Monday 10 April 2017 by THISDAY Newspapers Ltd

Buhari, Saraki, Tinubu Greet Dangote at 60 Omololu Ogunmade and Damilola Oyedele in Abuja President Muhammadu Buhari yesterday congratulated Africa’s richest man and philanthropist, Alhaji Aliko Dangote, on his 60th birthday, saying he was a kind hearted patriot.

Joining Buhari in pouring encomiums on Dangote were Senate President Bukola Saraki and the National Leader of the All Progressives Congress, Senator Bola Tinubu, as well as several

other leaders of the business community who extolled his entrepreneurial acumen and wished him much more successes in life. The president, in a statement by his Special

Adviser, Media and Publicity, Mr. Femi Adesina, said he joined the business community, Dangote's friends and family in congratulating the Forbes’ rated richest African and

black man for what he described as his patriotism and kind heartedness in always making sacrifices to safeguard the health of the nation. Buhari referred specifically to Dangote’s

CBN Injects $418m to Oil Marketers, Others… Page 8

worthy interventions in the battle against polio and Ebola. Furthermore, the president hailed the business mogul, who turned 60 today, for choosing entrepreneurship at an early age, saying he Continued on page 10

Monday 10 April, 2017 Vol 22. No 8026. Price: N250

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EFCC Inaction Causes Sinking of Petroleum Vessels Damilola Oyedele in Abuja Revelations emerged yesterday about how the delay by the Economic and Financial Crimes Commission to engage an auctioneer to dispose of petroleum products on several vessels forfeited to the Federal Government caused the sinking of at least two vessels with their content. The sunken vessels are MT GOOD SUCCESS which sank at the NNS Beecroft Naval Base, Lagos, on November 5, 2016 following its forfeiture to the Federal Government on the orders of a court, and MV THAMES, which sank Continued on page 10

THE BUSINESS MOGUL AT 60…

L-R: Former Governor of Ogun State, Otunba Gbenga Daniel; Chairman, Zenith Bank, Chief Jim Ovia; former Governor of Osun State, Prince Olagunsoye Oyinlola; Deputy Senate President, Chief Ike Ekweremadu; Kaduna State Governor, Mallam Nasir Ahmad El-Rufai; Vice President, Dangote Group, Alhaji Sani Dangote; Celebrant, President, Dangote Group, Alhaji Aliko Dangote; Senate President, Dr. Bukola Saraki; Governor of Edo State, Mr. Godwin Obaseki, Chairman Forte Oil, Mr. Femi Otedola; former Governor of Ogun State, Aremo Olusegun Osoba; and former governor of Ekiti State, Otunba Adeniyi Adebayo, during the cutting of Aliko Dangote's 60th birthday cake at a party hosted by Otedola at his residence in Lagos… this morning kunle ogunfuyi

Fashola Raises Hope for Better Electricity Supply N7O1bn intervention fund to be spread over 3years Ejiofor Alike in Lagos and Chineme Okafor in Abuja

The Minister of Power, Works and Housing, Mr. Babatunde Fashola, yesterday

FG reworking economy to withstand oil price fluctuations

raised hope for improved electricity supply in the country, assuring Nigerians

that power generation would ramp up to 4,000 megawatts within the next six days.

The minister spoke on the Sunday Morning Show of Arise Television, a sister

broadcast arm of THISDAY Continued on page 8

Viewer’s Favourite, Efe Ejeba, Wins Big Brother Naija 2017… Page 10

T H I S D AY MONDAY APRIL 10, 2017

MONDAY, APRIL 10, 2017 • T H I S D AY

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CBN Injects $418m to Oil Marketers, Others ABCON to punish errant operators

Obinna Chima In line with its avowed determination to ensure ample supply of foreign exchange (FX) in the market, the Central Bank of Nigeria (CBN) last Friday auctioned US$418 million through retail-Special Secondary Market Intervention Sales (SMIS), at a marginal rate of N310/$. The Acting Director, Corporate Communications, CBN, Mr. Isaac Okoroafor, in a statement yesterday, said petroleum, airlines, agriculture and raw materials/machineries sub sectors benefitted from the auction. The auction was in addition to the US$350 million sold as wholesale auction, Business Travel Allowance/ Personal Travel Allowance (BTA/PTA) and school fees last week. This is expected to strengthen the naira exchange rate in the coming days. The naira closed at N405 to the dollar on the parallel market last Friday. "In the weeks ahead, the CBN will sustain its intervention through the sale of foreign exchange to all segments of the market i.e. PTA/BTA, Wholesale SMIS, Retail SMIS and the BDC. The Bank will sell short tenured forwards of 7-30-day maturity to meet demand of manufacturers and all other foreign exchange users,” Okoroafor said. He added: “These significant and consistent injection of foreign exchange into the market should reassure all foreign exchange users of our determination to continue to meet all legitimate FX demand in the market while striving to achieve exchange rate stability in the market." THISDAY reported on Saturday

that the anticipated $6.4 billion inflow into the country was expected to boost dollar liquidity and help strengthen the naira against the United States dollar. THISDAY findings show that the $6.4 billion inflow is expected to come from three sources: The sum of $4.5 billion is expected into the country following the directive by President Muhammadu Buhari to the Ministries of Finance and Budget and Planning, as well as the Central Bank of Nigeria (CBN) to address outstanding issues in securing the loan from the Peoples’ Republic of China. Also, there is the balance of the $1 billion African Development Bank (ADB) loan. Of this amount, $600 million had been drawn, leaving a balance of $400 million, which is a potential boost to Nigeria’s forex reserves when it flows into the country. In addition to this, another $500 million is being expected from the Global Medium Term Note Programme which was issued recently and attached to the $1 billion earlier offered and over-subscribed. In a related development, directors of over 3,000 licenced Bureaux De Change (BDCs) firms will be meeting today in Lagos, to decide on ways to force down dollar rates differential and narrow the gaps between official and parallel market rates. The emergency meeting became exigent following last week’s sudden depreciation of the naira against dollar, which the operators said is against the interest of their operations and economy. According to a statement yesterday, the President, Association of Bureaux De Change Operators of Nigeria

(ABCON) Aminu Gwadabe, said the meeting with the theme: Role of BDCs in Price Stability- Realities and Compliance will be used to warn erring BDC directors on the consequence of violating operating guidelines. He said the BDCs will continue to support CBN’s exchange rate stability objectives and also ensure that official and parallel market rates convergence is achieved. “We want BDC Directors to know the gains of price stability, rate harmonisation and regulatory compliance. Operators with infractions will face penalties. We did it in 2006 when the BDC window was first opened. We helped the CBN to narrow the huge gap between official and parallel market rates. We are ready to do it again,” he said. Gwadade said the BDCs helped the CBN to narrow the exchange rate gap from N520 to present rate, and will continue to achieve better results as the CBN continues to fund BDCs with increased dollar allocations. “We are ready to partner with the CBN to ensure there is rate convergence. We want to make the market transparent, accountable and secure for the economy, investors and Nigerians in Diaspora so that more dollars will be attracted into the economy to strengthen the local currency,” he said. Gwadabe said the BDC directors are the owners of the business, and should understand that they carry corporate governance burden, and will directly face sanctions when their operations run contrary to CBN’s guidelines. “We want the BDC directors to

fully take charge of their businesses, because they will be punished if anything goes wrong. We also want the public to know that BDC operators are not criminals, but remain critical partners of the CBN in ensuring that price and exchange rate stability are achieved,” he said. The ABCON boss said that BDCs’ capital is eroded anytime exchange rates go up, and naira is depreciated. “We suffer financial losses anytime the naira depreciates. We want a better and harmonised exchange rate,” he said. He praised the CBN for selling $20,000 to each licenced BDC firms last week, adding that the funds will help to further strengthen the naira against the dollar. “We expect that the $20,000 given to us will go a long way to douse the tension in the market even as we urge the CBN to continue to boost liquidity in the market,” he said. He also urged the CBN to continue to take steps that would help bring more foreign investors to the economy. Gwadabe said ABCON has a zero tolerance for non-compliance with regulatory requirement and unethical conduct amongst its members. The group, he said, created the office of Compliance Officer at its National Secretariat and in all its zonal offices and also provided vehicles for the compliance officers to regularly visit BDCs under their jurisdictions. “BDCs are able to do more business when the exchange rate is stable and relatively close to the official exchange rate and so, will do everything within its powers to support CBN’s drive for exchange

rate stability,” he said. CBN Asks Banks to Report Cyber Crimes Meanwhile, following a recent report that North Korean Hacking operations were growing and getting bolder and increasingly targeting financial institutions in Nigeria and 17 other countries, the central bank has advised financial institutions under its regulation to always report incidents of cybercrime to the CBN. The CBN Director, Banking and Payment Systems Department, Mr. Dipo Fatokun, who said this while responding to questions about the report from Russian cyber security firm, Kaspersky, in a phone interview with THISDAY yesterday, said sharing of information about cybercrime would help in developing better defence against such crimes. According to him, no Nigerian bank has reported any case of hacking to the CBN. Fatokun explained: "From the reports we have read, no Nigerian bank has reported to have been hacked. One thing about hacking is that if a bank is hacked, it could disrupt its services to customers, depending on the type of hacking that was done. If it was denial of services, definitely the customers’ services would have been disrupted. "Sometimes, it is such disruptions that even alert the banks that something is wrong with their system. But we have not heard any and no bank has reported that its system was hacked." Fatokun said the central bank has continued to sensitise banks and other stakeholders on the dangers of ransomware, a computer malware

that hackers use to hold their victim's data hostage. He explained further: "You know ransomware is electronic kidnapping. Just like physical kidnapping where the law enforcement agencies would always advise against paying ransom because if you pay it may never end, what we did was to tell the banks that instead of paying ransom which may not end, they should have good back up arrangements. "So that if your system is kidnapped or held hostage so that you cannot use it, you fall back on the backup server so that you continue with your operations. Of course, if somebody is holding you hostage and noticed that your operation is still continuing, it means he has not achieved his aim and will be forced to leave you." According to a news report by the Cable News Network (CNN), two international security experts believe that the stolen money from cyber hacking were likely being spent advancing North Korea’s development of nuclear weapons. Banks and security researchers have previously identified four similar cyber-heists attempted on financial institutions in Bangladesh, Ecuador, the Philippines and Vietnam. But researchers at Kaspersky now say the same hacking operation known as “Lazarus” also attacked financial institutions in Costa Rica, Ethiopia, Gabon, India, Indonesia, Iraq, Kenya, Malaysia, Nigeria, Poland, Taiwan, Thailand and Uruguay. The hackers can be traced back to North Korea, according to Kaspersky researchers.

He noted that the president was personally driving the biggest power project in Nigeria, the Mambilla Power Project, which is located in Taraba State, a non-APC state. According to him, the president is driving the conclusion of the negotiations on the back of his visit to China, stressing that the federal government is close to concluding the negotiations and to start work late this year or early next year. “President Buhari is not playing politics, he is governing, that is the mandate he has now and so are we his ministers,” he said. Fashola claimed that when he was a governor, the National Economic Council (NEC) meetings did not hold to discuss deep and very important economic issues because the last administration did not want opposition governors to raise certain questions. “Elections are over, this is the time to govern and that is what we are doing. How could you possibly, if you talk about road, achieve interconnectivity between states? Assuming we are minded like them, you cut off Ekiti State and go and build roads in Ondo State, apart from Imo state in the South East, essentially we didn’t win any state. But work is going on in those states,” he explained. He argued that if all the economic programmes planned by the government were efficiently implemented, Nigeria would have enough economic firepower to withstand any new fall in oil prices in the next 10 years. According to him, the government would through the Economic Recovery and Growth Programme (ERGP), invest in Nigerians and the local economy to begin to internally source for

goods and services needed by Nigerians. He specifically stated that in the government’s housing programme where a number of houses would be built every year on a Public Private Partnership (PPP) scheme, he had mandated that all the building materials required for the projects across the country must be internally sourced, except if they were not found within the country. He said the government had prioritised its programmes for the country’s road network, adding that roads with higher economic values are being worked on. “As an economic intervention, our plan is to restore the roads, reduce journey times, improve travel experience and reduce the cost of goods and services so that we can move cargoes and goods across Nigeria, and that is beginning to happen. Coming into 2017, I know which roads need priority attention and how to spend the monies we have. We have toured essentially all the six geo-political regions of the country,” he said. “When I assumed office, about 206 roads already contracted by previous administrations hadn’t been completed,” he added. “When we started with the 206 roads, the total contract sum was N2.2 trillion and the amount that had been paid was about N700 billion. So, we were out by N1.5 trillion, and I don’t have that budget in my ministry, we had to make choices. The choices we made were based on which roads carried the heaviest traffics so we could make impact, which roads carried Nigeria’s energy need like the fuel cargoes because they must be priorities; which roads sustain lives in terms of delivering food and

the food basket of Nigeria is from the middle belt up north, so it is those roads that help Nigerians get on with their lives,” he explained. On housing, the minister stated that some states had offered to contribute land for the national housing scheme, adding that the housing units would be built in larger quantities after the first pilots have been completed. “We are getting lands from the states; they are choosing the location where I believe they want their housing estates to be located. The housing units must pass through tests of acceptability and affordability for the people that they would be built for, and that was why I alluded to consultations, which we spent the last year doing,” Fashola added.

FASHOLA RAISES HOPE FOR BETTER ELECTRICITY SUPPLY Newspapers asserting that: “In six days’ time, we will restore generation to 4,000MW,” promising: “By the time you have the hydro station back during the raining season, you will get more.” Nigerians had been experiencing frequent power outages, which worsened in the last few weeks even as the weather became hotter, provoking bitter complaints from citizens. But the minister who also clarified that the N701 billion power intervention fund recently announced by the federal government would be spread over the next three years to give comfort to the operators, explained that the outages were due to low water levels at the nation’s hydro power stations. As a result, he said, power generation had gone down to 3,400MW. “For the first time in a long time, this is the peak of very hot weather where the waters in the hydro plants are down,” he said. The problem, he stated, was compounded by the shutting down of two power stations on Saturday, assuring, however, that government was determined to average generation at 3,400MW. “Two of our plants are down; they are trying to evacuate the condensates. We are, however, keeping power generation at about 3,400MW,” he said, expressing hope that with the advent of the rain season and restoration of the hydro stations, generation would be ramped up to 4,000MW. Fashola charged gas suppliers and generating companies to do more to produce power since the government had firmed its debt payment plan. Restating the federal government’s

commitment to pay debts owed distribution companies by the ministries, departments and agencies (MDAs), he said he would not make a recommendation to government to pay any kobo of tax payers’ money for any debt that was not properly verified. He said: “For debts, one of the earliest statements I made was that we will pay all the debts once they are verified and the process of verification is taking place. Right now we are looking at over 250,000 invoices comprising of I think 4,000 accounts. I won’t make a recommendation to government to pay any kobo of tax payers’ money for a debt I cannot put my signature to. “And so I have a team doing that, we are making good progress and raising questions. That is how debts are going to be settled, we will pay every debt that is owed and verified.” The minister also spoke on the President Muhammadu Buhari administration's economic blueprint and said when properly implemented, it would protect Nigeria from future fall in prices of crude oil. Fashola noted that five out of the 60 interventions plans under the Economy Recovery and Growth Programme (ERGP) launched last week by President Muhammadu Buhari were related to power supply, stressing that with the private sector controlling the power sector, the role of the government now was policy and coordination, and creating enabling business environment for the investors to deliver. According to him, the government has the responsibility to ensure that the environment is

right. He said the government had promised to deliver 4000MW of electricity, adding that it was on that basis that the tariff was defined. He, however, added that the government could not achieve that because of vandalism, which according to him, was the business of government and not that of the operators. He said: “You see the Vice President and the President trying to restore calm in the Niger Delta and in the last one month there hasn’t been any major announcement of any vandalism. And so we are now in a state of repairs because hitherto what happened was immediately we repaired, they were broken again. I have meetings with all the operators in the sector, we are meeting in Osogbo tomorrow and that is where the National Control Centre is, and that is part of what I am doing to know the asset by name and not just on papers.” Fashola said the country was beginning to see the need to generate more power with solar energy and also revive coal because all of the other sources of energy were also subject to their own inherent weaknesses. “When it is raining, solar is not very efficient and that is when you should go to gas. When it is not raining, your hydro is not good and that is where you should be able to go to coal. This is what needs to be done, but I assure you that it would be done, we will get it right,” he said. Explaining the federal government’s cross-cutting project development that is devoid of party lines sentiments, Fashola stated that Buhari was not playing politics as elections had been won and lost.

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T H I S D AY MONDAY APRIL 10, 2017

MONDAY, APRIL 10, 2017 • T H I S D AY

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Viewers’ Favourite, Efe Ejeba, Wins 2017 Big Brother Show Okowa congratulates winner Nseobong Okon-Ekong, Chiemelie Ezeobi, Vanessa Obioha in Lagos and Sylvester Idowu in Warri In an exciting show that brought to an end the 78-day drama in the Big Brother Naija house, 23-year-old, Efe Michael Ejeba, last night emerged the winner of the reality TV show. Efe was among the 12 housemates who entered the house on January 22 to compete for the cash prize of N25 million and a new Kia Sorento Sports Utility Vehicle (SUV) put up for grabs by the organizers. Bassey and Debie-Rise later joined the competition, while fake housemates Jon and Ese also entered the competition to stir controversy and drama in the house. In the live grand finale show, Marvis was the first person to be evicted from the house, followed by Debie-Rise. TBoss' emergence as the 2nd

runner-up created mixed reaction. She dominated social media in the last eviction show, which saw Bally leaving the game. Celebrities like Uti Nwachukwu and DJ Xclusive proclaimed her winner and urged their fans to vote for her. While her fans were clearly disappointed at the turn of events, others who considered her a threat were happy about her eviction. However, she was rewarded with a N500,000 Payporte Voucher as the winner of the brand’s Friday Night Games, while Bisola won the prize for BBNaija and One Campaign's 'Back to School' task. For projecting the menace of poverty, the advocacy for girl education, Bisola will travel to New York to speak to the United Nations Assembly and world leaders on the issue of girl education. In an earlier poll on social media, Efe gave the other four finalists

Warri erupts in wild jubilation

Bisola, TBoss, Debie-Rise and Marvis a wide margin on votes. The aspiring rapper gained more popularity when celebrity musicians including Wizkid, IcePrince, MI campaigned for him. He garnered a total number of 57.61 per cent votes to clinch the coveted prize. This season marks the return of the show after a 10-year hiatus. Katung Aduwak clinched the cash prize of $100,000 for that edition which also had actor Gideon Okeke and TV personality and host of this season's show, Ebuka Obi-Uchendu, among the contestants. Formerly known as Big Brother Nigeria, BBNaija recorded high ratings, gaining thousands of followership on their social media pages as well as recording over six million chats. To mark the end of the show, iconic musician, 2Baba, Tiwa Savage, Emmy Gee, AB Crazy and DJ Dimplez, entertained

Efe the enthusiastic crowd. Meanwhile, Delta State Governor, Senator Dr. Ifeanyi Okowa, has congratulated Efe, describing him as a proud ambassador of Delta State The governor noted that he wasn't surprised that Efe won the competition by a whopping 57 per cent of votes cast because he was well behaved in the Big Brother's House.

In a statement in Asaba yesterday by his Chief Press Secretary, Charles Aniagwu, the governor lauded Efe for being a good ambassador of the state, adding that the state government was proud to have supported talented Deltans to achieve their dreams. "As a state we are very delighted that our son Efe won the #BBNaija competition. We are glad that he related very well with the house mates and survived all the evictions and avoided controversies in the house," he said. "He has portrayed the Delta character of being a true patriot and a worthy ambassador of the state. As a state we have continued to support talents in sports, creative entertainment and even in business and we are glad that Efe has made us proud again. "On behalf of the government and people of Delta State, I thank Deltans and indeed all Nigerians that supported our son #Efe to

clinch the prize money. Indeed beyond the prize money, he has displayed leadership traits that have distinguished him as a role model and we are very happy to have him bring honour to the state," the governor emphasised. However, Warri, the home of Efe, erupted in wild jubilation Fire works and gunshots rented the air immediately he was declared winner, beating Bisola in the show. Most of Efe's supporters had thronged various joints monitoring the outcome of the contest. As soon as his name was announced as the winner of the contest, fire works and gunshots erupted Spontaneously across the city. Prominent among the people that monitored the final was the immediate past Governor of Delta State, Dr. Emmanuel Uduaghan who posted on his facebook wall "Delta BBN winning streak continues. Uti, Karen congrats."

Militants Storm Ishawo, Kill 5 Policemen, 2 Soldiers Chiemelie Ezeobi Despite the presence of the Joint Task Force (JTF), Operation Awatse (an Hausa word for scatter), some militants at the wee hours of yesterday, again unleashed mayhem on Ishawo area of Ikorodu in Lagos State. In what was described as a deadly ambush, the militants were said to have taken the security forces by surprise, therefore, gaining the upper hand. THISDAY gathered that the militants struck at Woodland Estate, near the Ishawo creeks and

engaged the security personnel, soldiers and policemen, protecting the area in a gun duel. At the end of the gun duel, five policemen and two soldiers were reportedly gunned down by the militants. It was yet unclear if there were any casualties on the part of the militants, although the security forces were said to have reinforced and stormed the area for reconnaissance and possible action. Meanwhile, the resurgence of militancy in Ishawo area has become worrisome to the residents,

who often bear the brunt of their ruthless attacks and raids. According to the residents, the militants’ raided their homes armed with dangerous weapons and robbed them of their valuables. A resident, Atoba Faleye, said the militants seemed to have had upper hand over the security forces in the area, adding that in most cases, they were left to protect themselves. He said: "When the military and the police chased out the militants from Ishawo last year, we heaved a sigh of relief. We

never thought they would come back with full force. "This is the bane of the society. There is no contingency plan put in place in case of a counter attack. The security forces relaxed their guards after their first victory and we are the ones paying the price now. "We are again pleading with the state government to come to our aid. This matter has gone beyond us. We are living in fear." When contacted, the Lagos State Police Command Public Relations Officer, ASP Olarinde Famous-Cole, confirmed the

incident, but said the actual casualty figure was six. He said, "At about 1am today (Sunday), the police received a distress call that a group of militants and kidnappers had entered Owutu-Isawo in Ikorodu through the thick swampy forest surrounding the area. "They were reported to have kidnapped some residents. In response, the police and the army immediately mobilised personnel to the area, where the kidnapped victims were rescued. "Sadly, however, five out of the gallant, brave and patriotic

officers lost their lives during the rescue operation. "One of them was a Nigerian Army Captain while the remaining four were policemen. One of the residents in the area also died. "Meanwhile, the command will like to assure the public that with the synergy from sister security agencies, the criminal elements involved in this dastardly act shall be apprehended and made to face the full wrath of the law. "We will continue to rely on the good people of Lagos State for useful information and their partnership."

serve humanity for many more years." In a letter to Dangote dated April 9, 2017 and released yesterday by Tinubu’s Special Adviser on Media, Tunde Rahman, the APC national leader described him as an inspiration to many people, commending him for his boldness and bravery in taking business risks that had paid off hugely for him. He said the business mogul had broken all business barriers and was helping to industrialise Africa, with the operations of his Dangote

Group in 17 African countries. "I wish you many more years in life,” Tinubu said, adding: “I pray that Allah grants all you need to continue to impact the lives of many more people." First lawyer in Northern Nigeria and former President of Security and Exchange Commission (SEC), Alhaji Ganiyu Abdul-Razaq, was also on the felicitation train as he commended Dangote for his diligence, commitment and sense of discipline which he said earned him the Forbes rating as Africa's

richest man and wealthiest black man across the globe. The nonagenarian in a statement hailed the business mogul whose business empire in both logistics and manufacturing transcends Nigeria's business community. Abdul-Razaq recalled Dangote’s indelible footprints as the President of SEC between 2009 and 2014 as well as his invaluable contributions to the Nigerian economy through his chain of businesses, which had provided jobs for thousands of Nigerians.

were scheming to cause disunity and disaffection between him and the chairman, bring down the Commission and expose it to ridicule. NNS Beecroft Naval Base, Lagos in two separate letters dated January 19, 2017 and February 28, 2017 had informed the commission of the deteriorating condition of another vessel: MV PSV DERBY, harping on the urgent need to salvage the vessel and evacuate its contents to avoid sinking. “Please note that the rate of observed ingress of water into the vessel has now increased at an alarming rate. Consequently, personnel of NNS Beecroft who regularly pump out water from the vessel on a weekly basis now do so 3 times a week due to the rate of ingress. More so, the vessel constitute considerable risk for our own personnel keeping security duty on-board,” the letter dated February 28, 2017 read.

It also requested the transfer of the product on board the vessel to avoid total contamination or loss of the product and the vessel. Acting on the letter, the Commission’s DD-AFRM, on March 14, 2017, was directed to set up an internal committee with representatives from the offices of the Secretary to the Commission, Procurement unit, Internal Audit, and others to handle the issue and submit a report within a week. It is unclear if the vessel is still afloat at the time of this report. Other forfeited vessels still in the possession of the Western Naval Command, Naval Base, Apapa, Lagos are MT ANUKET EMERALD, MT ASTERIS, MT LONG ISLAND, and MT ZARA. Reacting to the phenomenon of delay in the disposal of seized vessels yesterday, the Nigerian Navy said it could be partly attributed to a new procedure, which had harmonised the standard of operations at the ports.

The Director of Information, Nigerian Navy, Captain Suleiman Dahun, told THISDAY: "There is a new harmonised standard operation procedure that has come into force," explaining that the new policy would address the inadequacies associated with the disposal of vessels forfeited to the federal government. He said: "It is designed to address all these issues in maritime law enforcement. So, the issue of arrest, detention and prosecution by this new document has been taken care of. "Initially, when we arrest, we like to keep them for a very long time, it destroys our objectives. That is why the Minister of Justice said there should be a new chapter, to enhance maritime law enforcement. "The result of that cooperative thinking is the harmonised standard operation procedures which would address those issues once and for all."

