Monday 5th June 2017 by THISDAY Newspapers Ltd

Zenith Bank’s Eurobond Four Times Oversubscribed Issue highest by any non-sovereign, non-supranational firm in SSA Obinna Chima Zenith Bank Plc has issued a five-year senior unsecured benchmark Eurobond of $500 million on the Irish

Stock Exchange, which has broken new grounds with an oversubscription of more than 400%. A statement by the bank’s management at the weekend

said the issue was in addition to its existing $500 million Eurobond, which matures in April 2019. Subscription to Zenith’s latest Eurobond 2022 issue

was $2.1 billion and recorded landmark success on three counts: pricing, subscription and global appeal. Available details of the issue showed that the subscription

makes it the highest by any non-sovereign and nonsupranational company in sub-Saharan Africa (SSA). Continued on page 10

UK Prime Minister Blames 'Evil' Islamist Ideology for London Terror Attack… Page 52

Chairman, Zenith Bank, Jim Ovia

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Presidency to Sue N’Assembly over Power of Appropriation Cuts in critical executive projects blamed for delay in assent to 2017 budget Bolaji Adebiyi in Abuja and Obinna Chima in Lagos Owing to the unending disagreement with the legislature over the extent of its power of appropriation, the executive has resolved to approach the Supreme Court

for interpretation of Section 80 of the 1999 Constitution, which grants the National Assembly the power to approve appropriated public funds, presidency sources told THISDAY yesterday. Continued on page 10

NNPC Incurs Losses as Marketers Shun Petrol Importation Reactivates depots to bridge supply gap Ejiofor Alike

With oil marketers shunning the importation of petrol due to dwindling margins, the Nigerian National Petroleum Corporation (NNPC) is incurring losses of between N8 and N10 per litre through the allocation of the product to

marketers at a coastal price of N126.63 per litre, THISDAY’s investigation has revealed. This translates to a loss of N350 million daily at the current estimated daily domestic consumption of 35 million litres of petrol. Continued on page 12

Kalu: Buhari Will Return to Nigeria Before June 11… Page 58

ELIZABETH TAKES ON AREGBESOLA…

A physically challenged citizen identiﬁed as Elizabeth engaging with Osun State Governor, Rauf Aregbesola, during the swearing in of the newly constituted State Executive Council, in Osogbo, Osun State… recently. Unfazed Elizabeth sought for and waded through the crowd and security cordon to have a moment with the governor

T H I S D AY MONDAY JUNE 5, 2017

MONDAY, JUNE 5, 2017 ˾ T H I S D AY

PAGE TEN PRESIDENCY TO SUE N’ASSEMBLY OVER POWER OF APPROPRIATION According to sources, the Muhammadu Buhari administration is determined to end the perennial disagreement over the extent of the power of the legislature to appropriate public funds and would be asking the highest court in the land to determine whether the National Assembly has the latitude to revise estimates proposed by the executive arm of government or not. Since the return of democratic rule in 1999, there has been a dispute over the legislature’s insistence that it has the power to vary budget estimates presented to it by the executive for approval, referring specifically to Section 80(2) and (3) of the Constitution. Section 80(2) provides: “No moneys shall be withdrawn from the Consolidated Revenue Fund of the Federation except to meet expenditure that is charged upon the Fund by the Constitution or where the issue of those moneys has been authorised by an Appropriation Act, Supplementary Appropriation Act or an Act passed in compliance with Section 81 of this Constitution.” Section 80(3) also provides: “No moneys shall be withdrawn from any public fund of the Federation other than the Consolidated Revenue Fund of the Federation unless the issue of these moneys has been authorised by an Act of

the National Assembly.” Section 81 to which Section 80(2) refers, provides: “The President shall cause to be prepared and laid before each House of the National Assembly at any time in each financial year estimates of the revenues and expenditure of the Federation for the next following financial year.” The executive, while admitting that the power of approval of estimates lies with the legislature, it has contended that the latter’s authority does not include extensive adjustment of the estimates to the extent that the budget is rewritten by the National Assembly. But the National Assembly has countered that it has the constitutional power to vary and determine the figures once prepared and laid before it by the president, contending that the constitution did not intend the legislature to be a rubber stamp. The conceptual disagreement has delayed the promulgation of the budget each year since 1999, with each president, from Chief Olusegun Obasanjo to Buhari, withholding assent until an agreement was reached with the National Assembly. The matter came to a head under President Umaru Yar’Adua, who approached the Supreme Court in 2008 for an interpretation of the constitution but was prevailed

upon to withdraw the matter and seek a political resolution. The political resolution allowed the executive to practically break the appropriation law that allows it to implement the budget according to its whims and caprices. The problem with the political resolution option, however, was that it resulted in the serial haphazard implementation of the Appropriation Acts, as they were selectively implemented by the executive, laying the foundation for frequent friction with the legislature. Buhari refused to sign the 2016 budget last year because, as he put it, it was padded, meaning the National Assembly had introduced far-reaching adjustments that were not part of the estimates he laid before it. It was returned to the National Assembly. But as the year neared the mid-way mark and the disagreement persisted, the president was prevailed upon to sign the budget after an agreement was reached that the National Assembly would pass a supplementary budget that would restore 80 per cent of the original estimates. The 2017 budget is also going through the same route. Laid by the president before a joint session of the National Assembly on December 14, 2016, it was not passed until five

months later, May 11, 2017, and transmitted to the presidency on May 19, 2017. Upon receipt of the budget, the presidency sent it to the MDAs for vetting, to be sure that the passed estimates were in line with what was laid before the National Assembly. More than two weeks after its transmission, the presidency was still vetting the budget, raising speculations that acting President Yemi Osinbajo would withhold assent. Although the Senior Special Assistant to the President, National Assembly Matters, Senator Ita Enang, denied at the weekend that the acting president was going to withhold assent, THISDAY gathered yesterday that the budget might be vetoed by Osinbajo. The presidency’s position, according to THISDAY sources, was that the budget as passed is not implementable because several adjustments made to it by the National Assembly have distorted the executive’s plan for the recovery and growth of the economy. “There is no way the acting president can sign the budget because it has been terribly distorted,” a source said, explaining: “The budget was aligned with our Economic Recovery and Growth Plan and we found that allocations to critical projects that would

help us recover from recession and lead us to growth had been cut, making it difficult for us to achieve our objective.” He said by cutting allocations to those projects, the National Assembly had distorted the objective of the budget, which was to complete all ongoing projects by the end of this year before starting new ones next year. The source said the National Assembly further violated this objective by introducing about 4,000 new projects, amounting to about N451billion. “What is more unacceptable is that most of these projects are not federal government matters but state and local government matters.” Some of the critical projects, he said the National Assembly cut their allocations include the Lagos-Ibadan Expressway billed for completion by December, which had N10 billion shaved off its estimate; the Mambilla Plateau Electricity Project that took a N4.5 billion cut; and the Second Niger Bridge that was reduced by more than a billion naira. He also referred to massive cuts to the recurrent expenditure of some ministries, departments and agencies (MDAs), saying the action would make it impossible for the affected government departments, including the Defence Ministry to meet their obligations to their staff. THISDAY gathered, however, that negotiations were ongoing between the executive and legislature to resolve the impasse, as a meeting was underway with the principal officers of the National Assembly at press time yesterday.

Concern Mounts over Delayed Budget

INTEGRATED DAIRIES SHOWS OF ITS BEST…

Speaker, House of Representatives, Hon. Yakubu Dogara (middle), ﬂanked by Hon. Johnbull Shekarau (left) and Mr. Iortim Iorkyase, watching cows being milked, during his visit to Integrated Dairies Limited, producers of Farm Fresh Yoghurt, when he visited the company in Vom near Jos, Plateau State… yesterday

ZENITH BANK'S EUROBOND FOUR TIMES OVERSUBSCRIBED According to the statement, the bond was issued at par with both coupon rate and yield to maturity rate priced at 7.375%. The 7.375% pricing is 50 basis points better than the sovereign (Nigeria’s Eurobond) of 7.875%. The rating of both the sovereign and Zenith Bank is B+ with the bond issue also rated B/B+. “The 400% oversubscription indicates a huge endorsement of the Zenith brand as a reputable, international financial institution recognised for superior performance and creating premium value for all stakeholders,” said the bank’s management in the statement. The bond opened trading at 101.15% of par value on its first day of trading, indicating the huge demand for the issue in the market.

Also, sources close to the issue said the subscription came from around the world, including Hong Kong, China, Singapore, Europe and the United States of America, to further affirm the global acceptance of Zenith Bank as an international brand. Sources familiar with the details of the issue said over 200 investors participated, with the largest single ticket subscription being over $100 million. They pointed at the overwhelming success of the issue as attesting to the visionary leadership of the institution and the consistent excellent track record of the bank over the last 26 years. The bank established $1 billion Global Medium Term

notes in 2014, with $500 million already raised in the first tranche. The first tranche notes were listed and admitted to trading on the Irish Stock Exchange in 2014. The net proceeds of the Second Tranche Notes would be utilised for its general banking business. Zenith Bank has consistently recorded good ratings from both local and international rating agencies. The ratings are supported by its leading market position in all key performance indices. The bank is adjudged the largest bank in Nigeria by Tier-1 capital, and has also earned recognition in other areas of operations, including Best Bank in Corporate Governance, Best Customer Service Bank in

Nigeria, and Most Customerfocused Bank in Nigeria. Its shares are currently being traded freely on the London Stock Exchange (LSE), following a listing of $850 million worth of shares by way of GDR. With operations in Nigeria, the United Kingdom, Ghana, Sierra Leone, Liberia, China and South Africa, Zenith stands out in the banking industry for its superior service quality, unique customer experience and sound financial indices. In 2004 when the bank listed on the Nigerian Stock Exchange, its shares were oversubscribed by over 500% and the oversubscription of the Eurobond is a clear affirmation of the bank’s acceptance as a very strong international financial superbrand.

Meanwhile, the continuous delay in the signing of the 2017 budget into law may have adverse effects on the Nigerian economy, which is still struggling to exit the recession, experts have warned. The analysts, who spoke in separate interviews with THISDAY, stressed that Nigerians were yearning for improved living standards, saying that the 2017 budget is an essential tool to help stimulate economic activities. The Director-General, West African Institute of Financial and Economic Management (WAIFEM), Prof. Akpan Ekpo, pointed out that the delay in the budget’s signing would have adverse implications for the economy. “First of all, it further erodes confidence that people have in the economy. Then, you delay the implementation of projects. When you do that, you are creating more unemployment and uncertainty in the system. “There are foreign investors who look at countries’ budgets on the internet to see whether they can come in. So, by delaying the budget, you scare them away. When you delay, monetary policies may not be effective. “There are also people in the economy who are waiting for the budget to make some positive moves, you further distort their planning,” he explained. According to Ekpo, even under the military regime, the budget used to be presented on January 1, just as he expressed concern over the perennial issues with Nigeria’s annual budgeting process.

“In economics, there is the three lag structure – recognition lag, administrative lag and operational lag. And once you delay, all those problems start to manifest,” Ekpo added. Also, a senior lecturer at the Department of Economics, PanAtlantic University (PAU), Dr. Bongo Adi said the government “gives signals that contradict the rhetoric that we keep hearing every day”. Adi stated that “no serious government in the world, confronted with the kind of challenges that this economy finds itself in, would be toying with the issue of its budget”. “When you talk about the budget, you are talking about the core of governance and administration, because it is the budget that is going to drive the economy and the system. “So, when the budget is delayed, it simply translates to putting things on hold. Of course, the delay has cost implications and that is what we should be thinking about. “Just think about somebody in an intensive care unit in a hospital and the person needs oxygen, but there are persons delaying the supply of oxygen. The intention of the person delaying the supply of oxygen is obvious,” he added. In his contribution, a former bank CEO, Mr. Okechukwu Unegbu, described as unfortunate, the politics surrounding the 2017 budget. Unegbu who is currently the Managing Director/CEO of Maxifund Investments and Securities Plc, added: “It is unfortunate that we don’t take things seriously in this country and that is why we score low in all development indices compared with other countries in the world.” According to him, the delay shows that the country’s political leaders don’t care about the dwindling economic fortunes of Nigeria. He noted that even when the budget is finally signed into law, implementation becomes a problem. “It is also painful that there are divergent comments from the presidency and ministers about signing the budget into law. So we are all worried. Small businesses are suffering because of lack of direction and nobody cares. “For an economy in recession, the budget is supposed to be instrumental in reflating the economy, but up till now, it has not been signed. It clearly shows they are not serious,” he added.

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Petition Against Physiotherapist Who Abused Special Needs Toddler Gets 9,000 Signatures US official: only Nigerian authorities can issue int’l warrant for her arrest Chiemelie Ezeobi The petition demanding for the recall and extradition from the United States of a recipient of the Mandela Washington Fellowship, Mrs. Bisola Anthonia Abayomi-Ojo, who is also a physiotherapist and Founder of Paton Physiotherapy Services, has garnered about 9,000 signatures. The petition started on change.org after it emerged that Abayomi-Ojo had serially abused a special needs toddler suffering from cerebral palsy who was placed under her care. Abayomi-Ojo, who was supposed to be undergoing treatment as one of punishments meted out to her by the Medical Rehabilitation Therapists Board, Yaba, Lagos, had fled to the U.S. under false pretence. The mother of the abused toddler, Mrs. Bukola Ayinde, who doubles as the author of Diary of a Special Needs Mum and Founder of P4:13 Foundation, an initiative for children with special needs, had raised the alarm last week which was championed by THISDAY and some other social media platforms. The decision makers being petitioned in this case are Irex. org, the Dean, Duquesne University, Pittsburgh, Pennsylvania and the U.S. Department of Homeland Security. When one Laitan Asekun started the petition to get her extradited to Nigeria, the signatures first came in trickles until people watched the video of the severe abuse. As of yesterday, over 9000 signatures had been gathered. The petition read, “Anthonia Bisola Abayomi-Ojo violently abused a child living with cerebral palsy entrusted to her

care in Nigeria in June 2016. “The attack was captured on CCTV. She had been employed as a physiotherapist by the parents of the child for two years before the discovery was made. “She was arrested by the police and sanctioned by the board for physical therapists. Without fulfilling her sanction, however, she left the country in November 2016 after receiving the Mandela Award. “As shown on the U.S. Embassy website, she is completing her fellowship at Duquesne University, Pittsburgh, Pennsylvania. She is not only unrepentant, impertinent and abrasive, she is violent and unfit to work with children.” The general consensus of Nigerians who signed the petition was that Abayomi-Ojo should not only be stripped of the fellowship, but should also be brought back to Nigeria to pay for her crimes. One Morenike Oresajo who signed the petition said: “I signed because I have a daughter with cerebral palsy and I would never ever be happy to see my daughter being treated like she doesn’t matter. “For God’s sake, children with special needs didn’t choose to be the way they are. They are to be loved and cared for just like every other child.” Also lending support to the cause, Founder of EbonyLive Television, Mo Abudu, said: “This woman must never be allowed to look after children in need again. She must be stopped now.” Writing in from United Kingdom, Kemi Ogunyemi said: “I am signing this petition because it breaks my heart to see a special needs child treated like this.

“As a mother with a child that has cerebral palsy, I can identify with the pain of the parent of this child and the struggles involved in ensuring that these special children are able to live and enjoy good quality of life. “This evil woman needs to be brought to justice and sent to prison. She is a professional and knows how it is essential that special children are treated with love because they are very sensitive and the impact any negative behaviour can have on their general wellbeing and recovery. “I pray and hope the parents and the child involved get the judgment they deserve. I must also commend the head of school that brought this to the notice of the parent. If not for CCTV, this devil incarnate will never have been exposed.” Another, Bolanle Akanbi said: “I’m appalled at this kind of behavior from a lady and worse still a professional. My heart bleeds for this little angel and the parents. “The only justice that can be served is for this lady never to have the opportunity to mete this torture on other children again.” Meanwhile, a top source in the United States Embassy in Nigeria informed THISDAY that the only way the culprit could be extradited was if the Nigerian authorities issued an international warrant for her arrest. According to the source, owing to jurisdiction, the U.S. government cannot remove her from the programme and send her back to Nigeria except the Nigerian government issues an international warrant for her arrest. In an earlier email sent by THISDAY last Thursday

Onyeama

on the steps taken by the embassy to send the abusive physiotherapist back to Nigeria, the embassy, through its Cultural Affairs Officer, Larry Socha, had acknowledged that they were aware of the allegations. However, Socha, while admitting that U.S. government believes in the protection of children from abuse and neglect, referred THISDAY back to the Nigerian authorities. But many were of the

opinion that the stance of the U.S. government raises concerns on the grounds that if Ojo is not stopped, there is certainty that she will be allowed to practice again and abuse other children. This is because as a YALI (Young African Leadership Initiative) fellow, she is expected, after the fellowship, to continue to build the skills developed during her time in the U.S. through support from U.S. missions, USAID, and affiliated partners,

including regional conferences, professional practicum experiences, and mentoring opportunities. When contacted, the Senior Special Assistant to President Muhammadu Buhari on Foreign Affairs and Diaspora, Hon. Abike Dabiri, said she was not aware of the matter, but referred THISDAY to the Minister of Foreign Affairs, Mr. Geoffrey Onyeama or the Permanent Secretary in the ministry, Amb. Sola Enikanolaiye.

those doing throughput with NNPC, was selling at the official ex-depot price of N133.28. All the 12 depots, it was learnt, were selling at exdepot prices of N137, N137.50 and N138 per litre, depending on the depot. “When you get the product from NNPC, you have to hire daughter vessels to take it to your depot and by the time you add up the cost, you must have spent up to N135 per litre,” one of the marketers added. The Chairman of the Major Oil Marketers Association of Nigeria (MOMAN), Mr. Akin Akinfemiwa said only the complete liberalisation of the downstream sector would resolve the persistent supply and distribution challenges of fuel in the country. According to him, complete liberalisation would ensure the realisation of a potential turnover of $5 billion in downstream sector and boost investments. “There is one thing that

gives me a lot of worry and there is one question I always ask myself and that question is: when will this sector be completely liberalised?” he asked. “The complete liberalisation of the sector is what is going to provide that solid foundation for investments to flow. Without that, we will not realise the potential of this $5 billion revenue in the sector,” Akinfemiwa said. Akinfemiwa, who is also the Group Chief Executive Officer of Forte Oil Plc, recalled that even before the federal government introduced the subsidy scheme, Ascon Oil Limited, Sahara Energy and Ocean and Oil (now Oando), had joined NNPC to import petroleum products into the country. He added that at a point during the subsidy regime, private marketers accounted for 60 per cent of importation of products, stressing that the private sector was always ready to play its role.

NNPC INCURS LOSSES AS MARKETERS SHUN PETROL IMPORTATION Investigations further revealed that for both NNPC and the marketers to import petrol and sell at the official price without incurring losses, the appropriate pump price should be N155 per litre. But NNPC spokesman, Mr. Ndu Ughamadu told THISDAY at the weekend that the corporation has not said it was subsidising petrol, stressing that even though the corporation also plays the role of a social supplier of products in periods of national challenges, there was no room for corruption under the present management. Ughamadu said to end the persistent fuel crisis that reared its head each time marketers stopped importation in the past, the Group Managing Director of the corporation, Dr. Maikanti Baru has reactivated some of the 21 NNPC depots across the country to ensure that products are pumped into the facilities via pipelines. When the current retail

price band of N135-N145 per litre took effect in May 2016, the Petroleum Products Pricing Regulatory Agency (PPPRA) had fixed the indicative ex-depot price at between N123.28 and N133.28 per litre for petrol. However, for petrol that is still in the mother vessel on the high sea, the ex-depot price or coastal price was fixed at N116.63 –N126.63 per litre, as marketers incurred additional expenses to hire daughter vessels to move the product to the depots. It was gathered that at the international market price of $510 per metric tonne for petrol as of Friday, the corporation was absorbing N10 per litre by allocating the product to the marketers at the coastal price of N126.63. On concerns being raised that the losses being absorbed by the corporation could fuel allegations of corruption in the future, Ughamadu said there was no room for corruption under the present NNPC management.

“The corporation, in addition to its numerous responsibilities, also plays the role of a social supplier of products in periods of national challenges to keep the nation wet. It is a priority. “The present NNPC management is very prudent, effective and efficient in managing resources. Therefore, no room for corruption,” he said. He said NNPC’s management, with the support of the federal government, had contained pipeline vandalism and brought many of the 21 depots back to operation, thus averting the fuel crisis that occurred each time marketers stopped importation. “In the immediate past, we had more use of private tank farms for the throughput because many of our depots were down due to massive pipeline vandalism. We could not pump to depots. “Today, NNPC management under Dr.

