2014; Ă&#x17E;Ă&#x2019;Ă? Ă&#x2DC;Ă&#x201C;Ă Ă?Ă&#x153;Ă?Ă&#x201C;Ă&#x17E;ĂŁ Ă&#x2122;Ă? Ă&#x;Ă&#x2014;Ă&#x152;Ă&#x2039;Ă&#x201C;Ë&#x153; Ă&#x2DC;Ă&#x17D;Ă&#x201C;Ă&#x2039;Ë&#x203A; Ă&#x201C;Ă&#x17E;Ă&#x2019; Ă&#x2122;Ă Ă?Ă&#x153; Ă&#x17E;ĂĄĂ&#x2122; Ă&#x17D;Ă?Ă?Ă&#x2039;Ă&#x17D;Ă?Ă? Ă&#x2122;Ă? ĂĄĂ&#x2122;Ă&#x153;Ă&#x2022;Ă&#x201C;Ă&#x2DC;Ă&#x2018; Ă&#x201C;Ă&#x2DC; Ă Ă&#x2039;Ă&#x153;ĂŁĂ&#x201C;Ă&#x2DC;Ă&#x2018; Ă&#x161;Ă&#x2122;Ă?Ă&#x201C;Ă&#x17E;Ă&#x201C;Ă&#x2122;Ă&#x2DC;Ă? Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă&#x201C;Ă&#x2DC;Ă?Ă&#x153;Ă?Ă&#x2039;Ă?Ă&#x201C;Ă&#x2DC;Ă&#x2018; Ă&#x153;Ă?Ă?Ă&#x161;Ă&#x2122;Ă&#x2DC;Ă?Ă&#x201C;Ă&#x152;Ă&#x201C;Ă&#x2013;Ă&#x201C;Ă&#x17E;ĂŁ Ă&#x201C;Ă&#x2DC; Ă&#x17E;Ă&#x2019;Ă? Ă&#x2019;Ă?Ă&#x2039;Ă&#x2013;Ă&#x17E;Ă&#x2019;Ă?Ă&#x2039;Ă&#x153;Ă? Ă&#x201C;Ă&#x2DC;Ă&#x17D;Ă&#x;Ă?Ă&#x17E;Ă&#x153;ĂŁË&#x153; Ă&#x2019;Ă&#x;Ă?Ă&#x2019;Ă&#x2039;Ă&#x2DC; Ă&#x152;Ă&#x153;Ă&#x201C;Ă&#x2DC;Ă&#x2018;Ă? Ă&#x153;Ă&#x201C;Ă?Ă&#x2019; Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă&#x152;Ă&#x153;Ă&#x2122;Ă&#x2039;Ă&#x17D; Ă?Ă&#x2122;Ă&#x2014;Ă&#x2014;Ă?Ă&#x153;Ă?Ă&#x201C;Ă&#x2039;Ă&#x2013; Ă?Ă˘Ă&#x161;Ă?Ă&#x153;Ă&#x201C;Ă?Ă&#x2DC;Ă?Ă? Ă&#x17E;Ă&#x2122; Ă&#x17E;Ă&#x2019;Ă? Ă&#x201C;Ă&#x2018;Ă?Ă&#x153;Ă&#x201C;Ă&#x2039; Ă&#x152;Ă&#x;Ă?Ă&#x201C;Ă&#x2DC;Ă?Ă?Ă?Ë&#x203A;