BUHARI, SARAKI, TINUBU GREET DANGOTE AT 60 has trodden the path of diligence, perseverance and continuous learning to build some of the world’s largest manufacturing and distribution companies with household names in Nigeria and beyond. He commended the humility, simplicity and cosmopolitan outlook of the entrepreneur whom he said defied ethnic and religious persuasions in extending support to the poor and vulnerable, providing employment opportunities without discrimination while inspiring and

mentoring young Nigerians to greatness. Buhari also acknowledged Dangote’s role in bolstering the economy through continuous engagement and counselling governments on best practices in promoting the ease of doing business. He prays the almighty God to grant Dangote more wisdom, good health and longer life to serve his country and humanity. Senate President Saraki felicitated with Dangote, describing him as

a business guru, philanthropist, role model, and Africa’s biggest industrialist. “Alhaji, you are Nigeria's flagbearer across Africa as you make success of different industries across the continent and we are proud of you,” Saraki said in a statement by his Special Adviser on Media and Publicity, Yusuph Olaniyonu, adding: “It is our prayer that Almighty Allah (swt) will continue to endow you with more wisdom, great energy, good health and immeasurable grace to

EFCC INACTION CAUSES SINKING OF PETROLEUM VESSELS on February 27, 2017 at the NNS Pathfinder Naval Base in Port Harcourt. The vessels sank despite several warnings by the Nigerian Navy to the anti-graft commission, on the need to evacuate the products from the vessels. THISDAY gathered that the federal government has ordered investigations into the circumstances that led to the loss of the vessels and their contents, which could have fetched it millions of US dollar revenue. Documents obtained by THISDAY yesterday showed that an internal wrangling between the Acting Chairman, Mr. Ibrahim Magu, and Secretary to the Commission, Mr. Emmanuel Aremo, was responsible for the delay in engaging an auctioneer to dispose the products aboard the vessels. The EFCC in a letter dated January 16, 2017 had engaged Pinacle Trading and Investment

Nig. Ltd, as auctioneer for the disposal of the petroleum products, but another letter dated February 24, 2017 terminated the appointment. The latter letter signed by one Ma’aji Abba Aji, on behalf of Magu, said the appointment was terminated after a careful review of the process. “After a careful review of the process, the Commission discovered some lapses in the engagement of your company and has, therefore, decided to terminate the appointment. By this letter, you are to cease and desist from carrying out any activity relating to the disposal of any petroleum products on behalf of the commission,” it read. In a detailed memo to Magu titled “Evacuation and Auction of Petroleum Products in Re: Pinacle Nig. Ltd,” Aremo said he recommended Messrs Pinacle for the job based on its pedigree of having carried out similar

assignments in the past, after due diligence was carried out. He also admitted that he put pressure on the Deputy Director, Asset Forfeiture and Recovery Management (DD-AFRM), Aliyu Yusuf, and the Procurement Unit to fast track the process of engagement of Pinacle in order to prevent further loss of revenue after MT GOOD SUCCESS sank. “EC Sir, as at now, another vessel is at the verge of submerging in Lagos, while about (3) three others are in the same situation on Port Harcourt zone. I have directed the DD-AFRM to go to Port Harcourt and assess the situation, but I have to stop him in view of this unwarranted controversy. With due respect, EC sir, for how long are we going to be watching and see all these forfeited properties being wasted and thus denying the federal government the much needed revenue,” Aremo’s memo stated. He noted that some individuals

MONDAY, APRIL 10, 2017• T H I S D AY

NEWS

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

APC NEC Members Petition President Buhari, Demand Meeting Party still united, strong, says deputy chairman

Onyebuchi Ezigbo in Abuja A forum of All Progressives Congress (APC) National Executive Council (NEC) members has written a protest letter to President Muhammadu Buhari over what they described as the poor handling of the affairs of the party by the National Working Committee (NWC) led by Chief John OdigieOyegun. The forum whose letter dated April 6, 2017, tagged: ‘Save our party-APC,’ and addressed to President Buhari, demanded an urgent meeting of the National Executive Committee (NEC) to help resolve certain troubling issues. The forum said if nothing is done by the president, the situation might lead to “preventable, avoidable and unnecessary intra-party cracks that the present situation might generate.” The forum included some national officers of the party who are not members of the NWC. In a copy of the letter signed by a national ex-officio, South-west Coordinator, Hon. Omolayo O. Akintola, which was made available to journalists in Abuja yesterday, the NEC members said they were not happy over the continued exclusion of some states from membership of the NWC. In the letter, the group also expressed displeasure over the inability of the national

leadership of the APC to hold NEC meeting as regularly as provided for in the party’s constitution. The forum said that they have written several letters to the National Chairman, Oyegun, “without any positive reactions hence this ‘Save our party’ request.” The letter reads: “We strongly feel that an urgent call on the appropriate quarters of the party be made to ensure that NEC meeting of our party as provided by Article 25 of our party constitution is obeyed to quarantine resolution of matters affecting party amicably. “We are equally greatly displeased with the ways of handling party matters solely by the NWC only without any recourse to the NEC from which NWC derived her powers. “Also to be noted for appropriate advice is the exclusion of sizeable number of federating states from scheme of things within the party because many states are not presently represented by party officers in the current NWC, hence, the need to be having regular NEC meetings pending the much awaited amendment to the present party constitution. “We, therefore, deemed it necessary putting this letter across for your timely actions to save our great party from preventable, avoidable and unnecessary intra-party/inhouse cracks that the present situation might generate. “We strongly believe in your excellency’s ability and sagacity to normalise things within a

Again, Man Jumps into Lagos Lagoon Chiemelie Ezeobi In yet another case of suicide in Lagos, a young man, who was identified as Bayode Ahmed Lawal, weekend jumped into the lagoon of the link bridge which separates FESTAC from Amuwo Odofin. The Industrial and Applied Chemistry graduate of University of Ilorin, had on Sunday morning ran up the bridge and to the horror of all around, jumped into the blackish water and disappeared. Efforts made by local divers and boat owners to fish his body out have proven abortive at press time. According to reports, he had gone out with some friends when he suddenly started acting weird by rolling on the floor. When his stupefied friends tried to enquire what was wrong with him, he was said to have suddenly got up and jogged towards the bridge. Although his friends went in hot pursuit, he jumped into the lagoon before they could reach him. Reports said he probably

had some psychological issues even as some people said he was just fed up with life. But when THISDAY scrolled through his Twitter timeline, it found disturbing tweets of how he said he hated his mother who had planned to lock him up in rehabilitation centre till he recovered from an unstated disorder. On February 24, he had tweeted his plans to end it in a Twitter rant, but nobody paid attention, and in an earlier post he had written: “No more lies. The end... Painful dream.” Another post read: “The way out should never be suicide, but I am making an exception, for mine is a peculiar case. Is she really worth the wait?” In another post, he expressed fears that he might not be good enough. But again, nobody heard his cry of despair until it was too late. Bayo who left behind a single mother and his other siblings, had in his last tweet on April 4, said: “I am god. Faced everyone in my entire world alone even my family was against me. Kept saying I was mad, but here I am.”

good time frame.” Meanwhile, the Deputy National Chairman of the party (APC -North), Senator Lawal Shuibu, has said the ruling party is still very strong regardless of the internal wrangling among members. He said the caliber of Nigerians joining the party is a proof to the strength of the party, adding that in spite of the internal crisis, people are still struggling to join APC. Shuibu said this while receiving Taraba State chapter of the party at the Abuja national secretariat assured Nigerians that the APC has recorded multiple achievements since coming to power. He asked Nigerians

castigating the APC-led government to wait and listen to President Buhari when he rolls out multiple achievements recorded within two years in his May 29presidential broadcast. According to the party chieftain, no degree of infightings will threaten the strength of the ruling party. “I want to assure Nigerians that APC is still very strong regardless of the internal wrangling. We know that we are fighting ourselves but why is it that in spite of the internal crisis people are still struggling to join APC? They are not just anybody on the street but eminent Nigerians and even persons elected into public offices.

“What it means is that people still have faith in the APC and still see it as the formidable party that can change what we met in 2015. The change mantra is still on course and a lot of people are struggling to be part of the change and history. “I want us to continue to be one. We are experiencing infighting because we don’t recognise the spirit in which the broom was made our symbol. This broom shows unity and if we cut the rope binding the broom together, everything will scatter. I don’t see our internal fighting as a threat to the strength of the party. We are not going to allow the broom to scatter. “We have already set up

committees to visit our state chapters to reconcile all the feuding members. We have also constituted the entire NWCinto a reconciliation committee to settle any misunderstandings within the national level,” he noted. On the achievements of the party at the federal government level, Shuaibu said: “I want to urge you to continue to be patient. I want to emphasise that the reward will come in many ways including safety and ability to feed our families. Yes, the reward may not necessarily come into individual pockets but as general benefits to the entire society. It is not going to come so fast but slowly.”

WAXING STRONGER

Group Managing Director/CEO, United Bank for Africa (UBA) Plc, Mr. Kennedy Uzoka (left), and Group Chairman, Mr. Tony O. Elumelu, at the 55th annual general meeting of the bank, in Lagos…..Friday

Obasanjo: My Govt Never Plotted to Kill Bamaiyi Says EFCC need staunch lawyers to win cases Former President Olusegun Obasanjo yesterday said his government never plotted to kill former Chief of Army Staff, Lt. Gen. Ishaya Bamaiyi (rtd), as claimed by Bamaiyi in his book. Obasanjo said this while playing host to members of the Correspondents Chapel of the Nigerian Union of Journalists (NUJ), Ogun State chapter, at his hilltop residence in Abeokuta. The former president, according to the News Agency of Nigeria (NAN), explained that his administration only asked Bamaiyi to answer to those that he was alleged to have killed, saying the decision was legitimate. “That I wanted to kill him? What of the people he killed? My government did not plot to kill him. “My government asked him to answer to those that were alleged to have been killed by him and that is

legitimate. “That if there is an allegation that you have done something, that you have committed a crime, then you are arrested, you should answer to them and that is all. “Who the hell is he that I would want to kill him? Kill him for what? To achieve what? No! “There were allegations that the police and the law enforcement agencies decided to look into them. “They invited him and they asked him to answer as a result of what was found, so they charged him to court. “So, it’s now up to him, the investigators as I said, the prosecutors and the judiciary. That’s all,” Obasanjo said. Bamaiyi had recently alleged that his incarceration for more than eight years was punishment for opposing the choice of Obasanjo as successor to former Head of State, Gen.

Abdulsalami Abubakar. The allegation was contained in his book: ‘Vindication of A General’ which was unveiled penultimate week in Abuja. Bamaiyi also claimed in the book that the incarceration was to keep him away for fear that he would overthrow the Obasanjo government. He wrote that as soon as Obasanjo took over, Abubakar and some of his people told Obasanjo that if he (Bamaiyi) was left free, he would overthrow the government. Speaking on corruption, Obasanjo said investigation must be proper, thorough and undertaken with all seriousness. He said: “I was reading today when President Muhammadu Buhari said the EFCC should stop losing cases. They lose cases for a number of reasons. “One, they engage more of outside lawyers. I believe that they need staunch ‘ogbologbo’ lawyers inside that will do the

work. “If I am a lawyer and I want the opponent to win a case, what I will file will be `wishy washy.’ “And if I file a `wishy washy’ case, the opponent will see the loophole and get out of it. I believe that it is important. “Secondly, thorough investigation is very important. Now, investigation must be thorough; it must be proper and it must be really taken seriously. “Third, our judges must be committed in fighting corruption because if the investigation is very sound and you have ‘ogbologbo’ lawyer to handle the case, if you have Salamigate, you know what the answer will be. “So it is a line-investigation, prosecution and the judiciary. If there is weakness along this line, chances are that corruption cases will continue to be lost.”

T H I S D AY MONDAY APRIL 10, 2017

T H I S D AY MONDAY, APRIL 10, 2017

COMMENT

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

AFRICAPITALISM AND THE MADE IN NIGERIA CAMPAIGN

Kenneth Amaeshi argues that the Made in Nigeria campaign offers an opportunity to translate Africapitalism into practice

igerians seem to have a good appetite and taste for everything foreign – from simple goods and services to sophisticated knowledge products of education, tourism, and health services. Their consumption preferences often signal their reach and riches. These preferences signal their identities and social class. As a consequence, they become what they consume. In contrast to the quest for everything foreign, locally produced goods and services often do not meet this acquired taste and appetite. This could be as a result of low quality and or poor marketing. Presumably, this is one of the key issues the Made in Nigeria campaign seeks to address. Framed as such, the Made in Nigeria campaign comes across as a very smart move to re-direct production and consumption away from imported goods and services to locally manufactured ones. It draws attention to the possibilities and opportunities in Nigeria, as a way to reduce the incessant foreign exchange pressures on the Nigerian economy and develop national capability for sustainable economic growth. It is an effort to recalibrate production and consumption behaviours. In other words, it can be described as a major behaviour change project. Obviously, the act and expression of economic patriotism through production and consumption is inherent in this national behaviour change project. In that regard, the Made in Nigeria initiative requires a paradigm shift where production and consumption decisions are not solely based on short term pressures and individualistic considerations, but influenced and informed by the long term good of the Nigerian society through enlightened self-interest. Crafted as such, the Made in Nigeria campaign, therefore, shares a lot in common with the Africapitalism project. Africapitalism is a term coined by Mr Tony O. Elumelu – a Nigerian banker and entrepreneur. Writing for The Economist magazine in 2014, Mr Elumelu described Africapitalism as “…the process of transforming private (and public – our addition) investment into social wealth”. This creation of social wealth, in addition to financial returns, is a quintessential characteristic of Africapitalism. It is a commitment to the socio-economic development of Africa. Africapitalism, as an idea and a discourse, is underpinned by values of long-termism and inclusion. Given that Africapitalism focuses on the combination of financial profitability and social wealth, it goes beyond material accumulation and includes psycho-social human wellbeing. In that regard, progress and prosperity is not just the absence of poverty, but the presence of conditions, which make life more fulfilling (e.g. access to quality education, health, social capital, democratic institutions, et cetera). This sense of progress and prosperity is nowhere needed more than in Africa riddled by extreme negative human conditions, which the Africapitalism project is committed to tackling through the promotion of responsible entrepreneurship, impact investing, and enabling business environment. Africapitalism recognises that growth needs to be inclusive. In other words, it aims to promote a form of entrepreneurship that strives to create financial and social wealth for all stakeholders, including but not limited to shareholders – as ‘radically’ exemplified by a Ugandan agribusiness, Good African, which invests 50% of its profits in the growers and their communities.

AFRICA HAS ALWAYS BEEN A CONSUMER OF FOREIGN IDEAS – FROM POLITICS TO ECONOMICS. AFRICAPITALISM IS A HOMEGROWN IDEA TO REPURPOSE CAPITALISM IN AFRICA AND SERVE THE INTEREST OF THE CONTINENT AND HER PEOPLE. IT IS A CALL TO REALIGN PRODUCTION AND CONSUMPTION BEHAVIOURS TO THE FUNDAMENTAL NEEDS OF AFRICA

The simultaneous pursuit of profit and social wealth is primarily a quest for balance, harmony and peace. It is an acknowledgement that liberal market capitalism can lead to some form of socio-environmental imbalance, which could be dangerous to humanity. This sense of balance, expressed as the balance between economic prosperity and social wealth, could be further stretched to include the need to create a balance on the impacts of consumption and production on the ecological environment, society, and economy. In this regard, Africapitalism shares similar value of balance and harmony with the sustainability movement, which could be summed up as the quest for peace and security: “…a process of achieving human development …in an inclusive, connected, equitable, prudent, and secure manner” (Gladwin et al., 1995:878 – emphasis in original). Africapitalism promotes a form of production and consumption, which seeks to meet Africa where the continent is in her development path. It is underpinned by a firm and explicit value of sense of place and belongingness, and treats Africa primarily as a place (and not necessarily as a market) with meaning and value to people’s identities. It strives to restore in managerial decision making the link between place and economics on one hand, and between place and self-identity on the other hand; for “there is no place without self and no self without place” (Casey, 2001:684). As such, Africapitalism becomes an expression of topophilia – “the effective bond between people and place” (Duncan and Duncan, 2001:41). This is core to the Africapitalism agenda. As an idea, Africapitalism is arguably an innovative articulation of a possible face of capitalism in Africa, which could be extended to other parts of the world. It is a discourse to galvanise a movement, which will ultimately change the practice of capitalism in Africa. Positioned as such, Africapitalism becomes an aspiration for Africa’s renaissance – i.e. a force for change. It challenges the status quo – i.e. capitalism in Africa – which has not transformed Africa. The problem here is not necessarily the spirit of capitalism, as the harbinger of human freedom and economic emancipation, but the inherited form of capitalism practised in Africa, which is often at variance with the socio-economic development of the continent. This misalignment invariably creates lopsided outcomes – e.g. economic banditry, corruption, inequality, poverty, et cetera. Going back to the link between the Made in Nigeria campaign and the Africapitalism project, one can argue that Africapitalism, despite its shared agenda with the Made in Nigeria campaign is also a made in Nigeria product. Treating Africapitalism as a Made in Nigeria product helps to extend the current preoccupation of the campaign mainly with tangible products to the intangibles (especially ideas). Africa has always been a consumer of foreign ideas – from politics to economics. Africapitalism is a home-grown idea to repurpose capitalism in Africa and serve the interest of the continent and her people. It is a call to realign production and consumption behaviours to the fundamental needs of Africa.

Amaeshi is professor of business and sustainable development and director, Sustainable Business Initiative, University of Edinburgh Business School, United Kingdom

THE MEASURE OF A NATION

Nigerians deserve to know why electricity supply is still epileptic, writes Okachikwu Dibia

s a public servant who work and live in Abuja, I always experience the heat in Abuja during this time of the year. As per darkness - that is living without electric power, I am well immune to its hazards since I was born in Emohua, Rivers State. From when it was the National Electric Power Authority (NEPA) to Power Holding Company of Nigeria (PHCN, a name given to the organisation by the Bureau of Public Enterprises in preparation for its privatisation) and now to private investors, it has been darkness all the way.

I have chosen to comment on this year’s heat and darkness in Abuja for the singular reason of the effects I have observed on my little boy, Nkwamzinuchi, who is eleven months old. For some time now we have been battling with excessive heat and rashes on his body, to the extent we had to visit the hospital several times. Based on the tests and results, the doctors say it is heat rashes. Besides the rashes all over his body which had kept me uncomfortable, April 4, 2017 was nightmarish. My little boy could not sleep: he rolled from one end of the bed to another, restless and crying. That night we bath him almost every two hours, called doctors and nurses we know and the summary of their opinion was that we should continue with the medications. We extended the time for using the generator to 12 midnight, at least to have the electric fans on. Of course there has been no power, even though we have paid all the estimated electric bills from Abuja Electricity Distribution Company (AEDC)

to date. I have been wondering what is wrong with electricity in Nigeria: why is it that power is not available? NEPA or PHCN failed to deliver its essential mandate of providing regular and affordable power to Nigerians. Hence NEPA was privatised in November, 2013 and handed over to the so-called private investors. These investors in their technical and financial bids promised to provide regular and affordable power to Nigerians. Alas! We were wrong! Or deceived? In less than five years, these so-called powerful portfoliocarrying investors can really do nothing. Darkness is still very much with us just like when electricity management was under NEPA or PHCN. What happened was that the investors and former PHCN workers, who are still working with them in the newly privatised companies, and who had been paid all their entitlements to disengage from PHCN, have continued with the former work tradition that derailed NEPA and PHCN. To disengage PHCN workers so that they do not constitute a burden to the new investors, the federal government spent over N340 billion, yet most of them have been retained and no change in behaviour. Even a common POS machine which the smallest company in any computer village in Nigeria has, they cannot afford. They still demand cash payment for electricity bills. They still issue estimated bills to Nigerians. They still tell Nigerians that metering will soon be done so that we can pay as we use, just like GSM phones. They are still disconnecting lights just as was done under NEPA and PHCN. They still

instal meters for their relatives and friends and charge small bills and tell other members of the same estate that this is Nigeria: they should know what to do to have meters installed for them. They are still arrogant and uncaring. The only thing that has changed is the account number into which estimated bills are paid. And the new investors are happy with all of these because they only collect money, neither making important investments in the utilities as promised nor rendering equivalent services. When you ask the new investor why he is not meeting up with and implementing all he promised in the signed agreement to improve the utility and provide regular and affordable light to Nigerians, he will tell you that they are operating at a less cost effective rate. Hence they have put pressures on the federal government to assist them for funds. Was this part of their agreement? They keep making this complain despite the supportive roles of the Nigerian Bulk Electricity Trading Plc (NBET). They make this claim despite the relative cheap cost of labour in Nigeria compared with their home countries where labour cost is far more expensive. So why can’t the new power investors deliver? I think Nigerians deserve to know why these new companies are not providing regular and affordable power to Nigerians. Yes, we deserve to know because there is no significant difference between the services Nigerians are currently getting and what they used to get under NEPA or PHCN. Some people may say that Nigerians should be patient with the new investors. Why? Why should Nigerians be patient with investors who

daily smile to the bank with estimated bills paid by Nigerians with all the darkness around? Why should Nigerians be patient with investors who promised heaven on earth when they bided for the utility, only to now turn around to be begging the government to fund their proposed investments in the utilities? Is that what they would have done if the utility they bought were in any of the Western countries? Why are they taking Nigeria for a ride? Why should Nigeria be a country where every Tom and Harry can cheat and go free? The Nigeria Electricity Regulatory Commission (NERC) needs to tell Nigerians why the darkness we inherited from NEPA and PHCN should persist after spending huge sums of money to privatise PHCN. There should be no secrecy on this issue. NERC must provide information to prove that the investors are operating at a less cost effective rate in Nigeria. How much do they collect monthly? What is their cost? NERC must guide against these smart investors from merely providing fake reports that support their stand. NERC should verify their reports and if convinced that they are in order, such reports must be made public to Nigerians and the National Assembly should take them up from there. Nigeria cannot continue to be a country without regular and affordable electric power. If there is any important change Nigerians deserve now, it is that we need to have regular and affordable power 24/7. This will help to reduce the effect of heat on Nigerians, especially for those living in the Northern part of the country. Okachikwu Dibia wrote from Abuja

T H I S D AY • MONDAY, APRIL 10, 2017

EDITORIAL MUCH ADO ABOUT RECOVERY PLAN Nigeria is still on a shaky ground

ore than two years after he was elected and just a few weeks to the half-term of his administration, President Muhamadu Buhari last week launched a four-year Economic Recovery and Growth Plan (ERPG) in Abuja. While questions remain as to why a government that came in with a promise to revive the economy would allow so much damage to be done before coming up with ideas on recovery plan, there are also issues around the workability of the programme to which there are neither costs nor timelines for specific deliverables. Incidentally, at about the same time that Buhari was launching the ERPG in Abuja, Muhammadu Sanusi ll, the Emir of Kano, a former Central Bank of Nigeria Governor, was taking inventory of the Nigerian economy in Kaduna where he passed a gloomy verdict: “The Federal Government of Nigeria is spending 66 per cent of its revenues on interests on debts, which means only 34 per cent of revenues is available for capital and recurrent expenditures. The ALTHOUGH THE POWER model cannot work”, HOLDING COMPANY said Sanusi. OF NIGERIA HAS BEEN Using the 2017 UNBUNDLED THROUGH budget as an example, THE CREATION OF Sanusi expressed seriPRIVATE DISTRIBUTION ous concern about the COMPANIES, THE NATION’S current fixation with ELECTRICITY GENERATION borrowings that are not targeted towards CAPACITY REMAINS investment. “In the ABYSMALLY LOW, EPILEPTIC, AND GROSSLY 2017 budget presented by the federal governUNRELIABLE ment, the amount earmarked for debt servicing is in excess of the entire non-oil revenue of the federal government, but that is not the problem. The problem is that it is even going for more debts,” said the emir. Barely 24 hours later, the International Monetary Fund (IMF) added its own warning about the growing perception of a lack of clear direction that may already be stoking social tensions in the country. In a 90-page report

Letters to the Editor

on “an administration praised by many for its anticorruption efforts, but accused of not having delivered on the economy, notably for the most vulnerable”, the IMF gave a damning conclusion: “Policy uncertainty, crowding out and FX market distortions would continue to drag on activity, with non-oil non-agricultural output staying relatively flat throughout the medium term. This would lead to worsening labour market and poverty outcomes.” To be fair to the Buhari administration, the challenges on ground are daunting. A plethora of scandals which dominate media headlines daily revealed the profligacy of recent years and how the treasuries were practically bankrupted; the state of infrastructure is deplorable and most rural areas are yet to experience any meaningful form of development in spite of the annual budgetary allocations for that purpose. But making excuses about these conditions, as the government finds convenient to do, is no solution.

T H I S DAY

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

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

EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU, IJEOMA NWOGWUGWU GROUP FINANCE DIRECTOR OLUFEMI ABOROWA DIVISIONAL DIRECTORS PETER IWEGBU, FIDELIS ELEMA, ANTHONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTORS HENRY NWACHOKOR, SAHEED ADEYEMO CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI GENERAL MANAGER PATRICK EIMIUHI GROUP HEAD FEMI TOLUFASHE DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO TO SEND EMAIL: first name.surname@thisdaylive.com

lthough the nation’s market size is one of the biggest in Africa and Asia, many investors find it difficult taking the risk of setting up in Nigeria for such other factors as high and multiple taxation, excessive regulatory regimes, unpredictable foreign exchange policy and other actions which impact negatively on the production cost and therefore affect return on investment. To compound the problem, the power sector remains practically comatose. Although the behemoth Power Holding Company of Nigeria (PHCN) has been unbundled through the creation of private distribution companies, the nation’s electricity generation capacity remains abysmally low, epileptic, and grossly unreliable. In launching the ERGP, President Buhari declared that his administration would henceforth drive aggressive economic growth with the same zeal it has deployed to fight corruption and insecurity. “We are determined to change Nigeria from an import-dependent country to a producing nation. We must become a nation where we grow what we eat and consume what we produce. We must strive to have a strong naira and productive economy”, said Buhari in his speech which, like others before it, contains no more than mere aspirations. The challenge remains on how to walk the talk.

