Monday 3rd April 2017 by THISDAY Newspapers Ltd

External Reserves Down by $67m as CBN Settles Matured Obligations Obinna Chima

Nigeria’s external reserves dropped to $30.298 billion as at March 30, 2017 following settlement of matured obligations, mainly foreign exchange (FX) forwards, by the Central Bank of Nigeria

(CBN). The latest external reserves position showed it fell by $67 million compared with the $30.231 billion it was two weeks ago. As a result of the apex bank’s decision to enhance FX liquidity in the market last

month, which led to significant appreciation in the value of the naira the CBN had adjusted its FX policy. Among the FX measures announced, as part of efforts to further increase the availability of FX to all end-users, the CBN decided to significantly reduce

the tenor of its forward sales from the maximum cycle of 180 days to not more than 60 days from the date of transaction. With this, some of the FX forwards (30 days) started maturing at the end of March 2017 and their settlement were

expected to impact negatively on the reserves. The CBN has so far pumped about $2.2 billion into the interbank FX market for forwards sales (both 30 and 60 days) and retail invisibles in the past six weeks. The Chief Executive Officer,

Financial Derivatives Limited, Mr. Bismarck Rewane, told THISDAY recently: “We must remember that the FX forwards contracts started maturing as from the end of March. Forward contracts Continued on page 10

FG, Shell, Agip to Sign FID for $13.5bn Zabazaba Deepwater Project in Q2 2017...

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NADECO Never Betrayed Abiola, Say Afenifere, Osoba Reject Bamaiyi’s narrative

Gboyega Akinsanmi The Pan-Yoruba Socio-Cultural Group, Afenifere yesterday rejected the account of former Chief of Army Staff, Gen. Ishaya Bamaiyi, that the leaders of National Democratic

Coalition (NADECO) betrayed the acclaimed winner of June 12, 1993 Presidential Election, Chief Moshood Abiola, and misled him to death. Backing Afenifere's position was former Ogun State Governor, Chief Olusegun

Osoba, who also described Bamaiyi’s account as completely untrue, noting that NADECO never betrayed Abiola as the retired general claimed in an autobiography, 'Vindication of a General', he presented to the public in

Abuja last Thursday. The duo faulted Bamaiyi’s personal account of the June 12 struggle in separate telephone conversations with THISDAY yesterday, describing his claim as a revisionist outburst by one of the evil generals that

held Nigeria to ransom under the administration of the late tyrant, Gen. Sani Abacha. Bamaiyi had, in a 243-paged autobiography he launched last week, alleged that the betrayal of Abiola by members of the NADECO culminated

in his continuous detention and eventual death. He also claimed that the advice of NADECO to Abiola that he should not accept his conditional release was Continued on page 10

DSS Clears Saraki, others over Alleged N310m Theft Says suspect sacked over fraudulent practices

Iyobosa Uwugiaren and Damilola Oyedele in Abuja The Department of State Security (DSS) has cleared Senate President Bukola Saraki and members of the National Assembly over what it described as ‘’malicious falsehood’’ being spread around by one of its dismissed officers, Abdulrasheed Maigari, who recently claimed that he and other security personnel, including an army captain stole N310 million from the Senate President while guarding his house in Maitama, Abuja. ‘’The story making the

rounds that the sum of N310 million belonging to the Senate President was stolen in 2015 is a malicious falsehood’’, a senior officer of DSS stated last night in Abuja. ‘’From our investigation, the money in question did not belong to the Senate President or any member of the National Assembly for that matter. The investigation conducted by the DSS and the confessional statement made by Abdulrasheed Maigari, a suspect in the case, did not support this claim at all,” Continued on page 10

KID ON THE BLOCK... APC Meets Senate Caucus Tomorrow NEW L-R: Managing Director/Chief Executive Officer, Nigeria Development Bank (NDB), Mr. Tony Okpanachi; Minister of Finance, Kemi Adeosun; and Special Assistant to the Minister, Ms. Adora Asonye, during the unveiling of Okpanachi to the media Over Apparent Rift with Presidency ... Page 12 Mrs. in Abuja…weekend enock reuben

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Three Suicide Bombers Die in Failed Borno Attacks Michael Olugbode in Maiduguri with agency report

Three suicide bombers were yesterday killed in unsuccessful attacks on Muna general area and Dusuma village. The first bomber detonated his explosive at Muna garage near Gujeri fuel station, destroying a 45,000 litres petrol tanker waiting to discharge fuel. The second bomber also killed himself but injured an 80-year-old man who was providing security watch to Muslim worshippers at Dusuma village. “The bomber attempted to gain entrance into the mosque but the old man

accosted and stopped him. He detonated himself and injured the 80-year-old man (name withheld). The man was rushed to the University of Maiduguri Teaching Hospital (UMTH),” a security source told TheCable. The state police command through its spokesperson, Victor Isuku, confirmed the attacks. “At about 0438hrs, two male suicide bombers detonated Improvised Explosive Device (IED) strapped to their bodies by Alhaji Bukar Gujari Filling Station in Muna Garage area, Maiduguri, killing themselves alone,” said Isuku. “A truck was partly damaged. Also at Dusuma

village in Jere local government area, a suicide bomber detonated his IED strapped on him killing himself, while one person was injured.” Muna has suffered not less than seven different Boko Haram suicide bomb attacks. The town’s borders are porous and it also contends with the congestion of motorists and transporters loading consignments to Lake Chad, Niger and Cameroon. Meanwhile, the Chief of Army Staff (COAS), Lt. Gen. Tukur Buratai, has directed all army commanders in the North-east to work closely with members of Civilian JTF, vigilante groups and traditional rulers to finally

push out Boko Haram from the zone. Buratai gave this order at the weekend during his visit to troops in Magumeri and Gubio Local Government Areas of Borno State. He said there is need for the commanders to work closely with members of the CJTF and vigilante groups especially in the area of information and intelligence gathering with a view to totally eradicate Boko Haram insurgency. He regretted the March 14 attack of Boko Haram in Magumeri and called on all commanders to work hand in hand with the people in their localities in order to ensure that there was no repeat attacks.

The COAS who used the occasion to commission an Ultra Modern Mobile clinic in Gubio, said the facility is to meet the medical requirements of the troops of Operation Lafiya Dole and members of the host communities more especially the troops of five task force battalions. He said: “This is the second of such facility deployed to the theatre, the first was deployed to Damaturu but this is the first to be commissioned. "The troops within the Operation Lafiya Dole are prone to accident during their operations and face a lot of challenges but with this, I hope it will go a long way in addressing your medical

challenges.” Earlier in her address, the Medical Corps Commander, Major General Abimbola Amosun, said the mobile clinic was donated by German government and has 24 bed capacity, three intensive care units, laboratory, maternity and outpatient units. She said the facility would also offer outpatient services to the people of Gubio, which according to her, would further cement civil-military relations. The COAS also launched free medical outreach to the people of Gubio, while in Gubio, he also inspected the ongoing construction of army barracks.

brought in the N310 million into the compound and the Army Captain who was on ground that day ordered that we should take the money away because he suspected the money was government money which could have been wrongly appropriated and could, therefore, be taken. “We were four DSS operatives and four army officers involved and we drove the three cars to a house in Suleja where the money was shared. I got N30million and I bought a car and took it to Kaduna State where I hid the rest of my share.’’ Maigari had said that he came back to Abuja, but on November 28, 2015, I was asked to report at DSS Headquarters and when I got there, I was interrogated over the theft and detained for five months, dismissed and charged to court. The suspect added that he

was remanded in Kuje Prison, where he eventually fell ill after seven months and was later granted bail by the court on health grounds. The Senate President’s Chief Press Secretary, Ologun, however, in a statement yesterday, denied Maigari’s claims, recalling that the Senate President’s Media office had refuted the report when it first broke, that the Senate President had nothing to do with the money, nor did he have army personnel among his security detail. He said: “We still insist that he has nothing to do with the money and we challenge those still rehashing the stale and fake news to avail themselves of the reports of the police and the DSS on the matter to avoid misleading members of the public unnecessarily.” He said it was absurd for one of the suspects in a robbery to claim that the money he

was found with was brought to the Senate President's house from where they connived to steal it. “The report remains a lie which must be disregarded by the public, and should it be recirculated tomorrow, it will still remain a lie. At best we count this unwarranted fake report as part of the April fool ritual. But the public deserves a better deal from its sponsors and purveyors,” he said. According to Ologun: “The content and intention of the fake report is nothing but baseless allegations emanating from the infantile minds of unreasonable interlopers, hell bent on rubbing mud on the reputation of a distinguished Nigerian, who is today in his capacity as the Senate President, working assiduously with critical stakeholders to stabilize and grow our economy. Enough is enough,” he warned.

not carried along. Prince Ademola Adeniji-Adele, also deceased, was then in charge of the arrangement for the declaration, not NADECO,” he said. The former governor, also, denied the claim that NADECO received money from the United States to destabilise Nigeria, noting that no dollar was channelled to the coalition and its leaders as some retrogressive elements claimed. He explained: “At no time was any individual, foreign group or the United States offered the coalition money. NADECO in the United States was even broke at that time. So, NADECO was totally

self-funding. I am writing my own already. I have already addressed all allegations Bamaiyi made in my book.” Also, Afenifere, in a conversation with its Publicity Secretary, Mr. Yinka Odumakin, rejected Bamaiyi’s claim on two grounds, citing the accounts of the former Chief of General Staff, Lt. Gen. Oladipo Diya, and that of Col. Gabriel Ajayi, who were allegedly involved in a phantom coup plot against Abacha. Odumakin said Bamaiyi’s claim “is a revisionist outburst by one of the evil generals who held Nigeria to ransom under the Abacha junta. It is on record that Afenifere played

prominent roles in the June 12 struggle.” He said: “Bamaiyi’s account was different from the account Gen. Diya provided when he was arrested in 1997 for alleged involvement in a phantom coup plot. Gen Diya then alleged that Bamaiyi was the mastermind of the coup contrary to what Bamaiyi himself claimed.” Odumakin, also, cited the account of Col. Ajayi, whom he said, took Holy Communion with Bamaiyi on the day of the coup. “Bamaiyi’s autobiography is an attempt to reverse history and de-odourise the evil plot that stalled Nigeria for five years. And Bamaiyi was a leading participant,” he said.

of the week. “The naira ended deeper northward to close at N394 to $1 on Friday, translating to 10 percent depreciation of what was recorded during the week,’’ Gwadabe said. The association’s president said that the removal of disparity in applicable exchange rates among the BDCs, Travelex and the banks should have strengthened the nation’s currency. He added: “The CBN’s knack for last minute solution as recent development has shown, accounted for the misfortune of the naira at the foreign exchange market.’’ Gwadabe said the battle for the soul of the naira would be won if the CBN could boost liquidity to the BDCs for the

effective unification of rates. According to Gwadabe: “It is evident that the injection of liquidity to the interbank market rather than the BDC sub-sector is not effective and transparent for sustained FOREX rate convergence and unification. “Statistics from the CBN shows that about 20 banks get 80 million dollars weekly for invisible transaction as against the 20 million dollars weekly for over 3000 CBN licensed BDCs nationwide. “The CBN should enhance public awareness to guide end users on FOREX availability and applicable exchange rates. “The CBN should diversify the buffers from oil proceeds to foreign investors’ inflows and Diaspora remittances.’’

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DSS CLEARS SARAKI, OTHERS OVER ALLEGED N310M THEFT he said, adding: “Maigari's recent claim in the media is nothing but a made up story to achieve a hidden motive.” He said the fact that Maigari, who is currently standing trial for an armed robbery case, could make up such a false claim was a further indication of how criminally minded he was. Incidentally, the Chief Press Secretary to the Senate President, Mr. Sanni Ologun, had yesterday refuted reports linking his principal, Dr. Bukola Saraki, with the N310 million, said to have been stolen from a Bureau de change operator, by suspected operatives of the Department of State Services (DSS) and some army personnel in November 2015. Ologun, had in a statement, said the reports were being rehashed by some online media to tarnish the image of Saraki. Corroborating Saraki’s aide

yesterday, the senior officer of the secret security agency said it was because of the criminal behaviour of Maigari that the DSS dismissed him from the service in 2015 and subsequently charged him to court. ‘’Any attempt to link the Senate President or any member of the National Assembly with the stolen N310 million will be sheer blackmail and an outright mischief," the senior DSS official who did not want his name mentioned insisted. Maigari was recently arrested by combined operatives of the Inspector-General of Police Special Intelligence Response Team IRT and the Anti-Kidnapping Unit from the Abuja Police Command deployed to rescue Chairman of Gateway Insurance, Alhaji Isa Ozi Salami. The former DSS operative was arrested alongside

suspected gang leaders, Emeka Kelvin, Ndubuisi Prince Uzor, among others on the March 26, 2017 in Suleja, an outskirt of the Federal Capital Territory. During their parade before newsmen by Force Public Relations Officer, PRO, Jimoh Moshood, at the Force Headquarters, Maigari revealed how he became a kidnapper and also told reporters how he stole N310 million from Saraki’s home in Abuja. According to the Ex-DSS personal: “I was enlisted into the DSS in 2011 with the rank of a Senior Intelligence Officer 1. “I served in operations department at Gombe and Osun Commands of the DSS before my dismissal in 2015. “Before I was dismissed, I was posted to the home of the Senate President, Bukola Saraki, in Maitama and in November 2015, I can’t recall the exact date, three vehicles

NADECO NEVER BETRAYED ABIOLA, SAY AFENIFERE, OSOBA the reason he was kept in detention indefinitely by Abacha until he passed on. Bamaiyi, who was Chief of Army Staff between March 1996 and May 1999 and one of the powerful generals in the Abacha junta until he fell out of favour, accused leaders of NADECO of pressuring late Abiola to declare himself as president in 1994 without being committed to such move. His account is at variance with other accounts that say that NADECO leaders staked their lives in the struggle for actualising Abiola’s June 12 mandate, thereby resulting in the deaths of some of them, including Chief Alfred Rewane

while Pa Abraham Adesanya, escaped assassin’s bullets by the whiskers. However, in a telephone conversation yesterday, Osoba described Bamaiyi’s claim as totally untrue, noting that NADECO never betrayed Abiola which led to his death, but rather the organisation struggled endlessly to actualise the June 12 mandate and secure Abiola's release. Osoba, who unrepentantly played active roles in the June 12 mandate, faulted Bamaiyi's claims one after the other, noting that all allegations recorded in Bamaiyi’s book did not contain an iota of truth. He explained that there

was no way the leaders of NADECO could have betrayed Abiola, citing those who lost their lives, those who survived gunshots and those who went on exile due to their involvement in the June 12 struggle. Contrary to Bamaiyi’s allegation that the leaders of NADECO advised Abiola to declare himself president of Nigeria, Osoba said the coalition and its leaders were not properly carried along when the decision was made. He disclosed that Abiola’s declaration was hurriedly arranged and coordinated for security reasons. “The leaders of NADECO were

EXTERNAL RESERVES DOWN BY $67M AS CBN SETTLES MATURED OBLIGATIONS are post-dated cheques and when they start maturing is when we would start seeing the effects of the intervention on the reserves.” But the central bank has remained resolute on its objective as indications emerged at the weekend that it would sustain its intervention in the interbank market. This is in addition to the further increase in the sale of dollars to the Bureaux de change operators from $8,000 to $10, 0000 per week. The naira depreciated to N394 to $1 on the parallel market on Friday. The Acting Director, Corporate Communications of the CBN, Mr. Isaac Okoroafor, said that the CBN was determined to sustain the

provision of liquidity in the foreign exchange market in order to enhance accessibility and affordability for genuine end users. The CBN over the weekend also warned commercial banks and other dealers to desist from sabotaging the efforts aimed at making life easier for foreign exchange end users. In a related development, the President, Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, blamed last week’s depreciation of naira on the speculators’ onslaught and resistance by some banks. Gwadabe in a WhatsApp message to THISDAY said at the weekend that the refusal of some banks to sell FX for invisibles was frustrating naira

recovery. He urged the CBN to sponsor a bill at the National Assembly so that the lawmakers would pass a law for naira convertibility in West Africa, as part of the solutions to full recovery of the naira. Gwadabe argued that the naira was currently a means of exchange in about 15 countries in Africa. He also urged the federal government to increase security surveillance at the nation’s airports and land borders to checkmate illegal foreign cash evacuation. According to him, the naira started trading last Monday with a promising outlook for sustained strength against the dollar and other currencies, but it began to fall at the middle

T H I S D AY MONDAY APRIL 3, 2017

T H I S D AY • MONDAY, APRIL 3, 2017

NEWS

FG, Shell, Agip to Sign FID for $13.5bn Zabazaba Deepwater Project in Q2 2017 Target first oil in 2020 Ejiofor Alike The Federal Government, Shell and the Nigerian Agip Exploration Limited (NAE) will sign the Final Investment Decision (FID) for the $13.5 billion Zabazaba Deepwater project located in Oil Prospecting Lease (OPL) 245 in the second quarter of this year. This indication emerged as NAE begins this April to receive commercial proposals for the development of the multi-billion Deepwater oil field, which was planned a few years ago, but later suspended after cost projections made the project unviable. The Zabazaba Deepwater is a Greenfield offshore license block located in the controversial OPL 245 in the eastern portion of the Niger Delta with water depths ranging from 1,200 metres to 2,400 metres. Agip and Shell Nigeria Exploration and Production Company (SNEPCo) signed the production sharing agreement at the ratio of 50:50, where NAE is the

operator. It was gathered that NAE is developing Zabazaba field which has proven reserves of 560 million barrels of oil, as a standalone development, while Etan field, which is also in OPL 245, will be developed as a tie-back to Zabazaba. The controversial OPL 245, which has about 9 billion barrels of crude oil, is believed to the largest oil block in Africa. The request for commercial tenders from bidders for the development of the Zabazaba field follows the finalisation of the technical evaluation for the main packages of the project by the Nigerian Content Development and Monitoring Board (NCDMB) and NAE, with the aim to maximise local content. The packages include: the Floating, Production, Storage and Offloading (FPSO) units, subsea installation and rigs. Confirming this development in a statement yesterday, the Executive Secretary of NCDMB, Mr. Simbi Wabote, explained that the agency expedited

action in its evaluations and approvals on the Zabazaba project, with a view to increasing Nigeria’s crude oil production and creating opportunities for the growth and development of Nigerian Content. According to him, the conclusion of the technical evaluation “has paved the way for Agip to proceed with its plans to receive and evaluate the commercial bids, conclude negotiations and award contracts in the second quarter of 2017”. Wabote disclosed that NAE plans to achieve first oil in 2020, and is also determined to achieve the Final Investment Decision (FID) in the second quarter of 2017 and start execution of the project in the third quarter. He charged contractors to submit reasonable commercial bids that will reflect the prevailing price of crude oil and the fact that Zabazaba is the only major project that has reached execution stage at the moment. Wabote lauded NAE for its

determination to pursue the project despite the challenges in the market and charged all stakeholders to support the execution as a fast track. The Vice Chairman of NAE, Mr. Massimo Insulla had in a recent meeting with the NCDMB underscored the importance of Zabazaba project to Nigeria, all Joint Venture (JV) partners and stakeholders in terms of revenue for the government and job creation. Insulla extolled the NCDMB and NAE teams for concluding the technical evaluation at a speed that was unprecedented in the industry. He also advised other approving entities to adopt the NCDMB’s model while executing their evaluations of tenders and other processes. The project is expected to develop oil and gas reserves in the range of 560 million barrels of oil equivalent. According to NAE’s project plans, the Zabazaba field will be developed initially. The Etan field will follow three years later and tied back to the Zabazaba FPSO

Minister of State for Petroleum, Ibe Kachikwu from where the produced hydrocarbons will be processed and exported. NCDMB and NAE had

agreed that the project would utilize capacities and facilities that were developed on past projects.

APC Meets Senate Caucus Tomorrow Over Apparent Rift with Presidency Intervenes in permanent secretary’s tenure controversy Onyebuchi Ezigbo and Damilola Oyedele in Abuja The National Working Committee (NWC) of the All Progressives Congress (APC) said yesterday that it would meet with its Senate caucus tomorrow to explore the resolution of the festering rift between the legislature and the executive. Both organs of the federal government controlled by the party had developed a frosty relationship over some issues relating to appointments by the executive, including the nomination by President Muhammadu Buhari of Mr Ibrahim Magu who is now acting as the Chairman of the Economic and Financial Crimes Commission (EFCC). Twice the Senate declined to confirm Magu as the EFCC's substantive chairman. But the president in defiance of the resolution of the upper legislative chamber retained the anticorruption body’s boss in an acting capacity, leading to the Senate’s filibustering of the consideration of 27 Resident Electoral Commissioners (RECs) nominated by the president to fill the vacancies in the Independent National Electoral Commission (INEC). In the House of Representatives, some APC members are up in arms over the extension of the tenure of the Permanent Secretary of the Ministry of

Education, Dr. Jamila Shuara, whose term of office lapsed February last year. Worried by the worsening relationships, the party embarked on series of consultations with the key actors, hoping to resolve the growing impasse. It met with the House of Representatives caucus a forthright ago. A statement yesterday by its National Publicity Secretary, Mallam Bolaji Abdullahi, said the NWC led by its National Chairman, Chief John Odigie-Oyegun, would consult with the Senate caucus tomorrow and work to end the rift. The party expressed happiness with the committee set up by the president to look into the rift between his executive arm and the National Assembly. "The party considers the committee headed by the Vice President, Prof. Yemi Osinbajo, as a step in the right direction, which demonstrates President Buhari’s recognition of the paramount importance of the legislative institution in a democracy," it said. It restated the commitment of the party leadership to ensure that the relationship between the two critical arms of government improves further, and commended the National Assembly leadership for its maturity and pre-disposition to have all the issues resolved as quickly as possible in the interest of the party and the nation as a whole.

The Party, however, warned that it would not hesitate to take appropriate action against any member whose utterances or behaviour could jeopardise the peace initiatives. On the outcome of the earlier meeting with the House of Representatives caucus, Abdullahi said the APC national chairman had used the opportunity of the meeting to plead with the House members to continue to support the Buhari administration even in the face of some of the expressed grievances which might be considered as genuine. He said that the chairman also cautioned that the party would not support any member or anyone appointed on its platform to disrespect the legislature. The party, according to THISDAY sources, has also waded into the ongoing controversy over the elongation of the tenure of the Permanent Secretary of the Ministry of Education, Dr. Jamila Shuara. The party, it was gathered, wants to prevail on its members in the House Committee on Education, to not pursue her removal from office. But some members of the House Committee alleged that the two year tenure extension granted to Shuara was done by some high ranking officials of the federal government without the knowledge of Buhari.

Shuara, who was due for retirement from service when she clocked 60 in February 2016 has remained in her position as permanent secretary of the ministry, in contravention of extant public service rules. She had told the House Committee that her tenure had been extended by the president, through a memo, but had been unable to produce a copy of the memo. The Minister of Education, Malam Adamu Adamu, who appeared at the March 9, 2017 meeting of the committee, to represent Shuara, even though he was not invited, had also told the committee that her tenure had been further extended for another one year, ‘in principle’ by the president, from February 24, 2017 to February 24, 2018. Adamu was also unable to produce the memo from the president for the first and second extensions. The Head of Service of the Federation, Mrs. Winifred Oyo-Ita, also appeared before the committee on March 9, 2017 and told the lawmakers that she acted on a memo from the president to convey the extension to Shuara. Oyo-Ita has also been unable to produce the said memo. The committee, in its resolutions reached on Thursday said the president did not have the power to extend her tenure. The committee also directed

Shuara to vacate office with immediate effect, and refund all the salaries and allowances she had collected in the last one year. THISDAY gathered that the APC had, however, invited some of the members of the committee and cautioned that the unfolding controversy and attendant bad press, could embarrass the president. Several members of the committee spoke with THISDAY off the record on the development. Said one member: “Obviously the directive did not come from the president, because if it did, it would not be so difficult to produce a copy of the memo. “If it is true that the president granted the tenure extension, we believe he has erred, because the regulations clearly spell out the period of anyone in public service: 35 years in service, or 60 years of age, whichever comes first. “But they cannot even produce the letter or memo from the president extending her tenure, for whatever reasons.” The lawmaker from the North-west added that the president was legally empowered to appoint Shuara into a political position if he considered her the best permanent secretary to have ever served in the history of this country. But he said the president would have to follow the rules to do that.

Another member from the North-east, told THISDAY that the committee could not be swayed by the intervention of the APC. “Yes, we are the majority, but we have several members who are not with the APC,” he said, adding: “But that is not the issue. To make party affiliations a deciding factor in this matter would be unfair to all Nigerians, particularly those in the civil service who someday hope to rise to the top cadres.” Another lawmaker said: “Nigerians are watching. Civil servants are watching. We are watching; our resolutions must be carried out: she should return the salaries and allowances collected in the last one year, and vacate the office. Let her go to court, after all Hameed Ali (Comptroller General of Customs) went to court to fight a Senate resolution.” Reacting to the development, the Committee Chairman, Hon. Zakari Mohammed, said the committee stood by its resolutions. Speaking with THISDAY in a telephone interview, Mohammed said the issue was not a personal one, but was being pursued for the sake of posterity. “When some people do not retire, how would there be career progression for others? Where lies equity and fairness? This is not personal, it is for the system to go on,” he said.