Prof Obumselu Passes On Ă&#x2019;Ă? Ă&#x152;Ă&#x;Ă&#x2014;Ă?Ă?Ă&#x2013;Ă&#x; Ă?Ă&#x2039;Ă&#x2014;Ă&#x201C;Ă&#x2013;ĂŁ Ă&#x2122;Ă? Ă¤Ă?Ă&#x2013;Ă&#x2013;Ă?Ë&#x153; Ă&#x152;Ă&#x2039;Ë&#x153; Ă&#x2DC;Ă&#x2039;Ă&#x2014;Ă&#x152;Ă&#x153;Ă&#x2039; Ă&#x17E;Ă&#x2039;Ă&#x17E;Ă?Ë&#x153; Ă&#x2039;Ă&#x2DC;Ă&#x2DC;Ă&#x2122;Ă&#x;Ă&#x2DC;Ă?Ă?Ă? Ă&#x17E;Ă&#x2019;Ă? Ă&#x17D;Ă?Ă&#x2039;Ă&#x17E;Ă&#x2019; Ă&#x2122;Ă? Ă&#x17E;Ă&#x2019;Ă?Ă&#x201C;Ă&#x153; Ă?Ă&#x2122;Ă&#x2DC;Ë&#x153; Ă?Ă&#x2DC;Ă?Ă&#x17D;Ă&#x201C;Ă?Ă&#x17E; Ă&#x152;Ă?Ă&#x2013;Ă?Ă?Ă&#x2019;Ă&#x;Ă&#x2022;ĂĄĂ&#x; Ă&#x152;Ă&#x;Ă&#x2014;Ă?Ă?Ă&#x2013;Ă&#x;Ë&#x153; ĂĄĂ&#x2019;Ă&#x201C;Ă?Ă&#x2019; Ă&#x17E;Ă&#x2122;Ă&#x2122;Ă&#x2022; Ă&#x161;Ă&#x2013;Ă&#x2039;Ă?Ă? Ă&#x2122;Ă&#x2DC; Ă&#x2039;Ă&#x17E;Ă&#x;Ă&#x153;Ă&#x17D;Ă&#x2039;ĂŁË&#x153; Ă&#x2039;Ă&#x153;Ă?Ă&#x2019; Í˛Ë&#x153; Í°ÍŽÍŻÍľË&#x153; Ă&#x201C;Ă&#x2DC; Ă&#x2039;Ă&#x2018;Ă&#x2122;Ă?Ë&#x203A; Ă? ĂĄĂ&#x2039;Ă? Ă&#x2039;Ă&#x2018;Ă?Ă&#x17D; ÍśÍ´Ë&#x203A; Ă&#x153;Ă&#x2122;Ă?Ë&#x203A; Ă?Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x2014;Ă?Ă?Ă&#x2013;Ă&#x; ĂĄĂ&#x2039;Ă? Ă&#x152;Ă&#x2122;Ă&#x153;Ă&#x2DC; Ă&#x2122;Ă&#x2DC; Ă?Ă&#x161;Ă&#x17E;Ă?Ă&#x2014;Ă&#x152;Ă?Ă&#x153; Í°Í°Ë&#x153; ÍŻÍˇÍąÍŽË&#x203A; Ă&#x201C;Ă&#x153;Ă?Ă&#x17E; Ă&#x153;Ă?Ă?Ă&#x201C;Ă&#x17D;Ă?Ă&#x2DC;Ă&#x17E; Ă&#x2122;Ă? Ă&#x17E;Ă&#x2019;Ă? Ă&#x2039;Ă?Ă?Ă&#x2122;Ă?Ă&#x201C;Ă&#x2039;Ă&#x17E;Ă&#x201C;Ă&#x2122;Ă&#x2DC; Ă&#x2122;Ă? Ă&#x201C;Ă&#x2018;Ă?Ě&#x2039; Ă&#x153;Ă&#x201C;Ă&#x2039;Ă&#x2DC; Ă&#x2DC;Ă&#x201C;Ă Ă?Ă&#x153;Ă?Ă&#x201C;Ă&#x17E;ĂŁ Ă&#x17E;Ă&#x;Ă&#x17D;Ă?Ă&#x2DC;Ă&#x17E;Ă? Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă&#x2039; Ă&#x2122;Ă&#x2013;Ă&#x2013;Ă?Ă&#x2018;Ă? Ă?Ă&#x2019;Ă&#x2122;Ă&#x2013;Ă&#x2039;Ă&#x153;Ë&#x153; Ă&#x2019;Ă? ĂĄĂ&#x2039;Ă? Ă&#x2122;Ă&#x2DC;Ă? Ă&#x2122;Ă? Ă&#x17E;Ă&#x2019;Ă? Ă?Ă&#x201C;Ă&#x153;Ă?Ă&#x17E; Ă&#x17E;ĂĄĂ&#x2122; Ă&#x2018;Ă&#x153;Ă&#x2039;Ă&#x17D;Ă&#x;Ă&#x2039;Ă&#x17E;Ă?Ă? Ă&#x2122;Ă? Ă&#x17E;Ă&#x2019;Ă? Ă&#x2DC;Ă?ĂĄĂ&#x2013;ĂŁ Ă?Ă?Ă&#x17E;Ă&#x2039;Ă&#x152;Ă&#x2013;Ă&#x201C;Ă?Ă&#x2019;Ă?Ă&#x17D; Ă?Ă&#x201C;Ă&#x2DC;Ă&#x2018;Ă&#x2013;Ă? Ă&#x2019;Ă&#x2122;Ă&#x2DC;Ă&#x2122;Ă&#x;Ă&#x153;Ă? Ă&#x17D;Ă?Ă&#x2018;Ă&#x153;Ă?Ă? Ă&#x201C;Ă&#x2DC; Ă&#x2DC;Ă&#x2018;Ă&#x2013;Ă&#x201C;Ă?Ă&#x2019; Ă?Ă&#x153;Ă&#x2122;Ă&#x2014; Ă&#x17E;Ă&#x2019;Ă? Ă&#x2DC;Ă&#x201C;Ă Ă?Ă&#x153;Ă?Ă&#x201C;Ă&#x17E;ĂŁ Ă&#x2122;Ă&#x2013;Ă&#x2013;Ă?Ă&#x2018;Ă?Ë&#x153; Ă&#x152;Ă&#x2039;Ă&#x17D;Ă&#x2039;Ă&#x2DC;Ë&#x153; ĂŁĂ&#x2122; Ă&#x17E;Ă&#x2039;Ă&#x17E;Ă?Ë&#x203A;

THISDAY, THE SATURDAY NEWSPAPER Ëž MARCH Í°Í´Ë&#x153; Í°ÍŽÍŻÍľ

hairman, Sigmund Oil Ltd, Chief Chris Uba, recently gave out his beautiful daughter, Nkemjika, in marriage to Obinna Ajugwo, who hails from Amaifeke Odu in Imo State. The traditional marriage ceremony was held at the brideâ&#x20AC;&#x2122;s hometown in Uga, Aguata Local Government of Anambra State. The colourful ceremony was graced by top government officials and business moguls. Here are faces of some of the personalities at the ceremony

L-R: Groom, Obinna Ajugwo ; Chimaobi Uba; parents of the bride, Chief Chris Uba, his wife, Lolo Ifediche, and bride, Nkemjika.