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

STEMMING THE TIDE OF SUICIDE IN NIGERIA

re Nigerians not enthusiastic about living their lives well? Millions of Nigerians love life and live it to the hilt. On weekends, they laugh heartily and crack jokes with one another over sumptuous meals, and assortment of drinks and choice wine. And they look forward to attending weddings, coronations of people, and other festivities. So, not surprisingly, some years ago, an international body adjudged Nigeria as a country with a great number of happy people on earth. Even till now, millions of Nigerians are happy, although they are suffering severe economic hardship. So as people enter the twilight of their lives, they recall wistfully and nostalgically their youthful day(s). They wish they were still in the bloom of youth. But, death, which is an inevitable end, awaits us patiently; it’s an inescapable reality. In churches and mosques, millions of people pray fervently and continuously for their continued good health and longevity. Nigerians are ambitious lot. They want to live to grand old ages in good health and opulence. And they work assiduously to reach the acme or summit of their careers and endeavours. That’s why millions of Nigerians who are scattered in the Diaspora are obsessed with doing their jobs. So, in the recent past, the tales and news reports of people snuffing lives out of themselves were alien to us. We thought them to be apocryphal tales meant to entertain us. In fact, then, suicide was linked to races other than the Negroid race. Suicide, however, has existed

in Africa for centuries. But it’s a rare occurrence. It seldom happens amongst us as it is thought to be an abominable act. In Achebe’s Magnus opus, Things Fall Apart, the protagonist, Okonkwo, killed himself. And he was not accorded funeral ceremonies befitting his status in the society. Cases of suicide were/are treated with ignominy and disrespect in Nigeria, especially in Igboland. Till now, in the South-east, when a man kills himself, he will be buried in the evil forest (Ajo ohia) without the elaborate funeral rites. And a midget from Nri town in Anambra State will be hired to propitiate the gods and cleanse the desecrated land. Here, to commit suicide is to perpetrate an abominable and despicable deed. But, some years ago, Moslem extremists introduced suicide bombing in the northeast of Nigeria. Members of the dreaded Boko Haram, who want to establish Islamic theocracy in Nigeria, are executing suicide bombings in Nigeria now. Consequently, radicalised Muslim youths, who are with distorted and patchy knowledge of the Koran, do strap bombs on their bodies and detonate them when they’re in the midst of people. They believe that killing themselves and infidels or other people will guarantee them places in heaven or paradise. Today, it is not only members of the dreaded Boko Haram group that are killing themselves; other Nigerians are jumping to their deaths from great heights or bridges. Some are ingesting poisonous substances in order to exit the world while others have embraced the ropes. What’s behind this ugly phenomenon that is decimating our popula-

tion and causing grief in families? Is there a link between bad political leadership and the occurrence of suicide in Nigeria? President Buhari, no doubt, is a well-intentioned political leader. He means well for us. But, sadly, his economic team is peopled by technocrats and politicians, who do not know their onions. As a result, our economic policies have failed to leapfrog Nigeria’s economy to a great and unprecedented height. Consequently, some Nigerians suffering severe economic hardship are taking their lives. It’s also on record that some people killed themselves after committing passion crime. Overwhelmed by emotions, bitterness, and indignation, their senses took leave of them, and they did the unthinkable, which is killing themselves. More so, in today’s Nigeria, millions of people are with mood disorders, which can predispose them to take their lives. Bipolar disorder and depression are types of mood disorders. Sometimes people with these illnesses do not exhibit abnormal behaviour while carrying out their daily activities and living their lives. Here in Nigeria, only people who are raving mad are taken to psychiatric hospitals and mental asylum for treatment or therapy. It takes our close monitoring of our relatives to discover that they have destructive and debilitating mood disorder. And it is a sad and bad commentary on our political leadership that the number of psychiatrists in Nigeria is not proportionate to the number of people with mental illnesses. Chiedu Uche Okoye, Uruowulu-Obosi, Anambra State

T H I S D AY MONDAY APRIL 10, 2017

T H I S D AY • MONDAY, APRIL 10, 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

Worrying Signs for the Anti-Corruption War Last week, the government’s fight against corruption was dealt major blows by the judiciary. In quick succession, it lost four major cases in courts. Tobi Soniyi examines the implication of this for a government which was swept into power ostensibly by its promise to fight corruption

hichever way you look at it, last week was a bad week for the government’s fight against corruption. As if they were programmed, four courts in quick succession gave damning rulings against government. On Monday, Justice Abulazeez Anka of a Federal High Court in Lagos vacated a freeze order on the account of a Senior Advocate of Nigeria, Mike Ozekhome, after initially ordering a temporary forfeiture of N75 million found in Ozekhome’s Guaranty Trust Bank account. The Economic and Financial Crimes Commission (EFCC) had sought a freeze order on the account alleging it to be proceeds of crime. On Tuesday, an Abuja High Court sitting at Apo District of the Federal Capital Territory struck out a six-count charge filed against a former Minister of Niger Delta Affairs, Elder Godsday Orubebe by the Independent Corrupt. Practices and Other Related Offences Commission (ICPC). Orubebe was accused of diverting N1.9billion meant for the compensation of owners of properties affected by the construction of the East-West Road in Eket, Akwa Ibom State. On Wednesday, another High Court of the Federal Capital Territory discharged a judge of the Federal High Court in Abuja of all 18-count charges of fraud brought against him, his wife and a senior lawyer. The judge, Adeniyi Ademola, and his wife, Olabowale, as well as amSenior Advocate of Nigeria, Joe Agi, were accused of bribery involving huge sums, ranging from local and foreign currencies, possession of firearms and involvement in illegal collection of gratification. On Thursday, a Federal High Court in Lagos issued an order un-freezing the Skye Bank account of a former First Lady, Patience Jonathan which allegedly has $5.8 million. The EFCC had in November 2016 filed an application before the court seeking an order freezing the account. The commission had contended that the funds were reasonably suspected to be proceeds of crime. In what appeared to be a panic sign, the Presidency on Thursday summoned a meeting of prosecuting agencies with the Vice President, Professor Yemi Osinbajo. The meeting was attended by the National Security Adviser, the Director General of the Department of State Security, the Attorney-General of the Federation, the Inspector General of Police, and the Acting Chairman of the EFCC. The panic reaction did not stop there. Even when the prosecution has yet to get a copy of the judgment dismissing the charges against Justice Ademola for analysis and for the purpose of filing an appeal, a source in the Presidency issued a statement claiming that an appeal had been filed against Justice Okeke’s judgment when in reality no such appeal had been filed. The Chairman of the Presidential Advisory Committee Against Corruption, Itse Sagay described the string of court decisions against the corruption cases as “worrying.” Sagay said the courts’ decisions call for a deep reflection. He said: “Definitely, I’m worried. It’s a complex matter that will need a lot of reflection. But what I can say, generally, is that all those involved in the anti-corruption struggle should not be discouraged, they

Former Chairman of the Governing Council of the National Human Rights Commission, Professor Chidi Odinkalu said there was wisdom in allowing the National Judicial Council to deal with those judges. According to him, the standard of proof requires in judicial discipline procedures is balance of probabilities which is much lower than the criminal standard which is beyond reasonable doubt.

Buhari....swept into power by promise to fight corruption

should continue to do their best.” When government loses a case on corruption, the usual reaction is that corruption is fighting back. But for an Abuja based lawyer, Mr Abdul Mohammed such a response is pedantic. He said: “The usual reaction is that corruption is fighting back. With respect I think, those views are pedantic, pedestrian and devoid of the actual knowledge of the circumstances leading to these turn of events. “First I think these events indicate that the judiciary is independent and not an appendage of the executive. This should be pleasing to all lovers of constitutionalism and rule of law. Take for exampl, the Justice Ademola’s case, from a careful reading of the ruling of the court on the no case submission, it could be discerned that the prosecution witnesses admitted for instance that they are aware Justice Ademola inherited the sum of $520,000 from his late father and grand father, they admitted that a license was produced for the guns, they admitted that Joe Agi SAN did in fact get instructions from Justice Ademola’s former clients, whilst

the judge was in practice, to pay the sum of $150,000 to him, as their contribution for his daughter’s wedding and these clients had no case pending before the judge and Joe Agi got rulings against his own clients at the same time. There were many other defects in the prosecution’s case as revealed from the ruling. “What this shows is that the prosecution actually rushed to court without proper investigation of the case. “On the order unfreezing the accounts of Mrs Patience Jonathan, the order is quite proper in view of the fact that the evdience before the court was that Mrs Jonathan was not a party on the records, to the suit wherein the application was made to freeze the account in the first place. She was not named as a defendant against whom the ex parte order was made. The late MKO Abiola was quoted to have said, you cannot shave a man’s head in his absences, in this case a woman, all pun intended. The EFCC, if it feels strongly about the allegation that the funds in the accounts are proceeds of crime, could apply for a

freezing order with the right party stated on the face of the application. Thus this ruling cannot be considered a set back at all rather one which shows a penchant for due process of the law. “Ditto the order unfreezing Mr. Mike Ozhekome’s account. Evidence was led to show that the funds were paid into his account after they have been unfrozen by order of court in respect of the source, being Ayo Fayose’s account. On the withdrawal of charges against Orubebe, Mohammed said the ministry of justice should be commended. According to him, the decision has shown that the fight against corruption was not a witch-hunt against perceived enemies. He said:”That case was withdrawn because the Director of Public Prosecution , by a letter advised the prosecutors that the funds thought to have been embezzled have been found in one of the accounts. Thus, this should not be considered as a set back at all. But must be taken as a case of hasty decision to prosecute and a penchant for media trial.” He advised law enforcement agencies to be more diligent and to avoid media trial. No one should be surprised that things are turning out this way because the signs have always been there that some of the cases were not properly investigated and that some of the decisions to prosecute were purely political and not aimed at advancing the fight against corruption. Before now, the justice minister was forced to withdraw an incompetent charge filed against the Senate President, Bukola Saraki and his deputy, Ike Ekweremadu. They were charged with forging the Senate Rules even though there was no evidence to support the charges. It took courage to admit this unforced error. Not long ago, a Federal High Court had to discharge the order for the forfeiture of Oil Prospecting Licence 245 (Malabu Oil and Gas case) as the order was granted without cognisance of the right of third parties. CONT’D ON NEXT PAGE

T H I S D AY • MONDAY, APRIL 10, 2017

POLITICS

MONDAY DISCOURSE

WORRYING SIGNS FOR THE ANTI-CORRUPTION WAR

Osinbajo.....met with prosecuting agencies

Any discerning observer would have observed that some of the decisions to prosecute are either based on rush judgment or motivated by vendetta. The case against Saraki before the Code of Conduct Tribunal has been amended not less than five times. Although the law allows these amendments, doing so so frequently could only mean one thing: the case was rushed before the tribunal or was meant to embarrass the Senate leadership. The response of the AGF, Abubakar Malami, SAN to allegation by Justice Ademola that the decision to prosecute him was a result of the feud between him and Malami while he was sitting in Kano which affected Malami’s chance of becoming a Senior Advocate of Nigeria was not reassuring. The decision of the court appeared to have validated the allegation. An author and a Senior Advocate of Nigeria, Chief Sebastine Hon beleived that the investigation against Justice Ademola was not watertight. He said: “Don’t forget that he also has a rock solid defence team. It is also possible he is entirely guiltless.” In the case of Orubebe, the learned silk felt it was gross incompetence that was at play. He also wondered why a baseless charge would be filed against a Nigeria.”How can you charge someone and turn around to say you did it wrongly?” he asked. He advised the agencies prosecuting to re-tool their investigation ability and strengthen the staff. He said: “It is becoming embarrassing for the government’s fight against corruption.” Hon also advised prosecuting agencies to be more discreet. According to him, they leak too much information to the media and help suspects to stay one step ahead of them. In a bid to score cheap publicity and to make it look like they are working, they rush to give media too much information. They must rethink their strategy. He said: “The Federal Government should tender unrese rved apology to all the affected defendants.” A judge who spoke in confidence wondered why the Executive expected the Judiciary to help it with its mission to destroy the judicial arms of government.

Sagay.....wants anti-corruption agencies to remain steadfast

He said: “Almost all the judges whose houses were raided wrote in clear terms that they were being witchaunted for refusing to do the bidding of some of the president’s ministers. What did the president do about it? You journalists should go and ask him. “Am aware that the former Chief Justice of Nigeria, Justice Mahmud Mohammed wrote to the President stating that some members of his cabinet approached him and other justices for help in election matters. What did the president do about this?” Apart from the letter to the president, Justice Sylvester Nqwuta who is still on trial for alleged corruption had in a letter to the former CJN said that Minister for Transport, Rotimi Amaechi and Minister for Science and Technology, Chief Ogbonaya Onu attempted to influence him and said

Those in the bench believe that the administration of President Muhammadu Buhari is out to destroy the bench. They expressed support for the statement issued by the NJC after DSS raided the judges house. The council then described the invasion of the residences and arrest of some serving and suspended judicial officers by the DSS as a threat to the independence of the judiciary

he was being hounded because he refused to help them. Justice Ngwuta wrote: “A few weeks after, Ayo Fayose’s case was determined in the Court of Appeal. “Amaechi called me by 6.45 am. He said he had come to see me but was told I had left for my office. When he said he would return in the evening, I demanded to know what he wanted but he would not tell me. He did not come that evening but came the following morning when I was already prepared to go to work. “He begged me to ensure that Fayose’s election was set aside and another election ordered for his friend Fayemi to contest. I told him I would not help him and that even if I am on the panel I have only my one vote.” In his letter dated 17th October,2016, John Nyang wrote: “My Lord, I strongly believe that this my travail is not unconnected with the verbal report I made to you on 1s, February, 2016 about the visit to my official residence by H/E, Rotomi Amaechi, former Governor of Rivers State and now Minister of Transportation. In that report, I told you My Lord, that Mr. Amaechi said that the President of Nigeria and the All Progressives Congress mandated him to inform me that they must win their election Appeals in respect of Rivers State, Akwa Ibom State and Abia State at all costs. For Akwa Ibom State, he alleged that he sponsored Mr. Umana Umana, candidate of All Progressives Congress for that election and that if he lost Akwa Ibom appeal, he would have lost a fortune. Mr. Amaechi also said that he had already visited you and that you had agreed to make me a member of the panel that would hear the appeals. He further told me that Mr. Umana would be paying me millions of Naira monthly if I co-operated with them. My response, as I told you on that date was that it does not lie within my power to grant his request and that I would do all within my power not to be in the panel for Akwa Ibom State. My Lord graciously left me out of the panel for Akwa Ibom State. That notwithstanding, the All Progressives Congress in Akwa Ibom State which lost the appeal at the Supreme Court believe

that my presence in the Supreme Court made them to lose the appeal. Could I have resigned from the Supreme Court simply because people of Akwa Ibom State had a matter before it?” Those weighty allegations are left in abeyance and were never investigated. The implication of that is that government is only interested in fighting corruption among judges not among members of the president’s cabinet despite claim to the contrary by the Presidency. Last Thursday, the Senior Special Assistant to the President on Media and Publicity, Mr Garba Shehu still insisted that the relationship between the executive and the judiciary remains cordial. He said: “The relationship between the two arms of government has been very cordial. Nothing has happened to change the nature of the relationship.” Unfortunately for Mr Garba Shehu, not many people in the judiciary feel the same way. Those in the bench believe that the administration of President Muhammadu Buhari is out to destroy the bench. They expressed support for the statement issued by the NJC after DSS raided the judges house. The council then described the invasion of the residences and arrest of some serving and suspended judicial officers by the DSS as a threat to the independence of the judiciary. The council in s statement said the invasion portended great danger to “our democracy; and also considered the action as a clear attempt by the DSS to humiliate, intimidate, denigrate and cow the Judiciary.” The council also expressed grave concern on the invasion and condemned the action in its entirety. Former Chairman of the Governing Council of the National Human Rights Commission, Professor Chidi Odinkalu said there was wisdom in allowing the National Judicial Council to deal with those judges. According to him, the standard of proof requires in judicial discipline procedures is balance of probabilities which is much lower than the criminal standard which is beyond reasonable doubt. It is not too late to get the fight against corruption right, the government needs to go back to the drawing board.

T H I S D AY • MONDAY, APRIL 10, 2017

POLITICS

PERSPECTIVE

Ohakim Tasks Okorocha on Rule of Law

Former Governor of Imo State, Ikedi Ohakim, in a letter to his successor, Rochas Okorocha expresses concern at the latter’s disdain for the rule of law and appeals to him to uphold the provisions of the constitution which he swore to protect when he was elected governor It is with a deep sense of responsibility that I write Your Excellency once again on some issues that I would like you to look into as a matter of urgency. 1. THE ISSUE OF HRM EZE (DR) CLETUS ILOMUANYA, CON. I was appalled on coming across a recent newspaper report in which you were quoted as saying that you will “banish” His Royal Majesty, Eze Cletus I. Ilomuanya CON, the Obi of Obinugwu, chairman, Imo state council of traditional rulers and chairman, Southeast council of traditional rulers. Your Excellency, that statement credited to you touched me so much to the extent that I saw myself asking: Have things turned this bad for Nigeria? Pardon my skepticism, but you will agree with me that such an utterance is quite unbecoming of a servant of the people in a free and democratic society, more so in a state like Imo whose people are known to be civil in actions and utterances and, generally, not given to the type of brashness, I dare say, you have had tendencies to exhibit. Agreed, you, in spite of your ‘exalted’ position, have the liberty to wallow in sheer exuberance but you do not have the same liberty to fragrantly disobey the rule of law, including judgments of courts of competent jurisdiction. In the instant case, that of your purported dethronement of HRM, Eze Ilomuanya and his removal as chairman of the Imo state council of traditional rulers, you may have succeeded so far in your unprecedented reign of impunity and brigandage only because other stakeholders in the state, and indeed the entire Igbo land, have all this time been hoping that you will soon come to your senses and retrace your steps. Your recent utterances, however, show that you are not appreciative of the patience of the good people of Imo state and, indeed, other well meaning Igbo in other states on this particular matter. Your Excellency, this perception is not good enough for you. Worse, your actions and utterances on the matter constitute a huge embarrassment to the entire Igbo race. For, apart from that they amount to a desecration of the cultural norms of Ndi Igbo, your recalcitrance portrays you as part of a subterfuge to reduce the traditional institution in Igbo land to a second class status, compared with those of the other nationalities that make up Nigeria where you go often to mount on horses to take chieftaincy titles and advertise same in the national media. To say the least, I am pained that it is from my own very state that the Igbo traditional institution is taking such a lethal blow, because I was at the fore front of elevating it to the height where it was accorded national respect and assigned with the same status as similar institutions in other parts of the country. Beyond Eze Ilomuanya, it is also not a hidden fact that the traditional institution in Nigeria as a whole is aware of your penchant to reduce traditional rulers in Imo state to mere errand boys. The story is well known in the country that you once commanded traditional rulers to mount a parade of honour for you while you took a salute, all that on live television. As you must have been told, that was an abomination. Your Excellency, the purpose of this letter is to ask you to not only stop the aggression against HRM Eze C.I. Ilomuanya but to, forthwith, comply with all court rulings on the matter between you, your administration on one hand, and the revered traditional ruler on the other. Let me briefly refresh your memory: 1) Few days after being sworn in as governor, precisely on June 6, 2011, during your

Ohakim....wants rule of law institutionalized in Imo

Okorocha....believes he has done better than past governors

maiden broadcast as governor of Imo state, you, like in a military takeover, announced the removal of HRM Eze Cletus Ilomuanya, CON as chairman of the Imo state council of traditional rulers while banishing all democratic institutions in the state such as the democratically elected local government councils, the 46 Development Centres and all tenured boards, etc. 2) HRM Eze Ilomuanya went to court to challenge that absurdity by you at the Imo State High Court but on February 24, 2012, Hon. Justice B. O Njemanze, the state Chief Judge as he then was, ruled that there was no evidence to prove that you, Governor Rochas Okorocha, dissolved the council. It was a very innocuous and ambiguous ruling and as such, Eze Ilomuanya had no option but to head to the Court of Appeal. 3) On Friday July 5, 2013, the Court of Appeal sitting in Owerri, while displaying an uncommon judicial courage, gave a ruling restraining you and agents of your administration from truncating the tenure of Eze Ilomuanya as member and chairman of the Imo state council of traditional rulers, until the lawful expiration of the said tenure. 4) Again, on May 26 2014, in case No. HOW/525/2003, a High Court of Imo State in unmistaken terms declared that Eze Ilomuanya is the rightful chairman of the Imo state council of traditional rulers and awarded a N20,000.00 cost against, HRH Eze Samuel Ohiri whom you had surreptitiously appointed the chairman in place of Eze Ilomuanya. Till date, that ruling has not been appealed by you and is still subsisting. 5) You could remember that not satisfied with the ruling of the Court of Appeal, you, yourself, challenged it at the Supreme Court. 6) But curiously on July 6, 2014 and while your appeal at the Supreme Court was still pending, you resorted to self help by announcing on radio, as usual, the purported dethronement of Eze Ilomuanya as the traditional ruler of Obinugwu, not minding the ruling of the Imo State High Court as aforementioned. 7) On February 2, 2015, however, the Supreme Court threw out your appeal. 8) Following your refusal to obey the Appeal Court order, the federal government of Nigeria, through the office of the AttorneyGeneral of the Federation and Minister of Justice, via a letter dated August 26, 2016, directed you to re-instate HRM Eze C.I. Ilomuanya as the chairman of the Imo state council of traditional rulers in accordance with the orders of the Court of Appeal. 9) Yet, on March 15, 2017, newspaper reports quoted you, Your Excellency, Chief Ethelbert Anayo Rochas Okorocha, the governor of Imo state, as saying that you will not only disobey the ruling of the Court

of Appeal, and the directive of the federal government but will indeed “banish” Eze Ilomuanya from Imo state. This is the height of your disdain for the collective integrity of not only the good people of Imo state but also the entire Igbo race. It is the height of democratic impudence. That statement credited to you is an insult to the entire country and its judiciary and corroborates the belief in several quarters that you see Imo state as a territory you have conquered and whose people you can push around at will. I understand that your argument for not obeying the court ruling is that the tenure the court referred to has actually ended and that the court did not rule that Eze Ilomuanya should be returned as the traditional ruler of Obinugwu. But you are wrong. When the court ruled that he should be reinstated as chairman of the Imo state council of traditional rulers, it implied that he is still a traditional ruler because one has to be a traditional ruler, in the first place, before being a member of the council let alone its chairman. 2. YOUR CONTINUED INSULTS ON MY PERSON As I noted at the beginning of this letter, your response to my previous letter to you was to ask your handlers to publish an expensive newspaper advertorial in several newspapers and in which you tabulated your ‘achievements’ side-by-side with my “zero achievements”. I was amused at your resort to that because it merely showed a lack of capacity and sincerity to address the issues I raised. But several months later, are you not being haunted by those issues? For example, a couple of days ago, a federal high court in Owerri issued a warrant of arrest for six top officials of your administration, including two serving commissioners, for flaunting its orders to appear before it on a matter concerning the destruction of the property of a citizen of the state by agents of your administration. You can see that the culture of impunity and disobedience of court orders which you introduced in the state has started spreading. Like I emphasized in my letter, your penchant for disobeying court rulings and orders has turned the state into a lawless enclave. Your officials have become the proverbial young goat which watches the mother while it chews cord. About the same period during which the federal high court issued the warrant on your commissioners (in what looks like a vindication of my earlier letter of advice) the Council Of Registered Engineers of Nigeria, COREN, issued a statement raising an alarm over the safety status of the two

flyovers your administration is completing in the Owerri capital city, after years of abandonment and hesitation to continue with those laudable projects started by my administration. Recall that I dwelt on this particular issue of ensuring that the flyovers meet safety standards in my previous letter. Either before or after that letter. Apart from the time you caused your erstwhile deputy, Jude Agbaso, to publicly disparage me and discredit my administration and which caused some members of my expanded exco to issue a response, I have restrained myself from criticizing you publicly. But you have refused to be appreciative of that. You seize every opportunity to disparage me and to tell the world that I “achieved nothing”. As I noted earlier, you have the option of continuing to wallow in youthful exuberance over an election that took place six years ago; or decide to be more mature and do things that would bring peace and love to our state. Evidently, you seem to have chosen the former. On March 16, 2017, for example, some newspaper reports carried your remarks on me and my administration wherein, as usual, you made a comparison between yours and mine. You were quoted as saying: “show me what Ohakim did in four years in Imo; many of his projects were never completed. The whole of his projects are not up to one of my road project (SIC)…” Your Excellency, I think you should be operating beyond this level. Your choice of words is too ordinary to come from a governor. Your constant allusion to my administration, six years after I left office and after you have governed the state for six years, is an inadvertent admission that your understanding of governance does not go beyond the erection of buildings. For you, governance is only about real estate (edifice mentality). It is also an admission that you are worried that I did something superior to what you are doing today. Yes, buildings are good but governance is not all about buildings. When you came in, you started erecting buildings everywhere. But it is on record that more than 90 per cent of those building are substandard, are not under use and are of no economic value to the people Imo state whatsoever. From those who know, good governance is more than 70 per cent about intangibles: things you cannot physically see or touch. They include things like obeying rule of law, something you are very much averse to as is evident in your fragrant disobedience to court rulings. Intangibles include not going in the night to destroy the shops of self employed youths at the Orji mechanics village, without providing them an alternative venue. It means not awarding contracts to companies whose engineers are not known to the governing body that regulates the practice of engineering in the country, etc. 3. MY RECORDS ARE THERE Without sounding immodest, my administration refused to follow the easy option like you are doing by tip-toeing around the problems of the state, dropping sub-standard buildings without economic value here and there especially along highways, placate some leaders, convert Imo assets into personal estate, banish all governance institutions including the local government system, capture huge revenue by sacking over 60,000 workers including 10,000 graduate public servants and deploying the state resources purely for personal aggrandizement. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY MONDAY APRIL 10, 2017

MONDAY, APRIL 10, 2017 • T H I S D AY

FEATURES

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

L-R: Vice-President Yemi Osinbajo, Abia State Governor, Dr. Okezie Ikpeazu, his deputy, Sir Ude Oko Chukwu, Speaker Abia State House of Assembly, Rt. Hon. Chikwendu Kanu, Minister of Industry, Trade and Investment, Dr. Okechukwu Enelama and Minister of State for Petroleum, Dr. Ibe Kachikwu, during a Town Hall Meeting to interface with some oil producing communities of Abia State held at the International Conference Centre, Umuahia…recently