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COMMENT

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

THE SCOURGE OF MENINGITIS Bilkis Ogunubi writes that immunising children against meningitis should be prioritised by all

t least 328 people aged between five and 14 have lost their lives in Nigeria due to the outbreak of meningitis, mostly in the North -western states of Sokoto, Zamfara, Kebbi, Katsina, Niger and the Federal Capital, Abuja. With close to 2,000 suspected cases across the country, the current outbreak is said to be the worst in the history of the country since 2009 when some 156 people died of the disease. Meningitis is an inflammation (swelling) of the protective membranes covering the brain and spinal cord known as the meninges. This inflammation is usually caused by bacterial or viral infection of the fluid surrounding the brain and spinal cord. Meningitis can also result from injury, cancer, or certain drugs. Bacterial meningitis is spread from person to person. The bacteria are spread by exchanging respiratory and throat secretions (saliva or spit) during close or lengthy contact, in form of kissing or coughing, especially if living in the same household. On the other hand, if you have close contact with a person who has viral meningitis, you may become infected with the virus that made the person sick, but you are probably not likely to develop meningitis from the illness. This is because only a small number of people who get infected with the viruses that cause meningitis will actually develop meningitis. Other rare forms of meningitis are result of fungi, parasites or amoebic infections. Fungal meningitis is rare and usually caused by fungus spreading through blood to the spinal cord. Although anyone can get fungal meningitis, people with weakened immune systems, like those with an HIV infection or cancer, are at increased risk. Also, various parasites can cause meningitis or can affect the brain or nervous system in other ways. Primary amebic meningoencephalitis (PAM) is a very rare form of parasitic meningitis that causes a brain infection that is usually fatal. PAM is caused by the microscopic ameba (a single-celled living organism) Naegleria fowleri when water containing the ameba enters the body through the nose. The first symptoms of meningitis are usually fever, vomiting, headache and generally feeling unwell, but as time goes on, the victim presents with symptoms peculiar to the disease. These are limb pain, pale skin, and cold hands and feet which often appear earlier than the rash that can be all over the body. Other specific symptoms include neck stiffness, dislike of bright lights, confusion and seizures. To diagnose meningitis blood culture is necessary, that is blood sample from the patient is tested for bacterial meningitis. Computerised tomography (CT) or magnetic resonance (MR) scans of the head can also be done. This may show swelling or inflammation. X-rays or CT scans of the chest or sinuses may also show infection in other areas that may be associated with meningitis. However, for a definitive diagnosis of meningitis, a spinal tap to collect cerebrospinal fluid (CSF) is needed. In people with meningitis, the CSF often shows a low sugar (glucose) level along with an increased white blood cell count and increased protein. CSF analysis also help in identifying which bacterium caused the meningitis. But

BECAUSE CHILDREN ARE MORE SUSCEPTIBLE TO MENINGITIS, SUSPECTED CASES OF UNUSUAL FEVER SHOULD BE REPORTED AT A HEALTH FACILITY

if viral meningitis is suspected, a DNA-based test, known as a polymerase chain reaction (PCR) amplification or a test to check for antibodies against certain viruses to determine the specific cause and determine proper treatment is needed. Also, if an individual is ill and develops rashes or spots, the tumbler test can be used. In this case, a clear glass tumbler is placed firmly against the rash. If the rashes can be seen clearly through the glass, then urgent medical help should be sought. In treating meningitis, it is important to know the specific cause because the treatment differs depending on the cause and the age of the individual involved. Most people with viral meningitis usually start getting better within three days of feeling sick, and they recover within two weeks. With mild cases of viral meningitis, only home treatment may be needed including drinking extra fluids and taking medicine for pain and fever. In bacterial or severe viral meningitis, treatment in a hospital may be required. In this case, medicines such as antibiotics, corticosteroids, and medicines to reduce fever are prescribed. And despite the availability of effective anti-microbial therapy, bacterial meningitis results in substantial morbidity and mortality, particularly in children. Although, most healthy adults who have recovered from meningitis don’t need follow-up care, but babies and children always need follow up care after recovery; therefore, they need to be checked for long term complications such as hearing loss, memory or concentration problems and learning difficulties which can be temporary or permanent among others. Although Nigeria has witnessed outbreaks of meningitis in the past, but the current one is caused by new strain of cerebro spinal meningitis, reportedly imported from Niger Republic. Therefore, new vaccines are required in its prevention. Hence, preventive measures should as a matter of urgency be put in place to combat the spread. Meanwhile, the Federal Ministry of Health has deployed epidemiologists to the affected states to minimise the impact of the disease among the people but the states that are free from the illness should take precautions. Since meningitis is spread by contact with the infected individual, overcrowding should be avoided. It is important that windows are left open to avoid stuffiness. And because children are more susceptible to meningitis, suspected cases of unusual fever should be reported at a health facility. Immunising children against meningitis which remains the main method of preventing the disease should be prioritised by all parents. It is of utmost importance that these five groups of people considered at risk should get a meningitis vaccine: college freshmen who live in dorms and haven’t been vaccinated; adolescents who are 11 to 12 years old; new high school students who haven’t been vaccinated; people travelling to countries or areas where meningococcal disease is common and children who are ages two or older and who have a compromised immune system. Bakare wrote from the Ministry of Information and Strategy, Alausa, Lagos

NIGER DELTA: NEED FOR ALTERNATIVE STRATEGY

Vice-President Yemi Osinbajo needs all the support to change the story of the Niger Delta, writes David Ugolor

he Niger Delta struggle is a common struggle for all the ethnic groups in the Niger Delta. It should therefore not take an individual ethnic coloration or assume any such toga. All the ethnic groups Urhobo, Ogoni, Itsekeri, Isoko, Ijaw and others have been playing their roles. A resort to violence as is being canvassed in certain quarters cannot resolve our issues. Take for instance the invaluable contributions which worthy sons of the Niger Delta like Ken Saro-Wiwa, Nnimmo Bassey and Comrade Sunny Ofehe have made to the Niger Delta question. They have made their mark, and without cradling an AK-47. They have not fired one single shot from a Molotov cocktail. They are not purveyors of violence as a means to an end. In the Niger Delta struggle, we must be careful not to play into the hands of those who promote what I may call the Abuja Agenda. These are instruments with strings seeking to control certain elements in the Niger Delta and promote a certain agenda through violence. We must be careful not to allow the merchants of ethnicity hijack the entire process and unduly promote cronyism. Let us be reminded that when Goodluck Jonathan was president of Nigeria, he failed to deal with Niger Delta

Question. Rather, he managed to be clannish and take care of a constituency close to his in-laws and relations. Playing into the hands of the Abuja Agenda is what Asari Dokubo seems to be doing with an interview he gave to Vanguard newspaper on April Fool’s Day, 2017. In that interview among other things, he warned Vice-President Yemi Osinbajo to stop visiting the Niger Delta. Osinbajo is seeking to arrive at an amicable resolution of issues in our region. I verily believe that Osinbajo’s visit will turn around things for the Niger Delta – a region which also includes the ordinary Ijaw. On a visit to Abia in the South-east recently, Mr Vice -President was conferred with a chieftaincy title – the Enyioha 1(friend of all) of Abia State. In that same spirit of unity which his visits bring, Akwa-Ibomites embraced him as their Obong Emem Ibom. But the war-mongers among us and those who have individually profited from promoting violence as an instrument for personal gain or relevance seem upset. But this is our take: our region supports and lauds Mr. Vice President’s efforts. Our region will allow new thinking to shape the future of the region. We cannot continue to create pockets of division and think we will succeed. That Asari Dokubo

has played a useful role in drawing global attention to the plight of our people is not in question. However, we advise that he should not invest in narratives that will split the common agenda. He should rethink his strategy and muse on the old aphorism that united we stand and divided we fall. Asari’s interview of April 1, 2017 certainly will not help to build a common agenda. We strongly appeal to him to use his goodwill to strengthen inter-ethnic cooperation and also support the vice-president to implement a new Niger Delta agenda of sustainable development. This is the time to try an alternative model that will meet the needs of all Niger Deltans. We have suffered enough. The billions that have been sunk into the Niger Delta Development Commission, the Ministry of the Niger Delta and Amnesty programme have only benefitted few people. After more than three decades of environmental degradation and injustice, I think we should begin to explore an alternative development model that will give voice to the victims who cut across all the ethnic groups. We should not play ethnic politics in Niger Delta. Violence is not the only tool for seeking social and economic justice. Lessons from the Arab Spring have shown that embarking on violent struggle without concrete

alternative framework normally will not end well for the people. We should support a new thinking that will put anti-corruption agenda on the table. If the development agenda will work in the Niger Delta, we most end the culture of impunity that currently robs the region of her wealth. All the major failed contracts embarked upon by the NDDC and Ministry of Niger Delta were carried out by prominent people from the region. We must demand for prosecution of these 419 contractors and recover the sums already paid them as contract fees. The NDDC and Ministry of the Niger Delta cannot work for the benefit of the people if they continue to operate in darkness. Their procurement policy must reflect principles of transparency and accountability. The federal government must insist that the operators of these institutions should adopt the principles of open governance which give priority to due process and value for money. Enough is Enough. If Professor Osinbajo can provide the template that will stop corruption in the NDDC and Ministry of Niger Delta, we have a moral responsibility to rise in unity to support him and move away from ethnic politics. Ugolor is ANEEJ executive director

T H I S D AY • MONDAY APRIL 3, 2017

EDITORIAL SUICIDE IN A DEPRESSED ECONOMY

The authorities could do more to reduce the pressure on Nigerians from all sides

ollowing the recent death by suicide of a medical practitioner who jumped into the lagoon by the Third Mainland Bridge in Lagos, there have been other similar attempts along the same bridge. That has prompted the Lagos State Police Command to ban walking on bridges across the state or the parking of vehicles on them. While we understand the police action to stop what may have become copycat suicide attempts, facts on the ground suggest that suicide is becoming prevalent across the country, mostly as a result of the dire economic situation. That should worry the authorities. A consultant psychiatrist at the Ladoke Akintola University Teaching Hospital, Osogbo, Dr. Adeoye Oyewole, while acknowledging that suicide cases have been with us for a very long time, nonetheless believes that the current economic hardship has led to the spike. He said more and more Nigerians were getting hopeless and depressed and those who could not bear the pain resort to suicide. The notes left by the few who gave THERE IS ENORMOUS reasons for their EMOTIONAL AND action bore testimony FINANCIAL STRESS AS to that conclusion. WELL AS PERVADING From hanging self POVERTY AND with rope or electric HOPELESSNESS cable to drinking poisonous substances, EVERYWHERE Nigeria has unfortunately become a country where so many things that were in the past considered taboo now happen virtually every day—and these include the extreme act of deliberately taking one’s life. Even without statistics, reports on suicide involving Nigerians have grimly moved from an occasional blip to a very disturbing trend. Only last January, the Assistant Inspector General of Police (IGP) Zone 5, Abubakar Mohammed, lamented the growing rate of suicide in the Force.

Letters to the Editor

“The IGP has asked us to now go close to our officers as well as the rank and file to know what their problems are because the level of suicide within the police is getting higher. Police officers are killing themselves without us knowing what their problems are,” he said.

T T H I S DAY

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LOOKING INWARD TO TAME UNEMPLOYMENT

igeria has always been referred to as the giant of Africa. The country is not only a giant because of its landmass, population and abundant human and material resources but also for the love and support it renders to other African countries during the times of need. The African continent is the major beneficiary of Nigeria’s benevolence. Africa is the major priority of its foreign policy. Nigeria gained its independence from British colonial masters after intense struggles for liberation from our leaders and student activists from various ethnic, religious, social and cultural backgrounds. Some of the leaders that fought for the country’s emancipation include Nnamdi Azikwe, Tafawa Balewa, Obafemi Awolowo, Ahmadu Bello, among others. Indeed that was the first victory of Nigeria as a country. At the period of the independence, Nigeria depended largely on its agricultural produce for sustenance and foreign revenue. Sooner, the country discovered oil in commercial quantity and opened the door for massive wealth. With increased revenue from crude oil, which should have been good for the growth and development of the country, it beclouded the sense of reasoning of our political leaders, away from thinking on economic diversification and improving

here are many theories as to why some Nigerians now take their own lives. Indeed, the nation’s present socio-economic environment could be a predisposing factor to depression and perhaps suicide. There is enormous emotional and financial stress as well as pervading poverty and hopelessness everywhere. From the North to the South of the country, the plight of the underprivileged is steadily worsening and many go to bed with less than a survival diet. The unemployment crisis has created a lost generation of graduates who cannot find jobs. Many of them are exasperated. Yet it is an established fact that impoverished individuals are a major risk group for depression. And depression, according to experts, is the most common reason why people commit suicide. But there are also other reasons why people take their own lives and devastate members of their family and friends with shock. Mental disorders such as schizophrenia, excessive alcoholism, drug abusive play significant role in triggering suicidal thoughts. Yet, it would appear that neither the society nor the critical agencies of government are paying attention to the issue of mental health. Today, breakthroughs in science and medicine have brought hope that many mental patients can lead normal and productive lives. So are suicide victims if help can reach them early enough. Depression, one of the main culprits of suicide is treatable. This is why we call on all authorities to take out for rehabilitation the mentally challenged who roam the streets. Public officials at all levels should also by way of good governance pay serious attention to the constraints that could trigger in the people suicidal thoughts.

the agricultural sector. The mismanagement of oil resources creates rate of unemployment that every administration continues to initiate poverty alleviation programmes to address youth unemployment. The incentives could not check the level of poverty which keeps on growing. Probably the best solution is simply to look inward. Looking inwards simply means Nigerians should think about ways and means of building Nigeria. Every year Nigeria universities churn out large population of graduates to the job market; the government should encourage and promote local contents where contracts for the building of bridges, schools, hospitals should be given to Nigerian-owned firm, with Nigerian engineers and Nigerians providing most of the required services. Our indigenous engineers can only succeed when they are encouraged with patronage. Similarly, the government should find ways of discouraging medical tourisms where Nigerian top functionaries and those in the private sectors derive joy for medical treatments abroad when we have qualified and competent medical professionals at home. We may just need to improve the quality of our medical facilities with qualified Nigerian health workers and medical personnel to attract even foreigners to come here for treatment. Isiaka Habeeb, Habeebisiaka54@yahoo.com

BBC HAUSA AT 60: SO FAR, SO GOOD

iscussing the lifestyle of a typical Hausa man cannot be complete without mentioning his attachment to radio. This hobby is as old as the origin of radio in Africa and the civilisation story of the Hausa man himself. With the creation of Federal Radio Corporation of Nigeria in 1933 by the British colonial government, named the radio diffusion service (RDS), enabled the general public the first opportunity to listen to the BBC foreign radio service broadcasts in different locations via loudspeakers. The philosophical foundation the BBCHausa is not unconnected with its long survival and continued patronage by its many listeners. However, the number of staff it trained and injects into the Nigerian academic and social space keeps its glory intact. Why the BBC Hausa listeners develop a complete trust on all they hear on the station remains a topic for curiosity among many. Many believed the balanced reporting and indept analysis exhibited by the BBC Hausa and its hard working staff is responsible for its acceptability among many radio listeners. A lot of listeners have acknowledge the excellent use of local language without iota of compromise as the main reason that attached them more with the BBC Hausa than other foreign radio station. Others believe that the growing distrust of the local media gives a more leverage to the foreign radio

stations to triumph and become more generally accepted compared with the local one. The foreign media is unbiased and give equal opportunity to all and sundry regardless of any inclination many have said. A the most popular educative Ra’ayi Riga (different people different opinion) a weekly interactive programme where listeners debate with professionals who are carefully selected based on their relevance to the topic of discussion, pressing issues that directly affect the lives of the listeners, the economy, politics or social life has added to its popularity. Recommendations and way forward are proposed at the end of every Ra’ayi Riga programme. It’s always an opportunity to learn more. The impact of what the BBC Hausa has been doing for over 60 years cannot be overstated. The range of its coverage and the calibre of people it serves will keep no one in doubt on how a radio can be used as a tool to educate and inform the most vulnerable people on earth. Radio is cheap and required no power, they are mostly batterypowered and the listener must not be literate in English. Hearing the testimonies of herdsmen in remote locations on how the BBC Hausa had been sharpening their ideas about local and international politics, economy and other vital information makes this station worthy for celebration. Abdulmajid Lawan, Jos

T H I S D AY MONDAY APRIL 3, 2017

T H I S D AY • MONDAY, APRIL 3, 2017

POLITICS

Group Politics Editor Tobi Soniyi Email tobi.soniyi@thisdaylive.com 08033146139 SMS ONLY

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

The Avoidable Executive-Legislative Face-off Except the executive takes urgent steps to end its frosty relationship with the legislature, the administration’s efforts to make good on its promises to the Nigerian people will suffer a setback, writes Tobi Soniyi

Buhari....set up a reconciliation committee

e have been here before. Flash back to April 2016 and you will recall a faceoff between the National Assembly and the executive arm of government. My colleague who was covering the Senate then, Omololu Ogunmade wrote: “The nation was shocked on Monday when the Senate took on the presidency, describing it as incompetent and of deliberately engaging in a campaign of calumny over the allegation that the National Assembly dropped the N60 billion Calabar-Lagos rail project from the budget. But the budget might just be a façade, as there appears to be underlining politics in this imminent executive-legislative feud.” Exactly one year after, the Senate planned to suspend consideration of some requests sent to it by the Presidency. Already the senators have deferred consideration on the nomination of 27 persons for Resident Electoral Commissioners (RECs) of the Independent National Electoral Commission (INEC). There are also indications that they will not consider the two candidates for ministerial positions. So, executive-legislative face off isn’t new and it is not peculiar to Nigeria. During Barack Obama’s reign as president of the

Saraki..... wants the Executive to respect the National Assembly

United State of America, the Congress almost shut US down over disagreement with the

The presidential system of government which Nigeria practises as a nation encompasses checks and balances. All the three arms of government must embrace this principle. An executive that refuses to obey judgments of courts, intimidates the judiciary and seeks to order the National Assembly around is a danger to democracy

executive. Just last month, the man who like to boast of his deal making power, Donald Trump could not get the Congress to pass the bill to replace Obamacare into law. However, what is perhaps interesting in the recent showdown between the Bukola Saraki led-Senate and the exco is the cause of the disagreement. The immediate cause appeared to be the unwarranted attacks on the Senate by the Chairman of the Presidential Advisory Committee Against Corruption, Professor Itse Sagay, SAN who described the requirement that an appointment to fill the office of the chairman of the Economic and Financial Crimes Commission requires Senate confirmation as something that can be dispensed with. Except for mischief, even the learned professor of law and author of many books ought to know that he is wrong in the circumstance. His statement irked members of the Senate who were already feeling let down by the refusal of President Muhammadu Buhari to present someone else for consideration as EFCC chairman after the Senators had twice rejected his nominee, Ibrahim Magu. The senators contended that since the rejection of nominees by the Senate had not stopped them from continuing to carry

on in acting capacity, (apparently referring to Magu) there was no point screening the nominees. Senator Peter Nwaoboshi (Delta North) who raised the issue noted that the Senate recently dealt with the issue of confirmation, but the rejection of the nominee was dismissed by the Chairman of the Presidential Advisory Committee on Anti Corruption (PACAC), Prof. Itse Sagay, who said the Senate “merely confirms.” He described Sagay’s statement as misleading because it created the impression that the legislature had no powers or it was a mere rubber stamp. He said: “Here are we again today, now be given a list to confirm and we merely confirm. Eight of them, out of 27, are for reappointment which means they are acting already, they are already working and they are still in position. Prof. Sagay will start again citing Section 171 subsection 2 of the constitution, even if we do not confirm them, he will say continue to fight. “But when you denigrate such an institution that has the power to confirm, and used the word ‘merely’, we could have ignored it but CONT’D ON NEXT PAGE

T H I S D AY • MONDAY, APRIL 3, 2017

POLITICS

MONDAY DISCOURSE

T H E AV O I D A B L E E X E C U T I V E - L E G I S L AT I V E FA C E - O F F for somebody of that status. My position on this matter is that since our confirmation is ‘merely’, let us suspend it until we now know whether we have the power, as given to us by the constitution, to look into confirmation matters or any other status.” Nwaoboshi moved the motion that the Senate suspend the consideration of the nominations indefinitely. His position was adopted by Senator Matthew Uroghide (Edo South) who also noted that the Acts establishing the agencies specified which appointments by the president have to be confirmed by the Senate. Uroghide stated that if the Senate, in performing its statutory role of confirmation, rejected a nominee, the president was at liberty to nominate another candidate, but must inform the Senate formally on the fate of the rejected candidate. “These persons cannot keep acting even when we have turned them down. As it is now they are acting and their names have been sent in for confirmation and we do not know what has happened in the case of the EFCC. Specifically speaking, is he acting today? If the President knew that he was not going to honour our refusal or rejection of his nominee, they should not have sent him in the first place, which would have meant an outright violation of the law establishing EFCC and of course the constitution,”Uroghide added. There are those, including, respected Lagos lawyer, Femi Falana, SAN who argued that Magu’s appointment did not require Senate confirmation citing the provisions of Section 171 (2) of the constitution. That position merely begged the issue because the president was aware of that provisions before he chose to present Magu to the Senate for confirmation. For obvious reasons, many Nigerians like to hate members of the National Assembly. They tend not to see anything good in whatever the lawmakers do. But on the Magu’s appointment controversy, critics like Sagay, the Socio Economic Rights and Accountability Projects and others should have been bold enough to lay the blame where it belonged: at the president’s table. But in Nigeria, truth is always the victim. When the Department of State Security Services decided to ridicule the president by sending a security report against Magu to the Senate that should have drawn the ire of those now condemning the Senate. A legal practitioner and ant-corruption activist, Kabir Ibrahim captured this quiet succinctly when he wrote: “The lingering and disturbing question is; how can an appointee of the President who heads an agency (the DSS) answerable to the President contradicts the President so brazenly? This is the height of official rascality unheard of in our short democratic experience! This is because it is a matter of public knowledge that the President forwarded a letter to the Senate, after the first DSS report(s), informing the Senate that Ibrahim Magu has been queried and the allegations against him investigated and found to be baseless thereby clearing the way for his re-nomination and representation to the Senate for ‘confirmation screening’. Then, the DSS sent a ‘letter’ flying in the face of the President’s earlier letter and contradicting the President’s position that Ibrahim Magu has been cleared of all allegations.” In their reactions to the face-off Convener, Movement for the Advancement of National Transformation (MANTRA), Mr Jude Ndukwe and Co-Convener, Coalition in Defence of Nigerian Democracy and Coalition (CDNDC), Ariyo Dare-Atoye in a statement jointly issued by them said: “We are even more appalled by the defence put up by some prominent Nigerians for the excesses of the executive. These hypocrites who have joined in bitterly criticizing the senate over its rejection of Ibrahim Magu as the substantive chairman of the EFCC, hailed the DSS reports that were used to intimidate and harass the judiciary recently but have turned around to ignore, reject and even criticize the same DSS’ report with all its weighty allegations against Magu. “Would it have been advisable for the senate to ignore such security report and confirm Magu just to satisfy the whims and caprices

Osinbajo......to reconcile the parties

of a few individuals in the executive at the expense of national security and image? Even the DSS report concluded that ‘Magu has failed the integrity test and will eventually constitute a liability to the anti-corruption drive of the present administration’. Why should any right thinking citizen expect the senate to ignore this warning?” Since Magu and the DG SSS were appointees of the president, they ought to have resolved their differences internally. This makes the current face off between the executive and the legislature avoidable. If the president believed that Magu’s appointment requires confirmation by the Senate he then owes the Senate an explanation why Magu should remain since his nomination had been flatly rejected by the Senate. The Magu’s case was not the first to be bungled by the presidency. The allegation against the Secretary to the Federal Government, Babachir Lawal almost degenerated.