Maikanti Baru, with the support of the federal government, has contained vandalism with many of the depots – Atlas Cove, Mosimi, Kano and others – now functional,” he added. Some of the marketers, who spoke to THISDAY, stated that at the international market price of $510 per metric tonne, the landing cost of petrol stands at N141 per litre at the private depots. “So, when the products are allocated at N126.63 at the high sea, the corporation absorbs losses of about N8 to N10 per litre. Marketers cannot land the product at their depots at N141 and sell at the recommended ex-depot price of N133.28 per litre,” one of the marketers explained. THISDAY’s market survey revealed that even though the marketers source the products from NNPC at the coastal price of about N126 per litre, none of the 12 depots that had petrol at the weekend, including

T H I S D AY MONDAY JUNE 5, 2017

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COMMENT

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

E-DIVIDEND AND THE CAPITAL MARKET

The e-dividend has the potential of deepening the capital market besides ensuring security of returns on investments, writes Abimbola Johnson

igeria’s Capital Market operations are changing, and nothing symbolises this better than the electronic dividend payment (e-dividend) initiated since last year. By end of June this year, the Security and Exchange Commission (SEC) has said that issuing of dividend warrants would stop. Before registration for e-dividend started, over N90 billion was said to be unclaimed dividends. This fund was either just lying there idle, or some smart people were taking advantage of it and using it for personal or corporate gains. But since the commencement, over N30 billion unclaimed dividend has been credited to investors’ bank accounts. An elated Munir Gwarzo, Director General of SEC, told a press conference recently: “In this country, we have never had this kind of initiative that has reduced unclaimed dividends like we have today. Apart from the investor getting his dividends where ever he is, that investor will be able to get dividends that in the last five years he has not been able to get.” E-dividend is an electronic means of posting shareholders dividend directly into his or her bank account. So it doesn’t matter where an investor is located, his dividend goes straight into his bank account. At this year’s first post capital market committee (CMC) news conference in Lagos, Gwarzo disclosed that a total of 2.2 million investors have registered for the e-dividend payment platform as at the end of April. That represents about 48 per cent of investors in the market. The electronic registration is expected to help investors receive from the banks unclaimed dividends from their investments in stock and equities in the capital market valued at over N90 billion. Companies listed on the stock exchange have been encouraged to help in sensitising their shareholders on the need to embrace the new dividend platform within the deadline. The introduction of the e-dividend is designed, according to SEC, to curb the growth of unclaimed dividend in the capital market and allow investors collect dividends electronically. It also allows all accrued dividends to be credited to investors’ bank accounts. The e-dividend has the potential to further deepen the capital market and ensure security of returns on investments. It has the added benefits of ensuring that you never lose your dividends and that they get paid to you on time. The e-dividend form could be obtained and properly filled at bank branches or in the office of a registrar and stock broking firms, or could be downloaded and filled by individuals. But as desirable as it is, beneficiaries of the old order are determined to frustrate it, or at worst delay the stoppage of dividend warrants to investors. While there has been a rush by investors to migrate to the new dividend platform, some banks are working against its success. These are banks, according to some officials of SEC and the Central Bank of Nigeria bent on frustrating the capital market regulator’s effort to ensure that the issue of unclaimed dividends was finally resolved and the monies paid to their rightful owners. The unscrupulous activities of some of these banks are the reason why

THE INTRODUCTION OF THE E-DIVIDEND IS DESIGNED TO CURB THE GROWTH OF UNCLAIMED DIVIDEND IN THE CAPITAL MARKET AND ALLOW INVESTORS COLLECT DIVIDENDS ELECTRONICALLY. IT ALSO ALLOWS ALL ACCRUED DIVIDENDS TO BE CREDITED TO INVESTORS’ BANK ACCOUNTS

SEC announced the extension of the free registration period to June. Registration was initially expected to close by end of March. Registration is free but some of the banks are said to be charging money for the registration so as to discourage customers seeking to migrate to the platform. But it is gratifying to learn that the CBN had intervened in the matter, and had promised to sanction any erring bank. One other development that is set to change the capital market is the proposed launch of a N5 billion Nigerian Capital Market Development Fund (NCDMF) in the next few weeks. The fund is meant to promote infrastructural development of the capital market and help to curb some of the sharp practices perpetrated by market operators. SEC has said it would provide the N5 billion seed fund to demonstrate its commitment to the special fund. The NCMDF was conceived as a trust fund to enhance the development of the market and support efforts to achieve market stability. The NCMDF will also take custody of statute-barred and unclaimed dividends of 12 years and above so that the “free funds” could be put to the collective use of the market to enhance future returns to investors. The fund is expected to be by a board and an independent fund manager without interference from SEC. A proposal to this effect has been sent to all capital market stakeholders for consideration before a final decision is made. Under the laws, unclaimed dividends will remain available for collection by beneficiaries up till 12 years when they become statutebarred and are returned to the companies that paid them. But the new rule seeks to change the return of the unclaimed dividends to companies that issued the dividends. SEC is now proposing a change to the rule. Companies and registrars in custody of dividends which remain unclaimed by shareholders 12 years after the date of declaration or subsequently attain the 12 years threshold shall upon the coming into effect of this rule transfer such monies into the NCMDF. “All companies and registrars shall not later than 30 days after the end of every calendar year forward to the commission a report of unclaimed dividends in their custody, which shall specify compliance with Sub Rule (1) of this Rule. Companies shall disclose details of compliance with this rule in their annual reports,” SEC stated. Expectedly major retail shareholders’ groups have risen against the plan and described it as a ploy to divert private funds into the control of the regulator. Some of them want the 12-year limit removed to enable shareholders and their beneficiaries collect their dividends at any time. But it is obvious that those against the proposed rule are among beneficiaries of the old order who engage in sharp practices with unclaimed dividends. For this category of stakeholders, the proposed fund is bad business. Patriotic stakeholders see the proposed rule as healthy and necessary to protect and deepen the Nigerian Capital Market. Johnson wrote from The Whistler Newspapers

FAYOSE AND THE TENURE DEBATE Ayodele Fayose deserves to serve his full tenure, argues Joe Edet

ecently, Governor Peter Ayodele Fayose of Ekiti State is reported to have made known his intention to seek what may be described conversationally as a third term or tenure elongation. He contended that since the Supreme Court had declared his impeachment by the House of Assembly illegal, null and void then he is entitled to a remainder of the period that was truncated. No doubt, his position makes common sense but does it also make legal sense? Its pertinent to look at what the law says in any case. Everyone knows Fayose courts controversies easily, thus the tendency not to take him seriously on this issue or to dismiss his rant as that of an ant won’t also be out of place. The Nigerian legal system is founded on the doctrine of stare decisis, lawyers’ language for ‘let the decision stand’. In short, it is founded on the doctrine of judicial precedent. As far as the 13th century, Bracton the leading common law exponent had written that “If any unwonted circumstances shall arise, then if something analogous has happened before, let the case be adjudged in like manner, proceeding a similibus and simile”. Parks B, another common law lord, had equally expressed a similar view in Mirehouse v Rennel(1833). So what’s the precedent of this case and is it applicable in the present circumstances? The leading case on tenure elongation may be that of Ladoja v INEC. The issue before the court was in pari materia with the Fayose’s case. The court was asked to determine whether the tenure of a governor can be prolonged to compensate for the period out of office due to unlawful impeachment. The Supreme Court held that it has no power to

prolong the period of four years prescribed for a governor beyond the terminal date computed from when he was sworn into office, as to do otherwise will occasion much violence to the constitution. In this case, the appellant prayed the court to extend his tenure by 11 months to cover the period of his illegal impeachment by the Oyo State House of Assembly. In rejecting the prayer, the apex court held, inter alia, that “the appellant whose assumption of office was on 29th May, 2003 when he was sworn into office to serve his first term of four years as Governor of Oyo State, has not shown anything on record by which the fixed tenure of four years as prescribed in section 180(2)(a)of the constitution can be extended beyond 29th May 2007.” Clearly the locus classicus on tenure elongation is Peter Obi v INEC. Mr Peter Obi had gone to the election tribunal to challenge the declaration of Dr Chris Ngige as the winner of the Anambra State Governorship election in 2003. He won at the tribunal and the Court of Appeal affirmed the judgement on appeal. However it took three years for the resolution of the dispute before his assumption of office. After barely one year of his assumption of office, the Independent National Electoral Commission purportedly scheduled a fresh election into the governorship seat on the ground that his tenure has expired, having spent the first three years of his tenure of office. He went to court seeking the restoration of his normal tenure of four years as guaranteed under section 180(2)(a) of the 1999 Constitution. The Supreme Court, in a unanimous decision declared that he was entitled to his full four-year term under the constitution, as a usurper of the office cannot legally spend part of his tenure on his behalf. Peter Obi got his tenure restored. Indeed the Supreme Court was emphatic that, the tenure of a governor begins to run from

when he is sworn in. In Marwa v INEC, the Supreme Court delivered its judgement on what was seemingly a constitutional quagmire over the tenure of five governors whose elections were nullified by the court but preceded to win the re-election ordered by the court. The Supreme Court declared that the tenure of the five governors terminates after four years from when they took the first oath of office and therefore ordered the governors to vacate their offices, which were deemed to have elapsed in May 2011. In the determination, the Supreme Court held that by the provisions of section 180(1) and (2) of the constitution of the Federal Republic of Nigeria, 1999, the tenure of a governor of a state shall be for four years calculated from the date in the case of a person first elected as governor, when he took the oath of allegiance and oath of office; and in case of the person last elected to that office when he took oath of allegiance and oath of office or would, but for his death, have taken such oaths. The Supreme Court also held on whether the tenure of a governor re-elected by a rerun election begins to run from the second oath of alliance and office that the tenure starts from being sworn in, and in this case, on the 29th of May 2007. The court reiterated that having regards to the provisions of the constitution in section 180(2)(a), there was no room for the same person elected governor to be elected twice following a rerun election and that a person cannot be said to have been “first elected as governor under this constitution” except he was not the winner of the earlier or first election. The Supreme Court equally stated that from the provision of section 180 of the 1999 constitution, it was intended that a governor of a state shall have a tenure of four years from the date he first took the oath of allegiance and of office and nothing

more. He may spend even less where he dies, where he resigns or where he is impeached. It follows that a governor has a maximum tenure of eight years under the Nigerian constitution and no more. The Supreme Court emphatically stated that the Nigerian constitution has no room for tenure elongation or a move aimed at self-succession for a cumulative tenure exceeding eight years. It emphasised that since there was an election in 2007 of which the governors won and were sworn in, the oaths administered to them cannot be wished away, so also their actions, duties and functions which they discharged and acquitted while occupying the seat. The governors may not have been de jure governors but were certainly de facto governors in actions and deeds during the period they acted ostensibly in accordance with the provisions of the constitution and electoral act. It therefore follows that, the period they so served as governors has to be counted in their favour in determining the terminal date of their tenure following, what the court referred to as their second missionary journey vide a rerun election, particularly as the constitution unequivocally grants a tenure of four years to a person elected governor of a state. The court further held that calculating the tenure of office of the governors from the date of their second oaths while ignoring the first oaths is to extend the four-year tenure constitutionally granted the governors which would be unconstitutional. Consequently and with an air of finality the court held that the second oaths taken in 2008, though necessary to enable them function in that office, were clearly superfluous, pointless, otiose and purposeless in determining the four-year tenure under the 1999 Constitution. DR. Edet is Special Adviser to the Governor of Cross River State

T H I S D AY Ëž ÍłË&#x153; 2017

EDITORIAL THEYOUNG AND THE RESTLESS There is urgent need to realign the nationâ&#x20AC;&#x2122;s educational curriculum with the needs of the economy

arping on the danger in the air as a result of economic failure and lack of planning, former President Olusegun Obasanjo last week sounded a note of warning. He said his greatest fear for Nigeria and indeed, the African continent, was â&#x20AC;&#x153;youth explosion as a result of anger, frustration, unemployment and lack of opportunities.â&#x20AC;? As dire as that prediction sounded, Obasanjo was only emphasising the worries that have preoccupied many critical stakeholders for quite a while. A combination of sustained negative economic growth and an uncontrolled demographic bulge has put the country in a very difďŹ cult and potentially explosive situation. Nigeria, the seventh most populous country in the world, has a fertility rate that far outstrips its economic growth. Figures available paint a dire situation of millions of Nigerian youths roaming the streets looking for work but ďŹ nding none. The situation is compounded by the economic recession that has necessitated a situation in which rather than hire, many private enterprises now ďŹ re their staff in the name of rationalisaJOBLESSNESS AND tion. Joblessness and FRUSTRATIONS ARE frustrations are evidently FUELLING THE SENSE OF fuelling the sense of YOUTHFUL VOLATILITY youthful volatility and AND INDEED THE indeed the frequent FREQUENT CASES OF cases of unrest across the country. UNREST ACROSS THE The Nigerian Bureau COUNTRY of Statistics (NBS) in its latest report conďŹ rmed a consistent pattern of worsening unemployment in the country, rising from 9.9 per cent in 2015 to 19.70 per cent in the last quarter of 2016. That one ďŹ fth of the nationâ&#x20AC;&#x2122;s labour force is idle is bad enough. But worse and extremely dangerous is the fact that more than 50 per cent of that army of idle citizens is peopled by those between the ages of 15 and 35. When broken down, the NBS ďŹ gures revealed quite clearly that out of a total youth labour force of 38.2 million,

Letters to the Editor

representing 48.7 per cent of the total labour force of 78.48 million in Nigeria, no fewer than 15.2 million of them were either unemployed or underemployed in the ďŹ rst quarter of 2016. In practical terms, this represents a youth unemployment rate of 42.24 per cent.

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he danger of such a high level of idleness among millions of young persons is already manifesting in the high level of crimes in virtually every corner of the country. Whereas the multitude of violent outbursts might have religious and ethnic colorations and undertones, it is a notorious fact that most of the people in the ďŹ eld and trenches are youths who, if otherwise meaningfully engaged, would have been unavailable for those anti-social endeavours. Unfortunately, the response from the federal government to these challenges remains incoherent. Even with all the rhetoric about diversiďŹ cation of the economy from oil to agriculture, the tilt is still towards heavy government participation. Besides, incentives for private sector and youth participation are scanty just as a credit regime to drive the sector does not exist. There is also no backup national communication campaign to make agriculture sexy for the digital generation who tends to see farming as synonymous with an ageing, colourless rural population. Yet there is no better time than now to make the much-touted transition from oil to agriculture as the growth catalyst for the Nigerian economy. Itâ&#x20AC;&#x2122;s not as if we are left with much choice anyway. Of more fundamental imperative, however, is that we must urgently realign the nationâ&#x20AC;&#x2122;s educational curriculum with the needs of the economy. Even though there are many well educated young men out there in the street, it has been said with some measure of justiďŹ cation that majority of the school leavers are actually unemployable with regard to their training and skills. It has therefore become necessary that our educational training curriculum at all levels incorporate skills acquisition and entrepreneurial development so that graduates leave school with the capacity to create wealth rather than seeking jobs that are not there.

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

THE OGUN STATE MAIDEN EDUCATION SUMMIT

ristotle said that â&#x20AC;&#x2DC;The roots of education are bitter, but the fruit is sweetâ&#x20AC;&#x2122;. Likewise, Nelson Mandela said â&#x20AC;&#x2DC;Education is the most powerful weapon which you can use to change the worldâ&#x20AC;&#x2122;. It is on this note that the present administration in Ogun State led by Senator Ibikunle Amosun placed priority on education as first out of its five cardinal programmes when assumed office on May 29, 2011. Meanwhile, Ogun State, for ages, has comparative advantages and enviable record of educational achievements over other states in Nigeria and as a way of protecting the unprecedented and proud legacy, the state government has invested heavily in education. Due to its commitment to continually transform the comatose stage of the state education sector, the state government has added another worthwhile achievement to the huge development recorded so far in the sector by organising the maiden education summit, tagged â&#x20AC;&#x2DC;Ogun State 2017 Education Summitâ&#x20AC;&#x2122;. The summit which was aimed at reviewing the giant strides of the state government in education since assumption of office and how best to improve upon it had in attendance different stakeholders in education who presided over different sessions. The state governor while addressing the guests and resource persons at the two-day event held at the June 12 Cultural centre, Kuto, Abeokuta on May 22, 2017 said

the summit was coming at a time like the state was fast becoming the education capital of Nigeria with 1,495 public primary schools, 2144 approved private nursery and primary schools with a combined population of 717,911 students in primary schools as well as 10 state-owned tertiary institutions, adding that his government have had to deal with huge financial responsibilities in the sector than any state of the federation. He said further that in the last six years of his administration, education has consistently got the lion share of the state budget noting that over N52 billion has been disbursed as subventions and grants to its 10 tertiary institutions across the state. All were done to make education conducive for students. â&#x20AC;&#x153;Ogun free education has salvaged 63,000 school drop-outs. Our administration is committed to matching its huge investment in the education sector with better learning outcomes. Apart from massive renovation and constructions of new primary and secondary schools blocks of classrooms across the three senatorial districts of the state, we have also constructed 15 state-of-the-art model schools out of a planned total of 28 across the state and had inaugurated seven at Kobape, Onijaganjangan, Akinale, Sagamu, Ikenne, Ado-Odo and Ago-Iwoye Model Schools. Each school is designed to accommodate 1,000 students and over 200 teaching and non-teaching staff. The first ever summer camp equally took place from August 14-28, 2016, at the Akin Ogunpola Model School, Akinale,

in Ewekoro Local Government. The state Commissioner for Education, Science and Technology, Mrs Modupe Mujota said the summit would afford the state the opportunity to deliberate on the successes of the past years, review the outcome and also propose the next step beyond this present administration. The Registrar of Joint Admissions and Matriculation Board (JAMB) Professor Ishaq Oloyede, who spoke on â&#x20AC;&#x153;Baseline and Assessmentâ&#x20AC;? charged tertiary institutions in the state to do more in terms of competitiveness and qualitative education, adding that skill acquisition through vocational and technical skills should be considered as curriculum and not extra-curricular activities. Also speaking on â&#x20AC;&#x2DC;Technology as a Tool for Education Advancementâ&#x20AC;&#x2122;, the Chairman of Phillips Consulting Limited, Mr. Foluso Phillips, noted that â&#x20AC;&#x2DC;â&#x20AC;&#x2122;technology has shaped how we do everythingâ&#x20AC;&#x2122;â&#x20AC;&#x2122;, urging the government to embrace its usage. He stated that technology has given greater access to education, adding that the huge population of the state was not a liability but an asset. Dr. Doyin Salami of Lagos Business School, Pan African University who took a critical look into funding versus results said education was the inter- generational gateway to development, adding that the sector cannot be funded by government alone, and urged other stakeholders to join hands with the government in funding the sector. He was right. Temitayo M. Taylor, Abiola-Way, Abeokuta

T H I S D AY MONDAY JUNE 5, 2017

T H I S D AY • MONDAY, JUNE 5, 2017

POLITICS

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

TWO YEARS IN THE SADDLE

Buhari’s 20 Avoidable Mistakes Today, President Muhammadu Buhari is half way through his four years mandate. Looking back, there are issues that the president could have handled better. Tobi Soniyi identifies twenty of his unforced errors That statement made in November 2015 has largely turned out to be the truth. Last week, the National Bureau of Statistics, said foreign investment inflow into the country declined by 41 per cent, the lowest in ten years.

1. Taking Three Months to Form a Cabinet. After making three unsuccessful attempts to emerge president, many were disappointed when President Muhammadu Buhari failed to constitute a cabinet immediately after his inauguration in 2015. During the campaign, the president and his party gave the impression that they knew what the problems were with the country and were prepared to fix them within the shortest time possible. However, people expectations were dashed when the president, rather than constituting a team that would help him deliver on his election campaign promises, chose to turn himself into a sole administrator and ran the country alone for six months in breach of the constitutional provision that required the president to appoint ministers. Apart from the precious time wasted, the delay in forming a cabinet implied that no one knew the direction the presidency was going. Those who wanted to invest held back. That was the prelude to the eventual recession the country was plunged into later. Some interpreted the delay in forming a cabinet to mean that the president was not ready for governance. 2. Uninspiring Cabinet. Having waited for six months before appointing ministers, Nigerians expected the president to come up with highly competent hands to run the country. But they were again disappointed. Although, some members of the cabinet are good, there are others who have no business being there in the first instance. Little wonder the president has been unable to deliver on his promises. Some of those who should help him are simply incompetent. Frustrated with the ministers’ inability to perform, some Nigerians had called on the president to sack some of the ministers. Nevertheless, the blame for the non performance of the ministers rests squarley with the president who appointed them. He chose to place reliance on other factors other than competence when making the appointment. Junaid Mohammed, a Second Republic member of the House of Representatives, once described the president’s cabinet as a joke. He said: “First and foremost, I’m aware that some of the appointees of this regime are already corrupt. I’m far from being impressed by the performance of the so-called ministers. “Secondly, the president himself spoke about putting square pegs in square holes. From the performances of the ministers, I have not seen the evidence of that as at now. Sadly, they are people who have always taken decisions, which are clearly contrary to national interest.” 3.De-marketing Nigeria. Although, the president did not form his cabinet within the first six months after his inauguration, he did embark on many trips abroad which he hoped would help him wo o investors and restore the confidence of the international community in the country. At every such trip however, the president did not miss a chance to tell his hosts how bad the country was and how corrupt the people were. The problem with that approach is that, would be investors were given, free of charge, the reasons why they should not come and invest in Nigeria. The opposition party, the Peoples Democratic Party had to issue a statement to draw public attention to this. The party in a press release said the president’s statements abroad would have negative consequences on the eonomy and the general image of the country. The PDP in a statement by its National Publicity Secretary, Chief Olisa Metuh said the president’s unwary statements had become very serious clog in the wheel of

4. Allowing Secret Recruitment in Government Agencies and Corporations Many unemployed youth supported the president because he promised to create jobs if elected. While waiting for the jobs, the youth were disappointed to learn that some of their colleagues were being given preferential treatment. Many were shocked when news filtered out that some privileged people were being recruited into the Central Bank of Nigeria, the Federal Inland Revenue Services, the Nigerian National Petroleum Corporation among others. Those who supported the government considered such recruitment as a breach of trust. For a government that came into office based on a promise to fight corruption, there should be no justification for preferential treatment in employment. By allowing the recruitment to stand, the Buhari presidency was dealt a huge credibility blow from which it never recovered. That marked a turning point for many die hard supporters of the president.

Buhari...two years in the saddle

progress, eroding the confidence of both domestic and international investors in the Nigerian economic and social system. The party said: “It is worrisome that in the last six months, the president, instead of making efforts to harness resources and grow the economy, has rather continued to apply himself, perhaps unwittingly, to de marketing the nation and scaring away investors through negative labelling of Nigerians and unwarranted unhealthy portrayal of the nation’s economy. “In the last six months, our president has only succeeded in discouraging foreign investors with his continued misrepresentation of our country as a business unfriendly environment, where most of the citizens are basically corrupt, dishonest, and cannot be trusted.

However, people expectations were dashed when the president, rather than constituting a team that would help him deliver on his election campaign promises, chose to turn himself into a sole administrator and ran the country alone for six months in breach of the constitutional provision that required the president to appoint ministers

“Whereas we have restated our total support for the war against corruption, we insist that Mr. President’s unceasing blanket negative labelling of citizens, in a country where millions of honest and hard-working individuals/firms are genuinely contributing daily to the development effort, is indeed a disservice and injurious to the nation and the people. “Furthermore, Mr. President’s recent announcement to the world that the nation, with its abundant human and natural resources, is broke and cannot pay cabinet ministers not only sends a discouraging signal to the domestic and international business community, but also exposes the ineptitude of the present administration to meaningfully and sincerely exert itself and work with industrious and innovative investors to create and manage wealth. “We ask; how can any reasonable investor still have the confidence to invest in a country where the president himself continues to alert that his country reeks of corrupt people and that the government is broke to the extent it cannot pay cabinet ministers? “Is the president not directly advising investors against having confidence in Nigeria and the system, and that they risk not being paid for jobs awarded by government at any level? “May we remind Mr. President that even in the darkest period of our economic challenges, successive administrations made efforts in steadying the economy, while always reassuring our citizens and the international community of the strength and economic potentials of our great nation. “We know that in the desperation to cover its apparent lack of economic plan, this administration has positioned cabinet ministers, upon inauguration to concentrate on diversionary blame game on the past PDP administration. But even this political deceit cannot combat the unpalatable consequences of Mr. President’s damaging utterances on the image of the nation and its economy.”