Osinbajo’s Abia Visit Raises Hope The oil communities of Abia got a golden opportunity when they came face to face with Vice-President Yemi Osinbajo at a town hall meeting. Emmanuel Ugwu witnessed and captured the no-holds-barred interactions as the stakeholders poured out their grievances and got comforting assurances

t took long in coming but at last the federal government has deemed it fit to come down to Abia State and get first hand information on the plight of the communities where oil is produced in the state. On March 24, 2017 it was the turn of Abia to host the Vice-President, Professor Yemi Osinbajo, who led a team of federal government officials to Umuahia for a town hall meeting with the oil producing areas. The Abia edition of the town hall meeting was part of the ongoing engagement with the Niger Delta states that have become the goose that lays Nigeria’s golden egg. The longing of the oil bearing communities of Abia to have the ears of the federal authorities was aptly captured by the traditional ruler of Ipu West autonomous community, Eze Young Ogbonna. “We can now heave a sigh of relief because the federal government that owns the oil is here with us,” the monarch declared before he made his presentation at the town hall meeting. Abia is ranked among the oil producing states because of the presence of oil in Owaza, Uzuaku, Umuorie, Umuahala, Igiriukwu, Etitiama, Ipu and Isimanu, Isimiri, communities, all in Ukwa West Local Government, popularly known as Asa land. The Vice-President was all ears and he listened to the various presentations made by the oil communities. He was also taking notes digitally with his tablet. Other members of the federal team that accompanied the VP to listen to Abia’s oil communities included the Minister

of Niger Delta, Pastor Uguru Usani Uguru, Minister of Industry, Trade and investment, Dr. Okechukwu Enelama and the Minister of State for Petroleum, Dr. Ibe Kachikwu. Brig. Gen Paul Boro, who doubles as the Presidential Adviser on Niger Delta and Coordinator of the Amnesty Programme, was also part of the team. The event was well attended as the International Conference Centre, Umuahia, was filled to the brim with stakeholders from the oil producing areas of Abia and officials

Governor Ikpeazu harped on it and even amplified it to the hearing of VicePresident Osinbajo and his federal team that no single citizen of Abia is benefiting from the amnesty programme. He called for an enquiry into the “fake”Abia names that were being bandied about as beneficiaries as none of them could be identified

of the state government, including Governor Okezie Ikpeazu. Everybody was eager to talk but six groups made presentations through their respective spokespersons. Former Senate president, Senator Adolph Wabara kicked off the presentations. He spoke on behalf of Abia State Elders Council, urging the VP “to listen attentively to our requests”. He told the federal team that even though Abia is oil producing state it has not been enjoying the commensurate benefits in terms of development hence the need for the federal government to give Abia a deep sense of belonging. “Our governor has been trying but we want the centre to come and assist him,” he pleaded, adding, “we love inclusiveness and we want to be part of that inclusiveness.” It was when other groups started making their presentations that the stark realities of the deprivations of the Abia oil communities came tumbling down. Spokesman of the Asa Youth Congress (AYC), Chinabiyi Nwogu noted that despite that large amount of crude oil continues to be produced in Asa the area is “still wallowing in poverty and underdevelopment while oil producing areas in other states are fast developing.” He listed a number of demands which he said the youths want the federal government to meet to improve the living condition in the oil communities of Abia State. These demands include appointment of Asa indigene into NDDC board, job opportunities in federal ministries, department and agencies (MDAs), training of youths in skills acquisition, return of contractors

to complete abandoned road projects. “The situation we are in is very painful; we have no roads, we can’t take our farm produce to the market. We are impoverished,” the youth leader lamented. After the youths, the women of Ukwa under the aegis of Ukwa Women Association (UWA) took their turn. Their spokesperson, Mrs. Comfort Site stated that 90 per cent of women in Asaland are farmers and the activities of the oil companies have adversely affected women. According to her oil and gas pollution has diminished food production in the area as farm lands have been rendered unproductive while houses have been destroyed through the exploitation of oil. She told the Vice-President that Asa women need financial assistance and farm inputs to improve their economic well-being, adding that good drinking water and electricity were needed urgently by the people. In its presentation the Asa Development Association (ADA) did not spare anybody it perceived to have through action or inaction contributed to the misery in the oil bearing areas of Abia. Dr. Onwubiko Dike, who spoke for ADA, accused the NDDC of awarding contracts in non-Asa communities, adding that the projects executed by the agency in Asa were characterised by abandonment and poor execution. He also alleged that Ukwa West was excluded from the scholarship scheme of NDDC as the slots meant for Abia were awarded to people from non-oil producing areas. To redress this injustice he demanded that subsequent scholarship awards meant for

T H I S D AY • MONDAY, APRIL 10, 2017

FEATURES

Abia State Governor, Dr. Okezie Ikpeazu (3rd left), Bella Adaeze Hart (Flower girl) and Vice-President Yemi Osinbajo, when the latter was received by Governor Ikpeazu at the Central Police Station, Umuahia...recently

Abia should be reserved for the people from oil producing areas beginning from this year till 2021. On the part of the federal government, Dike said that there has been no cause for comfort for the people of Asa as the government at the centre has largely ignored their plight even though Asa was the second place oil was struck shortly after it was discovered in Oloibiri, Rivers State in 1956. He noted that “the only federal presence in Asa is police and army”, adding that the Nigerian army has continued to occupy Asa High School, which he described as the premier school in the oil producing area. The Asa Development Association spokesman said that his people strongly feel that the time has come for the federal government to show positive presence in Asa by establishing a federal university in the area, preferably a Federal University of Technology as well as modular refinery. He also reminded the federal government of a number of oil wells located in Asa but being credited to Oyigbo in Rivers State. He called for an end to this economic manipulation. “We want to reap the benefits of this natural resource in our land,” he said. The civil society organisations (CSOs) have been actively involved in the agitation for a better deal for the oil communities of Abia hence they were availed of the opportunity to make their presentations before the Vice-President. They were represented by Chief Don Ubani, the executive director of Centre for Equity and Eradication of Rural Poverty (CEERP). Giving a historical perspective on the journey of Asa land in oil production, Ubani said that it was in 1957 that the black gold was discovered in the area, barely a year after Oloibiri pioneered oil production in Nigeria. “While oil has since dried up in Oloibiri, many more oil wells have been discovered and remain functional in Owaza, Uzuaku, Umuorie, Umuahala and Isimanu communities of Asa,” he said. But the CSO spokesman was quick to point out that “59 years of oil exploitation in Asa land has instead of bringing development and succour to the people of Asa land (Ukwa West), brought environmental degradation and devastation of our agricultural potential and chances.” He said that it was very clear that the people of the oil producing area of Asa “have nothing to show” for all the decades of oil production in their area. Ubani therefore called on the federal

government to declare “a state of emergency in Asa land with emphasis on development and employment.” Ubani echoed the call for federal tertiary institution in Asa, arguing that Asa High School was better suited to serve as academic institution instead of army camp. “The people of Asa want their school back. If the federal government is sympathetic to our plight, Asa High School could serve as a university instead of its abrupt confiscation as an army camp,” he said. Eze Young Ogbonna touched a raw nerve when he spoke on behalf of the traditional rulers of Ukwa West. He alleged that Abia State has “never benefitted” from the amnesty programme of the federal government, adding that this neglect was breeding mistrust in the oil communities as youths often harboured the feelings that the royal fathers were not representing their interests. The royal father of Ipu West autonomous community said that when the federal government and oil companies failed to give the youths of the oil communities a sense of belonging the young men and women would turn round and pour their frustrations on the royal fathers whom they accuse of “blocking their development.” Nonetheless Eze Young pointed out that despite their frustrations the youths have been restrained from engaging in militancy hence the oil communities of Abia State have always been peaceful and the production of Brent crude at Awaza has been consistent since 1957. But the traditional ruler noted that it appeared that the federal authorities have been taking the peaceful conduct of Asa youths for granted as they are not factored into intervention programmes. He therefore suggested that the federal government should set up a reward system to compensate oil communities that are peaceful. “If amnesty is designed for militants a

There were indeed firm assurances from Osinbajo that Abia was in for a new deal of inclusiveness as, according to the VicePresident, the federal government has adopted a new way of doing business with oil communities and would focus on how the majority of the people will see the benefit of oil wealth

better policy should be designed to appreciate peaceful people,” he stated. There were loud hisses, sighs and grunts among the audience when the former NDDC commissioner, Sam Nwogu reeled out statistics to show that Abia has been utterly forgotten in the intervention programmes. According to him, of the over 200 pilots and 1,000 underwater welders trained under the empowerment aspect of the amnesty programme no Abia indigene was among the beneficiaries “just because we are not carrying arms.” He said that even when they applied for inclusion of their youths in both amnesty training programmes and NDDC scholarship they were ignored while the 133 KVA electricity project at Obehie has been long abandoned. Apparently recalling his own frustrations as Abia’s representative on the NDDC board, Nwogu suggested the post of NDDC commissioner should not be on part time basis as it prevents them from being part of decision making in the allocation of development projects and beneficiaries of empowerment programmes. He emphasised that if commissioners were made to act as rubber stamps after decisions had been taken it would make it impossible for them to give their states quality representation because “no input, no impact”. Senator Enyinnaya Abaribe, who represents Abia South where the oil communities are located, said that the capital city of Umuahia should not have served as the venue of the town hall meeting. He reasoned that the Vice President would have been in a better position “to see things for himself” if the meeting had taken place in the oil producing areas. Abaribe noted that it was crystal clear that the summation of all the demands being made by the people was that they need tertiary education, infrastructure and employment opportunities in the oil bearing areas. He alluded to the fact that there had been raging undercurrents of anger and frustration among the youths of Asa land. “The youths believe in us hence any time they wanted to rise up we’ll calm them down and they will obey because of the trust they have in us,” he said. The Abia South Senator stated that the youths needed to be trained in “marketable skills” that could be useful in the oil industry. The issue of Abia’s exclusion from the amnesty programme was a big issue which every speaker mentioned in their presentations. Governor Ikpeazu harped on it and even amplified it to the hearing of Vice-President Osinbajo and his federal team that “no single citizen of Abia is benefiting from the amnesty programme. He called for an enquiry into the “fake” Abia names that were being bandied about as beneficiaries as none of them could be identified. The Abia chief executive said that there was no doubt that “the federal government is owing us 300 slots in the amnesty programme,” adding that the would-be

beneficiaries must be trained overseas like their counterparts from other Niger Delta states. Even though militancy was largely carried out in the creeks, Ikpeazu explained that thousands of Abia youths were actively involved having gone to the hotbed of the militant agitation to fight for a common cause of better deal for the oil producing areas. He recalled that during the amnesty period a young man from Abia surrendered over 1,000 AK 47 rifles yet he was not accommodated in the amnesty programme. “He took to kidnapping,” the governor said in a sad note. It was obvious that Ikpeazu was referring to the notorious kidnapping kingpin popularly known as Osisikankwu, who held Abia hostage between 2009 and 2010 before troops came in and brought an end to the evil reign of criminal elements. With the avalanche of outcry over the perceived marginalisation of Abia in the amnesty programme the coordinator of the programme, Brig. Gen. Paul Boro (rtd) the man in charge was apparently embarrassed and sought to correct the impression. But he ended up stoking more controversy when he insisted that 237 Abians had benefitted from the amnesty programme. Boro brandished a sheet of paper which supposedly contained the names of “Abia beneficiaries.” But even at that nobody was convinced as it appeared that they were phantom Abians on the list of beneficiaries. As the controversy raged the member representing Ukwa East/Ukwa West federal constituency, Hon Uzoma Abonta challenged the amnesty programme coordinator to prove the veracity of his claims, insisting that the 237 persons on Boro’s list “are not Abians.” Boro was made to abandon his speech as tempers rose. However, there were soothing balms and assurances from Uguru, Enelama, Kachikwu and Osinbajo. “The deprivation that people suffer is not new,” the VP said, adding that there was no doubt that the people of oil producing communities have only heard of oil wells but have not benefited from what comes from it. “We have to change the situation (neglect of oil communities). We’ll focus on how the majority of the people will see the benefits of oil wealth,” Osinbajo said. There were indeed firm assurances from Osinbajo that Abia was in for a new deal of inclusiveness as, according to the Vice-President, the federal government has adopted a new way of doing business with oil communities and would “focus on how the majority of the people will see the benefit of oil wealth.” As he left Abia with a chieftaincy title of Enyioha Abia (friend of all Abia people) conferred on him by the Abia State Council of Ndi Eze, there was high expectations that the Vice-President has opened a new vista of beneficial engagement with Abia.

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Quick Takes FirstBank Promotes Sustainability

FirstBank of Nigeria Limited said it understands that the ability to operate successfully in a multicultural society is factored on building mutually beneficial relationships with its stakeholders and strengthening the communities where it operates. To this end, the bank stated that its quest to enhance the economic development of its communities has seen it structure its corporate responsibility and sustainability efforts to deliver long lasting impact along the strategic areas of education, health, economic empowerment and environment. According to the bank, included in these initiatives are its FutureFirst Programme, Educational Endowment Scheme, Youth Leadership Programme, Infrastructure Development Programme, Hope Rising Initiative and Employee Giving, Volunteering Scheme, among others. “In Education, FirstBank initiated the Endowment Programme in 1994 with the establishment of the Samuel Asabia Endowment in Business Ethics at the University of Lagos. “Presently, the bank has endowed sixteen federal universities located in the different geopolitical zones of the country. Some of these endowments have been converted to infrastructural projects including the University of Abuja Entrepreneurial Centre, ICT Park at the Ahmadu Bello University Zaria, lecture theatre at the Federal University ofTechnology, Minna amongst others. Currently, the Bank’s total endowment portfolio is in the region of N500 million.

KNOWLEDGE IS POWER

L–R: CEO of Hygeia Health Management Organisation, Obinna Abajue; Head, Learning & Development, Heritage Bank Plc, Tochi Onuoha; CEO, Workforce Group, Bolaji Olagunji; MD, Unity Bank Plc, Tomi Somefun and Managing Partner, Workforce Group, Foluso Aribisala, during Learning & Development Leaders Conference organised by Workforce Group in Lagos …recently

‘Why CBN’s N220bn MSMEs Devt Fund Recorded Low Patronage’ DBN urged to avoid pitfalls of other DFIs Ndubuisi Francis in Abuja The Managing Director of Fortis Microfinance Bank (MFB), Mr. Tiko Okoye has blamed the partial success rate of the N220 billion medium small and micro enterprises (MSMEs) development fund set up by the Central Bank of Nigeria (CBN) to stringent conditions attached to accessing the funds. Such conditions, he pointed out, included bank guarantees, which most microfinance banks cannot easily lay their hands on as well as demand for collateral to enable MSMEs to access the funds. Okoye, who spoke in an interview in Abuja, also advised the newly-established Development Bank of Nigeria (DBN)

ECONOMY to avoid the pitfalls of other existing development finance institutions in the country if it must make the desired impact in the MSMEs sector. “The CBN, had initially set up the N220 billion MSME Development Fund, which was supposed to have been channeled through the microfinance institutions for onward lending to target customers. “But that fund was not accessed that much by micro finance banks because of the conditions attached to accessing the funds. “Like the N220 billion MSME fund, if DBN ask us to bring bank guarantees, many MFBs

(micro finance banks) may not to be able to access it. “You expect me to lend to the grassroots who have virtually no collateral. Then, why ask me for collateral? Where am I going to get collateral from? “To bring a bank guarantee, I have to go to a commercial bank and if I don’t meet their requirements, I will have to sign an agreement that the money remains with them. “It’s not helping my liquidity as a bank because I have it as cash, but in terms of outreach to the people, it does not help in any way,” he argued. Okoye noted that from the administration of Yakubu Gowon, policy measure instruments had always been factored

into development plans with a view to enabling small and medium enterprises, but regrettably torpedoed by large scale corruption, adding that policy inconsistency was another bane. He advised the management of DBN to collaborate with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) by derisking the small and medium enterprises sector through the creation of credit guarantees. He also advised the DBN to promote industrial clusters as well as look into the lending methodology of MFBs, adding that the group lending methodology was ideal. Continued on page 24

CITN Tasks FG on Comprehensive Tax Reform Ebere Nwoji The federal government has been urged to adopt a more comprehensive tax reform that is comparable to what obtains in other countries where a higher Value Added Tax (VAT) rate is matched with input VAT recovery and lower income tax rate. A director at the Chartered Institute of Taxation (CITN), Dr. Teju Somorin, who gave the charge while speaking at the Business Luncheon organised by the Business Club Ikeja (BCI), said this has become necessary at this stage of Nigeria’s economic development and is consistent with the shift from direct to indirect taxes enshrined in the National Tax Policy.

ECONOMY She said compliance of the Federal Inland Revenue Service (FIRS) with this direction, will likely increase the revenue yield from the VAT. Somorin, who spoke on review of the 2017 budget from the perspective of revenue from taxation at the luncheon, said Nigerians expect the implementation of the revised National Tax Policy, which the Federal Executive Council (FEC) has already approved. According to her, the National Tax Policy (NTP) establishes fundamental principles to guide an orderly development of the Nigeria tax system and reinforces the need for tax laws

and administrative practices to promote economic development. “The NTP has introduced some initiatives, which are in tandem with the objectives of the 2017 Budget”, she said, adding there is need for both National and State Houses of Assembly to establish a Taxation Committee to focus on tax matters and collaborate with the Tax Policy Implementation Committee. She noted that the 2017 budget did not propose increase in taxation but provides for expansion of tax horizon so that more people will start paying tax. The budget, she further noted, did not recommend increase in VAT but increase in VAT payable on luxury goods like Champaign among others. She recommended that since

small and medium scale businesses are the engine of growth of every economy, especially in Nigeria where over 90 percent of employers of labour, fall within this category, the qualification for the lower income tax rate applicable to small businesses should be reviewed in line with current economic realities. “The income tax rate for small businesses should be further reduced as an incentive to encourage compliance and promote Micro, Small and Medium Enterprises (MSMEs)”, she stated. She further recommended that a minimum threshold for VAT registration and compliance should be put in place in order Continued on page 24

UBN, Aramex, Others Support Women

In recognition of Nigerian women who have made strides in leadership, enterprise, advocacy and business, Leading Ladies Africa (LLA) recently recognised Nigeria’s 100 “Most Inspiring Women” at the LLA 100 Women. The LLA Gala was made possible by the support of Aramex Nigeria, Union Bank Nigeria (UBN), Avon HMO, among others. The LLA 100 Women Gala was a follow up to the 100 “Most Inspiring WomeninNigeria”listpublishedonMarch8,thisyearincommemoration of the International Women’s Day. Themed “Celebrating Leadership, Diversity&Impact,”the#100WomenGalarecognisedtheachievements of Nigerian women who had made tangible impact and contributions in four unique spheres of the society. The Founder, LLA, Francesca Uriri said: “At Leading Ladies Africa, our key objective is to promote leadership, diversity and inclusion for African women – a call to have them participate in activities that ensure they lead better, fulfilling, and ultimately more productive lives,”

Lagos Adopts ‘Isale Eko’ for Anniversary

Lagos State government is the latest in line to adopt the Joseph Edgar’s satirical stage play ‘Isale Eko’ as part of the event line up to mark 50th anniversary of Lagos State. Disclosing this to the media during the cast and crew visit to the Ministry of Tourism, Arts and Culture in Lagos, was the acting Commissioner for Tourism, Arts & Culture/Special Adviser to Governor of Lagos State on tourism, arts and culture, Hon. Mrs. Adebimpe Akinsola. Elated Mrs. Akinsola, who received the team in her office, stated that the endorsement and support from the Lagos state to this stage play, underpins the governor’s resolve to support the creative industry and position it has a revenue earner not only for the state but also to the practitioners. “Governor takes personal interest in creative industry particularly theatre. He has overtime demonstrated his passion towards this industry and he would not stop until the industry takes it pride of place among other genres,” she said.

Peak Introduces New Sachet

As a direct response to the yearning of Nigerian consumers, Peak Milk, a brand from the stable of Friesland Campina has introduced new sachet into the market. The new offering which has since entered the market was introduced to provide alternatives for Nigerians as they go through economic struggles which confront many households. The company stated in a statement issued in Lagos that ”As a brand which cares to listen to its consumers, understands their economic struggles; and knows that everybody cannot afford it hence what informed the introduction of the specially formulated Peak Powder Milk at N40 per sachet.

“We successfully navigated the heightened economic uncertainty and regulatory headwinds which dominated the year to deliver a solid performance across all financial and non-financial indices” Managing Director/CEO, Guaranty Trust Bank,

Mr. Segun Agbaje

T H I S D AY • MONDAY, APRIL 10, 2017

BUSINESSWORLD ‘WHY CBN’S N220BN MSMES DEVT FUND RECORDED LOW PATRONAGE’

Okoye equally admonished the DBN to introduce the business incubation system, which he noted, reduces the failure rate of businesses. He noted that if well managed, the DBN could bring down the cost of lending by MFBs in Nigeria. Okoye stated that although MFBs take the risk to lend to low-end small scale businesses, the lending rate remains too high at between 25 to 100 per cent. The reason for this, he said, was the source of most MFB funding, which is largely from commercial banks, noting that only few MFBs currently access funding from the CBN and Bank of Industry (BoI). A lower interest rate, he stated, would give businesses the opportunity to make capital improvements, and acquire equipment or supplies to grow. He urged the DBN to priotise funding the MFBs rather than commercial banks if it indeed wants to improve the MSMEs. The CBN had on March 28, 2017, approved the operating licence of a Wholesale Development Finance Institution Licence with national authorisation to the DBN. CITN TASKS FG ON COMPREHENSIVE TAX REFORM

to protect micro-businesses. Also speaking at the event, President of Association of Professional Bodies of Nigeria (APBN), Dr. Omede Idris, noted that going by the year’s budget estimates, Nigeria will spend substantial part of its revenue for the year on debt servicing . He said the above scenario creates a fiscal time bomb that will diffuse in the medium term, if not addressed. Idris, who was guest speaker at the luncheon, advised that government should much more look inwards than outwards in sourcing funds for its expenses. “Drawing from these estimates, Nigeria will be spending as much as 33 of every 100 earned in debt servicing in 2017. This scenario creates a fiscal time bomb that will diffuse in the medium term. At the moment, it also crimps the country’s capacity to plunge on infrastructure and also undertake other investments in social overheads”, he stated.

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

Elumelu Lauds FG’s Economic Recovery Plan, CBN Interventions Goddy Egene The Chairman, United Bank for Africa Plc, Mr. Tony Elumelu, has commended the federal government and the Central Bank of Nigeria (CBN) for their concerted reforms toward reflating the Nigerian economy. Elumelu, who gave the commendation at the bank’s 55th annual general meeting (AGM) last Friday in Lagos, said recent initiatives of the federal government are restoring investor confidence and stimulating productive activities, needed for economic recovery. “I would like to commend the Federal Government of Nigeria and President Muhammadu Buhari on the recent launch of the Economic Recovery and Growth Plan. It is laudable that the government widely consulted with the private sector in putting together this economic plan, which I believe should help address the immediate critical need of the Nigerian economy. As a stakeholder in Nigeria, I enjoin everyone to support these lofty agenda of the government, which hopefully should see the economy return to its deserved high growth path. No doubt, the fundamentals of the Nigerian economy remains strong and we all must work with the government to harness the potentials, not only for today but also for the benefit of our

future generations,” he said. According to him, CBN must be applauded, especially for its exchange rate management at this challenging time. “More importantly, recent policy actions of the CBN are particularly impressive, as we have seen notable increase in foreign currency supplies and the spread between the interbank market and parallel market

exchange rates have moderated. We must commend our policy makers and encourage them to do even more,” Elumelu said. Speaking on the impressive results of the UBA group, the chairman hailed the staff and management of the bank. He said: “On behalf of the shareholders, I appreciate the commitment and enterprise of our staff and commend the

management for the exceptional leadership, which resulted into the sterling performance of the bank amidst the challenging operating environment in 2016.” Elumelu also emphasised the proactive diversification of UBA Group across the African continent, saying that the subsidiaries outside of Nigeria contributed a third of the group’s profit in 2016,

thus reflecting the benefit of the bank’s geographic diversification. He told shareholders that by investing in UBA, they have diversified their investment portfolio. “You have not just invested in a Nigerian bank, but have invested in a bank with diversified reach, given our operations in Nigeria and 18 other African countries,” he said.

ACCOUNTING TO SHAREHOLDERS

L-R: Directors, Chellaram Plc, Mr. Aditya S. Chellaram; Alhaji Ahmed A. Abdulkadir; Chief Suresh M. Chellaram; Asiwaju Solomon K. Onafowokan; Mrs. Ezinwanne D. Nnoruka; and Otunba Richard A. Adebayo, during the annual general meeting of the company in Lagos…recently

Ericsson Lists Strategies to Digitise Nigeria

Nigeria to Become W’Africa’s Hub for FPSO Integration

Emma Okonji

Eromosele Abiodun

Ericsson, which has been at the forefront of networked society, has stressed the need for Nigeria and other African countries to go digital and be at par with developed economies. The newly appointed Managing Director of Ericsson Nigeria, Mr. Rutger Reman, who doubles as Ericsson’s Vice President, gave the advice at the weekend, during a press conference in Lagos. He said the global technology evolution has made it necessary for Nigeria to go digital. Reman said he was passionate about digitising Nigeria, while listing strategies to achieve the feat. According to him, the 5th technology evolution, the Internet of Things (IoT) and Cloud computing, are available technology that could digitize the entire country, through smart cities development, if well embraced and adopted. Presenting Ericsson’s forecast for 2022, Reman said, as technologies evolve, more people would be connected, leading to an increase of 1.03 billion global mobile subscriptions in 2022, with about 14 times increase in smartphone usage, with an estimated manufacturing of about 75 million cellular IoT devices that would be connecting more people by 2022. According to him, the resultant effect of the global growth would be on the increased growth of e-commerce, million hours YouTube video watch, growth in smartphone subscription on a daily basis, increase in FaceBook subscriptions, increase in financial technology (FinTech) solutions and more crowdfunding to boost technology startups. All these would lead to global industry transformation, which Nigeria and other African countries

must take advantage of, Reman said. He listed some of the transformation areas to include smart transport, smart building, smart travel, smart work, smart agriculture and land usage, smart services, among others, which he said, would be driven completely by information and communications technology (ICT). “By the time all these are established, more people, estimated to be above 70 per cent, will live in the cities by 2050,” Reman added. He further explained that for Nigeria to take advantage of the global revolution, the country must begin to invest in smart cities development. He said it would be nice when smart cities initiatives were developed in several cities of the country, to reduce the influx of people into few cities of the country. He however stressed the need for broadband availability to drive the entire process of digital transformation. Head, Network Products at Ericsson Nigeria, Fisayo Araoye, spoke on the increasing growth of indoor market, which she said would be facilitated by wireless connectivity that would likely double by 2020 to about $6 billion market worth. She said indoor wireless data traffic would grow 600 per cent by 2020, and that Ericsson’s radio system and Radio Dot Live, would present solution to wireless connectivity. Head, IT & Cloud at Ericsson Nigeria, Mr. Oluwaseun Solanke, who spoke about digital transformation, explained that the emergence of new technologies would boost digital operations, digital engagement and digital services, while calling on organisations to take advantage of Ericsson’s digital solutions that have indices to reduces yearly information technology (IT) spend by 55 per cent and increase organisation’s revenue by 15 per cent.