Former Minister of Aviation, Osita Chijioka (left) and Deputy Senator President, Ike Ekweremadu.

L-R: Senator Uche Ekwunife, groomâ&#x20AC;&#x2122;s mother, Lolo Victoria Ajugwo, and brideâ&#x20AC;&#x2122;s mother, Lolo Ifediche Uba.

L-R: Governor of Enugu State, Ifeanyi Ugwuanyi (left); and Chief Chris Uba.

Governor of Anambra State, Dr. Willie Obiano and Barrister Emeka Okafor

L-R: Deputy Governor of Anambra State, Dr. Nkem Okeke, and wife, Lady Oby

L-R: Barrister Nonyelum and husband, Anyim Ude Jnr.

T H I S D AY, T H E S U N D AY N E W S PA P E R ˾ MARCH 26, 2017

SUNDAYSPORTS

Edited by Demola Ojo Email demola.ojo@thisdaylive.com

Super Eagles, Burkina Faso Friendly Cancelled

igeria’s friendly with Burkina Faso tomorrow in London has been called off after several Burkina Faso players failed to gain visas to enter the UK. According to the Nigeria Football Federation (NFF) “seven players in the Burkinabe contingent failed to secure entry visas into the United Kingdom”.

Dutch Legend Kluivert in Betting Probe Former Dutch star Patrick Kluivert, currently director of football at French club Paris Saint-German, owed up to one million euros to a criminal gang after racking up debts betting on football, a Dutch newspaper said on Sunday. De Volkskrant said the gang applied threats to pressure Kluivert in order to recoup the debt which he had repaid in part. The newspaper said investigators had no proof the former player was involved in illegal match-fixing and his lawyer was quoted as saying his client was “only a victim in this affair”.

Rohr: Senegal’s Physicality Tested Eagle’s Readiness Nigeria head coach Gernot Rohr was pleased with his charges’ performance against Senegal in an international friendly match on Thursday. The twoAfrican giants played to a 1-1 draw at the Hive Stadium in London, England, with Moussa Sow netting for Senegal, while Kelechi Iheanacho scored for Nigeria. German tactician Rohr explained that they used the game as preparation for their upcoming 2019 FIFA World Cup qualifier against Cameroon in August, 2017. “We chose to play Senegal because of their physicality as we will be playing Cameroon in our next qualifiers,” Rohr said on SuperSport.com. “It was great to see how our players stood up to the challenge of playing teams like these. I was happy with them in that respect. “On the subject of Cameroon who are now African champions and whether that factor changes the dynamics going into that qualifier,” he added. “Now they have more confidence.Theyhaveplayers who have the belief that being champions brings. “But we know that if we are to win in Cameroon it will give us a great chance of being at the World Cup.”

The match was scheduled as part of Nigeria’s build-up for the 2019 Africa Cup of Nations qualifier against South Africa in June and the World Cup qualifier against Cameroon later in the year. “The match in question is called off due to no fault of either the organisers or the Nigeria Football Federation. We will announce further plans for the Super Eagles’ preparation for these two important qualifying campaigns in due course,” top NFF official Chris Green said. The Super Eagles drew 1-1

with Senegal on Thursday night after Kelechi Iheanacho’s late penalty cancelled out Moussa Sow’s opening goal at the Hive, home of English fourth tier side Barnet. The NFF say they are “extremely disappointed” tomorrow’s match has been called off but insist that the “objectives of satisfying the technical team’s desire of squaring up against tough, physical African opposition and fostering team bonding and organisation were achieved”. “There is no British Embassy

in Ouagadougou, and officials of the Federation Burkinabe de Football had been shuttling betweenAccra and Ouagadougou for visa processing,” the NFF explained in a statement. “FBF (Burkina Faso Football Federation) sources said the Embassy in Accra told them last week to proceed to Morocco (where The Stallions played the Atlas Lions on Friday) and that the visas would be issued there. “However, the applications were still pending at the British Embassy in Morocco as at close of work on Friday, the last

working day before match day in London. “The Burkinabe Football Federation - on Friday 24 March 2017 by 7pm UK time telephoned the match organisers [Eurodata] to say some of their players and officials were unable to secure entry visas into the United Kingdom and therefore would not be able to honour the match.” Three-time African champions Nigeria have failed to qualify for the last two editions of the Africa Cup of Nations. But under new manager Ger-

not Rohr, who took charge in August, the Super Eagles got off to a flying start in their 2018 World Cup qualifiers, recording a 2-1 win in Zambia and a 3-1 victory at home againstAlgeria. Nigeria’s six points, coupled with some surprising results in the other games, leaves them with an early four-point lead in their 2018 World Cup qualifying group ahead of Cameroon and Zambia. Burkina Faso finished third at the recentAfrica Cup of Nations in Gabon and lost 2-0 to Morocco in Friday’s friendly.