5. Concentrating Nation’s Security in the Hands of Northerners/Muslims The president is quite conversant with the history of the country. By choosing to concentrate security in the hands of his tribesmen, he had sent a clear message to other tribes: I don’t trust you. The president should, in return not expect the other tribes to trust him either. Mobilising the people to support government’s policies would be difficult in the circumstance. Take a look at the following: the Inspector General of Police, Idris Abubakar, the Director General of the Department of State Security Services, Lawal Musa Daura, the Chief of Army Staff, Lt. Gen. Tukur Yusuf Buratai, the Chief of Air Staff, Sadiq Abubakar, the National Security Adviser, Babagana Monguno, the Chairman of the Economic and Financial Crimes Commission, Ibrahim Magu, the Minister of Defence, Mansur Mohammed Dan Ali, the Minister for Interior, Abdulrahman Dambazau, the Comptroller General of the Nigerian Customs Service, Hammmed Ibrahim Ali, the Comptroller- General of Immigration, Mohammed Babande, the Controller- General of Prisons, Ja’afaru Ahmed. It is bad enough that they are all from the north, it is even worse that they are all Muslims. In a country where religion remains an issue, concentrating the security apparatus in the hands of one tribe and one religious group is a betrayal of trust of those Christians and southerners who supported the president during the campaign. 6. Inability to Rein in Rampaging Herdsmen. Herdsmen have become more dangerous under the Buhari’s administration. They have killed hundreds of people and destroyed farmers’ means of livelihood. While protection of lives and properties remains the main mandate of every government, the Buhari’s administration has allowed the herdsmen to operate freely and at ease. It appeared as if the president lacked the political will to stop them. Many have said that the president was not interested in stopping the rampaging herdsmen. But analysts believed that the inability of the government to stop the herdsmen was the direct result of concentrating security in the hands of people who are from the same tribe and hold same faith. As long as herdsmen continue to oppress CONT’D ON NEXT PAGE

T H I S D AY • MONDAY, JUNE 5, 2017

POLITICS

TWO YEARS IN THE SADDLE B U H A R I ’ S 2 0 AV O I D A B L E M I S TA K E S Commission. Why is former National Security Adviser, Sambo Dasuki not investigated by the vice president? Why were they not investigated by anti corruption agencies? Or is it because they were not members of the Peoples Democratic Party?

and kill innocent people, confidence in the administration of Buhari will continue to wane. 7. Persistently Blaming All the Country’s Ills on Dr Goodluck Jonathan Until recently it was the pastime of the president to blame every ill affecting the country on his predecessor, Dr Goodluck Jonathan. This became so monotonous that even member of the president were uncomfortable with the trend. Among others, the president blamed not only Jonathan but all past leaders for not saving enough. He singled out Jonathan for not shoring up the nation’s foreign reserves. Rather than concentrating on his job, Buhari spent too much time accusing Jonathan of mismanaging the country’s wealths. He repeated it so frequently that even his audience got tired of listening to him. This was an unforced error. In September 2016, the Catholic Bishop of Sokoto Diocese, Bishop Matthew Kukah, had to call on the president to stop agonising about the past administration but to tackle the challenges facing the country. He said Nigerians did not vote for him to complain about previous government but to perform better than his predecessor. He spoke at a dinner in Ondo State during the 2016 Catholic Bishops Conference of Nigeria held in Akure. He said, “We didn’t vote a government to complain about yesterday, if we wanted yesterday the new government would not be there. The previous government didn’t only do bad things; he did a lot of good things.” 8. His Foreign Exchange Policy The foreign exchange transfer rules introduced by the Central Bank of Nigeria under the president’s watch were too complicated and arbitrary. People who were in hotels abroad woke up one day only to discover that their debit cards were not working any more. In his bid to pursue money laundered, the president dealt a devastating blow to innocent people including children whose parents could not raise the needed foreign exchange to pay their school fees. Small scale businesses were worst hit and the country was plunged into an economic mess from which it is still struggling to recover. The public was told that the stringent measures were introduced to improve the value of the naira and stop money launderers from sabotaging the economy. Whether these expectations were met or not, your guess is as good as ours. The problem was that the policy was not properly considered before it was introduced. It ended up harming innocent people than the crooks being targeted. 9. Not Doing Much to Help His Greatest Supporters- the Poor One of the strengths of the president is the support he enjoys from the masses especially the ‘talakawas’. Today, because of the biting economic hardship, the president is at risk of losing these ardent followers of his. Although, the president remains a fan of the poor, the reality however, is that the poor are today grumbling and beginning to doubt if the president still loves them. The president has left undone many things that can help him renew his commitment to the poor. For instance, while the president has concentrated in doing big things like building another national career, many poor people are likely not to board an aeroplane in their lifetime. Make no mistake about this, investing in infrastructures is good for the economy and the development of the economy. However, the president should strike a balance between the need to make life more meaningful for the poor and embarking on big projects. In the period of previous administrations, police exploited the poor. They collected bribes from motorists carrying market women and farmers from villages to towns. Today, the police still behave in the same way. If you ask market women and motorists, they will tell you there is no difference between the previous government and this. By stopping the police and other security agencies from oppressing the poor and by making sure that any security operative who violates the people’s rights is brought to justice, the president will rally the poor people back to his side. This is because, that is an immediate change the people can feel. 10. Placing too Much Reliance on Military to

Armed herdsmen continue to kill innocent people

Resolve Disputes No doubt the president came into office thinking that he could use military might to coerce every one into submission forgetting that his mandate came from the civil populace who had become tired of everything military. For instance, the massive deployment of military to the Niger Delta to stop militants from further destroying oil pipelines and facilities. But the president met his match when the militants continued to destroy the facilities while the military remained helpless. As a result of this clash, oil production dropped significantly and the economy suffered a major set back. Today, the relative peace in the Niger Delta was the direct result of negotiation. The president could have saved the nation the military casualties recorded from the confrontation with the militants if only he had acted like a civilian by choosing dialogue.

12. Not Holding Military to Account There were reports of military men or operatives of the Department of State Security Services storming secondary schools and beating up teachers. Sometimes in February this year, officials of DSS reportedly stormed the Federal Government Girls’ College, Calabar and beat up a teacher Mr Owai Owai for daring to flog a student. That this criminal act happens is not the problem. The problem is that the offenders are rarely held accountable. This has made many to lose faith in the president. Holding security agencies accountable for their actions or inaction will make a whole lot of differences. Unfortunately, this area is not getting the attention it deserves. It is not too late for the president to rise up and protect the poor from oppression by security agencies.

11. The Unjustifiable Killings of Members of the Islamic Movement of Nigeria In a country not at war, there is no excuse that can justify the terror unleashed on members of the Islamic Movement of Nigeria (IMN) in December 2015. IMN is a religious and political organisation based in the northern region of Nigeria. The cock and bull story told by the leadership of the Nigerian Army to justify the killings did also not help matter. The president’s decision to keep quiet was interpreted to mean that the massacre enjoyed his tactical support. The group said over 347 of its members were killed. The army disputed that claim, but was unable to produce its own figure. The attempt to use the National Human Rights Commission to rationalise the killings and the timid report produced by the commission all point to one direction: a great cover up. International observers have cautioned that the way the attacks on the IMN were handled might push members of the group into embracing violent extremism. At a time, the country has yet to completely stop Boko Haram, pushing the IMN this far is ill-advised and a bad strategy. The leader of the group, Sheikh Ibrahim Zakzaky and his wife remain in custody despite a court order for their release.

13. Intimidating the Judiciary Although government explained that it raided the houses of some judges in October 2016 because it was fighting corruption, and many gullible people fell for the trash, there are facts to show that the raids were aimed at one thing: to intimidate the judiciary. Out of about eleven judges whose houses were raided only about two were charged to court. At any rate what legitimacy has a government that flagrantly disobeys court orders to accuse judges of corruption? The DSS, for instance had never hidden its displeasure for judges especially those who granted bail to suspects under its custody. Such was the offence for which the house of Justice Dimgba Igwe’s house was raided. The allegations that members of the president’s cabinet approached judges seeking to influence the course of judges were simply unworthy of investigations! The president did not help himself with the way and manner he handled the appointment of Justice Walter Onnoghen as Chief Justice of Nigeria. A president who was ready to brush aside statutory requirements to appoint his friend as comptroller general of customs was dragging his foot when it was time to appoint a CJN.

At every such trip however, the president did not miss a chance to tell his hosts how bad the country was and how corrupt the people were. The problem with that approach is that, would be investors were given, free of charge, the reasons why they should not come and invest in Nigeria

14. Handling of Allegations of Corruption Involving His Associates When the hierarchy of the judiciary wrote to the president informing him that some members of his cabinet approached the judiciary in his name seeking to influence justice with regard to some states’ election petitions appeals, the president ignored the allegations. If the judges are corrupt, it behoves on the president to seek to find out those corrupting the judges. The president’s handling of allegation of corruption against the now suspended Secretary to the Federal Government, Babachir Lawal did also not inspire confidence. Rather than acting as an impartial arbiter, he was too quick to dismiss the allegations against the SGF. Had it not been for pressure from civil society groups and the general public, the president, perhaps would not have asked his deputy, Yemi Osinbajo to head a committee to probe Babachir and the Director General of the National Intelligence Agency, Ambassador Ayodele Oke, Even then, asking the vice president to investigate Lawal and Oke still amounted to favouratism. The duo should have been handed over to the Economic and Financial Crimes

15. Disobedience to Court Orders Not less than three high court judges namely, Justices Adeniyi Ademola of the Federal High Court, Peter Affen and Hussein Baba Yusuf both of the Abuja High Court at different times admitted former National Security Adviser, Sambo Dasuki to bail but government offered some implausible reasons to circumvent the orders. Latter the ECOWAS Court of Justice also ordered his release but government would not obey the regional court. Today, Dasuki remains in prison. His father became ill and died, he was denied access to his father before he died. Recently former governor of Benue State, Gabriel Suswam was kept in custody for more than two months and was not charged to court for any offence. People are being detained for more than it is legally permissible. Leader of the IMN, El Zakyzak and his wife remain in custody against the judgment of Justice Gabriel Kolawole ordering their release and compensation. This above-the- law attitude is not helping the government. When compared with the administration of Goodluck Jonathan, no one was subjected to such long incarceration while courts orders were not flagrantly disobeyed. 16. Failure to Make Necessary Appointments As at press time, there are not less than two thousand vacancies existing in various government’s organisations. Many of those who worked for Buhari’s election wanted these jobs but the president was too slow to make the appointment. Some organisations can not function without these appointments. For instance, there are decisions that can only be taken by the National Electricity Regulatory Commission but the president has neglected to appoint commissioners for the regulatory agency. In the absence of the commissioners important decisions can not be taken. This has slowed down regulation of the power industry and has hampered service delivery. Other agencies have suffered similar fates. 17. Repudiation of His Party’s Campaign Promises and Manifesto All over the world, politicians often find to their chagrin that they could not deliver on their promises after winning elections. However, they will be tactical in their approach to justify their inability to deliver. Not in Nigeria. The Nigerian president brazenly disowned parts of his campaign promises. When it became quite clear that the president would not be able to deliver on many of his campaign promises, especially those the party said would be achieved within one hundred days, Buhari and his aides said they were not aware of the document titled, ‘My Covenant with Nigeria’. But those involved in the campaign for the president’s election were shocked when the Presidency claimed it was not aware of the document. In an introductory note on the document Buhari said: “This covenant is to outline my agenda for Nigeria and provide a bird’s eye view of how we intend to bring about the change that our country needs and deserves. “The covenant is derived from the manifesto of my party, the All Progressives Congress. It however represents my pledge to you all when I become your president.” 18. Exacerbating Ethnic and Religious Divide Keeping quiet and not being decisive enough in the face of massive killings in southern Kaduna, a mainly Christian community has dampened the morale of Christians some of whom have accused the president of aiding the assailants. In April, the Catholic Bishop of Gboko, Benue State, Rt. Rev. Williams Avenya, lamented the invasion of his home and his parish by soldiers allegedly in search of weapons. He described the search as an attack on Christians saying: “This is what happens when you have a one-sided government in place.” NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY MONDAY JUNE 5, 2017

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MONDAY, JUNE 5, 2017 • T H I S D AY

FEATURES

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

The Abusive Caregiver Chiemelie Ezeobi writes on the callous physiotherapist and caregiver, Bisola Anthonia Abayomi-Ojo, currently a Washington Mandela Fellow in the United States, who serially abused a toddler with special needs kept in her care, and the clamour for her repatriation

aregivers are supposed to be support systems. Basically, they are supposed to take care of persons who due to some medical impediments cannot take care of themselves. Given the highly sensitive nature of their job, high premium is often taken when choosing a caregiver, especially for children with special needs or the disabled and elderly. So when Mrs. Bukola Ayinde, who doubles as the author of Diary a Special Needs Mum, founder of P4:13 Foundation, an initiative for children with special needs and also the founder of FLIPP Foundation, hired one Mrs. Bisola Anthonia Abayomi-Ojo, the founder of a supposed highly acclaimed Paton Physiotherapy Services, for her little daughter suffering from Cerebral Palsy, she breathed easy thinking her daughter was in the best possible hands. This is because Abayomi-Ojo came highly recommended from parents who were dealing with same issue. She was also recommended by therapists because of the extensive work she has done with children with special needs. However, what no one knew was that Abayomi-Ojo, who profile boats of managing cases of cerebral palsy, Down syndrome, and other developmental disabilities, was a highly unprofessional caregiver who meted out her frustrations of the children put in her care. The Nigerian physiotherapist and Mandela Washington Fellow, who is currently in the United States for her programme, recently elicited national outrage after she was caught on CCTV abusing a special needs toddler left in her care. Abayomi-Ojo was caught on camera abusing the toddler with cerebral palsy at the crèche where her parents had enrolled her. The footage, which was obtained by the girl’s parents, showed the physiotherapist beating her repeatedly, after twisting her arm severally and hitting her with a phone, and generally abandoning the toddler when she was not busy abusing her. It was only later revealed at a meeting with the Medical Rehabilitation Therapists Board, Yaba, Lagos, that Abayomi-Ojo had been practising for a year without renewing her licence. Expectedly, there has been a national outrage over the unprofessional conduct of Abayomi-Ojo, more so given the fact that instead of paying for her crimes, she unrepentantly applied for a fellowship at the prestigious Mandela Washington Fellowship for Young African Leaders Initiative (YALI). The fellowship was launched in 2010 to support young Africans as they spur growth and prosperity, strengthen democratic governance, and enhance peace and security across Africa. Although it actually began in 2014, its objectives are to bring young leaders to the United States for academic course work and leadership training and creates unique opportunities in Africa for Fellows to put new skills to practical use in leading organisations, communities and countries. A broken mother’s ordeal Combined with the ordeal of caring for a special needs child, Ayinde now has to battle with the inhumane act carried out on her daughter by her supposed caregiver. In her initial post on Bellanaija, a lifestyle blog, the devastated mother narrated her daughter’s ordeal. According to Ayinde, they came in contact with the physiotherapist because they had a child diagnosed with cerebral palsy. She

hands behind her head. “I watched as my daughter fell from her chair while her neck was stuck in between the space at the vertical back rest and the flat wood used for sitting down. I watched on as this lady typed on her phone 90 per cent of the time, only taking some time off to torture my daughter. Did I mention that she took out time to take her selfie? Up to five times. “After we watched the recording, my husband could not control his tears. My heart bled. My daughter’s neurologist said we cannot ascertain the level of damage to her brain because we did not bring her immediately it happened. He said an MRI would have to be done to ascertain any damage.”

Abayomi-Ojo, the abusive caregiver said: “Getting a diagnosis which says your child has cerebral palsy is a parent’s worst nightmare. I had my period of living in denial; wishing the problem would go away, like it was all a dream, but the reality stared me in the face. “My husband and I decided to face the challenge before us squarely. We engaged different specialists – neurologist, paediatricians, physiotherapists, speech therapists, occupational therapists, special needs caregivers. “At one point, we were scouting for a very good physiotherapist. A parent of a special needs child recommended a young lady to me. I mentioned her name to one of my daughter’s therapist who confirmed that

Anthonia Bisola AbayomiOjo violently abused a child living with cerebral palsy entrusted to her care in Nigeria in June 2016. The attack was captured on CCTV...She was arrested by the police and sanctioned by the board for physical therapists but without fulﬁlling her sanction, however, she left Nigeria after receiving the Mandela Award and is completing her fellowship at Duquesne University, Pittsburgh, Pennsylvania. She is not only unrepentant, impertinent and abrasive, she is violent and unﬁt to work with children

the lady was very good at her job. “However, she also confirmed that the lady could be arrogant. I spoke with another therapist on the field who also confirmed that the recommended physiotherapist was good at what she does but she could be rude. “Well, at that point of my life, I didn’t mind if she was going to be rude to me or arrogant as far as she was as good as everyone had said, I was fine with that. All I wanted to see was my child’s improvement, I could take anything in between. She came on board as my daughter’s physiotherapist. She was very professional and dedicated, but she didn’t come cheap. “My daughter attended a mainstream school that allowed her to use the sickbay as her pullout room for her physiotherapy session. In June 2016, my daughter’s school proprietress requested that my husband and I should make out time to see her. When we eventually did a week later, she told us that the physiotherapist had manhandled our daughter and she was going to show us a CCTV recording to prove it. “At the back of my mind, I felt the woman was exaggerating because therapy could be demanding at times. My child may cry, if she didn’t like the exercise or if the exercise was tasking. However, when I watched the video, I was shocked beyond words that someone I trusted with my daughter could treat her worse than an animal. I believe that even an animal shouldn’t be treated that way. “I mean, she came highly recommended; she is a Masters degree holder. She is not an illiterate. Apparently, she didn’t remember that there was a CCTV in the room or she felt nobody would be checking the TV at that particular time. It was heartbreaking to see my daughter treated by a health worker in such a barbaric act. “I watched my daughter as she fell down several times hitting her head on the tiles. There were times she hit her head on the edge of the wooden bed before falling to the ground. Her physiotherapist slapped her three times; the third time with her cell phone. She left her head hanging upside for five minutes. She twisted my daughter’s hands several times; at a point she sat on her hands, at another point she tied her

The lukewarm intervention of the therapy board The case was reported to the Medical Rehabilitation Therapists Board in Yaba, Lagos, leading to her suspension for three months, with a clause that she must get treatment, which she agreed to do. However, she later turned up at the board alleging that she was going for treatment in the U.S. and was given permission to travel. But unknown to the board, she was actually going for her fellowship in the U.S. According to Ayinde, she first got the physiotherapist arrested. She said, “I got her arrested. She said she was sorry. She claimed depression and ill health. I did not believe her then, I don’t believe her now. I had to make a decision, to leave my daughter in the hands of her nannies at home (which may be another source of abuse) and follow through to ensure the physiotherapist was duly punished. (Bearing in mind the justice system in Nigeria) or drop the charges lodged at the police station and allow the Medical Rehabilitation Therapists Board at Yaba to handle the matter. “I dropped the police charges. I decided to stay with my traumatised daughter. I handed the physiotherapist over to the Registrar at the Medical Rehabilitation Therapists Board at Yaba. Her punishment was three months withdrawal of her practicing licence. Three months work in a General Hospital under supervision without pay. She was to undergo a psychiatric test “Like seriously? Are you kidding me? She had been practicing for a year without renewing her licence and all you could do was to withdraw her licence officially for a mere three months? She went back to the Registrar at Medical Rehabilitation Therapists Board to ask for permission to travel to U.S. to get treatment. “I called to check on the case and I was told she had travelled for treatment. I was told not to worry, as she cannot practice anywhere else in the world without a letter from the board. Some months later, I was told by a reliable source that she was not taking any major treatments but attending a Masters programme in the U.S. “So she got away with child abuse, assault, battery, in fact attempted murder. This is only possible in Nigeria right? I went back to Medical Rehabilitation Board, I was shocked to find out that the case had gone cold. What stops her from coming back into the country and working with other children? How many Nigerians ask for practicing licence before employing a professional? “I strongly believe that the least the board should have done was to declare her unfit to work with children. In respect to my daughter, the signs were there: she had been withdrawn

T H I S D AY • MONDAY, JUNE 5, 2017

FEATURES

Ayinde...wants justice for her abused daughter

Ayinde...says her daughter was treated like an animal children from abuse and neglect, referred THISDAY back to the Nigerian authorities. His response read: “We are aware of these disturbing allegations. The United States believes strongly in the protection of children from abuse and neglect. We would refer you to the Nigerian authorities regarding action taken in response to the reported incident.” However, another top notch source in the embassy who would not want to be mentioned said there is little or nothing the U.S. Government can do in this case if the Nigerian government do not act first. According to the source, despite the calls for extradition of Abayomi-Ojo from the programme, the U.S. Government cannot pull her from the programme and send her back to Nigeria unless the Nigerian government issues a warrant of arrest for her. But many are of the opinion that the stance of the U.S. Government gives room for concern given that if Abayomi-Ojo is not stopped, there is no gain saying that she will not go back to her malpractice in her chosen field. This is because as a YALI fellow, she is expected to after the fellowship to continue to build the skills developed during her time in the United States through support from U.S. embassies, USAID, and affiliated partners, including regional conferences, professional practicum experiences, and mentoring opportunities. When contacted, the Senior Special Assistant to President Muhammadu Buhari on Foreign Affairs and Diaspora, Hon. Abike Dabiri, said she was not aware of the matter, but referred THISDAY to the Minister of Foreign Affairs, Mr. Geoffrey Onyeama or the Permanent Secretary, Ambassador Sola Enikanolaiye.

for a while. In fact, she had stopped smiling, interacting with anybody in the house, or attempting to answer questions in school. “I kept asking the caregiver that followed her to school about the sudden change. The caregiver said she had no idea. I came up with my own theory and I brushed it aside. How would I have known that a health worker, someone I trusted with my child could be so cruel? The physiotherapist had been with us for over two years. I can only imagine. “Well, I pulled my daughter out of school and started her own mini-school at home. I let go of my current caregivers for good reasons and got new ones. With care and love, she added weight, came out of her shell and got better. Right now, she attends a school three times a week and we are making progress.” The petition Already, a petition has been started on change.org for her to be recalled from the fellowship on the grounds that she is undeserving of the programme. As of press time, it had garnered thousands of likes. The decision makers being petitioned in this case were Irex.org, the Dean, Duquesne University, Pittsburg and Department of Homeland Security. When one Laitan Asekun started the petition to extradite back to Nigeria, the votes came in trickles until people watched the video of the severe abuse and as at now, over 9,000 signatures have been gathered. The petition read, “Anthonia Bisola Abayomi-Ojo violently abused a child living with cerebral palsy entrusted to her care in Nigeria in June 2016. The attack was captured on CCTV. She had been employed as a physiotherapist by the parents of child for two years before the discovery was made. “She was arrested by the police and sanctioned by the board for physical therapists. Without fulfilling her sanction, however, she left the country in November 2016 after receiving the Mandela Award and per the U.S. Embassy website, is completing her fellowship at Duquesne University, Pittsburgh, Pennsylvania. She not only unrepentant, impertinent and abrasive, she is violent and unfit to work with children.” While Segun Abolarin cited his reason simply as justice, one Folake Alao said, “I hate children being abused.” Also lending support to the cause, Founder of Ebony Life Television, Mo Abudu, said “This woman must never be allowed to look after children in need again. She must be stopped now. “ According to one Victoria Chukwuka, “I am signing because child abuse is inhumane and barbaric. These children are helpless and innocent for heaven sake!” Ayodele Oluwagbemiga said, “This therapist does not deserve any award anywhere. She is a wicked woman. She is supposed to be jailed. Withdrawing her certificate is uncalled for. Nobody requests for certificate when you need some people to do some jobs for you. “She’s not depressed! She is lying. She has been maltreating people’s children and got paid in the past. Thank God for CCTV, if not, we will not know! Let there be justice in this matter.” Ray Nkata said, “My God! Bisola Why? You must not be allowed to get away with this act of wickedness to this innocent little

Minister of Women Aﬀairs, Aisha Jummai Alhassan...should protect children with special needs girl. US embassy please revoke her visa and have her sent back to Nigeria to face the law.” Aderonke Fatoba who succinctly said, “I

I watched my daughter as she fell down several times hitting her head on the tiles. There were times she hit her head on the edge of the wooden bed before falling to the ground. Her physiotherapist slapped her three times. She left her head hanging upside for ﬁve minutes. She twisted my daughter’s hands several times; at a point she sat on her hands, at another point she tied her hands behind her head

am signing because this is inhuman and callous. As a mother I am traumatised by it,” was joined by Segun Olowookere who said, “It is unsafe to leave a beloved son or daughter with someone like this.” Another Nigerian Bayo Olu said, “It’s totally inhumane and uncalled for. And yet she calls herself a specialist in such. Her license must be withdrawn” and he was backed by one Folarin O who noted that, “It’s heartbreaking to see someone do this to another human, much less a special needs child. Imagine the horror show that’s awaiting her future patients if she’s eventually allowed to practice.” Fadhilat Akindele said, “I don’t support abuse of children especially disabled children. Justice should be done and Biola Ojo should pay for her wrong.” Also, Winifred Roberts said, “This woman is absolutely sick; she should get help herself; she is not fit to take care of anyone talk more of children. Withdraw her award and visa now.” The U.S. government responds Responding to an email sent by THISDAY on the steps taken by the U.S. embassy to send the abusive physiotherapist back to Nigeria, the embassy, through its Cultural Affairs Officer, Larry Socha, acknowledged that they were aware of the allegations. However, Socha, while admitting that U.S. Government believes in the protection of

Abayomi-Ojo’s profile According to her profile on Irex.org, Abayomi-Ojo is a graduate in Physiotherapy from the University of Lagos. In 2003, she worked for free as a literacy teacher at Flan Educare, Adult Literacy Centre, Maryland. In 2008, she started practicing paediatric physiotherapy in Lagos and Ogun States. She was also said to have from 2008 to 2012 worked pro bono in Ozanam’s free physiotherapy clinic, Ota and allegedly raised over N2 million and managed over 100 children with developmental disabilities. She also used to allegedly work pro bono as a consultant to Lady Atinuke Memorial Home for children with disabilities, Badagry, as well as run Paton Physiotherapy Services, providing supposed quality services to both paying and non-paying indigent children. She manages cases of cerebral palsy, Down syndrome, and other developmental disabilities and according to her profile, after the Mandela Washington Fellowship, she plans to open two free clinics in Ogun and Lagos States. The call for her extradition and the withdrawal of the Mandela award bestowed on her for exemplary service by Nigerians should be taken seriously, given her plans to return and further her work with children with special needs. According to Nigerians, her unrepentant attitude in the face of such scandal and shunning the sanctions given her by the Nigerian therapists board has further depicted Abayomi-Ojo as one who must be stopped by all means possible including revoking her license to practice and putting a stop to all forms of work with children with social needs.