Chairman of the Lagos Deep Offshore Logistics (LADOL), Ladi Jadesimi has stated that the massive investment and infrastructure put in place in the free trade zone will make Nigeria the hub for FPSO integration in the near future. He stated this when the Deputy Comptroller General of the Nigerian Customs Service (NCS), Exports and Free Zones, Grace Adeyemo visited the zone on a facility tour of free trade zones in Zone A. He called on government agencies to support the effort by LADOL to make Nigeria the hub of FPSO integration in West Africa adding that doing so will ensure increased revenue for the federal government. According to him, “You should keep on supporting us because this kind of investment in fabrication yard and the jetty alone, which we have finished, has cost us $300 million. That is why I am saying there may be nowhere else in West Africa where such huge investment can be done; there is no where they can muster such resource. That is why I am saying that in the foreseeable future Nigeria or LADOL will be the only location where you can do FPSO integration. I just came from Ghana last week to have a meeting with the Ghanaian

government who invited us to help them develop their local content. The advantage for Nigeria in this regard cannot be over exaggerated. “ He added: “We knew this from the unset; we knew that only an indigenous investors can muster such a huge investment as this. But the market is here now, so we need the Customs, Emigration and other government agencies to keep assisting us. Your assistant is not in vain because when the FPSO gets here customs duty will go up, it will be in billions of naira. This would not have happened if the FPSO was solely done in Korea and dragged here. So in terms of revenue for Nigeria, revenue for customs, income to employees and training for Nigerians you cannot really quantify. “I want to also let you know that all the people trained here will be internationally certified, so they can work anywhere in the world. As far back as 10myears ago we already had the facility to go into logistics business but until very recently no indigenous company was able to access the market. Before now oil production cost extra $5 for every barrel produced. Right from day one we set out as a competition not against local companies but others across West Africa.” In her response, Adeyemo

commended the LADOL chairman for his foresight and the tenacity to ensure that his vision becomes a reality. Specifically, she said, “I am here on a facility tour of all free trade zones across this region, we have been to other free trade zones and we are here now. It is a visit that is supposed to be done yearly. When we came last year, a lot of things were in place now I can see that much more has been put in place and others are springing up. Just like you have said, this is an indigenous investment put up by you. For any Nigerian to seat and dream about this and bring it to reality, I think you deserve much applaud. She added: “By this investment scheme on the ground, Nigeria is now a place to be recon with on the world map when it comes to certain technicalities that you have mentioned. It is an uncommon insight and you have put it on the ground. We are proud of you and we are proud that you are a Nigerian. Other free trade zones have equity participation by other nationals. LADOL is the only free trade zone that we have visited that has such huge expertise and is owned by a Nigerian. The Nigeria Customs Service will implement the fiscal policies put in place by the ministry of finance. “

T H I S D AY • MONDAY, APRIL 10, 2017

BUSINESSWORLD

MARKET REPORT

Equities Sustain Bull Run on Impressive Corporate Results Goddy Egene and Nosa Alekhuogie The equities market recorded the second consecutive growth last week as investor’s confidence received a boost from some impressive corporate earnings. More companies reported their 2016 financial year performances, announcing dividends for shareholders. This development lifted the prices of many of the stocks. As a result, the Nigerian Stock Exchange (NSE) All-Share Index (NSE ASI) rose by 0.90 per cent to close at 25,746.52, while market capitalisation ended at N8.909 trillion. All other Indices finished higher during the week with the exception of the NSE Banking Index which depreciated by 0.20 per cent while the NSE ASeM Index closed flat. The NSE Industrial Goods Index led the sectoral gainers’ chart with 5.2 per cent. The NSE Oil & Gas Index trailed with 4.3 per cent, while the NSE Insurance and the NSE Consumer Goods Indices gained 2.0 per cent and 0.8 per cent respectively. Daily Market performance The Nigerian equities market started the month of April on a bearish note with the NSE ASI falling 0.95 per cent to close at 25,273.03, dragged by bellwethers such as Dangote Cement Plc(-2.4 per cent), Nigerian Breweries Plc (-1.5 per cent) and GTBank Plc (-2.4 per cent). Investors lost N84.2 billion as market capitalisation closed at N8.7 trillion on the first day of the month, even as volume and value traded declined by 83.5 per cent and 99.3 per cent to 97.7 million shares and N682.8 million respectively. Performance across sectors was mixed as three indices declined while two appreciated. The NSE Banking Index fell the most, depreciating 1.6 per cent on account of GTBank (-2.4 per cent). The NSE Industrial Goods Index and NSE Consumer Goods Index fell by 0.7 per cent and 0.1 per cent owing to sell offs in Dandgote Cement and Nigerian Breweries (1.5 per cent) respectively. On the positive side, the NSE Insurance Index appreciated by 1.1 per cent following gains in AXA Mansard (+4.4 per cent) and NEM Insurance (+5.0 per cent).Similarly, Mobil Oil (+5.0 per cent) drove the NSE Oil & Gas Index higher. The market was flattish on Tuesday as the benchmark index shed 0.003 per cent to close at 25,266.15. Rally in Oando (+6.3 per cent) following investors’ reaction to its 2016 full year results, was offset by weak appetite for Tier-1 banks – ETI, UBA and GTBank, which shed 3.0 per cent, 2.3 per cent and 0.6 per cent respectively. Just like the previous day, three sectors declined. The NSE Banking Index depreciated the most, shedding 0.6 per cent on account of weak appetite for ETI (-3.0 per cent), UBA (-2.3 per cent) and GTBank (-0.6 per cent). Similarly, the NSE Insurance Index went down by 0.3 per cent, just as NSE Oil & Gas Index fell by 0.1 per cent. After two days of negative performance, the equity market rebounded on Wednesday, as the NSE ASI appreciated by 0.81 per cent to close at 25,471.69. The uptrend was largely as a result of renewed buy sentiment in mid-cap counters in the Industrial and Oil & Gas sectors such as Lafarge Africa, Oando Plc as well as bargain hunting in GTBank. All the sectors closed in the green led by the NSE Industrial Goods Index, which rose by 4.4 per cent on account of gains in Lafarge (+10.2 per cent). The NSE Oil & Gas Index appreciated

by 3.3 per cent on gains by Mobil Oil (+10.2 per cent)and Oando Plc (+10.1 per cent). Mobil was recently fully divested by ExxonMobil and the new majority shareholder, NIPCO took over. Oando Plc last week reported a profit of N3.5 billion for 2016 after two years of losses. The NSE Banking Indices rose 1.2 per cent, following gains in GTBank and Zenith Bank (1.4 per cent apiece.) In the same vein, the NSE Consumer Goods Index and NSE Insurance Index advanced 0.1 per cent each. The bulls maintained their hold on the market on Thursday as the NSE ASI appreciated by 1.11 per cent to close at 25,755.18.. The appreciation recorded in the share prices of Lafarge Africa, Dangote Cement, GTBank, PZ Cussons and Transcorp were mainly responsible for the gain. The total volume of stocks traded was 241.62 million shares worth N1.49 billion up by 32.2 per cent compared with N1.13 billion invested the previous day. The three most actively traded sectors were: Financial Services (182.39 million shares), Services (25.08 million shares) and Consumer Goods (12.48 million shares), while the most actively traded stocks were: FBN Holdings (63.67 million shares), Fidelity Bank (43.60 million shares) and United Capital (23.89 million shares). The market closed the week with a marginal decline of 0.03 per cent, making the NSE ASI index to be at 25,746.52. The depreciation recorded in the share prices of Lafarge Africa, Guinness, Zenith Bank, Total and Access

Bank were mainly responsible for the loss recorded in the Index. But the last day decline was not enough to offset the gains recorded on Wednesday and Thursday.

Market turnover Meanwhile, a total turnover of 786.176 million shares worth N5.828 billion in 14,343 deals were traded last week by investors down from of 3.195

TOP 10 BROKERS FOR FIRST QUARTER OF 2017 BROKER

VALUE % VALUE

CORDROS SECURITIES LIMITED - BRD

186,368,550,297.41

40.95

STANBIC IBTC STOCKBROKERS LIMITED

67,928,421,287.75

14.92

21,621,915,027.14 19,459,641,563.10

4.75 4.28

A.R.M SECURITIES LIMITED - BRD

15,654,360,893.45

3.44

FBN SECURITIES LIMITED

12,129,303,626.45

2.66

CHAPEL HILL DENHAM SECURITIES LTD - BRD

10,055,087,088.18

2.21

EFCP LIMITED

8,946,073,927.72

1.97

6,811,573,470.56

1.50

6,373,786,910.01 355,348,714,091.77

1.40 78.07

RENCAP SECURITIES (NIG) LIMITED CSLSTOCKBROKERSLIMITED

APELASSETLIMITED-BRD MERISTEM STOCKBROKERS LIMITED

TOP 10 BROKERS FOR FIRST QUARTER OF 2017 VOLUME

%VOLUME

7,051,289,596

17.83

2,393,957,475

6.05

RENCAP SECURITIES (NIG) LIMITED

2,222,482,698

5.62

CORDROS SECURITIES LIMITED - BRD IMPERIAL ASSET MANAGERS LIMITED -BRD

2,030,808,730 1,980,229,521

5.14 5.01

BROKER CAPITAL ASSETS LIMITED - BRD STANBIC IBTC STOCKBROKERS LIMITED

A.R.M SECURITIES LIMITED - BRD

1,940,541,910

4.91

MERISTEM STOCKBROKERS LIMITED

1,923,075,054

4.86

FUNDVINE CAPITAL & SECURITIES LIMITED

1,759,768,492

4.45

MORGAN CAPITAL SECURITIES LIMITED

1,217,144,636

3.08

CSL STOCKBROKERS LIMITED

1,209,576,313

3.06

23,728,874,425

60.01

billion shares valued at N104.217 billion that exchanged hands the previous week in 14,674 deals. As usual, the Financial Services Industry remained the most activity in volume terms, recording 557.911 million shares valued at N2.669 billion traded in 7,340 deals. The sector thus contributed 70.97 per cent and 45.79 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 70.255 million shares worth N1.556 billion in 2,698 deals. The third place was occupied by Services Industry with a turnover of 50.558 million shares worth N70.773 million in 754 deals. Trading in the top three equities namely – Fidelity Bank Plc, FBN Holdings Plc and Zenith International Bank Plc- accounted for 292.363 million shares worth N1.128 billion in 2,485 deals. Also traded during the week were a total of 1,510 units of Exchange Traded Products (ETPs) valued at N4,113.20 in three deals compared with a total of 52,885 units valued at N425,464.25 transacted the preceding week in 19 deals. A total of 11,064 units of Federal Government Bonds valued at N10.256million were traded in 21 deals, compared with a total of 2,870 units valued at N2.638million transacted two weeks ago in seven deals. Price Gainers and Losers An analysis of the gainers’ chart showed that 36 equities appreciated in price last week same as the previous week, while 22 equities depreciated in price, lower than 24) equities of the previous week. Learn Africa Plc led the table with 26.4 per cent, trailed by Seven-Up Bottling Company Plc with 26.3 per cent. Dangote Flour Mills Plc chalked up 21.6 per cent. NASCON Allied Industries Plc garnered 21.4 per cent, while Mobil Oil Nigeria Plc appreciated by 20 per cent. Oando Plc added 18 per cent. Livestock Feeds Plc went up by 16.9 per cent, while Nigerian Aviation Handling Company Plc, CAP Plc and UAC of Nigeria Plc chalked up 16.6 per cent, 15.7 per cent and 15.4 per cent in that order. Conversely, United Bank for Africa Plc led the price losers with 8.8 per cent trailed by Trans-Nationwide Express Plc with 8.0 per cent. May & Baker Nigeria Plc shed 7.3 per cent, just as Eterna Plc and Conoil Plc depreciated by 5.3 per cent and 5.0 per cent respectively. FCMB Group Plc and Jaiz Bank Plc lost 4.9 per cent apiece, just as Fidson Healthcare Plc, Total Nigeria Plc and DN Meyer Plc 4.0 per cent, 3.9 per cent and 3.8 per cent respectively.

T H I S D AY • MONDAY, APRIL 10, 2017

BUSINESSWORLD

INSIDE BROAD STREET lion in December 2016. The structure of banks’ credit in the second half of 2016 indicated that short-term maturities remained dominant in the market. Loans and advances maturing in one year and below accounted for 46.4 per cent of the total at end-December 2016, compared with 46 per cent at end-June 2016. The medium-term maturities rose by 2.6 percentage points to 20.7 per cent, from its level at end-June 2016, while the long-term5 maturities rose to 32.9 per cent, compared with 35.9 per cent at end-June 2016. Banks’ deposit liabilities showed an increasing trend with short-term deposits of less than 1- year tenor constituting 95.6 per cent of the total, of which 75.9 per cent had a maturity of less than 30 days. Deposits of more than 1-year but less than 3-year tenor, constituted 1.2 per cent of total deposits, while deposits of more than 3-year tenor, constituted 3.2 per cent of total deposits at end-December 2016 compared with 2.9 and 2.8 per cent at end-June 2016 and the corresponding period of 2015, respectively.

A view of Lagos financial district

AKINWUNMI IBRAHIM

Tier 1 Banks Maintain Market Dominance Obinna Chima Five commercial banks maintained their dominance of activities in the banking industry in the second half of 2016, according to the Central Bank of Nigeria (CBN). The CBN’s latest Financial Stability Report for the half year ended December 2016 however did not disclose the names of the banks. According to the report, the average concentration ratio of the five largest banks (CR5) with respect to deposits and assets stood at 53.70 and 53.68 per cent, respectively, at end-December 2016, compared with 43.3 and 51.9 per cent at end-June 2016. It revealed that the market shares of the largest bank with respect to deposits and assets stood at 13.20 and 14.23 per cent, respectively. On the other hand, 19 other banks had market shares ranging from 0.02 per cent to 6.19 per cent, in deposits, and 0.06 per cent to 6.23 per cent in assets. The concentration ratio of the banking industry was supported by the Herfindahl-Hirschman Index (HHI) for the industry at 773.21 and 774.50 for deposits and assets, at end-December 2016, compared with 764.13 and 757.00 at end-June 2016, respectively. This, according to the central bank, showed weakening of the competitiveness of the industry compared to the first half of 2016. Assets-Based Indicators However, commercial banks in Nigeria experienced deterioration in assets quality at end-December 2016. The ratio of non-performing loans (NPLs) to gross loans deteriorated in the second half of 2016 by 2.3 and 8.7 percentage points to 14.0 per cent at end-December 2016 compared with the levels at end-June 2016 and end-December 2015, respectively. The deterioration in asset quality was largely attributed to the rising inflationary trend, negative Gross Domestic Product (GDP) growth, and the depreciation of the naira. The ratio of core liquid assets to total assets increased by 2.3 percentage points to 16.3 per cent at end-December 2016 from 14.0 per cent recorded at end-June 2016. Also, the ratio of core liquid assets to short-term liabilities increased by 2.9 percentage points to 24.5 per cent at end-December 2016, compared with 21.6 per cent at end-June 2016. The increase in the ratio of core liquid assets to both total assets and short-term liabilities reflected improved buffers to absorb short term obligations.

MARKET INDICATOR

CBN Governor, Godwin Emefiele Income and Expense Based Indicators The return on assets (ROA) declined by one percentage point to 1.3 per cent at end-December 2016 from 2.3 per cent recorded at end-June 2016, while the ratio of non-interest expenses to gross income increased to 63.8 per cent at end-December 2016 from 54.6 per cent recorded in the preceding half. The ratio of interest margin to gross income deteriorated to 50 per cent during the review period from 61.4 per cent at end-June 2016, while the ratio of personnel expenses to non-interest expenses declined to 30.5 per cent at end-December 2016 from 41.2 per cent recorded at end-June 2016. The banking industry stress test was carried out at end-December 2016, covering 23 commercial and merchant banks, to evaluate the resilience of the banks to credit, liquidity, interest rate and contagion risks. “The banking industry is categorised into large (assets ≥N1 trillion), medium (assets >N500 billion but<N1 trillion) and small banks (assets ≤N500 billion). “The post-shock stress test results showed that a 100 per cent increase in NPLs will lead to a CAR of 10.55, 12.01, 10.34 and -27.03 per cent for the banking industry, large, medium and small banks, respectively. The results revealed that all the groups except small banks can withstand a 100 per cent

increase in NPLs. “However, none of the groups could sustain the impact of the most severe shock of a 200 per cent increase in NPLs as their post-shock CARs fell below the 10 per cent minimum prudential requirement. “The impact of the severe shock scenario will result in a decline of CAR to 5.87, 8.25, 7.80 and -84.50 per cent for the banking industry, large, medium and small banks, respectively. “The baseline CAR for the banking industry, large, medium, and small banks stood at 14.78, 15.47, 12.75 and 3.14 per cent, respectively. These represented a 0.04, -0.18, 0.76 and -0.02 “The economic headwinds have adversely impacted bank borrowers, resulting in rising NPLs which required additional provisioning by banks, thereby reducing the banks’ CAR. The decline of the CAR of small and medium banks did not weigh significantly on the industry CAR because large banks hold a significant proportion (88.02%) of total banking industry loans,” it added. Consumer Credit The volume of consumer credit during the second half of 2016 reduced marginally by 2.51 per cent to N762.07 billion relative to its level at end-June 2016, due largely to build up of uncertainties and higher cost of funds in the economy. Consumer credit, which constituted 3.53 per cent of the total credit to the core private sector, was 0.3 percentage point lower than the proportion in the first half of 2016. As at end-December 2016, bank credit to the various sectors showed an upward trend. Sectoral credit to the private sector rose by 3.9 per cent to N16.293 trillion at end- December 2016 from N15.678 trillion at end-June 2016. The oil and gas sector accounted for the highest share of total credit with 30.02 per cent, compared with 28.78 per cent in the first half of 2016. Manufacturing and power and energy subsectors accounted for 13.6 per cent and 4.5 per cent, compared with 12.9 per cent and 4.4 per cent, respectively, in the preceding half year. Also, agriculture, forestry, and fishery subsector accounted for 3.3 per cent, indicating a 0.2 percentage point increase above the 3.1 per cent in the preceding half year. The contribution of the construction sector remained the same at 3.89 per cent as in the preceding half year. Similarly, total banks’ deposit which was N16.674 trillion billion in June 2016 rose moderately by 0.75 per cent to N16.798 tril-

Treasury Bills Nigerian Treasury Bills (NTBs) of 91-, 182- and 364-day tenors totalling N2.098 trillion were issued and allotted during the second half of 2016. This represented a decrease of 14.61 per cent, when compared with N2.457 trillion recorded as at end-June 2016. Similarly, total subscription was lower at N3.620 trillion, depicting a decrease of 28.41 per cent, when compared with N5.057 trillion recorded in the first half of 2016. The decrease in NTBs issued, allotted and subscribed was attributed to the tight liquidity in the banking system precipitated by the sustained mop-up by the CBN, provisioning of funds by banks for the special foreign exchange interventions for Forwards transactions at the foreign exchange market. “The holding structure of investments in NTBs in the review period indicated that banks took- up N887.14 billion, representing 42.28 per cent of the total NTBs issued, as against N1,745.90 billion, representing 71.05 per cent of NTBs issued in the preceding period. “Mandate and internal customers, and CBN take-up accounted for N1,075.50 billion and N135.59 billion, respectively compared with N683.38 billion, and N28.00 billion in the first half of 2016. “The reduced up-take by banks was attributed to tight liquidity in the banking system and higher yield in CBN bills, leading to the significant increase in mandate and internal customers’ participation as well as increase in CBN take-up. “The total stock of NTBs outstanding as at end-December 2016 showed that banks accounted for 38.61 per cent; the non-bank, and mandate and internal customers accounted for 61.33 per cent, while CBN held the balance of 0.06 per cent. “The range of average marginal rates for the period were 9.9800 - 15.4400 per cent for the 91-day; 12.2400 - 18.0589 per cent for the 182-day; and 14.9900 - 18.7000 per cent for the 364-day tenors,” it added. FGN Bonds In the review period, FGN Bonds offered for sale (new issues and re-openings) was N645 billion, representing an increase of 9.32 per cent above the N590 billion offered in the first half of 2016. Public subscription and sales decreased to N941.90 billion and N499.20 billion, at end-December 2016, from N1.184 trillion and N529.50 billion, at end-June 2016, respectively. The decrease in subscription and sales were attributed to the liquidity constraints in the banking system which led to reduced patronage of FGN bonds by banks despite the strong appeal of fixed income assets and the impressive yield on FGN bonds. “The price of FGN Bonds at the secondary market declined as a result of reduced transactions and demand, as well as increased banking system liquidity constraints and other macroeconomic uncertainties. “Consequently, yields on FGN Bonds at end-December 2016 increased considerably at both the long and short ends of the curve when compared with FGN bond yields in the preceding period. “The upward review of the MPR by 200 basis points in the second half of 2016, and the sustained open market operations activities by the Bank which further reduced market liquidity, contributed to increased yield on FGN bonds in the secondary market,” it added.

T H I S D AY MONDAY APRIL 10, 2017

T H I S D AY • MONDAY, APRIL 10, 2017

BUSINESSWORLD

NEWS

Saipem’s Confined Space Welding Technology Excites NCDMB Ernest Chinwo in Port Harcourt The Executive Secretary of Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote has expressed his delight at the size of Saipem’s facility and the quality of work being done by Nigerians at the firm’s fabrication yard in Port Harcourt, River State. Addressing workers of the company when he led members of the NCDMB and other stakeholders on a tour of the Saipem fabrication yard in Rumuolumeni, which also coincided with the unveiling of a logo to commemorate Saipem’s 50 years of operations in Nigeria, Wabote described the facility as “a world-class fabrication yard”, which he said, was a demonstration of the capacity and capabilities of Nigerians in the oil and gas sector. His words: “When I went through this site with my colleagues, what was on my mind was that there is nothing Nigerians cannot do. I have been in the oil and gas industry for

25 years and I know when we started how everything that was utilised in the oil and gas industry was imported. Fabrication of things as easy as even spools were all imported. What they told us then was that Nigerians did not have the capacity to fabricate those items, hence they were imported. “But going through this yard today, I am encouraged more than anything else to reaffirm my belief in this country to do greater things. Today, this yard has direct employment of 3,500 people. Indirectly, that creates about 20,000 jobs within the immediate community and within the Niger Delta itself. We are not talking about the induced employment this will create within the immediate vicinity of Rumuolumeni community. “Our hope is that we will continue to keep this yard busy. Our desire is that we will increase the number of employment opportunities that this yard will create. I am sure you should be very proud of what you have done in building these magnificent structures I am

seeing here and I know future generations will be proud of you.” He stated that it is the desire of the present administration to “internalize most of the things we are supposed to do in this country to ensure that we continue to create meaningful jobs for the teeming Nigerian youths,and this is a great example that we are achieving that in the oil and gas industry. As you can see, 95 per cent of what we need in the oil and gas industry is fabrication; all you see in the oil and gas industry is iron and steel and you people have demonstrated that if there is an opportunity you can overcome.” He added: “We hope and pray that other projects that are in the funnel currently will immediately come on the back of EGINA. Today, Saipem fabrication on EGINA project is about 40,000 tonnes. That is huge amount of steel. One day I believe we will perhaps do 100 per cent of the tonnage that is required in an FPSO construction. The onus is on us to encourage this facility to grow.” He stated that the NCDMB

would do everything necessary to support genuine investors like Saipem who believe in Nigeria, have faith in Nigeria and also see the future in Nigeria. Wabote also hailed the confined space welding technology developed by Saipem Contracting Nigeria Limited in the EGINA project and described the technology as a great innovation that should be shared in the oil and gas industry. He disclosed that the Board would hold a knowledge-sharing session with international oil companies (IOCs) to enable the companies “share experiences on their challenges, costs and local content” so that they could learn from each other. Addressing the management and staff of the company, Wabote said: “This visit has made us realise the need to categorize fabrication yards in Nigeria so that potential investors will know the capacity of each of the yards. This is a world-class fabrication yard. We were in South Korea two weeks ago and what we saw there in terms of fabrication is not different from what we

are seeing here. The only difference is that they have huge quay sides in which they are building FPSOs and ships. In terms of the fabrication layout, workshops and everything, there is no difference. So we are proud of this facility. We have gone round, and we can tell you it can stand any fabrication yard outside this country.” On the company’s involvement in the EGINA Project, the NCDMB Executive Secretary said: “We have seen the massive work and the fabrication you are doing for the EGINA project. This is quite commendable. These things you have fabricated actually look like things that are imported from outside the country. “We are really proud of you. We encourage you. I believe that there is no project in the oil and gas industry that cannot be done in this country. And that will be the position of this Board. We know the things that cannot be done here and we are ready to work with international partners to get the relevant technology to fill the gap. But in terms of fabrication, I do not think there

is anything we cannot fabricate.” The Managing Director of Saipem Contracting Nigeria Limited, Mr. Guido D’Aloisio, said the year 2017 is a special year for the company, because Saipem globally is celebrating its 60 years of existence. “But more importantly for us, 2017 represents our 50 years in Nigeria”, he added. He also said that the company owed its success in the country to the loyalty and hard work of its staff most of whom are Nigerians and the environment that is conducive to innovations and healthy competition. “What is important today is not just to reflect on how big we are now but also the future. I think the environment where we are working is quite competitive. We are always making groundbreaking innovations on new ways of doing things. “At Saipem today, we are fit for the future. Always ready for new challenges. We are very much proud ofhow far we have come. But at the same time we are prepared to take on any future challenge,” he said.