So, executivelegislative face-off isn’t new and it is not peculiar to Nigeria. During Barack Obama’s reign as president of the United State of America, the Congress almost shut US down over disagreement with the executive. Just last month, the man who likes to boast of his deal making power, Donald Trump could not get the Congress to pass the bill to replace Obamacare into law

A confrontation was avoided when the presidency directed the Attorney General of the Federation, Abubakar Malami, SAN to investigate the allegation. The report of the investigation has not been made public. Nevertheless, the issue remains moot despite coordinated efforts to sweep it under the carpet. Not only in Nigeria, the legislature is seeing as an obstructive irritant by those in the executive. Nevertheless, the idea of a legislature is to ensure that the executive does not become tyrannical. So the legislature does have its nuisance value. A legal practitioner, Chief Mike Ozekhome, SAN recently cautioned against the tendency to support every executive action against the legislature. He warned that by always justifying executive acts we might be unwittingly promoting authoritarianism. Ozekhome spoke against the backdrop of the invitation extended to Sagay by the Senate Ethics Committee. While, many including Sagay himself held the views that the Senate lacked the power to summon him for airing his views on an issue of national importance, Ozekhome, however, disagreed saying that the constitution empowered the Senate to summon anyone. He said: “The committee of the House or the House, can summon any person. it says any person, and it didn’t say some people. “It didn’t say whether those elected or not elected. Any person; to bring papers, memos, come with evidence, and that if such a person is summoned to come and testify to come and answer questions and he refuses to come, each branch of the National Assembly can order the police to arrest and bring such a person.” He added that “the Senate President or the Speaker of the House of Representatives if satisfied that the person has entered into recognizance, they can release the person but if not satisfied, they can tell them to keep the person there.” Recently, the executive tried to humiliate and intimidate the judiciary as an institution when DSS raided houses of judges who were seen as standing on the way of some people within the executive arms of government. In embarking on the executive recklessness, the procedures for disciplining erring judges were ignored. People who should know better

rushed to defend and justify the executive action . With some benefit of hindsight, many who supported the raids then have now seen that the move was not aimed at fighting judicial corruption but to intimidate the judiciary. Little wonder, some have described the on going face off with the Senate as another plot to intimidate the lawmakers. The duo of Jude Ndukwe and Dare-Atoye said: “We have observed with great shock the relentless campaign of calumny orchestrated by the executive arm of government to silence the legislature with the inordinate aim of riding roughshod over Nigerians without being checked. “This severe campaign follows impudent acts of autocracy and tyranny against the senate in particular and the national assembly in general by the executive with the sole aim of undermining the senate and emasculating the National Assembly for very obvious reasons. “After having succeeded in intimidating, harassing and nearly emasculating the judiciary, it is only natural that to complete the job of routing every democratic impediment to the excesses and recklessness of the executive, the legislature is their next port of call. “These unfortunate developments have put us as a nation at the great risk of descending speedily into the unenviable state of anomie, anarchy, chaos and doom where impunity reigns supreme.” The presidential system of government which Nigeria practises as a nation encompasses checks and balances. All the three arms of government must embrace this principle. An executive that refuses to obey judgments of courts, intimidates the judiciary and seeks to order the National Assembly around is a danger to democracy. The budget is still pending before the National Assembly. It is therefore in the interest of the executive to have a smooth relationship with the National Assembly, otherwise the government will find it difficult to deliver on its promises. Blaming such failures on the National Assembly will not be acceptable to Nigerians. The decision to set up a committee headed by the Vice President, Yemi Osinbajo to reconcile the executive and the legislature is indeed a welcome development.

T H I S D AY MONDAY APRIL 3, 2017

MONDAY, APRIL 3, 2017 • T H I S D AY

FEATURES

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

Rising Cases of Suicide Chiemelie Ezeobi writes that the recent upsurge in suicides, either successful or attempted ones in Lagos, has proven worrisome and should spur the government and society at large to action

The Lagos State Commissioner of Police, Mr. Fatai Owoseni (left) and Mrs. Taiwo Titilayo Momoh, who attempted suicide

ridges across lagoons are meant for one thing, a means for motorists and pedestrians alike, to cross over from one side to the other. However, in Lagos, which is known as the commercial nerve centre of Nigeria with its bustling and hustling, bridges have been turned to something else; a spring or jumping boards into the lagoon not for exercise purposes but to commit suicide. In the course of three weeks, over five cases of suicide attempts have been made from bridges across the state, with one being successful, thus earning the state the sobriquet ‘Suicidal Lagos’. This picture of course does not define the true Lagos, a city where people throng to on a daily basis to make ends meet. Who would have thought that suicide cases would become very incessant that a hotline for suicide cases in Nigeria would need to be put in place? Well, since the trend seems to be on the rise, some certain persons created two hotlines to attend to suicidal persons (08062106493 and 08092106493), but despite these hotlines, the sharp rise of suicide cases within two weeks in Lagos certainly caught society’s attention with many clamouring for solutions to this recurring menace. It would therefore simply be stating the obvious when ones says that the increasing wave of suicide cases in Lagos has taken a fearsome and worrisome proportion. In some of these cases, suicide which is the act of intentionally causing one’s own death, was caused by depression, indebtedness, lack of money and hope for survival. But generally speaking, other symptoms of suicide can be attributed to mental disorder, bipolar disorder, schizophrenia, alcoholism or drug abuse, troubles with interpersonal relationships, and bullying, which often make the suicidal persons attempt to desperately escape by ending their own lives. The 1990-2013 statistics from the World Health Organisation (WHO) show that no fewer than a million people die annually from suicide, which represents a global mortality rate of 16 people per 100,000 or one death every 40 seconds. The

report also stated that there were an estimated 10 to 20 million attempted suicides every year. WHO had also reported that over 800,000 people die by committing suicide annually and that it was the second cause of death among young people between15-29 years in 2012. Breaking it down further, the organisation also said in 1990 it resulted in 712,000 deaths and rose to 842,000 in 2013 making it the 10th leading cause of death worldwide. In its 2012 statistics, the report also showed that out of Nigeria’s population, 6.5 per cent committed suicide out of which 10.3 per cent were male and 2.9 per cent were female. This report certainly reveals that suicide cases continue to pose a big problem to Nigeria. Recent suicide cases Last year alone, no fewer than 12 suicide cases and five foiled attempts were recorded in Lagos within six months. As was confirmed by the then Lagos State PPRO, SP Dolapo Badmos, she said the core need for the police was to find out why people would want to commit suicide. Given the criminal nature of suicide, it

We have deployed people who can do immediate rescue on our waterways. And as a deliberate policy of government, we have decided to set up a unit that would be stationed permanently to provide help whenever there is an occurrence like that. That’s not to say we are encouraging people to jump into the lagoon

is expected that those who attempt suicide be arrested and prosecuted, but for Dolapo, the best option would be awareness creation. She said, “We can prosecute anyone who makes an attempt to kill himself or herself but that seems not to be the solution. The real solutions lie in finding out from such persons the reason for such an act and talk them out of it. We always advise victims’ families of victims to monitor them closely because those who commit suicide do so out of depression and frustration ranging from marital, economic, loss of job and some other vices.” This year, the trigger that seemed to have started all these was the suicide of Dr. Allwell Chiawolamoke Oji, a medical doctor attached to Mount Sinai Hospital, Papa Ajao, Mushin. The middle-aged unmarried medical doctor had jumped into the lagoon at Third Mainland Bridge after he ordered his driver to park his car, a Nissan Sports Utility Vehicle with registration number LND476EE. It took about four days of frantic search by law enforcement agents before his body was recovered and his family identified him. But this was after another body was found by the divers. According to those in the know, the doctor had been battling with Sickle Cell Anaemia, accompanied by severe seizures. Due to his passion for surgery, he was said to have written the exam for his residency in surgery so he could become a consultant and passed but due to his ailment, he was turned down. The hospital was said to have turned him down because they felt his ailment, which was accompanied by seizure, could be a deterrent to performing his duties. This was said to have triggered off another bout of depression that led to his suicide. The same day, a woman simply identified as Emerald also attempted suicide by jumping into the lagoon from Maza-Maza Bridge in the Mile 2 area of Lagos. According to eyewitness account, the middleaged woman was walking along the bridge when she suddenly got to the middle, climbed the rails and jumped. Luckily she was rescued

before she could drown by some men who were under the bridge. Few days later, operatives of the Rapid Response Squad (RRS), rescued two women who attempted to commit suicide by jumping into the lagoon. The women, in separate incidents, attempted to jump into the lagoon from the Third Mainland Bridge and Carter Bridge in Lagos. One of them, identified as Abigail Ogunyinka succeeded in jumping into the lagoon but was quickly rescued by divers, while the other woman, Taiwo Titilayo Momoh, was rescued while attempting to jump into the Lagoon from the Third Mainland Bridge. When giving reasons why she attempted to kill herself Ogunyinka said: “I owe two microfinance banks, one N60,000 and the other N90, 000 and the banks have been troubling me. I have looked all through and there is no help. I don’t want to further face embarrassment. I took my house help along with me and I told her we were going to the market. “I took her along so she would tell my people and those that I owe that I did not run away with their money. I wanted her to tell them that I had ended my life, but, she raised alarm when I plunged into the lagoon. If I had known, I wouldn’t have gone with her because I am going back to the same problem.” Momoh, who also blamed financial problems, said: “I am blaming the police and the people who rescued me. I am a trader at Balogun Market and I took goods from four foreigners who trusted me. I owe $36,000 and I was swindled by a bureau de change operator. Since I was duped, I have not been sleeping. It is as if I am carrying a heavy load. I have not been sleeping. I see those I owe in dreams. “My problem now is that I have been rescued, I will still face disgrace. I still want to die because I have betrayed the trust my business partners had in me.” Lagos State Commissioner of Police, Mr. Fatai Owoseni, who met with the woman at the RRS headquarters at the Lagos State Government Secretariat in Alausa, said Momoh was in a taxi

T H I S D AY • MONDAY, APRIL 3, 2017

FEATURES

Late Dr. Allwell Oji, who committed suicide in Lagos heading towards Oworonshoki on the Third Mainland Bridge when she told the taxi driver to stop on the bridge. According to Owoseni, the woman was about to jump into the Lagoon when a police team on a routine patrol on the bridge sighted her and rushed to stop her, adding that from his interaction with the woman, she had depression as a result of unpaid loans, adding that she was still insisting on ending her life. He said the woman would be taken through a post-trauma programme and do a medical evaluation on her to ascertain her condition. The next day, in what appeared to be a rising trend in Lagos, the police again rescued a man, who reportedly attempted to jump into the lagoon. The middle-aged man was prevented from jumping into the lagoon through the Third Mainland Bridge by policemen from the Rapid Response Squad. It was gathered that the unidentified old man, said to be in his late sixties, was peeping into the lagoon from the bridge and attempting to jump, when he was rescued. He was immediately taken to the RRS headquarters in Alausa Ikeja, from where he was transferred to the State Criminal Investigations Department (SCID), Panti, Yaba. All these happened this year but there were many reported and unreported cases of suicide in Lagos, prominent among it was the banker who shot himself dead after going to see a priest for confession. The deceased, who was a manager with First City Monument Bank (FCMB), Mr. Olisa Nwokobi shot himself in Lagos. The the 44-year-old bank manager and graduate of Abia State University, killed himself because he was under pressure from his bank over a huge loan he was owing. He had reportedly gone to his priest at Our Lady Star of the Sea Catholic Church, Northern Foresore Estate, Lekki, Lagos and complained bitterly on how he approved a loan for a customer who had refused to service the loan. It was alleged that he had told the priest that he would not stand the shame and disgrace of being dragged up and down by the Economic and Financial Crimes Commission (EFCC). He told the priest to help him beg his wife and his 10-year-old daughter to forgive him and as the priest was trying to advice him, he brought out a pistol and shot himself. He died instantly. The loan was about N350 million. Also last year, a police corporal, Agi Elias, committed suicide at the Nigerian Police Training College, Ikeja, Lagos, for missing a crucial examination of the corporal to sergeant promotion course. Barely 24-hours afterwards, a yet-to-be identified youngman also committed suicide at a private estate in Lagos. The deceased person was said to have died by hanging himself on a mango tree inside an empty plot at Prayer Estate, Amuwo Odofin Government Reserved Area, around the Mile 2 axis. Attempts to discover the identity of the deceased proved abortive even after policemen from the FESTAC Police Division stormed the scene in the afternoon to bring down the body. The deceased was said to have hung himself on the tree after depositing a bag on one of the branches, but when the bag was brought down, it was filled with kolanuts. A medical irrespective According to UK-based Dr. Chin Akano, a psychiatrist, it was usually better to seek for help as soon as possible when one is depressed. The doctor said some of the common risk factors

Mrs. Emerald who also attempted suicide at Mile 2 bridge

The General Manager, Lagos State Emergency Management Agency (LASEMA), Adesina Tiamiyu that lead to suicide include depression, severe anxiety, acute stress due to any reason, severe adjustment reaction, drug and alcohol abuse, side effect of certain prescribed medication for example certain antidepressants, psychotic illnesses for example schizophrenia, other mental illness like mania and personality disorders, previous suicide attempt and family history of suicide, cultural and religious beliefs and lack of supportive social cycle. In a lengthy post shared by the doctor, he picked depression as one of the most common causes of suicide, adding that the symptoms can be identified when one feels low for most of the time for at least two weeks or when one experiences lack of pleasure in doing things, especially things that you used to enjoy and again this has to be most of the time for up to two weeks ( known as anhedonia). He listed other symptoms as when one gets tired so easily, poor sleep or sleeping too much, poor appetite or over eating, poor sex drive/ libido, erectile dysfunction, lack of concentration that makes doing common things a chore, poor self hygiene, poor or reduced motivation, feeling that you have let yourself, family or friends down, feeling that life is no longer worth living that you may feel like hurting or killing yourself and you may also start hearing voices telling you that you are useless, dirty, failure or even telling you to harm or kill yourself. He said, “Please if you or a loved one have a few of these symptoms, they are likely to

There has been an increase in the number of suicide cases in Lagos this year and the most worrisome part is that people who survive a suicide attempt are likely to try again. The Lagos State Police Command will not take the surge in suicide lightly but rise to the occasion

be suffering from depression and must seek help urgently. There are available ways to help them. These may be in form of counseling and other forms of psychotherapy including cognitive behavioural therapy CBT. This may be the only treatment they require especially in reactive depression where the stressful event is known. “They could need medications known as antidepressants. Most of them especially the newer ones SSRI and SNRI work if taken regularly at approximately same time for several months. It may take a couple of weeks before the benefits are noticeable. I can assure you that they do work. You may also require both psychotherapy and anti-depressants “If you are hearing voices or displaying some psychotic tendencies, anti-psychotics like Seroquel , Olanzapine may be added. In very severe cases of depression or in psychotic depression like above where immediate response is required, you may receive shock treatment known as electro-convulsive therapy ECT. This is hardly administered these days but it works. Personally, when I was a senior trainee in psychiatry in the UK I administered that treatment on several hopeless cases and I saw them transform overnight.” Finding workable solutions As expected, this sudden rise in suicide and attempted suicide cases across Lagos have proven worrisome not just for the society at large but for also the state government, security and emergency agencies. The Lagos CP, Owoseni, who recently lamented the rate at which people now commit suicide provided an option of having policemen patrol bridges across Lagos. According to him, he had already deployed the police to begin patrol of bridges across the state to forestall other cases. But the question remains, how many bridges will they patrol and what is the workforce or manpower of the policemen that can cover the number of bridges across Lagos? He also revealed that the number of people who have committed suicide in Lagos between January and March alone in 2017 has nearly passed the entire number for the year 2016. According to him, suicide cases, both attempted and successful ones, within the Lagos metropolis in 2016, totaling five persons, as compared to this year, when more than five persons had attempted to take their lives between the months of January and March and one succeeded. Owoseni, who acknowledged that there has been an increase in the number of suicide cases in Lagos this year said the most worrisome part was that people who survive a suicide attempt were likely to try again, adding that his command was not taking the surge in suicide cases lightly. Also, taking it a step further, the Lagos State Government through its Lagos State Emergency Management Agency (LASEMA) has established a marine unit to patrol waterways to prevent suicidal persons from taking their lives. The agency, acting on the directive of Governor Akinwunmi Ambode has also stationed local divers for quicker responses should anyone fall into the lagoon or attempts suicide. All these are in a bid to contain cases of people jumping into the lagoon. Commissioner for Special Duties, Seye Oladejo and General Manager LASEMA, Adesina Tiamiyu, stated this during a stakeholders forum held recently which was attended by THISDAY. According to Oladejo, people who can do immediate rescue on the waterways have been

Another suicide attempt victim also rescued by the police deployed and stationed strategically. He said: “The recent increase in water related emergencies such as drowning in the lagoon, wells, soak away pits and boat mishaps have worried the state government. To this end, Governor Akinwunmi Ambode has approved the establishment of Aquatic Rescue Unit with requisite equipment in LASEMA to effectively respond to this trend. “This unit would compliment the activities of sister agencies such as Marine Police Unit, Lagos State Waterways Authority (LASWA), Lagos State Ferry Services among others. We have deployed people who can do immediate rescue on our waterways. And as a deliberate policy of government, we have decided to set up a unit that would be stationed permanently to provide help whenever there is an occurrence like that. That’s not to say we are encouraging people to jump into the lagoon.” On the importance of the conference themed ‘a new dawn in emergency/disaster management in Lagos State’, Oladejo said there was need for better synergy and collaboration between emergency responders in the state, adding that such fora would emplace seamless disaster risk reduction strategies across the state. Earlier, Tiamiyu stated that the agency receives an average of 80,000 calls through the control room on various issues such as rape, child abuse/ trafficking, domestic violence, land grabbing, which are dispatched to relevant authorities for necessary actions, adding that the meeting was an avenue for stakeholders to review and understand their collective roles in emergency or disaster prevention, preparedness, management, mitigation, response and recovery. According to him, responding to emergency wasn’t for LASEMA alone, just as he disclosed that the command and control centre was being upgraded to interface with those on the field for support and necessary deployment. He said: “We have partners. When I came onboard, I visited them individually and solicited their cooperation. I also told them the capacity of LASEMA and when to contact us. We reinvigorated our monitoring and surveillance unit, which goes ahead to check things and give us report. We also undertake in-house trainings. The state government has bought a lot of heavy duty equipment for us. We have invested a lot of money and have been trained on how to use the equipment. What you see now is the result of the investment. “Before the governor gave the directive on the aquatic issue, we had retainership of some divers in Lagos. It was one of our retainers who went underwater to latch the vehicle that fell into Elede river on our crane and we pulled it out. He was also involved in the recovery process of Dr. Oji. He was in the water. We have the Lagos Waterways Authority and the Marine Police as well. “So, all of these agencies usually patrol the waterways but very soon, you would see LASEMA branded boats joining forces with those on the waterways to improve the capacity of emergency services on the waterways.” While the state government, emergency and security agencies continue to find workable solutions to prevent people from taking their lives, it is pertinent to note that often times, the first responders for suicidal persons are usually their family and friends, who should always reach out to them once the symptom has been established and show them unmeasurable love and care.

T H I S D AY MONDAY APRIL 3, 2017

Wapic Insurance Plc. RC. No 1647

SUMMARY OF AUDITED GROUP ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2016 The Directors present the abridged/summary financial statements of Wapic Insurance Plc (the “company”) and its subsidiaries (together “the group”) for the year ended 31 December 2016. The summary financial statements disclosed were derived from the full financial statements of the company and group for the year ended 31 December 2016 and cannot be expected to provide a full understanding of the financial performance, financial position and cash flows of the company and the group. The company’s Auditor issued an unqualified opinion on the full financial statements for the year ended 31 December 2016 from which these summary financial statements were derived. The company’s auditor made a report under section 359 of the Companies and Allied Matters Act. The full financial statements from which these summary financial statements were derived would be delivered to the Corporate Affairs Commission. Copies of the full financial statements can be obtained from the Secretary of the company. An electronic copy of the full financial statements can be obtained at www.wapic.com. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 2016

GROUP

ASSETS

COMPANY

GROUP

2016

2015

2016

2015

N’000

2015

2016

N’000 8,005,308 7,586,131 (3,294,791)

N’000 7,100,713 6,148,778 (2,208,294)

N’000 5,375,431 5,249,208 (2,576,266)

N’000 5,212,600 4,542,960 (1,827,543)

4,291,340

3,940,484

2,672,942

2,715,417

651,992

429,822

497,408

351,847

4,943,332

4,370,306

3,170,350

3,067,264

Claims expenses Claims expenses recoverable

3,843,297 (974,672)

2,178,995 (544,308)

1,785,827 (552,518)

1,033,237 (170,417)

Net claims expenses

2,868,625

1,634,687

1,233,309

862,820

Underwriting expenses Increase in individual life fund

1,680,773 13,257

1,228,941 28,985

1,359,079 -

1,010,267 -

Total underwriting expenses

4,562,655

2,892,613

2,592,388

1,873,087

380,677

1,477,693

577,962

1,194,177

1,018,308 351,495 33,713 (254) 2,333,873

1,376,314 6179 1,124,779 (3,598) 390,104

741,965 33,713 (254) 2,029,102

746,137 1,124,780 (3,540) 339,658

Gross premium written Cash and cash equivalents Financial assets Trade receivables Reinsurance assets Deferred acquisition cost Other receivables and prepayments Investment property Investment in associates Investment in subsidiaries Intangible assets Property and equipment Deferred tax asset Statutory deposit TOTAL ASSETS

7,053,721 4,312,821 552,079 922,583 414,545 1,225,121 674,950 5,244,301 35,065 2,374,523 363,353 521,547 23,694,609

2,220,395 7,401,489 553,575 1,572,830 447,934 1,145,019 539,930 7,173,843 203,895 4,025,510 617,632 25,902,052

311,223 3,429,338 553,574 1,094,415 281,344 1,137,047 539,930 5,059,810 3,876,571 199,170 3,811,639 300,000 20,594,061

3,320,235 2,330,981 534,723 724,547 339,529 1,284,950 639,950 4,364,339 3,876,571 31,844 2,284,511 131,679 300,000 20,163,859

LIABILITIES Insurance contract liabilities Investment contract liabilities Trade payables Other payables Current income tax Deferred tax liabilities TOTAL LIABILITIES

6,373,682 920,154 235,800 1,320,043 208,381 277,655 9,335,715

EQUITY Equity attributable to owners: Share capital Share premium Contingency reserves Other reserves Retained earnings TOTAL EQUITY

6,691,369 6,194,983 1,807,949 1,209,743 662,293 16,566,337

6,691,369 6,194,983 1,625,511 (209,751) 660,185 14,962,297

6,691,369 6,194,983 1,550,425 788,338 (191,626) 15,033,489

6,691,369 6,194,983 1,389,162 19,025 279,143 14,573,682

TOTAL EQUITY AND LIABILITIES

25,902,052

23,694,609

20,594,061

20,163,859

4,676,611 1,196,180 210,576 2,496,916 ,152,029 8,732,312

3,763,964

3,200,391

COMPANY

2016

Gross premium income Reinsurance expenses Net premium income Fee and commission income Net underwriting income

2015

Underwriting profit

157,870 1,157,450 88, 113 393175 5,560,572

104,066 2,228,084 57,636 5,590,177

Investment income Profit on investment contracts Net realised gain/(loss) on financial assets Net fair value loss on assets at fair value through profit or loss Other operating income

3,737,135

2,893,778

2,804,526

2,207,035

Net income

4,117,812

4,371,471

3,382,488

3,401,212

(Impairment reversal)/impairment on trade receivables (Impairment reversal)/impairment on reinsurance assets Impairment on other receivables Employee benefit expense Other operating expenses

(12,782) 154,630 1,142,339 2,866,053

(19,730) (7151) 14,410 973,591 2,507,126

7,370 (3,095) 707,609 2,156,051

(97,674) 7611 680,462 1,774,486

Expenses

4,150,240

3,468,246

2,867,935

2,364,885

(32,428)

903,225

514,553

1,036,327

Share of profit of associate

1,225,874

764,437

Profit before tax

1,193,446

1,667,662

Operating profit

The financial statements were approved by the Board of Directors on 29 January 2017 and signed on its behalf by:

Income tax

Aigboje Aig-Imoukhuede, CON Chairman FRC/2013/CIBN/00000001999

(607,421)

Profit after tax for the year

586,025

Other comprehensive income, net of tax Items that are or may be reclassified to profit or loss: Foreign currency translation difference of foreign operations Net changes in fair value of AFS financial instruments: - Unrealised net gains/(losses) arising during the period - Net reclassification adjustments for realised net gains 'Share of other comprehensive income of associates

Adeyinka Adekoya Managing Director FRC/2016/CIiN/00000013893

Items that are or may be reclassified to profit or loss: Revaluation gain on property and equipment Deferred tax on revaluation gain on property and equipment

Bode Ojeniyi Executive Director FRC/2016/CIBN/00000013894

91,973

(209,654)

50,879 244,258

(116,437) (325,143) 115,525

104,722 -

1,036,327 (412,142) 624,185

(116,437) (325,143) -

949,415 (284,824)

949,415 (284,824) 769,313

(441,580)

2,005,519

761,676

861,286

182,605

586,025

1,297,385

91,973

624,185

2,005,519

761,676

861,286

182,605

Total comprehensive income for the year

Total comprehensive income attributtable to the owners of the Company

(535,709)

1,419,494

Basic and diluted earnings per share (kobo)

(422,580)

459,766

Other comprehensive income/(loss) for the year, net of tax

Profit atributable to the owners of the Company

Oluseyi Taiwo Chief Finance Officer FRC/2013/ICAN/00000004011

(370,277) 1,297,385

514,553

REPORT OF THE INDEPENDENT AUDITOR ON THE SUMMARY FINANCIAL STATEMENTS TO THE MEMBERS OF WAPIC INSURANCE PLC.