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Quick Takes Stanbic IBTC Bank Engages Clients

A BOOST TO AFFORESTATION

L-R: COO, Triton West Africa, Yashpal Jain; CEO/MD, Heritage Bank Plc, Ifie Sekibo; Director Shell Fish Centre, School of Fisheries, Auburn University, USA, Prof. Karen Vevarica; Chairman/MD, Triton Group, Ashivin Samtani; Director of Forestry in the Ministry of Agriculture, Natural Resources and Rural Development, Oyo State, Waheed Ojo and Deputy Director of Forestry, Akinwale Moradayo, during the flag-off of the 2nd phase afforestation programme by Globus Resources Ltd., a subsidiary of Triton Group in Gambari Town, Oyo State …recently

OGFZA: FG Raked in $2bn from Onne Free Zone in Six Years Eromosele Abiodun The federal government realised a whopping $2billion as revenue from the Onne Oil and Gas Free Zone (OGFZ), in the last six years. Managing Director of Oil and Gas Free Zones Authority (OGFZA), Mr. Umana Okon Umana, disclosed this at the first session of the Nigeria Business Roundtable held in Lagos at the weekend. The OGFTZ was developed by INTELS Nigeria Limited to attract foreign direct investment (FDI), create employment as well as enhance Nigeria’s technological and industrial advancement. The Zone, which hosts the operation of more than 170 companies, is one of the fastest growing in the world.

ECONOMY According to Umana, one of the keys to attaining greater productivity and growth in the Nigerian economy is making use of the potential of a free trade zone which offers an increase in investment, job creation and exports. He said free trade zones also provide companies with streamlined regulations, reduced tax obligations and state-of-theart infrastructure. The OGFZA boss also revealed that the federal government is also introducing further reforms into the operation of free trade zones in the country, culminating in the reduction of license renewal duration from 14 days to 48 hours for investors that meet all requirements in line

with the ease of doing business policy of the federal government. “Statistics show that there are 3million companies arising from over 5,000 free trade zones (FTZs) around the world, which account for over 45 million jobs, all showing efficacy of having an effective FTZ in a global perspective. FTZ in developing countries can drive growth in different sectors not only in oil and gas; attract increased foreign investment inflow, create employment, transfer skills and technology,” Umana added. General Manager, Legal Services of INTELS Nigeria Limited, Amaopusenibo Mike Epelle, had while speaking at the Rivers Goldeen Jubilee Award in Port Harcourt, Rivers State, said the company was fully committed to maximising, in

a sustainable manner, the use of Nigerian human resources, materials, equipment and services in its operations without compromising the company’s values, quality, health, safety and environmental standards. INTELS, he further noted has been a trusted partner to major oil and gas producing companies in Nigeria and a monumental logistic partner to the Nigerian Ports Authority (NPA) in the development of ports infrastructure and service in Nigeria. He added: “In over 30 years, we have added substantial value to the Nigerian Oil and Gas service industry and the operators have found our services strategic to their operations. Continued on page 24

World Bank to Support Auditor-General’s Office on Accountability, Transparency Ndubuisi Francis in Abuja The World Bank has expressed its willingness to support the Office of the Auditor-General for the Federation (OAuGF) in the drive to enthrone accountability and transparency in Nigeria by ensuring timely, speedy and successful completion of the public accountability process. Speaking when he led a delegation of the bank on a courtesy call to the Auditor-General for the Federation , Mr. Anthony Mkpe Ayine at the Audit House in Abuja, the Director, Governance Global Practice of the World Bank, Dr. Edward Olowo-Okere, said the bank would like to see that the public accountability

ECONOMY cycle is completed on time, and would therefore like to assist the OAuGF achieve this goal. “We want to support the accountability process so that the public accounts are completed on time; that the audit is completed on time and laid before parliament and parliament also does their own part of reviewing the audited account and take action on time; also with the executive arm responding on time on the recommendations that have been made by the Public Accounts Committee, to complete the accountability circle,” Olowo-Okere stated.

Responding, Ayine thanked the World Bank for its support over the years, but listed a number of challenges for which he solicited the bank’s further assistance. Ayine specifically stated that “as the foremost audit institution working and helping the country in transparency and accountability, we need to reposition ourselves effectively so that we can discharge the mandate that we have.” To do this, he said the OAuGF had submitted an Audit Bill which is now before the National Assembly, to afford it the administrative and financial autonomy needed to function effectively. His words: “We have prepared

and submitted an Audit Bill, which the House of Representatives have passed; and this Audit Bill is now before the Senate, the upper chamber of the National Assembly. It is our hope that if this Audit Bill is passed, it will help this office to have the kind of audit independence that the Supreme Audit Institution should have. “So if we have support from you in this area we will also appreciate it; because for now, we lack that administrative and financial autonomy as a Supreme Audit Institution,” he told the World Bank team. For instance, he lamented that

To enhance its support for the corporate entities whose employees subscribe to its workplace banking offerings, Stanbic IBTC Bank Plc said it recently hosted the Human Resources Managers of the companies to a breakfast seminar with the theme ‘Increasing employee productivity through engagement’, with the keynote lecture delivered by principal partner, Philips Consulting, Foluso Philips. At the workshop, the bank said beyond providing banking services and fulfilling brand promise, it was committed to helping its customers move forward in pursuit of their goals. Tagged – ‘Workplace Banking Seminar,’ the workshop according to a statement, provided an opportunity for the bank to bring customers together as key stakeholders to add value to their business operational processes. In her opening remarks, Head, Personal Banking, Stanbic IBTC Bank, Ms. Nkolika Okoli, said the bank constantly tries to add value, which goes beyond providing banking services to its customers. By looking at the whole spectrum of customer experience, value based banking, doing banking differently from the usual, Okoli stated that Stanbic IBTC Bank views its relationship with its customers as a partnership, which is why customers should experience such benefits that change old perception where banks are seen as just custodians of their funds. In his presentation titled – ‘Increasing Employee Productivity through Engagement’, keynote speaker and facilitator of the seminar, Phillips, highlighted how organisations can improve productivity of their employees by driving engagement, commitment and motivation.

Keystone Bank Partners SilverBird

Keystone Bank Limited in conjunction with the Silverbird Group recently hosted children at the Silverbird Galleria in Lagos State and in Abuja, FCT. The event, which took place on children’s day, was part of series of activities Keystone Bank was involved in with a view to uplifting children, while highlighting their roles as the future of the society. Speaking on the development, the Acting Managing Director of Keystone Bank, Mr. Hafiz Bakare said: “The saying that children are the leaders of tomorrow may have become cliché for many, however the saying has never been more pertinent for us especially as we look to a better future for Nigeria. “This is why in addition to the several financial literacy programmes which we run in primary and secondary schools across Nigeria, we also have the Keystone Bank Future Account, which is meant to give children an early start towards saving and financial discipline.” Bakare also explained that one of the reasons for partnering the Silverbird group for this event was the fact that beyond work and learning, children also need to express themselves through recreation and fun activities.

Maltina CSR Initiatives Commended

Stakeholders in the education sector have emphasised the importance of teachers and the teaching profession in the quest for the nation’s growth and development, at the unveil of the 2017 edition of the Maltina Teacher of The Year in Lagos In a paper to flag-off the 2017 edition of the initiative on Tuesday, AloyEjiogu, a Professor of Educational Management at the University of Lagos maintained that teachers are unarguably extremely invaluable drivers of societal norms, values and growth and no other person can have such an overarching influence on the life of the young members of our society as the teacher. He noted that the teachers’ impact is not only outstanding by its success stories, but also by its potential and real time errors, while also arguing that whereas the medical doctor buries his mistakes, and the engineer dies with his mistakes, the entire society perishes with the mistakes of the teacher. “Then, can you ever imagine a Nigeria without any teacher – preprimary, primary, secondary and tertiary? Or what more, a Nigeria replete with demotivated, disgruntled, unqualified and incompetent teachers who cheat their way through this sublime and noblest of human responsibilities? What would we have in return? Ejiogu queried.

“The truth is that the number of 2G customers is declining because the 2G technology has been overtaken by 3G and 4G LTE technologies, which most operators currently provide” The Chief Executive Oﬃcer of ntel,

Mr. Kamar Abass Continued on page 24

T H I S D AY • MONDAY, JUNE 5, 2017

BUSINESSWORLD OGFZA: FG RAKED IN $2BN FROM ONNE FREE ZONE IN SIX YEARS

“In the maritime sector, INTELS’ operation as a port infrastructure developer and maritime service provider reinvigorated and brought the needed momentum and life to Nigerian ports and the maritime industry with improved capacity to serve the nation. These efforts by INTELS have in turn boosted earnings and contributions by these sectors to the Nigerian economy while generating the much-needed employment for Nigerians.

WORLD BANK TO SUPPORT AUDITOR-GENERAL’S OFFICE ON ACCOUNTABILITY, TRANSPARENCY

due to low remuneration for personnel of the OAuGF, the office is unable to attract more quality hands in a competitive labour market. “Our remuneration is tied to the Civil Service structure; as such it makes things difficult to attract the kind of good hands we should have. And if this Audit Bill is passed we will have the necessary structure on ground that we can be taken out from the Public Service structure. And, this will help us a great deal,” he added. He listed some other challenges that the OAuGF would appreciate support from the World Bank to include capacity building for its workforce. Ayine added that the OAuGF also needed support in the areas of audit tools it uses, like Computer Assisted Auditing Techniques (CAATs), and to also adopt tools like Teammates audit software or audit command language, among other modern auditing tools “We need support for us to be able to build capacity for our staff in the area of international public sector accounting standards, because training for an auditor and retraining is very necessary. We would like to compete globally; we are in a global village now, so having skilful manpower is very, very necessary. So, in the area of training and retraining, we will also appreciate if we have support from the World Bank,” Ayine added.

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Nume Ekeghe (Money Market) Nosa Alekhuogie (AgriBusiness)

NEWS

Lagos Pays N1.84bn to Pensioners in One Year ȱ ȱ ę ȱ ȱ Ȭ ȱ ěȱ Ebere Nwoji The Lagos State Government has said that it paid a total of N1.84billion to pensioners between March 2016 and April 2017, just as it has conducted a verification exercise on nonpensionable staff in the 20 Local Government Council (LGCs) and 37 Local Council Development Areas(LCDAs) in the state. The Commissioner for Ministry of Establishments, Training and Pensions, Dr. Akintola Benson made this known briefing journalists on the activities and achievements of the ministry and its departments. “The establishment department, under the Lagos State Ministry of Establishment, Training and Pensions, in conjunction with the Office of the Head of Service and Office of the Auditor General, on the directive of the State Governor, Akinwunmi Ambode, has conducted a verification exercise on non-pensionable staff in the 20 LGCs and 37 LCDAs. He said the office has also forwarded names of 185 Lagos State pensioners with federal shares complaints ranging from short payment of gratuity and arrears to stoppage of monthly pensions, to the Director-General, Pensions Transition Arrangement Department (PTAD) office, Abuja as well as facilitated the reinstated payments of additional 15 pensioners that

have just attained the Expected Date of Pension (EDOP), and adjustments in pension. He said the department, has also in conjunction with the Office of Transformation, Creativity and Innovation, carried out an exercise on workforce planning and streamlining of contract appointment at the Lagos Water Corporation. “In the same vein and in line with extant provisions, approvals for payment of severance allowance in respect of political office holders who

Worried about the dearth of ICT infrastructure across the country, the Minister of Communications, Adebayo Shittu has said government will continue to seek new ways to bridge the infrastructure gap in the country. He said the move became necessary in order to cushion the enormous pressure exerted on the existing terrestrial broadband infrastructure, occasioned by the high demand for quality broadband access by Nigerians. The minister, who spoke at the BusinessDay 4th Annual Broadband Summit in Lagos at the weekend, said Nigeria currently has less than 50,000 base stations and would require additional 700,000 to 800,000 base stations to substantially cover the broadband needs of the country. Shittu was of the view that the broadband needs of the nation could be better actualised with an appropriate ICT infrastructure design that would incorporate a national broadband infrastructure backbone, metro/intra-city fibre network, last mile services, including fibre to the home (FTTH) and wireless network as well as network connectivity. He called on industry stakeholders to liaise with the ministry and make quality contributions towards policy formulation that will support an accelerated broadband development in Nigeria.

activities of the establishment, the year 2017 bilateral personnel budget discussion commenced in the month of May, 2016 and was concluded in August 2016. He informed that the approved year 2016 personnel budget signed by the governor are personnel cost which include basic salary and allowance of N 72.55 billion, personnel cost (consolidated) at N1.9 billion and other personnel cost of N1 million.” He further stated that the

industrial department of the ministry, also engaged in regular working visitations to all industrial unions in the state public service including the tertiary institutions in the state, explaining that the objective was to foster harmonious relationship between the management of MDAs and Unions in the State Public Service while the initiative is also to sniff out areas of potential conflicts and to nip such conflicts in the bud before they escalate to crises.

BUSINESS COLLABORATION

L-R: Team Leader, Inclusive Growth Unit\National Economist, United Nations Development Programme (UNDP), Dr. Robert C. Asogwa; Deputy Country Director Programme, UNDP, Mandisa Mashologu; Executive Secretary, Lagos State Employment Trust Fund (LSETF), Akin Oyebode and Director of Strategy, Funding and Stakeholder Management, LSETF, Mrs. Abosede Alimi, during the LSETF\UNDP partnership signing ceremony in Lagos...recently KOLAWOLE ALLI

Minister Seeks New Measures to Address Broadband Needs Emma Okonji

had completed their tenure in office were obtained from the governor”. According to him, the department compiled and submitted the changes witnessed on establishments matters within the last 50 years in Lagos State, noting that in line with the directive of the governor for the replacement of written examinations towards promotions, with structured training, the office supervised the compliance of the directive, service–wide. He said that among other

Stakeholders at the summit however faulted government’s policy and implementation plans in achieving the 30 per cent broadband penetration target for the country by 2018. They advised the government to do more in empowering Nigerians to have ubiquitous access to the internet, which they said, comes with lots of business opportunities. Chairperson, Alliance for Affordable Internet (A4AI), Dr. Omobola Johnson, said: “Although Nigeria is making progress in the area of broadband access, we need more broadband infrastructure to serve the large population of the country.” With 92 million internet subscribers across the country, Nigeria, no doubt, has the market for investment and we are extending the investment opportunities to both local and international investors, Johnson said. President of the Association of Telecommunications Operators of Nigeria (ATCON), Mr. Olusola Teniola, who spoke on the impact of broadband on Nigeria economy, while citing best practices, said: “Globally, telecommunications infrastructure is at the heart of any global business in the modern age. From data security and data resilience requirements, through cloud connectivity issues, to low latency and time-based stamping in trading transactions, robust, reliable and resilient networks are critical.”

Maritime Experts Accuse NPA MD of Driving Away Investors Eromosele Abiodun Experts in the maritime industry under the umbrella of the Committee of Maritime Professionals (CMP), have raised the alarm that the Managing Director of the Nigeria Ports Authority (NPA), Ms. Hadiza Bala Usman is frustrating real and potential investors in the maritime sector with her ‘hard-line posture’. The body expressed concern that the NPA MD’s hostile attitude could compel more investors to exit Nigeria, resulting in huge revenue losses by the federal government. According to the professionals, since the NPA boss assumed office last year, she has taken some unfavourable decisions that have either forced investors to exit the sector, or scared potential investors from coming to Nigeria. Coordinator of the professional body, Mazi Charles Gabriel, said in a statement over the weekend that Bala Usman’s unfriendly business decisions are inimical to the federal government’s efforts to attract foreign direct investment (FDI) into the country with a view to revitalising Nigeria’s ailing economy. According to him, “Last week, the Manila-based container terminal operator, International Container Terminal Services, Inc. (ICTSI) terminated its agreement to develop and operate a container terminal within Lekki Port. ICTSI’s subsidiary, Lekki International Container Terminal Services LFTZ Enterprise (LICTSE),

and Lekki Port LFTZ Enterprise (LPLE) decided to terminate the sub-concession agreement signed in 2012, citing vitiation of the terms of the contract. He noted that the terminated sub-concession agreement had granted LICTSE an exclusive right to develop and operate, and to provide handling equipment and container terminal services, at the container terminal within the port located at Ibeju Lekki, Lagos State, for a period of 21 years. The project, initially slated for completion in 2016, involved the development of a container terminal with a 2.5 million TEU capacity capable of handling 10,000 TEU container ships. The terminal was to feature a 1,200-meter quay with 14 Post-Panamax cranes, making it one of the largest single terminals in Sub-Saharan Africa”, the group said. The professionals said that while this is a major loss to the industry, it is just a tip of the iceberg, as investments in several deep seaport projects across the country have been quietly suspended. “From our discussions with operators, many other investors in the sector are holding back because of the unfriendly posture of the NPA boss. One of the areas affected are investors in the deep seaport segment. You will notice that deep seaport projects have suddenly become silent. It is because of the wrong signals emanating from NPA and that is why everyone is now withholding their funds. Have you seen anyone invest

any money at the port since the woman came in? No one will invest if contract terms will not be respected. “The case with Intels also sends the wrong signal. The political dimension of the case is worrisome. Politics should not come in at all in matters concerning port operation. The maritime business is an international business, and you do not see other maritime nations vilify their investors on the pages of newspapers. Issues arise and will continue to arise but the best way to resolve them is through meetings and negotiations, not through media lynching,” the Group stated. CMP warned that many jobs could be lost at the port as a result of the current NPA posture against port investors. “Each day you open the newspapers; you see media trials of companies in the port industry by NPA. This is absurd and strange to the industry. These trials take place denigrating private companies, with their reputations being sacrificed on the altar of political exigency. We raise this alarm for the federal government to step in and set things right by calling Usman to order in the interest of the country. “The Minister of Transport, Rotimi Amaechi has been travelling around the world shopping for investors for both the railways and shipping sector, Usman’s actions will be counterproductive to the minister’s efforts if not nipped in the bud,” the body added.

T H I S D AY • MONDAY, JUNE 5, 2017

BUSINESSWORLD

MARKET REPORT

Market Gains N798bn in Four Days on Continuing Demand Goddy Egene and Nosa Alekhuogie

and ETI, just as the NSE Insurance Index added 1.5 per cent. The market recorded an unprecedented growth on Friday as the bulls consolidated their hold on the market. Consequently, the index posted its highest daily growth in the recent times, apreciated by 3.49 per cent to close at 31,371.63. Gains in FBN Holdings, Nigerian Breweries, Access Bank, Dangote Cement and Zenith Bank were mainly responsible for the gain recorded in the index on the last day of the week.

The Nigerian equities market maintained its bullish trend last week with the Nigerian Stock Exchange (NSE) All-share Index crossing the 30,000 mark to hit 31,371.63, while market capitalisation added N797.6 billion to close at N10.845 trillion. Having hit a 10-month level with a growth of 3.38 per cent the previous week, the market sustained the positive performing rising by 7.94 per cent to close on continuing higher demand by investors last week. Analysts at Cordros Capital attributed the positive development to improved macro-economic fundamentals, herein we refer to “the improvement in the currency space, especially at the parallel and Importers and exports FX market and data suggesting economic recovery is well underway, in particular, improved Purchasing Managers’ Index (PMI) survey result for the month of May.” “ Asides that, the federal government continued to make strides in harnessing growth in the economy, supporting this, the acting President Prof. Yemi Osinbajo signed into law two Acts of Parliaments earlier passed by the National Assembly. The New laws focus on increasing access to affordable credit, and will be beneficial to MSMEs in particular,” Cordros Capital said. At the end of the week, all the sectoral indicators appreciated save for the NSE Oil & Gas Index that went down by4.5 per cent. The NSE Industrial Goods recorded the highest growth of 9.17 per cent trailed by the NSE Consumer Goods Index that grew by 7.68 per cent. The NSE Insurance Index closed 6.08 per cent higher just as the NSE Banking Index appreciated by 4.0 per cent. Daily Market performance The market remained upbeat through the four trading days, beginning with a growth of 0.7 per cent on Tuesday to close at 29,276.59. Tuesday’s performance was buoyed by appreciations in banking stocks such as Guaranty Trust Bank Plc, FBN Holdings Plc, Zenith Bank Plc and Ecobank Transnational Incorporated (ETI). The positive performance was across all the sectors except the oil and gas sector that went down by 2.0 per cent. The NSE Banking Index appreciated the most, rising by 2.2 per cent on the back of gains by GTBank (+1.5 per cent) and Zenith Bank (+1.9 per cent). Similarly, gains by AXA Mansard Insurance Plc (+9.5 per cent) and Continental Reinsurance Plc (+0.8 per cent) bolstered the NSE Insurance Index to close up 2.0 per cent higher. Similarly, the NSE Industrial Goods Index appreciated by 0.7 per cent as a result of uptick in Dangote Cement (+0.2 per cent) and Lafarge Africa (+1.2 per cent), just as the NSE Consumer Goods Index grew by 0.3 per cent. The market extended its uptrend for the second day and sixth consecutive session with the index appreciating 0.76 per cent to close at 29,498.31, High demand that pushed the shares of bellwethers such as Dangote Cement Plc, Nigerian Breweries Plc, FBN Holdings Plc and Access Bank Plc Nestle Nigeria Plc were responsible for the gains. Similarly, the market capitalisation appreciated by 0.76 per cent to close

at N10.20 trillion. The total value of stocks traded on that the day stood at N3.34 billion, down by 56.02 per cent from N7.59 billion recorded the previous day, while total volume of stocks traded was 343.19 million in 4,905 deals. The most actively traded sectors were: Financial Services (274.63million), Consumer Goods (29.01million) and Conglomerates (12.57million), while three most actively traded stocks were: FBN Holdings (61.19million), Diamond Bank (41.86 million) and Fidelity Bank (38.77 million). Performance across sectors was mixed as three of five indices appreciated. The NSE Insurance Index led sector gainers, appreciating with 2.5 per cent, just the NSE Industrial Index and NSE Consumer Goods Indices rose 1.9 per cent and 1.5 per cent in that order. Conversely, the NSE Banking Index shed 3.1 per cent, while the NSE Oil & Gas Index closed 2.3 per cent lower. The Nigerian bourse remained positive on Thursday with the index rising by 2.8 per cent to cross the 30,000 for the first time since last year June to close at 30,314.14 The stocks that were responsible to the growth were: Dangote Cement, Nigerian Breweries, FBN Holdings and Zenith Bank. A further analysis of the performance indicated that four of the five sectors closed positively, save for the NSE Oil & Gas Index shed 0.2 per cent. This followed profit taking in Oando and Seplat that shed 5.3 per cent and 2.4 per

cent in that order. The NSE Consumer Index appreciated by 2.5 per cent on the back of gains in Nigerian Breweries (4.9 per cent). Similarly, the Industrial Goods Index appreciated by 2.4 per