‘Africa Re Controls 20% of Nigeria’s Reinsurance Market’ Ebere Nwoji

ALL FOR THE 1 BILLIONAIRE JACKPOT

L-R: Founder and Director, NaijaBillionaire, Mr Lai Labode ; Chairman, Mr Dotun Suleiman; Director General, National Lottery Regulatory Commission (NLRC), Mr Adolphous Ekpe and the Chief Operating Officer , NaijaBillionaire, Mrs Titi Masha-Lawuyi , during a press briefing organised by NaijaBillionaire Nigeria Limited to reassure stakeholders of its commitment to Nigerians in Lagos…recently

AFBTE Certifies Fanta, Sprite for Consumption Raheem Akingbolu The Association of Food, Beverage and Tobacco Employers (AFBTE) has refuted the claim that Fanta and Sprite from the stable of Coca Cola are not good for consumption. In a statement issued in Lagos, the association said the bottling company has been certified by the Federal Ministry of Health as being in compliant with relevant national regulations as well as international standards. The association said the level of benzoic acid and ascorbic acid in Fanta as well as the benzoic content of Sprite produced and sold in the country by the Nigeria Bottling Company (NBC) are in compliance with the standards approved by all relevant national regulations and the international standards set by Codex Alimentarius Commission (CAC), a body established for the purpose of setting internationally

recognised standards, codes of practice, guidelines relating to foods, food production and food safety by the United Nations through the Food and Agricultural Organisation (FAO) and the World Health Organisation (WHO). It reiterated that there was no truth in the claim that Fanta becomes poisonous when taken with Vitamin C, saying that for the risk factor to formally occur, the benzoate level must be above the Codex level of 250mg/kg in the presence of metal ions that act as catalysts with Vitamin C. The level in contention here with regard to the said products was Fanta (188.64mg/kg; and Sprite (201.06mg/kg and 161.5mg/kg respectively, noting that the rejection of the Fanta and Sprite that were exported to the UK in 2007 was not because they were unsafe for human consumption as they met the Nigerian regulatory standard

which, itself, was within the international food safety limit of 600mg/ kg set by Codex at the time. Fijabi Adebo Holdings Limited & Dr. Emmanuel Fijabi Adebo had in 2007 filed a suit at the Lagos State High Court against the Nigerian Bottling Company Plc (NBC) over rejection of the soft drink products they had procured from the NBC by the United Kingdom (UK) Food Inspection Authority and making claim of N3,000,000.00 ( Three million naira) only as the cost of instituting and prosecuting this suit against the Defendant but the Court in its Judgement delivered on the February 15, 2017, dismissed all claims against NBC and held that the company had not breached its duty to consumers and that there are no proven case of negligence against it (NBC). The Court however, directed

the National Agency for Food and Drug Administration and Control (NAFDAC) to mandate the NBC to include a warning on its bottles of Fanta and Sprite that its content cannot be taken with vitamin C as same become poisonous if taken with vitamin C. NBC has since appealed this order. It stated that the NBC does not produce for export as its products are produced within the guidelines of the Nigerian Industrial Standards in conformity with global food safety standards. It added that since NBC products are produced and consumed locally, it did not need to produce to the specification of UK standard as every country has its Codex standard. The Federal Ministry of Health had earlier said that NBC‘s products Fanta, Sprite, and Coke manufactured in Nigeria, are safe for consumption.

Africa Reinsurance Corporation has said that among three reinsurance firms operating in Nigeria, it controls about 20 percent of reinsurance market share in Nigeria while European and other oversea reinsurers control about 65 percent of the market. According to Africa Re, the remaining 15 percent is shared by other Nigerian local reinsurers namely Continental Re, and Nigerian Re. The Corporation, also said in 2016, businesses from Nigeria, represented about 13 percent of its turnover. “Nigeria, where Africa Re is headquartered since 1976, represents an important market for the Corporation as it represents about 13percent of its total turnover in 2016. It said the predominance of foreign reinsurers, mostly European, in the Nigerian reinsurance market has to do with the total low underwriting capacity (and shareholders’ funds) compared to the size of total risk exposures”, he said. The corporation’s management said standing with Nigerian insurers, it has developed diverse partnerships to support the market development, for example in the mitigation of the forex risk, adding that unlike the foreign reinsurers, Africa Re, accepts payment of reinsurance premiums in Nigerian bank accounts and in the national currency (Naira). It further said to support Nigerian economy, Africa Re has also invested over $90 million in various Nigerian companies and indirectly created over 570 jobs.

It added that besides its involvement in the development of the insurance industry through in-house and market insurance trainings, Africa Re is also working with the National Insurance Commission of Nigeria to enhance public awareness of insurance products in order to boost insurance penetration in the country. “Through its Corporate Social Responsibility (CSR) Trust Fund, Africa Re’s shareholders have sponsored in the last three years up to US$ 1,252,000 in various CSR initiatives”, the firm added. Africa Re also said over the years, it has been involved in capacity building in the African insurance industry with the view of developing the market. According to the corporation, in 2015, it invested $380,000 to train over 1300 insurance professionals in over 100 companies, instituted performance awards aimed at enhancing corporate governance, innovation and operational best standards for the insurance industry from which many African insurance professionals have benefited tremendously. “Admittedly, the Corporation’s enviable financial and operational success has enabled it to take on certain obligations to the benefit of its various stakeholders including the insurance industry, shareholders, member states and even the communities in which it operates. These obligations have been discharged most credibly and faithfully in line with the ideals of the Corporation’s developmental mission”.

T H I S D AY MONDAY APRIL 10, 2017

GREATNESS

Often it is said you have achieved greatness when you don’t need an introduction. Here’s to a man who does not need an introduction, his colossal impact on the African continent has earned him the title, the most Precious Pride of Africa and the Richest Man in Africa - Alhaji Aliko Dangote, GCON is an ample evidence of a far richer life. Africa’s most successful Corporate Czar, whose uncommon passion, bravery and foresight brought international exposure to the African continent in a time when economic uncertainty prevailed; in a time when all hope was lost for the African continent, in a time Africa was regarded as a prodigal continent, worst of all, seen as a condemned continent. Forward further, Alhaji made a snap judgment to reset the tone for ALL of us, for ALL Africans. His mammoth contribution to the success of the African market can never be erased. He is a man with an invaluable touch, undiluted tenacity, and his strong conviction in the economic development of the African continent made him see perpetual possibilities and he made miracle milestones. In his wise selfishness, he deliberately diverted air, sea & land traffic to Nigeria, and in a unique way, he made a dead forest come to life - it became a feeder for millions of people.

I duff my hat as I stand in stoutly salute, - “Zaki”, sincerely, you are an exemplary leader - a reverberated enigma, a bottomless blessings to humanity. I fondly call you my Egbon for more reasons than the fact you are older in age. Close to three decades, I have studied you very keenly and I remain in awe of your matchless achievements. You are a source of inspiration and hope for those of us courageous enough to dream big, dare big and do big things. Based on your philosophy of “Nothing is Impossible” a meeting with you leaves anyone hypnotised, fearless & ready to redefine rules by willing to stretch beyond basic human limits. Amazingly, as you work so tirelessly hard, you still find time to remain a social specialist. Need I mention how devoted you are to your maker, your divine driven humility, or how compassionate and an extreme altruist you are, lest I forget your sweet and sour approach to business, above all – through you, millions are made, millions are recognised, millions are celebrated and millions are enthusiastically employed. Egbon at 60, it is desirable to say you are simply an immortal. So, Reign-on, Live-on and Keep knitting.

T H I S D AY MONDAY APRIL 10, 2017

BIRTHDAY

T H I S D AY MONDAY APRIL 10, 2017

MONDAY, APRIL 10, 2017 • T H I S D AY

BUSINESS/MONEYGUIDE

Agbaje: GTBank will Continue to Deliver Value to Shareholders Managing Director/CEO, Guaranty Trust Bank, Mr. Segun Agbaje, has said the bank’s impressive performance in 2016, despite the current state of Nigeria’s economic was a demonstration of the fundamental strength of the bank’s businesses to deliver sustainable long-term growth. He said the lender would keep up the resilience, momentum and flexibility to better meet growing customer expectations. “The bank’s financial performance in 2016, does not only reflect the resilience of our franchise, it demonstrates the fundamental strength of our businesses to deliver sustainable long-term growth. “We successfully navigated the heightened economic uncertainty and regulatory headwinds which dominated the year to deliver a solid performance across all financial and nonfinancial indices”, Agbaje said while commenting on the results. Guaranty Trust Bank recorded a profit before tax of N165.14 billion, in its 2016 operating year. Analysing the results, Agbaje said the profit represented a growth of 37 per cent over the N120.69 billion recorded in the corresponding period of December, 2015. According to him, the

bank’s loan book grew by 16 per cent from N1.373 trillion recorded as at December 2015 to N1.59trillion in December 2016, with corresponding growth in total deposits, which he noted, increased by 29 per cent to N2.111 trillion from N1.637 trillion in December 2015. Agbaje stated that the bank’s balance sheet remained strong with a 19.7 per cent growth in total assets and contingents, as it closed the 2016 financial year with Total Assets and Contingents of N3.70 trillion and shareholders’ funds of N504.9 billion. “We are transforming our organisation into a platform for enriching lives by positioning ourselves at the centre of an extended ecosystem that offers our stakeholders, benefits beyond banking. We also remain committed to maximising shareholders’ value and delivering superior and sustainable return, guided by our founding values of hard work, discipline and integrity.” Agbaje said the bank’s priority to simpler and faster banking helped it grow and retain its customers, adding the lender has in the last five years, tripled its customer base to 9.68 million as at December 31, 2016. “As part of our strategy to

grow our retail business, we are continuously making our banking processes and touch points simple, easier, and faster irrespective of where our customers choose to bank,” he said. He also said the bank has expanded the range of functionality it offers on internet, mobile and USSD banking platforms, ensuring better experience in its branches and providing more intelligent Automated Teller Machines (ATMs) to allow customers save time through efficient self-service. The lender, he further noted, has also seen tremendous growth in customer adoption of its digital services. He added: “We are investing and building our digital capabilities, and also actively seeking to collaborate with FinTech companies. “Whether we compete or collaborate, we will be aggressively pursuing these digital opportunities, to strengthen our traditional businesses, and going beyond being a bank to becoming a platform that enriches the lives of all customers that it serves.” GTB posted N165 billion Profit Before Tax (PBT) in its audited financial results for the year ended December 31, 2016.

Survey Reveals Effects of Bribery, Corruption on Businesses Obinna Chima Despite sporadic progress in tackling bribery and corruption across Europe, the Middle East, India and Africa (EMEIA), 51 per cent of respondents to the biennial EY (Ernst &Young) EMEIA Fraud Survey still perceive the problem to be widespread in their countries. According to the survey, 27 per cent of all respondents stated that it was common practice in their business sector to use bribery to win contracts. The report, “Human instinct or machine logic – which do you trust most in the fight against fraud and corruption?” surveyed 4,100 employees from large businesses in 41 countries including Nigeria. It revealed that senior management were failing to foster a culture of ethical behaviour, stating that 77per cent of board directors or senior managers said they would be willing to

justify some form of unethical behaviour to help a business survive, with one in three willing to offer cash payments to win or retain business. Nevertheless, 28 per cent of respondents believed that regulation has had a positive impact on deterring unethical behaviour, an increase of four percentage points from the 2015 survey, with 77 per cent of respondents agreeing that the prosecution of individuals would help deter fraud, bribery and corruption by executives. Respondents in emerging markets such as India (27%) and Nigeria (24%) agreed that they are now offered more protection to blow the whistle in comparison to three years ago. However, more limited improvement has been seen in developed markets such as Italy (11%) and France (4%). EY EMEIA Fraud Investigation & Dispute Services Leader, Jim McCurry said: “Despite positive signs of improvement in some

emerging economies, more than half (51%) of respondents across EMEIA still perceive bribery and corruption as a major challenge. “Furthermore, there is worrying evidence of a lack of leadership from senior executives to tackle these issues, which may be negatively influencing the younger generation workforce. “Companies need to take steps to create a culture in which it is in employees’ interests to do the right thing. Training and awareness programs can play a big role in helping individuals understand the consequences of fraud and corruption, and encourage them to come forward if they have concerns over unethical conduct.” According to EY West Africa Forensic/Fraud Investigation & Dispute Services Leader, Linus Osita Okeke, “the importance of tone at the top and tone from the top cannot be over-emphasized. Such tone certainly drives the tone at the middle and the top at the bottom.

Sterling Bank Reiterates Commitment to Capacity Devt The Managing Director and Chief Executive Officer of Sterling Bank Plc, Mr. Yemi Adeola has said that the financial institution would continue to invest in capacity building initiatives for staff to adequately prepare them for sustainable life after retirement. Such initiatives, according to Adeola include entrepreneurship trainings, business development, health and other relevant trainings that would assist them to settle down to a comfortable life after retirement. He also said the bank would continue to support

and strengthen the Sterling Bank’s Alumni to make it more effective and better equipped to take care of retired staff of the bank. A statement quoted Adeola to have said this at a send forth party held in honour of some retiring staff from the bank. He emphasised that the financial institution in the last five years had also embarked on several initiatives for the benefit of its staff. This, according to him, are necessary steps taken in the continued drive to make Sterling a great place to work. Some of these initiatives

highlighted by Adeola included competitive welfare packages; excellent retirement plan; a good healthcare facility, introduction of flexi time and place to enable staff chose the preferred time and place to discharge their responsibility. To build capacity for its people, the CEO noted that the bank had also instituted excellent training and developmental programmes such as the Sterling Graduate Associate and the Sterling Management Associate programmes targeted at identifying, grooming and developing young talents for leadership positions.

Agbaje

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 6 APRIL 2017 The price of OPEC basket of thirteen crudes stood at $51.82 a barrel on Thursday, compared with $51.95 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 10, 2017 • T H I S D AY

MARKET NEWS

UBA Shareholders Hail Payment of N27.2bn Dividend Goddy Egene and Nosa Alekhuogie The shareholders of the panAfrican financial institution, the United Bank for Africa (UBA) Plc, last Friday commended the board, management and staff over the improved performance of the bank that led to a payment of total dividend of N27.2 billion.

UBA had paid an interim dividend of N7.3 billion for the six months ended June 30, 2016 and a final dividend of N19.9 billion for the year ended December 31, 2016, bringing the total dividend for the year to N27.2 billion. Speaking at the 55th annual general meeting (AGM) of the bank in Lagos, the shareholders commended the company and

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

approved the dividend, which translate to 75 kobo per share compared to 60 kobo paid the previous year. The shareholders were excited at the performance of the group, which showed an impressive 22 per cent growth in gross earnings and 32 per cent growth in profit to N91 billion. The shareholders were

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

pleased that the African subsidiaries contributed 32 per cent to the group’s profit in 2016, a development they said emphasizes earnings diversification across geographies which reduces the group’s vulnerability to macroeconomic pressures in any single market. For instance, the President of the Association for the Advancement of the Rights

STO C K

of Nigerian Shareholders, Alhaji Farouk Umar, said: “It is obvious from the faces of shareholders that all of us are happy with the performance of the bank. We did not expect anything less because we know that that our chairman is an achiever not only locally but also internationally. We have seen the African expansion and its contribution to our

earnings and I believe this is also commendable.” In his address, the Group Chairman, UBA Plc, Mr. Tony Elumelu, gave credit to the chairpersons of UBA subsidiary boards across Africa, saying “these hard working men and women, who chair the boards across our businesses in Africa, have helped contribute a third of the overall profit of the group.”

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

monDAY, April 10, 2017 • T H I S D AY

MARKET NEWS

Q1: Cordros Securities Leads Brokers’ Performance Chart Goddy Egene Cordros Securities Limited, a subsidiary of Cordros Capital Limited, led other nine stockbroking firms in terms of value of transactions on the Nigerian bourse in the first quarter(Q1) ended March 31, 2017. While the top 10 stockroking firms traded N355.348 billion in Q1, Cordros Securities accounted for N186.369 billion or 40.9 per cent.. Stanbic IBTC Stockbrokers Limited recorded the second highest value of trading, recording

N67.928 billion or 14.9 per cent. In terms of volume, Stanbic IBTC also occupied the second spot with 2.393 billion shares. Recap Securities Nigeria Limited traded the third highest value, accounting for N21.621 billion, trailed by CSL Stockbrokers Limited with N19.459 billion. ARM Securities Limited traded N15.654 billion worth of shares, while FBN Securities Limited, Chapel Hill Deham Securities Limited and EFCP Limited accounted for N12.129 billion, N10.055 billion and N8.946

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

billion respectively. Others among the top 10 highest value of transactions are: Apel Assest Limited(N6.811 billion) and Meristem Stockbrokers Limited(6.373 billion). In volume terms, Capital Assets Limited dominated the chart in Q1, recording 7.051 billion shares or 17.8 per cent. Rencap Securities Nigeria Limited recorded 2.222 billion shares, while Imperial Asset Managers Limited traded 2.031 billion shares. Cordros Securities occupied the fourth position with 2.030

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 6-Apr-2017, unless otherwise stated.

billion shares ARM Securities Limited, Meristem Securities Limited, and Fundvine Capital & Securities Limited traded 1.940 billion shares, 1.923 billion shares and 1.759 billion shares in that order. Others are: Morgan Capital Securities Limited (1.217 billion shares and CSL Stockbrokers Limited (1.209 billion shares). Cordros Securities Limited acted as the execution stockbroker to recent NIPCO’s acquisition of ExxonMobil Oil Corporation’s stake in Mobil Oil Nigeria Plc. 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 deal was concluded last two weeks ago following the crossing of shares to NIPCO on the floor of the Nigerian Stock Exchange (NSE). Cordros Securities Limited acted as the execution stockbroker to both ExxonMobil Oil Corporation and NIPCO Investments Limited for this transaction. Market operators had said NIPCO’s acquisition of the majority stake in Mobil would serve as

a significant breakthrough, which could bolster investors’ confidence and appetite in the sector, following the deregulation 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 operator 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 130.65 131.20 2.89% Nigeria International Debt Fund 218.58 219.36 1.57% 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 0.71 0.72 2.10% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 17.24% 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 12.55 12.93 1.64% ARM Discovery Fund 294.39 303.27 2.51% ARM Ethical Fund 22.86 23.55 2.34% ARM Money Market Fund 1.00 1.00 15.91% 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 106.81 107.56 1.55% AXA Mansard Money Market Fund 1.00 1.00 17.56% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 10.00% Paramount Equity Fund 9.56 9.80 2.11% Women's Investment Fund 87.69 89.94 3.66% 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 18.07% 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 1,141.86 1,143.05 4.72% FBN Heritage Fund 110.50 111.25 -0.97% FBN Money Market Fund 100.00 100.00 17.09% FBN Nigeria Eurobond (USD) Fund - Institutional $107.54 $108.15 3.31% FBN Nigeria Eurobond (USD) Fund - Retail $107.24 $107.85 3.73% FBN Nigeria Smart Beta Equity Fund 118.10 119.63 4.81% 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 0.98 0.99 4.79% Legacy Short Maturity (NGN) Fund 2.68 2.68 4.25% 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 2,250.72 2,278.20 1.90% Coral Income Fund 2,205.82 2,205.82 4.83% 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 12.87% 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 16.70% Vantage Balanced Fund 1.73 1.74 2.70% Vantage Guaranteed Income Fund 1.00 1.00 15.36%

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 3.46% Lotus Halal Fixed Income Fund 1,032.05 1,032.05 2.90% 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 9.96 10.05 3.12% Meristem Money Market Fund 10.00 10.00 16.40% 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 1.13 1.15 7.78% PACAM Fixed Income Fund 10.47 10.52 0.69% PACAM Money Market Fund 10.00 10.00 16.42% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 110.81 111.71 8.83% 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 1.16 1.16 2.48% 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 1,867.95 1,877.29 1.98% Stanbic IBTC Bond Fund 156.64 156.64 1.74% Stanbic IBTC Ethical Fund 0.78 0.79 1.95% Stanbic IBTC Guaranteed Investment Fund 193.85 193.85 3.72% Stanbic IBTC Iman Fund 134.75 136.62 3.84% Stanbic IBTC Money Market Fund 100.00 100.00 17.51% Stanbic IBTC Nigerian Equity Fund 7,461.56 7,548.84 -1.60% 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 1.11 1.16 7.55% United Capital Bond Fund 1.28 1.28 15.60% United Capital Equity Fund 0.65 0.66 0.96% 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 10.05 10.23 4.32% Zenith Ethical Fund 11.41 11.53 4.55% Zenith Income Fund 17.45 17.45 5.60%

REITS

NAV Per Share

Yield / T-Rtn

11.41 118.15

1.01% 1.99%

Bid Price

Offer Price

Yield / T-Rtn

8.38 73.02

8.48 74.38

-4.53% -3.65%

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

2.65 6.23 11.21 15.84 129.08

2.69 6.31 11.31 16.04 131.08

-3.57% -11.32% -6.48% -0.69% -0.61%

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 10, 2017

MONDAY, APRIL 10, 2017 • T H I S D AY

CITYSTRINGS

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

Obaseki (left) unveiling the statue of late Chief Anthony Enahoro at Edo State House of Assembly, Benin city...recently

Immortalising Nigeria’s Heroes The Castle of Legends, a non-governmental and non-profit organisation recently at its maiden inauguration, organised a lecture series to celebrate heroic deeds of Nigerians. Adibe Emenyonu who was at the event, reports

he fiery fighting spirit of renowned nationalist and politician, late Chief Anthony Eromosele Enahoro was stirred up on Saturday, March 26 in Benin, the Edo State capital as eminent Nigerians gathered to posthumously honour him alongside others whose sweat and struggles led to the country’s freedom from British oppression during the colonial era which finally led to her independence in 1960. Also, honoured at the maiden ceremony included Alhaji Salihu Abubakar Tanko Yakassai, Chief Mbazuluike Amaechi, Senator Obi Nosike Ikpo and former first civilian Governor of Lagos State, Alhaji Lateef Kayode Jakande respectively, for their nationalist struggles and liberation of the nation. Alhaji Tanko Yakassai, OFR, born on 5th December, 1926, was honoured because as a Nigerian nationalist and pen-fighter, he fought colonialism and because of his continuous fatherly role in the field of Nigerian politics. He ventured into politics in the early 1950s when he joined the defunct Northern Element Progressive Union (NEPU). He served as Commissioner for Information, then Forestry, Community Development and Cooperatives and later joined ex-President Shehu Shagari where he served as Special Adviser on National Assembly Matters. Chief Mbazulike Amaechi, a nationalist and former Aviation Minister in the First Republic, was born on June 16th,1929. During the apartheid struggle in South Africa, Nelson Mandela was said to have lived and stayed with him and his wife for six months in Nigeria. Amaechi is reputed to belong to the vanishing tribe of elder

nationalists who, as recalled, put his own life on the line in defense of Nigeria's foremost nationalist, late Dr. Nnamdi Azikiwe, by nipping in the bud a lethal plot to attack Zik in Lagos in the 60s, an action which earned him the sobriquet "The Boy is Good", by the grateful Azikiwe. Alhaji Lateef Kayode Jakande, a foremost nationalist was born on 23rd of July 1929. He is a veteran journalist and foremost nationalist fighter. As a progressive leader and pacesetter, he added value to the face of good governance in Lagos State from 1979 to 1983 who as governor shunned the opulent comfort of the governor's official residence and lived in his private house in Ilupeju, and his modest home surrounded by other homes from where he commuted to work in his private Toyota Sedan car. He exemplified the philosophy of Awoism

Governor Obaseki promised scholarship award to all indigenes of the state to study history to PhD level even as he described late Chief Enahoro as an icon, a fiery journalist and a true nationalist who etched his name on the sands of time for the good of all

and in acknowledgement he was popularly referred to as (Baba Kekere). Senator Nosike Ikpo, a foremost nationalist, was born on the 21st of March 1929 at Ibusa, Delta State. He was Secretary of the Ibusa Union which launched him into the public affairs of Nigeria. He was an active member of the Zikist Movement. Obi Ikpo was elected into the Senate on the platform of UPN in 1979 and again in 1983 on the platform of NPN. Since the collapse of the Second Republic, the two-time senator of the federal republic has been giving leadership in community service to his people and holds the highest traditional title in Ibusa (The Eze title) and has remained a strong voice in the politics of Delta State and Nigeria. In their various presentations, the different speakers during the ceremony which was laced with sober reflections and the country’s socio-political and economic journey also called for compulsory teaching and learning of history at all levels of institutions of learning across the country. Alhaji Lateef Jakande who was represented at the event by HRH Oba Rufus Olarenwaju, Oba of Gbomina-Ekiti, Edo State Governor Godwin Obaseki and President of Castle of Legends Initiative and Esogban of Benin Kingdom, Chief David Edebiri as well as other speakers called for the naming of the nation’s Green Chamber of the National Assembly after Chief Enahoro to immortalise him for moving the critical motion that gave Nigeria her independence and for all that he did for the country’s growth and development. Flowing from this, Governor Obaseki promised scholarship award to all indigenes of the state to study history to PhD level even as he described late Chief Enahoro as an

icon, a fiery journalist and a true nationalist who etched his name on the sands of time for the good of all. Besides, he revealed the readiness of his administration to reintroduce the teaching of History as a subject in schools in the state to allow the young generation learn about the labours of past heroes. Nonetheless, he said the state-owned tertiary institutions would be equipped to teach Bini history, while scholarships would be awarded to postgraduate students interested in studying Bini history for their doctorate degrees. Noting that the knowledge of history was at its lowest ebb in the country, especially among the younger generation, Obaseki said History would be taught alongside with Social Studies. He tasked lawmakers at the National Assembly and all stakeholders in the country’s project to ensure that Chief Anthony Enahoro is named after the House of Representatives before the end of the year, stressing that citizens must strive towards remembering the past in order to appreciate the present and to move into the future. Chief David Edebiri in his lecture titled ‘Immortalising Our Heroes Past: Nigerian Nationalists In Focus’ and presentation of a book entitled ‘The Role of Militant Youths In The Struggle For Nigerian Independence: Tony Enahoro As a Case Study,’ articulated the pains, sufferings, imprisonment and deaths suffered by some of the nationalists including Chief Enahoro but without regard nor recognition by both past and present governments. He recalled with nostalgia that majority citizens who are not worth celebrating today

MONDAY, APRIL 10, 2017 • T H I S D AY

CITYSTRINGS

L-R: Obaseki, Speaker, Edo State House of Assembly, Rt. Hon. Justin Okonoboh and Chief David Edebiri, during the presentation of the book ‘The Role of Militant Youths In The Struggle For Nigerian Independence: Tony Enahoro As A Case Study’ in Benin…recently

Honourees (left) Chief Mbazilike Amaechi and Alhaji Salihu Abubakar Tanko Yakasai, at the event

L-R Edo Speaker, Rt. Hon. Justin Okonoboh, presenting an award to Chief Mbazulike Amaechi

L-R: Obaseki presenting an award to Alhaji Salihu Abubakar Tanko Yakasai

Edo State Deputy Speaker (left), Hon. Elizabeth Ativie, presenting award to Senator Nosike Ikpo, represented by his son, Anthony Ikpo

L-R : Obaseki, Speaker Edo State House of Assembly, Rt. Hon. Justin Okonoboh., and Chief David Edebiri, at the event

L-R: HRH Haliru Momoh, Otaru of Auchi, presenting an award to HRH Oba Rufus Olanrewaju, who represented Alhaji Lateef Jakande

R-L: Mr. Victor Enahoro having a hand shake with Speaker, Edo State House of Assembly, Rt. Hon. Justin Okonoboh

have their names on major streets and roads but none has bothered to reflect on the grueling experiences and costly sacrifices made by past heroes just for the country to secure her freedom and remain great. Alhaji Jakande who was represented by Oba Rufus Olanrewaju, challenged all parents and wards to teach their children historical lessons and harped on the imperatives of teaching it as a course of study in various institutions. The former Lagos state governor had represented his award in an appreciation of the late Oba Erediauwa and to Governor Obaseki with a charge “to always be propeople of the state.” He said “We have actually come back home. We have come back home to seek for our brothers. Teach your children on how

to know history and to make it a course of study in universities, secondary schools and primary schools.” Responding on behalf of other awardees, Yakassai pledged that they would continue to contribute their quota towards the good of the nation. He noted that it was rare in the country to recognise living heroes and leaders who

By honouring us alive the philosophy has manifested about what people feel and know about us

have made positive contributions to nation’s growth. “By honouring us alive the philosophy has manifested about what people feel and know about us,” he said. On his part, Chairman of the occasion and Speaker of the State House of Assembly, Rt. Hon. Justin Okonoboh said late Chief Enahoro remains a man Nigerians would not cease to remember and promised the resolve of legislators in the state to stand by the noble ideals of members of the Castle of Legends Initiative for their bold step in according honour to past and present heroes. He said Enahoro was everything to the nation as “a very intelligent personality through his wonderful piece of motion” which he added must be circulated to all lawmakers across the country to further

appreciate what it takes to be a hero and patriot. In his welcome address read on behalf of Chief Edebiri by the chairman of the local organising committee (LOC) Prince Julius Akhanoba, he extolled the virtues of late Enahoro and his other contemporaries who made Nigeria proud through their dogged fight and crusade against oppressive tendencies of British government and the struggle for freedom. He stressed the need for socio-political and economic reinvigoration and re-energise togetherness among society. High point of the event was the unveiling of a life-sized statue of Chief Anthony Enahoro, erected by the Castle of Legends Initiative at the foreground of the Edo State House of Assembly complex by Governor Obaseki.