For: PricewaterhouseCoopers Chartered Accountants Lagos, Nigeria Engagement Partner: Anthony Oputa FRC /2013/ICAN/00000000980"

13 Febraury 2017

Wapic Life Assurance Ltd. RC. No 675456

SUMMARY OF AUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2016 The Directors present the abridged/summary financial statements of Wapic Life Assurance Limited (the “company”) for the year ended 31 December 2016. The summary financial statements disclosed were derived from the full financial statements of the company for the year ended 31 December 2016 and cannot be expected to provide a full understanding of the financial performance, financial position and cash flows of the company. The company’s Auditor issued an unqualified opinion on the full financial statements for the year ended 31 December 2016 from which these summary financial statements were derived. The company’s auditor made a report under section 359 of the Companies and Allied Matters Act. The full financial statements from which these summary financial statements were derived would be delivered to the Corporate Affairs Commission. Copies of the full financial statements can be obtained from the Secretary of the company. STATEMENTS OF FINANCIAL POSITION AT 31 DECEMBER 2016

STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DEC 2016

COMPANY 2016 N’000

2015 N’000

805,251 3,629,599 -

3,107,048 1,247,299 17,355 36,433 84,376 40,354 35,000 34,454 94 215,552 200,000

103,848 69,143 98,592 33,243 70 115,519 200,000 5,055,265

5,017,965

Gross premium written Gross premium income Reinsurance expenses Net premium income Fee and commission income Net underwriting income

1,584,186 920,154 18,553 138,584 120,268

939,654 1,196,180 25,174 209,024 94,393

2,781,745

2,464,425

2,700,000 122,432 (65,067) (483,845)

2,700,000 107,877 -

2,273,520

2,553,540

5,055,265

5,017,965

Toyin Azeez Chief Finance Officer FRC/2013/ICAN/00000004008

49,213

24,903

976,790

929,978

1,081,222 (4,364)

Net insurance benefits and claims Underwriting expenses

1,076,858 144,885

Total underwriting expenses

547,888 (28,925) 518,963 106, 597

13,257

28,985

1,235,000

654,545

(258,210)

(275,433)

Investment income Profit on investment contracts Net realised loss on financial assets Net fair value (loss) on assets at fair value through profit or loss

346,964 351,495 -

432,915 6,179 (1) (58)

Other operating income

125,298

44,414

823,757

483,449

565,547

758,882

(20,152) 157,725 486,394

77,944 6,799 (7,151) 641,263

Underwriting (loss)/profit

Net income (Write-back)/Impairment on trade receivables Impairment of other receivables and prepayments Write-back of impairment on reinsurance assets Management expenses Expenses

Rantimi Ogunleye Managing Director FRC/2012/CIIN/00000000526

2015 N’000 1,221,346 1,069,261 (164,186) 905,075

(254,337)

The financial statements were approved by the Board of Directors on 29 January 2017 and signed on its behalf by:

Aigboje Aig-Imoukhuede, CON Chairman FRC/2013/CIBN/00000001999

2016 N’000 1,455,472 1,239,949 (312,372) 927,577

Claims expenses Claims expenses recoverable

Increase in individual life fund

REPORT OF THE INDEPENDENT AUDITOR ON THE SUMMARY FINANCIAL STATEMENTS TO THE MEMBERS OF WAPIC LIFE ASSURANCE LIMITED

COMPANY

623,967 (58,420) (156,533)

718,855

(Loss)/profit for the year Income tax (Loss)/profit for the year

(214,953)

60,854

40,027 20,827

Other comprehensive income, net of tax Items that are or may be reclassified to profit or loss: Net changes in fair value of AFS financial instruments: (65,067)

- Unrealised net losses arising during the period Other comprehensive loss for the year, net of tax

(65,067)

Total comprehensive (loss)/income for the year

(280,020)

60,854

(Loss)/profit attributable to the owners of the Company

(214,953)

60,854

Total comprehensive (loss)/income attributable to owners of the Company

(280,020)

60,854

(8)

Basic and diluted (loss)/earnings per share (kobo)

For: PricewaterhouseCoopers Chartered Accountants Lagos, Nigeria Engagement Partner: Anthony Oputa FRC /2013/ICAN/00000000980"

13 Febraury 2017

T H I S D AY • MONDAY, APRIL 3, 2017

BUSINESSWORLD NIBOR OVERNIGHT 1-MONTH

R A T E S 12.5417 16.4549

3-MONTH 6-MONTH

A S 21.3882 23.253

A T

NITTY 1-MONTH 3-MONTH 6-MONTH

Group Business Editor Chika Amanze-Nwachuku

Email chika.amanzenwachukwu@thisdaylive.com 08033294157

M A R C H

3 0 ,

2 0 1 7

11.8404 19.0286 20.2083

EXCHANGE RATE N306.35/ 1 US DOLLAR* *AS AT LAST FRIDAY

Quick Takes Wema Bank Appoints Non-executive Director

COMMEMORATION OF FINANCIAL LITERACY DAY

L–R: Zonal Head, Public Sector South, FirstBank, Mr. John Iyoha; Vice Principal, St. Patrick College, Calabar, Mrs. Theresa Igbodor; Student of St. Patrick College, Calabar, Ms. Cornelius Ojeka; MD/CEO, FirstBank of Nigeria Limited and Subsidiaries, Dr. Adesola Adeduntan; Student of St. Patrick College, Calabar, Ms. John Ita Okon; Principal, St. Patrick College, Calabar, Rev. Father Christopher Okon; Group Executive, Treasury and Financial Institutions, FirstBank, Mr. Ini Ebong; and Head, Legal Services, FirstBank, Raymond Mgbeokwere, during the commemoration of the Financial literacy day in Calabar…recently

NIMASA Moves against Foreign Dominance of Coastal Shipping Trade To begin enforcement of 2007 Act Eromosele Abiodun The Nigerian Maritime Administration and Safety Agency (NIMASA) is intensifying efforts to enforce Sections 36 and 37 of the NIMASA Act 2007 with a view to curbing dominance of foreign owned and foreign crewed vessels in coastal shipping trade. Director General of the agency, Dr Dakuku Peterside, who stated this in a chat with newsmen in Lagos, disclosed that the move is already at executive management level, pledging his determination to take it to the highest level of bureaucratic, legislative and executive engagements necessary. He added that NIMASA shall also involve its esteemed

MARITIME stakeholders at the right time because they have roles to play in the entire process. According to him, “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. 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 Ocean-going vessels known to us. “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. One area of such intervention urgently needed is cargo availability.” Peterside added: “Developed maritime nations have at one time or the other consciously supported, and is still supporting

their indigenous operators in building their commercial shipping capacities. Recently, a bipartisan bill was brought before the US Congress aimed at strengthening indigenous participation in shipping. The Bill seeks to allow US flagged vessels carry up to 30 per cent of the US LNG as a matter of both economic importance and security concerns. “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 Continued on page 24

Ogbe Bemoans Trade Imbalance between Nigeria and Norway Raheem Akingbolu Minister of Agriculture, Audu Ogbe, has expressed his displeasure over the imbalance in the bilateral relationship between Norway and Nigeria, saying the development is to the disadvantage of the country. The minister spoke in Lagos on Tuesday at the Seafood Seminar organised to galvanise stakeholders from both countries on the opportunities in seafood industry. Ogbe, who was represented by the Executive Director, Nigerian Institute of Marine Research and Oceanography, Dr. Gbolagade Akande, stated that Nigeria has been importing stockfish from Norway for the past 127 years;

ECONOMY since 1890. He described this as a good business relation between the two countries, especially considering the fact that stockfish has no quota system. He said: “There is trade imbalance in the bilateral relationship because Nigeria imports hugely from Norway but Norway cannot be said to be taking anything from Nigeria. This is not good for our economy. That is why we are advocating for the need to invest and encourage research into the area of Aquaculture and fishmeal production. There is a lot of fish in our water that can support fishmeal production but

sadly Nigeria depends largely on importation of fishmeal into the country. We want Norway to come and invest in Fishmeal industry in Nigeria to close the gap in this trade imbalance,” The minister said this is important because Norway is not importing oil from Nigeria because Norway too has oil. He called on Norwegian government to look at the Seafood sector of Agriculture where the two countries have many things in common and invest in it. He described the seminar as another opportunity for Nigeria and Norway to move forward in their business relations. “Now we are talking of how to move forward and the way

to go about that is to work on how we can bridge the disparity between demand and supply. To achieve this, the two countries will collaborate to inject money into research while Norway is particularly needed to set up Fishmeal companies in Nigeria. While pointing out that there is still huge potential in the market, Ogbe put the demand of 180 million people population in Nigeria at 2.7million metric tons, out of which he said Nigeria is only producing 1.7 metric tons. Also speaking at the event, the Norwegian Deputy Minister of Trade, Industry and Fisheries Mr. Ronny Berg, who was Continued on page 24

Wema Bank Plc has announced the appointment of Mr. Babatunde Oladele Kasali as a Non-executive director, following the approval of the Central Bank of Nigeria. Kasali is a consummate professional with expertise in audit, risk management, compliance and retail banking, spanning over three decades. He had served as General Manager and Regional Bank Head for United Bank for Africa Plc, a bank he joined in 1996.While at the bank, he also held several positions such as Chief Inspector, Regional Director and Divisional Director. He has also served as Managing Director of Resolution and Restructuring Company Limited. He has also been a non-executive director at UAC of Nigeria Plc since March 27, 2013 and was a nonexecutive director of UACN Property Development Company Plc., from January 13, 2010 to March 24, 2013. He had from February 2015 to November 26, 2015 served as a non-executive director of Wema Bank Plc. Kasali is a Fellow of the Institute of Chartered Accountants of Nigeria. He graduated with B.Sc (Hons) Degree in Economics from Manchester Metropolitan University, UK in 1977. Commenting on the appointment, Chairman of Wema Bank Mr Adeyinka Asekun said: “It is with great delight that I welcome Kasali who is joining the Board of Wema Bank a second time. “While he was with us in 2015, he showed exceptionally rich professional and corporate experience; qualities which our board is often looking for.I believe his skills will be valuable to our bank as we continue in our growth phase and in our quest to become the retail bank of choice in Nigeria.”

Standard Chartered Bank Wins Awards

Standard Chartered Private Bank said it won the most number of awardsforAfricaattheEuromoney’s14thannualprivatebankingsurvey. According to a statement, the awards won by the bank included: Best Private Banking Services Overall – Africa and Nigeria; International Clients offering – Africa and Nigeria; and number one UHNW clients award for Nigeria “The Euromoney awards evidence that we are a highly regarded Private Bank in Africa. The survey included leading global as well as local banks, so our ability to come out ahead of strong competitors is a major win. We are unlocking opportunities for our clients in Africa by connecting our local teams with our global experts across our footprint – putting our clients at the centre of everything we do”, the bank’s Regional Head, Private Banking, EAME, Ian Gibson. Also, Market Head Africa and Europe, Hugo Borges said: “This is a tremendous reflection of the strength of the Private Banking team we are building in Africa and our reputation in the market, particularly in Nigeria. We will continue to invest in our teams and build on our capabilities to provide clients with a best-in-class experience.” The Euromoney surveys reflected feedback from industry peers and competitors, making this a significant win and recognition of our Private Banking brand and capabilities.

Capri-Sonne Unveils New Promotion

In an effort to reinforce its leadership of the fruit juice market for children, Capri-Sonne has launched a national consumer promotion tagged ‘Fun Alarm Promo.’ The promo which is targeted at mothers who want the best for their children will give them the opportunity to win free gifts inside every carton of all variants of their favourite Capri-Sonne that they buy while the promo lasts. According to a statement issued by Chi Limited, cartons of the drink in Nigeria will contain gift items which can vary from carton to carton. The gift items ranges from Pencil Cases, Rulers, Colourful Stickeez and lots more. The promo, which is being amplified nationwide with media campaign, running on major regional and national television channels and radio stations in the country. Simultaneously, the campaign is being driven through advertisements on Billboards and digital platforms like Twitter and Facebook. Consumer engagement platforms such as trade activations in open markets and consumer activations like taste trials in schools and shopping malls has commenced in various cities to connect with the consumers.

“The problem that we have currently is inadequacy of power, insufficiency of power. You cannot do anything in the economy, you cannot industrialise, you can’t diversify” Trade Adviser to the Minister of Industry, Trade and Investment,

Chiedu Osakwe

T H I S D AY • MONDAY, APRIL 3, 2017

BUSINESSWORLD NIMASA MOVES AGAINST FOREIGN DOMINANCE OF COASTAL SHIPPING TRADE

foreign counterparts.” He disclosed that the agency has commenced efforts to partner other African countries to sustain its drive to ensuring maritime security. Specifically, he said: “The Regional Search And Rescue Committee which is made up of nine member countries under the Nigerian SAR Region, namely; Nigeria, Benin, Cameroon, Congo, D.R. Congo, Equatorial Guinea, Gabon, Sao Tome & Principe and Togo was dormant. They never met to discuss modalities of collaboration for almost a decade. However, since this new management came on board, the Agency has successfully hosted two Sub-Regional Technical Committee meetings to build a formidable regional network. “The Regional network has increased our level of alertness, thus improving our capacity to respond to distress calls, which has ultimately led to a considerable reduction in the cases of piracy in the Gulf of Guinea. Our quest to achieve a safer maritime domain has seen us working on an Anti-Piracy Bill. We have received the President’s backing to acquire assets that will be deployed at strategic locations, thus enhancing our ability to improve the safety of vessels within our maritime domain.”

OGBE BEMOANS TRADE IMBALANCE BETWEEN NIGERIA AND NORWAY

represented by the Ambassador of Norway to Nigeria, Jens-Peter Kjemprud, also admitted that there is a lot opportunities in the seafood sector and promised that Norway is determined to collaborate with Nigeria to explore the sector. He however stated that the recent economic situation in the world has affected the sector like other areas of the global economy but added that a lot are being done to boost production and create jobs, where necessary. The Ambassador also agreed with the Nigeria minister that Norway has been exporting stock fish to Nigeria since 1890s and that Norwegian seafood represents an important source of protein to many Nigerians.

Group Business Editor

Chika Amanze-Nwachuku AgriBusiness/Industry Editor

Crusoe Osagie

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (AgriBusiness)

NEWS

US Consulate Partners BOI, BOA, Others to Train 102 Entrepreneurs Ugo Aliogo The United States Consulate in Nigeria has partnered the Bank of Industry (BOI) Bank of Agriculture (BOA) and Diamond Bank to organise a two-day training programme for 102 entrepreneurs in Lagos. Speaking at the workshop on SME Financing organised by U.S. Consulate General, Lagos, for 102 emerging entrepreneurs in collaboration with a leading vocational and entrepreneurship training institute-the Field of Skills and Dreams (FSD), the Bank of Agriculture (BOA), Bank of Industry (BOI) and Diamond Bank, the Public Affairs Director, US Consulate Lagos, Darcy Zotter, said the training programme began in November 2016 and after the training they would be communicating with the young entrepreneurs to know their progress with these businesses. She said the focus was to ensure that, four months after the programme, the entrepreneurs would communicate with the consulate regarding how their progress of their businesses, and the challenges they are faced with, then the consulate would connect them in touch with their mentors, depending on what their specific problems are. Zotter added the goal was to help many of them become successful, noting that the public affairs department of the consulate doesn’t give out money for profit making businesses, but supports businesses through mentoring. In his remarks, the Group Head of Strategy and Corporate

Transformation Bank of Industry (BOI), Yinka Adegboye, said the BOI has been mentoring the candidates for long period, noting that their coming was aimed at providing some understanding for young entrepreneurs in terms of how they can access funds and partner with on how to grow their businesses. Adegboye who reacted to the issue of poor communication by the entrepreneurs from BOI, said the requirements were clearly specified, adding the institution doesn’t have challenges with communicating entrepreneurs and every

information about the BOI is on the institution website which everybody can access. He explained that the institution provides working capital funds, adding that after funding the equipment they can provide the entrepreneurs with funds to buy their raw materials because it is required to kickstart business. Adegboye added: “There is need for young entrepreneurs to build a culture of discipline. A lot of businesses don’t have discipline or integrity. We carry out training on how to develop business modules for

young entrepreneurs. We have a partnership agreement with over 200 Small Medium Scale Enterprise (SMEs) consultants to train and help these entrepreneurs on how to develop their business modules.” Also speaking at the event, the Zonal Manager Bank of Agriculture (BOA), Mrs. Folorunsho Idiat, said the bank is expecting to key into the initiative and find ways which BOA can empower them and allow them to access fund. She explained that in accessing funds, youths should improve on packaging, because it is very

COURTESY CALL

L-R: Executive Director, Sterling Bank Plc, Mr. Kayode Lawal; Chairman Aarti Steel Group Africa, Mr. H.C. Verma; Executive Director, Sterling Bank Plc, Mr. Grama Narasimhan and Business Executive, Corporate Banking Group, Mr. Adeoye Paul-Taiwo, during a courtesy call on the Bank by the Executive Management of Aarti Group in Lagos …recently

Stakeholders Accuse FG of Insensitivity to Technology Devt Emma Okonji Worried about the dearth of technology skills in the country, especially among the youths, stakeholders in the software industry have accused the federal government of not being proactive in supporting technology initiatives that would boost skills development in the country. The stakeholders, who spoke at the 2017 President’s Dinner of the Institute of Software Practitioners of Nigeria (ISPON), which held in Lagos at the weekend, said government had not commitment to Information Technology (IT) development in the country, despite several initiatives put forward by IT practitioners that needed government support and funding. Chairman of Interswitch, and Co-chairman of the 2017 ISPON President’s Dinner, Dr. Dotun Sulaimon, accused the federal government for the collapse of IDEA Hubs established in the country, that were designed to incubate technology startups in the area of software apps development. According to him, the federal government, through the former Minister of Communications Technology, Dr. Omobola

important in accessing credit and character is also a key factor, adding that if entrepreneurs don’t have a good character they cannot access credit. Idiat further noted that in accessing character at the BOA, there are individuals designated in handling such issue by examining the feasibility study of the entrepreneur, adding that after studying the feasibility the name of the entrepreneur is sent to the website to confirm the individuals’ true identity, in order to ensure that the individual is saying the truth.

Johnson, had established two IDEA Hubs in Lagos and Calabar, but explained that the centres collapsed after Johnson left office as minister in 2015. According to him, the Calabar centre packed up shortly after the minister left office, while the Lagos centre located in Yaba, eventually collapsed last week, as a result of the inability of the centres to pay salaries of its staff as well as vendors like MainOne that had been providing internet connectivity at the centres since they were established. The IDEA Hubs were established with the intention to train software developers among the youths who will in turn attract seed investors that may be willing to invest in some of the apps considered commercially viable. But few months into the establishment of the centres, the federal government withdrew its financial support, leaving the place to fend for itself, and they eventually collapsed. Sulaimon said government must match its words with action and that the idea of not giving full support to technology initiatives, would lead to further dearth of technology skills in the country. President of ISPON, Mr. Felix Olorogun James Emadoye, called on the federal govern-

ment to assist in supporting locally developed software from Nigeria and support local content development. “We must urgently embrace Software-Nigeria to change the tides and repackage our ways of life. The oil which has turned us to the proverbial prodigal son status of the old long Bible story, is fast depleting and countries that had patronised our oil in the past have turned their back on us. This calls for a change in our attitude and values,” Emadoye said. He further added that with particular reference to software, the federal government and Nigerians must be committed to support and patronise indigenous software developed in Nigeria and at the same time, promote local content in the country. Other stakeholders who saw the need for support of local content and local skills development in information technology, called for collaborative efforts from both the federal government and the stakeholders, in order to promote technology skills development in the country. The immediate past Deputy Governor of Delta State, Prof. Amos Utuama, commended ISPON for its initiatives and called for further collaboration between software practitioners and hardware device manufacturers.

NCAA to Sanction Airlines for Failure to Automate Payment System Chinedu Eze As the final deadline given to airlines to automate their payment system for the remittances of the statutory 5 percent ticket sales/cargo sales charge ends, the Nigerian Civil Aviation Authority (NCAA) has vowed to sanction airlines that did not meet the deadline. The Authority had shifted the January 31st, 2017 ultimatum to March ending at the instance of the Airlines Operators of Nigeria (AON) at their earlier meeting with the Director General, Capt. Muhtar Usman and his team at the Aviation House. The introduction of the Aviation Revenue Automation Project (ARAP) for revenue collection is to aid data integrity, transparency, transaction accountability, controls and revenue assurance to the Authority. The agency said with the expiration of this final warning, it is expected

that all airlines that are yet to adhere to the automation and remit collected revenue to NCAA should comply forthwith. NCAA said failure to comply will be viewed seriously as the Authority will be forced to invoke the necessary provisions of the law against defaulting airline. It explained that the 5 percent Ticket Sales Charge/Cargo Sales Charge, an Internally Generated Revenue (IGR) to NCAA and other agencies as enshrined in the Civil Aviation Act 2006 is not a tax or levy on the airlines, but a charge paid by passengers for services rendered towards the development of aviation industry in Nigeria. The agency said the decision to collect the charges by the airlines was mooted by the operators and unanimously agreed upon at the 2001 Civil Policy Review with the sole aim to enhance passengers’ facilitation.

T H I S D AY • MONDAY, APRIL 3, 2017

BUSINESSWORLD

MARKET REPORT

Equities Market Sheds 5.1% in First Quarter Goddy Egene and Nosa Alekhuogie The equities market rebounded last week as the Nigerian Stock Exchange (NSE) All-Share Index rose by 0.24 per cent to close at 25,516.34 due to bargain hunting by investors following some impressive corporate results. Some of the companies that reported their 2016 full year results announced dividends for investors, a development that bolstered confidence in the market. Consequently, the negative performance in the market the previous week was reversed last week. However, the 0.24 per cent was not enough to lift the market from decline in the first quarter. Consequently, the NSE ASI declined by 5.1 per cent in the Q1. Analysis of the market in the last week of the quarter showed that it gained two out of the five trading sessions. Daily Market performance Trading at nation’s stock market resumed on a positive note on Monday following investors’ reactions to some improved earnings results reported by companies. The NSE ASI appreciated 0.12 per cent to close at 25,485.17 as buy interest in Unilever Nigeria, United Bank for Africa (UBA) Plc and Stanbic IBTC Holdings Plc boosted the performance. The three companies had previous week released their audited results for the year ended December 31, 2016, showing improved bottom-lines. For instance, Stanbic IBTC’s profit after tax (PAT) jumped by 51 per cent to N28.5 billion, fromN18.9 billion in 2015. UBA grew its PAT by 21 per cent from N59.6 billion to N72.6 billion, while Unilever’s PAT soared by 157 per cent from N1.19 billion to N3.07 billion in 2016. Besides, the companies recommended dividends for their various shareholders. Apparently reacting to the improved performance, investors increased demand for the equities at the stock market, leading to growth in their prices. Unilever appreciated by 5.0 per cent, while UBA and Stanbic IBTC garnered 2.0 per cent and 1.6 per cent respectively. In all, 17 stocks advanced compared to 12 stocks that declined. However, Lafarge Africa Plc, which rode on the back of its 2016 results to gain 13 per cent the preceding week, began last week on bearish note as some investors moved in to lock in part of the gains. As a result, Lafarge Africa went down by 2.7 per cent and contributed to the fall in NSE Industrial Goods Index, which shed 1.1 per cent. All other sectors closed in the green led by the NSE Consumer Goods Index with 0.5 per cent on the back of gains in Seven-Up Bottling Company Plc (+5.3 per cent) and Unilever (+5.0 per cent). In the same vein, the NSE Insurance Index and NSE Banking Index appreciated by 0.2 per cent and 0.1 per cent in that order. The NSE Oil & Gas Index recorded a marginal gain of 0.01 per cent. The positive momentum could not sustain on Tuesday as the price decline suffered by the highest capitalised company in the market, Dangote Cement plc sent the market back to the bears’ territory. Consequently, the Nigerian Stock Exchange All-Share Index fell 0.31 per cent to close at 25, 406.72. However, the 1.8 per cent decline recorded by Dangote Cement contributed to the bearish close of the market. Ex-Dangote Cement, the index would have appreciated by 0.40 per cent. In all 22 stocks appreciated compared with 14 that shed value. Seplat Petroleum rode to the top of gainers chart with 10.2 per cent, trailed by Custodian and Allied Plc and International Breweries Plc that chalked

up 5 per cent apiece. Fidelity Bank Plc and Seven-Up Bottling Company went up by 3.9 per cent and 3.7 per cent respectively. Ecobank Transnational Incorporated and Law Union and Rock Insurance Plc led the losers with five per cent each. Total Nigeria trailed with 4.7 per cent, just as Livestock Feeds Plc and Continental Reinsurance Plc shed 4.4 and 4.3 per cent in that order. Investors traded 916 million shares worth N2.4 billion in 3,342 deals, with Niger Insurance Plc accounting for 724 million shares. In terms of sectoral performance, three indices gained while two declined. The NSE Oil & Gas Index led with 2.7 per cent as a result of price appreciation in Seplat (+10.3 per cent). Similarly, the NSE Banking and the NSE Consumer Goods Indices grew 0.7 per cent and 0.2 per cent on account of gains in GTBank (+1.7 per cent) and International Breweries Plc(+5.0 per cent) respectively. On the negative side, the NSE Industrial Goods Index declined the most, shedding 2.0 per cent on the back of losses in Lafarge (-2.6 per cent) and Dangote Cement (-1.5 per cent) while the NSE Insurance Index went down by 0.7 per cent. The equity market declined further on Wednesday, the NSE ASI fell by 0.55 per cent to close at 25,267.68 points. The depreciation recorded in the share prices of Unilever, FBN Holdings, Diamond Bank, Oando and Continental Reinsurance were mainly responsible for the loss. The total value of stocks traded was N2.62 billion, up by 8.42 per cent from N2.41 billion recorded the previous day. The total volume of stocks traded was 771.65 million in 2, 703 deals.

The most actively traded sectors were: Financial Services (296.44 million), Consumer Goods (32.82 million) and, Conglomerates (4.48 million) while the three most actively traded stocks were: Custodian and Allied (284.53 million), Continental Insurance (250.71 million) and Diamond Bank (127.27 million).