TOP TEN BROKERS

cent on the account of price gains recorded by Dangote Cement Plc. In a similar vein, the NSE Banking Index closed 1.7 per cent higher on the back of positive sentiments in Zenith Bank, UBA, Access Bank

(BY VALUE)

BROKER

AS AT LAST FRIDAY VALUE % VALUE

RENCAP SECURITIES (NIG) LIMITED

6,740,297,192.08

14.15

STANBIC IBTC STOCKBROKERS LIMITED

4,791,940,895.72

10.06

CHAPEL HILL DENHAM SECURITIES LTD - BRD INVESTMENTONESTOCKBROKERSINTLLTD-BRD

2,852,008,304.29 2,560,247,172.22

5.99 5.37

EFCP LIMITED

2,383,373,255.89

5.00

APEL ASSET LIMITED - BRD

2,267,748,414.96

4.76

FBN SECURITIES LIMITED

2,218,330,608.61

4.66

CSL STOCKBROKERS LIMITED

2,030,274,161.55

4.26

CARDINALSTONE SECURITIES LIMITED

1,673,145,735.68

3.51

CORDROS SECURITIES LIMITED - BRD

1,546,441,070.11 29,063,806,811.11

3.25 61.02

TOP TEN BROKERS

(BY VOLUME)

BROKER CHAPEL HILL DENHAM SECURITIES LTD - BRD STANBIC IBTC STOCKBROKERS LIMITED

AS LAST FRIDAY VOLUME

%VOLUME

313,377,029

6.76

291,395,716

6.28

RENCAP SECURITIES (NIG) LIMITED

278,076,567

6.00

CSL STOCKBROKERS LIMITED CARDINALSTONE SECURITIES LIMITED

238,187,611 236,549,308

5.14 5.10

MORGAN CAPITAL SECURITIES LIMITED

184,645,780

3.98

EFCP LIMITED

184,364,979

3.98

SPRINGBOARD TRUST & INVESTMENT LTD

171,809,658

3.71

MERISTEM STOCKBROKERS LIMITED

163,373,359

3.52

TRUSTBANC CAPITAL MANAGEMENT LIMITED

163,004,509

3.52

2,224,784,516

47.98

Market turnover Meanwhile, trading at the stock market was for four days as the Federal Government of Nigeria declared Monday 29th May, 2017 as Public Holiday to mark the 2017 Democracy Day Celebration. Investors traded a total of 2.319 billion shares worth N23.813 billion in 22,310 deals, up from 1.877 billion shares valued at N20.055 billion that exchanged hands the previous week in 19,979 deals. The Financial Services Industry led the activity chart with 1.950 billion shares valued at N15.479 billion traded in 14,381 deals; thus contributing 84.12% and 65.00% to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 156.358 million shares worth N2.875 billion in 2,804 deals. The third place was occupied by Conglomerates Industry with a turnover of 70.452 million shares worth N168.377 million in 739 deals. Also traded during the week were a total of 52 units of Exchange Traded Products (ETPs) valued at N13,802.70 executed in six deals compared with a total of 65 units valued at N1,967.85 transacted the previous week in seven deals. A total of 3,786 units of Federal Government Bonds valued at N3.806 million were traded in four deals, compared with a total of 50 units valued at N43,719.69 transacted last week in one deals two weeks ago. Price Gainers and Losers The price movement chart showed that 61 equities appreciated higher than 44 equities of the previous week, while only 12 equities depreciated, lower than the 25 equities of the previous week. FBN Holdings Plc led the price gainers for the week, rising by 31.2 per cent. UAN Property Development Company Plc trailed with 25.2 per cent, while AXA Mansard Insurance Plc chalked up 24.7 per cent. May & Baker Nigeria Plc garnered 22.6 per cent, just as Champion Breweries Plc and Diamond Bank Plc rose by 19.9 per cent and 19.3 per cent in that order. Other top price gainers are: Honeywell Flour Mills Plc (18.8 per cent); Fidelity Bank Plc (17.8 per cent); Access Bank Plc (17.6 per cent) and Dangote Cement Plc (15.6 per cent). Conversely, Seven-Up Bottling Company Plc led the price losers with 14.2 per cent, followed by Linkage Assurance Plc with a decline of 12.7 per cent. Oando Plc went down by 10.3 per cent just as Seplat, Nigerian Enamelware Plc and University Press Plc shed 10.2 per cent, 4.9 per cent, and 4.9 per cent respectively. Other top price losers included: Jaiz Bank Plc (4.2 per cent) Caverton(4. 1 per cent); GTBank Plc (3.6 per cent) and Medview Airline Plc respectively.

T H I S D AY • MONDAY, JUNE 5, 2017

BUSINESSWORLD

INSIDE BROAD STREET

What Next for Monetary Policy Committee For holding the interest rate steady after six consecutive meetings, monetary policy appears to have reached its limit, writes Obinna Chima Last week, the Central Bank of Nigeria’s (CBN’s) Monetary Policy Committee (MPC) retained all its key monetary policy instruments. That would be the sixth consecutive meeting that the benchmark monetary policy rate (MPR) would be left at 14 per cent, a situation that has heightened the clamour for loosening of the tight monetary conditions. Arguments to loosen the tight monetary conditions became stronger given the relative improvement in the foreign currency and slowing inflation. According to the proponents of interest rate reduction, the move would help in the federal government’s quest to revive economic activities and support growth. But the central bank believes that its position would help cement its victory over the scourge of inflation, which had eroded living standards in the country. According to CBN Governor, Mr. Godwin Emefiele, the committee assessed the global and domestic economic and financial environments in the first five months of 2017 and the outlook for the rest of the year. On manufacturers’ call for reduced interest rates, he pointed out that it was not only manufacturers that had called for lower rates. “Even I want a low interest rate but the economic aggregates that we see today, unfortunately, do not give room for us to begin to look at the direction of signalling a downward interest rate. “Both the IMF and World Bank are advocating a tightened monetary policy. But rather than tightening, we have decided to hold and watch, given that we had embarked on a consistent policy tightening before we decided to adopt the hold policy. “And it is because at that time we saw that inflation went as high as 18.6 per cent. And we have data to support the fact that once the inflation rate in Nigeria goes above 11.5 per cent, growth is retarded. “So we decided to anchor inflation and I am very delighted that since around January, we have begun to see a downward movement in inflation,” he said. He also stated that the central bank cannot determine what the convergence point of the various forex rates would be, adding, however, that based on the indicators, the rates were already converging. On how far the CBN would go in sustaining its market interventions, he said: “I have said it and I will repeat myself that the interventions will be more vigorous than before to underscore the fact that we are determined to ensure that the Nigerian economy recovers, by making sure that foreign exchange is being made available to operators of the economy to conduct their businesses.” Speaking on the forex window for investors, Emefiele said he was gratified that over $1.1 billion had been attracted to the forex market through that window. The central bank made the interest decision same day the National Bureau of Statistics released the first quarter of the year (Q1 2017) Gross Domestic Product report, showing that Nigeria’s GDP contracted by 0.52 per cent (year-on-year) in real terms,

CBN Governor, Godwin Emeﬁele

indicating five consecutive quarters of contractions since the Q1 2016. Support for ‘Wait and See’ Approach To analysts at Lagos-based CSL Stockbrokers Limited, attempt to loosen monetary policy now would truncate the fragile improvements seen in the currency and in inflation. “Moreover, a rate cut aimed at stimulating demand could make things worse for the economy, as it would likely lead to a widening current account deficit, worsen inflation, exacerbate foreign exchange shortages and push real interest rates deeper into negative territory,” they added. Also, analysts at Ecobank Nigeria Limited urged the CBN to sustain and deepen its foreign exchange management policies. They noted that by keeping the MPR steady, “we do not expect secondary market yields to shift considerably from their current levels over the short term. Bond yields

would likely stabilise around 16.5 – 17 per cent in short term.” “Monetary policy appears set to remain relatively unchanged in the months ahead. Assuming no significant change to key indicators, we think the MPR will be held at 14 per cent in subsequent MPC meetings. “Overall, the short end of the curve will remain attractive as concerns over the outlook for naira and inflation continue to be influenced by CBN’s monetary policy in the short term,” they added. On their part, analysts at Renaissance Capital held the view that with its decision, the MPC wants to allow the existing policies to achieve their intended goals (slow inflation). “However, we think the year-to-date pick-up in month-on-month inflation implies strong non-food (mainly energy costs) inflationary pressures persist. “We also think fiscal spending and CBN financing of the budget deficit are upside risks to inflation. For these

reasons, we revise upwards our yearending 2017 inflation forecast to 14 per cent versus 11 per cent previously,” Renaissance Capital stated. But the Managing Director, Financial Derivatives Company Limited, Mr. Bismarck Rewane described the MPC decision as a case of “when in doubt, do nothing.” According to Rewane, the MPC members, in their wisdom felt it was too early to make any dramatic change in its monetary policy direction. “What I would say is that they did not disappoint anybody. But at the same time, they did not excite anybody,” he added. Reacting to the performance of the economy in the first quarter as reflected by the GDP figures released yesterday, he said: “GDP figures are moving in the right direction. But it only confirms our view that it is going to be a slow and painful recovery and that there is no quick fix. “The only way to enhance this recovery is to actually make credit available to the real sector to stimulate economic activities. That would not be possible with the current interest rate regime. So, the MPC needs to take some aggressive steps to support the recovery. The bold thing to do would have been to move, but the wise thing to do was to wait a little bit to see what happens next,” he added. To the Director General, Lagos Chamber of Commerce and Industry (LCCI), Mr. Muda Yusuf, the MPC outcome was expected, saying that a lot of analysts had predicted that interest rate would be retained, knowing the mind-set of the central bank as regards inflation and exchange rate. “So, what the MPC did was not a surprise to us. But from our perspective, we would like to see a better interest rate regime. We feel the current interest rate is too high for businesses. But the position of the CBN is that relaxing its tight monetary policy would pose a risk to inflation. “But our view is that under the prevailing interest rate regime, busi-

nesses would find it very difficult to succeed. But the good thing is that we have seen some improvement in foreign exchange policy regime, which is a consolation for us. So, gradually, we hope they would get to a point where they begin to relax the monetary policy condition,” the LCCI boss explained. Also, research Analyst for FXTM, Lukman Otunuga said the central bank took the logical decision to maintain key interest rates as the nation stabilises and continues its on-going quest to diversify beyond relying on oil exports. “With Nigeria’s GDP for the first quarter of 2017 still in recessionary territory, the damage of depreciating oil prices still lingers on with social economic issues, soft domestic data and inflation exposing the nation to downside risks,” he added. Limits of Monetary Policy The Director General of the West African Institute for Financial and Economic Management, Prof. Akpan Ekpo said that monetary policy has reached its limit, and argued that what the MPC members did was the best they could do. “When the economy starts recovering, then monetary policy would start having an impact. For now, what they are doing is the right thing. They should keep interest rate the way it is. “But when the economy starts recovering, they can slightly reduce the MPR. My worry is that it is taking long for us to get out of recession. The first quarter GDP still shows negative growth and if the second quarter figures don’t show positive growth, then there is a problem. It means that we are not seeing the impact of the federal government’s policies,” he added. The foregoing therefore shows the need for increased collaboration between the fiscal and monetary policy authorities in order to do everything possible to steer the economy onto the road of positive economic growth and unleash the country’s untapped potential.

T H I S D AY MONDAY JUNE 5, 2017

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T H I S D AY • MONDAY, JUNE 5, 2017

BUSINESSWORLD

NEWS

NIPCO Gets SEC’s Approval to Buy-out Mobil Shareholders

NSE Unveils Corporate Learning Institution Nosa Alekhuogie The Nigerian Stock Exchange (NSE) has unveiled a Corporate learning institution, called the X-Academy. It is designed to provide education services to individuals who want to gain a better understanding of various aspects of the capital markets. The launch of the X-Academy, a knowledge-platform, which offers a wide range of courses geared towards bridging the knowledge gap of dealing members, issuers, investors and the general public about products and services of the capital market took place at the Corporate Head office of the NSE in Lagos. The establishment of XAcademy is consistent with The Exchange’s tradition of pioneering far-reaching innovations within the Nigerian capital market. It also feeds directly into

the National Financial Inclusion Strategy (NFIS), which was launched by the federal government in 2012 to reduce the number of adult Nigerians who are financially excluded, from 46.3 per cent in 2010 to 20 per cent in 2020. The Chief Executive Officer, NSE, Mr. Oscar N. Onyema, during a media session, noted that the training programmes at X-Academy will provide individuals and businesses with a robust and effective array of training solutions that will ensure participants are abreast with trends in the rapidly evolving financial markets. He stated: “This is mainly for individuals who want a better understanding of the Capital Market. As a socially responsible organisation devoted to enhancing the fortunes of Nigerians and our investors, we are confident that participants of programmes

offered by X-Academy will be better positioned to make informed financial decisions.” Furthermore, he explained that the X-Academy will offer programmes built around six broad themes, which include: Listings and Trading on the NSE, Products of the NSE, Market Data and Technology, Financial Education, Corporate Governance, and Risk Management and Compliance. The first training from the X-Academy, titled Legal and Risk Aspects of Derivatives and Central Counterparty Clearing (CCP) Transactions, is scheduled to hold from 12th – 15th June 2017 at the Civic Center, Lagos. The acting Head, Corporate Services Division, Ms. Pai Gamde, who also shed some light on the programme stated that “X-Academy is a crucial step to enhancing financial literacy levels in Nigeria and

equipping professionals with requisite skill sets to deliver innovative solutions for the challenges confronting our financial sector.” “The programmes offered by X Academy will be facilitated by seasoned and certified subject matter experts with both local and international exposure to practical experience. Partnerships with professional bodies to ensure that courses taken at X-Academy are award points under the Continuous Development Programmes of these bodies.” “This initiative could not have come at a better time when the market is beginning to recover from the waning investors’ confidence. The Exchange has taken into great consideration the state of the economy as well as income levels to make these programmes affordable to Nigerians”, she added.

Following the successful acquisition of 60 per cent equity stake of Mobil Oil Nigeria Plc by Nipco Investment Limited (NIL) from ExxonMobil Oil Corporation, the company has applied to regulators to acquire additional shares from minority shareholders. The financial transaction, which is being handled by Cordros Capital and Zenith Capital as financial advisers, has been approved by the Securities and Exchange Commission (SEC). The company explained at the weekend that the takeover bid is in compliance with Part XII, Section 131(1)(a) of the Investment & Securities Act (ISA) of 2007 and Rule 445 of the SEC’s Rules & Regulations, which requires NIPCO to make a mandatory takeover bid to all the other shareholders of Mobil Nigeria. The application for the takeover bid opened on May 30 and it is expected to close on June 29, 2017. “This offer period represents the opportunity for qualifying minority shareholders of Mobil Oil Nigeria Plc, who tender their shares to earn cash consideration of N417.12 per ordinary share tendered at a satisfactory premium in comparison with the current market price of N290, which the shares are being traded

on the floor of the NSE last Friday,” the company said. The Managing Director of NIPCO, Mr. Venkataraman Venkatapathy recently told the capital market community that the acquisition of majority shares in Mobil would bring economy of scale to the firm, benefit Nigerians and grow the economy. “We would be adding new businesses and works towards increasing the production of its lubes which has remained a cherished brand in the lubricant market,” he said. The NIPCO boss explained that to all discerning investors the deal is a big welcome to a new dawn and new era that will usher in stability, prosperity, sustainability and growth in the downstream sector in particular and the industry in general. “The deal will definitely make the NIPCO group bigger not only due to the acquisition but also the additional new business lines to be introduced to make the company one of the most proficient and best run out fit in the industry. The group overall goal is to increase Mobil presence and efficiency across the nooks and crannies of the country and expand its retail footprint to a minimum of 300 at the earliest and make it a vibrant one,” Ventakapathy.

MTN Restates Commitment towards World Class Service Delivery Nosa Alekhuogie

OUR SCORECARD

L–R: Chairman Board of Directors, C&I Leasing Plc, Chief Chukwuma Okolo; Managing Director, Mr. Andrew Otike-Odibi and Vice Chairman, Mr. Emeka Ndu at company’s annual general meeting In Lagos...recently

Auldon Partners Global Retailer to Market Nigerian Theme Toys Worldwide Eromosele Abiodun Auldon Toys Limited, manufacturers of Unity Girl dolls, Nigeria’s first theme dolls that project the Africa’s cultural heritage, has signed a memorandum of understanding with Dufry Duty Free Limited, a global travel retailer with operations in 78 countries across the world. The partnership, which was sealed with both parties, will see Dufry sell Auldon’s Toys across its outlets in all countries, where it operates, a move that both parties said will be mutually beneficial to all, going by their pedigree and individual commitment to quality. “We are no doubt thrilled to be partnering Auldon Toys, a Nigerian wholly indigenous company in this venture as we are more than convinced about its prospect following its strong

acceptability within and outside the Nigerian market. For some time, we followed with keen interest, its soaring popularity following the unprecedented success the Unity Doll made in all markets with its theme on unity, echoing beyond a product or service function, and carving a niche for itself as the symbol of positive values, and an icon of African culture. Little wonder, its target consumers now identify and freely relate to it, “said Managing Director of Dufry Nigeria, John Hines. Hines also noted that Auldon Toys, particularly the Unity Dolls “fit beautifully into the products we like to push across Africa and beyond.” “It is worthy to mention that we have had a couple of companies who have shown interest in having us market their product, but we declined because they don’t meet up what

we desire, but in the case of Auldon, we have seen a perfect match, ”he added. On his part, Managing Director of Auldon Toys, Mr. Paul Orajiaka, who said he was pleased with the partnership, acknowledged the strength and expertise of Dufry, adding the company is known across the globe. He stated that a partnership with a global brand of Dufry’s repute is one that a leading brand like Unity Dolls and other toys under its stable, need to conquer other frontiers. He noted that Auldon is optimistic this first step will usher greater prospects to other Dufry stores across the globe. “I am proud to say the level of Acceptance of these dolls and our other toys across the country, has been unprecedented. I can tell you because of a handful of reasons, namely; affordability,

premium quality, availability, uniqueness and most importantly the educative value the dolls offer”. “So it is safe to say we are a market leader with strong prospect for increased growth. Currently, we distribute to all leading retail outlets and supermarkets across the country, namely Game, Shoprite, Spar, Next, Park n Shop, Sahad Stores, Ebeano among others.” “Our visibility level is very high and that’s because there is a growing level of attachment between the dolls and our target market which is the girl child ranging from age 1–10 and the parents. At UnityDolls, we are enjoying a highly successful business operation in Nigeria and we’re convinced it’s time to make similar impact in other climes. And the best partner in actualising this plan is no other organisation than Dufry, “Orajiaka said.

At a well-attended gathering of a select group of customers, MTN Nigeria restated its commitment to providing world class services to its 60 million subscribers nationwide. The event was a special customer engagement forum held at the Transcorp Hilton Hotel, Abuja, tagged ‘An Evening to Connect’. In line with the company’s 2017 focus to strengthen relationships with its valued stakeholders, the evening was part of ongoing efforts to appreciate customers’ loyalty. In the words of MTN’s Chief Operating Officer, Muhammad Zia Siddiqui: “Beyond our various customer touch points, we cherish moments such as this one when we have one-on-one interactions with our customers. One of the things MTN is doing more this year, is listening, celebrating and delighting customers. We take customer feedback very seriously and in fact, we are only happy when our customers are happy. Our customers’ needs are paramount, hence the need to always engage with them.” He described the forum as an opportunity for MTN customers to engage in frank and open discussions with

the brand adding the event would enable MTN’s senior management to feel the pulse of its customers, as well as address and resolve critical issues and complaints. Some customers who attended the forum were the Director General, National Identity Management Commission, Mr. Aliyu Aziz, Executive Director Progammes, NTA, Eugenia Abu and many others. Speaking during the event, the representative of the Executive Director, Information Technology Division, Nigerian National Petroleum Corporation (NNPC), Anthony Olufemi Okuyelu, commended MTN for its products and services and for the company’s zeal to stay ahead of its peers despite the challenging business environment. “We have enjoyed a lot of services from MTN which is the biggest telecommunications company in Nigeria. This explains why MTN is our preferred choice for our inward and outward dialing projects, which they have been operating for the past 10 years,” he said. The guests were serenaded with light music by a saxophonist, Perpetual Atife who is also an alumnus of the MTN Foundation Music Scholars Initiative.

T H I S D AY MONDAY JUNE 5, 2017

MONDAY, JUNE 5, 2017 • T H I S D AY

BUSINESS/MONEYGUIDE

Experts Provide Recipe for Business Success Obinna Chima Operators of micro, small and medium scale enterprises (MSMEs) in Nigeria have been advised to put in place the right structures in order to grow their businesses. Speaking on the sidelines of the LEAP Africa’s 12th Annual CEOs forum in Lagos recently, the founder of LEAP Africa, Ndidi Nwuneli, stressed the importance of governance for any organisation to survive. According to her, every forward-looking firm must have a strong board of directors. “You can’t have a one-man business if you want your business to outlive you. The second is strong financial controls and management and the third one is innovation. “You also need to continue challenging yourself to new ideas. And the fourth is management. “You can’t do everything yourself. You need to find the

right persons, empower them, equip them and sustain them,” she added. According to her, once the right structures have been put in place, it would be easy to attract capital. “There is no shortage of money in Nigeria. A lot of SMEs are not ready to receive financing. There is money chasing people, but how many SMEs are ready to receive it? How are you keeping your books? “Are you separating your personal finance from your companies’ finances? Do you have budget? Do you carry out audit? If you do all of that, you won’t look for money, money would be chasing you,” she stressed. On his part, the Managing Director, UPS Nigeria, Mr. Ralph Ozoude said his firm is particular about encouraging businesses and helping them grow because it started small. UPS is 110 years old and it

was started by an 18-year old, who was doing delivery with a bicycle. “When businesses are small, they need a lot of encouragement to help them grow. Part of the challenges companies have is sustained growth and some of it has to do with corporate governance and compliance. “Every entrepreneur who is starting needs to have a long-term goal. If the goal and objective of that entrepreneur is to make profit in the short-term, then he may not be creating structures and systems that would be sustainable, replicable and that would enable his business to grow and outlive. “The dividend may not come immediately, but once you create the name and reputation, then it starts flowing,” he said. Director of Programmes, LEAP Africa, Mr. Femi Taiwo, said one of the major goals of the conference was knowledge sharing.

Minister of Finance, Mrs. Kemi Adeosun

LSETF, UNDP Sign $4m Partnership Agreement Solomon Elusoji As part of efforts to reduce the rate of unemployment in Lagos state, the United Nations Development Programme (UNDP) and the Lagos State Employment Trust Fund (LSETF) have signed a $4million partnership agreement to equip up to 10,000 Lagosians with relevant skills for employment. Speaking at a press conference held at the LSETF office in Lagos, the Executive Secretary of the Fund, Akin Oyebode, noted that the partnership was necessitated by the significant skills deficit of the unemployed population. “We will be training people

to gain relevant skills and partnering private employers to ensure that the skills being taught have employment merit. “We are hoping that this partnership will be a model for other states, and even other African countries, on how to combat unemployment”, Oyebode said. Under the agreement, the LSETF is expected to contribute $3million to the partnership, while the UNDP would provide $1million. The UNDP Country Manager, Ms. Mandisa Mashologu, while commending the LSETF for its performance so far in helping to create employment in Lagos state, noted that the United Nations agency was very pleased

to sign the agreement. “We will be targeting youths between the ages of 18 and 35, and also ensuring that women are well represented,” she said. She added: “Our objective is to match skills and labour with key growth sectors.” Meanwhile, Oyebode has announced that N1.6 billion has been disbursed from the N25billion fund. “This is a clear sign that we are willing to fund willing entrepreneurs,” he said. The LSETF was established by the Lagos State Employment Trust Fund Law 2016 to provide financial support to residents of Lagos State, for job, wealth creation and to tackle unemployment.