T H I S D AY, T H E S U N D AY N E W S PA P E R Ëž Í°Í´Ë&#x153; Í°ÍŽÍŻÍľ

High Life

ÍŽÍśÍŽÍľÍ´ÍśÍśÍłÍľÍłÍ°

...Amazing lifestyles of Nigeriaâ&#x20AC;&#x2122;s rich and famous

True Confession...Prophecy that Changed the Life of VP Yemi Osinbajo Ëž Ă&#x2122;ĂĄ Ă&#x161;Ă&#x2039;Ă?Ă&#x17E;Ă&#x2122;Ă&#x153; Ă&#x161;Ă&#x153;Ă&#x2122;Ă&#x2DC;Ă&#x2122;Ă&#x;Ă&#x2DC;Ă?Ă?Ă&#x17D; Ă&#x2019;Ă&#x201C;Ă? Ă&#x2039;Ă?Ă?Ă?Ă&#x2DC;Ă&#x17E;

any a prominent pastor have issued failed prophecies and consequently suffered ridicule for their words. But Vice President Yemi Osinbajo knows that one pastor whose pronouncements are priceless. As a pastor of the Redeemed Christian Church of God, Banana Island, Ikoyi, he never took his calling as a racket nor did he ever seek to court cheap acclaim via expensive, phony prophecies. Osinbajo was a true man of God, according to RCCG faithful. So is the man that led him to Christ. Recently, the VP opened up on who led him to Christ. The person is Pastor Tony Rapu of Freedom House, who equally clocked 60 some weeks ago. According to him, â&#x20AC;&#x153;In 1993, I came to the

Kemi Oluloyo

AND SHE GETS SERVED...KEMI OLUNLOYO IN POLICE NET, RISK JAIL TERM Who will save Kemi Olunloyo? As the rabidtongued stews in self-wrought misfortune, so does Kemi even as you read. The controversial blogger is currently cooling her heels in detention, following her attack on Pastor David Ibiyomie. The 52-year old blogger was detained in Port Harcourt (Rivers State), following a post alleging Pastor David Ibiyiomie was involved in adultery. Arrested on Monday, March 14,

Redeemed Christian Church of God, Apapa Parish, where Pastor Tony was pastoring. I was in a workers group. Guess what he named that workers group? Government! It was prophetic â&#x20AC;&#x201C; unbelievable, the number of us who actually went into government.â&#x20AC;Ś Oby Ezekwesili was in the same group. She, of course, became Minister in two different departmentsâ&#x20AC;Ś The prophetic word had gone forth.â&#x20AC;? Osinbajo who turned 60 a few days ago, was the Pastor in charge of the Lagos Province 48 (Olive Tree provincial headquarters) of The Redeemed Christian Church of God, Banana Island, Ikoyi before his inauguration as the Vice President of Nigeria. He is still a pastor of the parish contrary to some speculations that he has resigned as RCCG Pastor. in lbadan (Oyo State), Kemi was taken to Port Harcourt where sheâ&#x20AC;&#x2122;s being detained in prison. Predictably, the blogosphere was on fire when the news of her arrest broke. Many people jubilated and celebrated her arrest. According to them, she got what she deserved. You couldnâ&#x20AC;&#x2122;t have forgotten so soon how, on Sunday, July 10, 2016, Kemiâ&#x20AC;&#x2122;s father, Victor Olunloyo, was forced to issue a public apology to Pastor Enoch Adeboye of RCCG for the statement his daughter made against him on the social media. Kemi had openly impugned the integrity of Pastor Adeboye, so when her father heard the man of God was coming to one of the RCCG parishes in Oluyole, Oyo State, he rushed there so that he could apologize to the RCCG pastor. The daughter of former Oyo State governor, Victor Omololu Olunloyo, seems to suffer from a greater sort of affliction, according to several of her fans and critics in the social media space. Outspoken and unapologetically blunt, Kemiâ&#x20AC;&#x2122;s demeanor, has attracted flak and virulent criticism from folk who canâ&#x20AC;&#x2122;t stomach it. She has insulted a lot of people in Nigeria from high to low. From Wole Soyinka to former President Olusegun Obasanjo, Adeboye to Pastor David Oyedepo, and several celebrities, Kemi hits everyone below the belt. But she got more

Yemi Osinbajo

than she bargained for few days ago when she attacked Pastor Ibiyomie.

PRIVATELY! FROM ABUJA TO LONDONâ&#x20AC;ŚSTAN RERRI TAKES 50TH BIRTHDAY TO PARKLANE, LONDON Like the early dew which moistens blooming bougainvillea, Abuja wellconnected man of style, Oloorogun Stan Rerri, ornamented Nigeriaâ&#x20AC;&#x2122;s high society with uncharacteristic verve and aplomb. Stan who is fondly called â&#x20AC;&#x2DC;The Ultimate Rocker or Lifestyle Kingâ&#x20AC;&#x2122;, is full of enchanting song. Butterflies flit around his stomach and the fireflies dance in his eyes like the orbs of the eastern muse. Stan will be 50 in few weeks and he breezes through the hours like a virtuoso plucking guitar strings masterfully. To celebrate his 50th anniversary, Stan is planning a high-octane party in Abuja and a more glamorous one across the seas, in Parklane, London, United Kingdom to be precise. Yes, May 14th is the D-day. Stan, a top businessman in oil and hospitality sectors, has every reason to celebrate and be thankful for being alive and successful in an age when the odds stacked against the average Nigerian continually prevent many from surviving their third decade on earth. But he is celebrating his fifth decade and with lots