TOP TEN BROKERS(BY VALUE)

After two days of loses, the market recovered on Thursday with the NSE ASI appreciating by 1.05 per cent to close at 25,533.82, while market capitalisation rose to N8.84 trillion. Market turnover Meanwhile, investors traded 3.195

AS AT LAST FRIDAY

BROKER

VALUE % VALUE

CORDROS SECURITIES LIMITED - BRD

180,588,376,908.70

691.52

STANBIC IBTC STOCKBROKERS LIMITED

7,737,788,890.58

29.63

FBN SECURITIES LIMITED MERISTEMSTOCKBROKERSLIMITED

3,431,510,605.87 2,092,468,617.02

13.14 8.01

A.R.M SECURITIES LIMITED - BRD

1,946,725,549.41

7.45

RENCAP SECURITIES (NIG) LIMITED

1,886,983,914.51

7.23

FUNDVINE CAPITAL & SECURITIES LIMITED

1,054,696,791.22

4.04

IMPERIAL ASSET MANAGERS LIMITED -BRD

948,388,631.73

3.63

APTSECURITIESANDFUNDS-BRD

792,698,158.02

3.04

766,489,301.99 201,246,127,369.05

2.94 770.62

CSL STOCKBROKERS LIMITED

TOP TEN BROKERS

(BY VOLUME)

AS LAST FRIDAY VOLUME

%VOLUME

FUNDVINE CAPITAL & SECURITIES LIMITED

1,469,643,267

37.74

IMPERIAL ASSET MANAGERS LIMITED -BRD

1,016,345,845

26.10

RENCAP SECURITIES (NIG) LIMITED

639,174,565

16.42

MERISTEM STOCKBROKERS LIMITED CORDROS SECURITIES LIMITED - BRD

629,881,760 488,134,532

16.18 12.54

STANBIC IBTC STOCKBROKERS LIMITED

248,856,433

6.39

A.R.M SECURITIES LIMITED - BRD

222,279,542

5.71

CARDINALSTONE SECURITIES LIMITED

147,455,933

3.79

CSL STOCKBROKERS LIMITED

140,568,626

3.61

FBN SECURITIES LIMITED

133,872,370

3.44

5,136,212,873

131.91

BROKER

billion shares worth N104.217 billion in 14,674 deals last week un from 1.309 billion shares valued at N10.323 billion that exchanged hands in 13,042 deals the previous week. The Financial Services Industry remained the most active in volume terms recording 2.784 billion shares valued at N7.932 billion traded in 9,129 deals; thus contributing 87.12 per cent and 7.61 per cent to the total equity turnover volume and value respectively. The Oil and Gas Industry followed with 233.982 million shares worth N92.545 billion in 1,410 deals. The third place was occupied by Consumer Goods Industry with a turnover of 80.623 million shares worth N1.957 billion in 2,138 deals. Also traded during the week were a total of 52,885 units of Exchange Traded Products (ETPs) valued at N425,464.25 executed in 19 deals compared with a total of 11,585 units valued at N144,678.50 transacted the preceding week in five deals. Similarly, a total of 2,870 units of Federal Government Bonds valued at N2.638million were traded this week in seven deals, compared with a total of 18,144 units valued at N17.555 million transacted the previous week in 12 deals. Price Gainers and Losers A look at the price movement chart showed that 36 equities appreciated in price higher than the 16 equities of the previous week, while 24 equities depreciated in price, lower compared with 35 equities of the previous week. Newrest ASL Nigeria Plc led the price gainers with 14.8 per cent, trailed by Cadbury Nigeria Plc which shed 11.7 per cent. Seplat Petroleum Development Company Plc added 10.2 per cent, just as Transcorp Hotels Plc and Seven-Up Bottling Company Plc appreciated by 10 per cent and 9.2 per cent respectively. Trans-Nationwide Express Plc garnered 8.7 per cent, while Unilever Nigeria Plc and United Bank for Africa Plc chalked up 8.3 per cent and 7.1 per cent in that order. International Breweries Plc and Forte Oil Plc went up by 6.6 per cent and 6.2 per cent respectively. Conversely, Livestock Feeds Plc led the bears with 16.9 per cent trailed by UACN Property Development Company Plc with 6.3 per cent. Guaranty Trust Bank Plc and Ecobank Transnational Incorporated shed 6.0 per cent and 5.2 per cent in that order. Other top price losers were: Law Union and Rock Insurance Plc, May & Baker Nigeria Plc (5.0 per cent apiece). Cement Company of Northern Nigeria Plc (4.8 per cent), Jaiz Bank Plc (4.7 per cent), Unity Bank Plc (4.4 per cent) and Transcorp Plc (4.0 per cent).

T H I S D AY • MONDAY, APRIL 3, 2017

BUSINESSWORLD

INSIDE BROAD STREET management of companies; professional, scientific, & technical services; information & communication; wholesale/retail trade; utilities; real estate, rental & leasing; repair, maintenance/washing of motor vehicles; accommodation & food services; and arts, entertainment & recreation. The water supply, sewage & waste management sub-sector remained unchanged, while the remaining seven sub-sectors recorded growth in the order: public administration; electricity, gas, steam & air conditioning supply; finance & insurance; agriculture; educational services; health care & social assistance; and transportation & warehousing.

A view of Lagos financial district

AKINWUNMI IBRAHIM

Nigeria’s Manufacturing Index Sustains Decline Obinna Chima The Manufacturing Purchasing Managers’ Index (PMI) stood at 47.7 index points in March 2017, indicating decline in the manufacturing sector for the third consecutive month, but at a slower rate. The PMI reflects the economic health of the manufacturing sector. The PMI is based on five major indicators: new orders, inventory levels, production, supplier deliveries and the employment environment. According to the latest PMI report for March, posted on the Central Bank of Nigeria’s (CBN) website, 13 of the 16 sub-sectors reported declines in the review month in the following order: primary metal; transportation equipment; plastics and rubber products; electrical equipment; paper products; printing and related support activities; petroleum and coal products; non-metallic mineral products; furniture and related products; cement; fabricated metal products; computer and electronic products; and chemical and pharmaceutical products. However, the appliances and components; food, beverage and tobacco products; and textile, apparel, leather as well as footwear sub sectors reported expansion in the review period. But the production level index for manufacturing sector expanded in March 2017. The index at 50.8 points indicated an expansion in production level as compared to contraction in the previous month. Seven manufacturing sub-sectors recorded increase in production level during the review month in the following order: appliances & components; petroleum & coal products; textile, apparel, leather & footwear; food, beverage & tobacco products; cement; computer & electronic products; and furniture & related products. The non-metallic mineral products sub-sector remained unchanged, while the primary metal; transportation equipment; electrical equipment; plastics & rubber products; paper products; chemical & pharmaceutical products; printing & related support activities; and fabricated metal products recorded declines in production in March 2017. At 45.6 points, the index declined for the third consecutive month but at a slower rate when compared to the level achieved in February 2017. Twelve sub-sectors recorded declines in the following order: primary metal; plastics & rubber products; petroleum & coal products; printing & related support activities; electrical equipment; transportation equipment; computer & electronic products; paper products; fabricated

MARKET INDICATOR

CBN Governor, Godwin Emefiele metal products; furniture & related products; cement; and non-metallic mineral products. The remaining four sub-sectors grew in the following order: appliances & components; food, beverage & tobacco products; textile, apparel, leather & footwear; and chemical & pharmaceutical products. Similarly, at 51.3 index points, the supplier delivery time index for the manufacturing sub-sectors improved in March 2017. Nine sub-sectors recorded improved suppliers’ delivery time in the following order: computer & electronic products; electrical equipment; paper products; plastics & rubber products; chemical & pharmaceutical products; primary metal; printing & related support activities; food, beverage & tobacco products; and fabricated metal products. The appliances & components; petroleum & coal products; and transportation equipment sub-sector remained unchanged, while the cement; textile, apparel, leather & footwear; furniture & related products; and nonmetallic mineral products sub-sectors recorded declines in delivery time in March 2017. Employment level index in March 2017 stood at 43.6 points, indicating a decline in employment level for 25 consecutive months. However, the index declined at a slower rate when compared with the level in the preceding

month. Of the 16 sub-sectors, 15 recorded declines in the following order: electrical equipment; primary metal; petroleum & coal products; transportation equipment; non-metallic mineral products; cement; chemical & pharmaceutical products; paper products; furniture & related products; plastics & rubber products; computer & electronic products; fabricated metal products; textile, apparel, leather & footwear; printing & related support activities; and food, beverage & tobacco products. The appliances & components sub-sector recorded growth during the review period. In the same vein, at 49.1 points, the raw materials inventory index declined for the third consecutive months. Of the 16 sub-sectors, nine recorded declines in raw materials inventories in the order: paper products; plastics & rubber products; non-metallic mineral products; computer & electronic products; printing & related support activities; petroleum & coal products; electrical equipment; furniture & related products; and chemical & pharmaceutical products. The cement and primary metal sub-sectors remained unchanged, while the remaining five sub-sectors recorded increase in inventories in the order: transportation equipment; appliances & components; textile, apparel, leather & footwear; food, beverage & tobacco products; and fabricated metal products. The composite PMI for the non-manufacturing sector declined for the 16 consecutive months. The index stood at 47.1 points, indicating a slower decline when compared to the 44.5 points in February 2017. Of the 18 non-manufacturing sub-sectors, 11 recorded declines in the following order: construction; professional, scientific, & technical services; real estate, rental & leasing; management of companies; repair, maintenance/ washing of motor vehicles; accommodation & food services; wholesale/retail trade; arts, entertainment & recreation; information & communication; utilities; and health care & social assistance. The remaining seven subsectors: public administration; educational services; agriculture; water supply, sewage & waste management; electricity, gas, steam & air conditioning supply; transportation & warehousing; and finance & insurance reported growth in the review month. The business activity index stood at 49.8 points in March 2017, from its level of 45.4 points in February 2017. At 46.4 points, the new orders index declined for the 15 consecutive months in March 2017, but at a slower rate. Of the 18 sub-sectors, 10 declined in the following order: construction;

Money Market Weekly Review Money market rates last week traded within a band of 12.2 per cent and 13 per cent. The week opened with system liquidity of N13.9 billion as money market rates –open buy back (OBB) and overnight rates settled at 12.7 per cent apiece owing to CBN’s open market operations (OMO) mop ups and special market interventions. The central bank in a bid to squeeze excess liquidity from the system conducted OMO auctions on all trading days of the week save for Wednesday. An OMO maturity worth N51.5 billion hit the system on Thursday; however, the impact was offset by the OMO sales conducted that same day bringing system liquidity to N92.1 billion. Also, this week, there will be maturing treasury bills of N35 billion, N33.5 billion and N166.4 billion for the 91-day, 182-day and 364-day tenors respectively as well as rollovers of the same amounts. Forex Market Review After sustaining intervention in the currency market to achieve a convergence between official and unofficial rates, the CBN issued a directive to banks last week to sell forex for BTA, PTA, School and medical fees to retail users at N360/$1, from the N375/$1 it sold in the preceding week. The central bank sold to banks at N357/$1 while Bureaux de Change (BDCs) who are to sell to end-users at N362/$1 were sold to at N360/$1. A sum of $100 million wholesale forward intervention was offered and fully allotted to banks last Monday while another $100 million was offered to wholesale dealers last Thursday. But the exchange rate on the parallel market which had appreciated earlier in the week to N375/$1 on Tuesday, weakened to N390/$1 last Friday. In furtherance of its determination to sustain liquidity in the FX market, the CBN last Thursday announced its decision to commence bi-weekly FX sales to licenced BDCs operators from today. Sales amount to BDCs will also be increased to $10,000 (US$5,000/bid) at a new rate that will be announced today. Licenced BDCs are to fund their accounts on Mondays and Wednesdays while they receive their purchases on Tuesdays and Thursdays respectively. “In line with the above, we expect market rates to continue to appreciate until the CBN attains a market reopening rate,” analysts at Afrinvest stated. Nevertheless, the CBN at the weekend disclosed that it had received reports that some customers seeking to buy forex for BTA, PTA, medical and school fees were being frustrated by some banks with the false claim that the CBN is not allocating enough forex for such invisible items. The central bank, which made the accusation in a statement by its acting Director, Corporate Communications, Mr. Isaac Okorafor, titled: “There is Adequate Forex for PTA, BTA, Tuition & Medical Fees,” said such claim by the banks was totally untrue. According to the CBN, all banks have more than enough stock of forex in their possession for the purpose of meeting genuine customers’ demand for BTA, PTA, tuition and medical fees. “Indeed, on a weekly basis, the CBN has been selling at least $80 million to banks for onward sale to their customers for these invisible items. “Members of the public seeking to buy forex for the above-mentioned purposes are, therefore, advised to go to their banks and obtain their forex,” it added. It urged any customer that is not attended to within 24 hours for BTA/PTA or 48 hours for tuition and medical fees should call a dedicated number or send an email to the Consumer Protection Department of the CBN, with the name and branch of the non-cooperating bank. “Furthermore, no customer should accept to buy forex from any bank at more than the currently prescribed rate of N360/$1,” it added

T H I S D AY • MONDAY, APRIL 3, 2017

BUSINESSWORLD

APPOINTMENT / AWARDS

NPA MD Bags Award, Vows to Work Harder The Managing Director of Nigerian Ports Authority (NPA), Hadiza Bala Usman has called on the Media to partner the NPA management to convey some of its programmes effectively to the public. She also charged the Media to always cross check their facts before publishing to reduce contrary stories. She stated this while receiving a platinum award bestowed on her by Portgist on TV “as the trail blazer of the Maritime Industry” in her office in Lagos. Usman said she believes in hard work first while awards should come after service, stressing that she operates open door

policy at all times. Bala Usman asserted that she has learnt so much within her short spell in the Port Industry She added: “Collectively we are stronger, this industry is ours and Nigeria is our country therefore the success of the industry is for the betterment of all of us.” Usman admonished maritime journalists to embrace an investigative approach in their profession stating that misinformation would not pay premium to the sector. Thus, she called on the Journalists to collaborate the NPA Management in a holistic effort to ensure

the sector is positioned as a major player in the sub-region and beyond. In his contribution, Chairman Port Consultative Council (PCC), Kunle Folarin, eulogised the NPA boss, describing her as one who has developed into a professional of repute deserving of accolades. The PCC Chairman urged the MD to continue her sacrifice and due-diligence as stakeholders are only but appreciative of her efforts. On his part, Executive Director Marine and Operations, NPA, Dr. Sekonte Davies said that it is gratifying sharing in the glory of his boss assuring that she has

indeed brought enduring changes to the Port Industry. Earlier, the Executive Producer/Editor-in-Chief of Portgist on TV, Dr. Kayode Farinto said the Managing Director of NPA is a trail blazer who deserves to be celebrated especially when her rich pedigree is put into consideration, affirming the saying “whatever a man can do, a woman can do better.” Farinto added that what the MD achieved would better be appreciated considering the geographical zone she came from concluding that it was high time we respected and celebrated our women.

LUCKY WINNER

R-L: Group Head, Market Intelligence and Analytics of Heritage Bank Plc, Cynthia Erigbouem; Prize winner of Happy Days Promo, Segun Akinsola; Executive Officer of Consumer Protection Council (CPC), Onifade Abideen; Experience Centre Manager, Allen Ikeja, Aderonke Famoroti; Team Lead, Market Strategy, Ifeanyi Mofunanya at the presentation of a 40-inch LED flat screen TV to one of the lucky winners of the December 2016/January 2017 Happy Days Promo draws in Lagos…recently

BCI Boss, Olugbodi Becomes Fellow of IIM Africa In recognition of his expertise and pioneering role in professional background check in Nigeria and West Africa, a leading African background check expert and Managing Director of Background Check International (BCI), Mr. Kola Olugbodi, has been made a fellow of Institute of Information Management (IIM) in Africa. In a statement signed by the Registrar of the institute, Mr. Musa Zubairu, the institute reckons with the towering status of Olugbodi in the practice of background check in Nigeria and beyond. The fellowship is also awarded to professionals who have distinguished themselves in their chosen field of human endeavor According to him, the institute of Information Management (IIM) is a professional driven institute, developed to serve the growing community of Data, Information, records, document and archives management professionals who are tasked with managing the dynamic information life cycle within the enterprise. Its goal is to provide members with objective insights and guidance on their career path and technology options. Olugbodi pioneered professional background check in

Nigeria with the setting up of Background Check International (BCI) in 1995. Prior to setting up BCI, he had he worked as Population Statistician with the National Population Commission (NPC) and subsequently worked with North South Bank (NSB). Upon his exit from North South Bank (NSB) in 1992, he became the CEO of Josh Cyrus, a Human Resource and Outsourcing Organisation. True to his pioneering spirit, he again exited Josh Cyrus to be become the pioneer CEO of Background Check International (BCI), the first and pioneering background check organisation in Nigeria and West Africa in 2004. A specialised security solution company, BCI specialises in full service Background Check, Corporate Due Diligence, Risk Management, address confirmation, Claims Verification, Employment Background Check, Vital Documents Verification, Business Intelligence Services and Consultancy Services. Olugbodi is the chairman, Board of Trustees of the Assocation of African Professional Backgroung Screeners and belongs to many other specialised professional bodies.

Voice IT Wins 48-hour African Fintech Hackathon Voice IT start-up has emerged winner of Africa Fintech Foundry (AFF) 48-hour Recode Nigeria hackathon sponsored by Access Bank. The bouquet of prizes the winning team received include N1.5 million cash from Access Bank, one year access to IBM Bluemix artificial intelligence platform worth over N10 million, one year access to Microsoft BizSpark developer toolkit worth over N6 million plus mentoring from the AFF team. To win these prizes, Voice IT designed an Android application that helps temporarily or permanently disabled bank customers to carry out transaction with the aid of a natural voice interface with artificial intelligence. Packaged to address challenges of customer experience and value creation opportunities beyond payment in Africa, the competition received 18 teams and 70 participants who are developers, start-ups and fintechs. The objective was to develop innovation that could help shape the future of banking. Speaking at the event, Group Managing Director and CEO of Access Bank, Herbert Wigwe, commended the contestants for their resilience, saying that, “Access Bank is the first Nigerian bank to fully support the

hosting of a fintech hackathon. We are committed to giving our customers the best value and to supporting the fintech community in Nigeria”. AFF spokesperson, Victor Okigbo said the participants were subjected to 48-hour intense burst of ideation and execution with teams of bankers and programmers co-creating working prototypes and experimenting with innovative customer-centric approaches to old challenges. “The message to investors, analysts and the public is that Nigerian banks can lead financial technology ecosystem to secure future growth while creating real value for stakeholders”, he added. Okigbo informed that handson solutions and APIs from IBM’s Bluemix artificial intelligence platform, Microsoft’s Azure cloud computing infrastructure and Access Bank’s digital financial services platform were available to the teams of ethical hackers. Entrepreneur-in-Residence for AFF, Olugbenga Agboola, stated that the gesture demonstrated how the bank has shifted its focus to innovation for the benefit of their customers, adding that “Nigerian financial services can be reshaped by leading the way with technology and creating the next generation solutions.”

African Alliance Rewards Hardworking Personnel African Alliance Insurance Plc, recently rewarded hard work among its agency managers through presentation of fabulous prizes to agents who recorded outstanding performances in insurance distribution in different parts of the country in 2016. The company, did this at the 2016 edition of its annual Agency Managers’ award organised in Lagos. Addressing the agents, African Alliance immediate past Managing Director, Alphonse Okpor, said the annual award was instituted to motivate hard work and achievements among insurance sellers and encourage them to work harder. Describing the year 2016 as a tough year, Okpor said though the agents could not meet the target set for them, the company decided to celebrate their effort through the award to motivate them to work harder in the current year 2017. He challenged the company’s agents who have not won any award since inception to work hard so as to be celebrated like their counterparts. He was optimistic that insurance sector cannot be affected by the prevailing recession in the economy insisting that even if it is only one sector of the economy that is doing well, the agents should be aggressive enough to sell insurance to the sector to enable it protect its assets. He said before now, one of the problems of insurance industry in Nigeria was non -payment of claims but that African Alliance has emerged one of the

companies that revolutionalised the industry through prompt payment of claims. Also speaking, General Manager Marketing of the of the company, Ikechukwu Emezi, said through the annual Agency Managers’ award, African Alliance has made it part of its culture to celebrate those who brought glory to the company. He said the company during the celebrated year 2016, tried to introduce a number of innovations into the system but could not achieve much because of budget. He disclosed that the company, did wonderfully well in its Annuity business during the year but that the unprecedented problem that arose during the course of the year between NAICOM and PenCom, the two regulatory agencies of government overseeing the activities of insurance Managers and pension fund administrators brought a major setback in their activities. Emezi, was optimistic that the problem will be resolved soon believing that when resolved, life insurance business managers will fly higher. At the award ceremony, Mrs. Yinka Fadipe emerged the first and best agent in marketing and selling of Annuity in 2016 having generated N1.383billion premium. Similarly, Rev Sylvester Onu, was another outstanding agency manager of the company having carried trophy three consecutive times for outstanding performance in insurance marketing for the company.

Rack Centre Makes Final List in UK Data Centre Awards Rack Centre, Africa’s premium data centre operator has made the final list in two categories in the internationally acclaimed Data Centre Solutions (DCS) awards in the UK. The Tier 111 Data Centre solution providers, became the only African based Data Centre provider to be finalist in the award’s seven years of existence. Rack Centre, which is located in Lagos, was nominated in the hotly contested category ‘Consolidation/Upgrade/ Refresh Project of the Year’ and the highly coveted ‘Data Centre Hosting /Colocation Supplier of the Year’ category with other respected providers in the global data centre colocation field. Managing Director, Rack Centre, Mr. Ayotunde Coker, while commenting on the nominations, said: “We are honoured to be finalist, keeping excellent company with other respected players as Equinix the global data centre colocation provider and other leaders in the data centre field from United Kingdom, United States of America, Canada and Sweden. Rack Centre is world class and operates at international quality standards. Rack Centre was nominated after an initial judging process by international industry experts, this is an affirmation of Rack Centre’s global recognition.” The DCS awards are designed

to reward product designers, manufacturers, suppliers and providers operating in Data Centre area. Rack Centre has been recipient of various awards, both local and international and in 2015 was the first African based Data Centre to win a category in the highly-coveted Data Centre Dynamics, EMEA Awards and finalist in an unprecedented four different categories over three consecutive years. The DCS award creates the opportunity to showcase Nigeria and Africa in a strategic and hotly contested international award, said Coker, and “therefore a vote for Rack Centre creates an opportunity for an African based Data Centre to be a winner.” Voting has commenced, closes on 28 April 2017 and is open for all, using a business email and address. Emaildomain names such as Gmail, Hotmail, Yahoo, are not accepted for voting. To vote for Rack Centre, stakeholders are advised to log on to http://www.dcsawards. com/ Rack Centre is the state-of-theart, Tier III Data Centre, offering carrier-neutral colocation services. It is the most connected in West Africa with all major carriers and Internet Service Providers (ISPs) in the country and direct connection to all undersea cables serving the South Atlantic Coast of Africa.

T H I S D AY MONDAY APRIL 3, 2017

The Independent National Electoral Commission (INEC) hereby informs the general public that the Stakeholder Validation Conference on 2017-2021 INEC Strategic Plan will be held as follows:

Date:

Tuesday, April 4, 2017

Venue:

Congress Hall, Transcorp Hilton, Abuja.

Time:

8.00 a.m.

Attendance is strictly by invitation, please.

Signed

Secretary Independent National Electoral Commission

INEC: Making your votes countâ&#x20AC;Ś. Consolidating our Democracy

T H I S D AY MONDAY APRIL 3, 2017

Offer for Subscription

DEBT MANAGEMENT OFFICE NIGERIA

Pursuant to the Debt Management Office (Establishment) Act 2003 and the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004

DEBT MANAGEMENT OFFICE on behalf of the

FEDERAL GOVERNMENT OF NIGERIA Offers for Subscription and is authorized to receive applications for the

Federal Government of Nigeria

Savings Bond

at the following interest rates

2-Year FGN Savings Bond due April 12, 2019: 12.794%

3-Year FGN Savings Bond due April 12, 2020: 13.794% Opening Date: Closing Date: Settlement Date:

April 3, 2017 April 7, 2017 April 12, 2017

SUMMARY OF THE OFFER

ISSUER: Federal Government of Nigeria (“FGN”) UNITS OF SALE: N1,000 per unit subject to a minimum Subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50,000,000. INTEREST PAYMENT: Payable Quarterly REDEMPTION: Bullet repayment on the maturity date

STATUS: 1. Qualifies as securities in which trustees can invest under the Trustee Investment Act. 2. Qualifies as Government securities within the meaning of Company Income Tax Act (“CITA”) and Personal Income Tax Act (“PITA”) for Tax Exemption for Pension Funds, amongst other investors. 3. Listed on The Nigerian Stock Exchange. 4. Qualifies as a liquid asset for liquidity ratio calculation for banks. SECURITY: Backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria.

INTERESTED INVESTORS SHOULD CONTACT THE STOCKBROKING FIRMS APPOINTED AS DISTRIBUTION AGENTS BY THE DEBT MANAGEMENT OFFICE. PLEASE VISIT www.dmo.gov.ng FOR THE LIST OF DISTRIBUTION AGENTS.