FCMB Restates Commitment to Customer Satisfaction First City Monument Bank (FCMB) Limited has restated its commitment to ensure that it satisfies its numerous customers always. The bank’s Executive Director, Retail Banking, Mr. Olu Akanmu said this during a recent draw in the bank’s on-going reward scheme tagged: ‘FCMB Millionaire Promo Season 4.’ “Our customers are the reason why FCMB exists and we are committed to always delight and empower them,” Akanmu was quoted to have said in a

statement. At the end of the draw, some customers were made millionaires as they won N1 million each. In addition, 640 other customers of the bank were rewarded with various exciting gift items, ranging from LED televisions, power generating sets, decoders, tablets, smart phones and other consolation prizes. At the Lagos regional draw held at FCMB’s Broad Street branch, Musa Mohammed emerged the winner of N1 mil-

lion, while at the Abuja/North regional draw in Abuja, Yahaya Mohammed was rewarded with the same amount. In addition, Vidal Effiong was announced the lucky winner of N1million from the South-east/South-south draw that took place in Uyo. Also, Mr. and Mrs. James Okechukwu (joint account) are now N1million richer on account of their winning at the South-west regional draw held at the Gbongan-Ibadan Road branch of the Bank in Osogbo, Osun state.

Sterling Bank Intensifies Sustainability Sterling Bank Plc has intensified its environmental sustainability campaign with the unveiling of Olamide Adedeji, popularly called ‘Olamide Baddo,’ as its STEM Ambassador. STEM is the bank’s corporate social responsibility initiative, which seeks to promote practices that contribute to the quality of environment on a long-term basis. According to a statement, Olamide is expected to extend reach and impact of the Sterling Bank Environmental Makeover programme. “Launched eight years ago,

the initiative has promoted sanitation, hygiene and environmental sustainability in more than 14 states across Nigeria. “In December 2016, Nollywood actor, Funke Akindele popularly known as Jenifa, joined the employees of Sterling Bank to clean the streets of Lagos,” the statement added. Speaking on the emergence of Adedeji as STEM Ambassador, the Chief Marketing Officer, Sterling Bank, Henry Bassey said: “As a bank, we are big on the environment and clearly going to sustain that. One of the ways to sustain this initiative is to create excitement around it

and we find Olamide a credible choice. “Partnering Olamide will consolidate on the success of the STEM Programme which covers provision of uniforms to street cleaners in 14 states, national cleaning exercise by Sterling Bank employees, and tree planting in Bauchi, Gombe and Plateau states to address the challenge of desertification.” On his part, Olamide promised to live up to his role by promoting sustainable living actions and cleaner environment through his music, words and actions.

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 1 JUNE 2017 The price of OPEC basket of thirteen crudes stood at $48.85 a barrel on Thursday, compared with $48.69 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), 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, JUNE 5, 2017 • T H I S D AY

MARKET NEWS

FSDH Merchant Bank Assures Investors of Optimum Returns Nosa Alekhuogie FSDH Merchant Bank Limited has assured its teeming shareholders that it will continue to do what is necessary to ensure that they are rewarded with optimum returns in the years ahead. Chairman of the company, Mr. Osaro Isokpan, who stated this at the company’s annual

general meeting (AGM) held in Lagos recently, stressed that the company is optimistic that the nation’s economy will soon turn the corner, a situation he stated, will reflect on companies operating in the country. Isokpan, commended shareholders and stakeholders for their support and the confidence reposed in the company’s management and board.

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

He said: “With the expected improvement in the operating environment in the year 2017 and the strategies that we have put in place to take advantage of the emerging opportunities in the economy, we are confident that we will continue to maximise shareholders’ value by constantly re-inventing and realigning our operations and services to exceed the expectations of our various

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

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

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

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

Current Price 34.83 Current Price 2.12

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

Current Price 6.6 0.86 9.8 0.84 23.8 1.31 0.7 4.8 4.9 0.83 0.5 Current Price 0.59 1.05 0.5 1.59 0.79 0.5 0.5 0.5 0.5 0.5 0.5 Current Price 2.58 1.08 Current Price 1.47 Current Price 3.05 3.32 0.5 1.31 17 3.7

stakeholders.” Speaking further, he revealed that, “as at December 31, 2016, the FSDH Group recorded a total asset size of N141.3 billion while the group’s shareholders’ funds stood at N27.87 billion. While this represents a small reduction (7.84 per cent) from the N30.24 billion recorded as group shareholders’ funds

STO C K

as at December 31, 2015, our capital adequacy ratio remains strong at 22.76 per cent against the minimum of 10 per cent prescribed by the CBN for Merchant Banks. “The Group achieved a profit before tax (PBT) of N3.87 billion for the financial year ended December 31 2016. This represents a decrease of 18.01 per cent when compared with

the profit of N4.72 billion for the year ended December 31, 2015. Profit after tax (PAT) for the group decreased by 20.05 per cent to N3.27 billion from N4.09 billion for the previous year. Earnings per share (EPS) for the group were put at 109 kobo, which was 32 kobo lower than the 141 kobo that was earned in the previous financial year.”

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

Current Price 0.5 Current Price 1.01 14.75 1 0.66 1.95

Current Price 1.3 Current Price 0.5

Current Price 11.25 6.08 29.6 4.28 0.87 42 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

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

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

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 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

Current Price 3.2

˾ MONDAY, JUNE 5, 2017

MARKET NEWS

Wapic Shareholders Approve Plan to Raise N10bn Additional Capital Ebere Nwoji Shareholders of Wapic Insurance Plc have approved the company’s plan to raise additional capital of N10billion in readiness for anticipated increase in capital requirement for the insurance industry. The approval, which was given at the company’s 58th annual general meeting (AGM) in Lagos, will enable the company to raise the funds by rights issue, public offering, placing, book building process or other methods or a combination of methods by issuance

of ordinary shares, preference shares, convertible loans, stocks, medium term notes, bonds or other securities in such tranches, series, or proportions, at such coupon or interest rates, within such maturity periods and on such terms and conditions as the directors may deem fit or determine. Speaking at the AGM, Chairman of Wapic Insurance, Mr. Aigboje Aig-Imoukhuede said that the company request at this time to seek approval to raise additional capital was a proactive step towards getting the company ready and set for a much-anticipated regulatory

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

increase in the minimum capital of insurance companies. “This is particularly instructive in view of the recent adoption of the Risk Based Supervision model by the National Insurance Commission (NAICOM) and the directive to insurance companies to implement the Solvency II Capital Allocation model by 2018,” he said. According to him, the approval was a testament of shareholders’ belief and confidence in the company. “More specifically, the current transformational journey that the company embarked upon under

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 01-June-2017, unless otherwise stated.

its current leadership inspired shareholders and demonstrated in practical terms the centrality of the exercise to shareholder value creation,” he said. Announcing the company’s financial performance for the period under review to shareholders AGM, which held in Lagos recently, AigImoukhuede, said the company had targeted a premium growth rate of 20percent for the period, but failed to achieve it owing to increase in claims rate. He explained that the claims rate rose to N2.9billion in 2016 from N1billion in 2014 and N1.6billion

in 2015. This, he said, negatively affected underwriting profit of the company. “This significant jump in underwriting expenses, negatively impacted underwriting profit, which closed at N381 million”, he said. The company also recorded a loss in its profit for the year 2016 as it declared a profit after tax of N586.1 million for the 2016 full year ended December 31 as against N1.3billion it achieved in 2015. Similarly, profit before tax stood at N1.2billion compared with N1.7billion the company declared in

the year 2015, indicating a decline by 28 percent. Aig-Imoukhuede said despite the shortfall in the targeted premium growth rate of the company, which he said was the first in three years Wapic Insurance maintained its strong performance in investment area. He informed the shareholders that Wapic associate company, the Coronation Merchant Bank limited, during the period, delivered outstanding earnings growth adding that Wapic Insurance share of the bank’s profit, contributed strongly to the group’s profit before tax.

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 153.86 154.85 21.30% Nigeria International Debt Fund 219.50 220.85 3.55% 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 0.74 0.75 5.88% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 18.23% 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 14.17 14.60 14.79% ARM Discovery Fund 320.09 329.75 11.46% ARM Ethical Fund 23.20 23.90 3.86% ARM Money Market Fund 1.00 1.00 16.04% 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 120.63 121.48 14.69% AXA Mansard Money Market Fund 1.00 1.00 17.91% 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 0.00% Paramount Equity Fund 10.82 10.89 14.50% Women's Investment Fund 90.76 93.09 7.29% 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 18.70% 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 1,076.18 1,077.31 6.47% FBN Heritage Fund 125.34 126.26 12.36% FBN Money Market Fund 100.00 100.00 18.16% FBN Nigeria Eurobond (USD) Fund - Institutional $108.66 $109.41 5.57% FBN Nigeria Eurobond (USD) Fund - Retail $108.28 $109.03 5.93% FBN Nigeria Smart Beta Equity Fund 131.34 133.14 16.60% 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 1.13 1.16 21.81% Legacy Short Maturity (NGN) Fund 2.74 2.74 6.57% 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 2,440.98 2,473.30 10.58% Coral Income Fund 2,261.13 2,261.13 7.45% GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund 100.00 100.00 16.78% 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 17.58% Vantage Balanced Fund 1.89 1.91 12.32% Vantage Guaranteed Income Fund 1.00 1.00 17.69%

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 1.05 1.07 6.23% Lotus Halal Fixed Income Fund 1,031.83 1,031.83 4.86% 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 11.33 11.43 17.28% Meristem Money Market Fund 10.00 10.00 17.13% 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 1.11 1.14 12.57% PACAM Fixed Income Fund 10.57 10.64 1.75% PACAM Money Market Fund 10.00 10.00 12.84% 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 118.00 118.69 15.76% 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 1.30 1.30 4.71% 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 1,979.63 1,990.40 8.10% Stanbic IBTC Bond Fund 158.84 158.84 3.17% Stanbic IBTC Ethical Fund 0.85 0.86 11.04% Stanbic IBTC Guaranteed Investment Fund 198.98 198.98 6.47% Stanbic IBTC Iman Fund 141.76 143.73 9.24% Stanbic IBTC Money Market Fund 100.00 100.00 18.40% Stanbic IBTC Nigerian Equity Fund 8,273.18 8,367.15 9.08% 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 1.26 1.28 11.71% United Capital Bond Fund 1.36 1.36 18.51% United Capital Equity Fund 0.76 0.77 4.12% United Capital Money Market Fund 1.17 1.17 11.14% 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 11.36 11.56 17.42% Zenith Ethical Fund 12.01 12.13 9.83% Zenith Income Fund 17.91 17.91 8.38%

REITS NAV Per Share

Yield / T-Rtn

11.41 126.92

1.01% 2.38%

Bid Price

Offer Price

Yield / T-Rtn

9.17 88.78

9.27 90.42

4.42% 17.14%

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

3.57 7.30 14.07 17.31 129.88

3.61 7.38 14.17 17.51 131.88

29.29% 3.82% 16.97% 8.47% 0.76%

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 JUNE 5, 2017

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T H I S D AY MONDAY JUNE 5, 2017

MONDAY JUNE 5, 2017 ˾ T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

UK Prime Minister Blames ‘Evil’ Islamist Ideology for London Terror Attack Osinbajo condemns attack Okechukwu Uwaezuoke with agency reports British Prime Minister, Theresa May, has blamed the Saturday night terror attack on the country on “evil” Islamist ideology. Brieﬁng the press yesterday morning, May alluded to the incident as a “brutal terrorist attack” and did not mince words by calling the attackers “terrorists.” Decrying what she called “far too much extremism in our country”, she blamed Islamic extremism for the attack. But the Islamic State group, which had claimed responsibility for the Manchester bombing, was as at the time of this report yet to claim responsibility for the latest London attack, which the prime minister linked to Islamic extremism. According to her, ﬁve credible plots have been disrupted since March. Identifying the internet as a breeding ground for extremism,

May also vowed: “We cannot allow this ideology the safe space that allows it to breed.” She called for more efforts from international communications companies to block the use of cyberspace by extremist groups for recruitment and encrypted information about plots. This attack is the third in the sequence of attacks since March, when a British convert to Islam mowed down people with a vehicle on Westminster Bridge, killing four before fatally stabbing a policeman on Parliament’s grounds. Meanwhile, the Acting President, Prof. Yemi Osinbajo, yesterday condemned the terror attack on London bridge in the United Kingdom, describing it as a sickening atrocity perpetrated by a misguided and cowardly group of terrorists who attacked innocent persons. The acting president, according to a statement by his spokesman, Mr. Laolu Akande,

said Nigeria stood with the government and people of the United Kingdom and extended its condolences to the families of the victims. He said this latest attack in the UK reinforced the need for proactive decision by the global community on how to stamp out the extremist ideologies resulting in terrorism. Also in a statement yesterday, the spokesperson of the Foreign Affairs Ministry, Dr. Clement Aduku, condemned the deadly terrorist attacks in “the strongest terms” and voiced its deep condolence to the relatives and victims of the attack. “The government and people of Nigeria stand with the government and people of Great Britain in the face of continued terrorist attacks on innocent victims. “Our thoughts, sympathy and prayers are with those affected in these latest multiple terrorist attacks and their families,” the ministry stated

T H I S D AY MONDAY JUNE 5, 2017

Offer for Subscription

DEBT MANAGEMENT OFFICE NIGERIA

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

DEBT MANAGEMENT OFFICE on behalf of the

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

Federal Government of Nigeria Savings Bond at the following interest rates

2-Year FGN Savings Bond due June 14, 2019: 13.189% per annum 3-Year FGN Savings Bond due June 14, 2020: 14.189% per annum Opening Date: Closing Date: Settlement Date: Coupon Payment Date:

June 5, 2017 June 9, 2017 June 14, 2017 September 14, December 14, March 14, June 14

SUMMARY OF THE OFFER

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

STATUS: 1. 2.

3. 4.

Qualifies as securities in which trustees can invest under the Trustee Investment Act. Qualifies as Government securities within the meaning of Company Income Tax Act (“CITA”) and Personal Income Tax Act (“PITA”) for Tax Exemption for Pension Funds, amongst other investors. Listed on The Nigerian Stock Exchange. Qualifies as a liquid asset for liquidity ratio calculation for banks.

SECURITY: Backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria.

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

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NEWS

Ă?ĂĄĂ? Ă&#x17D;Ă&#x201C;Ă&#x17E;Ă&#x2122;Ă&#x153; Davidson Iriekpen Ă&#x2014;Ă&#x2039;Ă&#x201C;Ă&#x2013; davidson.iriekpen@thisdaylive.com, 08111813081

Three Ex-NPA Officials, Jonathanâ&#x20AC;&#x2122;s Aide Named in $20m Bribery Scandal in Switzerland Three former top officials of the Nigerian Ports Authority (NPA) and a former special adviser to President Goodluck Jonathan have been named in a massive foreign bribery scandal that has led to the conviction of a company and some of its top officials in Switzerland. Dredging International Services (Cyprus) Limited was sentenced to a fine of one million Swiss Francs and asked to refund 36 million Swiss Francs illegal profit after it was indicted for allegedly making illicit payments to a former Managing Director of the NPA, Adebayo Sarumi; a former Managing Director of NPAâ&#x20AC;&#x2122;s Eastern Ports, Felix Ovbude; a former Executive Director of Finance at the NPA, Abba Murtala Mohammed; and Daniel Afam-Obi, a former executive assistant to Sullivan Akachukwu Nwankpo who was ex-President Goodluck Jonathanâ&#x20AC;&#x2122;s special adviser on technical matters. Investigators believed MAfam-Obi acted on behalf of Nwankpo. While Sarumi, Ovbude and Mohammed allegedly collectively received $2.6million in kickbacks, Afam-Obi was said to have been paid $157,000 for unknown reasons. Â Another $18million, according to PREMIUM TIMES, was passed to companies in which some yet unknown Nigerian officials have interests. Dredging International Services (Cyprus) Limited is part of a consortium which formed The Bonny Channel Management Limited that in turn entered into a joint venture arrangement with the NPA to form The Bonny Channel Company saddled

with â&#x20AC;&#x153;creating and maintaining a safe navigational passage for all marine users to and in the Eastern Ports of Bonny Island, Onne, Okrika and Port-Harcourtâ&#x20AC;?. The NPA holds 60 per cent equity in the JVC while The Bonny Channel Management Limited consortium (comprising Dredging International, Vinci, IPEM and Dapesa Limited) has the remaining 40 per cent. Each year, NPA awards the company contracts worth $70million without any open or competitive bidding as required by Nigerian law, and the firm is believed to have so far cornered jobs worth at least N717 billion. Dredging International is a subsidiary of the Belgian group, Dredging, Environmental and Marine Engineering NV (DEME), which specialises in petroleum infrastructure and dredging, and has a turnover of two billion euros and employs 4,600 people worldwide. The French company VINCI is one of its main shareholders. In an indictment dated May 1, 2017, the Swiss Federal Prosecutorâ&#x20AC;&#x2122;s Office (MPC) said between 2006 and 2011, the company wired huge bribes to the companies in which Sarumi and his colleagues were beneficial owners. In addition, according to the document issued by Federal Prosecutor Alice de Chambrier, Dredging International, through its agent, transferred more than $18 million to nine offshore companies whose real beneficial owners are yet unclear. The companies are Noble Gate Projects Ltd., Liam Engineering Nigeria Ltd., Nianza Fze, Alfonsor Trading Corporation, Monogate

Ltd., FIFC Management and Development Ltd., Reinex Bureau of Change Ltd, Annacro Ltd., and Agro Systems Ltd. Dredging had through two of its executives â&#x20AC;&#x201C; Alexandre Maes (Chief Financial Officer) and Christian Van Meerbeeck (Chief Legal Officer) â&#x20AC;&#x201C; entrusted the treasury of its Nigerian project to a Geneva-based asset management company, Driancourt & Cie, and its director, Alain Driancourt. It was this asset management company and its director that executed the complicated foreign bribery scheme on its behalf. In arranging the illicit scheme, Mr. Driancourt of the asset management firm, documents show, set up three offshore companies: Berndale Trading Ltd, with accounts with Credit Suisse and EFG Bank in Geneva, as well as Bayhill Finance Ltd and Dacklin Trading Ltd, each with an account with EFG Bank.

The accounts were regularly funded by Dredging International. The payment orders were given by Alexandre Maes and Christian Van Meerbeck, then executed by Alain Driancourt. The bribe payments, investigators said, began in 2007 after the NPA refused to pay Dredging International $43 million for dredging work already done. Â To recover this amount, the company elaborately organised the payment of several million dollars to executives of the NPA and other officials in the hope that that would push them to act. And for five years, as indicated above, more $20million were wired to companies in which the named Nigerian officials are believed to be beneficial owners as well as to firms whose real beneficial owners are yet to be determined

(also listed above). As required by Swiss laws, the bank Credit Suisse alerted authorities to these suspicious transfers in 2011, and an investigation immediately commenced. The investigation was initially entrusted to Prosecutor FĂŠlix Reinmann and then to Olivier Thormann. Dredging International tried to justify the payments, with its lawyer, Marc Henzelin, telling investigators, â&#x20AC;&#x153;Our clients admit to having engaged intermediaries close to the government in 2007 to ensure the security of the local personnel in the Delta when there were serious threats to their lives (kidnappings, attacks and immobilisations of boats etc.). â&#x20AC;&#x153;At the same time, our customers found themselves in a situation of near-constraint when the NPA, contractually obliged to pay nearly $50 million to operators, blocked the

payments due. DISC regrets that it chose this solution at the time and has fully cooperated with the Swiss criminal authorities.â&#x20AC;? The subsidiary of the DEME group has since set up an â&#x20AC;&#x153;OECDâ&#x20AC;? compliance system since the beginning of the criminal procedure in 2011. Despite that explanation, the Swiss Prosecution Office indicted the company, and mandated it to pay a fine of 37million Swiss Francs. The companyâ&#x20AC;&#x2122;s officials directly involved in the bribery scheme were also convicted, with authorities saying Alexander Maes and Christian Van Meerbeeck failed to â&#x20AC;&#x153;verify the economic background of the payments they were ordering, even though the company operated in a country where the risk of corruption was notoriously high.â&#x20AC;? Christian Van Meerbeeck

Contâ&#x20AC;&#x2122;d on Pg 59

Lamido Begins Consultation Ahead 2019 Presidential Election Ademola Babalola Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x2039;Ă&#x17D;Ă&#x2039;Ă&#x2DC; Supporters of the former Jigawa State Governor, Alhaji Sule Lamido, have commenced consultations with the Peoples Democratic Party Consultative Forum ahead of the 2019 presidential election. Leading a retinue of Lamidoâ&#x20AC;&#x2122;s aides to the consultative meeting attended by supporters from across the South-west states in Ibadan at the weekend are a former Secretary to the State Government (SSG) during his administration, Dr. Aminu Abdullahi Taura, Director of Press, Umar Kyari and his Personal Assistant, Umar Danjani, among others. The forum in a carnival-like atmosphere at the Social Development Centre Hall, Samonda, Ibadan, celebrated Lamidoâ&#x20AC;&#x2122;s giant strides when he was governor as they rounded off the marathon meeting with a communiquĂŠ that â&#x20AC;&#x153;Nigerians need a true and unbiased democrat at the helms of affairs of our country. â&#x20AC;&#x153;That Lamido should contest at the partyâ&#x20AC;&#x2122;s presidential

primary and subsequently contest for the position of the president of Nigeria. That the PDP consultative forum members are solidly behind him.â&#x20AC;? Speaking earlier, the forumâ&#x20AC;&#x2122;s regional/South-west Coordinator, Rasaq Aka, appealed to Lamido to work in tandem with other founding fathers of the party to reunite the factional members with a view to moving the party forward and ensuring victory in 2019. Also, the Oyo State coordinator, Adeolu Adekunle, implored members of the group and the PDP in general to put the past behind them and forge a common front to return the party to its winning ways since 1999. In his brief remarks, the former SSG, Taura, commended the group for the initiative of bringing members in the Southwest under one umbrella. He said the former governor is in the race in the interest of the masses as he begins to build bridges across the Niger to ensure victory in the 2019 presidential election.

CONDOLENCE VISIT

Former Chairman, Board ofTrustees of the Peoples Democratic Party (PDP), Chief Tony Anenih (second left), welcoming the Senate President, Dr. Abubakar Bukola Saraki, to his Abuja residence. With them is the former Chief Justice of Nigeria (CJN), Justice Alfa Belgore, when the Senate President paid a condolence visit to Chief Anenih over the death of his wife and son in Abuja ....yesterday.

Onnoghen Appoints Hadizatu Mustapha Chief Registrar of Supreme Court Alex Enumah Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039; The Chief Justice of Nigeria (CJN), Justice Walter Onnoghen, has approved the appointment of Mrs. Hadizatu Uwani Mustapha, as the new Chief Registrar of the Supreme Court. Mustapha will assume office onÂ July 1, 2017 to replace the current Chief Registrar, Mr. Ahmad Gambo Saleh, who would on the same day resume in his new position as the Secretary of the National Judicial Council (NJC).Â According to a statement byÂ Senior Special Assistant to the CJN on Media, Awassam Bassey, theÂ appointment was contained in a letter of appointment signed by the Secretary of the Federal Judicial Service Commission

(FJSC), Mrs. Bilkisu Bashir, and datedÂ May 31, 2017. Bassey further disclosed that Mustapha emerged from a strong field of six applicants interviewed by the FJSC headed by its Chairman, Justice Onnoghen, on May 30, 2017. Until her appointment, Mrs. Mustapha, was the Deputy Chief Registrar of the Sharia Court of Appeal of the Federal Capital Territory (FCT), Abuja. She was born in Gwoza in Borno State on August 8, 1961 and holds a Bachelor of Law (LL.B) degree from the University of Maiduguri which she earned in 1984 before attending the Nigerian Law School, Victoria Island, Lagos, for her Barrister at Law (BL) programme in 1985.