of gratitude too. At 50, Stan is every inch a gracious champ. Like most champs, he makes a good first impression. As he clocks 50, his story pulsates a pleasurable lore of labour, perseverance, reinvention and accomplishment. It projects the fate of a man immune to the proverbial fatal weakness of character oft derided by conservatives as carefree folkâ&#x20AC;&#x2122;s Achilles heel. Already, the frenzy is catching on among London and Lagosâ&#x20AC;&#x2122; high society as the crĂ¨me of the citiesâ&#x20AC;&#x2122; affluent crowd engage in a mad hustle to secure an invite to the party. Meanwhile, his divorced

Stan Rerri

T H I S D AY, T H E S U N D AY N E W S PA P E R Ëž Í°Í´Ë&#x153; Í°ÍŽÍŻÍľ

ÍśÍ´

Mr. Modesty! On Sahara Energyâ&#x20AC;&#x2122;s Co-Founder,Tope Sonubiâ&#x20AC;&#x2122;s Quiet 50th Birthday ËžWhy the oil mogul had a low key celebration

ndeed, we must not measure greatness from the mansion down, but from the manger up. Many a rich man giddy with power, carry himself with a false sense of modesty but billionaire oil mogul, Tope Sonubi is remarkably different. There is no gainsaying that Tope Sonubi is a modern man with wisdom of the ancients. The Sahara Energy big boy hardly lives for the glitter and noise of the celebrity arena hence his decision to keep his 50th anniversary low profile. Sonubi recently celebrated

his 50th birthday in an extremely low-key manner for a billionaire of his status. He disappointed a lot of his friends who thought that his 50th birthday would be a grand celebration. Tope re-affirmed his simple nature as he celebrated his big day in an unusual but classy manner. There was a brief thanksgiving service at Syrian Mosque in Ikoyi, Lagos, after which he staged a quiet pool party at his Banana Island, Lagos home. Topeâ&#x20AC;&#x2122;s home is a testament of class.

wife, Edith, has had a bouncing baby boy.

DADDYâ&#x20AC;&#x2122;S GIRLâ&#x20AC;ŚFEMI AND NANA OTEDOLA CELEBRATES DAUGHTER AT 21 IN LONDON Ëž

A fatherâ&#x20AC;&#x2122;s calling is eternal and its importance transcends time. The bond between father and daughter lasts a lifetime and is more active than the bond between a man and his innate love for affluence. No doubt, billionaire businessman, Femi Otedola, is a doting father and a wealthy one at that. However, Temi Otedola, third daughter of ForteOil boss, lived the fantasy

of every girl her age when her father placed her on a pedestal of royalty as she turned 21. Temi is lovable no doubt. Many regard her as the privileged heiress to extraordinary fortune but her closest circuit of friends and associates readily liken her to a marble bust in human form, with enough character and generosity to last everyone. Fondly called JTO by family and friends, Temi is generous, stylish and very hardworking like her sister, Dj Cuppy. Last Monday She clocked 21 and her parents, Femi And Nana Otedola, threw a party for her in Soho in London. It was a day to remember. Expectedly, right from the door, the few

Temi (middle) with her parents Nana and FemiOtedola

Tope Sonubi

family and friends that came to celebrate with the Otedolas on one of their joyous days were treated like royalty. Greeted with Champagne and exotic wine, and there was a delicious array of canapĂŠs to tempt the taste buds. Temi is a blogger, stylist and contributor who started her fashion blog, jtofashion.com, in December 2015. So far, Temiâ&#x20AC;&#x2122;s blog has gained an international audience and has been featured in British Vogue, CNN and the Times Magazine. JTO fashion is a platform where Temi can offer inspiration and insight into her fast paced life in Fashion, but also express her passion for African culture and design.

GIANT OF A MAN...MIKE ADENUGA TRUMPS TRUMP ON FORBES 2017 LIST Ëž ËŞ

As recession creeps on Nigeria, holding the country down in a vice grip, like a kite caught under the wheels of a waste truck, industries collapse and merchants wallow in excessive decay and ruin. But quintessential African billionaire, Dr. Mike Ishola Agbolade Adenuga, the champion, stays immune to the ravages of the declining economy. Dr. Adenuga is something of a visionary. But at the core of his vision is a deep sense of scale; a profound passion for industry and respect for the universe, in their separate immensities. The Globacom boss and billionaire nurtures abiding love and respect for fellow humans, particularly those whose minds can somehow span the depth of his industry and citizenship of humanity. The GCON and CSG, is extremely wealthy and heâ&#x20AC;&#x2122;s never in competition with anyone, at home and abroad. The illustrious son of Ijebu land in Ogun state, is quiet about his God-given wealth even as he touches so many lives in Nigeria nay Africa. Little wonder, he and others are still standing firm on the Forbes list of billionaires for 2017, released a few days ago. The rankings also show that Dangote and Adenuga remain richer than US President Donald Trump, who lost about $1 billion in the last year â&#x20AC;&#x201D; three times less than what Dangote lost. The billionaire oil tycoon and chairman of telecom giant, actually got richer in 2016 even as the country and his fellow billionaire magnates bend and break under the weight of the hard times. According to Forbes Magazine, Adenugaâ&#x20AC;&#x2122;s net worth increased $2.7 billion to $5.8 billion since December 31, 2015. Within the timeline, no other African billionaire added more