T H I S D AY MONDAY APRIL 3, 2017

MONDAY, APRIL 3, 2017 • T H I S D AY

BUSINESS/MONEYGUIDE

CBN Urged to Relax Regulations in Banking Sector Ugo Aliogo and Gloria Onoja Some operators of businesses in the country have appealed to the Central Bank of Nigeria (CBN) to relax some of its regulations in the banking sector. They also stressed the need to bring stakeholders together in order to understand their challenges. Speaking at the ‘Meeting of Minds,’ with the theme: “What Nigeria banks should do differently,” organised by BRANDish, a media outfit, the Chief Executive Officer, Proshare Nigeria Limited, Femi Awoyemi, said the central bank should review regulations that are affecting operators in the banking sector negatively. He noted that in India, emphasis is always placed on improving the ease of doing business, which he said the CBN should also adopt.

He also called on the CBN to intensify efforts to improving cyber security in the sector, by putting measures in place to work with the Nigerian Communications Commission (NCC) to find out ways of improving mobile payment. “When people begin to do business within themselves such as business to business, business to consumers, consumers to consumer, then changes would have to occur. “The CBN should investigate and research, look at all the issues surrounding these things and begin to create a path,” he noted. Awoyemi explained that regulation normally lags behind business practices, therefore when business moves forward, then regulation comes behind. According to him, regulations usually anticipate what would likely happen. In her remarks, the President

of Consumer Advocacy Forum of Nigeria (AFON) Ms. Sola Salako, stated the need for banks to provide more support to micro, small and medium scale enterprises (MSMEs) in the country. Salako added banking is based on trust, arguing that such trust seems to have been completely eroded in the industry. “We need the banks to rebuild the trust. If we are going to grow an economy that everyone can be confident about, it cannot be only about the satisfaction of the bank. The banks are not acting like corporate citizens of Nigeria. “In most developed countries, the banks help the local community where they operate. The local banks give out sponsorships and scholarship as a form of Corporate Social Responsibility (CSR). But we don’t see or get any in Nigeria,” she opined.

Fidelity Bank Sensitises Exporters As part of efforts aimed at boosting exports in Nigeria, Fidelity Bank Plc recently collaborated with the Nigerian Export Promotion Council (NEPC) and Ghanaian based West African Trade and Investment (WATI) HUB to organise an African Growth and Opportunity Act (AGOA) workshop for leather and garment cluster businesses in the South-eastern part of the country. The two-day event with the theme: “Taking the Advantage of Export Opportunities to the United States under AGOA,” took place in Aba. The event featured miniexhibition by the manufacturers of the leather and garment goods.

General Manager, Managed SMEs Division, Fidelity Bank, Mr. Ken Opara who represented the Fidelity Bank CEO, Mr. Nnamdi Okonkwo, told the participants at the workshop that it was the desire of the bank to give the entrepreneurs the needed exposure to the local and international market. “It’s important to key into the incentive scheme of AGOA – an incentive scheme that the American government put in place to support export of African products into American market. “AGOA guarantees duty-free exports, but our people are not fully aware of the compliance levels needed for them to take advantage these incentives,” he was quoted to have said in a

statement. He also explained that Fidelity Bank wants manufacturers in the Aba cluster to generate the needed foreign exchange of their own. He maintained that Aba, being one of the commercial nerve centres in the country, was pivotal to the diversification of the Nigerian economy to non-oil sectors. “We are using this platform to provide them all that they need to know to secure loans to be able to drive businesses in order to participate in the AGOA scheme. “As a bank, we are with them all the way from capacity building to access to funding, including equipment finance where necessary,” he stated.

Rosabon Empowers SMEs Nume Ekeghe Rosabon Financial Services, a financial services provider, has launched Rosabon Emerging Enterprise Fund (REEF) to empower the small and medium scale enterprises (SMEs) in Nigeria. REEF aims to empower SMEs by providing them the opportunity to gather adequate business knowledge which can be used to boost their revenue and profitability in the long run. Rosabon seeks to provide free access to quarterly SME seminars, networking opportunities as well as access to business loans for these SMEs.

Launched recently as one of Rosabon’s development programmes for SMEs, the product helps SMEs expand and remain profitable while ensuring that they have adequate funds set aside for other long or short term financial goals. Asides this, REEF allows business owners to make investments against which they earn highly competitive returns whilst being able to access a certain percentage in business loan of their invested sum. Simply put, rather than plough all their profits back into the business, SME owners can use the high returns on their investment for working capital

needs and business expansion. REEF also provides other benefits such as competitive interest on investment, Free publicity of SMEs business on Rosabon website and other platforms etc. Through REEF, SMEs can earn interest on investment and collect same upfront to fund working capital needs. Speaking on the solution, Marketing Communications Manager, Rosabon Financial Services, Mrs. Kehinde Ruth Onasoga, said: “It does not take a finance degree to know that the desire of every business owner is to continuously expand and mark profitability. “

Unity Bank Partners Nigeria Immigration Unity Bank Plc has officially handed over to the Nigeria Immigration Service (NIS) the reception facility of the NIS, Festac Town, Lagos, which it renovated. The bank explained at a ceremony recently, that it embarked on the project as part of its corporate social responsibility (CSR). The Managing Director of the bank, Mrs. Tomi Somefun, who was represented at the event by the bank’s Executive Director South-south and South-east, Temisan Tuedor, expressed optimism that the refurbished

facility would further enhance the operations of the NIS. “Thus, the Unity Bank’s CSR is our own sense of responsibility towards the community and environment in which we operate and express our citizenship. “The bank is committed to the promotion of socio-economic development of the states in which we operate and shall contribute to the improvement of such communities,” the bank CEO added. She commended the management of the NIS, particularly, officers in-charge of the Festac

NIS for their co-operation. “Unity Bank has strategic business objectives that are anchored on agriculture, retail/ SME and rural economy and these objectives are driven to support our customers and create success stories,” she added. According to her, the bank is currently implementing initiatives that would enable it develop strong retail franchise. In his response, the Assistant Comptroller, Zone A, NIS, I.Y. Ahmad commended the bank and called on other financial institutions to also support the bank.

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

DECEMBER 2016 Broad Money (M2)

23,840,392.42

-- Narrow Money (M1)

11,520,166.67

---- Currency Outside Banks

1,820,415.90

---- Demand Deposits

9,699,750.76

-- Quasi Money

12,320,225.75

Net Foreign Assets (NFA)

9,353,504.03

Net Domestic Assets(NDA)

14,486,888.39

-- Net Domestic Credit (NDC)

26,970,297.97

---- Credit to Government (Net)

4,595,579.89

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

7,436,917.79

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

-2,841,337.90

---- Credit to Private Sector (CPS)

22,374,718.08

--Other Assets Net

-12,483,409.58

Reserve Money (Base Money)

5,837,322.41

--Currency in Circulation

2,179,174.28

--Banks Reserves

3,318,344.71 • Source - CBN

MANAGED FUNDS Month

December 2016

Inter-Bank Call Rate

10.39

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

14.00

Treasury Bill Rate

13.96

Savings Deposit Rate

4.18

1 Month Deposit Rate

8.53

3 Months Deposit Rate

8.80

6 Months Deposit Rate

10.23

12 Months Deposit Rate

10.76

Prime Lending rate

17.09

Maximum Lending Rate

28.55 • Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE AS AT 30 MARCH 2017 he price of OPEC basket of thirteen crudes stood at $50.20 a barrel on Thursday, compared with $49.54 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna

MONDAY, APRIL 3, 2017 • T H I S D AY

MARKET NEWS

Union Bank Records Marginal Profits Rise for 2016 Goddy Egene and Nosa Alekhuogie Union Bank of Nigeria (UBN) Plc last Friday reported a profit before tax of N15.7 billion for the year ended December 31, 2016, showing a marginal growth of seven per cent compared with N14.9 billion posted in 2015. The profit was made from gross

earnings of N126.6 billion in 2016, which is eight per cent above the N117.2 billion in 2015. UBN posted net interest income of N65 billion, up from N55.7 billion, while credit impairment charges jumped 67 per cent from N9.9 billion to N16.6 billion. Operating expenses rose by seven per cent to N62 billion, as against N57.9 billion the previous year.

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

DEALS

MARKET PRICE

PBT stood at N15.7 billion, compared with N14.9 billion, just as profit after tax (PAT) grew by eight per cent from N14.3 billion to N15.4 billion in 2016. A further breakdown of the performance indicators gross loans rode on the back of the impact of devaluation on foreign currency loans to hit N535.8 billion, up by 38 per cent from

N I G E R I A N QUANTITY TRADED

VALUE TRADED ( N )

No. of Deals 1 1 2 2 2

Current Price 98.7 135

Quantity Traded 105 100 205 205 205

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

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

Current Price 44.18 46

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

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

Current Price 0.78

No. of Deals 1 1 4 56 48 110 110

Current Price 0.78 0.66 3.77 0.78 15.1

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

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

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

Current Price 4.79

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

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

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

Current Price 0.5

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

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

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

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

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

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

Current Price 34.83 Current Price 2.12

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

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

N388.8 billion in 2015. Customers’ deposits grew by 11 per cent from N569.1 billion to N633.8 billion, while shareholders’ funds appreciated by eight per cent to settle at N251.3 billion, from N233.5 billion in 2015. UBN ended the year with total assets of 1.124 trillion, showing an increase of 12 per cent, compared with N1.001 trillion in 2015.

STO C K

Speaking on the results, Managing Director of UBN, Mr. Emeka Emuwa said: “In 2016, we focused on executing our priorities across the different business segments, especially in the retail space, with an aggressive strategy to increase adoption of our alternate channels. Our success in this area, along with improved core interest earn-

ings, contributed to pre-tax profit growth of six per cent, compared to 2015.” According to him, their research led to product development strategy, coupled with an upskilled sales force and targeted marketing campaigns, propelled their customer deposit base by 15 per cent, compared to 2015, and a 73 per cent increase in new-to-bank customers.

E XC H A N G E

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

DEALS

MARKET PRICE

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

Current Price 0.5

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

Current Price 1.3

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

Current Price 11.25 6.08 29.6 4.28 0.87 42

Current Price 1.01 14.75 1 0.66 1.95

Current Price 0.5

Current Price 1.45 Current Price 36.45 9.69

QUANTITY TRADED

VALUE TRADED ( N)

87,962,909

649,506,329.59

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

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

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

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

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

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

No. of Deals 1 1 1

Current Price 9.75

Quantity Traded 2,000 2,000 2,000

Value Traded 18,540.00 18,540.00 18,540.00

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

Current Price 0.5

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

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

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

Current Price 0.5

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

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

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

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

No. of Deals 1 1 1 1

Current Price 0.9

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

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

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

Current Price 15.01

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

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

No. of Deals 10 10 10 429 4,216

Current Price 169

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

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

Current Price 3.2

T H I S D AY • MONDAY, APRIL 3, 2017

MARKET NEWS

NIPCO Completes Acquisition of Mobil Oil Nigeria Plc Goddy Egene NIPCO Investments Limited (NIPCO), a wholly owned subsidiary of NIPCO Plc, has completed the acquisition of ExxonMobil Oil Corporation’s stake in Mobil Oil Nigeria Plc, in a deal worth N90 billion. NIPCO had executed a Sales and Purchase Agreement with ExxonMobil on Monday 17th October, 2016 for the acquisition of the 216,357,157 shares. The process of consummating the deal has been on since then. However, the deal was concluded last week following the crossing of

shares to NIPCO on the floor of the Nigerian Stock Exchange (NSE). The Securities and Exchange Commission (SEC) and NSE have approved the transanction. Cordros Securities Limited acted as the execution stockbroker to both ExxonMobil Oil Corporation and NIPCO Investments Limited for this transaction. Market operators sad NIPCO’s acquisition of the majority stake in Mobil will serve as a significant breakthrough, which could bolster investors’ confidence and appetite in the sector, following the deregulation

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

initiative of the Federal Government of Nigeria in the downstream oil and gas industry. “Also, this strategic move by NIPCO will ensure the continuous growth and expansion of its Nigerian retail footprint, increase efficiency gains (economies of scale) whilst adding tremendous value to the downstream sector as a result of this notable transaction,” an operators said. Following the acquisition 60 per cent acquisition, NIPCO is required by the Investment and Securities Act, to make a takeover

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 30Mar-2017, unless otherwise stated

bid to all minority shareholders of Mobil Oil Nigeria Plc. To this end, the Board of NIPCO is said to have already made an application to SEC for a takeover bid of minority shareholders stake in Mobil Oil Nigeria Plc and has received SEC’s “Authority to Proceed” with the takeover Bid at the same price of N417.12 the acquisition was carried out. The shares of Mobil traded closed at ….. currently trade at N300 in the stock market, this is a 40 per cent premium to existing shareholders. The Managing

Director of NIPCO, Mr. VenkataramanVenkatapathy had said the company considered this acquisition an important synergy. “It is part of our strategic move to support Nipco’s continuous growth and expansion of its Nigerian retail footprint. We are confident of adding tremendous value to Mobil Oil Nigeria and likewise Mobil Oil will add a huge value to Nipco. In furtherance of this value addition, Nipco will continue to maintain the Mobil brand on its retail outlets as well as continue to blend and sell the Mobil brand of lubricants

under Branding Licence(s) from ExxonMobil,” he said. Venkatapathy had expressed profound gratitude and appreciation of Nipco to ExxonMobil for selecting the company as the preferred bidder for the acquisition of the shares. “ We wish to give every assurance to ExxonMobil that having entrusted us with this invaluable asset (Mobil Oil), we will ensure full brand compliance with ExxonMobil’s global standards as well as rigorously sustain and follow ExxonMobil’s code of conduct/ethos and operational excellence,” he 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 130.62 131.14 2.85% Nigeria International Debt Fund 218.11 218.86 1.34% 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 0.70 -0.55% 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 18.24% 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 12.39 12.76 0.36% ARM Discovery Fund 291.90 300.70 1.65% ARM Ethical Fund 22.22 22.89 -0.55% ARM Money Market Fund 1.00 1.00 15.95% 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 106.94 107.69 1.67% AXA Mansard Money Market Fund 1.00 1.00 16.58% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Nigeria Global Investment Fund 2.15 2.21 -0.91% Paramount Equity Fund 9.50 9.74 1.48% Women's Investment Fund 87.44 89.64 3.34% 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 18.78% 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 1,137.02 1,138.21 4.28% FBN Heritage Fund 109.51 110.25 -1.86% FBN Money Market Fund 100.00 100.00 18.18% FBN Nigeria Eurobond (USD) Fund - Institutional $107.38 $108.08 3.20% FBN Nigeria Eurobond (USD) Fund - Retail $107.09 $107.78 3.62% FBN Nigeria Smart Beta Equity Fund 114.35 115.82 1.48% 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 0.96 0.97 2.66% Legacy Short Maturity (NGN) Fund 2.66 2.66 3.65% 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 2,207.52 2,233.92 -0.06% Coral Income Fund 2,198.93 2,198.93 4.50% GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund 100.00 100.00 17.202% 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 16.84% Vantage Balanced Fund 1.72 1.73 2.09% Vantage Guaranteed Income Fund 1.00 1.00 15.87%

LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.02 1.04 3.00% Lotus Halal Fixed Income Fund 1,029.31 1,029.31 2.63% 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 9.61 9.70 -0.50% Meristem Money Market Fund 10.00 10.00 16.56% 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 111.29 112.12 9.27% 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 1.28 1.28 2.51% 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 1,849.87 1,858.99 0.99% Stanbic IBTC Bond Fund 156.28 156.28 1.51% Stanbic IBTC Ethical Fund 0.76 0.77 -0.65% Stanbic IBTC Guaranteed Investment Fund 193.20 193.20 3.38% Stanbic IBTC Iman Fund 129.03 130.69 -0.62% Stanbic IBTC Money Market Fund 100.00 100.00 17.58% Stanbic IBTC Nigerian Equity Fund 7,384.66 7,471.69 -2.61% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.14 1.15 8.14% United Capital Bond Fund 1.28 1.28 16.01% United Capital Equity Fund 0.65 0.66 -0.50% United Capital Money Market Fund 1.15 1.15 11.35% 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 9.96 10.14 3.41% Zenith Ethical Fund 11.22 11.32 2.77% Zenith Income Fund 17.40 17.40 5.31%

REITS

NAV Per Share

Yield / T-Rtn

11.41 125.38

1.01% 1.14%

Bid Price

Offer Price

Yield / T-Rtn

8.06 72.57

8.16 73.92

-8.15% -4.24%

Fund Name FSDH UPDC Real Estate Investment Fund SFS Skye Shelter Fund

EXCHANGE TRADED FUNDS

Fund Name Lotus Halal Equity Exchange Traded Fund Stanbic IBTC ETF 30 Fund

VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697

Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva Griffin 30 Exchange Traded Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

2.70 6.25 11.70 15.04 128.77

2.74 6.33 11.80 15.24 130.77

-1.79% -11.03% -2.46% -5.67% -0.85%

The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.

T H I S D AY MONDAY APRIL 3, 2017

RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 31-MAR-2017

T H I S D AY MONDAY APRIL 3, 2017

RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 31-MAR-2017

T H I S D AY MONDAY APRIL 3, 2017

7 #OpenNASS PROMISES BY th THE 8 NATIONAL ASSEMBLY Senator Bukola Saraki, Chairman of the National Assembly, has promised several times to make the details of their budget open, but he has not. Even members of the National Assembly who had previously been quiet, are also demanding an open budget. th As EiE celebrates her 7 anniversary, we present 7 of these promises. “You are going to see what goes to the management, what goes to the Legislative Institute and we are going to make all these open and clear. That is part of the openness we promised. By the time we come into the 2016 budget, at the end of the year, it will be clearer because people just see one item line. But that is not going to happen now; you will see what goes to the Senate and what goes to the House of Representatives.” - November 15, 2015 - Bukola Saraki (Chairman, National Assembly)

1 th

2 “For the ﬁrst time we promised Nigerians to give out our budget breakdown, the committee will make its report available the following week. We have resolved to break the tradition of one line item.” - March 13, 2016 - Bukola Saraki (Chairman, National Assembly)

3 4

“The budget breakdown will be released. Everything is being worked on and in the next couple of days it’ll be published. The Senate President is committed to an open and accountable National Assembly and Nigerians will deﬁnitely get that. The National Assembly is holding a leadership meeting on the matter, so give us a few days more to publish the details.” - December 20, 2016 - Bamikole Omisore (SA New Media to Senate President)

“For us in the 8th National Assembly we are ready to open a new chapter and lay a new foundation on which an eﬀective budget process can be built. This is the task on our hands.” - July 25, 2016 - Bukola Saraki (Chairman, National Assembly)

5 6

“7 is number of perfection & this month we will perfect our th promise by delivering so we can rest on 7 , then start campaign on E-Parliament.” - March 16, 2017 - Bamikole Omisore (SA New Media to Senate President)

“Again, we promised the Nigerian people that this 8 Senate will be diﬀerent. That we will do things diﬀerently. This Senate promised that we will be open to all Nigerians and engage them more robustly as we deliver laws with far reaching impact on their lives. For us this means having a strong feedback mechanism that is non-discriminatory, direct, open, uninhibited and continuous is equally as important.” - November 24, 2015 - Bukola Saraki (Chairman, National Assembly)

“We will make the details of the National Assembly’s bugdet for 2016 & 2017 open by the end of this month.” - March 2, 2017 - Bamikole Omisore (SA New Media to Senate President)

Call the #OpenNASS Campaign hotlines - 08139861001 / 08139861002 - and sign the mobile petition asking the National Assembly to make its annual budget public.

07087784788

www.eienigeria.org

info@eienigeria.org

EIENIGERIA

T H I S D AY MONDAY APRIL 3, 2017

CITIZENS WATCH NETWORK NO 17 URUAN ROAD, UYO

WHO IS STANDING FOR NIGERIANS TODAY:

THE SENATE OR ITS CRITICS? espite the centrality of the institution of the National Assembly to the survival of our democracy, some devious persons are today working hard to denigrate that pristine arm of government. Those who are after the Senate are equally up in arms against its President, Dr. Abubakar Bukola Saraki, not because he has not led the National Assembly well, but because in their myopic and selfish calculation, they need to take him out of the way in order to realize their ambition for 2019. How absurd?

In what ways have the 8th Senate benefited Nigerians since its inception on June 9, 2015? Has the Saraki-led Senate lived up to its billing of making laws for the peace, order and good governance of this country? Most Nigerians agree that in spite of the obstacles that have beset the smooth operation of the upper chamber in the last 21months, it has recorded impactful and milestone achievements in the area of exposing corruption, blocking financial leakages, strengthening democracy and making laws to boost the economy.

N110billion from his tank farm. The Senate has also through its oversight ensured that the intervention fund meant to alleviate the pains of Internally Displaced Persons (IDPs) in the North East are not diverted through bogus and shady contracts by the selfsame officials appointed to oversee the implementation of the laudable government programme. The story of those who have diverted funds meant for the daily upkeep of vulnerable and defenceless IDPs to their private companies through the award of grass-cutting contracts is in public domain. The Senate has equally made it clear that the PIB and amendments to the Constitution are in their final stages among others.

Among the many fraudulent practices exposed by the Senate which has saved majority of Nigerians from the clutches of greedy entrepreneurs is its investigation of the rice waiver policy of the immediate past administration, operation of the Treasury Single Account (TSA) and most recently, financial leakages in the Nigerian National Petroleum Corporation (NNPC) through outright stealing of imported products stored in private tank farms.

In spite of these laudable achievements and pro-people stance of the Senate, some anti-democratic forces have ganged up against the Senate and individual Senators by daily spreading falsehood and accusing them of all manner of corrupt practices. No doubt, the twice rejection of the nominee for the chairman of the Economic and Financial Commission (EFCC), and the face-off between the Senate and the Comptroller General of Customs over refusal to don the Service uniforms has provided anti-people elements with the needed ammunition to undermine the Senate, which will be gravely detrimental to our democracy if allowed to succeed. Can there be a true democracy without a vibrant legislative arm like the 8th Senate? NO!

It is on record that the 8th Senate in 2016 investigated the illegal rice waivers granted some importers by the immediate past administration and made recommendations to the Executive to recover N447billion from them. It is also on record that the Senate exposed the fraud being perpetrated by operators of the Treasury Single Account (TSA) and helped saved over N7billion for the government in the process.

Why has the recent non-confirmation of one out of the several nominees of Mr. President by the Senate suddenly assumed a life of its own when the 8th Senate had in the past rejected three nominees for the Niger Delta Development Commission (NDDC) and recently two ambassadorial nominees without any controversy? The President recently nominated three fresh candidate to fill the NDDC vacancy.

The Senate in defense of their mandate, has continued to stand up for millions of voiceless Nigerians. It is on record that they resisted the proposed introduction of higher electricity tariffs by electricity Distribution Companies (DisCos) and also the proposed hike in data tariffs by the Nigerian Communications Commission (NCC).

Nigerians must equally ask why a government appointee being maintained at tax payers expense, say that another government appointee that requires the confirmation of the Senate can be retained on acting capacity ad infinitum after his nomination has been rejected by the Senate? How can a government appointee boast that he will not answer the summons of the Senate in total negation of Section 88 and 89 of the Constitution which empowers the Senate to summon any person to appear before it?

Apart from passing amendment to the Public Procurement Act to make it mandatory for government agencies to patronize locally produced goods, aimed at boosting the capacity of local industries to create jobs in the country, the Senate has equally passed critical amendments to the Electoral Act 2010, to smoothen identified rough edges in the existing Act ahead of future elections.

Why should a person appointed to lead a paramilitary organization have so much disdain for the official uniforms of his office, yet continues to draw salaries, allowances and other official perks from the agency?

The Senate in its desire to ameliorate the present economic hardship, has continued to avail the executive with cutting edge action plan on how to exit the current recession and diversify the economy. Apart from presenting the executive with a 21-point plan that would stimulate the economy if implemented, it has continued to champion a vigorous campaign for buy made in Nigeria products.

Nigerians must at this stage of our democratic evolution, be wary of the the orchestration of few individuals out to blackmail and dress the Senate in borrowed robes for simply performing their constitutional duties. Equally worrisome is the ongoing mobilisation and sponsorship of unsuspecting civil society organizations and members of the public to protest against the National Assembly, and its leadership over trumped up corrupt practices.

The Senate has also stood against impunity and wastage in government by rejecting a $30billion loan request by the executive due to lack of genuine roadmap on how the money would benefit the average Nigerian when spent. The Executive having seen the wisdom in the Senate's action has since reversed its earlier proposal and sent in a loan request for $1.5billion instead. The Red Chamber has also vehemently opposed the proposed introduction of retroactive collection of duties on imported vehicles by the Nigeria Customs Service, while calling for its outright stoppage or cancellation.

Fellow Nigerians, it is high to we accord the Senate its right of place as the beacon our democracy, through maximum support that would help strengthen the institution and save it from political buccaneers out to interrupt our fledgling democracy. We must disregard their high-wire campaign of calumny against the Senate and the National Assembly. Our democracy can only thrive if all arms of government are given the freedom to carry out their duties without let or hinderance. It may be the Senate today, which arm or government or agency of government is next? We cannot afford to remain silent.

Besides, Senate's investigation has led to the recovery of N35billion from an oil marketer by government said to have diverted petroleum products stored in his tank farm by the NNPC, while another marketer is presently being quizzed by the DSS over his role in the diversion of imported petroleum products worth

Signed:

UDUAK USORO-UMOH NATIONAL COORDINATOR

T H I S D AY MONDAY APRIL 3, 2017

MONDAY APRIL 3, 2017 • T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Egypt Court Voids Block on Islands Transfer to Saudis An Egyptian court ruled on Sunday that a controversial deal to hand over two strategic Red Sea islands to Saudi Arabia can go forward, voiding an earlier ruling that blocked the transfer. The Court of Urgent Matters ruled against a verdict of the High Administrative Court in January that halted the handover of the uninhabited islands of Tiran and Sanafir to Riyadh, Egyptian state

television reported on its website. The urgent matters court ruled “in favour of disregarding the ruling of the high administrative court,” as “the judiciary doesn’t have the authority to interfere with matters of sovereignty”, Ashraf Farahat, the lawyer who filed the latest lawsuit, said. Sunday’s decision is subject to appeal and any final deal must be approved by parliament.