â&#x20AC;&#x153;After her National Youth Service Corps (NYSC) programme in 1986, Mustapha joined the Borno State Ministry of Justice, Maiduguri, in 1987as State Counsel 11 before rising to State Counsel 1 (1990-1993); Senior State Counsel (19931996); Assistant Director (19961999), and Acting Director, Citizens Rights Department (1999-2000). â&#x20AC;&#x153;Between 2000 and 2004, Mrs. Hadizatu Mustapha was the Chief Enterprise Officer of the Bureau of Public Procurement (BPE), Abuja, where she was the Acting Secretary to three committees: Policy and Monitoring Committee, Transactions Marketing Committee, and Industrial Manufacturing Committee,â&#x20AC;?

part of the statement read. She was also said to have returned to the Borno State Ministry of Justice as the acting Director of Public Prosecution before joining the state government as Senior Special Assistant on Administration to the Governor in 2004 before her appointment as Director of Legal Services to the Borno State Independent Electoral Commission in 2007. â&#x20AC;&#x153;After a four-year stint in the private sector, Mrs. Mustapha joined the Sharia Court of Appeal in the Federal Capital Territory in 2011 as the Deputy Chief Registrar, a position she maintained till her current appointment as the Chief Registrar of the Supreme Court of Nigeria,â&#x20AC;? Bassey noted.Â

MONDAY, JUNE 5, 2017Ëž T H I S D AY

NEWSXTRA

Kalu: Buhari will Return to Nigeria Before June 11 Chinedu Eze Former Abia State Governor, Chief Orji Uzor Kalu, has disclosed that President Muhammadu Buhari will return to the country on June 11. Buhari left the country on May 7 to the United Kingdom on medical vacation. Kalu, who spoke with journalists in an interview at the Murtala Muhammed Airport, Ikeja, Lagos yesterday, Â said he visited the president in London last week and that he was fast recuperating. He urged Nigerians to desist from spreading messages of hate

and divisionÂ on the presidentâ&#x20AC;&#x2122;s health The former governor said Nigerians should rather pray for Mr.Â President to enable him recover fast and return to his duty post. He added that it was inhuman for some Nigerians to spread messages of falsehood about Buhariâ&#x20AC;&#x2122;s health. Kalu said he visited London to have first hand knowledge of the state of health of Buhari. He said: â&#x20AC;&#x153;I went to Washington to visit some business partners and from there stopped at London to see Mr. President,Â who is recovering

CBN Pledges to Sustain Dollar Injection in FX Market Obinna Chima Basking in the euphoria of the near rate convergence achieved in the foreign exchange (forex) market, indications emerged yesterday that the Central Bank of Nigeria (CBN) would sustain its dollar injection in the market this week. The sell side of the naira exchange rate against the dollar appreciatedÂ significantly by N12, to close at N363 to the dollar on the parallel market on Friday, as againstÂ the N375 to the dollar as was last Thursday. Also, the buy rate of the greenback closed at N369 to the dollar on Friday, stronger than the N382 to the dollar it was the previous day. To this end, a reliable source at the central bank revealed that the Bank was not resting on its oars and remained determined to ensure a convergence between the interbank and Bureau de Change (BDC) rates soon, hence the move to continue its intervention in the interbank market. The CBN Acting Director, Corporate Communications, Isaac Okorafor, confirmed

that there were indeed plans by the CBN to make necessary interventions in the forex market, in line with its earlier resolve to achieve forex rates convergence and liquidity in the market. On how the bank hoped to sustain its interventions, Okorafor said the CBN has enough forex to meet the requirements of all customers, who had genuine need for the dollar. He also expressed optimism that the current policy of the bank and the cooperation of all stakeholders would check the unwholesome activities of speculators. CBN Governor, Mr. Godwin Emefiele, while commenting recently on how far the CBN would go in sustaining its market interventions, had said: â&#x20AC;&#x153;I have said it and I will repeat myself that the interventions will be more vigorous than before to underscore the fact that we are determined to ensure that the Nigerian economy recovers, by making sure that foreign exchange is being made available to operators of the economy to conduct their businesses.â&#x20AC;? Â

APC Wins Benue Council Polls George Okoh Ă&#x201C;Ă&#x2DC; Ă&#x2039;Ă&#x2022;Ă&#x;Ă&#x153;Ă&#x17D;Ă&#x201C; The All Progressives Congress (APC) in Benue State has won all theÂ 23 chairmanship and 276 councillorship seats in the state local government elections conducted at the weekend by the state Independent Electoral Commission. The election was held in the entire 23 local government areas and the 276 wards in the state. Announcing the results at the commissionâ&#x20AC;&#x2122;s headquarters inÂ Makurdi yesterday, the Chairman of BSIEC,Â Dr. John Tsuwua, said the APC won all the 23 chairmanship seats and all the 276 councillorship slots in the state. He said: â&#x20AC;&#x153;From the results declared from the polling units to ward levels and to the local government headquarters across the state, APC won the entire chairmanship and councillorship seats of theÂ local government areas.â&#x20AC;? Tsuwua disclosed that the

eight parties that participated in the elections exhibited maximum maturity and conducted the affairs of their parties in orderly manner during and after the elections. Many analysts are of the view that the APC won the election as a result of the court judgment last Friday that stopped the Ahmed Makarfi faction of the Peoples Democratic Party (PDP) from participating in the elections. The BSIEC chairman explained that out of the 276 councillorship seats, 182 candidates of APC were elected unopposed, while 94 seats that were contested by other political parties were still won by APC. According to him, for the first time in the history of local government elections in the state, the commission did not witness snatching of ballot boxes, killings, gunshot andÂ destruction of other electoral materials in polling units acrossÂ the local government areas.

very fast. I am excited over the state of health of President Buhari despite the hate messages people wereÂ spreading about him. I am disappointed with the statement coming from some Nigerians about the health ofÂ Mr. President. The messages some Nigerians have been spreading in the social media is unhealthy. I am calling on Nigerians to have a change of heart. Being a President, does not mean, you cannot be sick, the hate messages are becoming too much.Â There must be good sense of tolerance among the ethic groups, we are all one.â&#x20AC;?Â The former governor said it was wrong to embark on any assessment of the duties of the

acting president, whom he said is carrying out hisÂ constitutional duties. Osinbajo, he said, should continue to discharge his constitutional duties. He commended Lagos State Government on the 50 years anniversary, noting that other states should copy the template ofÂ governance where there is continuity of projects in the state.Â Kalu said: â&#x20AC;&#x153;Since 1999, the governance of Lagos State has been the same. There is continuity of programmes and projects.Â The problem with other states is that their leadership need exposure to replicate what is in Lagos. To achieve what LagosÂ State has done is to continue with the

programmes. â&#x20AC;&#x153;I commend Governor Akinwunmi Ambode for what he has done, his giant strides are remarkable.â&#x20AC;?Â On the state of the nation, Kalu said Buhari has done well in the fight against insurgency and the war against corruption, adding that the government should obey constitutional provisions as it affects the judicial arm of government. He said: â&#x20AC;&#x153;The government has done well, but there is a lot of suffering in the land. The masses are suffering, goingÂ through economic problems , the administration has done well, but must obey the laws of the land, by respecting

judicialÂ processes. Government must pursue the hardware and software of democracy that includes the rule of law and respect of the constitution.â&#x20AC;? On the sit-at-home order by Indigenous People of Biafra (IPOB), Kalu said it was wrong for people to sit at home, because it would affect the economy ofÂ the South-east. He said though the people have a right to agitate, he called for enlightenment on the need to pursue aÂ united country. He said: â&#x20AC;&#x153;Most of the people may not understand what the issues are, but with time, they will soon understand. There isÂ strength in unity, God did not make a mistake by putting us in one country.â&#x20AC;?Â

BRAND AMBASSADOR

L-R: Company Secretary, Sterling Bank Plc, Justina Lewa; Sterling Bankâ&#x20AC;&#x2122;s Environmental Make-Over Ambassador, Olumide Adedeji (BADOO); and Â Group Head, Brand Management and Communications, Sterling Bank, Mr. Henry Bassey, during the unveiling of the Make-Over Ambassador in Lagos....Friday.Â

IPOB: Arresting Kanu Again will Spark Problems for Nigeria

BPE, NSE to DeďŹ ne Terms for Listing Privatised Firms on Bourse

David-Chyddy Eleke Ă&#x201C;Ă&#x2DC; ĂĄĂ&#x2022;Ă&#x2039;

Chineme Okafor Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039;

The Indigenous People of Biafra (IPOB) has said arresting Nnamdi Kanu a second time will bring the attention of world powers to the plight of the people of the South-east. It added that it would also mean that the attainment of Biafra is near. The group said its leader is not afraid of going to prison a second time, but arresting him would draw the attention of the international community to the region. The group in a statement made available to THISDAY by the Media and Publicity Secretary, Emma Powerful, said there was need to make the clarification, especially for those who were calling for the re-arrest of Kanu for flaunting his bail conditions. The group said the call stemmed from the success of the sit-at-home protest declared by Kanu, which it said witnessed total compliance. It said: â&#x20AC;&#x153;Arresting Kanu again cannot stop the agitation, rather it will be a very big mistake on the side of federal government and its

security operatives because when the security operatives arrested him on his arrival from London in his hotel room in Lagos, it sparked protests and rallies across the world. â&#x20AC;&#x153;Arresting him again will draw the attention of the world leaders and other relevant organisations closer to the quest for Biafra independence.Â â&#x20AC;&#x153;Therefore, we donâ&#x20AC;&#x2122;t give a damn, whether they arrest him or not. We donâ&#x20AC;&#x2122;t bother. Keeping Kanu in or out of Nigeria prison means nothing to us because the restoration effort continues unabated. Having Kanu in prison is always good for the struggle to restore Biafra.â&#x20AC;? The group said the refusal to free him after two courts of competent jurisdiction granted him unconditional release, elevated the struggle to another level. It added: â&#x20AC;&#x153;IPOB and its leadership are not even deterred by any threat from any corner because what we are doing is inalienable rights to all the indigenous people around the world and it is enshrined in the United Nations charter.â&#x20AC;?

The Bureau of Public Enterprises (BPE) and Nigeria Stock Exchange (NSE) will define the modalities for the listing of privatised government firms on the capital market, the Director General of BPE, Mr. Alex Okoh, has disclosed. Okoh said yesterday in a statement by the Head of Public Communication of the BPE, Mr. Chukwuma Nwokoh, that the structure of the reform and privatisation process by the BPE already envisaged the listing of privatised enterprises as the final outcome of the exercise. He reportedly told members of the NSEâ&#x20AC;&#x2122;s technical committee on attraction of new listings to the capital market which is chaired by Haruna Jallo Waziri, an executive director at the NSE, at a meeting in Abuja that this would eventually happen but that conditions for the listings would also have to be defined. Okohâ&#x20AC;&#x2122;s disclosure that the listing on the stock exchange of shares of privatised government companies thus confirms

THISDAYâ&#x20AC;&#x2122;s recent report from the federal governmentâ&#x20AC;&#x2122;s power sector recovery programme, that the BPE and Nigerian Electricity Regulatory Commission (NERC) would soon be asked by the government to get the electricity distribution companies (Discos) to quickly list their shares on the stock exchange to enable them raise capital to fund their operations. Apart from the electricity Discos, there are also other privatised governmentâ&#x20AC;&#x2122;s firms in other sectors of the Nigerian economy that would be asked to list their shares in the stock exchange. Okoh, however pledged that the BPE would initiate a strong collaboration with the capital market and help deepen its operations. He added: â&#x20AC;&#x153;We will collaborate in reviewing what the conditions are and try to make it right for the listings.â&#x20AC;? He equally raised concerns about the stability of the capital market and prospects of getting good value should the privatised entities be listed.

T H I S D AY MONDAY JUNE 5, 2017

NEWSXTRA

Rann Bombing: ‘We’ve Nothing to Hide, Says Air Force Report’s outcome won’t be swept under the carpet Paul Obi in Abuja As Nigerians await the outcome of the report on the accidental bombing of Rann, an Internally Displayed Persons (IDPs) location in Borno State, the Nigerian Air Force (NAF) at the weekend maintained that it had nothing to hide from the public about the incident. The assurance came on the heels of speculations and worries over the decision of the NAF’s top hierarchy and the Defence Headquarters (DHQ) to maintain sealed lips months after the Rann bombing report was submitted. Speaking with journalists in Abuja, NAF Director of Public Relations and Information, Air Commodore Olatokunbo Adesanya, called on Nigerians to be patient in awaiting the outcome of the findings of the panel of enquiry set up to unravel the circumstances surrounding the accidental bombing of the IDPs camp. Adesanya said: “We are aware of the interests the matter has generated within and outside the country. A Board of Enquiry

has been set up to determine what happened, who are those involved, what led to the accident and how do we prevent a recurrence. “We are pleading with Nigerians to be patience with NAF so that the Board of Enquiry will do its assignment diligently. And don’t forget that some of the people involved, victims or their relatives, may be people who could not speak English. So a thorough job has to be done. “And again, remember the NAF for the past seven years has been involved in the campaign against the Boko Haram insurgency in the North-east without any accident of such magnitude. “I, for instance, have lost some of my students in Jaji, some of my course mates have died and even senior officers in the course of fighting and defending the country and the people. “To us it is traumatising, because the chance is 50/50 whenever you climb an aircraft, you never can tell maybe that will be your last outing, so it is traumatising to us when the

people you set out to protect or defend become victims of your action, either by acts of commission or omission. “So that is why we are saying that at this period, it will do us more good to be encouraged by our many victories and successes in the past seven years, than judging us by our mistakes or shortcomings. Remember there is no human institution that is perfect, therefore the NAF cannot be an exception.” He further informed journalists that NAF has “acquired more aircraft fitted with latest technology to undertake various clearance operations against Boko Haram” adding that, “besides training over 6,000 personnel in various areas, the aircrafts could fight all through the night, during rain and all day.” Adesanya contended that “for now, Boko Haram has been so decimated that they could not move freely as before or hoist their flags on any territory belonging to Nigeria, as NAF is committed to the on-going clearance operations and flushing out remnants of the insurgent group.”

THREE EX-NPA OFFICIALS, JONATHAN’S AIDES NAMED IN $20M BRIBERY SCANDAL IN SWITZERLAND received a bonus of 800,000 euros over the period, of which 40,000 was in connection with the Bonny Channel project. He would have to reimburse 56,000 francs out of this sum, and pay 5,000 francs in procedural costs. He is also sentenced to 12 days fine of 210 francs with suspended sentence. Alexandre Maes received €2.7 million in bonuses, including €136,000 for Bonny Channel. He was ordered to pay 197,000 francs, plus 5,000 francs in procedural costs. He also received a 12-day fine with suspended sentence. The asset management company, Driancourt & Cie, had earlier in August 2015 been ordered dissolved by regulatory authorities in Switzerland for its insufficient controls in view of the risks of corruption in Nigeria. Its director, Alain Driancourt, was also prohibited from practicing as financial intermediary in the country. The public prosecutor’s officers decided not to issue compensatory fine against Driancourt in view of the bankruptcy of his company. He was however sentenced to 60 days fine of 150 francs per day with suspended sentence, and will have to pay 1000 francs of procedural expenses. Switzerland said it sought assistance from Nigeria and that the then Minister of Justice, Mohammed Bello Adoke, replied that there was no case for criminal prosecution. Sources at the Economic and

Financial Crimes Commission (EFCC) confirmed that the anti-graft agency received a request from Switzerland on the matter. “We interrogated the named individuals, did other investigations and then forwarded our findings to the Attorney General’s office for onward passage to the Swiss embassy,” one of the investigators who handled the matter told PREMIUM TIMES. “The difficulty we had then was that the companies into which the monies were paid were offshore ones, and they had no bank accounts in Nigeria. However, we sent our report to the Attorney General but we had no idea what he told the Swiss. We also did not hear back from the Swiss since then.” Adoke, who is wanted by the EFCC in connection with the Malabu Oil investigation, has been out of Nigeria since the end of his tenure in May 2015, and could not be reached to comment for this story. A source close to him however quoted the former minister as saying everything he did while in office was in compliance with Nigerian laws. The incumbent Attorney General, Abubakar Malami, did not answer or return calls. Neither did he reply a text message sent to him. The Managing Director of NPA, Hadiza Bala Usman, said she was not aware of the case, and that no one or agency had discussed the matter with her

since she assumed duties at the Authority on July 18, 2016. When contacted by telephone, Ovbude, who is a now managing consultant with Lagos-based Renaissance Consulting, first said: “I don’t know what they are talking about.” But when he was told that the company which paid the bribe had confessed, the former NPA official said: “I worked and many people worked. It’s one thing to say you are specifically in charge, but issue can come up and you are exonerated.” When told that he was specifically mentioned in the charge and that Dredging International had been convicted, he said, “I am not told, I am not aware.” Sarumi’s telephone failed to connect on Friday and Saturday. But he later replied a text, saying he was travelling abroad and that our reporter should telephone him again at 2p.m. Nigerian time yesterday. He kept that appointment, telling this reporter, “As far as I’m concerned, I am not aware of the matter you are talking about. I hope we were not named just because we represented NPA on the board of the joint venture company.” He then asked to be furnished with documents detailing the indictments in Switzerland. Afam-Obi is yet to answer questions sent to him via Facebook by our reporter while Mohammed could not be reached for comments.

S/N

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BANK CHARGE

30-May-17

305.90

842.23

CORONATION MERCHANT BANK

BANK CHARGE

30-May-17

305.90

940.88

CORONATION MERCHANT BANK

BANK CHARGE

30-May-17

305.90

1,012.27

CORONATION MERCHANT BANK

BANK CHARGE

30-May-17

305.90

1,045.49

CORONATION MERCHANT BANK

BANK CHARGE

30-May-17

305.90

CORONATION MERCHANT BANK

BANK CHARGE

30-May-17

305.90

1,116.04

CORONATION MERCHANT BANK

BANK CHARGE

30-May-17

305.90

1,120.00

CORONATION MERCHANT BANK

BANK CHARGE

30-May-17

305.90

1,180.13

CORONATION MERCHANT BANK

BANK CHARGE

30-May-17

305.90

1,181.24

CORONATION MERCHANT BANK

BANK CHARGE

30-May-17

305.90

1,231.41

CORONATION MERCHANT BANK

BANK CHARGE

30-May-17

305.90

1,324.75

CORONATION MERCHANT BANK

BANK CHARGE

30-May-17

305.90

1,379.36

CORONATION MERCHANT BANK

BANK CHARGE

30-May-17

305.90

1,415.90

CORONATION MERCHANT BANK

BANK CHARGE

30-May-17

305.90

1,437.59

CORONATION MERCHANT BANK

BANK CHARGE

30-May-17

305.90

1,608.98

CORONATION MERCHANT BANK

BANK CHARGE

30-May-17

305.90

1,611.14

CORONATION MERCHANT BANK

BANK CHARGE

30-May-17

305.90

1,683.52

CORONATION MERCHANT BANK

BANK CHARGE

30-May-17

305.90

1,739.45

AVANTI IND LTD

GENERAL PURPOSE POLYSTYRENE

31-May-17

321.50

123,120.00 119,420.49

1,057.51

BSV IND LTD

180 METRIC TONS OF POLYVINYL CHLORIDE

31-May-17

321.50

BUILDGEN NIG LTD

RAW MATERIAL FOR BOOK PRODUCTION,WOODFREE

31-May-17

321.50

39,644.01

DE-UNITED FOODS IND LIMITED

POLY (ETHYLENE TEREPHTHALATE) IN ROLL (PET)

31-May-17

321.50

482,800.00

FAREAST (NEW HOME PRODUCTS INDUSTRIES LTD)

RAW MATERIAL FOR SOAP MANUFACTURING

31-May-17

321.50

65,020.00

FAREAST (NEW HOME PRODUCTS INDUSTRIES LTD)

RAW MATERIAL FOR SOAP MANUFACTURING

31-May-17

321.50

25,600.00

FRIESLANDCAMPINA WAMCO NIG PLC

WHOLE MILK POWDER INSTANT 28/37.5 BAG

31-May-17

321.50

47,415.04

GMT (WESTERN AFRICAN RUBBER PRODUCTS NIG LTD)

RAW MATERIAL: AZODICARBONAMIDE FOR INDUS

31-May-17

321.50

121,598.40

GMT (ACE FOOTWEAR MANUFACTURING CO LTD)

LOW DENSITY POLYETHYLENE LOTRENE FD0474

31-May-17

321.50

116,875.00

GMT (ASIA PLASTIC INDUSTRIES LTD.)

RAW MATERIAL(MODIFIED AZODICARBONAMIDE

31-May-17

321.50

180,675.00

GMT (ASIA PLASTIC INDUSTRIES LTD.)

RAW MATERIAL(ETHYLENE VINYL ACETATE COPOLYMER

31-May-17

321.50

145,125.00

KGM INDUSTRIES (NIG) LIMITED

PP HOMOPOLYMER-H200MA

31-May-17

321.50

261,120.00

MINL LTD

INDUSTRIAL RAW MATERIALS - PVC FREE COMPOUND

31-May-17

321.50

116,800.00

PLASTIFLEX NIG LTD

PLASTIC RAW MATERIALS - PVC RESINS

31-May-17

321.50

172,800.00

ROYAL POWER AND ENERGY LTD

CKD PARTS FOR UPS SYSTEMS

31-May-17

321.50

73,766.00

SACVIN NIGERIA LTD

INDUSTRIAL ACCESSORIES SPARES TO BE USED

31-May-17

321.50

92,884.42

SHIVLILA POLYMERS LTD

PLASTIC RAW MATERIAL: LINEAR LOW DENSITY

31-May-17

321.50

138,600.00

STARSONIC NIG LTD

HIGH DENSITY POLYETHYLENE BLOW

31-May-17

321.50

152,265.68

SUNRISE PRODUCTS LIMITED

RAW MATERIAL FOR INDUSTRY ARTIFICIAL RESINS.