T H I S D AY MONDAY APRIL 10, 2017

MONDAY APRIL 10, 2017 • T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

North Korea Says Syria Airstrikes Prove Its Nukes Justified North Korea has vowed to bolster its defenses to protect itself against airstrikes like the ones President Donald Trump ordered against an air base in Syria. The North called the airstrikes “absolutely unpardonable” and said they prove its nuclear weapons are justified to protect the country against Washington’s “evermore reckless moves for a war.” The comments were made by a Foreign Ministry official and carried Sunday by North Korea’s state-run Korean Central News Agency. The report did not name the official, which is common in KCNA reports. The airstrikes, announced shortly after Trump and Chinese President Xi Jinping wrapped up dinner at a twoday summit in Florida last week, were retaliation against Syrian President Bashar Assad for a chemical weapons attack against civilians caught up in his country’s long civil war.

“Some forces are loudmouthed that the recent U.S. military attack on Syria is an action of warning us but we are not frightened by it,” the report said, adding that the North’s “tremendous military muscle with a nuclear force as its pivot” will foil any aggression by the U.S. “We will bolster up in every way our capability for selfdefense to cope with the U.S. evermore reckless moves for a war and defend ourselves with our own force,” it said. North Korea has long claimed that the United States is preparing to conduct similar precision strikes against its territory or even launch an all-out invasion. It claims its nuclear weapons are a necessary deterrent to the U.S. military threat. Washington denies it has any intention of invading the North. Tensions have been even higher than usual over the past few weeks because annual war games between the U.S. and South Korean

militaries are underway. The exercises this year are the biggest ever and have included stealth fighter training and other maneuvers that are particularly sensitive to North Korea. For its part, the North test-launched a ballistic missile just ahead of the Trump-Xi meeting and has been rumored to be preparing for a possible nuclear test. The Korean Peninsula remains technically at war since the 1950-53 Korean conflict ended with an armistice, not a formal peace treaty. North Korea considers Syria an ally. But unlike Syria, experts warn that North Korea has a means of striking back if provoked. Along with its rapidly advancing nuclear and long-range missile capabilities, the North has its artillery and short-range missiles trained on Seoul, the capital of U.S. ally South Korea and a city of more than 10 million people.

T H I S D AY MONDAY APRIL 10, 2017

MONDAY, APRIL 10, 2017• T H I S D AY

NEWSXTRA

SERAP to Buhari: Refer High-profile Corruption Cases to ICC Following a string of court rulings against high-profile corruption cases last week, the Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to “adopt a revolutionary approach to his government’s fight against corruption by referring highlevel official corruption cases to the International Criminal Court (ICC) for investigation and possible prosecution.” The organisation said: “As a state party to the Rome Statute of the International Criminal Court (ICC), the government should also consider drawing from the expertise, experience, and international best practices of the court to complement the mandates and powers of our anti-corruption agencies

and judiciary to successfully and satisfactorily investigate, prosecute and hear high-profile corruption cases.” In a statement dated April 9, 2017 and signed by SERAP Deputy Director, Timothy Adewale, the organisation said: “The latest setbacks in the prosecution of highprofile corruption cases show the need for effective enforcement measures to weed out, expose, and punish grand corruption in the country. Referring large-scale corruption cases to the ICC would in the short-medium term improve deterrence, and at the minimum demonstrate a symbolic commitment to confront grand corruption head on.” According to the

Cross River Water Resources Commissioner Kidnapped in Calabar Bassey Inyang in Calabar

The Cross River State Commissioner for Water Resources, Mr. Gabriel Odu Oji, has been kidnapped. Information gathered indicated that the commissioner was abducted at about 12noon yesterday inside Mayne Avenue Street, Calabar South Local Government Area, where he had gone to eat at a restaurant. An eyewitness account has it that five masked gunmen, who arrived the scene in a blue Audi vehicle, stormed the restaurant and dragged the commissioner into his private vehicle, a Toyota Prado SUV, and sped off. The eyewitness said it is suspected that the Audi car which the kidnappers abandoned might have been

snatched much earlier from another person. Ironically, the incident happened barely 24 hours after the state Governor, Professor Ben Ayade, relocated the headquarters of the anticrime security agency known as “Operation Skolombo,” to Calabar South. The Police Public Relations Officer (PPRO) in the state, Irene Ugbo, confirmed the abduction of the commissioner. Ugbo said the police had swung into action to ensure the commissioner was release. She said heavy security presence had been deployed to all entry and exit routs to Calabar metropolis. Ugbo said the kidnappers had not made any form of communication with the commissioner’s family.

Fayemi Excuses Self from Discussing Fayose Says Ekiti gov free to entertain himself

Former Governor of Ekiti State and currently Minister of Mines and Steel Development, Dr. Kayode Fayemi, has said he was not prepared to respond to all the antics of Ekiti State Governor, Mr. Ayodele Fayose, who is his successor in office. Fayose had last week alleged at different fora that the minister was working with some justices of the Supreme Court to sack him via a review of the ruling of the apex court which upheld his election as governor of the state. Fayemi, however told journalists in Ado-Ekiti, the state capital, at the weekend that he would rather not comment on Fayose nor his numerous allegations. Fayemi who was approached by journalists in Ado Ekiti, when he paid a condolence visit to the Famuagun family over the death of their patriarch, Pa Festus Obafemi Famuagun, said he would rather concentrate on very important matters than

dignifying Fayose’s antics with a response. “You know that I would never join issues with Fayose. He is entitled to his opinion and he is free to entertain himself, so let him continue to entertain himself. At the appropriate time, he would meet his comeuppance” Fayemi said. “I don’t belong in the mud, so he cannot drag me to the mud. Truth is always constant and I know posterity is there to judge.” He added. On the demise of Famuagun, father of his late deputy, Mrs. Funmi Olayinka, Fayemi said Pa Famuagun’s lived a good life and would be missed for his wise counsel and candour. “We thank God for Baba’s life. He lived an exemplary life, we shall continue to promote the values that he represented,” the minister said, urging the children of the deceased to be consoled by the good name their father left behind.

organisation, “Referral to the ICC should be considered as a stop-gap measure, and as part of an all-embracing strategy that would inevitably require a fundamental reform of the criminal justice system and the strengthening and empowerment of the country’s anti-corruption agencies.” The statement read in part: “SERAP argues that corruption by high-ranking officials and their families and associates is an international crime, especially given the sheer amounts of national wealth involved, and the devastating effects of such plundering, including political instability, weak rule of law, and destruction of the country’s economy.” “Without effective investigation and prosecution of high-ranking public officials charged with corruption, and a judiciary that is willing and

able to satisfactorily play its own interpretative role, this government’s fight against corruption may sadly turn out to be all motion and no movement, and this will eventually undermine the legitimacy of the anticorruption efforts.” “SERAP believes that radical and more robust criminal enforcement measures are necessary to appreciably improve anti-corruption efforts, including by equipping, empowering and providing opportunities for training and re-training of those charged with the investigation and prosecution of large-scale corruption so that they can fearlessly, impartially, efficiently and energetically enforce anticorruption laws and ensure justice for the countless victims of corruption in the country.” “It should not be the case that only petty offenders are

successfully prosecuted while high profile corrupt officers escape punishment and justice. Prosecuting the ‘small fry’ and leaving the ‘big fish’ to go unpunished would send a particularly damaging message about the government’s commitment to end large-scale official corruption, legitimise offenders’ impunity, and clearly violate the underlying legal and moral assumptions that a government will treat all persons equally, fairly, and with respect.” “Effectively prosecuting highranking officials would help to persuade foreign jurisdictions keeping stolen public funds, and facilitate international cooperation and assistance that may lead to the recovery of such assets.” “Efforts must also be intensified to apply stronger preventive measures to ensure that Nigerians are informed

of the dangers of corruption. By ensuring that the Nigerian public views grand corruption with a ‘human face,’ the public may be more likely to build a united front and demand change from their leaders, which, in turn, would gradually strengthen Nigeria’s political will to end the problem. This is the surest way to help keep Nigeria fair, just, stable and prosperous.” Last week, a Federal High Court in Lagos issued an order unfreezing the Skye Bank account of a former First Lady, Patience Jonathan. The EFCC had in November 2016 filed an application before the court seeking an order freezing the account. The commission had contended that the funds were reasonably suspected to be proceeds of crime. The account is said to harbour the sum of $5.8 million.

BUHARI’S MINISTERS

L-R: Minister of State for Mines and Steel Development, Hon. Abubakar Bawa Bwari; Minister of Mines and Steel Development, Dr. Kayode Fayemi; and Minister of Defence, Brig-General, Mansur Dan-Ali, (rtd), at the Akure Airport...weekend

House Quizzes NEPZA over Alleged Financial Irregularities Intervenes in Diamond Bank staff retrenchment dispute James Emejo in Abuja The House of Representatives Committee on Public Accounts has commenced investigation of the Nigeria Export Processing Zones Authority (NEPZA) over alleged financial infractions particularly in its 2012 and 2013 accounts. To this effect, a three-man panel has further been constituted to reconcile differences highlighted in the annual report of the Office of Auditor General for the Federation (AuGF) which was submitted to the House for necessary action. During the last investigative engagement over the weekend, the Managing Director of NEPZA, Gbenga Kuye, has had to defend five queries arising from its financial transactions for 2013 financial year. It came as House of Representatives Committee on Public Petition also invited

Diamond Bank Plc over the sacking of 300 staff. It followed a petition by the aggrieved staff which was earlier submitted by their Counsel, Stephen Ofagbor to the House. The lawmakers had asked the bank to appear before it to provide explanation on the matter as well as find a way of resolving it. Meanwhile, Kuye had disagreed with the total sum generated as internally generated revenues (IGRs) within the year in review. On the one hand, the AuGF alleged the agency generated N524 million, while NEPZA claimed the actual amount was N584 million. Also, the AuGF report claimed NEPZA had remitted N499 million, leaving a balance on N25.105 million which had not been remitted into government coffers. However, Chairman of the committee, Hon. Kingsley

Chinda, said the report of the three-man panel would guide it in the examination of the queries against NEPZA at the continuation of hearing slated for May 8, 2017. He, however cleared NEPZA of one of the queries accusing it of lodging $20,000 government funds in a private account as at the time of audit. According to him, the amount in question had immediately been transferred to appropriate government account, upon realising that an investor had erroneously lodged the money in an unauthorised account. Chinda added that the committee was nevertheless dissatisfied with NEPZA for allegedly spending N40 million for conferences and seminars without authorisation including N14 million for foreign engagements which are suspected to be fraudulent.

He further expressed worry that NEPZA had made a controversial contribution of N17 million to Ministry of Trade and Investment during the tenure of former minister, Olusegun Aganga. The committee, therefore, challenged the agency to furnish it with all relevant documents to prove its innocence on the various charges to avoid severe legislative sanctions. However, the NEPZA boss argued that although he had not been appointed as helmsman of the organisation as at the time of the transactions, he was confident that the allegations were not substantiated. He said he would return with all appropriated budgets, expenditure profiles, retirement vouchers and documents that would support his claim at the next sitting.

CRIME&PUNISHMENT

MONDAY, APRIL 10, 2017• T H I S D AY

Eight Killed in Cultists Onslaughts in Ilorin Hammed Shittu in Ilorin No fewer than eight persons have been reportedly killed in a three-day onslaughts that ensued between two rival cult groups in Ilorin, the Kwara State capital, at the weekend. The attacks, according to THISDAY checks, started last Thursday and have claimed the lives of at least one person in Oyun ,Ikokoro, Osere, Olunlade, Niger, Kilanko, Olufadi, Egebejila and Ita -Ogunbo areas of Ilorin. It was gathered that most of the killings, except two, were said to have been carried out in broad daylight. But the state police command said it could only confirm the death of three persons even as it said some suspects have been arrested in connection with the attacks. Residents of Ikokoro area of Ilorin where the killings started, recounted the gory picture of how suspected rival cult members stormed the area by 2: 45p.m., chased after their target and shot him dead in an apartment where he had sought refuge. The victim, simply identified as Abbey, according to residents, was shot in the neck region, leaving him in his pool of blood. “Between 2:30p.m. and 3p.m. today (Thursday), some rival cult members armed with guns, came and struck. They ran after some people believed to be their rivals. “They made their ways into an apartment where Abbey was waiting, and shot him dead. “They left the scene afterward, as people started running helter-skelter because the cultists were seeing moving freely after the attack without anybody challenging them,” a resident said.

The onslaughts spread to Osere late in the evening with the hacking down of another person simply identified as Itu followed by the killing of another target in Olunlade area of Ilorin. The killing spree continued unchecked the following day (Friday) as two more casualties were recorded on Niger road and Kilanko areas all within Ilorin. It was also gathered that the day three of the attacks (Saturday) claimed the lives of the seventh and eighth persons in the afternoon at Egbejila area along Ilorin International Airport road and later at night at Ita–ogunbo area, bringing the number of casualties so far to eight in three days. However, another lifeless body was said to have been found in Oyun along Ilorin Jebba road. In most of the killings, residents said the assailants closed in on their targets shooting them at close range and in some cases, inflicted machete cuts on them. The state Police Public Relations Officer (PPRO), an Assistant Deputy Superintendent of Police, Ajayi Okasanmi, who confirmed the cultists attacks yesterday in Ilorin, said the police had deployed special forces to flash points and area believed to be the strong hold of the of the rival groups to check the situation while they continue to trail other suspects. Meanwhile, Okasanmi in a statement he issued on behalf of the state commissioner of police titled: ‘Illegal possession/control of firearms’, warned those in possession of unlicenced fire arms and ammunition to surrender them to the police. The statement read: “The

Killings: We’re Complying with Presidential Directive, Say Police Paul Obi in Abuja Following the directive by President Muhammadu Buhari to the Inspector General of Police (IG), Ibrahim Idris, to stop further killings by herdsmen and reprisal attacks by locals, the Nigerian Police yesterday said it was complying with the directive. The directive was issued by President Buhari following the incessant killings perpetuated by herdsmen in Nasarawa, Benue, Edo, Delta, Cross River and other states in the country. The directive came amid accusations against the federal government and the presidency of indifference to the lingering crisis. But speaking with THISDAY in Abuja, the police spokesman, Jimoh Moshood, said there was no evidence to show that the Force was not acting upon the directive. He said: “The presidential directive to the IG is fully being complied with. It is equally good for the public to know that we are making significant progress in compliance with the presidential directive. “For the purpose of not

jeopardising our investigations, I won’t tell you what level we have reached but we are complying,” Moshood stressed. The police spokesman informed THISDAY that the Force “have fully deployed to those states where there are pockets of attacks. “We are also carrying out robust investigation. As I speak with you, several arrests have been made. Very soon, we will let the public know who have been arrested so far,” he assured. Asked on the number of herdsmen who have been arrested, Moshood maintained that “criminals doesn’t have boundaries; herdsmen are carrying out their means of livelihood on a day-to-day basis and the farmers too are equally carrying out their farming to sustain their lives and families. “People who attack people are criminals, and these criminals are those we are rounding up, because if we charge anyone to court, you don’t take him to court on what his name is, you take him to court based on the offence he has committed.”

Command wishes to remind the public that the law guarding the possession and control of fire arms and ammunition is still in force, the categories of fire arms to be possessed by individuals is for gamming and strictly with the licences issue by the Inspector General

of Police (IG). “The commissioner of police with the consent of the governor of the state may by order prohibit the possession or control of firearms without the licence of an authority specified above. ‘‘Therefore the police may

request the production of any licence or permit, confiscate and prosecute the owner of such firearms. ‘‘Members of the public are by this medium warned to submit such firearms at the nearest police station, as any person arrested with unlicenced

firearms will be delt with in accordance with the law.” The command also directed all vigilantes operating in the state to report to the divisional police officer (DPO) of their communities for authentication and briefing on how to carry out their assignments

CONFUSION IN THE LAND The people Otodo of Gbame community in confusion as officials of the Lagos State government invaded their area...

yesterday

EzEobI ChIEmElIE

SON Apprehends Engine Oil Adulterators Crusoe Osagie The Standards Organisation of Nigeria (SON) has nabbed a syndicate that specialises in adulteration of engine oil for sale to unsuspecting members of the public. The Director General, SON, Mr. Osaita Aboloma, said the arrest took place at tipper garage in the Jahi area of Abuja, with SON operation team sealing the premises where the illicit activity was being carried out. Aboloma who was represented by Mr. Felix Nyado, director operation, SON during the operation said investigations showed that the men were used to picking spent containers of genuine engine oil with which they package their own fake brands and then

sell to unsuspecting members of the public. The director general said that strong intelligence network led to their arrest. Aboloma urged consumers to be wary of the kind of engine oil they buy and also appealed to the members of the public to dent or destroy packaging materials or containers before disposing it as a way of checkmating the activities of the counterfeiters. In his own words, destroy the package after use will go a long way in curbing fake and substandard products in the market. `` Those empties are ought to be recycled and not to be picked at waste dumps and supplied to counterfeiters,” he said. He equally advised Nigerians

to continue to support the SON in its bid to sanitize Nigeria of substandard products. Meanwhile, the DG on Friday advised Nigerians to patronize only certified products to enable them get value for their money. He made the call at the SON special day at the ongoing 2017 Enugu International Trade fair, appealing to entrepreneurs to subscribe to subscribe to the SON mandatory conformity assessment programme scheme for the growth of their enterprises as well as their market share. On export drive, he said the agency had been working hard to ensure that Made Nigeria Products specially, farm produces meet prescribed international standards and calibration.

“The issue of rejection of our products and produces anywhere in the world is gradually becoming a thing of the past as SON is poised to make Nigerian products and farm outputs the number one preferred in terms of quality and quantity specification”, he said. Also speaking, the chairman of Enugu Chamber of Commerce, Industry, Mines and Agriculture, Rev Ugochukwu Chime, thanked the SON DG for participating in the trade fair and for stimulating economic growth through its activities. He said the agency had by its activities lent tremendous support to the economic development of the nation generally, and entrepreneurs particularly.

Two Dead as LASG, Police Again Invades Otodo Gbame Community Chiemelie Ezeobi The Otodo Gbame community was a picture of helplessness, sheer agony and pains yesterday following the invasion of the Lagos State Government on their land, which has so far claimed two lives and left over 4,698 displaced. The invasion by the state government saw operatives of the Lagos State Police Command, Marine Police and the Lagos State Task Force, brutally evict the residents from their homes, before torching it with fire. The action was despite a standing court order by Justice SA Onigbanjo, who ruled that demolitions on short notice

without providing alternative shelter for persons evicted constitutes cruel, inhuman and degrading treatment in violation of Section 34 of the 1999 Constitution, and ordered the parties to attempt mediation through the Lagos State MultiDoor Court House. The eviction would have been swept under the carpet save for the singular tweet by Justice and Empowerment Initiatives (JEI), a human rights organisation that empowers poor and marginalised communities, at 10.53am. The group led by Megan Chapman had taken to social media to share not just pictures but a blow by blow account of

the eviction process. Tweets from @JEI said, “Refugees in boats at #OtodoGbame with nowhere to go. Police in blue speedboat tell them to leave. Where are they supposed to go? “A pregnant woman poles a boat with all material possessions, shots heard in background #OtodoGbame. Where do you want them to go?” It was during the eviction that 20-year-old David Aya, was first shot in the neck but he later died despite the first aid treatment given to him by neighbours. Another victim, was one Monday Idowu, who had bullet wounds lodged in his

chest from the sporadic police shooting. This is coming on the heels of another death on Saturday, one Elijah Avonda, aged 42, who was also shot dead, leaving his wife and one-year-old son to mourn him. Although the Taskforce had begun preliminary work on Saturday evening, it became a full scale demolition yesterday with the help of the marine police and the state police command. The morning raid had over 100 policemen storm the community and while singing set people’s houses ablaze, just as the residents clambered on their boats to flee to safety.

MONDAY, APRIL 10, 2017• T H I S D AY

Elechi, Ex-Ebonyi Gov Joins APC Former Governor of Ebonyi State, Chief Martin Elechi, has joined the All Progressives Congress (APC), recalling how President Muhammadu Buhari intervened when the then Nigerian Security Organisation (NSO) arrested him. Elechi served his eight-year tenure on the platform of the Peoples Democratic Party (PDP).

Yesterday, he registered for the APC at his country home in Echialike, Ikwo Local Government Area, in front of national party leaders. APC party leaders were in Abakaliki, the state capital, for a thanksgiving church service for the recovery of President Buhari from his ill-health, after which they moved to Ikwo.

Sheriff’s Spokesman, Bwala Resigns Onyebuchi Ezigbo in Abuja Inuwa Bwala, the Special Assistant on Media to the National Chairman of the Peoples Democratic Party (PDP), Senator Ali Modu Sheriff, has resigned his job. Bwala who until recently was the mouthpiece of Sheriff and has had to engage in hot exchanges with other party leaders opposed to continued stay in office of the former Borno State governor. In a statement issued yesterday evening, Bwala said he was stepping aside due to health reasons. “Recent developments in the polity, especially as it affects my duties have made it imperative for me to step down as the official spokesman of Sheriff. “I am stepping down for personal reasons to enable me face my personal challenges, especially my health. I wish to use this opportunity to apologise to Nigerians, especially our

Group Asks CJN to Beware of Abia Politicians

A group, Concerned Abians in Lagos (CAL), has called on the Chief Justice of Nigeria (CJN), Justice Walter Onnoghen, to beware of moves by some desperate politicians in Abia State who are moving around the apex court with the aim of influencing the outcome of the appeal between Dr Samson Okechukwu Ogah and Governor Okezie Ikpeazu of Abia State. Addressing journalists in Lagos yesterday, the Coordinator of the group, Chief Kenneth Uchendu, said the group was aware of the desperate moves by some politicians who wanted to get justice through the back door. According to him, a lady closed to the CJN was recently approached by one of the parties to the suit with an offer of hundreds of million of naira if she could provide access to the CJN. “While we trust the CJN, we are however concerned that this desperate politician will stop at nothing in his desperate moves to get justice at all cost. “We are therefore appealing to your lordship to endeavour to allow your brother justices be aware of this desperate move.” However, the group refused to mention the names of the so-called desperate politicians whom it accused of seeking to influence the course of justice.

political leaders and professional colleagues, whose feelings I have been made to injure in explaining or defending certain positions while I was the Special Adviser on Media to Senator Sheriff. “I thank the national chairman and all those I have related with since I assumed the responsibility as Sheriff’s official spokesman,” he said.

Elechi, according to TheCable, said he decided to join APC due to his love for Buhari and the current state of the PDP occasioned by its protracted crisis. “I knew Buhari 49 years ago when I started the movement for the creation of Ebonyi as he intervened during my arrest with nine other comrades, by officers of the defunct NSO,” he said. “I was interrogated while standing for nine hours and he as the brigade major in Abakaliki at that time, ordered our immediate release. “I thank God for his health as he favoured the people of Abakaliki and will triumph in his onerous task of rescuing the country from misrule. “He is the person Nigerians are waiting for as the Boko Haram and corruption issues could have been indescribable

if God had not brought him to power.” The former governor said he was proud of the PDP due to the democratic ideals of its founding fathers, but its present leaders have truncated the ideal. “I was elected governor on two occasions under its platform as it used to be the pride of Africa, but it was suddenly ravaged by self-inflicted crises and afflictions,” he said. “In 1983 when I was the secretary of the National Party of Nigeria (NPN) in the old Anambra, the budget for the national elections in Anambra and Imo, now south-east zone, was N170,000. “In 2015, however, the budget for my impeachment was N3billion and this was followed by the distortion and malpractice recorded in the primaries and congresses to elect the PDP candidates.