The court’s ruling comes amid signs that bilateral relations between the two countries are warming after months of tension. Egyptian President Abdel Fattah el-Sisi and Saudi Arabia’s King Salman met in Jordan last week, on the sidelines of the Arab League Summit. The territorial deal, announced in April 2016, caused public outrage among many Egyptians who said the islands belong to their country.

Colombia Landslide: Rescue Teams Race to Reach Survivors Rescuers are digging through mud and debris in the hunt for those missing after devastating mudslides in Colombia left more than 200 dead. About 1,100 soldiers and police are involved in the relief effort. Heavy rain flooded the city of Mocoa in the country’s south-west with mud and rocks burying whole

neighbourhoods and forcing residents to flee their homes. An army statement said there were at least 400 injured and 200 still missing in the capital of Putumayo province. The exact death toll is hard to confirm with the rescue operation still under way. Some local media estimate up to 300 people have been killed,

while the Colombian Red Cross has a total hovering above 200. The Red Cross said it was working to help family members contact each. Video footage from the city showed residents crying over a list of missing children, along with their ages, pinned to a family welfare centre.

S Korean Cargo Ship Stellar DaisyVanishes in South Atlantic A huge South Korean cargo ship which had 24 people on board has gone missing in the South Atlantic. Two Filipino sailors found on a life raft were rescued, AFP reported, citing a Uruguayan navy spokesman.

On Friday, a crew member sent a text saying the 312m-long (1024ft) Stellar Daisy freighter was taking on water. The Uruguayan navy alerted merchant ships in the area, which began a search.

A navy spokesman said they had reported a strong smell of fuel. The two people rescued had been found by commercial ships aiding the search, Yonhap news agency said.

NATIONAL CEREALS RESEARCH INTITUTE (NCRI), BADEGGI P M B 8, BIDA, NIGER STATE

INVITATION FOR BIDS FROM INTERESTED BIDDERS FOR PROJECTS UNDER 2017 APPROPRIATION ACT National Cereals Research Institute (NCRI), Badeggi hereby v. invites submission for Bids from interested and competent Contractors for some of the 2017 Appropriated Projects vi. under the following Categories; LOT 1:

RECONSTRUCTION OF THE DILAPIDATED BRIDGE AT AGALA THAT LINKS RESEARCH FIELD AT IBADAN RESEARCH OUTSTATION, OYO STATE LOT 2: FENCING OF BIRNI KEBBI AND BACITA OUTSTATIONS, KEBBI AND KWARA STATES RESPECTIVELY LOT 3: PURCHASE OF LAP-TOP COMPUTERS. LOT 4: PURCHASE OF Mack Fergusson (MF) TRACTORS AND FULL IMPLEMENTS AT HEADQUARTERS, BADEGGI, NIGER STATE LOT 5: CONSTRUCTION OF 4.2 KM INTERNAL ACCESS ROAD AT THE HEADQUARTERS, BADEGGI, NIGER STATE LOT 6: RENOVATION OF SEED LABORATORY AND PURCHASE OF LABORATORY EQUIPMENT AT THE HEADQUARTERS, BADEGGI, NIGER STATE LOT 7: DRILLING OF WATER BOREHOLES AT THE HEADQUARTERS AND OUTSTATIONS LOT 8: RENOVATION AND FURNISHING OF RESEARCH A N D A D M I N S T R AT I V E B LO C K S AT T H E HEADQUARTERS, BADEGGI, NIGER STATE LOT 9: PURCHASE OF OFFICE FURNITURE AT THE HEADFQUARTERS, BADEGGI, NIGER STATE LOT10: R E N O VAT I O N A N D R E - E Q U I P M E N T O F CONFERENCE HALL AT THE HEADQUARTERS, BADEGGI, NIGER STATE LOT11: PROCUREMENT OF SMARTPHONES FOR RICE ADVICE AND TRAINING OF FARMERS ON THEIR APPLICATIONS

vii. viii.

Verifiable documentary evidences of similar jobs successfully executed within the last three (3) years. Certificate of award for on-going projects or certificate of job completion for completed projects within the last three (3) years Reference letter from a reputable bank Bids not properly marked "technical" or "financial" and not properly signed shall be rejected

2.1 COLLECTION OF TENDER DOCUMENTS Tender Documents are to be collected from the office of the He ad of Dept. Planning, Monitoring & Evaluation, National Cereals Research Institute (NCRI), Badeggi between the hours of 9:00 am and 3:00 pm daily upon presentation of authenticated payment details of a non-refundable Tender fees of N20,000.00 only. Payment should be made at the revenue unit, National Cereals Research Institute (NCRI), Badeggi. 2.2 SUBMISSION OF TENDER DOCUMENTS: Completed technical and financial Bids shall be submitted to the Head of Dept. Planning, Monitoring & Evaluation in two(2) hard and one(1) electronic copies in two different sealed envelopes and labeled Technical bids and Financial Bids respectively with their company names and their contact numbers written boldly on it and addressed to; The Executive Director, National Cereals Research Institute (NCRI), Badeggi Niger State Not later than 12:00 noon of 15th of May, 2017

2.3 OPENING OF BIDS Technical Bids shall be publically opened by 12:00 noon on 15th May, 2017. Representatives of respondents companies, NGOs, Civil Society and general public are by ELIGIBILITY CRITERIA Bidders are to provide the following as minimum technical this advertisement invited to witness the Bids opening and financial requirements for the project(s) of exercise which shall be conducted at the conference Hall of National Cereals Research Institute (NCRI), Badeggi Niger their choice i. 2017 PENCOM and ITF certificates of Compliance State. in lines with section 16(6)(d) of the public The date and time for opening of the financial Bids shall be Procurement Act, 2007. communicated to successful companies in due course ii. Evidence of Interim Registration Report issued by BPP on the National Database of Contractors, Note:(i) Late submission of financial and Technical Bids shall be rejected Consultants and Service Providers. (ii) Bids submitted outsider the prescribed procedures iii. Evidence of Registration with Corporate Affairs shall not be considered. Commission (CAC) iv. Tax Clearance Certificate for the last three (3) years Signed expiring on 31st December, 2017 Management

S/N

CUSTOMER

ITEM OF IMPORT

FAREAST (NEW HOME PRODUCTS INDUSTRIES LTD)

IGNIS BRAND COOKERS IN CKD FORMAT

DATE OF FUND PURCHASE

FAREAST (NEW HOME PRODUCTS INDUSTRIES LTD)

SCANFROST BRAND DLED COLOUR TELEVISION IN CKD

AYOMIDE (YEWANDE OYEWOLE)

PAYMENT FOR EXAM

OK FOODS LIMITED

LIQUID GLUCOSE

OK FOODS LIMITED

DE-UNITED FOODS IND LIMITED

7 8

27-Mar-17

EXCHANGE RATE

USD AMOUNT

307.30

160,800.00

27-Mar-17

307.30

39,200.00

29-Mar-17

306.20

250.00

29-Mar-17

320.50

249,543.00

LIQUID GLUCOSE

29-Mar-17

320.50

98,743.00

SEASONING FOR SPECIALIZED AND FRANCHISED FOOD

29-Mar-17

320.50

172,004.00

PROMASIDOR NIG LTD

POLISH ORIGIN SPRAY DRIED SWEET WHEYPOWDER

29-Mar-17

320.50

108,100.00

FRIESLANDCAMPINA WAMCO NIG. PLC

EVAPORATED UNSWEETENED FULL CREAM MILK

29-Mar-17

320.50

371,610.00

OK FOODS LIMITED

LIQUID GLUCOSE

30-Mar-17

307.15

150,800.00

VIK INDUSTRIES LIMITED

COLORED RESINS OF POLYETHYLENE

30-Mar-17

307.15

3,900.00

STARSONIC NIGERIA LIMITED

HIGH DENSITY POLYETHYLENE LOTRENE

30-Mar-17

307.15

45,300.00

CORONATION MERCHANT BANK

BANK CHARGE

31-Mar-17

306.20

397.80

CORONATION MERCHANT BANK

BANK CHARGE

31-Mar-17

306.20

2,835.73

VIRAMSUN NIGERIA LIMITED

SPARE PARTS FOR AUTOMOTIVE VEHICLES

31-Mar-17

306.20

317.77

CORONATION MERCHANT BANK

BANK CHARGE

31-Mar-17

306.20

238.89

VIRAMSUN NIGERIA LIMITED

SPARE PARTS FOR AUTOMOTIVE VEHICLES

31-Mar-17

306.20

372.99

KGM INDUSTRIES LTD

PP HOMOPOLYMER (RAFFIA) - H030SG

31-Mar-17

306.20

99.58

TELECOM POWER SOLUTIONS

INDUSTRIAL VALVE REGULATED RECHARGEABLE BATTERY

31-Mar-17

306.20

99.58

TELECOM POWER SOLUTIONS

INDUSTRIAL VALVE REGULATED RECHARGEABLE BATTERY

31-Mar-17

306.20

99.58

CROWN FLOUR MILLS LIMITED

RUSSIAN MILLING WHEAT

31-Mar-17

306.20

70.96

CORONATION MERCHANT BANK

BANK CHARGE

31-Mar-17

306.20

307.54

HOLLKEM NIGERIA LIMITED

SPARE PART FOR PACKAGING MACHINE, SIEVING MACHINE MODEL

31-Mar-17

306.20

99.58

UNITED SECURITIES (VICTORIA ADEFALA)

PAYMENT FOR TRAINING

31-Mar-17

306.20

7,415.55

CORONATION MERCHANT BANK

PAYMENT FOR SUBCRIPTION

31-Mar-17

307.25

23,100.00

UNUTILIZED LC BALANCE - CBN

31-Mar-17

305.00

52.65

MASSILIA MOTORS

NEW MITSUBISHI PICK UP

31-Mar-17

320.50

45,908.71

MASSILIA MOTORS

5 UNITS MITSUBISHI PAJERO

31-Mar-17

320.50

125,050.00

PROMASIDOR NIGERIA LTD

BULK MULTI-PLY BAGS COWBELL INSTANT MILK

31-Mar-17

320.50

40,962.33

OK FOODS LIMITED

LIQUID GLUCOSE

31-Mar-17

320.50

249,543.00

OK FOODS LIMITED

LIQUID GLUCOSE

31-Mar-17

320.50

249,543.00

GMT (CFAO YAMAHA MOTOR NIG LTD)

ASSEMBLING PARTS FOR YAMAHA MOTORCYCLE

31-Mar-17

320.50

64,598.62

S/N

CUSTOMER

DATE OF FUND PURCHASE

EXCHANGE RATE

USD AMOUNT

OTHER SOURCES 1

27-Mar-17

306.80

200,000.00

OTHER SOURCES 2

28-Mar-17

306.65

200,000.00

CBN FORWARDS

29-Mar-17

320.00

1,000,000.00

UNUTILIZED LC BAL- FRIESLAND CAMPINA

31-Mar-17

305.00

52.65

CBN FORWARDS

31-Mar-17

320.00

775,605.66

TOTAL AMOUNT

AVERAGE AMOUNT

2,175,658.31 435,131.66

T H I S D AY MONDAY APRIL 3, 2017

MONDAY APRIL 3, 2017 • T H I S D AY

NEWS

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

Arik Accuses AMCON of Cannibalising Aircraft

Chinedu Eze

The Asset Management Corporation of Nigeria (AMCON) has been accused of cannibalising Arik Air aircraft and using the parts to repair the fleet of Aero Contractors. Sources from the airline disclosed that an engine of a Bombardier Dash 8, Q400, was taken away from Arik aircraft with registration, 5N-BKV, and given to Aero to fix in the same aircraft type, which broke down recently in Kaduna. Aero said it intends to revive the aircraft and put it in the air again with the leased engine. This was confirmed to THISDAY by the Chief Executive Officer of the airline, Captain Ado Sanusi, who said Aero and Arik signed an engine lease agreement with the notification of the Nigerian Civil Aviation Authority (NCAA). He said Aero would be paying Arik $25,000 a month until the engine was returned. But according to inside source, the arrangement might not be tidy because both airlines do not maintain the same safety standard, “and if Arik Air’s management that was recently disposed were there, it would not have allowed its aircraft to be balkanised. So this is in bad test and AMCON does not have the technical experience in aviation to be taking such decisions.” The source also alleged that

besides the engine, other parts were removed from the same aircraft to repair that of Aero, adding that AMCON by taking such safety critical decision has forgotten that it took over the airline’s management does not mean that the airline belongs to the corporation to take such action that could jeorpardise its safety standard. “The agreement term that Aero agrees to pay $25,000 a month for the engine is exploitative and against the interest of Arik because in other parts of the world, when this lease arrangement is done, the airline pays for the engine per hour and should also pay for maintenance reserve for the engine, which were not done in the so-called lease between Arik and Aero,” an insider Arik source said. The source also noted that the aircraft from which the part was cannibalised might have been destroyed because it was not only that part that was taken from the aircraft. “You cannibalise Arik aircraft and give the parts to Aero. It is not only that engine that was taken away but other parts were also also taken away. Since AMCON took over Aero five years ago, its debts has increased and its fleet depleted. They talked about corporate governance but under that corporate governance Aero has not improved; rather its existence

NNPC Meets NARTO,Tanker Drivers Today over Strike Ejiofor Alike The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has invited leaders of the Petroleum Tankers Drivers (PTD) section of the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) and the National Association of Transport Owners (NARTO) to a meeting today as part of efforts to avert the strike planned by PTD, which is also scheduled to begin today (Monday). PTD had at the end of its Central Working Committee (CWC) meeting held at the union’s secretariat in Lagos last Friday, issued a notice to commence strike today. NUPENG’s National President, Mr. Igwe Achese, who released the communiqué, said the strike would draw the attention of the federal government and other stakeholders to some unresolved issues bordering on the welfare of workers, such as bad roads, poor remuneration, insecurity and the alleged excesses of some security agencies. But the Group General Manager in charge of Group Public Affairs Division of the NNPC, Mr. Ndu Ughamadu, told THISDAY last night that the Group Managing Director of the corporation, Baru, had convened a meeting of the leadership of NUPENG and NARTO to resolve the crisis. “NARTO and tanker drivers invited to a meeting by 3p.m. Monday by the Group Managing Director,” he said. Ughamadu had stated that Baru was in touch with the leadership of the unions to avert the strike. “We are engaging them. Few

days ago, the Group Managing Director of NNPC, was in touch with the leadership of the union. Hopefully, with his intervention, it will be resolved,” Ughamadu had earlier told THISDAY. The South West Zonal Chairman of NUPENG, Alhaji Tokunbo Korodo, had also told THISDAY that the union had fully mobilised members for the strike. In their communiqué, NUPENG said: “The CWC-in-Session considers inhumane, the refusal of the National Association of Transport Owners (NARTO) to commence negotiation with the union for the renewal of the expired Collective Bargaining Agreement (CBA) on the working conditions of our tanker driver members in the PTD branch, after several appeals and even an ultimatum.” “The CWC-in-Session, therefore, resolves to give full backing to any industrial action the members in this sector might decide to take with effect from Monday, April 3, 2017. To avert the pains and discomfort the action might cause, the CWC-in-Session calls on the federal government to urgently intervene and apprehend the unfortunate situation, to enable NARTO meet its obligations to tanker drivers.” The communique also called on the National Assembly to urgently pass the Petroleum Industry Bill (PIB) in order to tackle all the issues of corruption plaguing the oil sector. It also called for the commercialisation of the operations of the NNPC as well as the turn-around-maintenance for the refineries to increase local production and reduce the importation of petroleum products.

is being threatened. So how are we sure it has continued to maintain its well-known safety standard when most of its technical workers have been sacked? “When AMCON took over Arik, the airline had 15 serviceable aircraft but AMCON claimed they were 10.

Now, from that 10, Arik has four aircraft. The new management owes all fuel markers N450 million. So AMCON has started cannibalising Arik Air aircraft, who knows the next thing it wants to do. Their flights have decreased and there are still delays. From all these, it

has become obvious that AMCON cannot manage the airline,” the insider source said. Sanusi however, explained to THISDAY, “We have engine problem in Kaduna and we requested for engine lease from any part of the world. We wanted

a short term lease for an engine and we would have got one from South Africa for $23,000 to $26, 000 monthly but because we wanted to let the money be in Nigeria we took that of Arik and we have done engine lease agreement. This is a normal industry practice.”

HONOURING WABARA

L-R: Groom father and former Senate President, Senator Adolphus Wabara; Chairman, Forte Oil, Mr. Femi Otedola; Abia State Governor, Okezie Ikpeazu; and President, Dangote Group, Alhaji Aliko Dangote, during the wedding reception between Tamunotnye and Toluwani Wabara in Lagos...weekend .Mubo Peters.

South-east Govs to Meet FG over Kanu’s Continued Detention, MASSOB, IPOB Agitations Christopher Isiguzo in Enugu Governors of the South-east states rose from a closed door meeting in Enugu yesterday with a resolve to reach out to the federal government in order to devise amicable ways of resolving the continued detention of the leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu. Addressing journalists after their meeting at the Government House, Enugu, Chairman of the forum and Governor of Ebonyi State, Dave

Umahi, said they resolved to also meet with appropriate authorities of the federal government so as to addressotherchallengesfacingthezone. Some of the major issues to be tabled before the federal government, according to them, include agitations by some pro-Biafran groups including MASSOB,IPOB as well as other issues that border on security, ecological disasters, power and dams. The meeting which attended by all the governors of the zone with the exception of Abia State Governor, Okezie Ikpeazu, who also agreed

to meet with all stakeholders of the zone to discuss and address all issues that are of interest to their people. The governors also set up an economic team made up of two representatives each from the five states to fashion out the roadmap towards the economic integration of the zone. Umahi said the team would be expected to meet in the coming weeks in order to ensure that they present a road map “for our economic indices and development

in our next meeting.” He further disclosed that the forum had opened a secretariat at the Enugu Government House in order to facilitate its activities. The Ebonyi State governor used the opportunity to dismiss as false media reports of a fire outbreak at the Ebonyi State Government House. He said there was a minor incident in the office of the Chief of Staff where the air conditioner reportedly malfunctioned.

Tinubu: South-west Solidly behind Buhari Describes Lagos as number one performing state In what looks like passing a vote of confidence on the current administration, the national leader of the All Progressives Congress (APC), Senator Bola Tinubu, has assured President Muhammadu Buhari of Yoruba support, sayingthe South-west support for the president and APC government is unshaken. Tinubu also expressed his concern over the level of decay in the nation’s economy before APC came on board, and called on Nigerians to stay focused and support the president as he continues with the rebuilding of the nation. Speaking at the weekend at the South-west zonal meeting of National Committee of Buhari Support Groups (NCBSG) in Lagos, Tinubu who was represented by the APC National Vice Chairman (South-west), Chief Pius Akinyelure,

said Buhari government would not relent in its effort to ensure turn around in Nigeria economy. “South-west support for Buhari is unshaken despite the various challenges in the country, which we believe the present government is addressing. There is no doubt that there is no party in Nigeria that can surpass APC achievement in office. “We are doing the best we can with the little resources we have to move the nation forward. We need the people’s support to turn things around in the country,” he said. Speaking further, the former Lagos state governor pointed out at the meeting that Lagos is number one performing state in the country. He made reference to the collaboration between Lagos and Kebbi States to boost rice production

in the country. In his response, President Buhari who was represented by Senator Ajayi Boroffice charged Nigerians toward positive change in the country, adding that the change message must be carried to every nook and cranny of Nigeria. While appreciating various groups and individuals working for his success, the president said he was optimistic that Nigerians would laugh and celebrate at last. At the meeting where zonal and state coordinators of NCBSG were presented with appointment letters, the National Secretary of the group, Abiodun Ajiboye, said the mission of NCBSG is to galvanise the public towards identifying with the current administration. “We are aware of the place of communication in governance and we want to be part of that

process through which the public will be educated about the activities of the government. It is important for people to understand and appreciate what government is doing before buying into it. The current administration is doing a lot to rebuild the economy, burst corruption and provide infrastructure, but for selfish interest, some individuals and organisations are bent on frustrating the effort. Time has therefore come to put the record straight by educating our people,” he stated. Also speaking, Senator Rilwan Adesoji Akanbi said he is fully in support of Buhari administration, adding that the incumbent government has done a lot to address some of the problems facing the country and implored Nigerians to continue to support the APC-led administration.

MONDAY APRIL 3, 2017 • T H I S D AY

NEWSEXTRA

Meningitis Outbreak: Death Toll Rises to 41 in Sokoto Nasarawa govt assures residents of preparedness Mohammed Aminu in Sokoto and Adams Abonu in Lafia At least 41 people have lost their lives out of the 600 affected by the outbreak of Cerebro Spinal Meningitis in Sokoto State. The state Commissioner of Health, Dr. Balarabe Kakale, made this known to journalists in Sokoto at the weekend. In Nigeria, the Centre for Disease Control (CDC) has reported that the disease has claimed more than 300 lives in Zamfara, Sokoto, Kebbi, Katsina and Niger States. Meanwhile, Kakale attributed the deaths to lack of public support to routine immunisation programme against certain diseases in the state. Kakale also attributed the problem to poor environmental and personal hygiene as well as poor ventilation. He described the “type C” meningitis as very deadly, saying all hands must be on deck to tackle

Electricity Supply Drops to 3,800MW Ejiofor Alike After what seems like an improvement in power generation in recent weeks, supply dropped to an average of 3,800 megawatts yesterday, THISDAY’s investigation has revealed. Before yesterday’s drop, average daily supply had exceeded 4,000 megawatts, with daily peak generation hitting 4,452 megawatts on March 23. The daily operational report of the power sector showed that peak generation was 4,199.50 megawatts on March 30 and 4,244.70 on March 31. However, on April 1, the situation worsened as peak generation was 3,995.60 while 3,491.40 was the lowest generation, according to the operational report. The situation showed no significant improvement yesterday as an average of 3,800 megawatts was allocated to the 11 distribution companies, while 3,897.40 megawatts was sent to the grid by 06 a.m. yesterday, according to data by the Nigeria Electricity System Operator, an arm of the Transmission Company of Nigeria (TCN). As power generation continues the cyclic rise and drop, the generation and distribution companies (DISCOS) have blamed poor supply on gas shortages and grid instability caused by weak transmission infrastructure; the TCN blamed the Discos for rejecting power allocated to them. However, gas suppliers have argued that there is enough gas to generate power but that the generation companies (Gencos) cannot pay for gas. But the Gencos have insisted that they are not able to pay for gas because they are being owed for the power they generated into the national grid.

the ugly trend. The commissioner however, said the efforts of the state government had gone a long way in curtailing the disease. He posited that adequate drugs had been provided to various emergency response teams deployed to combat the disease across the state. He appreciated the cooperation of council chairmen, traditional and religious leaders as well as development partners in curbing the menace. Kakale further said the state government had taken steps to mitigate the effects of the outbreak

by massive statewide sensitisation as well as advising the public to avoid sleeping in overcrowded rooms and ensuring proper ventilation. “The massive public enlightenment campaign has resulted in a massive turnout of patients in our health facilities in affected areas who hitherto will have remained at home. “ This in turn led to the treatment of all of the suspected cases of meningitis and other patients with non- contagious febrile illnesses like malaria. “ Subsequently, there is abrupt decline and a possible halt in all meningitis related morbidities and

mortalities,” he added. However, the Nasarawa State Government has said plans are underway to vaccinate residents against the epidemic . The Director of Public Health of the Ministry of Health, Dr. Ibrahim Adamu, revealed this in an interview in Lafia, the state capital. Meningitis, according to the World Health Organisation (WHO), is a bacterial infection of the lining of the brain and spinal cord which has swept across 26 countries in sub-Sahara Africa, killing and disabling young people annually or causing severe brain damage before hours.

During a visit to the Ministry of Health to ascertain level of preparedness towards curtailing eventual outbreak of the disease in the state, Adamu said: “We are making contact with the CDC to be able to procure vaccines that will immunise citizens of Nasarawa State.” He noted that the ministry in the last three years had embarked on awareness campaigns and immunisation exercise as precautionary measures against an outbreak of the disease, stating that there was no case of cerebral spinal meningitis recorded so far in the state. He then used the

medium to appeal to the people of the state to avoid overcrowded spots, sleep in ventilated rooms and seek medical attention whenever they feel unusual. “It affects usually young adults and people that leave in a very poorly ventilated environment,” he noted. On the part of residents, they urged the government to create more awareness on the dangers of the disease. They also called on the Abuja Electricity Distribution Company to make power available in order to control the hot weather being experienced.