31-May-17

321.50

121,770.00

VIK INDUSTRIES LIMITED

RAW MATERIAL - PROPYLENE COPOLYMER

31-May-17

321.50

333,200.00

VIK INDUSTRIES LIMITED

RAW MATERIAL - HDPE BLOW

31-May-17

321.50

193,050.00

VIK INDUSTRIES LIMITED

RAW MATERIAL - POLYPROPYLENE

31-May-17

321.50

95,200.00

CORONATION MERCHANT BANK

BANK CHARGE

1-Jun-17

305.95

1,847.88

CORONATION MERCHANT BANK

BANK CHARGE

1-Jun-17

305.95

1,938.88

CORONATION MERCHANT BANK

BANK CHARGE

1-Jun-17

305.95

2,012.63

CORONATION MERCHANT BANK

BANK CHARGE

1-Jun-17

305.95

2,028.09

CORONATION MERCHANT BANK

BANK CHARGE

1-Jun-17

305.95

2,347.23

CORONATION MERCHANT BANK

BANK CHARGE

1-Jun-17

305.95

2,473.73

CORONATION MERCHANT BANK

BANK CHARGE

1-Jun-17

305.95

2,485.78

CORONATION MERCHANT BANK

BANK CHARGE

1-Jun-17

305.95

2,720.03

CORONATION MERCHANT BANK

BANK CHARGE

1-Jun-17

305.95

2,935.09

CORONATION MERCHANT BANK

BANK CHARGE

1-Jun-17

305.95

3,066.12

CORONATION MERCHANT BANK

BANK CHARGE

1-Jun-17

305.99

5,063.56 5,488.92

CORONATION MERCHANT BANK

BANK CHARGE

1-Jun-17

306.03

CORONATION MERCHANT BANK

BANK CHARGE

1-Jun-17

306.03

8,828.37

FOLAWIYO ENERGY LTD

7000, METRIC TONS VAC +/- 10% GASOIL

1-Jun-17

324.25

70,050.71

EKO SUPREME RESOURCES NIG LTD

HIGH PRESSURE PUMP, MODEL : 6NJ100-20/8, BRAND

1-Jun-17

324.25

60,449.29

PROMASIDOR NIG LTD

TECHNICAL FEES

1-Jun-17

324.25

50,000.00

CROWN FLOUR MILLS LIMITED

WHEAT GERMAN WHEAT IN BULK(12.5% PROTEIN

1-Jun-17

324.25

25,000.00

CROWN FLOUR MILLS LIMITED

GERMAN MILLING WHEAT

1-Jun-17

324.25

21,289.46

CROWN FLOUR MILLS LIMITED

GERMAN MILLING WHEAT

1-Jun-17

324.25

16,210.54

VIK INDUSTRIES LIMITED

RAW MATERIAL - HDPE BLOW

1-Jun-17

324.25

7,000.00

FOLAWIYO ENERGY LTD

7000, METRIC TONS VAC +/- 10% GASOIL

1-Jun-17

324.25

375,000.00

CROWN FLOUR

WHEAT GERMAN WHEAT IN BULK(12.5% PROTEIN

1-Jun-17

324.25

75,000.00

PROMASIDOR NIG LTD

TECHNICAL FEES

1-Jun-17

324.25

150,000.00

CROWN FLOUR

GERMAN MILLING WHEAT

1-Jun-17

324.25

150,000.00

CBN

UNUTILISED BAL

2-Jun-17

320.00

115.00

CBN

UNUTILISED BAL

2-Jun-17

320.00

450.00

CBN

UNUTILISED BAL

2-Jun-17

320.00

2,670.00

CBN

UNUTILISED BAL

2-Jun-17

305.70

147.07

CBN

UNUTILISED BAL

2-Jun-17

350.00

420.00

CBN

UNUTILISED BAL

2-Jun-17

304.50

582.10

CBN

UNUTILISED BAL

2-Jun-17

320.00

84.39

CBN

UNUTILISED BAL

2-Jun-17

305.25

229.40

S/N

CUSTOMER

DATE OF FUND PURCHASE

EXCHANGE RATE

USD AMOUNT 200,000.00

OTHER SOURCES 1

30-May-17

305.85

OTHER SOURCES 2

30-May-17

305.85

100,000.00

OTHER SOURCES 3

30-May-17

305.40

200,000.00

OTHER SOURCES 4

30-May-17

370.00

99,933.00

OTHER SOURCES 5

31-May-17

305.40

25,000.00

CBN

31-May-17

321.00

3,218,749.04

OTHER SOURCES 6

1-Jun-17

305.45

25,000.00

CBN

1-Jun-17

323.75

250,000.00

CBN

1-Jun-17

323.75

750,000.00

OTHER SOURCES 7

2-Jun-17

320.00

115.00

OTHER SOURCES 8

2-Jun-17

320.00

450.00

OTHER SOURCES 9

2-Jun-17

320.00

2,670.00

OTHER SOURCES 10

2-Jun-17

305.70

147.07

OTHER SOURCES 11

2-Jun-17

350.00

420.00

OTHER SOURCES 12

2-Jun-17

304.50

582.10

OTHER SOURCES 13

2-Jun-17

320.00

84.39

OTHER SOURCES 14

2-Jun-17

305.25

229.40

TOTAL AMOUNT

AVERAGE AMOUNT

4,873,380.00 286,669.41

MONDAY, JUNE 5, 2017˾ T H I S D AY

NEWSXTRA

Saraki: New National Road Fund Bill Won’t Lead to Increased Fuel Price MAN president: Proposed levy ill-timed

Jonathan Eze ÓØ ËÑÙÝ ËØÎ Hammed Shittu ÓØ ÖÙÜÓØ Senate President, Dr. Abubakar Bukola Saraki, at the weekend re-assured Nigerians that the proposed National Road Fund Bill being planned by the Senate would not lead to any increase in the current price of fuel. He also hinted that the Senate would this week discuss a motion on the interest rates being charged by commercial banks on loans to customers, particularly entrepreneurs who needs borrowed funds to stay afloat and contribute to the National Gross Domestic Product (GDP). Speaking against the backdrop of the recent wrong interpretations in the media on a recommendations by the Senate Committee on Works on the proposed bill in Ilorin, Kwara State capital, Saraki said: “The report of the Senate committee which worked on the National Road Fund Bill came from deliberations during a pubic

hearing in which all stakeholders made different suggestions on how to generate funds for maintenance of the nation’s road network but that there was a consensus on the desirability of the fund and the need to ensure that the money to be generated from sale of fuel for the fund should be accommodated within the current price regime.” He said: “This is an opportunity to clarify the inaccurate reporting. There is a bill called the National Road Funds Bill. Our roads around the country are not adequately funded. “If we are banking on the appropriations process, we will not be able to adequately fund and refurbish our roads. “Anybody that read the full report would have known that after the public hearing, which involved stakeholders from the road and transport industry, it was recommended that five naira from each litre of petrol should be channeled towards our roads. “However, this is not going to

be additional five naira, but five naira out of the present price of N145 that Nigerians are currently paying at the pump.” Saraki explained: “The recommendations came from the engagement with stakeholders at the public hearing on the bill. “One of the conditions attached to the new charges by all stakeholders was that this N5 should not be an increase, but come from what is already existing. It is believed that the existing charges in the present price regime would be reduced to accommodate the N5 Road Fund bill. “Nigerians should be reassured that although we have not even debated these recommendations, the committees report came with a clear proviso that the N5 should come from a restructuring of the existing template, which is reshuffling the taxes in the current N145 — so that N5 out of this will always be pushed to develop existing roads and build new ones.” Saraki added that this week, the Senate would discuss and take a

decision on the interest rates being charged by commercial banks as he said the prevailing rates were too high and discouraging to genuine industrialists and entrepreneurs who needs to accommodate the cost of money alongside other costs to fix prices of goods and services. “If we genuinely want to stimulate local manufacturing and development of the small and medium enterprises so as to generate employment and help our national economy to recover from recession, then people must be able to borrow money at reasonable interest rates. It is difficult for manufacturers to survive while borrowing at about 28 per cent,” he said. Speaking on the journey thus far after being at the helm of the Senate and the National Assembly for the past two years, the Senate President said: “I am comfortable with the support that I have received from my colleagues. One thing that makes the 8th Senate different is that we take initiative. For example, a bill like the Petroleum Industry

Ogidi Day 2017 to Focus on Education,Youth Empowerment, Says Eniolorunda Revamping education as well as the empowerment of women and youths will be the focus of the Ogidi Day Festival holding in Ogidi in Ijumu Local Government Area of Kogi State on June 17, this year, National President, Ogidi Development Union, Mr. Kayode Eniolrunda, has said. Eniolorunda made this known in Abuja while speaking with journalists on the plans for the festival held yearly by the agrarian community to celebrate the new yam, showcase its culture and seek help in the execution of its development projects. He said the community was determined to regain the comparative advantage in education that it once enjoyed and would therefore rehabilitate its educational infrastructure and work towards the improvement of the performance of its children in major external examinations. Towards this end, Eniolorunda said the rehabilitation of the Ogidi Community Secondary School in the town had commenced and that some of the funds realised at the Ogidi Day this year would be channelled towards further upgrading facilities in the school. Working with a United Kingdom-based charity, Ripples Foundation, he said the community would develop specific programmes to engage the womenfolk and the army of unemployed youths in the community in productive activities. According to Eniolorunda, Kogi State Governor, Alhaji Yahaya Bello, is expected to be the chief guest of honour at the event while top Ghanaian entrepreneur and Chairman, Eurostar Group, Mr. Oscar Yao Doe and the Yeyeokun of Okunland, Yeye Funke Eseyin would be the chairman and

chairperson respectively. Also, prominent daughter of the town and proprietress of Nike Art Gallery, Lagos, Chief Nike Okundaye, he said, would present the new yam to the Ologidi of Ogidi, Oba Rabiu Oladimeji Sule in the execution of her office as the Yeyeoba following which the traditional ruler would bless it and proclaim that members

of the community were free to consume it. Traditional rulers from Oyo, Osun, Ondo and Kogi States are also expected at the festival which would among other activities, feature the unveiling of the Ogidi Yam Farmer of the Year. The Asiwaju of Ijumu, Chief Emmanuel Otitoju, will serve as the father of the day while a

leading Abuja businesswoman and the Yeyeoba of Iyara, Chief Olufunmilayo Bodunde, will be the mother of the day. Cultural troupes from Osun, Lagos, Edo and Ondo States will join their counterparts from Ogidi and environs to thrill the audience at the ceremony during which awards would be given to deserving members of the community and non-indigenes alike.

Bill (PIB) would have been easier to pass as an executive bill — however, based on how united we are and focused on the greater good, the passage of the PIB goes to show Nigerians the competencies of the senators of the 8th National Assembly.” Meanwhile, the President of the Manufacturing Association of Nigeria (MAN), Dr. Frank Jacobs, said the proposal of N5 fuel levy is ill-timed and urged the lawmakers to reconsider the appropriateness of the timing of the bill and the choice of products like petrol and diesel. He noted that its implementation would drive up inflation, further erode the purchasing power of Nigerians and frustrate the growth of the manufacturing sector. Jacobs added that the spiral effect of the proposed N5 levy on imported petroleum products would however be “unprecedented” on the economy. Jacobs revealed that though MAN was yet to officially meet over the issue, the proposal was not bad in its entirety. “On the face value, the N5 levy

appears harmless but a critical examination of the transmission mechanism of its economic and political implications revealed enormous resultant challenges. “This is not because the bill is not well thought-out but the timing seems inappropriate in view of the prevailing economic circumstance of the country. According to him the economy is still in the negative growth region and currently on a journey out of recession. “Capacity utilisation is a little above 50 per cent, cost of production is pretty on the high side with expenses on self-generated power using diesel responsible for about 36 per cent of the total cost profile. “Interest rate is still hovering around the 28 to 30 per cent mark and inflation is still double digit oscillating within the 17 percentile range. “The introduction of the five Naira levy will erode the purchasing power of Nigerians and trigger high inventory of unsold manufactured products,” he said.

T H I S D AY ˾ MONDAY, JUNE 5, 2017

MONDAYSPORTS

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

NPFL…NPFL…NPFL…

Plateau Utd Suffers Setback against Enyimba MFM FC ends Ifeanyiubah’s eight-match unbeaten run

MFM FC players celebrating the victory over Ifeanyiuba ...yesterday Duro Ikhazuagbe Plateau United suffered a set back in its quest to nip the 2016/2017 Nigeria Professional Football League (NPFL) title yesterday in Calabar as it lost 0-1 to Enyimba FC in a Match-day 22 clash. Andrew Abalogu’s 20-yard lone strike in the 68th minutes beat Dele Ajiboye in goal for the visitors from Jos. The Enyimba full back was later stretchered off late on following what looked like an ankle sprain but his contribution was enough to seal victory for the former Champions in an otherwise feisty contest decided at the U.J Esuene Stadium. Despite the defeat, Plateau United remains at the driver’s seat of the topflight on 39 points. The Jos team is two points ahead of MFM FC who leapfrogged El Kanemi to the second spot with the 1-0 defeat of FC Ifeanyiubah at the Agege Stadium. MFM’s victory ended Ifeanyiubah’s eight matches unbeaten run. El Kanemi dropped to the third position on the log on 36 points after losing 1-2 away to Wikki Tourists in Bauchi. Elsewhere, Nasarawa was forced to a 1-1 draw by Rangers International at the Nnamdi Azikiwe Stadium in Enugu. Former junior international, Thomas Zenke, edged the Lafia

landlords in front. The Flying Antelopes who have lost their magic at the Cathedral, were rescued by Godwin Agada. Nasarawa United’s Head Coach, Kabir Dogo described as good result the score draw at champions, Enugu Rangers. Dogo told Supersport.com that both sides gave their very best performance in the clash as showed in the outcome of the crunch encounter. “It’s a good result against the defending champions, Enugu Rangers right there at their backyard. “It was a good game for both sides, we got our own chance at goal and were able to make it count positively. “Enugu Rangers had theirs, too and actually made a maximal use of it to keep the scores at one goal apiece. It’s interesting that both legs of the matches in Lafia and Enugu ended one goal apiece for the sides”, he noted.

MATCH DAY 22 Rangers 1-1 Nassarawa Enyimba 1-0 Plateau Utd Katsina Utd 1-0 Abia Warriors Kano Pillars 2-1 Lobi stars MFM FC 1-0 Ifeanyi Ubah ABS FC 2-1 Tornadoes Shooting 1-0 Sunshine Remo Stars 2-0 Gombe Utd Wikki 2-1 El Kanemi

Babalola, Adegoke Rule at CBN Tennis Former champion of the Central Bank of Nigeria Senior Tennis tournament, Abdulmumuni Babalola of the Nigeria Security and Civil Defence Corps bounced back to reckoning at the weekend when he won his sixth title by defeating Joseph Imeh 2-0 (6-4, 6-3). He emerged the men’s single champion of the 39th edition of CBN Senior tennis Tournament held at the national Stadium Surulere Lagos and smiled home with the N700,000 star prize money plus a giant trophy. Babalola also paired old warhorse, Shehu Lawal, to win the men’s double title with victory over Imeh and Mohammad Mohammad. The won 7-5, 7-5 in the final The women’s single title went to Sarah Adegoke who outclassed Marylove Edwards in another two

straight set that ended 6-0, 6-3. Tournament’s top seed, Christy Agugbom combined effectively with No 2 seeded player, Blessing Samuel, to win the women’s double title. Encourage by the outcome of this year’s tournament, the Governor of Central Bank, Godwin Emefiele who was represented by Deputy Governor, Financial System Stability, Dr. Okwu Joseph Nnanna, commended the players for their sportsmanship. He used the opportunity to reaffirm CBN’s commitment to the annual sponsorship of the championship just the way it has been in the junior category. He added that the CBN tennis event was not all about prize money alone but getting the youth meaningfully engage all year round.

GREAT COMPANY…

R-L: Mr. Francis Peters, Deputy Managing Director of Aiteo Group (which recently signed up as NFF’s biggest-ever partner) with FIFA President Gianni Infantino in Cardiﬀ, Wales during last Saturday’s UEFA Champions League final between Real Madrid and Juventus

1,000 Juve Fans Injured in Turin Stampede At least 1,000 people were injured, seven seriously, after a bomb scare triggered a stampede among Juventus fans watching last Saturday’s UEFA Champions League final in Turin, local authorities announced yesterday. AFP reporters witnessed the chaotic scenes that ensued in a packed square 10 minutes before the end of the match on Saturday evening. The panic seemed to have been triggered by fireworks being let off and one or more people shouting that a bomb had exploded – a notion that quickly filtered through the crowd.

The incident compounded a miserable night for supporters of Juventus, who lost the Cardiff final 4-1 to Real Madrid. It also underlined the impact recent acts of terror are having on a jittery public across Europe and the problems now faced by organisers of any mass gathering of people following the Bataclan, Paris and Manchester concert attacks. The scare in Turin came just minutes before another deadly attack unfolded in London with assailants driving a van into pedestrians on London Bridge and assailants going on a stabbing

spree before being shot dead by police. Most of the injured in Turin were treated for cuts and bruises but seven had to be admitted to emergency units at local hospitals. Local media reported that a seven-year-old boy was in a coma with severe chest injuries after being trampled in the crush. Several thousand fans had turned up to watch the match on a giant screen erected by the local authorities in the city’s Piazza San Carlo. As fear took hold, a rush towards exit points quickly accelerated and the square emptied so quickly it

was left strewn with hundreds of shoes ripped off people’s feet as they ran. “We heard a noise, then there was a movement of people like a wave and everyone started falling over each other,” said Luca, one of the fans caught up in the drama. “I have got blood on me from the people who fell on top of me, people were screaming, jumping over each other,” he told AFPTV. “It was really awful - we really thought it was Manchester again.” The incident compounded a miserable night for supporters of Juventus, who lost the Cardiff final 4-1 to Real Madrid.

FRENCH OPEN

Brilliant Nadal, Djokovic through to Q’ﬁnal Defending Champion, Muguruza, Venus Williams crash out Rafael Nadal yesterday continued his superb form with a dominant 6-1 6-2 6-2 win over Roberto Bautista Agut to move easily into the French Open quarter-finals. The Spaniard, 31, is looking to become the first man to win 10 titles at a single Grand Slam event. Similarly, Second seed Novak Djokovic remains on course to face Nadal in the semi-finals after a 7-6 (7-5) 6-1 6-3 win against 19th seed Albert Ramos-Vinolas. Nadal’s victory was not quite as simple as Friday’s incredible 6-0 6-1 6-0 defeat of Nikoloz Basilashvili but fourth seed has not dropped a set yet. He will face another Spaniard, Pablo Carreno Busta, in the last eight. Carreno Busta, 25, reached his first Grand Slam quarter-final with a 4-6 7-6 (7-2) 6-7 (6-8) 6-4 8-6 win over

Canadian fifth seed Milos Raonic. Carreno Busta, seeded 20th, failed to convert six match points in the deciding set before eventually grinding down last year’s Wimbledon runner-up. And a first career win against a top-10 ranked opponent will be rewarded with a meeting against nine-time champion Nadal. Earlier, women’s defending champion, Garbine Muguruza, and seven-time Grand Slam winner Venus Williams crash out of the French Open, meaning a new major singles champion will be crowned at Roland Garros. Spanish fourth seed Muguruza, 23, lost 6-1 3-6 6-3 to home favourite Kristina Mladenovic. American Williams, the 2002 champion, was beaten 5-7 6-2 6-1 by Swiss 30th seed Timea Bacsinszky. Their last-16 defeats mean only

Timea Bacsinszky (left) knocked Venus Williams out of the French Open for the second successive year three of the top 10 seeds remain in the draw. Second seed Karolina Pliskova, third seed Simona Halep and fifth seed Elina Svitolina will aim to reach the quarter-finals when they play their fourth-round matches today. Pliskova and Svitolina won

their rain-delayed third-round matches on Sunday, while former world number one Caroline Wozniacki reached the last eight. Muguruza won only 15 points in the first set and, although she rallied to take it to a third, could not match French 13th seed Mladenovic.

T H I S D AY MONDAY JUNE 5, 2017

Monday June 5, 2017

UT H

& RE A S O

Price: N250

MISSILE PDP to Lalong “Lalong tried to disparage his predecessor by setting up a judicial commission of inquiry, but where is the result to show for his own ﬂagrant waste of state resources? Two years into governance, Lalong’s report card shows him fall and low on credit” – Plateau State chairman of the Peoples Democratic Party (PDP), Damishi Sango describing the All Progressive Congress led government of Governor Simon Lalong as developmentally bankrupt and a dismal failure.

NUHURIBADU GUEST COLUMNIST

The Impact of the Panama Papers on Africa

he Panama Papers story broke last year. As far as I am concerned, it is perhaps the most impactful revelation ever regarding the misuse of corporate secrecy, tax evasion and hidden wealth around the world. The revelation has triggered resignations of top officials around the world, while also sparking investigations in several jurisdictions. The impact of the revelation has been far reaching in Africa. which has bled severely for decades as its leaders and their collaborators loot public treasuries without let or hindrance. Mine is a continent that loses at least 50billion U.S. Dollars annually, in illicit financial flows, according to the Thabo Mbeki Panel on illicit financial flows from Africa. The Panama Papers series exposed a high number of African political and business leaders as having used Mossack Fonseca to launder money, avoid tax, conceal assets or carry out other shady deals. In my country, Nigeria, at least 120 individuals and companies were identified as having hired the Panamanian law firm to operate offshore shell companies in tax havens. The list includes some of Africa’s richest businesspersons and some of the nation’s most powerful politicians. According to the African Network of Centers for Investigative Reporting (ANCIR), which coordinated the Panama Papers reporting in Africa, companies in 52 of Africa’s 54 countries used offshore companies created by Mossack Fonseca. The report said in 44 of those countries, offshore companies were used to assist oil, gas and mining deals and exports. In fact, I learnt that almost all Africa’s richest personalities listed by Forbes Magazine in 2016 were found in the leaked data to have used offshore entities.

ANCIR reporting, also showed that a massive agricultural development deal in Mozambique might end up benefiting only a select few, while leaving 100,000 Mozambicans displaced. The family of an Egyptian business tycoon was also shown to have used a corporate network of local and offshore companies in an oil field development deal it signed with the Egyptian government. Impacts Acting President Yemi Osinbajo

Several other revelations were made by the reporting. For instance, the files revealed how a former Nigerian governor, constructed a scheme that helped him steal his state blind. According to ANCIR, there were also new details about the middleman at the centre of a probe into hundreds of millions of dollars in suspected bribes paid for oil and gas contracts awarded in Algeria. The files also revealed the offshore assets, including a luxury yacht and jet, of a Nigerian aviation and oil magnate reportedly close to a former oil minister and who has recently had his assets frozen as part of a $1.8 billion probe into oil sales. Two Namibian businessmen with ties to an arms deal scandal in South Africa were also identified as clients of Mossack Fonseca The database, according to

We have heard of endless investigations, but we are yet to hear of any prosecution or conviction. There is need for action

Since the reporting broke, revealing how politicians and businessmen around the world employed anonymity to shield their business ownership and their wealth in tax havens, international organisations and civil society groups have pushed for countries to tackle anonymous ownership in businesses by establishing beneficial ownership registers. The African Union panel on illicit financial flows called for firm and comprehensive action against the world’s tax havens and financial secrecy jurisdictions. The Chair of the AU Panel and former South African President, Thabo Mbeki, said the global outrage over the leak indicated the need for concerted global action to end illicit financial flows, tax havens and financial secrecy jurisdictions. The South African government immediately announced the opening of public registers to help tackle the issue of hidden ownership of companies and to promote accountability and transparency in its financial system. At the Open Government Partnership Africa Regional meeting in May 2016, the South African government unfolded a National Action Plan (NAP) that included a commitment to collect information on beneficial owners of companies incorporated in the country. In May 2016, President

Muhammadu Buhari, during an anti-corruption summit in London, expressed the commitment of his administration to create a public registry of beneficial owners of companies in the country. Ghana has amended its Company Act to make provision for beneficial ownership while the country submitted a beneficial ownership road map to the Extractive Industry Transparency Initiative (EITI) Secretariat in December 2016. A two-day workshop was convened in Accra in February by the Ghana Integrity Initiative (GII), Transparency International (TI) Secretariat, the Civil Society Legislative Advocacy Centre (CISLAC), Nigeria and Transparency International (Kenya) with funding from the UK Department for International Development (DFID). A Call for Action A communiqué issued at the end of the workshop indicated that participants discussed the extent of the challenges posed to Africa by non-disclosure of Beneficial Ownership Information of companies. Participants from Ghana, Kenya, Nigeria and different parts of the world also enumerated the efforts being made by their governments towards establishing a legal system that collects and publishes crucial corporate information. The Panama Papers may have triggered a firestorm of activism that may deliver a more corruption free and transparent world. However, I like to call on African governments to urgently prosecute those so far found to have violated the law in their use of offshore entities. We have heard of endless investigations, but we are yet to hear of any prosecution or conviction. There is need for action. r 5IF QJFDF JT BEBQUFE GSPN UIF BEESFTT PG .BMMBN 3JCBEV UP UIF &VSPQFBO 1BSMJBNFOU SFDFOUMZ

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