“Those who were heavily bribed and intimidated with oaths were elected to participate as delegates as court injunctions were illegally secured to perpetrate these acts “Armed security men surrounded people’s homes during the elections, ballot boxes were snatched and all forms of impunity perpetrated.” He described the APC as the alternative for Ebonyi people and the Igbo race, and thanked the party for offering him and his supporters, a political platform to identify with. “Three years ago, I would have attacked anyone who said Ebonyi belongs to APC, but currently, me identify with PDP–God forbid,” he said. Ogbonnaya Onu, minister of science and technology, thanked Elechi for the decision and said Buhari will be pleased to receive the news.

NEWSXTRA

“What you did today will never be forgotten in the history of the state as we all should support President Buhari to actualise all his objectives for Nigeria,” he said. Elechi was the leader of the campaign team when Onu contested Ebonyi governorship in 1999, on the platform of All Peoples Party (APP). Kashim Imam, APC national leader, called on the Igbos to identify with the APC. Emma Enukwu, APC Southeast zonal vice-chairman, noted that he was in the state on the orders of John Oyegun, national chairman, to ensure that Elechi registers with the party. The declaration was preceded by a thanksgiving church service at the St. Theresa’s Catholic Church, Abakaliki, to thank God for President Buhari’s recovery from illhealth.

MONDAY, APRIL 10, 2017• T H I S D AY

NEWSXTRA

Nobody Died of Meningitis in Lagos, Says State Govt The Lagos State Commissioner for Health, Jide Idris, has said the alleged death of two from cerebrospinal meningitis, CSM, in the metropolis is untrue. The Nigeria Centre for Diseases Control had on April 7, released statistics which claimed that CRM killed two people in the state. The statistics also indicated that three cases have been recorded in the state so far. A statement signed by the Director, Public Affairs, Adeola Salako on Sunday quoted the commissioner as saying that the report was false and capable of causing undue panic. “The report carried by some newspapers and online platforms is untrue and does not represent the reality of the situation in Lagos State as at today. “For the avoidance of doubt, there are two main types of meningitis. “The epidemic prone meningitis, which is referred to as Cerebrospinal meningitis (CSM), is caused by a bacteria called Neisseria Meningitides. “Its occurrence is seasonal or cyclical, depending on the level of herd immunity and climatic conditions. “The second type of meningitis is Non-Epidemic Meningitis, which is usually caused by a virus or other bacteria, but not by Neisseria Meningitides. “The Non-epidemic meningitis occurs without any seasonal pattern or periodicity,” Idris was quoted as saying. The commissioner said that a Disease Surveillance Notification Officer in the Lagos Island Local Government, had sometime in March reported nine suspected cases of meningitis from Massey Street Children Hospital with two deaths. He said, however, that none

of these was confirmed as due to CSM. “Although, all the nine cases presented with clinical features of meningitis at that hospital, laboratory tests proved that they were either due to Haemophilus influenza or Streptococcus pneumoniae and not Neisseria meningitides. “The ministry was also notified last week of a three-year-old boy, presenting clinically as meningitis at a registered private facility in Lagos, but the laboratory investigations did not confirm CSM. “The blood culture yielded no growth but the urine culture yielded Klebsiella and not meningococcus; the patient is already responding to treatment. “None of these cases, presented with a history of recent travel to any area with an outbreak of meningitis and neither were visits from such areas recorded with the aforementioned cases.’’ Idris, according to Premium Times, urged the public to observe a high standard of personal and environmental hygiene as a preventive measure against the outbreak of the disease. He said such hygiene measures should include washing of hands with soap and water frequently and thoroughly. “Also, avoid direct contact with the discharges from an infected person and covering of mouth and nose when coughing and sneezing. “It is strongly advised that people should avoid overcrowding in living quarters, provide cross ventilation in sleeping and work-rooms and other places where many people come together. “People should get vaccinated with CSM vaccine when they travel to areas where meningitis

outbreaks have been reported.” Idris said people should support the government efforts in its resolve to prevent the spread of the epidemic to the state. Such support, he said, should include by reporting suspected cases to the nearest public health facility. “There is no need to panic; we will continue with our surveillance activities, constantly review our records and brief the public from time to time.” In Borno, the state government said yesterday that in spite of the extremely hot weather in the state, it had yet to record any case of cerebro-spinal meningitis Haruna Mishelia, Commissioner of Health, told the News Agency of Nigeria (NAN) that such a development was heart-warming and an indication that proactive measures taken, had been effective. “We ensured that the state is prepared to respond to any outbreak, especially bearing in mind that we share borders with Niger Republic and the increased population movement, as well as the large concentration of Internally Displaced Persons (IDPs). “I called an emergency meeting of all health partners on Monday, to discuss the issue and ensure that the state is adequately prepared. “Various technical groups were reactivated and responsible agencies identified. “The rapid response team will meet weekly to review the update situation in the state,” he said. The commissioner said that based on the outcome of the meeting, a number of actions were taken to prevent the disease from spreading to the state.

Nigeria to Lose $68m to Saudi Arabian Airlines for 2017 Hajj Exercise Ibrahim Shuaibu in Kano Nigeria risks loosing $68million to the Kingdom of Saudi Arabia during the forthcoming 2017 hajj, following the allocation of 45 per cent of the total pilgrims to a Saudi Arabia-based airline, FlyNas, by National Hajj Commission (NAHCON). Already, local stakeholders in the sector have raised eyebrow as they described the move as a “rip off that has the capacity to stunt growth in Nigeria airline industry.” A source also told THISDAY that already “Airline business is mega box conducted in dollars and 45 per cent simply translated to a big minus to Nigeria because the country will lose so much money.” In total, 95,000 Nigerian would be performing the 2017 hajj that attracted the lowest fee of N1,500,000 covering flight ticket, royalty, accommodation, intra and inter city travels and host of others. Investigation revealed

that NAHCON’s decision to engaged the services a Saudi Arabia-based airline Fly Nas for 2017 hajj was a lopsided policy that has further worsen unfavorable trade balance with the Saudis. Commenting further on the implications of such policy, the aviation source said: “Instead of encouraging our indigenous airliners, NAHCON has ended up sending them away from the business circle in favour of a foreign airline. It is high time for the federal government to come to the aide of indigenous airliners before it is too late.” But NAHCON Chief Media Relation Officer, Alhaji Adamu Hassan Abdullahi, in a telephone chat, confirmed the allocation of 45 per cent of total number of Nigerian pilgrims to Flynas, saying “it was a policy introduced by Saudi authority.” He dismissed the anticipatory loss as ruse, stressing that “Nigeria is not going to lose $68million as claimed by the service providers.”

Similarly, there had been groundswell of protest across the 36 states pilgrims welfare boards over what they called “unilateral decision of NAHCON to impose carrier on them contrary to what was obtained in the past. It was also learnt that in recent meeting held at Saudi Arabia by top Nigerian pilgrimage officials, they agreed among other things to fought and exert their independence and block overbearing influence of the regulatory agency. the source said the process was still one but from the look of things, NAHCON would not do justice to the state pilgrims’ boards, as according to him if care is not taken, the commission will just allocate airlines to states without consulting the states as it does last year. When contacted, the National Hajj Commission Chief Media Relation Officer, Alhaji Adamu Hassan Abdullahi in a telephone chat noted that the Hajj regulatory agency was not blame for the policy.

T H I S D AY • MONDAY, APRIL 10, 2017

MONDAYSPORTS

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

Confed Cup: Fumbling Rangers Walk Tight Rope with Zesco Draw Amapakabo asked to step down from Rangers job

Duro Ikhazuagbe

Zambian Club, Zesco United, yesterday compounded Enugu Rangers woes in the CAF Confederation Cup as the visitors cancelled out Osas Okoro two-goal lead to tie the first leg play-off 2-2. That draw at the Flying Antelopes’ Cathedral in Enugu has now left the Nigerian Professional Football League (NPFL) champions on a delicate balance going into the second leg in Zesco’s fortress at the Levy Mwanawasa Stadium in Ndola. Imama Amapakabo and his ward’s were unable to shake off that inertia that has kept Rangers at the bottom of the 17-week old topflight Nigerian league. The fate of Amapakabo remains doubtful as at press time as there were speculations that he may have been dropped from the Rangers job. A formal decision is expected from Rangers management today. Enugu fans had as early as the 24th minute heaved sigh of relief when Okoro fired the former Pride of Eastern Nigeria into the lead through a deserving penalty. But that lively opening form into the game soon began to drift into nightmare with inability to convert begging chances. Rangers took that slim edge to the half time break. But bare a minute after resumption from break, Okoro doubled his side’s lead. However, Rangers’ celebrations

NPFL RESULTS

ABS 1-0 Nasarawa K’Pillars 0-1 Akwa Utd Katsina Utd 2-1 Enyimba Lobi 0-0 IfeanyiUba MFM FC 3-0 El Kanemi Rivers Utd 1-0 Abia W’ Shooting 2-1 Tornadoes Sunshine 1-0 Remo Stars Wikki 3-1 Gombe

were short-lived as Zesco United – on their first meaningful venture forward – pulled one back through veteran Kenya international David Owino in the 71st minute. The comeback was complete when Patrick Konogolo scored five minutes after as Rangers fans went into mourning mode inside the Cathedral. The hosts searched for an immediate response, as their forward engineered some room in the box but all efforts proved futile. Winner of the decisive second leg will qualify for the group stage of the CAF Confederations Cup. Earlier on Saturday, Derrick Nsibambi snatched a stoppage¬time winner as KCCA of Uganda edged Al Masry of Egypt 1¬-0, When a Masry defender failed to cut off a long free¬-kick from goalkeeper Benjamin Ochan, substitute Nsibambi scored with a volley in Kampala. Young Africans of Tanzania were another club from the east of Africa to build a 1-¬0 lead at home over opponents from the north as they beat Mouloudia Alger of Algeria. Zimbabwean Thabani Kamusoko scored the winner midway through the second half in Indian Ocean city Dar es Salaam. Bidvest Wits of South Africa failed for a third time within two months to penetrate an Egyptian defence when held 0¬-0 by Smouha in Johannesburg. The South Africans lost 1-¬0 overall to Al Ahly in the CAF Champions League last month and were demoted to the second¬tier Confederation Cup. Mounana of Gabon built a 2¬-1 lead over ASEC Mimosas of Cote d’Ivoire whose hopes of overall success were enhanced when Fabius Dosso halved the deficit on 74 minutes.

Zenith B’ball Dunks off in Abuja The annual national female Basketball League sponsored by Zenith Bank will dunk off today at the Indoor sports hall of the National Stadium in Abuja. A total of 18 teams are competing for honours in the competition with the defending Champions First Bank Basketball team maintaining their status as favourites. The 2015 winners, Dolphins Basketball Club and First Deepwater, Delta Force Basketball Club, Zamfara Babes, AHIP Queens of Kano Oluyole Babes of Ibadan and Nigeria Immigration Basketball team are others expected to compete for honours Others include Plateau Rocks of Jos, Benue Princess, FCT Angels of Abuja, Sunshine Angels of Akure, Nasarawa

Amazons and Taraba Hurricanes Already, the stadium in Abuja is wearing a new look in preparation for this first phase of the basketball competition. Secretary General of the Nigeria Basketball Federation NBBF, Augustin Balewa, said all arrangements had been concluded to stage a hitch-free competition. “There are some technical details to be unfolded after our meeting this evening (Sunday),” he said. The technical meeting was still on as at press time. Top officials of Zenith Bank and the President of NBBF, Tijani Umar, are expected to witness the official opening of the first phase of the league which will also take place in Kaduna, Asaba, Ibadan and Lagos.

L-R: Edo State Governor, Godwin Obaseki, his Abia State counterpart, Gov. Okezie Ikpeazu and NFF/ CAF Executive Committee Member, Amaju Pinnick shortly after the thanksgiving service in Warri…yesterday

Warri Stands Still for Amaju Pinnick Governors, others honour new CAF exco member Governors Godwin Obaseki (Edo State) and Okezie Ikpeazu (Abia State), former Delta State Governor Emmanuel Uduaghan, members of the House of Representatives, presidents of Sierra Leone and Togo football federations, high-ranking politicians, representatives of His Royal Majesty, the Olu of Warri, chieftains of the Nigeria Football Federation and members of the NFF Congress were among a gorgeous crowd that turned out to honour NFF President Amaju Pinnick at a special thanksgiving in Warri yesterday, The special service at the First Baptist Church (Agape Community) on Palm Sunday was to celebrate and honour God for Pinnick’s victory at last month’s CAF Executive Committee elections in Addis Ababa, Ethiopia where the NFF supremo became only the third Nigerian ever to win a seat on the exalted council. Pinnick gave all the glory to God for his steady rise in football administration, from being second

vice chairman of Delta State FA to becoming a Member of the CAF Executive Committee and Member of the Organizing Committee for FIFA Competitions. He again lauded the Federal Government, the Senate President, Speaker of the House of Representatives, NFF Executive Committee and Management, NFF Congress, sports committees of the National Assembly and various individuals who supported his CAF executive committee membership aspiration. Isha Johansen, President of the Sierra Leone FA, who also won a seat on the CAF Executive Committee at last month’s congress, thanked Pinnick on behalf of the new CAF leadership, for the huge role he played in entrenching a new order in African football administration. Also speaking on Pinnick’s elevation, both Obaseki and Ikpeazu hailed it as a great achievement for Nigeria as a

football nation. Obaseki noted that as a fellow Bendelite, it was necessary to support him and also explore the new potentials that his membership of CAF will impact on the country. He said Edo government would take full advantage of Nigeria’ representation at CAF to develop football in the state. On his part, the Abia governor said Pinnick’ election into CAF was a milestone achievement for the country. He said, Nigeria is a sport loving country; soccer is a unifying factor in Nigeria so Pinnick is occupying a good position there that can unify Nigeria and take us to a greater height in terms of soccer in the world. Former Delta Governor Uduaghan was accompanied by his wife Roli, and there were also House of Representatives’ members Daniel Beyenieju and Julius Pondi, Isha Johansen (president of Sierra Leone FA),

Kossi Akpovy (president of Togo FA), Chief Solomon Ogba (president of Athletics Federation of Nigeria), Chiefs Omagbemi and Agbeluje (representatives of the Olu of Warri) and Chris Green (Chairman of NFF Technical and Development Committee). Porbeni Ogun and Messrs Emmanuel Iba and Frank Ilaboya (FA Chairmen of Bayelsa, Akwa Ibom and Edo states) were also at the event, with officials of the Delta State Government and Delta State Football Association not left out. Other high-anking chiefs including Chiefs Ayiri Emami and Sunny Ekpiwre, Mr. Adozor Okotie-Eboh, Mr. Chris Iyere, Mr. Neville Oghene, former Nigerian internationals Edema Fuludu, Clement Temile, Chikelue Iloenyosi and Nasiru Jibril (the last two also being Pinnick’s special assistants) were also there, alongside former elite League chairman Davidson Owumi and Larry Kubeinje.

Eagles Need to Excel for Quality Marketing, Says Rohr Hails StarTimes/HS Media on Chinese league coverage

Nigeria coach, Gernot Rohr, has spoken on the importance of the Super Eagles doing well on and off the pitch of play. The national team manager said at the weekend that apart from quality playing helping the team to qualify for tournaments and do well in such competitions, their performance in many ways also dictates their marketing. The German spoke in Oregun, Lagos on Saturday at the studios of HS Media/HotSports as a special guest of The Match Live Audience Viewing event. Rohr watched the Bundesliga

Der Klassiker match between Bayern Munich and rivals Borussia Dortmund which was telecast live to Nigerian homes courtesy of the StarTimes/HS Media partnership. The broadcast, as in the past was accompanied by quality analysis by Nigerians including a former Bundesliga and Eagles star Jonathan Akpoborie. “We also appreciate the challenges the marketers could face in periods when the national team isn’t doing so well; you can hardly separate the profile of the Eagles and marketing them. And so when we work out there

we are not only mindful of the fact that we have to qualify for competitions and work hard to excel in those championships, but we also recognise the fact that positive results for the team helps marketing and merchandising,” Rohr said. The manager who has recorded a 100 per cent victory in his competitive games with the Eagles and did not invite any of the Nigerians based in China for the team’s last friendly game against Senegal stressed that his decision on those players was purely on the distance between

their bases and the other parts of the world. He said, “It is not a problem that they are playing in China. The problem is the distance from here. It is very far away to monitor them. But I am happy that we now have StarTimes to watch and monitor the players from here. I guess we can all watch them better now.” Rohr then congratulated HS Media Group led by their Chairman/CEO, Taye Ige, for the success of the ultra modern studio project, and wished them well in the future.

Monday April 10, 2017

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Price: N250

MISSILE Sheriff to PDP NWC “The party as of today has one national chairman, which is Ali Modu Sheriff. There is no PDP meeting that will take place under any arrangement that I will not make the opening remarks as the national chairman” – Former governor of Borno State and factional chairman of the People’s Democratic Party (PDP), Senator Modu Sheriff insisting at a recent peace reconciliation meeting called by former President Goodluck Jonathan that he remains the recognised chairman of the party.

KASHIMIBRAHIM-IMAM TRIBUTE

Aliko Dangote: The African Icon at 60!

orbes described him as “the face of new Nigeria”. In reality, this doesn’t even begin to sum up the essence of the Dangote phenomenon. “The spine of industrial Africa” would be a more fitting description, but even this tag is only a starting point. In itself, the name “Dangote” evokes so many distinctions that it is difficult to produce a fitting tribute in a mere thousand word article. But then it is impossible to let a moment like this one pass without penning at least a modest acknowledgment of the man’s extraordinary accomplishments. To some, it may seem like the Aliko Dangote story happened by some stroke of good fortune, but in truth there was nothing fortuitous about this remarkable African success story. Even as a starry-eyed teenager, Aliko was very clear in his mind about his mission, travelling abroad to acquire university education in entrepreneurship, returning to Nigeria to establish his own private venture at a very young age. It would have been nothing short of fantasy to have imagined back then that, thirty years after establishing a modest reading company with just N500,000 he borrowed from his uncle, Aliko’s brainchild would transform into a sprawling $22 billion (valued by Africa Business Magazine in 2014) international conglomerate spanning 18 African countries. To put this in perspective, this valuation was worth more than the GDP of Zambia, Cyprus, Georgia, and even oil-rich Gabon. Four of his companies listed on the Nigeria Stock Exchange with a market capitalisation of N3.8 trillion reportedly constitute almost half of the stock exchange in March 2016. Aliko Dangote seemed to have aimed only for the top on almost all the indices of business. Rated as the biggest quoted company and the largest conglomerate in West Africa, the Dangote group was the only Nigerian company listed on the “Fortune 2000” in 2011. Beyond the soft data, the Dangote brand has straddled the market and towered above the competition in almost every sector he has touched. In cement production, the 13 million metric tonnes Obajana Plant is the biggest in Africa. With a combined capacity of 43 million MTPA spread across Africa, no other producer in the continent has either the size or the reach. Ventures Africa recently labeled Dangote “Africa’s King of Cement”. Perhaps a greater significance of the comparison lies in the role which Dangote’s cement plants play in Nigeria’s economy. The Obajana plant alone is one of Nigeria’s single largest investments outside the oil industry. Collectively, the combined domestic production by Dangote’s plants currently exceeds domestic consumption of 20 million MTPA, making Nigeria a net exporter. By this feat Dangote appears to be taking Nigeria’s long standing dream of economic diversification and import substitution beyond the realm of national development planning. With the refinery project, he seems to have taken it squarely on his shoulders. With a refining capacity of 650,000 bpd, the Dangote Lekki Refinery, petrochemical and fertilizer project has

Dangote been described as “the largest single train of its kind in the world”. It dwarfs the total installed capacity of Nigeria’s four refineries, while its petrochemical unit is 13 times the capacity of the government’s Eleme Petrochemical. For all that have been said about Dangote’s sprawling empire, the refinery project remains, in my humble view, his most audacious venture to date. It is about the sheer size, but is also about the way the project is shaping current policy and future projections for Nigeria’s economy. Both the government’s Economic Recovery Plan and the oil & gas sector road map projects to end importation of fuel and become a net importer of value added petrochemicals by 2019. Without any doubt, the Dangote refinery will play a crucial part in this massive repositioning of Nigeria’s economy. The refinery will save Nigeria at least $10 billion per annum in products importation. From foods and beverages to construction and petrochemicals, Aliko has always had the proverbial “Midas Touch” - everything he touches has simply turned to gold. Aliko may come across as a man who is not just obsessed with making money, but making lots of it. In truth, the man’s heart is as large as his purse. Looking closely, you get the impression that making deals is simply his day’s job, while making society better is his life’s obsession. In a TIME Magazine tribute in 2014, Bill Gates described Dangote as “Africa’s richest man who does good in addition to doing well”. Obviously, Mr Gates must have been struck by the sheer size of the man’s charity - what he commits to good works is not just peanuts or spare change. The Dangote Foundation, set up in March 2014, is the largest in Africa. It has a $1.25 billion endowment. So, whether he is making money or giving it away, Aliko doesn’t do anything on a meager scale or in half measures. The Foundation has made crucial humanitarian interventions in Nigeria and abroad. Whether committing to the eradication of polio or contributing to the North-east rehabilitation or intervening to halt the spread of Ebola in West Africa, Dangote has proved that doing good is worth doing well. On a single occasion,

he donated 130 trailers of assorted foodstuff to victims of the Boko Haram insurgency, for which my Governor, Kashim Shettima, led a delegation to thank him. The Dangote Foundation was the largest private donor to the African Union Ebola Trust Fund, with a donation of $3 million. In promoting good causes around the world, Dangote has not only given his money, he devotes his time as well. He is a member of UN Secretary-General’s Global Education First Initiative steering committee, the Private Sector Health Alliance of Nigeria, the Global Business Coalition for Education led by Gordon Brown, and sits on the board of the ONE Campaign. For him, minding social causes is equally serious business. It is easy to see how Aliko Dangote’s twin passions - free enterprise and social development - converge in his current involvement in global policy advocacy. One of such project is a global energy policy initiative which Dangote is promoting in collaboration with other leading entrepreneurs and African leaders on the platform of the World Economic Forum. He is also a member of the Clinton Global Initiative and sits on the board of the Corporate Council on Africa. There are several other platforms on which Aliko Dangote is using to advance global economic and development policy agenda. In spite of his vast wealth and extensive global presence, despite being named by Forbes as the most powerful man in Africa, Aliko Dangote has largely stayed above the fray of partisan politics. It is indeed a testament to this that he has stayed largely above controversies and has fared equally with successive administrations. He made his forays into manufacturing largely under Obasanjo’s administration, served on Yar’dua’s economic team, but was awarded the prestigious national honors award of Grand Commander of the Order of the Niger (GCON) by President Jonathan. Dangote remains the only Nigerian to have received the award, who did not occupy the top three political offices in the country. In January 2016, Aliko Dangote was appointed by President Muhammadu Buhari to serve in the Presidential Committee on North-East Rehabilitation. On a personal level, I have tried hard but unsuccessfully to drag him into the murky waters of politics. Particularly on two occasions I tried to persuade him to run for president, but he would not budge. Privately, we usually call him Mr. President. But to me in particular he would quickly reply with the qualification: “of Dangote Group”. For all his achievements, what strikes you most about the man is his unassuming personality. For a man of such immense wealth, it is remarkable how easy it is to miss Aliko in a small crowd. With modest luxury and almost no ostentation, Dangote cuts the image of one who is immune to the lure of material acquisition. He has no fancy cars - just a reliable Toyota Landcruiser; no fancy dresses - designer shoes or diamond wristwatches; no sprawling mansion in the US, in South Africa or in London. Not even in Kano or Abuja. I do not know who convinced him to put up the structure on Karimu Kotun Street, but that is all that he has.

Whenever he is in Abuja he stayed in the house of our friend, Senator Gbenga Ogunniya, in Apo legislators’ quarters, and subsequently in Femi Otedola’s house on my street, Aso Drive. In other cities, he stays in hotels. He calmly explains that it helps avoid the need for personal security, domestic staff and maintenance. He also eats simple. We had breakfast three weeks ago and I ended up not eating anything even after the menu was re-jigged - half raw egg, chicken sausage and plantain. He has one cell phone and has maintained one phone number since GSM technology was born in Nigeria. He answers all his calls and would always return missed calls. Given his near-austere lifestyle, his legendary humility and ability to mingle effortlessly with all classes of people, one forgets easily that we are describing the richest black man. Aliko’s astonishing humility was by no means the product of any humble origins. Born in Kano on April 10, 1957 to Alhaji Mohammed Dangote, a wealthy trader and Hajia Mariya Sanusi Dantata, also a wealthy business woman in her own right, Aliko was surrounded at birth with privileges. Yet, today, the most consistent testimony of his life is that he is both humble and a self-made man. As Aliko Dangote celebrates sixty remarkable years of a very extraordinary life, there is no doubt that many people will be celebrating the man for a multitude of reasons. For Sani Dangote, his immediate younger brother, “Aliko is a humble family man, very dedicated and focused. He is passionate about success, and goes goes out of his way to assist others to also succeed”. Femi Otedola, arguably his closest friend, described him as “simply a legend and God-sent to Nigeria. Imagine what the cost of a bag of cement or sugar would be if we had to import all we need. Also imagine the critical role his refinery will play in the economy. Otedola advises that as Dangote clocks 60, he should “take it easy, rest and sleep more”. Our friend, Nduka Obaigbena, sums up the essential Aliko in just two words: “rich but humble”. Our mutual friend and brother, Samad Rabiu, chairman and founder of BUA Group, had this to say: “Aliko is one of the best friends you can ever have - simple, humble, polite, down-to-earth and fun to be with - provided you don’t venture into his kind of business. He is a blessing to Nigeria and indeed the whole of Africa.” Perhaps the most touching testimony on Aliko comes from Fatima, his daughter: “he is simple, loving, very hard-working, generous and forgiving. What is generally not known about him is that, despite his serious mien, he is very sensitive and emotional”. To these moving testimonies I will add that Dangote is reliable and dependable; he is passionate about project Nigeria, which we discuss frequently. May the Almighty continue to keep him for us, for our country, for Africa and for the rest of the world. Happy Birthday Mr. President. • Ibrahim-Imam, an entrepreneur, farmer and politician, was the Presidential Adviser on Senate Matters to President Obasanjo

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