Ë&#x153; Ëž MARCH 26, 2017

HIGHLIFE

Intrigues as Abubakar Atikuâ&#x20AC;&#x2122;s Wife, Titi, Excites Speculation About Hubbyâ&#x20AC;&#x2122;s Presidential Dream

he sun may still shine brightly on the dreams of Titi Atiku. The wife of Nigeriaâ&#x20AC;&#x2122;s ex-Vice President and All Progressives Congress (APC) chieftain, Abubakar Atiku, is upbeat and back on her grind, as you read. Her newfound vivacity stems from her dreams of a second chance in Nigeriaâ&#x20AC;&#x2122;s power corridors. Nobody is sure if her husband, Atiku Abubakar, would contest but speculations abound that the former VP may throw his hat in the ring as the race for the 2019 presidential elections hots up. At the backdrop of the speculations, Titi reportedly mobilizes her crew of friends, powerbrokers and political associates for moral and physical support in respect of her husbandâ&#x20AC;&#x2122;s presumed political future. While her husband enjoyed his time as the nationâ&#x20AC;&#x2122;s number two citizen, Hajia Amina Titi Abubakar was

than $1 billion to his or her net worth. Adenugaâ&#x20AC;&#x2122;s net worth however, increased since the beginning of 2016. No doubt, everybody lives in awe of Mike Adenuga. Maybe itâ&#x20AC;&#x2122;s because of his brilliance and dazzling excellence. Perhaps itâ&#x20AC;&#x2122;s because he is about as smooth as a stucco bathtub and yet a giant of a man, given to a life of quiet dignity. Adenuga is the best thing going for corporate Nigeria - in the telecoms sector to be precise. Call him what you want, but

one of the women who dazzled the social scene with their presence. The aura of power followed her wherever she went, attracting a bevy of admirers desirous of getting the good graces of the stylish woman of means. But then, the life of influence and power came to a halt, and the faircomplexioned matriarch of the Atiku family took a break from the public eye following her husbandâ&#x20AC;&#x2122;s exit from office. The pet project she founded as the wife of vice president, Women Trafficking and Child Labour Eradication Foundation (WOTCLEF), was also put on the back burner. Today, Titi has been going around giving motivational talks and people believe that she is trying to come back into the happening crowd. She was a cynosure of eyes at the third edition of the Most Valuable Governorsâ&#x20AC;&#x2122; Wives Award, MVGWA, held in Abuja, recently. recognize him for what he is: a futuristic magnate cum problem solver. And an effective one at that. Heâ&#x20AC;&#x2122;s soft-spoken, but driven by a fierce determination to bring progress to his beloved Nigeria and the African continent. That is why Globacom leads the telecoms revolutionary drive. By his unusual exploits, Adenuga has charted a radical path to one of the worldâ&#x20AC;&#x2122;s largest and most influential business organisations: Globacom. His leadership is authentic, and his

Titi and Abubakar Atiku

focus on equality is nothing short of revolutionary, a clarion call for the world of philanthropy and an inspiration to fellow billionaires working for a more just and loving world. Adenugaâ&#x20AC;&#x2122;s life is certainly fantasticâ&#x20AC;&#x201D;the stuff of fairy tales, magazine covers and excellent portraits. But itâ&#x20AC;&#x2122;s crucial to note that he made his own destiny. He effortlessly melds into the roles of a diligent worker and responsible family man. This is why his business thrives and his family blossoms with amazing speed, sophistication and simplicity.

she left office, the chocolate-skinned woman has refrained from visible participation in politics. She has maintained a low profile, living a life of semi-retirement from the political arena. Her non-visibility even led some to suggest that she was busy reknitting her marriage from the severe strain her involvement in politics had brought on it. It was a delightful surprise for many, therefore, when she was sighted at the 60th birthday bash of Senator Jumoke OkoyaThomas a few weeks ago. And the fact that she stepped out with her husband was indication that all is well on the home front.

AFTER THE TUMULTâ&#x20AC;Ś EXSPEAKER TITI OSENI PICKS UP THE PIECES, SAVES HER MARRIAGE IN THE WAKE OF POLITICAL STORMS

Mike Adenuga

In politics, greatness lies not in influence but in its pursuit for the greater good of all and the individual. Judging by her life outside power corridors, it could be assumed that the lessons of political experience, as of personal experience, were never lost on Hon. Titi Oseni. The once influential Speaker of the Ogun State House of Assembly has undoubtedly embraced the consequences of her actions in office, but unlike several of her peers, she understands that she cannot force the odds or negativities in her favour. Neither can she maul unforgiving fate to rewrite her lifeâ&#x20AC;&#x2122;s script. Oseni simple makes the best of her current situation. Ever since she made history by becoming the first (and only) female speaker of the Ogun State House of Assembly, Hon. Titi Oseni has remained in the eye of the public. Her tenure as the stateâ&#x20AC;&#x2122;s Number 3 citizen coupled with her closeness to the then governor, Gbenga Daniel, made her one of the most influential figures in the Gateway State. However, since