MONDAY APRIL 3, 2017 • T H I S D AY

NEWSEXTRA

Tompolo’s Kinsmen Meet FG, Ready for New Modular Refineries Emmanuel Addeh in Yenagoa Key stakeholders from the coastal Gbaramatu Kingdom, Delta State, where ex-militant leader, Government Ekpemupolo (aka Tompolo), hails from have met with the federal government officials to prepare the ground for participation in the new policy to introduce modular refineries in the Niger Delta. The team from Gbaramatu led by the former Chairman of the Delta State Oil Producing Areas Development Commission (DESOPADEC), Chief Wellington Okirika, according to THISDAY checks, insisted on the establishment of a plant to be called the Gbaramatu Modular Refinery (GMR) in the town. Along with other Gbaramatu indigenes, Okirika also reportedly met with the government delegation in company with Missouri American Energy, an American investor. Gbaramatu is a major hotbed of militancy in the region. Aside the President of the company, Mr. Henry Iwenofu, also present at the meeting which took place in Abuja, were Dr. Chike Okechukwu, Alfred Okeke, and Mr. Howard Wegman of Community Capital Group, Canada. The minister was said to have

told the delegation that President Muhammadu Buhari was deeply worried over the huge environmental degradation and environmental pollution associated with illegal refining of petroleum products in the region. President Buhari’s representatives also said the federal government had taken a decision to encourage the establishment of modular refineries to encourage local refining. “The president is so concerned about the Niger Delta environment and has assured the ministries and all its agencies of his readiness to ensure that some of the bureaucratic requirements needed for the establishments of such refinery would be relaxed. “This is so that foreign investors like Missouri American Energy and Community Capital Group of Canada can be encouraged to do business under the new dispensation,” Kachikwu said at the occasion. He was represented by Mr. Rabiu Suleiman, Executive Director/Coordinator Nigeria National Petroleum Corporation (NNPC) Refining, Downstream and Infrastructural Development. The minister said the federal government was looking at ways on how the Niger Delta can be encouraged to do legitimate petroleum refining business without hurting the environment.

He added: “Federal government is very pleased with Gbaramatu Kingdom for organising themselves and coming up with such a laudable and achievable partnership programme, and most especially keying into the federal government programme. “This programme is aimed at discouraging local and crude method of refining petroleum products that have far-reaching environmental implications in our ecosystem and which can further address youth restiveness and militancy. “These are the most serious investors that we have seen in recent times and we would be happy to see that this pioneer

modular refinery in Niger Delta come into reality.” Earlier, Okirika, who heads the Gbaramatu Oil and Gas Producing Trust Fund (GOGPTF), promoter of the project, told the federal government that the group comprises major oil and gas producing communities in Gbaramatu Kingdom, Escravos and Warri South West Local Council. He said the communities have eight flow stations, including Jones Creek, Odidi I and Odidi II Egwa I and Egwa II and all former SPDC flow stations, now being operated by the Nigerian Petroleum Development Company (NPDC). Others which fall within Gbaramatu kingdom, he said,

were Abiteye, Otunana and Makaraba flow stations, operated by the American oil giant, Chevron Nigeria Limited. According to Okirika, the 20,000 barrels per day production facilities will encourage grassroots development and enhance the peace process in the Niger Delta. It was learnt that already, the project site has been surveyed and cleared while feasibility studies and “bankable business plans” have been prepared by Financial Bridge, Miami, United States of America. The President, Missouri American Energy Moham, Iwenofu, said t $200 million had been earmarked for the take-off of the fabrication and installation of

modular refinery components in the USA and Nigeria. He added that $200 million was also available for infrastructural development within the area of operations. “All Missouri American Energy Moham needs is a friendly business environment with governmental policies and programmes that will enable the refinery strive and achieve its desired objectives,” he said. Senior Special Adviser to Okirika, Mr. Monday Whiskey, who confirmed the meeting, listed others who were present during the talks as Special Adviser to Delta State Government on Petroleum Matters, Bosin Ebikeme.

Presidency: Buhari Won’t be Cowed by Resistance to Anti-corruption War Omololu Ogunmade in Abuja The Presidency said at the weekend that the administration of President Muhammadu Buhari would not be cowed by mounting resistance against its anti-graft war. Speaking at a radio Programme tagged: “Hannu Da Yawa” on FRCN Kaduna, the president’s spokesman, Mallam Garba Shehu, said Buhari would fight the war

against corruption to the end. According to him, the President’s commitment to uproot corruption as one of the cardinal policies of his election campaign is non-negotiable. “Let me say one thing. Those whose illicit ways of accumulating money have been stopped will criticise this government but all that will not derail the unfaltering commitment of President Muhammadu Buhari’s administration to the war against corruption. “He is aware that this was one of the main reasons why Nigerians in their millions put their trust in him - the main reason they voted him into power in 2015. To keep that trust of ordinary Nigerians who voted him into the office, he has vowed to give corruption a

good fight. He will not let them down,” Shehu stated. Garba said though the war had been tough so far, Nigeria would never slide back to the dark days of the past when corruption was a norm. He insisted that though corruption had been fighting back, the war would continue non-stop. “Corruption has been fighting back vehemently, finding accomplices in various forms and guises. Nevertheless, the Buhari administration will not relent. Nothing will return our country to those sad, old days of wanton thievery that have plunged us into the economic mess from which Nigeria is currently recovering. The war against corruption in Nigeria is one of those clashes between good and evil, where good is determined

to triumph,” he added. He dismissed insinuations of selective war against corruption by the administration, arguing that it is not true that members of the All Progressives Congress (APC) are treated as sacred cows. Instead, he said all were equal before the law. He highlighted various measures which he said the administration had introduced to promote transparency by the present administration, disclosing that the National Hajj Commission, for instance, carried out an audit of accommodation agents in both Makkah and Madina in Saudi Arabia following the president’s directive. He said the output of the directive helped to save $16.7 million in a year.

NIMASA Calls for Urgent Removal of Abandoned Ships, Wrecks Eromosele Abiodun In a bid to ensure safe and secure shipping on the Nigerian territorial waters, the Nigerian Maritime Administration and Safety Agency (NIMASA) has warned all owners of abandoned ships/vessels to urgently remove same from the Nigerian territorial waters on or before April 28, 2017 or risk

sanctions ranging from forfeiture or removal by the agency at the owners expense. The Director General of the agency, Dr. Dakuku Peterside, who stated this recently in Lagos, noted that “it was instructive to ensure that our waters remain safe for navigation in order to advance our maritime interests.” He therefore, warned that all

abandoned ships would be declared as wrecks and the agency would ensure that nothing impedes safe navigation in our waters by removing them. He said: “In line with our mandate on the protection of the marine environment and safety of navigation within Nigerian waters and our powers as the receiver of wrecks; owners of all abandoned ships, vessels and derelicts are sternly warned to seek removal plan permits from the agency and ensure the removal of these wrecks and derelicts from our waters on or before April 28, 2017 failure of which would attract appropriate sanction.” The NIMASA helmsman also reeled out the sanctions to include removal of such wrecks at the owners’ expense as well as forfeiture of the vessels stating that the agency is empowered to do so in line with the powers vested in it by the Merchant Shipping Act 2007 and other enabling Acts and International Maritime Organisation (IMO) instruments. It should be noted that Nigeria is party to the Nairobi International Convention on the Removal of Wrecks (Nairobi Convention 2007). The convention is a treaty of the IMO with the purpose of prompt and effective removal of shipwrecks located in the parties’ territorial waters including its Exclusive Economic Zone (EEZ) that may be hazardous to navigation or environment.

T H I S D AY • MONDAY APRIL 3, 2017

MONDAYSPORTS

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

Mikel Scores First Goal in Chinese Topflight Ndidi also happy with first league goal for Leicester City Duro Ikhazuagbe with agency report Super Eagles skipper, John Mikel Obi, scored his first goal in the Chinese Super League yesterday as his club, Tianjin Teda, defeated Chongqing Lifan 2-0. Mikel who joined the Chinese team after an illustrious career at Chelsea’s Stamford Bridge, which saw him win the UEFA Champions League along with several league and FA medals to but, scored the opener for Tianjin Teda in the 48th minute. An 82nd-minute own goal from Goran Milovic saw Jaime Pacheco’s side claim their first victory of the season. While the 29-year-old Eagles supremo was on parade for the entire duration of the game, his compatriot, Brown Ideye who was playing in his second game since switching to the Chinese topflight was replaced by Wang Dong in the 65th minute. The win over Woe-Ryong Chang’s men put the Tianjin Tigers in ninth position with

four points from their opening three Chinese topflight fixtures. Tianjin Teda faces Guizhou Zhicheng in their next league encounter on April 8. Earlier on Saturday, another Eagles midfielder, Wilfred Ndidi, expressed happiness after netting his first English topflight goal in Leicester’s 2-0 defeat of Stoke at the King Power Stadium. The 20-year old midfielder 25th minute goal gave the Foxes the lead before Jamie Vardy sealed the victory for the home team few minutes into the second half of the game, and the former Genk player has also hailed the support of the fans in the game. “Good win, another three points, magnificent support. Happy to score my first @ premierleague goal. #nw25.” Ndidi tweeted on the social media yesterday. Leicester have now claimed their fourth straight victory in the English topflight since the exit of Claudio Raineri in February, as they are currently 13th on the log with 33 points from 29 league games.

Mikel (centre) celebrating his first goal in the Chinese topflight... yesterday

Oshiomhole Named NPFL: Gombe Compounds Rivers Utd Woes Okpekpe Race Grand Patron El Kanemi Warriors of Promise Keepers hammered the 24th minute but watched gaping goal at his mercy. Obaseki to race for charity at event Adibe Emenyonu in Benin City Immediate past Governor of Edo State, Adams Oshiomhole, has been named grand patron of the annual Okpekpe International 10km Road Race by organisers of the event. Mike Itemuagbor, Chairman of Pamodzi Sports Marketing, owner and organisers of the International Association of Athletics Federation (IAAF) bronze label event revealed this at the Government House in Benin City last Friday at a press briefing to mark the official commencement of activities for the fifth edition of the race which will hold on Saturday May 13 in Okpekpe near Auchi in Etsako East local Government Area of Edo State. ‘’I will like to crave the indulgence of His Excellency, the Executive Governor of our dear state, Edo, Godwin Obaseki to name Comrade Adams Oshiomhole the grand patron of our race, the Okpekpe International 10km Road Race,’ said Itemuagbor. The request was granted by Governor Obaseki who said Oshiomhole has been more like the legacy of the race and promised to inform his immediate past predecessor accordingly. “The history of the Okpekpe International 10km Road Race will not be complete without Comrade Oshiomhole’s contribution to its emergence and development. I am pleased to know that you have recognised and appreciated Comrade’s role without which there may have not been the Okpekpe race today.

“What has become an internationally recognised race that has put Okpekpe and Edo State as a destination for world-class sporting events came about as an infrastructure accident following the construction of the beautiful road in and around the hilly town of Okpekpe. “Today, five years on, that infrastructure accident has become one of only two IAAF label road races in Africa and the first and only road race in Nigeria to have its course properly measured by an IAAF/AIMS (Association of International Marathons and Distance Races) accredited measurer,” said Obaseki who reiterated his government’s commitment to the continued success of the race “The Okpekpe International 10km Road Race has come to stay and we are proud to see that it has incorporated some world-class technologies to bring it at par with major international road races in the world,” he noted. Governor Obaseki thereafter filled the registration form to confirm his readiness to participate in the fifth edition of the race. “I won’t be running for the cash prizes on offer at the race but for Charity. I will race to raise fund for orphanages under the ‘We Care Trust Foundation’, an an initiative of Mrs. Lara Oshiomhole which solely focused on the less privileges, orphanages, women, youths and the IDPs etc,” revealed the governor who praised the organisers of the race for their ingenuity and foresight.

Maiduguri made a bold statement of taking a shot at the Nigerian Professional Football League (NPFL) title yesterday moving up three places to the second spot on the log. El Kanemi defeated former champions Kano Pillars 1-0 to stay on 30 points, just two below leaders Plateau United who defeated neighbours Wikki Tourists 1-0 in Jos. MFM FC who surrendered their leadership to Plateau are on same 30 points as El Kanemi but with less +3 goal difference. The Olukoya Boys were crushed 4-0 during their Sunday’s Match day 17 road trip to Lafia. Elsewhere yesterday, Akwa United also showed they were capable of pumping in goals at their fortress in Uyo as the

Shooting Stars 4-2 to climb to the middle of the topflight log on 23 points. The story of Rangers International FC of Enugu woes continued in the Oriental Derby in Aba as the Flying Antelopes lost 2-1 to Enyimba. This loss may spell doom for Coach Imama Amapakabo who has been handed a three-match ultimatum to either perform or ship out. In Gombe, an assured first half performance by Gombe United proved decisive as Rivers United was put to the sword 1-0. United were without their Technical Manager, Stanley Eguma who was suspended for one game and in his absence, looked jaded and bereft of ideas in a first half of low quality. Sani Suleiman almost put the hosts in front in

in despair as his long range strike beat the Rivers United goalkeeper, Abiodun Akande but clattered against the post. It was a premonition Rivers United failed to heed as the hosts took the lead barely three minutes following an enthralling team move that culminated in Idris Bakare rounding Akande before planting emphatically into a gaping goal. The visitors improved after the break and should have levelled matters in the 56th minute when Nzube Anaezemba’s sweetly-hit volley came off the cross bar. The hosts however enjoyed the best opening of a more entertaining second half. Sani Suleiman was the player the chance fell to but he inexplicably fired over from three yards with a

Rivers United had the ball in the Gombe United net in the 84th minute but the effort was ruled out. Both sides traded chances late on but Gombe United held on to record a vital victory.

RESULTS Enyimba 2-1 Rangers Remo 1-0 Katsina Utd Plateau 1-0 Wikki Gombe 1-0 Rivers Utd Abia W’ 2-0 ABS FC Nasarawa 4-0 MFM FC El Kanemi 1-0 K’ Pillars Akwa Utd 4-2 Shooting Tornadoes 2-1 Lobi IfeanyiUba 2-1 Sunshine

StarTimes Acquires Media Rights to 2018 FIFA World Cup Africa’s leading pay TV operator, StarTimes, has acquired media rights to 2018 FIFA World Cup as FIFA officially granted media rights to all 2017-2018 FIFA events in Sub-Saharan Africa last Thursday. StarTimes has been awarded pay-TV transmission rights for exploitation in all 42 territories of sub-Saharan Africa except South Africa with regard to the 2018 FIFA World Cup. Besides the 2018 FIFA World Cup Russia, StarTimes also gets the pay-TV transmission rights in sub-Saharan Africa for all

the other 2017-2018 FIFA events (except the FIFA Confederations Cup Russia 2017 in South Africa). “We are so glad to offer the best football matches to our subscribers in Africa having secured the broadcasting rights to the 2018 FIFA World Cup and all the other 2017-2018 FIFA events,” said Michael Dearham, StarTimes Vice-President and Managing Director of Media Division. Dearham said: “Consistent with StarTimes’ mission and values, our search for best sport contents is always at the heart of our commitment to service excellence. In this regards, our partnership with

FIFA will definitely help to serve up a football feast to African football fans in the coming days.” “We are delighted to work with our appointed broadcast partners in the sub-Saharan region to allow millions of fans to enjoy each of FIFA’s various events, across a multitude of platforms,” said FIFA’s Chief Commercial Officer Philippe Le Floc’h. The 42 territories are: Angola, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo, Congo DR, Côte d’Ivoire, Equatorial Guinea, Eritrea, Ethiopia,

Gabon, Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Lesotho, Liberia, Madagascar, Malawi, Mali, Mauritius, Mozambique, Namibia, Niger, Nigeria, Rwanda, Senegal, Seychelles, Sierra Leone, South Africa, Swaziland, Tanzania, Togo, Uganda, Zambia and Zimbabwe. The 2017-2018 FIFA events comprise: FIFA U-20 World Cup 2017; FIFA U-17 World Cup 2017; FIFA Beach Soccer World Cup 2017; FIFA Confederations Cup 2017; FIFA U-20 Women’s World Cup 2018; FIFA U-17 Women’s World Cup 2018; 2018 FIFA World Cup

Monday April 3, 2017

UT H

& RE A S O

Price: N250

MISSILE Nwaoboshi to Buhari

“My position on this matter is that since our confirmation is ‘merely’, let us suspend it until we now know whether we have the power, as given to us by the constitution, to look into confirmation matters or any other status” – Senator Peter Nwaoboshi (Delta North) rallying his colleagues to stand down deliberations on a request by president Muhammadu Buhari to confirm the 27 INEC Commissioners designate until the presidency begins to respect its resolutions reached during deliberations.

SAMEGUBE GUEST COLUMNIST

Of Rule of Law and Tax I

was in a session once where David Cameron (the former British Prime Minister) was asked if he were made an adviser to the Nigerian government what he would advise. At that time, he eulogized Nigeria and the intelligence of its people but did say that while he believed Nigerians could chart a way for themselves given what her nationals were doing in Britain and around the world, he had learnt a few things in government that he thinks he could share. He said he has learnt that governments really come down to two things, which are, the rule of law and taxes. This sounded a little obvious and simple. I was expecting something really profound. If it is this simple why do we not get it right in Nigeria, I wondered? We seem to be both anti rule of law and hardly think we should pay taxes. Most governments do not spend creative amount of time to figure out how taxes ought to be collected effectively and inclusively. In fact, some government agencies contravene the rule of law to collect taxes. If peoples’ stake in companies is evident in their investment in those companies, is it not understandable that the interest of citizens in the Nigerian nation is helped by somewhat finding a way to include all in the collection of taxes? Nigeria is enigmatic. In any case there has to be more coming from David Cameron on governance than these two factors (this was several years before the fantastically corrupt episode). Once I was returning to Nigeria from the United Kingdom feeling deeply concerned for Nigeria and our progress so far, I meandered through some of the narrower streets of London on my way to the airport noticing the several patches on the road I wondered, what is special about this place? All I could remember was Cameron’s statement the rule of law and taxes. If you know London well, you know that Londoners are not lacking in their awareness of these two musketeers, the rule of law and taxes. They have a system that works somewhat. Beat the traffic light; you get a fine in the post the next day that you must pay, which affects your car insurance premium and marks you out for being a dangerous driver. The system has got you hedged in. Taxes? Those who evade taxes are in the minority. In fact, tax offenses have been used to fight corruption effectively as it is difficult to explain your tax return compared to your outlandish lifestyle (a lesson our state and federal governments could learn from in the fight against corruption). Taxes are also used to influence economic and social behaviors. You lower taxes for businesses you want to encourage and raise taxes for businesses you want to discourage. Back to my point, sometimes, profound thoughts are hidden in simple ideas. Shouldn’t we therefore just focus on these two pillars capable of guiding our country into a renaissance experience given their role in Great Britain? The idea remained in my meditation throughout the flight back to Lagos; an idea that is not complicated must be observed and understood also by an ordinary person on the street. At this time Lagos had started showing great promise presenting as the premium example that certainly, change was possible within our borders once we had leaders who were not challenged by talent, a theme that the respective governors of Lagos state from Tinubu through Fashola and now Ambode have all demonstrated. As soon as I landed and exited the Murtala Mohammed International airport, I quickly took

FIRS Chairman, William Babatunde Fowler a taxi home in the absence of a pick up. As we drove out of the airport I realized I could pick the mind of the taxi driver and test David Cameron’s hypothesis. How na? I asked the driver and how Lagos state government dey perform? He responded quite immediately and said the government dey try well well (double for emphasis) na only say the law don plenty for Lagos and dem dey charge us money too much. In plain English, I was asking how the leadership of Lagos was doing? His response, which sounded like he was at the meeting with Cameron, was in summary, the government is doing very well, and the only issue is that the rule of law has become more effective and pronounced together with increased taxes. These were the days when LASTMA (Lagos State Transport Management agency) was more effective and respected more than the police in Lagos for controlling traffic and KAI (Kick against Indiscipline) held sway. Who says state police cannot work. One thing that beats me in those days was the incentive system Lagos state deployed that ensured the LASTMA officer will most times not take a bribe on the road and let you go, you must get to the office and pay the prescribed fine—this made them quite dreaded in some cases and respected in other cases (they were not without high handedness like most agencies of government today anyway). Cameron appears right. The rule of law and taxes were working improvements in Lagos. I like a definition given for taxes at the event of the Platform organized recently in Abuja by Covenant Christian center. One of the speakers defined taxes as government’s participation in the prosperity of its people. Another way to put it is that taxes are governments’ share in the prosperity of its people. If we follow this definition closely it suggests that governments ought to be interested in the prosperity of her citizens and that of the companies within her territory because therein is their own share of income. They should be organized around providing civil service (as their name suggests) to facilitate rather than frustrate business within the country. Because the lifeline of the nation depends on the success of businesses operating there, governments ought to set service performance goals, improve the ease of doing business and general sustainability of business practices. Performance or lack of it should then have consequences to demonstrate focus and seriousness on the part of government.

This is not the case; I hardly see service quality questionnaires being requested from businesses and citizens who ought to be the recipient of services from agencies of government. Also, when you get a job with the civil service, except for fraud, people are hardly asked on the basis of poor performance to leave the service. Unfortunately over 70% of the Revenue of the government comes to it not from its effort in delivering services through taxes but in its role as a crude oil trader, a role it shares with its citizen in competition. Who should the government serve in this case? Its competitors, who happen to be its citizens? The government is so conflicted as a player that it is unable to protect effectively the environment being a major participant in the operation that pollutes it in the first place. Also giving guidelines that allow sustainability of business activities and growth does not really look attractive because it will be scored very low in it, so it looks the other way. Why should the government be interested in other businesses which it does not own, where taxes is all they can get from them like most developed governments of the world? Why should they discourage monopolistic behaviors when by their power they can easily make themselves monopolies, it is easier to manage one monopoly in a sector than to allow many similar businesses thrive. The business of government is one; Oil export. Improving the ease of doing business is an unnecessary trouble. Pumping oil and transporting it to the Bonny or Forcados export terminals does not require an efficient Apapa, Tincan ports, or any of our airports. In fulfilling their objective as a crude oil trader, there is no need to expand our rail system and network. The monies will come anyway, the governors will go collect their checks every month in Abuja, the only investment required of them is in getting to Abuja quickly so they invest in private jets to achieve that objective. In doing so we have left a lot of income on the table and run aground even the business we own as a nation. I suggest that we should focus our government on taxes and stop competing with citizens for profits. This whole concept of national assets is deceptive and only serves as a platform for rent seeking and plundering. The government is for the people, let the people be allowed to run businesses in the country separate from the government and pay taxes. Only people who are too lazy to be productive keep avoiding the challenge to run or manage enterprise in a competitive market. I am sure some people would like government to run farms, airlines, power companies, bus companies, etc. That way those who win election have more appointments to give their supporters. Do we have any track record of the Nigerian government running enterprise well? Even if we have, can government regulate itself as a player? Even if they can, is there possibly no conflict of interest if the regulator who should bring balance, discipline and effectiveness on all players is also a player? Will the regulator not regulate in favor of its own enterprise, putting citizens participating in the same market at a disadvantage? Can one effectively regulate oneself? How does the department of petroleum resources regulate the NNPC or shut down NNPC stations for infringements? Focusing on taxes as the only source of government revenue and its share of the prosperity of its citizen ensures congruence of objective between the citizen and their government;

it is in the prosperity of the citizen that the government prospers through taxes. Focusing on taxes is also the way to effectively implement the rule of law, using the rule of law to engender a business climate conducive for business without being primarily the regulator has its advantage. When government as a player breaches its own rules as it sometimes does, chaos is the result given the effect of precedence. It is for this reason we need to focus on strengthening our institutions like the police, EFCC the judiciary etc. Lets think about it for a moment, and I will use a remix of an interesting quote by Adams Oshiomole, which remain true today, varying it for my purposes. “If corruption is big then it is big business. If it is big business, then it is visible. If it is visible how many have our agencies brought to conviction? If only few are being convicted, would it not be right to say they are either lacking in capacity, competence or worse still conniving with culprits?” One of the things that beats me is our sense of performance, responsibility and their management. If we say corruption is rife in Nigeria shouldn’t we ask who is supposed to be responsible for making it difficult to thrive? Is it not an indication that the institutions saddled with this all-important responsibility failed in their roles? I see not a lot of effort targeted at major reforms in these institutions. I rather observe that we use the same structure and people who accommodated corruption and allowed the rule of law to be weakened in the first place to prosecute the fight against what they were unable to fight in previous governments. Let me give an example, it is impossible to rig an election without the active or passive support of the police assigned to the location. When it is shown that the election was truly rigged or there was widespread violence what consequent action is taken against the security personnel assigned to the location? I have not seen any yet, despite widespread irregularities and clear tampering with election materials under their watch in the past. Sometimes a more strategic posting may even be given the responsible officer, meaning well done for a good job. I believe if the rule of law, which is the second pillar for development, needs to be effective, then the real fight against corruption should be targeted at reforms in the institution that failed in the first place to push back the vices we now fight. Certainly the president appears resolved to stamp out corruption but he can do so only as a strong man as long as he is president. Without institutions, when the strong man leaves office at most after eight years, we will still be left with weak institutions making us look like the sacrifices and body language of the president did not put corruption sustainably face down. If the same police that allowed corruption and crime to multiply changed direction temporarily as a result of the body language of the president, and that change was not the result of deep structural and psychological reforms program (including reward systems and equipment availability), the same people will revert back to their old self once the body that had the language leaves office. We need to take a second look at them, strengthen their capacities and let the rule of law live in our midst. Great governments show their mettle in the way they succeed with taxes and the rule of law. •Mr. Egube is the Chairman Altassist Ltd. egubesam@gmail.com

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