Titi Oseni

Sunday, March 26, 2017

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Price: N400

MISSILE Falana to Police “These intruders have impeded the work of the organisation and threatened the safety and security of its members of staff who are all Nigerian citizens... To allow that to happen is to endanger and undermine the work of not only AI, but also other civil society groups in the country.” – Human rights lawyer, Femi Falana, berating the police for allowing “hired protesters” to invade the Amnesty International office in Abuja and subject its staff to intimidation and harassment. .

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simon.kolawole@thisdaylive.com, sms: 0805 500 1961

Memories of Midnight

t was midnight, not so long ago, when I woke up, used the toilet and returned to my bed to continue from where I stopped. For almost an hour, I closed my eyes in vain. I could neither induce nor seduce sleep. I was rolling from one end of the bed to the other, like a footballer faking injury. I decided to go into my study, to prove to sleep that I could use the time for something else. My study is a junkyard. I tip-toed through the wreckage of books, old newspapers and all sort, and aimed for a particular Ghana-must-go housing old magazines. I randomly picked three editions of Newswatch magazine and went back to bed. The first was the March 12, 1990 edition, “Cult of Deaths”, on the growing horror of secret cults in Nigerian universities. I flipped through within one minute. I took the second. It was the February 20, 1989 edition. The cover story was “IBB’s Surprise Move: The Sacking of AFRC”. The all-powerful Armed Forces Ruling Council was the three arms of government rolled into one: executive, legislature and judiciary (it could overrule the Supreme Court). Gen. Ibrahim Babangida, the military president, had shocked the whole world by dissolving the body. I flashed back to the controversy that followed, particularly fears that IBB was about to become a full-blown dictator. I leafed through the magazine again and shook my head on seeing the pictures of some of Nigeria’s most powerful military men at the time. David Mark, Nura Imam, Ndubuisi Kanu, John Shagaya, Gado Nasko, Larry Koinyan, Paul Omu, Yohanna Kure, Oladipo Diya, etc. Newswatch speculated that most of them would be dropped from the reconstituted AFRC. I looked at their 40-something-year-old faces and shook my head again. “Nothing lasts forever,” I muttered to myself. Kingdoms rise and kingdoms fall. Fact of life. So whenever I see the “men of power” today chasing us off the road with their siren, I imagine where their convoy would be heading in 2027 or 2037. On page 19 of the same edition, I saw a story on the arrest of Chief Chris Okolie, publisher of Newbreed. His magazine had written a story, “A Harvest of Generals”, following a spate of promotions in the army. The military authorities did not like the story. Punishment? He was detained without a word. That was the fate of journalists under military rule. A little story considered to be an irritation was met with excessive deployment of state power. Today’s publishers of fake news would not have survived under a military regime. You didn’t need to publish fake news to be jailed. Just publish anything considered nauseating or “radical” and SSS or DMI would snatch you. Flipping to page 31, I saw a short story in which Chief Ernest Shonekan, then chairman of UAC, warned that “there is little prospect for a return to the petroleum price which we enjoyed five years ago”. He was referring to the 1984 price of $28, comparing it to the $18 in 1989. He was wrong. Oil would later sell for $147 in 2008. Nigerians did not “enjoy” it, though. So maybe he was right. He also said the 20-fold increase in oil revenue in the 1970s killed productivity and only encouraged local assembly and packaging industries which “rather than become locally self-sufficient, depended on imported raw materials”. He was very right. And we are still saying the same thing in 2017. I threw the magazine aside. I then made the mistake of my life: I picked the May 30, 1988 edition. I wish I hadn’t. I still believe it was the work of the devil. The cover design was

Babatunde Fashola, Minister of Power completely black, but for the two big eyeballs in darkness as well as a slender white outline and a thick red border. It screamed: “NEPA — A Nation in Darkness.” It was a special focus on Nigeria’s power problems. This edition could have been reproduced 29 years after — I mean this year — with just little changes: the principal characters and the anecdotes. At the risk of exaggeration, I would say things were even better in those days than today, especially comparing the expenditure with the results. Ray Ekpu, the editor-in-chief, started his weekly note thus: “Sometime in 1981, the then president of Nigeria, Shehu Shagari, was poised to make a budget speech to the National Assembly… Everyone was seated and as the president began to make a speech, the brightly lit hall turned into pitch darkness. For 15 minutes the hall was enveloped in darkness and it remained so.” He also wrote about the embarrassment Babangida

According to ofﬁcial statistics, power generation had hit 3,000mw by 2001. It was time to roll out the drums. And so, 16 years after, we are still rolling out the drums to celebrate 3,000mw. Something is terribly wrong with us in this country

faced in Kano on April 16, 1988 when he was entertaining Flt. Lt. JJ Rawlings, Ghana’s head of state, to a state dinner. There were three power cuts during the event. Everybody was embarrassed, but Rawlings managed to make a joke of it. Ghana also had power problems at the time. Today, Accra, its political and economic capital, enjoys uninterrupted electricity. Nigeria? Now don’t get me started. According to Newswatch, NEPA’s installed generation capacity as at 1988 was 4,000 megawatts. It wrote: “This is expected to increase to between 10,000 and 12,000 megawatts by the year 2000.” I’m not joking. A few days ago, some 29 years after, the ministry of power happily informed Nigerians that power generation has now hit 3,000-4,000mw again. I’m not joking. Between 1988 and 2017, we have spent at least $30 billion on the power sector to generate uninterrupted darkness. Let me amuse you a bit. In 2001, my landlord had promised to buy a generator big enough to power his flat and mine. Someone was relocating to the US and wanted to “fling” his generator. Suddenly, my landlord changed his mind. “If you noticed,” he lectured me, “power has improved in recent times. President Obasanjo has finally fixed the problem. There is no need to waste money on generator.” I nodded stupidly. According to official statistics, power generation had hit 3,000mw by 2001. It was time to roll out the drums. And so, 16 years after, we are still rolling out the drums to celebrate 3,000mw. Can you believe that? When Obasanjo came up with Vision 20-2020, we were promised power generation would hit 10,000 megawatts by 2007 and 35,000mw by 2020, when Nigeria was expected to be among the 20 biggest economies in the world. The projections were brought in dead. When Obasanjo was leaving office in 2007, we were still celebrating 3,000mw of power supply. The plan, reviewed and re-presented by his successor, President Umaru Musa Yar’Adua, projected that installed capacity would grow from 6,000mw in 2009 to 20,000mw by 2015. Ladies and gentlemen, this is 2017 and we are still so glad to announce that we have hit 3,000mw again. A round of applause. The excuses, or let me say the reasons, for epileptic power supply in 1988 are virtually the same excuses, I mean reasons, in 2017. Mr. David Oyeleye, then NEPA’s general manager, told Newswatch that “we cannot run many of the machines at Egbin because gas is not there yet… the amount of high pour fuel oil, HPFO, which is needed is not even produced in the country in sufficient quantity”. There was also the regular excuse, I mean reason: “Low level of water at Kainji and Jebba dams.” There were less than 80 million Nigerians in 1988; we are now well over 170 million. And we’re still celebrating 3,000mw. Another round of applause please. After allowing the devil to torment me for 30 minutes, I said “No Más”, like Roberto Duran, and moved to the next story: “Why Food Prices Are Up”. An Agege housewife said she used to feed her family of six with a weekly budget of N20. “A mudu of garri now sells for N16 [so] where does that leave my N20?” she asked. At that stage, I told myself I had had enough. Get thee behind me Satan! I flung the magazine far away like Christmas banger, switched off my bedside lamp and cuddled my pillow, muttering: “But where do I get this reckless confidence from — that Nigeria will change someday?” God so good, I lapsed into unconsciousness, snoring away my midnight sorrows.

And Four Other Things... LONDON TERROR A terrorist struck in London on Wednesday using a car and a knife as weapons of warfare in an apparent plot to attack the parliament. As it usually obtains in civilised societies, UK politicians united to condemn the madness, which led to four fatalities. In my country, such tragedies always offer an excellent opportunity to play politics — to call somebody “clueless”, “janjaweed” and so on. The London show of solidarity does not mean the political and racial divides have suddenly disappeared, but a sense of humanity trumps politics at such trying moments. I still hope that someday, our politicians would realise how much they have let us down. Myopic. THE XENOPHOBES In April 2015, President Goodluck Jonathan recalled Nigeria’s high commissioner to South Africa because of xenophobic attacks. The South African government reacted by insulting him, promising to negotiate with the “new administration that will assume office in Nigeria next month” — in reference to President Muhammadu Buhari. They taunted Nigeria on the insurgency in the north-east, saying sarcastically: “We hope that the more than 200 girls kidnapped by Boko Haram will someday be reunited with their families.” Many people thought it was good since it was Jonathan that was being insulted. But what has changed? Xenophobes. NAIRA MAGIC The naira has dramatically recovered from an all-time low of N520/$1 to less than N400 in two weeks. What changed? Is it that we have now diversified our sources of forex? Are foreign investors now pumping dollars into the economy? Are we now less dependent on imports, thereby reducing the demand for forex and giving the naira some respite? Is it because the ministers “who colluded with IMF to devalue the naira” (in the words of Femi Falana) have repented? Or it is because the increase in crude oil prices has improved our fortunes? The real secret, to me, is that the CBN is pumping dollars into the market, like a performanceenhancing drug. Steroids. AZUH’S BIBLE I’ve been threatening to write books for ages and I have not managed to produce any complete manuscript. Therefore, anytime I see a colleague successfully pull one through, I admire the discipline and tenacity. My own very dear brother, Azuh Arinze, publisher of Yes International magazine, has just been delivered of his second baby, ‘The CEO’s Bible’. His first, ‘Tested and Trusted Success Secrets of the Rich and Famous’, was a highly inspirational work. ‘The CEO’s Bible’, which comes in two volumes, features 90 exclusive interviews with top executives who are major players in their industries. It’s a business school on its own. Commendable.

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